Sunil Hitech Engineers Cluster: Ugly DucklingRecommendation: Buy Price target: Rs295Current market price: Rs211Powering ahead Key points Moving up the value chain: Sunil Hitech Engineers Ltd (SHEL) has moved from being a mere labour supplier and contractor to undertaking
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Tags: Ahead, Labour, Moving, Price Target, Stock Ideas, Ugly, Value Chain
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About Car and Personal Loans
Tags: Accumulation, Case Of Death, Comfortable Care, Death Death, Developed Countries, Funeral Insurance, Indemnification, Initial Payment, Insurance Agent, Insurance Company, Insurance Life, Insurance Program, Insurer, Life Insurance Quotes, Pensions, Person Life, Personal Loans, Sum Of Money, Term Interests, Unfortunate Event
Move would triple CAT’s US output of earth-moving machines
*Would allow Japanese plant to focus on Asian demand
*Would create hundreds of jobs in CAT’s US operations
(Recasts first sentence, adds details on proposed move,
industry background, changes dateline previously NEW YORK)
By James B. Kelleher
CHICAGO, March 11 (Reuters) – Caterpillar Inc (CAT.N: Quote, Profile, Research) said
on Thursday it may build a new hydraulic excavator plant in the
United States, a move that could triple its current U.S. output
of the earth-moving machines and add hundreds of jobs to its
recession-ravaged payroll.
The world’s largest maker of construction and mining
equipment, currently manufactures in Japan all but two of the
hydraulic excavator models it sells in North America. The two
non-Japanese made models are produced in a plant in Aurora,
Illinois.
The machines are essentially modern-day versions of what
used to be called steam shovels. They are often equipped with
buckets and used by builders to dig in confined areas.
A Caterpillar spokesman said that if the company decides to
build the new U.S. plant, Caterpillar would concentrate all its
excavator production for North America at the facility.
The proposed move would free up excavator capacity at the
Japanese plant, permitting it to better serve the fast-growing
Asian markets on its doorstep.
It would also allow the Aurora facility — which makes a
variety of other construction-related equipment including
wheeled dozers and soil compactors — to simplify its
operations and ramp up production of those tools when the
hard-hit markets it serves eventually rebound.
Caterpillar said a final decision on the move would come
“at a later date.” Even so, news of the study provided a ray of
hope in a sector that has not seen a lot of light recently.
The U.S. economic downturn that began in December 2007 has
been especially brutal for manufacturing workers, who absorbed
a disproportionate share of the job losses associated with the
slump.
Manufacturing generates less than 12 percent of U.S.
economic output and accounts for less than 9 percent of the
jobs in the country. Yet it accounted for more than 26 percent
of the 8.4 million layoffs in the downturn, according to the
U.S. Department of Labor.
Last year alone, the U.S. manufacturing sector shed 11.4
percent of its total workforce — the largest one-year
percentage drop since the Great Depression, dwarfing even the
10.4 percent drop seen in 1945, when America’s victorious
industrial war machine throttled back production.
Caterpillar alone has laid off more than 30,000 full-time
and contract workers, many of them in the United States, over
the past two years as it scrambled to bring its output of
construction and mining equipment, and diesel and turbine
engines, in line with fast-falling demand.
Tags: Asian Markets, Aurora Illinois, Background Changes, Caterpillar Excavator, Caterpillar Inc, Chicago March, Dozers, Economic Downturn, Excavator Models, Hydraulic Excavator, Industry Background, Japanese Plant, Kelleher, Mining Equipment, Profile Research, Ray Of Hope, Reuters, Soil Compactors, Spokesman Said That, Steam Shovels
MUMBAI: Stocks opened higher Friday tracking the advances across Asian equities. Metals, realty and banking counters were trading with decent
BSE
“The trend continues to remain positive but one has to be cautious at higher levels. Nifty continues to close above its 5, 20 & 50 day moving average of 5116, 4951 and 5020 respectively which shows that positive trend in the market is intact.
This positive trend can be reversed only if Nifty slips below 5,100 levels until that every dip in the market can be taken as a good buying opportunity. For today, support for Nifty is seen at 5100-5080 and resistance is seen at 5,180-5,220,” said Nirmal Bang Securities.
National Stock Exchange’s Nifty is trading at 5142.25, higher by 0.17 per cent or 8.85 points from its previous close. The index touched a high of 5158.10 and low of 5131.80 in early trade.
Bombay Stock Exchange’s Sensex was at 17,200.86, up 32.90 points or 0.19 per cent. The index rose to a high of 17,244.54 from 17,176.02 in trade so far.
BSE Midcap Index was up 0.32 per cent and BSE Smallcap Index gained 0.5 per cent.
Asian stocks, however, headed higher Friday on speculation that Japan’s central bank will loosen monetary policies. The Nikkei gained 0.58 per cent, Topix was up 0.31 per cent, Hang Seng rose 0.09 per cent and Straits Times added 0.03 per cent.
Sentiment was weak in the US markets Thursday on worries that China may move to cool its overheating economy. However, financial shares gained momentum as bipartisan talks on an overhaul of financial regulation, which could hurt bank profits, failed in the US Senate.
The Dow Jones Industrial Average shed 8.31 points, or 0.08 per cent, to 10,559.02. The Standard & Poor's 500 Index fell 1.83 points, or 0.16 per cent, to 1,143.78. The Nasdaq Composite Index dropped 4.02 points, or 0.17 per cent, to 2,354.93.
article source: economictimes
Tags: Article Source, Asian Equities, Asian Stocks, Bank Profits, Bombay Stock Exchange, Bse, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, Financial Shares, Hang Seng, Monetary Policies, Moving Average, Nasdaq Composite Index, National Stock Exchange, S Central, Sensex, Smallcap Index, Straits Times, Us Senate
The singer turned actress Shruti Haasan is going to act in a southern Indian dialect of Telugu film which will be made by US production house Walt Disney. Shruti Haasan, the daughter of famous actor Kamal Haasan, will act against Siddharth in this high-budget film. Other stars are Lakshmi Manchu and Harshitha. It was directed by veteran film maker and National Award winner Prakash Rao Kovelamudi. Shooting of this film started in November. It is scheduled to be release in January 2011. To broaden its appeal, it will be dubbed in Tamil, another southern Indian dialect.
Disney spokeswoman Alannah Hall-Smith did not reveal the budget. The film is made based on the fantasy adventure set in the fictitious land of Sangarashtra. In this film Siddharth plays the role of a blind swordsman and Shruti Haasan will act as a gypsy girl.
Shruti Haasan made her Bollywood debut last year with a flop film named “Luck”. However, in her debut film, she could not able to catch the attention to the people. It is time to see if she can get success with this film.
Related article:
Tags: Actress, Blind Swordsman, Budget Film, Debut Film, Disney, Famous Actor, Fantasy Adventure, Fantasy Land, Film Maker, Gypsy Girl, Indian Dialect, Kamal Haasan, National Award Winner, Shruti Haasan, Siddharth, Southern Dialect, Spokeswoman, Veteran Film, Walt Disney, Walt Disney Film
A pretty moribund Wednesday but market sentiment has remained tilted towards the positive. In the US, the S&P500 took another stride towards eclipsing the 19 January high with a further 0.5% gain, helped by solid increases in the financials and the IT sector (of course the Nasdaq has already made new highs). US Treasury bonds were a bit weaker after the $21 billion 10 year auction. The auction itself was quite strong, with the bid-to-cover ratio of 3.45 comparing with the average of 2.77 over the last ten 10 year auctions.
Citigroup advanced 3.7% as the bank sold trust preferred securities to raise capital. American International Group surged 11% amid speculation asset sales will improve the insurer’s viability. Financial shares in the Standard & Poor’s 500 Index climbed for a ninth straight day, the longest streak in 12 years. But equities trimmed gains in afternoon trading amid growing concern China may need to increase borrowing costs to combat inflation
There wasn’t a whole lot for markets to react to yesterday. US wholesale shipments were up a healthy 1.3% in January, with inventories down 0.2% as a consequence. The monthly budget deficit was $221bn in February, a record for that month (though in line with the market pick). These data followed mixed news in Europe. UK IP fell 0.4%mom in January, the first decline since August (the market had been looking for another gain), with the fall led by the 0.9% decline in factory output. The IP growth pulse is still reasonable, however, so it’s a little premature to say the nascent UK recovery has stalled. In contrast to the UK result, IP was much stronger than expected in both France and Italy. German export data disappointed, however. German exports declined 6.3% in January against a market consensus for a gain of 0.2%. Market commentary suggests that one-off factors must have been behind the surprising decline. In other European related news, former EC President Prodi said that “for Greece, the problem is completely over” and “I don’t think there is any reason to think the euro system will collapse or will suffer greatly because of Greece.” I’m not quite as sanguine given that the real test for Greece (and others) will be the actual implementation of the fiscal austerity programme.
Today’s Market Moving Stories
* Eurozone: Chairman of the Eurogroup, Jean-Clause Juncker, says that there are thousands of questions to clarify in order to establish a European Monetary Fund. He also notes that such a fund will not help Greece’s problem.
* ECB President Jean-Claude Trichet says that he doesn’t “reject” the idea of a European Monetary Fund. He also reiterates that the ECB’s governing council doesn’t yet have a position on the EMF as of now.
* French Prime Minister Francois Fillon, says that the USD’s exchange rate against the EUR is “destabilising”.
* German Chancellor Angela Merkel says she supports France’s demand that the issue of global imbalances should be discussed with the United States and China in the Group of 20.
* US: Standard & Poor’s says that the USD is still the most important world currency. However, it argues that this could be undermined by rising levels of debt and a continued dependence on foreigners for financing. It adds:”In our opinion … inflation figures, trade volumes, foreign exchange volatility and the current account will be the leading indicators if the USD’s role were to diminish. Such a scenario could even weigh on the ‘AAA’ rating of the United States.”
* Worth a read Commercial property may cause new crisis, says FSA – The Independent
* China data, Feb: February’s data provided few surprises. CPI inflation of 2.7% was higher than consensus, but the underlying trend looks stable. Inflation should hold around this level for several months before reaching 3% in June. Food inflation of 6.2% was higher than January’s 3.7%, but base effects are to blame and there is no evidence of a spike in prices. New loans of CNY700b broadly met expectations. New loans during the first two months of the year typically account for 20-25% of the annual total. Assuming the same pattern this year, loans are on track to reach CNY7,500b this year, in line with official targets and below last year’s CNY9,500b. Industrial production growth of 20.7% in the first two months of the year was largely unchanged from December. Fixed investment growth of 26.6% over the same period was modestly stronger than December, but spending is often volatile at the start of the year owing to cold weather.
* Commerce Minister Chen Deming says that rising inflation (imported via global commodity prices), is China’s major policy concern this year.
* PBOC deputy governor Su Ning says: “Consumer inflation will be mild and controllable this year.” He adds that food prices, particularly for vegetables and fruit, rose quickly in February this year because of the Lunar New Year and heavy snow. He adds: “We believe with the arrival of spring and good weather, the seasonable impact will gradually disappear.”
* The Ministry of Land and Resources publishes details of its new rules for land sales for property developments, including a higher down payment for land purchases.
* Chairman of the China Banking Regulatory Commission, Liu Mingkang, says that the big banks must balance their pace of lending this year to avoid risks in credit expansion
* Chinese economic data highlighted the need for further policy tightening. February data releases included CPI, IP, retail sales and fixed-asset investment showed stronger than expected inflation and economic activity at the beginning of 2010. In recent months, I’ve have noted that increasing liquidity withdrawal operations have been the central bank’s main tool to try to get a handle on accelerating inflation. At the current pace, however, the PBOC looks to be lagging inflation again, which implies either a further reserve requirement ratio (RRR) hike over the next two weeks or that another form of monetary tightening is likely to take place.
* Japan GDP, Q4 (revised): Growth was nudged down from 1.1 to 0.9%.
* For a change the GBP is the strongest performing currency during the European morning session following the Bank of England quarterly inflation attitudes survey which showed a rise in consumers’ inflation expectations over the coming year from 2.4% to 2.5% which is the highest since 2008.
The CDS Bogey Man
The momentum for a ban on naked CDS is getting stronger. Germany and France on Wednesday called on the European Union to consider banning speculative trading in credit default swaps and set up a compulsory register of derivatives trading, the FT reports. Angela Merkel and Francois Fillon sent a letter to Jose Barroso yesterday, asking for an immediate investigation of the role and effect of speculative trading in CDSs in the sovereign bonds of European Union member states. Fillon assured after talks in Berlin, that both governments are “very much in agreement in tackling extreme speculation”. Earlier this week, Mario Draghi indicated that tighter regulation of CDS could become a G20 issue when he confirmed that the subject will be on the agenda of the Financial Stability Board (FSB), Reuters reports.
An FT editorial says that the proposal has the purpose to “deflect attention from their inability to deal with the Greek debt crisis” and does “nothing to solve the crisis or make future ones less likely”. But banning naked CDS would be “silly”.
Bloomberg reports that Merrill Lynch and INvesco warn investors to avoid Spain’s bonds as the euro region’s highest levels of joblessness stifle the country’s ability to cut its budget deficit.
Company / Equity News
* UK food retailer Morrison this morning released a strong set of 2009 results in my opinion with underlying profit before tax up by an impressive 21% to GBP767m (consensus was for GBP757m) on the back of a 6% increase in sales to GBP15.4bn. This serves to underscore the strong operational gearing of the business, although the profitability improvement also reflects a reduction in lower margin fuel in the sales mix
* BP has agreed to buy certain upstream assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico from Devon Energy for USD7bn in cash, less USD500m for BP’s Kirby oil sands interests that it is selling to Devon to create a 50:50 joint venture. The deal is subject to regulatory approval.
* Home Retail Group which owns Argos and Homebase has released a end of year trading statement (y/e 27 February) in which it outlines that PBT for the full year will circa £290m, which is slightly ahead market expectations (3% above bloomberg consensus at £282m). At Homebase, like for like sales fell 0.6% in the last 8 weeks of financial year with adverse weather having an impact on the trading performance. For the 12 months ended 27 February 2010 Homebase like for like sales were ahead by 2.7% (H2: +2.6%). Given the weather effect in the final period the group states that it is difficult to assess any shift in underlying trends.
* No specific outlook for 2010 is provided with management stating it continues to plan cautiously for the year ahead given the uncertainties that still remain. Grafton last week also stated that trading in the first two weeks of January had been affected by severe adverse weather conditions, however that sales since then had been close to expectations and the comparable period as it benefited from increased activity from the UK new housing sector
* UK home builder Barratt Developments gained 6% yesterday (March 10th) on speculation that Persimmon was readying a bid for the builder. Reuters reported that Persimmon was mulling a bid that would value Barratt at 170p per share. Similar rumours have surfaced in recent weeks surrounding a possible bid for Bovis Homes. On the face of it, a bid for Barratt by Persimmon looks unlikely, especially given management comments at the full-year results last week. Persimmon was clearly focussed on the need to continue to manage both costs and debt lower and was adopting a cautious approach to land acquisition. While a lot can change in a week, management’s overall tone was cautious and certainly did not suggest they were prepared to do a £2.2bn acquisition.
* In London UK pub chain JD Wetherspoon is up 2.8%, a sixth day of gains, after the company signed a £530 million credit line to refinance debt. The company also reported a 41% increase in first-half net income to 24.4 million pounds and resumed paying a dividend.
* Thomas Cook Group rallied 2.6% after Europe’s second-biggest tour operator said at an investor presentation in London yesterday that it can achieve an operating-profit margin of 5.5% to 6% over the next three to five years.
* On the Continent Volkswagen rallied 3.7% after the carmaker said two-month sales across its nine brands, excluding truck maker Scania surged 27% helped by growing demand in emerging markets. The increase outpaced a 20 percent gain in the global market in the period, the company said. And BMW gained 2.6% after reporting full-year net income of 210 million euros. And GEA Group whose machines milk a third of the world’s dairy cows soared 7.2% after the company said full-year net income rose to 161.7 million euros from 101 million euros.
article source: marketoracle
Tags: American International Group, Asset Sales, Budget Deficit, Chinese Policy, Commentary Suggests That, Ec President, Export Data, Financial Shares, German Export, German Exports, Growing Concern, Market Commentary, Market Consensus, Market Sentiment, Monthly Budget, New Highs, President Prodi, Treasury Bonds, Trust Preferred Securities, Wholesale Shipments
March 12 (Bloomberg) -- Stocks rose as commodity companies and banks drove the MSCI Emerging Markets Index to its fifth week of gains. Gold led commodities higher, while the yen weakened.
The emerging-markets gauge rose 0.4 percent at 10:50 a.m. in London, heading for its longest winning streak since May. Futures on the S&P 500 added 0.2 percent, after the benchmark index for U.S. equities yesterday hit a 17-month high, while the MSCI World Index climbed 0.6 percent. The yen fell against 11 of its 16 most-traded counterparts. Gold rose for a second day and nickel climbed for the first time in five days.
Emerging-market and high-yield bond funds each took in more than $1 billion in the week to March 10, according to EPFR Global, a Cambridge, Massachusetts-based research company. European industrial output rose the most in more than two decades in January, signaling the recovery may be strengthening. Japanese Finance Minister Naoto Kan said intervention is an “option” when “markets move too abruptly.”
“This is a continuation of the improvement in risk appetite,” said Henrik Degrer, a fund manager at Svenska Handelsbanken in Stockholm, which oversees $36 billion. “The Greek issue seems to be contained, so now we can shift again to the macro-economic data, which is looking fairly good.”
Sasol, Cnooc
South Africa’s Sasol Ltd. and Cnooc Ltd. of China climbed, driving the MSCI emerging index higher. The Micex index in Russia, the world’s largest energy supplier, advanced 0.9 percent for the first gain in four days. The ruble strengthened 0.6 percent against the dollar, heading for its biggest weekly rise this year.
The MSCI World Index of 23 developed nations’ stocks rose 0.3 percent, while the Stoxx Europe 600 Index advanced 0.3 percent. Volkswagen AG, Europe’s biggest carmaker, climbed 2.7 percent in Frankfurt on speculation yesterday’s announcement of a convertible-bond sale reduces the likelihood of a rights offer.
The MSCI Asia Pacific Index advanced 0.4 percent as Japan’s Nikkei 225 climbed 0.8 percent. Nissan Motor Co., which gets about 77 percent of its revenue outside Japan, increased 2.4 percent.
Confidence, Inventories
A report from Reuters/University of Michigan, due at 9:55 a.m., may show the group’s preliminary consumer sentiment index for March rose to 74 from 73.6 last month. A Commerce Department report at 10 a.m. may show business inventories increased 0.1 percent in January.
The yen weakened to 124.18 per euro, from 123.82. The pound strengthened 0.5 percent to $1.5139 after U.K. house prices increased in February at the fastest pace in more than seven years.
The Swiss franc strengthened to 1.4589 per euro, from 1.4617 yesterday, even after the central bank said yesterday it would act to stem “an excessive appreciation” against the euro. The Dollar Index declined 0.5 percent to 79.922, paring its gain for the year to 2.7 percent.
“The Bank of Japan is sensitive to the dangers of deflation, after the yen appreciated in the current cycle, and is looking at intervention, along with the Swiss National Bank,” said Henrik Gullberg, a currency strategist at Deutsche Bank AG in London.
Gold, Oil
Gold for immediate delivery gained 0.7 percent to $1,116.90 an ounce in London and silver added 0.7 percent to $17.295 an ounce. Nickel for delivery in three months advanced 1.6 percent to $21,625 a metric ton, taking its gain this year to 17 percent, the most of any of the main metals traded on the London Metal Exchange.
Crude oil rose 0.3 percent to $82.35 a barrel in New York, before a meeting of the Organization of Petroleum Exporting Countries next week.
The yield on the 10-year Greek bond, the country’s new benchmark, fell 1 basis point to 6.34 percent, while the two- year note yield advanced 10 basis points to 5.12 percent. The yield premium investors demand to hold the 10-year security over German bunds declined 4 basis points to 311 basis points.
The cost of protecting against a default on Greek government bonds rose, with credit-default swaps climbing 5 basis points to 307, according to CMA DataVision prices.
article source: businessweek
Tags: Benchmark Index, Cambridge Massachusetts, Carmaker, Cnooc Ltd, Convertible Bond, Energy Supplier, Greek Issue, High Yield Bond, High Yield Bond Funds, Japanese Finance, Longest Winning Streak, Micex, Msci Emerging Markets, Msci Emerging Markets Index, Msci World Index, Naoto Kan, Risk Appetite, Sasol Ltd, Svenska Handelsbanken, Volkswagen Ag
MUMBAI: Stocks are likely to open higher Friday in line with Asian peers. All eyes will be focused on the Index of Industrial Production data
scheduled later today which will set the trend of the market.
“Technically, Nifty is facing strong resistance around 5150 levels; traders are advised to book profits at higher levels. Now only if Nifty sustains above 5150 levels then we may see recovery till 5200-5250 levels. On the downside, if it sustains below 5050 levels then it may witness selling pressure till 5000-4950 levels. Reversal of the short term positive trend could be seen below 4850 levels,” said the research desk at Anand Rathi Securities.
Sentiment was weak in the US markets Thursday on worries that China may move to cool its overheating economy. However, financial shares gained momentum as bipartisan talks on an overhaul of financial regulation, which could hurt bank profits, failed in the US Senate.
The Dow Jones Industrial Average shed 8.31 points, or 0.08 per cent, to 10,559.02. The Standard & Poor's 500 Index fell 1.83 points, or 0.16 per cent, to 1,143.78. The Nasdaq Composite Index dropped 4.02 points, or 0.17 per cent, to 2,354.93.
Asian stocks, however, headed higher Friday on speculation that Japan’s central bank will loosen monetary policies. The Nikkei gained 0.58 per cent, Topix was up 0.31 per cent, Hang Seng rose 0.09 per cent and Straits Times added 0.03 per cent.
Back home, a directionless market saw equity benchmarks flip-flop through the session Thursday. However, the last half hour of trade witnessed some amount of buying activity in the frontline space which drove the indices higher.
National Stock Exchange’s Nifty settled at 5133.40, higher by 0.34 per cent or 17.15 points from its previous close. The index remained in a range of 5152.60 and 5102.10..
Bombay Stock Exchange’s Sensex ended at 17,167.96, up 69.63 points or 0.41 per cent. The index touched a high of 17,215.07 and low of 17,054.28 intraday.
article source: economictimes
Tags: Anand Rathi Securities, Asian Stocks, Bank Profits, Bombay Stock Exchange, Book Profits, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, Financial Shares, Flip Flop, Hang Seng, Intraday, Monetary Policies, Nasdaq Composite Index, National Stock Exchange, Research Desk, S Central, Sensex, Straits Times, Us Senate
