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Cool head in Eden
As with all the bad news from Iraq and Af-Pak, sooner or later the bad news on the climate acquires a stultifying sameness. Only when a surge is in sight — troop surge, storm surge — does one’s news radar jolt awake momentarily. The cause of this deadened state is not an unassimilable surfeit of information, rather, it is a shortage of the right sort of information. Despite the barrage of news and opinion, we don’t know enough to figure out what the right questions are. Without that foundation, our knowledge rests on a bog, into which it is liable to settle with a gentle burp or two of greenhouse gas (or, hot air).

MF distributors' nod not a must for shifting investments, says Sebi
The Securities and Exchange Board of India (Sebi) has asked asset management companies (AMCs) not to compel investors to get no-objection certificates (NoCs) from their existing distributors for shifting their investments.

News of the day

Sesa Goa earmarks Rs 1,500 cr capex for next two years
Vedanta Resource group firm Sesa Goa today said that it will spend about Rs 1,500 crore in its mining business during the next two years to reach the annual production capacity of about 50 million tonnes.
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Markets at a glance

Worries of rising food prices and a hike in interest rates weighed on the market sentiment. During the week, the BSE Sensex fell 400 points or 2.3 per cent to 16,720, while Nifty fell 130 points or 2.5 per cent to 4,988. However, mid-cap and small-cap stocks performed better, BSE Mid-Cap index fell by 1.6 per cent and Small-cap index declined by 1.04 per cent during the week. - Still on slippery path - Oil firms" output set to decline fast: Govt - GAIL India seeks $0.18/mmBtu as marketing margin on gas sale - ONGC to invest Rs 2,380 cr to revamp projects in Assam - ONGC lost Rs 4,745 cr on gas sales in 2008-09 - Cabinet likely to discuss Maharatna status tomorrow FIIs were net buyers with $105 million in the first four days of the week. The spotlight also shifted to war between the BSE and NSE for implementing extended trade hours. However, the new trade timings would now be applicable only from January 4, 2010. Markets this week Markets might witness lower volumes as the year-end holiday season begins. However, expectations of healthy third quarter results could cap the downside on the indices. Announcement of advance tax payments by India Inc would provide further support. Advance tax revenue from major companies rose 36 per cent year-on-year to Rs 10,700 crore in the third quarter of 2009-10. Analysts also suggest that the surge in advance tax was partly due to a low base effect. If RBI, contrary to expectations, continues the soft monetary policy, it would be positive for the markets. Stock to watch ONGC Last week"s close (Rs) 1,185.38 Prev. week"s close (Rs) 1,189.75 Week"s high (Rs) 1,217.00 Week"s low (Rs) 1,180.05 Last week"s ave. daily turnover (Rs cr) 65.18 Prev. week"s ave. daily turnover (Rs cr) 86.72 Number of up/down move 2/3 The ONGC scrip would come into play as the company announced an interim dividend of Rs 18 per share or 1.5 per cent of its current share price. Besides the dividend news, ONGC also announced two new gas discoveries last weekend. The first gas find is of a well in the Kutch offshore (GK-28-1) capable of gushing gas at 1.2 lakh cubic meter per day. The second find is in the Kammapalem-1 well in the KG-PG basin. This KG on-land block flowed gas with condensate at the rate of 1.01 lakh cubic metres per day besides another 2.4 cubic metres a day. At Rs 1,185.5, the stock trades at 13.5 times its 2008-09 consolidated EPS of Rs 88.6.


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