Been a while since i updated my equity portfolio. Some of the stocks were already at their highs; and i felt it was appropriate time for me to liquidate them and invest in others.
Bought the following
Sold the following
Hoping for the markets to correct sharply once the much expected double dip recession hits the US economy. There would be lots of great bargains out there then.
Above stock price history courtesy: Yahoo Finance
+++
The Indian economy roared past estimates to post a whopping growth rate of 8.6% in the January-March quarter of 2010. The quarter’s strong showing also helped India end the fiscal year with 7.4% growth, beating the earlier estimate of 7.2%. Manufacturing led the way, with a whopping 16.3% growth in the quarter and 10.8% overall, while even agriculture, which was expected to decline, ended with marginal growth of 0.2% year-on-year after growing 0.7% in Q4.
The GDP growth rate had slowed to 6.7% in 2008-09 following the global economic crisis, after topping 9% in the previous three years. On Monday, finance minister Pranab Mukherjee reiterated his confidence that the economy would grow at 8.5%-plus in 2010-11.
Finance secretary Ashok Chawla also pegged economic growth at 8.5% in 2010-11. “The growth numbers are pleasant but not really surprising, because we were expecting them to be robust which they turned out to be. This clearly indicates the momentum which is in the economy and the expectations that the 8.5% estimation for 2010-11 is going to be a clear possibility,” he said.
Full article here
Above picture courtesy: Moneymint
+++
Godrej Consumer Products (GCPL) said that it had entered into an agreement to buy Argentina-based Issue Group for an undisclosed amount. The latter has a strong leadership position in the Argentine hair-colour market with a market share in excess of 20% and had revenues of over $33 million in 2009.
Apart from Argentina, the Issue Group enjoys market leadership position in hair colours in Peru, Uruguay and Paraguay including a presence in Brazil.
The deal estimated to be around Rs.230 crore provides a self-sustaining platform for GCPL’s ambitions in haircare and household insecticides segments in Latin America, GCPL said.
Full article here
Jindal Steel and Power (JSPL) on Thursday announced the acquisition of the Oman-based Shadeed Iron & Steel for $464 million.
Its project at Sohar in the sultanate is setting up capacity to produce 1.5 million tonnes of hot briquetted iron a year.
The Indian company’s director, Sushil Maroo, told media the acquisition was part of plans to expand operations overseas. “The Sohar plant is a gas-based unit. We are also setting up some gas-based steel units. It is a strategic fit for us,” he added. The acquisition was made through JSPL’s subsidiary, Jindal Steel & Power Mauritius.
Full article here
+++
Prime Minister Vladimir Putin closed more than $10 billion in agreements with India, increasing Russia’s role as a partner in defense, nuclear energy, aerospace and communications.
“Putin has been the architect of the strategic partnership between India and Russia,” Indian Prime Minister Manmohan Singh said after meeting with his Russian counterpart in New Delhi today. “Relations with Russia are a key pillar of our foreign policy.”
Putin, in five visits over the past decade, has spearheaded Russia’s effort to revive Cold War-era ties to India and fend off growing competition for defense and energy contracts from the U.S. and Europe. The Kremlin is playing on Indian ambitions to become a global power capable of rivaling China and sending manned missions to outer space.
Russian companies signed more than a dozen deals, including agreements to deliver India’s second aircraft carrier in 2012, build as many as 16 nuclear reactors and sell 29 MiG-29 fighter jets. India also became the first country to win access to military use of Russia’s Glonass navigation network, a rival to the U.S. Global Positioning System. Putin promised to help send India’s first cosmonaut into space in three years and held open the possibility of joint moon exploration.
Full article here
+++
The world’s fastest growing telecom market, India is getting too hot and competitive for the biggest player Bharti Airtel to handle. After its aborted attempt to buy South Africa’s MTN which fell through due to regulatory issues, Bharti is now looking in the neighbourhood for an acquisition.
In a shift of strategy, Bharti Airtel, the country’s largest telecom operator, is close to acquiring a 70% stake in Bangladesh’s fourth largest mobile operator, Warid Telecom, for close to $900 million.
The deal, likely to be sealed mid-January, comes three months after Bharti failed to secure a deal with South Africa’s MTN to become the world’s fourth largest mobile firm by subscribers.
Post-deal, management control of Warid Telecom would pass on to Bharti and Bangladeshi media reports say Bharti has submitted an investment plan of $300 million.
Bharti’s costly acquisition plan is an indication of how the stakes have risen in the telecom sector in the sub-continent; the offer is almost three times the $350 million DoCoMo paid in 2008 to buy a 30% stake in Aktel or TM International, the third ranked operator in Bangladesh.
Rest of the article here
+++
Twitter
LinkedIn
Facebook
RSS
Delicious
Email