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Higher project costs force IOC to raise capex by 22%
Spending target raised to Rs 53,000 crore for 2007-12.

Inflation may rise to 6% by March next year: RBI
With inflation turning positive after 13 weeks, the Reserve Bank today said the wholesale price index may rise to six per cent by this fiscal end — a development that may pose challenges to the central bank in maintaining a stable monetary policy.

News of the day

Bhupesh Bhandari: Headhunters feel hunted
That the market for jobs has improved is fairly well known by now. What is perhaps not so well known is that the improvement has been good enough for headhunters (they like to call themselves executive search firms) to get back in business. Some of them say business has rebounded to the pre-crash levels of 2008. Most of them are hiring at senior levels — people who can get business. Korn/Ferry has restored salary cuts for all partners. EMA Partners is in the process of opening an office in Hong Kong.
Online Business

Markets gain ahead of Reliance results

The markets witnessed some volatility in the first half of the day, as traders awaited the Reliance numbers. However, renewed buying interest in the latter half of the day backed strong quarterly earnings so far saw the markets stage a smart rally. - Nifty ends up 44pts - Markets extend gains; Nifty up 48pts - Mahindra Satyam tops volume, value chart for second day - Markets spurts to day"s high - Markets volatile, recover from red - Markets sideways; Nifty up 22pts The Sensex opened with a positive gap of 41 points at 15,272. The index slipped into red, to a low of 15,169. However, it recovered smartly from there and touched a high of 15,419 - up 251 points from the day"s low. The Sensex finally ended with a gain of 148 points (1%) at 15,379. In the process, the index ended the week with a gain of 634 points. The BSE Small and Mid-cap indices fared better and gained 1.7% and 1.8%, respectively. The BSE auto index surged over 5% to 5,545, following better-than-expected Q1 numbers from Maruti Suzuki. Realty and metal indices gained 4% and 2.5%, respectively. The market breadth was neutral with 48% stocks on both the advancing and declining sides. INDEX MOVERS... Vehicle companies led the list of gainers today with Tata Motors soaring 10% to Rs 374. Maruti Suzuki surged 6.5% to Rs 1,378 - a new all-time high. Hero Honda (also at new high) and Mahindra & Mahindra moved up around 4% each to Rs 1,736 and Rs 831, respectively. DLF rallied 6.5% to Rs 394. Tata Steel added 6% to Rs 440. Jaiprakash Associates advanced 5% to Rs 242. Hindalco, Sterlite, ONGC, Tata Power, Infosys, Hindustan Unilever, BHEL, NTPC, Grasim and TCS also moved up. ...AND THE SHAKERS Sun Pharma slipped 2% to Rs 1,246. HDFC, SBI and Reliance (ahead of its Q1 numbers) dropped around 1.5% each. Meanwhile, the Nifty ended up 46 points at 4,569. Among the Nifty-50, Idea Cellular gained 4.5% at Rs 82. HCL Technologies moved up 4% to Rs 235, and ABB added 3.5% to Rs 742. However, Punjab National Bank shed 3% at Rs 716. Ambuja Cements dropped 2% to Rs 95. SAIL, Tata Communications and Siemens also declined. MOST ACTIVE COUNTERS Mahindra Satyam topped the combined value chart with a turnover of Rs 1,291.93 crore, followed by Suzlon (Rs 1,286.36 crore), Reliance (Rs 1,122.99 crore), ICICI Bank (Rs 996.69 crore) and DLF (Rs 960.92 crore). The combined volume chart was topped by Suzlon with trades of 127.25 million shares, followed by Mahindra Satyam (121.11 million), Unitech (84.57 million), Ispat Industries (72.27 million) and FSL (58.38 million).


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