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F&O Outlook: Nifty to hit new high
The FIIs long build-up in the Nifty futures and short covering in stocks futures during the week ended November 13 augur well for the market. The Nifty expected to hit a new high in the coming week if it crosses a crucial resistance at 5,060. On the down side the 4,940 is healthy support and below that 4,860 is the crucial support level. The Nifty rose over four per cent during the week largely due to short covering from the foreign investors in Nifty futures and stocks futures.

Abu Dhabi fund wants citi deal scrapped or $4 bn
The Abu Dhabi Investment Authority is trying to abort an agreement to buy $7.5 billion of Citigroup Inc stock at eight times Wednesday’s price, saying the bank misled it about the investment.

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Sical bags Rs 163 cr contract from Hind Copper
Sical Logistics today said it has bagged a Rs 163 crore contract from state-run Hindustan Copper Ltd for supplying port, train and road logistics products.
Business Opportunities

Tata Steel net profit falls 49% on lower Tata Steel net profit falls 49% on lower BS Reporter / Mumbai October 28, 2009, 0:43 IST

Sensex ends up 35pts Cox & Kings Q3 net jumps 88% to Rs 19 cr Even if the prices are soft, it would not affect margins as coal prices have come down from last year’s levels and the company is self-sufficient in its iron ore needs, Tata Steel Group Financial Officer Koushik Chatterjee said. During the quarter, the company benefited from the expansion of capacity at its plant in Jamshedpur, which now produces over 6.5 million tonnes of steel annually, compared with 5 million tonnes earlier. The sale volume went up 19.4 per cent to 1,456,755 tonnes. However, export turnover dropped halved to Rs 515.11 crore. The company has Rs 6,100 crore cash and cash equivalent on books, while debt stands at Rs 24,436 crore. Shares of Tata Steel, which more than doubled this year on expectations that the government’s infrastructure spending will spur sales, fell 7.26 per cent to Rs 501.30 on the BSE.


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