NSE becomes world's top bourse in stock futures trading

<DIV><FONT face=Verdana size=2>National Stock Exchange has elbowed out its South African counterpart to become the world's largest platform for stock futures trade, with a trading volume more than double of its nearest competitor.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>NSE, bigger than its Indian rival Bombay Stock Exchange in trading volume, is already the world's largest bourse in terms of value of individual stock futures trade.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>According to the latest data compiled by World Federation of Exchanges, as many as 2.4 crore stock futures contract were traded at NSE in October as against 83.67 lakh at Johannesburg Stock Exchange (JSE).</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>JSE was the world's biggest stock futures trading platform till September, when it traded 5.74 crore stock futures contracts -- nearly four times NSE's 1.77 crore.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Stock futures contract is an instrument that allows investors to reap benefits of a stock's performance without actually owning it.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>In terms of total turnover of all stock futures contract, NSE recorded the highest amount of about 285 billion dollars during the month, which was nearly 20 times its nearest rival Euronext Liffe's 14.6 billion dollars.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>BSE, the world's biggest stock exchange in terms of number of companies listed, is among the lowest ranked bourses in terms of number of stock futures contracts and their turnover.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The BSE witnessed trading of just 587 single stock futures contracts during the month, with a total turnover of just about six million dollars.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Via Economic Times</FONT></DIV>

NSE becomes world's top bourse in stock futures trading

National Stock Exchange has elbowed out its South African counterpart to become the world's largest platform for stock futures trade, ...

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Mumbai urban land ceiling act repeal will ease up space shortage

<DIV><FONT face=Verdana size=2>India's most important city finally has a good shot at urban renewal. On Thursday, lawmakers in Maharashtra, of which Mumbai is the capital, repealed the three-decade-old Urban Land Ceiling Act, voiding the state's claim on as much as 500ha (1,234 acres) of private property.<BR>Analysts say the actual amount of vacant land held in violation of the law, although not identified by the government for acquisition, may be 10 times that figure. If all this land becomes available for redevelopment, the city's acute space shortage will surely ease up. Tenants in Mumbai offices now pay higher rents than their counterparts in the financial districts of London, New York and Tokyo.<BR>The full impact of the change may take a while yet.<BR>"The land needs to be cleared up and approvals have to be taken for development before actual construction can take place," says Anshuman Magazine, managing director for South Asia at CB Richard Ellis Group Inc., the world's largest commercial real estate broker.<BR>It is, nonetheless, a change with far-reaching consequences. The Indian government has an ambitious plan to turn Mumbai into an international financial centre. That will require everything from new office towers and apartment buildings to schools, markets and art galleries. All of that has to be accommodated in a city built on a narrow peninsula protruding into the Arabian Sea with limited land resources. Freeing up the property market will go a long way in making Mumbai a financial centre that can compete with more established rivals.<BR>A lousy law<BR>The Urban Land Ceiling Act was enacted by Parliament in 1976 during a 21-month period of emergency rule by then prime minister Indira Gandhi, who suspended civil liberties, put opposition leaders in prison and muzzled the press. The legislation said that any landowner in possession of more than 500 sq. m of property in a class A city, such as New Delhi and Mumbai, would have to surrender the excess property to the state so that the urban poor could be rehabilitated.<BR>However, the law also specified the escape routes. It cited a number of conditions under which the government could be lenient in applying the ceiling, provided landlords ask to be exempted. And thus began a sordid chapter in wholesale bribery. The state acquired very little land; and where owners failed to protect their property through bribery, they went to the court. The real estate market froze up. Rents rose. Good land remained vacant or underutilized.<BR>Mumbai's pricey loss<BR>The poor and the middle class lost out on affordable housing. Of the 19 million people, who reside in Mumbai and its suburbs, half live in slums. In 1999, almost a decade after India began opening its economy and started correcting the mistakes of its socialist past, the federal government took a bold decision to repeal the land ceiling law.<BR>Once the government had won parliamentary approval for the plan, it advised the states to follow suit and change their own laws accordingly. Most states acquiesced; Maharashtra, and a few others, held out. To get the laggards to fall in line, the government in New Delhi dangled a carrot in front of them. States were told they could tap Union government funds to rebuild their creaky urban infrastructure, provided that, among other things, they removed the draconian land ceiling law from their statute books.<BR>Long overdue<BR>The repeal of the land ceiling law in Maharashtra was "long overdue," says Magazine of CB Richard Ellis.<BR>The restrictive legislation choked Mumbai just as it was straining to expand. Mumbai, which looked both listless and hopeless even until the late 1990s, began its comeback after the Indian economy, and the stock market, came out of slumber in 2004. This year, a survey of global centres of commerce by MasterCard Inc. put Mumbai in 10th place—ahead of Shanghai, Hong Kong, Sydney, Singapore and Zurich—in "financial flows".<BR>Already, the National Stock Exchange, based in Mumbai, is the world's second most active market for single-stock and index futures trading. The cash segment of the equity market has traded an average $4 billion (Rs15,920 crore) worth of shares daily this year, compared with less than $800 million five years ago. The currency market, too, is in the midst of an unprecedented boom. India's daily foreign exchange turnover in April was $34 billion—almost a fivefold increase since 2004, the Switzerland-based Bank for International Settlements noted in a recent study.<BR>Bollywood, Mumbai's movie industry, is also doing much better now than a few years ago. All this means more business and jobs for Mumbai, and greater pressure on the city's cramped real estate. Even tycoon Mukesh Ambani has had trouble this year with the ownership of the land, where he wants to build a house. And Ambani is the richest resident of Mumbai—or rather, one of the wealthiest denizens of the planet—with a net worth of about $49 billion, according to Forbes magazine.<BR>That should tell you how tough it is for ordinary millionaires—the poor investment bankers—to find decent accommodation in the city. Maybe now they will have better luck.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Via Mint</FONT></DIV>

Mumbai urban land ceiling act repeal will ease up space shortage

India's most important city finally has a good shot at urban renewal. On Thursday, lawmakers in Maharashtra, of which Mumbai is the ca...

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Punj Lloyd's subsidiary Sembawang wins major Singaporean contract

<DIV><FONT face=Verdana size=2> <TABLE align='"center"'> <TBODY> <TR> <TD align='"center"'></TD></TR></TBODY></TABLE>Punj Lloyd's wholly owned subsidiary, Sembawang Engineers and Constructors, has won a major contract worth 463 million Singapore dollars for architectural, civil and structural work at the proposed Bayfront MRT station in Marina Bay in Singapore.<BR>The Land Transport Authority of Singapore awarded the contract to the company. It is one of the first packages of construction works to be awarded at the planned 4.3 km downtown MRT Line in Marina Bay.<BR>The Downtown Line 1, which will have six stations, is a critical transportation hub designed to serve workers, residents and visitors in the Marina Bay area. It will feature new icons such as the Marina Bay Sands Integrated Resort, the Marina Bay Financial Centre and Gardens by the Bay.<BR>According to the contract, Sembawang E&C will be constructing the Bayfront station which is key to the Downtown Line as it serves the mega Marina Bay Sands Integrated Resort. The construction company will be responsible for the underground construction of Bayfront station and two pairs of tunnels for Downtown Line Stage 1.<BR>The Downtown Line is in the heart of Marina Bay and the Bayfront station is a key factor contributing to the success of the development in the Marina Bay area. Bayfront will be one of the first stations to open in the Downtown Line. Looking at the pace of the project construction work will go round the clock for the completion of the project in time.</FONT></DIV>

Punj Lloyd's subsidiary Sembawang wins major Singaporean contract

Punj Lloyd's wholly owned subsidiary, Sembawang Engineers and Constructors, has won a major contract worth 463 million Sin...

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Market rallies on the back of firm Asian markets

<DIV>The market followed the rally in Asian markets after comments by US Federal Reserve chairman Ben Bernanke rose hopes of further cuts in interest rates. Better-than-expected July-September GDP numbers of India also boosted the market sentiment. The market opened on a positive note at 19,136, up 133 points and strong optimism among investors kept the Sensex firm above the 19,200 mark for the better part of the session. In the last hour of the trading session the buoyancy among front-line metal, realty, information technology, and oil stocks lifted the Sensex to touch the day's high of 19,425. The market remained buoyant thereafter and finally ended the session with a gain of 360 points at 19,363, while the Nifty closed the session at 5,763, up 128 points.<BR><BR>The breadth of the market was positive. Of the 2,860 stocks traded on the Bombay Stock Exchange (BSE0, 1,746 stocks advanced, 1,056 stocks declined and 59 stocks ended unchanged. Among the sectoral indices, the BSE Metal index jumped 5.09% at 17,731 followed by the BSE Realty index (up 3.94% at 10,626), the BSE IT index (up 2.74% at 4,198) and the BSE Oil & Gas index (up 2.62% at 12,360).<BR><BR>Most of the heavyweights ended at higher levels. On the Sensex, DLF shot up by 7.04% at Rs944, Reliance Energy soared 4.47% at Rs1,738, TCS surged 3.81% at Rs1,014, HDFC advanced by 3.59% at Rs2,785, Satyam Computer added 3.37% at Rs440, Tata Steel moved up 2.94% at Rs826, Bharti Airtel scaled up 2.60% at Rs939 and ONGC was up 2.59% at Rs1,171. Among the laggards, HLL dropped 1.45% at Rs207, while Ambuja Cement, Bajaj Auto and BHEL closed marginally lower.<BR><BR>Metal stocks were in the limelight and closed with strong gains. Sterlite Industries jumped by 12.58% at Rs1,035, Welspun Gujrat soared 9.18% at Rs419, Ispat Industries surged 6.63% at Rs51, Jindal Steel added 6.15% at Rs13,508, Sesa Goa gained 5.80% at Rs3,453 and JSW Steel advanced by 4.42% at Rs1,009.<BR><BR>Over 3.39 crore Ispat Industries shares changed hands on the BSE followed by Reliance Natural Resources (2.81 crore shares), Reliance Petroleum (2.59 crore shares), Essar Oil (2.08 crore shares) and IFCI (1.83 crore shares).<BR><BR>Reliance Petroleum clocked a turnover of Rs568 crore on the BSE followed by Essar Oil (Rs491 crore), Reliance Natural Resources (Rs459 crore), Mundra Port (Rs282 crore) and Reliance Energy (Rs218 crore).</DIV>

Market rallies on the back of firm Asian markets

The market followed the rally in Asian markets after comments by US Federal Reserve chairman Ben Bernanke rose hopes of further cuts in int...

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Sensex garners 360 points on hopes of Fed rate cut; metal, IT stocks rally

<DIV><FONT face=Verdana size=2>The market surged today led by rally in IT, banking, metal and realty stocks. Robust Q2 GDP growth data which was released by the government at about 11:00 IST today, boosted the market sentiment. Reliance Energy surged. The market breadth was strong. 26 out of 30 stocks from the Sensex pack were in green. European markets, which opened after Indian markets, were trading firm. Key Asian markets, except China, edged higher.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's gross domestic product (GDP) rose 8.9% in the second quarter ended 30 September 2007, which was below a robust 9.3% growth recorded in the first quarter ended June 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The wholesale price index rose 3.21% in the 12 months to 17 November 2007, above the previous week's rise of 3.01%, government data released today, 30 November 2007, afternoon showed. The annual inflation rate was 5.56% during the corresponding week of the previous year.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The 30-share BSE Sensex rose 359.93 points or 1.89% to 19,363.19. The Sensex hit a high of 19,424.99 in late trade. At day's high, the Sensex gained 421.73 points.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The broader based S&P CNX Nifty gained 128.15 points or 2.27% to 5762.75.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The BSE Mid-Cap index ended up 2.28% to 8,553.56. The BSE Small-Cap index ended up 1.31% to 10,526.02.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Market breadth was strong. 1745 stocks advanced, 1056 stocks declined and 59 stocks remained unchanged on BSE.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>BSE clocked a turnover of Rs 8416 crore compared to Thursday (29 November 2007)'s Rs 7677 crore.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Nifty November 2007 futures were at 5791, a premium of 28.25 points as compared to spot closing of 5634.60.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>NSE's futures & options (F&O) segment turnover was Rs 60313.99 crore, which was much lower than Rs 98225.56 crore on Thursday, 29 November 2007</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.15% to Rs 2850.75 on reports it plans to spend Rs 17000 crore on exploration in the next few years.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The BSE Bankex rose 2.54% to 10,870.88. Kotak Mahindra Bank surged 9.51% to Rs 1234, Bank of Baroda jumped 7.58% to Rs 381.90, Bank of India moved up 6.19% to Rs 350.70 and Union Bank (India) rose 4.39% to Rs 177.20.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest private sector bank by assets ICICI Bank rose 1.53% to Rs 1177, off day's low of Rs 1192.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest commercial bank State bank of India rose 1.34% to Rs 2300.30 after the union cabinet on Friday, 30 November 2007, approved enhancing the capital of the largest commercial bank by subscribing to its rights issue of equity shares worth Rs 10000 crore.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The BSE IT index rose 2.74% to 4,197.62. Financial Technologies jumped 4.97% to Rs 2447.20, TCS climbed up 3.81% to Rs 1013.95, Wipro gained 2.18% to Rs 460.30 and Satyam Computers gained 3.37% to Rs 439.95.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's second largest software exporter by sales Infosys Technologies gained 2.19% to Rs 1604.95. The company expects to maintain margins in coming quarters and the US subprime crisis had not hit IT spending by US clients, T. V. Mohandas Pai, Infosys' director for human resources said on Thursday, 29 November 2007. He further said Infosys has successfully coped with the appreciation of the rupee against the dollar.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The BSE Metal index jumped 5.09% to 17,730.53. Copper makers surged after copper prices hit a two-week high on the London Metal Exchange on Thursday, 29 November 2007, on hopes that lower US interest rates would help boost economic growth as well as demand for industrial metals. Sterlite Industries surged 12.58% to Rs 1034.75, Hindalco gained 2.43% to Rs 182.45.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Sesa Goa gained 5.80% to Rs 3453.60, Jindal Stainless rose 3.25% to Rs 217.70, and Steel Authority of India (Sail) 3.19% to Rs 258.45.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest steel firm by sales Tata Steel rose 2.94% to Rs 825.70 after the company said it has signed an agreement with Riversdale Mining to develop a hard coking and thermal coal project at key coal exploration tenements held by Riversdale in Mozambique.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The BSE Realty index moved up 3.94% to 10,626.31. DLF soared 7.04% to Rs 943.90, Phoenix Mills surged 10.71% to Rs 2516.60, Unitech gained 2.73% to Rs 382.60, and Puravankara Projects rose 3.80% to Rs 402.90.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Real estate developer Ansal Properties and Infrastructure jumped 4.12% to Rs 248.95 on reports that the company plans to foray into the field of bio-diesel.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Cement stocks were in demand. J K Cements soared 7.46% to Rs 234.80, JK Lakshmi Cements jumped 5.17% to Rs 196.45, Grasim Industries rose 2.59% to Rs 3792.35, ACC gained 1.87% to Rs 1089.45.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Among the public sector units, Shipping Corporation of India soared 10.70% to Rs 267.45, Neyveli Lignite surged 12.09% to Rs 235.55, MTNL jumped 6.59% to Rs 171.45, and Chennai Petroleum rose 6.45% to Rs 407.90.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest cellular service provider by market share Bharti Airtel gained 2.60% to Rs 939.45.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's second largest telecom service provider by sales Reliance Communications rose 1.47% to Rs 674.85 on reports that the company plans to place an order for 70 million GSM lines which could be valued at up to $5.6 billion. The order is likely to be placed sometime next year, the report added.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's top tractor maker by sales Mahindra & Mahindra rose 1.60% to Rs 731.80, off day's low of 722.05.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest listed airlines firm Jet Airways moved up 1.02% to Rs 830.75 on reports that the government has permitted the airline to fly to Barcelona, Paris, Manchester and Vienna under a code-share agreement with Brussels Airlines.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The UB Group firm United Breweries (Holdings) rose 3.83% to Rs 1163.35 on reports that the company's aviation vertical is likely to raise upwards of $200 million some time mid next year. It could be through a follow-on public offer, if Deccan-Kingfisher merger goes through, or convertible bonds or through private placement.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Anil Dhirubhai Ambani group firm Reliance Natural Resources jumped 9.76% to Rs 168.20 on huge volumes of 2.81 crore shares.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Mukesh Ambani-controlled Reliance Petroleum rose 1.26% to Rs 217.75 on volumes of 2.59 crore shares.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Engineering and construction firm Punj Lloyd jumped 7.36% to Rs 509.95 after the company said its subsidiary won a contract worth Rs 1270 crore for construction work in Singapore.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Abrasives maker Carborundum Universal moved up 6.93% to Rs 171.25 after said it sold off land and a manufacturing facility near southern city of Chennai for Rs 58 crore.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Software firm Parle Software was locked in upper limit of 10% at Rs 1,817 after its board recommended a three-for-one bonus share issue.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Reliance Petroleum clocked highest turnover of Rs 568.18 crore on BSE. Essar Oil (Rs 491.28 crore), Reliance Natural Resources (Rs 459.28 crore), Mundra Port & Special Economic Zone (Rs 282.85 crore) and Reliance Energy (Rs 218.14 crore), were the other turnover toppers on BSE in that order.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Ispat Industries registered highest volumes of 3.39 crore shares on BSE. Reliance Natural Resources (2.81 crore shares), Reliance Petroleum (2.59 crore shares), Essar Oil (2.08 crore shares) and IFCI (1.83 crore shares), were the other volume toppers on BSE in that order.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>In Europe, key indices in UK, France and Germany were up between 0.82% to 1.25%.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Asian stocks extended gains on Friday, 30 November 2007, after comments on Thursday, 29 November 2007, by Federal Reserve Chairman Ben Bernanke reinforced expectations that the US central bank was willing to lower interest rates again at the 11 December 2007 meeting. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.57% to 1.65%. But China's Shanghai Composite index was down 2.63%.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>US stocks ended nearly flat on Thursday, 29 November 2007 and the dollar stayed off its record lows against the euro.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Nifty futures saw a healthy rollover of 76% to December 2007 series from November 2007 series when the November 2007 derivatives contracts expired on Thursday, 29 November 2007. The overall rollover in the futures & options segment was about 72% to 75%.</FONT></DIV>

Sensex garners 360 points on hopes of Fed rate cut; metal, IT stocks rally

The market surged today led by rally in IT, banking, metal and realty stocks. Robust Q2 GDP growth data which was released by the governme...

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