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HLL, Pentafour lead rally, sensex up 81 pts
THE stockmarkets rebounded on sizeable speculative purchases coupled with lack of selling pressure on Monday. The sharp upturn was led by heavyweights like Hindustan Lever, ITC and Wipro. After resuming on a firm note, equities fluctuated in a narrow band and closed with handsome gains over last week's close.
Citigroup to focus on cross-selling
| CITIGROUP Inc may be moving closer to realising the benefits of cross-selling, originally billed as the chief benefit behind the merger that created the financial services giant. However, Wall Street has witnessed a greater emphasis on cost trimming than on revenue growth in the period following the merger of Citicorp and Travelers Group Inc last fall.
Re up against $ at 42.41/42
| RUPEE firmed up by a couple of paise to close at 42.41/42 against the dollar in the foreign exchange markets today, as against the previous close of 42.445/455.
Call rates close at 9.5%
| CALL money rates in the inter-bank market for overnight funds closed at 9.50 per cent in tight money conditions after touching 9.60 per cent to 9.75 per cent levels on Monday.
M&A activity likely to grow three-fold in next fiscal
| Corporate finance activity in the country, encompassing mergers and acquisitions (M&A), valuation, joint venture partner search, divestments, privatisation, financial feasibility and others is expected to go up at least three times in volume terms in the coming financial year.
Liquidity fears push call rates up by 100 bps
| UNCERTAINTY over short-term liquidity, coupled with the aggressive open market operations (OMOs) of the Reserve Bank of India (RBI) over the last few days, triggered jitters in the money markets on Monday, leading to an over 100-basis-points spurt in call rates and an 8-10 paise fall in bond prices.
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