Sunday 30 September 2012

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"five-and-ten-cent" Story of Frank Winfield Woolworth



Born to a poor farm family in upstate New York, F. W. Woolworth began his career by clerking in a general store in the local market center. Impressed with the success of a five-cent clearance sale, he conceived the novel idea of establishing a store to sell a variety of items in volume at that price. With $300 in inventory advanced to him by his employer, Woolworth started a small store in Utica in 1879, but it soon failed. By 1881, however, Woolworth had two successful stores operating in Pennsylvania. By adding ten-cent items, he was able to increase his inventory greatly and thereby acquired a unique institutional status most important for the success of his stores.
The growth of Woolworth's chain was rapid. Capital for new stores came partly from the profits of those already in operation and partly from investment by partners whom Woolworth installed as managers of the new units. Initially, many of the partners were Woolworth's relatives and colleagues.
Convinced that the most important factor in ensuring the success of the chain was increasing the variety of goods offered, Woolworth in 1886 moved to Brooklyn, New York, to be near wholesale suppliers. He also undertook the purchasing for the entire chain. A major breakthrough came when he decided to stock candy and was able to bypass wholesalers and deal directly with manufacturers. Aware of the importance of the presentation of goods, Woolworth took the responsibility for planning window and counter displays for the whole chain and devised the familiar red store front which became its institutional hallmark.
The success of the chain between 1890 and 1910 was phenomenal. The company had 631 outlets doing a business of $60,558,000 annually by 1912. In that year Woolworth merged with five of his leading competitors, forming a corporation capitalized at $65 million. The next year, at a cost of $13.5 million, he built the Woolworth Building in downtown New York, the tallest skyscraper in the world at the time.
By 1915 Woolworth spent much of his time in Europe. When he died in 1919, the F. W. Woolworth Company, with over 1,000 stores, was perhaps the most successful retail enterprise in the world.


Saturday 29 September 2012

News Hour: Will refund Rs 24,000 crore to investors in 3 months: Sahara to Supreme Court


NEW DELI: Sahara Group on Friday assured the Supreme Court that its two companies which had raised Rs 24,000 crore through Optionally Fully Convertible Debentures ( OFCDs) from their investors will refund the amount within three months. 

"We will refund the amount. There is no question of going back," senior advocate Gopal Subramaniam, appearing for the company, told a bench headed by Justice K S Radhakrishnan. 

He also pleaded with the bench to grant the firms some time to sort out the "disagreement" with SEBI which has alleged that the company is not supplying all the documents pertaining to the investors to it as per the apex court's previous order. 

The bench was hearing an application by SEBI, which has alleged that the Sahara Group has not furnished all documents in its custody to the market regulator as was directed by the apex court to do by September 10.

The bench after hearing the arguments posted the matter for further hearing on October 19. 

The apex court on August 31 had said that if the companies -- Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) -- fail to refund the amount then SEBI can attach properties and freeze bank accounts of the companies. 

It had asked the companies to refund the money to their investors within three months with 15 percent annual interest. 

It had also asked Sahara to furnish all its documents to the regulator. 

The court had also appointed one of its retired judges, Justice B N Aggarwal, to oversee the action taken by SEBI against the two Sahara firms. 

The bench had said the civil and criminal liabilities should be imposed on the company for indulging in such economic offence.
(Source: economictimes.indiatimes.com)

Commodity Market Update (Copper perf chart)



Precious metals are trading slightly higher today, CMX Gold is trading higher by a dollar at 1778.70 while Silver futures are at 34.83 up by half a percent or 16 cents. Bullions were supported by 
the last evening’s release of US weaker than expected macroeconomic data which underpinned prices to move higher. Gold may test its important resistance of 1800 while 35.50 will be a good resistance for Silver. Base Metals are trading in green since morning; LME Copper is trading at 8263, up by 0.65% while LME Nickel is at 18630, higher by 243 points or 1.21%. US Crude and Gas prices are also higher, Crude is at 92.50 while Natural Gas is at 3.307. We expect prices to trade in a range during the evening hours.

News Hour: Optimism on rupee near 8-month high: Poll



SINGAPORE: Bullish bets on the rupee hit a near eight-month high and optimism on the Chinese yuanrose to its highest level in five months over the last two weeks, even as investors slashed long positions in most emerging Asian currencies, a Reuters poll showed. 

Long positions in the rupee climbed to their largest level since early February, the survey of 11 analysts showed on Thursday, as investors hailed the government's fast-tracked fiscal and economic reforms.


On Monday, the rupee soared to its strongest reading versus the US dollar in more than four months. The rupee, which had lost as much as 7.4 per cent in late June from the end of 2011, has eased 0.3 per cent so far this year. 


Positive bets on the yuan increased to their highest level since late April, as investors reduced bearish calls on the currency before a week-long Chinese holiday next week, sending it to a five-month peak versus the greenback. 


But bullish positions in most other emerging Asian currencies were reduced, according to the poll conducted on Wednesday and Thursday. 


Long positions in the Malaysian ringgit were slashed by almost two-thirds and similar bets on the Philippine peso were nearly halved. 


Bearish bets on the Indonesian rupiah quadrupled on sustained dollar demand from local corporates. 


The less optimistic stance on emerging Asian currencies came as investors took profits on recent gains which were spurred by central bank stimulus and refocused their attention on the slowing global economy and the prolonged euro zone debt crisis. 


This is markedly different from the previous poll published on Sept 13 which showed that bullish bets on emerging Asian currencies had been increased after European policymakers announced steps to ease the three-year-old crisis in Europe. 


The Reuters survey focused on what analysts believe are the current market positions in nine Asian emerging market currencies: Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and Thai baht. 


The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. 


A score of plus 3 indicates the market is significantly long US dollars. The figures included positions held through non-deliverable forwards (NDFs).

(Source:economictimes.indiatimes.com)

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Friday 28 September 2012

Morning Summary, Market Synopsis- 28 th September,2012

Good Morning Everyone,
The major Indian stock indices gave a gap-up opening in the early morning session. The large-cap shares are seen out-performing the broader indices till now. The Sensex is currently trading near the level of 18800 i.e., up by nearly 220 points and the Nifty is trading near the level of 5715 i.e., up by nearly 65 points. This has led the midcap & the small-cap counters to trade positive by nearly a percentage point each. On the sectoral front, all the indices are trading in green. Auto & Metal indices are leading the list of gainers with gains of nearly two percentage points each. Further, the market breadth is strong as three stocks are seen advancing for every one decline.

News hour: AC, freight fares to increase by 3.7 pc from Oct 1 as FM levies service tax




NEW DELHI: With the exit of Trinamool Congress from UPA, Finance Ministry has decided to levy service tax on AC and freight services fares, which are set to increase by 3.7 per cent from October 1.

Fares of AC First Class, Executive Class, AC-2 tier, AC-3 tier, AC Chair Car will go up by 3.708 per cent from October 1 and a notification to this effect will be issued today, a senior Railway Ministry official said.

The decision for levying service tax on AC classes and freight and auxiliary services was taken yesterday at a meeting between Railway Minister CP Joshi and Finance Minister P Chidambaram.

The service tax will apply to tickets issued in advance for journeys to commence on or after the date of its implementation. In case of tickets already issued excluding service tax, it will be ensured that the same is recovered either by TTEs in the train or by the booking offices before commencement of journey.

In case of cancellation of tickets by the passengers, service tax will not be refunded by railways, the official said.

On concessional tickets, service charges will be 30 per cent of the total fare.

The service tax is 12.36 per cent but after the abetment of 70 per cent it will be 3.708 per cent on passenger fares in AC classes and freight.

Passengers traveling in AC classes were brought under service tax from July this year as per the Finance Bill 2012 but the levy had since been kept in abeyance because of opposition by the TMC.

Freight rate will also go up by 3.708 per cent from October. However, auxiliary services rendered at stations like catering and parking will have to bear the burden of 12.36 per cent as there will be no abetment on these services.

Service tax on freight was announced in 2009-10 Union Budget but then Railway Minister Mamata Banerjee had protested the move.
(Source: economictimes.indiatimes.com)

Market Heatmap: 27 th September,2012

Commodity Market Update (Natural Gas)


Precious metals are trading mixed since morning; the actively traded Gold on CMX is trading higher by a quarter percent or $4 at $1755 while Silver is at $34.07, traders are still trading silent as waiting for a bunch of data to be released today, Prices will be taking cues from the macroeconomic release which will state the health of the economy. Base metals are slightly positive with Copper higher by $30 at $8176. On Energy Crude is at $90.24 while Gas is trading at $3.24, traders will be looking for Natural Gas weekly Storage data to be released at 8.00 PM.

Data to Watch:
US Core Durable Goods Order
US Durable Goods Order
US Unemployment Claims
US Pending Home Sales
US Natural Gas Storage

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Thursday 27 September 2012

Market Synopsis, Morning Summary- 27th September,2012

Photo: Good Morning Everyone,
The Indian markets opened flat to positive ahead of September series expiry today. Asian markets too were trading in a positive terrain in morning trade, recouping some of yesterdays losses that was seen due to concerns over Spain bailout. Nifty was trading at 5675 with a gain of 11 points while Sensex was trading at 18673 adding 40 points. Sectorally, except Oil & Gas, IT and PSU, all the other indices were seen trading in the green. Auto and Capital Goods were leading the list with over one percent gains. The market breadth was positive and nine stocks were seen advancing against every five declining stocks.
Good Morning Everyone,
The Indian markets opened flat to positive ahead of September series expiry today. Asian markets too were trading in a positive terrain in morning trade, recouping some of yesterdays losses that was seen due to concer
ns over Spain bailout. Nifty was trading at 5675 with a gain of 11 points while Sensex was trading at 18673 adding 40 points. Sectorally, except Oil & Gas, IT and PSU, all the other indices were seen trading in the green. Auto and Capital Goods were leading the list with over one percent gains. The market breadth was positive and nine stocks were seen advancing against every five declining stocks.

News Hour: Bharti Walmart not to wait for all states to allow retail FDI

Bharti Walmart MD & CEO Raj Jain said the company will be able to come out with specific plans with regard to retail business only after 45 days.
HYDERABAD: Bharti Walmart will not wait till all states in India allow FDI in multi-brand retail to roll out its plans and may start opening its outlets from states like Maharashtra and Andhra Pradesh, a top official of the retail giant said here today. 

Bharti Walmart Managing Director and CEO Raj Jainsaid the company will be able to come out with specific plans with regard to retail business only after 45 days as it is currently studying the government notification. 

The company is a 50:50 joint venture between Bharti Group and US-based Walmart for wholesale cash and carry. 

"I think there are enough states and big states like Maharashtra and Andhra Pradesh which have expressed their willingness to allow FDI. 

"I think those states are big enough to start our plans (for retail)," Jain told a press conference. 

Recently, the government had allowed 51 per cent FDI in multi-brand retail but left it to the states to permit opening of foreign funded stores. 

Such stores would be allowed to be opened only in cities with a population of over one million. 

A foreign retailer would need to invest a minimum of USD 100 million, of which 50 per cent must be on back-end infrastructure within a period of three years of the commencement of the overall investment. 

"It is only nine days since the FDA is opened in eight states. It is too early for us to share any clarity or details on our retail plans. We are studying the policy. It will take 45 days to come out with plans, Jain said in reply to a question.

(Source: economictimes.indiatimes.com)

Market Heatmap - 26th September,2012

The major Indian equity indices tried to recover from the intraday lows after giving a weak opening in the early morning session. The struggle to sustain the recovery was overweighed by the weakness in global markets and concerns about the eurozone debt crisis. This led the Sensex to close at the level of 18632.17 i.e., down by 62.24 points and the Nifty to close at the level of 5663.45 i.e., down
 by 10.45 points. However, the midcap & small-cap counters managed to close positive. On the sectoral front, the indices closed mixed. FMCG index closed as the major gainer with gains of over half a percentage point while Teck & PSU index closed as the major losers with losses of over half a percentage point each. Further, the market breadth closed flat.
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Commodity Market Update (Crude Oil)

Gold and Silver are trading slightly lower on CMX with Gold trading at $1763.90, lower by 20 cents or 0.01% per ounce and Silver is trading at $33.90. We expect prices to move in a small range with Gold facing immediate resistance near $1775 and support around $1755. NYMEX Crude Oil is trading lower at $90.70, -0.73% or 67 cents due to weaker demand and rising inventories whereas traders are looking for EIA weekly Crude Oil Inventories report at 8.00PM. Natural Gas is trading at $2.94, up by a percent. Base Metals prices are trading lower on LME. LME Copper futures are trading at $8178.00 with negative bias.

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Morning Summary, Market Synopsis- 26th September,2012

Photo: Good Morning Everyone,
The Indian markets were trading weak in early trade following weakness in global markets as the uncertainty over Spain bailout continued. Riots over Spains austerity added fuel to the fire.The Sensex declined nearly 28 points to trade at 18665 while the broader Nifty traded at 5667 losing 7 points. Sectorally, Realty and Healthcare were leading the gainers pack while Teck and IT were topping the losers list. The market breadth was positive and eight shares were seen advancing against every six declines
Good Morning Everyone,
The Indian markets were trading weak in early trade following weakness in global markets as the uncertainty over Spain bailout continued. Riots over Spains austerity added fuel to the fire.The Sensex declined nearly 2
8 points to trade at 18665 while the broader Nifty traded at 5667 losing 7 points. Sectorally, Realty and Healthcare were leading the gainers pack while Teck and IT were topping the losers list. The market breadth was positive and eight shares were seen advancing against every six declines.

Wednesday 26 September 2012

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Market Heatmap - 25th September,2012


Market Heatmap,
The major Indian equity indices started the day on a flat note and after showing a continuous struggle to outperform the other regional peers, it succeeded in ending the day in green. This led the Sensex to close at the level of 18694.41 i.e., up by 21.07 points and the Nifty to close at the level of 5673.9 i.e., up by 4.3 points. The midcap & small-cap counters closed positive by 

nearly half a percentage point each. On the sectoral front, the indices closed mixed. Realty index closed as the major gainer with gains of over two percentage points while Metal index closed as the major loser with losses of over a percentage point. Further, the market breadth closed flat..Find out morehttp://www.facebook.com/bmawealth/app_206541889369118

News Hour: Sensex in green; Cipla, ITC, HDFC, TCS gain




MUMBAI: The Sensex pulled back from the negative terrain on Tuesday, led by gains in defensives like FMCG, pharmaceuticals and technology stocks. 

According to analysts, the benchmarks are likely to consolidate near current levels ahead of F&O expiry and some profit booking can't be ruled out. 

"Immediate near-term momentum is undergoing a corrective phase due to the overbought nature, but does not seem to threaten the underlying bullish short-term momentum. Nifty is likely to find support at the 5,650 (21-hourly EMA) / 5,610 cluster, where longs can be re-entered placing reversal below 5,535, targeting 5,750-5,800," said an Edelweiss report. 

At 12:50 pm, the 30-share index was at 18,698.39, up 25.05 points or 0.13 per cent. It touched an intraday high of 18,790.01 and a low of 18,636.16 in trade so far.

The Nifty was at 5,676.10, up 6.50 points or 0.11 per cent. The broader index touched a high of 5,702.70 and a low of 5,652.45 in trade so far. 

The BSE Midcap Index was up 0.16 per cent and the BSE Smallcap Index gained 0.26 per cent. 

Among the sectoral indices, the BSE FMCG Index was up 1.22 per cent, the BSE Healthcare Index gained 0.75 per cent and the BSE IT Index was up 0.41 per cent. The BSE Metal Index was down 1.15 per cent, the BSE Auto Index declined 0.57 per cent and the BSE Bankex slipped 0.28 per cent. 

Sensex gainers included CiplaBSE 1.92 % (2.22%), ITC (1.54%), HDFC (1.38%), Hindustan UnileverBSE 1.75 % (1.22%) and TCSBSE 0.46 % (1.07%). 

Jindal SteelBSE -4.35 % (2.94%), Tata SteelBSE -1.48 % (1.99%), Sterlite IndustriesBSE -2.31 % (1.49%), Maruti SuzukiBSE -2.42 % (1.49%) and ONGCBSE -1.17 % (0.99%) were the major index losers. 

The market breadth was positive on the BSE with 1,307 gainers against 1,291 losers. 

The foreign institutional investors bought shares worth Rs 2327.82 crore on Friday as per the provisional data from the National Stock Exchange. 

The European markets have opened on a subdued note in line with Asian peers. The FTSE 100 was up 0.04 per cent, the CAC 40 slipped 0.20 per cent and the DAX was 0.16 per cent lower.

(Source: economictimes.indiatimes.com)

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Tuesday 25 September 2012

Market Synopsis, Morning Summary- 25th September,2012

Photo: Good Morning Everyone,
The key Indian stock indices gave a flat opening, trying to outperform other regional peers as the Government continues to take measures aimed at restoring business confidence in a slowing economy. The Sensex is currently trading near the level of 18700 i.e., up by nearly 20 points and the Nifty is trading near the level of 5665 i.e., down by nearly 5 points. This has led the midcap & the small-cap counters to trade flat. On the sectoral front, the indices are trading mixed. Healthcare index is leading the list of gainers with gains of over half a percentage points while Metal and Auto index is leading the list of losers with the loss of nearly a percentage point each. Further, the market breadth is flat.
Good Morning Everyone,
The key Indian stock indices gave a flat opening, trying to outperform other regional peers as the Government continues to take measures aimed at restoring business confidence in a slowing economy. The Sensex is curre
ntly trading near the level of 18700 i.e., up by nearly 20 points and the Nifty is trading near the level of 5665 i.e., down by nearly 5 points. This has led the midcap & the small-cap counters to trade flat. On the sectoral front, the indices are trading mixed. Healthcare index is leading the list of gainers with gains of over half a percentage points while Metal and Auto index is leading the list of losers with the loss of nearly a percentage point each. Further, the market breadth is flat.

Closing Summary, Market Synopsis-24 th September,2012


Good Evening ,
The benchmark indices started off trade on a flat note on the back of weak global cues. After trading flat in red for most part of the session, the bourses finally ended the trade near day’s low. The Sensex ended at 18673, d
own 79 points while the Nifty shut at 5670, down 22 points. The trading sentiments also seemed cautious ahead of the September series F&O expiry. Sectorally, the indices closed mixed. While Power, Realty and Capital Goods led with gains of over one percent, Oil & Gas and FMCG closed with over one percent loss. The market breadth was positive and three stocks were seen advancing against every two declines.

No roaming charges from next year: Telecom Minister Kapil Sibal


NEW DELHI: Telecom Minister Kapil Sibal today said that mobile phone subscribers will not have to pay roaming charges from next year.

"From next year. Our secretary has told you that it will be free from next year," Sibal said here in response to a query on the timing of removing roaming charges as proposed in the National Telecom Policy 2012.

The Minister was speaking to the media on the sidelines of the curtain raiser event of India Internet Governance Conference.

NTP 2012, approved in May, aims to abolish roaming charges and allow mobile phone subscribers to use same number across country without having to pay extra charges for services once they are outside their telecom circle.

Meanwhile, Telecom Secretary R Chandrashekhar said the Department of Telecom (DoT) is working on Notice Inviting Applications for spectrum auction after which it will work on unified licence (UL) guidelines - also a part of the NTP 2012.

"We are first going to attend to all issues linked to auction. The moment NIA is issued this week, we will focus on UL. After details of full UL is worked out, the modalities for free roaming will follow," he said.

As per the schedule, NIA will be issued on September 28.
(Source: economictimes.indiatimes.com)

Commodity Market Update (Gold performance)


Precious Metals are trading sharply lower today with CMX Gold down 18.6 or 1.08% to 1759.40 an ounce and Silver is also losing about 2.36% or 81 cents to trade at 33.82 an ounce. The rupee’s strength also aggravated the downside in domestic bullions; Gold is down 180 points to 31324.0 and Silver is losing 1097.0 to trade at 62183.0 on MCX. Precious Metals
are trading below key support levels are we may see further correction in prices during the evening. Base Metals are trading in red today, on LME, Copper is down 100.0 or 1.23% to trade at 8190.0 while Nickel is trading at 17970.0, –158.0 or 0.87%. Prices are trading with a slightly negative bias and may consolidate before moving lower today. Crude Oil is down 1.46 or 1.57% to 91.75 a barrel while Natural Gas is down 1.25% at 2.849 on NYMEX. We are negative on Crude Oil and expect prices to move lower to test support at 90.0 and possibly 87.50 coming into play.

No Economic Releases today.

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Monday 24 September 2012

Morning Summary, Market Synopsis- 24st September,2012

Good Morning Everyone,
The major Indian equity indices gave a flat opening in the early morning trade, shrugging-off the negative cues from other asian markets. The Sensex is currently trading near the level of 18730 i.e., down by nearly 20 points and the Nifty is trading near the level of 5690 i.e., down by nearly 5 points. This has led the midcap & the small-cap counters to trade positive by ove

r a percentage point each. On the sectoral front, the indices are trading mixed. Power index is leading the list of gainers with gains of over two and a half percentage points while FMCG index is leading the list losers with the loss of nearly one and a half percentage point. Further, the market breadth is positive as five stocks are seen advancing for every two declines.

Sunday 23 September 2012

Richard Bachman- The life of Stephen King

Stephen Edwin King was born on September 21, 1947 at the Maine General Hospital in Portland Maine. His parents were Donald Edwin King and Ruth Pillsbury King. Stephen being the only natural born child in the family and his older brother David having been adopted at birth two years earlier. 

The Kings were the typical family until one night when Donald King said he was stepping out for cigarettes and was never heard from again. At this point Ruth took over raising the family with help from other relatives of the family. They traveled throughout many states over several years finally moving back to Durham, Maine in 1958. 

Stephen King began his actual writing career in January of 1959 when David King and Stephen decided to publish their own local town newspaper named Dave's Rag. David bought a mimeograph and they created a paper that sold for five cents an issue. 

Stephen King attended Lisbon High School, in Lisbon, Maine in 1962. Collaborating with his best friend Chris Chesley, in 1963 they published a collection of 18 short stories called People, Places, and Things-Volume I. King's stories included "Hotel at the End of the Road", "I've Got to Get Away!", "The Dimension Warp", "The Thing at the Bottom of the Well", "The Stranger", "I'm Falling", "The Cursed Expedition", and "The Other Side of the Fog." A year later King's amateur press Triad and Gaslight Books, published a two part book titled "The Star Invaders". 


Stephen King made is first actual published appearance in 1965 in the magazine Comics Review with his story "I Was a Teenage Grave Robber." The story ran about 6,000 words in length. 

In 1966, Stephen King graduated from high school and took a scholarship to attend the University of Maine. Looking back on his high school days, King recalled that "my high school career was totally undistinguished. I was not at the top of my class, nor at the bottom." 

Later that summer King began working on a novel called "Getting It On", about some kids who take over a classroom and try unsuccessfully to ward off the National Guard. During his first year at college, King completed his first full length novel, "The Long Walk." He submitted the novel to Bennett Cerf/Random House only to have it rejected. King took the rejection bad and filed the book away. 

Stephen King made his first small sale with his story "The Glass Floor" for the amount of thirty-five dollars.  In June 1970, Stephen King graduated from the University of Maine with a Bachelor of Science degree in English and a certificate to teach high school. 

King's next idea came from the poem by Robert Browning, "Childe Roland to the Dark Tower Came." He found bright colored green paper in the library and began work on The Dark Tower saga. But due to his lack of income he was unable to further pursue the novel at great length and it too was filed away. King took a measly job of pumping gas earning $1.25 an hour. 

Stephen King then began to earn money for his writings by submitting his short stories do men's magazines such as Cavalier. 

On January 2, 1971, Tabitha Jane Spruce and Stephen King were married. And in the fall of 1971, King took a teaching job at Hampden Academy earning $6,400 a year. The Kings then moved to Hermon, a town west of Bangor, Maine. 

Stephen King than began work on a short story about a teenage girl named Carietta White. After a completing a few pages, King decided it was not a worthy story and crumpled the pages up and tossed them into the trash. Fortunately for Stephen, his wife Tabitha took the pages out and read them. She encouraged her husband to continue the story. He did. In January 1973, King submitted Carrie to Doubleday. In March, Doubleday bought the book. On May 12, Doubleday sold the paperback rights of Carrie to New American Library for $400,000. Based on the book contract, Stephen King would get half of that. King quit his teaching job to pursue writing full time. And the rest, as they say, is history. 

Since then, King has had numerous short stories and novels published and movies created from his work. Stephen King is called the "Master of Horror". His books have been translated into 33 different languages, published in over 35 different countries. There are over 300 million copies of his novels in publication. He continues to live in Bangor, Maine with his wife where he writes out of his home. 

In June 1999 Stephen King was severely injured in an accident that left him in critical condition with injuries to his lung, broken ribs, a broken leg and a severely fractured hip. After three weeks of operations he was released from the Central Maine Medical Center in Bangor, Maine. Stephen continues to be bedridden and requires intensive rehabilitation over the remainder of this year. He is expected to be able to walk about 9-12 months after the accident. Due to Stephen King's injuries his current projects that he was working on have been hampered and will be delayed at least a year. 

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Saturday 22 September 2012

Market Heatmap - 21th September,2012


Market Heatmap
The major Indian equity indices gave a positive opening in the early morning session and a further stronger movement was seen during the day. This led the Sensex to close at the level of 18752.83 i.e., up by 403.58 points an

d the Nifty to close at the level of 5691.15 i.e., up by 136.9 points. The midcap & small-cap counters closed positive by nearly one and a half percentage points each. On the sectoral front, except for IT and Teck indices, all the other indices closed in green. Power, Capital Goods, Metal and Bank indices closed as the major gainers with gains of over four percentage points each. Further, the market breadth closed positive as nine stocks were seen advancing for every four declines.Find out more at :http://www.facebook.com/bmawealth?sk=app_206541889369118

Commodity Market Update (Copper)


Domestic Commodities are trading sharply lower due to the rupee which has appreciated by 97 paise or 1.78% and is currently trading at 53.41. On COMEX, Gold and Silver prices are higher marginally and was se
en trading at 1777.20, up 7.0 and 34.85, up 17 cents respectively whereas on MCX, Gold is down 268 points to trade at 31645.0 while Silver is losing about 440 points to settle at 63922.0. Base Metals on LME are higher by over 1.5% while their domestic counterparts have ended up trading down in red. Copper, at the time of writing this, is trading higher at 8325.0, +67.0 or 0.81% on LME while on MCX, it is down to 449.55, losing 2.65 or 0.59%. Oil prices are higher by 62 cents to trade at 93.0 while on MCX, prices are lower by 28 points or 0.56% to trade at 4989.0. Natural Gas is also down 1% to trade at 150.10 on MCX.

A stronger rupee caps upside for domestic commodities which means that a rally on international counters will not be reflected here on MCX listed futures whereas a counter move on the downside could see domestic commodities slide lower sharply. Longs are better avoided today and opportunities to go short should be considered.

No Major Economic Releases today.

News Hour: PM Manmohan Singh to address the nation on FDI, reforms tonight


NEW DELHI: Prime Minister Manmohan Singh will address the nation tonight to explain the government's recent decisions on economic reforms which have triggered widespread political protests across the country.

The Prime Minister will address the nation at 8 PM on Doordarshan about the recent decisions on economic reforms, officials said.

Singh is expected to spell out the reasons that prompted the government to allow FDI in multi-brand retail, hike in diesel prices and put a cap on subsidy on LPG cylinders.

He is likely to cite the difficult times facing the economy and emphasise that the steps were taken to push economic growth and generate employment.

The thrust of the Prime Minister's message is expected to be that the decisions were taken in national interest.

In the Cabinet decision on September 14, Singh had said the step was intended to "bolster economic growth and make India a more attractive destination" for foreign investment.

"I believe that these steps will help strengthen our growth process and generate employment in these difficult times," he had said and sought support of "all segments of public opinion" for this.

The decision to go ahead with FDI in multi-brand retail has evoked angry reactions from Trinamool Congress which has decided to quit the UPA government.

UPA's outside allies like Samajwadi Party and JD-S as well as opposition parties are also agitated over the decision and had organised a nationwide bandh yesterday.
(Source: economictimes.indiatimes.com)

Happy Birthday to Kareena Kapoor

Morning Summary, Market Synopsis- 21st September,2012

Good Morning Everyone,
The major Indian equity indices advanced smartly in early morning trade after the government notified FDI in Retail, Aviation, Broadcasting and Power Exchanges. Even the negativity of the nation-wide protests and imminent withdrawal of a key UPA ally is seemed to be losing its effect. The Sensex is currently trading near the level of 18600 i.e., up by nearly 245 points and t
he Nifty is trading near the level of 5640 i.e., up by nearly 85 points. This has led the midcap & the small-cap counters to trade positive by over a percentage point each. On the sectoral front, all the indices are trading in green. Capital Goods & Power indices are leading the list of gainers with gains of over two percentage points each. Further, the market breadth is positive as four stocks are seen advancing for every one decline.

Friday 21 September 2012

BMA Words of Wisdom by Abraham Lincoln

Commodity Market Update (Natural Gas)


Precious metals are trading slightly lower since morning; the actively traded Gold on CMX is lower by $9 to trade at $1756 while Silver is at $34.3, down by $30 cents. Prices on MCX are also equally lower Gold at Rs.31863, down by 156 points while Silver is at Rs.63950 lower by 500 odd point. Prices are likely to take direction from the US Jobless Claims data to be released at 6.00 PM today. NYMEX Oil prices extended its last night fall to trade at $91.18, lower by 0.87% or 80 cents while on domestic bourses prices are at Rs.4990.00 lower by half a percent. US Natural Gas contract is lower by more than 2% and trading at $3.73 while the traders will be looking for the storage data to find the further move. We maintain a bearish view on energy complex. Base metals are also trading in red. LME Copper is trading at $8200, losing $150 or 1.81% on disappointing China’s PMI data. We expect Base metals prices to remain lower for the day.

Data to Watch:
US Unemployment Claims
US Philly Fed Manufacturing Index
US Natural Gas Storage

News Hour-Bharat bandh: Country hit by national strike over FDI in retail, diesel price hike

BANGALORE: Schools, shops and government offices were shut in some states on Thursday as protesters blocked road and rail traffic as part of a one-day nationwide strike against sweeping economic reforms announced by the government last week. 

Bangalore, India's IT and outsourcing hub, was hard hit by the strike, but in Mumbai, the country's financial capital, banks and offices were open as usual. In New Delhi, shops were shut in BJP constituencies and there were fewer cars on the road, but the central business district was untouched. 

In Bangalore, most of the 3,500 staff employed by Intel Corp and 10,000 staff at Cisco Systems Inc were asked to work from home, company spokesmen said.Infosys Ltd and Wipro LtdBSE 0.77 % gave workers the day off, but will ask them to work on Saturday instead. 

The main opposition Bharatiya Janata Party (BJP), joined by smaller parties from both the political left and right, called for the strike to protest against a 14 percent hike in heavily subsidised diesel prices, and a government decision that opens the door to foreign supermarket chains to invest in India. 

The measures, part of a package of big-bang economic reforms aimed at boosting a sharply slowing economy, have triggered a political firestorm. Prime Minister Manmohan Singh's biggest ally pulled out of his shaky coalition on Tuesday, raising the risk of an early election. 

Across the country, morning commuters were left stranded at train stations and bus-stops as protesters squatted on railway tracks and laid siege to some bus depots. Supporters of the right-wing Hindu nationalist BJP and other opposition parties also blocked some roads with burning tyres. 

"If we don't protest now, the central government will eliminate the poor and middle-class families," said Santi Barik as she protested in Bhubaneswar, the capital of the eastern state of Odisha. 

Government offices, businesses, schools and banks in Bhubaneswar were shut, and similar shutdowns were reported in other cities, including Hyderabad, the IT hub in Andhra Pradesh state that is home to local offices ofMicrosoft Corp and Google Inc. Police arrested dozens of opposition supporters who surrounded the biggest bus station in Andhra Pradesh. 

The Congress party-ruled coalition, which has a record for buckling under pressure, partially rolled backed a petrol price increase earlier this year after facing a similar strike. Some Congress officials have hinted the new 5 rupee per litre diesel price hike could be cut, and a new limit on subsidised cooking gas cylinders may also be raised. But they have held firm against calls for the retail reform to be scrapped. 

(Source: economictimes.indiatimes.com)

The BJP is seeking to exploit popular anger against the diesel hike and retail reforms - which many mom-and-pop store owners fear will destroy their livelihoods - ahead of a series of state elections later this year and national elections due by 2014. 

BMA Words of Wisdom by Albert Einstein

Thursday 20 September 2012

Morning Summary, Market Synopsis - 20th September,2012

Commodity Market Update (Crude Oil)














Precious Metals are trading marginally higher today by 5.4 or 0.30% at 1776.0 while Silver is trading marginally lower at 34.68 an ounce since morning. Bullions are likely to open slightly higher since la
st close today. Base Metals on LME are trading higher with the exception of Aluminum which is down 0.37%.; three month Copper and Nickel are trading higher by 34.0 and 201.0 at 8337.0 and 17901.0 respectively. Energy prices are lower on NYMEX with active Crude oil contract lower by almost a percent at 94.79 while Natural Gas is trading at 2.74, down 0.90%.

Key Economic Releases: US Building Permits and Housing starts, Existing Home Sales and Crude Oil Inventories at 8.00 pm

News Hour- Congress-ruled states to increase cap on LPG cylinders to 9: Janardhan Dwivedi



NEW DELHI: In a move seen to pacify Trinamool Congress chief Mamata Banerjee, Congress-ruled states will increase supply of subsidised cylinders from 6 to 9 per household annually. AICC General Secretary Janardhan Dwivedi conveyed the intent to reporters after the Congress core committee meet ended on Wednesday. 

According to television channels, the additional cost of the subsidised cylinders will be borne by the state governments. 

Earlier it was reported that the government is also considering a partial rollback of a hike in diesel prices announced last week as part of a slew of " big bang" economic reforms that have plunged Prime Minister Manmohan Singh's coalition into crisis. 

A senior source in the ruling Congress party said the rollback was being considered. Finance Minister P. Chidambaram, however, declined to comment when approached by reporters. 

A hike in diesel prices and other reforms such as retail liberalisation prompted the government's biggest ally to withdraw from the coalition on Tuesday evening. 

Government raised the price of heavily subsidised diesel by Rs 5 to rein in its fiscal deficit and counter the threat of becoming the first of the big emerging economies to be downgraded to junk. 

Diesel is one of the main contributors to a subsidy bill that economists warn could push the country's fiscal deficit above a target of 5.1 percent of gross domestic product. 

But the fuel price increase caused an instant political backlash. 

Trinamool Congress on Tuesday dealt a severe blow to the UPA by deciding to withdraw its ministers from the Union government and its support but left open the doors for a possible rapprochement in the next three days. 

The second biggest constituent of the UPA with 19 members in Lok Sabha sprang a surprise after a meeting of its MPs and top leaders with a caveat that the party could reconsider its stand if the government rolls back its decisions. 

She wanted total withdrawal of the decision on FDI, raising the cap on subsidised LPG from six to 12 cylinders and reduction of diesel hike from Rs 5 by Rs 3 or Rs 4 for reconsideration of her decision.

BMA Words of Wisdom by Leonardo Da Vinci

Wednesday 19 September 2012

Ganesh Chaturthi

Wishes for Ganesh Chaturthi from the entire BMA family. May lord Ganesha bring Wealth, Happiness and Prosperity in your life. !!

News Hour- Banks not passing benefits of rate cut to borrowers, says RBI

NEW DELHI: Banks are not passing on the benefit of cut in policy rates to the borrowersReserve Bank of India Deputy Governor K C Chakrabarty said today while asking lenders to undertake reforms and bring down their operation costs. 

"Within the interest rate structure, if banks increase their efficiency, interest rates will come down. What we call operational efficiency of the banks and that is one thing that should happen", he said, while talking to reporters on the sidelines of a function here. 

Reduction in policy rates, he said, will not serve any purpose unless the banks bring down their spreads and pass on the benefits to borrowers. 

"It (interest rate cut) will not happen if you don't reduce your cost. If the spread does not come down people will not get the benefit. Unless within the institution there is reform, you will not be able to derive the benefit of policy reform", the RBI Deputy Chief said. 

Reforms were not taking place at individual level, Chakrabarty said, adding "at one stage Cash Reserve Ratio (CRR) was 25 per cent, Statutory Liquidity Ratio (SLR) was 40 per cent. Now SLR has come down to 23 per cent, CRR is 4.5 per cent. People say that it should be abolished. But has this benefit of reduction gone to the people?" 

He regretted that the lending rates of banks have not come down in tandem with reduction in the CRR and SLR. On the other hand they have gone up, he added. 

"Today repo rate is 8 per cent, CRR is 4.5 per cent, inflation 9 per cent, SLR 23 per cent and PLR (prime lending rate) of banks on an average is 1 per cent higher (than what it was in September 2008)", he added.

(Source: economictimes.indiatimes.com)

Market Heatmap - 18th September,2012


Market Heatmap,
Indian markets ended the session marginally in the negative tracking weak global peers. The Sensex closed with a loss of 46 points at 18496 while Nifty closed at 5600 shedding 10 points.The Midcap and smallcaps however outperformed their larger counterparts gaining 0.88% and 0.73% respectively. Sectorally, the indices closed mixed. While Oil & Gas was the biggest loser shedding over one percent, PSU was leading the list of gainers with over 1.5% gains. The market breadth was positive and eight stocks were seen advancing against every five declines.Find out more at :http://www.facebook.com/bmawealth?sk=app_206541889369118

Commodity Market Update (Silver)


Precious Metals are trading lower after falling early in the session and have been trading range bound since then. Gold traded on CMX is lower by 12.0 at 1758.70 and Silver is trading at 34.14, down 22 cents. We are slightly negative on bullions and expect prices to test 1750.0 support today. Strong support for Silver comes into play at 33.50-34.0. Base Metals on LME are also lower with Nickel losing the most at 17830.0, down 269.0 or 1.50%. Copper is trading lower by 0.76% or 63.0 at 8227.0 per ton, base metals are trading with a negative bias in the evening. Support for Copper comes in at 445.0 today. Energy prices are having a quiet morning today trading slightly lower at 96.30, down 33 cents since last close. The sharp sell off and recovery in oil prices last evening has bought in an enquiry from the CFTC and the investigation in going on. Natural Gas is trading higher by 0.70% at 2.8850 per mmBtu.

No Major Economic Releases Today.

News Hour - How old borrowers can benefit from home loan rate cut

Many home loan borrowers, who were hoping for a reduction in interest rates, are clearly disappointed with the Reserve Bank of India, which left the rates unchanged in its policy review. They are not enthusiastic about the dovish policy statement, which many bankers say clearly indicates the rates may start coming down gradually. Their main grouse is that even though many banks, especially public sector banks, have already lowered interest on floating rate loans by 0.25% — which translates into a saving of Rs 17 per Rs 1 lakh — these banks have not changed their base rates or the benchmark rate they follow.

This means only new borrowers will benefit from the new lower interest rates announced by these banks. As for old home loan borrowers, they still have to pay a higher rate on their home loans. "Even today there are some old borrowers who are paying an interest rate of 12.5% on their housing loan. But today a new borrower can get a housing loan even at 10.5-11 %, which is 1.5-2 % cheaper," says VN Kulkarni, chief counsellor with the Bank of India-sponsored Abhay Credit Counselling Centre.

In monetary terms, the difference between the EMIs paid by an old borrower and a new one would be around Rs 104 per Rs 1 lakh. "A banker can claim that the old borrower entered into a loan agreement at a time when cost of funds were much higher. Today customers are benefitting from lower cost of funds. However, this is just a policy decision by banks, there are no technical glitches in passing the benefits of lower interest rates to new customers," adds VN Kulkarni.

Number Of Rate Cuts, Yet No Benefit

Banks have started reducing interest rates following the RBI's decision to cut the statutory liquidity ratio (SLR) from 24% to 23% in August. State Bank of India (SBI) reduced its home loan rates by 0.50-0 .85% for its new customers. Several other public sector banks followed suit.

Only Bank of BarodaBSE 2.40 % and Central Bank of IndiaBSE 7.00 % have extended the benefit of rate cuts to its old home loan borrowers. Earlier in April this year, the RBI had cut the repo rate by 0.50%. Subsequently, some banks such as ICICI BankBSE -1.28 %IDBI BankBSE 3.50 %Kotak Mahindra BankBSE -1.44 %, Central Bank of India and Punjab National BankBSE 4.97 % cut their base rates (benchmark lending rate) by 0.25%.

How old borrowers can benefit from home loan rate cut



At that time both the old as well as new home loan borrowers benefitted from the falling interest rate. However, this time, the banks have not tinkered with the base rate. They have lowered the interest rates only on floating home loans. Hence, old customers have not received any benefit from rate cuts.

"A bank always focuses more on acquiring a new customer at a cheaper rate than incentivising an existing customer. Once the home loan borrower has been locked at a particular rate, any exit options comes at a cost. This can get tricky for the non-savvy borrowers," says Madan Mohan, chief counsellor at Credit Vidya, a credit counselling firm.

Exit options

At this stage, the old borrowers have two options. He/she can pay switching charges and move to a lower rate within the same bank or switch to another lender. "Borrowers should try and negotiate with their existing lenders to reduce the rates and/or the fees/costs associated with reducing the cost involved in such reduction," says Vipul Patel, director, Home Loan Advisors, an independent mortgage consultancy firm.

(Source- eonomictimes.indiatimes.com)