02 May 2011

Al Qaeda leader bin Laden dead

Osama bin Laden is dead and his body has been recovered by US authorities, US officials said on Monday morning.

President Barack Obama was to make the announcement shortly that after searching in vain for bin Laden since he disappeared in Afghanistan in late 2001, the Saudi-born extremist is dead.

It is a major accomplishment for Obama and his national security team. Obama's predecessor, George W Bush, had repeatedly vowed to bring to justice the mastermind of the September 11, 2001, attacks on New York and Washington, but never did before leaving office in early 2009.

US officials said that after searching in vain for the al Qaeda leader since he disappeared in Afghanistan in late 2001, the Saudi-born extremist is dead and his body recovered.

Having the body may help convince any doubters that bin Laden is really dead.

He had been the subject of a search since he eluded US soldiers and Afghan militia forces in a large-scale assault on the Tora Bora mountains in 2001. The trail quickly went cold after he disappeared and many intelligence officials believed he had been hiding in Pakistan.

While in hiding, bin Laden had taunted the West and advocated his militant Islamist views in videotapes spirited from his hideaway.

Besides September 11, Washington has also linked bin Laden to a string of attacks - including the 1998 bombings of American embassies in Kenya and Tanzania and the 2000 bombing of the warship USS Cole in Yemen.

26 April 2011

Nifty in negative Terrain

Indian equity benchmarks were down in the opening trade amid a choppy trade, following sell-off in Asian markets. Profit booking in early trade took the Nifty near 5850 level. Steel stocks were under pressure as copper prices declined in international markets. Auto stocks too were down.

Among frontliners, Sesa Goa, Sterlite Industries, Jindal Steel & Power, Maruti, TCS, HDFC, Hero Honda, Tata Motors, ITC, HDFC Bank, L&T and Reliance Industries were putting pressure on markets.

However, Reliance Communications, Reliance Power, BPCL, Hindalco and ONGC were quite supportive.

25 April 2011

RIL slips post earnings

Indian equity benchmarks were flat in the opening trade. Fall in heavyweight Reliance Industries post disappointing fourth quarter earnings was offsetting the rally in SBI.

Apart from rising oil prices, end of QE2, fears of Fed tightening and dollar rebound, earnings momentum slowing is an additional worry for EM investors. However, we do not expect earnings downgrades to derail the bull market in EMs in the near-term. Axis Bank lost 3.5% on margin pressure though its fourth quarter numbers were strong. Reliance Industries fell 2.5% as the company's fourth quarter bottomline and GRM came in below the street estimates. Topline was above estimates.For more: RIL slips post earnings

23 April 2011

Gold make a record in sixth straight session

Spot gold surged to a lifetime high on Friday in holiday-thinned trade, hitting a record for a sixth consecutive session on a weak dollar and factors ranging from geopolitical uncertainty to inflation concerns.

Silver also raced to its loftiest in 31 years, notching the milestone for a seventh straight day and outstripping gold's weekly gains by a huge margin.

A prolonged euro zone sovereign debt crisis, unrest in the Middle East and North Africa, rising global inflation, and most recently worries over the fiscal stability of the United States and a sharply weaker dollar have fueled the record-breaking rally in these precious metals.

21 April 2011

Change in the Home Loan Structure

India's largest lender State Bank of India (SBI) on Wednesday said it will withdraw its teaser home loan rates effective from May 1. The change in the home loan structure was done keeping the Reserve Bank of India’s norms in mind, said SBI's new chief Pratip Chaudhuri.

There will also be no pre-payment penalty on car loans, Chaudhuri informed. Read full story
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