Strauss-Kahn released on bail

Fallen IMF chief Dominique Strauss-Kahn left jail on bail on Friday and was whisked to a safe house off Wall Street where he will be held under round-the-clock armed guard.

French Finance Minister Christine Lagarde led the race to succeed him in the top job in global finance. But developing countries, whose clout in the world economy has grown in recent years, kept up pressure on Europe and the United States to avoid a backroom deal over the appointment. IMF comes out with a new code of conduct

Kanimozhi & Sharad Kumar arrested: 2G SCAM

DMK MP Kanimozhi and Kalaignar TV MD and CEO Sharad Kumar have been arrested in the 2G spectrum scam case. A Special Central Bureau of Investigating (CBI) court dismissed the bail petition of Kanimozhi and Sharad Kumar in the case on Friday following which they were taken into custody.

While rejecting their bail petition Judge OP Saini ordered their "forthwith" arrest and directed the duo to appear before it at 10 am on Saturday. Kanimozhi and Kumar will be lodged in Delhi's Tihar jail.

After the judge rejected her bail petition, Kanimozhi looked tensed but said that she expected the order. A Raja's wife walked upto her and comforted her.

She also sought permission from the court to get her reading glasses, books and medicines.

Kanimozhi, the daughter of DMK chief and former Tamil Nadu chief minister M Karunanidhi, has been chargesheeted by the CBI for allegedly accepting Rs 200 crore as bribe for Kalaignar TV, where she is a 20 per cent share holder.

Both have been chargesheeted by CBI for allegedly conspiring with former telecom minister A Raja in the 2G scam case.

She has also been charged under the Prevention of Corruption Act for taking bribe through Kalaignar TV - a channel run by DMK - in which the bribe of Rs 200 crore was routed from Shahid Usman Balwa's firm DB Realty.

Galaxy Surfactants IPO withdrawn

You may be aware that the IPO of Galaxy Surfactants has been withdrawn on the back of poor response. If you wanted to invest in this IPO, and could not, because of the development, then, we have some alternative choices.

At this point in time, it will make sense to invest in stocks with good fundamentals. Our research team, recommends 3 such alternatives. These are:-

1. Mundra Port &  SEZ Ltd  (CMP INR 148.65)
Mundra Port SEZ (MPSEZ), incorporated as Gujarat Adani Port on May 26, 1998, and began commercial operations in October 2001, post entering into concession agreement with GMB to build, operate and maintain the port for a period of 30 years till 2031 extendable by another 20 years. The port is into providing cargo handling services for bulk, crude and container cargo. The company has also received approval to develop the adjacent port land as a multi-product SEZ. Hence recommended for investing.

2. Aurobindo Pharma Ltd - (CMP INR 193.70)
We believe ARBP has long term growth visibility, led by expected ramp up from Pfizer deal to Europe and ROW markets. PFE deal is strategic in nature and adds medium term support to valuations. We believe ARBP valuations are cheap, and incremental ramp-up in Pfizer sales and margins upsides in medium term will help narrow the gap with other generic peers. Hence a good stock to invest in.

3. South Indian Bank  (CMP INR 23.25)
South Indian Bank is one of the best regional-based private banks in the country. We like the bank for its strong regional presence, and good technology network. SIB generates decent margins on the back of its structurally strong deposit franchise. Therefore, we recommend you to invest in it.

Sensex up 200 points

The Indian markets opened on a strong note. The benchmark index Nifty was marching towards 5500 mark. Larsen continues its dream run after surprising streets with margin picture. The broader indices too were trading marginally in green. Recent listings started to get whack in early trade. Ashok Leyland was big star of the morning.

At 09.33, the Sensex was up 177 points or 1% at 18318, and the Nifty up 56.70 points or 1.04% at 5484.80. About 872 shares have advanced, 445 shares declined, and 2324 shares remain unchanged. ITC Ltd, the country's top cigarette maker, will be on the radar as it reports quarterly results

India Gold Eases on Global Cues

India's gold futures eased on Thursday on a strong rupee and tailing losses in the overseas market, but the drop wasn't enough to lift local spot demand, which has been subdued for the past two days, dealers said.

The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was 0.39% lower at 21,893 rupees per 10 grams at 4:22 p.m.

"Jewellers were not buying. They have secured enough supplies to cater to their demand in short-term. For the past two days demand was weak," said a Mumbai-based dealer with a state-run bank dealing in bullion. Wedding season in India, the world's largest consumer of bullion, will continue through May.

International gold prices eased in Europe on Thursday as the euro surrendered early gains to soften against the dollar and oil prices retreated, but trade was muted as investors awaited firmer direction from the currency markets.