ADAG stocks under pressure

Anil Dhirubhai Ambani Group (ADAG) stocks have slipped further today. Reliance Power, Reliance MediaWorks and Reliance Infrastructure recorded 52-week low.

Reliance Power touched a 52-week low of Rs 91. At 09:42 hrs the share was quoting at Rs 92.10, down Rs 4.80, or 4.95%. It was trading with volumes of 222,214 shares.

Reliance MediaWorks touched a 52-week low of Rs 93.10. At 09:42 hrs the share was quoting at Rs 95.60, down Rs 4.15, or 4.16%. It was trading with volumes of 34,811 shares.

Reliance Infrastructure touched a 52-week low of Rs 466. At 09:42 hrs the share was quoting at Rs 473.30, down Rs 19.55, or 3.97%. It was trading with volumes of 55,277 shares.

Reliance Capital touched an intraday high of Rs 442.45 and an intraday low of Rs 430.10. At 09:42 hrs the share was quoting at Rs 438.50, down Rs 19.30, or 4.22%. It was trading with volumes of 69,858 shares.
 
Reliance Communications  touched an intraday high of Rs 85.05 and an intraday low of Rs 82.85. At 09:42 hrs the share was quoting at Rs 84.45, down Rs 3.45, or 3.92%. It was trading with volumes of 333,757 shares.

Reliance Broadcast Network touched an intraday high of Rs 83.75 and an intraday low of Rs 80.30. At 09:41 hrs the share was quoting at Rs 83.50, down Rs 0.60, or 0.71%. It was trading with volumes of 6,823 shares.

Falling crude turns good news bears for ONGC, BPCL

Despite the sharp fall, the benchmark Nifty resisted the intensity with which the US markets fell overnight. With 48 shares on the decline, the 50-share NSENifty crashed 120 points to 4,998 and the 30-share BSE Sensex lost 391 points to trade at 16,598.

Indian rupee crossed the 45 per US dollar mark, which indicates that foreign institutional investors may be offloading their exposure; rupee was trading at 45.4/USD.

All sectoral indices were in the red. The BSE IT, Metal, Realty, Healthcare, Power, Capital Goods, Bank and Auto indices tumbled 2-3.5%.

However, only ONGC and BPCL were on buyers' radar due to fall in crude oil prices.

About 16 shares were falling for every one share rising on the National Stock Exchange.

At 9:18 hours IST: S&P ghost continues to hound, Nifty below 5K since June '10

Gold reaches record high of Rs. 25,000 per ten grams

Gold prices breached the crucial Rs. 25,000-level for the first time ever in history here, tracking strong trends in global markets where financial uncertainty increased the metal's appeal as a safe investment haven.

With international prices rallying amid concerns that the global economy is slowing, gold in the bullion here gained Rs. 460 to set an all-time record of Rs. 25,230 per 10 grams.

Traders said heavy buying by stockists and investors in tandem with rising global trend, mainly led to the prices touching record level in spot as well as futures trade here. In addition, some local buying ahead of marriage season also boosted the sentiment, they added.

Gold of 99.9 and 99.5 per cent purity surged by Rs. 460 each to Rs. 25,230 and Rs. 25,110 per 10 grams, respectively. Sovereigns followed suit and shot up by Rs. 200 to a new peak of Rs. 19,800 per piece of eight grams.

Following downgrade of US' credit rating by Standard and Poor's (S&P), gold zoomed in the overseas market as investors shifted funds from other options like equities and dollar to gold.

After S&P cut the US credit rating from AAA to AA+, the gold prices surged by $ 44.40 to $ 1,707.80 an ounce in Singapore amid slump in equities and the dollar.

Silver ready spurted by Rs. 1,300 to Rs. 59,900 per kg on increased offtake by industrial units and coin makers and weekly-based delivery gained Rs. 1,605 to Rs. 59,980 per kg.

Silver coins flared up to Rs. 66,000 for buying and Rs. 67,000 for selling of 100 pieces from previous level of Rs. 64,000 and Rs. 64,500, respectively.

Accel buys 51% stake of British Telecom

Information Technology and media firm Accel today said it has acquired the 51% stake held by British Telecom for Rs 49.9 crore to become a majority shareholder in Accel Frontline Ltd.

Last month, the city-based Accel and BT Frontline, a subsidiary of British Telecommunications, entered into a 'definitive agreement' for executing the transaction.

As per the agreement, Accel ntended to buy out the entire 51% stake held by British Telecom. The off-market transaction was "executed" and "completed" on August 5, it said in a statement.

With this buyout, Accel holds a majority 70.44% stake in Accel Frontline Ltd, it said.

"Being the original promoters of Accel Frontline Ltd, we understand the dynamics of the business and we believe there is tremendous growth potential in the company", Accel Chairman N R Panicker said.

Accel Limited is the promoter of Accel Frontline Limited. In 2004, Frontline Technologies Corporation acquired a 42% stake in Accel ICIM which was later renamed 'Accel Frontline Limited'.

In 2008, British Telecommunications Plc acquired 100% stake in Frontline Technologies Corporation Limited. Subsequently, Accel Limited sold 9% stake in Accel Frontline Limited to BT Frontline thereby becoming its subsidiary.

Omaxe Q1 cons PAT down

Omaxe has announced its first quarter results. The company's Q1 consolidated net profit was down at Rs 20 crore versus Rs 22 crore, year-on-year, YoY.

Its consolidated net sales were up at Rs 329 crore versus Rs 253 crore.