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Banking stocks at 52-week high on hopes of credit growth
The banking stocks continue to rule high on the back of stimulus measures by the Reserve Bank of India that helped revival of economic growth and attraction of foreign funds. Key economic data like the recent Index of Industrial Production (IIP) indicated likely swift recovery of the economy. Factory output at 10.4% in August registered the highest growth rate in 22 months.

Markets at a glance
Gains in global markets and foreign buying helped Sensex move past 17,000 mark after 15 months. In a truncated week, BSE Sensex rose 440 points or 2.6 per cent to 17,135 and Nifty rose 125 points or 2.5 per cent to 5,083. Broader indices performed better than BSE Midcap and BSE Smallcap indices, each delivering 1.2 per cent and 1.8 per cent, respectively. The market was buoyed by IMF"s statement that India’s GDP would grow at 6.4 per cent for CY09 and that the world economy would contract less than expected.

News of the day

Magma Fincorp picks up 7 per cent in Experian India
Magma Fincorp Limited, a leading asset finance company, has picked up seven per cent stake in Experian Credit Information Company of India Pvt Ltd, the Indian Credit Information Company (CIC) arm of the global information services company, Experian.
Online Business

Kingfisher may have Rs 500-cr equity issue

Kingfisher Airlines, owned by the UB Group, is planning to raise up to Rs 500 crore through issue of further share capital. - Mallya's UB Q1 net up 57% Y-o-Y - United Breweries Q1 net up 57% YoY - United Breweries June qtr net profit up 57% at Rs 35 cr - Kingfisher has the most cases of drunk pilots - FIPB to mull United Breweries" proposal on July 24 - Kingfisher Airlines to raise up to Rs 500 cr through equity Company officials indicate this may be through a number of options, including a follow-on public issue or a rights one. The airline has significant debt and losses. It has been in discussion with private equity players for a year and has been trying to raise Rs 1,200 crore through equity ever since it merged with Deccan Aviation. Industry sources say the company debt is around Rs 6,000 crore on a base of Rs 270 crore, a leverage of 22 times. Billionaire Vijay Mallya, the owner, has also been lobbying with the government to allow overseas airline players to have a stake in Indian civil airlines and according to company sources, “there have been some movements in that direction.”


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