Birlasoft

Birlasoft, the software division of the C K Birla group, is planning to come up with its IPO mid next year.

Birlasoft used to be higly dependent on GE for its business which was about 80% 2 years ago of its total revenue. Currently it is about 48%.

Oil India IPO in offing

Oil India is planning to come out with an IPO early next year in January-Feburary to raise upto Rs 2000 crore by off-loading 10%

Sops for Exporters

Government has announced relief measures for exporters who have been hit hard by the appreciating rupee including refund of service tax on three additional services, provision to pay interest on exchange earners foreign currency accounts (EEFC) and an additional Rs 300 crore for Vishesh Krishi and Gram Udyog Yojana.

Rekindled optimism

A very positive employment report pushes US stocks up. US employers added 110,000 new jobs last month.

L&T PPL

Larsen and Toubro (L&T), the largest engineering company in India has floated a new arm, L&T Power Projects (L&T PPL)

L&T Power Projects (L&T PPL), a new venture of Larsen and Toubro (L&T), the largest engineering company in India was launched recently. This allows them to foray into the booming Power generation business. This is a JV between L&T PPL and Japanese electrical giant Toshiba shortly for setting up a turbine manufacturing facility.

L&T closed at Rs3090 today which about 6.7% higher from yesterday’s closing price.

Market review

Ashwani Gujral is of the view that there will be no deep correction in the markets. This is a “pause” and markets are moving in a range. Each dip in the market is couple with aggressive buying. So there is nothing to suggest that markets are heading for heavy corrections.

IFCI

IFCI has corrected quite a bit in the last few trading sessions and i think 90 and below is a very good price to enter this stock.

CMP: 88.65