The market sheds most of its initial gains on the back profit booking across the counters. Among the Sensex pack,
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The Bankex index is trading higher by 57.39 points at 10,821.61…………………. Pushing it are Canara bank trading up by (3.91%) at Rs299.95 along with Cent BOP by (2.73%) at Rs58.25, ICICI bank by (1.96%) at Rs1163, Federal bank by (1.03%) at Rs323, Allahabad bank by (0.61%) at Rs115.10 and BOI by (0.27%) at Rs352.85…………………

The realty index is trading up by 58.40 points at 11,712.98………………….Leading the rally are Ansal Infra trading higher by (2.36%)> at Rs384 followed by Mahindra Life by (1.53%) at Rs772, DLF by (1.47%) at Rs962.70, Unitech by (1.38%) at Rs461.85, HDIL by (1.08%) at Rs964 and Parsvnath by (0.46%) at Rs385.10……………………………

In the telecommunication sector, VSNL is trading up by (9.59%) at Rs663 while Idea Cellular is trading lower by (0.76%) at Rs130 followed by Reliance Communications by (0.7%) at Rs710 and Bharti Airtel by (0.44%) at Rs907………………….

VSNL is trading firm at Rs663 up by (9.59%) as the company is constructing a $250mn worth of cable system for linking Mumbai to Paris, London and Madrid…………………. This project will be built in partnership with Seacom and telecom Egypt and this will provide VSNL a new capacity of 1.28 terabit on the route during 2009…………………………..

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Suzlon Energy Ltd has informed BSE that the ESOP - 2005 Committee of the Board of Directors of the Company at its meeting held on November 05, 2007 has allotted 900 equity shares of Rs 10/- each to the option grantees, pursuant to exercise of the options granted to the eligible employees of the Company and its Subsidiary Companies under the Employees Stock Option Plan - 2005.

Unity Infraprojects Ltd has informed BSE that the Company on January 04, 2007 had informed about Contract awarded to the Joint Venture with BSEL Infrastructure Realty Ltd, for constructing operating and Maintenance of Hotel, on a Build Operate and Transfer basis.

Further the Company has BSE that, the Kamath Hotels India Ltd have been inducted in the Joint Venture for operating of the Hotels and the Company has formed the SPV Company in which the Unity Realty and Developers Ltd. Wholly Owned Subsidiary of the Company, Kamath Hotels (India) Ltd and BSEL Infrastructure Realty Ltd holds shares equally.

The Company further informed that the Wholly Owned Subsidiary of the Company, Unity Realty & Developers Ltd, Kamath Hotels (India) Ltd and BSEL Infrastructure Realty Ltd have agreed to dilute their stakes in the said SPV from 33.33% each to 17% each with 49% stake being offered to Clear Water Capital Partners (Cyprus) Ltd.

The Projects is a fast track project to be completed before beginning of 3rd Commonwealth Youth Games 2008, at Shiv Chhatrapati Sports Complex, Balewadi, Pune.

Wipro Ltd has informed BSE that the members at the 61st Annual General Meeting (AGM) of the Company held on July 18, 2007, inter alia, have also accorded to the following:

1. Adoption of the Directors Report for the year ended March 31, 2007, the audited Balance Sheet as at March 31, 2007 and the Profit & Loss Account duly audited as at March 31, 2007 and the Auditors Report thereon.

2. Re-appointment of Mr. Narayanan Vaghul & Mr. B C Prabhakar as Directors of the Company, liable to retire by rotation.

3. Re-appointment of M/s. BSR & Co. as Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.

4. Re-appointment of Mr. Azim H Premji as Chairman and Managing Director (designated as “Chairman”) of the Company with effect from July 31, 2007 until July 30, 2009, on remuneration, terms & conditions.

5. Appointment of Mr. Rishad Premji, son of Mr. Azim Premji, Chairman of the Company, to hold office or place of profit as Business Manager - Mortgage Practice (or any other designation and roles which the Board of Directors of the Company may decide from time to time). The appointment shall be for a period of three years and shall be effective from July 20, 2007, on terms & conditions.

6. Accorded to carry out amendments to Wipro Employee Stock Option Plan 1999, Wipro Employees Stock Option Plan 2000, ADS Stock Option Plan 2000, Wipro Restricted Stock Unit Plan 2004, ADS Restricted Stock Unit Plan, 2004 and Wipro Restricted Stock Unit Plan, 2003 with effect from April 01, 2007.

7. Authority to the Board of Directors to issue, offer and allot to any one or more or all of the permanent employees of the Company (including executive and non-executive Directors but excluding the Promoter Directors and directors holding directly or indirectly more than 10% of the outstanding equity shares of the Company) Restricted Stock Units (RSUs) exercisable into equity shares at the option of the Company and / or holder of the securities linked to equity shares upto 10,000,000 (Ten million) (or such other adjusted figure for any bonus, stock splits or consolidations or other reorganization of the capital structure of the Company as may be applicable from time to time) Restricted Stock Units exercisable into equity shares of nominal value Rs 2/- each under a Wipro Employee Restricted Stock Unit Plan 2007 created by the Company for the benefit of the employees, at an exercise price of not less than the face value of the equity shares on the terms and conditions, subject to necessary provisions & approvals.

Ritesh Properties & Industries Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 14, 2007, to issue, offer and allot from time to time in one or more tranches through preferential allotment route 8,47,458 equity shares of Rs 10/- each at a premium of Rs 49/- each to Bennett Coleman & Co. Ltd or such other persons and entities as may be deemed fit by Board of Directors. Such allotment shall be made in accordance with the extant SEBI Guidelines including lock-in period as may be specified in the prevailing guidelines. The equity shares proposed to be allotted on preferential basis would be issued at a price of Rs 59/- per share, the price determined as per SEBI Guidelines, subject to necessary provisions & approvals.

Bombay Swadeshi Stores Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 31, 2007, inter alia, has approved the issue of equity shares on preferential basis to select investors.

The Board has also approved investment to create a wholly-owned subsidiary.

Videsh Sanchar Nigam Ltd (VSNL) on November 01, 2007 announced that it is proceeding with the construction of the TGN-Intra Asia cable system, which will be constructed by Tyco Telecommunications (US) Inc., an industry pioneer in undersea communications technology and marine services.

The TGN-Intra Asia submarine cable is a new 4 fibre pair cable system linking Singapore, Hong Kong, and Japan with an additional connection to the Philippines, and potentially Vietnam. This cable will provide up to 3.8 Tbit/s of capacity to the rapidly growing Asia-Pacific market allowing the Companys global customers doing business in and with the region to obtain additional bandwidth, increased route diversity and extended geographical reach.

The TGN-Intra Asia cable, when combined with the Tata Indicom Cable System (TIC) and the TGN-Pacific cable system (both of which are capable of supporting 7+ Tbit/s of traffic), will complete the Companys, multi-Terabit capability from India to Asia and onward to the US.

The cable will provide a direct connection from Singapore to the Companys Transpacific Network in Japan, avoiding any other landing points and connecting to the TGN-Pacific cable system directly at the landing station. With Globe Telecom as the exclusive cable landing party in the Philippines, the Philippines will also be linked to Japan, Hong Kong and Singapore with onward connectivity to Guam and the US.

This is the first and only cable system that provides a direct fiber link between Singapore and Japan, said Vinod Kumar, President, Global Data Solutions, of the Company.

The cables direct connection to the TGN-Pacific cable system enables the most cost effective, highly resilient connections from Asia to the US West Coast and Guam.

This extensive infrastructure build out, which is already underway, will serve the increased and rapidly growing demand for bandwidth in the region and provide our customers with unparalleled high performance bandwidth capabilities and increased options for route diversity and redundancy.

Indian rupee touched new peak of 9-1/2 years high on Friday as dollar buying by state run banks and weak Asian markets. Record gain of Indian stocks market is also one reason behind rupee boost.

Some traders are expecting that Central Bank can buy dollars to test rupee’s growth. The rupee was closed at 39.30 per dollar on Thursday meanwhile the changeable rupee was at 39.35/36 in early trading on Friday. The rupee touched peak of 39.27 on Thursday it is strongest position of rupee since March 1998.

The rupee along with Bombay Stock Exchange (BSE) Sensex made a record high for the 15^th times out of 16 sessions. Foreigners have bought 3.2 billion dollars this month while they have been bought total 16.2 billion dollar of shares yet now. Foreign funds have bought around 200 million dollars of shares in the National Stock Exchange (NSE) on Thursday.

The Central Bank has bought 38.1 billion dollars since January to July of 2007,  according to the traders Central Bank has increased purchases of dollars in the last few weeks to hold the rupee.      

Buy Sesa Goa share at current market price Rs.2876 for short term target of  Rs.2950. Last quarter result of Sesa Goa  was good and its share may go up in coming weeks.     

 Sesa Goa announced that company’s revenue was up14 percent at Rs.2584 million (Rs.258.40 crore) in comparison of Rs.2262 million ( Rs.226 crore) on YoY basis. Its net profit will go up 2 percent at Rs.262 million (Rs.26 crore) during the same quarter Vs Rs.257 million (Rs.25.7) YoY.                

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Buy at current market price Rs.239 for four-month target of Rs.300. They are reported in excellent result in last quarter ended. Today this company is best position so I am say stock and stock market price will be increased.

BSE - LIC Housing Finance Ltd have reported in  the following unedited results  in last quarter ended June 30, 2007: They are reported have a best position  profit after tax of Rs 467.00 million in last  quarter ended June 30, 2007 as compared Rs 374.60 million for quarter ended June 30, 2006. Total Income has increased from Rs 3406.60 million for the quarter ended June 30, 2006 to Rs 4635.30 million for the quarter ended June 30, 2007.