As investors digest a spate of earnings (both local andglobal), things might not change as fast as the bulls would want them to. Rightnow all the focus is on earnings. After that, the attention will once again turnto the economic fundamentals,” said IIFL report.
At 9:13 am,Bombay Stock Exchange’s Sensex was at 17964.77, up 86.63 points or 0.48per cent. The index touched intraday high of 17983.49 and low of17873.92.
) BombayStock Exchange’s Sensex closed at 17856.75, down 71.67 points or 0.40 percent. The index touched intraday high of 18040.17 and low of17848.07.
National StockExchange’s Nifty ended at day’s low of 5353.65, down 32.80 points or0.61 per cent. The index touched a high of 5416.45 in today’strade.
This site is best viewed with Internet Explorer 6.0 or higher; Firefox 2.0 or higher at a minimum screen resolution of 1024x768 Benchmarks pared intraday gains and ended lower after selling activity intensified in the last one hour of trade. Pharma, auto and banks led the decline while realty stocks showed some strength.
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IN EARLY 2009, as the American economy teetered on the brink of collapse, the Obama administration decided to rescue General Motors and Chrysler. But Mr. Obama's Treasury Department did not write automakers a blank check . It conditioned aid on restructuring -- enforced in bankruptcy court -- that included big layoffs and plant closings -- and swifter cutbacks to overgrown auto dealer networks than GM and Chrysler initially proposed.
Mostly a rehash of familiar dealer complaints about the supposedly unfair process by which the companies selected dealerships for closure, the report offers a remarkably unfair and unrealistic assessment of a tough decision. The Obama administration was perfectly frank about the fact that jobs would be lost because of the restructuring, in both dealerships and in auto manufacturing plants. The alternative was zero jobs for everyone -- either immediately, if the companies were allowed to collapse, or eventually, if they were not credibly restructured.
July 19 (Bloomberg) -- Onex Corp., Canada’s biggest buyout firm, may add to its investments in the auto industry with a 2.9 billion pound ($4.4 billion) bid with the Canada Pension Plan Investment Board for Tomkins Plc.
Original Equipment Manufacturer Diesel Tanks
The Canadian investors outlined a 325 pence-a-share cash proposal for Tomkins while reserving the right to lower the offer, the London-based manufacturer said today in a statement. That’s 41 percent higher that Tomkins’s July 16 closing price.Onex has invested in manufacturing for industries including plastics, steel-making and auto-parts. The Toronto-based firm spent $5.58 billion with the Carlyle Group to buy Indianapolis- based Allison Transmission from General Motors Corp. in 2007. That same year it bought Husky Injection Molding Systems Ltd. of Bolton, Ontario.
NEW YORK (CNNMoney.com) -- Automakers GM and Chrysler were pressured to quickly close hundreds of dealerships by the Treasury department without regard for the job losses that would result, according to a government watchdog report out Sunday.
Treasury was charged with helping the car companies out of bankruptcy through the Troubled Asset Relief Program. Together they've received over $80 billion in government funding.
Original Equipment Manufacturer Diesel Tanks
"Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of thousands of small businesses ... potentially adding tens of thousands of workers to the already lengthy unemployment rolls," said the report, released by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Neil Barofsky.
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