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Friday, December 26, 2008

News Headlines










Public issues sink to five-year low








Weighed down by the uncertainty following the global financial turmoil,public issues by companies have almost disappeared.The amount raised through initial public offers(IPOs) and follow-on public offers(FPOs) touched a five-year low in 2008.According to Prime Database, the amount collected through IPOs and FPOs declined 63 percent to Rs 16,927 crore in 2008 against Rs 45,137 crore last year.This is 31 percent lower than Rs 24,679 crore raised in 2006.









Crude oil likely to average $45-50






Crude oil in New York is likely to average $45-50 a barrel next year,about half the average price in 2008,as the global recession reduces demand,Japan's largest energy research body said.









Small cars get push from tax cut






With the government playing Santa and reducing the central value-added tax rate by 4%,sales of small cars have risen smartly,giving beleaguered automakers just the Christmas gift they needed.In just over a week since the rate cut,rebates by car companies have resulted in more customers walking into showrooms,enough for a 20-25% increase in sales this December over last month,top auto financiers say.Inventories with dealers too are down from 45-50 days in November to around 30 days now.









2008 a brutal year for equity mutual funds








If 2008 was a bad year for stocks,it was brutal for funds that rode high on the bull run posting big gains last year.Diversified equity mutual funds(MFs) that logged in returns between 70% and 110% in 2007 and emerged on top have put up a dismal show during the current market meltdown.Top MFs in 2007 have significantly underperformed the benchmark indices posting some of the biggest losses this year.In all,14 funds that were in the top 40 list last year have ended up at the bottom of the ladder.JM basic,Canara Robeco Infrastructure,SBI Magnum Comma and Midcap are some of the funds that have registered huge declines after growing more than 70% last year.
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