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Stock Market Holidays 2010 – India

Trading holidays for the calendar year 2010

The holidays falling on Saturday / Sunday are as follows:

*Muhurat Trading will be conducted. Timings of Muhurat Trading shall be notified subsequently.

This is the NSE’s circular for trading holidays for currency Derivatives section for the year 2010. The List of Holidays for BSE and NSE will probably remain same.

Provided by FXCommodity.com

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Tags: stock markets holidays

Trading hours extension – Brokers hail breather

Here is a verbatim transcript of the exclusive interview with ENC Palaniappan, Dharmesh Mehta and Dipan Mehta on CNBC-TV18.

Q: What will the ANMI do between now and the January 4? Are you going to try and talk to NSE and say we are not ready for it instead of deferring it to the 4th January, we need far more time to debate and discuss this?

Palaniappan: Definitely. We are having a board meeting of ANMI on the December 20, so a lot of decisions will be taken on that day. We will continue to express our concerns to the exchanges on extended hours because majority of our members are not in favour of it still. We will also take up all the infrastructure issues with the exchanges saying that what the problems are in doing this. In any case we must say that we very thankful to Securities and Exchange Board of India SEBI and the exchanges for this announcement of at least giving us time till January 4 – to come back to them, to get ready or whatever way it happens.

Q: What do you think between now and January 4 something will change. The exchanges will change their mind or it looks like a done deal?

Dharmesh Mehta: I do not think it’s a done deal and at least the exchanges have moved to move this back to January 4, 2010 and that gives more time for some discussion. I think most considered view will be considered after hearing all market participants.

Q: The statement coming from exchange is that the extensions of trading hours is delayed, it will happen but brokers will get more time – is this only issue that you need more time to prepare for this extended hours or you have no complaint with extended hours per se?

Dipan Mehta: We have an issue with extended trading hours because it does not make any sense by extending by 55 minutes, they don’t serve any purpose except to put more stress on the system and affect the human element in the entire stock market operation and this could be the beginning of maybe a rethink or change heart on part on the exchanges because it requires more time to take appropriate action or give adequate advice or representation to Sebi and to the stock exchanges themselves. So it’s a step in positive direction because once you extend the trading hours it will be regressive to reduce it so it is a good development that at least it’s been postponed.

Q: Your reactions to extended trading hours delayed?

Dipan Mehta: Maybe there was just a change of thinking. I think maybe what point they have noted is short notice has been given to the community to prepare for one hour earlier opening and they have just about given adequate notice for the market participants.

Q: Is it good for India, is it good that institutional investors can get into the market one hour in advance and there is no law that everyone has to switch on the terminal?

Dipan Mehta: I don’t think so, in any case offices start work at 9 am because there is preparatory activity to be taken before the market hours and that is not just at the broking houses but also the fund houses, insurance companies, banks every single participant is anyway starting his operations 30-40 minutes or one hour before the market opens.

via CNBC-TV18 – Brokers hail breather in trading hours extension.

Tags: market timings, news update

Grasim UltraTech UPDATE

Aditya Birla group company UltraTech will meet tomorrow to consider a proposal from Samruddhi Cement to merge the cement business of group with itself.

Aditya Birla group , which had acquired UltraTech from engineering giant L&T in 2004, had planned to hive-off Grasim cement into Samruddhi, a wholly owned subsidiary of Grasim Industries.

The demerged entity would be listed and then merged with UltraTech. In a filing to the Bombay Stock Exchange (BSE) UltraTech Cement said “it has received a consolidation proposal from Samruddhi Cement Ltd, a wholly owned subsidiary of Grasim Industries.”

Post-merger (Samruddhi and UltraTech), Grasim’s holding in the consolidated entity would be somewhere between 55-65 per cent. Grasim shareholders would hold 35 per cent in Samruddhi post demerger.

The board’s decision to demerge the cement business was unanimous. This also includes the LIC nominee on the board. But now LIC is yet to give its approval to the proposal.

They seek finer details of this entire process and proposal. LIC has asked Grasim to make detailed presentation of the entire process. The key contention is that they want to look at whether it is in the interest of shareholders and most importantly smaller shareholders is what we understand from sources.

Grasim is going to make a presentation to LIC during this week. We must not forget that, LIC owns 12.39% stake in Grasim and has a board seat in Grasim.

Karvy Stock Broking’s research report says…..
“Grasim Industries has proposed to restructure its cement business by transferring its cement business to Samruddhi Cement Ltd. (SCL), and eventually merging it with Ultratech Cement Ltd (UTCL). Post merger the Grasim’s significant value would be contributed by subsidiaries and investments. Hence we believe the discount for holding company would increase and subsequently we have revised our target price downward from Rs 2,303 to Rs 2,092 and maintain underperformer rating on the
stock,”

Attachment:

(Download the detailed Update on Grasim Industries)

Tags: Aditya Birla Group, Grasim, Grasim Industries, Karvy, LIC, Ultratech Cement