Mumbai: The Bombay Stock Exchange’s Sensitive Index (Sensex) may rise to 20,000 by March 2011, helped by a recovery in the economy and company earnings, UBS AG said.
UBS set the new target as it estimates earnings will grow by 21% in the year ending March 2012 and expects the index to trade at 14.9 times 2012 earnings. UBS forecasts earnings of the 30 stocks in the Sensex will increase 4% in the year ending 31 March and 22% the following year.
Gulf Oil promoter can buy extra 5% stake
Mumbai: The promoter of Gulf Oil Corp. Ltd, Gulf Oil International (Mauritius) has been exempted from complying with the takeover norms and can acquire an additional 5% stake in Gulf Oil Corp. during the current financial year, the Securities and Exchange Board of India (Sebi) said on Thursday.
Gulf Oil Corp. had sought informal guidance from Sebi on the applicability of takeover norms in case of further stake purchase by the promoter.
Drought, high prices to hurt gold imports
Mumbai: Gold imports by India will probably slump 37% this year as high prices and the worst drought in seven years pares rural incomes, cooling jewelry demand, a traders’ group said.
Purchases may drop to 250 tonnes from 396 tonnes in 2008, Harmesh Arora, vice-president of the Bombay Bullion Association Ltd, said in a telephone interview.