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Max India zooms on fund raising plans
Max India ended at Rs 204, higher by Rs 13 or 6.9%, on the BSE.

Support seen at 4,900 level
The Nifty closed below 5,000 on Friday due to unwinding of long positions and fresh shorts build-up by foreign institutional investors (FIIs). We had indicated in our December 10 report that the index might not hold the 5,000 level in near future. Technically, the market is trading in a bearish triangle pattern and fresh correction is expected next week with strong support around the 4,900 level. The daily Relative Strength Index has drifted below the mean level of 50, indicating caution. Any failure to rise from the current level could see the index drift lower to test the 4,940 level.

News of the day

Nokia launches affordable touch devices in Gujarat
Nokia,maker of mobile devices and a pioneer in mobile telecommunications today, announced the availability of its latest touch devices—Nokia 5230 and Nokia 5530 XpressMusic in the market.
Corporate

Pantaloon Retail's full year profit dips 54%

Higher depreciation charges, interest and employee costs have brought down the net profit of Pantaloon Retail, the country’s largest retailer, by 54 per cent for the financial year 2009. - Future Group to launch more private labels: Biyani - Future Group may hive off Big Bazaar: Biyani - Future Group may hive off Big Bazaar: Biyani - FII-TO-FII: Pantaloon traded at 5% premium - Biyani eyes new revenue streams - Future Ventures listing likely in March next year: Biyani The company’s financial year ends on June 30. According to its consolidated result numbers, Pantaloon Retail saw a net profit of Rs 10.07 crore for the financial year 2009, compared with Rs 21.93 crore in financial year 2008. The company’s employee costs, depreciation and interest charges went up 30 per cent, 75 per cent and 87 per cent respectively in financial year 2009, according to the consolidated results posted by the company. However, net sales also saw a rise of 31 per cent at Rs 7,669.04 crore in financial year 2009, compared with Rs 5,840.54 crore it posted last year. Meanwhile, the company has appointed Vijay Biyani as a whole-time director on its board. Biyani is the elder brother of Pantaloon Managing Director Kishore Biyani.


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