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Markets at a glance
The markets staged a recovery after a steep correction during the first half of last week. The trading was characterised by bouts of sharp intra-day volatility, especially in the last three trading sessions. The BSE Sensex managed to cross the 16,000 level during the last sessions of the week. During the week, the Sensex rose 262 points or 1.65 per cent to 16,158, while Nifty rose 84 points or 1.79 per cent to 4,796. However, mid-caps outperformed the broader indices during the week, whereas small-caps underperformed. FIIs were net sellers initially, but started buying during the second half of the week.

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Mass housing for 1 lakh families
The Orissa government is mulling to implement a mass housing scheme for providing houses at affordable prices to the economically weaker, lower and middle income group. The project will be implemented in public-private partnership (PPP) mode.

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Future bright for bargain hunt
In the last one year, Dubai has lost much of its lustre. The global credit crunch already hit inflows into the emirate, leading to job losses and delayed real estate projects.
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SAIL may raise prices in January

After cutting steel prices in the past two months, state-run Steel Authority of India Ltd (SAIL) today said it was looking to raise the rates next month following a recovery in demand. - Bill on accountability of judges likely this session: Govt - Transport bottlenecks hit power target: Govt - Cong in "go slow" mode to defuse Andhra crisis - No shortage of onion, prices easing, says minister - Fiscal deficit to remain within 6.8% target : FM - Delay in central sector proj to cost over Rs 40k cr to govt “We may increase steel prices in January as market is improving,” SAIL Chairman S K Roongta said. He, however, did not give any price range of the proposed hike. The steel maker had reduced prices of its flat steel products by up to Rs 2,000 a tonne in the past two months, mainly on falling international demand. Flat steel products are primarily used by the white goods and auto industry. SAIL had not altered the prices of its long steel products utilised by construction companies. The company had reduced prices of flat steel products by up to Rs 500 per tonne in the first week of this month after cutting the rates by up to Rs 1,500 in the last month. The price structure of the company generally acts as a benchmark for the domestic steel companies. SAIL offers its products in the range of Rs 29,000-40,000 a tonne. Steel prices have globally recovered by $50 (Rs 2,335 at the present exchnage rate)a tonne to about $450 (Rs 21,017.19) a tonne after falling by $150-200 per tonne in the last two months due to fear of overcapacity in Chinese steel mills. Import of cheap steel products had been pushing pressure on the domestic steel players to maintain a low price line. “Import of hot rolled (HR) coils has increased by 20-22 per cent and market price for this item has direct link with the imported price. Quantity may not be substantial but the import price sets the benchmark,” Roongta said. The quantum of import of HR coils — a vital steel input for sectors like auto — could not be immediately ascertained. Steel imports have increased by 11 per cent to 4.58 million tonnes in the April-November period of this year. “If supply in the domestic market is more, it will naturally impact something at least,” Roongta said when asked if the current price structure would continue to hurt the margins of the domestic industry.


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