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Markets extend gains; Nifty up 48pts
Markets have continued to gain. The Sensex is at the day"s high of 15,418, up 183 points. The Nifty is at 4,572 - down only six points from the day"s high. The index is up 48 points from the previous close.

Shipping ministry to double cost estimates of Sethusamudram project
The Ministry of Shipping is nearly doubling the initial cost estimates of the controversial Sethusamudram Ship Channel Project, which aims to dredge a navigable channel through the Palk Strait between India and Sri Lanka.

News of the day

Food inflation at 19.83% on high potato, pulses rates
Food inflation, as measured by the Wholesale Price Index (WPI), rose to 19.83 per cent for the week ended December 19 primarily due to rising prices of potatoes, pulses and other vegetables. Food inflation stood at 18.65 per cent for the previous week ended December 12 and at 9.38 per cent during the corresponding period in 2008.
Business Ideas

Seven of top-10 firms add Rs 81,000 cr in m-cap

As many as seven of the top-10 firms added more than Rs 81,000 crore to their market capitalisation during the week, while three state-run companies -- NMDC, NTPC and ONGC -- saw erosion in their valuation. - Seven of top-10 firms gain Rs 51,000 cr in August - Six in top-10 club add Rs 28,000 cr in market cap - Investor wealth swells by Rs 77,000 cr - Top-10 firms add Rs 41,000 cr in a month - Top-10 cos add Rs 39,000 cr to market cap - Top 10 cos add over Rs 1.42 lakh cr Mukesh Ambani-led Reliance Industries (RIL) added Rs 25,190 crore to its market cap and taking its valuation to Rs 3,36,958 crore for the week ended September 12. RIL had a market valuation of Rs 3,11,768 crore for the week ended September 5. NMDC, NTPC and ONGC together lost Rs 1,984 crore from their market cap. NTPC lost Rs 1,031 crore and ONGC dipped by Rs 299 crore. At the end of the week, the market valuation of ONGC stood at Rs 2,51,606 and NTPC at Rs 1,69,114 crore. The country"s largest iron ore producer, NMDC lost Rs 654 crore reducing its total market cap to Rs 1,42,868 crore. Trading major MMTC jumped to the third position from the sixth slot after adding Rs 29,323 crore to its market valuation which swelled its market cap to Rs 1,69,740 crore. Private sector telecom services provider, Bharti Airtel, slipped to the fifth rank from the fourth position even after adding Rs 5,923 crore to its market cap. IT bellwether Infosys Technologies added Rs 3,762 crore to its market valuation. At the end of the week, the market cap of Bharti Airtel stood at Rs 1,60,170 crore and Infosys at Rs 1,29,855 crore. The country"s largest public sector lender, State Bank of India (SBI), added Rs 9,834 crore to its market cap and power equipment-maker BHEL Rs 2,166 crore at the end of week. Leading outsourcing firm Tata Consultancy Services (TCS) added Rs 5,461 crore to its market cap taking its total market valuation to Rs 1,09,535 crore. Apart from top-10 coveted firms, two private sector lenders, ICICI Bank and HDFC Bank, together added Rs 11,801 crore to their market cap. At the end of week, the total market cap of ICICI Bank stood at Rs 93,049 crore and HDFC Bank at Rs 63,657 crore. In the club of top-10 firms, RIL is followed by ONGC (Rs 2,51,905 crore), MMTC (Rs 1,69,740 crore), NTPC (Rs 1,69,114 crore), Bharti Airtel (Rs 1,60,170 crore), NMDC (Rs 1,42,868 crore), Infosys (Rs 1,29,855 crore), SBI (Rs 1,21,821 crore), BHEL (Rs 1,10,485 crore), and TCS (Rs 1,09,535 crore) in that order.


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