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sensex to open 500 plus. nifty to open 200 plus. stock market bullish.

Google starts letting users edit documents offline

San Francisco, April 01: Google Inc said on Monday it is taking the next step to make its Web-based software useful in the real world of spotty Internet access by allowing users to edit word processing documents offline.

The world`s top Internet company said it will begin over the next several weeks to allow users of its Google Docs word processing application to edit documents without an active Web connection, on planes, trains and other disconnected spots.

The offline feature of Google Docs temporarily stores documents changes on a user`s local computer. Once reconnected to the Internet, any changes the user made will automatically be synchronized and stored on Google-hosted computers.

"This is still early days. We`re working to make more Web applications and functions work where connections are unavailable," Google said in a statement.

These include the ability to edit spreadsheets and viewing or editing presentations, among other applications Google now offers online, the Mountain View, Calif.-based company said.

Offline editing is a free feature using a technology known as Google Gears that the company introduced around 15 months ago to application developers to build offline features into their own programs.

The technology already works within Google`s news feed reader, Google Reader, and applications from independent Web developers such as task-management service "Remember the Milk," from an Australian-based company of the same name.

Bank News, Economic Data Boosts Stocks
Tuesday April 1, 8:34 pm
Wall Street Surges on UBS and Lehman Brothers Stock News, Better-Than-Expected Economic Data

NEW YORK (AP) -- Wall Street began the second quarter with a big rally Tuesday as investors rushed back into stocks, optimistic that the worst of the credit crisis has passed and that the economy is faring better than expected. The Dow Jones industrials surged nearly 400 points, and all the major indexes were up more than 3 percent.
Financial stocks were among the big winners after Lehman Brothers Holdings Inc. and Switzerland's UBS AG issued new shares to help bolster their balance sheets. With that upbeat news and a fresh quarter ahead of them, investors appear quite willing to make some bets that the worst of the damage from the nation's credit struggles has been felt. Moreover, the banks' moves buttressed the view that financial services companies are taking aggressive action to improve their capital bases and stave off the potential of a collapse similar to Bear Stearns Cos.

Analysts believe there must be a recovery in bank and brokerages to lead major stock indexes higher. Some of the biggest financial players had their sharpest moves of the year Tuesday -- Citigroup Inc. shot up 11 percent, JPMorgan Chase & Co. rose 9 percent, and Lehman surged 18 percent.

"Investors have a difficult time making decisions about the stock market if they don't have confidence in major financial institutions, so there's been a lot of sideline cash," said Richard Cripps, chief market strategist for Stifel Nicolaus. "The extreme conditions that we've seen here over the past few months has been missing that confidence ... but that appears to be changing, and we're seeing the response."

Meanwhile, Wall Street got another boost when the Institute for Supply Management said its March index of national manufacturing activity rose to a reading of 48.6 -- indicating a contraction, but a slower one than in February and tamer than many analysts had predicted. Government data on construction spending for February also came in better than expected.

The Dow rose 391.47, or 3.19 percent, to 12,654.36. It marked the eighth-biggest point gain ever for the Dow, and the third time in two weeks it came close to or surpassed 400 points.

Broader stock indicators also gained sharply. The Standard & Poor's 500 index rose 47.48, or 3.59 percent, to 1,370.18 -- the index's best start to a second quarter since 1938. And, the Nasdaq composite index rose 83.65, or 3.67 percent, to 2,362.75.

The advance was in contrast to a lackluster session on Monday, where stocks managed a moderate gain in the final session of a dismal first quarter. Major indexes ended the first three months of 2008 with massive losses, marking the worst period since the third quarter of 2002 when Wall Street was approaching the lowest point of a protracted bear market.

Renewed enthusiasm that the credit crisis might be waning was also felt in the Treasury market, where government securities fell as investors withdrew money to take bets on stocks. The 10-year Treasury note's yield, which moves opposite its price, rose to 3.55 percent from 3.43 percent late Monday. The yield edged up to 3.56 percent in after-hours trading.

In addition to hopes about the financial sector, Wall Street was relieved to see the feeble dollar regain some strength against the euro. The euro fell to $1.5596 from $1.5785 late Monday in New York.

And there was also optimism that commodities prices, which have hit historic highs in recent months, have begun to retreat. Crude fell 60 cents to settle at $100.98 on the New York Mercantile Exchange after earlier falling below $100. Meanwhile, gold dropped back below $900 an ounce.

"This is a nice way to begin the second quarter," said Todd Leone, managing director of equity trading at Cowen & Co. "All the financials are up big, and there's a sense that things are turning. We definitely have not seen the last of the credit crisis, but we're getting closer."

The stock rally was underpinned by the announcements from UBS and Lehman Brothers that they are boosting capital by issuing new stock. Shares of banks and brokerages hovered near multiyear lows in recent months as investors feared heavy losses from investments tied to subprime mortgages would be overwhelming.

Earlier this month, widespread concerns about Bear Stearns' financial position forced the investment bank to sell itself to JPMorgan in a deal engineered by the Federal Reserve -- and that stoked fears that other investment houses might follow.

JPMorgan rose $4.05, or 9.4 percent, to $47; while Bear Stearns was up 36 cents, or 3.4 percent, to $10.85 -- slightly above the $10 per share acquisition price.

UBS, one of Europe's biggest banks, said it will issue up to $15 billion in new stock and that its chairman, Marcel Ospel, had quit. Investors chose to look past the bank's announcement that it will take a fresh $19 billion write-down due to additional declines in the value of its mortgage assets and other credit instruments, following an $18 billion write-down last year. Its shares surged $4.21, or 14.6 percent, to $33.01 in trading on the New York Stock Exchange.

Lehman Brothers, dogged by speculation it might reveal losses big enough to cripple the company, on Tuesday raised $4 billion of capital to stymie questions about its financial stability. Lehman rose $6.70, or 17.8 percent, to $44.34.

The Russell 2000 index of smaller companies rose 22.68, or 3.30 percent, to 710.65.

Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where consolidated volume came to a heavy 4.65 billion shares, compared to 4.02 billion on Monday.

In overseas trade, Tokyo's Nikkei closed up 1.04 percent. There were gains in Europe too, with London's FTSE rising 2.64 percent, Frankfurt's DAX gaining 2.84 percent and Paris' CAC 40 advancing 3.38 percent.

GLOBAL MARKETS-Asian stocks surge as bank moves bring relief
Tue Apr 1, 2008 9:25pm

HONG KONG, April 2 (Reuters) - Asian stocks jumped and bonds fell on Wednesday after a Lehman Brothers (LEH.N: Quote, Profile, Research) securities offering met strong demand, raising hopes that the worst of the credit crisis might be over.

A $19 billion write-down by Swiss bank UBS AG (UBSN.VX: Quote, Profile, Research) reinforced the view that the banks were aggressively scrubbing their books clean of soured investments tied to the U.S. housing market.

The change of mood boosted the dollar, which in turned pushed oil back down towards $100 a barrel The currency held on to its gains in early Asian trade.

"The market has become somewhat confident that banks can overcome this crisis," said Kosuke Hanao, head of currency sales at HSBC. "The dollar's rebound may continue for a month."

The euro was little changed from its level in late New York trade at $1.5600 <EUR=>, in sight of Tuesday's one-week low around $1.5560 and well below a record high of $1.5905 hit last month.

The dollar was quoted at 101.80 yen <JPY=>, little changed here, too, after jumping around 2 yen on Tuesday.

Bank shares led stock markets higher, lifting Japan's benchmark Nikkei .N225 3.3 percent by 0041 GMT and shares in the rest of Asia .MIAPJ0000PUS 1.5 percent.

Australia's S&P/ASX 200 was up 2.8 percent and South Korea's benchmark KOSPI 2.2 percent. Seoul financials such as Kookmin Bank (060000.KS: Quote, Profile, Research) and Woori Finance Holdings (053000.KS: Quote, Profile, Research) surged more than 5 percent and Australia's Macquarie Group (MQG.AX: Quote, Profile, Research) rose more than 8 percent.

The share price jumps followed big gains in JPMorgan Chase & Co (JPM.N: Quote, Profile, Research), Bank of America (BAC.N: Quote, Profile, Research) and Citigroup (C.N: Quote, Profile, Research) on Tuesday, which helped to drive both the Dow average .DJI and the S&P 500 .SPX up more than 3 percent.

U.S. technology stocks also had a strong start to the quarter. Nasdaq .IXIC leapt more than 3 percent, helped by Microsoft (MSFT.O: Quote, Profile, Research), which rose 4 percent after saying it would not raise its takeover offer for ***** Inc. (YHOO.O: Quote, Profile, Research).

But the buoyant sentiment in stocks drained enthusiasm for bonds. Japanese government bond futures followed U.S. Treasuries [US/] lower. June 10-year JGB futures 2JGBv1 dropped 0.30 point to 139.50 at the opening, before recovering to 139.72.

U.S. crude oil CLc1, which had settled down 60 cents on Tuesday at $100.98 a barrel after losing more than $4 on Monday, held steady in early Asian trade.

Gold <XAU=> regained some strength on a technical rebound after falling to a two-month low on Tuesday, when the rise in the dollar and the U.S. stock rally sparked selling in precious metals. Gold rose to $889.30/890.10 an ounce from $884.20/885.40 late in New York.

Govt goes all out to tame inflation

New Delhi, April 01: Firing on all cylinders to control inflation, the government on Tuesday sought to flood the market with sugar supplies and increase wheat procurement, even as prices of edible oils and oilseeds dipped in the futures and spot market owing to a cut in duty rates yesterday.

A day after the Cabinet Committee on Prices announced measures to control inflation that is at a 13-month high, the Food Ministry decided to dismantle two million tons of sugar from the buffer stock starting next month. The buffer stock was created for a year from May 2007 to April 2008.

It also decided to increase procurement of wheat, demand for which has risen due to changing dietary habits in people in traditionally rice consuming states.

"We are going to take precautions...We have to procure maximum (quantity of wheat)," Agriculture and Food Minister Sharad Pawar told reporters here on Tuesday.

The government has to take care of the Public Distribution System, he said and added that changing food habits in the country was fueling demand for wheat.

The government was able to procure only 11 million tons of wheat last year as against the target of 15 million tons, forcing it to import 1.8 million tons to boost buffer stock.

On sugar, an official statement said mills are allowed to sell the quantity held in buffer in respect of buffer stock of 2 million tons in the domestic market at any point of time in 2007-08 sugar season from May 1, 2008 onwards.

Earlier in the day, futures trading in soybean, soy oil and mustard seeds was suspended temporarily in agri-commodity exchange NCDEX after prices fell sharply today, following the government`s decision to cut import duties on all edible oils.

Tata to list receipts, raise funds in Japan

Mumbai, April 02: Tata Motors Ltd plans to list depositary receipts on the Tokyo Stock exchange, and may raise more than 100 billion yen (USD 983 million) in Japan for acquisitions, the Nikkei daily said on Wednesday.

Tata, India's top vehicle maker, last week announced a deal to buy luxury brands Jaguar and Land Rover from Ford Motor Co for about USD 2.3 billion. Later this year it plans to start selling the Nano, the world's cheapest car at about USD 2,500.

A spokesman for Tata Motors, India's top vehicle maker, said he could not comment on the Nikkei report immediately.

Tata Motors last month signed a deal for a USD 3 billion one-year bridge loan, which it has indicated it would use for Jaguar and Land Rover deal. It also said it would raise additional long-term funds of up to 40 billion rupees (USD 1 billion).

The Nikkei on Wednesday said Tata will list depositary receipts on Tokyo's largest bourse as early as this summer to finance acquisitions, becoming the first overseas firm to do so after restrictions were lifted last year.

A depositary receipt is a security backed by a company's stock. It would allow Tata to access the Japanese capital markets without going through the hassle of a normal listing while allowing Japanese investors to invest in Tata in yen.

Analysts said New York-listed Tata Motors may be seeking to tap growing foreign investor appetite for Indian equity, as well as to diversify risk in a time of volatility.

"There is a lot of foreign investor interest in India and Indian companies are able to get a better price outside," said AV Rajwade, an independent currency expert.

"Companies are avoiding New York now because Sarbannes-Oxley has made regulatory requirements strict. Whereas Japan is a major, liquid market and the low interest rates there makes the cost of funds lower."

Shares in Tata Motors, which has a market worth of more than USD 6 billion, were up 1.5 percent at 636.90 rupees by 0551 GMT in a Mumbai market that gained 2.8 percent.

Skill shortage could hit Asian growth: ADB

Manila, April 02: Asia is facing a serious skills shortage that could hamper the region`s economic growth and push for modernisation, the Asian Development Bank (ADB) said in its annual outlook report released Wednesday.

The Manila-based ADB said the shortage was widespread and had been partly driven by skilled workers leaving to take opportunities in industrialised countries around the world.

"Although this brain drain is hardly new to the region, the skills shortage confronting it has added a new, more urgent dimension to this trend," the bank said, calling the shortfall a "symptom" of Asia`s economic success.

"Such imbalances are particularly evident among professional groups, including accountants, airline pilots, business managers, engineers, lawyers, medical doctors, scientists and software specialists."

As one example, it cited what it called an "acute shortage" of airline pilots in China, where a booming economy has meant rising incomes and an explosion in air travel.

"Other factors are at play, too, including a steady convergence towards international norms and practices for environmental standards, corporate governance and financial regulation," the bank said.

"This upgrading raises the demand for professional managers and specialists."

The report said the overall dearth of skills had resulted in "productivity losses and idle capital; rising wage costs; increased turnover of sought-after workers; and higher placement and training costs for new workers."

"Business efficiency suffers as a result, and if problems are sufficiently widespread, whole industries and even entire economies suffer," it said, warning that most nations had not geared their education systems to cope.

"The region`s universities have to do more than produce high numbers of graduates – they have to turn out graduates who can perform the functions and tasks required by rapidly modernising economies."

Set up in 1966, the ADB provides development aid to dozens of Asian and Pacific countries, where it says nearly 1.9 billion people still live on USD 2 a day or less

Faith-based indices less hit in recent market meltdown
2 Apr, 2008, 0043 hrs IST


MUMBAI: Blessings of Allah be on him who is mild and gentle in his business transactions... The trader who plies his trade cleanly will rise in the Hereafter” — says the Holy Koran.

The God above seems to have upheld the Prophet’s word, as faith-based investors — more particularly Islamic investors who follow the ideals of Shariah investments — have not really burnt their fingers in the recent market meltdown. While broader indices have fallen in the range of 20-25%, Indian faith-based indices have only dipped 12-17% over the past three months.

Faith-based indices include stocks that strictly support an ideology. Though there are not many faith-based investment opportunities in India, investments in Shariah-compliant stocks are fast catching up. Shariah, the canonical law of Muslims, has strictures regarding finance and commercial activities permitted for believers.

Dow Jones Islamic Market India Index (DJIMII), S&P CNX 500 Shariah, S&P CNX Nifty Shariah and Parsoli Equity Index are the available benchmarks as far as Shariah-based equity investments are concerned.


To promote ‘values-based’ investments, Dow Jones Indexes recently launched the Dow Jones Dharma Indices to help investors belonging to Hindu, Buddhist, Sikh and Jain religions.

To get a fair idea: the 30-share Sensex has fallen about 15% over the past two months (February-March), but DJIMII is down only by 4.6% while S&P CNX 500 and S&P CNX Nifty Shariah are down in the range of 6% and 8%. The Parsoli Equity Index is trailing a little over 6% during the considered period. In the ‘values investment’ segment, the Dow Jones Dharma Index (which allows investments in banking and high-debt companies) has fallen over 12% during this period.

“We have an extra-cautious Shariah screen that doesn’t allow investing in conventional financial services (banking and insurance) and companies with allied businesses in entertainment (cinemas and hotels), brewery, tobacco and defence. Sectors like banking have fallen heavily over the past two months; however, we’ve not been impacted by it,” said Parsoli Corporation managing director Zafar Sareshwala.

Shariah-based equity investments, in severe terms, do not allow investors to invest in excessive debt companies (no investments in companies that have a debt-to-market cap exceeding than 33%), companies with high outstanding receivables (net receivables in excess of 45% of m-cap) and companies that do not have at least 25% of its capital in fixed assets.

Though this is a thick screen, about 85% of stocks on Nifty are Shariah-compliant, said experts. The current share of Indian Shariah compliant m-cap (at around 61%) is highest even when compared to the number in Islamic countries.
“We are not facing any problems as far as volumes are concerned. We do not provide high margin funding to clients; if allowed, they will only be allowed to invest in strong companies. Day trading is discouraged and derivatives are only used to hedge positions,” Mr Sareshwala added.
However, there are sceptics to faith-based investments as well. “These indices would not have metered returns as much as broader indices did in the bull run. If they had not go up heavily, the fall would also not be that drastic,” a Mumbai-based broker summed up.

Tatas plan to raise $983 million in Japan
2 Apr, 2008, 1350 hrs IST,

TOKYO/MUMBAI: Tata Motors Ltd plans to list depositary receipts on the Tokyo Stock Exchange, and may raise more than 100 billion yen ($983 million) in Japan for acquisitions, said on Wednesday.

Tata, India's top vehicle maker, last week announced a deal to buy luxury brands Jaguar and Land Rover from Ford Motor Co for about $2.3 billion. Later this year it plans to start selling the Nano, the world's cheapest car at about $2,500.

A spokesman for Tata Motors, India's top vehicle maker, said he could not comment on the Nikkei report immediately. Tata Motors last month signed a deal for a $3 billion one-year bridge loan, which it has indicated it would use for Jaguar and Land Rover deal.

It also said it would raise additional long-term funds of up to 40 billion rupees ($1 billion). The Nikkei on Wednesday said Tata will list depositary receipts on Tokyo's largest bourse as early as this summer to finance acquisitions, becoming the first overseas firm to do so after restrictions were lifted last year.
depositary receipt is a security backed by a company's stock. It would allow Tata to access the Japanese capital markets without going through the hassle of a normal listing while allowing Japanese investors to invest in Tata in yen.

Analysts said New York-listed Tata Motors may be seeking to tap growing foreign investor appetite for Indian equity, as well as to diversify risk in a time of volatility.

"There is a lot of foreign investor interest in India and Indian companies are able to get a better price outside," said A.V. Rajwade, an independent currency expert. "Companies are avoiding New York now because Sarbannes-Oxley has made regulatory requirements strict. Whereas Japan is a major, liquid market and the low interest rates there makes the cost of funds lower." Shares in Tata Motors, which has a market worth of more than $6 billion, were up 1.5 percent at 636.90 rupees by 0551 GMT in a Mumbai market that gained 2.8 percent."

Good Posting.giving Lots Of News. Very Good Work.well Done Sir.