Cooperman concluded, “All you have to do is read The Wall Street Journal this past Saturday on Bernie to understand what he stands for. And the fact that he’s doing so well in the polls is troublesome. I just hope the country is not prepared to elect a communist or socialist; if we do, then I think that the market is in store for a big problem.” … [Read more...] about ‘ABSOLUTELY NO DOUBT’: Money Analyst Points To Bernie As Stocks Tank
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Dalal Street’s fear gauge India VIX surged nearly 26 per cent on Monday, as a spike in coronavirus cases beyond China spooked investor sentiment. Equity investors became poorer by Rs 3.18 lakh crore as BSE Sensex crashed 806 points, or 1.96 per cent, and total market capitalisation of BSE-listed firms declined to Rs 155.33 lakh crore from Rs 158.51 lakh crore as of February 20. Likewise, Nifty settled 2.01 per cent down at 11,838. “The weakness in the market came on the back of weak global cues, as there were reports of a number of coronavirus cases outside China,” said Deepak Jasani, Head Retail Research, HDFC Securities. Here is a lowdown of the movers and shakers of Monday’s session on Dalal Street. Aurobindo Pharma tanks Shares of Aurobindo Pharma cracked nearly 16 per cent after the USFDA rescinded the voluntary action initiated (VAI) status for the company’s plant on February 21. The scrip settled 15.96 per cent down at Rs 503.85. BSE Metal … [Read more...] about Market Movers: Investors lose over Rs 3L crore; India VIX spikes 26%
New Delhi: GAIL is planning to double its revenue and expand profit by 50% in five years, aided by a planned capex of Rs 1 lakh crore in new pipelines, city gas and petrochemicals projects, chairman Manoj Jain has said. GAIL, which recorded a profit of Rs 6,000 crore on a revenue of Rs 75,000 crore in the last fiscal year, expects contributions from transmission and gas marketing to rise in its overall revenue over the next five years. “Transmission should be a larger pie as compared to today because revenue-wise gas prices may not be that high. Marketing, trading will also be slightly bigger, but petrochemicals, we feel that, since other players are also coming, the market will have more capacity and our share in the market may be slightly lower. Within in the company, petchem should be in the range of around 25% or so,” said Jain, who took over as chairman and managing director last week. At present, transmission, gas marketing and petrochemicals contribute almost … [Read more...] about GAIL plans to double revenue in five years: Chairman
In a nod to gas prices, which are rising due to the conflicts in the Middle East and northern Africa, President Obama will make a speech at Georgetown today announcing his aim to reduce America’s dependence on foreign oil by a third before 2021. At the moment, according to the Times, more than half of the oil used in the United States comes from foreign countries. It’s a speech designed to soothe fears in the face of the rising prices and the worries that have arisen regarding nuclear power after the disaster at Japan’s tsunami-ravaged Fukushima plant. But none of the proposals Obama will be mentioning are new — he’ll call for more electric cars, trucks that run on natural gas, biofuel production, and new automobile fuel-efficiency standards. These are all ideas that have been raised before, but which Congress has yet to decidedly act upon. He will not, notably, open up any more lands onshore or off to new drilling — but he will try to get oil … [Read more...] about Barack Obama to Announce Aims to Reduce Oil Imports by a Third Over Next Ten Years
The Dow Jones fell by more than 400 points on Friday afternoon. Oil plunged beneath $30 a barrel for the second time this week. The default risk for junk bonds soared to a three-year high. Financial news networks ran lots of B-roll of traders putting their heads in their hands. And you surfed the internet looking for someone to tell you whether you should freak out. … [Read more...] about 4 Reasons You Should Panic About the Falling Stock Market. And 4 Reasons You Shouldn’t.