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Thursday, November 25, 2010

Market Review: CBI investigations, LIC housing finance scams and stock markets

Indian Market:

Equity benchmarks witnessed a sharp fall on Wednesday in the last half hour of trade with news that the Central Bureau of Investigation (CBI) has conducted raids in the premises of LIC housing finance in Mumbai, Delhi, Kolkata and Chennai.

Processed steelmaker Bhushan Steel expects its profit to grow by a quarter in 2010/11 on strong demand and improved margins due to backward integration.

The Central Bureau of Investigation (CBI) has unearthed a fake housing scandal that runs into crores of rupees. LIC Housing Finance, Central Bank of India and some private sector developers are involved in the scam.

Global Cues:

Asian stocks pared declines as markets across the region rebounded following falls in the wake of North Korea's attack on South Korea yesterday. Japanese shares fell as they resumed trade after a holiday.

European share prices edged higher on Wednesday from a six-week closing low hit in the previous session, though trading was choppy as concerns persisted over military tensions in the Korean peninsula and the Irish financial crisis.

Ireland's deeply unpopular government will finally explain on Wednesday how it plans to save 15 billion euros over the next four years.

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