HIGH LIGHTS OF BUDGET 2008

Allocation for urban facilities at Rs 6,866 cr vs Rs 5,482 cr
Rashtriya Swastiya Bima health cover at Rs.30,000
16 Central universities to be set up
FY'09 Sarva Siksha plan at Rs.13,100 cr
To set up 3 IITs in AP, Bihar and Rajasthan
To raise education spend by 20% to Rs.34,400 cr
Bharat Nirman to get Rs.31,280 cr
Gross budgetary support at Rs.2.28 trillion
Agricultural credit to reach Rs.2.4 lakh cr by 2008
Agriculture struck at a 'disappointing note'
Agri growth for whole year estimated at 2.6%
GDP growth rate in UPA tenure till now at 8.8%

All eyes on Chidambaram

All eyes on Chidambaram
All eyes are on Finance Minister P Chidambaram as he will present the fifth and last budget of the UPA government today. The Harvard-trained minister will have to walk on a tightrope, as he has to spur growth and keep inflation in check.

MARKET TO-DAY

Markets flat, metal shines
Markets are trading flat on Thursday with the benchmark index Sensex gaining 0.07 per cent or 13 points. The index is trading at 17,839 levels. In broader markets, Nifty gained 2 points or 0.04 per cent.

INDIAN RAILWAY BUDGET 2008

Railways cash surplus at Rs 25,000 crore
Seniors citizens to receive season discount of 50%
53 new trains; extensions in 16 trains
Freight rates on petrol, diesel cut by 5%
TV, internet services on trains in future
Operating ratio at 76 per cent
Capex for 2008-09 at Rs 37,500 crore
A/C-I fare cut by 7%, A/C-II by 4%, and A/C-III by 3%
Sleeper fare cut by 5%
Freight rates for North-Eastern states cut by 6%
Highest freight rate classification cut to 200
Freight rates on fly ash cut by 14%

BUDGET2008

Economic Survey to be tabled today
Finance Minister P Chidambaram will table in Parliament on Thursday the Economic Survey – a report card on the economy during this fiscal along with suggested policy.

GUJARAT NRE COKE LTD : I wont advice the investors to buy the stock at the current levels. The investors should wait for lower levels to enter the counter

ispat

ISPAT INDUSTRIES LTD : I recommend the investors to sell the stock. There are other good stocks to hold in the same space and so the investors should take an exit. It has support at Rs 28 and resistance at Rs 82 levels

BUDGET 2008

Budget 2008 likely to be pro common man
Personal and corporate income tax cuts, excise duty relief and simplification of taxes are expected in the Union Budget for 2008-09, the last full-fledged budget before the next general elections.

TATA STEEL

The acquisition of Corus helped Tata Steel post a six-fold jump in its consolidated profit after tax at Rs 6,388 crore for Q1FY08.The Indian company, which is now the world's sixth-biggest maker of the alloy, had recorded a consolidated profit after tax of Rs 1,014 crore in the same period last fiscal.Tata Steel had acquired Corus for $12.1 billion in early 2007. The acquisition catapulted the company to the sixth spot among the world's top steel players with total production capacity of over 23 million tons a year.Turnover on a consolidated basis also registered five-fold jump to touch Rs 31,155 crore during the period under review as against Rs 5,748 crore during the previous corresponding period.Consolidated operating profit increased to Rs 4,904 crore during Q1FY08 as against Rs 1,712 crore in the corresponding period of previous year.The results also include extraordinary item of Rs 4,121 crore primarily representing actuarial gains due to increase in the yield rates on Bonds held by various pension funds of Corus.The markets took note of the development and the stock at Rs 644 levels firmed up 6.4 per cent or Rs 38 in noon deals on Wednesday. (with PTI inputs)