Reebok beats gloomy outlook in Wall Street
Canton: Beating the general trend of reporting only lower earning, Reebok International reported sharply higher third-quarter earnings, beating Wall Street expectations. The company cited improved US shoe sales as a major reason for this good performance.

US sales of Reebok footwear rose 4.4 per cent to $233.3 million from $223.5 million in the same period a year earlier. Overall sales for the third quarter slipped to $787.8 million from $793.9 million in the same period a year earlier.

The latest earnings per share figure beat expectations of analysts, who were expecting earnings of 51 cents per share. In afternoon trading on the New York Stock Exchange, Reebok shares climbed $2.69 to $18.94.
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Buyback rumours double Raymond’s market price
Mumbai: Riding on the back of rumours that, like other vulnerable promoters were taking action to protect their companies, the Raymond scrip saw its price on the bourses double.

According to market sources, the company is expected to go for a buyback once it completes the proposed sale of its cement division to French cement major Lafarge. With Lafarge expected to make the payment shortly, Raymond will virtually be swimming in a sea of cash. Raymond has already received Rs 387 crore from the sale of its steel division to German major Thyssen Krupp.

While company officials refused to confirm the rumours, they have made statements to the effect that the possibility of a buyback at a later date cannot be ruled out. However, the final decision rests with the board, and it has not yet considered such a proposal.
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Market rings in Samvat 2057 with mild rally
Mumbai: In keeping with its age-old traditions, the Bombay Stock Exchange rang in the Hindu Samvat year with a one-hour moorat trading. However, the traditional gaiety and colour was absent with significantly lower presence of the kith and kin of stockbrokers and investors.

Although almost all foreign institutional investors were, by and large, absent on account of today being a holiday, bluechips ruled slightly firm on speculative purchases. Domestic funds, particularly, the Unit Trust of placed ‘token’ buy orders in some stocks varying from 2,000 to 4,000 shares.

The BSE sensex opened fairly steady at 3,744 and fluctuated extremely narrowly between 3,761 and 3,740, before winding up at 3,757. The NSE’s S & P CNX Nifty rose 2.4 points to 1,186.3.

Major gainers included Hindustan Lever, Cipla, Ranbaxy Laboratories, Silverline Technologies, Great Eastern Shipping, However, scrips like Infosys Technologies, Mahindra & Mahindra, Novartis and others took a beating on selling pressure.
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