DLF, the largest property developer, is planning to spin off its subsidiary DT Cinemas in two years. The company plans to increase the number of cinema locations to 100 from seven and number of screens to 500 in the next two years.

Kirloskar Brothers surged 6% to 488 rupees after reporting that its joint venture has received 761 crore rupees project from Andhra Pradesh government. Kirloskar Brothers is likely to provide equipment of 114 crore rupees.

Saregama India soared 7% to 323 rupees after surging 21% in the last two trading days. The recent purchase of 10 lakhs shares by Sonata investments has cheered investors.

Hindoostan Spinning & Weaving Mills surged 10% to 64.75 rupees after adding 16% in the last three trading days. The recent deal to sell mill located in Mumbai for 350 crore rupees has driven the stock to a new high.

Eveready Industries India gained 27% to 54 rupees after it issued equity warrants at 8.8% premium to Thursday closing price of 53 rupees. The warrant holders will be entitled to one share at 53 rupees price.

Tata Power is reported to purchase 15% in the planned power exchange by NTPC and National Commodity and Derivative Exchange. Tata Power fell 1.8% to 716 rupees.

Federal Mogul Goetze lost 3% to 165 rupees after the company announced rights issue date of Sept 24th.

Sintex Industries declined 1.3% to 340 rupees after the company said that it has acquired automotive business of Bright Brothers for 149 crore rupees.


09:45AM Wall Street plunged at opening, pressured by employment decline.

Wall Street opened sharply down Friday, reflecting a heavy sell-off after the government reported employment in August fell for the first time in four years rather than rising as economists had been expecting. The Labor Department said U.S. nonfarm payrolls fell an estimated 4,000 in August, while the unemployment rate held steady at 4.6%. Following the jobs report the dollar fell sharply, while bonds surged. The three major averages dropped more than 1%.

Major financial stocks moved sharply lower. Shares of investment banks Morgan Stanley (MS: chart) fell 1.9%, Merrill Lynch (MER: chart) lost 1.7%, while Lehman Brothers (LEH: chart) dropped 3%.

Among companies in focus, Harley-Davidson (HOG: chart) fell 9% after the motorcycle maker cut its forecast for Q3 shipments and full-year earnings. In earnings-related news, Hovnanian (HOV: chart) fell 2.9% after the home builder posted Q3 losses of $77.9 million. Another home builder Beazer Homes (BZH: chart) dropped 9% as it had received purported default notices from U.S. Bank National Association, the trustee under the indentures governing several outstanding senior notes.

Of other notable movers Bear Stearns (BSC: chart) fell 3% after Banc of America Securities downgraded its stock to neutral from buy, citing weaker fixed-income trends. Wyeth (WYE: chart) fell 3.5% following a federal court decision denying its attempt to prevent Teva Pharmaceutical Industries (TEVA: chart) from launching a generic version of the drug Protonix.

In the first minutes of trading, the Dow fell 151.77, or 1.14%, to 13,211.58. The Standard & Poor''s 500 index fell 18.72, or 1.27%, to 1,459.83, and the Nasdaq composite index fell 39.17, or 1.50%, to 2,575.15. The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell to 4.42% from 4.51% late Thursday.


09:00AM U.S. stock futures dropped after the Labor Department said employment contracted in August.

U.S. stock futures moved steeply lower Friday, pressured by weak employment report and comments from ex Fed Reserve Chairman Alan Greenspan who said the current market situation is similar to the stock-market crash of 1987 and 1998. Some investors believe that the report will exert pressure on Federal Reserve officials to reduce interest rates at its policy meeting on Sept. 18.

The Labor Department said that employment in August declined for the first time since August 2003. Nonfarm payrolls contracted by 4,000 in August. The decline was much weaker than the 115,000 increase expected by economists. The unemployment rate held steady at 4.6%. Average hourly earnings rose 5 cents, or 0.3% to $17.50.

Profit warning from Harley-Davidson (HOG: chart) further weighed sentiment down. Company''s shares fell 6.5% in pre-open trade after it released a profit warning and cut its motorcycle shipment outlook. Harley-Davidson predicted a net income decline of 4% to 6% in 2007. As further proof of struggling housing market, luxury home builder Hovnanian (HOV: chart) reported a $77.9 million loss on a 27% revenue drop.