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Friday, May 30, 2008
Mukesh Ambani - Most Expensive Home
Owners of 168 cars
The house is 173.12 metres tall, equal to a 60-floor building. However, his home will have only 27 floors, meaning that every floor will have an extremely high ceiling.
The first six floors are intended exclusively as a parking area, for cars which belong to the Mukesh family. A total of 168.
The eighth floor is an entertainment centre with a mini theatre and about 50 seats. The ceiling of the mini theatre is a garden and above it are three more balconies with special gardens – a replica of the gardens of Babylon.
27 floors for a 6-member family
The ninth floor was created for emergency rescue, while two floors above it are reserved for treatments and health.
One of them is furnished with sports equipment, halls and a swimming pool, while the other is a cutting edge gym. Above the health floors are guest rooms which have glass walls instead of classic ones.
The first four floors have a wonderful view of the Arabian Sea and the city itself. These floors are intended for Mukesh, his wife Neeta, their three children and Mukesh`s mother Kokilaben.
600 servants
The top two floors will be maintenance rooms and a control room, which will assist helicopters as they land on the roof
A 600-man permanently employed staff is necessary for maintenance. The home took four years to be built. Atilla does not only impress with its size, but with its most luxurious interior design.
Mukesh owns Reliance Industries, the largest Indian private oil and bio technology company. During the time of Mukesh`s father Dhiru Bhai, wealthy Indians used to hide their fortune.
Obviously, this trend has changed and those who have money want to show it to the entire world
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Thursday, May 29, 2008
Our Btst Tatasteel,Nifty .......
Buy In Truck TATA Steel
The coming session is likely to witness a range of 4975 on advances and 4860 on declines. The 4890 level will be a bullish pivot, above which the markets may remain firm.
Today, Nifty has support at 4,831 and resistance at 5,016 and BSE Sensex has support at 16,217 and resistance at 16,939.
WELSPUN GUJARAT....................
Buy around 358 to 360
ACC LTD..........................
Buy Around 668 to 670
GMR INFRA......................
BSE Code : 532754 (140.70)
Buy Around 140 to 140.50
STERLING BIOTECH.....................
Buy Around 207 to 208
NILE
LTD..........................
Buy Around 154 to 155
Today's Pick - Monnet Ispat
We recommend a buy in Monnet Ispat from a short-term perspective. From the charts of the stock, we observe that it has been on a long-term up trend from its November 2006 low of Rs 143. Moreover, in the intermediate-term, the stock has been trending upward from its January 2008 low of Rs 360. Both long-term and intermediate-term up trend lines are intact. The daily and weekly momentum indicators are giving positive signals indicating that the stock is a good buy from a sho rt as well as a medium-term perspective. The volume has spurted higher over the past two trading sessions. The stock is presently trading well above the 50- and 200-day moving average. Considering the above facts, our near-term view on the stock is bullish and we expect it to rally to our price target of Rs 645 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while keeping the stop-loss at Rs 548
Tata Steel gets mineral concession approval Commodity Online
MUMBAI: The government has given mineral concession approval to Tata Steel for two large mines, one for iron ore in Jharkhand and the other for chromeore in Manipur.
As per the present rule, the company ought to apply directly to the Ministry for mining leases after completion of prospecting work and outlining estimated reserves. Mineral Ministry has given the Prospecting Licences for both the mines to Tata Steel.
The concession for Jharkhand mine was granted on April 16. It has total area of 1,808 hectare. The one for chromite in Manipur has a total area of 55.445 sq km. The concession was granted on April 24.
Key Results Today: Adlabs, Aegis Logistics, Anant Raj Industries, Banswara Syntex, Cinemax, HPCL, IPCA Labs, Lanco Infra, L&T, National Fertilizers, NTPC, Orchid Chem, Power Grid Corp and TN Newsprint.
FIIs were net sellers of Rs8.83bn (provisional) in the cash segment on Wednesday while local institutions were net buyers of Rs5.28bn. Foreign funds were net buyers of Rs15.01bn in the F&O segment yesterday.
IOC to ration supplies in order to cut revenue losses. (BL)
Tata Motors plans 3 types of rights issue having differential voting rights as part of its plan to raise Rs72bn for the Jaguar-Land Rover acquisition. (BL)
ITC raises the prices of 3 of its cigarette brands by 10%. (BS)
Sun Pharmaceuticals’ US$454mn proposal to acquire Israeli drug-maker Taro has been called off. (BL)
Ranbaxy gets mixed verdict on Pfizer’s Lipitor in Australia. (BL)
Tata Steel-Corus raised prices for structural sections by £90 per ton from its Europe operations. (BL)
Unitech is in final stages of negotiation with Lehman for a US$500mn PE investment in its two commercial projects in Mumbai. (BL)
ONGC may reimburse part of service tax to shipping companies. (BL)
Tata Power to invest Rs5bn for wind power expansion. (BL)
GMR to set up ONGC’s proposed refinery in Kakinada. (BL)
HPCL-Mittal energy JV has approached the Petroleum Ministry to seek tax incentives.
Infosys Technologies to implement Finacle Universal Banking Solutions at BVA. (BS)
RIL and HPCL bid for control of three state-run sugar factories in Bihar. (BS)
Orbit Corp to foray in beachfront projects through SPV. (BS)
Reliance Communication to start due diligence of MTN.(BS)
Parsvnath to buy 30% stake in Nano City. (BS)
Adani Energy has been slapped with legal proceedings claiming US$100mn in losses by Petronas for violating an agreement to buy and sell LNG. (Mint)
Baring Asia has picked up 12% stake in Sharekhan at Rs17bn. (BS)
Cipla has filed pre-grant oppositions for over 50 drugs. (ET)
Air India is expected to reduce basic fares from Kerala and Andhra Pradesh by up to 83% after the two states reduced sales tax on aviation turbine fuel to 4%. (ET)
BSNL will be exempted from taking part in the auction of spectrum for 3G mobile services. (ET)
BSNL has sought exemption from Trai from paying any entry fee or license fee for its upcoming WiMAX as it planned to provide these services largely to rural India. (ET)
Airbus maker EADS to shift some manufacturing to India. (BL)
Economic News
PMO asks RBI to relax restrictions on ECBs imposed last year. (FE)
The government decided to give fertiliser sector top priority in allocation of natural gas to be produced from the gas fields. (FE)
The RBI fixes the marked-to-market spread for valuation of oil bonds at 25 basis points over sovereign borrowings. (BL)
RBI raises the spread for interest cost on trade credit, easing norms for foreign currency loans. (BS)
DoT has summoned executives from RIM to demand an explanation over its recent communication to its customers that it would be unable to accommodate any request for a copy of a customer’s encryption. (ET)
DoT approved unlimited number of bandwidth resellers in the country. (BL)
Trai invites consultation process to create a revenue share for Value added service providers. (FE)
The Cabinet Committee on Economic Affairs to Bengal projects in today’s meeting. (FE)
The Department of Atomic Energy to commercialise all uranium mines discovered by Atomic Minerals Division. (BS)
Rs95bn Dharavi makeover project to be delayed by a few months. (BS)
Government tightens norms for import of cars and sports utility vehicles. (BS)
The Union Cabinet is expected to take up a bail out package for oil companies which could include price hike, duty reductions and additional bonds. (ET)
The Punjab government cleared six industrial and five agro-industrial projects to be set up at a total cost of Rs111.7bn. (ET)
Interest coverage ratio for India Inc has declined from 11.6 times in the quarter ended March 2007 to 10.4 times in the quarter ended March 2008. (ET)
Carbon credit prices have hit an all time high as expensive natural gas pushes European power plants to shift to cheaper but dirtier coal which raises the demand for pollution offsets.
The coming session is likely to witness a range of 4975 on advances and 4860 on declines. The 4890 level will be a bullish pivot, above which the markets may remain firm.
Today, Nifty has support at 4,831 and resistance at 5,016 and BSE Sensex has support at 16,217 and resistance at 16,939.
WELSPUN GUJARAT....................
Buy around 358 to 360
ACC LTD..........................
Buy Around 668 to 670
GMR INFRA......................
BSE Code : 532754 (140.70)
Buy Around 140 to 140.50
STERLING BIOTECH.....................
Buy Around 207 to 208
NILE
LTD..........................
Buy Around 154 to 155
Today's Pick - Monnet Ispat
We recommend a buy in Monnet Ispat from a short-term perspective. From the charts of the stock, we observe that it has been on a long-term up trend from its November 2006 low of Rs 143. Moreover, in the intermediate-term, the stock has been trending upward from its January 2008 low of Rs 360. Both long-term and intermediate-term up trend lines are intact. The daily and weekly momentum indicators are giving positive signals indicating that the stock is a good buy from a sho rt as well as a medium-term perspective. The volume has spurted higher over the past two trading sessions. The stock is presently trading well above the 50- and 200-day moving average. Considering the above facts, our near-term view on the stock is bullish and we expect it to rally to our price target of Rs 645 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while keeping the stop-loss at Rs 548
Tata Steel gets mineral concession approval Commodity Online
MUMBAI: The government has given mineral concession approval to Tata Steel for two large mines, one for iron ore in Jharkhand and the other for chromeore in Manipur.
As per the present rule, the company ought to apply directly to the Ministry for mining leases after completion of prospecting work and outlining estimated reserves. Mineral Ministry has given the Prospecting Licences for both the mines to Tata Steel.
The concession for Jharkhand mine was granted on April 16. It has total area of 1,808 hectare. The one for chromite in Manipur has a total area of 55.445 sq km. The concession was granted on April 24.
Key Results Today: Adlabs, Aegis Logistics, Anant Raj Industries, Banswara Syntex, Cinemax, HPCL, IPCA Labs, Lanco Infra, L&T, National Fertilizers, NTPC, Orchid Chem, Power Grid Corp and TN Newsprint.
FIIs were net sellers of Rs8.83bn (provisional) in the cash segment on Wednesday while local institutions were net buyers of Rs5.28bn. Foreign funds were net buyers of Rs15.01bn in the F&O segment yesterday.
IOC to ration supplies in order to cut revenue losses. (BL)
Tata Motors plans 3 types of rights issue having differential voting rights as part of its plan to raise Rs72bn for the Jaguar-Land Rover acquisition. (BL)
ITC raises the prices of 3 of its cigarette brands by 10%. (BS)
Sun Pharmaceuticals’ US$454mn proposal to acquire Israeli drug-maker Taro has been called off. (BL)
Ranbaxy gets mixed verdict on Pfizer’s Lipitor in Australia. (BL)
Tata Steel-Corus raised prices for structural sections by £90 per ton from its Europe operations. (BL)
Unitech is in final stages of negotiation with Lehman for a US$500mn PE investment in its two commercial projects in Mumbai. (BL)
ONGC may reimburse part of service tax to shipping companies. (BL)
Tata Power to invest Rs5bn for wind power expansion. (BL)
GMR to set up ONGC’s proposed refinery in Kakinada. (BL)
HPCL-Mittal energy JV has approached the Petroleum Ministry to seek tax incentives.
Infosys Technologies to implement Finacle Universal Banking Solutions at BVA. (BS)
RIL and HPCL bid for control of three state-run sugar factories in Bihar. (BS)
Orbit Corp to foray in beachfront projects through SPV. (BS)
Reliance Communication to start due diligence of MTN.(BS)
Parsvnath to buy 30% stake in Nano City. (BS)
Adani Energy has been slapped with legal proceedings claiming US$100mn in losses by Petronas for violating an agreement to buy and sell LNG. (Mint)
Baring Asia has picked up 12% stake in Sharekhan at Rs17bn. (BS)
Cipla has filed pre-grant oppositions for over 50 drugs. (ET)
Air India is expected to reduce basic fares from Kerala and Andhra Pradesh by up to 83% after the two states reduced sales tax on aviation turbine fuel to 4%. (ET)
BSNL will be exempted from taking part in the auction of spectrum for 3G mobile services. (ET)
BSNL has sought exemption from Trai from paying any entry fee or license fee for its upcoming WiMAX as it planned to provide these services largely to rural India. (ET)
Airbus maker EADS to shift some manufacturing to India. (BL)
Economic News
PMO asks RBI to relax restrictions on ECBs imposed last year. (FE)
The government decided to give fertiliser sector top priority in allocation of natural gas to be produced from the gas fields. (FE)
The RBI fixes the marked-to-market spread for valuation of oil bonds at 25 basis points over sovereign borrowings. (BL)
RBI raises the spread for interest cost on trade credit, easing norms for foreign currency loans. (BS)
DoT has summoned executives from RIM to demand an explanation over its recent communication to its customers that it would be unable to accommodate any request for a copy of a customer’s encryption. (ET)
DoT approved unlimited number of bandwidth resellers in the country. (BL)
Trai invites consultation process to create a revenue share for Value added service providers. (FE)
The Cabinet Committee on Economic Affairs to Bengal projects in today’s meeting. (FE)
The Department of Atomic Energy to commercialise all uranium mines discovered by Atomic Minerals Division. (BS)
Rs95bn Dharavi makeover project to be delayed by a few months. (BS)
Government tightens norms for import of cars and sports utility vehicles. (BS)
The Union Cabinet is expected to take up a bail out package for oil companies which could include price hike, duty reductions and additional bonds. (ET)
The Punjab government cleared six industrial and five agro-industrial projects to be set up at a total cost of Rs111.7bn. (ET)
Interest coverage ratio for India Inc has declined from 11.6 times in the quarter ended March 2007 to 10.4 times in the quarter ended March 2008. (ET)
Carbon credit prices have hit an all time high as expensive natural gas pushes European power plants to shift to cheaper but dirtier coal which raises the demand for pollution offsets.
Wednesday, May 28, 2008
Bulls or Bear Subscribe to know more
INDAG RUBBER....................
BSE Code : 509162 (89.30)
Buy around 92.50 to 94
AISHWARYA TELE
BSE Code : 532975 (108.75)
Totally, Manipulated Stock , But Can Give u Good Return in Today's Trade.
Buy Around 108 to 108.50
TULSI EXTRUSION.................
BSE Code : 532948 (64.45)
Buy Around 64 to 64.50
Target for clients only
NIFTY FUTURES (F & O):
Hurdle at 4862 level. If bulls can able to absorb selling at above this level then expect relief rally up to 4899-4901 zone.
Support at 4828 & 4832 levels. Break below this level can create some unwinding up to 4818 level.
Multiple Support Zones at 4780-4782 zone (or) at 4792-4794 zone and these zones should not be allowed to break at any cost.
On Positive Side, rally up to 4935-4937 zone can be used to sell. Stop Loss at 4947-4949 zone.
Bulls and bears are all out to try and checkmate each other. As expected, the bulls failed to sustain the buying momentum and the key indices tumbled from a day's high even as Asian markets closed mostly higher. A similar trading pattern may continue today and perhaps over the following two days.
Thursday's F&O expiry and the release of GDP and inflation data will determine the market's mood. On the global front, US stocks rose and Asian markets are mixed. Oil prices have softened a little and are hovering under $129 per barrel.
On the whole, the bulls still appear to be lacking in conviction in the wake of mounting worries over inflation and its impact on the economy (and even on politics). A weakening rupee coupled with the worsening fiscal situation are also worrisome.
FII inflows are yet to turn positive though domestic funds are providing some support. 'Stay cautious and sell into any rally' should be the ideal strategy. Having said that, select stock-centric buying can be done from a long-term perspective.
Lack of follow-up buying and continued sell-off by the FIIs contributed to the fall on Tuesday. The small-cap and mid-cap indices suffered even more. Market breadth too was highly negative. And, barring few defensive sectors like IT, FMCG and Pharma, other sectoral indices finished in the red. Banking was the biggest loser, followed by Real Estate and Oil & Gas shares.
Key Results Today: Adani Enterprise, Britannia, Emami, Godrej Industries, Harrison Malayalam, Hindustan Dorr Oliver, ICRA, IOC, IVR Prime, IVRCL Infra, JM Financial, M&M, Monsanto, Mundra Port, Pidilite, Tata Motors, Ucal Fuels and Visa Steel.
FIIs were net sellers of Rs4.97bn (provisional) in the cash segment on Tuesday while local institutions were net buyers of Rs5.3bn. Foreign funds were net buyers of Rs1.49bn in the F&O segment yesterday
Corporate News
RIL Australia, a subsidiary of Reliance Industries, pays US$3.45mn in cash to acquire 49% stake in 4 exploration licenses of Uranium Exploration Australia Ltd. (BL)
OVL, subsidiary of ONGC has established commerciality of its Iranian asset, which is estimated to have 22tcf (trillion cu ft) of gas. (ET)
BHEL and Italian company in race for a Rs13bn order for supplying boilers to Neyveli Lignite. (BL)
Tata Steel gets mineral concession approvals from ministry of mines for two large mines in Jharkhand and Manipur. (DNA)
Omaxe is planning to raise Rs15bn in FY09 for various projects; promoters may dilute 5-10% stake via QIP. (DNA)
EKC is planning to invest Rs1.75bn in expanding capacities across plants in US, Dubai, China and India. (DNA)
PNB is keen to take a 51% stake in the proposed JV for setting up a bank in Bhutan. (BL)
SRF to acquire Thailand based tyre cord company for Rs1bn. (DNA)
Gujarat NRE Coke to raise fresh equity to fund its operations and expansion plans in Australia. (DNA)
BK Modi promoter of Spice Tele may sell its stake to AT&T or Etisalat. (ET)
Repro India to invest US$50mn to buyout digital printing solution firms abroad. (DNA)
Tesco in talks with Wadias, Parsvnath and Kalpataru Properties to enter the Indian market. (ET)
IT Department issues notice to Sesa Goa seeking information on the Vedanta deal. (ET)
DE Shaw raises its stake in Orient Express Hotel by ~2% to 7.6%. (ET)
GVK group is looking for opportunities in overseas airport development projects. (ET)
Jindal Drilling Singapore JV may explore opportunities for raising funds and listing. (BS)
Maytas Infrastructure wins contract for washery reject coal based power project. (BS)
Kirloskar Brothers gets order worth ~Rs1bn form Nuclear Power Corporation. (BS)
Elecon Engineering may acquire a European company. (BS)
Godrej Appliances plans to foray into selling chillers, deep freezers and other cold storage appliances. (BS)
Educomp Solution forms a 50:50 JV with Raffles Education. (BS)
Economic News
Fertilizer Ministry expects fertilizer subsidy to double in FY09 to Rs950bn. (ET)
The Government is considering an option of including cess or surcharge on income tax and corporate tax to bailout oil marketing companies. (BL)
The Government has eased the ban on cement export by allowing shipment through ports in Gujarat. (DNA)
India’s crude oil import bill jumps over 40% to US$68bn in FY08. (ET)
Jet Airways, chairman Naresh Goyal expects aviation industry to incur losses in excess of US$2bn
BSE Code : 509162 (89.30)
Buy around 92.50 to 94
AISHWARYA TELE
BSE Code : 532975 (108.75)
Totally, Manipulated Stock , But Can Give u Good Return in Today's Trade.
Buy Around 108 to 108.50
TULSI EXTRUSION.................
BSE Code : 532948 (64.45)
Buy Around 64 to 64.50
Target for clients only
NIFTY FUTURES (F & O):
Hurdle at 4862 level. If bulls can able to absorb selling at above this level then expect relief rally up to 4899-4901 zone.
Support at 4828 & 4832 levels. Break below this level can create some unwinding up to 4818 level.
Multiple Support Zones at 4780-4782 zone (or) at 4792-4794 zone and these zones should not be allowed to break at any cost.
On Positive Side, rally up to 4935-4937 zone can be used to sell. Stop Loss at 4947-4949 zone.
Bulls and bears are all out to try and checkmate each other. As expected, the bulls failed to sustain the buying momentum and the key indices tumbled from a day's high even as Asian markets closed mostly higher. A similar trading pattern may continue today and perhaps over the following two days.
Thursday's F&O expiry and the release of GDP and inflation data will determine the market's mood. On the global front, US stocks rose and Asian markets are mixed. Oil prices have softened a little and are hovering under $129 per barrel.
On the whole, the bulls still appear to be lacking in conviction in the wake of mounting worries over inflation and its impact on the economy (and even on politics). A weakening rupee coupled with the worsening fiscal situation are also worrisome.
FII inflows are yet to turn positive though domestic funds are providing some support. 'Stay cautious and sell into any rally' should be the ideal strategy. Having said that, select stock-centric buying can be done from a long-term perspective.
Lack of follow-up buying and continued sell-off by the FIIs contributed to the fall on Tuesday. The small-cap and mid-cap indices suffered even more. Market breadth too was highly negative. And, barring few defensive sectors like IT, FMCG and Pharma, other sectoral indices finished in the red. Banking was the biggest loser, followed by Real Estate and Oil & Gas shares.
Key Results Today: Adani Enterprise, Britannia, Emami, Godrej Industries, Harrison Malayalam, Hindustan Dorr Oliver, ICRA, IOC, IVR Prime, IVRCL Infra, JM Financial, M&M, Monsanto, Mundra Port, Pidilite, Tata Motors, Ucal Fuels and Visa Steel.
FIIs were net sellers of Rs4.97bn (provisional) in the cash segment on Tuesday while local institutions were net buyers of Rs5.3bn. Foreign funds were net buyers of Rs1.49bn in the F&O segment yesterday
Corporate News
RIL Australia, a subsidiary of Reliance Industries, pays US$3.45mn in cash to acquire 49% stake in 4 exploration licenses of Uranium Exploration Australia Ltd. (BL)
OVL, subsidiary of ONGC has established commerciality of its Iranian asset, which is estimated to have 22tcf (trillion cu ft) of gas. (ET)
BHEL and Italian company in race for a Rs13bn order for supplying boilers to Neyveli Lignite. (BL)
Tata Steel gets mineral concession approvals from ministry of mines for two large mines in Jharkhand and Manipur. (DNA)
Omaxe is planning to raise Rs15bn in FY09 for various projects; promoters may dilute 5-10% stake via QIP. (DNA)
EKC is planning to invest Rs1.75bn in expanding capacities across plants in US, Dubai, China and India. (DNA)
PNB is keen to take a 51% stake in the proposed JV for setting up a bank in Bhutan. (BL)
SRF to acquire Thailand based tyre cord company for Rs1bn. (DNA)
Gujarat NRE Coke to raise fresh equity to fund its operations and expansion plans in Australia. (DNA)
BK Modi promoter of Spice Tele may sell its stake to AT&T or Etisalat. (ET)
Repro India to invest US$50mn to buyout digital printing solution firms abroad. (DNA)
Tesco in talks with Wadias, Parsvnath and Kalpataru Properties to enter the Indian market. (ET)
IT Department issues notice to Sesa Goa seeking information on the Vedanta deal. (ET)
DE Shaw raises its stake in Orient Express Hotel by ~2% to 7.6%. (ET)
GVK group is looking for opportunities in overseas airport development projects. (ET)
Jindal Drilling Singapore JV may explore opportunities for raising funds and listing. (BS)
Maytas Infrastructure wins contract for washery reject coal based power project. (BS)
Kirloskar Brothers gets order worth ~Rs1bn form Nuclear Power Corporation. (BS)
Elecon Engineering may acquire a European company. (BS)
Godrej Appliances plans to foray into selling chillers, deep freezers and other cold storage appliances. (BS)
Educomp Solution forms a 50:50 JV with Raffles Education. (BS)
Economic News
Fertilizer Ministry expects fertilizer subsidy to double in FY09 to Rs950bn. (ET)
The Government is considering an option of including cess or surcharge on income tax and corporate tax to bailout oil marketing companies. (BL)
The Government has eased the ban on cement export by allowing shipment through ports in Gujarat. (DNA)
India’s crude oil import bill jumps over 40% to US$68bn in FY08. (ET)
Jet Airways, chairman Naresh Goyal expects aviation industry to incur losses in excess of US$2bn
Tuesday, May 27, 2008
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Subscribe with us
Offer Rs 1750 One week trail
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Get online calls on any messenger,mobile,chat room access
IT majors are likely to move the indices
Who Cares(Negative Market)
Call's Achieving Target , What's More u Want
See Nifty 5000 by expiry
Nifty (4875) Supp 4830 Res 4958
LANCO INFRA Buy Around 517 to 518 .............
CAIRN INDIA Buy Around 307 to 308 ..........
Eicher Motors Buy Around 385 to 390 .........
GTL INFRA Buy around 52.70 to 52.90 .......
Target For Paid clients only
Today's Pick - Central Bank of India
We recommend a sell in Central Bank of India from a short-term perspective. It is evident from the charts that the stock has been on an intermediate-term downtrend from its 52-week-high of Rs 154 recorded in early January 2008. However, after marking a one-year low at Rs 73 in March, the stock began moving higher till it encountered resistance at around Rs 100 level.
Subsequently, the stock failed to exceed that resistance level and resumed the downtrend. The daily and weekly relative strength indices are featuring in the bearish zone. Besides, the moving average convergence and divergence has re-entered the negative territory indicating bearishness. The stock is also trading well below the 21 and 50-day moving averages at present. In the short-term, we are bearish on the stock and expect it to decline further until it hits our price target of Rs 78 in the coming days. Traders with short-term perspective can sell the stock while keeping the stop-loss at Rs 89
Corporate News
Reliance Power and GMR Infrastructure are planning to bid for PowerSeraya and Senoko Power, which account for more than 60% of the power produced in Singapore. (BS)
TCS has signed a five-year deal worth US$100mn with NXP Semiconductors. (ET)
Reliance Industries is in talks with PSU oil refining companies to sell its crude oil to be produced from MA field in its prolific D6 Block in offshore Krishna-Godavari Basin. (DNA)
Indiabulls Real Estate plans to sell 353mn shares of Indiabulls Properties Investment Trust at between US$1 and US$1.1 apiece. (DNA)
Taj GVK plans to invest over Rs5bn in its existing and new properties in south India over the next 2-3 years. (DNA)
NMDC may review exports to Japanese steel mills and South Korea's Posco to increase domestic availability of iron ore. (BS)
Tata Chemicals has launched Tata Salt Lite, a new brand of low sodium salt. (BL)
Eicher Goodearth Investments, the holding company of Eicher Motors, plans to buy back 13.12% of public holding at Rs691.68/share. (ET)
Eicher Motors plans to buy back the 3.6% stake held by German auto major Daimler Motors. (ET)
Tata Motors is in the process of re-organizing its manufacturing facilities for commercial vehicles, and intends to create hubs for a particular category of vehicle at each of its various production units. (BL)
Educomp Solutions is planning to raise US$500mn through ADR, GDR, FCCB, or QIP. (BL)
Omaxe is entering into power generation by forming a JV with Isolux, a Spanish firm. (ET)
Kirloskar Electric bids for acquiring German’s Lloyd Dynamowerke at an estimated enterprise valuation of ~US$100mn. (ET)
Amara Raja Batteries has forayed into two-wheeler battery segment. (ET)
Apollo Hospitals is scouting for inorganic opportunities in Spain and Peru. (ET)
HTMT Global plans to acquire a mortgage-specific company in the UK soon with an investment of over US$150mn. (DNA)
Warburg Pincus-controlled WNS Holdings is working on an outright acquisition or a strategic merger with Firstsource Solutions. (ET)
UTV New Media, the digital media arm of UTV Software is acquiring a controlling stake of 76% in 'IT Nation', a leading online infomediary. (ET)
Power Finance Corp.’s subsidiary PFC Consulting has formed three SPVs, for power projects in Orissa. (Mint)
Videocon may merge some of its factories to improve efficiencies and boost sales in a bid to gain an upper hand on competitors Samsung, Whirlpool and LG. (BS)
Fidelity Mutual fund has acquired a further 1.55% stake in Jyothy Labs, raising its holding to 5%. (ET)
RPG Group plans to invest Rs90bn in the power, tyre and carbon black industries as part of its expansion in the coming two years. (ET)
The Essel group owned Dish TV, is aiming to double its customer base to two lakh a month. (ET)
Leading Australian financial services firm Link Group plans to acquire a majority stake in Intime Spectrum Registry. (ET)
Harrisons Malayalam is planning to invest Rs560mn in its various plantations in Kerala. (BS)
Over 650 drugmakers have asked the Government to immediately increase prices of 33 bulk drugs. (ET)
BlackBerry vendor Research-In Motion (RIM) is not willing to hand over the message encryption key to the Government. (ET)
Economic News
The DoT has called a meeting with operators on May 28 to discuss the allocation and pricing of 3G spectrum. (BS)
The Finance Act 2008 has modified and rationalised the CENVAT Credit Rules, 2004 (Credit Rules) and removed some anomalies. (BS)
The Government may consider 49% FDI in gems & jewellery and apparel. (ET)
The Government is working on a dual track strategy of fuel price hikes and duty cuts to protect consumers as well as cash strapped oil companies. (ET)
The Gujarat government is planning to invite private companies to invest in five new power projects worth Rs200bn during the upcoming Vibrant Gujarat Global Investors' Summit. (BS)
Cotton production outlook for the next season (August-July) has been kept unchanged at a record 33mn bales (of 170 kg each). (BL)
SEBI has proposed a maximum post-issue capital of Rs250mn for companies to be eligible to participate in the proposed SME exchange. (BL)
The Himachal Pradesh Government has sought the Centre’s approval to levy generation tax on hydropower projects in the state and extension of the industrial package till 2013. (Mint)
India could miss by 20%, or 13,855MW, its target of adding almost 70,000MW of power over the next four years because of poor transport infrastructure. (Mint)
A shortage of globally-recognized testing labs could impact India’s drugs and chemical exports to Europe, worth some US$2.7bn in 2007
Call's Achieving Target , What's More u Want
See Nifty 5000 by expiry
Nifty (4875) Supp 4830 Res 4958
LANCO INFRA Buy Around 517 to 518 .............
CAIRN INDIA Buy Around 307 to 308 ..........
Eicher Motors Buy Around 385 to 390 .........
GTL INFRA Buy around 52.70 to 52.90 .......
Target For Paid clients only
Today's Pick - Central Bank of India
We recommend a sell in Central Bank of India from a short-term perspective. It is evident from the charts that the stock has been on an intermediate-term downtrend from its 52-week-high of Rs 154 recorded in early January 2008. However, after marking a one-year low at Rs 73 in March, the stock began moving higher till it encountered resistance at around Rs 100 level.
Subsequently, the stock failed to exceed that resistance level and resumed the downtrend. The daily and weekly relative strength indices are featuring in the bearish zone. Besides, the moving average convergence and divergence has re-entered the negative territory indicating bearishness. The stock is also trading well below the 21 and 50-day moving averages at present. In the short-term, we are bearish on the stock and expect it to decline further until it hits our price target of Rs 78 in the coming days. Traders with short-term perspective can sell the stock while keeping the stop-loss at Rs 89
Corporate News
Reliance Power and GMR Infrastructure are planning to bid for PowerSeraya and Senoko Power, which account for more than 60% of the power produced in Singapore. (BS)
TCS has signed a five-year deal worth US$100mn with NXP Semiconductors. (ET)
Reliance Industries is in talks with PSU oil refining companies to sell its crude oil to be produced from MA field in its prolific D6 Block in offshore Krishna-Godavari Basin. (DNA)
Indiabulls Real Estate plans to sell 353mn shares of Indiabulls Properties Investment Trust at between US$1 and US$1.1 apiece. (DNA)
Taj GVK plans to invest over Rs5bn in its existing and new properties in south India over the next 2-3 years. (DNA)
NMDC may review exports to Japanese steel mills and South Korea's Posco to increase domestic availability of iron ore. (BS)
Tata Chemicals has launched Tata Salt Lite, a new brand of low sodium salt. (BL)
Eicher Goodearth Investments, the holding company of Eicher Motors, plans to buy back 13.12% of public holding at Rs691.68/share. (ET)
Eicher Motors plans to buy back the 3.6% stake held by German auto major Daimler Motors. (ET)
Tata Motors is in the process of re-organizing its manufacturing facilities for commercial vehicles, and intends to create hubs for a particular category of vehicle at each of its various production units. (BL)
Educomp Solutions is planning to raise US$500mn through ADR, GDR, FCCB, or QIP. (BL)
Omaxe is entering into power generation by forming a JV with Isolux, a Spanish firm. (ET)
Kirloskar Electric bids for acquiring German’s Lloyd Dynamowerke at an estimated enterprise valuation of ~US$100mn. (ET)
Amara Raja Batteries has forayed into two-wheeler battery segment. (ET)
Apollo Hospitals is scouting for inorganic opportunities in Spain and Peru. (ET)
HTMT Global plans to acquire a mortgage-specific company in the UK soon with an investment of over US$150mn. (DNA)
Warburg Pincus-controlled WNS Holdings is working on an outright acquisition or a strategic merger with Firstsource Solutions. (ET)
UTV New Media, the digital media arm of UTV Software is acquiring a controlling stake of 76% in 'IT Nation', a leading online infomediary. (ET)
Power Finance Corp.’s subsidiary PFC Consulting has formed three SPVs, for power projects in Orissa. (Mint)
Videocon may merge some of its factories to improve efficiencies and boost sales in a bid to gain an upper hand on competitors Samsung, Whirlpool and LG. (BS)
Fidelity Mutual fund has acquired a further 1.55% stake in Jyothy Labs, raising its holding to 5%. (ET)
RPG Group plans to invest Rs90bn in the power, tyre and carbon black industries as part of its expansion in the coming two years. (ET)
The Essel group owned Dish TV, is aiming to double its customer base to two lakh a month. (ET)
Leading Australian financial services firm Link Group plans to acquire a majority stake in Intime Spectrum Registry. (ET)
Harrisons Malayalam is planning to invest Rs560mn in its various plantations in Kerala. (BS)
Over 650 drugmakers have asked the Government to immediately increase prices of 33 bulk drugs. (ET)
BlackBerry vendor Research-In Motion (RIM) is not willing to hand over the message encryption key to the Government. (ET)
Economic News
The DoT has called a meeting with operators on May 28 to discuss the allocation and pricing of 3G spectrum. (BS)
The Finance Act 2008 has modified and rationalised the CENVAT Credit Rules, 2004 (Credit Rules) and removed some anomalies. (BS)
The Government may consider 49% FDI in gems & jewellery and apparel. (ET)
The Government is working on a dual track strategy of fuel price hikes and duty cuts to protect consumers as well as cash strapped oil companies. (ET)
The Gujarat government is planning to invite private companies to invest in five new power projects worth Rs200bn during the upcoming Vibrant Gujarat Global Investors' Summit. (BS)
Cotton production outlook for the next season (August-July) has been kept unchanged at a record 33mn bales (of 170 kg each). (BL)
SEBI has proposed a maximum post-issue capital of Rs250mn for companies to be eligible to participate in the proposed SME exchange. (BL)
The Himachal Pradesh Government has sought the Centre’s approval to levy generation tax on hydropower projects in the state and extension of the industrial package till 2013. (Mint)
India could miss by 20%, or 13,855MW, its target of adding almost 70,000MW of power over the next four years because of poor transport infrastructure. (Mint)
A shortage of globally-recognized testing labs could impact India’s drugs and chemical exports to Europe, worth some US$2.7bn in 2007
Monday, May 26, 2008
Today's BLACK or WHITE
BLOODTHPATH or RAINPATH
For subscribers only
The stock of Bharti Airtel might see some relief as the company has abandoned plans to acquire MTN Group Ltd after differences with the South African company over control.On the contrary Reliance Communications Ltd might trade on the negative side as it is said to be in talks to combine with South African mobile-phone company MTN Group Ltd.
BUY BHARATI n SELL RCOM MINT PROFIT
As mention on Friday abt BJP won well in advance for the fall see now.....
As per provisional data, foreign funds sold shares worth a net Rs 654.31 crore on Friday, 23 May 2008. Domestic funds bought shares worth a net Rs 750.03 crore on that day.
Inflation based on the whole price index rose 7.82% in the year through 10 May 2008, marginally lower than 7.83% rise in the previous week, government data released on Friday, 23 May 2008, showed. Meanwhile, inflation for the year through 15 March 2008 was revised upwards to 8.02% compared to provisional figure of 6.68%.
Meanwhile, not satisfied with the United Progressive Alliance (UPA's) replies to their queries on the nuclear issue,the Left parties are likely to ask the government to finalise an India-specific safeguards agreement with International Atomic Energy Agency (IAEA) only after the 123 agreement with the US lapses.
The Left opposition to the 123 agreement is because they feel it was bound by the Hyde Act which was detrimental to India's sovereignty and its pursuance of an independent foreign policy. Further talks will be held in the UPA-Left Committee meeting to be held on 28 May 2008 to discuss the Indo-US nuclear deal.
Meanwhile as per results announced for second round of elections on 26 May 2008, the Bharatiya Janata Party (BJP) won 110 seats out of 224, just short of a simple majority. The Congress has won 80 seats and the Janata Dal (Secular) claimed 28. Independents won six seats. In the 28 constituencies of Bangalore, the BJP has won 17 seats, the Congress won nine, and the JD(S) picked up one
For subscribers only
The stock of Bharti Airtel might see some relief as the company has abandoned plans to acquire MTN Group Ltd after differences with the South African company over control.On the contrary Reliance Communications Ltd might trade on the negative side as it is said to be in talks to combine with South African mobile-phone company MTN Group Ltd.
BUY BHARATI n SELL RCOM MINT PROFIT
As mention on Friday abt BJP won well in advance for the fall see now.....
As per provisional data, foreign funds sold shares worth a net Rs 654.31 crore on Friday, 23 May 2008. Domestic funds bought shares worth a net Rs 750.03 crore on that day.
Inflation based on the whole price index rose 7.82% in the year through 10 May 2008, marginally lower than 7.83% rise in the previous week, government data released on Friday, 23 May 2008, showed. Meanwhile, inflation for the year through 15 March 2008 was revised upwards to 8.02% compared to provisional figure of 6.68%.
Meanwhile, not satisfied with the United Progressive Alliance (UPA's) replies to their queries on the nuclear issue,the Left parties are likely to ask the government to finalise an India-specific safeguards agreement with International Atomic Energy Agency (IAEA) only after the 123 agreement with the US lapses.
The Left opposition to the 123 agreement is because they feel it was bound by the Hyde Act which was detrimental to India's sovereignty and its pursuance of an independent foreign policy. Further talks will be held in the UPA-Left Committee meeting to be held on 28 May 2008 to discuss the Indo-US nuclear deal.
Meanwhile as per results announced for second round of elections on 26 May 2008, the Bharatiya Janata Party (BJP) won 110 seats out of 224, just short of a simple majority. The Congress has won 80 seats and the Janata Dal (Secular) claimed 28. Independents won six seats. In the 28 constituencies of Bangalore, the BJP has won 17 seats, the Congress won nine, and the JD(S) picked up one
Friday, May 23, 2008
Nifty our btst what abt u ???
FOR Pre Market Watch - May 23 2008 VISIT
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http://www.freewebs.com/jgs-investments/marketwhisper.htm
Paid trial for one week is Rs.1750/-
Add Rs.175/- towards Bank Charges if Depositing Cash
For Intraday service,we are taking 1000 rs fees in advance
( fees of 2-3 calls in advance).
For Positional Calls service, we are taking 1000 rs in advance
( fees of 2-3 call in advance).
Note :
Foreign Clients Please Inform Us By E-Mail After Sending Money Through Western Union Money Transfer About Allocation Number.
Indian Clients Please Inform Us By E-Mail After Sending Money Or After Deposit Of Money In Our ICICI Bank Account.
You will be added in our list instantly
Note -:
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Thursday, May 22, 2008
Crude as said earlier will cross 138 levels
Airline stocks because of rising oil costs and banking stocks might tumble on the possibility of interest rate hike
Nifty Upper levels 5144,5166 Lower levels – 5066,5033
Keep eyes on Ifci , Praj Ind and Kirloskar Bros for short term investment
Sell Suzlon energy,Sasken communications
Since, the Market is Likely to Open on Lower , Due to Weak Global Cues.
RELIANCE
NATURAL(RNRL)..........
BSE Code : 532709 (113.60)
Buy around 111.10 to 112.30 ..............
MANALI
PETRO......................
BSE Code : 500268 (17.62)
Buy Around 17.62 to 17.70 ..............
NEYVELI
LIGNITE......................
BSE Code : 513683 (151.35
Buy Around 150 to 151 ..............
target for clients so subscribe now
FIIs turn sellers
Foreign institutional investors (FIIs) turned net sellers in equities worth Rs 3,198 million on May 20. They bought equities worth Rs 31,197 million and sold equities worth Rs 34,395 million. Till May 20, they have been net buyers in equities worth Rs 227 million.
FIIs turned net sellers in debt segment worth Rs 490 million on May 20. They did not bought any debt but sold debt worth Rs 490 million. Till May 20, they have been net sellers in debts worth Rs 179 million
Nifty Upper levels 5144,5166 Lower levels – 5066,5033
Keep eyes on Ifci , Praj Ind and Kirloskar Bros for short term investment
Sell Suzlon energy,Sasken communications
Since, the Market is Likely to Open on Lower , Due to Weak Global Cues.
RELIANCE
NATURAL(RNRL)..........
BSE Code : 532709 (113.60)
Buy around 111.10 to 112.30 ..............
MANALI
PETRO......................
BSE Code : 500268 (17.62)
Buy Around 17.62 to 17.70 ..............
NEYVELI
LIGNITE......................
BSE Code : 513683 (151.35
Buy Around 150 to 151 ..............
target for clients so subscribe now
FIIs turn sellers
Foreign institutional investors (FIIs) turned net sellers in equities worth Rs 3,198 million on May 20. They bought equities worth Rs 31,197 million and sold equities worth Rs 34,395 million. Till May 20, they have been net buyers in equities worth Rs 227 million.
FIIs turned net sellers in debt segment worth Rs 490 million on May 20. They did not bought any debt but sold debt worth Rs 490 million. Till May 20, they have been net sellers in debts worth Rs 179 million
Wednesday, May 21, 2008
We r holding Nifty shorts since friday n now see the result
Gapdown Opening Expected...Asian Mkt will Play Important Role
Watch Level 5040 & 5022
Bounceback expected from These levels
Closing Below 5000 TGT 4970-4945-4890
*I always recommend to Carry 5000 Put....If ny Major slide den our Put will Blast
Since, the Market is Likely to Open on Lower , Due to Weak Global Cues.
RELIANCE POWER........................
BSE Code : 532939 (434.80)
Buy
VIDEOCON APPLIANCES...............
BSE Code : 500945 (30.20
Buy Around 30 to 30.10
ADLABS FILMS.........................
BSE Code : 532399 (722.45)
Buy around 715 to 720
Target for clients only
Today's Pick - ENIL
We recommend a buy in Entertainment Network India from a short-term perspective. It is evident from the chart that the Entertainment Network India was on a medium-term downtrend from its December 2007 high of Rs 700 to its March 2008 low of Rs 332.
However, this downtrend appears to have got arrested at around the March low; the stock has been moving higher since then. In the recent times, the stock crossed over the 21 and 50-day moving averages in the daily chart, which is a bullish signal.
The volume, traded over the past two trading sessions, has also been above average. The daily Relative Strength Index is also featuring in the bullish zone.
Besides, the daily moving average convergence and divergence, which is featuring in the positive territory, is also in line with the uptrend.
We are bullish on the stock in the short-term. We expect the stock to move up to our price target of Rs 480 in the forthcoming trading sessions. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 410.
Watch Level 5040 & 5022
Bounceback expected from These levels
Closing Below 5000 TGT 4970-4945-4890
*I always recommend to Carry 5000 Put....If ny Major slide den our Put will Blast
Since, the Market is Likely to Open on Lower , Due to Weak Global Cues.
RELIANCE POWER........................
BSE Code : 532939 (434.80)
Buy
VIDEOCON APPLIANCES...............
BSE Code : 500945 (30.20
Buy Around 30 to 30.10
ADLABS FILMS.........................
BSE Code : 532399 (722.45)
Buy around 715 to 720
Target for clients only
Today's Pick - ENIL
We recommend a buy in Entertainment Network India from a short-term perspective. It is evident from the chart that the Entertainment Network India was on a medium-term downtrend from its December 2007 high of Rs 700 to its March 2008 low of Rs 332.
However, this downtrend appears to have got arrested at around the March low; the stock has been moving higher since then. In the recent times, the stock crossed over the 21 and 50-day moving averages in the daily chart, which is a bullish signal.
The volume, traded over the past two trading sessions, has also been above average. The daily Relative Strength Index is also featuring in the bullish zone.
Besides, the daily moving average convergence and divergence, which is featuring in the positive territory, is also in line with the uptrend.
We are bullish on the stock in the short-term. We expect the stock to move up to our price target of Rs 480 in the forthcoming trading sessions. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 410.
Tuesday, May 20, 2008
RANBAXY LOOKS GOOD FOR BUY
Nifty : (5157.70)
As we mentioned in our last post that market still has some more upside left. Now look market has moved up. Nifty Spot has closed above our resistance level of 5156. That is a good closing for market. But again one thing to keep in mind that "Profit Booking At Every Higher Levels". For today supports are 5143, 5106, 5089 and resistance levels are 5173, 5191 and 5207Today's Pick - Ashapura Minechem
We recommend a buy in Ashapura Minechem from a short term perspective. It is evident from the chart that the stock has been on a medium term down trend from the January peak at Rs 448. This down trend was arrested at Rs 168 in March and the stock has been moving higher since then.
The crossover of the 21 and 50-day moving averages in the daily charts is a positive signal. The volume traded has also increased over the past two trading sessions. The daily momentum indicator has entered the bullish zone.
Moreover, the daily moving average convergence and divergence is featuring in the positive territory in line with the uptrend. Our short-term forecast for the stock is bullish. We expect the stock’s current up move to continue until it hits our price target of Rs 280 in the short term. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 233.
Key Events for the coming week:
Indian Markets: More Q4 numbers. Inflation on Friday 23rd May
Overseas Data:
* Thursday - Data on April Producer Index
* Friday - Existing home sale data and consumer sentiment index.
Stocks to watch:
* Dishman Pharma - Rs 310
* Garware Wall Ropes - Rs 104
* Micro Technologies - Rs 281
* VIP Industries - Rs 93.90
* Rural Electrification - Rs 117
Corporate News M&M is likely to buy a controlling stake in Italy’s Stile Bertone. (ET)
ONGC Videsh plans to relinquish its onshore exploration block in Ghadames basin, Libya, in favour of the National Oil Co. of that country. (BL)
Reliance Industries in talks with two overseas companies for a foray into hospitality. (ET)
Reliance Retail close to break even in its first full year of operations. (Mint)
ONGC subsidy on auto and cooking fuel to rise by 17.5% in 2007-08. (FE)
Maharashtra government is reconsidering the bid by Reliance Energy for the Rs60bn Mumbai Trans Harbour link. (BS)
Mittal Energy Investments, Total of France and HPCL are likely to invest Rs320bn each in the proposed Petro hub project in AP. (ET)
United Spirits is expected to go in for local bottling of Whtye & Mackay scotch whisky. (ET)
RCOM is set to launch DTH services in 4,000 towns. (ET)
GAIL may become a consortium partner in the Pakistan-India portion of the Iran-Pakistan-India gas pipeline project. (BL)
State owned oil marketing companies want to pay ONGC & Oil India, in oil bonds. (FE)
The Left parties have opposed any move by the Centre to relax FDI norms to facilitate the Bharti-MTN deal. (FE)
Reliance Infratel dilutes 5% stake in pre-IPO placement. (FE)
Ceat decides to set up Rs6bn greenfield radial facility in Gujarat. (BL)
BSEL Infrastructure Realty has signed a MoU with the Government of Malaysia for development of the proposed Iskandar metropolis at an investment of Rs180bn. (BL)
Ranbaxy has started operations in Yemen by tying up with a local firm, Pharma. (ET)
Aditya Birla group to invest Rs4bn in its retail business under group company Aditya Birla Nuvo.(ET)
Quippo Telecom Infrastructure is likely to buy 49% stake in Tata Telecom Teleservices.(TOI)
OnMobile Global to buy a French company in the area of speech recognition software.(BL)
Kinetic Motors in talks with a PE fund and other automakers, in addition to M&M, to raise Rs1.5bn.(Mint)
TRAI asks Government to prescribe contingent rollout obligations and seek additional bank guarantees from Reliance Communications and Tata Teleservices.(BS)
Allahabad Bank plans a rights issue for raising
Tier I capital without diluting government stake.(DNA)
UTI MF may defer its IPO to July in view of financial turmoil in global markets.(FE)
Tata group plans to enter the business of operating and managing ATMs through Tata Communications.(Mint)
Tata Investment to raise Rs7.2bn through a rights issue of zero coupon convertible bonds.(ET)
HSBC acquires 73.2% stake in IL&FS Investsmart for Rs11bn in cash.(BL)
Pidilite Industries exploring possibilities to acquire majority stake in European or US companies.(BS)
Gateway Distriparks plans to double the capacity of its cold storage warehouses. (DNA)
Himatsingka has disclosed a MTM loss of Rs1.75bn (as on March 10, 2008) on a derivative deal with HDFC Bank, for which it has sued the bank. (BS)
Bombay Dyeing is considering demerging its real estate business into a separate company. (DNA)
Tata Coffee is eyeing an acquisition in Russia. (DNA)
Raymond has re-launched its popular brand Be and plans to re-open Be: apparel stores. (ET)
Videocon Industries plans to make mobile handsets. (DNA)
Reliance BIG Entertainment, part of the ADAG group, to invest US$1bn in the Indian film and end entertainment business.(ET)
Global Steel Holdings plans to invest US$450mn to double its capacity at Delta Steel Company in Nigeria to 2.4mtpa.(ET)
HCL Technologies in talks for an acquisition in the life sciences space.(DNA)
Godrej group and Videocon Industries sounded out on a possible bid for GE’s appliances division.(ET)
Bahrain Telecommunications may acquire a listed Indian operation.(Mint)
Hyundai plans to launch a US$3,500 car in India by 2012.(TOI)
Shree Precoated Steels decides to hive off its steel business into a separate company.(ET)
Mercator Lines enters into coal mining business through its subsidiary in Singapore.(DNA)
Bharti Airtel to start its Sri Lanka operations this year.(ET)
Omaxe plans to foray into Dubai property market
As we mentioned in our last post that market still has some more upside left. Now look market has moved up. Nifty Spot has closed above our resistance level of 5156. That is a good closing for market. But again one thing to keep in mind that "Profit Booking At Every Higher Levels". For today supports are 5143, 5106, 5089 and resistance levels are 5173, 5191 and 5207Today's Pick - Ashapura Minechem
We recommend a buy in Ashapura Minechem from a short term perspective. It is evident from the chart that the stock has been on a medium term down trend from the January peak at Rs 448. This down trend was arrested at Rs 168 in March and the stock has been moving higher since then.
The crossover of the 21 and 50-day moving averages in the daily charts is a positive signal. The volume traded has also increased over the past two trading sessions. The daily momentum indicator has entered the bullish zone.
Moreover, the daily moving average convergence and divergence is featuring in the positive territory in line with the uptrend. Our short-term forecast for the stock is bullish. We expect the stock’s current up move to continue until it hits our price target of Rs 280 in the short term. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 233.
Key Events for the coming week:
Indian Markets: More Q4 numbers. Inflation on Friday 23rd May
Overseas Data:
* Thursday - Data on April Producer Index
* Friday - Existing home sale data and consumer sentiment index.
Stocks to watch:
* Dishman Pharma - Rs 310
* Garware Wall Ropes - Rs 104
* Micro Technologies - Rs 281
* VIP Industries - Rs 93.90
* Rural Electrification - Rs 117
Corporate News M&M is likely to buy a controlling stake in Italy’s Stile Bertone. (ET)
ONGC Videsh plans to relinquish its onshore exploration block in Ghadames basin, Libya, in favour of the National Oil Co. of that country. (BL)
Reliance Industries in talks with two overseas companies for a foray into hospitality. (ET)
Reliance Retail close to break even in its first full year of operations. (Mint)
ONGC subsidy on auto and cooking fuel to rise by 17.5% in 2007-08. (FE)
Maharashtra government is reconsidering the bid by Reliance Energy for the Rs60bn Mumbai Trans Harbour link. (BS)
Mittal Energy Investments, Total of France and HPCL are likely to invest Rs320bn each in the proposed Petro hub project in AP. (ET)
United Spirits is expected to go in for local bottling of Whtye & Mackay scotch whisky. (ET)
RCOM is set to launch DTH services in 4,000 towns. (ET)
GAIL may become a consortium partner in the Pakistan-India portion of the Iran-Pakistan-India gas pipeline project. (BL)
State owned oil marketing companies want to pay ONGC & Oil India, in oil bonds. (FE)
The Left parties have opposed any move by the Centre to relax FDI norms to facilitate the Bharti-MTN deal. (FE)
Reliance Infratel dilutes 5% stake in pre-IPO placement. (FE)
Ceat decides to set up Rs6bn greenfield radial facility in Gujarat. (BL)
BSEL Infrastructure Realty has signed a MoU with the Government of Malaysia for development of the proposed Iskandar metropolis at an investment of Rs180bn. (BL)
Ranbaxy has started operations in Yemen by tying up with a local firm, Pharma. (ET)
Aditya Birla group to invest Rs4bn in its retail business under group company Aditya Birla Nuvo.(ET)
Quippo Telecom Infrastructure is likely to buy 49% stake in Tata Telecom Teleservices.(TOI)
OnMobile Global to buy a French company in the area of speech recognition software.(BL)
Kinetic Motors in talks with a PE fund and other automakers, in addition to M&M, to raise Rs1.5bn.(Mint)
TRAI asks Government to prescribe contingent rollout obligations and seek additional bank guarantees from Reliance Communications and Tata Teleservices.(BS)
Allahabad Bank plans a rights issue for raising
Tier I capital without diluting government stake.(DNA)
UTI MF may defer its IPO to July in view of financial turmoil in global markets.(FE)
Tata group plans to enter the business of operating and managing ATMs through Tata Communications.(Mint)
Tata Investment to raise Rs7.2bn through a rights issue of zero coupon convertible bonds.(ET)
HSBC acquires 73.2% stake in IL&FS Investsmart for Rs11bn in cash.(BL)
Pidilite Industries exploring possibilities to acquire majority stake in European or US companies.(BS)
Gateway Distriparks plans to double the capacity of its cold storage warehouses. (DNA)
Himatsingka has disclosed a MTM loss of Rs1.75bn (as on March 10, 2008) on a derivative deal with HDFC Bank, for which it has sued the bank. (BS)
Bombay Dyeing is considering demerging its real estate business into a separate company. (DNA)
Tata Coffee is eyeing an acquisition in Russia. (DNA)
Raymond has re-launched its popular brand Be and plans to re-open Be: apparel stores. (ET)
Videocon Industries plans to make mobile handsets. (DNA)
Reliance BIG Entertainment, part of the ADAG group, to invest US$1bn in the Indian film and end entertainment business.(ET)
Global Steel Holdings plans to invest US$450mn to double its capacity at Delta Steel Company in Nigeria to 2.4mtpa.(ET)
HCL Technologies in talks for an acquisition in the life sciences space.(DNA)
Godrej group and Videocon Industries sounded out on a possible bid for GE’s appliances division.(ET)
Bahrain Telecommunications may acquire a listed Indian operation.(Mint)
Hyundai plans to launch a US$3,500 car in India by 2012.(TOI)
Shree Precoated Steels decides to hive off its steel business into a separate company.(ET)
Mercator Lines enters into coal mining business through its subsidiary in Singapore.(DNA)
Bharti Airtel to start its Sri Lanka operations this year.(ET)
Omaxe plans to foray into Dubai property market
Sunday, May 18, 2008
Good News
Paid trial for one week is Rs.1750/-
Add Rs.175/- towards Bank Charges if Depositing Cash
For Intraday service,we are taking 1000 rs fees in advance
( fees of 2-3 calls in advance).
For Positional Calls service, we are taking 1000 rs in advance
( fees of 2-3 call in advance).
Note :
Foreign Clients Please Inform Us By E-Mail After Sending Money Through Western Union Money Transfer About Allocation Number.
Indian Clients Please Inform Us By E-Mail After Sending Money Or After Deposit Of Money In Our ICICI Bank Account.
You will be added in our list instantly
Note -:
Payment
We have HDFC BANK,ICICI BANK Payment options
Add Rs.175/- towards Bank Charges if Depositing Cash
For Intraday service,we are taking 1000 rs fees in advance
( fees of 2-3 calls in advance).
For Positional Calls service, we are taking 1000 rs in advance
( fees of 2-3 call in advance).
Note :
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Friday, May 16, 2008
FIIs continue buying ????
SELL ON HIGH IS TODAYS GAME TO KNOW MORE SUBSCRIBE FOR LEVELS
FOR Pre Market Watch - May 16 2008 VISIT
http://www.freewebs.com/jgs-investments/marketwhisper.htm
FOR Pre Market Watch - May 16 2008 VISIT
http://www.freewebs.com/jgs-investments/marketwhisper.htm
Thursday, May 15, 2008
Trading Calls - May 15 2008
OUT BTST - NIFTY,POLARIS,ONGC,GAIL,AISHWARYA,HCL TECH .........
ON RADAR - IFLEX,MARUTI,LANCO INFRA,SESAGOA,RCOM,,,,,,,,,,,
We recommend a Buy call on LITL with stop loss of 492 for the target of 526, 538 and 545
We recommend a Buy call on SIEMENS with stop loss of 568 for the target of 597, 609 and 626.
OVERALL VIEW ABOUT MARKETS TODAY :Markets will be opening with positive note with a gap of 100-125
points on positive side on Sensex. Markets will be moving up with renewed support from institutions and operators. . Markets will have usual high volatility. Technology, Infrastructure and communication shares gaining ground
So now it is important to keep an eye on that trend line which is working as a support line. For today supports are 4953 , 4912 and resistances are 5047, 5084 and 5141
Today's Pick - Polaris Software
We recommend a buy in Polaris Software Lab from a short-term perspective. It is clearly visible from the charts that the stock has formed a significant trough at Rs 62 in January.
This trough has halted the long-term down trend that was in motion since the 2007 peak at Rs 237. The double-bottom pattern spanning almost three months between January and April this year signals a possible long-term reversal.
On April 17, the stock conclusively broke through the baseline of this double-bottom pattern, indicating bullishness.
We notice good volume support over the past four weeks. The daily momentum indicator has re-entered the bullish region. We are bullish on the stock in the short-term and expect it to move up to our target price level of Rs 124 in the forthcoming trading sessions. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 104.
Bulls may be tested again
Markets started off the day with a negative bias mirroring overnight losses in the US markets. However, as the day progressed key indices gradually gained momentum on back of positive cues from the Asian markets. The momentum was further carried as the IT and Metal stocks attracted buying which saw the Nifty index close above the crucial 5k mark. Finally, the BSE benchmark Sensex ended 225 points higher to close at 16,948 and the Nifty index gained 53 points to close at 5,011.
Overall about 1,417 stocks advanced; 1,245 stocks declined while 88 stocks remained unchanged. Among the 50-Nifty 37 stocks ended in green and 13 stocks ended in red.
Cement stocks could be under pressure after companies pledged to cut prices, joining steelmakers in the government's efforts to curb inflation.
BASF SE, the promoter of BASF India has announced a voluntary Open Offer to purchase up to 6,289,591 shares (constituting 22.3% of the issued share capital of BASF India) at Rs274 per share for a total consideration of Rs1.72bn (assuming full acceptances are received in the Offer).
Sun Pharma Advanced gained by over 2% to Rs95 after the company announced its Q4 net profit at Rs144.7mn (up 190.5%) and the revenue was at Rs245.1mn. The scrip touched an intra-day high of Rs100 and a low of Rs93 and recorded volumes of over 14,00,000 shares on NSE.
LITL rallied by over 10% to Rs513 after the company announced that it secured Rs80bn International terminal project in Kerala. The scrip touched an intra-day high of Rs526 and a low of Rs446 and recorded volumes of over 17,00,000 shares on NSE.
JSW Steel surged by over 4% to Rs996 after the company announced that it posted 14% growth in crude steel production in April' 2008 including production of Salem works for corresponding period on comparable basis. JSW Steel also registered a 12% growth in Rolled flat product (HR Coils & Plates) & 33% growth in Rolled long products segments. The scrip touched an intra-day high of Rs1044 and a low of Rs950 and recorded volumes of over 5,00,000 shares on NSE.
The IT stocks were in momentum as the Indian rupee further depreciated to Rs42.45 per dollar. IT bellwether Infosys gained by over 4.5% to Rs1826, Satyam gained by a percent to Rs501, Wipro advanced by 2% to Rs503 and i-Flex added over 4.5% to Rs1386.
Apollo Tyres ended flat to Rs42, there were reports stating that Apollo Tyres partly owned by Michelin & Cie. would spend Rs10bn this year to raise capacity. The scrip touched an intra-day high of Rs43 and a low of Rs42 and recorded volumes of over 1,00,000 shares on NSE.
SCI rallied by over 6% to Rs258 after the board of directors of the company said it will consider bonus issue proposal. The board of directors of the company would meet on May 20, 2008 to consider the proposal. The scrip touched an intra-day high of Rs264 and a low of Rs249 and recorded volumes of over 3,00,000 shares on NSE.
Corporate News
The Joint Venture between SREI Infrastructure Finance and BNP Paribas Lease Group - announced last year - has started operations in April under the name of SREI Infrastructure Development Finance Pvt Ltd.
A JV between Kirloskar Brothers, Maytas Infrastructure and MEIL has received a contract worth Rs9.34bn from the Irrigation & CAD Department of the Andhra Pradesh government. Kirloskar Brothers' portion of this order is Rs1.5bn.
Kinetic Motors has clarified that the news about M&M buying a majority stake in it is purely speculative. The company says it is exploring various alternatives to raise funds for its two wheeler business. However, no definitive agreement has been entered with any investor or M&M.
Trans Freight Containers has sold the entire 30,00,000 shares of Morteo Trans Freight Reefer Containers and therefore the latter is no longer a subsidiary of the company.
Tata group plans to up stakes in globally active subsidiaries by 3-4% this year. (BS)
Bharti and MTN in talks for 50:50 cash-share deal. (BS)
Lafarge buys L&T’s concrete business for Rs14.8bn. (BS)
Consortium led by Lanco Infratech wins Rs80bn Kerala port project. (Mint)
SBI and GE Money split credit card JV into two separate operations. (Mint)
Kotak Mahindra Bank to raise US$1.2bn. (Mint)
EDS arm, Mphasis may go private following HP deal. (Mint)
Punj Lloyd plans to offer onshore oil rigs to Libya’s National Oil Corporation. (Mint)
Supreme Court stays order against Tata-BEST power pact. (Mint)
Satyam loses appeal barring its moves to block the online mobile payment company Upaid’s fraud and forgery claims against it in Texas. (Mint)
Belgium based Cockerill Maintenance and Ingenierie makes open offer to acquire 20% in Flat Products. (BS)
Apollo Tyres will spend Rs10bn to add capacity. (BS)
Maharashtra government takes ICICI Lombard to court for not settling farmer related claims. (BS)
Lupin embarks on Rs3bn expansion plan. (BL)
ONGC promoted company enters into MoU with Torrent Energy for supply of bulk power at Dahej. (BL)
Cash crunch affects IOC’s investment plans; part retail expansion proposal on hold. (BL)
Shyam Telelink gets CDMA spectrum in Maharashtra. (BL)
BSNL decides to deploy HP’s disaster recovery solutions. (BL)
Vodafone Essar seeks FIPB approval for investment in tower company. (BL)
PNB not to cut deposit rates for now. (BL)
Syndicate Bank reprices its bulk deposits. (BL)
SC dismisses BSNL’s appeal seeking to recover revised charges from BPL Mobile, and Idea Cellular. (FE)
ONGC to boost production from Bassein. (FE)
Omaxe to invest US$20bn to build 1mn homes. (FE)
ONGC files review petition on disputes on being denied entitlement to tax holiday. (FE)
Wadias sue Rahejas for alleged breach of agreement pertaining 478 acres of land, to claim damages of Rs13.7bn. (FE)
GHCL eyes US furnishing firm Linens ’N Thing. (ET)
Mphasis to scale up operations in India, to raise India headcount by 8,000. (ET)
Mascon Global acquires US-based Ebusinessware Inc, for US$35mn. (ET)
HB Stockholdings revises open offer to acquire 20% of DCM Shriram from Rs120 to Rs130 per share. (ET)
PFC signs MoU with Exim Bank of US for a credit of US$800mn. (ET)
SBI set to launch its Mobile Banking Services by end of June. (ET)
Economic News
Shipping regulator exempts Indian vessels from age bar. (BS)
New players allocated spectrum in Kerala. (BS)
Pharma firms opt for in-licensing to increase sales. (BS)
1.565mn demat accounts stay frozen for lack of PAN details. (BL)
Supply to sugar mills may be hit as cane area shrinks. (BL)
Government to consider fresh pricing of gas from KG Basin. (FE)
The railway ministry enters into an agreement with SNFC International, France. (FE)
Indirect tax collection grew 11% in April 2008. (ET)
Excise Duty collection fell by 3.9% to Rs64.10bn in the first month of the fiscal year. (FE)
Custom duty collection grew 24.9% to Rs90.18bn in April 2008 against Rs72.21bn in same month last year. (ET)
Monsoon to reach Kerala on May 29, three days early. (FE)
The DoT may allow foreign telcos to bid during the upcoming 3G auction. (ET)
Railways to consider removing 30% port congestion surcharge on iron ore for local use. (ET)
India tapping Non-NSG’s (Nuclear suppliers group) members to explore possibilities of importing fuel for its nuclear plants
ON RADAR - IFLEX,MARUTI,LANCO INFRA,SESAGOA,RCOM,,,,,,,,,,,
We recommend a Buy call on LITL with stop loss of 492 for the target of 526, 538 and 545
We recommend a Buy call on SIEMENS with stop loss of 568 for the target of 597, 609 and 626.
OVERALL VIEW ABOUT MARKETS TODAY :Markets will be opening with positive note with a gap of 100-125
points on positive side on Sensex. Markets will be moving up with renewed support from institutions and operators. . Markets will have usual high volatility. Technology, Infrastructure and communication shares gaining ground
So now it is important to keep an eye on that trend line which is working as a support line. For today supports are 4953 , 4912 and resistances are 5047, 5084 and 5141
Today's Pick - Polaris Software
We recommend a buy in Polaris Software Lab from a short-term perspective. It is clearly visible from the charts that the stock has formed a significant trough at Rs 62 in January.
This trough has halted the long-term down trend that was in motion since the 2007 peak at Rs 237. The double-bottom pattern spanning almost three months between January and April this year signals a possible long-term reversal.
On April 17, the stock conclusively broke through the baseline of this double-bottom pattern, indicating bullishness.
We notice good volume support over the past four weeks. The daily momentum indicator has re-entered the bullish region. We are bullish on the stock in the short-term and expect it to move up to our target price level of Rs 124 in the forthcoming trading sessions. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 104.
Bulls may be tested again
Markets started off the day with a negative bias mirroring overnight losses in the US markets. However, as the day progressed key indices gradually gained momentum on back of positive cues from the Asian markets. The momentum was further carried as the IT and Metal stocks attracted buying which saw the Nifty index close above the crucial 5k mark. Finally, the BSE benchmark Sensex ended 225 points higher to close at 16,948 and the Nifty index gained 53 points to close at 5,011.
Overall about 1,417 stocks advanced; 1,245 stocks declined while 88 stocks remained unchanged. Among the 50-Nifty 37 stocks ended in green and 13 stocks ended in red.
Cement stocks could be under pressure after companies pledged to cut prices, joining steelmakers in the government's efforts to curb inflation.
BASF SE, the promoter of BASF India has announced a voluntary Open Offer to purchase up to 6,289,591 shares (constituting 22.3% of the issued share capital of BASF India) at Rs274 per share for a total consideration of Rs1.72bn (assuming full acceptances are received in the Offer).
Sun Pharma Advanced gained by over 2% to Rs95 after the company announced its Q4 net profit at Rs144.7mn (up 190.5%) and the revenue was at Rs245.1mn. The scrip touched an intra-day high of Rs100 and a low of Rs93 and recorded volumes of over 14,00,000 shares on NSE.
LITL rallied by over 10% to Rs513 after the company announced that it secured Rs80bn International terminal project in Kerala. The scrip touched an intra-day high of Rs526 and a low of Rs446 and recorded volumes of over 17,00,000 shares on NSE.
JSW Steel surged by over 4% to Rs996 after the company announced that it posted 14% growth in crude steel production in April' 2008 including production of Salem works for corresponding period on comparable basis. JSW Steel also registered a 12% growth in Rolled flat product (HR Coils & Plates) & 33% growth in Rolled long products segments. The scrip touched an intra-day high of Rs1044 and a low of Rs950 and recorded volumes of over 5,00,000 shares on NSE.
The IT stocks were in momentum as the Indian rupee further depreciated to Rs42.45 per dollar. IT bellwether Infosys gained by over 4.5% to Rs1826, Satyam gained by a percent to Rs501, Wipro advanced by 2% to Rs503 and i-Flex added over 4.5% to Rs1386.
Apollo Tyres ended flat to Rs42, there were reports stating that Apollo Tyres partly owned by Michelin & Cie. would spend Rs10bn this year to raise capacity. The scrip touched an intra-day high of Rs43 and a low of Rs42 and recorded volumes of over 1,00,000 shares on NSE.
SCI rallied by over 6% to Rs258 after the board of directors of the company said it will consider bonus issue proposal. The board of directors of the company would meet on May 20, 2008 to consider the proposal. The scrip touched an intra-day high of Rs264 and a low of Rs249 and recorded volumes of over 3,00,000 shares on NSE.
Corporate News
The Joint Venture between SREI Infrastructure Finance and BNP Paribas Lease Group - announced last year - has started operations in April under the name of SREI Infrastructure Development Finance Pvt Ltd.
A JV between Kirloskar Brothers, Maytas Infrastructure and MEIL has received a contract worth Rs9.34bn from the Irrigation & CAD Department of the Andhra Pradesh government. Kirloskar Brothers' portion of this order is Rs1.5bn.
Kinetic Motors has clarified that the news about M&M buying a majority stake in it is purely speculative. The company says it is exploring various alternatives to raise funds for its two wheeler business. However, no definitive agreement has been entered with any investor or M&M.
Trans Freight Containers has sold the entire 30,00,000 shares of Morteo Trans Freight Reefer Containers and therefore the latter is no longer a subsidiary of the company.
Tata group plans to up stakes in globally active subsidiaries by 3-4% this year. (BS)
Bharti and MTN in talks for 50:50 cash-share deal. (BS)
Lafarge buys L&T’s concrete business for Rs14.8bn. (BS)
Consortium led by Lanco Infratech wins Rs80bn Kerala port project. (Mint)
SBI and GE Money split credit card JV into two separate operations. (Mint)
Kotak Mahindra Bank to raise US$1.2bn. (Mint)
EDS arm, Mphasis may go private following HP deal. (Mint)
Punj Lloyd plans to offer onshore oil rigs to Libya’s National Oil Corporation. (Mint)
Supreme Court stays order against Tata-BEST power pact. (Mint)
Satyam loses appeal barring its moves to block the online mobile payment company Upaid’s fraud and forgery claims against it in Texas. (Mint)
Belgium based Cockerill Maintenance and Ingenierie makes open offer to acquire 20% in Flat Products. (BS)
Apollo Tyres will spend Rs10bn to add capacity. (BS)
Maharashtra government takes ICICI Lombard to court for not settling farmer related claims. (BS)
Lupin embarks on Rs3bn expansion plan. (BL)
ONGC promoted company enters into MoU with Torrent Energy for supply of bulk power at Dahej. (BL)
Cash crunch affects IOC’s investment plans; part retail expansion proposal on hold. (BL)
Shyam Telelink gets CDMA spectrum in Maharashtra. (BL)
BSNL decides to deploy HP’s disaster recovery solutions. (BL)
Vodafone Essar seeks FIPB approval for investment in tower company. (BL)
PNB not to cut deposit rates for now. (BL)
Syndicate Bank reprices its bulk deposits. (BL)
SC dismisses BSNL’s appeal seeking to recover revised charges from BPL Mobile, and Idea Cellular. (FE)
ONGC to boost production from Bassein. (FE)
Omaxe to invest US$20bn to build 1mn homes. (FE)
ONGC files review petition on disputes on being denied entitlement to tax holiday. (FE)
Wadias sue Rahejas for alleged breach of agreement pertaining 478 acres of land, to claim damages of Rs13.7bn. (FE)
GHCL eyes US furnishing firm Linens ’N Thing. (ET)
Mphasis to scale up operations in India, to raise India headcount by 8,000. (ET)
Mascon Global acquires US-based Ebusinessware Inc, for US$35mn. (ET)
HB Stockholdings revises open offer to acquire 20% of DCM Shriram from Rs120 to Rs130 per share. (ET)
PFC signs MoU with Exim Bank of US for a credit of US$800mn. (ET)
SBI set to launch its Mobile Banking Services by end of June. (ET)
Economic News
Shipping regulator exempts Indian vessels from age bar. (BS)
New players allocated spectrum in Kerala. (BS)
Pharma firms opt for in-licensing to increase sales. (BS)
1.565mn demat accounts stay frozen for lack of PAN details. (BL)
Supply to sugar mills may be hit as cane area shrinks. (BL)
Government to consider fresh pricing of gas from KG Basin. (FE)
The railway ministry enters into an agreement with SNFC International, France. (FE)
Indirect tax collection grew 11% in April 2008. (ET)
Excise Duty collection fell by 3.9% to Rs64.10bn in the first month of the fiscal year. (FE)
Custom duty collection grew 24.9% to Rs90.18bn in April 2008 against Rs72.21bn in same month last year. (ET)
Monsoon to reach Kerala on May 29, three days early. (FE)
The DoT may allow foreign telcos to bid during the upcoming 3G auction. (ET)
Railways to consider removing 30% port congestion surcharge on iron ore for local use. (ET)
India tapping Non-NSG’s (Nuclear suppliers group) members to explore possibilities of importing fuel for its nuclear plants
Wednesday, May 14, 2008
BULLS HONEYMOON OVER ????
Nifty below 4800 or above 5000
Only for subscribers
Today's Pick - Indusind Bank
We recommend a sell in IndusInd Bank from a short-term perspective. It is evident from the charts that the stock was on a medium-term uptrend between late March 2008 and early May 2008, from its a low of Rs 68 to an high of Rs 105. After finding resistance around Rs 105, the stock reversed direction and began to decline.
On May 12, the stock breached the medium-term up trendline. The stock witnessed moving average compression at around Rs 90 levels and has now penetrated these average lines. The daily and the weekly momentum indicators are declining in the neutral region.
The stock appears to have resumed the long-term downtrend and we are also bearish on it in the short-term. We expect the stock’s down move to continue until it hits our price target of Rs 74 in the upcoming trading sessions. Investors with short-term perspective can sell the stock while keeping the stop-loss at Rs 90.
NEWS
Indian ADRs concluded the day on a negative note on NYSE
barring ICICI Bank (up 0.54%). Laggards were led by Infosys
Technologies (down 1.28%), HDFC Bank (down 1.07%) and
Wipro (down 0.99%).
Ø India's Bharti Airtel Ltd. is considering buying 100% of South
Africa's MTN Group Ltd. for cash and stock.
Ø Indian utility-vehicle major Mahindra & Mahindra Ltd. is in
talks to buy a majority stake in two-wheeler maker Kinetic
Motor Co. Ltd. for INR700 million-INR800 million ($16.7
million-$19.1 million).
Ø India-based Cals Refineries Ltd. has bought two distillation
plants and a delayed coker plant from Petro-Canada for $110
million.
Ø India-based Cals Refineries Ltd. has bought two distillation
plants and a delayed coker plant from Petro-Canada for $110
million.
Ø The US Exim has committed a $2.2 billion line of credit to fund
infrastructure projects in the country. In addition, it also plans
credit support of another $6 billion for funding of aircraft
purchases by Air India and Jet Airways over the next few years .
Ø As part of its efforts to narrow the time between the allocation
of shares in a public issue and their listing, the Securities and
Exchange Board of India on Tuesday gave an ‘in-principle’ nod
to marking lien on bank account as an alternative mode of
payment in public and rights issues.
Ø Reserve Bank of India (RBI) has taken a hardline approach to
the country’s largest private bank ICICI’s investments in ICICI
Venture the country’ biggest private equity fund.
Only for subscribers
Today's Pick - Indusind Bank
We recommend a sell in IndusInd Bank from a short-term perspective. It is evident from the charts that the stock was on a medium-term uptrend between late March 2008 and early May 2008, from its a low of Rs 68 to an high of Rs 105. After finding resistance around Rs 105, the stock reversed direction and began to decline.
On May 12, the stock breached the medium-term up trendline. The stock witnessed moving average compression at around Rs 90 levels and has now penetrated these average lines. The daily and the weekly momentum indicators are declining in the neutral region.
The stock appears to have resumed the long-term downtrend and we are also bearish on it in the short-term. We expect the stock’s down move to continue until it hits our price target of Rs 74 in the upcoming trading sessions. Investors with short-term perspective can sell the stock while keeping the stop-loss at Rs 90.
NEWS
Indian ADRs concluded the day on a negative note on NYSE
barring ICICI Bank (up 0.54%). Laggards were led by Infosys
Technologies (down 1.28%), HDFC Bank (down 1.07%) and
Wipro (down 0.99%).
Ø India's Bharti Airtel Ltd. is considering buying 100% of South
Africa's MTN Group Ltd. for cash and stock.
Ø Indian utility-vehicle major Mahindra & Mahindra Ltd. is in
talks to buy a majority stake in two-wheeler maker Kinetic
Motor Co. Ltd. for INR700 million-INR800 million ($16.7
million-$19.1 million).
Ø India-based Cals Refineries Ltd. has bought two distillation
plants and a delayed coker plant from Petro-Canada for $110
million.
Ø India-based Cals Refineries Ltd. has bought two distillation
plants and a delayed coker plant from Petro-Canada for $110
million.
Ø The US Exim has committed a $2.2 billion line of credit to fund
infrastructure projects in the country. In addition, it also plans
credit support of another $6 billion for funding of aircraft
purchases by Air India and Jet Airways over the next few years .
Ø As part of its efforts to narrow the time between the allocation
of shares in a public issue and their listing, the Securities and
Exchange Board of India on Tuesday gave an ‘in-principle’ nod
to marking lien on bank account as an alternative mode of
payment in public and rights issues.
Ø Reserve Bank of India (RBI) has taken a hardline approach to
the country’s largest private bank ICICI’s investments in ICICI
Venture the country’ biggest private equity fund.
Tuesday, May 13, 2008
ONLY MONEY MAKING
OUR BTST NIFTY ,CHAMBAL FERTILIZER,GITANJALI,CESC,RNRL,RPL......
The Sensex will now face resistance at 17,100 and Nifty at 5080
Yesterday's lows will be the supports now; for the Sensex, it is 16,546 and for
Nifty, 4913, he adds. One will see volatility, low volumes and scrip specific action in the market now
WE WILL PYAY WITH THIS ESSAROIL,HINDOIL,BAJAJ AUTO,RCOM,Maruti,M&M
Today's Pick - CESC
We recommend a buy in CESC from a short-term perspective. The charts of CESC show that it has been on a medium-term up trend form its March 2008 low of Rs 360 level. The stock conclusively penetrated the medium-term down trendline (that commenced from the January high of Rs 715) in mid-April and progressed upwards. This up-move has also taken the stock above its50-day moving average.
The daily momentum indicator has re-entered the bullish zone form the neutral region and the daily moving average convergence and divergence is featuring in the positive territory. The fact that the stock is sustaining above the medium-term up trendline, is also a positive for the stock.
We expect it to rally to our price target level of Rs 552 in the forthcoming trading sessions. Investor with short-term perspective can buy CESC while keeping the stop-loss at Rs 460.
The Sensex will now face resistance at 17,100 and Nifty at 5080
Yesterday's lows will be the supports now; for the Sensex, it is 16,546 and for
Nifty, 4913, he adds. One will see volatility, low volumes and scrip specific action in the market now
WE WILL PYAY WITH THIS ESSAROIL,HINDOIL,BAJAJ AUTO,RCOM,Maruti,M&M
Today's Pick - CESC
We recommend a buy in CESC from a short-term perspective. The charts of CESC show that it has been on a medium-term up trend form its March 2008 low of Rs 360 level. The stock conclusively penetrated the medium-term down trendline (that commenced from the January high of Rs 715) in mid-April and progressed upwards. This up-move has also taken the stock above its50-day moving average.
The daily momentum indicator has re-entered the bullish zone form the neutral region and the daily moving average convergence and divergence is featuring in the positive territory. The fact that the stock is sustaining above the medium-term up trendline, is also a positive for the stock.
We expect it to rally to our price target level of Rs 552 in the forthcoming trading sessions. Investor with short-term perspective can buy CESC while keeping the stop-loss at Rs 460.
Monday, May 12, 2008
Watch : BASF TGT 260 HOLD 5 DAY
Today, Nifty has support at 4,853 and resistance at 5,079 and BSE Sensex has support at 16,448 and resistance at 17,06
The Indian Market is likely to have a negative opening due to unfavoring cues from the Asian markets. On Friday, Indian market closed in red due to negative cues like the growth in domestic inflation figures that rose at the fastest pace in three and half years to 7.61% in the week ended 26th April. Also the surge in global crude oil prices above $125 led to the negative sentiments in the market. From the sectoral front, the oil and gas stocks faced the heavy selling across the counters. The BSE Sensex closed lower by 343.58 points at 16737.07 and NSE Nifty fell by 99.10 points to close at 4,982.60. We expect that the market may remain volatile during the trading session
Results Today: Blue Star, Dewan Housing Finance, Graphite India, Indiabulls Real Estate, RCF and Unichem Labs.
Today's Pick - EIH
We recommend a sell in EIH from a short-term perspective. From charts of the EIH, we note that the stock has been on a downtrend (forming lower peaks and lower troughs) form its 52-week high of Rs 246 (touched on January 7).
However, in late March the stock found support at around Rs 119 levels and witnessed a corrective up move to Rs 160 level.
The stock met with a resistance (down trendline) around Rs 160 levels during late April and it failed to surpass this resistance due to selling pressure. Subsequently the stock began to decline and it appears to have resumed its downtrend.
On May 9, the stock fell penetrating the 50- and 200-day moving averages, indicating further bearishness. The daily momentum indicator is on the verge of entering the bearish zone.
A cross over in the daily moving average convergence and divergence indicates a sell signal. We are bearish on the stock in the short-term.
We expect the stock’s downtrend to continue until it hits our price target of Rs 124 in the upcoming trading sessions. Investor with short-term perspective can sell the stock while keeping the stop-loss at Rs 149.
Corporate News
India’s largest DTH company Dish TV to offer free set-top boxes.(BS)
Ranbaxy is likely to announce a drug discovery research tie-up with US drug manufacturer Merck.(BS)
M&M announces an upward revision of vehicle prices in the range of 1.5-2.5%.(BL)
NTPC on the look out for coal mines abroad.(BL)
Heidelberg consolidates its cement business in India.(BS)
DLF Assets is likely to launch an IPO of its office trust in Singapore by June to raise US$2 billion.(BS)
Bharti Airtel-MTN alliance talk gets a boost as a key investor backs the deal.(BL)
Spencer's Retail, a RPG group company, to invest Rs15bn to open 250 new retail outlets within a year.(BS)
SBI to add 1,000 branches in rural and semi-urban areas in the current fiscal.(BL)
Reliance Communications awards US$400mn deal to Alcatel-Lucent for network managed services.(Mint)
Great Offshore to acquire SeaDragon Offshore for US$1.4bn.(BS)
Idea Cellular may withdraw from Indus Towers.(FE)
Thermax India plans to invest Rs2bn on expansion in the current fiscal.(ET)
GMDC on the look out for coal mine partners in Africa; to set up three power projects.(BL)
Essar Power gets government approval to operate as a holding company and infuse up to Rs80bn as FDI.(BS)
Hungarian firm MOL Hungarian Oil and Gas Plc acquires a 35% stake in onshore exploration block of ONGC in the Himalayan foothills.(FE)
Kotak Mahindra Bank makes a provision of Rs860mn in the March quarter for potential losses from derivative transactions of its clients.(BS)
Telcel, Emirates Telecommunications and Altimo are in race to pick up equity worth US$1bn in Tata Teleservices.(ET)
BPCL, Indian Oil seek a relook into the impact of 10% ethanol blending.(FE)
Satyam Computer draws up capital expenditure of US$125mn to develop four SEZs.(BL)
GVK Power & Infrastructure gets in-principle approval to generate gas-fuelled power of 1,500MW.(Mint)
Idea Cellular cuts STD and roaming rates.(ET)
Reliance Industries to use closed fuel outlets for malls and multiplexes; earmarks Rs50bn for the project.(BS)
Health insurer Apollo DKV plans to invest up to Rs5bn in the next five years.(FE)
ADAG may pick up a stake in AB Corp.(ET)
Blackstone, New Vernon and ADAG pick up stake in Everonn Systems.(TOI)
Lafarge discusses with L&T to acquire the latter’s ready mix concrete business for Rs12bn.(ET)
Infotech Enterprises receives a three year contract from Powercor Australia.(DNA)
BHEL has formally taken over Bharat Heavy Plate & Vessels.(ET)
Vishal Retail plans to raise Rs24bn over the next three years for its expansion.(DNA)
Tata Power to raise Rs14bn through issue of shares to its promoters.(ET)
Bennett, Coleman & Co, India’s largest print media company, plans an IPO.(BS)
Barclays to set up a 5,000 seat captive BPO unit in India.(ET)
BSNL has set a slew of stiff conditions for companies who want to participate in its Rs400bn tender for a 93mn GSM lines.(ET)
ONGC has put its plans on hold to roll out fuel retail outlets.(TOI)
Reliance Money has tied up with Sify Technologies to sell its financial products.(ET)
Economic News
Higher prices of fruits and manufactured goods like locomotives and non-ferrous metals push WPI to 7.61% for week ended April 26th, the highest since November 2004.(BL)
Non-life insurance companies may get approval to change the coverage, wordings, terms and conditions of policies.(BS)
Bank credit for the fortnight ended April 25th declines by Rs 120bn.(BL)
Government notifies export duty of up to 15% on various steel products to contain price rise of the alloy.(BS)
Cement prices decline by Rs6 per bag to Rs210 in Gujarat. (DNA)
Government to seek annual fee from successful bidders of non-metro airports.(BL)
GMR and GVK plan to increase landing and parking fees at the airport.(ET)
3G players not suited for India, TRAI cautions finance ministry.(FE)
Steel companies may roll back prices as government has notified export duty on steel items.(ET)
Union government plans to open a national chain of generic drug stores, one in each district, to sell inexpensive, unbranded medicine.(Mint)
The Supreme Court will decide how coal companies should conduct e-auction.(ET)
Japan to invest Rs85bn to develop nine infrastructure projects in India.(ET)
Civil aviation ministry is considering a capital infusion of Rs10bn in Air India.
The Indian Market is likely to have a negative opening due to unfavoring cues from the Asian markets. On Friday, Indian market closed in red due to negative cues like the growth in domestic inflation figures that rose at the fastest pace in three and half years to 7.61% in the week ended 26th April. Also the surge in global crude oil prices above $125 led to the negative sentiments in the market. From the sectoral front, the oil and gas stocks faced the heavy selling across the counters. The BSE Sensex closed lower by 343.58 points at 16737.07 and NSE Nifty fell by 99.10 points to close at 4,982.60. We expect that the market may remain volatile during the trading session
Results Today: Blue Star, Dewan Housing Finance, Graphite India, Indiabulls Real Estate, RCF and Unichem Labs.
Today's Pick - EIH
We recommend a sell in EIH from a short-term perspective. From charts of the EIH, we note that the stock has been on a downtrend (forming lower peaks and lower troughs) form its 52-week high of Rs 246 (touched on January 7).
However, in late March the stock found support at around Rs 119 levels and witnessed a corrective up move to Rs 160 level.
The stock met with a resistance (down trendline) around Rs 160 levels during late April and it failed to surpass this resistance due to selling pressure. Subsequently the stock began to decline and it appears to have resumed its downtrend.
On May 9, the stock fell penetrating the 50- and 200-day moving averages, indicating further bearishness. The daily momentum indicator is on the verge of entering the bearish zone.
A cross over in the daily moving average convergence and divergence indicates a sell signal. We are bearish on the stock in the short-term.
We expect the stock’s downtrend to continue until it hits our price target of Rs 124 in the upcoming trading sessions. Investor with short-term perspective can sell the stock while keeping the stop-loss at Rs 149.
Corporate News
India’s largest DTH company Dish TV to offer free set-top boxes.(BS)
Ranbaxy is likely to announce a drug discovery research tie-up with US drug manufacturer Merck.(BS)
M&M announces an upward revision of vehicle prices in the range of 1.5-2.5%.(BL)
NTPC on the look out for coal mines abroad.(BL)
Heidelberg consolidates its cement business in India.(BS)
DLF Assets is likely to launch an IPO of its office trust in Singapore by June to raise US$2 billion.(BS)
Bharti Airtel-MTN alliance talk gets a boost as a key investor backs the deal.(BL)
Spencer's Retail, a RPG group company, to invest Rs15bn to open 250 new retail outlets within a year.(BS)
SBI to add 1,000 branches in rural and semi-urban areas in the current fiscal.(BL)
Reliance Communications awards US$400mn deal to Alcatel-Lucent for network managed services.(Mint)
Great Offshore to acquire SeaDragon Offshore for US$1.4bn.(BS)
Idea Cellular may withdraw from Indus Towers.(FE)
Thermax India plans to invest Rs2bn on expansion in the current fiscal.(ET)
GMDC on the look out for coal mine partners in Africa; to set up three power projects.(BL)
Essar Power gets government approval to operate as a holding company and infuse up to Rs80bn as FDI.(BS)
Hungarian firm MOL Hungarian Oil and Gas Plc acquires a 35% stake in onshore exploration block of ONGC in the Himalayan foothills.(FE)
Kotak Mahindra Bank makes a provision of Rs860mn in the March quarter for potential losses from derivative transactions of its clients.(BS)
Telcel, Emirates Telecommunications and Altimo are in race to pick up equity worth US$1bn in Tata Teleservices.(ET)
BPCL, Indian Oil seek a relook into the impact of 10% ethanol blending.(FE)
Satyam Computer draws up capital expenditure of US$125mn to develop four SEZs.(BL)
GVK Power & Infrastructure gets in-principle approval to generate gas-fuelled power of 1,500MW.(Mint)
Idea Cellular cuts STD and roaming rates.(ET)
Reliance Industries to use closed fuel outlets for malls and multiplexes; earmarks Rs50bn for the project.(BS)
Health insurer Apollo DKV plans to invest up to Rs5bn in the next five years.(FE)
ADAG may pick up a stake in AB Corp.(ET)
Blackstone, New Vernon and ADAG pick up stake in Everonn Systems.(TOI)
Lafarge discusses with L&T to acquire the latter’s ready mix concrete business for Rs12bn.(ET)
Infotech Enterprises receives a three year contract from Powercor Australia.(DNA)
BHEL has formally taken over Bharat Heavy Plate & Vessels.(ET)
Vishal Retail plans to raise Rs24bn over the next three years for its expansion.(DNA)
Tata Power to raise Rs14bn through issue of shares to its promoters.(ET)
Bennett, Coleman & Co, India’s largest print media company, plans an IPO.(BS)
Barclays to set up a 5,000 seat captive BPO unit in India.(ET)
BSNL has set a slew of stiff conditions for companies who want to participate in its Rs400bn tender for a 93mn GSM lines.(ET)
ONGC has put its plans on hold to roll out fuel retail outlets.(TOI)
Reliance Money has tied up with Sify Technologies to sell its financial products.(ET)
Economic News
Higher prices of fruits and manufactured goods like locomotives and non-ferrous metals push WPI to 7.61% for week ended April 26th, the highest since November 2004.(BL)
Non-life insurance companies may get approval to change the coverage, wordings, terms and conditions of policies.(BS)
Bank credit for the fortnight ended April 25th declines by Rs 120bn.(BL)
Government notifies export duty of up to 15% on various steel products to contain price rise of the alloy.(BS)
Cement prices decline by Rs6 per bag to Rs210 in Gujarat. (DNA)
Government to seek annual fee from successful bidders of non-metro airports.(BL)
GMR and GVK plan to increase landing and parking fees at the airport.(ET)
3G players not suited for India, TRAI cautions finance ministry.(FE)
Steel companies may roll back prices as government has notified export duty on steel items.(ET)
Union government plans to open a national chain of generic drug stores, one in each district, to sell inexpensive, unbranded medicine.(Mint)
The Supreme Court will decide how coal companies should conduct e-auction.(ET)
Japan to invest Rs85bn to develop nine infrastructure projects in India.(ET)
Civil aviation ministry is considering a capital infusion of Rs10bn in Air India.
Friday, May 9, 2008
Happiness Comes with US
Market is expected to show volatility
Sell Nifty at higher levels ??? or ????
Only for subscribers
Big volatility next week ????
subscribe to avoid loss
Visit for today predictions
http://www.freewebs.com/jgs-investments/marketwhisper.htm
Sell Nifty at higher levels ??? or ????
Only for subscribers
Big volatility next week ????
subscribe to avoid loss
Visit for today predictions
http://www.freewebs.com/jgs-investments/marketwhisper.htm
Thursday, May 8, 2008
YESTERDAY WE SAID SELL NIFTY ,17200 has to come at any cost
Mantra of Successful Trader
Our Trading Call of BOMBAY DYEING achieved it's target smoothly.
Our Trading Call of POLARIS , INDIABULLS SECURITY , flared 2 to 3% EACH
Nifty 5050 level should not be broken level to watch
Today's Pick - LLyod Electric and Engineering
We recommend a buy in Lloyd Electric & Engineering from a short-term perspective. The charts of the stock show that it has been on a medium-term uptrend from its 52-week low of Rs 89.25 (touched in late March 2008). While trending up, the stock crossed the 21- and 50-day moving averages in succession and it has been forming higher peaks and higher troughs.
We notice that there is an increase in volumes traded over the past three trading sessions. In the recent times, the daily momentum indicator has also entered the bullish zone and it is currently featuring in this zone.
Moreover, the daily moving average convergence and divergence is featuring in the positive territory, indicating bullishness. Our short-term outlook for the stock is bullish. We expect the stock’s medium-term uptrend to continue until it hits our price target of Rs 142. Investor with short-term perspective can buy the stock while keeping the stop-loss at Rs 118 level
Local market are braced for weak start tracking negative global cues. Also the impact of spiralling crude oil prices, which struck a fresh record just under $124 a barrel yesterday, 7 May 2008, on inflation will continue to weigh on investor sentiment.
Oil prices for June delivery fell 6 cents to US$123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1564 companies showed 18.30% rise in net profit on 22.60% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.60% rise in net profit on 23.40% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading lower today, 8 May 2008, as financial stocks slipped. Shanghai Composite (down 0.05% at 3,577.35), Hang Seng (down 0.23% at 25,550.72), Japan's Nikkei 225 average (down 0.88% at 13,978.94), Straits Times (down 1.35% at 3,185.36), Taiwan Weighted (down 0.55% at 8,876.97) and Seoul Composite (down 0.02% at 1,852.97) declined.
As per provisional data, foreign funds bought shares worth a net Rs 88.30 crore yesterday, 7 May 2008. Domestic funds bought shares worth a net Rs 234.83 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 232.94 crore in the futures & options segment yesterday 7 May 2008. They were net sellers of index futures to the tune of Rs 156.68 crore and bought index options worth Rs 48.59 crore. They were net sellers of stock futures to the tune of Rs 170.83 crore and bought stock options worth Rs 45.98 crore.
Our Trading Call of BOMBAY DYEING achieved it's target smoothly.
Our Trading Call of POLARIS , INDIABULLS SECURITY , flared 2 to 3% EACH
Nifty 5050 level should not be broken level to watch
Today's Pick - LLyod Electric and Engineering
We recommend a buy in Lloyd Electric & Engineering from a short-term perspective. The charts of the stock show that it has been on a medium-term uptrend from its 52-week low of Rs 89.25 (touched in late March 2008). While trending up, the stock crossed the 21- and 50-day moving averages in succession and it has been forming higher peaks and higher troughs.
We notice that there is an increase in volumes traded over the past three trading sessions. In the recent times, the daily momentum indicator has also entered the bullish zone and it is currently featuring in this zone.
Moreover, the daily moving average convergence and divergence is featuring in the positive territory, indicating bullishness. Our short-term outlook for the stock is bullish. We expect the stock’s medium-term uptrend to continue until it hits our price target of Rs 142. Investor with short-term perspective can buy the stock while keeping the stop-loss at Rs 118 level
Local market are braced for weak start tracking negative global cues. Also the impact of spiralling crude oil prices, which struck a fresh record just under $124 a barrel yesterday, 7 May 2008, on inflation will continue to weigh on investor sentiment.
Oil prices for June delivery fell 6 cents to US$123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1564 companies showed 18.30% rise in net profit on 22.60% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.60% rise in net profit on 23.40% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading lower today, 8 May 2008, as financial stocks slipped. Shanghai Composite (down 0.05% at 3,577.35), Hang Seng (down 0.23% at 25,550.72), Japan's Nikkei 225 average (down 0.88% at 13,978.94), Straits Times (down 1.35% at 3,185.36), Taiwan Weighted (down 0.55% at 8,876.97) and Seoul Composite (down 0.02% at 1,852.97) declined.
As per provisional data, foreign funds bought shares worth a net Rs 88.30 crore yesterday, 7 May 2008. Domestic funds bought shares worth a net Rs 234.83 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 232.94 crore in the futures & options segment yesterday 7 May 2008. They were net sellers of index futures to the tune of Rs 156.68 crore and bought index options worth Rs 48.59 crore. They were net sellers of stock futures to the tune of Rs 170.83 crore and bought stock options worth Rs 45.98 crore.
Wednesday, May 7, 2008
Shares of Aishwarya Telecom Ltd. will get listed today.
Today, Nifty has support at 5,012 and resistance at 5,239 and BSE Sensex has support at 17,134 and resistance at 17,768
A tough lesson in life that one has to learn is that not everybody wishes you well.
After a strong April, the bulls are suddenly finding it tough to feel well and extend the rally this month. The flow of bad news from all fronts has moderated though crude and inflation continue to soar. The market's behaviour over the fast few days has been quite inexplicable. While on Friday, the key indices rallied despite inflation soaring to a 42-month high, this week they have struggled to advance beyond last week's closing levels. In fact, the Nifty on Tuesday slipped below the 200 Day Moving Average (DMA) after surpassing the key technical level only last week. We see the market continuing in a sideways fashion in the near term.
Neither the bulls and nor the bears will be able to hold sway over the market. In short, there will be alternative bouts of buying and selling. While local institutions and even the retail investors have been supportive, it is the FII inflows which are of some concern. Global markets too have been choppy. Commodity prices, especially that of crude oil have jumped quite sharply. So, inflation will remain a bugbear for the bulls for quite a while before it softens. A good monsoon will definitely help the bulls' cause. But that will take some time.
Today, the market may open higher following the overnight gains on Wall Street. But, the trend will turn choppy again as the day wears on.
FIIs were net sellers of Rs8.16bn (provisional) in the cash segment yesterday while the local institutions pumped in Rs2.95bn. In the F&O segment, foreign funds were net sellers of Rs2.63bn. On Monday, FIIs were net sellers of Rs3.07bn in the cash segment. Mutual Funds were net buyers of Rs1.41bn on the same day.
Shares of Aishwarya Telecom Ltd. will get listed today. The IPO was subscribed 20 times.
Results Today: Batliboi, Blue Star Infotech, MRPL, Mid-Day, Praj Industries, Punjab Tractors, Shree Cement, Swaraj Engines and Union Bank.
Asian markets were largely up this morning, led by raw material producers and car makers after commodity prices advanced and Toyota said it will raise prices of some vehicles in North America.
BHP Billiton and Inpex Holdings, Japan's biggest oil explorer, led gains after crude futures reached a record. Toyota climbed to a two-month high. IHI Corp. rallied after the Nikkei newspaper said Japan's third-largest maker of heavy machinery may report its first profit in three years.
The MSCI Asia Pacific Index added 0.6% to 153.20 as of 10:22 a.m. in Tokyo, extending a three-day, 2% advance. Commodity producers jumped 1.4%, the biggest increase among the index's 10 industry groups.
The Nikkei in Tokyo climbed 130 points or 0.9% to 14,179, following a two-day holiday. The Hang Seng in Hong Kong was down 89 points or 0.3% at 26,172 while the Kospi in Seoul and the Straits Times in Singapore were at 1858 and 3249, respectively.
The Shanghai Composite in China lost 4 points at 3729 while the Taiex in Taiwan added 97 points or 1.1% to 8954. Australia's S&P/ASX 2oo in Sydney was up 5 points at 5706. Indexes gained elsewhere in Asia, except for New Zealand.
US stocks advanced on Tuesday as growing optimism over the state of the economy and the credit crunch countered record-high oil prices and big losses at financial firms. The rally sent S &P 500 Index to a four-month high.
Fannie Mae shares gained, helping financial stocks erase a 1.9% decline, on a regulatory decision that will enable the biggest mortgage-finance company to buy more home loans. AMD gained the most since January on speculation that the No.2 chipmaker may be split up.
The S &P 500 added 10.77 points, or 0.8%, to 1,418.26. The Dow Jones Industrial Average rose 51.29 points, or 0.4%, to 13,020.83. The Nasdaq Composite Index jumped 19.19 points, or 0.8%, to 2,483.31.
Market breadth was positive. Two stocks gained for each that fell on the New York Stock Exchange.
After the close, Cisco Systems reported quarterly sales and earnings that topped forecasts, sending shares 2% higher in extended-hours trading.
No market-moving earnings reports are expected on Wednesday. Economic news on the agenda includes the March pending home sales index and the weekly oil inventories report.
US stocks fell in the morning trade as crude oil prices spiked to a record $122.35 a barrel and Fannie Mae and other financial firms reported big quarterly losses. But the market stabilised by midday, as investors looked beyond rising crude prices and opted to snap up technology and financial shares.
Wall Street has rebounded since mid-March, with stocks rising nearly 15% off the lows. Investors are hopeful that any recession will be mild and that the Federal Reserve's monetary actions are starting to work.
Yahoo added 5.5% as investors bet that the Microsoft deal might actually end up going through after all.
Fannie Mae reported a steeper-than-expected quarterly loss due to increasing mortgage defaults and ongoing problems in the credit markets. Fannie Mae also said that it's cutting its dividend and will raise $6bn in capital through a stock sale. Looking forward, the mortgage financier said it expects severe weakness in the housing market in 2008. However, the stock gained nearly 9%.
Before the trading started, Swiss bank UBS reported a steep quarterly loss amid the US subprime fallout, and said it was cutting about 7% of its workforce, or roughly 5,500 jobs. UBS also said it was selling $15bn in subprime and other mortgage-based debt from its portfolio to BlackRock. Shares lost 1.5%.
Target said it is selling almost half of its credit card receivables to JP Morgan Chase for about $3.6bn as a means of raising cash.
In other news, Federal Reserve Chairman Ben Bernanke said that the spike in foreclosures are a result of falling home prices and require a big government and private-sector response.
US light crude oil for June delivery rose $1.87 to settle at $121.84 a barrel on the New York Mercantile Exchange, a record settlement price. Earlier, oil hit a new record trading high of $122.73 a barrel.
A Goldman Sachs analyst said that oil prices could reach $150 to $200 within the next six months to two years due to supply shortages.
The national average price for a gallon of regular unleaded gas slipped to $3.610 from $3.611 the previous day, according to AAA. It was the fifth day in a row of declines after gas prices hit records for 17 straight days.
COMEX gold for June delivery rose $3.60 to $877.70 an ounce. The dollar fell versus the euro and the yen. Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.92% from 3.86% late on Monday.
Stocks in Europe lost ground. Financials dropped after UBS, Lloyds TSB and Swiss Re detailed credit-market losses, countering gains in the resource sector on the back of rising commodity prices.
The pan-European Stoxx 600 index lost 0.5% at 326.69, having gained around 12% since the middle of March. The index is still down around 11% for 2008. Germany's DAX 30 fell 0.5% to 7,017.10, while the French CAC-40 slipped 0.4% to 5,040.82. The UK's FTSE 100 finished flat at 6,215.20.
In the emerging markets, the Bovespa in Brazil ended flat at 70,195 while the IPC index in Mexico gained 0.85% to 31,223. The RTS index in Russia was up 0.6% to 2153 and the ISE National 30 index in Turkey dived 1.6% to 53,120
Market delicately poised
Indian bourses ended in red for second straight trading session tracking a fall in the Asian markets. The Asian stocks dropped for the first time in three days led by fall in financial companies.
Sentiments further dampened as European markets opened with negative bias after Swiss bank UBS AG announced that it posted a net loss of ~US$10.95bn in the first quarter of this year due largely to write-downs of US$19bn on U.S. real estate and related structured credit positions.
Finally, the BSE benchmark Sensex ended 117 points lower to close at 17,373 and the Nifty index lost 47 points to close at 5,144.
Overall about 975 stocks advanced; 1,711 stocks declined while 67 stocks remained unchanged. Among the 50-Nifty 31 stocks ended in red and 19 stocks ended in green.
SBI was down 1.2% to Rs1756. According to the reports, the company has hiked the interest rates on FCNR (B) deposits in different currencies and on NRE (rupee) term deposit across varying maturities, with effect from May 1, 2008. The scrip touched an intra-day high of Rs1783 and a low of Rs1735 and recorded volumes of over 2,00,000 shares on BSE.
After being in the limelight on Monday, IVRCL Infra slightly lost ground and slipped by 2.8% to Rs454. The company bagged orders worth Rs4.7bn from the irrigation and CAD department of Government of Andhra Pradesh. The scrip touched an intra-day high of Rs471 and a low of Rs445 and recorded volumes of over 1,00,000 shares on BSE.
Mahindra Lifespace gained by 1% to Rs568 after media reports stated that the company won 25acre residential project in Nagpur. The scrip touched an intra-day high of Rs587 and a low of Rs558 and recorded volumes of over 1,00,000 shares on BSE.
UCO Bank further gained by 2% to Rs51 following reports that the bank has received government approval for capital restructuring. The essence of restructuring, UCO Bank would be to issue non-cumulative preference shares of Rs3.25bn by June and conversion of Rs3bn of Government equity into preference shares, according to report.
With conversion, the size of equity capital UCO Bank will get reduced to Rs5bn, comprising Rs3bn of Government holdings and Rs2bn of public holdings. Banks are awaiting Cabinet approval for the conversion, report added. The scrip touched an intra-day high of Rs54 and a low of Rs50 and recorded volumes of over 92,00,000 shares on BSE.
HPCL slipped by 4% to Rs254 as reports stated that 3,500 officers have decided to go on indefinite nation wide strike from today, they were protesting against alleged fiscal mismanagement and arbitrary to its joint venutre with LN Mittal.
Strike will affect the functioning of petrol pumps, aviation refuelling and refinery operations at Mumbai and Vizag. The scrip touched an intra-day high of Rs264 and a low of Rs252 and recorded volumes of over 1,00,000 shares on BSE.
Pritish Nandy was frozen at 10% upper circuit to Rs59.40 after the company announced that they signed a three film deal with US-based Sony Pictures. The scrip touched an intra-day high of Rs59.40 and a low of Rs56 and recorded volumes of over 28,000 shares on BSE.
HCL Infosystems advanced by 1% to Rs201 after the company announced the acquisition of Natural Technologies Pvt Ltd (NTPL), a niche banking software product company.
With three decades of experience providing ICT and infrastructure solutions to the BFSI sector, the acquisition of niche products from NTPL will further consolidate HCL’s leadership position in this sector. The scrip touched an intra-day high of Rs203 and a low of Rs200 and recorded volumes of over 5,000 shares on BSE.
Opto Circuits was down by 2.3% to Rs352. The wholly owned subsidiary of Opto Circuits Mediaid Inc. received approval from the United States Food and Drug Administration for key vital sign monitoring products. The Model 900 and Model 960 Vital Sign Monitors are the first Opto bed-side monitors to receive the crucial approval for marketing in the United States. The scrip touched an intra-day high of Rs365 and a low of Rs346 and recorded volumes of over 14,000 shares on BSE.
Unity Infra edged higher by 0.5% to Rs603 after the company announced that it secured two orders worth Rs2.23bn. The scrip touched an intra-day high of Rs630 and a low of Rs580 and recorded volumes of over 43,000 shares on BSE.
L&T ended lower by 2.3% to Rs3061. The company on Tuesday secured orders worth Rs3.4bn from Power Grid for construction of transmission lines in Maharashtra. The company also plans to look for orders for constructing passenger cruise ships at its proposed facility at Kattupalli in Tamil Nadu, reports stated. The scrip touched an intra-day high of Rs3154 and a low of Rs3051 and recorded volumes of over 3,00,000 shares on BSE.
Corporate News
Reliance ADAG group plans to set up Rs100bn cement plant in MP. (Mint)
Vodafone to launch iPhone in India by September. (BS)
Reliance Industries shuts down all of its 1,432 petrol pumps. (Mint)
Ansal Properties terminates MoU with UAE-based Deeyar Development PSC. (Mint)
L&T and Grasim are set to settle their long standing dispute over cross holdings out of court. (BS)
Bharti Airtel may rope in SingTel for MTN buy. (BS)
Tata Steel targets Brazil iron ore assets of London Mining. (BS)
Nalco plans Rs140bn Greenfield aluminium smelter and captive power plant in Orissa. (BS)
Suzlon arm fined US$19,000 by US body for allegedly violating air pollution control norms. (BS)
Financial fraud may be the reason for departure of senior executives including CEOs at Fortis Healthworld. (Mint)
Big Bazaar reduces food prices by 20%. (BS)
Blackstone group mulls taking Gokaldas Exports private. (BS)
Tata Power plans entry in shipping business; lines up US$500mn investment. (BS)
Haldia Petro buys L&T’s 51% stake in power JV. (BS)
Sobha Developers to invest Rs2bn in Bangalore. (BS)
High Court orders status quo on RIL and RNRL dispute. (BL)
IOC is eyeing additional oil assets overseas jointly with Oil India. (BL)
BASF is setting up engineering plastic plant in Thane. (BL)
IOB mulls property sale to shore up Tier-I capital. (BL)
Reliance Infrastructure buys back shares worth Rs3,430mn. (BL)
Union Bank of India plans to issue shares on right basis (FE)
Pritish Nandy Communication signs three films with Sony Pictures. (FE)
HDFC MF picks up 5% stake in Carborundum Universal. (FE)
BEST says that REL's power distribution license in Mumbai to be suspended. (FE)
Power Grid looking for consultancy business in Nigeria and Dubai; plans capex of Rs80.4bn in current fiscal year. (FE)
Infosys and SAP enter in to global service partner agreement. (ET)
Gati launches air-freight services in association with Air India. (ET)
Vodafone, RCom likely to stay out of MTN race. (ET)
Monnet Ispat’s overseas subsidiary, Monnet Global, set to acquire mining rights for 250mn ton coal reserves in Indonesia from PT Anzarara. (ET)
Heidelberg to restructure Mysore Cement operations. (ET)
The high court sends notice to GVK-L&T consortium over Uttarkhand power project. (ET)
Geojit Finance to hive off commodity broking biz. (ET)
Economic News
RBI to lend US$5bn for infrastructure projects. (Mint)
Mumbai Metro may be the first private project to get JNNURM grant. (BS)
Cement firms assure price cuts if government grants excise duty abatement. (BS)
Centre urges states to cut jet fuel tax to 12.5%. (BS)
Nelp VII deadline extended to June 30, 2008. (BS)
National Highway builders to be affected by rising input costs. (BL)
State run petroleum marketing firm losses widens to Rs4.50bn per day on selling fuel below cost. (ET)
ECBs and FCCBs rose to about US$4.5bn in March 2008 as against to US$862.12mn in February. (FE)
State government agrees to reduce central sales tax from 3% to 2%. (FE)
State government not to increase the VAT rate on the intermediate good from 4% to 5%
Stamp duty on debentures may go down to 0.0625% from the current 0.375%. (FE)
Duty on promissory notes likely to reach 0.0083%. (FE)
Finance Minister rules out further cut in custom duty on newsprint. (ET)
Government not considering any proposals to sell its stake in PSU banks.
A tough lesson in life that one has to learn is that not everybody wishes you well.
After a strong April, the bulls are suddenly finding it tough to feel well and extend the rally this month. The flow of bad news from all fronts has moderated though crude and inflation continue to soar. The market's behaviour over the fast few days has been quite inexplicable. While on Friday, the key indices rallied despite inflation soaring to a 42-month high, this week they have struggled to advance beyond last week's closing levels. In fact, the Nifty on Tuesday slipped below the 200 Day Moving Average (DMA) after surpassing the key technical level only last week. We see the market continuing in a sideways fashion in the near term.
Neither the bulls and nor the bears will be able to hold sway over the market. In short, there will be alternative bouts of buying and selling. While local institutions and even the retail investors have been supportive, it is the FII inflows which are of some concern. Global markets too have been choppy. Commodity prices, especially that of crude oil have jumped quite sharply. So, inflation will remain a bugbear for the bulls for quite a while before it softens. A good monsoon will definitely help the bulls' cause. But that will take some time.
Today, the market may open higher following the overnight gains on Wall Street. But, the trend will turn choppy again as the day wears on.
FIIs were net sellers of Rs8.16bn (provisional) in the cash segment yesterday while the local institutions pumped in Rs2.95bn. In the F&O segment, foreign funds were net sellers of Rs2.63bn. On Monday, FIIs were net sellers of Rs3.07bn in the cash segment. Mutual Funds were net buyers of Rs1.41bn on the same day.
Shares of Aishwarya Telecom Ltd. will get listed today. The IPO was subscribed 20 times.
Results Today: Batliboi, Blue Star Infotech, MRPL, Mid-Day, Praj Industries, Punjab Tractors, Shree Cement, Swaraj Engines and Union Bank.
Asian markets were largely up this morning, led by raw material producers and car makers after commodity prices advanced and Toyota said it will raise prices of some vehicles in North America.
BHP Billiton and Inpex Holdings, Japan's biggest oil explorer, led gains after crude futures reached a record. Toyota climbed to a two-month high. IHI Corp. rallied after the Nikkei newspaper said Japan's third-largest maker of heavy machinery may report its first profit in three years.
The MSCI Asia Pacific Index added 0.6% to 153.20 as of 10:22 a.m. in Tokyo, extending a three-day, 2% advance. Commodity producers jumped 1.4%, the biggest increase among the index's 10 industry groups.
The Nikkei in Tokyo climbed 130 points or 0.9% to 14,179, following a two-day holiday. The Hang Seng in Hong Kong was down 89 points or 0.3% at 26,172 while the Kospi in Seoul and the Straits Times in Singapore were at 1858 and 3249, respectively.
The Shanghai Composite in China lost 4 points at 3729 while the Taiex in Taiwan added 97 points or 1.1% to 8954. Australia's S&P/ASX 2oo in Sydney was up 5 points at 5706. Indexes gained elsewhere in Asia, except for New Zealand.
US stocks advanced on Tuesday as growing optimism over the state of the economy and the credit crunch countered record-high oil prices and big losses at financial firms. The rally sent S &P 500 Index to a four-month high.
Fannie Mae shares gained, helping financial stocks erase a 1.9% decline, on a regulatory decision that will enable the biggest mortgage-finance company to buy more home loans. AMD gained the most since January on speculation that the No.2 chipmaker may be split up.
The S &P 500 added 10.77 points, or 0.8%, to 1,418.26. The Dow Jones Industrial Average rose 51.29 points, or 0.4%, to 13,020.83. The Nasdaq Composite Index jumped 19.19 points, or 0.8%, to 2,483.31.
Market breadth was positive. Two stocks gained for each that fell on the New York Stock Exchange.
After the close, Cisco Systems reported quarterly sales and earnings that topped forecasts, sending shares 2% higher in extended-hours trading.
No market-moving earnings reports are expected on Wednesday. Economic news on the agenda includes the March pending home sales index and the weekly oil inventories report.
US stocks fell in the morning trade as crude oil prices spiked to a record $122.35 a barrel and Fannie Mae and other financial firms reported big quarterly losses. But the market stabilised by midday, as investors looked beyond rising crude prices and opted to snap up technology and financial shares.
Wall Street has rebounded since mid-March, with stocks rising nearly 15% off the lows. Investors are hopeful that any recession will be mild and that the Federal Reserve's monetary actions are starting to work.
Yahoo added 5.5% as investors bet that the Microsoft deal might actually end up going through after all.
Fannie Mae reported a steeper-than-expected quarterly loss due to increasing mortgage defaults and ongoing problems in the credit markets. Fannie Mae also said that it's cutting its dividend and will raise $6bn in capital through a stock sale. Looking forward, the mortgage financier said it expects severe weakness in the housing market in 2008. However, the stock gained nearly 9%.
Before the trading started, Swiss bank UBS reported a steep quarterly loss amid the US subprime fallout, and said it was cutting about 7% of its workforce, or roughly 5,500 jobs. UBS also said it was selling $15bn in subprime and other mortgage-based debt from its portfolio to BlackRock. Shares lost 1.5%.
Target said it is selling almost half of its credit card receivables to JP Morgan Chase for about $3.6bn as a means of raising cash.
In other news, Federal Reserve Chairman Ben Bernanke said that the spike in foreclosures are a result of falling home prices and require a big government and private-sector response.
US light crude oil for June delivery rose $1.87 to settle at $121.84 a barrel on the New York Mercantile Exchange, a record settlement price. Earlier, oil hit a new record trading high of $122.73 a barrel.
A Goldman Sachs analyst said that oil prices could reach $150 to $200 within the next six months to two years due to supply shortages.
The national average price for a gallon of regular unleaded gas slipped to $3.610 from $3.611 the previous day, according to AAA. It was the fifth day in a row of declines after gas prices hit records for 17 straight days.
COMEX gold for June delivery rose $3.60 to $877.70 an ounce. The dollar fell versus the euro and the yen. Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.92% from 3.86% late on Monday.
Stocks in Europe lost ground. Financials dropped after UBS, Lloyds TSB and Swiss Re detailed credit-market losses, countering gains in the resource sector on the back of rising commodity prices.
The pan-European Stoxx 600 index lost 0.5% at 326.69, having gained around 12% since the middle of March. The index is still down around 11% for 2008. Germany's DAX 30 fell 0.5% to 7,017.10, while the French CAC-40 slipped 0.4% to 5,040.82. The UK's FTSE 100 finished flat at 6,215.20.
In the emerging markets, the Bovespa in Brazil ended flat at 70,195 while the IPC index in Mexico gained 0.85% to 31,223. The RTS index in Russia was up 0.6% to 2153 and the ISE National 30 index in Turkey dived 1.6% to 53,120
Market delicately poised
Indian bourses ended in red for second straight trading session tracking a fall in the Asian markets. The Asian stocks dropped for the first time in three days led by fall in financial companies.
Sentiments further dampened as European markets opened with negative bias after Swiss bank UBS AG announced that it posted a net loss of ~US$10.95bn in the first quarter of this year due largely to write-downs of US$19bn on U.S. real estate and related structured credit positions.
Finally, the BSE benchmark Sensex ended 117 points lower to close at 17,373 and the Nifty index lost 47 points to close at 5,144.
Overall about 975 stocks advanced; 1,711 stocks declined while 67 stocks remained unchanged. Among the 50-Nifty 31 stocks ended in red and 19 stocks ended in green.
SBI was down 1.2% to Rs1756. According to the reports, the company has hiked the interest rates on FCNR (B) deposits in different currencies and on NRE (rupee) term deposit across varying maturities, with effect from May 1, 2008. The scrip touched an intra-day high of Rs1783 and a low of Rs1735 and recorded volumes of over 2,00,000 shares on BSE.
After being in the limelight on Monday, IVRCL Infra slightly lost ground and slipped by 2.8% to Rs454. The company bagged orders worth Rs4.7bn from the irrigation and CAD department of Government of Andhra Pradesh. The scrip touched an intra-day high of Rs471 and a low of Rs445 and recorded volumes of over 1,00,000 shares on BSE.
Mahindra Lifespace gained by 1% to Rs568 after media reports stated that the company won 25acre residential project in Nagpur. The scrip touched an intra-day high of Rs587 and a low of Rs558 and recorded volumes of over 1,00,000 shares on BSE.
UCO Bank further gained by 2% to Rs51 following reports that the bank has received government approval for capital restructuring. The essence of restructuring, UCO Bank would be to issue non-cumulative preference shares of Rs3.25bn by June and conversion of Rs3bn of Government equity into preference shares, according to report.
With conversion, the size of equity capital UCO Bank will get reduced to Rs5bn, comprising Rs3bn of Government holdings and Rs2bn of public holdings. Banks are awaiting Cabinet approval for the conversion, report added. The scrip touched an intra-day high of Rs54 and a low of Rs50 and recorded volumes of over 92,00,000 shares on BSE.
HPCL slipped by 4% to Rs254 as reports stated that 3,500 officers have decided to go on indefinite nation wide strike from today, they were protesting against alleged fiscal mismanagement and arbitrary to its joint venutre with LN Mittal.
Strike will affect the functioning of petrol pumps, aviation refuelling and refinery operations at Mumbai and Vizag. The scrip touched an intra-day high of Rs264 and a low of Rs252 and recorded volumes of over 1,00,000 shares on BSE.
Pritish Nandy was frozen at 10% upper circuit to Rs59.40 after the company announced that they signed a three film deal with US-based Sony Pictures. The scrip touched an intra-day high of Rs59.40 and a low of Rs56 and recorded volumes of over 28,000 shares on BSE.
HCL Infosystems advanced by 1% to Rs201 after the company announced the acquisition of Natural Technologies Pvt Ltd (NTPL), a niche banking software product company.
With three decades of experience providing ICT and infrastructure solutions to the BFSI sector, the acquisition of niche products from NTPL will further consolidate HCL’s leadership position in this sector. The scrip touched an intra-day high of Rs203 and a low of Rs200 and recorded volumes of over 5,000 shares on BSE.
Opto Circuits was down by 2.3% to Rs352. The wholly owned subsidiary of Opto Circuits Mediaid Inc. received approval from the United States Food and Drug Administration for key vital sign monitoring products. The Model 900 and Model 960 Vital Sign Monitors are the first Opto bed-side monitors to receive the crucial approval for marketing in the United States. The scrip touched an intra-day high of Rs365 and a low of Rs346 and recorded volumes of over 14,000 shares on BSE.
Unity Infra edged higher by 0.5% to Rs603 after the company announced that it secured two orders worth Rs2.23bn. The scrip touched an intra-day high of Rs630 and a low of Rs580 and recorded volumes of over 43,000 shares on BSE.
L&T ended lower by 2.3% to Rs3061. The company on Tuesday secured orders worth Rs3.4bn from Power Grid for construction of transmission lines in Maharashtra. The company also plans to look for orders for constructing passenger cruise ships at its proposed facility at Kattupalli in Tamil Nadu, reports stated. The scrip touched an intra-day high of Rs3154 and a low of Rs3051 and recorded volumes of over 3,00,000 shares on BSE.
Corporate News
Reliance ADAG group plans to set up Rs100bn cement plant in MP. (Mint)
Vodafone to launch iPhone in India by September. (BS)
Reliance Industries shuts down all of its 1,432 petrol pumps. (Mint)
Ansal Properties terminates MoU with UAE-based Deeyar Development PSC. (Mint)
L&T and Grasim are set to settle their long standing dispute over cross holdings out of court. (BS)
Bharti Airtel may rope in SingTel for MTN buy. (BS)
Tata Steel targets Brazil iron ore assets of London Mining. (BS)
Nalco plans Rs140bn Greenfield aluminium smelter and captive power plant in Orissa. (BS)
Suzlon arm fined US$19,000 by US body for allegedly violating air pollution control norms. (BS)
Financial fraud may be the reason for departure of senior executives including CEOs at Fortis Healthworld. (Mint)
Big Bazaar reduces food prices by 20%. (BS)
Blackstone group mulls taking Gokaldas Exports private. (BS)
Tata Power plans entry in shipping business; lines up US$500mn investment. (BS)
Haldia Petro buys L&T’s 51% stake in power JV. (BS)
Sobha Developers to invest Rs2bn in Bangalore. (BS)
High Court orders status quo on RIL and RNRL dispute. (BL)
IOC is eyeing additional oil assets overseas jointly with Oil India. (BL)
BASF is setting up engineering plastic plant in Thane. (BL)
IOB mulls property sale to shore up Tier-I capital. (BL)
Reliance Infrastructure buys back shares worth Rs3,430mn. (BL)
Union Bank of India plans to issue shares on right basis (FE)
Pritish Nandy Communication signs three films with Sony Pictures. (FE)
HDFC MF picks up 5% stake in Carborundum Universal. (FE)
BEST says that REL's power distribution license in Mumbai to be suspended. (FE)
Power Grid looking for consultancy business in Nigeria and Dubai; plans capex of Rs80.4bn in current fiscal year. (FE)
Infosys and SAP enter in to global service partner agreement. (ET)
Gati launches air-freight services in association with Air India. (ET)
Vodafone, RCom likely to stay out of MTN race. (ET)
Monnet Ispat’s overseas subsidiary, Monnet Global, set to acquire mining rights for 250mn ton coal reserves in Indonesia from PT Anzarara. (ET)
Heidelberg to restructure Mysore Cement operations. (ET)
The high court sends notice to GVK-L&T consortium over Uttarkhand power project. (ET)
Geojit Finance to hive off commodity broking biz. (ET)
Economic News
RBI to lend US$5bn for infrastructure projects. (Mint)
Mumbai Metro may be the first private project to get JNNURM grant. (BS)
Cement firms assure price cuts if government grants excise duty abatement. (BS)
Centre urges states to cut jet fuel tax to 12.5%. (BS)
Nelp VII deadline extended to June 30, 2008. (BS)
National Highway builders to be affected by rising input costs. (BL)
State run petroleum marketing firm losses widens to Rs4.50bn per day on selling fuel below cost. (ET)
ECBs and FCCBs rose to about US$4.5bn in March 2008 as against to US$862.12mn in February. (FE)
State government agrees to reduce central sales tax from 3% to 2%. (FE)
State government not to increase the VAT rate on the intermediate good from 4% to 5%
Stamp duty on debentures may go down to 0.0625% from the current 0.375%. (FE)
Duty on promissory notes likely to reach 0.0083%. (FE)
Finance Minister rules out further cut in custom duty on newsprint. (ET)
Government not considering any proposals to sell its stake in PSU banks.
Tuesday, May 6, 2008
Bulls run out of gas…
Nifty (5192) Sup 5140 Res 5250
We expect the market to open in the red owing to some softening across the globe. Thereafter things will be rangebound and sideways due to lack of triggers.
FIIs were net sellers of Rs2.37bn (provisional) in the cash segment yesterday while the local institutions pumped in Rs4.57bn. In the F&O segment, they were net buyers of Rs897mn. On Friday, foreign funds were net buyers of Rs7.2bn in the cash segment. Mutual Funds were net sellers of Rs762mn on the same day
Asahi India, DCB, Eveready Industries and Torrent Pharma will declare their results today
Todays Pick - Union Bank of India
We recommend a buy in Union Bank of India from a short-term perspective. From the charts of Union Bank of India, we see that the stock was on a medium-term down trend from Rs 230 to Rs 130 (between early January and mid March 2008).
However, the stock is in a steady up-move since this trough. During this up move, the stock penetrated the 21 and 50-day moving averages and it has been forming higher peaks and higher bottoms. The daily momentum indicator is on the verge of entering the bullish region. Besides the daily moving average convergence and divergence has entered the positive zone indicating bullishness.
Our short-term outlook for the stock is bullish. We anticipate the stock’s medium-term uptrend to continue to our price target of Rs 191 in the upcoming sessions. Investor with short-term perspective can buy the stock, while keeping the stop-loss at Rs 159 level.
Corporate News
Bharti Airtel is in talks to acquire South Africa’s MTN. (ET)
State Bank of India has hiked the interest rates on FCNR (B) deposits in different currencies and on NRE (rupee) term deposit across varying maturities, with effect from May 1, 2008. (BL)
The Supreme Court has directed Reliance Industries to pay Rs500mn within two weeks to BPCL for the price difference in naphtha supplied by BPCL to RIL plant in Raigad. (DNA)
Nineteen companies, including Welspun India, Bombay Dyeing and Alok Industries, have expressed interest to form joint ventures to run government-owned National Textiles Corporation's (NTC) 12 mills. (BS)
Patel Engineering has bagged the US$280mn Taum Sauck Upper Reservoir Dam reconstruction project in USA. (ET)
Leela Hotels has acquired seven acres of land near the Taj Mahal for building a five star deluxe hotel with 300 rooms. (ET)
M&M to set up a tractor plant in Tamil Nadu to make 50,000 tractors a year. (Mint)
L&T plans to look for orders for constructing passenger cruise ships at its proposed facility at Kattupalli in Tamil Nadu. (Mint)
Sesa Goa has stepped up efforts to expand and add iron ore prospecting and mining leases as also increase third party mining opportunities. (BL)
To overcome the rise in raw material cost, JSW Steel has been scouting for more mine ores even as many of them will go on stream by end of 2009. (BL)
VF Corp looking to buy out 40% stake held by Arvind Mills in Indian JV VF-Arvind brands. (ET)
Ranbaxy is set to fight a prolonged battle with the Government and NPPA for fixing price of one of its key antibiotic brands. (ET)
Perlecan Pharma, the integrated drug development company set up by Dr. Reddy’s has dropped second more new drug plan. (DNA)
Punj Lloyd is looking to divest its stake in its telecom and broadband business, Spectranet. (Mint)
ADAG is planning to apply for modernization project of Prague airport, for which bids are shortly to be invited. (BS)
Sterling Urban Developments, a joint venture floated by HDFC Property Fund and Bangalore-based Sterling Developers will take up development of 150 acres in Whitefield at a cost of Rs40bn. (BS)
Union Bank of India and Indian Overseas Bank have increased interest rates on short-term deposits to raise resources and manage asset-liability mismatch. (BS)
Siemens AG, Europe’s largest engineering conglomerate, is looking to set up a manufacturing unit in Andhra Pradesh to manufacture steam turbines and generators needed for the power sector. (BL)
Coal India is looking to partner with private sector companies such as Reliance Power to acquire coal blocks overseas. (Mint)
UCO Bank has received Government approval for capital restructuring. (BL)
Kesoram Industries has lined up Rs8.4bn expansion programme at its Uttarakhand tyre complex. (BS)
UTV Software Communications will invest Rs8bn in its businesses in FY09. (DNA)
American formal wear giant Hartmarx is inking a deal with Arvind Mills for tapping India’s premium-to-luxury segment. (ET)
Finolex Industries plans to sell off its SEZ land in Pune for Rs4bn. (DNA)
Secondary steel makers including Bhushan Steel and Uttam Galva, have decided to cut the prices of cold-rolled coils and galvanized sheets by ~Rs500/ton. (ET)
HPCL officers to go on indefinite nationwide strike starting May 6, 2008. (ET)
Reliance Infra, an ADAG company, is set to begin work on the country’s first greenfield central business district. (BL)
HCL Infosystems has acquired Jaipur-based niche banking software product firm, Natural Technologies for Rs83.9mn. (ET)
NDTV Imagine is entering movie production business and its first project is likely to go on floor in two to three months. (BL)
BNP Paribas and Geojit Financial Services have worked out a plan to overcome the regulatory hurdle that has come in the way of the French banking group picking up the majority stake in the Kerala-based broking firm. (BL)
Murugappa group intends to spend Rs13bn on capacity expansions in 2008-09. (BL)
The Hinduja’s are planning investments of ~US$50bn in the next five years in India and abroad. (DNA)
Nirmal Lifestyle is in talks with PE funds to raise US$800mn. (ET)
Aircel plans to raise US$1.6bn debt and to come out with an IPO in a year. (ET)
Genpact, a pioneer in the actuarial process outsourcing (APO) business, which has been largely dependent on the US and UK has tapped five insurance clients in Australia. (FE)
Maxis Communications, Malaysia plans to invest US$4-5bn by 2009-10 to expand its network in India. (DNA)
Generic Electric is planning to manufacture windmills and gas turbines in India. (ET)
Bangalore-based Manipal Health Systems has plans to build a 200-bed to 250-bed hospital in Mysore. (BS)
Shell is closing down temporarily 15 of its retail outlets in south India from May 7,
Nissan Motor will soon launch its premium SUV Murano in India.
We expect the market to open in the red owing to some softening across the globe. Thereafter things will be rangebound and sideways due to lack of triggers.
FIIs were net sellers of Rs2.37bn (provisional) in the cash segment yesterday while the local institutions pumped in Rs4.57bn. In the F&O segment, they were net buyers of Rs897mn. On Friday, foreign funds were net buyers of Rs7.2bn in the cash segment. Mutual Funds were net sellers of Rs762mn on the same day
Asahi India, DCB, Eveready Industries and Torrent Pharma will declare their results today
Todays Pick - Union Bank of India
We recommend a buy in Union Bank of India from a short-term perspective. From the charts of Union Bank of India, we see that the stock was on a medium-term down trend from Rs 230 to Rs 130 (between early January and mid March 2008).
However, the stock is in a steady up-move since this trough. During this up move, the stock penetrated the 21 and 50-day moving averages and it has been forming higher peaks and higher bottoms. The daily momentum indicator is on the verge of entering the bullish region. Besides the daily moving average convergence and divergence has entered the positive zone indicating bullishness.
Our short-term outlook for the stock is bullish. We anticipate the stock’s medium-term uptrend to continue to our price target of Rs 191 in the upcoming sessions. Investor with short-term perspective can buy the stock, while keeping the stop-loss at Rs 159 level.
Corporate News
Bharti Airtel is in talks to acquire South Africa’s MTN. (ET)
State Bank of India has hiked the interest rates on FCNR (B) deposits in different currencies and on NRE (rupee) term deposit across varying maturities, with effect from May 1, 2008. (BL)
The Supreme Court has directed Reliance Industries to pay Rs500mn within two weeks to BPCL for the price difference in naphtha supplied by BPCL to RIL plant in Raigad. (DNA)
Nineteen companies, including Welspun India, Bombay Dyeing and Alok Industries, have expressed interest to form joint ventures to run government-owned National Textiles Corporation's (NTC) 12 mills. (BS)
Patel Engineering has bagged the US$280mn Taum Sauck Upper Reservoir Dam reconstruction project in USA. (ET)
Leela Hotels has acquired seven acres of land near the Taj Mahal for building a five star deluxe hotel with 300 rooms. (ET)
M&M to set up a tractor plant in Tamil Nadu to make 50,000 tractors a year. (Mint)
L&T plans to look for orders for constructing passenger cruise ships at its proposed facility at Kattupalli in Tamil Nadu. (Mint)
Sesa Goa has stepped up efforts to expand and add iron ore prospecting and mining leases as also increase third party mining opportunities. (BL)
To overcome the rise in raw material cost, JSW Steel has been scouting for more mine ores even as many of them will go on stream by end of 2009. (BL)
VF Corp looking to buy out 40% stake held by Arvind Mills in Indian JV VF-Arvind brands. (ET)
Ranbaxy is set to fight a prolonged battle with the Government and NPPA for fixing price of one of its key antibiotic brands. (ET)
Perlecan Pharma, the integrated drug development company set up by Dr. Reddy’s has dropped second more new drug plan. (DNA)
Punj Lloyd is looking to divest its stake in its telecom and broadband business, Spectranet. (Mint)
ADAG is planning to apply for modernization project of Prague airport, for which bids are shortly to be invited. (BS)
Sterling Urban Developments, a joint venture floated by HDFC Property Fund and Bangalore-based Sterling Developers will take up development of 150 acres in Whitefield at a cost of Rs40bn. (BS)
Union Bank of India and Indian Overseas Bank have increased interest rates on short-term deposits to raise resources and manage asset-liability mismatch. (BS)
Siemens AG, Europe’s largest engineering conglomerate, is looking to set up a manufacturing unit in Andhra Pradesh to manufacture steam turbines and generators needed for the power sector. (BL)
Coal India is looking to partner with private sector companies such as Reliance Power to acquire coal blocks overseas. (Mint)
UCO Bank has received Government approval for capital restructuring. (BL)
Kesoram Industries has lined up Rs8.4bn expansion programme at its Uttarakhand tyre complex. (BS)
UTV Software Communications will invest Rs8bn in its businesses in FY09. (DNA)
American formal wear giant Hartmarx is inking a deal with Arvind Mills for tapping India’s premium-to-luxury segment. (ET)
Finolex Industries plans to sell off its SEZ land in Pune for Rs4bn. (DNA)
Secondary steel makers including Bhushan Steel and Uttam Galva, have decided to cut the prices of cold-rolled coils and galvanized sheets by ~Rs500/ton. (ET)
HPCL officers to go on indefinite nationwide strike starting May 6, 2008. (ET)
Reliance Infra, an ADAG company, is set to begin work on the country’s first greenfield central business district. (BL)
HCL Infosystems has acquired Jaipur-based niche banking software product firm, Natural Technologies for Rs83.9mn. (ET)
NDTV Imagine is entering movie production business and its first project is likely to go on floor in two to three months. (BL)
BNP Paribas and Geojit Financial Services have worked out a plan to overcome the regulatory hurdle that has come in the way of the French banking group picking up the majority stake in the Kerala-based broking firm. (BL)
Murugappa group intends to spend Rs13bn on capacity expansions in 2008-09. (BL)
The Hinduja’s are planning investments of ~US$50bn in the next five years in India and abroad. (DNA)
Nirmal Lifestyle is in talks with PE funds to raise US$800mn. (ET)
Aircel plans to raise US$1.6bn debt and to come out with an IPO in a year. (ET)
Genpact, a pioneer in the actuarial process outsourcing (APO) business, which has been largely dependent on the US and UK has tapped five insurance clients in Australia. (FE)
Maxis Communications, Malaysia plans to invest US$4-5bn by 2009-10 to expand its network in India. (DNA)
Generic Electric is planning to manufacture windmills and gas turbines in India. (ET)
Bangalore-based Manipal Health Systems has plans to build a 200-bed to 250-bed hospital in Mysore. (BS)
Shell is closing down temporarily 15 of its retail outlets in south India from May 7,
Nissan Motor will soon launch its premium SUV Murano in India.
Monday, May 5, 2008
Keep eyes on Software, auto, sugar and Oil companies
Nifty (5228) Sup 5180 Res 5290
MRF has inked an MoU with TN govt to set up a new plant and expansion of capacity by 3.50 lakh tyres at an investment of Rs 900 crores.
Expected New F&O List
Akruti ,Adani ,Zee News ,GTL INFRA,RCF ,CONCOR ,GMDC TORRENT PHARMA ,GLENMARK ,DECCAN CHRONICLE , DISH TV ,NOIDA TOLL ,ICSA ,MERCARTOR LINE ,UTV GVK ,UCO ,INDIA BULLS
--------Very soon New F&O List will be out ,so just wait and watch and see bigger Drama in coming days ,weeks ---------
-Watch Blue Channels -BLA-BLA about these stocks-
Again we are First to write and tell Secret to Whole World
BOMBAY DYEING : Target 1500 to 1700 soon
Today's Pick - JK Tyre and Industries
We recommend a buy in JK Tyre and Industries from a short-term perspective. The stock has been on a medium-term uptrend from its 52-week low of Rs 104 (touched on March 24, 2008). During this up move, the stock crossed over the 21- and 50-day moving averages. On May 2, the stock conclusively penetrated the 200-day moving average by surging almost 6 per cent on the session. We notice that there is an increase in volume over the past three trading sessions. The daily momentu m indicator is featuring in the bullish zone. We also note that the daily moving average convergence and divergence is featuring in the positive territory indicating bullishness. Moreover, the medium-term up trendline of the stock is intact. We are bullish on the stock in the short-term and expect it to move up to our price target of Rs 157 in the short-term. Investor with short-term perspective can buy the stock while keeping the stop-loss at Rs 131 level
Corporate News
GTL subsidiary acquires the tower business of Essar group for US$1.5bn.(BS)
ONGC Videsh secures a commitment for a 23% stake in Russia’s Sakhalin III project.(BS)
MRF to invest Rs9bn on a greenfield manufacturing plant in Tamil Nadu.(BS)
MindTree acquires 32.6% stake in Aztecsoft for Rs1.2bn.(BL)
Tata Steel eyeing the iron ore arm of Brazilian miner CSN.(BS)
Real estate developer HDIL gets government approval for Mumbai airport slum rehabilitation programme.(BS)
Vodafone and Idea may set up a separate tower or passive infrastructure company.(ET)
Godrej group exits from BPO business; to sell stake in Godrej Global Solutions to Tricom India for Rs196mn.(TOI)
Ennore Port may float an IPO to raise Rs8bn.(BL)
M&M to sell 3.7% stake to a unit of Goldman Sachs to expand its automobile and tractor business.(BS)
Telecom Malaysia is likely to increase its stake in Spice Communications to 51%.(ET)
Adani Power files DRHP to raise Rs56bn through an IPO.(DNA)
Tata Steel and Essar Steel, amongst others, seek a stake in Krakatau Steel, Indonesia’s state owned producer.(FE)
GMR consortium receives a 20 year license to operate the airport in the Turkish capital.(BS)
ONGC board approves Rs36bn in investments, including Rs 18bn for development of four oil fields in Barmer, Rajasthan.(BS)
Essar Shipping lines up US$800mn to buy 14 ships.(BL)
Elecon Engineering plans acquisitions in Western Europe or the United States.(BS)
Jaiprakash Associates wins a bid to buy 45% stake in Prize Petroleum.(BL)
Escalating steel prices likely to affect 60% of BHEL’s order book.(Mint)
JSW Steel and Ispat announce cut in steel prices in the range of Rs400-Rs700 per ton.(BL)
Ergo Insurance Group of Germany and Hero Group agree to form a life insurance JV in India.(ET)
GE Shipping to invest Rs24bn over next three years to acquire ships and upscale operation of subsidiary company.(BL)
Parsvnath Developers to develop a luxury mall complex in Delhi with an investment of Rs3bn.(DNA)
Income Tax department asks Tatas to pay Rs450mn for Idea stake buy.(ET)
GMR Energy plans to raise Rs40bn through IPO and PE placements.(Mint)
Power Finance Corp. may be allowed to access up to US$5bn foreign exchange reserves through IIFCL.(ET)
Cipla makes unconditional offer to share the know-how of making all 354 essential drugs with the public sector drug manufacturers.(ET)
Supreme Court approves the prospecting license to Tata Steel for mining in Bailadila block in Chattisgarh.(DNA)
IOC asks government to allow autonomy in pricing of petroleum products.(ET)
Tata Motors sales decline 5.8% yoy in April; Eicher Motors April sales increase 16.8%.(FE)
Essar Exploration, a subsidiary of Essar Oil, reschedules drilling campaign in Myanmar.(BL)
DLF is setting up a JV with Italian leather and luggage accessory major Piquadro.(ET)
Air India to hike domestic fares by 10%.(ET)
BG India, part of BG Gas group, to invest US$1bn in oil exploration.(FE)
RCom to sell GSM handsets in the existing eight circles of Reliance Telecom.(ET)
Reliance Big Entertainment in talks with private equity funds for a divestment of 10% equity.(ET)
Economic News
TRAI issues a consultation paper on allocation and pricing of 3G spectrum.(BS)
Annual crude oil imports increase 9.1% yoy in the fiscal year ended March 2008.(FE)
India targets FDI investments worth US$35bn in 2008-09.(BS)
Thirteen PPP projects worth Rs79bn for various infrastructure segments receive government approval.(ET)
India close to clinching a free trade deal with Southeast Asian nations according to Trade Minister.(FE)
Government is expected to announce a new policy for investments in the fertilizer sector.(BL)
Government to import more cement from Pakistan.(ET)
Processed food industry to attract investments worth Rs950bn in the next three years.(FE)
Government may exempt cold rolled coils, galvanized products and tubes & pipes from the levy of 10% export duty if such products are exported against imported of semi-finished steel. (ET)
The Government may suspend trading in some more food futures to reign in spiraling prices.
MRF has inked an MoU with TN govt to set up a new plant and expansion of capacity by 3.50 lakh tyres at an investment of Rs 900 crores.
Expected New F&O List
Akruti ,Adani ,Zee News ,GTL INFRA,RCF ,CONCOR ,GMDC TORRENT PHARMA ,GLENMARK ,DECCAN CHRONICLE , DISH TV ,NOIDA TOLL ,ICSA ,MERCARTOR LINE ,UTV GVK ,UCO ,INDIA BULLS
--------Very soon New F&O List will be out ,so just wait and watch and see bigger Drama in coming days ,weeks ---------
-Watch Blue Channels -BLA-BLA about these stocks-
Again we are First to write and tell Secret to Whole World
BOMBAY DYEING : Target 1500 to 1700 soon
Today's Pick - JK Tyre and Industries
We recommend a buy in JK Tyre and Industries from a short-term perspective. The stock has been on a medium-term uptrend from its 52-week low of Rs 104 (touched on March 24, 2008). During this up move, the stock crossed over the 21- and 50-day moving averages. On May 2, the stock conclusively penetrated the 200-day moving average by surging almost 6 per cent on the session. We notice that there is an increase in volume over the past three trading sessions. The daily momentu m indicator is featuring in the bullish zone. We also note that the daily moving average convergence and divergence is featuring in the positive territory indicating bullishness. Moreover, the medium-term up trendline of the stock is intact. We are bullish on the stock in the short-term and expect it to move up to our price target of Rs 157 in the short-term. Investor with short-term perspective can buy the stock while keeping the stop-loss at Rs 131 level
Corporate News
GTL subsidiary acquires the tower business of Essar group for US$1.5bn.(BS)
ONGC Videsh secures a commitment for a 23% stake in Russia’s Sakhalin III project.(BS)
MRF to invest Rs9bn on a greenfield manufacturing plant in Tamil Nadu.(BS)
MindTree acquires 32.6% stake in Aztecsoft for Rs1.2bn.(BL)
Tata Steel eyeing the iron ore arm of Brazilian miner CSN.(BS)
Real estate developer HDIL gets government approval for Mumbai airport slum rehabilitation programme.(BS)
Vodafone and Idea may set up a separate tower or passive infrastructure company.(ET)
Godrej group exits from BPO business; to sell stake in Godrej Global Solutions to Tricom India for Rs196mn.(TOI)
Ennore Port may float an IPO to raise Rs8bn.(BL)
M&M to sell 3.7% stake to a unit of Goldman Sachs to expand its automobile and tractor business.(BS)
Telecom Malaysia is likely to increase its stake in Spice Communications to 51%.(ET)
Adani Power files DRHP to raise Rs56bn through an IPO.(DNA)
Tata Steel and Essar Steel, amongst others, seek a stake in Krakatau Steel, Indonesia’s state owned producer.(FE)
GMR consortium receives a 20 year license to operate the airport in the Turkish capital.(BS)
ONGC board approves Rs36bn in investments, including Rs 18bn for development of four oil fields in Barmer, Rajasthan.(BS)
Essar Shipping lines up US$800mn to buy 14 ships.(BL)
Elecon Engineering plans acquisitions in Western Europe or the United States.(BS)
Jaiprakash Associates wins a bid to buy 45% stake in Prize Petroleum.(BL)
Escalating steel prices likely to affect 60% of BHEL’s order book.(Mint)
JSW Steel and Ispat announce cut in steel prices in the range of Rs400-Rs700 per ton.(BL)
Ergo Insurance Group of Germany and Hero Group agree to form a life insurance JV in India.(ET)
GE Shipping to invest Rs24bn over next three years to acquire ships and upscale operation of subsidiary company.(BL)
Parsvnath Developers to develop a luxury mall complex in Delhi with an investment of Rs3bn.(DNA)
Income Tax department asks Tatas to pay Rs450mn for Idea stake buy.(ET)
GMR Energy plans to raise Rs40bn through IPO and PE placements.(Mint)
Power Finance Corp. may be allowed to access up to US$5bn foreign exchange reserves through IIFCL.(ET)
Cipla makes unconditional offer to share the know-how of making all 354 essential drugs with the public sector drug manufacturers.(ET)
Supreme Court approves the prospecting license to Tata Steel for mining in Bailadila block in Chattisgarh.(DNA)
IOC asks government to allow autonomy in pricing of petroleum products.(ET)
Tata Motors sales decline 5.8% yoy in April; Eicher Motors April sales increase 16.8%.(FE)
Essar Exploration, a subsidiary of Essar Oil, reschedules drilling campaign in Myanmar.(BL)
DLF is setting up a JV with Italian leather and luggage accessory major Piquadro.(ET)
Air India to hike domestic fares by 10%.(ET)
BG India, part of BG Gas group, to invest US$1bn in oil exploration.(FE)
RCom to sell GSM handsets in the existing eight circles of Reliance Telecom.(ET)
Reliance Big Entertainment in talks with private equity funds for a divestment of 10% equity.(ET)
Economic News
TRAI issues a consultation paper on allocation and pricing of 3G spectrum.(BS)
Annual crude oil imports increase 9.1% yoy in the fiscal year ended March 2008.(FE)
India targets FDI investments worth US$35bn in 2008-09.(BS)
Thirteen PPP projects worth Rs79bn for various infrastructure segments receive government approval.(ET)
India close to clinching a free trade deal with Southeast Asian nations according to Trade Minister.(FE)
Government is expected to announce a new policy for investments in the fertilizer sector.(BL)
Government to import more cement from Pakistan.(ET)
Processed food industry to attract investments worth Rs950bn in the next three years.(FE)
Government may exempt cold rolled coils, galvanized products and tubes & pipes from the levy of 10% export duty if such products are exported against imported of semi-finished steel. (ET)
The Government may suspend trading in some more food futures to reign in spiraling prices.
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