Indian stock market volatile, Nifty (4137) S 4050 R 4210
Bullish break out- Ifci, contain corp, cairn,idea,geometric ltd.
Today, we see another tumultuous day for the bulls, which should begin with a cautious opening. The intra-day choppiness will continue and one may see some buying at lower levels, though the rebound may prove to be short-lived.
The next big trigger will come from the first-quarter results, which will be declared over the next few days. As always, IT sector will lead the way, with Infosys announcing its results on July 11.
Among stock specific news, Blue Green Constructions and Investments could be in action as the board will met to sell majority stake to discount retailer Subhiksha
This week, the ECB (European Central Bank) will take a call on interest rates. If it decides to jack up rates to fight inflation, there will be more trouble for the dollar. On the domestic front, the political situation has once again turned precarious with the Congress determined to go ahead with the nuke deal, and the Left reiterating its threat of pulling down the Government
Results Today: Ansal Infra, Asian Hotels, BEML, Bombay Dyeing, BPL, Deccan Chronicle, Gammon India, India Cement, Indo Rama Synthetics, Ispat, MMTC, Madras Cement, Matrix Labs, Pfizer, REI Agro, Sun TV, Trent, TVS Motor and Wyeth.
ANG Auto will consider buy back of shares
HT Media surged by over 4 percent to Rs101 as the company reportedly acquired 0.65% stake in real estate major Sunil Mantri Realty for Rs200mn. HT bought equity shares of Re1 at a price of Rs125. The company plans to use the funds for new projects. The scrip touched an intra-day high of Rs102 and a low of Rs92 and recorded volumes of over 5,00,000 shares on BSE.
Sun Pharma edged lower by 0.8% to Rs1333 after reports stated that the company has launched a hostile bid for Taro Pharma. The scrip touched an intra-day high of Rs1382 and a low of Rs1305 and recorded volumes of over 92,000 shares on BSE.
Jet Airways dropped by 5.2% to Rs490 after reports stated that the company may post Rs20bn loss in two years. The scrip touched an intra-day high of Rs509 and a low of Rs488 and recorded volumes of over 14,000 shares on BSE.
Cairn India advanced by 1.4% to Rs275 after crude oil prices hits all time high of US$141.71/bbl. The scrip touched an intra-day high of Rs282 and a low of Rs267 and recorded volumes of over 23,00,000 shares on BSE.
Allcargo Global rose 2.5% to Rs825. The board of directors of the company said that it deferred the decision on sub-division (split) of nominal value of equity shares of Rs10 each. They have also recommended final dividend of 30% (Rs3 per share). The scrip touched an intra-day high of Rs825 and a low of Rs751 and recorded volumes of over 43,000 shares on BSE.
Bafna Pharmaceuticals started trading at Rs43.7 against the issue price of Rs40. The scrip finally closed at Rs38.50 translating slipping below its issue price of Rs40 per share. It hit an intra-day high of Rs47 and a low of Rs37.3 and recorded volumes of over 2,00,00,000 shares on BSE.
The company offered 64,00,000 equity shares of Rs10 each for cash at premium of Rs30 per share. The issue to the public constituted 40.05% of the post issue paid-up capital.
The Chennai-based Bafna Pharmaceuticals is engaged in the manufacturing of betalactum and non-betalactum pharmaceutical formulations in tablets, capsules and liquid forms. The company manufactures 126 formulations under various therapeutic segments such as anti-infective, cholesterol lowering agents, analgesic and antipyretic, antihelmintics, appetite stimulants, cough & cold preparations, antiulcerants anti diabetic and vitamins .
The proceeds of the issue would be utilized towards brand building exercise in domestic market. It intends to register the company, products and create brand in international markets. Bafna would also strengthen up R&D facility at its grantlayon plant besides getting MHRA certification. It is also proposing to retire high-cost debts through the IPO proceeds.
Anant Raj Industries advanced by 5% to Rs142 after the company announced that that M/s. Acacia Real Estate Ltd, a Bahrain based development fund has entered into a joint venture agreement with the company to acquire minority stake in one of its wholly owned subsidiary, Anant Raj Projects Pvt Ltd for Rs2.16bn.
The scrip touched an intra-day high of Rs153 and a low of Rs126 and recorded volumes of over 59,000 shares on BSE.
Renuka Sugars has slipped by 1.5% to Rs107. The company announced that it commenced production at its Haldia Sugar Refinery, having a refining capacity of 2000 metric tons sugar per day and Power cogeneration plant of 15 MW.
The scrip has touched an intra-day high of Rs107 and a low of Rs105 and has recorded volumes of over 3,00,000 shares on BSE.
Unitech plans to dilute 26% stake in its telecom arm to a foreign company. (TOI)
Reliance Industries may tie up with BP or Shell for bidding for new oil blocks under NELP VII round.(ET)
Daiichi Sankyo may sell debt to raise half the cost of its US$4.6bn acquisition of Ranbaxy Laboratories.(BS)
India’s crude oil production rose by 3.2% in May on back of better performance by ONGC.(FE)
Jupiter Biosciences acquires a facility of Merck in Switzerland and signs a five year agreement for its peptide products with the latter’s biosciences company.(BL)
Apollo Tyres launches capacity expansion at its Africa plants.(BL)
ONGC to start commercial production from Jaria-Parbatpur block by early 2009.(BL)
SAIL plans to run its own fleet of vessels in partnership with public as well as private players to ship imported cooking coal.(ET)
Unitech plans to invest Rs40bn in hospitality business in the next five years.(DNA)
China-based Dongfang Electric Corp. may tie up with BHEL or L&T for its proposed manufacturing unit in India.(ET)
Kingfisher Airlines receives an in-principle approval from ICICI Bank for a Rs10bn loan facility.(ET)
ONGC Videsh decides to surrender its Qatar block as reserves are low and not commercially viable.(BL)
M&M arm FirstChoice Wheels plans to invest Rs2bn in the next five years for its expansion.(TOI)
GMR Group plans to create holding firms for its three primary businesses and list them overseas.(Mint)
Food and grocery retail chain Subhiksha to invest Rs12bn by 2010.(BS)
Holcim divides the operations of its two companies, ACC and Ambuja Cements India, into three regions.(ET)
Essar group plans port terminal for LNG and a container cargo facility and depots.(Mint)
Cairn India and ONGC have nearly finalized the plan for joint development of Ambe and North Tapti offshore marginal gas fields on the Gujarat coast.(BL)
AT&T is likely to buy 74% stake held by Maxis Communication in Aircel.(ET)
Subhiksha Trading Services, which runs country’s largest food & grocery discount retail chain, acquires majority stake in Chennai based Blue Green Constructions and Investments.(BL)
Future Group plans to split Big Bazaar into two entities.(ET)
Duncan Tea has tied up with Essel Group’s portal itzcash.com for online retailing of tea.(ET)
Reliance Retail is planning to open a chain of specialty stores of retail mobile phone handsets across the country.(ET)
Economic News
Higher crude oil prices could cause fuel subsidy bill to reach Rs3tn this year.(BS)
DoT scraps plan to auction 3G spectrum for CDMA players.(BL)
Railways to increase freight rates to offset diesel price hike.(BS)
PSU oil companies to raise ATF prices by Rs3,000/KL from July 1, 2008.(ET)
Hotel tariffs in five and four star segments may be soon revise downwards as economy heads for a slowdown.(BS)
TRAI to study long term spectrum availability to see whether there is space for new players.(FE)
It would not be possible for India to maintain 9% growth in current fiscal due to rising inflation, says Planning Commission Deputy Chairman.(BS)
Railways to increase discounts on empty-flow direction freight from 30 to 50%.(ET)
Accounting regulator ICAI says firms would have to provide for FCCB redemption premium in their books over life of instrument.(FE)
Government may temporarily ban export of cotton.(ET)
Tyre makers mull 7% price increase due to rising input costs.(BS)
Implementation of commodities transaction tax is likely to be delayed to end of year or next year due to rising inflation.(BS)
Ministry of renewable energy announces a generation-based incentive of 50 paise per unit of electricity for investors who do not have access to the benefits of accelerated depreciation