Buy Hindustan Oil at Rs.130/128, with a stop of Rs.125. The scrip is headed for Rs.139. The key level is Rs.134.50.
Stock market - Keep eyes on India Bulls securities, Essar oil, Rel capital
Ranbaxy group company is reported to have bought 8% stake of Orchid Chemicals recently which is about half of present promoters stake of 16%. Is Orchid Chem a take-over target?
NIFTY did hold on today’s session. Now more shorts to cover if NIFTY holds 4800 level in next sessions though many traders said that today’s movement wasn’t healthy. FIIs were net buyer. Now let’s see how next sessions will spans out
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Reliance Industries may see action
Consortium of Reliance Industries (RIL) has reportedly discovered oil in Yemen. The discovery in Block 9 in Qarn Qaymah 2 well is considered to be significant, and RIL is in process of evaluating the viability.
Solrex Pharmaceutical, which reportedly belongs to Ranbaxy Group, has acquired 9.54% stake in the Chennai-based Orchid Chemicals & Pharmaceuticals. Solrex Pharmaceutical bought 9.72 lakh shares of Orchid Chemicals at Rs 196.13 each, as per the latest data on the BSE.
Bharat Forge has reportedly acquired 89% stake in French forgings company Groupe Sifcor (Society of Industrial and Financial Courcelles). The acquisition will give Bharat Forge an entry into the French automotive sector and access to big Sifcor clients like PSA Citroen and Renault, the reports suggested.
IOL Chemicals & Pharmaceuticals has reportedly decided to sell 5% stake to private-equity funds to raise some Rs 80 crore. The company has already begun talks with four overseas private-equity funds based in Singapore and the US, the reports suggested.
The board of Linc Pen & Plastics at the meeting held on 7 April 2008 approved the proposed merger of Shree Writing Aids into the company.
State-run refiners Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation may see action after US crude futures traded around $109 a barrel
At home, the next major trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
As regards Q4 March 2008 results, Morgan Stanley expects 23% growth in net earnings of 104 out of 108 firms in its Indian coverage universe in Q4 March 2008 over Q4 March 2007.
Good results are expected from the telecom sector on the back of strong growth in new subscribers additions. Infrastructure and engineering firms, too, are seen reporting decent numbers in Q4 March 2008 on the back of healthy order book positions. The performance of auto firms is likely to be sluggish due to muted volume growth and rise in input costs.
A depreciation of the rupee against the dollar is likely to drive good results from the IT sector on a sequential basis in Q4 March 2008 over Q3 December 2007, though the focus here is on guidance for the year ending March 2009 from IT bellwether Infosys Technologies. Infosys guidance will give investors a sense of the effect of the weakening US economy on technology spending by companies there.
Sensex jumped 413.96 points or 2.7% at 15,757.08 on Monday, 7 April 2008, on positive cues from the Asian markets.
As per provisional data, foreign funds bought shares worth a net Rs 346.04 crore on Monday, 7 April 2008. Domestic funds bought shares worth a net Rs 245.93 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 413.84 crore in the futures & options segment on Monday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 293.33 crore and bought index options worth Rs 102.55 crore. They were net buyers of stock futures to the tune of Rs 18.17 crore and sold stock options worth Rs 0.21 crore.
In the calendar year so far, FIIs sold shares worth a net Rs 11808.70 crore, to offset their huge losses in the US sub-prime mortgage market.