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.