Today, Nifty has support at 4,234 and resistance at 4,419 and BSE Sensex has support at 14,218 and resistance at 14,801
The outcome of this week's Federal Reserve meet and that of the UPA-Left panel on the nuke deal will have some bearing on the sentiment.
Today, we expect another gap-down opening. The current situation warrants extreme caution. Any advance (dare we say) is likely to be driven by short-covering as fresh buying is negligible. FIIs continue to be heavy sellers even as local funds are continuing their shopping spree. The market will remain under pressure unless crude oil (and local inflation) cools off sharply and FIIs turn net buyers.
The Indian Market is expected to have negative opening on the back of weak global cues as the US market closed in red and Asian markets are trading weak. On Friday, the Indian market closed with heavy losses pressurized by selling across the ground. It was a hard day for the domestic market as it hanged around extremely negative zone after positive start. It had shown negative attitude through out the trading session. Nuke Deal and inflation worries also caused distress for the market as political uncertainty occurred after CPM threatened the UPA to withdraw its support if government moves forward with the deal. Inflation figure released on Friday reached to 13 years high to 11.05% for the week ended 7 June 2008. From the sectoral front, metal and oil & gas stocks were most unfavorable as most of selling was seen in these baskets
Corporate News
Hindalco Industries plans 1:3 rights issue to raise Rs50bn.(TOI)
GMR group to buy stake in ONGC’s Rs310bn Kakinada refinery in Andhra Pradesh.(BS)
Taro Pharmaceuticals sues its proposed buyer Sun Pharmaceutical Industries for allegedly thwarting formers’ attempt to sell off its unit in Ireland.(BS)
L&T says its heavy engineering division crosses Rs10bn of order booking for hi-tech equipment & systems in two months of current quarter.(BL)
Essar Shipping Ports and Logistics to invest Rs 100bn for the development of shipping, ports and oil field services over the next three years.(BS)
DLF to get around 5,000 acres near greater Noida at less than market rate under the Taj Expressway Industrial Development Authority’s scheme.(ET)
Great Off-shore secures an order for its heavy lift vessel in a Mediterranean company for US$15mn per annum.(FE)
Ranbaxy to continue to pursue acquisitions despite the change in its ownership.(BL)
Glenmark has received an approval from USFDA for marketing and distribution of Trandolapril tablets.(TOI)
NTPC would add 3,000MW of power for commercial use in the current fiscal.(BL)
HDFC Bank raises its benchmark prime lending rate by 0.25% to 15.25%.(FE)
Petronet LNG considering taking participating interests in gas assets in Australia.(BL)
Reliance Industries USA to invest US$215mn and create 200 new jobs at a newly acquired polyester plant in the US.(FE)
A consortium of developers led by Maytas Infra starts work at the greenfield airport in Shimoga, Karnataka.(BL)
Jindal Steel & Power plans to invest Rs320bn in coal-to-liquid projects.(TOI)
MTNL floats a Rs2.5bn tender for building network based on Internet Protocol infrastructure.(ET)
Spencer’s Retail, part of the RPG group, plans to invest Rs25bn over the next two years to expand its retail network.(DNA)
HDFC AMC invests Rs2.4bn in Ansal Properties & Infrastructures’ Noida project.(BS)
Parsvnath Developers plans to open retail stores by end of this fiscal.(DNA)
Tata Steel and Essar Steel along with ArcelorMittal ruled out of the race to acquire a stake in Indonesia's state-owned Krakatau Steel.(ET)
Coal India and Tata Power to form a 40:60 JV to produce power from washery rejects.(BL)
Government approves mining plan for the coal block that Reliance Power plans to use for setting up 4,000MW UMPP at Sasan in Madhya Pradesh.(BS)
Royal Orchid Hotels to develop six new hotels with an investment of Rs5.2bn.(DNA)
Indo Asian Fusegear shelves its plan to buy a majority stake in a European firm.(ET)
SAIL keen on reviving a long pending proposal to fund Rs1.7bn project for redevelopment of Bharat Coking Coal operated Moonidih mine in Jharkhand.(BL)
Punjab National Bank to raise deposit rates by 50bps.(TOI)
Three UK based companies show interest in picking up a controlling stake in GHCL.(BL)
US based Holiday Group to enter into infrastructure, housing and hospitality sectors in Kerala with an investment of Rs10n.(ET)
SVP Group has signed a deal with Bharti Retail to lease out 32,000sq ft of space in Ghaziabad.(ET)
S Kumars subsidiary Reid and Taylor may sell stake to a European fund for Rs150 per share.(ET)
Amtek Transportation Division, part of Amtek Auto, enters into a JV with American Railcar Industries to foray into railcars.(ET)
Economic News
Leading Indian carriers say more air fare increases are possible.(BS)
Finance Ministry says it expects RBI to take monetary measures to help check inflation.(FE)
3G spectrum is not available in certain circles for allocation to CDMA players, according to an internal TRAI study.(BS)
TRAI to submit its recommendations on internet telephony in two months.(ET)
Coal ministry gives its approval for setting up a regulatory body for coal.(DNA)
Provident Fund trustees to press for increasing the interest rate on PF to at least 12%.(ET)
CMIE forecasts 5.5% inflation for FY09.(FE)
As per SEBI, currency futures may start by end of August 2008.(ET)
India exports to the European Union may face higher barriers, if the latter goes ahead with a proposal to place carbon tax on goods imported from advanced developing countries.
JGS Investments is a home of expert stockmarket analysts, and premier source for technical analysts research and information on Indian Stock Markets.Just join us at Yahoo Messenger sheth_jg@yahoo.com OR Email at sheth_jg@yahoo.com
Monday, June 23, 2008
Friday, June 20, 2008
Inflation to fuel proceedings
We might see a bounce in Realty and banking sector today,
A dark horse in this scenario might be Aviation,
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A dark horse in this scenario might be Aviation,
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Thursday, June 19, 2008
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We expect the market to open on a weak note and the trend may not change for most part of the day, unless there is some fresh short covering. The market will have to keep one eye on New Delhi and the other eye on global markets. Quite a strain for the eyes and the market!
FIIs were net sellers of Rs4.35bn (provisional) in the cash segment on Wednesday while the local institutions poured in Rs1.94bn. In the F&O segment, foreign funds were net sellers of Rs1.93bn.
The institutions remain sluggish to buy at lower levels and that more or less explains the continued tension on the bourses. After a two-day rally (any small gain is a rally these days), the key indices gave up some of the gains. Renewed weakness in global markets and fresh tension between the Government and the Left parties over the Indo-US nuclear deal played spoilsport. The sudden rise in political temperature in New Delhi could do some more harm today amid worries over the fate of the Congress-led UPA regime. Given the uncertain political environment, the bulls may like to tread cautiously. Also, global markets fell sharply overnight while Asian markets too are in the red this morning. Crude oil continues to be highly volatile, keeping global markets on the edge.
Today's Pick - Bank of Baroda
Picks - SUJANA TOWER,GSS AMERICA, BURNPUR CEM
We recommend a sell on Bank of Baroda from a short-term perspective. From the charts of Bank of Baroda, we note that the stock has been on an intermediate-term downtrend, since its January 2008 high of Rs 501, forming lower peaks and lower troughs.
However, after touching 2008 low of Rs 211 on June 9, the stock witnessed a corrective up-move.
This up-move of the stock did not sustain, as the stock encountered twin resistances (a key resistance level and down trendline) at about Rs 260.
On June 18, the stock declined and formed a dark cloud candlestick pattern that indicates bearishness. The weekly momentum indicator is featuring in the bearish zone and the daily momentum indicator is likely to re-enter this zone.
With the intermediate-term down trendline still intact, we are bearish on the stock in the short-term. We expect the stock to decline until it hits our price target of Rs 218 in the upcoming trading sessions. Traders with short-term perspective can sell the stock, while maintaining stop-loss at Rs 258.
Shares of Niraj Cement Structurals Ltd. will get listed today.
Results Today: EIH Associates, Future Capital, JHS Svendgaard, Kirloskar Ferrous, Ratnamani Metals, Simplex Realty and Uniflex Cable
Corporate News
Ranbaxy settles worldwide patent litigations with Pfizer over Lipitor. Under the agreement, Ranbaxy will be allowed to sell generic versions of the drug in the US from November 30, 2011. (BL)
ONGC, IOC and Gail have expressed interest in buying ADB's stake in Petronet LNG. (ET)
RCom may initiate criminal proceedings against RIL officials involved in the signing of January 12, 2006 agreement. (BL)
The MSRDC may ask Mukesh Ambani-controlled SeaKing Infrastructure Ltd (SKIL)-led consortium to bring down the concession period for the Rs60bn, 22-km sea link between Sewari and Nava Sheva. (BS)
MTNL has received the international long distance license from DoT. (ET)
Zee Entertainment may list its two divisions Zee Motion Pictures and Zee Limelight on the London Stock Exchange’s AIM. (FE)
Tata Steel and Essar Steel are vying for a majority stake in the proposed joint venture of Indonesia's PT Krakatau Steel to build a 2.5mtpa plant. (BS)
The Government may infuse more capital into Central Bank of India on improved performance. (FE)
RIL has denied it has signed formal gas sale contracts with prospective customers in defiance of a Bombay High Court order. (ET)
M&M plans to roll out "Mahindra" tractors from the Punjab Tractors unit in Mohali. (BS)
The NCD-cum-convertible warrants offer of Indian Hotels faced lukewarm response, forcing the promoters to pick up the unsubscribed portion of just over 80% for about Rs4.8bn. (ET)
Reliance Big Entertainment is in talks with PEs for selling a 10% stake for a valuation of US$5bn. (ET)
Andhra Bank to raise US$300mn foreign currency loan in 2008-09. (BL)
The Leela Palaces, Hotels and Resorts signs a sales and marketing agreement with US-based Preferred Hotel Group. (ET)
MindTree to invest US$45mn in its new software development centre at Mahindra World City SEZ in Maraimalai Nagar. (BL)
Union Bank of India to raise US$2bn through medium term debt from international market for its overseas expansion. (ET)
With the Karnataka High Court approving the Kingfisher Airlines – Deccan Aviation merger, Kingfisher Airlines’ plans to fly overseas soon. (BL)
Moschip Semiconductor has acquired US-based Indigita, the audio and video division of Intellasys. (BL)
Sintex Industries has acquired Digvijay Communications and Networks in the form of a slump sale. (BL)
Citrix to invest US$200mn in its second R&D facility in Bangalore over the next five years. (ET)
Sujana Towers has acquired of 51% stake in an African telecom infrastructure company, Telesuprecon. (BL)
Exide Industries acquires 51% in Bangalore-based lead smelter Leadage Alloys India Ltd. (BL)
Shyam Group and Spanco have sign an agreement with Punj Lloyd to acquire its Internet services company Spectranet. (BL)
Economic News
Infrastructure sector growth dips to 3.6% in April compared to the same month last year. (BL)
Aided by higher TDS collections, the Centre’s net direct tax collections recorded a 71.3% increase during the first two months of the current fiscal to Rs228.4bn against Rs133.4bn in the same period last year. (BL)
India to receive an estimated loan amount of US$9.2bn from the Asian Development Bank between 2008 and 2010 for various development projects. (FE)
The Government to allow only Gujarat companies to export cement. (ET)
The RBI has made it mandatory for RRBs to report all suspicious transactions above Rs1mn to the directorate of financial intelligence as part of exercise to strengthen the anti-money laundering drive. (ET)
The Government reduced prices of complex fertilizers by up to Rs2,296 per ton.
We expect the market to open on a weak note and the trend may not change for most part of the day, unless there is some fresh short covering. The market will have to keep one eye on New Delhi and the other eye on global markets. Quite a strain for the eyes and the market!
FIIs were net sellers of Rs4.35bn (provisional) in the cash segment on Wednesday while the local institutions poured in Rs1.94bn. In the F&O segment, foreign funds were net sellers of Rs1.93bn.
The institutions remain sluggish to buy at lower levels and that more or less explains the continued tension on the bourses. After a two-day rally (any small gain is a rally these days), the key indices gave up some of the gains. Renewed weakness in global markets and fresh tension between the Government and the Left parties over the Indo-US nuclear deal played spoilsport. The sudden rise in political temperature in New Delhi could do some more harm today amid worries over the fate of the Congress-led UPA regime. Given the uncertain political environment, the bulls may like to tread cautiously. Also, global markets fell sharply overnight while Asian markets too are in the red this morning. Crude oil continues to be highly volatile, keeping global markets on the edge.
Today's Pick - Bank of Baroda
Picks - SUJANA TOWER,GSS AMERICA, BURNPUR CEM
We recommend a sell on Bank of Baroda from a short-term perspective. From the charts of Bank of Baroda, we note that the stock has been on an intermediate-term downtrend, since its January 2008 high of Rs 501, forming lower peaks and lower troughs.
However, after touching 2008 low of Rs 211 on June 9, the stock witnessed a corrective up-move.
This up-move of the stock did not sustain, as the stock encountered twin resistances (a key resistance level and down trendline) at about Rs 260.
On June 18, the stock declined and formed a dark cloud candlestick pattern that indicates bearishness. The weekly momentum indicator is featuring in the bearish zone and the daily momentum indicator is likely to re-enter this zone.
With the intermediate-term down trendline still intact, we are bearish on the stock in the short-term. We expect the stock to decline until it hits our price target of Rs 218 in the upcoming trading sessions. Traders with short-term perspective can sell the stock, while maintaining stop-loss at Rs 258.
Shares of Niraj Cement Structurals Ltd. will get listed today.
Results Today: EIH Associates, Future Capital, JHS Svendgaard, Kirloskar Ferrous, Ratnamani Metals, Simplex Realty and Uniflex Cable
Corporate News
Ranbaxy settles worldwide patent litigations with Pfizer over Lipitor. Under the agreement, Ranbaxy will be allowed to sell generic versions of the drug in the US from November 30, 2011. (BL)
ONGC, IOC and Gail have expressed interest in buying ADB's stake in Petronet LNG. (ET)
RCom may initiate criminal proceedings against RIL officials involved in the signing of January 12, 2006 agreement. (BL)
The MSRDC may ask Mukesh Ambani-controlled SeaKing Infrastructure Ltd (SKIL)-led consortium to bring down the concession period for the Rs60bn, 22-km sea link between Sewari and Nava Sheva. (BS)
MTNL has received the international long distance license from DoT. (ET)
Zee Entertainment may list its two divisions Zee Motion Pictures and Zee Limelight on the London Stock Exchange’s AIM. (FE)
Tata Steel and Essar Steel are vying for a majority stake in the proposed joint venture of Indonesia's PT Krakatau Steel to build a 2.5mtpa plant. (BS)
The Government may infuse more capital into Central Bank of India on improved performance. (FE)
RIL has denied it has signed formal gas sale contracts with prospective customers in defiance of a Bombay High Court order. (ET)
M&M plans to roll out "Mahindra" tractors from the Punjab Tractors unit in Mohali. (BS)
The NCD-cum-convertible warrants offer of Indian Hotels faced lukewarm response, forcing the promoters to pick up the unsubscribed portion of just over 80% for about Rs4.8bn. (ET)
Reliance Big Entertainment is in talks with PEs for selling a 10% stake for a valuation of US$5bn. (ET)
Andhra Bank to raise US$300mn foreign currency loan in 2008-09. (BL)
The Leela Palaces, Hotels and Resorts signs a sales and marketing agreement with US-based Preferred Hotel Group. (ET)
MindTree to invest US$45mn in its new software development centre at Mahindra World City SEZ in Maraimalai Nagar. (BL)
Union Bank of India to raise US$2bn through medium term debt from international market for its overseas expansion. (ET)
With the Karnataka High Court approving the Kingfisher Airlines – Deccan Aviation merger, Kingfisher Airlines’ plans to fly overseas soon. (BL)
Moschip Semiconductor has acquired US-based Indigita, the audio and video division of Intellasys. (BL)
Sintex Industries has acquired Digvijay Communications and Networks in the form of a slump sale. (BL)
Citrix to invest US$200mn in its second R&D facility in Bangalore over the next five years. (ET)
Sujana Towers has acquired of 51% stake in an African telecom infrastructure company, Telesuprecon. (BL)
Exide Industries acquires 51% in Bangalore-based lead smelter Leadage Alloys India Ltd. (BL)
Shyam Group and Spanco have sign an agreement with Punj Lloyd to acquire its Internet services company Spectranet. (BL)
Economic News
Infrastructure sector growth dips to 3.6% in April compared to the same month last year. (BL)
Aided by higher TDS collections, the Centre’s net direct tax collections recorded a 71.3% increase during the first two months of the current fiscal to Rs228.4bn against Rs133.4bn in the same period last year. (BL)
India to receive an estimated loan amount of US$9.2bn from the Asian Development Bank between 2008 and 2010 for various development projects. (FE)
The Government to allow only Gujarat companies to export cement. (ET)
The RBI has made it mandatory for RRBs to report all suspicious transactions above Rs1mn to the directorate of financial intelligence as part of exercise to strengthen the anti-money laundering drive. (ET)
The Government reduced prices of complex fertilizers by up to Rs2,296 per ton.
Wednesday, June 18, 2008
A rocket won't fly unless somebody lights the fuse.
Today, we expect another cautious to slightly positive start,
Nifty (4653) Sup 4580 Res 4695
Seeing buying in Ashok , Suzlon in dips
The bulls may have regained some lost ground with bears covering their shorts in the last couple of days. Global markets too have largely held up quite well and oil prices have retreated a bit. Lack of fresh bad news coupled with buying by local institutions have kept the bears on the defensive in the last two days. FIIs turned net buyers in the cash segment yesterday on a provisional basis. However, it remains to be seen whether the current momentum can be sustained, as the bulls still lack conviction.
Mutual funds may be sitting on a huge pile of cash, but the market needs FIIs to turn net buyers in a big way. In short the FIIs have to light the fuse to ignite positive action in the Indian bourses.
Results Today: Aurobindo Pharma, Dish TV, Era Infra, Finolex Industries, Greenply, Hotel Leela, Indraprastha Gas, Kei Industries, Marg, Mascon Global, Power Grid Corp., PNB and Rajesh Exports
Today's Pick - Allcargo Logistics
We recommend investors buy the stock of Allcargo Global Logistics with a short-term perspective. From the charts, we see that it has been on a long-term downtrend from its January 2007 peak of Rs 1,355 to its June 2008 low of Rs 620.
However, the stock found support at around Rs 640 for the second time (a key support level) recently and commenced an up move. At around Rs 700, the stock crossed over the 21-day moving average, showing signs of bullishness.
Recently, the stock penetrated the 50-day moving average as well as the long-term down trendline. The daily relative strength index is featuring in the bullish zone and the weekly RSI is rising towards this zone. The moving average convergence and divergence is on the brink of entering positive territory.
We are bullish on the stock in the short-term. We expect the stock’s current up move to prolong until it hits our price target of Rs 895 in the approaching trading sessions. Traders with a short-term perspective can buy the stock while maintaining stop-loss at Rs 750
Corporate News
Reliance Industries and ONGC may resume oil production from PMT fields. (ET)
Reliance Communications is considering buying over 40% in MTN. (BS)
Hindalco plans US$1bn rights issue. (ET)
IDEA close to launching operations in Mumbai. (ET)
UBI plans to raise upto US$2bn via MTN. (BS)
Reliance Power, Tata Power, Lanco, amongst companies qualified for Rajpura thermal power project. (BL)
Ashok Leyland may divest stake in Nissan JV. (ET)
Tech Mahindra enters into IPTV global alliance with Microsoft. (ET)
GMR’s Delhi hospitality project hits AAI hurdle. (ET)
Tata Motors plans to build US$150mn factory in Mexico to assemble cars for exports to South America. (DNA)
Two Glenmark drugs are set to enter the clinical trial stage in October 2008. (DNA)
JSW Steel Group will invest Rs5.5bn in Chile mines. (BS)
Jet Airways and SpiceJet are introducing sharp cutbacks in staff cost and salaries. (BS)
Pantaloon Retail’s arm ties-up with Dubai’s Aramex to open a 90,000 sqft warehouse in Mumbai. (BL)
Aditya Birla Group’s BPO division plans to acquire captive arms of niche financial services firms. (DNA)
Voltas buys remaining 50% stake in Fedders International. (FE)
Cadila to spin-off and merge the consumer products division into its unit, Carnation Nutra Analogue-Foods Ltd. (FE)
Escorts Group is developing a bio-fuel powered tractor. (FE)
Castrol intends to spend Rs1bn on advertisement and product promotion. (BL)
S Kumars Nationwide plans acquisitions in Europe and North America. (BS)
IBM set to invest in KLG Systel. (DNA)
Ipca Labs is looking at an overseas acquisition in the range of US$10-20mn. (DNA)
Chettinad Cement plans new plant in Karnataka and defers rights issue. (BL)
Indo Asian Fusegear is planning to foray into power generation. (BS)
KEC International wins Rs1.6bn order from NTPC for rural electrification in Jharkhand. (ET)
Godawari Power to invest Rs2.8bn over the next two years to expand capacity and acquire majority stake in an iron ore pelletisation plant. (DNA)
Champagne Indage plans to raise US$50mn through issue of securities in overseas market. (BL)
Shri Lakshmi Cotsyn plans to invest an additional Rs3.5bn in FY09 on capacity expansion. (ET)
Plethico Pharma plans to acquire a US-based nutraceuticals company. (DNA)
Economic News
Nuclear Power ventures may get overseas funding. (ET)
Indirect tax collection registers a growth of 12.8% in the first two months of the current fiscal
Nifty (4653) Sup 4580 Res 4695
Seeing buying in Ashok , Suzlon in dips
The bulls may have regained some lost ground with bears covering their shorts in the last couple of days. Global markets too have largely held up quite well and oil prices have retreated a bit. Lack of fresh bad news coupled with buying by local institutions have kept the bears on the defensive in the last two days. FIIs turned net buyers in the cash segment yesterday on a provisional basis. However, it remains to be seen whether the current momentum can be sustained, as the bulls still lack conviction.
Mutual funds may be sitting on a huge pile of cash, but the market needs FIIs to turn net buyers in a big way. In short the FIIs have to light the fuse to ignite positive action in the Indian bourses.
Results Today: Aurobindo Pharma, Dish TV, Era Infra, Finolex Industries, Greenply, Hotel Leela, Indraprastha Gas, Kei Industries, Marg, Mascon Global, Power Grid Corp., PNB and Rajesh Exports
Today's Pick - Allcargo Logistics
We recommend investors buy the stock of Allcargo Global Logistics with a short-term perspective. From the charts, we see that it has been on a long-term downtrend from its January 2007 peak of Rs 1,355 to its June 2008 low of Rs 620.
However, the stock found support at around Rs 640 for the second time (a key support level) recently and commenced an up move. At around Rs 700, the stock crossed over the 21-day moving average, showing signs of bullishness.
Recently, the stock penetrated the 50-day moving average as well as the long-term down trendline. The daily relative strength index is featuring in the bullish zone and the weekly RSI is rising towards this zone. The moving average convergence and divergence is on the brink of entering positive territory.
We are bullish on the stock in the short-term. We expect the stock’s current up move to prolong until it hits our price target of Rs 895 in the approaching trading sessions. Traders with a short-term perspective can buy the stock while maintaining stop-loss at Rs 750
Corporate News
Reliance Industries and ONGC may resume oil production from PMT fields. (ET)
Reliance Communications is considering buying over 40% in MTN. (BS)
Hindalco plans US$1bn rights issue. (ET)
IDEA close to launching operations in Mumbai. (ET)
UBI plans to raise upto US$2bn via MTN. (BS)
Reliance Power, Tata Power, Lanco, amongst companies qualified for Rajpura thermal power project. (BL)
Ashok Leyland may divest stake in Nissan JV. (ET)
Tech Mahindra enters into IPTV global alliance with Microsoft. (ET)
GMR’s Delhi hospitality project hits AAI hurdle. (ET)
Tata Motors plans to build US$150mn factory in Mexico to assemble cars for exports to South America. (DNA)
Two Glenmark drugs are set to enter the clinical trial stage in October 2008. (DNA)
JSW Steel Group will invest Rs5.5bn in Chile mines. (BS)
Jet Airways and SpiceJet are introducing sharp cutbacks in staff cost and salaries. (BS)
Pantaloon Retail’s arm ties-up with Dubai’s Aramex to open a 90,000 sqft warehouse in Mumbai. (BL)
Aditya Birla Group’s BPO division plans to acquire captive arms of niche financial services firms. (DNA)
Voltas buys remaining 50% stake in Fedders International. (FE)
Cadila to spin-off and merge the consumer products division into its unit, Carnation Nutra Analogue-Foods Ltd. (FE)
Escorts Group is developing a bio-fuel powered tractor. (FE)
Castrol intends to spend Rs1bn on advertisement and product promotion. (BL)
S Kumars Nationwide plans acquisitions in Europe and North America. (BS)
IBM set to invest in KLG Systel. (DNA)
Ipca Labs is looking at an overseas acquisition in the range of US$10-20mn. (DNA)
Chettinad Cement plans new plant in Karnataka and defers rights issue. (BL)
Indo Asian Fusegear is planning to foray into power generation. (BS)
KEC International wins Rs1.6bn order from NTPC for rural electrification in Jharkhand. (ET)
Godawari Power to invest Rs2.8bn over the next two years to expand capacity and acquire majority stake in an iron ore pelletisation plant. (DNA)
Champagne Indage plans to raise US$50mn through issue of securities in overseas market. (BL)
Shri Lakshmi Cotsyn plans to invest an additional Rs3.5bn in FY09 on capacity expansion. (ET)
Plethico Pharma plans to acquire a US-based nutraceuticals company. (DNA)
Economic News
Nuclear Power ventures may get overseas funding. (ET)
Indirect tax collection registers a growth of 12.8% in the first two months of the current fiscal
Tuesday, June 17, 2008
After short squeeze a flat day!
Nifty support at 4515-4430
Resisitance at 4630-4690
For the day, we expect the market to open on a flat to slightly positive note, as the short squeeze may continue
F&O indicators suggest that there may be more upside in the offing. The Nifty futures expiring in June shed more than 20 lakh shares in open interest while the discount slumped from about 30 points to almost nil. With this, the total open interest in Nifty futures has slipped below 4 crore shares. Over the past few months there have been a few instances where the market trend has taken an about turn following this event. It remains to be seen if the bulls are lucky this time round as well.
The advance tax numbers for a few top companies are out and as usual it’s a mixed bag. Banks like ICICI Bank, SBI and HDFC have done well and so has Reliance Industries. Bajaj Auto, Tata Motors and Ambuja Cements have reported lower tax outgo versus the same period last year.
Cadila Healthcare's Board will meet today to consider options to consolidate / restructure the Consumer Products business of the group, including its listed subsidiary, namely Carnation Nutra-Analogue Foods Ltd.
Champagne Indage's Board will consider raising of long term / medium term financial resources.
Both L&T and Crompton Greaves have denied reports that L&T is doing due diligence to acquire Crompton Greaves' project business.
FIIs were net sellers of Rs5.48bn (provisional) in the cash segment on Monday while the local institutions poured in Rs2.9bn. In the F&O segment, foreign funds were net buyers of Rs593.2mn
Results Today: BPCL, Bilpower, Cambridge Solutions, Chettinad Cement, IRB Infra, Jumbo Bag, Sical Logistics, Sri Digvijay Cement, Tantia Constructions, Tata Communications, Wire & Wireless and Zee News.
Today's Pick - GSFC
We recommend a buy in Gujarat State Fertilizers & Chemicals from a short-term perspective. It is clearly visible from the charts of Gujarat State Fertilizers & Chemicals that it had been on an intermediate-term downtrend from its January 2008 high of Rs 370 until it reached its June low of Rs 152.
However, after finding support at around Rs 150 (a significant long-term support level) in the recent times, the stock began to move up. During this upmove, the stock conclusively penetrated the intermediate-term down trendline and its 21-day moving average.
There is also an increase in trading volumes over the past two trading sessions.
We believe that the stock will continue to move higher in the short-term. The daily Relative Strength index is rising towards the bullish zone. We notice a crossover in the daily moving average convergence and divergence and it is rising in line with the stock price, indicating bullishness. Our short-term forecast for the stock is bullish. We expect the stock to move upwards until it hits our price target of Rs 200 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 167.
Corporate News
Japanese drug-maker Daiichi-Sankyo may revise the open offer price for Ranbaxy in the case of a competitive bid. (BS)
Reliance Industries is seeking to borrow US$1bn to fund its expansion projects. (DNA)
Reliance Power will get a US$500-million loan from ADB for the 4,000-MW UMPP coming up at Krishnapatnam in AP. (BS)
IOC, HPCL and BPCL sell bonds to RBI at a premium. (BS)
Maruti may launch a stripped-down version of Maruti 800 to compete with Nano. (BS)
Balmer Lawrie is set to acquire a 50% stake in a travel and tourism company with a national presence. (ET)
TCS plans to participate in e-governance projects in India as well as countries in the Middle East, Latin America, eastern Europe and Africa. (ET)
Unitech has scrapped plans for a US$600mn sale of shares in a real estate investment trust in Singapore. (BS)
ITC Welcom Group through its subsidiary Fortune Park Hotels Ltd is planning to add another 21 hotels in the next three years. (BS)
The Al Rostmani group, one of the largest conglomerates in the UAE, is planning to pick up a majority stake in GHCL for an estimated investment of Rs7bn. (BS)
Srei Equipment Finance Pvt. Ltd., a 50:50 JV between Srei Infrastructure Finance Ltd and BNP Paribas, will raise ~Rs80-90bn during FY09. (DNA)
Aksh Optifibre, in collaboration with MTNL has cut its subscription rates to Rs199 per month. (ET)
Daiichi-Sankyo has been granted two product patents by the Kolkata Patent Office. (BS)
Jet Airways plans to put its international expansion on hold until the end of next year due to soaring oil prices. (ET)
Jet Airways has announced a two-year tie-up with Shell-MRPL Aviation Fuels and Services Pvt. Ltd for its fuel supply at the new airports in Banaglore and Hyderabad. (Mint)
Sterlite Industries may consider legal action if the bankruptcy court favors Grupo Mexico's counter-offer of US$4.1bn for Asarco, the US copper mining giant. (BS)
Godavari Fertilisers and Chemicals Limited would solely cater to the agri input requirements of the state farmers, starting this kharif season. (BS)
Gujarat State Petroleum Corporation (GSPC) has applied to the Directorate General of Hydrocarbons (DGH) for declaration of commerciality of its discoveries in the KG basin block. (BL)
SRF plans to put its share buyback plan on hold. (Mint)
NMDC has resumed operations at three iron ore mines in Chattisgarh. (Mint)
Transport Corporation of India plans to raise capital for its expansion plan by diluting promoter holding by ~10%, which is expected to generate ~Rs680mn. (ET)
Goldman Sachs has acquired a minority stake in Shapoorji Pallonji’s engineering arm Sterling & Wilson for over Rs2bn. (ET)
Gemini Communications has acquired a majority stake in Chennai based Veeras Infotek for Rs70mn. (ET)
Nokia’s market share in India has increased to 62.5% in 2007-08 from 53.6% last year. (ET)
Cobra Beer India, the Indian subsidiary of the US$400mn UK-based Cobra Beer will be launching diet beer in India. (ET)
Malaysian national carmaker Proton plans to enter the Indian passenger vehicle market (ET)
Economic News
State governments to roll back jet fuel tax cuts, as they believe that benefits have not been passed on to the consumers. (BS)
The Government has allowed private mobile operators to enter into mutual agreements for intra circle roaming with each other. (BS)
Mumbai Metro rail project will generate 651,938 carbon credits between 2011 and 2020. (BL)
States have asked the Centre to pay them Rs40bn for the revenue loss due to duty cuts on petrol, diesel and cooking gas during the remaining part of 2008-09. (FE)
Soaring steel and cement prices have virtually put the brakes on the Pradhan Mantri Gram Sadak Yojana, the rural road component of the UPA’s flagship ‘Bharat Nirman’ programme. (FE)
The department of fertiliser (DoF) has firmed up a time-bound completion of revival of seven sick units of Fertiliser Corporation of India (FCI) and Hindustan Fertiliser Corporation (HFC). (FE)
According to ministry officials, the national-wide rollout of CAS will happen only after the general elections in 2009. (ET)
According to TRAI, Mobile Virtual Network Operators (MVNOs) that intend to enter the domestic mobile space will not be allowed to own spectrum. (BS)
The empowered group of state finance ministers deferred its decision on rationalization of sales tax on aviation turbine fuel to June 23, 2008. (DNA)
According to CMIE, GDP is expected to grow at an impressive 9.5% in 2008-09. (ET)
Small and medium enterprises will get Rs550mn IPR facilitation package for implementation over the next four years. (ET)
Gems and jewellery exports rose by over 36% yoy to US$1.8bn in May 2008
Resisitance at 4630-4690
For the day, we expect the market to open on a flat to slightly positive note, as the short squeeze may continue
F&O indicators suggest that there may be more upside in the offing. The Nifty futures expiring in June shed more than 20 lakh shares in open interest while the discount slumped from about 30 points to almost nil. With this, the total open interest in Nifty futures has slipped below 4 crore shares. Over the past few months there have been a few instances where the market trend has taken an about turn following this event. It remains to be seen if the bulls are lucky this time round as well.
The advance tax numbers for a few top companies are out and as usual it’s a mixed bag. Banks like ICICI Bank, SBI and HDFC have done well and so has Reliance Industries. Bajaj Auto, Tata Motors and Ambuja Cements have reported lower tax outgo versus the same period last year.
Cadila Healthcare's Board will meet today to consider options to consolidate / restructure the Consumer Products business of the group, including its listed subsidiary, namely Carnation Nutra-Analogue Foods Ltd.
Champagne Indage's Board will consider raising of long term / medium term financial resources.
Both L&T and Crompton Greaves have denied reports that L&T is doing due diligence to acquire Crompton Greaves' project business.
FIIs were net sellers of Rs5.48bn (provisional) in the cash segment on Monday while the local institutions poured in Rs2.9bn. In the F&O segment, foreign funds were net buyers of Rs593.2mn
Results Today: BPCL, Bilpower, Cambridge Solutions, Chettinad Cement, IRB Infra, Jumbo Bag, Sical Logistics, Sri Digvijay Cement, Tantia Constructions, Tata Communications, Wire & Wireless and Zee News.
Today's Pick - GSFC
We recommend a buy in Gujarat State Fertilizers & Chemicals from a short-term perspective. It is clearly visible from the charts of Gujarat State Fertilizers & Chemicals that it had been on an intermediate-term downtrend from its January 2008 high of Rs 370 until it reached its June low of Rs 152.
However, after finding support at around Rs 150 (a significant long-term support level) in the recent times, the stock began to move up. During this upmove, the stock conclusively penetrated the intermediate-term down trendline and its 21-day moving average.
There is also an increase in trading volumes over the past two trading sessions.
We believe that the stock will continue to move higher in the short-term. The daily Relative Strength index is rising towards the bullish zone. We notice a crossover in the daily moving average convergence and divergence and it is rising in line with the stock price, indicating bullishness. Our short-term forecast for the stock is bullish. We expect the stock to move upwards until it hits our price target of Rs 200 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 167.
Corporate News
Japanese drug-maker Daiichi-Sankyo may revise the open offer price for Ranbaxy in the case of a competitive bid. (BS)
Reliance Industries is seeking to borrow US$1bn to fund its expansion projects. (DNA)
Reliance Power will get a US$500-million loan from ADB for the 4,000-MW UMPP coming up at Krishnapatnam in AP. (BS)
IOC, HPCL and BPCL sell bonds to RBI at a premium. (BS)
Maruti may launch a stripped-down version of Maruti 800 to compete with Nano. (BS)
Balmer Lawrie is set to acquire a 50% stake in a travel and tourism company with a national presence. (ET)
TCS plans to participate in e-governance projects in India as well as countries in the Middle East, Latin America, eastern Europe and Africa. (ET)
Unitech has scrapped plans for a US$600mn sale of shares in a real estate investment trust in Singapore. (BS)
ITC Welcom Group through its subsidiary Fortune Park Hotels Ltd is planning to add another 21 hotels in the next three years. (BS)
The Al Rostmani group, one of the largest conglomerates in the UAE, is planning to pick up a majority stake in GHCL for an estimated investment of Rs7bn. (BS)
Srei Equipment Finance Pvt. Ltd., a 50:50 JV between Srei Infrastructure Finance Ltd and BNP Paribas, will raise ~Rs80-90bn during FY09. (DNA)
Aksh Optifibre, in collaboration with MTNL has cut its subscription rates to Rs199 per month. (ET)
Daiichi-Sankyo has been granted two product patents by the Kolkata Patent Office. (BS)
Jet Airways plans to put its international expansion on hold until the end of next year due to soaring oil prices. (ET)
Jet Airways has announced a two-year tie-up with Shell-MRPL Aviation Fuels and Services Pvt. Ltd for its fuel supply at the new airports in Banaglore and Hyderabad. (Mint)
Sterlite Industries may consider legal action if the bankruptcy court favors Grupo Mexico's counter-offer of US$4.1bn for Asarco, the US copper mining giant. (BS)
Godavari Fertilisers and Chemicals Limited would solely cater to the agri input requirements of the state farmers, starting this kharif season. (BS)
Gujarat State Petroleum Corporation (GSPC) has applied to the Directorate General of Hydrocarbons (DGH) for declaration of commerciality of its discoveries in the KG basin block. (BL)
SRF plans to put its share buyback plan on hold. (Mint)
NMDC has resumed operations at three iron ore mines in Chattisgarh. (Mint)
Transport Corporation of India plans to raise capital for its expansion plan by diluting promoter holding by ~10%, which is expected to generate ~Rs680mn. (ET)
Goldman Sachs has acquired a minority stake in Shapoorji Pallonji’s engineering arm Sterling & Wilson for over Rs2bn. (ET)
Gemini Communications has acquired a majority stake in Chennai based Veeras Infotek for Rs70mn. (ET)
Nokia’s market share in India has increased to 62.5% in 2007-08 from 53.6% last year. (ET)
Cobra Beer India, the Indian subsidiary of the US$400mn UK-based Cobra Beer will be launching diet beer in India. (ET)
Malaysian national carmaker Proton plans to enter the Indian passenger vehicle market (ET)
Economic News
State governments to roll back jet fuel tax cuts, as they believe that benefits have not been passed on to the consumers. (BS)
The Government has allowed private mobile operators to enter into mutual agreements for intra circle roaming with each other. (BS)
Mumbai Metro rail project will generate 651,938 carbon credits between 2011 and 2020. (BL)
States have asked the Centre to pay them Rs40bn for the revenue loss due to duty cuts on petrol, diesel and cooking gas during the remaining part of 2008-09. (FE)
Soaring steel and cement prices have virtually put the brakes on the Pradhan Mantri Gram Sadak Yojana, the rural road component of the UPA’s flagship ‘Bharat Nirman’ programme. (FE)
The department of fertiliser (DoF) has firmed up a time-bound completion of revival of seven sick units of Fertiliser Corporation of India (FCI) and Hindustan Fertiliser Corporation (HFC). (FE)
According to ministry officials, the national-wide rollout of CAS will happen only after the general elections in 2009. (ET)
According to TRAI, Mobile Virtual Network Operators (MVNOs) that intend to enter the domestic mobile space will not be allowed to own spectrum. (BS)
The empowered group of state finance ministers deferred its decision on rationalization of sales tax on aviation turbine fuel to June 23, 2008. (DNA)
According to CMIE, GDP is expected to grow at an impressive 9.5% in 2008-09. (ET)
Small and medium enterprises will get Rs550mn IPR facilitation package for implementation over the next four years. (ET)
Gems and jewellery exports rose by over 36% yoy to US$1.8bn in May 2008
Monday, June 16, 2008
A better Monday!
Today are nifty btst will speak rally can be seen till 4600
Bulls may lack the steam but after yet another tumultuous week, they would fell better seeing some green ticks across most global markets
Hindalco might announce a rights or bonus issue soon
Buying seen in Tata Power and Sterlite Industries as these stocks will be added to the BSE Index starting July 28th this year. These two scrips are expected to replace Ambuja Cements and Cipla Ltd
WATCH -Wire & Wireless and Indraprastha Gas Ltd.
Lots of stock specific activity is expected. Watch out for RCOM in the wake of RIL's opposition to the MTN deal. Ranbaxy could also remain in the limelight due to talk of Pfizer announcing a counter bid. Sterlite may be under pressure as it is also facing a counter bid for Asarco. Steel and iron ore companies will attract attention after the Government announced changes in duties. Car makers may be hit due to the increase in excise duty on big cars, MUVs and SUVs. Vikas WSP could see action as it announces its results today.
FIIs were net sellers of Rs1.16bn (provisional) in the cash segment on Friday while the local institutions poured in Rs4.57bn. In the F&O segment, foreign funds were net buyers of Rs6.25bn.
Today's Pick - Dabur
We recommend a buy in Dabur India from a short-term perspective. It is evident from the charts that the stock has been consolidating sideways since mid January in a broad range between Rs 94 and Rs 110. The stock began its current up move form the key support level at Rs 94.
During this up move it crossed the 21-day moving average. The daily momentum indicator is rising in the neutral region towards the bullish zone and the weekly momentum indicator has taken support around 40 level and has started rising. The moving average convergence and divergence is also showing signs of bullishness and is likely to enter the positive territory.
We are bullish on the stock in the short-term. We expect the stock to move upwards until it hits our price target of Rs 110 in this period. Traders with short-term perspective can buy the stock while maintaining the stop-loss at Rs 94.
Corporate News
Reliance Industries sends letter to MTN; says it has the first right of refusal to buy the controlling interest in Reliance Communications.(FE)
JSW Steel plans to invest Rs800bn to add 20mn tonne capacity.(BL)
Idea Cellular to buy Spice Comm. in a three stage deal in which minority shareholders of latter can swap their shares for Idea’s shares or sell them in an open offer.(BS)
Goldman Sachs to pay Rs7bn for a minority stake in M&M.(TOI)
Hindalco Industries considering various options including rights issue to repay a US$3bn bridge loan it took to finance the acquisition of Novelis Inc.(BL)
Telekom Malaysia is understood to have picked up ~15% stake in Idea Cellular at a price of Rs158 a share.(DNA)
Videocon to roll out its GSM services from Chennai on August 15th of current year.(ET)
Vedanta Resources bid for US copper firm Asarco faces a roadblock.(Mint)
Hinduja Group to finalise a strategic investor to offload 15% stake in the 1,040MW coal fired project at Vizag in Andhra Pradesh.(FE)
Wipro Technologies pulls out of its JV with Motorola.(ET)
SBI decides against raising interest rates for the time being.(BS)
ONGC Videsh, Indian Oil and Oil India together expect to spend US$3bn if they get the right to develop the Farsi block in Iran.(BS)
The New York Times Company in discussion to acquire a 5% equity stake in Sieger Solutions, a 100% subsidiary of Deccan Chronicle Holdings.(BL)
Reliance Power emerges as the lowest bidder to build two power projects in the Allahabad district of Uttar Pradesh.(BS)
3i Infotech completes the acquisition of US based Regulus Group for US$100mn.(DNA)
TPG Newbridge may invest US$150mn for a 49% stake in a company that will hold 100% equity capital of Shriram City Union Finance.(BL)
Pipe manufacturer PSL secures Rs 1.2bn order from BPCL.(BL)
Spice Comm. promoter B K Modi in negotiations to acquire 39% stake in Sony Entertainment Television.(BS)
Reliance Retail will soon enter into a 51:49 JV with US-based Avery Dennison Corp.(ET)
Philips Electronics India decides to buy back shares for Rs1.8bn at Rs260 per share.(DNA)
Maharashtra government decides to allot 25 acres of land in Nagpur to Mahindra Lifespace Developers.(ET)
Ultra mega power project in Tilaiya, Jharkhand to be awarded in November; eleven companies short listed for the project.(BS)
MAN Infraprojects, subsidiary of MAN Industries, to invest Rs10bn in real estate (DNA).
Indo Asian Fusegear forms JV with a Spanish firm to manufacture wiring devices for home automation.(Mint)
Lehman Brothers to invest Rs7.5bn in Unitech’s 97 acre project in North Mumbai.(ET)
JK Tyres to set up a greenfield site for passenger car tyres.(ET)
Sarswat Cooperative Bank has made a fresh application to the RBI to acquire the ailing South Indian Cooperative Bank.(ET)
Economic News
Inflation rises to 8.75%, a seven year high on dearer primary goods for week ended May 31st.(BL)
State governments are planning to cap sales tax on jet fuel at 12.5%.(ET)
Government raises export duty on iron ore and long steel products; imposes fresh excise duty on large cars and SUVs.(BS)
Cement output in May 2008 fell marginally to 14.89mt against 15.02mt in April according to Cement Manufacturers’ Association.(BL)
Drug price regulator has introduced pro rata pricing for injectibles in addition to oral liquids, tablets and ointments.(ET)
Due to slowdown in passenger traffic and high ATF costs, airline companies are canceling or cutting deliveries due this year or sub-leasing them to other carriers globally.(BS)
Government withdraws 5-15% export cess imposed on variety of steel products including hot and cold rolled coils, steel pipes and tubes and galvanized sheets.(ET)
DoT may impose eligibility conditions for 3G spectrum auction.(BL)
Cable operators may be allowed to build an optical fibre infrastructure.(ET)
Government approves 13 FDI proposals worth Rs 15bn including one by steel major ArcelorMittal for its operations in India.(FE)
Mining ministry to buy a Rs4.5bn deep-sea research vessel for seaboard mapping.(ET)
Government is contemplating ban on maize exports to reduce price in the domestic markets.(ET)
Empowered group of state finance ministers likely to discuss today Center’s proposal to reduce sales tax on petrol, diesel, cooking gas and jet fuel
Bulls may lack the steam but after yet another tumultuous week, they would fell better seeing some green ticks across most global markets
Hindalco might announce a rights or bonus issue soon
Buying seen in Tata Power and Sterlite Industries as these stocks will be added to the BSE Index starting July 28th this year. These two scrips are expected to replace Ambuja Cements and Cipla Ltd
WATCH -Wire & Wireless and Indraprastha Gas Ltd.
Lots of stock specific activity is expected. Watch out for RCOM in the wake of RIL's opposition to the MTN deal. Ranbaxy could also remain in the limelight due to talk of Pfizer announcing a counter bid. Sterlite may be under pressure as it is also facing a counter bid for Asarco. Steel and iron ore companies will attract attention after the Government announced changes in duties. Car makers may be hit due to the increase in excise duty on big cars, MUVs and SUVs. Vikas WSP could see action as it announces its results today.
FIIs were net sellers of Rs1.16bn (provisional) in the cash segment on Friday while the local institutions poured in Rs4.57bn. In the F&O segment, foreign funds were net buyers of Rs6.25bn.
Today's Pick - Dabur
We recommend a buy in Dabur India from a short-term perspective. It is evident from the charts that the stock has been consolidating sideways since mid January in a broad range between Rs 94 and Rs 110. The stock began its current up move form the key support level at Rs 94.
During this up move it crossed the 21-day moving average. The daily momentum indicator is rising in the neutral region towards the bullish zone and the weekly momentum indicator has taken support around 40 level and has started rising. The moving average convergence and divergence is also showing signs of bullishness and is likely to enter the positive territory.
We are bullish on the stock in the short-term. We expect the stock to move upwards until it hits our price target of Rs 110 in this period. Traders with short-term perspective can buy the stock while maintaining the stop-loss at Rs 94.
Corporate News
Reliance Industries sends letter to MTN; says it has the first right of refusal to buy the controlling interest in Reliance Communications.(FE)
JSW Steel plans to invest Rs800bn to add 20mn tonne capacity.(BL)
Idea Cellular to buy Spice Comm. in a three stage deal in which minority shareholders of latter can swap their shares for Idea’s shares or sell them in an open offer.(BS)
Goldman Sachs to pay Rs7bn for a minority stake in M&M.(TOI)
Hindalco Industries considering various options including rights issue to repay a US$3bn bridge loan it took to finance the acquisition of Novelis Inc.(BL)
Telekom Malaysia is understood to have picked up ~15% stake in Idea Cellular at a price of Rs158 a share.(DNA)
Videocon to roll out its GSM services from Chennai on August 15th of current year.(ET)
Vedanta Resources bid for US copper firm Asarco faces a roadblock.(Mint)
Hinduja Group to finalise a strategic investor to offload 15% stake in the 1,040MW coal fired project at Vizag in Andhra Pradesh.(FE)
Wipro Technologies pulls out of its JV with Motorola.(ET)
SBI decides against raising interest rates for the time being.(BS)
ONGC Videsh, Indian Oil and Oil India together expect to spend US$3bn if they get the right to develop the Farsi block in Iran.(BS)
The New York Times Company in discussion to acquire a 5% equity stake in Sieger Solutions, a 100% subsidiary of Deccan Chronicle Holdings.(BL)
Reliance Power emerges as the lowest bidder to build two power projects in the Allahabad district of Uttar Pradesh.(BS)
3i Infotech completes the acquisition of US based Regulus Group for US$100mn.(DNA)
TPG Newbridge may invest US$150mn for a 49% stake in a company that will hold 100% equity capital of Shriram City Union Finance.(BL)
Pipe manufacturer PSL secures Rs 1.2bn order from BPCL.(BL)
Spice Comm. promoter B K Modi in negotiations to acquire 39% stake in Sony Entertainment Television.(BS)
Reliance Retail will soon enter into a 51:49 JV with US-based Avery Dennison Corp.(ET)
Philips Electronics India decides to buy back shares for Rs1.8bn at Rs260 per share.(DNA)
Maharashtra government decides to allot 25 acres of land in Nagpur to Mahindra Lifespace Developers.(ET)
Ultra mega power project in Tilaiya, Jharkhand to be awarded in November; eleven companies short listed for the project.(BS)
MAN Infraprojects, subsidiary of MAN Industries, to invest Rs10bn in real estate (DNA).
Indo Asian Fusegear forms JV with a Spanish firm to manufacture wiring devices for home automation.(Mint)
Lehman Brothers to invest Rs7.5bn in Unitech’s 97 acre project in North Mumbai.(ET)
JK Tyres to set up a greenfield site for passenger car tyres.(ET)
Sarswat Cooperative Bank has made a fresh application to the RBI to acquire the ailing South Indian Cooperative Bank.(ET)
Economic News
Inflation rises to 8.75%, a seven year high on dearer primary goods for week ended May 31st.(BL)
State governments are planning to cap sales tax on jet fuel at 12.5%.(ET)
Government raises export duty on iron ore and long steel products; imposes fresh excise duty on large cars and SUVs.(BS)
Cement output in May 2008 fell marginally to 14.89mt against 15.02mt in April according to Cement Manufacturers’ Association.(BL)
Drug price regulator has introduced pro rata pricing for injectibles in addition to oral liquids, tablets and ointments.(ET)
Due to slowdown in passenger traffic and high ATF costs, airline companies are canceling or cutting deliveries due this year or sub-leasing them to other carriers globally.(BS)
Government withdraws 5-15% export cess imposed on variety of steel products including hot and cold rolled coils, steel pipes and tubes and galvanized sheets.(ET)
DoT may impose eligibility conditions for 3G spectrum auction.(BL)
Cable operators may be allowed to build an optical fibre infrastructure.(ET)
Government approves 13 FDI proposals worth Rs 15bn including one by steel major ArcelorMittal for its operations in India.(FE)
Mining ministry to buy a Rs4.5bn deep-sea research vessel for seaboard mapping.(ET)
Government is contemplating ban on maize exports to reduce price in the domestic markets.(ET)
Empowered group of state finance ministers likely to discuss today Center’s proposal to reduce sales tax on petrol, diesel, cooking gas and jet fuel
Friday, June 13, 2008
Sell in trucks GE Shipping, Shipping Corp and book on time
It's Become, Nifty Future Habits to Achieve Our Targets Smoothly.
Yesterday's Our Target was 4500 , It's Exactly , went Upto 4530 and now near term 4600.
Now, What You'll Say about this !!!
Nothing Miracle , No Black Magic
FOR Pre Market Watch - JUNE 13 2008 VISIT
http://www.freewebs.com/jgs-investments/marketwhisper.htm
Good News
Paid trial for one week is Rs.1750/-
Add Rs.175/- towards Bank Charges if Depositing Cash
Or Subscribe here
http://www.freewebs.com/jgs-investments/ratesservices.htm
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).
Yesterday's Our Target was 4500 , It's Exactly , went Upto 4530 and now near term 4600.
Now, What You'll Say about this !!!
Nothing Miracle , No Black Magic
FOR Pre Market Watch - JUNE 13 2008 VISIT
http://www.freewebs.com/jgs-investments/marketwhisper.htm
Good News
Paid trial for one week is Rs.1750/-
Add Rs.175/- towards Bank Charges if Depositing Cash
Or Subscribe here
http://www.freewebs.com/jgs-investments/ratesservices.htm
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).
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