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.
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
Thursday, May 8, 2008
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.
Wednesday, April 30, 2008
Save your investment by subscribe our services
Our, AGNI MISSILE Call of INDIABULLS SECURITY , up almost 50% , till then, we recommend it you. Just Two Weeks Back It Was 90 and Now It's 144 , Oh God. So, How Much u Earn in that.
2) Our Client's Special BTST Call of JAIPRAKASH ASSOCIATES flared like anything and hit 268 Mark, Call Sent at 250 Level on MONDAY.
3) Our Other's CALLS AIR DECCAN and BOMBAY DYING also flared reasonably.
Now corrections 1200 points up or down ??
Save your investment by subscribe our services
Today, Watch Explosion in
TATA SPONGE
Ask Why ?
Today, Just Saw it's LATEST RESULT
in BSE India, And After that SOLUTE US
Can't Write More ??
Buy Around, 295 to 296 target for clients
Scrap of import duty on zinc is perceived as negative for Hindustan Zinc, the only integrated zinc producer in the country.
Today's Pick - Hindustan Zinc
We recommend a sell in Hindustan Zinc from a short-term perspective. It is visible from the charts of Hindustan Zinc that it has been on a long-term downtrend, since its 52-week high of Rs 969 marked in October 2007. However, in early April 2008, the stock found support at around Rs 500 level and then it went through a short-term corrective rally. We see that the stock’s corrective rally has encountered twin resistance at around Rs 690 levels (a key resistance as wel l as the long-term down trendline that coincides around this level) on April 29 and reversed direction, forming a bearish engulfing pattern near the resistance level. The daily momentum indicator has begun to decline after touching the overbought territory in recent times. Moreover, the long-term down trendline of the stock is still in place. We are bearish on the stock in the short-term. We expect the stock’s long-term downtrend to prolong to our target price level of Rs 580 in the upcoming trading sessions. Investor with short-term perspective can sell the stock while keeping the stop-loss at Rs 708 level.
We expect Realty to continue its uptrend as they corrected a lot this year. We see other realty stocks like Parsvnath, Gammon, IVRCL and GMR to join the bandwagon soon
2) Our Client's Special BTST Call of JAIPRAKASH ASSOCIATES flared like anything and hit 268 Mark, Call Sent at 250 Level on MONDAY.
3) Our Other's CALLS AIR DECCAN and BOMBAY DYING also flared reasonably.
Now corrections 1200 points up or down ??
Save your investment by subscribe our services
Today, Watch Explosion in
TATA SPONGE
Ask Why ?
Today, Just Saw it's LATEST RESULT
in BSE India, And After that SOLUTE US
Can't Write More ??
Buy Around, 295 to 296 target for clients
Scrap of import duty on zinc is perceived as negative for Hindustan Zinc, the only integrated zinc producer in the country.
Today's Pick - Hindustan Zinc
We recommend a sell in Hindustan Zinc from a short-term perspective. It is visible from the charts of Hindustan Zinc that it has been on a long-term downtrend, since its 52-week high of Rs 969 marked in October 2007. However, in early April 2008, the stock found support at around Rs 500 level and then it went through a short-term corrective rally. We see that the stock’s corrective rally has encountered twin resistance at around Rs 690 levels (a key resistance as wel l as the long-term down trendline that coincides around this level) on April 29 and reversed direction, forming a bearish engulfing pattern near the resistance level. The daily momentum indicator has begun to decline after touching the overbought territory in recent times. Moreover, the long-term down trendline of the stock is still in place. We are bearish on the stock in the short-term. We expect the stock’s long-term downtrend to prolong to our target price level of Rs 580 in the upcoming trading sessions. Investor with short-term perspective can sell the stock while keeping the stop-loss at Rs 708 level.
We expect Realty to continue its uptrend as they corrected a lot this year. We see other realty stocks like Parsvnath, Gammon, IVRCL and GMR to join the bandwagon soon
Tuesday, April 29, 2008
Outcome of RBI policy review to set direction
Stock market positive but be careful after......??
Telecom stocks may see action
Reliance Communications said on Monday, 28 April 2008 it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Dwarikesh Sugar, Kernex Microsystems and Logix Microsystems will be placed in the Trade-to-Trade segment from 5 May 2008.
Indian Oil Corporation is planning to raise Rs 80,000 crore to reportedly fund a major acquisition in the exploration and production (E&P) sector.
Reliance Energy has changed its name to Reliance Infrastructure effective 28 April 2008.
Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved to change the financial year to April-March; annual accounts this year will be for 15 months ended March.
Net profit of State Trading Corporation of India rose 125.04% to Rs 44.67 crore on 14.28% rise in sales to Rs 4255.98 crore in Q4 March 2008 over Q4 March 2007.
Titagarh Wagons reported net profit of Rs 60.57 crore in the year ended March 2008. Sales reported to Rs 559.64 crore in the year ended March 2008.
Net profit of Finolex Cables rose 13.14% to Rs 9.99 crore on 44.83% increase in sales to Rs 423.21 crore in Q4 March 2008 Q4 March 2007.
Net profit of Celestial Labs rose 222.78% to Rs 2.55 crore on 56.33% rise in sales to Rs 4.94 crore in Q4 March 2008 Q4 March 2007.
The outcome of the decision of the Reserve Bank of India (RBI)’s annual policy review at 12:00 IST will set direction for the bourses which have witnessed a solid rebound over the past few days on the back of good Q4 March 2008 results and on the back of firm global markets. Given the high inflation, the central bank may hike key rates.
It its latest report on macroeconomic and monetary developments in 2007/08 released on Monday, 28 April 2008, RBI has said that the global food prices were likely to remain firm as supply side pressures did not appear to be abating. The central bank said steps takes by the government to rein in prices should help curb inflation. It, however, said the inflation risks on account of oil prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had increased substantially since February 2007 alongside rising global oil prices, while prices of petrol and diesel, which are government-controlled, had partially adjusted. But prices of kerosene and cooking gas had not been raised by the government for several years.
RBI felt there were some demand-side pressures. Domestic iron and steel prices saw a sharp increase in line with recent hardening in international steel prices, it said, while cement price rises could be attributed largely to strong demand from construction domestically
A survey of professional forecasters by the central bank showed that the Indian economy is expected to grow 8.1% in the 2008/09 fiscal year that began this month. In 2007/08, the gross domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A survey of 392 companies by Federation of Indian Chambers of Commerce and Industry (FICCI), showed that concerns about an economic slowdown, inflation and rising costs hurt business confidence of Indian firms during October-December 2007 period. The FICCI business confidence index declined to a new five-year low of 55.3 points in the third quarter of 2007/08, from 61.2 in the previous quarter.
On the flip side, a pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS).
Meanwhile, the Lok Sabha is slated to pass the Finance Bill 2008-09 today, 29 April 2008.
The two-day US Federal Reserve policy meeting ends on Wednesday, 30 April 2008. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure.
As per provisional data, FIIs sold shares worth a net Rs 38.33 crore on Monday, 28 April 2008. Domestic funds sold shares worth a net Rs 166.61 crore on Monday.
FIIs were net buyers of Rs 455.13 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 214.86 crore and bought index options worth Rs 137.14 crore. They were net buyers of stock futures to the tune of Rs 24.42 crore and bought stock options worth Rs 78.72 crore
US stocks ended flat on Monday, 28 April 2008, as a $23 billion takeover of Wm Wrigley Jr Co, the world's largest chewing gum maker, by Mars Inc, the maker of M&Ms candy, helped offset downbeat comments by influential investor Warren Buffett about the economy. Buffett said US could be mired in a longer and deeper recession than most people think.
Asian stocks were mixed today. Key benchmark indices in Hong Kong and China were up by between 1.36% to 1.39%. Key benchmark indices in Singapore, Taiwan and South Korea were down by between 0.6% to 0.7%. Japanese markets were closed for a national holiday.
Net profit of Shiv-Vani Oil & Gas Exploration Services rose 109.25% to Rs 19.23 crore on 118.42% rise in sales to Rs 137.19 crore in Q4 March 2008 over March 2007.
Aban Offshore, Cairn India, Grasim, IFCI, Nagarjuna Fertilisers & Chemicals, Nalco, Reliance Capital, Alstom Projects, Bang Overseas, Bartronics India, Bharati Shipyard, Bhushan Steel, Bosch Chassis, Castrol India, Ceat, Gujarat Ambuja Exports, Maharashtra Seamless, Mirc Electronics, Nestle India, Raymond, SEAMEC, Bank Of Rajasthan, UTV Software, and Vishal Retail, among others will declare their March 2008 ended results today.
Telecom stocks may see action
Reliance Communications said on Monday, 28 April 2008 it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Dwarikesh Sugar, Kernex Microsystems and Logix Microsystems will be placed in the Trade-to-Trade segment from 5 May 2008.
Indian Oil Corporation is planning to raise Rs 80,000 crore to reportedly fund a major acquisition in the exploration and production (E&P) sector.
Reliance Energy has changed its name to Reliance Infrastructure effective 28 April 2008.
Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved to change the financial year to April-March; annual accounts this year will be for 15 months ended March.
Net profit of State Trading Corporation of India rose 125.04% to Rs 44.67 crore on 14.28% rise in sales to Rs 4255.98 crore in Q4 March 2008 over Q4 March 2007.
Titagarh Wagons reported net profit of Rs 60.57 crore in the year ended March 2008. Sales reported to Rs 559.64 crore in the year ended March 2008.
Net profit of Finolex Cables rose 13.14% to Rs 9.99 crore on 44.83% increase in sales to Rs 423.21 crore in Q4 March 2008 Q4 March 2007.
Net profit of Celestial Labs rose 222.78% to Rs 2.55 crore on 56.33% rise in sales to Rs 4.94 crore in Q4 March 2008 Q4 March 2007.
The outcome of the decision of the Reserve Bank of India (RBI)’s annual policy review at 12:00 IST will set direction for the bourses which have witnessed a solid rebound over the past few days on the back of good Q4 March 2008 results and on the back of firm global markets. Given the high inflation, the central bank may hike key rates.
It its latest report on macroeconomic and monetary developments in 2007/08 released on Monday, 28 April 2008, RBI has said that the global food prices were likely to remain firm as supply side pressures did not appear to be abating. The central bank said steps takes by the government to rein in prices should help curb inflation. It, however, said the inflation risks on account of oil prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had increased substantially since February 2007 alongside rising global oil prices, while prices of petrol and diesel, which are government-controlled, had partially adjusted. But prices of kerosene and cooking gas had not been raised by the government for several years.
RBI felt there were some demand-side pressures. Domestic iron and steel prices saw a sharp increase in line with recent hardening in international steel prices, it said, while cement price rises could be attributed largely to strong demand from construction domestically
A survey of professional forecasters by the central bank showed that the Indian economy is expected to grow 8.1% in the 2008/09 fiscal year that began this month. In 2007/08, the gross domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A survey of 392 companies by Federation of Indian Chambers of Commerce and Industry (FICCI), showed that concerns about an economic slowdown, inflation and rising costs hurt business confidence of Indian firms during October-December 2007 period. The FICCI business confidence index declined to a new five-year low of 55.3 points in the third quarter of 2007/08, from 61.2 in the previous quarter.
On the flip side, a pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS).
Meanwhile, the Lok Sabha is slated to pass the Finance Bill 2008-09 today, 29 April 2008.
The two-day US Federal Reserve policy meeting ends on Wednesday, 30 April 2008. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure.
As per provisional data, FIIs sold shares worth a net Rs 38.33 crore on Monday, 28 April 2008. Domestic funds sold shares worth a net Rs 166.61 crore on Monday.
FIIs were net buyers of Rs 455.13 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 214.86 crore and bought index options worth Rs 137.14 crore. They were net buyers of stock futures to the tune of Rs 24.42 crore and bought stock options worth Rs 78.72 crore
US stocks ended flat on Monday, 28 April 2008, as a $23 billion takeover of Wm Wrigley Jr Co, the world's largest chewing gum maker, by Mars Inc, the maker of M&Ms candy, helped offset downbeat comments by influential investor Warren Buffett about the economy. Buffett said US could be mired in a longer and deeper recession than most people think.
Asian stocks were mixed today. Key benchmark indices in Hong Kong and China were up by between 1.36% to 1.39%. Key benchmark indices in Singapore, Taiwan and South Korea were down by between 0.6% to 0.7%. Japanese markets were closed for a national holiday.
Net profit of Shiv-Vani Oil & Gas Exploration Services rose 109.25% to Rs 19.23 crore on 118.42% rise in sales to Rs 137.19 crore in Q4 March 2008 over March 2007.
Aban Offshore, Cairn India, Grasim, IFCI, Nagarjuna Fertilisers & Chemicals, Nalco, Reliance Capital, Alstom Projects, Bang Overseas, Bartronics India, Bharati Shipyard, Bhushan Steel, Bosch Chassis, Castrol India, Ceat, Gujarat Ambuja Exports, Maharashtra Seamless, Mirc Electronics, Nestle India, Raymond, SEAMEC, Bank Of Rajasthan, UTV Software, and Vishal Retail, among others will declare their March 2008 ended results today.
Monday, April 28, 2008
Hunting bulls hope to remain safe!
BUY FOT TODAY - RPOWER,BPCL,INFOSYS,BOI,.......
Reliance Power has fixed Book Closure from 3rd June to 5th June for issue of Bonus Shares. The Share would go ex-bonus in the last week of May
Results today:
Akruti City, Hexaware Technologies, Hindustan Unilever, IDFC, IOB, Reliance Energy, Reliance Natural Resources, Reliance Power,Sesa Goa, Wockhardt, Bata, CESC, Glenmark, Welspun Guj, Alok Ind.
FIIs were net buyers to the tune of Rs3.13bn (provisional) in the cash segment on Friday while local institutions were net sellers of Rs754.7mn. In the F&O segment, foreign funds were net buyers of Rs12.23bn
Bulls look to extend gains
After Thursday’s decline, bulls made a strong come back on Friday a strong close in the US market and a firm start in equity markets across Asia lifted the sentiment on Indian bourses. The sentiment further improved after telecom major Bharti Airtel beat the street estimates.
Bulls shrugged off the spike in the inflation figures lifting the Nifty index above the 5100 mark and the Sensex index above the 17k mark. India’s Inflation rate was at 7.33% for the week ended April 12 as compared to 7.14% last week.
Finally, the BSE benchmark Sensex ended 404 points higher to close at 17,125 and the Nifty index ended 111 points higher to 5,111.
Overall about 1,253 stocks advanced; 1,454 stocks declined while 56 stocks remained unchanged. Among the 50-Nifty 39 stocks ended in green and 11 stocks ended in red.
RCom surged by over 8% to Rs577 following reports stating that the company bought 90% stake in UK-based WiMax operator, eWave World. The scrip touched an intra-day high of Rs580 and a low of Rs533 and recorded volumes of over 37,00,000 shares on BSE.
Bharti Airtel rocketed to Rs925 by gaining over 9.5% after the company announced its Q4 net profit at Rs18.53 (up 39%) and net sales rose by 45% to Rs78.19. The scrip touched an intra-day high of Rs941 and a low of Rs845 and recorded volumes of over 23,00 000 shares on BSE.
Reliance Industries was up by over a percent to Rs2624 after reports said that the company received government approval to start drilling at an oil & gas field that it found in 2006. The scrip touched an intra-day high of Rs2633 and a low of Rs2561 and recorded volumes of over 7, 90, 000 shares on BSE.
Hindustan Zinc gained by over 5.5% to Rs669 as reports stated that it would set-up two smelters for Rs36bn. The scrip touched an intra-day high of Rs674 and a low of Rs642 and recorded volumes of over 1,30,000 shares on BSE.
HCC slipped by 4.5% to Rs125. The company posted a net profit after tax of Rs1087.7mn for the year ended March 31, 2008 up 37% and total income increased 30% to Rs31207.5mn for the year ended March 31, 2008. The scrip touched an intra-day high of Rs134 and a low of Rs121 and recorded volumes of over 15,00,000 shares on BSE.
ABB edged lower by 0.8% to Rs1170. The company announced Q1 result with net profit at Rs1.18bn (up 37%) and revenues at Rs15.5bn (up 16.5%). The scrip touched an intra-day high of Rs1207 and a low of Rs1145 and recorded volumes of over 1,00,000 shares on BSE.
EID Parry rallied by over 18% to Rs255 after reports stated that the company would sell 47% stake in Parryware for Rs7.25bn. The scrip touched an intra-day high of Rs258 and a low of Rs213 and recorded volumes of over 7,00,000 shares on BSE.
Tata Motors ended flat at Rs639. According to reports, the company is in the process of entering into a technology tie-up with a Japanese government agency to covert its generators to dual fuel systems. The scrip touched an intra-day high of Rs648 and a low of Rs635 and recorded volumes of over 1,00,000 shares on BSE.
With a strong start to the May series, on Monday bulls would look to extend gains. However, with indices approaching the 200 DMA it markets would face some resistance.
Corporate News
Jindal Steel & Power proposed 2mn ton steel plant in Bolivia will start production in 2011.(BS)
NMDC plans to set up a 3mn ton steel plant on its own in Chattisgarh; JV partner SAIL opts out.(BL)
DLF to invest Rs13bn to expand multiplex business.(BS)
Government approves an oil and gas development plan of Reliance Industries in its D6 block off the east coast.(FE)
Hero Honda plans to enter the retail finance market.(ET)
SAIL to hold prices at present levels without levying raw material surcharge imposed by other producers.(BL)
Indian Oil is re-looking its plans to acquire an overseas exploration company as oil & gas assets get dearer.(BS)
Iron ore exporter Sesa Goa to consider stock split and bonus share issue at its board meeting on April 28.(FE)
ICICI Bank makes additional provisions of US$45mn for mark to market losses on its credit derivative obligations and credit-linked note portfolio in February and March 2008.(BS)
INOX plans to increase its properties to 67 from 22 by 2010 with an investment of Rs5bn. (ET)
Reliance Industries set to acquire a majority stake in an oil block in Peru.(BL)
Hinduja Group to invest US$10bn in various power projects across India in the next 10 years. (TOI)
United Bank of India has decided to submit a fresh proposal for restructuring its Rs15.3bn capital in the next two months. (DNA)
Coal blocks lying unused with Coal India to be auctioned off to steel and cement companies.(BL)
HDFC Bank makes a provision of Rs1bn on currency derivative trades.(FE)
Nalco to invest US$1bn to put up smelters and a power plant in Iran.(DNA)
Biocon to set up its own R&D subsidiary arm in the current fiscal.(Mint)
Cairn India has managed to extract 200mn barrels of oil from Andhra reserves which were estimated at 101 mn barrels.(ET)
Essar E&P, a subsidiary of Essar Oil, has bid for two shallow water offshore blocks in Australia.(BL)
Reliance Communication to invest Rs10bn on international data centres in the country.(BS)
Hinduja group-ONGC Videsh combine has won approval of Iran for taking stakes in the oil & gas fields in the Persian Gulf.(ET)
Indian Oil’s Rs250bn Paradip refinery could be delayed due to escalating costs.(DNA)
Pyramid Saimira is looking at raising Rs15-18bn by listing its film production business.(ET)
Government allocates 2MHz additional spectrum to Bharti Airtel in Tamil Nadu.(Mint)
ICICI Bank has applied for a license to set up a non-banking finance company.(ET)
Satyam plans to set up its first offshore development centre in Gujarat.(BS)
Wipro has started offering legal process outsourcing services. (ET)
Reliance Industries plans to set up agri goods terminals in nine cities with an initial investment of Rs10bn.(FE)
Kuwait’s Zain and UAE’s Emirates Telecommunications Corp. join South Africa’s MTN and Russia’s Altimo in the race to acquire 25-30% stake in Unitech’s new telecom venture.(ET)
Hindujas may acquire majority stake in French firm Valeo. (TOI)
Economic News
SEBI allows mutual funds to invest in real estate.(BS)
TRAI recommends raising the foreign investment limit in news channels and FM radio to 49%.(FE)
RBI may relax asset classification norms for infrastructure loans to push lending for the sector.(BS)
TRAI recommends a hike in the foreign direct investment limit to 74% in key broadcast services.(BL)
Government may go for complete decontrol of sugar by scrapping all curbs in one go, instead of the earlier plan for phased decontrol.(ET)
Government says that fixed-line telephony will be exempted from licence fee.(ET)
TRAI suggests to DoT that only existing mobile and universal access service license holders (2G) should be allowed to bid for 3G services.(TOI)
FMCG prices increase 10% on higher input costs.(BS)
Government is finalizing a system to prevent generic versions drugs from getting marketing nods for patented drugs.(ET)
Television prices may rise by 12% on the Government’s decision to levy an anti-dumping duty on imported colour picture tubes. (ET)
Government is set to remove import duty on pig iron, mild steel, met coke; to levy 10% export duty on bars, rods, HR coils, CR coils, galvanized steel products, pipes and tubes.(ET)
IRDA has sought a five year freeze on service tax to be charged on life insurance companies who offer Ulips.(ET)
Government wants private steel companies to voluntarily reduce prices to pre-April levels or face stringent fiscal or policy measures
Reliance Power has fixed Book Closure from 3rd June to 5th June for issue of Bonus Shares. The Share would go ex-bonus in the last week of May
Results today:
Akruti City, Hexaware Technologies, Hindustan Unilever, IDFC, IOB, Reliance Energy, Reliance Natural Resources, Reliance Power,Sesa Goa, Wockhardt, Bata, CESC, Glenmark, Welspun Guj, Alok Ind.
FIIs were net buyers to the tune of Rs3.13bn (provisional) in the cash segment on Friday while local institutions were net sellers of Rs754.7mn. In the F&O segment, foreign funds were net buyers of Rs12.23bn
Bulls look to extend gains
After Thursday’s decline, bulls made a strong come back on Friday a strong close in the US market and a firm start in equity markets across Asia lifted the sentiment on Indian bourses. The sentiment further improved after telecom major Bharti Airtel beat the street estimates.
Bulls shrugged off the spike in the inflation figures lifting the Nifty index above the 5100 mark and the Sensex index above the 17k mark. India’s Inflation rate was at 7.33% for the week ended April 12 as compared to 7.14% last week.
Finally, the BSE benchmark Sensex ended 404 points higher to close at 17,125 and the Nifty index ended 111 points higher to 5,111.
Overall about 1,253 stocks advanced; 1,454 stocks declined while 56 stocks remained unchanged. Among the 50-Nifty 39 stocks ended in green and 11 stocks ended in red.
RCom surged by over 8% to Rs577 following reports stating that the company bought 90% stake in UK-based WiMax operator, eWave World. The scrip touched an intra-day high of Rs580 and a low of Rs533 and recorded volumes of over 37,00,000 shares on BSE.
Bharti Airtel rocketed to Rs925 by gaining over 9.5% after the company announced its Q4 net profit at Rs18.53 (up 39%) and net sales rose by 45% to Rs78.19. The scrip touched an intra-day high of Rs941 and a low of Rs845 and recorded volumes of over 23,00 000 shares on BSE.
Reliance Industries was up by over a percent to Rs2624 after reports said that the company received government approval to start drilling at an oil & gas field that it found in 2006. The scrip touched an intra-day high of Rs2633 and a low of Rs2561 and recorded volumes of over 7, 90, 000 shares on BSE.
Hindustan Zinc gained by over 5.5% to Rs669 as reports stated that it would set-up two smelters for Rs36bn. The scrip touched an intra-day high of Rs674 and a low of Rs642 and recorded volumes of over 1,30,000 shares on BSE.
HCC slipped by 4.5% to Rs125. The company posted a net profit after tax of Rs1087.7mn for the year ended March 31, 2008 up 37% and total income increased 30% to Rs31207.5mn for the year ended March 31, 2008. The scrip touched an intra-day high of Rs134 and a low of Rs121 and recorded volumes of over 15,00,000 shares on BSE.
ABB edged lower by 0.8% to Rs1170. The company announced Q1 result with net profit at Rs1.18bn (up 37%) and revenues at Rs15.5bn (up 16.5%). The scrip touched an intra-day high of Rs1207 and a low of Rs1145 and recorded volumes of over 1,00,000 shares on BSE.
EID Parry rallied by over 18% to Rs255 after reports stated that the company would sell 47% stake in Parryware for Rs7.25bn. The scrip touched an intra-day high of Rs258 and a low of Rs213 and recorded volumes of over 7,00,000 shares on BSE.
Tata Motors ended flat at Rs639. According to reports, the company is in the process of entering into a technology tie-up with a Japanese government agency to covert its generators to dual fuel systems. The scrip touched an intra-day high of Rs648 and a low of Rs635 and recorded volumes of over 1,00,000 shares on BSE.
With a strong start to the May series, on Monday bulls would look to extend gains. However, with indices approaching the 200 DMA it markets would face some resistance.
Corporate News
Jindal Steel & Power proposed 2mn ton steel plant in Bolivia will start production in 2011.(BS)
NMDC plans to set up a 3mn ton steel plant on its own in Chattisgarh; JV partner SAIL opts out.(BL)
DLF to invest Rs13bn to expand multiplex business.(BS)
Government approves an oil and gas development plan of Reliance Industries in its D6 block off the east coast.(FE)
Hero Honda plans to enter the retail finance market.(ET)
SAIL to hold prices at present levels without levying raw material surcharge imposed by other producers.(BL)
Indian Oil is re-looking its plans to acquire an overseas exploration company as oil & gas assets get dearer.(BS)
Iron ore exporter Sesa Goa to consider stock split and bonus share issue at its board meeting on April 28.(FE)
ICICI Bank makes additional provisions of US$45mn for mark to market losses on its credit derivative obligations and credit-linked note portfolio in February and March 2008.(BS)
INOX plans to increase its properties to 67 from 22 by 2010 with an investment of Rs5bn. (ET)
Reliance Industries set to acquire a majority stake in an oil block in Peru.(BL)
Hinduja Group to invest US$10bn in various power projects across India in the next 10 years. (TOI)
United Bank of India has decided to submit a fresh proposal for restructuring its Rs15.3bn capital in the next two months. (DNA)
Coal blocks lying unused with Coal India to be auctioned off to steel and cement companies.(BL)
HDFC Bank makes a provision of Rs1bn on currency derivative trades.(FE)
Nalco to invest US$1bn to put up smelters and a power plant in Iran.(DNA)
Biocon to set up its own R&D subsidiary arm in the current fiscal.(Mint)
Cairn India has managed to extract 200mn barrels of oil from Andhra reserves which were estimated at 101 mn barrels.(ET)
Essar E&P, a subsidiary of Essar Oil, has bid for two shallow water offshore blocks in Australia.(BL)
Reliance Communication to invest Rs10bn on international data centres in the country.(BS)
Hinduja group-ONGC Videsh combine has won approval of Iran for taking stakes in the oil & gas fields in the Persian Gulf.(ET)
Indian Oil’s Rs250bn Paradip refinery could be delayed due to escalating costs.(DNA)
Pyramid Saimira is looking at raising Rs15-18bn by listing its film production business.(ET)
Government allocates 2MHz additional spectrum to Bharti Airtel in Tamil Nadu.(Mint)
ICICI Bank has applied for a license to set up a non-banking finance company.(ET)
Satyam plans to set up its first offshore development centre in Gujarat.(BS)
Wipro has started offering legal process outsourcing services. (ET)
Reliance Industries plans to set up agri goods terminals in nine cities with an initial investment of Rs10bn.(FE)
Kuwait’s Zain and UAE’s Emirates Telecommunications Corp. join South Africa’s MTN and Russia’s Altimo in the race to acquire 25-30% stake in Unitech’s new telecom venture.(ET)
Hindujas may acquire majority stake in French firm Valeo. (TOI)
Economic News
SEBI allows mutual funds to invest in real estate.(BS)
TRAI recommends raising the foreign investment limit in news channels and FM radio to 49%.(FE)
RBI may relax asset classification norms for infrastructure loans to push lending for the sector.(BS)
TRAI recommends a hike in the foreign direct investment limit to 74% in key broadcast services.(BL)
Government may go for complete decontrol of sugar by scrapping all curbs in one go, instead of the earlier plan for phased decontrol.(ET)
Government says that fixed-line telephony will be exempted from licence fee.(ET)
TRAI suggests to DoT that only existing mobile and universal access service license holders (2G) should be allowed to bid for 3G services.(TOI)
FMCG prices increase 10% on higher input costs.(BS)
Government is finalizing a system to prevent generic versions drugs from getting marketing nods for patented drugs.(ET)
Television prices may rise by 12% on the Government’s decision to levy an anti-dumping duty on imported colour picture tubes. (ET)
Government is set to remove import duty on pig iron, mild steel, met coke; to levy 10% export duty on bars, rods, HR coils, CR coils, galvanized steel products, pipes and tubes.(ET)
IRDA has sought a five year freeze on service tax to be charged on life insurance companies who offer Ulips.(ET)
Government wants private steel companies to voluntarily reduce prices to pre-April levels or face stringent fiscal or policy measures
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