Inflation expected to 11.88 to 11.96 % for the week .
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Friday, July 4, 2008
Thursday, July 3, 2008
we expect the main indices to soften a little bit
Nifty at a support of 4008 and 3946 with resistance at 4150 and 4223 levels
Buy : Infy at dips, Infact IT stock
The European Central Bank (ECB) is all set to hike rates today to contain inflation. If the ECB indeed raises rates, the euro will strengthen against the dollar, which may push oil further up.
Some technical analysts suggest that good times may return soon. Their contention is that the Nifty rebounded from a level which marked 50% correction from the lows of May 2004, when the current bull run began
Economic Front Page
The Centre has decided to initiate decontrol of the sugar industry from the new crushing season, beginning October. (BL)
The Government may ease service tax norms for truckers. (BS)
The Karnataka government set to scrap Rs300bn petroleum, chemicals and petrochemicals investment region (PCPIR) project. (BS)
The steel ministry has summoned steel producers to discuss retail prices and export figures. (BS)
PF Act likely to cover firms with 10 employees. (BL)
The soaring global food prices will adversely impact government finances in countries like India, says S&P. (FE)
The Government to liberalizing the 10% mandatory cap on price hike of drugs outside the price control. (ET)
India to have 737mn mobile users by 2012, says Gartner. (ET)
3G spectrum auctions not before the year end. (TOI)
There is no threat from Blackberry services, says Telecom Secretary Siddharth Behura.
Vijay Mallya may acquire a stake in SpiceJet
Buy : Infy at dips, Infact IT stock
The European Central Bank (ECB) is all set to hike rates today to contain inflation. If the ECB indeed raises rates, the euro will strengthen against the dollar, which may push oil further up.
Some technical analysts suggest that good times may return soon. Their contention is that the Nifty rebounded from a level which marked 50% correction from the lows of May 2004, when the current bull run began
Economic Front Page
The Centre has decided to initiate decontrol of the sugar industry from the new crushing season, beginning October. (BL)
The Government may ease service tax norms for truckers. (BS)
The Karnataka government set to scrap Rs300bn petroleum, chemicals and petrochemicals investment region (PCPIR) project. (BS)
The steel ministry has summoned steel producers to discuss retail prices and export figures. (BS)
PF Act likely to cover firms with 10 employees. (BL)
The soaring global food prices will adversely impact government finances in countries like India, says S&P. (FE)
The Government to liberalizing the 10% mandatory cap on price hike of drugs outside the price control. (ET)
India to have 737mn mobile users by 2012, says Gartner. (ET)
3G spectrum auctions not before the year end. (TOI)
There is no threat from Blackberry services, says Telecom Secretary Siddharth Behura.
Vijay Mallya may acquire a stake in SpiceJet
Wednesday, July 2, 2008
Stocks may shine, avoid the trap!
Overall view about markets today : Markets will be opening in positive zone with a marginal gap of 10-15 points on positive side of Sensex . Markets will be witnessing huge volatility , due to erratic behaviour of CRUDE , POLITIANS HAVE BECOME VERY RUDE , and both are making
investors and traders PERFECTLY NUDE. . Markets will be having very uncertainy at close
Buy ongc, IT stock ,Cement stock
Today, Nifty has support at 3,787 and resistance at 3,965 and BSE Sensex has support at 12,513 and resistance at 13,212.
The market may well rebound after Tuesday's pounding. At such times, beaten down stocks will suddenly have the wow factor, especially when the indices are in the green. Resist the temptation. We reiterate our warning that the pullback may not last long. Remain extremely cautious in this market whether one is trading or investing
Action in cement buy them
Cement prices likely to increase by 3/bag in Mumbai, Gujarat and southern markets from next week
investors and traders PERFECTLY NUDE. . Markets will be having very uncertainy at close
Buy ongc, IT stock ,Cement stock
Today, Nifty has support at 3,787 and resistance at 3,965 and BSE Sensex has support at 12,513 and resistance at 13,212.
The market may well rebound after Tuesday's pounding. At such times, beaten down stocks will suddenly have the wow factor, especially when the indices are in the green. Resist the temptation. We reiterate our warning that the pullback may not last long. Remain extremely cautious in this market whether one is trading or investing
Action in cement buy them
Cement prices likely to increase by 3/bag in Mumbai, Gujarat and southern markets from next week
Tuesday, July 1, 2008
Drowning Street…avoid getting wet
Sejal Architectural Glass having issued shares at Rs 115 is likely to list around Rs 120 with not much investors’ interest. In view of good subscription momentum play is not likely in the near term.
Sell rcom in train lots n book profit on time
Market Grape Wine :
In House :
Nifty at a support of 3910 and 3970 with resistance at 4100 and 4160 levels.
Cash: Sell BAJAJ HIND below 165 TGT154 with S/L 169.
Cash Buy INFOSYS above 1750 TGT 1790 with S/L 1730
Future: sell HDFC below 1982 TGT 1914 with S/L 2010
The Indian stock market has been one of the worst performers in the first half (down 34%). We have China for company in this dubious club. In fact, it is even worse off with a negative return of 48%. The Dow in the US has lost 14.4% so far this year, and is on the brink of entering the official territory for bear market.
For the day we could see the key indices opening on a cautious to slightly higher note. There is no clear trend emerging from the global markets at this point in time. Some markets are slightly down while some others are modestly up. Oil has cooled off to $140 per barrel after hitting $143.67 in electronic trading yesterday. However, this is still quite a bit high and only a drop to $100-110 levels will bring cheers to the stock markets.
Today's Pick -Essar Oil
We recommend a sell in Essar Oil from a short-term perspective. From the charts of the Essar Oil, we see that it has been on a long-term down trend from its 52-week high of Rs 360 recorded in early January 2008. On June 30, the stock conclusively broke through the key support level at Rs 200 where the 200-day moving average is positioned and tumbled 11 per cent accompanied by above average volume.
The daily relative strength index is featuring in the bearish zone and the weekly RSI is on the brink of entering this zone. The daily moving average convergence and divergence is also declining and is featuring in the negative territory, reinforcing our bearish stance.
The long-term down trendline of the stock is intact. Considering the above bearish facts we are negative on the stock in the short-term and expect its decline to prolong until it hits our price target of Rs 158 in the upcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 185.
Sell rcom in train lots n book profit on time
Market Grape Wine :
In House :
Nifty at a support of 3910 and 3970 with resistance at 4100 and 4160 levels.
Cash: Sell BAJAJ HIND below 165 TGT154 with S/L 169.
Cash Buy INFOSYS above 1750 TGT 1790 with S/L 1730
Future: sell HDFC below 1982 TGT 1914 with S/L 2010
The Indian stock market has been one of the worst performers in the first half (down 34%). We have China for company in this dubious club. In fact, it is even worse off with a negative return of 48%. The Dow in the US has lost 14.4% so far this year, and is on the brink of entering the official territory for bear market.
For the day we could see the key indices opening on a cautious to slightly higher note. There is no clear trend emerging from the global markets at this point in time. Some markets are slightly down while some others are modestly up. Oil has cooled off to $140 per barrel after hitting $143.67 in electronic trading yesterday. However, this is still quite a bit high and only a drop to $100-110 levels will bring cheers to the stock markets.
Today's Pick -Essar Oil
We recommend a sell in Essar Oil from a short-term perspective. From the charts of the Essar Oil, we see that it has been on a long-term down trend from its 52-week high of Rs 360 recorded in early January 2008. On June 30, the stock conclusively broke through the key support level at Rs 200 where the 200-day moving average is positioned and tumbled 11 per cent accompanied by above average volume.
The daily relative strength index is featuring in the bearish zone and the weekly RSI is on the brink of entering this zone. The daily moving average convergence and divergence is also declining and is featuring in the negative territory, reinforcing our bearish stance.
The long-term down trendline of the stock is intact. Considering the above bearish facts we are negative on the stock in the short-term and expect its decline to prolong until it hits our price target of Rs 158 in the upcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 185.
Monday, June 30, 2008
A royal pull back indeed!
Indian stock market volatile, Nifty (4137) S 4050 R 4210
Bullish break out- Ifci, contain corp, cairn,idea,geometric ltd.
Today, we see another tumultuous day for the bulls, which should begin with a cautious opening. The intra-day choppiness will continue and one may see some buying at lower levels, though the rebound may prove to be short-lived.
The next big trigger will come from the first-quarter results, which will be declared over the next few days. As always, IT sector will lead the way, with Infosys announcing its results on July 11.
Among stock specific news, Blue Green Constructions and Investments could be in action as the board will met to sell majority stake to discount retailer Subhiksha
This week, the ECB (European Central Bank) will take a call on interest rates. If it decides to jack up rates to fight inflation, there will be more trouble for the dollar. On the domestic front, the political situation has once again turned precarious with the Congress determined to go ahead with the nuke deal, and the Left reiterating its threat of pulling down the Government
Results Today: Ansal Infra, Asian Hotels, BEML, Bombay Dyeing, BPL, Deccan Chronicle, Gammon India, India Cement, Indo Rama Synthetics, Ispat, MMTC, Madras Cement, Matrix Labs, Pfizer, REI Agro, Sun TV, Trent, TVS Motor and Wyeth.
ANG Auto will consider buy back of shares
HT Media surged by over 4 percent to Rs101 as the company reportedly acquired 0.65% stake in real estate major Sunil Mantri Realty for Rs200mn. HT bought equity shares of Re1 at a price of Rs125. The company plans to use the funds for new projects. The scrip touched an intra-day high of Rs102 and a low of Rs92 and recorded volumes of over 5,00,000 shares on BSE.
Sun Pharma edged lower by 0.8% to Rs1333 after reports stated that the company has launched a hostile bid for Taro Pharma. The scrip touched an intra-day high of Rs1382 and a low of Rs1305 and recorded volumes of over 92,000 shares on BSE.
Jet Airways dropped by 5.2% to Rs490 after reports stated that the company may post Rs20bn loss in two years. The scrip touched an intra-day high of Rs509 and a low of Rs488 and recorded volumes of over 14,000 shares on BSE.
Cairn India advanced by 1.4% to Rs275 after crude oil prices hits all time high of US$141.71/bbl. The scrip touched an intra-day high of Rs282 and a low of Rs267 and recorded volumes of over 23,00,000 shares on BSE.
Allcargo Global rose 2.5% to Rs825. The board of directors of the company said that it deferred the decision on sub-division (split) of nominal value of equity shares of Rs10 each. They have also recommended final dividend of 30% (Rs3 per share). The scrip touched an intra-day high of Rs825 and a low of Rs751 and recorded volumes of over 43,000 shares on BSE.
Bafna Pharmaceuticals started trading at Rs43.7 against the issue price of Rs40. The scrip finally closed at Rs38.50 translating slipping below its issue price of Rs40 per share. It hit an intra-day high of Rs47 and a low of Rs37.3 and recorded volumes of over 2,00,00,000 shares on BSE.
The company offered 64,00,000 equity shares of Rs10 each for cash at premium of Rs30 per share. The issue to the public constituted 40.05% of the post issue paid-up capital.
The Chennai-based Bafna Pharmaceuticals is engaged in the manufacturing of betalactum and non-betalactum pharmaceutical formulations in tablets, capsules and liquid forms. The company manufactures 126 formulations under various therapeutic segments such as anti-infective, cholesterol lowering agents, analgesic and antipyretic, antihelmintics, appetite stimulants, cough & cold preparations, antiulcerants anti diabetic and vitamins .
The proceeds of the issue would be utilized towards brand building exercise in domestic market. It intends to register the company, products and create brand in international markets. Bafna would also strengthen up R&D facility at its grantlayon plant besides getting MHRA certification. It is also proposing to retire high-cost debts through the IPO proceeds.
Anant Raj Industries advanced by 5% to Rs142 after the company announced that that M/s. Acacia Real Estate Ltd, a Bahrain based development fund has entered into a joint venture agreement with the company to acquire minority stake in one of its wholly owned subsidiary, Anant Raj Projects Pvt Ltd for Rs2.16bn.
The scrip touched an intra-day high of Rs153 and a low of Rs126 and recorded volumes of over 59,000 shares on BSE.
Renuka Sugars has slipped by 1.5% to Rs107. The company announced that it commenced production at its Haldia Sugar Refinery, having a refining capacity of 2000 metric tons sugar per day and Power cogeneration plant of 15 MW.
The scrip has touched an intra-day high of Rs107 and a low of Rs105 and has recorded volumes of over 3,00,000 shares on BSE.
Unitech plans to dilute 26% stake in its telecom arm to a foreign company. (TOI)
Reliance Industries may tie up with BP or Shell for bidding for new oil blocks under NELP VII round.(ET)
Daiichi Sankyo may sell debt to raise half the cost of its US$4.6bn acquisition of Ranbaxy Laboratories.(BS)
India’s crude oil production rose by 3.2% in May on back of better performance by ONGC.(FE)
Jupiter Biosciences acquires a facility of Merck in Switzerland and signs a five year agreement for its peptide products with the latter’s biosciences company.(BL)
Apollo Tyres launches capacity expansion at its Africa plants.(BL)
ONGC to start commercial production from Jaria-Parbatpur block by early 2009.(BL)
SAIL plans to run its own fleet of vessels in partnership with public as well as private players to ship imported cooking coal.(ET)
Unitech plans to invest Rs40bn in hospitality business in the next five years.(DNA)
China-based Dongfang Electric Corp. may tie up with BHEL or L&T for its proposed manufacturing unit in India.(ET)
Kingfisher Airlines receives an in-principle approval from ICICI Bank for a Rs10bn loan facility.(ET)
ONGC Videsh decides to surrender its Qatar block as reserves are low and not commercially viable.(BL)
M&M arm FirstChoice Wheels plans to invest Rs2bn in the next five years for its expansion.(TOI)
GMR Group plans to create holding firms for its three primary businesses and list them overseas.(Mint)
Food and grocery retail chain Subhiksha to invest Rs12bn by 2010.(BS)
Holcim divides the operations of its two companies, ACC and Ambuja Cements India, into three regions.(ET)
Essar group plans port terminal for LNG and a container cargo facility and depots.(Mint)
Cairn India and ONGC have nearly finalized the plan for joint development of Ambe and North Tapti offshore marginal gas fields on the Gujarat coast.(BL)
AT&T is likely to buy 74% stake held by Maxis Communication in Aircel.(ET)
Subhiksha Trading Services, which runs country’s largest food & grocery discount retail chain, acquires majority stake in Chennai based Blue Green Constructions and Investments.(BL)
Future Group plans to split Big Bazaar into two entities.(ET)
Duncan Tea has tied up with Essel Group’s portal itzcash.com for online retailing of tea.(ET)
Reliance Retail is planning to open a chain of specialty stores of retail mobile phone handsets across the country.(ET)
Economic News
Higher crude oil prices could cause fuel subsidy bill to reach Rs3tn this year.(BS)
DoT scraps plan to auction 3G spectrum for CDMA players.(BL)
Railways to increase freight rates to offset diesel price hike.(BS)
PSU oil companies to raise ATF prices by Rs3,000/KL from July 1, 2008.(ET)
Hotel tariffs in five and four star segments may be soon revise downwards as economy heads for a slowdown.(BS)
TRAI to study long term spectrum availability to see whether there is space for new players.(FE)
It would not be possible for India to maintain 9% growth in current fiscal due to rising inflation, says Planning Commission Deputy Chairman.(BS)
Railways to increase discounts on empty-flow direction freight from 30 to 50%.(ET)
Accounting regulator ICAI says firms would have to provide for FCCB redemption premium in their books over life of instrument.(FE)
Government may temporarily ban export of cotton.(ET)
Tyre makers mull 7% price increase due to rising input costs.(BS)
Implementation of commodities transaction tax is likely to be delayed to end of year or next year due to rising inflation.(BS)
Ministry of renewable energy announces a generation-based incentive of 50 paise per unit of electricity for investors who do not have access to the benefits of accelerated depreciation
Bullish break out- Ifci, contain corp, cairn,idea,geometric ltd.
Today, we see another tumultuous day for the bulls, which should begin with a cautious opening. The intra-day choppiness will continue and one may see some buying at lower levels, though the rebound may prove to be short-lived.
The next big trigger will come from the first-quarter results, which will be declared over the next few days. As always, IT sector will lead the way, with Infosys announcing its results on July 11.
Among stock specific news, Blue Green Constructions and Investments could be in action as the board will met to sell majority stake to discount retailer Subhiksha
This week, the ECB (European Central Bank) will take a call on interest rates. If it decides to jack up rates to fight inflation, there will be more trouble for the dollar. On the domestic front, the political situation has once again turned precarious with the Congress determined to go ahead with the nuke deal, and the Left reiterating its threat of pulling down the Government
Results Today: Ansal Infra, Asian Hotels, BEML, Bombay Dyeing, BPL, Deccan Chronicle, Gammon India, India Cement, Indo Rama Synthetics, Ispat, MMTC, Madras Cement, Matrix Labs, Pfizer, REI Agro, Sun TV, Trent, TVS Motor and Wyeth.
ANG Auto will consider buy back of shares
HT Media surged by over 4 percent to Rs101 as the company reportedly acquired 0.65% stake in real estate major Sunil Mantri Realty for Rs200mn. HT bought equity shares of Re1 at a price of Rs125. The company plans to use the funds for new projects. The scrip touched an intra-day high of Rs102 and a low of Rs92 and recorded volumes of over 5,00,000 shares on BSE.
Sun Pharma edged lower by 0.8% to Rs1333 after reports stated that the company has launched a hostile bid for Taro Pharma. The scrip touched an intra-day high of Rs1382 and a low of Rs1305 and recorded volumes of over 92,000 shares on BSE.
Jet Airways dropped by 5.2% to Rs490 after reports stated that the company may post Rs20bn loss in two years. The scrip touched an intra-day high of Rs509 and a low of Rs488 and recorded volumes of over 14,000 shares on BSE.
Cairn India advanced by 1.4% to Rs275 after crude oil prices hits all time high of US$141.71/bbl. The scrip touched an intra-day high of Rs282 and a low of Rs267 and recorded volumes of over 23,00,000 shares on BSE.
Allcargo Global rose 2.5% to Rs825. The board of directors of the company said that it deferred the decision on sub-division (split) of nominal value of equity shares of Rs10 each. They have also recommended final dividend of 30% (Rs3 per share). The scrip touched an intra-day high of Rs825 and a low of Rs751 and recorded volumes of over 43,000 shares on BSE.
Bafna Pharmaceuticals started trading at Rs43.7 against the issue price of Rs40. The scrip finally closed at Rs38.50 translating slipping below its issue price of Rs40 per share. It hit an intra-day high of Rs47 and a low of Rs37.3 and recorded volumes of over 2,00,00,000 shares on BSE.
The company offered 64,00,000 equity shares of Rs10 each for cash at premium of Rs30 per share. The issue to the public constituted 40.05% of the post issue paid-up capital.
The Chennai-based Bafna Pharmaceuticals is engaged in the manufacturing of betalactum and non-betalactum pharmaceutical formulations in tablets, capsules and liquid forms. The company manufactures 126 formulations under various therapeutic segments such as anti-infective, cholesterol lowering agents, analgesic and antipyretic, antihelmintics, appetite stimulants, cough & cold preparations, antiulcerants anti diabetic and vitamins .
The proceeds of the issue would be utilized towards brand building exercise in domestic market. It intends to register the company, products and create brand in international markets. Bafna would also strengthen up R&D facility at its grantlayon plant besides getting MHRA certification. It is also proposing to retire high-cost debts through the IPO proceeds.
Anant Raj Industries advanced by 5% to Rs142 after the company announced that that M/s. Acacia Real Estate Ltd, a Bahrain based development fund has entered into a joint venture agreement with the company to acquire minority stake in one of its wholly owned subsidiary, Anant Raj Projects Pvt Ltd for Rs2.16bn.
The scrip touched an intra-day high of Rs153 and a low of Rs126 and recorded volumes of over 59,000 shares on BSE.
Renuka Sugars has slipped by 1.5% to Rs107. The company announced that it commenced production at its Haldia Sugar Refinery, having a refining capacity of 2000 metric tons sugar per day and Power cogeneration plant of 15 MW.
The scrip has touched an intra-day high of Rs107 and a low of Rs105 and has recorded volumes of over 3,00,000 shares on BSE.
Unitech plans to dilute 26% stake in its telecom arm to a foreign company. (TOI)
Reliance Industries may tie up with BP or Shell for bidding for new oil blocks under NELP VII round.(ET)
Daiichi Sankyo may sell debt to raise half the cost of its US$4.6bn acquisition of Ranbaxy Laboratories.(BS)
India’s crude oil production rose by 3.2% in May on back of better performance by ONGC.(FE)
Jupiter Biosciences acquires a facility of Merck in Switzerland and signs a five year agreement for its peptide products with the latter’s biosciences company.(BL)
Apollo Tyres launches capacity expansion at its Africa plants.(BL)
ONGC to start commercial production from Jaria-Parbatpur block by early 2009.(BL)
SAIL plans to run its own fleet of vessels in partnership with public as well as private players to ship imported cooking coal.(ET)
Unitech plans to invest Rs40bn in hospitality business in the next five years.(DNA)
China-based Dongfang Electric Corp. may tie up with BHEL or L&T for its proposed manufacturing unit in India.(ET)
Kingfisher Airlines receives an in-principle approval from ICICI Bank for a Rs10bn loan facility.(ET)
ONGC Videsh decides to surrender its Qatar block as reserves are low and not commercially viable.(BL)
M&M arm FirstChoice Wheels plans to invest Rs2bn in the next five years for its expansion.(TOI)
GMR Group plans to create holding firms for its three primary businesses and list them overseas.(Mint)
Food and grocery retail chain Subhiksha to invest Rs12bn by 2010.(BS)
Holcim divides the operations of its two companies, ACC and Ambuja Cements India, into three regions.(ET)
Essar group plans port terminal for LNG and a container cargo facility and depots.(Mint)
Cairn India and ONGC have nearly finalized the plan for joint development of Ambe and North Tapti offshore marginal gas fields on the Gujarat coast.(BL)
AT&T is likely to buy 74% stake held by Maxis Communication in Aircel.(ET)
Subhiksha Trading Services, which runs country’s largest food & grocery discount retail chain, acquires majority stake in Chennai based Blue Green Constructions and Investments.(BL)
Future Group plans to split Big Bazaar into two entities.(ET)
Duncan Tea has tied up with Essel Group’s portal itzcash.com for online retailing of tea.(ET)
Reliance Retail is planning to open a chain of specialty stores of retail mobile phone handsets across the country.(ET)
Economic News
Higher crude oil prices could cause fuel subsidy bill to reach Rs3tn this year.(BS)
DoT scraps plan to auction 3G spectrum for CDMA players.(BL)
Railways to increase freight rates to offset diesel price hike.(BS)
PSU oil companies to raise ATF prices by Rs3,000/KL from July 1, 2008.(ET)
Hotel tariffs in five and four star segments may be soon revise downwards as economy heads for a slowdown.(BS)
TRAI to study long term spectrum availability to see whether there is space for new players.(FE)
It would not be possible for India to maintain 9% growth in current fiscal due to rising inflation, says Planning Commission Deputy Chairman.(BS)
Railways to increase discounts on empty-flow direction freight from 30 to 50%.(ET)
Accounting regulator ICAI says firms would have to provide for FCCB redemption premium in their books over life of instrument.(FE)
Government may temporarily ban export of cotton.(ET)
Tyre makers mull 7% price increase due to rising input costs.(BS)
Implementation of commodities transaction tax is likely to be delayed to end of year or next year due to rising inflation.(BS)
Ministry of renewable energy announces a generation-based incentive of 50 paise per unit of electricity for investors who do not have access to the benefits of accelerated depreciation
Friday, June 27, 2008
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DOW NASDAQ down by 3%
Asian Down by more than 2%
Crude hitting New High
INFLATION is all set to come in Double Digit
SGX NIFTY trading at 4136 (-114)
But hope in afternoon trade market will recover on the back of Short Covering and may be by FRESH BUYING
To know more visit
http://www.freewebs.com/jgs-investments/marketwhisper.htm
Good News
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Add Rs.175/- towards Bank Charges if Depositing Cash
Asian Down by more than 2%
Crude hitting New High
INFLATION is all set to come in Double Digit
SGX NIFTY trading at 4136 (-114)
But hope in afternoon trade market will recover on the back of Short Covering and may be by FRESH BUYING
To know more 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
Thursday, June 26, 2008
Fears rejected for time being
Subscribe now ...............
Nifty (4253) Sup 4150 Res 4315
Rumours going around in the market that Radico Khaitan the maker of 8PM whisky might be an acquistion target. The stock rose more than a 13 percent on 3 times its usual volumes.GHCL, Gujarat Sidhee and Sasken are some of the stocks that look technically strong and would be worth keeping an eye on.
The market seemed to have rejected the exaggerated fears of the RBI move as benchmark indices advanced after a four-day drubbing. But don't accept the gains as a reversal in sentiment as yet. Most of the gains could be attributed to the short-squeeze ahead of the F&O expiry today. Things are not looking too bad for the bulls this morning either. US ended higher (though off the day's highs) after the Federal Reserve left its key rates steady and expressed concern on rising inflation
We expect our markets to follow the global trend and inch further up, driven by further short covering. Having said that, considerable risks still remain in the system due to multi-year high inflation and rising interest rates. The political situation still remains uncertain. So, don't go overboard. May sound too basic but remember to buy at dips and not at bouncy intra-day tops.
FIIs were net sellers of Rs3.64bn (provisional) in the cash segment on Wednesday while the local institutions poured in Rs5.3bn. In the F&O segment, foreign funds were net buyers of Rs1.11bn
Results Today: Allcargo Global, Apar Industries, Cranes Software, Gateway Distriparks, JK Paper, Nitin Fire, Panacea Biotec, Radha Madhav, Religare, Surana Tele, Tata Steel, Tulip Telecom and West Coast Paper
Spice Communications rallied by over 33% to Rs72 after the Board of Directors of the company announces that they have entered into of a share purchase agreement between MCorpGlobal Communications Pvt Ltd and Idea Cellular for the sale of 281,489,350 equity shares of Rs10/- each of the company by MCorpGlobal Communications Pvt to Idea Cellular representing 40.8% of the total paid up equity capital of the company at a price of Rs77.30 per equity share.
The company approved the merger of company with Idea Cellular based on an exchange ratio of 49 equity shares of Idea Cellular for every 100 equity shares of the company held by the shareholders.
The scrip touched an intra-day high of Rs73 and a low of Rs52 and recorded volumes of over 4,00,00,000 shares on NSE.
Shares of Idea Cellular also gained by 3% to Rs102 after the company announced that it would sell 464.7mn shares at Rs156.96 to Telekom Malaysia. The scrip touched an intra-day high of Rs105 and a low of Rs97 and recorded volumes of over 48,00,000 shares on NSE
Cairn India gained by 3% to Rs268 after the company’s unit plans to spend US$2bn to develop oil fields and build a pipeline over 18 months. A project to develop fields in the western state of Rajasthan will cost $850 million. The scrip touched an intra-day high of Rs269 and a low of Rs255 and recorded volumes of over 14,00,000 shares on NSE.
Ranbaxy Labs gained by 4% to Rs545 after the company announced that it received tentative approval from the U.S. Food and Drug Administration to manufacture and market Valganciclovir Hydrochloride Tablets, 450 mg. Total annual market sales for Valganciclovir HCl Tablets were US$239mn (IMS MAT: March 2008). Ranbaxy believes that it has First-to-File status on Valganciclovir tablets, thereby providing a potential of 180-days of marketing exclusivity, offering a significant opportunity in the future.
The scrip touched an intra-day high of Rs548 and a low of Rs518 and recorded volumes of over 8,00,000 shares on NSE.
GMR Infrastructure gained by 3% to Rs99 after the company announced that it would develop 3,200MW of power in India. The company also said that it would spend US$1bn in India over 4-5 years. The scrip touched an intra-day high of Rs102 and a low of Rs94 and recorded volumes of over 29,00,000 shares on NSE.
Reliance Infrastructure surged by 4 percent to Rs948 after reports stated that it secured Rs120bn engineering, procurement and construction (EPC) contract for the 3,960 mw Sasan ultra mega power project (UMPP) of group company Reliance Power.
Reliance Infrastructure will complete the first plant of the 6X660 mw project within 42 months and the remaining five will be commissioned with an interval of three months, stated reports. The scrip touched an intra-day high of Rs959 and a low of Rs876 and recorded volumes of over 8,00,000 shares on NSE.
Nagarjuna Construction fell by 4 percent to Rs146. The company announced that it secured three new orders aggregating Rs3.33bn. The scrip touched an intra-day high of Rs156 and a low of Rs143 and recorded volumes of over 4,00,000 shares on NSE.
News
The Government asks Reliance to supply KG gas first to urea plants, LPG plants and existing power projects. (BL)
Ranbaxy gets tentative USFDA nod for AIDS drug. (BL)
SAIL has affected an increase of 5-8% in all categories of steel from the first week of June for long-term contracts and is contemplating another hike in July last week or beginning August. (FE)
GMR Infrastructure Ltd has acquired 50% stake in Intergen, a power company based at Burlington in the US, for US$1.1bn. (BL)
Reliance Exploration and Production, a subsidiary of RIL has signed a cooperation agreement with the UAE-based petroleum company Crescent Petroleum. (ET)
Nagarjuna Construction has secured three new orders aggregating Rs3.3bn from Maharastra and Karnataka governments. (BL)
Tech Mahindra has inked an US$8mn deal with Telecom Fiji, subsidiary of Amalgamated Telecom Holdings. (ET)
NTPC to set up 4,000MW power plant in UP. (ET)
SBI to raise its lending rates by 50 basis points post RBI’s move to hike both CRR and repo rate by 50 basis points. (FE)
Reliance Infra has inked a partnership with US consultant Black & Veatch. (ET)
PSL Ltd announced that its order book stands at about Rs40bn. (ET)
Bangalore International Airport Ltd is seeking a valuation of up to US$2.5bn to raise about US$200mn in equity to fund the second phase of the airport’s development. (ET)
Birla Cotsyn (India) plans to raise about Rs1.4bn through an IPO. (ET)
IndusInd Bank raises Rs2.2bn through GDR issue. (BL)
Apollo Hospitals Enterprise Ltd intends to spin off its pharma retailing business into a separate company. (BL)
Mt Everest mineral water is fighting a legal battle with Bisleri International over the use of the word Himalaya in its mineral water branding. (ET)
Amtek Auto through its subsidiary Amtek Transportation Systems Ltd has signed a JV agreement with American Railcar Industries Inc based in St Charles, Missouri. (BL)
Wipro received marketing-related intangible assets valued at Rs4.9bn from the brands of Singapore-based FMCG Company Unza which it acquired last year. (ET)
ITC Infotech to pull out of its BPO equal joint venture with US-based Sitel Corporation. (BS)
Mauritius-based Frontline Strategy’s private equity fund bought a stake of 26% in Shriram SEPL Composites, a JV between Shriram EPC and Strategic Engineering. (BS)
GoAir plans to offload 26% stake. (ET)
Reva Electric Car Company is looking at licensing its vehicle technology to other carmakers. (ET)
Hindustan Copper Ltd has applied to the government of Madhya Pradesh for reconnaissance permit for an area of 1,600 sq km in the district of Balaghat. (FE)
HTMT Global to buy BPO co in Europe. (BL)
Economic News
The Centre plans to increase the credit exposure limit of 15% on bank lending to NBFCs for infrastructure projects, especially in the power sector. (FE)
The government’s direct tax collection increased by 43.5% to Rs494bn until June 21, on the back of higher advance tax payments by Companies. (FE)
The Indian Railways is hiking freight charges for ores and minerals, petro-products, coke and coal, fertilizers, foodgrains and a host of other commodities by 5-7%. (BL)
The Federation of All India Petroleum Traders has warned that petrol pumps across the country may go dry in the next 15 days if the government does not resolve the issues concerning sale of branded fuel. (ET)
The government is yet to decide the floor price at which it will purchase key kharif crops. (ET)
Airport operators are unlikely to cut landing and parking fees for airlines. (ET)
Auto parts suppliers to cut supplies to OEMs in the next quarter.
Nifty (4253) Sup 4150 Res 4315
Rumours going around in the market that Radico Khaitan the maker of 8PM whisky might be an acquistion target. The stock rose more than a 13 percent on 3 times its usual volumes.GHCL, Gujarat Sidhee and Sasken are some of the stocks that look technically strong and would be worth keeping an eye on.
The market seemed to have rejected the exaggerated fears of the RBI move as benchmark indices advanced after a four-day drubbing. But don't accept the gains as a reversal in sentiment as yet. Most of the gains could be attributed to the short-squeeze ahead of the F&O expiry today. Things are not looking too bad for the bulls this morning either. US ended higher (though off the day's highs) after the Federal Reserve left its key rates steady and expressed concern on rising inflation
We expect our markets to follow the global trend and inch further up, driven by further short covering. Having said that, considerable risks still remain in the system due to multi-year high inflation and rising interest rates. The political situation still remains uncertain. So, don't go overboard. May sound too basic but remember to buy at dips and not at bouncy intra-day tops.
FIIs were net sellers of Rs3.64bn (provisional) in the cash segment on Wednesday while the local institutions poured in Rs5.3bn. In the F&O segment, foreign funds were net buyers of Rs1.11bn
Results Today: Allcargo Global, Apar Industries, Cranes Software, Gateway Distriparks, JK Paper, Nitin Fire, Panacea Biotec, Radha Madhav, Religare, Surana Tele, Tata Steel, Tulip Telecom and West Coast Paper
Spice Communications rallied by over 33% to Rs72 after the Board of Directors of the company announces that they have entered into of a share purchase agreement between MCorpGlobal Communications Pvt Ltd and Idea Cellular for the sale of 281,489,350 equity shares of Rs10/- each of the company by MCorpGlobal Communications Pvt to Idea Cellular representing 40.8% of the total paid up equity capital of the company at a price of Rs77.30 per equity share.
The company approved the merger of company with Idea Cellular based on an exchange ratio of 49 equity shares of Idea Cellular for every 100 equity shares of the company held by the shareholders.
The scrip touched an intra-day high of Rs73 and a low of Rs52 and recorded volumes of over 4,00,00,000 shares on NSE.
Shares of Idea Cellular also gained by 3% to Rs102 after the company announced that it would sell 464.7mn shares at Rs156.96 to Telekom Malaysia. The scrip touched an intra-day high of Rs105 and a low of Rs97 and recorded volumes of over 48,00,000 shares on NSE
Cairn India gained by 3% to Rs268 after the company’s unit plans to spend US$2bn to develop oil fields and build a pipeline over 18 months. A project to develop fields in the western state of Rajasthan will cost $850 million. The scrip touched an intra-day high of Rs269 and a low of Rs255 and recorded volumes of over 14,00,000 shares on NSE.
Ranbaxy Labs gained by 4% to Rs545 after the company announced that it received tentative approval from the U.S. Food and Drug Administration to manufacture and market Valganciclovir Hydrochloride Tablets, 450 mg. Total annual market sales for Valganciclovir HCl Tablets were US$239mn (IMS MAT: March 2008). Ranbaxy believes that it has First-to-File status on Valganciclovir tablets, thereby providing a potential of 180-days of marketing exclusivity, offering a significant opportunity in the future.
The scrip touched an intra-day high of Rs548 and a low of Rs518 and recorded volumes of over 8,00,000 shares on NSE.
GMR Infrastructure gained by 3% to Rs99 after the company announced that it would develop 3,200MW of power in India. The company also said that it would spend US$1bn in India over 4-5 years. The scrip touched an intra-day high of Rs102 and a low of Rs94 and recorded volumes of over 29,00,000 shares on NSE.
Reliance Infrastructure surged by 4 percent to Rs948 after reports stated that it secured Rs120bn engineering, procurement and construction (EPC) contract for the 3,960 mw Sasan ultra mega power project (UMPP) of group company Reliance Power.
Reliance Infrastructure will complete the first plant of the 6X660 mw project within 42 months and the remaining five will be commissioned with an interval of three months, stated reports. The scrip touched an intra-day high of Rs959 and a low of Rs876 and recorded volumes of over 8,00,000 shares on NSE.
Nagarjuna Construction fell by 4 percent to Rs146. The company announced that it secured three new orders aggregating Rs3.33bn. The scrip touched an intra-day high of Rs156 and a low of Rs143 and recorded volumes of over 4,00,000 shares on NSE.
News
The Government asks Reliance to supply KG gas first to urea plants, LPG plants and existing power projects. (BL)
Ranbaxy gets tentative USFDA nod for AIDS drug. (BL)
SAIL has affected an increase of 5-8% in all categories of steel from the first week of June for long-term contracts and is contemplating another hike in July last week or beginning August. (FE)
GMR Infrastructure Ltd has acquired 50% stake in Intergen, a power company based at Burlington in the US, for US$1.1bn. (BL)
Reliance Exploration and Production, a subsidiary of RIL has signed a cooperation agreement with the UAE-based petroleum company Crescent Petroleum. (ET)
Nagarjuna Construction has secured three new orders aggregating Rs3.3bn from Maharastra and Karnataka governments. (BL)
Tech Mahindra has inked an US$8mn deal with Telecom Fiji, subsidiary of Amalgamated Telecom Holdings. (ET)
NTPC to set up 4,000MW power plant in UP. (ET)
SBI to raise its lending rates by 50 basis points post RBI’s move to hike both CRR and repo rate by 50 basis points. (FE)
Reliance Infra has inked a partnership with US consultant Black & Veatch. (ET)
PSL Ltd announced that its order book stands at about Rs40bn. (ET)
Bangalore International Airport Ltd is seeking a valuation of up to US$2.5bn to raise about US$200mn in equity to fund the second phase of the airport’s development. (ET)
Birla Cotsyn (India) plans to raise about Rs1.4bn through an IPO. (ET)
IndusInd Bank raises Rs2.2bn through GDR issue. (BL)
Apollo Hospitals Enterprise Ltd intends to spin off its pharma retailing business into a separate company. (BL)
Mt Everest mineral water is fighting a legal battle with Bisleri International over the use of the word Himalaya in its mineral water branding. (ET)
Amtek Auto through its subsidiary Amtek Transportation Systems Ltd has signed a JV agreement with American Railcar Industries Inc based in St Charles, Missouri. (BL)
Wipro received marketing-related intangible assets valued at Rs4.9bn from the brands of Singapore-based FMCG Company Unza which it acquired last year. (ET)
ITC Infotech to pull out of its BPO equal joint venture with US-based Sitel Corporation. (BS)
Mauritius-based Frontline Strategy’s private equity fund bought a stake of 26% in Shriram SEPL Composites, a JV between Shriram EPC and Strategic Engineering. (BS)
GoAir plans to offload 26% stake. (ET)
Reva Electric Car Company is looking at licensing its vehicle technology to other carmakers. (ET)
Hindustan Copper Ltd has applied to the government of Madhya Pradesh for reconnaissance permit for an area of 1,600 sq km in the district of Balaghat. (FE)
HTMT Global to buy BPO co in Europe. (BL)
Economic News
The Centre plans to increase the credit exposure limit of 15% on bank lending to NBFCs for infrastructure projects, especially in the power sector. (FE)
The government’s direct tax collection increased by 43.5% to Rs494bn until June 21, on the back of higher advance tax payments by Companies. (FE)
The Indian Railways is hiking freight charges for ores and minerals, petro-products, coke and coal, fertilizers, foodgrains and a host of other commodities by 5-7%. (BL)
The Federation of All India Petroleum Traders has warned that petrol pumps across the country may go dry in the next 15 days if the government does not resolve the issues concerning sale of branded fuel. (ET)
The government is yet to decide the floor price at which it will purchase key kharif crops. (ET)
Airport operators are unlikely to cut landing and parking fees for airlines. (ET)
Auto parts suppliers to cut supplies to OEMs in the next quarter.
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