• Headline inflation rate, as measured by the wholesale price index (WPI) after showing marginal increase for two
consecutive weeks fell further into the negative territory to -1.54 per cent for the week ended July 18. The decline is primarily due to the decrease in prices of fuel and manufactured products. The inflation rate was -1.17 per cent for the previous week ended July 11 and 12.54 per cent for the corresponding week in 2008.
• Mahindra & Mahindra posted an increase of 151.6 per cent in net profit for the first quarter, strongly aided by lower raw
material prices and additional tractor numbers from Punjab Tractors (PTL), which it acquired two years ago. Net profit for the period rose to Rs 400.85 crore as compared to Rs 159.3 crore in the same quarter a year earlier. While PTL was bought by M&M in 2007 it was only merged with the company last July.
• Steel Authority of India Ltd (SAIL) reported a 27.7 per cent dip in its net profit for the quarter ended June 30. Net profit for the quarter was Rs 1, 326 crore, while net sales declined 16.5 per cent to Rs 8,950.6 crore. Average net realisation on product sales dipped 18 per cent during the quarter.
• Indian Oil Corporation has seen a 787 per cent jump in its first-quarter profits, due to lower under-recoveries, and
gains on account of product inventory and foreign exchange. Net profit for the quarter ended June 30 was Rs 3,682.8 crore, while net sales slipped 22.2 per cent to Rs 57,935 crore on lower product prices. The gross refining margin during the quarter was $7.36 a barrel vis a vis $16.81 last year.
• Reliance Infrastructure (R-Infra) has posted a net profit of Rs 317 crore for the first quarter ended June 30, an increase
of 25 per cent over the Rs 253-crore net profit in the corresponding quarter of previous year.
• Parsvnath’s net crashes by 81%, Essar Shipping reports Rs 60-cr profit, Patni net up 14 per cent, PTC Q1 net up 77
per cent, UTV Q1 loss at Rs 23.33 crore, IVRCL Infra net dips 17%, Suven Life Q1 net up 37%, Educomp Solutions Q1 net jumps two fold to Rs 36 cr, Bhushan Steel Q1 net up 34% at Rs 178 cr, UCO Bank Q1 net rises 34.03 per cent, Wockhardt Q2 net loss at Rs 190 cr, Voltas Q1 net profit dips by 5% y-o-y, MMTC June qtr net dips 23% to Rs 41 cr.
Friday, July 31, 2009
Equity Morning Mantra
MARKET OUTLOOK
The market may extend Thursday’s gain taking cues from
global markets. Asian stocks climbed, sending the MSCI Asia Pacific Index to a fifth monthly gain, as better-than- expected earnings and a rally in commodities lifted confidence the global economy is headed toward recovery. U.S. stocks rose on Thursday as solid corporate profit reports and a drop in the number of Americans on jobless benefits gave investors reasons to buy equities following the S&P 500's two days of
losses.
According to provisional data on NSE, foreign funds bought
worth a net Rs. 366.81 crore on Thursday, 30 July 2009. Domestic funds sold shares worth a net Rs. 286.67 crore on that day.
The market may extend Thursday’s gain taking cues from
global markets. Asian stocks climbed, sending the MSCI Asia Pacific Index to a fifth monthly gain, as better-than- expected earnings and a rally in commodities lifted confidence the global economy is headed toward recovery. U.S. stocks rose on Thursday as solid corporate profit reports and a drop in the number of Americans on jobless benefits gave investors reasons to buy equities following the S&P 500's two days of
losses.
According to provisional data on NSE, foreign funds bought
worth a net Rs. 366.81 crore on Thursday, 30 July 2009. Domestic funds sold shares worth a net Rs. 286.67 crore on that day.
Tuesday, July 28, 2009
HIGHLIGHTS OF THE FIRST QUARTER REVIEW OF MONETARY POLICY 2009-10
PROJECTIONS
1. GDP: Growth projection for GDP for 2009-10 on current assessment is placed at 6.0% with an upward bias.
2. WPI inflation: Keeping in view the global trend in commodity prices and the domestic demand-supply balance, WPI inflation for end-March 2010 is projected at around 5.0 per cent. This is higher than the projection of 4.0 per cent made in the Annual Policy Statement of April 2009.
3. Monetary projection: For policy purposes, money supply (M3) growth for 2009-10 is placed at 18.0 per cent, up from 17.0 per cent projected in the Annual Policy Statement. Consistent with this, aggregate deposits of scheduled commercial banks are projected to grow by 19.0 per cent. The growth in adjusted nonfood credit, including investment in bonds/debentures/shares of public sector undertakings and private corporate sector and CPs, has been retained at 20.0 per cent as in the Annual Policy Statement.
POLICY STANCE
• Manage liquidity actively so that the credit demand of the Government is met while ensuring the flow of credit to the private sector at viable rates.
• Keep a vigil on the trends and signals of inflation, and be prepared to respond quickly and effectively through policy adjustments.
• Maintain a monetary and interest rate regime consistent with price stability and financial stability supportive of returning the economy to the high growth path.
It is worth reiterating that the Reserve Bank will maintain an accommodative monetary stance until there are definite and robust signs of recovery. This accommodative monetary stance is, however, not the steady state stance. On the way forward, the Reserve Bank will have to reverse the expansionary measures to anchor inflation expectations and subdue inflationary pressures while preserving the growth momentum. The exit strategy will be modulated in accordance with the evolving macroeconomic developments.
MONETARY MEASURES: UNCHANGED
• Bank Rate: retained unchanged at 6.0 per cent.
• Repo Rate: retained unchanged at 4.75 per cent under the Liquidity Adjustment Facility (LAF)
• Reverse Repo Rate: retained unchanged at 3.25 per cent under the LAF
• Cash Reserve Ratio: CRR of scheduled banks has been retained unchanged at 5.0 per cent of net demand and time liabilities (NDTL).
1. GDP: Growth projection for GDP for 2009-10 on current assessment is placed at 6.0% with an upward bias.
2. WPI inflation: Keeping in view the global trend in commodity prices and the domestic demand-supply balance, WPI inflation for end-March 2010 is projected at around 5.0 per cent. This is higher than the projection of 4.0 per cent made in the Annual Policy Statement of April 2009.
3. Monetary projection: For policy purposes, money supply (M3) growth for 2009-10 is placed at 18.0 per cent, up from 17.0 per cent projected in the Annual Policy Statement. Consistent with this, aggregate deposits of scheduled commercial banks are projected to grow by 19.0 per cent. The growth in adjusted nonfood credit, including investment in bonds/debentures/shares of public sector undertakings and private corporate sector and CPs, has been retained at 20.0 per cent as in the Annual Policy Statement.
POLICY STANCE
• Manage liquidity actively so that the credit demand of the Government is met while ensuring the flow of credit to the private sector at viable rates.
• Keep a vigil on the trends and signals of inflation, and be prepared to respond quickly and effectively through policy adjustments.
• Maintain a monetary and interest rate regime consistent with price stability and financial stability supportive of returning the economy to the high growth path.
It is worth reiterating that the Reserve Bank will maintain an accommodative monetary stance until there are definite and robust signs of recovery. This accommodative monetary stance is, however, not the steady state stance. On the way forward, the Reserve Bank will have to reverse the expansionary measures to anchor inflation expectations and subdue inflationary pressures while preserving the growth momentum. The exit strategy will be modulated in accordance with the evolving macroeconomic developments.
MONETARY MEASURES: UNCHANGED
• Bank Rate: retained unchanged at 6.0 per cent.
• Repo Rate: retained unchanged at 4.75 per cent under the Liquidity Adjustment Facility (LAF)
• Reverse Repo Rate: retained unchanged at 3.25 per cent under the LAF
• Cash Reserve Ratio: CRR of scheduled banks has been retained unchanged at 5.0 per cent of net demand and time liabilities (NDTL).
News Capsules
• Tata Motors, the country’s largest truck producer, posted an increase of 57 per cent in net profit, thanks to an altered
accounting policy and tight cost measures adopted in the first quarter. The company, which revealed its standalone results today, reported a net profit of Rs 513.8 crore for the quarter ended June 30 against Rs 326.1 crore in the corresponding quarter a year earlier.
• NTPC Ltd, India’s largest power generator, has posted a 27 per cent rise in net profit for the quarter ended June 30 ‘09.
The higher profit is primarily attributed to the generation growth of 11 per cent. Around 2,000 MW of its power generation capacity went commercial since the previous quarter. This resulted in increased sale of electricity.
• Gas Authority of India Ltd (Gail), the country’s largest gas marketing company, would invest Rs 8,000 crore to expand its pipeline network. Of this, Rs 7,600 crore would be invested in constructing a 2,050-km pipeline from Jagdishpur to Haldia. So far, this is the single largest investment in any pipeline by Gail.
• Engineering and construction firm Punj Lloyd consolidated net profit rose 13.68 per cent growth to Rs 127.16 crore in the
first quarter of the fiscal and the company said it plans to raise Rs 1,250 crore. The company will raise the amount through qualified institutional placement and issuance of non-convertible debentures.
• Pipe maker Jindal Saw today posted a jump of 94 per cent in its net profit to Rs 135.99 crore for the second quarter
ended June 30, over the same period a year ago and is hopeful of a better quarters ahead. Total income of the company rose to Rs 1,501.11 crore in the latest quarter of current financial year (2009-10) from Rs 1,018.16 crore of the corresponding period last year, Jindal Saw said in a filing to the Bombay Stock Exchange (BSE).
• The company is planning a capital expenditure outlay of Rs 2,100 crore for 2009-10 on re-tooling the plant for
production efficiencies, developing new models, R&D activities and expanding production of its K-Series engine.
• Anil Ambani firm Reliance Natural Resources (RNRL) plans to raise funds through qualified institutional placement (QIP) of shares. The company will place a special resolution pertaining to the fund raising on Tuesday at its annual general meeting.
accounting policy and tight cost measures adopted in the first quarter. The company, which revealed its standalone results today, reported a net profit of Rs 513.8 crore for the quarter ended June 30 against Rs 326.1 crore in the corresponding quarter a year earlier.
• NTPC Ltd, India’s largest power generator, has posted a 27 per cent rise in net profit for the quarter ended June 30 ‘09.
The higher profit is primarily attributed to the generation growth of 11 per cent. Around 2,000 MW of its power generation capacity went commercial since the previous quarter. This resulted in increased sale of electricity.
• Gas Authority of India Ltd (Gail), the country’s largest gas marketing company, would invest Rs 8,000 crore to expand its pipeline network. Of this, Rs 7,600 crore would be invested in constructing a 2,050-km pipeline from Jagdishpur to Haldia. So far, this is the single largest investment in any pipeline by Gail.
• Engineering and construction firm Punj Lloyd consolidated net profit rose 13.68 per cent growth to Rs 127.16 crore in the
first quarter of the fiscal and the company said it plans to raise Rs 1,250 crore. The company will raise the amount through qualified institutional placement and issuance of non-convertible debentures.
• Pipe maker Jindal Saw today posted a jump of 94 per cent in its net profit to Rs 135.99 crore for the second quarter
ended June 30, over the same period a year ago and is hopeful of a better quarters ahead. Total income of the company rose to Rs 1,501.11 crore in the latest quarter of current financial year (2009-10) from Rs 1,018.16 crore of the corresponding period last year, Jindal Saw said in a filing to the Bombay Stock Exchange (BSE).
• The company is planning a capital expenditure outlay of Rs 2,100 crore for 2009-10 on re-tooling the plant for
production efficiencies, developing new models, R&D activities and expanding production of its K-Series engine.
• Anil Ambani firm Reliance Natural Resources (RNRL) plans to raise funds through qualified institutional placement (QIP) of shares. The company will place a special resolution pertaining to the fund raising on Tuesday at its annual general meeting.
Equity Morning Mantra
MARKET OUTLOOK
The market is likely to open on a flat note with a negative bias tracking the gobal markets. The U.S. stocks rose slightly on Monday in a late rally as investors rotated into financial shares, which had lagged in the recent two-week run-up. The Asian markets are also trading marginally down amid concern about the rapid pace of the rally. Back home, the Indian markets may remain volatile this week ahead of expiry of July 2009 futures and options (F&O) contract on Thursday, 30 July 2009. The RBI’s first quarterly monetary policy to be announce today will be closely watched.
According to provisional data on NSE, foreign funds bought
worth a net Rs. 439.542 crore on Monday, 27 July 2009. Domestic funds sold shares worth a net Rs. 278.97 crore on that day.
The market is likely to open on a flat note with a negative bias tracking the gobal markets. The U.S. stocks rose slightly on Monday in a late rally as investors rotated into financial shares, which had lagged in the recent two-week run-up. The Asian markets are also trading marginally down amid concern about the rapid pace of the rally. Back home, the Indian markets may remain volatile this week ahead of expiry of July 2009 futures and options (F&O) contract on Thursday, 30 July 2009. The RBI’s first quarterly monetary policy to be announce today will be closely watched.
According to provisional data on NSE, foreign funds bought
worth a net Rs. 439.542 crore on Monday, 27 July 2009. Domestic funds sold shares worth a net Rs. 278.97 crore on that day.
Wednesday, July 22, 2009
Derivatives Research
NIFTY-TECHNICAL OUTLOOK:
Today the markets are likely to open with flat to positive note
on back of positive global cues. All Emerging markets are
trading in green. Pivot points for Nifty based on 60 minute chart are P=4474 R1=4511 R2=4561 S1=4424 S2=4387.
The coming session is likely to witness a range of 4420 on
declines and 4560 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones
Industrial Average, NASDAQ index and the S&P 500 (SPX) were in green. Dow gained by 0.77% and closed at 8916; S&P
500 up by 0.36% and closed at 955. European indices ended in green with in FTSE up by 0.85%, DAX up by 1.27% & CAC 40 up by 0.98% Today major stock markets in Asia are trading in green. The Shanghai Composite is trading up by 1.52% at 3262; Hang Seng is up by 0.12% at 19526. However Japan’s Nikkei is up by 0.16% at 9668 and Singapore’s Straits Times is up by 0.56% at 2468.
Singapore Nifty future is currently is up by 25 point at 4496.
Today the markets are likely to open with flat to positive note
on back of positive global cues. All Emerging markets are
trading in green. Pivot points for Nifty based on 60 minute chart are P=4474 R1=4511 R2=4561 S1=4424 S2=4387.
The coming session is likely to witness a range of 4420 on
declines and 4560 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones
Industrial Average, NASDAQ index and the S&P 500 (SPX) were in green. Dow gained by 0.77% and closed at 8916; S&P
500 up by 0.36% and closed at 955. European indices ended in green with in FTSE up by 0.85%, DAX up by 1.27% & CAC 40 up by 0.98% Today major stock markets in Asia are trading in green. The Shanghai Composite is trading up by 1.52% at 3262; Hang Seng is up by 0.12% at 19526. However Japan’s Nikkei is up by 0.16% at 9668 and Singapore’s Straits Times is up by 0.56% at 2468.
Singapore Nifty future is currently is up by 25 point at 4496.
News Capsules
• Reliance Infrastructure said it has acquired 51 per cent of Reliance Cementation from its group company Reliance
Natural Resources (RNRL). Reliance Cementation is engaged in manufacturing and exporting cement.
• Ruias-owned Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million
tones. The Vadinar refinery, situated five kilometres away from Reliance Industries’ twin refineries in Jamnagar district, currently operates at 133 per cent of its nameplate capacity of 10.5 million tonnes a year.
• Moser Baer Photo Voltaic (MBPV), a subsidiary of Moser
Baer India, the optical storage device maker, has deferred its plan to set up a manufacturing facility near Chennai.
• Pfizer, the largest drug maker in the world, has bought back a 29.52 per cent stake in its Indian arm, Pfizer India,
increasing its stake to 70.75 per cent in an open offer. Pfizer was looking to increase its stake in Pfizer India from 41 per cent to 75 per cent, and had revised its open offer price from Rs 675 to Rs 830. The offer, earlier scheduled to close on June 29, was closed on July 4.
• Dr Reddy's Laboratories (DRL) saw a 120.07 per cent increase in net profit to Rs 244.5 crore for the first quarter
ended June 30, 2009, as compared with Rs 111.1 crore during the corresponding period last year. Revenues during the quarter increased 21 per cent to Rs 1,818.9 crore as compared with Rs 1,503.9 crore last year.
• LIC Housing Finance, a subsidiary of LIC, said its net profit rose by 18.31 per cent at Rs 123.83 crore for the quarter
ended June 30, 2009, compared to the same period last year.
• Chambal Fertilisers & Chemicals reported a net profit of Rs 55.31 crore for the quarter ended June, a jump of two fold
over that in the same period last year.
• Shriram Transport Finance Company, plans to tap the debt capital markets for up to Rs 1,000 crore through a public issue of secured nonconvertible debentures and has filed a prospectus to that effect. The issue aggregates to Rs 500 crore and the company will retain the
option to raise an additional Rs 500 crore.
Natural Resources (RNRL). Reliance Cementation is engaged in manufacturing and exporting cement.
• Ruias-owned Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million
tones. The Vadinar refinery, situated five kilometres away from Reliance Industries’ twin refineries in Jamnagar district, currently operates at 133 per cent of its nameplate capacity of 10.5 million tonnes a year.
• Moser Baer Photo Voltaic (MBPV), a subsidiary of Moser
Baer India, the optical storage device maker, has deferred its plan to set up a manufacturing facility near Chennai.
• Pfizer, the largest drug maker in the world, has bought back a 29.52 per cent stake in its Indian arm, Pfizer India,
increasing its stake to 70.75 per cent in an open offer. Pfizer was looking to increase its stake in Pfizer India from 41 per cent to 75 per cent, and had revised its open offer price from Rs 675 to Rs 830. The offer, earlier scheduled to close on June 29, was closed on July 4.
• Dr Reddy's Laboratories (DRL) saw a 120.07 per cent increase in net profit to Rs 244.5 crore for the first quarter
ended June 30, 2009, as compared with Rs 111.1 crore during the corresponding period last year. Revenues during the quarter increased 21 per cent to Rs 1,818.9 crore as compared with Rs 1,503.9 crore last year.
• LIC Housing Finance, a subsidiary of LIC, said its net profit rose by 18.31 per cent at Rs 123.83 crore for the quarter
ended June 30, 2009, compared to the same period last year.
• Chambal Fertilisers & Chemicals reported a net profit of Rs 55.31 crore for the quarter ended June, a jump of two fold
over that in the same period last year.
• Shriram Transport Finance Company, plans to tap the debt capital markets for up to Rs 1,000 crore through a public issue of secured nonconvertible debentures and has filed a prospectus to that effect. The issue aggregates to Rs 500 crore and the company will retain the
option to raise an additional Rs 500 crore.
Equity Morning Mantra
MARKET OUTLOOK
The market is likely to open on a positive note taking cues from global markets. Most Asian stocks rose, led by material producers after Shin-Etsu Chemical Co. said it will seek a price increase. Banks fell as National Australia Bank Ltd. said it will sell stock. U.S. stocks rose on Tuesday as a solid profit from Caterpillar Inc overcame some uneasiness about the company's outlook for the current quarter, but the gains were limited as some investors paused following the recent earnings-fueled run-up. According to provisional data on NSE, foreign funds sold worth a net Rs. 250.36 crore on Tuesday, 21 July 2009. Domestic funds sold shares worth a net Rs. 7.44 crore on that day.
STREET EXPECTATION ON QTRLY. RESULTS
Wipro is to announce its first quarter results. According to market estimates, the company's revenues are seen down 3.3% to Rs 6331 crore versus Rs 6546 crore. Its net profit is seen up 6% to Rs 951.4 crore versus Rs 897.9 crore. The company's margins are seen flat at 19.9% versus 20%.
HDFC is to announce its first quarter FY10 results. According to market estimates, Q1FY10 net profit is seen up 19.96% from Rs 468.11 crore to Rs 561.54 crore. It’s net interest income is seen up 30.38% from Rs 651.57 crore to Rs 849.52 crore. Canara Bank is to announce its first quarter results. According to market estimates, the company’s Q1FY10 net interest income is seen up 21.44% from Rs 1019.19 crore to Rs 1234.69 crore. Its Q1 net profit is seen up 333.94% from Rs 122.68 crore to Rs 532.37crore.
BHEL is to announce its first quarter results.
According to market estimates, the company’s PAT is seen up 42% at Rs 545.93 crore versus Rs 384.41 crore. Its net sales were up 24% at Rs 5367.05 crore versus Rs 4329.24 crore
Tuesday, July 21, 2009
Derivative Research
NIFTY-TECHNICAL OUTLOOK
Today the markets are likely to open with flat note on back of
mixed global cues. All Emerging markets are trading mixed. Pivot points for Nifty based on 60 minute chart are P=4461 R1=4545 R2=4594 S1=4412 S2=4329.
The coming session is likely to witness a range of 4460 on
declines and 4590 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones
Industrial Average, NASDAQ index and the S&P 500 (SPX) were in green. Dow gained by 1.19% and closed at 8848; S&P
500 up by 1.14% and closed at 951. European indices ended in green with in FTSE up by 1.25%, DAX up by 1.04% & CAC
40 up by 1.63%. Today major stock markets in Asia are trading mixed. The Shanghai Composite is trading up down by 0.53% at 3249; Hang Seng is down by 0.41% at 19422. However Japan’s Nikkei is up by 1.35% at 9522
and Singapore’s Straits Times is up by 0.14% at 2459.
Singapore Nifty future is currently is down by 17 point at 4488.5
Today the markets are likely to open with flat note on back of
mixed global cues. All Emerging markets are trading mixed. Pivot points for Nifty based on 60 minute chart are P=4461 R1=4545 R2=4594 S1=4412 S2=4329.
The coming session is likely to witness a range of 4460 on
declines and 4590 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones
Industrial Average, NASDAQ index and the S&P 500 (SPX) were in green. Dow gained by 1.19% and closed at 8848; S&P
500 up by 1.14% and closed at 951. European indices ended in green with in FTSE up by 1.25%, DAX up by 1.04% & CAC
40 up by 1.63%. Today major stock markets in Asia are trading mixed. The Shanghai Composite is trading up down by 0.53% at 3249; Hang Seng is down by 0.41% at 19422. However Japan’s Nikkei is up by 1.35% at 9522
and Singapore’s Straits Times is up by 0.14% at 2459.
Singapore Nifty future is currently is down by 17 point at 4488.5
News Capsules
• Oil & Natural Gas Corporation (ONGC) has hired Citigroup
to advise it on a bid for Kosmos Energy's stake in an oil field
in Ghana in a deal that could be worth between $3 billion and $5 billion, sources have said. Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field.
• Adani Enterprises-promoted Adani Power said the
company had sold 36 million shares to a founder group firm
and to private equity firm 3i. The shares were allotted on June 25 at Rs 81.42 a share to 3i Power Investments and at
Rs 111.50 to Mauritius-based Capital Trade & Investments, worth a total of over Rs 370 crore.
• Petronet LNG (PLL), India's largest liquefied natural gas
importer, will sign an agreement to buy 1.5 million tonnes of
LNG from Australia in August. Supply of LNG to Kochi would start in 2014.
• Gujarat NRE Coke Ltd (GNCL), an independent producer of low ash metallurgical coke, plans to set up two greenfield plants — one each in Gujarat and Andhra Pradesh —with a production capacity of 1 million tonne. The investment in these two projects is estimated to be Rs 150-200 crore, said sources privy to the development. Gujarat NRE has also chalked out an investment of Rs 536 crore for its Australia and India operations.
• JSW Steel has posted a 6.4 per cent drop in the first-quarter consolidated profit at Rs 234.08 crore as prices failed to recover in line with demand from automakers and builders. Income fell 9.93 per cent to Rs 4,013.78 crore. The revenues from the steel business fell 9 per cent to Rs 4,121
crore in the quarter ended June 30, 2008.
• Essar Oil net zooms 450%, Petronet LNG Q1 net dips 2%,
Mindtree Q1 net at Rs 57 cr, IDFC net profit up 26 per cent, Indo Rama Syn Q1 net at Rs 15.26 cr, GTL Infra net at Rs 18.7 cr, Triveni Engineering net up 62%, Apollo Hospitals profit up 53%, Camlin records 87.71% rise in net
to advise it on a bid for Kosmos Energy's stake in an oil field
in Ghana in a deal that could be worth between $3 billion and $5 billion, sources have said. Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field.
• Adani Enterprises-promoted Adani Power said the
company had sold 36 million shares to a founder group firm
and to private equity firm 3i. The shares were allotted on June 25 at Rs 81.42 a share to 3i Power Investments and at
Rs 111.50 to Mauritius-based Capital Trade & Investments, worth a total of over Rs 370 crore.
• Petronet LNG (PLL), India's largest liquefied natural gas
importer, will sign an agreement to buy 1.5 million tonnes of
LNG from Australia in August. Supply of LNG to Kochi would start in 2014.
• Gujarat NRE Coke Ltd (GNCL), an independent producer of low ash metallurgical coke, plans to set up two greenfield plants — one each in Gujarat and Andhra Pradesh —with a production capacity of 1 million tonne. The investment in these two projects is estimated to be Rs 150-200 crore, said sources privy to the development. Gujarat NRE has also chalked out an investment of Rs 536 crore for its Australia and India operations.
• JSW Steel has posted a 6.4 per cent drop in the first-quarter consolidated profit at Rs 234.08 crore as prices failed to recover in line with demand from automakers and builders. Income fell 9.93 per cent to Rs 4,013.78 crore. The revenues from the steel business fell 9 per cent to Rs 4,121
crore in the quarter ended June 30, 2008.
• Essar Oil net zooms 450%, Petronet LNG Q1 net dips 2%,
Mindtree Q1 net at Rs 57 cr, IDFC net profit up 26 per cent, Indo Rama Syn Q1 net at Rs 15.26 cr, GTL Infra net at Rs 18.7 cr, Triveni Engineering net up 62%, Apollo Hospitals profit up 53%, Camlin records 87.71% rise in net
Equity Morning Mantra
MARKET OUTLOOK
The market is likely to open on a flat with a negative bias
taking cues from global markets. Asian stocks advanced as Australia’s treasurer said the worst of the global recession may have passed and after Goldman Sachs Group Inc. raised its estimate for the U.S. Standard & Poor’s 500 Index. U.S. stocks jumped on Monday, driving the S&P 500 to an eight-month closing high, after CIT Group Inc was thrown a lifeline to avoid bankruptcy, and investors bet corporate America would log another strong set of earnings this week.
According to provisional data on NSE, foreign funds bought
worth a net Rs. 563.20 crore on Monday, 20 July 2009. Domestic funds bought shares worth a net Rs. 151.85 crore on that day.
The market is likely to open on a flat with a negative bias
taking cues from global markets. Asian stocks advanced as Australia’s treasurer said the worst of the global recession may have passed and after Goldman Sachs Group Inc. raised its estimate for the U.S. Standard & Poor’s 500 Index. U.S. stocks jumped on Monday, driving the S&P 500 to an eight-month closing high, after CIT Group Inc was thrown a lifeline to avoid bankruptcy, and investors bet corporate America would log another strong set of earnings this week.
According to provisional data on NSE, foreign funds bought
worth a net Rs. 563.20 crore on Monday, 20 July 2009. Domestic funds bought shares worth a net Rs. 151.85 crore on that day.
Friday, July 17, 2009
News Capsules
• Driven by higher prices of fuel items like petrol and diesel,
inflation rose marginally to (-) 1.21 per cent for the week ended July 4 against (-)1.55 per cent in the previous week. The wholesale price index during the corresponding week a year ago was as high as 12.19 per cent.
• Tata Motors will distribute all Nano cars from Pantnagar through its new subsidiary, Tata Motors Distribution. It is
now official. Pantnagar would become a permanent home for Nano — the Rs 1-lakh car from Tata Motors.
• Polaris Software Lab Limited has reported 18 per cent growth in net profit for the first quarter to Rs 31.83 crore as
against Rs 27.01 crore in the same quarter last year. Income from sales has increased to Rs 325.52 crore as against Rs 316.97 crore in the same quarter last year.
• Sterlite Industries, India’s largest copper producer, has
raised $1.5 billion (Rs 7,305 crore) through American Depository Shares (ADS), the largest US share sale from India in two years, to develop its power generation business and fund acquisitions.
• Betting big on India's spending on the infrastructure sector, Larsen & Toubro stood by its stated outlook of 25 per cent growth in order inflows for the current year though the first quarter ended with a negative note. The engineering major's order book shrunk by 22 per cent in the first quarter of the current fiscal at Rs 9,571 crore as compared to Rs 1,22,34 crore in the corresponding quarter previous fiscal.
• Stricter cost control measures undertaken by the Pune-based, India's second biggest motorcycle maker, Bajaj Auto
has helped it post a growth of 67 per cent in net profit at Rs 293 crore for the first quarter ended June 30, 2009.
• Bajaj Holdings & Investment reported a consolidated net profit of Rs 385.08 crore for the first quarter ended June 30,
a seven-fold rise over the same in the year-ago period. The company had a consolidated net profit of Rs 51.37 crore during the June quarter a year earlier
• Welspun-Gujarat Stahl Rohren Ltd has posted 94.27 per cent rise in its net at Rs 138.21 crore for the first quarter of
financial year 2010 as compared to Rs 71.14 crore it posted in the corresponding period last year.
• Zee Entertainment Enterprises has registered a 5.6 per cent drop in its net for the first quarter of current fiscal as
competition from new channels dented its revenues. The company posted consolidated net profit of Rs 91.32 crore in Q1 of FY 2010 as compared to Rs 96.81 crore it posted in Q1 of FY 09. Its net sales also dipped by 7.35 per cent at Rs 475.93 crore as compared to Rs 513.74 crore in the corresponding quarter previous financial year.
inflation rose marginally to (-) 1.21 per cent for the week ended July 4 against (-)1.55 per cent in the previous week. The wholesale price index during the corresponding week a year ago was as high as 12.19 per cent.
• Tata Motors will distribute all Nano cars from Pantnagar through its new subsidiary, Tata Motors Distribution. It is
now official. Pantnagar would become a permanent home for Nano — the Rs 1-lakh car from Tata Motors.
• Polaris Software Lab Limited has reported 18 per cent growth in net profit for the first quarter to Rs 31.83 crore as
against Rs 27.01 crore in the same quarter last year. Income from sales has increased to Rs 325.52 crore as against Rs 316.97 crore in the same quarter last year.
• Sterlite Industries, India’s largest copper producer, has
raised $1.5 billion (Rs 7,305 crore) through American Depository Shares (ADS), the largest US share sale from India in two years, to develop its power generation business and fund acquisitions.
• Betting big on India's spending on the infrastructure sector, Larsen & Toubro stood by its stated outlook of 25 per cent growth in order inflows for the current year though the first quarter ended with a negative note. The engineering major's order book shrunk by 22 per cent in the first quarter of the current fiscal at Rs 9,571 crore as compared to Rs 1,22,34 crore in the corresponding quarter previous fiscal.
• Stricter cost control measures undertaken by the Pune-based, India's second biggest motorcycle maker, Bajaj Auto
has helped it post a growth of 67 per cent in net profit at Rs 293 crore for the first quarter ended June 30, 2009.
• Bajaj Holdings & Investment reported a consolidated net profit of Rs 385.08 crore for the first quarter ended June 30,
a seven-fold rise over the same in the year-ago period. The company had a consolidated net profit of Rs 51.37 crore during the June quarter a year earlier
• Welspun-Gujarat Stahl Rohren Ltd has posted 94.27 per cent rise in its net at Rs 138.21 crore for the first quarter of
financial year 2010 as compared to Rs 71.14 crore it posted in the corresponding period last year.
• Zee Entertainment Enterprises has registered a 5.6 per cent drop in its net for the first quarter of current fiscal as
competition from new channels dented its revenues. The company posted consolidated net profit of Rs 91.32 crore in Q1 of FY 2010 as compared to Rs 96.81 crore it posted in Q1 of FY 09. Its net sales also dipped by 7.35 per cent at Rs 475.93 crore as compared to Rs 513.74 crore in the corresponding quarter previous financial year.
Equity Morning Mantra
MARKET OUTLOOK
The market is likely to open on a positive note taking cues
from firm global market. The stock market has entered a crucial period of earnings. Asian stocks rose, with the MSCI Asia Pacific Index set for its first weekly gain in three, as commodity prices rose and International Business Machines Corp. earnings beat analyst estimates. U.S. stocks rallied for a fourth day on Thursday after JPMorgan's strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news. The Indian ADRs ended on a mixed note.
According to provisional data on NSE, foreign funds bought
worth a net Rs. 32.37 crore on Thursday, 16 July 2009. Domestic funds sold shares worth a net Rs. 35.02 crore on that day.
The market is likely to open on a positive note taking cues
from firm global market. The stock market has entered a crucial period of earnings. Asian stocks rose, with the MSCI Asia Pacific Index set for its first weekly gain in three, as commodity prices rose and International Business Machines Corp. earnings beat analyst estimates. U.S. stocks rallied for a fourth day on Thursday after JPMorgan's strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news. The Indian ADRs ended on a mixed note.
According to provisional data on NSE, foreign funds bought
worth a net Rs. 32.37 crore on Thursday, 16 July 2009. Domestic funds sold shares worth a net Rs. 35.02 crore on that day.
Wednesday, July 15, 2009
Market Outlook
The market is expected to extend gains today following
encouraging cues from global market. Asian stocks rose for a second day after Intel Corp.’s sales forecast exceeded analyst projections, Goldman Sachs Group Inc. reported record earnings and metal prices climbed. U.S. stocks managed modest gains on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.
According to provisional data on NSE, foreign funds bought worth a net Rs. 87.23 crore on Tuesday, 14 July 2009. Domestic funds bought shares worth a net Rs. 200.29 crore on that day.
encouraging cues from global market. Asian stocks rose for a second day after Intel Corp.’s sales forecast exceeded analyst projections, Goldman Sachs Group Inc. reported record earnings and metal prices climbed. U.S. stocks managed modest gains on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.
According to provisional data on NSE, foreign funds bought worth a net Rs. 87.23 crore on Tuesday, 14 July 2009. Domestic funds bought shares worth a net Rs. 200.29 crore on that day.
Friday, July 10, 2009
Derivative Daily
NIFTY-TECHNICAL OUTLOOK
Today the markets are likely to open with flat the
back of mixed global cues. All Emerging markets are trading flat. Pivot points for Nifty based on 60 minute chart are P=4079 R1=4119 R2=4154 S1=4044 S2=4004. The coming session is likely to witness a range of 4000 on declines and 4150 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones
Industrial Average, NASDAQ index and the S&P 500 (SPX)
were flat. Dow gained by 0.06% and closed at 8183; S&P 500 up by 0.35% and closed at 883. European indices ended in green with in FTSE up by 0.45%, DAX gained by 1.26% & CAC 40 up by 0.54% Today major stock markets in Asia are trading in red. The Shanghai Composite is trading down by 0.16% at 3118; Hang Seng is down by 0.04% at 17784. However Japan’s Nikkei is down by 0.04% at 9287 and Singapore’s Straits Times is down by 0.03% at 2307.
Singapore Nifty future is currently is down by 9 point at 4066.
Today the markets are likely to open with flat the
back of mixed global cues. All Emerging markets are trading flat. Pivot points for Nifty based on 60 minute chart are P=4079 R1=4119 R2=4154 S1=4044 S2=4004. The coming session is likely to witness a range of 4000 on declines and 4150 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones
Industrial Average, NASDAQ index and the S&P 500 (SPX)
were flat. Dow gained by 0.06% and closed at 8183; S&P 500 up by 0.35% and closed at 883. European indices ended in green with in FTSE up by 0.45%, DAX gained by 1.26% & CAC 40 up by 0.54% Today major stock markets in Asia are trading in red. The Shanghai Composite is trading down by 0.16% at 3118; Hang Seng is down by 0.04% at 17784. However Japan’s Nikkei is down by 0.04% at 9287 and Singapore’s Straits Times is down by 0.03% at 2307.
Singapore Nifty future is currently is down by 9 point at 4066.
NEWS CAPSULES- Equity
• Infrastructure and power utilities company Reliance Infrastructure Limited (RInfra), a division of the Anil Dhirubhai Ambani Group (ADAG), has won IT consultancy projects for the five electricity distribution companies in Karnataka. The projects with a duration of four years, will also mark RInfra's debut in IT consulting for power utilities.
• The Orissa government has cancelled the lease of 120 acres of land granted to Tata Iron and Steel Ltd at Nayagarh in Keonjhar district. Though the land was allotted to the company for setting up of a sponge iron plant, it couldn’t start the construction work for the project in time.
• Pharma major Ranbaxy Laboratories said its US-based subsidiary, Ranbaxy Laboratories Inc Priceton NJ, was
recalling capsules used in the treatment of acne (a type of skin disease) from the US market.
• The defence PSU, BEML Ltd, has entered into a technology tie up with Alstom of France for transfer of technology to manufacture light, medium, high speed and double-decker railway coaches.
• Hindustan Construction Company (HCC) said it has bagged Rs 387.50-crore order for Dagacchu Hydro Power project in Bhutan. The contract is for the Lot -1 of the 114 mega watt power project of Dagacchu Hydro Power Corporation,
• With the improvement in coal supply from the mines of Mahanadi Coalfields Limited (MCL) and the imported coal of National Aluminium Company (Nalco) set to arrive soon, the aluminum major expects to restore the closed120 MW unit of its captive power plant (CPP) here within 4-5 days.
• The Orissa government has cancelled the lease of 120 acres of land granted to Tata Iron and Steel Ltd at Nayagarh in Keonjhar district. Though the land was allotted to the company for setting up of a sponge iron plant, it couldn’t start the construction work for the project in time.
• Pharma major Ranbaxy Laboratories said its US-based subsidiary, Ranbaxy Laboratories Inc Priceton NJ, was
recalling capsules used in the treatment of acne (a type of skin disease) from the US market.
• The defence PSU, BEML Ltd, has entered into a technology tie up with Alstom of France for transfer of technology to manufacture light, medium, high speed and double-decker railway coaches.
• Hindustan Construction Company (HCC) said it has bagged Rs 387.50-crore order for Dagacchu Hydro Power project in Bhutan. The contract is for the Lot -1 of the 114 mega watt power project of Dagacchu Hydro Power Corporation,
• With the improvement in coal supply from the mines of Mahanadi Coalfields Limited (MCL) and the imported coal of National Aluminium Company (Nalco) set to arrive soon, the aluminum major expects to restore the closed120 MW unit of its captive power plant (CPP) here within 4-5 days.
Equity Morning Mantra
MARKET OUTLOOK
The market is seen opening slightly lower today. The major trigger for the market is corporate earnings of India Inc. for the quarter ended June 2009. India's second largest IT major by sales Infosys kickstarts result season today. Asian mining and technology stocks gained after commodity prices rose and Tokyo Electron Ltd. said orders surged last quarter. Utilities declined. U.S. stocks edged higher on Thursday as investors bought beaten-down technology and commodity shares, while a positive broker comment on Goldman Sachs boosted the financial sector.
According to provisional data on NSE, foreign funds sold worth a net Rs. 545.55 crore on Thursday, 09 July 2009. Domestic funds bought shares worth a net Rs. 578.16 crore on that day.
STREET EXPECTATION ON QTRLY. RESULTS
Infosys Technologies is to announce its first quarter results. According to market estimates, the company’s revenues are seen down 5.2% to Rs 5344.1 crore versus Rs 5635 crore. Its EBIDTA is seen down 9.4% to Rs 1712.4 crore versus Rs 1891 crore. Its net profit is seen down 13.3% to Rs 1399.2 crore versus Rs 1613 crore. The company’s margins are seen down at 32% versus 33.6% (would be approx Rs 24.42 EPS)
Thursday, July 9, 2009
Equity Morning Mantra
MARKET OUTLOOK
The market may open lower tracking weak global cues. Recent selling by foreign funds may also weigh on investor sentiment. The Central Statistical Organisation (CSO) will today unveil inflation data for the year through 27 June 2009. Asian consumer stocks fell, led by Japanese automakers, on concern a strengthening yen will hurt the value of overseas sales. Mining stocks gained after Alcoa Inc. reported a smallerthan- estimated loss. U.S. stocks rebounded in late trade on Wednesday after a day of
wild price swings, with the Dow and Nasdaq eking out gains as investors hoped that corporate results would top estimates as the quarterly earnings season prepared to kick off.
According to provisional data on NSE, foreign funds sold worth a net Rs. 828.01 crore on Wednesday, 08 July 2009. Domestic funds bought shares worth a net Rs. 594.07 crore on that day.
The market may open lower tracking weak global cues. Recent selling by foreign funds may also weigh on investor sentiment. The Central Statistical Organisation (CSO) will today unveil inflation data for the year through 27 June 2009. Asian consumer stocks fell, led by Japanese automakers, on concern a strengthening yen will hurt the value of overseas sales. Mining stocks gained after Alcoa Inc. reported a smallerthan- estimated loss. U.S. stocks rebounded in late trade on Wednesday after a day of
wild price swings, with the Dow and Nasdaq eking out gains as investors hoped that corporate results would top estimates as the quarterly earnings season prepared to kick off.
According to provisional data on NSE, foreign funds sold worth a net Rs. 828.01 crore on Wednesday, 08 July 2009. Domestic funds bought shares worth a net Rs. 594.07 crore on that day.
Tuesday, July 7, 2009
Some of the major highlights of the Interim Budget 2009-10:
• IIFCL to refinance 60 per cent of commercial bank loans for PPP projects in critical sectors over the next fifteen to eighteen months. IIFCL and Banks are now in a position to support projects involving total investment of Rs.1,00,000 crore.
• Allocation to National Highways Authority of India (NHAI) for the National Highway Development Programme (NHDP) increased by 23 per cent over B.E. 2008-09 in B.E. 2009-10 and allocation for Railways increased from Rs.10,800 crore in Interim B.E. 2009-10 to Rs.15,800 crore in B.E. 2009-10.
• Allocation under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) stepped up by 87 per cent to Rs.12,887 crore in B.E. 2009-10 over B.E. 2008-09.
• Allocation for housing and provision of basic amenities to urban poor enhanced to Rs.3,973 crore in B.E. 2009-10. This includes provision for Rajiv Awas Yojana (RAY), a new scheme announced.
• Allocation under Accelerated Power Development and Reform Programme (APDRP) increased by 160 per cent to Rs.2,080 crore in B.E. 2009-10 over B.E. 2008-09.
• To ensure balanced application of fertilizers for increasing agricultural productivity, Government intends to move towards a nutrient based subsidy regime so as to cover larger basket of fertilizers with innovative fertilizer products available in the market at reasonable prices.
• Allocation under NREGS increased by 144 per cent to Rs.39,100 crore in B.E. 2009-10 over B.E. 2008-09.
• Allocation for Bharat Nirman increased by 45 per cent in 2009-10 over B.E. 2008-09. Allocations under Pradhan Mantri Gram Sadak Yojana (PMGSY) increased by 59 per cent over B.E. 2008-09 to Rs.12,000 crore in B.E. 2009-10.
• Structural changes in direct taxes to be pursued by releasing the new Direct Taxes Code within the next 45 days and in indirect taxes by accelerating the process for the smooth introduction of the Goods and Services Tax (GST) with effect from 1st April, 2010.
• Exemption limit in personal income tax raised
by Rs.15,000 from Rs.2.25 lakh to Rs.2.40 lakh for senior citizens; by Rs.10,000 from Rs.1.80 lakh to Rs.1.90 lakh for women tax payers; and by Rs.10,000 from Rs.1.50 lakh to Rs.1.60 lakh for all other categories of individual taxpayers.
• Deduction under section 80-DD in respect of maintenance, including medical treatment, of a dependent who is a person with severe disability being raised from the present limit of Rs.75,000 to Rs.1 lakh.
• Minimum Alternate Tax (MAT) to be increased to 15 per cent of book profits from 10 per cent. The period allowed to carry forward the tax credit under MAT to be extended from seven years to ten years.
• Commodity Transaction Tax (CTT) to be abolished.
• Allocation to National Highways Authority of India (NHAI) for the National Highway Development Programme (NHDP) increased by 23 per cent over B.E. 2008-09 in B.E. 2009-10 and allocation for Railways increased from Rs.10,800 crore in Interim B.E. 2009-10 to Rs.15,800 crore in B.E. 2009-10.
• Allocation under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) stepped up by 87 per cent to Rs.12,887 crore in B.E. 2009-10 over B.E. 2008-09.
• Allocation for housing and provision of basic amenities to urban poor enhanced to Rs.3,973 crore in B.E. 2009-10. This includes provision for Rajiv Awas Yojana (RAY), a new scheme announced.
• Allocation under Accelerated Power Development and Reform Programme (APDRP) increased by 160 per cent to Rs.2,080 crore in B.E. 2009-10 over B.E. 2008-09.
• To ensure balanced application of fertilizers for increasing agricultural productivity, Government intends to move towards a nutrient based subsidy regime so as to cover larger basket of fertilizers with innovative fertilizer products available in the market at reasonable prices.
• Allocation under NREGS increased by 144 per cent to Rs.39,100 crore in B.E. 2009-10 over B.E. 2008-09.
• Allocation for Bharat Nirman increased by 45 per cent in 2009-10 over B.E. 2008-09. Allocations under Pradhan Mantri Gram Sadak Yojana (PMGSY) increased by 59 per cent over B.E. 2008-09 to Rs.12,000 crore in B.E. 2009-10.
• Structural changes in direct taxes to be pursued by releasing the new Direct Taxes Code within the next 45 days and in indirect taxes by accelerating the process for the smooth introduction of the Goods and Services Tax (GST) with effect from 1st April, 2010.
• Exemption limit in personal income tax raised
by Rs.15,000 from Rs.2.25 lakh to Rs.2.40 lakh for senior citizens; by Rs.10,000 from Rs.1.80 lakh to Rs.1.90 lakh for women tax payers; and by Rs.10,000 from Rs.1.50 lakh to Rs.1.60 lakh for all other categories of individual taxpayers.
• Deduction under section 80-DD in respect of maintenance, including medical treatment, of a dependent who is a person with severe disability being raised from the present limit of Rs.75,000 to Rs.1 lakh.
• Minimum Alternate Tax (MAT) to be increased to 15 per cent of book profits from 10 per cent. The period allowed to carry forward the tax credit under MAT to be extended from seven years to ten years.
• Commodity Transaction Tax (CTT) to be abolished.
Equity Morning Mantra
MARKET OUTLOOK
The market is likely to open on flat note taking cues from mixed global markets. The market was disappointed from the Union Budget 2009-2010 as it did not contain any major reforms such as a roadmap to fiscal consolidation, increase foreign direct investment in insurance sector and decontrol fuel prices. Most Asian stocks declined, led by commodity companies, on lower oil and metal prices. Utilities advanced
on optimism energy costs will drop. In US, The Dow industrials rose and the S&P 500 rebounded in late trading on Monday as investors' concerns about the strength of an economic recovery triggered a move into defensive stocks. But the technologyheavy Nasdaq slipped as investors rotated out of the tech sector, which is viewed as more reliant on the economic cycle.
According to provisional data on NSE, foreign funds sold worth a net Rs. 1483.03 crore on Monday, 06 July 2009. Domestic funds bought shares worth a net Rs. 815.71 crore on that day.
The market is likely to open on flat note taking cues from mixed global markets. The market was disappointed from the Union Budget 2009-2010 as it did not contain any major reforms such as a roadmap to fiscal consolidation, increase foreign direct investment in insurance sector and decontrol fuel prices. Most Asian stocks declined, led by commodity companies, on lower oil and metal prices. Utilities advanced
on optimism energy costs will drop. In US, The Dow industrials rose and the S&P 500 rebounded in late trading on Monday as investors' concerns about the strength of an economic recovery triggered a move into defensive stocks. But the technologyheavy Nasdaq slipped as investors rotated out of the tech sector, which is viewed as more reliant on the economic cycle.
According to provisional data on NSE, foreign funds sold worth a net Rs. 1483.03 crore on Monday, 06 July 2009. Domestic funds bought shares worth a net Rs. 815.71 crore on that day.
Monday, July 6, 2009
Derivatives Research
NIFTY-TECHNICAL OUTLOOK
Today the markets are likely to open with flat note on the
back of mixed global cues. All Emerging markets are trading flat. Pivot points for Nifty based on 60 minute chart are
P=4385 R1=4472 R2=4521 S1=4336 S2=4250.
The coming session is likely to witness a range of 4380 on declines and 4450 on advances.
WORLD MARKET COMMENTARY
On Friday all American indices were closed on account of
Independence Day. European indices ended flat with in
FTSE up by 0.05%, DAX lost by 0.22% & CAC 40 up by
0.10%. Today major stock markets in Asia are trading mixed.
The Shanghai Composite is trading up by 0.55% at 3105; Hang Seng is down by 0.65% at 18084. However Japan’s
Nikkei is down by 1.58% at 9661 and Singapore’s Straits
Times is down by 0.72% at 2283.
Singapore Nifty future is currently is up by 8 point at 4428.00
Today the markets are likely to open with flat note on the
back of mixed global cues. All Emerging markets are trading flat. Pivot points for Nifty based on 60 minute chart are
P=4385 R1=4472 R2=4521 S1=4336 S2=4250.
The coming session is likely to witness a range of 4380 on declines and 4450 on advances.
WORLD MARKET COMMENTARY
On Friday all American indices were closed on account of
Independence Day. European indices ended flat with in
FTSE up by 0.05%, DAX lost by 0.22% & CAC 40 up by
0.10%. Today major stock markets in Asia are trading mixed.
The Shanghai Composite is trading up by 0.55% at 3105; Hang Seng is down by 0.65% at 18084. However Japan’s
Nikkei is down by 1.58% at 9661 and Singapore’s Straits
Times is down by 0.72% at 2283.
Singapore Nifty future is currently is up by 8 point at 4428.00
News Capsules
• Delivery of the first Nanos by Tata Motors is set to commence this month. However, auto parts suppliers are still undecided on whether they will set up a manufacturing base in Sanand in Gujarat, where the Nano mother plant is being set up. The plant is expected to begin production of the first cars by year-end.
• Steel Authority of India Ltd (SAIL) has terminated a Rs 2,000-crore order given to a Posco unit for constructing a blast furnace at Bhilai Steel Plant, as the South Korean firm failed to sign the contract despite several reminders.
• Pantaloon Retail India (PRIL) is planning to invest close to Rs 350 crore over the next one year to expand its value hypermarket chain Big Bazaar. The group plans to set up 50 new Big Bazaar srores and aims at growing its retail space by 35 per cent, from 5 million sq ft right now. The group would also allocate special focus on fashion and foods segments through setting up exclusive outlets for these categories.
• A consortium led by Kolkata-based SREI Infrastructure Finance Ltd has emerged as the lowest bidder for the Rs 1,141 crore road project on National Highway-91 in Uttar Pradesh.
• With the producers-multiplex owners’ row over, Cinemax is set to revive its expansion plans in Gujarat. The multiplex chain, which recently launched its second property in Ahmedabad, will be investing around Rs 18-20 crore by the end of financial year 2009-10.
• Steel Authority of India Ltd (SAIL) has terminated a Rs 2,000-crore order given to a Posco unit for constructing a blast furnace at Bhilai Steel Plant, as the South Korean firm failed to sign the contract despite several reminders.
• Pantaloon Retail India (PRIL) is planning to invest close to Rs 350 crore over the next one year to expand its value hypermarket chain Big Bazaar. The group plans to set up 50 new Big Bazaar srores and aims at growing its retail space by 35 per cent, from 5 million sq ft right now. The group would also allocate special focus on fashion and foods segments through setting up exclusive outlets for these categories.
• A consortium led by Kolkata-based SREI Infrastructure Finance Ltd has emerged as the lowest bidder for the Rs 1,141 crore road project on National Highway-91 in Uttar Pradesh.
• With the producers-multiplex owners’ row over, Cinemax is set to revive its expansion plans in Gujarat. The multiplex chain, which recently launched its second property in Ahmedabad, will be investing around Rs 18-20 crore by the end of financial year 2009-10.
Equity Morning Mantra
MARKET OUTLOOK
The market is likely to open on a flat note & thereafter is likely to trade taking cue from the outcome of budget. The Budget is always a big event and this one is eagerly anticipated. The new government will present the 2009/10 budget today and is expected to expand both the budget deficit and its market borrowing requirement to support growth. Asian stocks declined as commodities prices and shipping rates dropped amid concern the global economic recovery will falter. U.S stocks tumbled on Thursday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects.
According to provisional data on NSE, foreign funds bought worth a net Rs. 210.82 crore on Friday, 03 July 2009. Domestic funds bought shares worth a net Rs. 298.58 crore on that day.
The market is likely to open on a flat note & thereafter is likely to trade taking cue from the outcome of budget. The Budget is always a big event and this one is eagerly anticipated. The new government will present the 2009/10 budget today and is expected to expand both the budget deficit and its market borrowing requirement to support growth. Asian stocks declined as commodities prices and shipping rates dropped amid concern the global economic recovery will falter. U.S stocks tumbled on Thursday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects.
According to provisional data on NSE, foreign funds bought worth a net Rs. 210.82 crore on Friday, 03 July 2009. Domestic funds bought shares worth a net Rs. 298.58 crore on that day.
Tuesday, June 30, 2009
Derivatives Research
NIFTY-TECHNICAL OUTLOOK
Today the markets are likely to open with positive note on the back of positive global cues. All Emerging markets are trading in green. The coming session is likely to witness a range of 4330 on declines and 4500 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones Industrial Average, NASDAQ index and the S&P 500 (SPX) were in green. Dow gained by 1.08% and closed at 8529; S&P 500 rose by 0.91% and closed at 927. European indices too ended in green with in FTSE up by 1.25%, DAX up by 2.27% & CAC 40 up by 2.04% Today major stock markets in Asia are trading in positive. The Shanghai Composite is trading up by 0.01% at 2975; Hang Seng is up by 1.59% at 18823. However Japan’s Nikkei is up by 1.89% at 9968 and Singapore’s Straits Times is up by 1.37% at 2349.
Singapore Nifty future is currently is up by 37.0 point at 4426.
Today the markets are likely to open with positive note on the back of positive global cues. All Emerging markets are trading in green. The coming session is likely to witness a range of 4330 on declines and 4500 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones Industrial Average, NASDAQ index and the S&P 500 (SPX) were in green. Dow gained by 1.08% and closed at 8529; S&P 500 rose by 0.91% and closed at 927. European indices too ended in green with in FTSE up by 1.25%, DAX up by 2.27% & CAC 40 up by 2.04% Today major stock markets in Asia are trading in positive. The Shanghai Composite is trading up by 0.01% at 2975; Hang Seng is up by 1.59% at 18823. However Japan’s Nikkei is up by 1.89% at 9968 and Singapore’s Straits Times is up by 1.37% at 2349.
Singapore Nifty future is currently is up by 37.0 point at 4426.
News Capsules
•Mukesh Ambani’s Reliance Retail has put in bids to acquire two of Henkel India’s soap brands, a sign of the big ambitions it has in the fast-moving consumer goods (FMCG) business. Any deal for the male deodorant soap Aramusk and Moloy sandalwood soap, put up for sale late last year, is estimated to be worth about Rs 10 crore. The Henkel brands are unlikely to generate significant revenues at the national level, but they are attractive buys locally, especially in the eastern part of the country.
• Anil Ambani group firms — Reliance Communications (RCom) and Reliance Power —restructured their respective promoter holdings through transfer of shares among group companies. RCom said one of its promoters AAA Communication has transferred over 9.51 crore shares or 4.61 per cent stake through inter-group transactions to each of AAA Industries and ADA Enterprises and Venture.
• Britannia Industries, is set to stage a comeback into the packaged milk business, four years after it exited this segment. The company, which closed last fiscal with a top line of close to Rs 3,500 crore, is expected to play in the ready-to-drink flavoured milk market targeted at youth, instead of the mass packaged milk segment. Britannia declined to comment in this regard. Industry estimates indicate this market is valued at close to Rs 750 crore. Amul, the Gujarat-based milk cooperative, is the largest player, with around 70 per cent market share.
• Wockhardt, which has close to Rs 3,400 crore in debt, today said that the corporate debt restructuring (CDR) process in the company is likely to be over in the next four to six weeks.
• Even as fears of Maytas Infra Limited losing the Hyderabad metro rail project are looming large, banks have reportedly asked the company to comply with certain conditions to secure the corporate debt restructuring (CDR) package.
• S Kumars is set to acquire Hartmarx, the American clothing company and the suit makers of President Barack Obama, for $119 million. Hartmarx, the men's largest formal wear clothing company in the US, had recently announced that 50 of its wholly-owned US subsidiaries had filed for protection under the local bankruptcy code.
• In a move aimed at stemming declining losses and generating funds for Indian operations, Chennai-based entertainment company Pyramid Saimira Theatre Ltd (PSTL) has put its businesses and assets in the US and Malaysia up for sale.
• Apollo Hospitals Enterprise Ltd has finalised financial closure for their Rs 1,500 crore expansion plan, to add 2,000 beds. Of the Rs 1,500 crore plan, Rs 500 crore has already been invested in 2008-09 to acquire lands and for adding 200 beds (to make a total of 7,450). In 2009-10, the group will add another 844 beds. The remaining part of the plan would be done by 2010-11.
• Anil Ambani group firms — Reliance Communications (RCom) and Reliance Power —restructured their respective promoter holdings through transfer of shares among group companies. RCom said one of its promoters AAA Communication has transferred over 9.51 crore shares or 4.61 per cent stake through inter-group transactions to each of AAA Industries and ADA Enterprises and Venture.
• Britannia Industries, is set to stage a comeback into the packaged milk business, four years after it exited this segment. The company, which closed last fiscal with a top line of close to Rs 3,500 crore, is expected to play in the ready-to-drink flavoured milk market targeted at youth, instead of the mass packaged milk segment. Britannia declined to comment in this regard. Industry estimates indicate this market is valued at close to Rs 750 crore. Amul, the Gujarat-based milk cooperative, is the largest player, with around 70 per cent market share.
• Wockhardt, which has close to Rs 3,400 crore in debt, today said that the corporate debt restructuring (CDR) process in the company is likely to be over in the next four to six weeks.
• Even as fears of Maytas Infra Limited losing the Hyderabad metro rail project are looming large, banks have reportedly asked the company to comply with certain conditions to secure the corporate debt restructuring (CDR) package.
• S Kumars is set to acquire Hartmarx, the American clothing company and the suit makers of President Barack Obama, for $119 million. Hartmarx, the men's largest formal wear clothing company in the US, had recently announced that 50 of its wholly-owned US subsidiaries had filed for protection under the local bankruptcy code.
• In a move aimed at stemming declining losses and generating funds for Indian operations, Chennai-based entertainment company Pyramid Saimira Theatre Ltd (PSTL) has put its businesses and assets in the US and Malaysia up for sale.
• Apollo Hospitals Enterprise Ltd has finalised financial closure for their Rs 1,500 crore expansion plan, to add 2,000 beds. Of the Rs 1,500 crore plan, Rs 500 crore has already been invested in 2008-09 to acquire lands and for adding 200 beds (to make a total of 7,450). In 2009-10, the group will add another 844 beds. The remaining part of the plan would be done by 2010-11.
Equity Morning Mantra
MARKET OUTLOOK
The market may open in green tracking positive global markets. Asian stocks rose, extending the regional benchmark index’s record quarterly gain, as higher commodities prices and a weaker yen lifted the earnings outlook for producers of resources and electronics. U.S. stocks rose on Monday as higher oil prices lifted shares of energy companies and fund managers snapped up this quarter's winners to burnish their portfolios.
According to provisional data on NSE, foreign funds bought worth a net Rs. 292.44 crore on Monday, 29 June 2009. Domestic funds bought shares worth a net Rs.143.84 crore on that day.
The market may open in green tracking positive global markets. Asian stocks rose, extending the regional benchmark index’s record quarterly gain, as higher commodities prices and a weaker yen lifted the earnings outlook for producers of resources and electronics. U.S. stocks rose on Monday as higher oil prices lifted shares of energy companies and fund managers snapped up this quarter's winners to burnish their portfolios.
According to provisional data on NSE, foreign funds bought worth a net Rs. 292.44 crore on Monday, 29 June 2009. Domestic funds bought shares worth a net Rs.143.84 crore on that day.
Monday, June 29, 2009
Derivative Outlook
NIFTY-TECHNICAL OUTLOOK
Today the markets are likely to open with flat note on the back of mixed global cues. All Emerging markets are trading in flat.The coming session is likely to witness a range of 4270 on declines and 4450 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones Industrial Average, NASDAQ index and the S&P 500 (SPX) were flat. Dow lost by 0.40% and closed at 8438.39; S&P 500 lost by 0.15% and closed at 919. European indices too ended in red with in FTSE down by 0.27%, DAX down by 0.50% & CAC 40 down by 1.05% Today major stock markets in Asia are trading in mixed. The Shanghai Composite is trading up by 0.44% at 2941; Hang Seng is down by 0.45% at 18517. However Japan’s Nikkei is up by 0.39% at 9916 and Singapore’s Straits Times is down by 0.10% at 2316.
Singapore Nifty future is currently is up by 6.0 point at 4390
Today the markets are likely to open with flat note on the back of mixed global cues. All Emerging markets are trading in flat.The coming session is likely to witness a range of 4270 on declines and 4450 on advances.
WORLD MARKET COMMENTARY
Yesterday all leading American indices like Dow Jones Industrial Average, NASDAQ index and the S&P 500 (SPX) were flat. Dow lost by 0.40% and closed at 8438.39; S&P 500 lost by 0.15% and closed at 919. European indices too ended in red with in FTSE down by 0.27%, DAX down by 0.50% & CAC 40 down by 1.05% Today major stock markets in Asia are trading in mixed. The Shanghai Composite is trading up by 0.44% at 2941; Hang Seng is down by 0.45% at 18517. However Japan’s Nikkei is up by 0.39% at 9916 and Singapore’s Straits Times is down by 0.10% at 2316.
Singapore Nifty future is currently is up by 6.0 point at 4390
NEWS CAPSULES
• Suzlon Energy, among the top five wind turbine manufacturers in the world, posted a net profit of Rs 314.9 crore for the fourth quarter ended March 31 on a consolidated basis, 32 per cent lower than the Rs 464.8 crore in the corresponding quarter of the previous year. The losses are mainly on account of foreign exchange loss of over Rs 300 crore, a blade retrofit programme costing Rs 103 crore and mark-to-market losses on foreign exchange transactions worth Rs139 crore.
• Allahabad Bank decided to slash its benchmark prime lending rate by 25 basis points from July 1.
• Wockhardt and Biocon have come under the drug price regulator National Pharmaceutical Pricing Authority (NPPA) scanner for allegedly violating pricing norms. NPPA has initiated an investigation against two insulin analogue brands, Wockhardt’s Glaritus and Biocon’s Basalog, for selling the medicine without a price approval.
• Havells India reported a 25 per cent rise in its profit after tax at Rs 49 crore for the fourth quarter ended March 31, 2009. The company had a profit after tax of Rs 39 crore during the March quarter a year earlier.
• Matrix Laboratories Limited recorded a net profit of Rs 29.99 crore for the financial year 2008-09 as against a net loss of Rs 456.93 crore the previous year. Net income for the fiscal stood at Rs 2,273.85 crore as compared with Rs 1,728.07 crore in the previous year, up 31.58 per cent. In 2008-09, Matrix made a one-time provision of Rs 487.12 crore for 'impairment of goodwill.
• Essar Steel Hypermart, India’s largest chain of steel retail outlets, has opened its first outlet in Orissa in the steel city of Rourkela, in line with Essar Steel’s philosophy of making customised steel products available to end users in geographies that have high steel consumption.
• Allahabad Bank decided to slash its benchmark prime lending rate by 25 basis points from July 1.
• Wockhardt and Biocon have come under the drug price regulator National Pharmaceutical Pricing Authority (NPPA) scanner for allegedly violating pricing norms. NPPA has initiated an investigation against two insulin analogue brands, Wockhardt’s Glaritus and Biocon’s Basalog, for selling the medicine without a price approval.
• Havells India reported a 25 per cent rise in its profit after tax at Rs 49 crore for the fourth quarter ended March 31, 2009. The company had a profit after tax of Rs 39 crore during the March quarter a year earlier.
• Matrix Laboratories Limited recorded a net profit of Rs 29.99 crore for the financial year 2008-09 as against a net loss of Rs 456.93 crore the previous year. Net income for the fiscal stood at Rs 2,273.85 crore as compared with Rs 1,728.07 crore in the previous year, up 31.58 per cent. In 2008-09, Matrix made a one-time provision of Rs 487.12 crore for 'impairment of goodwill.
• Essar Steel Hypermart, India’s largest chain of steel retail outlets, has opened its first outlet in Orissa in the steel city of Rourkela, in line with Essar Steel’s philosophy of making customised steel products available to end users in geographies that have high steel consumption.
Morning Mantra
The market is seen opening on a buoyant note tracking positive global cues. Most Asian stocks climbed after an increase in Japanese industrial production and higher demand at LG Display Co. lifted optimism the recession is easing. Daiwa Securities Group Inc. slumped after selling new shares. US markets ended mixed on Friday.
According to provisional data on NSE, foreign funds bought worth a net Rs. 551.14 crore on Friday, 26 June 2009. Domestic funds bought shares worth a net Rs. 333.95 crore on that day.
According to provisional data on NSE, foreign funds bought worth a net Rs. 551.14 crore on Friday, 26 June 2009. Domestic funds bought shares worth a net Rs. 333.95 crore on that day.
Friday, June 26, 2009
Derivatives Research
NIFTY-TECHNICAL OUTLOOK:
Today the markets are likely to open with positive note on the back of positive global cues. All Emerging markets are trading in green.
The coming session is likely to witness a range of 4150 on declines and 4330 on advances.
WORLD MARKET COMMENTARY:
Yesterday all leading American indices like Dow Jones Industrial Average, NASDAQ index and the S&P 500 (SPX) were in green. Dow gained by 2.08% and closed at 8472; S&P 500 gained by 2.14% and closed at 920. European indices too ended in red with in FTSE down by 0.64%, DAX down by 0.73% & CAC 40 down by 0.68% Today major stock markets in Asia are trading in mixed. The Shanghai Composite is trading down by 0.07% at 2923; Hang Seng is up by 0.61% at 18387. However Japan’s Nikkei is up by 0.24% at 9819 and Singapore’s Straits Times is up by 0.83% at 2322. Singapore Nifty future is currently is up by 12.0 point at 4290.0.
Today the markets are likely to open with positive note on the back of positive global cues. All Emerging markets are trading in green.
The coming session is likely to witness a range of 4150 on declines and 4330 on advances.
WORLD MARKET COMMENTARY:
Yesterday all leading American indices like Dow Jones Industrial Average, NASDAQ index and the S&P 500 (SPX) were in green. Dow gained by 2.08% and closed at 8472; S&P 500 gained by 2.14% and closed at 920. European indices too ended in red with in FTSE down by 0.64%, DAX down by 0.73% & CAC 40 down by 0.68% Today major stock markets in Asia are trading in mixed. The Shanghai Composite is trading down by 0.07% at 2923; Hang Seng is up by 0.61% at 18387. However Japan’s Nikkei is up by 0.24% at 9819 and Singapore’s Straits Times is up by 0.83% at 2322. Singapore Nifty future is currently is up by 12.0 point at 4290.0.
News Capsules
• Driven by higher prices of food items like pulses, cereals, milk, and fruit and vegetables, inflation rose marginally to minus 1.14 per cent against 1.61 per cent in the previous week.
• Anil Ambani Group company Reliance Natural Resources (RNRL) is understood to have written another letter to Reliance Industries (RIL) to find a way for an agreement for gas supply by the latter. This is the second letter in as many days RNRL is shooting off to Mukesh Ambani-led RIL.
However, no comments could be obtained either from RIL or RNRL.
• Three weeks after celebrating his 55th birthday, Infosys co-founder Nandan Nilekani will step down from the board of Infosys Technologies, of which he is co-chairman, on July 9 to take over as chairman of the Unique Identification Authority of India (UIDAI), the government’s ambitious project to provide every citizen with a unique biometric identity card.
• ONGC Videsh Ltd (OVL) and its partners Indian Oil Corporation (IOC)and Oil India Ltd (OIL) have proposed an investment of about $5 billion in bringing to production a massive gas field they discovered in offshore Iran, in the next 3-4 years.
• GAIL India said it will invest over Rs 7,500 crore in laying natural gas transportation pipelines from Dabhol on Maharashtra coast to Bengaluru and Kochi to Mangalore.
• The department of revenue in the finance ministry has raised objections to an application by United Breweries (Holdings) Ltd (UBHL) seeking approval for raising Rs 708 crore by issuing fully convertible equity warrants to FirStart Inc, a company owned by UB group promoter Vijay Mallya’s mother, Lalitha, and headquartered in the British Virgin Islands.
• Areva T&D India, an arm of French power equipment maker Areva, today said it has bagged an order worth about Rs 1,200 crore from domestic steel major Jindal Steel & Power Ltd (JSPL) for a power project.
• Tata Power Company (TPC), which supplies 500 Mega watts (Mw) of power to the Anil Dhirubhai Ambani (ADA) group company Reliance Infrastructure's (R-Infra's) distribution area in Mumbai, has decided to discontinue the supply from April 1, 2010.
• Tata Steel, the world’s sixth-largest steelmaker, has posted a 59.91 per cent fall in profit at Rs 4,950.90 crore in the financial year ended March 2009, after incurring heavy restructuring costs to save its downturn-hit subsidiary, Corus, in UK.
• Unitech Ltd, the country’s second-largest property developer, reported a decline of 22 per cent in its consolidated net profit for the quarter ended March 31 to Rs 279.7 crore, compared with Rs 360.2 crore for the corresponding period last year. Net profit for the full year 2008-09 also fell 28 per cent at Rs 1,197.7 crore, compared with Rs 1,661.9 crore for the corresponding period last year. Revenue for the year came down 23 per cent, to Rs 3315.6 crore, as compared with Rs 4,280.1 crore for the corresponding period last year.
• Pfizer has increased its tender offer price to Rs 830 per share, an increase of 23 per cent over the original offer price of Rs 675 per share, to acquire 33.7 per cent stake in its Indian subsidiary, Pfizer Ltd.
• Kirloskar Brothers Ltd(KBL), a leading player in the pump manufacturing segment, is looking at acquisitions in the US and Europe in the pumping solutions space, and hopes to complete the process within this fiscal. The company is at the same time bullish on the power sector, especially by the opportunities thrown open by the Indo-US nuke deal.
• Anil Ambani Group company Reliance Natural Resources (RNRL) is understood to have written another letter to Reliance Industries (RIL) to find a way for an agreement for gas supply by the latter. This is the second letter in as many days RNRL is shooting off to Mukesh Ambani-led RIL.
However, no comments could be obtained either from RIL or RNRL.
• Three weeks after celebrating his 55th birthday, Infosys co-founder Nandan Nilekani will step down from the board of Infosys Technologies, of which he is co-chairman, on July 9 to take over as chairman of the Unique Identification Authority of India (UIDAI), the government’s ambitious project to provide every citizen with a unique biometric identity card.
• ONGC Videsh Ltd (OVL) and its partners Indian Oil Corporation (IOC)and Oil India Ltd (OIL) have proposed an investment of about $5 billion in bringing to production a massive gas field they discovered in offshore Iran, in the next 3-4 years.
• GAIL India said it will invest over Rs 7,500 crore in laying natural gas transportation pipelines from Dabhol on Maharashtra coast to Bengaluru and Kochi to Mangalore.
• The department of revenue in the finance ministry has raised objections to an application by United Breweries (Holdings) Ltd (UBHL) seeking approval for raising Rs 708 crore by issuing fully convertible equity warrants to FirStart Inc, a company owned by UB group promoter Vijay Mallya’s mother, Lalitha, and headquartered in the British Virgin Islands.
• Areva T&D India, an arm of French power equipment maker Areva, today said it has bagged an order worth about Rs 1,200 crore from domestic steel major Jindal Steel & Power Ltd (JSPL) for a power project.
• Tata Power Company (TPC), which supplies 500 Mega watts (Mw) of power to the Anil Dhirubhai Ambani (ADA) group company Reliance Infrastructure's (R-Infra's) distribution area in Mumbai, has decided to discontinue the supply from April 1, 2010.
• Tata Steel, the world’s sixth-largest steelmaker, has posted a 59.91 per cent fall in profit at Rs 4,950.90 crore in the financial year ended March 2009, after incurring heavy restructuring costs to save its downturn-hit subsidiary, Corus, in UK.
• Unitech Ltd, the country’s second-largest property developer, reported a decline of 22 per cent in its consolidated net profit for the quarter ended March 31 to Rs 279.7 crore, compared with Rs 360.2 crore for the corresponding period last year. Net profit for the full year 2008-09 also fell 28 per cent at Rs 1,197.7 crore, compared with Rs 1,661.9 crore for the corresponding period last year. Revenue for the year came down 23 per cent, to Rs 3315.6 crore, as compared with Rs 4,280.1 crore for the corresponding period last year.
• Pfizer has increased its tender offer price to Rs 830 per share, an increase of 23 per cent over the original offer price of Rs 675 per share, to acquire 33.7 per cent stake in its Indian subsidiary, Pfizer Ltd.
• Kirloskar Brothers Ltd(KBL), a leading player in the pump manufacturing segment, is looking at acquisitions in the US and Europe in the pumping solutions space, and hopes to complete the process within this fiscal. The company is at the same time bullish on the power sector, especially by the opportunities thrown open by the Indo-US nuke deal.
Equtiy Morning Mantra
The market is likely to open on a flat note with a positive bias taking cues from global markets. Asian stocks rose as commodity prices jumped amid optimism the U.S. recession may ease after the economy shrank less than expected in the first quarter. U.S. stocks jumped on Thursday as investors were relieved that Federal Reserve Chairman Ben Bernanke weathered a congressional hearing well. India’s wholesale prices declined for a second straight week as demand slowed in an economy growing at the weakest pace in seven years. The benchmark wholesale-price inflation index fell 1.14 percent in the week to June 13 from a year earlier after tumbling 1.61 percent in the preceding week.
According to provisional data on NSE, foreign funds sold worth a net Rs. 1482.82 crore on Thursday, 25 June 2009. Domestic funds bought shares worth a net Rs. 1118.05 crore on that day.
According to provisional data on NSE, foreign funds sold worth a net Rs. 1482.82 crore on Thursday, 25 June 2009. Domestic funds bought shares worth a net Rs. 1118.05 crore on that day.
Thursday, June 25, 2009
NEWS CAPSULES
• In a sequel to the Bombay High Court order of June 15, Anil Ambani’s Reliance Natural Resources Ltd (RNRL) has written to Reliance Industries Ltd (RIL), its balky gas supplier, seeking a firm commercially bankable agreement on its Dadri power project.
• State Bank of India (SBI), the country’s largest lender, announced a 50 basis point cut in its benchmark prime lending rate (BPLR) to 11.75 per cent. The cut would be effective from Monday. With this, SBI has lowered its BPLR by 200 basis points since November 2008, when the Reserve Bank of India signalled a soft interest rate regime.
• Tech Mahindra said it is planning to pay back about Rs 1,000 crore debt for which it is issuing shares on private placement basis. Tech Mahindra board had approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement (QIP) basis.
• Glenmark's novel molecule for diabetes- Melogliptin will now enter phase III trials. The phase II B trials have been successfully completed with the molecule achieving glycemic control with low incidence of hypoglycemia and neutral effect on body weight.
• TVS Motor has announced the launch of its Flame brand of motorcycles under a new name, TVS Flame SR125, without the controversial twin-spark plug technology. TVS Motor and Bajaj Auto have been fighting over the the technology rights for two years.
• Sun TV announced its FY09 results. The company's net profit increased 9.03 % to Rs 340.04 crore. Its income increased 19.47 % to Rs 1039.36 crore.
• Oil and Natural Gas Corporation, posted a 16 per cent decline in net profit at Rs 2,627 crore in the fourth quarter of 2008-09, on the back of lower crude oil production during the period. For the year, the company’s net profit declined 3 per cent to Rs 16,126 crore from Rs 16,702 in the previous year. A further drop in net profit was prevented due to a smaller subsidy payout of Rs 852 crore during the January-April quarter, though the oil and gas producer shelled out Rs 28,225 crore as subsidy-sharing, higher than the Rs 22,001 crore in 2007-08, with oil marketing companies Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum. The decline in profit was despite the highest ever sales income of Rs 63,949 crore, which was up 6 per cent from Rs 60,137 crore in 2007-08.
• State Bank of India (SBI), the country’s largest lender, announced a 50 basis point cut in its benchmark prime lending rate (BPLR) to 11.75 per cent. The cut would be effective from Monday. With this, SBI has lowered its BPLR by 200 basis points since November 2008, when the Reserve Bank of India signalled a soft interest rate regime.
• Tech Mahindra said it is planning to pay back about Rs 1,000 crore debt for which it is issuing shares on private placement basis. Tech Mahindra board had approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement (QIP) basis.
• Glenmark's novel molecule for diabetes- Melogliptin will now enter phase III trials. The phase II B trials have been successfully completed with the molecule achieving glycemic control with low incidence of hypoglycemia and neutral effect on body weight.
• TVS Motor has announced the launch of its Flame brand of motorcycles under a new name, TVS Flame SR125, without the controversial twin-spark plug technology. TVS Motor and Bajaj Auto have been fighting over the the technology rights for two years.
• Sun TV announced its FY09 results. The company's net profit increased 9.03 % to Rs 340.04 crore. Its income increased 19.47 % to Rs 1039.36 crore.
• Oil and Natural Gas Corporation, posted a 16 per cent decline in net profit at Rs 2,627 crore in the fourth quarter of 2008-09, on the back of lower crude oil production during the period. For the year, the company’s net profit declined 3 per cent to Rs 16,126 crore from Rs 16,702 in the previous year. A further drop in net profit was prevented due to a smaller subsidy payout of Rs 852 crore during the January-April quarter, though the oil and gas producer shelled out Rs 28,225 crore as subsidy-sharing, higher than the Rs 22,001 crore in 2007-08, with oil marketing companies Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum. The decline in profit was despite the highest ever sales income of Rs 63,949 crore, which was up 6 per cent from Rs 60,137 crore in 2007-08.
Equity Market Outlook
Volatility in the market may remain high ahead of the expiry of June 2009 futures and options (F&O) contracts today. Recent selling by foreign funds may also weigh on investor sentiment. The Central Statistical Organisation (CSO) will today unveil inflation data for the year through 13 June 2009. Asian stocks rose, led by mining and technology companies, after metals prices gained and orders for U.S. durable goods unexpectedly increased. US markets were mixed on Wednesday as investors waited for the Federal
Reserve's policy decision on interest rates. Indian ADRs were in the green.
According to provisional data on NSE, foreign funds sold worth a net Rs. 791.85 crore on Wednesday, 24 June 2009. Domestic funds bought shares worth a net Rs. 728.26 crore on that day.
Reserve's policy decision on interest rates. Indian ADRs were in the green.
According to provisional data on NSE, foreign funds sold worth a net Rs. 791.85 crore on Wednesday, 24 June 2009. Domestic funds bought shares worth a net Rs. 728.26 crore on that day.
Wednesday, June 24, 2009
FW: Mahindra Holidays & Resorts India Limited - IPO NOTE
FYI
Regards
Uma Shanker D
Om Financial Services
Plot # 70, II nd Floor,
New Vasavi Nagar, Kharkana
Secunderabad - 15
Voice: 6587 8889
Fax : 2774 3978
Mob : 99083 88878
From: Sreicaps Research [mailto:sreicaps_research@srei.com]
Sent: Tuesday, June 23, 2009 6:17 PM
To: undisclosed-recipients
Subject: Mahindra Holidays & Resorts India Limited - IPO NOTE
Importance: High
Dear All,
Please find attached the IPO Note on Mahindra Holidays & Resorts India Limited for your perusal.
Thanks & Regards,
Srei Caps Research
Srei Capital Markets Limited
NEWS CAPSULES
• Bajaj Auto unveiled the second generation or version 2.0 of the DTS – Si engine. The Digital Twin Spark Swirl Induction technology engine series, says the company, is the world’s most fuel efficient engine and will feature in a new motorcycle the company hopes to unveil next month. Company executives hinted it may be featured in a vehicle that falls in the 125-135cc category.
• NTPC said that it will sign the gas purchase agreement with Reliance Industries (RIL) for its gas-based power plants other than the projects for expanding the Kawas and Gandhar units, on which litigation is going on with RIL.
• JSW Steel will ‘push’ through its 10-million-tonne steel plant at Salboni, located just 15 km from Lalgarh in West Bengal — the centre of Maoist insurgency.
• Dr Reddy’s Laboratories, an emerging global pharmaceutical company, has launched Bispec (solifencin succinate) in India. Used in the management of over active bladder (OAB), Bispec is the best-in-class for OAB and, has lesser incidence of dry mouth and constipation.
• Moser Baer, the global technology leader, expanded its LCD television range by introducing eight new models. The new line-up of LCD TVs guarantees an enhanced home entertainment experience.
• Maytas Infra, the construction company promoted by Ramalinga Raju’s family, has sought an additional loan of Rs 700 crore from bankers to revive the company. The company also wants the lending consortium to lower interest rates on loans and allow delayed repayment of debt.
• Drilling company Great Offshore became the epicentre of a bidding war, with Bharati Shipyard saying it will top rival ABG Shipyard’s Rs 375-a- share offer for a controlling stake in the company. Bharati Shipyard last month acquired a 14.89 per cent stake in Great Offshore at a price of Rs 315 per share from its vice chairman and managing director Vijay Sheth, following an invocation of shares which he had pledged. This left Sheth with less than one per cent stake in the company and he lost its control.
• ONGC, which publishes its results on Wednesday, could emerge as the only listed Indian company to report over Rs 20,000 crore in consolidated annual profit in FY09. During the first nine months, ONGC’s net profit was 1.1% lower at Rs 13,920 crore compared with the year-ago period.
• Chettinad Cement reported a net loss of Rs 98.30 crore for the quarter ended March 31, 2009. The company had a net profit of Rs 36.43 crore in the quarter ended March 2008.
• NTPC said that it will sign the gas purchase agreement with Reliance Industries (RIL) for its gas-based power plants other than the projects for expanding the Kawas and Gandhar units, on which litigation is going on with RIL.
• JSW Steel will ‘push’ through its 10-million-tonne steel plant at Salboni, located just 15 km from Lalgarh in West Bengal — the centre of Maoist insurgency.
• Dr Reddy’s Laboratories, an emerging global pharmaceutical company, has launched Bispec (solifencin succinate) in India. Used in the management of over active bladder (OAB), Bispec is the best-in-class for OAB and, has lesser incidence of dry mouth and constipation.
• Moser Baer, the global technology leader, expanded its LCD television range by introducing eight new models. The new line-up of LCD TVs guarantees an enhanced home entertainment experience.
• Maytas Infra, the construction company promoted by Ramalinga Raju’s family, has sought an additional loan of Rs 700 crore from bankers to revive the company. The company also wants the lending consortium to lower interest rates on loans and allow delayed repayment of debt.
• Drilling company Great Offshore became the epicentre of a bidding war, with Bharati Shipyard saying it will top rival ABG Shipyard’s Rs 375-a- share offer for a controlling stake in the company. Bharati Shipyard last month acquired a 14.89 per cent stake in Great Offshore at a price of Rs 315 per share from its vice chairman and managing director Vijay Sheth, following an invocation of shares which he had pledged. This left Sheth with less than one per cent stake in the company and he lost its control.
• ONGC, which publishes its results on Wednesday, could emerge as the only listed Indian company to report over Rs 20,000 crore in consolidated annual profit in FY09. During the first nine months, ONGC’s net profit was 1.1% lower at Rs 13,920 crore compared with the year-ago period.
• Chettinad Cement reported a net loss of Rs 98.30 crore for the quarter ended March 31, 2009. The company had a net profit of Rs 36.43 crore in the quarter ended March 2008.
MARKET OUTLOOK
The market is likely to open on a flat note taking cues from weak global markets. However, volatility may remain high ahead of the expiry of June 2009 futures and options (F&O) contracts on Thursday, 25 June 2009. Asian stocks fluctuated as gains among technology and energy shares overshadowed declines by finance companies. In US, The S&P 500 rose slightly on Tuesday as investors hunted for bargains a day after a steep sell-off, while the Nasdaq was flat and another delay for Boeing's 787 reamliner kept the Dow in the red.The next major trigger for the market is the Union Budget 2009-2010.
According to provisional data on NSE, foreign funds sold worth a net Rs. 654.97 crore on Tuesday, 23 June 2009. Domestic funds bought shares worth a net Rs. 318.42 crore on that day.
According to provisional data on NSE, foreign funds sold worth a net Rs. 654.97 crore on Tuesday, 23 June 2009. Domestic funds bought shares worth a net Rs. 318.42 crore on that day.
Friday, June 19, 2009
News Capsules
• The headline inflation rate, measured by the wholesale price index (WPI), stood at -1.61 per cent for the week ended June 6 this year against 11.66 per cent in the corresponding week last year. It was 0.13 per cent in the previous week.
• Reliance Infrastructure (R-Infra) CEO Lalit Jalan is a man in a hurry. The Anil Dhirubhai Ambani (ADA) group company hasn't yet got the contract for executing the second phase of the Mumbai Metro, but Jalan's team has already started negotiating with domestic banks to tie up funds for the estimated Rs 11,000-crore project.
• Domestic steel producers — JSW Steel and Essar Steel — are likely to ramp up production at mills in North America, which have been running at less than half the capacity. This follows ArcelorMittal’s decision to hike US sheet prices by $80-90 a tonne, with immediate effect.
• Opto Circuits India Ltd (OCIL), a manufacturer of medical diagnostics and interventional products, today reported a consolidated net profit of Rs 55.3 crore for the fourth quarter ended March 31, 2009. This is 61.4 per cent higher than the net profit in the corresponding quarter last year.
• Shree Renuka Sugars, India's largest sugar refiner said today that it will expand its sugar refining capacity at its Athani unit in Karnataka to 2,000 tonne per day from 1,000 tonne per day. The company also stated that it will set up a sugar refining capacity of 1,000 tonne per day at its Havalga unit also in Karnataka. Both plants are expected to be commissioned by December.
• Four Soft Limited, a Hyderabad-based provider of software solutions for transportation and logistics industry, has won a contract from Polar Speed Distribution Limited, which is ranked number one in the UK for flu vaccine distribution.
• Reliance Infrastructure (R-Infra) CEO Lalit Jalan is a man in a hurry. The Anil Dhirubhai Ambani (ADA) group company hasn't yet got the contract for executing the second phase of the Mumbai Metro, but Jalan's team has already started negotiating with domestic banks to tie up funds for the estimated Rs 11,000-crore project.
• Domestic steel producers — JSW Steel and Essar Steel — are likely to ramp up production at mills in North America, which have been running at less than half the capacity. This follows ArcelorMittal’s decision to hike US sheet prices by $80-90 a tonne, with immediate effect.
• Opto Circuits India Ltd (OCIL), a manufacturer of medical diagnostics and interventional products, today reported a consolidated net profit of Rs 55.3 crore for the fourth quarter ended March 31, 2009. This is 61.4 per cent higher than the net profit in the corresponding quarter last year.
• Shree Renuka Sugars, India's largest sugar refiner said today that it will expand its sugar refining capacity at its Athani unit in Karnataka to 2,000 tonne per day from 1,000 tonne per day. The company also stated that it will set up a sugar refining capacity of 1,000 tonne per day at its Havalga unit also in Karnataka. Both plants are expected to be commissioned by December.
• Four Soft Limited, a Hyderabad-based provider of software solutions for transportation and logistics industry, has won a contract from Polar Speed Distribution Limited, which is ranked number one in the UK for flu vaccine distribution.
Market Outlook
The market is likely to open on a flat note-taking cue from global markets. Asian stocks rose, paring the MSCI Asia Pacific Index’s biggest weekly decline since March, as better-than-estimated U.S. economic reports boosted the dollar. In US, The Dow and S&P 500 gained on Thursday, breaking a three-day losing streak, as data on the job market and regional manufacturing revived hopes that the recession-hit economy is stabilizing. Indian ADRs ended on a mixed note.
According to provisional data on NSE, foreign funds sold worth a net Rs. 584.87 crore on Thursday, 18 June 2009. Domestic funds bought shares worth a net Rs. 538.89 crore on that day.
According to provisional data on NSE, foreign funds sold worth a net Rs. 584.87 crore on Thursday, 18 June 2009. Domestic funds bought shares worth a net Rs. 538.89 crore on that day.
Thursday, June 18, 2009
News Capsules
• The Ministry of Petroleum and Natural Gas has gone ahead and directed Reliance Industries Ltd (RIL) to make additional allocation of natural gas from its Krishna-Godavari (K-G) basin find to nine power companies from the surplus available because of no or low offtake by fertiliser units.
• The Bombay High Court would decide after two weeks whether to allow the Mukesh Ambani-promoted Reliance Industries Ltd (RIL) to amend its plea in its legal war with state-owned NTPC over a gas supply contract.
• Anil Ambani-controlled Reliance Communications (RCom) is borrowing a concept from the Charlie Chaplin classic The Great Dictator. Just as Chaplin dances with a globe in the film, RCom's forthcoming advertising campaign will shows five animated characters dancing with a globe.
• Medicis Pharmaceutical Corporation, a US-based skincare drug manufacturer, has filed a lawsuit against Daiichi Sankyo-owned Ranbaxy Pharmaceuticals for alleged infringement of its patent on Solodyn, a minocycline hydrochloride extended-release tablet used to treat acne.
• Jet Airways and Kingfisher Airlines (KFA), have increased their fuel surcharge by Rs 400 from today, as a result of successive increases in the prices of Aviation Turbine Fuel (ATF). Two days earlier, state-run oil firms hiked ATF rates by over 12 per cent on firming international oil prices. Indian Oil, Bharat Petroleum and Hindustan Petroleum raised the ATF price by Rs 3,949, to Rs 36,252 per kl in Delhi.
• Debt-ridden Wockhardt Ltd said it had sold its German subsidiary Esparma to Mova GmbH, a subsidiary of German drug major Lindopharm. Although the company did not disclose the deal size, sources said it was worth Rs 120 crore.
• Mahindra & Mahindra Ltd, India’s largest maker of sport-utility vehicles, is betting its diesel pickup trucks can beat the Chinese to the US market. Early next year, Mumbai-based Mahindra plans to start selling small 2- and 4-door pickups with a diesel engine that meets California’s strict exhaust rules.
• Godrej Consumer Products Ltd (GCPL) plans to strengthen its hair colour offerings through new launches and variants, in a bid to arrest its dipping market share in this lucrative segment.
• The Bombay High Court would decide after two weeks whether to allow the Mukesh Ambani-promoted Reliance Industries Ltd (RIL) to amend its plea in its legal war with state-owned NTPC over a gas supply contract.
• Anil Ambani-controlled Reliance Communications (RCom) is borrowing a concept from the Charlie Chaplin classic The Great Dictator. Just as Chaplin dances with a globe in the film, RCom's forthcoming advertising campaign will shows five animated characters dancing with a globe.
• Medicis Pharmaceutical Corporation, a US-based skincare drug manufacturer, has filed a lawsuit against Daiichi Sankyo-owned Ranbaxy Pharmaceuticals for alleged infringement of its patent on Solodyn, a minocycline hydrochloride extended-release tablet used to treat acne.
• Jet Airways and Kingfisher Airlines (KFA), have increased their fuel surcharge by Rs 400 from today, as a result of successive increases in the prices of Aviation Turbine Fuel (ATF). Two days earlier, state-run oil firms hiked ATF rates by over 12 per cent on firming international oil prices. Indian Oil, Bharat Petroleum and Hindustan Petroleum raised the ATF price by Rs 3,949, to Rs 36,252 per kl in Delhi.
• Debt-ridden Wockhardt Ltd said it had sold its German subsidiary Esparma to Mova GmbH, a subsidiary of German drug major Lindopharm. Although the company did not disclose the deal size, sources said it was worth Rs 120 crore.
• Mahindra & Mahindra Ltd, India’s largest maker of sport-utility vehicles, is betting its diesel pickup trucks can beat the Chinese to the US market. Early next year, Mumbai-based Mahindra plans to start selling small 2- and 4-door pickups with a diesel engine that meets California’s strict exhaust rules.
• Godrej Consumer Products Ltd (GCPL) plans to strengthen its hair colour offerings through new launches and variants, in a bid to arrest its dipping market share in this lucrative segment.
Equity Market Outlook
The market is likely to open on a flat note with a negative bias. The Central Statistical Organisation (CSO) will today unveil inflation data for the year through 6 June 2009. Asian stocks declined, dragging the MSCI Asia Pacific Index to a three-week low, amid concern a rally since March had made stocks too expensive relative to earnings prospects. U.S. stocks fell for a third straight day after Standard & Poor’s downgraded the credit ratings of 18 banks, overshadowing gains in health-care shares as Congress prepares legislation to overhaul the industry. Technology shares buoyed the Nasdaq on Wednesday after positive broker comments on Qualcomm, but financial shares' losses held back the Dow and the S&P 500.
According to provisional data on NSE, foreign funds sold worth a net Rs. 363.99 crore on Wednesday, 17 June 2009. Domestic funds bought shares worth a net Rs. 569.10 crore on that day.
According to provisional data on NSE, foreign funds sold worth a net Rs. 363.99 crore on Wednesday, 17 June 2009. Domestic funds bought shares worth a net Rs. 569.10 crore on that day.
Tuesday, June 16, 2009
Equity Morning Mantra
The market is likely to extend its Monday losses tracking weak global markets. Asian stocks fell for a second day, led by automakers and mining companies, after a New York manufacturing report missed economist estimates and commodity prices sank. U.S. stocks tumbled, marking their worst slide in a month on Monday after regional manufacturing data dented optimism about the economy's health and resource shares fell alongside commodity prices. Indian ADRs ended lower with a deep cut in all the sectors.
According to provisional data on NSE, foreign funds sold worth a net Rs. 411.54 crore on Monday, 15 June 2009. Domestic funds sold shares worth a net Rs. 586.63 crore on that day.
According to provisional data on NSE, foreign funds sold worth a net Rs. 411.54 crore on Monday, 15 June 2009. Domestic funds sold shares worth a net Rs. 586.63 crore on that day.
Monday, June 15, 2009
NEWS CAPSULES
• Concerned at the slow progress in expanding electricity generation capacity, the power ministry has asked NTPC to sign the gas purchase deal with RIL for projects other than expanding the Kawas and Gandhar units, on which a legal dispute is on with the private company.
• The government has granted a year’s extension to Satyam Computer Services for completion of three special economic zones (SEZs) in Andhra Pradesh, giving elbow room to the new management of the IT firm.
• Bharat Electronics Ltd (BEL), the public sector defence undertaking, dedicated to the Army its new artillery combat and control system. Christened Shakti, the new system is developed by BEL in association with Defence Research and Development Organisation (DRDO).
• Suzlon, the world’s fifth-largest wind turbine maker, is exploring the option of selling a large portion of its stake in Belgian company Hansen Transmissions, to raise money for retiring part of its Rs 12,000-crore debt. The company could also consider selling its entire stake in Hansen, according to people close to the development.
• Shipping Corporation of India (SCI) and Oil and Natural Gas Corp (ONGC) are planning to revive a proposed joint venture (JV) for services related to vessel operations and are working on hiring a consultant for the purpose.
• Eveready Industries India (EIIL), the BM Khaitan Group flagship company, is buying out France’s rechargeable battery maker Uniross from CG Holding for e10 million (Rs 60 crore approx). This is EIIL’s first overseas acquisition in the offshore battery turf.
• The government has granted a year’s extension to Satyam Computer Services for completion of three special economic zones (SEZs) in Andhra Pradesh, giving elbow room to the new management of the IT firm.
• Bharat Electronics Ltd (BEL), the public sector defence undertaking, dedicated to the Army its new artillery combat and control system. Christened Shakti, the new system is developed by BEL in association with Defence Research and Development Organisation (DRDO).
• Suzlon, the world’s fifth-largest wind turbine maker, is exploring the option of selling a large portion of its stake in Belgian company Hansen Transmissions, to raise money for retiring part of its Rs 12,000-crore debt. The company could also consider selling its entire stake in Hansen, according to people close to the development.
• Shipping Corporation of India (SCI) and Oil and Natural Gas Corp (ONGC) are planning to revive a proposed joint venture (JV) for services related to vessel operations and are working on hiring a consultant for the purpose.
• Eveready Industries India (EIIL), the BM Khaitan Group flagship company, is buying out France’s rechargeable battery maker Uniross from CG Holding for e10 million (Rs 60 crore approx). This is EIIL’s first overseas acquisition in the offshore battery turf.
MARKET OUTLOOK
The market is likely to open on a negative note taking cues from global markets. Asian stocks declined, dragging the MSCI Asia Pacific Index from an eight-month high, on concern a rally since March had overvalued earnings prospects. In US, The Dow moved into positive territory for the year for the first time since early January on Friday, lifted by defensive sectors like pharmaceuticals while a disappointing outlook from National Semiconductor weighed on technology stocks.
According to provisional data on NSE, foreign funds bought worth a net Rs. 469.35 crore on Friday, 12 June 2009. Domestic funds sold shares worth a net Rs. 250.71 crore on that day.
According to provisional data on NSE, foreign funds bought worth a net Rs. 469.35 crore on Friday, 12 June 2009. Domestic funds sold shares worth a net Rs. 250.71 crore on that day.
Weekly News Roundup
MARKET OUTLOOK:
World markets are all in uptrend though the speed of rise has reduced and they are showing some signs of tiredness. It seems that they might consolidate for sometime before they take their next move. One should not be too aggressive to buy at current levels and rather wait for a correction. Base metals are strong but Gold is showing some weakness. Nifty takes support between 4250-4000 and Sensex between 14000-13400 levels.
World markets are all in uptrend though the speed of rise has reduced and they are showing some signs of tiredness. It seems that they might consolidate for sometime before they take their next move. One should not be too aggressive to buy at current levels and rather wait for a correction. Base metals are strong but Gold is showing some weakness. Nifty takes support between 4250-4000 and Sensex between 14000-13400 levels.
Friday, June 12, 2009
NEWS CAPSULES
• Larsen and Toubro (L&T) has offloaded its entire 11.49% stake in UltraTech Cement for about Rs 1,037 crore and the fund will be used for the capital expenditure and investment in new initiatives. L&T has sold over 14.3 million shares at an average price of Rs 725 a share. The shares were sold to 25 financial institutions, including 13 overseas and 12 domestic , in two blocks of 13.7 million shares and 630,289 shares on the National Stock Exchange (NSE). Citigroup was the sole book-runner to the deal.
• Tata Tea,the second-largest branded packaged one in the sector, today announced restructuring of its global operations under a single management team, as it plans to become a leader in the $160 billion ‘good for you’ beverages market.
• Kishore Biyani-led Pantaloon Retail’s same-store sales in May grew the highest in the last seven months, as a revival in consumer demand propped up the company’s sales numbers. Same-store numbers in value retailing (led by Big Bazaar and Food Bazaar) grew 8.14% — the highest Since November — to Rs 339.58 crore, while lifestyle retailing grew 8.35% to Rs 123.13 crore. Home retailing was down 28.27 % in May compared with the same month last year.
• GMR Energy Ltd, the subsidiary of Bangalore-based infrastructure major, GMR Infrastructure Ltd, has finalised a Rs 400 crore investment plan to relocate and restart its barge-mounted naphtha fired power project from Mangalore on the west coast to Kakinada on the east coast in Andhra
Pradesh. The new plant, which will use natural gas as basic fuel, will be operationalised by March 2010.
• Shriram EPC is eyeing about 50% growth in consolidated turnover this fiscal. The company said significant growth will come from renewable energy business especially wind energy, which would bring around Rs 600 crore.
• Tata Tea,the second-largest branded packaged one in the sector, today announced restructuring of its global operations under a single management team, as it plans to become a leader in the $160 billion ‘good for you’ beverages market.
• Kishore Biyani-led Pantaloon Retail’s same-store sales in May grew the highest in the last seven months, as a revival in consumer demand propped up the company’s sales numbers. Same-store numbers in value retailing (led by Big Bazaar and Food Bazaar) grew 8.14% — the highest Since November — to Rs 339.58 crore, while lifestyle retailing grew 8.35% to Rs 123.13 crore. Home retailing was down 28.27 % in May compared with the same month last year.
• GMR Energy Ltd, the subsidiary of Bangalore-based infrastructure major, GMR Infrastructure Ltd, has finalised a Rs 400 crore investment plan to relocate and restart its barge-mounted naphtha fired power project from Mangalore on the west coast to Kakinada on the east coast in Andhra
Pradesh. The new plant, which will use natural gas as basic fuel, will be operationalised by March 2010.
• Shriram EPC is eyeing about 50% growth in consolidated turnover this fiscal. The company said significant growth will come from renewable energy business especially wind energy, which would bring around Rs 600 crore.
MARKET OUTLOOK
The market is likely to open on positive note tracking firm global markets. The index of industrial production (IIP) figures for April 2009 announced by noon today will be closely watched. Asian stocks rose for a third day as improved economic indicators pointed to an easing of the U.S. recession and metal prices jumped the most in 10 days. U.S. stocks racked up gains across a wide array of sectors on Thursday, aided by rising commodity prices and improving labor market conditions, along with a sharp drop in interest rates.
According to provisional data on NSE, foreign funds bought worth a net Rs.
786.57 crore on Thursday, 11 June 2009. Domestic funds bought shares worth a net Rs. 558.14 crore on that day.
According to provisional data on NSE, foreign funds bought worth a net Rs.
786.57 crore on Thursday, 11 June 2009. Domestic funds bought shares worth a net Rs. 558.14 crore on that day.
Thursday, June 11, 2009
News Capsules 11 Jun
• Reliance Industries Ltd (RIL) has increased LPG supplies to Indian Oil, Bharat Petroleum and Hindustan Petroleum from its twin refineries at
Jamnagar, forcing state-run firms to sell cooking fuel cargoes that they had contracted from overseas suppliers. RIL’s production has to be necessarily
sold to state-run firms and is not allowed to export LPG.
• Larsen & Toubro will sell its 11.49 per cent stake in the Aditya Birla Group-owned UltraTech Cement in the open market, after the latter waived its first right of refusal to buy the stake.
• Mahindra & Mahindra (M&M) is likely to buy out its local partner in Mahindra South Africa (Mahindra SA), which is currently a 92 per cent subsidiary. The company is also evaluating the possibility of starting a local completely knocked down (CKD) assembly unit there. A decision on buying out the stake of its local partner is likely to be taken in a month’s time. The 8 per cent stake is held by African Automotive Investments Corporation, a
subsidiary of African Resources and Logistics Corporation.
• Kingfisher Airlines is looking to roll over close to Rs 800 crore of its short-term debt, even as it finalises the paperwork to borrow another Rs 1,500 crore from a few Indian public sector banks.
• The Maharashtra Government has ordered a high-level inquiry into wind turbine maker Suzlon Energy’s land deals in the past two to three years at
Dhule and Nandurbar, where it is setting up the world’s largest wind energy park.
• Bosch Limited, the flagship company of Bosch Group in India, plans to commission its unit in Tata Motors' Vendors Park in Sanand, near Ahmedabad, by October 2009. The auto component company is planning to be on schedule with its supply to Tata Motors' Nano.
Jamnagar, forcing state-run firms to sell cooking fuel cargoes that they had contracted from overseas suppliers. RIL’s production has to be necessarily
sold to state-run firms and is not allowed to export LPG.
• Larsen & Toubro will sell its 11.49 per cent stake in the Aditya Birla Group-owned UltraTech Cement in the open market, after the latter waived its first right of refusal to buy the stake.
• Mahindra & Mahindra (M&M) is likely to buy out its local partner in Mahindra South Africa (Mahindra SA), which is currently a 92 per cent subsidiary. The company is also evaluating the possibility of starting a local completely knocked down (CKD) assembly unit there. A decision on buying out the stake of its local partner is likely to be taken in a month’s time. The 8 per cent stake is held by African Automotive Investments Corporation, a
subsidiary of African Resources and Logistics Corporation.
• Kingfisher Airlines is looking to roll over close to Rs 800 crore of its short-term debt, even as it finalises the paperwork to borrow another Rs 1,500 crore from a few Indian public sector banks.
• The Maharashtra Government has ordered a high-level inquiry into wind turbine maker Suzlon Energy’s land deals in the past two to three years at
Dhule and Nandurbar, where it is setting up the world’s largest wind energy park.
• Bosch Limited, the flagship company of Bosch Group in India, plans to commission its unit in Tata Motors' Vendors Park in Sanand, near Ahmedabad, by October 2009. The auto component company is planning to be on schedule with its supply to Tata Motors' Nano.
Wednesday, June 10, 2009
News Capsules 10-Jun
Satyam Computer Services posted its results for the quarter ended December 31, 2008, revealing a consolidated net profit of around Rs 160 crore and revenues of Rs 2,414.31 crore.
• Unitech has exited from New Kolkata International Development (NKID) Pvt Ltd, a special purpose vehicle (SPV) formed to develop several large
projects in West Bengal, including the proposed petroleum, chemicals and petrochemical investment region (PCPIR) at Nayachar. Unitech had 40 per
cent stake in NKID.
• Tata Housing, a unit of Tata Sons, is advancing its plans to build 15,000 low-cost dwelling units by two years. Besides, it should add 300 more houses in its Mumbai project to take the advantage of demand for such homes, a top company official said.
• NTPC has agreed to buy natural gas from Reliance Industries but is opposed to paying marketing margin to the private firm and wants to use the fuel at plants other than Kawas and Gandhar that were identified by the government. The government had allocated 2.67 million cubic metres of gas a day of natural gas from RIL’s Bay of Bengal KG-D6 fields to NTPC.
• The Kishore Biyani-led Future Group plans to raise as much as Rs 4,000 crore in the next two years to fund its expansion plans. The group will open
18 Central stores and 45 Big Bazaars in the next one year.
• Satyam Computer Services, reeling under the impact of India’s largest corporate scandal, managed to bag new business orders worth $380 million
(around Rs 1,800 crore), as on March 26, 2009. These deals have come from 215 of its existing clients.
• Shareholders of the Anil Dhirubhai Ambani Group (ADAG) promoted Reliance Infrastructure gave their approval to the proposal to de-merge and
transfer various divisions of the company to separate wholly-owned subsidiaries.
• India’s leading automobile company, Tata Motors, sold 11 million shares of Tata Steel, or 1.5 per cent of the latter’s equity, to promoter company Tata Sons for Rs 456.8 crore.
• GMR Infrastructure Ltd, the Bangalore-based global infrastructure major with interests in airports, energy, highways and urban infrastructure, will
increase its holding in its subsidiary Delhi International Airport Limited (DIAL) by nearly 4 per cent to 54 per cent.
• KSK Energy Ventures Limited, a Hyderabad-based power project development company, has received consent from the Chhattisgarh government to enhance the power generation capacity of the Wardha Chhattisgarh power plant at Nariyara to 3,600Mw
• Unitech has exited from New Kolkata International Development (NKID) Pvt Ltd, a special purpose vehicle (SPV) formed to develop several large
projects in West Bengal, including the proposed petroleum, chemicals and petrochemical investment region (PCPIR) at Nayachar. Unitech had 40 per
cent stake in NKID.
• Tata Housing, a unit of Tata Sons, is advancing its plans to build 15,000 low-cost dwelling units by two years. Besides, it should add 300 more houses in its Mumbai project to take the advantage of demand for such homes, a top company official said.
• NTPC has agreed to buy natural gas from Reliance Industries but is opposed to paying marketing margin to the private firm and wants to use the fuel at plants other than Kawas and Gandhar that were identified by the government. The government had allocated 2.67 million cubic metres of gas a day of natural gas from RIL’s Bay of Bengal KG-D6 fields to NTPC.
• The Kishore Biyani-led Future Group plans to raise as much as Rs 4,000 crore in the next two years to fund its expansion plans. The group will open
18 Central stores and 45 Big Bazaars in the next one year.
• Satyam Computer Services, reeling under the impact of India’s largest corporate scandal, managed to bag new business orders worth $380 million
(around Rs 1,800 crore), as on March 26, 2009. These deals have come from 215 of its existing clients.
• Shareholders of the Anil Dhirubhai Ambani Group (ADAG) promoted Reliance Infrastructure gave their approval to the proposal to de-merge and
transfer various divisions of the company to separate wholly-owned subsidiaries.
• India’s leading automobile company, Tata Motors, sold 11 million shares of Tata Steel, or 1.5 per cent of the latter’s equity, to promoter company Tata Sons for Rs 456.8 crore.
• GMR Infrastructure Ltd, the Bangalore-based global infrastructure major with interests in airports, energy, highways and urban infrastructure, will
increase its holding in its subsidiary Delhi International Airport Limited (DIAL) by nearly 4 per cent to 54 per cent.
• KSK Energy Ventures Limited, a Hyderabad-based power project development company, has received consent from the Chhattisgarh government to enhance the power generation capacity of the Wardha Chhattisgarh power plant at Nariyara to 3,600Mw
Pre market Outlook
Market is likely to open on a positive note, taking cues from global markets. The Nasdaq rose on Tuesday after an improved outlook from Texas Instruments lifted technology stocks, but news that 10 big banks will repay TARP funds failed to stir investor enthusiasm. European markets were also up after the positive news from U.S. chipmaker Texas Instruments and crude oil prices crossing $70. Asian stocks are trading up for the first time in three days, led by commodity and shipping companies asoil climbed above $70 a barrel and metals prices advanced.
According to provisional data on NSE, foreign funds bought worth a net Rs.
955.31 crore on Tuesday, 09 June 2009. Domestic funds sold shares worth a net Rs. 143.21 crore on that day.
According to provisional data on NSE, foreign funds bought worth a net Rs.
955.31 crore on Tuesday, 09 June 2009. Domestic funds sold shares worth a net Rs. 143.21 crore on that day.
Tuesday, June 2, 2009
News Capsules
• Exports fell more than 33 per cent for the second consecutive month in April 2009, with economic recession in advanced economies adversely impacting foreign demand for Indian manufacturers. Imports fell even more sharply, by 37 per cent, mainly because of a fall in oil prices. With imports declining at a faster rate than exports, the trade deficit — the difference between the two — narrowed 50 per cent to $5 billion in April 2009. This is also the second consecutive month the contraction in imports has exceeded the fall in exports.
• General Motors Corp, the world’s largest carmaker until its 77-year reign ended last year, filed for bankruptcy protection in the US with a plan to create a 21st-century company that can compete in world markets. GM reported $82.3 billion in assets and $172.8 billion in debt. The US government will bankroll the transformation of the 100-year-old automaker, a victim of tumbling sales and higher gas prices. The US plans to convert much of its $50 billion of loans to a 60 per cent stake in the new entity. In New York coincided with a deadline for GM to convince a government auto task force that it could reorganise out of court through debt and cost-cutting.
• Tata Advanced System Limited (TAS), a unit of the Tata group, will set up a helicopter manufacturing unit at the Aerospace Special Economic Zone (SEZ) in Adhibatla village near the Hyderabad international airport.
• Pantaloon Retail, the country’s largest retailer, is close to sealing an equity partnership deal between one of its subsidiaries and French retail giant Carrefour. Under the deal, being given finishing touches, Carrefour is expected to take an equity stake in Future Fashion Merchandise, a company created recently after restructuring the group’s retail business.
• Pharma firm Pfizer India said the open offer by its parent firm for acquiring an additional 34 per cent stake in it has been rescheduled and will now begin on June 15. The open offer by its Netherlands-based parent for a 33.77 per cent stake in it would open on June 15 and close on July 4.
• Kalpataru Power Transmission reported a fall of 54 per cent in its net profit for the fourth quarter ended March 31 to Rs 23.17 crore. The company had a net profit of Rs 50.37 crore during the January-March quarter a year earlier.
• General Motors Corp, the world’s largest carmaker until its 77-year reign ended last year, filed for bankruptcy protection in the US with a plan to create a 21st-century company that can compete in world markets. GM reported $82.3 billion in assets and $172.8 billion in debt. The US government will bankroll the transformation of the 100-year-old automaker, a victim of tumbling sales and higher gas prices. The US plans to convert much of its $50 billion of loans to a 60 per cent stake in the new entity. In New York coincided with a deadline for GM to convince a government auto task force that it could reorganise out of court through debt and cost-cutting.
• Tata Advanced System Limited (TAS), a unit of the Tata group, will set up a helicopter manufacturing unit at the Aerospace Special Economic Zone (SEZ) in Adhibatla village near the Hyderabad international airport.
• Pantaloon Retail, the country’s largest retailer, is close to sealing an equity partnership deal between one of its subsidiaries and French retail giant Carrefour. Under the deal, being given finishing touches, Carrefour is expected to take an equity stake in Future Fashion Merchandise, a company created recently after restructuring the group’s retail business.
• Pharma firm Pfizer India said the open offer by its parent firm for acquiring an additional 34 per cent stake in it has been rescheduled and will now begin on June 15. The open offer by its Netherlands-based parent for a 33.77 per cent stake in it would open on June 15 and close on July 4.
• Kalpataru Power Transmission reported a fall of 54 per cent in its net profit for the fourth quarter ended March 31 to Rs 23.17 crore. The company had a net profit of Rs 50.37 crore during the January-March quarter a year earlier.
Pre Market Outlook 2-Jun
The market is likely to open on a flat note with a positive bias taking cues from global markets. However profit booking after the recent sharp rally cannot be ruled out. Asian stocks rose after U.S. economic data added to signs the global recession is abating and General Motors Corp.’s bankruptcy raised optimism Asia’s automakers will gain market share. U.S. stocks rose on Monday, sending the S&P 500 to its highest close in seven months, as reassuring economic data reinforced hopes that demand will stabilize, while General Motors' long-expected bankruptcy filing ended uncertainty about the automaker's fate. Indian ADRs were also up.
According to provisional data on NSE, foreign funds bought worth a net Rs. 279.67 crore on Monday, 01 June 2009. Domestic funds sold shares worth a net Rs. 196.74 crore on that day.
According to provisional data on NSE, foreign funds bought worth a net Rs. 279.67 crore on Monday, 01 June 2009. Domestic funds sold shares worth a net Rs. 196.74 crore on that day.
Friday, May 29, 2009
News Capsules - 29-May
• NTPC, southern region, is planning to generate additional 6,000 Mw of power by 2011 and has recorded the highest-ever generation of 32,067.76 Mw during the last fiscal.
• The Orissa government will sign a memorandum of understanding (MoU) with Essel Mining and Industries Ltd (EMIL), an Aditya Birla group company, for the development of a Rs 1500 crore captive port at Chudamani.
• GMR Infrastructure said the company-led consortium has bagged an order from National Highways Authority of India (NHAI) for a 181 kms road project in Andhra Pradesh.
• BOC India will invest Rs 1,000 crore over the next three years. The company would also set up a merchant plant at a cost of Rs 150 crore in Uttarakhand.
• Mahindra & Mahindra, the country’s largest utility vehicle and tractor maker, has posted an 89 per cent increase in net profit at Rs 418 crore for the quarter-ended March 31, 2009, compared with Rs 221 crore in the year-ago period. The rise was largely due to the additional revenue brought in by Punjab Tractors (PTL) and through the sale of shares in Swaraj Mazda by PTL.
• Larsen and Toubro (L&T), the engineering and construction giant, has posted a 3.29 per cent rise in net profit at Rs 998.52 crore during the quarter ended March 2009, weighed down by a provision of Rs 186.28 crore for its investment in Satyam Computer Services. Total income increased 23.96 per cent to Rs 10,605.16 crore.
• JSW Steel on Thursday said it will raise $1 billion (about Rs 4,775 crore) through qualified institutional placement (QIP) and issue of securities in the international markets for part-financing its capital expenditures and for meeting general corporate purposes.
• Tata Power Company, the largest private power firm in the country, has registered a 57.61 per cent rise in net profit at Rs 354.60 crore in the Marchended quarter. The rise was due to a Rs 308-crore gain from the company’s sale of its partial holdings in Tata Teleservices (TTSL).
• NTPC Limited, country’s largest power generating company having an installed capacity of 30,144 Mw, is adding 6,500 Mw in the southern region. Of this, 1,000 Mw is for the Simhadri Super Thermal Power Station at Visakhapatnam, according to NTPC regional executive director (south) Ambarish N Dave.
• The Orissa government will sign a memorandum of understanding (MoU) with Essel Mining and Industries Ltd (EMIL), an Aditya Birla group company, for the development of a Rs 1500 crore captive port at Chudamani.
• GMR Infrastructure said the company-led consortium has bagged an order from National Highways Authority of India (NHAI) for a 181 kms road project in Andhra Pradesh.
• BOC India will invest Rs 1,000 crore over the next three years. The company would also set up a merchant plant at a cost of Rs 150 crore in Uttarakhand.
• Mahindra & Mahindra, the country’s largest utility vehicle and tractor maker, has posted an 89 per cent increase in net profit at Rs 418 crore for the quarter-ended March 31, 2009, compared with Rs 221 crore in the year-ago period. The rise was largely due to the additional revenue brought in by Punjab Tractors (PTL) and through the sale of shares in Swaraj Mazda by PTL.
• Larsen and Toubro (L&T), the engineering and construction giant, has posted a 3.29 per cent rise in net profit at Rs 998.52 crore during the quarter ended March 2009, weighed down by a provision of Rs 186.28 crore for its investment in Satyam Computer Services. Total income increased 23.96 per cent to Rs 10,605.16 crore.
• JSW Steel on Thursday said it will raise $1 billion (about Rs 4,775 crore) through qualified institutional placement (QIP) and issue of securities in the international markets for part-financing its capital expenditures and for meeting general corporate purposes.
• Tata Power Company, the largest private power firm in the country, has registered a 57.61 per cent rise in net profit at Rs 354.60 crore in the Marchended quarter. The rise was due to a Rs 308-crore gain from the company’s sale of its partial holdings in Tata Teleservices (TTSL).
• NTPC Limited, country’s largest power generating company having an installed capacity of 30,144 Mw, is adding 6,500 Mw in the southern region. Of this, 1,000 Mw is for the Simhadri Super Thermal Power Station at Visakhapatnam, according to NTPC regional executive director (south) Ambarish N Dave.
Pre Market Outlook
The market is likely to continue its upward movements tracking cues from global markets. However, the volatility may remain high ahead of the GDP numbers, which are going to release today. Asian stocks rose, led by mining companies, as a betterthan- expected Japanese factory output report boosted copper prices. U.S. stocks climbed more than 1 percent on Thursday as higher oil prices drove up energy shares and falling yields in the bond market eased concerns that higher borrowing costs would hinder economic recovery.
According to provisional data on NSE, foreign funds bought bought worth a net Rs. 1859.59 crore on Thursday, 28 May 2009. Domestic funds sold shares worth a net Rs. 451.25 crore on that day.
Post Market Update
Despite to negativity from the global indices, index opened on the flat note & rose steadily thereafter. It was a choppy session due to F&O expiry but overall movement was
northward biased. Market breadth remained balance with almost equal number of stocks on both sides. Technically, Midcap index is trading around resistance area & extreme
overbought zone on the daily charts with identical position in the case of small cap as well so we expect profit taking especially in both the counters in near term. We expect index to rest in the meanwhile prior to further advancing.
The BSE Sensex closed higher by 186.37 points or 1.32% at 14,296.01 and NSE Nifty ended with gains of 61.05 points or 1.43% at 4,337.10. BSE Mid Caps and Small Caps closed with gains of 38.19 and 13.95 points at 4,935.56 and 5,811.69. The BSE Sensex touched intraday
high of 14,377.23 and intraday low of 14,078.62. Among the Sensex pack 20 stocks ended in green territory and 10 in red. The market breadth indicating the overall health of the market remained firm as 1,738 stocks closed in positive while 1,020 stocks closed in negative
and 54 stocks remained unchanged in BSE.The S&P CNX Nifty was down by 61.05 points or 1.43% to 4337.10. The NSE turnover was up Rs.25664.96 from last trading session’s Rs. 20633.30 crore.
northward biased. Market breadth remained balance with almost equal number of stocks on both sides. Technically, Midcap index is trading around resistance area & extreme
overbought zone on the daily charts with identical position in the case of small cap as well so we expect profit taking especially in both the counters in near term. We expect index to rest in the meanwhile prior to further advancing.
The BSE Sensex closed higher by 186.37 points or 1.32% at 14,296.01 and NSE Nifty ended with gains of 61.05 points or 1.43% at 4,337.10. BSE Mid Caps and Small Caps closed with gains of 38.19 and 13.95 points at 4,935.56 and 5,811.69. The BSE Sensex touched intraday
high of 14,377.23 and intraday low of 14,078.62. Among the Sensex pack 20 stocks ended in green territory and 10 in red. The market breadth indicating the overall health of the market remained firm as 1,738 stocks closed in positive while 1,020 stocks closed in negative
and 54 stocks remained unchanged in BSE.The S&P CNX Nifty was down by 61.05 points or 1.43% to 4337.10. The NSE turnover was up Rs.25664.96 from last trading session’s Rs. 20633.30 crore.
Thursday, May 28, 2009
Calls for 28-May
Buy Gail with stop loss of Rs 270 for targets of Rs 312-Rs 323
Buy IDFC with stop loss of Rs 115 for a target of Rs 145
Buy JP Hydro around Rs 66.80-Rs 64.9-Rs 61. Stop Loss of Rs 60, book profit at Rs 69.60-Rs 74.40
Sell Tata Communication around Rs 535.90-Rs 557.90. Stop Loss of Rs 570, cover short at Rs 502-Rs 445
Buy Essar Oil only on declines with a stop loss of Rs 160. If it sustains above Rs 190, short term targets are Rs 203-Rs 217
Buy IDFC with stop loss of Rs 115 for a target of Rs 145
Buy JP Hydro around Rs 66.80-Rs 64.9-Rs 61. Stop Loss of Rs 60, book profit at Rs 69.60-Rs 74.40
Sell Tata Communication around Rs 535.90-Rs 557.90. Stop Loss of Rs 570, cover short at Rs 502-Rs 445
Buy Essar Oil only on declines with a stop loss of Rs 160. If it sustains above Rs 190, short term targets are Rs 203-Rs 217
News Capsules
• After D-6 in the Krishna-Godavari basin, Reliance Industries has struck big in two nearby blocks, with estimates putting the natural gas reserves at 20 trillion cubic feet (tcf).
• The country’s largest truck maker Tata Motors, which had raised Rs 4,200 crore last week through the issue of secured non-convertible debentures (NCDs), has completed the process of raising around Rs 4,800 crore ($1 billion) more through the external commercial borrowing (ECB) route.
• Grasim Industries has suspended production at its Nagda plant in Madhya Pradesh due to requisition of water from one of its reservoirs by district administration following shortage of water in the area.
• Tata Realty and Infrastructure (TRIL), a closely-held unit of Tata Sons, plans to invest Rs 20,000 crore to build special economic zones, roads, ports and other core sector projects in the next three years to take advantage of a stable political environment and revival in the economy.
• Faced with a massive cash-crunch, Maytas Infra, a company promoted by the kin of Satyam founder B Ramalinga Raju, has asked the government not to hastily withdraw projects awarded to it. Maytas Infra has written to the Corporate Affairs Ministry requesting for support from government agencies that have allotted various projects to it.
• Bharat Heavy Electricals Limited (BHEL) reported a rise of 21.35 per cent in the net profit to Rs 1,347 crore in the three months ended March 31, 2009 as against Rs 1,110 crore in the corresponding quarter in the previous year. The equipment major reported nine per cent increase in net profit for 2008-09 at Rs 3,138 crore as compared to Rs 2,859.30 crore in 2007-08. Net sales were up 35.4 per cent at Rs 26,234 crore in 2008-09 compared to Rs 19,365.50 crore in 2007-08.
• Jindal Steel and Power reported 24.27 per cent rise in its net profit to Rs 1,536 crore for the fourth quarter of 2008-09 as against Rs 1,236 crore in the corresponding quarter of last fiscal.
• Godrej Industries reported an 83 per cent dip in its net profit of Rs 18.08 crore for the year ended March 31, 2009, as against Rs 108.81 crore in FY08, mainly due to slump in chemical business.
• Britannia Industries reported a 14.61 per cent dip in consolidated net profit at Rs 151.48 crore in the financial year ended March 31, 2009. The company had a net profit of Rs 177.40 crore in the FY08.
• The country’s largest truck maker Tata Motors, which had raised Rs 4,200 crore last week through the issue of secured non-convertible debentures (NCDs), has completed the process of raising around Rs 4,800 crore ($1 billion) more through the external commercial borrowing (ECB) route.
• Grasim Industries has suspended production at its Nagda plant in Madhya Pradesh due to requisition of water from one of its reservoirs by district administration following shortage of water in the area.
• Tata Realty and Infrastructure (TRIL), a closely-held unit of Tata Sons, plans to invest Rs 20,000 crore to build special economic zones, roads, ports and other core sector projects in the next three years to take advantage of a stable political environment and revival in the economy.
• Faced with a massive cash-crunch, Maytas Infra, a company promoted by the kin of Satyam founder B Ramalinga Raju, has asked the government not to hastily withdraw projects awarded to it. Maytas Infra has written to the Corporate Affairs Ministry requesting for support from government agencies that have allotted various projects to it.
• Bharat Heavy Electricals Limited (BHEL) reported a rise of 21.35 per cent in the net profit to Rs 1,347 crore in the three months ended March 31, 2009 as against Rs 1,110 crore in the corresponding quarter in the previous year. The equipment major reported nine per cent increase in net profit for 2008-09 at Rs 3,138 crore as compared to Rs 2,859.30 crore in 2007-08. Net sales were up 35.4 per cent at Rs 26,234 crore in 2008-09 compared to Rs 19,365.50 crore in 2007-08.
• Jindal Steel and Power reported 24.27 per cent rise in its net profit to Rs 1,536 crore for the fourth quarter of 2008-09 as against Rs 1,236 crore in the corresponding quarter of last fiscal.
• Godrej Industries reported an 83 per cent dip in its net profit of Rs 18.08 crore for the year ended March 31, 2009, as against Rs 108.81 crore in FY08, mainly due to slump in chemical business.
• Britannia Industries reported a 14.61 per cent dip in consolidated net profit at Rs 151.48 crore in the financial year ended March 31, 2009. The company had a net profit of Rs 177.40 crore in the FY08.
Pre Market Outlook
The market is likely to open sideways with negative bias. However, volatility may remain high ahead of the expiry of May 2009 futures and options (F&O) contract today. Asian stocks fell, led by banks and mining companies, after Australia & New Zealand Banking Group Ltd. sold shares and metal prices declined. U.S. stocks dropped on Wednesday as rising yields on U.S. government debt fueled concern that businesses and consumers could face higher borrowing costs, which could hamper an economic recovery.
According to provisional data on NSE, foreign funds bought sold worth a net Rs. 369.80 crore on Wednesday, 27 May 2009. Domestic funds bought shares worth a net Rs. 685.64 crore on that day.
According to provisional data on NSE, foreign funds bought sold worth a net Rs. 369.80 crore on Wednesday, 27 May 2009. Domestic funds bought shares worth a net Rs. 685.64 crore on that day.
Post Market Update
Index opened on the buoyant note due to positive cues from the global markets. Choppiness among the index majors lead to range bound movement in the first half of the session but
the later half was completely devoted to northward movement. Banking & reality counter were the major gainer in today’s trade. Meanwhile, selective midcap stocks have also performed well especially in Media & textile arena with market breadth strongly on the positive side. Technically, we expect that index will continue to move with upside biased tomorrow
as well but volatility will be there due to expiry.
The BSE Sensex closed higher by 520.41 points or 3.83% at 14,109.64 and NSE Nifty ended with gains of 159.35 points at 4,276.05. BSE Mid Caps and Small Caps closed with gains of 173.28 and 189.08 points at 4,897.37 and 5,797.74. The BSE Sensex touched intraday high of 14,122.78 and intraday low of 13,780.41. Among the Sensex pack 27 stocks ended in green territory and 3 in red. The market breadth indicating the overall health of the market remained firm as 2,346
stocks closed in positive while 459 stocks closed in negative and 36 stocks remained unchanged in BSE.The S&P CNX Nifty was down by 159.35 points or 3.87% to 4276.05. The NSE turnover was down Rs.20633.30 from last trading session’s Rs. 19358.86 crore.
the later half was completely devoted to northward movement. Banking & reality counter were the major gainer in today’s trade. Meanwhile, selective midcap stocks have also performed well especially in Media & textile arena with market breadth strongly on the positive side. Technically, we expect that index will continue to move with upside biased tomorrow
as well but volatility will be there due to expiry.
The BSE Sensex closed higher by 520.41 points or 3.83% at 14,109.64 and NSE Nifty ended with gains of 159.35 points at 4,276.05. BSE Mid Caps and Small Caps closed with gains of 173.28 and 189.08 points at 4,897.37 and 5,797.74. The BSE Sensex touched intraday high of 14,122.78 and intraday low of 13,780.41. Among the Sensex pack 27 stocks ended in green territory and 3 in red. The market breadth indicating the overall health of the market remained firm as 2,346
stocks closed in positive while 459 stocks closed in negative and 36 stocks remained unchanged in BSE.The S&P CNX Nifty was down by 159.35 points or 3.87% to 4276.05. The NSE turnover was down Rs.20633.30 from last trading session’s Rs. 19358.86 crore.
Wednesday, May 27, 2009
News Capsules 27- May
• Anil Ambani group firm Reliance Communications (RCom) said its shareholders have approved the demerger of its optic fibre division to its infrastructure division Reliance Infratel. In a filing to the Bombay Stock Exchange RCom said the equity shareholders have approved the scheme of
arrangement between the company and its infrastructure division Reliance Infratel.
• The proposed partnership deal of Bharti Airtel and South African telecom giant MTN will be the first telecom company that will test the new norms for foreign investment announced under Press Notes 2, 3 and 4 in February 2009. Since the effective foreign ownership in Bharti Airtel (including the proportionate foreign ownership through the parent company), is set to cross the threshold limit of 74 per cent after consummation of this transaction, it is expected to approach the government for approval under the new norms, said a leading investment banker on condition of anonymity.
• The Mittal-promoted Bharti group — with interests in telecom, insurance, realty and retail — has ventured into the food and beverage (F&B) segment in partnership with Singapore-based Del Monte Pacific. The joint venture, called Field Fresh Foods Pvt Ltd, plans to invest Rs 100 crore to set up a greenfield manufacturing facility in India for processed food products at Hosur in Tamil Nadu, which will be operational by 2010.
• Tata Communications posted an over five-fold rise in its net profit at Rs 302.37 crore in the fourth quarter ended March 31, 2009, over the same period last year.
• Nalco has cut prices of its products by up to Rs 5,000 a tonne, a step aimed to discourage imports from China which have got a boost after the domestic currency turned stronger against the US dollar.
• Foreign fund house Morgan Stanley has acquired 7.68 per cent stake in Indiabulls Real Estate for about Rs 570.18 crore, through qualified institutional placement (QIP) route.
• Top three steel PSUs SAIL, NMDC and RINL will infuse Rs 13,000 crore this fiscal as part of their programme to expand production capacities to about 35 million tonnes in the next two-three years.
• Just over a week after the Madras High Court granted the Chennai-based two-wheeler company TVS Motor the permission to use twin-spark plugs in its motorcycles, Bajaj Auto has decided to move the Supreme Court against the ruling.
• Bata India is looking at expediting the completion of the company’s ambitious Batanagar Township project, worth around Rs 1,300 crore.
• Foreign exchange losses of Rs 22 crore in the quarter ate into the profits of Delhi-based NIIT Technologies, which posted a profit after tax (PAT) of Rs 26.3 crore for the fourth quarter ended 31 March, 2009, down 15 per cent from Rs 31 crore in the corresponding quarter last year.
arrangement between the company and its infrastructure division Reliance Infratel.
• The proposed partnership deal of Bharti Airtel and South African telecom giant MTN will be the first telecom company that will test the new norms for foreign investment announced under Press Notes 2, 3 and 4 in February 2009. Since the effective foreign ownership in Bharti Airtel (including the proportionate foreign ownership through the parent company), is set to cross the threshold limit of 74 per cent after consummation of this transaction, it is expected to approach the government for approval under the new norms, said a leading investment banker on condition of anonymity.
• The Mittal-promoted Bharti group — with interests in telecom, insurance, realty and retail — has ventured into the food and beverage (F&B) segment in partnership with Singapore-based Del Monte Pacific. The joint venture, called Field Fresh Foods Pvt Ltd, plans to invest Rs 100 crore to set up a greenfield manufacturing facility in India for processed food products at Hosur in Tamil Nadu, which will be operational by 2010.
• Tata Communications posted an over five-fold rise in its net profit at Rs 302.37 crore in the fourth quarter ended March 31, 2009, over the same period last year.
• Nalco has cut prices of its products by up to Rs 5,000 a tonne, a step aimed to discourage imports from China which have got a boost after the domestic currency turned stronger against the US dollar.
• Foreign fund house Morgan Stanley has acquired 7.68 per cent stake in Indiabulls Real Estate for about Rs 570.18 crore, through qualified institutional placement (QIP) route.
• Top three steel PSUs SAIL, NMDC and RINL will infuse Rs 13,000 crore this fiscal as part of their programme to expand production capacities to about 35 million tonnes in the next two-three years.
• Just over a week after the Madras High Court granted the Chennai-based two-wheeler company TVS Motor the permission to use twin-spark plugs in its motorcycles, Bajaj Auto has decided to move the Supreme Court against the ruling.
• Bata India is looking at expediting the completion of the company’s ambitious Batanagar Township project, worth around Rs 1,300 crore.
• Foreign exchange losses of Rs 22 crore in the quarter ate into the profits of Delhi-based NIIT Technologies, which posted a profit after tax (PAT) of Rs 26.3 crore for the fourth quarter ended 31 March, 2009, down 15 per cent from Rs 31 crore in the corresponding quarter last year.
Pre Market Outlook
The market may open higher on positive cues from the Global markets. Volatility may remain high ahead of the expiry of May 2009 futures and options (F&O) contract on Thursday, 28 May 2009. Asian stocks rose, led by automakers and mining companies, after U.S. consumer confidence jumped the most in six years and commodity prices climbed. U.S. stocks climbed more than 2 percent on Tuesday as data showing the biggest monthly jump in consumer confidence in six years lifted hopes of an economic rebound, and a brokerage upgrade of Apple Inc drove sharp gains on the Nasdaq. Most of the Indian ADRs ended on a positive note.
According to provisional data on NSE, foreign funds stocks sold worth a net Rs. 197.02 crore on Tuesday, 26 May 2009. Domestic funds sold shares worth a net Rs. 138.19 crore on that day.
According to provisional data on NSE, foreign funds stocks sold worth a net Rs. 197.02 crore on Tuesday, 26 May 2009. Domestic funds sold shares worth a net Rs. 138.19 crore on that day.
Tuesday, May 26, 2009
News Capsules
• After a failed attempt just 12 months ago, Bharti Airtel announced that it was renewing talks with South African telecom company MTN for a complex cash and share-swap deal worth $23 billion.
• Oil and Natural Gas Corporation (ONGC) said it will lose about Rs 14,000 crore if it is forced to continue in Cairn India's prolific Rajasthan oilfields as it will have to pay for all of the government levies.
• Maruti Suzuki India Limited is testing its cars on the CNG platform before launching them commercially in the next 2-3 years. Compressed natural gas (CNG) is a more environment-friendly alternative to other fossil fuels, such as petrol or diesel.
• Bharat Heavy Electricals Limited (BHEL’s) Tiruchirappalli (Tiruchy) unit has bagged an order worth Rs 703 crore from Ideal Energy Projects Ltd (IEPL). The order is to supply a main plant package for the upcoming Bela Thermal Power Project (TPP) in Maharashtra being set up by IEPL.
• A little more than two-and-half years after Bajaj Auto acquired its first stake in Austrian power bike maker KTM Power Sports AG, the Pune-based company is readying itself to derive full benefits from the alliance.
• Suzlon Energy have sold 4 per cent of their stake in the company for about Rs 569 crore to part-finance the buy-out of the stake held in Suzlon's German subsidiary, REpower Systems AG, by Martifer SGPS of Portugal.
• Dabur is stepping up expansion in the skin care segment, on the back of its acquisition of Fem Care Pharma last year, with plans to expand range of products from the latter's stable besides launching a new brand of its own.
• Idea Cellular, one of the leading telecom operators in the country, entered Tamil Nadu, with the launch of its GSM mobile services in 130 towns across the state.
• Dishman Pharmaceuticals & Chemicals said its consolidated net profit for the year ended March 31, 2009, rose by 22.13 per cent to Rs 146.19 crore, over the same period last year.
• Oil and Natural Gas Corporation (ONGC) said it will lose about Rs 14,000 crore if it is forced to continue in Cairn India's prolific Rajasthan oilfields as it will have to pay for all of the government levies.
• Maruti Suzuki India Limited is testing its cars on the CNG platform before launching them commercially in the next 2-3 years. Compressed natural gas (CNG) is a more environment-friendly alternative to other fossil fuels, such as petrol or diesel.
• Bharat Heavy Electricals Limited (BHEL’s) Tiruchirappalli (Tiruchy) unit has bagged an order worth Rs 703 crore from Ideal Energy Projects Ltd (IEPL). The order is to supply a main plant package for the upcoming Bela Thermal Power Project (TPP) in Maharashtra being set up by IEPL.
• A little more than two-and-half years after Bajaj Auto acquired its first stake in Austrian power bike maker KTM Power Sports AG, the Pune-based company is readying itself to derive full benefits from the alliance.
• Suzlon Energy have sold 4 per cent of their stake in the company for about Rs 569 crore to part-finance the buy-out of the stake held in Suzlon's German subsidiary, REpower Systems AG, by Martifer SGPS of Portugal.
• Dabur is stepping up expansion in the skin care segment, on the back of its acquisition of Fem Care Pharma last year, with plans to expand range of products from the latter's stable besides launching a new brand of its own.
• Idea Cellular, one of the leading telecom operators in the country, entered Tamil Nadu, with the launch of its GSM mobile services in 130 towns across the state.
• Dishman Pharmaceuticals & Chemicals said its consolidated net profit for the year ended March 31, 2009, rose by 22.13 per cent to Rs 146.19 crore, over the same period last year.
Pre Market Outlook 26-May
The market is likely to open on a flat note-taking cue from weak global markets. Volatility may remain high ahead of the expiry of May 2009 futures and options (F&O) contract on Thursday, 28 May 2009. However, comments from the new Finance Minister Pranab Mukherjee that political stability will be the spring board for India’s economic recovery may support the market at lower level. Asian stocks fell, led by technology companies and banks, as concern mounted that North Korea may step up missile tests and investors speculated a report will show the U.S. housing market is still contracting. U.S. stocks fell for a fourth day on Friday on persistent worries about the U.S. budget deficit, with U.S. Treasuries and the dollar losing ground. European shares rose on Monday with Sanofi Aventis leading pharmaceuticals higher after winning a U.S. contract, and some analysts choosing to interpret a leading German economic
survey positively.
According to provisional data on NSE, foreign funds stocks bought worth a net
Rs. 427.97 crore on Monday, 25 May 2009. Domestic funds bought shares worth
a net Rs. 197.68 crore on that day.
survey positively.
According to provisional data on NSE, foreign funds stocks bought worth a net
Rs. 427.97 crore on Monday, 25 May 2009. Domestic funds bought shares worth
a net Rs. 197.68 crore on that day.
Monday, May 25, 2009
Pre Market Outlook
The market is likely to open on negative note taking cue from global markets. Asian market open on a mixed note. U.S. stocks fell for a fourth day on Friday on persistent worries about the U.S. budget deficit, with U.S. Treasuries and the dollar losing ground. European shares ended lower for the second day in a row on Friday, further cooling a rally that has added a third to stock prices in the past ten weeks, as defensives and Swiss stocks weighed.
According to provisional data on NSE, foreign funds stocks sold worth a net Rs. 761.66 crore on Friday, 22 May 2009. Domestic funds bought shares worth a net Rs. 434.53 crore on that day.
Dr Manmohan Singh took over as the twenty-first Prime Minister of India. It was announced that Pranab Mukherjee was elected as the Finance Minister, while P Chidambaram would retain his position as the Home Minister. AK Antony has been appointed as the Defence Minister and Mamata Banerjee will take over as the Railway Minister. Sharad Pawar has been given the position of the Agriculture Minister, Food and Civil Supplies. SM Krishna is the new External
Affairs Minister.
According to provisional data on NSE, foreign funds stocks sold worth a net Rs. 761.66 crore on Friday, 22 May 2009. Domestic funds bought shares worth a net Rs. 434.53 crore on that day.
Dr Manmohan Singh took over as the twenty-first Prime Minister of India. It was announced that Pranab Mukherjee was elected as the Finance Minister, while P Chidambaram would retain his position as the Home Minister. AK Antony has been appointed as the Defence Minister and Mamata Banerjee will take over as the Railway Minister. Sharad Pawar has been given the position of the Agriculture Minister, Food and Civil Supplies. SM Krishna is the new External
Affairs Minister.
Friday, May 22, 2009
News Capsules
• Reliance Power will invest over Rs 12,000 crore for executing 2,520-MW hydro power projects in Arunachal Pradesh, to be commissioned in the next Five Year Plan (2012-17). The company has signed agreement with the state government for developing four hydro power projects -- 1,200 MW Kalai-II, 420 MW Amulin, 500 MW Emini and 400 MW Mihundon.
• Oil and Natural Gas Corporation (ONGC) will pay Rs 852 crore for subsidising petrol and diesel during January-March quarter but state gas utility GAIL India has been spared from the subsidy burden.
• Better margins on non-commuter bikes through premium pricing and softening of raw material prices helped India’s second-largest bike producer Bajaj Auto to post an increase of almost 8 per cent in net profit at Rs 130 crore. This was despite a drop of 20 per cent in sales of units during the last quarter of F09. Bajaj Auto saw total sales at 440,269 for the quarter as compared to 552,588 units.
• Tata Motors, the country’s largest truck maker which raised Rs 4,200 crore on Wednesday through issue of secured non-convertible debentures (NCDs), is raising another Rs 4,750 crore ($ 1 billion) through the external commercial borrowing (ECB) route.
• Dr Reddy’s Laboratories is moving all its drug research and development assets to its wholly-owned, independent subsidiary Aurigene, effective July 1, as part of a restructuring plan to rejuvenate its drug development activities.
• Ranbaxy Laboratories has acquired the entire range of skin care and lifestyle products of Ochoa Laboratories, a small to medium sized manufacturer located onthe outskirts of New Delhi.
• Opto Circuits India announced that its California-based international marketing arm, Mediaid Inc., has received Brazilian FDA agency - Agencia Nacional de Vigilancia Sanitaria (ANVISA) - approval for marketing and sale of the Mediaid brand of US FDA-approved Pulse Oximetry (SPO2) products (Patient Monitors & Sensors) in the country and surrounding geographies.
• Areva T&D, the Indian arm of French equipment maker Areva, has bagged an order from the West Bengal State Electricity Transmission Company (WBSETCL) for developing 400 KV substation at Kharagpur
• Oil and Natural Gas Corporation (ONGC) will pay Rs 852 crore for subsidising petrol and diesel during January-March quarter but state gas utility GAIL India has been spared from the subsidy burden.
• Better margins on non-commuter bikes through premium pricing and softening of raw material prices helped India’s second-largest bike producer Bajaj Auto to post an increase of almost 8 per cent in net profit at Rs 130 crore. This was despite a drop of 20 per cent in sales of units during the last quarter of F09. Bajaj Auto saw total sales at 440,269 for the quarter as compared to 552,588 units.
• Tata Motors, the country’s largest truck maker which raised Rs 4,200 crore on Wednesday through issue of secured non-convertible debentures (NCDs), is raising another Rs 4,750 crore ($ 1 billion) through the external commercial borrowing (ECB) route.
• Dr Reddy’s Laboratories is moving all its drug research and development assets to its wholly-owned, independent subsidiary Aurigene, effective July 1, as part of a restructuring plan to rejuvenate its drug development activities.
• Ranbaxy Laboratories has acquired the entire range of skin care and lifestyle products of Ochoa Laboratories, a small to medium sized manufacturer located onthe outskirts of New Delhi.
• Opto Circuits India announced that its California-based international marketing arm, Mediaid Inc., has received Brazilian FDA agency - Agencia Nacional de Vigilancia Sanitaria (ANVISA) - approval for marketing and sale of the Mediaid brand of US FDA-approved Pulse Oximetry (SPO2) products (Patient Monitors & Sensors) in the country and surrounding geographies.
• Areva T&D, the Indian arm of French equipment maker Areva, has bagged an order from the West Bengal State Electricity Transmission Company (WBSETCL) for developing 400 KV substation at Kharagpur
Morning Mantra
The market is likely to open on a flat note with a negative bias-taking cue from weak global markets. Asian Market trading on a mixed note. U.S. stocks slid in a broad sell-off on Thursday as investors, concerned about the U.S. budget deficit, exited dollar-denominated assets across the board. Indian ADRs ended mostly down. Driven by the rising prices of essential food items like cereals, tea, spices and fruit and vegetables, inflation inched up to 0.61 per cent for the week ended May 9.
According to provisional data on NSE, foreign funds stocks sold worth a net Rs. 2.14 crore on Thursday, 21 May 2009. Domestic funds sold shares worth a net Rs. 371.48 crore on that day.
According to provisional data on NSE, foreign funds stocks sold worth a net Rs. 2.14 crore on Thursday, 21 May 2009. Domestic funds sold shares worth a net Rs. 371.48 crore on that day.
Thursday, May 21, 2009
News Capsules
• Tata Motors, the country’s largest truck maker, has raised Rs.4,200 crore through the issue of secured non-convertible debentures (NCDs) to financial institutions. The money would be used for part-payment of the $3-billion (around Rs 14,313 crore) bridge loan it had availed of to finance the acquisition of Jaguar and Land Rover brands from Ford Motor Company last year.
• Maruti Suzuki India Ltd is in talks with the Haryana government to set up a research and development (R&D) centre, including a testing track, in the state. The proposed project, spread over 500 acres, is likely to be at Manesar and would attract an investment of Rs.1,800 crore.
• Leading pharmaceutical company Pfizer Inc has entered into a partnership with Ahmedabad-based Claris Lifesciences Ltd to commercialise sterile injectible drugs that are off-patent and have lost exclusivity in the United States, Canada, Australia, New Zealand and Europe.
• Reliance Industries, which recently began gas production off the east coast, has got the government go-ahead to sign agreements with firms supplying the much-needed gas to households and car owners in major cities. The government approved the allocation of gas from RIL’s Krishna- Godavari basin to half-a-dozen city gas distribution firms (CGD) in Delhi, Mumbai, Ahmedabad, Gandhinagar, Agra, Indore and Ujjain.
• Reliance Power Transmission, an Anil Ambani group company, has tied-up Rs.970 crore for its first transmission utility project in the western region of the country. The project involves setting up of 400 KV double circuit transmission lines covering about 1,500 Km in Maharashtra, Gujarat and Madhya Pradesh. It will connect the eastern region to the power deficit western region. The project is expected to be completed by 2010.
• Maruti Suzuki India Ltd is in talks with the Haryana government to set up a research and development (R&D) centre, including a testing track, in the state. The proposed project, spread over 500 acres, is likely to be at Manesar and would attract an investment of Rs.1,800 crore.
• Leading pharmaceutical company Pfizer Inc has entered into a partnership with Ahmedabad-based Claris Lifesciences Ltd to commercialise sterile injectible drugs that are off-patent and have lost exclusivity in the United States, Canada, Australia, New Zealand and Europe.
• Reliance Industries, which recently began gas production off the east coast, has got the government go-ahead to sign agreements with firms supplying the much-needed gas to households and car owners in major cities. The government approved the allocation of gas from RIL’s Krishna- Godavari basin to half-a-dozen city gas distribution firms (CGD) in Delhi, Mumbai, Ahmedabad, Gandhinagar, Agra, Indore and Ujjain.
• Reliance Power Transmission, an Anil Ambani group company, has tied-up Rs.970 crore for its first transmission utility project in the western region of the country. The project involves setting up of 400 KV double circuit transmission lines covering about 1,500 Km in Maharashtra, Gujarat and Madhya Pradesh. It will connect the eastern region to the power deficit western region. The project is expected to be completed by 2010.
Pre Market Update
Market is likely to open on a negetive note, taking cues from global market. U.S. stocks fell on Wednesday, led by financials in a late-stage sell-off, after the Federal Reserve gave a more pessimistic view on the economy, tempering hopes for a quick recovery. European shares ended higher on Wednesday in a choppy session, extending a winning streak to five days, with commodity stocks the major gainers as the price of crude oil and metals rose. Asian stocks are currently trading low, dragging the MSCI Asia Pacific Index from a seven-month high, as the stronger yen diminished earnings prospects in Japan and the U.S. Federal Reserve projected a deeper recession.
According to provisional data on NSE, foreign funds stocks sold worth a net Rs. 985.53 crore on Wednesday, 20 May 2009. Domestic funds bought shares worth a net Rs. 4.99 crore on that day.
According to provisional data on NSE, foreign funds stocks sold worth a net Rs. 985.53 crore on Wednesday, 20 May 2009. Domestic funds bought shares worth a net Rs. 4.99 crore on that day.
Sentiment Indicator
PCR of index options is at 1.21 from last trading session’s 1.21.
PCR of Stock options is at 0.35 from last trading session’s 1.23.
PCR of total F&O is at 1.17 from last trading session’s 0.42.
The advances are 1012, declines are 90 and unchanged are 9. The implied volatility has decreased to 53.72 from last trading session’s 57.95
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