• 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.
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