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Wednesday, November 22, 2006

Asia's Hot Growth Companies: 2006


Here are the pace-setters from around the region, including a surprising No. 1 from Thailand

The list of Asia's hot growth companies reveals a number of startling trends. One is the strength of Japan, which despite China's undisputed rise still has vibrancy as an economy. Japanese companies occupy more slots on the list than companies from any other country, and they range from temp agencies to retailers to electronics outfits. Taiwan's high-tech promise comes through clearly on the list. Singapore, long criticized for its inability to nurture startups, has a healthy contingent. China shows its prowess in heavy manufacturing. And even Thailand makes the ranks, snagging the No. 1 spot with a marine shipping company—about as far from the chip labs of Japan and Taiwan as you can get.

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Morgan Staley - United Phosphorous


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NetworthStock - Ruchira Papers IPO


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Prabhudas Lilladher: Positive on RPG Life Sciences


According to the brokerage house, the company expects to grow its top line by 20%, while the bottom line is expected to grow by 25% in the next couple of years and also aiming at a turnover of Rs 4.5bn by 2010.

They estimate EPS of Rs 14 and Rs 17.8 for FY07 and FY08 respectively. The stock trades at 8.1x FY07E and 6.3x FY08E earnings and remain positive on the prospects for the stock.

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EXCLUSIVE! - Asian Market Securities - Sector Update - Cement


Indian Cement Industry

Asian Markets Securities, in a sector update on cement, said valuations are at a reasonable level, and "the best has already been factored in the prices, and long-term outlook does not appear rosy."

The report added: "At best, cement sector could be market performer offering 10-15% return in sync with market momentum over the medium term. Valuation gap within the industry will widen as companies will get divergent valuations based upon factors like location, efficiency, financials, scale, cap-ex plans etc.

"Our word of caution also stems from high enterprise value (EV), which over the past one year has sky-rocketed to $200-220 per tonne for large companies & $150-170 per tonne for mid-sized companies.

"Such astronomical pricing is peculiar to boom times & tend to correct sharply should cycle turn unfavorable.

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Angel - Sobha Developers


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EIH Ltd Conference Call hosted by India Infoline Ltd


EIH is constructing a 440 room Trident hotel in Mumbai on which it has so far spent about Rs3.3bn and another Rs4bn would be incurred over the next two years.

* EIH Ltd owns more than 1,800 rooms and has one hotel under management contract. Majority of revenues accrue from five properties-two each in Mumbai and Delhiand one in Bangalore.

* Mumbai and Delhi contributed about 30% each to FY06 revenues

* For the company, Average Room Rates (ARRs) in FY06 was above Rs8,000 while Occupancy Rate (OR) was about 68%.

*The company’s printing press segment had revenues of about Rs350mn and operating profit of about Rs100mn in FY06 which it expects to cross about Rs1bn in the next four years.

* Debt as of FY06 was about Rs7bn which it expects to remain more or less the same for FY07. However, it would be higher if borrowings of about Rs3bn are resorted to for its Mumbai hotel, which would be in tranches

*EIH had a swap loss of about Rs150mn in H1 FY07 which it expects to more than double for the full year.

* Its Bangalore hotel currently has ARRs of Rs14,000 with an OR of about 80%.

* Its Kolkata hotel, Oberoi Grand, has ARRs of about Rs6,000.

Mumbai Expansion

* EIH is constructing a 440 room Trident hotel in Mumbai on which it has so far spent about Rs3.3bn and another Rs4bn would be incurred over the next two years.

*About 220 rooms would be available after the completion of first phase of the hotel in 2008-09.

Outlook

* For FY07, the company expects ARRs to be above Rs10,000 while OR is likely to be in the range of 70-71%.

* Revenue Per Available Room (RevPar) is estimated to increase by about 34% yoy in 2006-07.

*Mumbai and Delhi are expected to register ARR growth of about 25% and 30% respectively in FY07 and about 25% each in FY08.

Sharekhan Investor's Eye dated November 22, 2006


Gateway Distriparks
Cluster: Cannonball
Recommendation: Buy
Price target: Rs250
Current market price: Rs178

GDL acquires control of Snowman
Gateway Distriparks Ltd (GDL) has acquired a 50.10% stake in Snowman Frozen Foods (Snowman) for Rs48.12 crore. This deal puts the enterprise value of the firm at about Rs104 crore. GDL will infuse fresh funds in Snowman by subscribing to 34,390,000 new equity shares of Snowman at a price of Rs10.50 per share. Further GDL will purchase 861,000 existing equity shares of Snowman at a price of Rs17.50 per share from Amalgam Foods. GDL is already sitting on a huge cash pile of Rs300-350 crore that it had raised from a global depository receipt issue earlier this year. Hence the funding of the latest acquisition will not be an issue.

ICI India
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Rs430
Current market price: Rs372

ICI India to divest its stake in Quest India

Key points

  • ICI India has announced that it will sell its last subsidiary, Quest International India Ltd, which is in the flavour and fragrance business. This is a strategic move by the company to concentrate on its core businesses of paints and chemicals.
  • At the current market price the stock trades at 20.4x its FY2007 estimated earnings. We maintain our Buy recommendation on the stock with a price target of Rs430 based on the sum-of-parts valuation method.

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BRICS PCG - Apollo Tyres


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Geojit - Walchandnagar Industries


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Sensex climbs nearly 90 points on FII support


The BSE Sensex settled above 13,700 for the first time, extending its rally for the third straight day, as FIIs lapped up equities on the domestic bourses.

The Sensex rose 89.76 points (0.66%), at 13,706.53, an all-time closing high. It had opened with an upward gap, at 13,625.09, backed by firm Asian markets. The market had touched an all-time high of 13,740.39, during the afternoon session, the low being 13,625.09. Thus, the benchmark index oscillated 115 points intra-day.

The S&P CNX Nifty advanced 36.50 points (0.93%), to 3,954.75, its all time closing high. It touched an all time high of 3960.

The total turnover on BSE amounted to Rs 5,151 crore as compared to Rs 4595 crore on Tuesday (21 November).

The market-breadth was just about positive with 1,299 shares advancing on BSE, against 1,235 that declined. A total of 78 shares did not change. The BSE Mid-Cap index finished at 5,600.56 up 53.70 points or 1% while the BSE Small-Cap index rose 0.74% or 47.17 points to 6,463.78.

Among the 30-Sensex pack, 19 advanced while the rest declined.

Satyam Computers was a top gainer, up 5.96% to Rs 480.25, on 17.43 lakh shares. The stock moved in a broad range of Rs 482 – 455.05.

Reliance Energy advanced 3.50% to Rs 551, amid reports that subsidiary, Reliance Energy Transmission, had bid for establishing transmission lines for the Western Region System Strengthening (WRSS) scheme by Power Grid Corporation of India. The financial bids were opened on 20 November 2006, and are being scrutinised. The stock fluctuated between Rs 536.90 – Rs 555.45.

Bharti Airtel (up 2.32% to Rs 638) and Reliance Communications (up 3.43% to Rs 430.15) rose for the second successive day amid reports that the government will free up more frequencies for cellular telephony. Both had set new records earlier in the day.

The media informs that the Department of Telecom (DoT) has decided to roll out the optical fibre cable project in phases, which will free a part of the 45 Mhz of radio frequency being used by the armed forces presently. This will help cellular service providers, who are facing a severe spectrum crunch. Reports also claim that the third generation 3G mobile services may hit the market as early as mid-2007.

State-run oil explorer ONGC rose 1.40% to Rs 857, after global crude oil prices firmed up around $60 a barrel.

ICICI Bank rose 1.04% to Rs 880.40, due to reports that it will raise funds overseas to finance lending growth. ICICI Bank has been riding the crest of a lending wave which has lashed Indian shores. Bank loans in India have been growing at an annual rate of nearly 30%, even though the central bank turned on the screws during policy setting meets this year. Last month, ICICI Bank sold $400 million worth of five-year bonds. In August, it raised $340 million in perpetual, hybrid tier-I securities.

Index heavyweight Reliance Industries advanced 0.39% to Rs 1,277.60, on a volume of 6.22 lakh shares. It moved between Rs 1,273- Rs 1,290.

HDFC Bank was the top loser, down 1.29% to Rs 1,077.10, on 1.39 lakh shares.

Infosys lost 1.28% to Rs 2,223, as its ADR lost 3.3% on Tuesday, to settle at $53.44.

Tata Steel lost 0.84% to Rs 471.45 on 9.40 lakh shares. It said on Wednesday it has signed a joint venture agreement with Tata Power Company for captive power plants in three states. Tata Steel will hold 26% in the venture, with Tata Power holding the remainder. The plants would be set up in Chattisgarh, Orissa and Jharkhand to support the expansion plans of Tata Steel.

Two block deals of 12.85 lakh shares and 5.65 lakh shares, were struck in Rico Auto at an average Rs 60 per share. The stock lost 0.83% to Rs 60.10, on a cumulative volume of 25.64 lakh shares.

The BSE capital goods index was the biggest gainer among sectoral indices, up 210.32 points (2.39%), to 9,004.53. Crompton Greaves (up 3% to Rs 272.50), Aban Loyd Chiles (up 6.45% to Rs 1,105), SKF Bearings (up 3.62% to Rs 309.50), Cummins (up 4.67% to Rs 282.55), Bhel (up 2.10% to Rs 2470), Larsen & Toubro (up 1.92% to Rs 1,374) and ABB (up 4.48% to Rs 3,547) moved higher.

FMCG stocks failed to take-off because of profit-booking, the BSE FMCG index declining 1.10%, to 2,011.12. It was the lone loser among sectoral indices on BSE. Major losers were ITC (down 0.98% to Rs 182), HLL (down 1.25% to Rs 245.45), Dabur India (down 0.52% to Rs 142.20) and Colgate (down 1.10% to Rs 378.35).

State-run oil refiners and marketing firms slipped after crude oil touched $60 a barrel on Wednesday, its highest in two weeks. Indian Oil Corporation (down 2% to Rs 503.10), Hindustan Petroleum Corporation (down 3.03% to Rs 315), and Bharat Petroleum Corporation (down 2.23% to Rs 371.25) declined.

Siemens jumped 11.83% to Rs 1,356.90, after it bagged a Rs 4,000 crore project in the power transmission and distribution segment, the execution of which will happen over 22 months, starting December 2006. Interestingly, Siemens November 2006 futures contracts were the most active in the F&O segment, accounting for Rs 1,373.49 crore in turnover. The contract settled at a premium, at 1,358.95.

ICI India jumped 7.55% to Rs 374, under the reckoning it will make huge capital gains by disposing off subsidiary, Quest International. ICI India has decided to sell its wholly-owned subsidiary, Quest International India (Quest India), to Switzerland's Givaudan Group for not less than Rs 390 crore. Since ICI India had invested Rs 209 crore in Quest India shares, it will end up with a capital gain of at least Rs 181 crore from the sale. ICI said it expects the transaction to be completed before the end of the financial year.

Shares of textile firm Birla VXL surged 10% to Rs 53.10, for the second day in a row, on hopes that the impending rights issue may be another step towards a possible turnaround. The stock surged 10% to Rs 48.30 on Tuesday (21 November) – the day when the scrip turned ex-rights. The company’s rights issue in the ratio of 4:7, is priced at par. But, there will be large equity dilution following the rights issue. The paid-up equity capital will surge to Rs 68.74 crore from Rs 43.74 crore on completion of allotment in the rights issue.

Gateway Distriparks rose 3.10% to Rs 177.75, after its board approved buying 50.1% stake in Snowman Frozen Foods for Rs 48.12 crore, which is well-known for transporting and stocking ice-creams, fruits, vegetables, and seafood, especially for Hindustan Lever and Amalgam group. Snowman’s integrated logistics management comprises the entire spectrum of the supply chain; from procurement to storage and retail distribution.

Top zinc maker Hindustan Zinc surged 7.13% to Rs 932, on the back of a rise in zinc prices on the LME, for the second day in a row. Zinc for delivery in three months closed at $4,295 a tonne, up 3% or $126 from the previous session. The stock had risen 3%, on Tuesday (21 November) to Rs 869.90 after being listed on NSE.

International Travel House, an ITC associate company, rose 2.26% to Rs 162.60 amid reports that it has been put on the block. Reports also reveal that the price tag is about Rs 140 crore for the company.

Fulford India rose 1.90% to Rs 592 after UK-based Dashtag made an open offer to shareholders for acquiring an additional 20% stake in the pharma company at Rs 575 per share.

State-run Union Bank of India rose 1.16% to Rs 135, after allying with Infrastructure Leasing & Financial Services (IL&FS) for rendering services to foreign funds in India.

Crude oil prices edged slightly lower after climbing above $60 yesterday on news that Alaskan oil shipments had been disrupted. Falls were limited, however, by expectations that today's inventory data will show another drop in US fuel stocks. New York light sweet crude contracts for January delivery were down 22 cents, at $ 59.99 a barrel.

The Nikkei rose 1.14% on Wednesday as Softbank Corp and Fast Retailing Co rebounded after recent drops. The Nikkei 225 index added 180.09 points, to 15,914.23. On Monday, the Nikkei benchmark ended at its lowest close since late-September.

Hong Kong’s Hang Seng index rose 242.49 points (1.28%), to 19,250.79.

US stocks ended a bit higher on Tuesday, as fresh records in shares of aircraft maker Boeing Co and Web search leader Google Inc outweighed rising oil prices. The Dow Jones industrial average rose 5.05 points, or 0.04%, to end at 12,321.59. The Nasdaq Composite Index added 2.12 points, or 0.09%, to close at 2,454.84.

Mutual Funds were net equity sellers worth Rs 285 crore on 20 November 2006.

High volatility may emerge in the near term as traders square off, or carry forward, their outstanding contracts for November futures ahead of the expiry of contracts next Thursday (30 November). The latest NSE F&O open interest has gone up by Rs 1,659 crore, to Rs 54,824 crore.

Market gains 90 points at 13707


The market continued to post strong gains as relentless buying in the afternoon triggered a massive rally that saw the index move above the 12700 mark. The Sensex opened eight points higher at 13625 and substantial buying in the second half of the trading session in blue chip counters lifted the index to an intra-day high of 13740, up 123 points from the day's low. The Sensex finally ended the session with gains of 90 points at 13707 while the Nifty advanced 36 points to close at 3955. In intra-day trades the Nifty touched an all-time high of 3960.

The market breadth was positive on the BSE. Of the 2,614 stocks traded, 1,311 stocks advanced, 1,229 stocks declined and 74 stocks ended unchanged. The Nifty’s breadth was also positive. Among the sectoral indices the BSE CG index rose 2.39% at 9004, while the BSE Auto index and the BSE Teck index gained 1% each. On the other hand the BSE FMCG index closed in negative territory.

Among the gainers Hinduja TMT added Rs37 at Rs544, ICI India surged Rs24 at Rs372, Finolex Cable soared Rs30 at Rs372, Hindustan Zinc gained Rs53 at Rs923, Exide Industries added Rs2 at Rs41, Bombay Dyeing advanced Rs46 at Rs818 and Jindal Saw was up Rs21 at Rs382. India Cements gained Rs12 at Rs225, Satyam Computers was up Rs24 at Rs478 and Nicholos Piramal advanced Rs12 at Rs242. Cadila Healthcare, Jet Airways, Cummins India, United Phosphorous, Engineers India, Mirc Electronics, Asani Enterprises and Novartis gained around 4% each.

Among the capital goods scrips Tantia Construction surged 10.50% at Rs163, Siemens soared 9.57% at Rs1331 and Everest Kanto gained 8.73% at Rs535. Jyoti Structures, Emco, Areva, DS Kulkarni, Best & Crompton, Manugraph and Prajay Engineers surged 4-5% each.

Over 20.93 lakh sterling Biotech shares changed hands on the BSE followed by SAIL (20.68 lakh shares) and Reliance Communication (20.05 lakh shares).

Market spews fire, ends at record high


The BSE Sensex settled above 13,700 for the first time. The market continued to rally for the third straight day, as FIIs lapped up equities on the domestic bourses.

The Sensex rose 89.76 points (0.66%), at 13,706.53, an all-time closing high. It had opened with an upward gap, at 13,625.09, backed by firm Asian markets. The market had touched an all-time high of 13,740.39, during the afternoon session, the low being 13,625.09. Thus, the benchmark index oscillated 115 points intra-day.

The S&P CNX Nifty advanced 36.50 points (0.93%), to 3,954.75, its all time closing high.

The total turnover on BSE amounted to Rs 5,151 crore.

The market-breadth was just about positive with 1,299 shares advancing on BSE, against 1,235 that declined. A total of 78 shares did not change.

Among the 30-Sensex pack, 19 advanced while the rest declined.

Satyam Computers was a top gainer, up 5.96% to Rs 480.25, on 17.43 lakh shares. The stock moved in a broad range of Rs 482 – 455.05.

Reliance Energy advanced 3.50% to Rs 551, amid reports that subsidiary, Reliance Energy Transmission, had bid for establishing transmission lines for the Western Region System Strengthening (WRSS) scheme by Power Grid Corporation of India. The financial bids were opened on 20 November 2006, and are being scrutinised. The stock fluctuated between Rs 536.90 – Rs 555.45.

Bharti Airtel (up 2.32% to Rs 638) and Reliance Communications (up 3.43% to Rs 430.15) rose for the second successive day amid reports that the government will free up more frequencies for cellular telephony. Both had set new records earlier in the day.

The media informs that the Department of Telecom (DoT) has decided to roll out the optical fibre cable project in phases, which will free a part of the 45 Mhz of radio frequency being used by the armed forces presently. This will help cellular service providers, who are facing a severe spectrum crunch. Reports also claim that the third generation 3G mobile services may hit the market as early as mid-2007.

State-run oil explorer ONGC rose 1.40% to Rs 857, after global crude oil prices firmed up around $60 a barrel.

ICICI Bank rose 1.04% to Rs 880.40, due to reports that it will raise funds overseas to finance lending growth. ICICI Bank has been riding the crest of a lending wave which has lashed Indian shores. Bank loans in India have been growing at an annual rate of nearly 30%, even though the central bank turned on the screws during policy setting meets this year. Last month, ICICI Bank sold $400 million worth of five-year bonds. In August, it raised $340 million in perpetual, hybrid tier-I securities.

Index heavyweight Reliance Industries advanced 0.39% to Rs 1,277.60, on a volume of 6.22 lakh shares. It moved between Rs 1,273- Rs 1,290.

HDFC Bank was the top loser, down 1.29% to Rs 1,077.10, on 1.39 lakh shares.

Infosys lost 1.28% to Rs 2,223, as its ADR lost 3.3% on Tuesday, to settle at $53.44.

Two block deals of 12.85 lakh shares and 5.65 lakh shares were struck in Rico Auto at an average Rs 60 per share. The stock lost 0.83% to Rs 60.10, on a total volume of 25.64 lakh shares.

The Nikkei rose 1.14% on Wednesday as Softbank Corp and Fast Retailing Co rebounded after recent drops. The Nikkei 225 index added 180.09 points, to 15,914.23. On Monday, the Nikkei benchmark ended at its lowest close since late-September.

Hong Kong’s Hang Seng index rose 242.49 points (1.28%), to 19,250.79.

US stocks ended a bit higher on Tuesday, as fresh records in shares of aircraft maker Boeing Co and Web search leader Google Inc outweighed rising oil prices. The Dow Jones industrial average rose 5.05 points, or 0.04%, to end at 12,321.59. The Nasdaq Composite Index added 2.12 points, or 0.09%, to close at 2,454.84.

Mutual Funds were net equity sellers worth Rs 285 crore on 20 November 2006.

High volatility may emerge in the near term as traders square off, or carry forward, their outstanding contracts for November futures ahead of the expiry of contracts next Thursday (30 November). The latest NSE F&O open interest has gone up by Rs 1,659 crore, to Rs 54,824 crore.

Sharekhan Commodities Buzz dated November 22, 2006


Crude oil: Firm prices to continue
Crude oil traded above $60 a barrel in New York yesterday on concern that output disruptions may limit the supplies ahead of the peak winter demand and the Thanksgiving holiday in the USA. The prices rose after high winds at Valdez port prevented tankers from loading crude from the Trans-Alaska pipeline.

Revision of Scrips in T2T Segment


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Sharekhan Highnoon dated November 22, 2006


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Kotak Reports - Nov 22


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Investsmart - Weekly Report - Metal & Energy


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The Sensex touches new intra-day high


Among the heavyweights Bharti Airtel has surged Rs13 at Rs636, Reliance Energy has gained Rs14 at Rs546, Satyam Computers has advanced Rs11 at 464 and Wipro has added Rs15 at Rs584. ONGC, Tata Motors, Hero Honda, Ranbaxy Lab, Reliance Communications, Bajaj Auto, HDFC Bank, ICICI Bank, BHEL, Tata Consultancy Services, Larsen and Toubro, ACC and Dr Reddy's Lab are also trading in positive territory.

Except the FMCG index all the indices are in positive territory. The BSE Bankex has surged 1.17% at 7162, the BSE CG index has gained 1.41% at 8918 and the BSE CD index has advanced 1.35% at 3281.

The breadth of the market is positive and 1,399 shares have advanced, while 943 shares have declined.

Market may start buoyant


The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Nikkei has surged 17 points at 15751 while Hang Seng has scaled up 107 points at 19115. On the technical front, the Nifty could test in the 3960-3980 range on the upside and has support at 3900, while the Sensex has a likely support at 13550 and may face resistance at 13700.

US indices posted steady gains on Tuesday with the Dow Jones moving five points up to close at 12322, while the Nasdaq added two points to close at 2455.

Except Infosys, which was down 3%, all the Indian floats had a decent outing on the US bourses. Rediff was the biggest gainer and rose 5.26% while Patni Computer scaled up 4.54%. MTNL, ICICI Bank and Tata Motors jumped over 2% each while Satyam, Wipro, Dr Reddy's, and VSNL gained over 1% each.

Crude oil prices in the US market moved up, with the Nymex Light crude oil for January delivery moving up by $1.37 to close at $60.17 a barrel. In the Commodity segment, the Comex gold for December series gained $6.60 to settle at $628.70 a troy ounce.

On Nov 20 2006, FIIs were net buyers of stocks to the tune of Rs 58.00 crore (purchases worth Rs3421.50 crore and sales of Rs3363.50 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs285.78 crore (purchases worth Rs500.70 crore and sales of Rs786.48 crore).

Sharekhan Eagle Eye (equities) & Derivatives Info Kit for November 22, 2006


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Sharekhan Investor's Eye dated November 21, 2006


Infosys Technologies
Cluster: Evergreen
Recommendation: Buy
Price target: Rs2,430
Current market price: Rs2,252

ADS issue priced at $53.5
The sponsored American depository shares (ADSs) issue by Infosys Technologies have been priced at $53.5 each excluding the underwriting discounts and commissions. The aggregate size of the ADS issue works out to $1.6 billion, taking the total market capitalisation of Infosys' overseas float to over $5.5 billion. Consequently, Infosys is likely to get included in the Nasdaq-100 index in the forthcoming review of the index constituents in December.

Sanghvi Movers
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Rs1,150
Current market price: Rs763

Oozing confidence
At its board meeting held on November 17, 2006 Sanghvi Movers decided to allot up to 880,000 equity shares of face value Rs10 each to Goldpeak. (Goldpeak is a wholly-owned subsidiary of Aria Investment Partners III, LP). The proposed allotment would be carried out as per the pricing formula recommended by the Securities and Exchange Board of India or at Rs825 per equity share, whichever is higher.

By way of this allotment the company proposes to raise Rs72.6 crore, which will go towards funding its enhanced capital expenditure (capex) requirements. We had earlier estimated the company's capex needs at Rs150 crore this year; the estimate has now been revised upwards to Rs200 crore, as per management's guidance.


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Geojit - Sobha Developers


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Geojit - Biocon


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Close: Bulls Out with all horns up


It was good day for the market as Sensex changed its movement to positive streak zone. Steady buying in the market saw the index display positive trend throughout the day. Cements, engineering many other sectors are trading in green. Software majors Wipro, TCS, and Satyam all traded up as the Dollar is trading strong against Indian Rupee. All sectors along with the mid-cap and small-cap stocks posted smart gains. Global cues had nothing much to support as Asian Market traded in green and European market traded mixed range.

Sensex closed up by 186 points at 13616.77. It is helped up by gains in Rel Energy (532.75,+3 percent), Bharti Tele (623.55,+3 percent), ITC (183.85,+3 percent), TCS (1147.7,+3 percent) and Satyam (453.25,+3 percent). Restricting the gains are HDFC (1642.5,-1 percent), Infosys (2252,0 percent), Ranbaxy (381.5,0 percent).

Info Edge zooms; ITC flares while Britannia slips; BEL plays strong

Dotcom major Info Edge made its debut on the bourses today with a bang. Info Edge is a leading provider of online recruitment and matrimonial classifieds and related services in India and owns brands like 'Naukri.com' and 'Jeevansathi.com' which are very much popular in India. The stock opened at Rs 480 with 50% gains over its offer price of Rs 320 and went on to make a day's high of Rs 624. It finally closed at Rs 607 with a rise of nearly 90% over the offer price.

There is a tiff between Kelloggs and Britannia on the rights of using the Tiger Logo. Tiger is a Rs 300 crore brand for Britannia in the country. Kelloggs has an objection for Britannia wanting to use it for health foods. Interestingly, the Wadias and Danone the two partners in Britannia are also in a tiff on the same issue. Wadias expect Danone to dish out royalty for the Tiger brand. Britannia pays royalty for Little hearts (its a small brand). We are positive on Britannia simply on the back of the fact that we like its strategy to penetrate across the country setting up vendors with its backing to supply bakery products. The strategy to not pass on price hikes has also seen strong off take of its products and growth has been in the region of 25% at the cost of margins. The threat is from ITC which has deep pockets but we believe that the fight is not between ITC and Britannia. Both will tend to take share from the unorganised market. ITC moved smartly to close up by 3% while Britannia closed marginally down.

Bharat Electronics Ltd has bagged a `breakthrough' order from a Zee group-owned company for the supply of two lakh set top boxes. The order was placed by Wire and Wireless India Ltd, Mumbai. The boxes would be supplied with embedded conditional access software that enables the subscriber to choose the pay channels from the bouquet offered by WWIL. Zee is getting ready for the CAS implementaion in 3 Majors cities Delhi, Mumbai and Kolkatta as CAS has to be implemented in these 3 majors cities before Jan 07. BEL surged today and closed up by over 2.50% while Zee ended up by over 1 % .

Technically Speaking: Index was traded ranged but after mid session sensex moved up to touch intraday high of 13630 and low of 13434 before closing at 13617. Market Churned Rs 4041 cr which is good. The breadth favored Advances as the Advance Decline ratio stood at 2.41:1. The Resistance lies at 13759 ? 13691 levels while Support at 13496 -13367 levels.

Nothing much say about the today?s Performance. Adonis call on Bharti in DTP was excellent with provided good profits and M&M call by Wow_VJ was booked with decent gains. Quickies call on Premier Tyres was booked with good returns. Hitachi home appliance zoomed which was booked partially earlier. Wow Adonis call in Delivery Delight on Crompton was booked with 7% gains and expect more in coming days.