Insider Trades:
Tanla Solutions Limited: Citigroup Global Mkts (Mauritius) Pvt Ltd has purchased from open market 198683 equity shares of Tanla Solutions Limited on 2nd April, 2007.
Pearl Global Ltd: Mrs. Payel Seth, Relative of Director has sold in open market 63985 equity shares of Pearl Global Ltd on 31st March, 2007
Market Volume:
The turnover on NSE was down by 0.3% to Rs69.46bn. BSE Metal index was the major gainer and gained 3.07%. BSE Bank index (up 1.89%), BSE Consumer Durable index (up 0.82%), BSE Capital Good index (up 0.48%) and BSE FMCG index (up 0.43%) were among the other major gainers.
Volume Toppers:
IFCI, Balrampur Chini, SAIL, Tata Steel, Gujarat Ambuja, Gujarat NRE, HLL, India Cement, TTML, Idea, Ashok Leyland, IDFC, Bank of India, Praj Industries, Tata Motors and Mind Tree.
Upper Circuit:
Gujarat Fluro, Mangalam Cement, India Infoline, Nirlon, Dawn Mills, Educomp Solutions, Aurionpro Solutions, Maxwell Industries, Steel Strips, Taneja Aerospace, BF Utilities, Atlanta and GBN
Abnormal Delivery:
Tata Chemicals Ltd, Birla Corporation, Indian Overseas Bank and Balrampur Chini.
Delivery Delight:
Allahabad Bank, Balrampur Chini, Bank of Baroda, Bank of India, Bombay Dyeing, Cipla, Cummins India, HLL, India Infoline, IDFC, MTNL, Maruti Udyog, PNB, Siemens, SBI, SAIL, Sun TV, Tisco and Tata Motors.
Stock Futures with Largest Increases in OI:
Triveni Engg, IFCI, Balrampur Chini, Gateway Distripark, UTI Bank, NTPC, Bharat Electronics, Ultra Tech Cement and BEML
Stock Futures with Largest Decreases in OI:
GE Ship, Karnataka Bank, Crompton Greaves, GMR Infrastructure, Federal Bank, IDFC, MTNL, Tata Motors and Ranbaxy Laboratories
Brokers Recommendation:
Petronet LNG – Buy from CLSA with target of Rs50
Tata Steel – Buy from Man Financial with target of Rs635
Long Term investment:
Bharti Airtel.
Major News Headlines:
Inflation at 6.39% in week ended March 24 vs expectations of 6.25%
ONGC Videsh discovers oil in Egypt
Astro to join Maran Group to provide Pay TV service in India
SUN TV to split each stock into two
Hindustan Zinc raises lead price by 2.2%
NTPC to bid for large power projects
Aurobindo gets approval from Dutch regulator for product development
Sangam India gets orders worth Rs400mn
Lupin gets 20mn Euros from Servier for Perindopril Patent
Street Talk:
UB could attract some attention as Scottish & Newcastle (S&N), which owns 37.5% in the Indian brewer, is being targeted for acquisitions. There are reports that Mr. Vijay Mallya may assert his first right of refusal and buyout the British partner's stake. SBI may be in action after hiking the benchmark PLR by 50 basis points. Reliance Industries may be in the limelight as the company says that it will finalise sales agreements in the next few months for natural gas from its Krishna Godavari basin.
Indian Hotels may also entice buyers amid reports that it wants a third of its revenues to come from acquisitions. SRF could gain amid reports that it has raised Rs5bn through the sale of carbon credits in FY07. Navin Fluorine is another company that could advance as the Mafatlal Group company looks to cash in on a CDM project. Indiabulls Real Estate might gain as promoters are infusing money and raising stake in the company.