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Thursday, March 22, 2007

Board Meetings - March 24,25 and 26 2007


Mar 24 2007 Alps Bpo Services LtdAlps Infosys Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, to consider the following business:1. To revise the structure of reduction of share capital of the Company.2. To convene Extra Ordinary General Meeting of members of the Company.
Mar 24 2007 Corporation BankCorporation Bank has informed BSE that a meeting of the Board of Directors of the Bank will be held on March 24, 2007, inter alia, to consider the declaration of Interim Dividend if any for the Financial Year 2006-2007.
Mar 24 2007 Dhanuka Pesticides LtdDhanuka Pesticides Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, to consider and declare Interim dividend on equity shares of the Company for the financial year 2006-2007.
Mar 24 2007 Gogia International Securities LtdGogia International Securities Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, inter alia, to consider and approve the declaration of First Interim Dividend to the members of the Company for the financial year 2006-07.
Mar 24 2007 Gujarat Themis Biosyn LtdGujarat Themis Biosyn Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, to review the operations of the Company.
Mar 24 2007 Indian Overseas BankIndian Overseas Bank (IOB) has informed BSE that a meeting of the Board of Directors of the Bank will be held on March 22, 2007, inter alia, taking on record, the scheme titled "The Bharat Overseas Bank Ltd (Transfer of Undertaking to the Indian Overseas Bank) Scheme, 2007" made by the Government of India and notified in the Official Gazette vide on March 12, 2007.Indian Overseas Bank (IBO) has informed BSE that the meeting of the Board of Directors of the Bank which is scheduled to be held on "March 22, 2007", inter alia, for taking on record, the scheme titled "The Bharat Overseas Bank Ltd (Transfer of Undertaking to the Indian Overseas Bank) Scheme, 2007" made by the Government of India and notified in the Official Gazette vide on March 12, 2007, has been changed to "March 24, 2007".(As Per BSE Announcement Website Dated on 16/03/2007)Cancelled(As Per BSE Bulletin Dated on 20/03/2007)
Mar 24 2007 Jai Mata Glass LtdJai Mata Glass Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, inter alia, to consider the following:1. For allotting 3500000 equity shares of Re 1/- each to existing promoters on preferential basis for redemption of 350000 Cumulative Optionally Convertible Redeemable Preference Shares (COCRPS) of Rs 100/- issued to Industrial Development Bank of India Ltd., in accordance with the Order of Hon'ble Board for Industrial and Financial Reconstruction dated April 10, 2006.2. For redemption of 350000 Cumulative Optionally Convertible Redeemable Preference Shares (COCRPS) of Rs 100/- each issued to Industrial Development Bank of India Ltd., in accordance with the Order of Hon'ble Board for Industrial and Financial Reconstruction dated April 10, 2006.
Mar 25 2007 Goodyear India LtdGoodyear India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 25, 2007, inter alia, to review the annual financial results of the Company for the year ended December 31, 2006 and recommend dividend, if any.
Mar 26 2007 Archies LtdArchies Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider issue of Equity Shares and Warrants convertible into Equity Shares on preferential Basis.
Mar 26 2007 Aventis Pharma LtdAventis Pharma Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007 for approving the audited Accounts for the year ended December 31, 2006 and also to consider recommendation of Final Dividend for the said financial year.
Mar 26 2007 Bacil Pharma LtdBacil Pharma Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider forfeiture of Partly paid-up Equity Shares of the Company and other business as deemed fit.
Mar 26 2007 Batliboi LtdBatliboi Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to review the progress made on inorganic growth initiatives and confirm actions taken pursuant to Board Resolution dated January 16, 2007 and Circular Resolution dated March 16, 2007.
Mar 26 2007 Bayer CropScience LtdBayer CropScience Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to take on record the audited accounts of the Company for the year ended December 31, 2006 and to consider recommendation of dividend, if any.
Mar 26 2007 Cholamandalam DBS Finance LtdCholamandalam DBS Finance Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider the Business plan of the Company for the year 07-08.Further the Board will also consider the option of attaching warrants to the rights issue of equity shares up to Rs 200 crores approved by the Board at its meeting held on January 24, 2007.
Mar 26 2007 Gabriel India LtdGabriel India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider declaration of Second Interim Dividend.
Mar 26 2007 H. S. India LtdH S India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider the following:1. Raising the fund upto Rs 100 Crores by way of Debt, Equity or combination of both for the purpose of expansion, acquisition and retirement of existing high cost debt.2. Proposal for acquiring substantial stake exceeding 51% in two hotel properties located at Ankleshwar and Varanasi with four star facility.3. Purchase of land at Mumbai and Jaipur for setting up 4 star hotel project.4. To fix date, time & place of holding Extra-ordinary General Meeting of the Shareholders of the Company.
Mar 26 2007 HFCL Infotel LtdHFCL Infotel Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider issue of equity shares and / or other securities convertible into equity shares on preferential allotment basis.
Mar 26 2007 Ishwar Bhuvan Hotels LtdIshwar Bhuvan Hotels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, to consider and approve the terms and conditions of re-issue of forfeited equity shares of the Company
Mar 26 2007 Jindal Stainless LtdJindal Stainless Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider payment of interim dividend on equity shares of the Company for the year 2006-07.Further the Company has informed that, March 31, 2007 has been fixed as the Record Date for the purpose of payment of interim dividend, if approved by the Board of Directors.
Mar 26 2007 Karnataka Bank LtdKarnataka Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on March 26, 2007 to consider a proposal for private placement of Unsecured Redeemable Non-Convertible Subordinated (Tier-II) Bonds (Series I) in the nature of Promissory Notes / Debentures to augment its capital funds.
Mar 26 2007 KPIT Cummins Infosystems LtdKpit Cummins Infosystems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider and approve, the following business:1. Issuance of equity shares of the Company to Cargill Mauritius Ltd, on a preferential basis for a cash consideration of USD 4.50 million, at a price to be determined in accordance with the provisions of Chapter XIII of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, as amended from time to time (the "SEBI (DIP) Guidelines").2. Issuance of convertible warrants to Cargill Mauritius Ltd, on a preferential basis for an aggregate consideration of not exceeding USD 4.50 million, at a price to be determined in accordance with SEBI (DIP) Guidelines, representing the right to convert into equity shares of the Company at the end of 18 months based on achievement of certain parameters.
Mar 26 2007 Saint-Gobain Sekurit India LtdQuarterly Results & Accounts
Mar 26 2007 Stanpacks (India) LtdGeneral

Motilal Oswal - Derivatives, Daily Margin, Corporate News, Market Diary


March 23 2007 Reports

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Citigroup - ITC, India Hotels Sector, MTNL


India Hotels Sector

MTNL

ITC

USE PASSWORD: http://deadpresident.blogspot.com

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Market Close: A huge rush as global woes wane !


It was a strong trading day and the fourth day at a stretch. Heavyweights supported the rally. Sustained buying in Sensex majors kept the momentum in the market. This was on the back of strong US markets rally overnight and a spillover effect of short covering. Global markets rallied on the back of no rate hike by the US Fed.

The FM meeting with cement companies had nothing to support cement stocks. Pharma, Software however helped the gains. Mid and small caps did not find many takers. Power sector stocks saw strong gains. The 123 agreement for the Nuclear deal with the US is around the corner and that helped fuel in interest.

Sensex ended up by 362 points at 13308.03 helped up by gains in BHEL (2230.05,+6 percent), HDFC Bk (1023.25,+6 percent), Maruti (831.1,+5 percent), ONGC (852.25,+5 percent) and SBI (1028.5,+5 percent). Restricting the gains are Grasim (2080.8999,-1 percent).

Volumes were higher than the last three days but still not enough to match up to a month ago. The volumes were around Rs 3500 cr still considered low given the fact that next week is FNO settlement for March.

As per a leading business daily, the country's ten largest banks have indicated to the RBI that the continued tightness in liquidity might compel them to slow down credit growth substantially in FY08. This outlook was manifested in the fact that the overnight call money rates rose to a decade's high of 75% last week, before closing at 40%. These highs follow the demand for funds to meet advance tax payments, government bond auctions and the impact of increases in the cash reserve ratio (CRR). To ease liquidity exigencies at some banks, the RBI has allowed banks with excess investment in government bonds (SLR) to borrow from it through the repo route. Although the RBI has been targeting a credit growth of 20% for FY07, the same has sustained at 29% yoy until February 2007. The major gainers in PSU Banks are Bank of India 10%, Canara Bank and PNB closed up by 7.38%.

TRAI's announcement of a reduction in Access Deficit Charges (ADC), which were paid by these service providers to BSNL for funding rural telephony. The total amount of ADC for 2007-08 has been reduced to Rs 2000 crore from the existing level of Rs 3200 crore. This is a big benefit for VSNL, ADC on outgoing international long distance calls has been reduced to zero from existing level of 80 paise per minute and ADC on incoming international long distance calls has been reduced to Re 1 per minute from existing Rs 1.60 per minute. The TRAI has also reduced the ADC on percentage revenue share on domestic calls to 0.75% from existing 1.50% of Adjusted Gross Revenue (AGR) of all service providers. The reduced ADC should see tariffs come down for both domestic and international calls making mobile phones all the more affordable. The move to reduce the ADC is in keeping with TRAI's earlier proposal (in February 2006) of phasing out the ADC by 2008-09 or merging it with the USO (Universal Service Obligation). The major gainers were VSNL and R Com. VSNL closed up by 10% and R Com ended up by 4%.

VSNL rallied on the news on the sale of its land bank of 773 acres through an open market sale. The plan may not require cabinet approval as it is in line with the existing shareholders? and share purchase agreements between the government and VSNL. The intention of the move is to bridge the estimated revenue deficit of Rs 71,478 crore for 2007-08. Govt. is expected to take 50% (estimated Rs. 5,000 cr) of the proceeds generated through the sale of land. VSNL has a surplus and of 773 acres out of which major chunk of 524 acres is in Pune while 128 acres is located in Delhi. The remaining land is located in Kolkata (35 acres) and Chennai (86 acres). Valuation expected is large.

Technically Speaking: It was a Bull session for the whole day. Sensex touched intraday high of 13326 and low of 13071. Sensex has closed near the resistance zone of 13350-13400. A close above these levels will take Sensex back into bull orbit. With the expiry nearing in, likely to see some volatility before we break above those levels. Support lies at 13146-12986. Market turnover stood at Rs 3555 cr. Market breadth was in favor of Advances, in the ratio of 1.6:1.

Edelweiss - Gwalior Chemicals


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Kotak - Wipro


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Kotak - KPIT Cummins


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Market rallies past 13300


The market extended its winning streak for the fourth consecutive session. The Sensex has gained nearly 878 points in the last four sessions. The Sensex opened with a positive gap of 126 points and regained the 13000 mark. The index climbed over 300 points in early trades on buying across sectors and heavy short covering in the derivatives segment triggered by firm Asian markets. The US Federal Reserve’s decision not to change the interest rates was another factor that kept the market firm. The market remained buoyant amid range-bound moves in the afternoon. Sustained buying in banking, capital goods and auto stocks lifted the Sensex to an intra-day high of 13326 towards the close. The Sensex finally ended the session with gains of 362 points at 13308. The Nifty gained 111 points and closed at 3876.

The breadth of the market was positive. Of the 2,669 stocks traded on the BSE, 1,649 stocks advanced, 937 stocks declined and 83 stocks ended unchanged. Among the sectoral indices the BSE Bankex notched up gains of 4.22% at 6822 followed by the BSE CG Index (up 3.90% at 8986), the BSE PSU Index (up 3.08% at 5909) and the BSE Auto Index (up 3.02% at 5042).

Barring a few counters, most of the heavyweights ended at higher levels. In the banking space Bank of India soared 12.66% at Rs177, Canara Bank rose 8.08% at Rs208 and Punjab National Bank was up 6.91% at Rs483. Among the Sensex gainers BHEL surged 6.04% at Rs2,230, HDFC Bank jumped 5.93% at Rs1,023, Maruti Udyog added 4.95% at Rs831, ONGC gained 4.87% at Rs852, SBI advanced 4.72% at Rs1,029 and L&T was up 4.72% at Rs1,572. Hero Honda, Reliance Communications, Tata Motors and Satyam Computers gained 3-4% each. However, Grasim shed 1.18% at Rs2,081.

Cement stocks slipped from the day's high after the finance minister asked cement manufacturers to come up with proposals to moderate cement prices. Gujarat Ambuja gained 1.36% at Rs108. ACC at Rs753 and India Cements at Rs166 closed with marginal gains.

Capital goods stocks notched up significant gains during the day. Areva surged 8.32% at Rs1,121, Siemens added 4.82% at Rs1,104, Greaves Cotton rose 4.01% at Rs337, Gammon India jumped 4% at Rs299, Jyoti Structures advanced 3.96% at Rs177, Thermax gained 3.90% at Rs374, Crompton Greaves was up 2.94% at Rs190 and Triveni Engineering gained 2.64% at Rs49.

Over 49.93 lakh Idea Cellular shares changed hands on the BSE followed by Welspun Gujarat (34.48 lakh shares), Reliance Petro (29.66 lakh shares), Gujarat Ambuja Cement (28.27 lakh shares) and ITC (27.98 lakh shares).

Value-wise SBI registered a turnover of Rs111 crore on the BSE followed by Reliance Communications (Rs109 crore), Reliance Industries (Rs99 crore), BHEL (Rs65 crore) and Century Textiles (Rs53 crore).

Steady Fed propels Sensex to three-week high


Global markets continued to wield a strong influence on the domestic bourses. Asian markets were boosted today by prospects of rate cuts in the United States, Asia's top export market, taking the Indian bourses higher. Short-covering in derivatives also aided the rally.

The US Federal Reserve policy-setting meeting on Wednesday dropped an explicit reference to the possibility of taking rates higher in its statement, sparking talk abut the next move of a cut. The Fed left interest rates unchanged at 5.25%. US interest-rate futures indicated a 48% chance of a rate-cut by end - June 2007, compared with 24% before the Fed's announcement.

Rate hikes in the United States tend to drain cash from emerging markets, but rate cuts tend to swell flows of dollars to developing economies such as India. As per provisional figures, FIIs were net buyers of Indian stocks to the tune of a massive Rs 712.70 crore today.

The 30-share BSE Sensex jumped 362.15 points (2.8%), to settle at 13,308.03, its highest closing since 27 February 2007, the highest closing in more than three weeks. It was the Sensex’s biggest daily gain since 8 March 2007, when the benchmark index had vaulted 469.60 points (3.7%), to 13,049.35, tracking a rally across Asian markets.

The S&P CNX Nifty today surged 111.35 points (2.9%), to 3,875.90. It also hit a high of 3,881. The Nifty March 2007 futures were at 3,880.10 compared to the spot Nifty closing of 3,875.90. The Nifty April 2007 futures were at 3,878.

Key benchmark indices in Asia were up between 0.39 - 2% on Thursday. The Dow Jones industrial average shot up 159.42 points, or 1.30%, to 12,447.52 on Wednesday. The Standard & Poor's 500 Index jumped 24.1 points, or 1.71%, to 1,435.04. The Nasdaq Composite Index surged 47.71 points, or 1.98%, to 2,455.92.

Indian bourses are set to record its first weekly gain after five consecutive weekly losses till the week ended 16 March 2007. The next major trigger for the domestic bourses is Q4 March 2007 earnings, reports of which by corporates will start next month. Analysts expect Q4 results to be strong. Market men will closely watch what company managements have to say about the outlook for FY 2008.

The key economic data eyed tomorrow is the weekly inflation data. Market expectations peg India’s wholesale price inflation rate at 6.51% for the 12 months to 10 March 2007, up from an annual rise of 6.46% a week earlier. The data will be released around noon on Friday (23 March 2007). The annual rate hit 6.73% on 3 February 2007, its highest in more than two years, but has moderated after the central bank tightened policy and the government cut duties on a range of items to rein in prices.

A number of sectoral indices on BSE clocked strong gains today. The biggest gainer was the BSE’s banking sector index, the Bankex. It vaulted 282.02 points (4.3%), to 6,827.35. The BSE Capital Goods Index spurted 324.88 points (3.76%), to 8,973.06, on the back of strong gains in Bhel. The BSE Auto Index rose 151.92 points (3.1%), to 5,045.93. The BSE Oil & Gas Index surged 167.12 points (2.66%), to 6,444.48, on the back of gains in Reliance Industries and ONGC.

The market-breadth on BSE was strong. Against 1,658 shares rising, 933 declined while 84 did not change. Gainers had outpaced losers by a ratio of 1.77:1. Although the breadth was strong throughout, it had weakened during the course of trading on BSE. Breadth was much stronger in mid-morning trade. At about 11:30 IST, the advance-decline ratio was 2.73:1.

Both Small-Cap and Mid-Cap indices underperformed the market. The BSE Small-Cap Index rose 87.92 points (1.38%), to 6,457.56, lagging the Sensex’s nearly 3% surge. The BSE Mid-Cap Index gained 54.11 points (1%), to 5,395.24.

Total turnover in the cash segment on BSE improved from Wednesday’s Rs 2730 crore to Rs 3555 crore today. The turnover on NSE’s futures & options segment rose to Rs 39943 crore from Wednesday’s Rs 32808 crore.

Bank shares extended Wednesday’s gains. HDFC Bank gained 5.8% to Rs 1022 and ICICI Bank rose 3% to Rs 987. On Wednesday, ICICI Bank's ADR gained 4.3% to $40.31, and HDFC Bank's ADR rose 3.2% to $69.89.

Buying also happened in PSU banks. State Bank of India rose 4% to Rs 1024, Bank of India gained 11% to Rs 174, Canara Bank surged 7.5% to Rs 207 and Punjab National Bank added 7%, to Rs 485. Banks had surged on Wednesday as well on value-buying, as well as due to short-covering in the derivatives.

IT pivotals rose shrugging of a rupee’s recent surge against the US dollar. Wipro gained 2.8% to Rs 598, Satyam Computer advanced nearly 3% to Rs 464.90, TCS added 3% to Rs 1307 and Infosys rose 1.1% to Rs 2117.

Oil exploration major ONGC surged nearly 5% to Rs 853. As many as 4.6 lakh shares changed hands in the counter on BSE. US crude oil held firm near $60 a barrel after a big drop in US gasoline supplies raised worries of a crunch leading into the US summer driving season.

Auto shares were in driver’s seat. Car major Maruti Udyog (MUL) gained 4.8% to Rs 830.50, Hero Honda advanced 4.9% to Rs 683, Tata Motors gained 3% to Rs 801, and Bajaj Auto rose 3% to Rs 2576. Mahindra & Mahindra (M&M) rose 3.4% to Rs 781, after the company on Wednesday set a liberal interim dividend of Rs 7.50 per share for FY 2007.

Bhel (up 6% to Rs 2231) was the top-gainer among the Sensex's constituents. The company is set to unveil its tentative FY 2007 (year ending 31 March 2007) results on 3 April 2007.

Engineering & construction major L&T surged 5% to Rs 1579. The company is sitting on a strong order-book.

Reliance Industries (RIL) gained nearly 3% to Rs 1378. Reliance Industries said on Thursday that Rohm and Haas Co, US, and itself were exploring joint construction of an acrylic-monomer plant in India. The proposed plant in Jamnagar will be able to produce 2 lakh tonnes of acrylic acid and its esters annually, RIL said in the statement. Products from the new firm will be used to make paints, packaging adhesives, detergents, textile and construction materials, RIL added

But caution prevailed in cement shares. Grasim lost 1.2% to Rs 2080 and ACC shed 0.07% to Rs 752. Cement makers have reportedly turned down a request by the government to cut prices. A meeting was held today between the finance minister and cement makers, as the government wants cement makers to moderate prices in its efforts to combat inflation.

Punj Lloyd gained 1.5% to Rs 826.95, after the company said on Thursday it had won a Rs 242-crore order from state-run explorer Oil and Natural Gas Corporation (ONGC) to build offshore pipelines.

Pfizer India ended almost unchanged at Rs 725. Pfizer India during market hours today reported a 14% rise in net profit for three months ended 28 February 2007 to Rs 28.27 crore (Rs 24.77 crore). Net sales for the same period rose 5.6% to Rs 166.97 crore from Rs 158.06 crore in the corresponding year ago period.

Telecom behemoth VSNL gained 10% to Rs 422.90, boosted by a newspaper report that the government may ask the company to sell its surplus land bank of 773 acres.

Kotak Mahindra Bank gained nearly 2% to Rs 438.25, after the private lender signed a deal with International Finance Corp (IFC) to raise up to $45 million in Tier II subordinated bonds, with a maturity of more than 15 years.

India Gelatines & Chemicals rose 2.5% to Rs 22, after the company said its board will meet on 28 March 2007, to consider selling 11% stake for Rs 2.25 crore to Japan's Nippi Inc.

Material handling equipment maker Elecon Engineering rose 1.1% to Rs 387.25, on securing three orders worth Rs 39.65 crore.

Healthcare services firm Kovai Medical Center & Hospital gained 3% to Rs 47.95, after it signed an initial deal to acquire south India-based Idhayam Hospitals Erode for Rs 9.25 crore, including the latter's debt.

There has been a lack of direction with respect to FII inflows over the past few days, which have seen FII inflow and outflow on almost every alternate day.

Rollover has already started to April 2007 contracts from March 2007 contracts in the derivative segment. With the market scheduled to remain closed next Tuesday (27 March) for a public holiday, only four trading sessions are left before the expiry of the March 2007 contracts.

Sharekhan Highnoon dated March 22, 2007


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Edelweiss - PCG DAILY MARKET CALL 22-MARCH-2007


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Edelweiss - Daily Market Outlook 22nd March, 07


Market Snapshot

Yesterday, the Sensex opened with a positive gap of 30 points at 12,736, but nervousness in early trades saw the index slip to a low of 12,664.The index, thereafter, displayed range-bound movement for the major part of the session. Aggressive buying, mainly in ICICI Bank, HLL, SBI & ITC saw the index rally to a high of 12,965. The Sensex finally settled with a gain of 240 points (1.9%) at 12,946.The Nifty settled with a gain of 67 points to close at 3764.5.

The NSE and BSE cash volumes were slightly lower compared to the previous day at INR 58 bn and INR 27 bn respectively. The F&O volumes were higher at INR 330 bn.

Sentiment Indicators

The Implied Volatility (IV) across Nifty strikes has decreased to 25-27% levels. The WPCR of Nifty Options increased to 1.14 compared to the previous day while the 5 day average is 1.05.

Outlook

The markets are expected to open strong and gain further during the day on back of strong global cues and short covering which is expected to come in at higher levels. Nifty closed above the psychological resistance of 3750 levels. There are still sizeable short positions in the market which would see a squeeze and thus investors be forced to cover their positions.

Telecom stocks especially RCOM and Idea are expected to see some positive action on back of TRAI’s recommendation of cut in ADC. Cement counters are also expected to see some action with Government slated to meet industry representatives.

The Nifty will face resistance at levels of 3835 and 3885. The immediate support for Nifty will be at 3742 followed by 3702.

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Intra-day Stock Ideas


NIFTY (3764.55) SUP 3726 RES 3809

BUY MATRIXLABS (170.45)
SL 166 T 178, 180

BUY CROMPGREAV (185.15)
SL 181 T 193, 195

BUY RCOM (410.05)
SL 405 T 420, 423

BUY ZEEL (251.50)
SL 246 T 260 , 262

SELL BIRLAJUTE (200.5)
@ 203 SL 207 T 193, 191

Market Watch & Insider Trades


Insider Trades:
EID Parry India Ltd: Mr. M. M. Venkatachalam, Director has purchased from open market 100000 equity shares of EID Parry India Ltd on 15th March, 2007.

Deepak Fertilizers And Petrochemicals Corporation Limited: Shri Chimanlal Khimchand Mehta, Chairman has purchased from open market 1000000 equity shares of Deepak Fertilizers And Petrochemicals Corporation Limited on 13th and 14th March, 2007.

AMD Metplast Limited: Swiss Finance Corporation (Mauritius) Ltd has purchased from open market 500000 equity shares of AMD Metplast Limited on 19th March, 2007

Market Volumes:
The turnover on NSE was down by 3.5% to Rs58.39bn. BSE Bank index was the major gainer and gained 4.04%. BSE FMCG index (up 2.26%), BSE Technology index (up 1.77%), BSE PSU index (up 1.74%), BSE Metal index (up 1.42%) and BSE Oil & Gas index (up 1.26%) were among the other major gainers.

Volume Toppers:
IFCI, ITC, SAIL, India Cements, Idea Cellular, R Com, Teledata Informatics, Satyam Computer, IDBI, Ashok Leyland, Mindtree, RNRL, IVRCL Infrastructure, HLL, Hindalco, Indiabulls, TTML, IDFC, Tata Steel, ICICI Bank, Bank of India, Syndicate Bank and ACC.

Upper Circuit:
Tanla, Nelco, Rasoi Ltd, Anant Raj Industries, Donear Industries, Garware Offshore and Rap Media

Delivery Delight:
Amtek Auto, ACC, Bharti Airtel, CESC, Cummins India, Divis Laboratories, ICICI Bank, India Infoline, Infosys, Jet Airways, Jyoti Structures, L&T, M&M, Matrix Laboratories, Opto Circuits, PNB, Reliance Communications, State Bank of India, Sun TV, Tata Motors, UTI Bank and Yes Bank.

Brokers Recommendation:
Nestle India – Outperform from CLSA

Long Term investment:
Ramkrishna Forgings

Major News Headlines:

China steel firms suspend Indian ore shipments

M&M to pay interim dividend of Rs7.5 per share

Punj Lloyd gets additional contract valued at Rs2.6bn

Kotak Mahindra Bank to raise $45mn selling bonds to IFC

SAIL, JP Associates to set up cement plant

TRAI cuts access deficit charges for international calls

Ashok Leyland to pay Rs1.5 per share as mid-year dividend

Suryajyoti spinning raises $10mn by selling securities

Great Offshore to pay Rs8 per share as mid-year dividend

RIL seeks Export Unit status for Jamnagar Refinery: reports

IDEA is considering separating its relay-tower business

Idea & IBM sign 10 year business transformation pact totaling up to $800mn

Anand Rathi - Daily Strategist


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STRATEGY INPUTS FOR THE DAY


Global strength may lift D-Street

Reason has always existed, but not always in a reasonable form.

Looks like Ben Bernanke & Co. has given the bulls another reason to feel good about. Markets in the US and Asia have rallied after the Federal Reserve left the key rates static and signaled that they may be ready in future to cut rates if the need arises. We expect the market here to follow in the footsteps of their Asian counterparts and extend yesterday's gains. Having said that, the market breadth was negative yesterday and so was the volume. Though, the Fed's decision and its remarks have lifted the spirits of the bulls, one should be cautious as the change in stance could mean more trouble for the US economy.

FII inflows have slowed down considerably compared to the same time last year. We have our own issues with inflation and possibility of some more tightening by the RBI next month. Also, the way the Government is going about fighting inflation has not gone down well with the market. If the ministers continue with their arm-twisting tactics, that could potentially do than good for the market. One also have to see how India Inc. performs not just in the latest quarter but over the next fiscal year amid rising cost pressures. In a nutshell, a good start may not always mean a strong finish. There may be fresh bumps ahead in the near term. All the more reason for one to remain highly alert even as the key indices move further up.

US stocks posted their biggest gain in eight months, wiping away most of the losses for the year, after the Fed indicated it was no longer biased toward higher interest rates.

Citigroup and JPMorgan sent the S&P 500 to its steepest three-day rally in four years on optimism that the Fed will lower borrowing costs. Morgan Stanley climbed the most since March 2003 after reporting first-quarter profit surged 70%.

The advance, one month after stocks recorded their biggest decline since 2003, pushed the S&P 500 up 1.2% for the year and pared the Dow Jones Industrial Average's 2007 drop to 0.1%. The Nasdaq Composite's third straight jump, bolstered by Oracle's better-than-expected profit, lifted it to a 1.7% rise this year.

The S&P 500 added 24.10, or 1.7%, to 1435.04, its best performance since July 19. The Dow increased 159.42, or 1.3%, to 12,447.52. The Nasdaq rose 47.71, or 2%, to 2455.92.

Treasury prices cut losses and turned higher after the Fed announcement. The advance sent the yield on the 10-year note down to about 4.54% from about 4.58% before the meeting and 4.55% late on Tuesday.

US light crude oil for May delivery rose 1 cent to settle at $59.61 a barrel on the New York Mercantile Exchange. Oil prices were volatile following the release of the weekly oil inventories report. The front-month contract was quoting 43 cents higher at $60.04 a barrel in extended trading in Asia.

COMEX gold for May delivery rose $1 to settle at $660 an ounce. In currency trading, the dollar declined versus the euro and trimmed gains versus the yen after the announcement.

European shares closed a touch higher. The pan-European Dow Jones Stoxx 600 index rose 0.3% at 368.31. The UK's FTSE 100 closed up 0.6% at 6,256.80. The German DAX Xetra 30 added 0.2% at 6,712.06, the French CAC-40 finished virtually flat at 5,502.18.

Latin American markets soared. In Mexico City, the benchmark IPC index of 35 most-traded issues jumped 3%, or 812 points, to 28,219.55. Brazil's benchmark Ibovespa stocks index closed 2.9% higher at 45,630.86.

Asian stocks climbed to the highest in three weeks. Sony and Samsung led gains among exporters. The Morgan Stanley Capital International Asia-Pacific Index gained 1.7% to 145.80 at 10:32 a.m. in Tokyo. It was set to close at the highest since Feb. 27. All of its 10 industry groups advanced.

Japan's Nikkei rose 292 points to 17,455 while the Hang Seng in Hong Kong was up 227 points at 19,743. Singapore's Straits Times Index jumped 65 points to 3220, the most in the region. Taiwan's Taiex Index gained 1.1%. All markets open for trading rose.

HOW MARKET FARED

All eyes on Fed

Bulls were back in charge as volatile session ends on a strong note. The large Cap stocks were impressive today as they rode the rally from front stocks like ONGC, ICICI Bank, HLL, Bharti Airtel and ITC were the star performers of the day. Although markets witnessed intra-day gyrations with Sensex swinging over 300 points and Nifty nearly 100 points throughout the session. All the key sectoral indexes ended in green with BSE Bank index leading the pack by gaining 4.04%. Others like FMCG, Technology and Metal index followed suit. The Mid-Cap and the small cap stocks were not that attractive as both the indices ended almost flat. Cement stocks sadly fizzled out towards the end as heavy selling pressure was witnessed.

Finally, the 30-share benchmark Sensex surged 239 points to close at 12945. NSE Nifty was up 67 points to close at 3764. ICICI Bank, HLL and Dabur were the major gainers. However, Gujarat Ambuja, BPCL and GAIL were the major losers among the 50-scrip’s of NSE Nifty.

Among the Telecom stocks Idea Cellular was the one that ended on the receiving end, the scrip fell 1% to Rs92. The company announced that they have a 10 year business transformation pact with & IBM. The scrip touched an intra-day high of Rs94 and a low of Rs92 and recorded volumes of over 61,00,000 shares on NSE.

Among the Power stocks REL was in action, the scrip gained by over 3% to Rs491 following reports that the company won road order worth Rs5.76bn. The scrip has touched an intra-day high of Rs496 and a low of Rs478 and recorded volumes of over 8,00,000 shares on NSE.

Great Offshore declined 1.4% to Rs572. The company declared that it would pay Rs8 per share as mid-year dividend. The scrip touched an intra-day high of Rs589 and a low of Rs570 and recorded volumes of over 70,000 shares on NSE.

Ashok Leyland paced ahead by 3% to Rs40 after the company announced that they would pay Rs1.5 per share as mid-year dividend. The scrip touched an intra-day high of Rs41 and a low of Rs39 and recorded volumes of over 31,00,000 shares on NSE.

Banking stocks were the star performers of the day, as the index was the top gainer by gaining 4.04%. Index heavy weights led from front; ICICI Bank spurred by over 5.5% to Rs870, SBI was up 3.2% to Rs982 and HDFC Bank gained 1.1% to Rs965. Bank of Baroda, Corp Bank and OBC were the major gainers among the Mid-Cap stocks.

FMCG stocks also ended on a firm note. Cigarette major ITC surged by over 2.7% to Rs144, HLL was up 3.8% to Rs191, Dabur gained 3.7% to Rs87, Colgate rose 0.8% to Rs315 and Marico added 0.6% to Rs55.

Broadcasting stocks also put on a good show today. Sun TV surged by 3% to Rs1546, NDTV was up by 1% to Rs310 and Zee Telefilms advanced by over 2.5% to Rs251.

Metal stocks also shined brightly again. SAIL surged by over 4.5% to Rs108, Tata Steel gained by 1.6% to Rs430, Sterlite industries gained 1% to Rs449 and Hindalco added 0.6% to Rs133.

Anand Rathi - Daily Technical Note


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Domestic bourses to track firm global markets


The market is likely to extend this week’s gains tracking firm global markets after the US Federal Reserve policy-setting meeting on Wednesday dropped an explicit reference to the possibility of taking rates higher in its statement, sparking talk the next move could be a cut. The Fed left interest rates unchanged at 5.25%. US interest-rate futures indicated a 48 percent chance of a rate cut by the end of June 2007, compared with 24 percent before the Fed's announcement.

The Dow Jones industrial average shot up 159.42 points, or 1.30 percent, to 12,447.52. The Standard & Poor's 500 Index jumped 24.1 points, or 1.71 percent, to 1,435.04. The Nasdaq Composite Index surged 47.71 points, or 1.98 percent, to 2,455.92.

Exporters led Asian stocks higher. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore, China and Taiwan were up by between 0.4% to 2.1%.

Back home, it remains to be seen whether volumes accompany rise on the bourses. Volumes on the bourses have dropped over the past few days, partly due to advance tax payments. Daily volumes on BSE have dropped since the middle of March. It had hovered in 17.12 - 20.8 crore shares a day from 12 March to 21 March compared to 22.94 - 29.57 crore shares a day from 1 March to 9 March.

Foreign institutional investors (FIIs) turned buyers on Tuesday (20 March 2007), the day when the Sensex had risen 61 points tracking firm Asian markets. FIIs were net buyers to the tune of Rs 136.30 crore on Tuesday compared to a withdrawal of Rs 250 crore on Monday (19 March 2007). As per provisional figures, FIIs were net buyers to the tune of Rs 187.87 crore on Wednesday 21 March 2007, the day when Sensex had surged 240 points.

Volatility may rise over the next few days ahead of the expiry of the March 2007 derivative contracts next Thursday (29 March 2007). With the market scheduled to remain closed next Tuesday (27 March) for a public holiday, only five trading sessions are left before the expiry of the March 2007 contracts. The rollover has already started to April 2007 contracts from March 2007 contracts.

Nifty March 2007 futures settled at 3757 on Wednesday, a discount of 7.55 points over spot Nifty closing of 3764.55. Nifty April futures settled at 3752.80, a discount of 11.75 points over spot Nifty closing of 3764.55.

The next major trigger for the domestic bourses is Q4 March 2007 earnings, reports of which by corporates will start next month. Analysts expect Q4 results to be strong. Market men will closely watch what company managements have to say about the outlook for FY 2008.

The undercurrent on the bourses remains cautious due to high inflation and rising interest rates. Strong industrial production data released early last week makes a strong case for the Reserve Bank of India (RBI) to raise interest rates at its annual policy review for FY-2008 on 24 April 2007. Industrial output rose 10.9% in January 2007 from a year earlier. The wholesale price index rose 6.46% in the 12 months to 3 March 2007, up from the previous week's annual increase of 6.10% due to higher edible oil and naphtha prices.

The long-term India story remains intact. India’s long-term growth drivers are a favourable demography (large share of young population), robust domestic consumption and an acceleration in infrastructure creation

Upmove may continue


Increasing investors' confidence for heavyweight and other sectoral stocks coupled with firm global indices and continuing higher domestic fund inflows could see the market extend its winning streak. However, caution should be maintained as higher bouts of intra-day volatility is likely to persist on the back of RBI's move to restrict the banks from lending funds from money market operations for customer credit. Key local indices, the Nifty could test higher levels around 3785 in the short term and has a key support at 3740. The Sensex is likely to test 12880 on the downside while it may face resistance at 13000.

U.S. indices rallied sharply on Wednesday after investors viewed a statement from the Federal Reserve as signaling the central bank's next move may be a cut in interest rates., with the Dow Jones soaring by 1.30% or 159 points while Nasdaq also ended firm with gains of 47 points at 2456.

All the Indian ADRs witnessed decent to firm buying support. VSNL was the major gainer amongst the ADRs and vaulted over 5%, while ICICI Bank gained over 4%. Infosys, Satyam, Wipro, Dr Reddy's, Tata Motors, Patni computers and HDFC Bank were up over 2-3% each.

Crude oil prices moved up, while the Nymex light crude oil for May series went up by 36 cents at $59.61 a barrel. In the commodity segment, the Comex gold shot up by a dollar to settle at $660 an ounce.

Investsmart - Morning Call


Market Grape Wine :

In House :

Nifty at a support of 3725 & 3681 levels with resistance at 3800 & 3845
levels .

Markets to open positive with selling at higher levels and IT sector to be
under pressure .

Buy : Maruti above 792 target 810 s/l 785

Buy : SunTV above 1546 target of 1580 s/l 1526

Buy : PunjLLoyd above 818 target 835 s/l 808 in F&O

Out House :

Sensex at a support of 12818 & 12786 levels with resistance at 13113 &
13245 levels .

Buy : RIL & RelCap

Buy : Aban & SesaGoa

Buy : Ongc & Bharti

Buy : IciciBank , SBIn & Wipro

Buy : Polaris & Mphasis

Buy : EKC , IBulls , Voltam , Skumar & IDBI

Buy : PRAJInd

Buy : IFCI & IDFC

Dark Horse : Aban , Skumar , PRAJ , IciciBank , Bharti , IDEA & SesaGoa

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Emkay - Morning Notes, Tech Mahindra


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US Market soars on Federal Reserve’s neutral decision


A flat market goes wild as stocks shoot up on unchanged interest rates and Federal Reserve’s softer wording

U.S. stocks rallied on Wednesday, lifting the Dow Jones Industrial Average by over 160 points, after the Federal Reserve left interest rates unchanged at 5.25% for the sixth straight time as market had expected. Financial stocks were the biggest winners from the Fed’s decision. The Fed no longer said that data are suggesting firmer economic growth, instead describing those indicators as mixed. It also dropped a previous reference that additional firming of monetary policy may be needed. Wall Street just loved the words that Fed used today.

29 out of 30 Dow stocks closed higher for the day. Only exception was Alcoa. But before Fed meeting details came out, 17 of the 30 stocks were trading higher. For the day (21 March, Wednesday) the Dow Jones Industrial Average closed higher by a massive 159 points at 12447.52, Nasdaq higher by 47.71 points at 2455.92 and S&P 500 higher by 24.1 points at 1435.04. JP Morgan, Caterpillar, Exxon Mobil and Citigroup were the major Dow winners. 144 of the 147 S&P industry groups posted gains.

From a sectoral standpoint, banks and broker-dealers were the maximum winners. With today’s gain, the S&P 500 and Nasdaq soaring 1.7 % and 2.0%, respectively, they climbed back into positive territory for the year. Dow remains marginally down by 0.1% for the year.

Some softening in the Fed's long-standing tightening bias was perhaps was market was just looking for. Treasuries rallied soon after 2.15 pm after Fed announcement set in. The economy looks mixed, the Fed said today, though it may expand "at a reasonable pace over coming quarters" even as the housing slowdown continues. In its 31 Jan statement, the Fed had noted "somewhat firmer economic growth."

Regarding inflation, Fed’s comment was - Inflation remains an issue, but it's not an overwhelming issue. Rather than talking about "additional" firming, the Fed said that future adjustments will depend on the evolution of the outlook for inflation and the economy. Losing the word "additional" was the key change.

Morgan Stanley up 7% on superb earnings report

Stocks opened modestly higher in the morning with Dow up by 4 points, Nasdaq up by 6 points and S&P 500 up by 1.9 points. Oracle shares surged after posting a better-than-expected 35% jump in Q1 profits and saying it "exceeded guidance on every metric with strong revenue growth across all product lines." Adobe Systems was also considerably up after reporting a 37% rise in Q3 earnings.

But within half an hour market went in a split mode with Dow turning negative and only 5 sectors trading higher, Energy leading the way.

Morgan Stanley handily topped expectations with record Q1 results, giving the brokerage group another boost of optimism. The stock closed up 7%. But, FedEx which is regarded as an economic proxy, posted its first profit decline in three years and lowered its Q4 guidance. FedEx shares dropped 1.5%.

The indices kicked off the afternoon session exactly where they traded throughout most of the morning, roughly flat. Market waited to see if the Fed changes any of the wording to its latest policy directive.

Market rallies on softer sweeter words from Fed

During the lunch hours, Treasury Secretary Henry Paulson saying he believes the U.S. economy is still healthy gave stocks a modest boost. Then as expected, at 2.15 pm Fed chairman Ben Bernanke announced that the Federal Reserve left the fed funds rate unchanged at 5.25% for a sixth straight time. The indices extended their reach to the upside, especially the S&P 500's most heavily weighted sector - Financials. Citigroup and JP Morgan were both up by almost 3%.

Thereafter there was no looking back for Wall Street. Stocks just had a wild run and Dow oscillated within a 217 point range for the day. This was the biggest one-day move for the Dow since last July. Going into close, market just cheered every word the Fed had uttered.

Crude-oil futures for light sweet crude for May delivery closed at $59.61/barrel (higher by $ 0.36/barrel or 0.6%) on the New York Mercantile Exchange. Prices increased today after weekly inventory report showed that U.S. gasoline supplies fell for a sixth straight week as refiners increased operating rates and was more than market expectations.

In the last couple of hours of trading, stock market activity picked up steam, with 1.6 billion shares exchanging hands on the New York Stock Exchange and 2.2 billion shares trading on the Nasdaq. Advancing issues topped decliners by 27 to 5 on the NYSE, while decliners topped advancers by 22 to 7 on the Nasdaq.

Citigroup - Daily Technicals


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Sharekhan Eagle Eye (equities) & Derivatives Info Kit for March 22, 2007


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Sharekhan Investor's Eye dated March 21, 2007


Elder Pharmaceuticals
Cluster: Apple Green
Recommendation: Buy
Price target: Rs508
Current market price: Rs392

Angellini hikes stake in Elder
Italian pharma company Angellini ACRAF SPA (Angellini) has hiked its stake in Elder Pharmaceuticals (Elder) by 5% to 15%. According to Elder, the stake hike would not activate the takeover code; rather it would strengthen the business tie-up between the two companies. Angellini is one of Italy's top five pharmaceutical companies in terms of sales volume and has a wide presence in 60 countries. During FY2006, Elder had entered into an ownership deal with Angellini, whereby the Italian company had out-licenced three products to Elder and picked up a 10% stake in the company.


SECTOR UPDATE

Telecommunication services

TRAI reduces ADC burden
The Telecom Regulatory Authority of India (TRAI) has announced a reduction in the access deficit charge (ADC) levied on the private sector operators to provide support to Bharat Sanchar Nigam Ltd (BSNL) for its operations in unviable rural areas. The regulator has gone ahead with the decision to reduce the ADC despite a strong protest voiced by BSNL and it clearly reflects that TRAI intends to gradually phase out the ADC regime.


VIEWPOINT

Dish TV India

Dish TV India-new listing
Dish TV, India's first private direct to home (DTH) service provider will be listing next week (on March 26 or March 28) The promoters of Zee Telefilms (ZTL) housed the DTH venture, which was launched in May 2005, in ASC Enterprises, a company wholly-owned by the Zee promoters. Post the restructuring of Zee Telefilms (ZTL) a holder of 100 shares in ZTL has been allotted 57.5 shares in Dish TV India on transfer of certain DTH assets held in ZTL. Thus the shareholders of ZTL get a 57.5% holding in Dish TV

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Religare - Two Wheelers


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Indiabulls - Sun Pharma


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Prabhudas Lilladher - ICRA IPO


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