India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Friday, February 29, 2008
Nifty March 2008 futures at discount
Turnover in F&O segment declines
Nifty March 2008 futures were at 5271, at a discount of 14.10 points as compared to spot closing of 5285.10. Derivatives contracts for February 2008 series expired today, 28 February 2008.
NSE's futures & options (F&O) segment turnover was Rs 61,065.26 crore, which was lower than Rs 63,256.76 crore on Wednesday, 27 February 2008.
Reliance Industries March 2008 futures were at premium, at 2550, compared to the spot closing of 2533.25.
Tata Steel March 2008 futures were at premium, at 827, compared to the spot closing of 824.30.
NTPC March 2008 futures were near spot price, at 203.30, compared to the spot closing of 203.55.
In the cash market, the S&P CNX Nifty gained 16.70 points or 0.32% at 5285.10.
Crude jumps, dollar sulks
Price settles above $102 as dollar slips to new low against the euro
Crude prices rose by almost $3 today after the dollar fell to new lows against most of its counterparts, mainly the euro. The dollar fell on interest rate outlook in the US as Chairman Ben Bernanke continued to answer questions for the second day at Capitol Hill. He had hinted yesterday that Fed will go for further softer landing in the coming days and might reduce interest rate by another fifty bps in its next meeting.
Crude-oil futures for light sweet crude for April delivery today closed at $102.59/barrel (higher by $2.95/barrel or 3%) on the New York Mercantile Exchange. Prices are 66% higher than a year ago. Reports of production disruption at Nigeria also pushed up crude prices today.
In the currency market today, the U.S. dollar tumbled to record lows against the euro after lackluster economic data and Federal Reserve Chairman Ben Bernanke's comments raised fears about the U.S. economy. The trade-weighted dollar index, which measures the greenback against a basket of six major currencies, fell 1.2% to 73.68.
The Commerce Department reported today that the U.S. economy grew at an unrevised 0.6% annual rate for the fourth quarter. And for all of 2007, the economy grew at the weakest pace in five years.
Today, oil prices were also supported by reports of a partial shutdown of production in Nigeria, Africa's largest oil producer and the U.S.'s fifth-largest crude supplier.
Yesterday crude prices had infact dropped after EIA had reported in the weekly inventory report that crude inventories grew more than expected, rising 3.2 million barrels to stand at 308.5 million barrels in the week ended 22 February. Market was expecting an increase of 2.6 million barrels.
Brent crude oil for April settlement today rose $2.63 (2.7%) to $100.9 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.
Natural gas supplies drop more than average
Natural gas advanced after a government report showed supplies fell more than average, signaling inventories may end the cold-weather demand season at the lowest since March 2005. Gas for April delivery rose 38.3 cents (4.2%) to settle at $9.433 per million British thermal units. EIA reported that stockpiles declined 151 billion cubic feet to 1.619 trillion cubic feet for the week ended 22 February.
Against this backdrop, March reformulated gasoline gained 2 cents to $2.50 a gallon and March heating oil rose 8 cents to end at $2.85 a gallon. Both contracts are due to expire tomorrow.
In a monthly report released earlier this month, EIA said the world oil market is poised to ease over the next two years with production increases offsetting moderate growth in oil demand.
Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude’s biggest yearly gain in five years.
At the MCX, crude oil for March delivery closed at Rs 4,034/barrel, higher by Rs 27 (0.7%) against previous day’s close. Natural gas for March delivery closed at Rs 374.5/mmtbu, higher by Rs 13.6/mmtbu (3.8%).
Record close for bullions
Gold and silver prices take a leap on interest rate outlook
Bullion metal prices rose sharply higher for the third straight day today, 28 February, 2008 after the dollar slumped sharply against its rival currencies, mainly the euro. The dollar have been dampened mainly since yesterday after the Federal Reserve Chairman, Ben Bernanke hinted that Fed in all possibility will go for another soft landing in its next meeting thereby reducing interest rates by another 50 bps.
This has been weakening dollar further. Gold, as a dollar-denominated commodity, suffers from dollar strength. On the contrary, gold prices rise with falling dollar as inflationary concerns boosts the metal's appeal as an inflation hedge. Silver prices also gained substantially today, reaching the highest level in twenty eight years.
Comex Gold for April delivery rose $6.5 (0.7%) to close at $967.5 an ounce on the New York Mercantile Exchange. Prices touched a record $975/ounce during after hours trading. This year, gold prices have gained 15.7% till date. In January, prices gained 11%, the highest monthly gain since April 2006.
Last week, gold gained $41.5 (4.6%). Prices increased due to the slumping dollar and supply issues at South Africa.
Comex Silver futures for May delivery rose by 43.2 cents (2.2%) to $19.756 an ounce. Silver has gained 28% in 2008. The metal had climbed 16% in FY 2007. The metal also has gained for seven straight years. In January this year itself, prices climbed 14%.
The Fed has cut the federal funds rate to 3% from 5.25% in mid-September. January 2008 itself saw two rate cuts in a gap of ten days.
In the energy market today, crude-oil futures rose substantially and closed at more than $102/barrel on reports of production disruptions in Nigeria and record low dollar against the euro.
In the currency market today, the U.S. dollar tumbled to record lows against the euro after lackluster economic data and Federal Reserve Chairman Ben Bernanke's comments raised fears about the U.S. economy. The trade-weighted dollar index, which measures the greenback against a basket of six major currencies, fell 1.2% to 73.68.
Gold has traditionally been used as a safe-haven asset against rising inflation. Investor sentiments are boosted by the fact that gold and silver are alternate sources of good investment in the face of declining dollar and rising energy prices. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.
Gold witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. The Fed reduced federal funds rate three times in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
At the MCX, gold prices for April delivery closed higher by Rs 59 (0.5%) at Rs 12,293 per 10 grams. Prices rose to a high of Rs 12,330 per 10 grams and fell to a low of Rs 12,175 per 10 grams during the day’s trading.
At the MCX, silver prices for March delivery closed Rs 326 (1.3%) higher at Rs 24,683/Kg. Prices opened at Rs 24,255/kg and went to a high of Rs 24,840/Kg during the day’s trading.
Thursday, February 28, 2008
Post Market Commentary - Feb 28 2008
The Sensex opened marginally (15 points) lower at 17,811 on mixed cues from the Asian markets. The index moved into positive zone and touched a high of 17,922 in early trades.
The index could not hold gains and slipped back into negative territory. The index touched a low of 17,690 - down 232 points from the day's high - but rebounded into positive zone in late trades.
The Sensex finally ended on a flat note (down two points) at 17,824.
The NSE Nifty moved up 17 points to end at 5,285.
The BSE market breadth was marginally negative - out of 2,784 stocks traded, 1,444 declined, 1,276 advanced today.
INDEX MOVERS...
Hindalco gained 4% to Rs 204. Bajaj Auto moved up 3.6% to Rs 2,255.
HDFC and Mahindra & Mahindra added over 3% each to close at Rs 2,775 and Rs 680, respectively.
BHEL gained 2.7% at Rs 2,324. Wipro, Cipla and Satyam advanced over 2% each to Rs 450, Rs 206 and Rs 447, respectively.
Ranbaxy moved up nearly 2% to Rs 445. Tata Steel and HDFC Bank were up around 1.5% each at Rs 824 and Rs 1,471, respectively.
...AND THE SHAKERS
DLF dropped over 2% to Rs 805. SBI and Reliance declined 2% each to Rs 2,039 and Rs 2,537, respectively.
Reliance Energy slipped nearly 2% to Rs 1,601.
Infosys, ACC and ICICI Bank were down around 1% each at Rs 1,599, Rs 808 and Rs 1,103, respectively.
VALUE & VOLUME TOPPERS
OnMobile topped the value chart with a turnover of Rs 271.35 crore followed by Reliance Capital (Rs 186 crore), debutant Manjushree Extrusions (Rs 173.35 crore), Reliance Energy (Rs 149.65 crore) and Reliance Energy (Rs 147.70 crore).
Manjushree Extrusions led the volume chart with trades of around 3.16 crore shares followed by Tulsi Extrusions (1.27 crore), Reliance Natural Resources (1.09 crore), Nagarjuna Fertilisers (1.07 crore) and Ispat Industries (80.85 lakh).
Metal and health care stocks trigger late Sensex bounce back
A late bout of hectic buying action in metal, health care and other heavyweight counters triggered a major rally in the Sensex, which otherwise lingered in negative territory for better part of the trading session. On the back of a weak Asian indices, the Sensex witnessed extreme volatility in early trades. After resuming weak at 17,810, the index advanced sharply and touched the intra-day high of 17,921, thereafter Sensex began to dip sharply on heavy profit taking to touch the day's low of 17,690. While the market remained subdued thereafter, the Sensex on fresh buying support rebounded sharply at close. The Sensex finally ended the session with marginal loss of a single point at 17,825, while the Nifty advanced 17 points to close at 5,285.
Sectoral indices were mixed on the Bombay Stock Exchange (BSE). The BSE Metal index led the pack with a surge of 1.98% followed by BSE HC index , which gained 1.72%, and BSE Auto index which moved up 1.18%. BSE CG, Power and PSU indices gained marginally and closed in positive territory. Among the losers the BSE Reality index dropped 1.47%.
Leading the upsurge Hindalco flared up 4.03% at Rs203.85. Among other major gainers Bajaj Auto shot up by 3.61% at Rs2,255, HDFC rose 3.39% at Rs2,775, M&M jumped by 3.26% at Rs680 and BHEL added 2.68% at Rs2,323. Cipla, Satyam, Ranbaxy, Tata Steel and Wipro gained 1-2% each. Select frontline counters, however, witnessed profit taking. DLF dropped 2.37% at Rs805, while SBI declined 2.11% at Rs2,038. RIL, REL, Ambuja Cement and Infosys ended with steady losses.
Among other major gainers NALCO soared 7.01% at Rs477.95, Tata Communications flared up 6.56% at Rs518, Spice Tele rose 5.78% at Rs36.60 and Sun Pharma added 5.58% at Rs1,259.
Over 3.15 crore Manjuhsree shares changed hands on the BSE followed by Tulsi Extrusion (1.27 crore shares), RNRL (1.09 crore shares), Nagarjuna Fertilisers (1.07 crore shares) and Ispat Industries (0.80 crore shares).
Nifty outscores Sensex
The barometer index BSE Sensex ended flat ahead of presentation of Union Budget 2008-09 by the Finance Minister P Chidambaram in Parliament. However, Nifty recorded gains against a flat closing for Sensex. Normally, the rise or fall in Sensex in a day is about three times that of Nifty.
The market had recovered from lower level in early afternoon trade after the finance ministry tabled Economic Survey - a report card on the economy during this fiscal in partliament at about 12:00 IST, the recovery was short lived. Derivatives contracts for February 2008 series expired today, 28 February 2008.
Auto, metal, healthcare stocks rose. Realty stocks fell. Reliance Industries slipped. The market breadth was weak. European markets which opened after Indian market were subdued in early trade. Asian markets, which opened before Indian market, were mixed.
The 30-share BSE Sensex ended down 1.51 points or 0.01% at 17,824.48. Sensex hit a low of 17,692.13 in mid-morning trade. At the day's low, Sensex lost 133.86 points. Sensex touched a high of 17,921.51 in initial trade. At day’s high it rose 95.52 points.
The broader CNX S&P Nifty was up 16.7 points or 0.32% at 5,285.1.
National Alluminium Company (up 7.96% to Rs 482.70), Tata Communications (up 7.84% to Rs 525.25), Dr. Reddy’s Labooratories (up 5.66% to Rs 572.35), Sun Pharmaceutical Industries (up 4.46% to Rs 1,254.20) and Hindalco Industries (up 4.26% to Rs 204.30) were top five gainers from Nifty pack. These five scrips have a combined weightage of 3.3% in Nifty. Four of these five stocks are not a part of Sensex. Hindalco which is a Sensex stock has a 1.38% weightage in the barometer index.
BSE clocked a turnover of Rs 4,822 crore today 28 February 2008 compared to a turnover of Rs 5,876.55 crore on Wednesday, 28 February 2008.
Nifty March 2008 futures were at 5271, at a discount of 14.10 points as compared to spot closing of 5285.10.
NSE's futures & options (F&O) segment turnover was Rs 61,065.26 crore, which was lower than Rs 63,256.76 crore on Wednesday, 27 February 2008.
Maintaining economic growth at about 9% a year will be a challenge due to inflation and infrastructure constraints, and raising the rate to double digits will be even harder, the Economic Survey for 2007-08 said. Agricultural sector growth is estimated to slow to 2.6% in the year ending March 2008, from 3.8% the year before, it said. Development of adequate infrastructure is a critical prerequisite for sustaining the economic growth momentum, the survey said.
It said containing inflation was a priority, because rising prices hurt the poor, and putting pressure on interest rates hit both savings and investment. The survey said Inflation should remain moderate in the coming months due to policy measures taken over the last year.
A surge in capital inflows, including foreign direct investment, would continue in the medium term although short-term inflows may moderate due to slightly slower growth, the survey said. Any reduction in excess capital flows from the high levels of 2007 may affect the equity markets in the short term but will make the task of monetary management easier, the survey said.
Finance Minister (FM) P Chidambaram today said that he was confident of achieving 11th Plan target of 9% growth. BSE Consumer Durables index (down 0.81% to 4,795.14), BSE Oil & Gas index (down 0.84% to 11,164.87), BSE Bankex (down 0.81% to 10,073.91), BSE Realty index (down 1.47% to 9,833.10), BSE IT index (down 0.14% to 3,967.40), BSE FMCG index (down 0.05% to 2,253.95) underperformed Sensex.
BSE PSU index (up 0.33% to 8,499.34) , BSE Power index (up 0.38% to 3,748.11), BSE HealthCare index (up 1.7% to 3,925.75), BSE Capital Goods index (up 0.56% to 16,598.88) BSE Auto index (up 1.18% to 4,829.86) and BSE Metal index (up 1.98% to 16,972.01) outperformed Sensex.
The market breadth was weak: on BSE 1452 declined as compared to 1,269 that advanced. 41 stocks remained unchanged.
India’s largest engineering & construction firm by revenue Larsen & Toubro rose 0.28% to Rs 3,641.20. It recovered from its lows of Rs 3,600.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries declined 1.97% at Rs 2,536.70. The company said on Tuesday, 26 January 2008 it had discovered more gas in an exploration block off India's east coast.
Realty stocks fell. India’s largest real estate player by market cap DLF declined 2.37% to Rs 805.35. DLF will reportedly invest about $5 billion or Rs 20,000 crore to build and operate more than 25,000 hotel rooms in the next 7-8 years. The New Delhi-based real estate major is also in talks to set up nine super luxury hotels across India, the reports added. Indiabulls Real Estate (down 1.02% to Rs 647.30) and Unitech (down 1.56% to Rs 376.45) edged lower.
Auto stocks rose. Hero Honda Motors (up 3.73% to Rs 747.30), Mahindra & Mahindra (up 3.26% to Rs 680.15), Bajaj Auto (up 3.61% to Rs 2,255) and Maruti Suzuki India (up 0.34% to Rs 834.95) edged higher. India's largest truck maker by sales Tata Motors rose 0.4% to Rs 710.25.
Metal stocks rose. Sterlite Industries (up 3.93% to Rs 853.70), Steel Authority of India (up 3.88% to Rs 252.80) and Tata Steel (up 1.56% to Rs 823.70) edged higher.
Healthcare stocks edged higher. Cipla rose 2.23% to Rs 206.05 and Ranbaxy Laboratories rose 1.88% at Rs 444.55.
NTPC, India's biggest power generation firm by revenue, rose 0.79% to Rs 203.95. NTPC has signed a loan agreement for 68.56 million euros with Nordic Investment Bank to part fund its capital expenditure. The 12-year loan carries a floating interest rate linked to EURIBOR, and is without a sovereign guarantee, the company said after market hours on Wednesday, 27 February 2008.
HDFC (up 3.39% to Rs 2,775.35) and Bharat Heavy Electricals (up 2.68% to Rs 2,323.60) edged higher from the Sensex pack.
Ambuja Cements (down 1.38% to Rs 121.20) and Reliance Energy (down 1.88% to Rs 1,600.70) edged lower from the Sensex pack.
Tulsi Extrusions clocked highest volume of 1.27 crore shares on BSE. Reliance Natural Resources (1.09 crore shares), Nagarjuna Fertilisers and Chemicals (1.07 crore shares), Ispat Industries (80.83 lakh shares) and Centurion Bank of Punjab (76.62 lakh shares) were other vlume toppers in that order.
OnMobile Global clocked highest turnover of Rs 271.36 crore on BSE. Reliance Capital (Rs 186.13 crore), Reliance Industries (Rs 149.63 crore), Reliance Energy (Rs 147.68 crore) and Reliance Natural Resources (Rs 146.13 crore) were other turnover toppers in that order.
As per provisional data on NSE.Foreign institutional investoes (FIIs) sold shares worth Rs 809.1 crore today, 28 February 2008 . Domestic funds bought shares worth Rs 732.38 crore.
With general elections due in 2009, Union Budget 2008-09 to be presented on 29 February 2008 will be the last full-fledged budget of the Congress-led United Progressive Alliance government and it is therefore likely to be a populist budget. Thus, the Finance Minister (FM) is likely to provide higher allocations to several social initiatives like rural upliftment, employment, education, agricultural growth and public health.
Though populist measures will dominate the budget, FM is also expected to take steps to stimulate investment and consumption demand at a time when the economy is witnessing moderation from a solid growth last year. A reduction in personal income tax, if any, will result in increase in disposable incomes which in turn may boost demand for consumer goods.
Expectations are that the corporate income tax rate may be cut or the 10% surcharge on corporate tax may be abolished. The surcharge is 10% on a tax rate of 30%, making the effective corporate tax rate 33%. Another possibility is that of a cut in dividend distribution tax from 15% to 12.5%.
Meanwhile, FM may raise the Securities Transaction Tax (STT) slightly. STT is currently at 0.125% on delivery trades. STT is 0.025% on non-delivery trades on sell transactions. STT is 0.017 % in futures & options segment on sell trasactions.
It is also expected that the FM would announce some relief packages for troubled export sensitive sectors like textiles, rubber, jewelry, leather and IT services. These sectors have been hit by rupee’s surge in the past one year.
European markets were subdued. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 were down by between 0.97% to 1.11%.
Asian markets were mixed today. Key benchmark indices in Hong Kong, and Singapore, were up by between 0.44% to 0.89%. Key benchmark indices in Japan, South Korea ,China were down by between 0.75% to 1.13%. Financial markets in Taiwan are closed for a holiday.
US stocks were little changed on Wednesday after a rally fizzled when doubts emerged that lifting investment caps on the two largest home financing companies was enough to prevent deeper damage to the housing market. The Dow Jones industrial average was up 9.36 points, or 0.07%, at 12,694.28. The Standard & Poor's 500 Index was down 1.27 points, or 0.09%, at 1,380.02. The Nasdaq Composite Index was up 8.79 points, or 0.37%, at 2,353.78.
Federal Reserve Chairman Ben Bernanke on Wednesday signaled a readiness to cut interest rates again to prevent further damage to the weak US economy, even as he took note of rising inflation risks. Delivering the Fed's semiannual report on the economy to Congress, Bernanke made clear the central bank was worried a deepening housing slump, softening jobs market and tighter credit could dim an already bleak economic outlook
Wednesday, February 27, 2008
Market Close : Bad cues from Europe... eats up gain
Markets opened in green and continued to trade higher 200 points the first half of the day with supportive global cues from US & Asian markets but could not maintain the momentum in late trade and slipped sharply on the back weak cues from the European markets. Value buying was seen in sectors like capital goods, metal, power, banking and Pharma space. While IT and FMCG stocks remained subdued for most part of the day. Airlines counter ended mixed ahead of Crude prices hit a record high of $102.08/bbl. Midcaps and smallcap indices also performed well in line with frontline counters. Market witnessed some sort of cautions approach as FnO expiry tomorrow. In Mid session markets sliped from the day's high on nervousness in European market on account of uncertain economic statements from U.K.'s biggest mortgage lender, HBOS which followed Indian Indices to lose the major gains to end flat with only 20 points in green. Asian indices ended in green but Europe started subdued and trading in red.
Sensex closed up by 20 points at 17825.99. It was helped up by gains in HDFC (2684.3999,+4 percent), Ranbaxy (436.35,+4 percent), BHEL (2262.8999,+4 percent), L & T (3630.95,+3 percent) and Maruti (832.1,+2 percent). Restricting the gains were Grasim (2888.6499,-5 percent), Rel Energy (1631.35,-4 percent), Satyam (437.1,-3 percent), Infosys (1617.4,-3 percent) and TCS (877.7,-2 percent).
Sugar companies based out of UP were under pressure. Supreme courts asked UP sugar mills to pay SAP at Rs 123/quintal for 2006-2007 against an appeal for Rs 110/quintal. This is negative for UP based sugar mills as they have to pay higher price for sugarcane. Against SAP of Rs 125/ qnt , UP mills had requested for cane price of Rs 110/ qnt. Bajaj Hindustan will be affected more, since it has taken less cane prices in accounting. This will reflect in next results. At current prices of sugar and the price to be paid, these mills make only marginal profits. But, global sugar prices are high and this provides some relief for sugar companies . Sugar mills outside UP follow SMP and this gives them an advantage over UP mills. We were negative on Bajaj Hindustan and Balrampur Chini the two major UP based sugar comanies and we also commented to look for a downside trade.
Paramount Communication was on 5% circuit today. the cable industry which is very much in focus has povided paramount to lead the game . Paramount is one of the leading manufacturers of Power Cables, Railway Cables and Telecom Cables. Paramount has two manufacturing units located at Dharuhera, Haryana and Khushkhera, Rajasthan. Paramount drives 85% of revenues from Power and Railway cable, 10% from Jelly Filled Telephone cables and rest 5% from Optical Fibre cable. Paramount is expanding the capacity in three phases with an investment of Rs 120 cr. Paramount acquired, AEI cables in UK one of the oldest cable manufacturing companies with a strong reputation. Paramount enjoys the acquisition synergy in terms of marketing network and good distribution in UK and helps to enter other countries also. At the current market price of Rs 34 valuations are attractive compared to its peers. We are positive on the business with long term view. Do read our note to know more.
Technically Speaking: Markets ended flat with profit booking seen in the later final hour trades. Sensex made an intra day high of 18137 and low of 17771. The breadth was in favor of Advances, as there were 1420 against 1308 Declines. Market turnover was fine at Rs 4848 Cr. Another lower top made today by Sensex. If now it goes below 17000, we can expect a target of 16300 and immediate support seen at 17650 while resistance at 18200-18500.
Post Market Commentary - Feb 27 2008
The Sensex opened with a positive gap of 177 points at 17,983 on positive cues from the Asian markets. The index touched a high of 18,137 - up 331 points from the previous close - in morning deals.
Selling emerged in mid-noon deals, and a heavy bout of selling in late trades saw the index drop to a low of 17,771 - down 366 points from the day's high.
The Sensex finally ended with a marginal gain of 20 points at 17,826.
The Nifty was down two points at 5,268.
The BSE market breadth was marginally positive - out of 2,805 stocks traded, 1,419 advanced, 1,306 declined and 80 were unchanged.
INDEX MOVERS...
Mahindra & Mahindra and HDFC gained around 4.5% each to Rs 659 and Rs 2,684, respectively.
Ranbaxy and BHEL added around 4% each to Rs 436 and Rs 2,263, respectively.
Larsen & Toubro moved up over 3% to Rs 3,631. Maruti gained 2.4% at Rs 832, and ONGC was up 1% at Rs 1,038.
...AND THE SHAKERS
Grasim slumped 5% to Rs 2,889. Reliance Energy tumbled nearly 4% to Rs 1,631.
Satyam and Infosys dropped nearly 3% each to Rs 437 and Rs 1,617, respectively. TCS slipped over 2% to Rs 878.
ACC and SBI declined 1.8% each to Rs 816 and Rs 2,083, respectively.
VALUE & VOLUME TOPPERS
Reliance led the value chart with a turnover of Rs 364.70 crore followed by OnMobile Global (Rs 311 crore), IRB Infrastructure (Rs 306.70 crore), Reliance Capital (Rs 262.50 crore) and Tulsi Extrusions (Rs 231 crore).
Ispat Industries topped the volume chart with trades of around 2.05 crore shares followed by Tulsi Extrusions (1.86 crore), IRB Infrastructure (1.53 crore), Reliance Natural Resources (1.21 crore) and Centurion Bank of Punjab (86.15 lakh).
REL, RCom, RPL February 2008 futures at discount
Nifty February 2008 futures were at 5241.05, at a discount of 27.35 points as compared to spot closing of 5268.40.
The NSE's futures & options (F&O) segment turnover was Rs 63,256.76 crore, which was higher than Rs 56,515.69 crore on Tuesday, 26 February 2008.
Reliance Energy (REL) February 2008 futures were at discount, at 1628, compared to the spot closing of 1634.50.
Reliance Communications (RCom) February 2008 futures were at discount, at 582.75, compared to the spot closing of 585.35.
Reliance Petroleum (RPL) February 2008 futures were at discount, at 164.65, compared to the spot closing of 165.75.
In the cash market, the S&P CNX Nifty lost 1.65 points or 0.03% at 5268.40.
Market ends positive
The market was poised for another positive finish, but a late bout of selling pressure dragged the Sensex below 17,800 and halted its resurgence. On the back of firm international indices, the Sensex opened with a positive gap of 177 points at 17,983 and moved up sharply to touch the day's high of 18,137. However, the market came under a sharp bout of profit taking and was 33 points down from the yesterday's close, with the index slipping to an intra-day low of 17,772. Finally, the Sensex erased most of its losses and ended 20 points up at 17,825, while the Nifty was down two points at 5,268.
The market breadth was marginally positive. Of the 2,805 stocks traded on the Bombay Stock Exchange (BSE), 1,435 stocks advanced, 1,294 stocks declined and 76 stocks ended unchanged. On sectoral front, BSE CG index flared up by 2.37% at 16,507 and BSE HC index gained 1.22% at 3,860, while BSE Power ended marginally higher at 3,733. Other sectoral indices were down around 1% each.
Among the major losers Grasim Industries declined 5.06% at Rs2,888.56, Reliance Energy lost 3.88% at Rs1,631.35, Satyam Computer Services slumped 2.81% at Rs437.10 and Infosys was down 2.69% at Rs1,617.40. Select heavyweights attracted buying support. M&M rose 4.52% at Rs658.65, HDFC moved up by 4.27% at Rs2,684.40, Ranbaxy advanced 4.10% at Rs436.35 and BHEL gained 3.78% at Rs2,262.90.
Over 2.05 crore Ispat Industries shares changed hands on the BSE followed by Tulsi Extrusion (1.86 crore shares), IRB Infrastructure (1.53 crore shares), Central Bank of Punjab (0.86 crore shares) and Power Grid (0.85 crore shares).
Market registers marginal gains
The key benchmark indices came off higher levels in late trade and ended almost flat due to selling in IT and banking counters. European markets which opened after Indian market, fell. The market had held firm for a better part of the day on firm Asian markets. Reliance Energy declined. Grasim Industries and Infosys were major losers from Sensex pack.
Capital goods stocks were in demand. The market breadth was positive
Asian markets, which opened before Indian markets, surged after weak US economic data and comments from a Federal Reserve official signalled that US interest rates will continue to head lower. Fed Vice Chairman Donald Kohn said on Tuesday that a weak US economy was a bigger worry than higher inflation risks.
The 30-share BSE Sensex rose 19.80 points or 0.11% at 17,825.99. Sensex touched a high of 18,137.28 in mid-morning trade. At day’s high, Sensex rose 331.09 points. Sensex hit a low of 17,770.65 in late trade. At the day's low, Sensex was down 35.54 points.
The broader CNX S&P Nifty ended down 1.65 points or 0.03% at 5,268.40.
BSE clocked a turnover of Rs 5859 crore today 27 February 2008 compared to a turnover of Rs 4,844.22 crore on Tuesday, 26 February 2008.
Nifty February 2008 futures were at 5241.05, at a discount of 27.35 points as compared to spot closing of 5268.40.
The NSE's futures & options (F&O) segment turnover was Rs 63,256.76 crore, which was higher than Rs 56,515.69 crore on Tuesday, 26 February 2008.
The next major trigger for the market is the Union Budget 2008-09. With general elections due in 2009, Union Budget 2008-09 to be presented on 29 February 2008 will be the last full-fledged budget of the Congress-led United Progressive Alliance government and it is therefore likely to be a populist budget. Thus, the Finance Minister (FM) is likely to provide higher allocations to several social initiatives like rural upliftment, employment, education, agricultural growth and public health.
Though populist measures will dominate the budget, FM is also expected to take steps to stimulate investment and consumption demand at a time when the economy is witnessing moderation from a solid growth last year. A reduction in personal income tax, if any, will result in increase in disposable incomes which in turn may boost demand for consumer goods.
Expectations are that the corporate income tax rate may be cut or the 10% surcharge on corporate tax may be abolished. The surcharge is 10% on a tax rate of 30%, making the effective corporate tax rate 33%. Another possibility is that of a cut in dividend distribution tax from 15% to 12.5%.
Meanwhile, FM may raise the Securities Transaction Tax (STT) slightly. STT is currently at 0.125% on delivery trades. STT is 0.025% on non-delivery trades on sell transactions. STT is 0.017 % in futures & options segment on sell trasactions.
It is also expected that the FM would announce some relief packages for troubled export sensitive sectors like textiles, rubber, jewelry, leather and IT services. These sectors have been hit by rupee’s surge in the past one year.
The BSE Mid-Cap index was up 0.43% at 7,723.56, while the BSE Small-Cap was up 0.26% at 9,673.86. Both these indices outperformed Sensex.
BSE Consumer Durables index (down 0.64% to 4,834.12), , BSE Metal index (down 0.95% to 16,642.01), BSE IT index (down 2.2% to 3,973.12), BSE Bankex (down 0.32% to 10,156.52), BSE Realty index (down 0.37% to 9,979.72) underperformed Sensex.
BSE PSU index (up 0.39% to 8,471.05), BSE Oil & Gas index (up 0.4% to 11,259.92), BSE Power index (up 0.73% to 3,733.77), BSE HealthCare index (up 1.22% to 3,860.02), BSE Captal Goods index (up 2.37% to 16,506.67) BSE Auto index (up 0.57% to 4,773.34), and BSE FMCG index (up 0.19% to 2,254.98) outperformed Sensex.
The market breadth was positive: on BSE 1,433 advanced as compared to 1,300 that declined. 41 stocks remained unchanged.
IT stocks declined in late trade. Satyam Computer Services (down 2.81% to Rs 437.10), Wipro (down 0.96% to Rs 439.90), Tata Consultancy Services (down 2.24% to Rs 877.70), Infosys (down 2.69% to Rs 1,617.40) edged lower.
Banking stocks fell in late trade. ICICI Bank (down 0.38% to Rs 1,113.75), HDFC Bank (down 0.22% to Rs 1,451.75) and State Bank of India (down 1.76% to Rs 2,082.55) edged lower.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 0.46% at Rs 2,587.55. It came off from session's high of Rs 2,624. The company said on Tuesday, 26 January 2008 it had discovered more gas in an exploration block off India's east coast. This is the company's eight discovery in the block.
Among the top gainers from Sensex pack were Mahindra & Mahindra (up 4.52% to Rs 658.65), Housing Development Finance Corporation (HDFC) (up 4.27% to Rs 2,684.40) and Ranbaxy Laboratories (up 4.1% to Rs 436.35).
Among the Sensex losers from Sensex pack were ACC (down 2.24% to Rs 812.25), and Grasim Industries (down 5.06% to Rs 2,888.65).
India's second largest power utility firm by revenue Reliance Energy declined 3.88% to Rs 1,631.35. It came off from day's high of Rs 1,745. The company said yesterday its board will meet on 5 March 2008 to consider, buy back of equity shares of the company.
Capital goods stocks were in demand. Larsen & Toubro (up 3.2% to Rs 3,630.95), Bharat Heavy Electricals (up 3.78% to Rs 2,262.90) edged higher. However, Suzlon Energy declined 3.54% to Rs 303.70.
India’s largest truckmaker by sales Tata Motors rose 0.76% to Rs 707.45. Tata Motors and Ford reportedly plan to sign a memorandum of understanding possibly on 5 March 2008 for Tata Motors' possible acquisition of Ford's luxury British brands, Jaguar and Land Rover. The complete sale of Jaguar-Land Rover to Tatas will take 6-8 weeks.
Ispat Industries clocked highest volume of 2.05 crore shares on BSE. Tulsi Extrusions (1.86 crore shares), IRB Infrastructure Developers (1.53 crore shares), Reliance Natural Resources (1.2 crore shares) and Centurion Bank of Punjab (86.15 lakh shares) were the other volume toppers in that order.
Reliance Industries clocked highest turnover of Rs 364.71 crore on BSE. OnMobile Global (Rs 310.87 crore), IRB Infrastructure Developers (Rs 306.7 crore), Reliance Capital (Rs 262.46 crore) and Tulsi Extrusions (Rs 231.1 crore) were other turnover toppers in that order.
A per provisional data on NSE,foreign institutional invstor (FIIs) purchased shares worth Rs 350.45 crore today, 27 February 2008. Domestic funds bought shares worth Rs 341.35 crore.
European shares eased after results from British mortgage lender HBOS weighed on banks, although the decline was limited by a rally in crude oil that supported energy shares. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 were down by between 0.33%-0.87%.
In Asia, the key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were up by between 0.69% to 2.7%.
US stocks rose for a third day on Tuesday as technology companies gained on IBM's plans to buy back $15 billion of its shares and the energy sector advanced on a record high close for oil in New York. The Dow Jones industrial average was up 114.70 points, or 0.91%, at 12,684.92. The Standard & Poor's 500 Index was up 9.49 points, or 0.69%, at 1,381.29. The Nasdaq Composite Index was up 17.51 points, or 0.75%, at 2,344.99.
On the New York Mercantile Exchange, April 2008 crude settled at a record $100.88 a barrel, up $1.65, on Tuesday.
On Tuesday, 26 Februray 2008, the market had extended Monday (25 February 2008)'s gains after Railway Minister Lalu Prasad Yadav provided thrust on modernising rail infrastructure in Railway Budget 2008-09 which he presented to parliament on that day. The 30-share BSE Sensex rose 155.62 points or 0.88% at 17,806.19. Keeping the common man in mind, the railway minister also cut passenger fares, with parliamentary elections due in 2009. Firm global markets also helped support domestic bourses.
Tuesday, February 26, 2008
Key Highlights - Railway Budget
Railway Minister Lalu Prasad Yadav announced his fifth Railway budget 2008-09 today (Feb 26, 2008). Key highlights of the Railway Budget are as follows:
> Revenue from passenger fares rose 14% in 2007-08
> In April-December, revenue from frieght services climbed 8-10% to Rs 347 billion
> Additional frieght services of Rs 20 billion
> Cash surplus of Rs 250 billion
> Operating ratio at 76%
> Dividend of Rs 88
> Railway fund balance up at Rs 204.80 billion
> Reduced fares helped to increase volumes and profits
> Productivity of railway assets have been constantly increasing
> Adopted tariff to go up market share and revenues
> To produce only stainless steel coaches from FY10
> To link train via software communications by 2009
> New coaches in all Shatabdi Trains by 2011
> To have online contol of trains in 2 years
> New coaches in all Rajdhani Trains by 2009
> Plan to spend Rs 750 bn on infrastructure over 7 years
> Stainless steel coaches likely to benefit steel companies viz. JSW Steel, Jindal Stainless,
Tata Steel, BEML, Texmaco
> 25 - 20 Tonne Axle Loads trains to be started
> Thrust on IT likely to benefit domestic software companies
> To manufacture 20,000 Wagons by FY09
> 50 new terminals planned in Mumbai, Pune, Ghaziabad
> To have new Wagon Leasing Policy
> 200 MT tariff seen from cement in 2011 - 12
> Container Corporations ( CONCOR ) to set up 8 Depots
> To have new policy for Bulk Handling Terminals
> Annual steel traffic aim at 200 million tonnes (MT) by 2011 from 120 MT now
> ETA Display in the long route trains likely to benefit MIC Electronics
> Rs 40 billions to come from real estate development in 2008-09
> Connectivity to Mundra likely to benefit Mundra SEZ, Tata power, Reliance Energy.
> Focus on increased security at railway stations
> Gangmen could become Gatemen in unmanned process
> Planning smart card based ticket system
> Senior citizen women to get a relief of 50% from 30% now
> More facilties to be provided to old and women passengers
> Plan fire prevention device in train coaches on pilot basis, it could cost Rs 70 billions if implemented fully
> CCTV, metal detectors to be installed in all railway stations
> CFL`s to be used in order to encourage power saving
> Doubling of lines to be given priority
> Coach factory to be set up in Kerala, Kerala Government has given 1000 acres land for its
development
> Railways to provide escalators at 50% of the railway stations
> Mother Child Health Express likely to be started
> Fares cut announced by Railway Minister
> Sleeper fare cut upto 5% across the board, Re 1 discount to all fares upto Rs 150
> AC I fares to cut by 7%, AC II by 4% and AC III by 3%
> Frieght on petrol and diesel cut by 5%
> Frieghtrates on FLY ASH cut by 14%
Market Wrap - Feb 26 2008
On Tuesday, BSE Sensex ended the day with a gain of 155.62 points, or 0.88%, at 17,806.19, while the broad-based NSE Nifty closed at 5,270.05, up 69.35 points, or 1.33%.
The 30-share benchmark index, Sensex, opened with a positive gap of 148.99 points at 17,799.56 mirroring buoyant global cues in the early trades. Later, the index proceeded to trade in the positive terrain on account of sustained buying activity in frontline stocks. Finally, the index closed on a firm note after touching an intraday high of 17, 860.10.
Global markets
Asian stocks advanced on Tuesday (Feb. 26, 2008) after the world`s largest bond insurers retained top credit ratings which eased concerns that the global economic growth will slow on new credit losses.
Market statistics
Out of the total 2,785 stocks traded at the BSE, 1,652 advanced, 1,074 declined while 59 remained unchanged.
Among the sectoral indices, BSE Auto rose 0.54%, Metal rose 1.64%, Power gained 2.65%, BSE Realty moved up 2.53%, IT gained 1.76%, while BSE Bankex shed 0.75%.
Movers and Shakers
Gainers at the Sensex were Grasim, which vaulted 5.06% to close at Rs 3042.70, REL and BHEL rose over 4% each to Rs 1697.25 and Rs 2180.55 respectively. Infosys, HDFC Bank, HUL, ACC, ONGC, Wipro and ICICI Bank were among the other gainers.
Laggards at the BSE Sensex include Bharti Airtel, which dropped 1.38% to end at Rs 838.80, HDFC fell 0.48% to Rs 2574.35 and Tata Motors declined 0.46% to close at Rs 702.10.
Top Turnover
Reliance Power topped the turnover chart with Rs 2,993.5 million followed by Reliance Capital with Rs 1,642.1 million.
Sail, Tata Steel, SBI February 2008 futures at discount
Turnover in F&O segment increases
Nifty February 2008 futures were at 5259.35, at a discount of 10.7 points as compared to spot closing of 5270.05.
The NSE's futures & options (F&O) segment turnover was Rs 56,515.69 crore, which was higher than Rs 51,314.54 crore on Monday, 25 February 2008.
Steel Authority of India (Sail) February 2008 futures were at discount, at 245, compared to the spot closing of 246.60.
Tata Steel February 2008 futures were at discount, at 803.75, compared to the spot closing of 809.60.
State Bank of India (SBI) February 2008 futures were at discount, at 2115, compared to the spot closing of 2124.50.
In the cash market, the S&P CNX Nifty gained 69.35 points or 1.33% at 5270.05.
NSE Bulk Deal Watch - Feb 26 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
26-FEB-2008,CANDC,C & C Constructions Limit,HDFC TRUSTEE CO A/C HDFC INFRASTRUCTURE FUND,BUY,676000,210.00,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ADITI FINLEASE PVT. LTD.,BUY,135478,136.21,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,72062,135.77,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,210287,137.26,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ANIL M PARMAR,BUY,66163,137.40,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASHU GUPTA,BUY,175104,139.15,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,BUY,180539,134.61,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASSET ALLIANCE SECURITIES PVT. LTD.,BUY,135274,136.93,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASTRAL FINANCE,BUY,20000,139.55,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,62448,136.37,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,BHAVIN SURESH CHHEDA,BUY,141135,137.48,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,CHURIWALA SECURITIES PRIVATE LIMITED,BUY,77937,138.35,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,CPR CAPITAL SERVICES LTD.,BUY,425836,137.17,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,CREDENTIAL STOCK BROKERS LIMITED,BUY,170775,136.75,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,DEPANSU SECURITIES (INDIA) PVT LTD,BUY,197234,138.10,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,DINDAYAL BIYANI STOCK BROKERS LTD.,BUY,67478,137.73,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,DINESH MUNJAL,BUY,586288,138.14,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,260934,135.27,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,G RAMAKRISHNA,BUY,83000,140.42,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,HARBUX SINGH SIDHU,BUY,673702,140.05,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,INDU MAHENDRA SHAH,BUY,86368,139.93,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,JAIN LALITKUMAR C,BUY,84996,137.77,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,JIGNESH ENTERPRISES,BUY,85135,135.06,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,KAKANI OMPRAKASH,BUY,395604,137.99,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,KHANDWALA TRADELINK CO,BUY,170835,139.79,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,KIRTIKUMAR KANTILAL SHAH,BUY,100000,138.75,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,234269,138.18,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,MAHENDRA DHANJI CHHEDA,BUY,265433,136.77,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,MANISH VRAJLAL SARVAIYA,BUY,213960,136.85,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,MUKESH BROKERAGE & FINANCIAL (INDIA) LTD.,BUY,73858,136.82,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,NARENDRAKUMAR CHORDIA,BUY,141074,139.69,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,NEERU BANSAL,BUY,238128,139.11,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,NISSAR BROTHERS,BUY,178628,135.62,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,P RAMESH CHANDRA,BUY,65461,136.43,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,PAVAN JAIN (HUF),BUY,106955,137.12,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,PRASHANT JAYANTILAL PATEL,BUY,220807,137.06,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,PRAVIN JUMKHALAL SHAH,BUY,300301,138.17,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,PUJA TAPARIA,BUY,75000,139.96,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,R APPALA RAJU,BUY,220000,137.92,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,R.M. SHARE TRADING PVT LTD,BUY,514960,136.84,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,RADHIKA DIPAN MEHTA,BUY,108244,135.68,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,RUPESH KIRIT DALAL,BUY,369803,139.50,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,S SIVAKUMAR,BUY,174101,139.90,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SANJAY BHANWARLAL JAIN,BUY,593160,138.70,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SATYA FINANCIAL SERVICES PROP ADARSH KUMAR AGGARWAL,BUY,72000,134.68,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SHAH HEMANG DINESH,BUY,437303,139.04,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SHANTANU GUPTA,BUY,70000,139.44,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SHETH BROTHERS,BUY,123083,139.32,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SUNIL PANDURANG MANTRI,BUY,123311,137.57,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,TRANSGLOBAL SECURITIES LTD.,BUY,1030186,137.62,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VELBAI KHIMJI CHHEDA,BUY,465327,139.09,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VIJAY KUMAR RAMAVAT,BUY,367803,136.48,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VIMALA.S.,BUY,64321,141.65,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VIMESHDOSHI,BUY,96373,138.51,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VIREN RAMNIKLAL KENIA,BUY,105560,139.79,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,185000,136.95,-
26-FEB-2008,CANDC,C & C Constructions Limit,ADVANTAGE ADVISORS BLACKSTONE ASIA ADVISORS,SELL,676365,210.00,-
26-FEB-2008,SAKHTISUG,Sakthi Sugars Ltd.,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,225000,78.09,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ADITI FINLEASE PVT. LTD.,SELL,137478,136.53,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,72062,135.82,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,215287,137.00,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ANAND YOGESH SHARES AND CONSULTANCY PVT LTD,SELL,215596,138.89,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ANIL M PARMAR,SELL,66163,137.27,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASHU GUPTA,SELL,175104,139.22,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,SELL,180539,135.93,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASSET ALLIANCE SECURITIES PVT. LTD.,SELL,135274,137.42,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASTRAL FINANCE,SELL,70000,129.07,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,70948,136.15,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,BHAVIN SURESH CHHEDA,SELL,141135,137.63,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,CHURIWALA SECURITIES PRIVATE LIMITED,SELL,77937,138.28,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,CPR CAPITAL SERVICES LTD.,SELL,425836,137.28,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,CREDENTIAL STOCK BROKERS LIMITED,SELL,170775,136.90,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,DEPANSU SECURITIES (INDIA) PVT LTD,SELL,197234,138.16,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,DINDAYAL BIYANI STOCK BROKERS LTD.,SELL,67478,138.78,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,DINESH MUNJAL,SELL,586288,138.34,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,260934,135.55,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,G RAMAKRISHNA,SELL,83000,139.74,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,HARBUX SINGH SIDHU,SELL,673702,140.07,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,INDU MAHENDRA SHAH,SELL,86368,140.03,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,JAIN LALITKUMAR C,SELL,84996,137.98,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,JIGNESH ENTERPRISES,SELL,85135,135.24,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,KAKANI OMPRAKASH,SELL,395604,138.24,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,KHANDWALA TRADELINK CO,SELL,170835,139.66,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,237269,138.26,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,MAHENDRA DHANJI CHHEDA,SELL,271007,136.96,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,MANISH VRAJLAL SARVAIYA,SELL,213960,137.16,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,MUKESH BROKERAGE & FINANCIAL (INDIA) LTD.,SELL,73858,137.01,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,NARENDRAKUMAR CHORDIA,SELL,142074,140.06,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,NEERU BANSAL,SELL,238128,139.07,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,NISSAR BROTHERS,SELL,178628,135.77,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,P RAMESH CHANDRA,SELL,65461,136.56,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,PAVAN JAIN (HUF),SELL,106955,137.21,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,PRASHANT JAYANTILAL PATEL,SELL,220807,137.17,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,PRAVIN JUMKHALAL SHAH,SELL,301801,138.29,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,PUJA TAPARIA,SELL,75000,140.76,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,R APPALA RAJU,SELL,220000,137.46,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,R.M. SHARE TRADING PVT LTD,SELL,514960,137.06,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,RADHIKA DIPAN MEHTA,SELL,108244,135.99,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,RUPESH KIRIT DALAL,SELL,369803,139.92,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,S SIVAKUMAR,SELL,174101,140.43,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SANJAY BHANWARLAL JAIN,SELL,593160,138.81,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SATYA FINANCIAL SERVICES PROP ADARSH KUMAR AGGARWAL,SELL,72000,135.00,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SHAH HEMANG DINESH,SELL,437303,139.06,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SHANTANU GUPTA,SELL,70000,134.79,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SHETH BROTHERS,SELL,118083,139.72,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,SUNIL PANDURANG MANTRI,SELL,123311,137.50,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,TRANSGLOBAL SECURITIES LTD.,SELL,1030190,137.73,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VELBAI KHIMJI CHHEDA,SELL,471737,139.12,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VIJAY KUMAR RAMAVAT,SELL,377118,137.12,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VIMALA.S.,SELL,64321,140.70,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VIMESHDOSHI,SELL,96373,138.85,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,VIREN RAMNIKLAL KENIA,SELL,105560,139.44,-
26-FEB-2008,TULSI,Tulsi Extrusions Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,185000,139.36,-
BSE Bulk Deals to Watch - Feb 26 2008
Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
26/2/2008 531223 ANJANI SYNTH NATRAJ FINANCIAL AND SERVICES LTD B 257158 57.79
26/2/2008 531223 ANJANI SYNTH ANKIT NARENDRA BAHUVA B 70054 57.10
26/2/2008 531223 ANJANI SYNTH NATRAJ FINANCIAL AND SERVICES LTD S 257158 57.90
26/2/2008 532475 APTECH LTD HSBC FINANCIAL SERVICES MIDDLEEAST LIMITED S 400000 227.50
26/2/2008 524663 BHARAT IMUNO SHAH VIJAY CHANDULAL HUF B 70000 27.91
26/2/2008 524663 BHARAT IMUNO NALINI VIJAY SHAH S 70004 27.90
26/2/2008 590059 BIHAR TUBES JAGAN INDUSTRIES LTD B 50000 142.85
26/2/2008 531682 CAT TECHNOL SARFARAZKHAN SARVARKHAN PATHAN B 879588 9.75
26/2/2008 531682 CAT TECHNOL SARFARAZKHAN SARVARKHAN PATHAN S 905038 9.64
26/2/2008 501827 CEN PRO RAIL RAJESH RAILYA S 5205 160.10
26/2/2008 532397 CONTECH SOFT PRAMOD PESTICIDES PVT. LTD. B 30000 13.95
26/2/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN B 1586623 9.29
26/2/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN S 1666604 9.05
26/2/2008 532857 GLORY POLY INTEGRAL VINIMAY PRIVATE LTD B 120631 103.33
26/2/2008 505893 HIND HARDY S KANTA DEVI RATHI B 8000 84.10
26/2/2008 505893 HIND HARDY S KANTA DEVI RATHI S 8000 80.35
26/2/2008 531314 INTEGRA CAPI SUSHIL KUMAR VOHRA S 25000 4.05
26/2/2008 523062 J J FINANCE SINKI COMMODITIES PVT LTD B 40000 11.68
26/2/2008 523062 J J FINANCE MANOJ KUMAR AGARWAL S 40000 11.68
26/2/2008 513250 JYOTI STRUCT ABN AMRO BANK N.V. LONDON S 803203 208.00
26/2/2008 530771 KLG CAPI SER URMILA GARG S 17131 36.21
26/2/2008 531241 LINC PEN PLA SUNIANA MARKETING PVT LTD B 115000 40.20
26/2/2008 531241 LINC PEN PLA SHREE BALAJI SAREES PVT LTD S 100000 40.16
26/2/2008 517417 PATEL AIRTEM ASTER BUSINESS RESEARCH PVTLTD PMS S 30800 71.00
26/2/2008 532669 SOUTHBIOTEC MACKERTICH CONSULTANCY SERVICES P VT LTD B 150000 35.25
26/2/2008 532669 SOUTHBIOTEC VATICAN COMMERCIALS LTD S 150000 35.25
26/2/2008 530585 SWASTIK INV MADHOPRASAD ISWARPRASAD JAJODIA HUF B 20000 36.85
26/2/2008 530585 SWASTIK INV SONAL TUSHAR SHAH S 20000 36.85
26/2/2008 531703 TRIBHVAN HSG GOPALA PILLAI VIJAYAKUMAR B 45000 25.30
26/2/2008 531703 TRIBHVAN HSG G R PANDYA SHARE BROKING LTD B 126600 24.90
26/2/2008 531703 TRIBHVAN HSG DYNAMIC EQUITIES PRIVATE LIMITED S 50000 24.50
26/2/2008 532948 TULSI EXTRU MBL AND COMPANY LIMITED B 271828 139.15
26/2/2008 532948 TULSI EXTRU SHETH BROTHERS B 133418 139.83
26/2/2008 532948 TULSI EXTRU ASSET ALLIANCE SEC PVT LTD B 157200 137.95
26/2/2008 532948 TULSI EXTRU AYODHYAPATI INVESTMENT PVT. LTD B 70000 136.67
26/2/2008 532948 TULSI EXTRU ANAND YOGESH SHARES AND CONSULTANCY PVT LTD B 354505 142.15
26/2/2008 532948 TULSI EXTRU SHAILENDRA HAJARIMAL SETH B 74216 136.09
26/2/2008 532948 TULSI EXTRU SAM GLOBAL SECURITIES LTD B 96311 137.55
26/2/2008 532948 TULSI EXTRU H.J.SECURITIES PVT.LTD B 174340 135.92
26/2/2008 532948 TULSI EXTRU BHANDARI RAKHI KALPESH B 191961 137.26
26/2/2008 532948 TULSI EXTRU YATIN SATRA B 87755 137.26
26/2/2008 532948 TULSI EXTRU RUPESH KIRIT DALAL B 128166 139.54
26/2/2008 532948 TULSI EXTRU MBL AND COMPANY LIMITED S 271828 139.40
26/2/2008 532948 TULSI EXTRU SHETH BROTHERS S 133418 139.68
26/2/2008 532948 TULSI EXTRU ASSET ALLIANCE SEC PVT LTD S 157200 137.55
26/2/2008 532948 TULSI EXTRU AYODHYAPATI INVESTMENT PVT. LTD S 70000 139.29
26/2/2008 532948 TULSI EXTRU ANAND YOGESH SHARES AND CONSULTANCY PVT LTD S 119150 140.02
26/2/2008 532948 TULSI EXTRU SHAILENDRA HAJARIMAL SETH S 74216 135.43
26/2/2008 532948 TULSI EXTRU SAM GLOBAL SECURITIES LTD S 96311 137.55
26/2/2008 532948 TULSI EXTRU H.J.SECURITIES PVT.LTD S 174340 135.91
26/2/2008 532948 TULSI EXTRU BHANDARI RAKHI KALPESH S 191961 138.55
26/2/2008 532948 TULSI EXTRU YATIN SATRA S 87755 137.70
26/2/2008 532948 TULSI EXTRU RUPESH KIRIT DALAL S 128166 138.96
26/2/2008 526953 VENUS REMEDS MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. S.V. B 150000 489.97
26/2/2008 526953 VENUS REMEDS RAKHI PROPERTIES AND LEASING P S 48000 490.00
26/2/2008 526953 VENUS REMEDS RAKHI TRADIING PVT. LTD. S 49200 478.03
Market Close: Cheers to Lalu's Railway Budget..
On back of strong global cues, market had a modest start. Sensex traded ranged in green throughout the day. But in the last hour of trade, there was some profit booking which led the indices to loose some gains. Mid caps and small caps outsmarted the large caps. Market once again flared ahead of budget. Realty, IT, Power, Metals and Oil & gas sector were among gainers. Tea sector witnessed huge buying. Railway budget was presented today by the famous Railway Minister Lalu Prasad Yadav and as usual it was cherished as it proved to be a good one. Major future plans were chalked, which also provided some hope for orders to IT companies like TCS , Wipro , Infosys and Satyam. Asian indices closed in positive. Europe is trading in green.
Sensex ended up by 156 points at 17806.18. It was helped up by gains in Grasim (3042.7,+5 percent), Rel Energy (1697.25,+5 percent), BHEL (2180.55,+5 percent), Infosys (1662.1,+3 percent) and HDFC Bk (1455,+2 percent). Restricting the gains were Bharti Tele (838.8,-1 percent), Hero Honda (734.1,-1 percent), HDFC (2574.3501,0 percent), Tata Motors (702.1,0 percent) and SBI (2119.8501,0 percent).
The Railway Budget proved to be beneficiary to some industries like Steel, Technology, Capital goods and Infrastucutre. Budget chalked out plans to introduced steel coaches by 2010. This will benefit Tata Steel , Jindal Steel , Sail and few more. The other measures to see positives are.. Automated signalling..Kernex Micro. ETA display in long-run trains to benefit Mic Electronics. CCTV, metal detectors installation is expected to benefit Zicom . Anti-fire protection to benefit Nitin Fire Protection. The budget will have online control of trains in 2 years. It plans to link trains via software communication by 2009. It plans to start ticket confirmation via mobile phones. The Budet is planning 'smart card' based ticket system. SMART CARDS will benefit Bartronics.
McLeod Russel India Ltd (McLeod) is largest a tea plantation company in the world. Mcleod. It has around 52 tea estates with total capacity of 70mn kg. Tea production is expected to be stagnant with limited land availability. This has led to good realisation and it is expected to futher go up. For short term Kenya's drought problem and political issues has affected production there. McLeod Russel sees a rise of Rs 5-7 for the rest of the year in tea prices. On this hopes the stock rose and locked at upper circuit.
Technically Speaking: Markets closed 155 points in green. Sensex made an intra day high of 17860 and low of 17679. The breadth was in favor of Advances, as there were 1613 Advances against 1110 Declines. Market turnover was low at Rs 4818 cr. Sensex support stands at 17450. Resistance lies at 18000.
Market gives thumbs up to rail budget; Sensex garners 156 points
The market extended Monday (25 February 2008)'s gains after Railway Minister Lalu Prasad Yadav provided thrust on modernising rail infrastructure in Railway Budget 2008-09 which he presented to parliament today. Keeping the common man in mind, the railway minister also cut passenger fares, with parliamentary elections due in 2009. Firm global markets also helped support domestic bourses.
The 30-share BSE Sensex rose 155.62 points or 0.88% at 17,806.19. It opened 148.99 points higher at 17,799.56. Sensex hit a high of 17,860.10 in late trade. At day’s high Sensex gained 209.53 points. Sensex hit a low of 17,678.74 in afternoon trade. At the day's low, Sensex was up 28.17 points.
The broader based S&P CNX Nifty was up 69.35 points or 1.33% at 5,270.05.
Metal, capital goods, banking, realty and power stocks rose. Reliance Energy and Infosys soared in late trade.
The market breadth was strong. Mid-cap and small-cap indices outperformed Sensex. 19 stocks from 30-member Sensex pack were in the green.
Railway Minister Lalu Prasad today announced a cut in freight rates by 5% on petrol and diesel in the Railway Budget for 2008/09. He also announced a reduction of 5% in fares for second class sleeper-class passengers. Yadav cut the fare of air conditioned (AC) I-tier by 7%, AC II-tier by 4%, and AC III-tier by 3%. The Indian railways will offer discounts on charges for freight booked during lean seasons Yadav told parliament in his budget speech.
The Railway Minister said Indian Railways will report a cash surplus of Rs 25,000 crore in FY 2007-08. Railways will invest Rs 75,000 crore to upgrade infrastructure over the next seven years and also to start making steel coaches from FY 2009 and introduce them from FY 2010. There will be no peak season surcharge on cement transport.
Railways plan to upgrade 50 container terminals across the country which includes Mumbai and Chandigarh terminals. The Railways will begin 25-30 tonne axle load trains.
BSE clocked a turnover Rs 4818 crore compared to Monday (25 February 2008)'s Rs 5,666.57 crore.
Nifty February 2008 futures were at 5259.35, at a discount of 10.7 points as compared to spot closing of 5270.05.
The NSE's futures & options (F&O) segment turnover was Rs 56,515.69 crore, which was higher than Rs 51,314.54 crore on Monday, 25 February 2008.
As per provisional data, FIIs sold shares worth a net Rs 31.99 crore today, 26 February 2008. Domestic funds bought shares worth a net Rs 511.33 crore.
As per reports, the government has clarified that lending and borrowing of securities under the securities lending and borrowing scheme will not attract Securities Transaction Tax (STT) or capital gains tax. However, it is not clear if sale and repurchase transactions made on the basis of borrowed securities would be taxable.
The next major trigger for the market is the Union Budget 2008-09. With general elections due in 2009, Union Budget 2008-09 to be presented on 29 February 2008 will be the last full-fledged budget of the Congress-led United Progressive Alliance government and it is therefore likely to be a populist budget. Thus, the Finance Minister (FM) is likely to provide higher allocations to several social initiatives like rural upliftment, employment, education, agricultural growth and public health.
Though populist measures will dominate the budget, FM is also expected to take steps to stimulate investment and consumption demand at a time when the economy is witnessing moderation from a solid growth last year. A reduction in personal income tax, if any, will result in increase in disposable incomes which in turn may boost demand for consumer goods.
Expectations are that the corporate income tax rate may be cut or the 10% surcharge on corporate tax may be abolished. The surcharge is 10% on a tax rate of 30%, making the effective corporate tax rate 33%. Another possibility is that of a cut in dividend distribution tax from 15% to 12.5%. Meanwhile, FM may raise the Securities Transaction Tax slightly.
It is also expected that the FM would announce some relief packages for troubled export sensitive sectors like textiles, rubber, jewelry, leather and IT services. These sectors have been hit by rupee’s surge in the past one year.
The market breadth was strong: on BSE 1,652 advanced as compared to 1,081 that declined. 41 shares remained unchanged.
The BSE Mid-Cap index rose 1.27% to 7,690.86 and BSE Small-Cap index rose 1.28% to 9,648.49.
BSE FMCG index (up 0.49% to 2,250.79), BSE Auto index (up 0.54% to 4,746.46), BSE Consumer Durables index (up 0.7% to 4,865.24, BSE HealthCare index (up 0.57% to 3,813.61), BSE Bankex (up 0.75% to 10,189.48) underperformed Sensex.
BSE Oil & Gas index (up 1.42% to 11,214.76), BSE PSU index (up 1.56% to 8,438.08), BSE Metal index (up 1.64% to 16,801.01), BSE Power index (up 2.65% to 3,706.80), BSE IT index (up 1.76% to 4,062.67), BSE Captal Goods index (up 2.05% to 16,124.36), BSE Realty index (up 2.53% to 10,016.49) outperformed Sensex.
IT stocks were mixed. Infosys (up 3.02% to Rs 1,662.10), Wipro (up 1.05% to Rs 444.15) edged higher. However Satyam Computer Services (down 0.12% to Rs 449.75) and Tata Consultancy Services (down 0.24% to Rs 897.85) edged lower.
Information Technology Vision 2012 aims at radical changes in IT applications on a common platform in Indian Railways with focus on improvement in operational efficiency, transparency in working and better services to the customers.
Shares of three oil refinery firms rose between 3.64% to 4.18% after a cut in freight rates by 5% on petrol and diesel announced in the Railway Budget for 2008/09. Indian Oil Corporation (up 4.17% to Rs 550.90), Bharat Petroleum Corporation (up 5.38% to Rs 456.45) and Hindustan Petroleum Corporation (up 4.75% to Rs 307.70) gained.
Shares of the eight cement firms rose between 0.65% to 5.06% after Railway Minister, Laloo Prasad Yadav, in his Railway Budget, said the government would erect new bulk handling facilities for cement transportation. Andhra Cements (up 3.41% to Rs 31.80), Grasim Industries (up 5.06% to Rs 3042.70), J K Cements (2.32% to Rs 165.70), JK Lakshmi Cement (up 1.8% to Rs 138.70), ACC (up 1.53% to Rs 830.90), Ambuja Cement (up 0.65% to Rs 123.35) and Ultratech Cement (up 0.78% to Rs 910.65), moved up.
The Railways Minister said that no busy season surcharge would be charged for cement transported in bulk through the new facilities.
Metal stocks rose. Jindal Stainless rose 7.19% to Rs 160.35 on hopes of higher demand for stainless steel, after the railway budget announced introduction of stainless steel coaches in express trains. National Alluminium Company 7.37% to Rs 465.85), Steel Authority of India (up 2.57% to Rs 245.40), Sterlite Industries (up 3.89% to Rs 846.05) edged higher. However Tata Steel rose 0.08% to Rs 809.25.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 0.94% to Rs 2,575.75.
Capital goods stocks rose after rail budget. Thermax (up 5.86% to Rs 681.30), Suzlon Energy (up 6.26% to Rs 314.85), Bharat Heavy Electricals (up 4.58% to Rs 2,180.55) and Larsen & Toubro (up 0.72% to Rs 3,518.25) edged higher.
Banking stocks edged higher. HDFC Bank rose 2.27% to Rs 1,455. As per reports after acquiring Centurion Bank of Punjab, HDFC Bank, the second largest private sector bank after ICICI Bank, may look at an overseas buy. The bank would look at an acquisition for increasing its presence in the retail space abroad. ICICI Bank, India's biggest private sector bank in terms of net profit rose 0.72% to Rs 1,118.05 while State Bank of India, India's biggest commervial bank, declined 0.36% to Rs 2,119.85.
Power stocks rose. India's second largest power utility firm by revenue Reliance Energy rose 4.95% to Rs 1,697.25 after company said its board will meet on 5 March 2008 to consider, buy back of equity shares of the company. Tata Power Company (up 0.44% to Rs 1,356.05), PowereGrid Corporation of India (up 0.44% to Rs 102.45) and NTPC (up 0.27% to Rs 203.90) edged higher.
However, Reliance Power declined 0.54% at Rs 447.95. The company had announced yesterday that its board had approved a proposal for issuing free bonus shares to all categories of shareholders, excluding the promoter group (comprising of Reliance Energy and the ADA Group), in the ratio of 3 shares for every 5 shares held.
Realty stocks rose. Indiabulls Real Estate (up 11.06% to Rs 642.45), Unitech (up 2.17% to Rs 390.45), Housing Development Infrastructure (up 1.56% to Rs 836.40) edged higher. However DLF declined 0.19% to Rs 832.60.
India's largest truck maker by sales Tata Motors declined 0.46% to Rs 702.10. As per reports US-based automaker Ford Motor Company could announce as early as late next week the sale of its luxury Jaguar and Land Rover brands to the Indian company.
India’s biggest oil exploration firm by market capitalisation ONGC rose 1.41% to Rs 1,027.75. ONGC has reportedly made four oil and gas discoveries.
Bharti Airtel (down 1.38% to Rs 838.80), ITC (down 0.35% to Rs 201.25) and HDFC (down 0.48% to Rs 2,574.35) edged lower from Sensex pack.
Texmaco moved up 2.8% to Rs 1631.35 after the railway minister said 20,000 new freight wagons are expected for 2008/09 and another 5,000 open wagons are to be upgraded to stainless steel.
Bartronics India surged 8.43% to Rs 223.90 on BSE after the Railway Minister proposed smart card-based ticketing system.
Tulsi Extrusions clocked highest volume of 2.45 crore shares on BSE. Reliance Natural Resources (1.14 crore shares), Gujarat NRE Coke (68.30 lakh shares), Reliance Power (66.76 lakh shares) and Nagarjuna Fertilisers and Chemicals (64.83 lakh shares) were other volume toppers in that order.
Tulsi Extrusions clocked highest turnover of Rs 338.44 crore on BSE. Reliance Power (Rs 299.35 crore), Onmobile Global (Rs 263.14 crore), Reliance Capital (Rs 164.21 crore) and Reliance Natural Resources (Rs 157.47 crore) were other turnover toppers in that order.
European markets were strong. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 were up by between 0.96-1.53%.
Asian stocks were mixed. Key benchmark indices in Hong Kong, South Korea, Singapore, China and Taiwan were up by between 0.26% to 1.92%. However, Japan’s Nikkei declined 0.66% to 13,824.72.
US stocks rose sharply on Monday on signs the two largest bond insurers would stabilize, bringing a wave of relief to a market dogged by concerns of further bank write-downs. The Dow Jones industrial average was up 189.20 points, or 1.53%, to end at 12,570.22. The Nasdaq Composite Index was up 24.13 points, or 1.05%, to close at 2,327.48.
The 30-share BSE Sensex had surged 301.50 points or 1.74% at 17,650.57 on Monday, 25 February 2008 following a higher than expected bonus ratio from Reliance Power and taking its cue from firm global markets. However, the market breadth was weak on that day.
Sensex is down 3,400.58 points or 16.03% from a record high of 21,206.77 hit on 10 January 2008. The barometer index is down 12.22% in calendar 2008 so far.
Sensex gains, but ends off its highs
After witnessing range-bound movement for the day, the market settled in positive territory. The Sensex kissed the day's high of 17,860, up 210 points from the previous close of 17,650, and finally ended with gains of 155 points at 17,806. The Nifty gained 69 points to close at 5,270. The breadth of the market was marginally positive. Of the 2,785 stocks traded on the Bombay Stock Exchange (BSE), 1,645 stocks advanced, 1,079 stocks declined and 61 stocks ended unchanged.
Among the 11 sectoral indices, BSE Power index rose 2.65% at 3,706, BSE Realty index added 2.53% at 10,016 and BSE CG index gained 2.05% at 16,124, while the remaining indices ended with marginal profits.
Front-line stocks like Grasim led the upmove and soared 5.06% at Rs3,042.70. REL rose 4.59% at Rs1,697.25, BHEL jumped 4.58% at Rs2,180.55 and Infosys advanced 3.02% at Rs1,662. However, Bharti Airtel dropped 1.38% at Rs838.80, HDFC fell 0.48% at Rs2,574.35, Tata Motors declined 0.46% at Rs702 and SBI was down 0.36% at Rs2,119.85.
Suzlon Energy vaulted 6.26% at Rs314.85, REL surged 4.59% at Rs1,697.25, BHEL soared 4.58% at Rs2,180.55 and Crompton Greaves advanced 4.18% at Rs311.80. GMR Infrastructure, CESC, AREVA and SIEMENS gained 1-3% each in power stocks. The major gainers include Roto Pumps that gained 20% at Rs71.10, followed by Glory Poly moving up 20% at Rs105.30, and Mcleod Russel advancing 19.98% at Rs78.05.
Over 2.45 crore Tulsi Extrusion shares changed hands on the BSE followed by RNRL (1.14 crore shares), Gujarat NRE (0.68 crore shares), Reliance Power (0.66 crore shares) and Nagarjuna fertilisers (0.64 crore shares).
Post Market Commentary - Feb 26 2008
The Indian market rallied through the trading session to close on an upbeat note. The market opened with heavy gains on the back of favoring cues from the global markets and kept on hovering in the positive territory through out the trading session. The market however pared some of its gains soon after the firm start but gained the momentum soon after the declaration of the Union Railway Budget. The Small Caps and Mid Caps also joined the rally of the benchmark indices as they also posted handsome gains. From the sectoral front, the Capital Goods, Realty and Metal stocks remained in the limelight as most buying was seen from these baskets. The BSE Sensex closed higher by 155.62 points at 17,806.19 and NSE Nifty closed up by 69.35 points at 5,270.05. The BSE Mid Cap and Small Cap closed higher by 96.45 points and 122.21 points at 7,690.86 and 9,648.49 respectively.
BSE Metal index grew by 270.85 points to close at 16,801.01. Major gainers are NALCO (7.37%), Jindal Stainless (7.19%), Gujarat NRE (4.21%), Sterlite Industries (23.89%) and SAIL (2.57%).
BSE Oil & Gas index closed higher by 157.38 points at 11,214.76. Gainers are BPCL (5.38%), Cairn India (5.85%), HPCL (4.75%), Indian Oil (4.17%), RPL (1.51%) and GAIL India (1.93%).
BSE Bankex index closed higher by 76.34 points at 10,189.48. Gainers are Bank of India (4.75%), HDFC Bank (2.27%), Union Bank (1.36%), Kotak Bank (1.31%), Centurion Bank of Punjab (1.04%).
BSE Power index closed up by 95.62 points at 3,706.80 as Suzlon Energy (6.26%), Reliance Energy (4.59%), BHEL (4.58%), GMR Infra (3.63%) and CESC (2.07%) closed in green.
BSE IT index grew by 70.13 points to close at 4,062.67 as Karut Net (5%), HCL Tech (4.52%), I-Flex (3.12%), Infosys (3.02%), Aptech (2.54%), NIIT Tech (1.70%) closed higher.
BSE Realty index closed higher by 247.18 points at 10,016.49. Gainers Indbul Real (11.06%), Omaxe (2.43%), Unitech (2.17%), Purvankara (1.65%), Parsvnath (1.30%).
Market ends higher in choppy trade
The market pared gains in late trade after touching a fresh intra-day high in mid-afternoon trade after Railway Minister Lalu Prasad Yadav provided thrust on modernising rail infrastructure in Railway Budget 2008-09 which he presented to parliament today. The market had opened on a firm note today tracking steady to firm trend in Asian stocks. Metal, capital goods, banking, realty and power stocks rose.
The market breadth was strong. Mid-cap and small-cap indices outperformed Sensex. 21 stocks from 30-member Sensex pack were in the green.
Railway Minister Lalu Prasad today announced a cut in freight rates by 5% on petrol and diesel in the Railway Budget for 2008/09. He also announced a reduction of 5% in fares for second class sleeper-class passengers. Yadav cut the fare of air conditioned (AC) I-tier by 7%, AC II-tier by 4%, and AC III-tier by 3%. The Indian railways will offer discounts on charges for freight booked during lean seasons Yadav told parliament in his budget speech.
The Railway Minister said Indian Railways will report a cash surplus of Rs 25,000 crore in FY 2008-09. Railways will invest Rs 75,000 crore to upgrade infrastructure over the next seven years and also to start making steel coaches from FY 2009 and introduce them from FY 2010. There will be no peak season surcharge on cement transport.
Railways plan to upgrade 50 container terminals across the country which includes Mumbai and Chandigarh terminals. The Railways will begin 25-30 tonne axle load trains.
The 30-share BSE Sensex provisionally ended up 93.23 points or 0.53% at 17,743.80. It opened 148.99 points higher at 17,799.56. Sensex hit a high of 17,860.10 in late trade. At day’s high Sensex gained 209.53 points. Sensex hit a low of 17,678.74 in afternoon trade. At the day's low, Sensex was up 28.17 points.
The broader based S&P CNX Nifty was up 49.65 points or 0.95% at 5,250.35.
BSE clocked a turnover Rs 4818 crore compared to Monday (25 February 2008)'s Rs 5,666.57 crore.
The next major trigger for the market is the Union Budget 2008-09. With general elections due in 2009, Union Budget 2008-09 to be presented on 29 February 2008 will be the last full-fledged budget of the Congress-led United Progressive Alliance government and it is therefore likely to be a populist budget. Thus, the Finance Minister (FM) is likely to provide higher allocations to several social initiatives like rural upliftment, employment, education, agricultural growth and public health.
Though populist measures will dominate the budget, FM is also expected to take steps to stimulate investment and consumption demand at a time when the economy is witnessing moderation from a solid growth last year. A reduction in personal income tax, if any, will result in increase in disposable incomes which in turn may boost demand for consumer goods.
Expectations are that the corporate income tax rate may be cut or the 10% surcharge on corporate tax may be abolished. The surcharge is 10% on a tax rate of 30%, making the effective corporate tax rate 33%. Another possibility is that of a cut in dividend distribution tax from 15% to 12.5%. Meanwhile, FM may raise the Securities Transaction Tax slightly.
It is also expected that the FM would announce some relief packages for troubled export sensitive sectors like textiles, rubber, jewelry, leather and IT services. These sectors have been hit by rupee’s surge in the past one year.
The market breadth was strong: on BSE 1,610 advanced as compared to 1,113 that declined. 42 shares remained unchanged.
The BSE Mid-Cap index rose 1.07% to 7,675.99 and BSE Small-Cap index rose 1.18% to 9,638.91.
IT stocks were mixed. Infosys (up 2.4% to Rs 1,652.10), Wipro (up 0.49% to Rs 441.70) edged higher. However Satyam Computer Services (down 1.18% to Rs 445) and Tata Consultancy Services (down 0.45% to Rs 896) edged lower.
Information Technology Vision 2012 aims at radical changes in IT applications on a common platform in Indian Railways with focus on improvement in operational efficiency, transparency in working and better services to the customers.
Shares of three oil refinery firms rose between 3.64% to 4.18% after a cut in freight rates by 5% on petrol and diesel announced in the Railway Budget for 2008/09. Indian Oil Corporation (up 3.64% to Rs 548.10), Bharat Petroleum Corporation (up 4.18% to Rs 451.25) and Hindustan Petroleum Corporation (3.93% to Rs 305.30) gained.
Metal stocks rose. Jindal Stainless rose 7.39% to Rs 160.65 on hopes of higher demand for stainless steel, after the railway budget announced introduction of stainless steel coaches in express trains. National Alluminium Company 7.64% to Rs 465), Steel Authority of India (up 2.34% to Rs 244.85), Sterlite Industries (up 3.76% to Rs 845) edged higher.However Tata Steel declined 0.41% to Rs 805.25.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 0.94% to Rs 2,575.75.
Capital goods stocks rose after rail budget. Thermax (up 5.03% to Rs 676), Suzlon Energy (up 6.26% to Rs 314.85), Bharat Heavy Electricals (up 4.85% to Rs 2,180.55) and Larsen & Toubro (up 0.72% to Rs 3,518.25) edged higher.
Banking stocks edged higher. HDFC Bank rose 2.27% to Rs 1,455. As per reports after acquiring Centurion Bank of Punjab, HDFC Bank, the second largest private sector bank after ICICI Bank, may look at an overseas buy. The bank would look at an acquisition for increasing its presence in the retail space abroad. ICICI Bank, India's biggest private sector bank in terms of net profit rose 0.72% to Rs 1,118.05 while State Bank of India, India's biggest commervial bank, declined 0.36% to Rs 2,119.85.
Power stocks rose. India's second largest power utility firm by revenue Reliance Energy rose 4.95% to Rs 1,697.25 after company said its board will meet on 5 March 2008 to consider, buy back of equity shares of the company. Tata Power Company (up 0.44% to Rs 1,356.05), PowereGrid Corporation of India (up 0.44% to Rs 102.45) and NTPC (up 0.27% to Rs 203.90) edged higher.
However, Reliance Power declined 0.54% at Rs 447.95. The company had announced yesterday that its board had approved a proposal for issuing free bonus shares to all categories of shareholders, excluding the promoter group (comprising of Reliance Energy and the ADA Group), in the ratio of 3 shares for every 5 shares held.
Realty stocks rose. Indiabulls Real Estate (up 11.06% to Rs 642.45), Unitech (up 2.17% to Rs 390.45), Housing Development Infrastructure (up 1.56% to Rs 836.40) edged higher. However DLF declined 0.19% to Rs 832.60.
India's largest truck maker by sales Tata Motors declined 0.46% to Rs 702.10. As per reports US-based automaker Ford Motor Company could announce as early as late next week the sale of its luxury Jaguar and Land Rover brands to the Indian company.
India’s biggest oil exploration firm by market capitalisation ONGC rose 1.41% to Rs 1,027.75. ONGC has reportedly made four oil and gas discoveries.
Grasim Industries spurted 5.06% to Rs 3,042.70.
Bharti Airtel (down 1.38% to Rs 838.80), ITC (down 0.35% to Rs 201.25) and HDFC (down 0.48% to Rs 2,574.35) edged lower from Sensex pack.
European markets were strong. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 were up by between 1.18-1.52%.
Asian stocks were mixed. Key benchmark indices in Hong Kong, South Korea, Singapore, China and Taiwan were up by between 0.26% to 1.92%. However, Japan’s Nikkei declined 0.66% to 13,824.72.
US stocks rose sharply on Monday on signs the two largest bond insurers would stabilize, bringing a wave of relief to a market dogged by concerns of further bank write-downs. The Dow Jones industrial average was up 189.20 points, or 1.53%, to end at 12,570.22. The Nasdaq Composite Index was up 24.13 points, or 1.05%, to close at 2,327.48.
The 30-share BSE Sensex had surged 301.50 points or 1.74% at 17,650.57 on Monday, 25 February 2008 following a higher than expected bonus ratio from Reliance Power and taking its cue from firm global markets. However, the market breadth was weak.
MIC Electronics jumps on Railway Budget proposals
In BSE, 14,113 shares of the scrip were traded. The stock had an average daily volume of 47,954 shares on BSE in past one quarter.
The scrip had touched a high of Rs 799 and a low of Rs 720 so far during the day. The stock had hit a 52-week high of Rs 1087.80 on 27 December 2007 and a 52-week low of Rs 210.25 on 30 May 2007.
The scrip had underperformed the market in the one month to 25 February 2008, falling 8.79% as against the Sensex's 3.87% decline. It had, however, outperformed the market in the past three months, soaring 21.75% against the Sensex's 7.72% slide.
The mid-cap video display system maker has an equity capital of Rs 20.13 crore. Face value per share is Rs 10.
At the current price of Rs 786, the scrip trades at a PE multiple of 28.87, based on Q3 December 2007 annualised EPS of Rs 27.22.
The estimated time of arrival or ETA is a system used to know when the vehicle is expected to reach/arrive at a certain place. ETAs are used in public transports to generate estimated times of arrival depending on either a static timetable or through measurements on traffic intensity. ETA is electronically calculated and flashed on LED display screens.
MIC Electronics designs and manufactures light-emitting diode (LED) video display systems. The LED products manufactured by the company find various applications, including sport and live events, advertising campaigns and news ticker displays.
The net profit of MIC Electronics rose 109.8% to Rs 13.70 crore on 114.8% rise in sales to Rs 78.24 crore in Q3 December 2007 over Q3 December 2006.
Grey Market - V Guard, GSS America Infotech
Rural Electrification 90 to 105 25 to 27
GSS America InfoTech 400 to 440 Discount
Manjushree Extrusion 45 5 to 7
V. Guard Ind. 80 to 85 12 to 15
Morning Call - Feb 26 2008
In House :
Nifty at a supp of 5148 and 5091 with resistance at 5265 and 5310
Cash: Buy TCS above 901 with a TGT of 932 and a SL of 889
Buy JPASSOCIAT above 254 with a TGT of 274 and a SL of 249
F&O: Buy REL above 1620 with a TGT of 1680 and a SL of 1600
Buy HCLTECH above 281 with a TGT of 293 and a SL of 276
Sector +ve: Cement (ACC and Indiacement in particular) and Infrastructure
Out House :
Markets at a support of 17474 & 17371 levels with resistance at 17786 & 17986 levels .
Buy : RIL & RPower
Buy : Sail & Tisco
Buy : SBIN & Kotak
Buy : Siemens & Neyvelli
Buy : EssarOIL & CoreProjects
Buy : GujNreCoke
Buy : RNRL & JPasso
Buy : ONGC
Dark Horse : RPower , EssarOil , Titan , INFY , NTPC , RIL , Sbin , & Aban
Trading Calls
Buy Indiabulls Real Estate above Rs 625. Stop Loss of Rs 600, target of Rs 658-Rs 711.
Buy Gujarat Ambuja Cement with a stop loss of Rs 117 for short term target of Rs 125 & 137
Buy Ankur Drugs & Pharma with a stop loss of Rs 240 for short term target of Rs 464
Trading Calls - Feb 26 2008
Nifty (5201) Sup 5105 Res 5350
Buy Hero Honda (741)
SL 735 Target 751, 756
Buy Punj Lloyd (375)
SL 370 Target 385, 388
SL 370 Target 385, 388
BUY RIL (2552)
SL 2530 Target 2590, 2610
SL 2530 Target 2590, 2610
Sell IOB (168)
SL 173 Target 160, 157
SL 173 Target 160, 157
Sell CESC (502)
SL 506 Target 494, 489
SL 506 Target 494, 489
Bulls hope to stay on track!
Life barrels on like a runaway train where the passengers change,
they don't change anything, you get off someone else can get on.
The markets resemble a runaway train since Monday. Some getting in, some getting off. After all it is better to get off comfortably at your destination rather than being thrown out for ticketless travel (read leveraged play). With the railway budget set to be a populist one, the bulls will hope that they manage to chug ahead. Expectations are that the railway minister many announce reduction in certain passenger fares and freight rates.
The global cues will lend support at start. The outlook for today is a good opening led by some follow on buying. Depending on the budget announcements, certain sectors and stocks will have a field day. Profit booking at higher levels could always set in as the near term outlook remains a worry. Get in and get out as per your risk profile. Monday’s start brought in hopes of a long awaited pre-budget rally. How long that lasts, remains to be seen.
A mix of surging costs and a steel shortage could bring steel stocks in limelight unless the railway minister decides to spoil sentiment. Globally, further hikes are expected in steel.
Watch out for action in tea counters too.
The FIIs turned to net buyers of Rs1.78bn in Index Future and by Rs4.75bn in index options. In Single Stock Futures they were net buyers at Rs53.4mn. In the Cash segment, FIIs were net buyers by Rs7.83bn and DIIs were net sellers of Rs3.16bn.
US stocks gained after S&P reiterated its top rating for Ambac Financial. Dow Jones added 1.5%. Standard & Poor's 500 (SPX) index was up 1.4%. Nasdaq added 1%.
Asian stocks rose to their three week highs following cues from Wall Street. Nikkei climbed 0.5 percent to 13,983.51.
Citigroup slipped 1.5% after Goldman Sachs cut its earnings outlook. Goldman also cut its forecasts on a number of other big banks. Fannie Mae and Freddie Mac fell after Goldman Sachs downgraded the companies to "sell" saying it expects them to announce big writedowns.
US light crude oil for April delivery rose 44 cents to settle at $99.23 a barrel on the New York Mercantile Exchange
ONGC has announced four new oil and gas discoveries, three onland and one offshore.
HDFC Bank, Centurion Bank of Punjab approved a swap ratio of 1:29 for merger and may look at an overseas buy.
.
HDFC Bank is likely to issue preference shares to promoter HDFC to enable the mortgage company to retain its shareholding above 20% post-merger.
Swedish truck and bus maker Scania has firmed up plans to manufacture trucks in India alone as L&T has reportedly backed out.
PNB has cut its PLR by 50 basis points to 12.5%.
Ashok Leyland is planning to double investment in Uttaranchal from Rs10bn to Rs20bn as a part of its expansion plan, according to a report.
Hindustan Electro Graphites expects to achieve a capacity of 58,000 tons by FY09 and ~64,000 tons by FY10.
Bhushan Steel has entered into two JV with Australian firm Bowen Energy for exploration of coal mines.
Gitanjali Group plans to hive off its five businesses and eventually list them on the bourses.
Essar Shipping has approved raising of US$1bn through issue of securities
Jubilant Organosys has bagged new contracts worth US$92mn for its proprietary products and exclusive synthesis segment for 2008.
Crompton Greaves has announced a tie-up with Dutch firm Lemnis Lighting for launching LED lighting products.
Bulls look to chug ahead
Finally, bulls managed to end a session on a strong note. Initially after falling sharply in the early trades markets bounced back and gradually gained momentum through out the trading session. The Sensex recovered over 500 points and the Nifty index recouped over 140 points from their respective days low. The rally could be attributed to strong buying interest in the Reliance pack of stocks. Also the IT, Power and the Realty stocks were in demand. Finally, the 30-share Sensex closed at 17,650 adding 301 points. The NSE Nifty closed at 5,200 gaining 89 points.
Overall about 1,074 stocks advanced, 1,594 stocks declined while 72 stocks remained unchanged. Among the BSE 30 index 26 stocks advanced while only 4 stocks declined.
Among the 30-scrips of Sensex, RIL, ICICI Bank, Infosys and L&T were among the major gainers. However, HDFC Bank, Baja Auto and Hindustan Unilever were among the major losers in the index.
IRB Infrastructure Developers Ltd, developers of various infrastructure projects in the road sector through several Special Purpose Vehicles got listed at Rs192 against issue price of Rs185. After initially slipping heavily below its issue price, the scrip constantly gained ground thought out the session.
Finally, the stock ended at Rs189 recording gains of 2% after hitting an intra-day high of Rs200 and a low of Rs168 and recorded volumes of over 2,00,00,000 shares on NSE. IRB Infrastructure, raised about Rs9.44bn through its IPO last month. IRB Infrastructure offered 51mn equity shares through the IPO, constituting 15.36%of its fully diluted post issue paid-up capital. The issue got subscribed by over four times. The issue price at the lower end of price band of Rs185-220.
Tulsi Extrusions Limited manufacturer of various types of PVC pipes and fabricated fittings got listed at Rs100 on the bourses against issue price of Rs85. The scrip constantly gained ground thought out the trading session finally closed at Rs140 translating into a premium of 65%. The scrip has touched an intra-day high of Rs144 and a low of Rs99 and has recorded volumes of over 3,00,00,000 shares on NSE.
The company came out with public issue of 57,00,000 equity shares of Rs10 each during February 1 and February 5, 2008. The price band for the issue was set between Rs80 and Rs85. The issue was subscribed 2.08 times. QIBs portion subscribed 1.54 times, HNIs 3.11 times and Retail category 2.46 times.
Pfizer India ended flat at Rs633. The company announced its Q4 result with net profit at Rs220.36mn (up 29.5%) and revenue at Rs2bn (up 9.2%). The company also announced that it would pay dividend of Rs27.5 per share. The scrip touched an intra-day high of Rs653 and a low of Rs630 and recorded volumes of over 32,000 shares on NSE.
Gati ended lower by 1.3% to Rs121. The company announced that it entered into agreement with General Logistics. The scrip hit an intra-day high of Rs126 and a low of Rs119 and recorded volumes of over 28,000 shares on NSE.
M&M was marginally down by 0.3% to Rs627. According to reports the company was planning to launch a premium SUV codenamed ‘W201’ by 2009 and the Ingenio MUV by end August of this year. The scrip touched an intra-day high of Rs634 and a low of Rs605 and recorded volumes of over 3,00,000 shares on NSE.
RPower surged by over 8% to Rs450 the scrip for the first time crossed the IPO price of Rs450 led by unabated buying. The scrip touched an intra-day high of Rs455 and a low of Rs421 and recorded volumes of over 3,00,00,000 shares on NSE.
Ram Informatics gained 1.2% to Rs16 after the company said that it received orders from Registration & Stamps. The scrip touched an intra-day high of Rs16 and a low of Rs15 and has recorded volumes of over 43,000 shares on BSE.
Cues from the international markets look to be a bit supportive for the time being and with the railway budget to be announced on Tuesday, bulls would look to carry forward the momentum. However, having said that, even a bad day in the US market is enough to turn the sentiments negative. It also shows that one cannot take any rally for granted, as all the gains of a day can easily be wiped out in a minutes. Stock specific action would continue.
News Snippets:
- Godrej Industries has set up a joint venture with Malaysian firm IJM Plantations to develop palm estates and palm oil mills in India. (BS)
- Godawari Power and Ispat planning to foray into commercial power generation with projects in Chhattisgarh or Jharkhand with capacities ranging between 300 to 1,000 mw with coal and coal rejects as fuel. (BS)
- Opto Circuits India has signed an agreement to acquire Wisconsin-based Criticare Systems Inc, a maker of medical equipments, for US$68mn. (BS)
- Zylog Systems Ltd is foraying into Voice over Internet Protocol (VoIP) with a tie-up with an American company. (BL)
- The Future Group is all set to make a foray into rural retailing by riding on the Aadhaar outlets belonging to Godrej Agrovet.
- Dish TV has cancelled the Rs2.5bn preferential allotment of equity shares and warrants to Indivision India Partners. (BL)
- Tata expects to double revenues from China—primarily from TCS and Tata Steel—to US$600mn this year. (FE)
- HSBC, StanChart have evinced interest in picking up a stake in YES Bank. (FE)
- ONGC has reconfigured its proposed mega petrochemical plant at Dahej in Gujarat, bringing down the cost by Rs11bn to Rs124.4bn.
- The Government has directed IOC, BPCL and HPCL to stop LPG supply to PNG users. (ET)
- Crompton Greaves has entered into two agreements with the Netherland-based Lemnis Lightings and Italy-based Fael Luce to boost its presence in lightning space. (ET)
- The Empowered Committee of Secretaries has cleared Cairn India's proposal to lay a US$800mn pipeline for transporting crude oil from its Rajasthan oil fields and recover the cost through sale of crude. (ET)
- BPCL is expected to export less fuel oil for FY08 to cover for its increased domestic market share. (ET)
- Gati Ltd plans to invest US$100mn over the next 18 months to expand operations in the domestic and overseas markets. (ET)
- Unitech to invest Rs90bn in two real estate projects in Hyderabad. (ET)
- GMR Infrastructure plans to foray into the corporate jet market with a capital expenditure plan of Rs7bn. (ET)
- Tulip IT Services has earmarked US$40mn for overseas acquisitions. (ET)
- - IRB Infra has won a bid for six-laning part of the Surat-Dahisar highway. (DNA)
- Real estate company, Omaxe plans to set up a township at Raipur in Chhattisgarh with a project value of Rs12bn. (ET)
- MMTC Ltd to import 1.5mn tons of non-coking coal. (Mint)
- AV Birla Group company, Grasim Bhiwani Textiles plans to ramp up fabric business. (ET)
- - ICICI Venture and Jaypee Infratech terminated US$800mn deal for buying ~10-15% stake in Jaypee Infratech. (ET)
- China-based Sinosteel will set up its first integrated steel plant in Jharkhand and a cold forged rolls unit at Haldia in West Bengal. (BS)
Subscribe to:
Posts (Atom)