India tops Asia PE sweepstake in 2007

For the first time, India has topped the Asian Private Equity chart in terms of deal value. India saw PE inflows to the tune of US $9.9bn from 290 deals in 2007, says the the Centre for Asia Private Equity Research (CAPER). China is second in the list with total PE amount of US $9.5bn, followed by Taiwan at US $5.8bn.

In Asia (including Japan), India has been fourth in investment volume for the 2004-2006 period. Incidentally, Japan which has been No.1 since 2003 except for last year when Australia topped the charts, dropped to sixth place with PE deals worth US $3.2bn, according to the CAPER data.

In 2007, the Asian private equity industry saw a rising number of Asia-based limited partners, says the CAPER. An additional US$36.4bn of fresh capital came into the market, but the deal value declined by 21% to US$42.2bn, it adds.

"The industry also witnessed a new high in divestment activities, with US$17.3bn of realised capital being returned to investors' coffers during the year," according to the regional PE research tracker.

Institutional Investors

• 292 institutional investors were known to have made allocations
• corporate investors dominated, accounting for 20% of the known allocations, followed by government agencies at 11%

Funds

• US$36.4bn of fresh capital was recorded during 2007, an increase of 28.3% compared to that for 2006
• venture capital funds recorded the biggest growth at US$7.1bn, an impressive 64.7% surge compared to US$4.3bn for 2006
• buyout funds accounted for US$15.1bn, while funds for growth/expansion situations amounted to US$12.3bn
• China led in recording the largest pool of fresh capital at US$6.9bn, followed by India with US$5.3bn of fresh capital

Investments

• US$42.2bn in aggregate deal value recorded, a decline of 21%
• average deal size has declined by 32.4%, to US$61.1 million
• for the first time since 2005, companies in growth/expansion stage attracted the lion's share of private equity capital, accounting for 50% of the US$42.2bn
• commitments to buyouts slipped to US$20.1bn, a far cry from the US$37.4bn for 2006
• India led in recording the largest aggregate deal value, at US$9.9bn, a fraction ahead of the US$9.5bn garnered by China

Divestments

• 380 divestment processes known to have been initiated, double that for 2006
• US$17.3bn of realised capital recorded
• Medium IRRs for realised capital surged to 67%, compared to 51% for 2006
• South Korea led in divestment performance, where investors were able to realise US$4.8bn, representing 27.7% of the returned capital.

Weekly News - DoT issues LoIs to 9 players

The Department of Telecommunications (DoT) issued Letters of Intent (LoIs) to nine eligible applicants who had applied before Sept. 25, 2007. Four companies - Unitech, Datacom (Videocon Group), Shipping Stop Dot Com (BPL Group) and Shyam Telelink - received LoIs for pan-India mobile operations. Swan Communications got LoIs for 13 circles and S Tel for 6 circles. At the same time, Parsvnath, Cheetah, Allianz Infra and HFCL failed to get any LoIs. The proposals of Indiabulls and ByCell were put on hold due to lack of statutory clearances. Moreover, Idea received LoIs for 9 new circles, Tata Teleservices for 3 new circles and Spice Communications for 4 new circles.

Around eight of these companies paid the required licence fees and bank guarantees. They also deposited financial and performance guarantees. They will now queue up for a newly introduced licence - the Wireless Operating Licence - which will be granted on a first-come, first-served basis, subject to availability of spectrum. The DoT also cleared application from Idea, Vodafone Essar and Aircel for 2G spectrum in circles where they currently hold licences. Idea holds licences in two circles, Vodafone in six and Aircel in 13 circles. In another significant development, the DoT also cleared Tata Teleservices' application for GSM spectrum. The applications of existing GSM operators such as Bharti for additional spectrum, which have been pending for close to two years, have also been cleared.

Once the spectrum is vacated by the defence forces, the demands of existing GSM operators for additional spectrum, for further expansion in the circles where they already operate will be considered first. Vodafone, Idea and Aircel, who already hold licenses come next in queue. Next in line will be dual technology licence holders such as RCOM, Tatas, HFCL and Shyam, who will be given radio frequencies to launch GSM services. All new entrants who received LoIs on Thursday to offer telecom services come last.

Tata Motors, Infosys

Tata Motors unleashes people's car

After several months of drama, controversy over the plant site and skepticism from industry rivals, Tata Motors finally presented the one-lakh 'people's car' at the Auto Expo in New Delhi. And, contrary to popular perception, Ratan Tata, Chairman of Tata Motors said the company would keep its promise, and would price the car - named the 'Nano' - at Rs1 lakh only at the dealer level. There would be extra costs in terms of local levies, taxes, insurance, transportation etc. Tata reiterated that the Nano would meet all international safety and emission standards. "The car will meet Bharat Stage III and Euro 4 emission standards," Tata said while launching one of the most awaited launches in the global auto industry.

People's Car brings the comfort and safety of a car within the reach of thousands of families, Tata Motors said. It is 8% smaller than Maruti 800, but 21% more spacious from inside. In terms of fuel efficiency, the Nano would cover over 20 kilometers per litre of petrol. There would also be a diesel version of the Nano sometime further down the line. The Nano would house a 624 cc engine and would pump out 33 horsepower. Tata also said the Nano would be initially available in variants - standard and two luxury models, and would be able to seat 4-5 people. Production will start in the second half of the year and deliveries will begin around the festival season, which generally starts in September-October.

The initial target production volume would be 250,000 cars per annum on two shifts, expandable to 350,000 per annum on three shifts. Tata has earlier talked about a one million production target by 2010. A similar indication has reportedly been given to component suppliers during price negotiations. Tata pointed out that while the Rs1 lakh price tag was given by the media, he decided to take on the challenge. But, he also hinted that inflation could make it difficult to maintain the price tag. "My greatest fear is inflation. With steel and tyre prices going up we can’t hold the price which we have held emotionally," he said.

Infosys beats street on tax reversal

Infosys Technologies has posted a better than expected sequential bottomline growth for the quarter ended December 31, 2007 while the topline has disappointed a bit vis-a-vis market expectations. The net profit for the October-December quarter of the current fiscal year stood at Rs12.31bn versus Rs11bn in the same quarter a year earlier. This translates into a sequential growth of nearly 12%. The net sales for the reporting quarter were Rs42.71bn as against Rs41.06bn in the third quarter of last year. This represents a 4% growth over the last quarter.

The improvement in the net profit growth was partly due to a tax reversal of Rs500mn. EPS for the October-December quarter stood at Rs21.54 as against Rs19.26 in the second quarter. Excluding the tax reversal, EPS for Q3 FY08 would have been Rs20.66. For the third quarter, Infosys had forecast revenue of Rs42.38-42.58bn and EPS of Rs20.11. So, the company has managed to do a little better than the guidance. Other income was flat over the previous quarter, but operating margin increased, from 31.27% in Q2 FY08 to 32.59%. Attrition was down to 13.7% from 14.2% in Q2 FY08. Infosys saw forex loss of Rs 140m as against a gain of Rs 30mn in Q2 FY08.

Infosys sees its Q4 FY08 revenue growing at about 5% QoQ to Rs44.77-45bn. Earnings Per Share (EPS) for the fourth quarter is expected at Rs21.38. For the full-year, Infosys now sees revenue of Rs166.27-166.51bn. FY08 EPS is pegged at Rs81.07. There was a gross addition of 11,683 employees and net addition of 8,100 employees. Total employees at the end of December 2007 stood at 88,601 compared to 80,501 as at September 2007 and 69,432 at the end of December 2006. Infosys and its subsidiaries added 47 new customers during the quarter.

In dollar terms, Q3 revenue missed analysts' expectations due to lower than expected volume growth. EBITDA margins at 32.6% surprised on the higher side primarily due on account of lower sales & marketing expenses. Infosys' hiring plans are strong at ~8100 employees (net) added in the third quarter. For the year, the hiring target is up by ~1000 employees. BFSI revenues grew ~7% QoQ. Also, Infosys won 5 new deals for its Finacle product, which is a positive given the mounting worries about the health of the industry.

Weekly Newsletter

After a fairly volatile week, the bulls would be hoping for some stability next week. However, any fresh weakness in global markets, especially in the US, could put paid to the hope of a resurgence in sentiment. One will also have to keep an eye on the foreign fund flows, which have been quite erratic of late. Retail investors, who had been giving good support to the market in the absence of FII inflows could resort to some more selling to invest in the Reliance Power IPO. In that case, one should be ready for some more pain, particularly in the side counters that had shot through the roof in the recent rally. Apart from the results the two big events will be the month-end policy meetings of the Federal Reserve and the RBI. While the Fed has clearly indicated that it is ready to take substantial steps to avoid a recession in the US, the RBI still seems to be reluctant in cutting rates. One has to see if Governor YV Reddy obliges the Finance Minister, bankers and the market. With the key indices near all-time highs, there could be some softening in the near term, though the medium to long-term the market still looks strong.

India 2008

India 2008

Reliance Power IPO Analysis

Reliance Power (RPower), part of the Reliance Anil Dhirubhai Ambani Group, has embarked on setting up numerous power-generation plants. Reliance Energy (REL) is one of the promoters with a direct stake of 45% in the post-issue equity capital along with closely-held promoter group company AAA Projects, also with an equal 45% stake in RPower.

With currently no power project in operation, RPower is developing 13 power-generation projects with generation capacity of 28,200 MW. These 13 projects are to be executed over the next eight years. All power projects, except one (at Dadri in UP) are to be executed through various subsidiaries of the company and are currently under various stages of development.

The project portfolio also includes two of the first three Ultra Mega Power Projects (UMPP) finalised so far in the country: the pithead Sasan UMPP in Madhya Pradesh and import-coal-based Krishnapatnam UMPP in Andhra Pradesh.

RPower has identified six projects. Of these, Rosa Phase I (600 MW), Rosa Phase II (600 MW), ButiBori (300 MW), Shahapur TPS (1,200 MW), Sasan UMPP (3,960 MW) are coal fired. The 400-MW Urthing Sobla is a hydroelectric power project in Uttarakhand to be executed in the first phase. The aggregate generation capacity of all these projects is 7,060 MW. The seven other projects in the current project portfolio are the 7,480-MW gas-fired project at Dadri, the 2,800-MW Shahapur Gas project, the super-critical-based coal-fired 3,960-MW MP Power and three other hydroelectric projects: Siyom (1,000 MW), Tato II (700 MW), and Kalai II (1200 MW).

Reliance Natural Resources, a group company, is to supply imported coal to fire the Krishnapatnam UMPP and Shahapur coal-based power plant and gas to the Dadri and Shahapur gas power plants. Moreover, RPower, RNRL and North American Coal Corporation (NACC) have entered into a three-way MOU for coal mining in India. RNRL will be the mining operator and NACC will provide technical assistance including evaluation of geological data, mine planning and design, supervision of mining operations and training of personnel of RNRL and RPower with best mining practices. However, the company is yet to sign definitive contracts with all these collaborators.

The proceeds of the issue will be used to capitalise the subsidiaries that will execute the six identified projects.

Strengths

The Indian power sector has robust growth prospects with a large demand and supply deficit. With various proactive reforms in the power sector encouraging private-sector participation in all the three core segments of generation, transmission and distribution, players such as RPower, who will be the face of the group for power generation, will be able to capitalise on strong growth opportunities in the country.

Project portfolio and its customers are well diversified. The locations of all the 13 projects are either near the load centre or fuel source. Fuel required is also diversified. Seven are coal-based projects. Of these, two at Shahapur and Krishnapatnam will depend on imported coal, and two Sasan and MP Power are pithead projects. Their capacity aggregates 14,620 MW. Of the remaining six, two are gas based (aggregate capacity 1,0280 MW) and four are hydroelectric projects (aggregate capacity 3,300 MW), with three in Arunachal Pradesh and one in Uttarakahand. The potential customer base is also diversified with more than 25 procurers across state electricity boards (SEBs), state distribution companies, and private distribution licencees spread predominantly in power deficit northern and western parts of India.

The 300-MW Butibori project is a captive power project and is likely to get greater per unit realisation. With industrial tariff normally higher even if the company supplies power at a discount to the current industrial tariff, the margin will be greater. Further, the company intends to tie up only for 51% of the capacity of the unit with group captive players. The balance capacity could also act as a merchant power plant increasing per unit realisation.

Three out of the 13 projects employ efficient super critical technology. This three super-critical power projects account for about 11,920 MW t of the aggregate capacity addition of 28,200 MW. Moreover, implementation of the cost-efficient super-critical technology will also fetch carbon credits.

Weaknesses

Has no power project in operation and its first power generation unit, the Phase I of the 600-MW Rosa Power project, will go on stream only in December 2009. Unless there is any inorganic expansion, there will not be any operating revenue or cash flow from the core business of power generation.

Financial closure has been completed for only one project so far. Similarly, critical milestones such as power-purchasing agreement (PPA) for non-merchant power plants or finalising the engineering, procurement and constructirion (EPC) contractors or equipment suppliers are year to be executed. Except Rosa I and II ,core equipment suppliers or EPC players are yet to be finalised. Likewise, the PPA is not in place for most of the projects including Butibori, Rosa II, and Shahapur among the identified projects. Not crossing critical milestones is a major concern, particularly in view of the capacity constraint in power generation equipment resulting in long delivery schedules globally. Similar difficulties are likely in civil construction and for the balance of equipment, too, due to limited number of third-party contractors with huge backlog of orders. All these are expected to pose strong challenge in execution.

Coal for the Shahapur thermal power station (TPS) and Krishnapatnam UMPP and gas for the Shahapur and Dadri projects are to be procured through RNRL. But there is no definitive fuel supply agreement with RNRL for the coal and gas projects. Moreover, RNRL is in litigation on the gas reserves of Reliance Industries. This could impact the availability or the price of the fuel for the two gas-based projects of the company. Further, RNRL does not have any rights to coal resource either overseas or here right now. This is a cause of concern. Besides, the ministry of cola is yet to allocate coal for the Rosa II and Butibori projects.

Profitability largely depends on ability to maintain the actual operating cost within the budgeted limits, particularly for projects won through competitive bidding. The PPA for competitively bid projects based on imported coal provides for escalation linked to global coal prices. But the pithead power projects do not have this cushion. Any escalation in the mining and processing cost will not be insulated by the competitive tariff.

The current promoters, REL and AAA Project, have subscribed to the equity capital at par (Rs 10). They were allotted approximately 999.75 million shares each of face value of Rs 10 on 13 June 20’06. Subsequently, both REL and AAA Projects, were allotted 1,000 million shares of Rs 10 fully paid in the ratio of 1:1 when Reliance Public Power Utility (RPPUL) was merged with RPower from Sep 2007 by the order of the High Court of Mumbai. However. The current IPO is proposed at a premium based on the expected cash flows from the portfolio of projects to be executed.

Valuation

Ahead of the IPO, all the listed stocks in the power generation sector have been re-rated based on the expected price of RPower. The offer price band stands at Rs 405 to Rs 450. The discount of Rs 20 for retail investors and part payment of the issue price (Rs 115 on application and balance on call) is a sweetener. With no financial track record and no operational income expected to be generated till December 2009, when the first unit of Rosa I is expected to go on stream, the RPower scrip could end up with high volatility on news flow on the implementation of its various projects and winning of new projects.. At higher price band, RPower will have a market capitalisation of Rs 101700 crore compared with NTPC's current market capitalisation of Rs 221630 crore. While RPower has plans to implement 28,200-MW capacity with no assured returns in many projects and little experience in large project execution, NTPC already has 27,904-MW capacity with plans to set up additional 22,100 MW. Most of NTPC’s projects enjoy assured returns and it has one of the best track records of power-project execution. In the long run, RPower has many execution risks to contend with. But in the short term, the market seems willing to ignore all that.

Q3 results to dictate trend

Third quarter December 2007 earnings will guide the market in the coming week. Some of the top brokerages expect slowdown in aggregate earnings growth of 30-Sensex firms in Q3 December 2007. Earnings surprise holds key.

The 30-share BSE Sensex gained 140.56 points or 0.67% to 20,827.45 in the week ended Friday, 11 January 2008. However, the S&P CNX Nifty declined 74.20 points or 1.18% to 6,200.10 in the week.

With the beginning of the calendar year 2008, foreign institutional investors (FIIs) are expected to make fresh fund allocations. FIIs pumped in Rs 71,486.50 crore or $17.23 billion in Indian equities in calendar year 2007.

FII inflow in calendar year 2008 amounted to Rs 3176.70 crore (till 10 January 2008). Mutual funds bought shares worth a net Rs 1473 crore in the first few days of the New Year, till 10 January 2008.

There might be some liquidity drain from the seconday market as action might shift to primary market as the mega initial public offer (IPO ) of Reliance Power opens for subscription on 15 January 2008. The IPO ends on 18 January 2008. There are few other large public offers in the pipeline in the coming months.

Among the frontline companies, State Bank of India, Ranbaxy Laboratories, Housing Development Finance Corporation, ITC and Wipro will announce their December 2007 quarterly results in the coming week.

Infrastructure Development Finance Company, EMCO, KLG Systel, Monnet Ispat, Omnitech Infosolutions, Amtek India, Jubilant Organosys, Allahabad Bank, Petronet LNG, Chambal Fertilizers & Chemicals and Idea Cellular among others will also declare their December 2007 quarterly results next week.

Mid-Cap, Small-Cap indices slump

The two key indices, BSE Sensex and S&P CNX Nifty witnessed a divergent trend last week. While Sensex rose, Nifty declined. Both the niche indices struck all-time highs in the week. Sensex hit all-time high above 21,000. Small-cap and mid-cap indices underwent a major correction ever since they hit all-time highs on 8 January 2008. Volatility was high throughout the week.

The 30-share BSE Sensex gained 140.56 points or 0.67% to 20,827.45 in the week ended Friday, 11 January 2008. The S&P CNX Nifty declined 74.20 points or 1.18% to 6,200.10 in the week.

The BSE Mid-Cap index lost 674.58 points or 6.67% to 9,438.48 in the week. The BSE Small-Cap index declined 1190.09 points or 8.57% to 12,694.02 in the week. Both these indices underperformed the Sensex.

Trading for the week started on an upbeat note with the BSE Sensex rising 125.76 points to 20,812.65, on 7 January 2008 on selective buying in index pivotals.

Buying support continued on 8 January 2008, with Sensex gaining 60.68 points to 20,873.33, a record closing high. The BSE Mid-Cap index struck an all time high of 10,245.81 while the BSE Small-Cap index hit an all time high of 14,239.24 on that day.

The 30-share BSE Sensex declined 3.55 points or 0.02% to 20,869.78 on 9 January 2008. The broader CNX S&P Nifty lost 15.85 points or 0.25% to 6,272.

The 30-share BSE Sensex slumped 287.70 points to 20,582.08 on 10 January 2008 on profit booking in index pivotals. It hit a record high of 21,206.77 in mid-morning trade.

The market showed volatile swings on Friday, 11 January 2008. The 30-share BSE Sensex surged 245.37 points to 20,827.45, led by Reliance Industries and ICICI Bank.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries advanced 4.77% to Rs 3128.15.

India’s largest private sector bank by assets ICICI Bank surged 12.02% to Rs 1439.90 on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though board is yet to decide on securities arm listing.

India’s second largest software exporter by sales Infosys Technologies declined 6.77% to Rs 1580.10 in the week. Infosys’ consolidated net profit as per Indian GAAP rose 11.9% to Rs 1231 crore on 4% rise in net sales to Rs 4271 crore in Q3 December 2007 over Q2 September 2007.

Tata Motors was down 2.80% to Rs 762.45 in the week. The company unveiled people's car (Rs 1 lakh) christened Nano on 10 January 2008. Tata Motors will commercially launch Nano in the second half of 2008.

India's largest engineering & construction firm in terms of revenue, Larsen & Toubro (L&T) declined 1.63% to Rs 4175.10 in the week. It secured two major contracts from Cairn India for its project located near Barmer in Rajasthan.

India's biggest power equipment maker by revenue, Bharat Heavy Electricals (Bhel), declined 4.34% to Rs 2435.15 in the week. The company signed a joint venture agreement with NTPC for establishment and operation of a joint venture company for taking up engineering, procurement and construction business.

Mahindra & Mahindra, India's biggest tractor and utility vehicle maker by revenue, slipped 5.87% to Rs 774.75 in the week. It acquired the business of G R Grafica Ricerca Design S.r.l (GRD), an Italian auto designing, body engineering and feasibility and styling company based in Turin, Italy.

On 8 January 2008, Manaksia settled at Rs 168.10 on BSE a premium of 5.06% over the IPO price of Rs 160. Manaksia’s business is spread across aluminium sheets, galvanised steel sheets, mosquito coils and metal packaging products.

On 11 January 2008, Precision Pipes and Profiles Company settled at Rs 138.65 on BSE, a discount of 7.57% over the IPO price of Rs 150. Precision Pipes and Profiles Company (PPAP) is engaged in the business of manufacturing automobile sealing systems and exterior products. On the same day, Aries Agro settled at Rs 251.60 on BSE, a premium of 93.54% over the IPO price of Rs 130. Aries Agro is engaged in the manufacture of agricultural products.

FII inflow in calendar year 2008 amounted to Rs 3176.70 crore (till 10 January 2008). Mutual funds bought shares worth a net Rs 1473 crore in the first few days of the New Year, till 10 January 2008.

Based on data from fund groups reporting activity daily and weekly, flows into global emerging markets funds surged 380% in 2007 and flows into Latin America equity funds were up 308% from 2006.

India will continue to witness dynamic growth in 2008, on account of investment in the manufacturing and service sectors, and will be largely insulated from weakness in the global economy, as per a report dated 10 January 2008 by the United Nations

Union oil minister Murli Deora scheduled first meeting of a ministerial panel on fuel pricing on 17 January 2008 to discuss a response to scorching global crude oil prices.

Car sales climbed up 8.9% to 88,220 units in December 2007 over December 2006. Sales of commercial vehicles, trucks and buses, edged up 1.4% to 42,508 in December 2007 on an annual basis.

In a conference in New Delhi held on 9 January 2008, Commerce and Industry Minister Kamal Nath said domestic cement prices were high due to a demand-supply mismatch and higher imports were necessary to bridge the gap. The minister also informed that the government is monitoring cement prices.

Future Capital Holdings IPO Analysis

Future Capital Holdings IPO Analysis

Reliance Power - 4 days to go

Are you applying for Reliance Power IPO ?

Yes ! Anil bhai's dream! 702 (67.4%)

No! Scam !! 340 (32.6%)

Votes so far - 1042

See 5 days to go


See 6 days to go


See 7 days to go


Opinion Poll


See Poll Update

Heavyweights lift Sensex 245 points

The market surged in late trading building on the recovery from lower level which it had witnessed in mid-afternoon trade. The market had slipped into the red in afternoon trade from an early surge after the industrial production data for November 2007 fell short of market expectations. The data hit the market in early afternoon trade today.

Reliance Industries (RIL) surged. IT stocks were mixed after Infosys posted better than expected Q3 December 2007 results before trading hours. Banking, Oil & gas and realty stocks gained. Capital goods and consumer durables stocks declined. The market breadth was weak. BSE Mid-Cap and Small-Cap indices underperformed Sensex.

European markets which opened after Indian markets were weak. Asian markets which opened before Indian market were weak today.

Industrial output rose 5.3% in November 2007 from a year earlier, well below market expectations and sharply lower than an upwardly revised annual growth of 12% in October 2007, data showed on Friday. Manufacturing production rose 5.4% in November 2007 from a year earlier, compared with a provisional annual growth of 13.3% in October 2007.

Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.5% in the week ended 29 December 2007 compared with the week ended 22 December 2007. WPI was 5.89% in the corresponding week of the previous year.

The 30-share BSE Sensex rose 245.37 points or 1.19% to 20,827.45. It hit a high of 20,894.79 in the late trade. At day’s high Sensex gained 312.71 points. It hit a low of 20,505.81 in afternoon trade. At the day’s low Sensex lost 76.27 points.

The broader S&P CNX Nifty rose 43.15 points or 0.7% to 6,200.10.

The BSE Mid-Cap index was down 0.02% to 9,438.48. The BSE Small-Cap index was down 1.28% to 12,694.02.

The market breadth was weak on BSE with 732 shares advancing as compared to 2,101 that declined. 30 remained unchanged. 15 shares in Sensex pack were in green.

BSE clocked a turnover of Rs 7403 crore, lower than Thursday (10 January 2008)'s Rs 9123 crore.

Nifty January 2008 futures were at 6219, at premium of 18.90 points as compared to spot closing of 6200.10.

The NSE's futures & options (F&O) segment turnover was Rs 68,449.32 crore, which was lower than Rs 78,346.87 crore on Thursday, 10 January 2008.

BSE Realty index (up 1.6% to 13,482.88), BSE Oil & Gas index (up 2.24% to 13,832.60) and BSE Bankex (up 3.6% to 12,478.96) outperformed Sensex.

BSE HealthCare index (up 0.71% to 4,182.94), BSE PSU index (up 0.17% to 10,398.73), BSE Metal index (down 0.1% to 18,750.60), BSE FMCG index (down 0.22% to 2,394.83), BSE Power index (down 0.34% to 4,684.42), BSE Auto index (down 0.5% to 5,413.01), BSE Capital Goods index (down 0.92% to 19,485.88), BSE IT index (down 1.04% to 4,103.88) and BSE Concumer Durables index (down 2.16% to 6,210.44) underperformed Sensex.

IT stocks were mixed after Infosys announced its results today. India’s second largest software exporter by sales Infosys Technologies declined 1.38% to Rs 1,580.10 after the company today reported stronger-than-expected growth in net profit in Q3 December 2007. Infosys’ consolidated net profit as per Indian GAAP rose 11.9% to Rs 1231 crore in Q3 December 2007 over Q2 September 2007. Sales rose 4% to Rs 4271 crore in Q3 December 2007 over Q2 September 2007.

Infosys has raised both earnings and revenue guidance for the year ending March 2008 (FY 2008). The company has forecast 18.6% growth in EPS in FY 2008 as per Indian GAAP at Rs 79.30. It has forecast a between 19.7% to 19.9% growth in revenue in FY 2008 as per Indian GAAP to between Rs 16627 crore to Rs 16657 crore.

As per US GAAP, the company has forecast 33.8% growth in consolidated earning per American depository share in FY 2008 at $1.98. The company has forecast a between 35% to 35.2% growth in revenue as per US GAAP in FY 2008 to between $4.17 billion to $4.18 billion.

India’s largest exporter of IT services by sales Tata Consultancy Services rose 1.47% to Rs 989.05. India's fourth largest IT exporter by sales Satyam Computer Services shed 2.24% to Rs 410.75.

Wipro, India's third largest IT exporter in terms of sales declined 0.34% at Rs 485.95. The company on Thursday said its unit Wipro Infotech, had won a nine-year outsourcing contract Aircel Cellular.

BSE Oil & Gas stocks rose. India’s largest private sector firm by market capitalization and oil refiner Reliance Industries was up 3.34% to Rs 3,128.15. GAIL (India) (up 3.29% to Rs 506.10), ONGC (up 1.14% to Rs 1,306.90) and Reliance Petroleum (up 0.69% to Rs 219.75) edged higher.

Banking stocks spurted. India’s largest private sector bank by assets ICICI Bank rose 6.13% to Rs 1,439.90. The stock rose for the second day in a row on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though the board is yet to decide on securities arm listing.

India’s second largest private sector bank in terms of net profit HDFC Bank rose 2.47% to Rs 1,762.35. India’s largest public sector bank by operating income State Bank of India rose 1.19% to Rs 2,437.25.

Realty stocks gained. Ansal Properties & Infrastructure (up 9.27% to Rs 386.70), Unitech (up 0.39% to Rs 519.55), DLF (up 4.71% to Rs 1,196.05), Indiabulls Real Estate (up 1.03% to Rs 738.90) edged higher.

Consumer durables stocks declined. Videocon Industries (down 5% to Rs 632.30), and Blue Star (down 4.74% to Rs 480) edged lower.

Capital goods stocks declined. Bharat Heavy Electricals (down 0.03% to Rs 2,435.15), Larsen & Toubro (down 0.76% to Rs 4,175.10) and Suzlon Energy (down 3.92% to Rs 2,124.95) edged lower.

Tata Motors rose 1.8% to Rs 762.45. Keeping his promise, made four years ago, to deliver a “people’s car,” Tata Group Chairman Ratan Tata unveiled on Thursday the Rs.1-lakh car christened ‘Nano.’ The world’s cheapest car from the Tata Motors stable comes with a rear mounted all-aluminium two-cylinder 623 cc petrol engine, promises a mileage of 20 kilometer per litre, and meets all emission and safety standards.

Some of the major losers from the Sensex pack were HDFC (down 2.18% to Rs 3,060.75), Mahindra & Mahindra (down 3.54% to Rs 774.75), ACC (down 4.32% to Rs 898), Ambuja Cements (down 2.01% to Rs 138.95).

Precision Pipes and Profiles Company settled at Rs 138.65 on BSE, a discount of 7.57% over the IPO price of Rs 150. The stock debuted at Rs 160, a premium of 6.67% over the IPO price.

Aries Agro settled at Rs 251.60 on BSE, a premium of 93.54% over the IPO price of Rs 130. The stock debuted at Rs 150, a premium of 15.38% over the IPO price.

Reliance Natural Resources clocked the highest volume of 2.76 crore shares on BSE. The scrip declined 0.55% to Rs 207.20. Reliance Petroleum clocked the second highest volume of 1.79 crore shares on BSE. The scrip rose 0.69% to Rs 219.75. Ispat Industries clocked the third highest volume of 1.27 crore shares on BSE. The scrip rose 2.99% to Rs 68.90. IFCI clocked the fourth highest volume of 1.19 crore shares on BSE. The scrip rose 3.02% to Rs 85.40. Centurion Bank of Punjab clocked the fifth highest volume of 1.03 crore shares on BSE. The scrip rose 3.27% to Rs 67.80.

Reliance Natural Resources clocked the highest turnover of Rs 561.16 crore shares on BSE. Reliance Petroleum (Rs 392.67 crore), Reliance Industries (Rs 296.02 crore), Reliance Capital (Rs 255.62 crore) and Reliance Energy (Rs 230.11 crore) were the other turnover toppers in that order.

European markets were weak. France’s CAC 40 (down 0.44% to 5,376.75), Germany’s DAX (down 0.4% to 7,681.91) and UK’s FTSE 100 (down 0.74% to 6,176.60) edged lower.

Asian markets were weak today. Key benchmark indices in Hong Kong, Japan, Taiwan and South Korea were down by between 0.35% to 2.33%. China’s Shanghai Composite rose 0.52% to 5,484.67.

The Dow Jones industrial average surged 117.78 points, or 0.92%, at 12,853.09 on Thursday, 10 January 2008. The Standard & Poor's 500 Index rose 11.20 points, or 0.79%, at 1,420.33. The Nasdaq Composite Index advanced 13.97 points, or 0.52%, at 2,488.52.

Weekly Close: A nano rally.. ! Can it be a big one ?

Great optimistic start for the week with upcoming IPO of Reliance Power and touched 21k on second day of the week. Global markets are falling prey to financial crises and economic slowdown. But, India was a different story. India had great start led with optimism amongst investors. Result season is on and Infosys came with big bang. The numbers posted were better than expected. However, the last two sessions saw huge profit booking and mid caps and small caps were major losers. Overall sessions were choppy and volatile.

The conditions in US have been worsening and it continued despite Feds efforts to smoothen the economic landing. Now, the final solution which prevails is to cut rate. Fed Chairmen Ben Barnanke has indicated rate cut and market is expecting 50 bps cut. Let see how rate cut helps the economy stuck between slowdown and inflationary pressure at same time. Indian markets have been ignoring these cues..but we don't think that it may ignore these signals for long !

Inflation was 3.5%. This has been under control but more because of a base effect. Inflation remains a concern and it is a supply side issue. Food articles have seen a major upsurge and this is on the back of poor agriculture growth. Agriculture thus would be an area of focus. Crude is at an all time high and it would be really difficult for Govt. to cope up with this. If the Govt. doesn't hike petrol and diesel prices.. it would only postpone the problem. If it does hike then the Govt would face the irk of the Left and certainly it cannot afford this when elections staring it. This would be a big issue going ahead and certainly there are no easy answers. The easy way out is not the best one Economicaly for the country.

Sensex Gained 0.7% for the week. Sensex was dragged by ACC (-10.6%), Hindalco (-7.25%), Maruti (-7.1%), Infosys ( -6.66%), Ranbaxy(- 6.92%), Grasim (-5.86%), M&M ( -5.24%) Ambuja Cem (-4.31%), CIPLA (-3.64%), BHEL (-3.56%) and ONGC (-3.07%) While Sensex was supported by ICICI (+12.5%), DLF (+7.6%), RIL(+ 5%) RCOM( +5.12%), HDFC Bank (+4.39%), ITC ( +2.53%) and Bharti (+2.27%)..Infosys numbers were good on the face and market reacted to it positively. However, macro worries like US slowdown, high salary cost and appreciating rupee are certainly a concern for Infosys.

Tata Motors finally unveiled the much awaited 1 lakh car. Its named as Tata "Nano" which will come into commercial basis in H2 FY08. Tata motos was in news across but stock failed to rally as market weakness pulled it down.

Shree Cement reported impressive results for the Q3 FY08, the top line grew by 44% and the bottom dip due to change in depreciation policy. Outlook is good but the worry is Govt. regulations. Tamil Nadu Govt. has forced the cement manufactures to reduce the prices. It has also asked the companies to give cement on subsidised rates for Govt projects and to economy weaker class people. This certainly put pressure on the companies located in TN like India Cement, Madras Cement, Dalmia and other players. The coal prices and fright rates are going up which puts margins under pressure.

We had our Sayaji Hotel this week. The company has two businesses; Hotels and Restaurants. Sayaji Hotel operates two hotels, one at Indore and another at Baroda. FOOD and Beverage is an area of expertise and Sayaji is well versed here. The new businesses have large investments. The company has already tied up the funding. Macro factors seem to be in favor of the company. Since our coverage last month the stock is up over 30%. We believe that post the current run up the risks have increased. Of course being a small company the risks are higher and the restaurant business is fast catching up as well the Pune hotel..Do read to know our view on this one.

ABG Shipyard Ltd (ABG) reported impressive results. The top line grew by 55% to Rs 275 cr and bottom line was up 61% to Rs 47 cr. The EBITDA profit grew by 55% to Rs 82 cr from Rs 53 cr on yoy basis. Subsidy factor was Rs 17 cr for the quarter. ABG is the first private company to get the subsidy disbursement. A big issue is the form of 30% (Valid till Aug 2007) subsidy from the Govt which remains an event risk. The Finance Ministry is not in favour where as shipping ministry is keen on at least 20% subsidy. The argument is that without the subsidy, the Indian ship manufactures wont able to compete in the global scenario against the Chinese and Koreans who are being subsidised. We believe that the case for the subsidy to continue at 20% for 5 years is strong. The macro scenario is extremely positive but then valuations down leave much upside. Do have a look at our results update.

Greenply showed some strength in weak market. The company has performed really well and given amazing returns. It is pure play on Indian infrastructure where Greenply focus on interior infrastructure.

KEI is into manufacture of high and low tension cables (HT and LT)..a play on power sector. The company is growing aggressively by expanding capacity to meet domestic and international demand. The macro scenario is extremely good for power cable manufactures; we feel their wont be any such major risks in near term. Our recent note would give more idea on this one.

Technically Speaking: Sensex traded volatily for the week. After a healthy corection the markets are ready to take on 22k. Sensex Support seen at 20500 , 20250 and Resistance at 20970 and 21220.

Merrill Lynch - $15 billion writedown

Merrill, the nation's largest brokerage firm, is expected to disclose the huge write-down when it reports earnings next week, according to people who have been briefed on its plans. The loss far exceeds the $12 billion hit many Wall Street analysts had forecast.


To shore up its deteriorating finances, Merrill is now in discussions with investors in the United States, Asia and the Middle East, including American private equity firms, to raise about $4 billion in the coming days, these people said.

NSE Bulk Deal Watch - Jan 11 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
11-JAN-2008,ARIES,Aries Agro Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,83381,245.84,-
11-JAN-2008,ARIES,Aries Agro Limited,ASHOK BABUBHAI THAKKER-TRADING ALC,BUY,125114,225.29,-
11-JAN-2008,ARIES,Aries Agro Limited,ASHOK KUMAR,BUY,98658,223.70,-
11-JAN-2008,ARIES,Aries Agro Limited,ASSET ALLIANCE SECURITIES PVT. LTD.,BUY,96526,216.48,-
11-JAN-2008,ARIES,Aries Agro Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,227832,231.68,-
11-JAN-2008,ARIES,Aries Agro Limited,B K SHAH AND CO,BUY,328638,218.00,-
11-JAN-2008,ARIES,Aries Agro Limited,BAJAJ CONSULTANTS PVT.LTD.,BUY,1087,202.77,-
11-JAN-2008,ARIES,Aries Agro Limited,BAJAJ SHARE & STOCK BROKERS PVT. LTD.,BUY,26141,208.79,-
11-JAN-2008,ARIES,Aries Agro Limited,BLS COMMERCIAL COMPANY PRIVATE LIMITED,BUY,102853,210.05,-
11-JAN-2008,ARIES,Aries Agro Limited,CHIRAG MAHENDRA SHAH,BUY,84957,220.00,-
11-JAN-2008,ARIES,Aries Agro Limited,COMFORT INTECH LTD,BUY,101366,208.98,-
11-JAN-2008,ARIES,Aries Agro Limited,CONSOLIDATED SECURITIES LTD,BUY,90706,237.52,-
11-JAN-2008,ARIES,Aries Agro Limited,CPR CAPITAL SERVICES LTD.,BUY,146859,226.95,-
11-JAN-2008,ARIES,Aries Agro Limited,CREDENTIAL STOCK BROKERS LIMITED,BUY,398186,224.99,-
11-JAN-2008,ARIES,Aries Agro Limited,DINESH MUNJAL,BUY,311880,226.78,-
11-JAN-2008,ARIES,Aries Agro Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,179832,234.87,-
11-JAN-2008,ARIES,Aries Agro Limited,HARBUX SINGH SIDHU,BUY,736316,227.97,-
11-JAN-2008,ARIES,Aries Agro Limited,INDIA ADVANTAGE SECURITIES LTD.,BUY,101100,235.31,-
11-JAN-2008,ARIES,Aries Agro Limited,INDU MAHENDRA SHAH,BUY,143545,229.06,-
11-JAN-2008,ARIES,Aries Agro Limited,JAY SURESH CHHEDA,BUY,126288,237.68,-
11-JAN-2008,ARIES,Aries Agro Limited,JIGNESH ENTERPRISES,BUY,90776,235.71,-
11-JAN-2008,ARIES,Aries Agro Limited,KAKANI GAURAV,BUY,66006,240.82,-
11-JAN-2008,ARIES,Aries Agro Limited,KARIMJEE PVT.LTD.,BUY,123963,216.41,-
11-JAN-2008,ARIES,Aries Agro Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,483062,224.40,-
11-JAN-2008,ARIES,Aries Agro Limited,KHANDELWAL MOHAN LAL,BUY,111596,227.50,-
11-JAN-2008,ARIES,Aries Agro Limited,KHANDWALA TRADELINK CO,BUY,73179,242.76,-
11-JAN-2008,ARIES,Aries Agro Limited,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,222418,229.58,-
11-JAN-2008,ARIES,Aries Agro Limited,MAHALAXMI INVESTMENTS,BUY,78846,223.81,-
11-JAN-2008,ARIES,Aries Agro Limited,MAHENDRA DHANJI CHHEDA,BUY,67411,236.60,-
11-JAN-2008,ARIES,Aries Agro Limited,MAHENDRA P RATHOD,BUY,142056,231.42,-
11-JAN-2008,ARIES,Aries Agro Limited,MANIPUT INVESTMENTS PVT LTD,BUY,71523,226.59,-
11-JAN-2008,ARIES,Aries Agro Limited,MANISH VRAJLAL SARVAIYA,BUY,90507,214.54,-
11-JAN-2008,ARIES,Aries Agro Limited,MUKESH BHAGAT,BUY,95812,216.83,-
11-JAN-2008,ARIES,Aries Agro Limited,NAMAN SECURITIES & FINANCE PVT LTD,BUY,119093,237.38,-
11-JAN-2008,ARIES,Aries Agro Limited,NISSAR BROTHERS,BUY,70383,230.86,-
11-JAN-2008,ARIES,Aries Agro Limited,OPG SECURITIES PVT. LTD.,BUY,103119,227.92,-
11-JAN-2008,ARIES,Aries Agro Limited,PACE FINCAP PRIVATE LIMITED,BUY,242156,219.83,-
11-JAN-2008,ARIES,Aries Agro Limited,PRASHANT JAYANTILAL PATEL,BUY,192907,226.09,-
11-JAN-2008,ARIES,Aries Agro Limited,PRAVIN JUMKHALAL SHAH,BUY,108425,228.58,-
11-JAN-2008,ARIES,Aries Agro Limited,PRUDENTIAL ICICI MUTUAL FUND A/C PRUDENTIAL SERVICES FUSION,BUY,350000,195.10,-
11-JAN-2008,ARIES,Aries Agro Limited,R.M. SHARE TRADING PVT LTD,BUY,402478,221.20,-
11-JAN-2008,ARIES,Aries Agro Limited,RAHUL DOSHI,BUY,201000,225.06,-
11-JAN-2008,ARIES,Aries Agro Limited,RANJAN RAMNIK KENIA,BUY,75341,234.30,-
11-JAN-2008,ARIES,Aries Agro Limited,SANJAY BHANWARLAL JAIN,BUY,159175,223.78,-
11-JAN-2008,ARIES,Aries Agro Limited,SETU SECURITIES PVT.LTD.,BUY,72499,220.64,-
11-JAN-2008,ARIES,Aries Agro Limited,SHAH HAREN MANUBHAI,BUY,83597,246.67,-
11-JAN-2008,ARIES,Aries Agro Limited,SHANKAR GROWTH FUND LTD,BUY,65080,210.86,-
11-JAN-2008,ARIES,Aries Agro Limited,TEJAS DESAI,BUY,140668,223.77,-
11-JAN-2008,ARIES,Aries Agro Limited,TRANSGLOBAL SECURITIES LTD.,BUY,448381,226.83,-
11-JAN-2008,ARIES,Aries Agro Limited,VELBAI KHIMJI CHHEDA,BUY,377935,231.36,-
11-JAN-2008,ARIES,Aries Agro Limited,VIMESHDOSHI,BUY,72124,220.95,-
11-JAN-2008,ARIES,Aries Agro Limited,VIVEK STOCK BRK PVT LTD,BUY,96819,216.09,-
11-JAN-2008,ARIES,Aries Agro Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,145000,220.81,-
11-JAN-2008,ARIES,Aries Agro Limited,YOKE SECURITIES LIMITED,BUY,135863,234.94,-
11-JAN-2008,BAJAJHIND,Bajaj Hindusthan Ltd,GKK CAPITAL MARKETS PVT LTD,BUY,775000,337.29,-
11-JAN-2008,BALRAMCHIN,Balrampur Chini Mills,BIRLA MASTER CODE,BUY,1975000,109.39,-
11-JAN-2008,BURNPUR,Burnpur Cement Limited,TRANSGLOBAL SECURITIES LTD.,BUY,221362,34.74,-
11-JAN-2008,GOKEX,Gokaldas Exports Limited,VINAMRA UNIVERSAL TRADERS PVT LTD,BUY,172854,268.94,-
11-JAN-2008,NICCO,Nicco Corporation Limited,RAPID ESTATES PRIVATE LIMITED,BUY,800000,37.50,-
11-JAN-2008,NRBBEARING,NRB Bearings Limited,ICICI PRUDENTIAL LIFE INSURANCE CO LTD,BUY,500000,85.50,-
11-JAN-2008,PPAP,Precision Pipes And Profi,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,70202,146.25,-
11-JAN-2008,PPAP,Precision Pipes And Profi,CPR CAPITAL SERVICES LTD.,BUY,74195,144.60,-
11-JAN-2008,PPAP,Precision Pipes And Profi,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,139554,143.67,-
11-JAN-2008,PPAP,Precision Pipes And Profi,KARIMJEE PVT.LTD.,BUY,71637,142.75,-
11-JAN-2008,PPAP,Precision Pipes And Profi,MANISH VRAJLAL SARVAIYA,BUY,84542,145.71,-
11-JAN-2008,PPAP,Precision Pipes And Profi,PRASHANT JAYANTILAL PATEL,BUY,89325,141.91,-
11-JAN-2008,PPAP,Precision Pipes And Profi,R.M. SHARE TRADING PVT LTD,BUY,166234,149.67,-
11-JAN-2008,PPAP,Precision Pipes And Profi,SMC GLOBAL SECURITIES LTD.,BUY,192496,145.00,-
11-JAN-2008,PPAP,Precision Pipes And Profi,TRANSGLOBAL SECURITIES LTD.,BUY,95666,145.89,-
11-JAN-2008,PPAP,Precision Pipes And Profi,YOKE SECURITIES LIMITED,BUY,149842,144.10,-
11-JAN-2008,QUINTEGRA,Quintegra Solutions Ltd,SURAJ STOCK BROKING LTD,BUY,161000,205.63,-
11-JAN-2008,SAGCEM,SAGAR CEMENTS LTD,BRAND STRAT CONSULTING PVT.LTD,BUY,300000,394.98,-
11-JAN-2008,SAKHTISUG,Sakthi Sugars Ltd.,THIRD AVENUE GLOBAL VALUE MASTERFUND LLP,BUY,250000,109.02,-
11-JAN-2008,ARIES,Aries Agro Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,83381,245.84,-
11-JAN-2008,ARIES,Aries Agro Limited,ASHOK BABUBHAI THAKKER-TRADING ALC,SELL,125114,225.40,-
11-JAN-2008,ARIES,Aries Agro Limited,ASHOK KUMAR,SELL,98658,223.98,-
11-JAN-2008,ARIES,Aries Agro Limited,ASSET ALLIANCE SECURITIES PVT. LTD.,SELL,96526,217.82,-
11-JAN-2008,ARIES,Aries Agro Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,214835,230.29,-
11-JAN-2008,ARIES,Aries Agro Limited,B K SHAH AND CO,SELL,328038,217.20,-
11-JAN-2008,ARIES,Aries Agro Limited,BAJAJ CONSULTANTS PVT.LTD.,SELL,86338,206.25,-
11-JAN-2008,ARIES,Aries Agro Limited,BAJAJ SHARE & STOCK BROKERS PVT. LTD.,SELL,65093,208.43,-
11-JAN-2008,ARIES,Aries Agro Limited,BLS COMMERCIAL COMPANY PRIVATE LIMITED,SELL,102853,209.40,-
11-JAN-2008,ARIES,Aries Agro Limited,CHIRAG MAHENDRA SHAH,SELL,84957,220.54,-
11-JAN-2008,ARIES,Aries Agro Limited,COMFORT INTECH LTD,SELL,101366,243.75,-
11-JAN-2008,ARIES,Aries Agro Limited,CONSOLIDATED SECURITIES LTD,SELL,90706,237.48,-
11-JAN-2008,ARIES,Aries Agro Limited,CPR CAPITAL SERVICES LTD.,SELL,146859,227.28,-
11-JAN-2008,ARIES,Aries Agro Limited,CREDENTIAL STOCK BROKERS LIMITED,SELL,398186,225.50,-
11-JAN-2008,ARIES,Aries Agro Limited,DINESH MUNJAL,SELL,311880,228.04,-
11-JAN-2008,ARIES,Aries Agro Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,179832,235.35,-
11-JAN-2008,ARIES,Aries Agro Limited,HARBUX SINGH SIDHU,SELL,736316,228.00,-
11-JAN-2008,ARIES,Aries Agro Limited,INDIA ADVANTAGE SECURITIES LTD.,SELL,100500,236.22,-
11-JAN-2008,ARIES,Aries Agro Limited,INDU MAHENDRA SHAH,SELL,141545,229.73,-
11-JAN-2008,ARIES,Aries Agro Limited,JAY SURESH CHHEDA,SELL,115288,237.19,-
11-JAN-2008,ARIES,Aries Agro Limited,JIGNESH ENTERPRISES,SELL,90776,236.40,-
11-JAN-2008,ARIES,Aries Agro Limited,KAKANI GAURAV,SELL,66006,242.00,-
11-JAN-2008,ARIES,Aries Agro Limited,KARIMJEE PVT.LTD.,SELL,123963,216.33,-
11-JAN-2008,ARIES,Aries Agro Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,482762,225.22,-
11-JAN-2008,ARIES,Aries Agro Limited,KHANDELWAL MOHAN LAL,SELL,110596,230.24,-
11-JAN-2008,ARIES,Aries Agro Limited,KHANDWALA TRADELINK CO,SELL,58679,241.12,-
11-JAN-2008,ARIES,Aries Agro Limited,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,215418,230.02,-
11-JAN-2008,ARIES,Aries Agro Limited,MAHALAXMI INVESTMENTS,SELL,78846,224.35,-
11-JAN-2008,ARIES,Aries Agro Limited,MAHENDRA DHANJI CHHEDA,SELL,63411,236.26,-
11-JAN-2008,ARIES,Aries Agro Limited,MAHENDRA P RATHOD,SELL,83458,221.64,-
11-JAN-2008,ARIES,Aries Agro Limited,MANIPUT INVESTMENTS PVT LTD,SELL,71523,226.28,-
11-JAN-2008,ARIES,Aries Agro Limited,MANISH VRAJLAL SARVAIYA,SELL,90507,215.00,-
11-JAN-2008,ARIES,Aries Agro Limited,MAVI INVESTMENT FUND LTD DEUTSCHE BANK,SELL,81994,250.72,-
11-JAN-2008,ARIES,Aries Agro Limited,MUKESH BHAGAT,SELL,95812,216.60,-
11-JAN-2008,ARIES,Aries Agro Limited,NAMAN SECURITIES & FINANCE PVT LTD,SELL,106185,235.27,-
11-JAN-2008,ARIES,Aries Agro Limited,NISSAR BROTHERS,SELL,70383,231.15,-
11-JAN-2008,ARIES,Aries Agro Limited,OPG SECURITIES PVT. LTD.,SELL,103119,229.86,-
11-JAN-2008,ARIES,Aries Agro Limited,PACE FINCAP PRIVATE LIMITED,SELL,242156,218.75,-
11-JAN-2008,ARIES,Aries Agro Limited,PRASHANT JAYANTILAL PATEL,SELL,192907,225.32,-
11-JAN-2008,ARIES,Aries Agro Limited,PRAVIN JUMKHALAL SHAH,SELL,104425,228.46,-
11-JAN-2008,ARIES,Aries Agro Limited,PRIME INDIA INVESTMENT FUND LTD,SELL,85128,192.20,-
11-JAN-2008,ARIES,Aries Agro Limited,R.M. SHARE TRADING PVT LTD,SELL,402478,220.95,-
11-JAN-2008,ARIES,Aries Agro Limited,RAHN AND BODMER,SELL,123021,190.08,-
11-JAN-2008,ARIES,Aries Agro Limited,RAHUL DOSHI,SELL,201000,226.51,-
11-JAN-2008,ARIES,Aries Agro Limited,RANJAN RAMNIK KENIA,SELL,73341,234.07,-
11-JAN-2008,ARIES,Aries Agro Limited,SANJAY BHANWARLAL JAIN,SELL,159175,223.96,-
11-JAN-2008,ARIES,Aries Agro Limited,SETU SECURITIES PVT.LTD.,SELL,71499,220.64,-
11-JAN-2008,ARIES,Aries Agro Limited,SHAH HAREN MANUBHAI,SELL,83597,245.38,-
11-JAN-2008,ARIES,Aries Agro Limited,SHANKAR GROWTH FUND LTD,SELL,65080,209.10,-
11-JAN-2008,ARIES,Aries Agro Limited,TEJAS DESAI,SELL,140684,224.05,-
11-JAN-2008,ARIES,Aries Agro Limited,TRANSGLOBAL SECURITIES LTD.,SELL,447781,227.14,-
11-JAN-2008,ARIES,Aries Agro Limited,ULTRA INDIA (MAURITIUS) LIMITED,SELL,164024,206.66,-
11-JAN-2008,ARIES,Aries Agro Limited,VELBAI KHIMJI CHHEDA,SELL,372025,231.99,-
11-JAN-2008,ARIES,Aries Agro Limited,VIMESHDOSHI,SELL,72124,222.44,-
11-JAN-2008,ARIES,Aries Agro Limited,VIVEK STOCK BRK PVT LTD,SELL,96819,203.50,-
11-JAN-2008,ARIES,Aries Agro Limited,WINSTAR INDIA INVESTMENT CO. LTD.-PCC,SELL,89024,170.36,-
11-JAN-2008,ARIES,Aries Agro Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,120000,228.68,-
11-JAN-2008,ARIES,Aries Agro Limited,YOKE SECURITIES LIMITED,SELL,135863,234.83,-
11-JAN-2008,BAJAJHIND,Bajaj Hindusthan Ltd,GKK CAPITAL MARKETS PVT LTD,SELL,25000,335.00,-
11-JAN-2008,BURNPUR,Burnpur Cement Limited,TRANSGLOBAL SECURITIES LTD.,SELL,224362,34.89,-
11-JAN-2008,NICCO,Nicco Corporation Limited,NIRAJ REALTORS & SHARES PVT. LTD.,SELL,800000,37.50,-
11-JAN-2008,NRBBEARING,NRB Bearings Limited,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,SELL,500000,85.50,-
11-JAN-2008,PPAP,Precision Pipes And Profi,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,70201,145.31,-
11-JAN-2008,PPAP,Precision Pipes And Profi,CPR CAPITAL SERVICES LTD.,SELL,73195,144.91,-
11-JAN-2008,PPAP,Precision Pipes And Profi,CROSSBORDER INVESTMENT PVT.LTD.,SELL,81433,140.51,-
11-JAN-2008,PPAP,Precision Pipes And Profi,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,139553,144.33,-
11-JAN-2008,PPAP,Precision Pipes And Profi,ITF MAURITIUS,SELL,100000,155.00,-
11-JAN-2008,PPAP,Precision Pipes And Profi,KARIMJEE PVT.LTD.,SELL,71637,139.13,-
11-JAN-2008,PPAP,Precision Pipes And Profi,MANISH VRAJLAL SARVAIYA,SELL,84542,143.10,-
11-JAN-2008,PPAP,Precision Pipes And Profi,PRASHANT JAYANTILAL PATEL,SELL,89325,142.14,-
11-JAN-2008,PPAP,Precision Pipes And Profi,R.M. SHARE TRADING PVT LTD,SELL,166234,144.84,-
11-JAN-2008,PPAP,Precision Pipes And Profi,SECURITIES TRADING CORPORATION OF INDIA LTD,SELL,203591,161.35,-
11-JAN-2008,PPAP,Precision Pipes And Profi,SMC GLOBAL SECURITIES LTD.,SELL,192230,140.68,-
11-JAN-2008,PPAP,Precision Pipes And Profi,TRANSGLOBAL SECURITIES LTD.,SELL,94466,143.40,-
11-JAN-2008,PPAP,Precision Pipes And Profi,VENUS CAPITAL MANAGEMENT INC,SELL,150000,151.41,-
11-JAN-2008,PPAP,Precision Pipes And Profi,VENUS CAPITAL MANAGEMENT INC A/C VACUF LTD,SELL,80993,149.74,-
11-JAN-2008,PPAP,Precision Pipes And Profi,YOKE SECURITIES LIMITED,SELL,149842,143.59,-
11-JAN-2008,SAGCEM,SAGAR CEMENTS LTD,TWINVESTFINANCIALSERVICESLIMITED,SELL,300000,394.93,-

BSE Bulk Deals to Watch - Jan 11 2008

11/1/2008 511706 ACTION FIN PKJ SHARE BROKER LTD B 45000 47.05
11/1/2008 531223 ANJANI SYNTH D P SHAH B 31732 62.22
11/1/2008 531223 ANJANI SYNTH D P SHAH S 31732 63.87
11/1/2008 532935 ARIES AGRO PRATIK H. PAREKH B 67050 229.14
11/1/2008 532935 ARIES AGRO ASMAH SHARES AND STOCK BROKERS PVT. LTD. B 67311 223.53
11/1/2008 532935 ARIES AGRO EUREKA STOCK AND SHARE BROKING SERVICES LTD B 95441 230.78
11/1/2008 532935 ARIES AGRO PACE FINCAP PRIVATE LIMITED B 272210 218.95
11/1/2008 532935 ARIES AGRO SHAILESH M NISSAR B 177771 224.80
11/1/2008 532935 ARIES AGRO R.M.SHARES TRADING PVT LTD B 345469 222.06
11/1/2008 532935 ARIES AGRO NAMAN SEC AND FIN PVT LTD B 215339 238.99
11/1/2008 532935 ARIES AGRO B K SHAH AND CO B 265823 219.24
11/1/2008 532935 ARIES AGRO DEEPAK S CHHEDA B 258601 221.51
11/1/2008 532935 ARIES AGRO AMIT M GALA B 230715 220.52
11/1/2008 532935 ARIES AGRO HIMANSHU R NISSAR B 106425 230.77
11/1/2008 532935 ARIES AGRO H.J.SECURITIES PVT.LTD. B 487531 222.37
11/1/2008 532935 ARIES AGRO BHANDARI RAKHI KALPESH B 165173 224.56
11/1/2008 532935 ARIES AGRO ASTUTE COMMODITIES AND DERIVATIVES PVT LTD B 183812 231.20
11/1/2008 532935 ARIES AGRO ASMAH SHARES AND STOCK BROKERS PVT. LTD. S 67311 223.41
11/1/2008 532935 ARIES AGRO EUREKA STOCK AND SHARE BROKING SERVICES LTD S 95441 230.77
11/1/2008 532935 ARIES AGRO PACE FINCAP PRIVATE LIMITED S 272210 220.39
11/1/2008 532935 ARIES AGRO SHAILESH M. NISSAR S 176771 225.10
11/1/2008 532935 ARIES AGRO R.M.SHARES TRADING PVT LTD S 345469 222.94
11/1/2008 532935 ARIES AGRO NAMAN SEC AND FIN PVT LTD S 208038 239.61
11/1/2008 532935 ARIES AGRO B K SHAH AND CO S 265823 219.23
11/1/2008 532935 ARIES AGRO LAVINA A GOENKA S 69651 250.12
11/1/2008 532935 ARIES AGRO DEEPAK S CHHEDA S 258601 221.70
11/1/2008 532935 ARIES AGRO AMIT M GALA S 230715 221.17
11/1/2008 532935 ARIES AGRO HIMANSHU R NISSAR S 106425 231.67
11/1/2008 532935 ARIES AGRO H.J.SECURITIES PVT.LTD. S 487531 224.25
11/1/2008 532935 ARIES AGRO BHANDARI RAKHI KALPESH S 165173 225.84
11/1/2008 532935 ARIES AGRO ASTUTE COMMODITIES AND DERIVATIVES PVT LTD S 183810 232.10
11/1/2008 505506 AXON INFOTEC HEMLATA SURESHCHANDRA DESAI B 4411 70.89
11/1/2008 505506 AXON INFOTEC PUSHPAK COMMERCIAL FINANCE PVT. LTD. S 15000 70.00
11/1/2008 505506 AXON INFOTEC SURYALATA TREXIM PVT LTD S 10000 70.00
11/1/2008 505506 AXON INFOTEC HEMLATA SURESHCHANDRA DESAI S 4411 70.19
11/1/2008 507944 BAJAJ STEEL SHEETAL RAJESH JAIN B 23328 213.03
11/1/2008 511501 BHARAT BHUSH MILAN DHAR B 18179 25.65
11/1/2008 524663 BHARAT IMUNO B R INTERNATIONAL B 161526 65.67
11/1/2008 524663 BHARAT IMUNO NANDITA MIHIR MEHTA S 143944 66.15
11/1/2008 505923 CEEKAY DIAKI RITU JAIN B 30000 127.35
11/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN B 40621 136.37
11/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN S 60513 129.25
11/1/2008 530457 CINERAD COMM NITTIN JOHAR B 200200 17.30
11/1/2008 532271 CYBERMAT INF VIDYA SAGAR SAH S 451349 16.26
11/1/2008 520022 DEN SO INDIA CLSA MAURITIUS LIMITED B 193926 109.88
11/1/2008 517973 DMC INTER HITECH COMPUTECH PRIVATE LTD B 25178 36.37
11/1/2008 517973 DMC INTER IFL PROMOTERS LIMITED S 685500 34.28
11/1/2008 524818 DYNAMIC INDU MALA HEMANT SHETH B 26000 39.90
11/1/2008 526560 ENGLISH I.CL HITESH SHASHIKANT JHAVERI B 27750 2801.93
11/1/2008 532876 EVERONN SYS B R INTERNATIONAL B 291015 1013.82
11/1/2008 532876 EVERONN SYS NANDITA MIHIR MEHTA S 291015 1013.81
11/1/2008 524624 GAGAN GASE L PRABHA VIJAYVARGIYA B 38929 11.48
11/1/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI B 16500 32.05
11/1/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI S 44000 32.05
11/1/2008 511682 IFL PRMOTER HITECH COMPUTECH PRIVATE LTD B 33500 32.81
11/1/2008 530955 KAILASH FICO TUTIS TECHNOLOGIES LIMITED B 65350 41.92
11/1/2008 530165 KANCHA INTER DHIRENDRA CHAMPAKLAL GANDHI B 16794 14.10
11/1/2008 530165 KANCHA INTER PRADEEP SHAH S 21830 13.81
11/1/2008 512399 KAPASHI COMM MONA S KOTHARI B 30000 38.65
11/1/2008 512399 KAPASHI COMM PARESH S KAPASHI S 20000 38.65
11/1/2008 512399 KAPASHI COMM SEVANTILAL S KAPASHI S 10000 38.65
11/1/2008 531413 KIRAN PRIN P NIKUNJ ALLOYS AND STEEL PRIVATE LIMITED B 40000 11.22
11/1/2008 517471 KOA TOOL IN LATIN MANHARLAL SEC PVT LTD B 200000 2.09
11/1/2008 517471 KOA TOOL IN STERLING FINMAN PVT LTD S 500000 2.25
11/1/2008 517471 KOA TOOL IN JAGJIT SINGH CHAUDHARY S 300000 2.06
11/1/2008 523550 KRYPTON INDU ROHISH NARAYAN HEGDE B 50064 73.57
11/1/2008 523550 KRYPTON INDU ROHISH NARAYAN HEGDE S 44099 73.06
11/1/2008 531261 KUSHAGRA SO V R P FINANCIAL SERVICES PVT LTD S 75000 11.74
11/1/2008 505523 MAH IND LEAS PARI STOCK TRADING PVT LTD B 22145 54.17
11/1/2008 501209 MAST MEDI SY BAKLIWAL INVESTMENT B 50000 70.50
11/1/2008 531452 NCC FINANC L SANTOSH JAIPURIA B 37881 16.11
11/1/2008 590028 NICCO CORP RAPID ESTATES PRIVATE LIMITED B 764376 37.50
11/1/2008 590028 NICCO CORP NIRAJ REALTORS AND SHARES P LTD S 800000 37.50
11/1/2008 521080 PASARI SPIN SPJSTOCK B 93569 21.13
11/1/2008 521080 PASARI SPIN SPJSTOCK S 93569 20.68
11/1/2008 532934 PRECISION R.M.SHARES TRADING LVT LTD B 144857 144.58
11/1/2008 532934 PRECISION SAM GLOBAL SECURITIES LTD B 275517 142.01
11/1/2008 532934 PRECISION H.J.SECURITIES PVT.LTD. B 97351 143.10
11/1/2008 532934 PRECISION R.M.SHARES TRADING PVT LTD S 144857 150.77
11/1/2008 532934 PRECISION SAM GLOBAL SECURITIES LTD S 275517 145.41
11/1/2008 532934 PRECISION H.J.SECURITIES PVT.LTD. S 97351 143.34
11/1/2008 532934 PRECISION VACUF LTD SSF S 85000 151.71
11/1/2008 531273 RADHE DEVELO BIBHASH ASAR HUF B 60100 103.89
11/1/2008 531646 RFL INTERNAT HEMANT KUMAR GUPTA B 50000 2.66
11/1/2008 514264 SEASONS TEXT CAMPHAR SEC AND ADV SERV LTD B 60000 19.02
11/1/2008 531418 SYSTEL INFOT RADHEY SHYAM B 500000 1.40
11/1/2008 531418 SYSTEL INFOT STERLING FINMAN PVT LTD S 500000 1.39
11/1/2008 531418 SYSTEL INFOT JMP SECURITIES PVT. LTD. S 600000 1.40
11/1/2008 530769 VENUS UNIVER RAJESH AMRITLAL MINAWALA S 342946 1.41
11/1/2008 511246 WHITE LION A MAHESH RAMANLAL SHAH B 192337 23.70
11/1/2008 511246 WHITE LION A VARSHA SANJAY MAHATPUTRA B 160000 23.98
11/1/2008 511246 WHITE LION A PRADEEP BHAT S 34477 23.43
11/1/2008 511246 WHITE LION A LOGIC INFOTECH LIMITED S 200274 23.95
11/1/2008 532298 ZENITH INFOT RBA FINANCE AND INVESTMENT CO S 146829 412.60
10/1/2008 521167 APEEGO LTD BHARAT CHAMPALAL PAERKH B 38600 4.25
10/1/2008 506874 ASKME IN HU SRICHAND V MAKHIJA S 25000 2.54
10/1/2008 532406 AVANTEL SOFT TAIB BANK AC TSML B 30000 120.00
10/1/2008 505506 AXON INFOTEC VIDHATA SECURITIES PVT LTD B 5167 75.00
10/1/2008 505506 AXON INFOTEC VIDHATA SECURITIES PVT LTD S 5167 79.64
10/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN B 124785 145.07
10/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN S 127787 144.47
10/1/2008 526141 COMP DISC IN ASTUTE COMMODITIES AND DERIVATIVES PVT LTD B 49292 109.00
10/1/2008 526141 COMP DISC IN ASTUTE COMMODITIES AND DERIVATIVES PVT LTD S 54291 109.20
10/1/2008 532271 CYBERMAT INF CHIMANLAL MANEKLAL SEC.PVT.LTD B 367013 18.21
10/1/2008 532271 CYBERMAT INF CHIMANLAL MANEKLAL SEC.PVT.LTD S 322013 18.11
10/1/2008 531621 EZ-COMM TRAD MUKESH JITENDRA VORA B 50875 11.53
10/1/2008 532767 GAYATRI PROJ PRINCIPAL MUTUAL FUND A C GROWTH FUND B 202000 599.96
10/1/2008 532767 GAYATRI PROJ ILFS PRIVATE EQUITY LEVERAGE INDI S 200000 600.00
10/1/2008 531137 GEMSTONE INV PREM MOHANLAL PARIKH B 37500 30.55
10/1/2008 531137 GEMSTONE INV KISHOR BALUBHAI CHAUHAN B 28000 30.55
10/1/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI B 42407 30.54
10/1/2008 531137 GEMSTONE INV ANKIT RAJENDRA SANCHANIYA B 29500 30.55
10/1/2008 531137 GEMSTONE INV PREM MOHANLAL PARIKH S 37500 30.11
10/1/2008 531137 GEMSTONE INV KISHOR BALUBHAI CHAUHAN S 28000 30.07
10/1/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI S 42500 30.48
10/1/2008 531137 GEMSTONE INV ANKIT RAJENDRA SANCHANIYA S 29500 30.47
10/1/2008 531025 INCA FINLEAS GLOBAL FILM AND BORD CASTING LTD B 28000 151.16
10/1/2008 526859 INTERSTATE VISHWAS SECURITIES LTD S 965708 1.68
10/1/2008 530405 JINDAL CAP. NAMAN SEC AND FIN PVT LTD B 56866 86.90
10/1/2008 530405 JINDAL CAP. NAMAN SEC AND FIN PVT LTD S 37868 87.97
10/1/2008 530405 JINDAL CAP. KETAN SHRIMANKAR S 20009 83.17
10/1/2008 530405 JINDAL CAP. SARITA AGARWAL S 55000 90.75
10/1/2008 532067 KILPEST INDI HEMANT M SHETH B 50000 97.00
10/1/2008 507759 LIME CHEM HUSSEIN ISMAIL DAWOODANI B 26000 18.10
10/1/2008 507759 LIME CHEM TEJESH V GANDHI HUF S 24150 18.10
10/1/2008 532932 MANAKSIA LTD MATRIX EQUITRADE PVT LTD B 368877 164.95
10/1/2008 532932 MANAKSIA LTD MATRIX EQUITRADE PVT LTD S 368877 165.18
10/1/2008 500327 PEACOCK INDU PARK CONTINENTAL LTD B 99900 5.99
10/1/2008 531646 RFL INTERNAT ARUNKUMAR CHAMPALAL SURANA B 50000 2.54
10/1/2008 531646 RFL INTERNAT BHARAT PREMJI THAKKAR S 65000 2.54
10/1/2008 513414 SUJANA METAL SHAILESH M.NISSAR B 496204 49.27
10/1/2008 513414 SUJANA METAL NAMAN SEC AND FIN PVT LTD B 299523 49.66
10/1/2008 513414 SUJANA METAL SHAILESH M.NISSAR S 496204 49.38
10/1/2008 513414 SUJANA METAL NAMAN SEC AND FIN PVT LTD S 262007 49.65
10/1/2008 530419 SUMEDH FISCA RICHA N SHAH B 55003 26.52
10/1/2008 531703 TRIBHVAN HSG SIGRUN REALTIES LTD B 50000 35.25
10/1/2008 532765 USHER AGRO CHITRA JITENDRA MAYEKAR B 109177 183.84
10/1/2008 531574 VAS ANIMA EN PACIFIC CORPORATE SERVICES B 75000 108.45
9/1/2008 504629 ANIL SP STEL CUBE FINTEX PRIVATE LIMITED S 48181 38.41
9/1/2008 531223 ANJANI SYNTH ANITA NIMESH SHAH S 30000 66.65
9/1/2008 505506 AXON INFOTEC VIRENDRA KUMAR MITTAL HUF B 7406 75.73
9/1/2008 505506 AXON INFOTEC VIRENDRA KUMAR MITTAL HUF S 7406 76.12
9/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN B 33195 142.94
9/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN S 27676 146.23
9/1/2008 526141 COMP DISC IN DHYAN VYAPAR S 54384 100.50
9/1/2008 532397 CONTECH SOFT NIKITA AJAY GOENKA B 33135 17.30
9/1/2008 517973 DMC INTER IFL PROMOTERS LTD S 20600 37.92
9/1/2008 531137 GEMSTONE INV HEMANTMADHUSUDAN SHETH B 50000 28.90
9/1/2008 531137 GEMSTONE INV MALA HEMANT SHETH S 32000 28.83
9/1/2008 531137 GEMSTONE INV KISHORBABULAL CHAUHAN S 28000 28.76
9/1/2008 532067 KILPEST INDI HEMANT MADHUSUDAN SHAH B 76650 102.31
9/1/2008 590074 ORTINLABS HEENA NAYAN DOSHI B 29400 26.37
9/1/2008 590074 ORTINLABS HEENA NAYAN DOSHI S 29400 26.28
9/1/2008 532604 SAL STEEL GUJARAT NRE COKE LTD B 500000 27.35
9/1/2008 531675 TRICOM INDIA SUNIL GIRDTHARILAL RAHEJA B 108052 227.87
9/1/2008 531675 TRICOM INDIA SUNIL GIRDHARILAL RAHEJA S 98126 226.82
8/1/2008 532831 AML DHYAN VYAPAR B 89127 89.09
8/1/2008 505506 AXON INFOTEC KASHMIRA J PAREKH B 3329 79.52
8/1/2008 505506 AXON INFOTEC VIRENDRA KUMAR MITTAL HUF B 5314 76.09
8/1/2008 505506 AXON INFOTEC CATSTAR.FIN.PVT.LTD B 66975 75.43
8/1/2008 505506 AXON INFOTEC VIRENDRA KUMAR MITTAL HUF S 3560 76.44
8/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN B 94885 151.70
8/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN S 88573 151.58
8/1/2008 526141 COMP DISC IN DHYAN VYAPAR B 51866 93.43
8/1/2008 526141 COMP DISC IN DHYAN VYAPAR S 52162 93.96
8/1/2008 517973 DMC INTER IFL PROMOTERS LTD B 19150 43.25
8/1/2008 531367 DOLLEX INDUT MONICA GUPTA B 73798 99.46
8/1/2008 531367 DOLLEX INDUT MONICA GUPTA S 73798 99.39
8/1/2008 530405 JINDAL CAP. ATUL A MEHTA HUF S 18450 82.23
8/1/2008 531115 JYOTI COSM E NIRBHAYA LODHA B 100000 4.44
8/1/2008 532092 KIRTI FINVES DHYAN VYAPAR B 277010 2.01
8/1/2008 532092 KIRTI FINVES DHYAN VYAPAR S 327010 2.03
8/1/2008 507522 MOUNT SHIV I AJAY GUPTA B 54564 128.28
8/1/2008 507522 MOUNT SHIV I AJAY GUPTA S 54564 128.92
8/1/2008 531646 RFL INTERNAT LALITA Y MEHTA B 150000 2.26
8/1/2008 531173 SYSCHEM INDI SHIV KUMAR S 570263 3.71
8/1/2008 531173 SYSCHEM INDI RAM BHAJ S 575000 3.76
7/1/2008 520123 ABC INDIA LT AJAY GUPTA B 25269 76.89
7/1/2008 520123 ABC INDIA LT AJAY GUPTA S 25269 75.72
7/1/2008 531173 SYSCHEM INDI RAM BHAJ S 600000 3.58
11/1/2007 532935 ARIES AGRO PRUDENTIAL ICICI MUTUAL FUND AC PRUDENTIAL SERVICES FUSION FUND B 350000 196.27
8/1/2007 505506 AXON INFOTEC KASHMIRA J PAREKH S 3429 81.92

Post Market Commentary - Jan 11 2008

The Indian market closed on an upbeat note on the back of selective buying across the counters towards the end of the trading session. The market faced the volatility since after the strong start to the session. The market had slipped into the red in afternoon trade from an initial surge on thee back of less than expected industrial production data for the month of November 2007 that rose by 5.3% and was sharply lower than an upwardly revised annual growth of 12% in October 2007. The annual inflation, based on the wholesale price index (WPI) remained unchanged at 3.5% in the week ended 29 December 2007. The BSE Small cap closed with a heavy loss of 164.61 points at 12,694.02 while BSE Mid Cap closed flat. The BSE Sensex closed higher by 245.37 points at 20,827.45 and NSE Nifty grew by 43.15 points to close at 6,200.10.

BSE Metal index slipped by 19.54 points to close at 18,750.60. Scrips that fell are Nalco (3.23%), Bhushan Steel (2.85%), Jindal Stainless (2.55%), Jindal Steel (1.20%) and Hind Zinc (0.63%).

BSE Realty index closed higher by 212.83 points at 13,482.88. Scrips that grew are Ansal Infra (9.27%), DLF (4.71%), Purvankara (1.32%), Indbul Real (1.03%), Akruti City (0.95%) and Unitech (0.39%).

BSE Bankex index surged 434.15 points to close at 12,478.96 as Axis bank (7.46%), ICICI bank (6.13%), BOI (3.80%), Oriental bank (2.63%), HDFC bank (2.47%), Canara Bank (1.60%) and SBI (1.19%).

BSE Oil & Gas index inched up by 303.66 points to close at 13,832.60. Scrips that advanced are Reliance industries (3.34%), GAIL India (3.29%), Aban Offshore (2.60%), ONGC (1.14%), Essar Oil (0.84%).

BSE Capital Goods index fell by 180.18 points to close at 19,485.88. Scrips that dropped are Suzlon energy (3.92%), ABB (2.57%), Bharat Elec (2.35%), Praj inds (2%), SKF India (1.21%).

BSE IT index dropped by 43 points to close at 4,103.88. Scrips that slipped are Karut Net (4.99%), Mosear Baer (4.27%), Tech Mahindra (3.06%), Satyam (2.24%) and Infosys (1.38%).

RCL, Essar Oil, ICICI Bank January 2008 futures at premium

Turnover in F&O segment declines

Nifty January 2008 futures were at 6219, at premium of 18.90 points as compared to spot closing of 6200.10.

The NSE's futures & options (F&O) segment turnover was Rs 68,449.32 crore, which was lower than Rs 78,346.87 crore on Thursday, 10 January 2008.

Reliance Capital (RCL) January 2008 futures were at premium, at 2794.40, compared to the spot closing of 2770.25.

Essar Oil January 2008 futures were at premium, at 307.50, compared to the spot closing of 301.20.

ICICI Bank January 2008 futures were at premium, at 1439.90, compared to the spot closing of 1435.

In the cash market, the S&P CNX Nifty gained 43.15 points or 0.70% at 6200.10.

Sensex ends on a bullish note

After displaying subdued trend for the entire week, the Sensex staged a recovery today. The bulls were back in action as the market registered sharp gains on the back of all-round buying support. The market witnessed choppy trades for the entire trading session as frontline stocks swung between their positives and negatives, while the mid- and small-caps witnessed the selling pressure. The Sensex resumed 121 points above its previous close at 20,703 despite mixed global cues and rallied further on the back of strong buying in heavyweight, banking, oil, and realty stocks. However, the market slipped into the red by the afternoon as consumer durables, information technology, capital goods and automobile stocks witnessed losses. But, the market staged a come back towards the close on an all-round buying support and the Sensex touched the day's high of 20,895. The Sensex finally ended the session with gains of 245 points at 20,827, while the Nifty added 43 points and closed at 6,200.

Among the sectoral indices, the BSE Bankex index led the upsurge with gains of 3.60% at 12,479 followed by the BSE Oil & Gas index (up 2.24% at 13,833) and the BSE Realty index (up 1.60% at 13,483). However, the BSE CD index, the BSE IT index, the BSE CG index and the BSE Teck index shed over 0.5-2% each. Interestingly, the market breadth was negative. Of the 2,864 scrips traded on the BSE 2,091 stocks declined, 739 stocks advanced and 34 stocks ended unchanged.

Out of the 30 Sensex stocks, 15 managed to end in the green while 15 stocks ended with losses. Banking major ICICI Bank was the lead gainer and soared 6.13% at Rs1,440. DLF advanced 4.71% at Rs1,196, Reliance Industries moved up by 3.34% at Rs3,128, HDFC Bank jumped 2.47% at Rs1,762, NTPC shot up by 2.33% at Rs272, Tata Motors added 1.80% at Rs762 and TCS rose 1.47% at Rs989. Among the laggards, ACC dropped 4.32% at Rs898, M&M shed 3.54% at Rs775, Satyam Computer declined by 2.24% at Rs411 and HDFC lost 2.18% at Rs3,061.

Over 2.76 crore RNRL shares changed hands on the BSE followed by Aries Agro (2.13 crore shares), Reliance Petroleum (1.79 crore shares), Ispat Industries (1.27 crore shares) and IFCI (1.19 crore shares).

RNRL registered a turnover of Rs561 crore on the BSE followed by Aries Agro (Rs480 crore), Reliance Petroleum (Rs392 crore), Reliance Industries (Rs296 crore) and Reliance Capital (Rs255 crore).

Market gallops in late trade; RIL, ICICI Bank spurt

The market surged in late trading building on the recovery from lower level which it had witnessed in mid-afternoon trade. The market had slipped into the red in afternoon trade from an early surge after the industrial production data for November 2007 fell short of market expectations. The data hit the market in early afternoon trade today. Reliance Industries (RIL) surged. IT stocks were mixed after Infosys posted better than expected Q3 December 2007 results before trading hours. Banking, Oil & gas and realty stocks gained. Capital goods and consumer durables stocks declined. The market breadth was weak. BSE Mid-Cap and Small-Cap indices underperformed Sensex. European markets which opened after Indian markets were mixed. Asian markets which opened before Indian market were weak today.

Industrial output rose 5.3% in November 2007 from a year earlier, well below market expectations and sharply lower than an upwardly revised annual growth of 12% in October 2007, data showed on Friday. Manufacturing production rose 5.4% in November 2007 from a year earlier, compared with a provisional annual growth of 13.3% in October 2007.

Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.5% in the week ended 29 December 2007 compared with the week ended 22 December 2007. WPI was 5.89% in the corresponding week of the previous year.

The 30-share BSE Sensex provisionally rose 312.71 points or 1.52% to 20,894.79, at the highest level of the day. It hit a low of 20,505.81 in afternoon trade. At the day’s low Sensex lost 76.27 points.

The broader S&P CNX Nifty was up 62.95 points or 1.02% to 6,219.90, as per provisional data.

The BSE Mid-Cap index was up 0.35% to 9,473.47. The BSE Small-Cap index was down 0.87% to 12,747.08.

The market breadth was weak on BSE with 813 shares advancing as compared to 2,027 that declined. 30 remained unchanged. 19 shares in Sensex pack were in green.

BSE clocked a turnover of Rs 7403 crore, lower than Thursday (10 January 2008)'s Rs 9123 crore.

BSE Oil & Gas stocks rose. India’s largest private sector firm by market capitalization and oil refiner Reliance Industries was up 3.57% to Rs 3,135. GAIL (India) (up 3.57% to Rs 507.50), ONGC (up 0.8% to Rs 1,302.50) and Reliance Petroleum (up 1.44% to Rs 221.40) edged higher.

Banking stocks spurted. India’s largest private sector bank by assets ICICI Bank rose 6.58% to Rs 1,446. The stock rose for the second day in a row on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though the board is yet to decide on securities arm listing.

India’s second largest private sector bank in terms of net profit HDFC Bank rose 3.03% to Rs 1,772. India’s largest public sector bank by operating income State Bank of India rose 1.93% to Rs 2,455.

Realty stocks gained. Ansal Properties & Infrastructure (up 10.48% to Rs 391), Unitech (up 0.39% to Rs 519.55) , DLF (up 4.71% to Rs 1,196.05), Indiabulls Real Estate (up 1.03% to Rs 738.90) edged higher.

Consumer durables stocks declined. Videocon Industries (down 5% to Rs 632.30), and Blue Star (down 4.74% to Rs 480) edged lower.

Tata Motors rose 1.8% to Rs 762.45. Keeping his promise, made four years ago, to deliver a “people’s car,” Tata Group Chairman Ratan Tata unveiled on Thursday the Rs.1-lakh car christened ‘Nano.’ The world’s cheapest car from the Tata Motors stable comes with a rear mounted all-aluminium two-cylinder 623 cc petrol engine, promises a mileage of 20 kilometer per litre, and meets all emission and safety standards.

HDFC (down 2.18% to Rs 3,060.75), Mahindra & Mahindra (down 3.54% to Rs 774.75), ACC (down 4.32% to Rs 898), Ambuja Cements (down 2.01% to Rs 138.95) edged lower.

Capital goods stocks declined. Bharat Heavy Electricals (down 0.03% to Rs 2,435.15), Larsen & Toubro (down 0.76% to Rs 4,175.10) and Suzlon Energy (down 3.92% to Rs 2,124.95) edged lower.

IT stocks were mixed. India’s second largest software exporter by sales Infosys Technologies declined 1.38% to Rs 1,580.10 after the company today reported stronger-than-expected growth in net profit in Q3 December 2007. Infosys’ consolidated net profit as per Indian GAAP rose 11.9% to Rs 1231 crore in Q3 December 2007 over Q2 September 2007. Sales rose 4% to Rs 4271 crore in Q3 December 2007 over Q2 September 2007.

Infosys has raised both earnings and revenue guidance for the year ending March 2008 (FY 2008). The company has forecast 18.6% growth in EPS in FY 2008 as per Indian GAAP at Rs 79.30. It has forecast a between 19.7% to 19.9% growth in revenue in FY 2008 as per Indian GAAP to between Rs 16627 crore to Rs 16657 crore.

As per US GAAP, the company has forecast 33.8% growth in consolidated earning per American depository share in FY 2008 at $1.98. The company has forecast a between 35% to 35.2% growth in revenue as per US GAAP in FY 2008 to between $4.17 billion to $4.18 billion.

India’s largest exporter of IT services by sales Tata Consultancy Services rose 1.47% to Rs 989.05. India's fourth largest IT exporter by sales Satyam Computer Services shed 2.24% to Rs 410.75.

Wipro, India's third largest IT exporter in terms of sales declined 0.34% at Rs 485.95. The company on Thursday said its unit Wipro Infotech, had won a nine-year outsourcing contract Aircel Cellular.

Precision Pipes and Profiles Company was trading at Rs 138.65 on BSE, a discount of 7.57% over the IPO price of Rs 150. The stock debuted at Rs 160, a premium of 6.67% over the IPO price.

Aries Agro was trading at Rs 251.60 on BSE, a premium of 93.54% over the IPO price of Rs 130. The stock debuted at Rs 150, a premium of 15.38% over the IPO price.

European markets were mixed. France’s CAC 40 (down 0.18% to 5,390.63) and UK’s FTSE 100 (down 0.27% to 6,205.90) edged lower. However, Germany’s DAX rose 0.16% to 7,725.14.

Asian markets were weak today. Key benchmark indices in Hong Kong, Japan, Taiwan and South Korea were down by between 0.35% to 2.33%. China’s Shanghai Composite rose 0.52% to 5,484.67.

The Dow Jones industrial average surged 117.78 points, or 0.92%, at 12,853.09 on Thursday, 10 January 2008. The Standard & Poor's 500 Index rose 11.20 points, or 0.79%, at 1,420.33. The Nasdaq Composite Index advanced 13.97 points, or 0.52%, at 2,488.52.

Aries Agro surprises everyone

and ends the day at 251.60

Aries Agro settled at Rs 251.60 on BSE, a premium of 93.54% over the IPO price of Rs 130.

On BSE, 2.13 crore shares were traded in the scrip. The stock touched a high of Rs 261 and a low of Rs 150.

At the current price of Rs 251.60, the PE multiple works out to 37.55, based on the year ended EPS of Rs 6.7.

The stock had debuted at Rs 150, a premium of 15.38% over the IPO price.

The company had fixed the IPO price at the top end of the Rs 120 - Rs 130 price band. The Aries Agro IPO had closed on 19 December 2007 with 7.62 times subscription. The qualified institutional investors (QIB) portion was subscribed 0.88 times, the non-institutional investors segment 2.37 times and the retail portion 0.46 times.

Aries Agro is engaged in the manufacture of agricultural products. It operates in five categories that are multi-micro nutrient fertilizers, chelated micro nutrient fertilizers, specialty soluble fertilizers and anti-bacterial products for agricultural use and nutritional products for animals. Its manufacturing facilities are located at Bangalore, Mumbai, Hyderabad and Kolkata, with total production capacity of 21,600 tonnes per annum.

The comapny intends to set up new manufacturing units at Ahmedabad, Lucknow, Andhra Pradesh and an additional unit in Maharashtra. Aries Agro also proposes to enhance its equity holding to 75% in Golden Harvest Middle East (FZC), a company incorporated in UAE. The company also proposes to create mobile shops through mobile vans for which it is buying 100 trucks. This fleet would further increase market penetration in addition to the 65,000 dealers that the company already serves across 20 states in India.

Aries Agro reported profit after tax of Rs 8.69 crore on sales of Rs 72.66 crore in the year ended March 2007.

Live CNBC India - Watch Now!

Aar ya Paar - Adlabs v PSTL

While the RPL v RNRL game is going on well ...

Here is a new one .. PSTL v Adlabs

Adlabs - CMP - 1564.95

PSTL - CMP - 452.00

Let us know your position, why one stock will outperform the other :) ( by Jan 18 2008)

Pre Open Market Commentary

The Indian market is likely to have positive opening due to favoring cues from the global markets. Yesterday, the Indian market closed on a deep red note on the back of heavy selling pressures across all the sectoral indices scrips. The market opened with handsome gains and marched to touch an all time high but was unable to retain all its gains at higher levels. The market completely takes a U turn to pare all its gains to close on a weak note. The BSE Mid cap and Small cap were the most hit as most selling was seen from these baskets The BSE Sensex closed lower by 287.70 points at 20,582.08 and NSE Nifty fell by 115.05 points to close at 6,156.95. We expect that the market to gain some grounds during the trading session and declaration of inflation figures by the government will giver further direction to the market.

On Thursday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed higher by 117.54 points to close at 12,852.85. S&P 500 index closed up by 11.20 points at 1,420.33 and NASDAQ grew by 13.97 points to close at 2,488.50

Indian ADRS closed in positive. In technology sector, Wipro grew by (0.93%) while Satyam advanced by (0.69%). In banking sector, ICICI bank and HDFC bank inched up by (7.70%) and (3.26%) respectively. VSNL increased by (4.27%).

The major stock markets in Asia are trading mixed. Hang Seng is trading higher by 285.41 points at 27,516.27. Taiwan Weighted is trading up by 48.55 points at 8,105.82 while Japan''s Nikkei is trading lower by 115.73 points at 14,272.38.

On Thursday, the FIIs stood as net buyer both in equity and in debt. The gross equity purchased was Rs4,859.70 Crore and the gross debt purchased was Rs677.70 Crore while the gross equity sold stood at Rs4,585.10 Crore and gross debt sold stood at Rs605.70 Crore. Therefore, the net investment of equity reported was Rs274.60 Crore and net debt was Rs72 Crore.

Today, Nifty has support at 6,102 and resistance at 6,261 and BSE Sensex has support at 20,324 and resistance at 20,993.

Morning Call - Jan 11 2008

Market Grape Wine :

In House :

Nifty at a supp of 6120 & 6055 levels with resistance at 6197 & 6240 levels .

Buy : CESC above 642 target 664 s/l 634

Buy : McDowell holding

Buy : ONGC in F&O

Out House :

Markets at a support of 20502 & 20202 levels with resistance at 20786 & 20897 levels .

Buy : RIL & REL at dips

Buy : RelCap

Buy : NTPC & Neyvelli

Buy : Geshipping & MundraPort

Buy : Skumar & PrimeSec

Buy : IBUllsreal & IBullsFin at dips

Buy : ITC & HLL

Buy : SBIN & Kotak

Buy : Religare & Motilal

Dark Horse : GEship , Mundra , REL , JpAsso , IBullReal , RIL & SBIN

TGIF : Thank God Its Friday : Markets to be very choppy and volatile book profits at higher levels .

Market may remain volatile

The market may remain volatile in the near term in continuation of the trend witnessed this week. IT bellwether Infosys reported stronger-than-expected growth in net profit in Q3 December 2007, just a while ago. However, pressure may continue on small-cap and mid-cap stocks as investors stay in cash to subscribe to the mega IPO of Reliance Power which opens for subscription next week. Small-cap and mid-cap shares have witnessed profit taking in this week after a solid surge over the past few weeks.

US stocks ended higher on Thursday following news Bank of America is in advanced talks to buy struggling mortgage lender Countrywide Financial Corporation. The market also took direction from remarks by Federal Reserve Chairman Ben Bernanke, who acknowledged that the economy was slowing sharply and the Fed was ready to aggressively cut interest rates to prevent an economic slowdown.

The Dow Jones industrial average surged 117.78 points, or 0.92%, at 12,853.09. The Standard & Poor's 500 Index rose 11.20 points, or 0.79%, at 1,420.33. The Nasdaq Composite Index advanced 13.97 points, or 0.56%, at 2,488.52.

Asian markets were mixed today. Key benchmark indices in Hong Kong, China and Taiwan were up by between 0.06% to 0.22%. Key benchmark indices in Japan and South Korea were down by between 0.9% to 1.2%.

As per provisional data, FIIs sold shares worth a net Rs 253.34 crore on Thursday, 10 January 2008. Domestic mutual funds bought shares worth a net Rs 388.73 crore.

FIIs were net buyers to the tune of Rs 663.54 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 149.06 crore and bought index options worth Rs 286.05 crore. They were net buyers of stock futures to the tune of Rs 234.18 crore and sold stock options worth Rs 5.75 crore

Data on inflation based on the wholesale price index (WPI) for the year through, 29 December 2007, is due today. Inflation stood at 3.5% in the year through 22 December 2007.

Shree Cement

Shree Cement

South Indian Bank

South Indian Bank

Grey Market - Reliance, Future, J Kumar Infra

Future Capital Holdings 700 to 765 570 to 580


Reliance Power 405 to 450 350 to 360


SVPCL 42 DISCOUNT


Aries Agro 130 15 to 20


Porwal Autocomponents 75 DISCOUNT


Precision Pipes & Profiles 150 20 to 25


J. Kumar Infra Project 110 to 120 22 to 25

Porwal Autocomponents Listing

On 14 January 2008

Porwal Auto Components will list on stock exchanges on Monday, 14 January 2008. The stock will be placed in the B1 group on BSE.

The company had fixed the IPO price at the top end of the Rs 68-75 price band. At the IPO price of Rs 75, the PE multiple works out to 150, based on the year ended March 2007 EPS of Rs 0.5.

The Porwal Auto Components IPO had ended on 20 December 2007 with 1.03 times subscription. The issue received total bids for 51.66 lakh shares as against 50 lakh shares on offer.

The qualified institutional buyers (QIBs) category was subscribed 0.21 times, the non institutional investors category was subscribed 0.47 times and the retail investors category was subscribed 2.44 times.

Porwal Auto Components manufactures of automotive components. The company has manufacturing facilities at Indore.

The company plans to use the proceeds to increase its current capacity from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 megawatts (MW) for captive consumption.

Porwal Auto Components reported a profit after tax of Rs 0.75 crore on sales of Rs 29.51 crore in the year ended March 2007.

Daily Trading Calls - Jan 11 2008

Nifty (6157) Sup 6082 Res 6250

Buy Unitech (517) SL 512 Target 528, 530

Buy Welspun Gujarat (462) SL 457 Target 471, 475

Buy IDEA (138) SL 134
Target 145, 148

Sell Can Bank (366) SL 371 Target 358, 356

Sell Hero Honda (687) SL 694 Target 675, 672

Infosys...importance of being earn-est

To impress others we must be earnest; to amuse them, it is only necessary to be kindly and fanciful.

The result season is well underway but to some extent, it is Infosys' results which is awaited with earnest. The importance of Infosys earnings though seems to have ebbed over the past few quarters given the slightly dim prospects for the industry. IT firms will have to make changes in their business models and that could result in more spending and relatively less earning for some time. Telecom shares will be in action today with the DoT issuing LoIs and spectrum to new and existing players. Idea, RCOM, Bharti Airtel, Tata Tele (M) and Spice Communications have gained in some way or the other. We expect a positive opening. The direction after that will hinge on Infosys.

The rupee's unprecedented rise against the dollar coupled with factors such as rising wage inflation, high attrition rates and fears of a recession in the US have hit software firms. There is also uncertainty over whether the current tax sops to the industry will continue. In short, the IT industry has lost some of its charm among the investor community. Market expectations from Infosys and other software firms have tapered off vis-a-vis historical trends. As a result, there is a case for a positive surprise from software firms this time round. Some of these shares have been seeing heightened activity of late. If Infosys and others manage to surpass market expectations, there could be a rally in IT shares, and consequently in the market as well. However, the euphoria may not last long and IT stocks may once again get relegated to the background.

Broadly, the market has turned extremely choppy in the past few sessions with small-cap and mid-cap shares bearing the brunt of the sell-off. Traded volume and turnover have been down in the last two days. Results and Reliance Power IPO may have a lot to do with it. Market breadth has turned negative. Trend in global markets is also not decisive, given the concerns over the fate of the US economy and its implications for the world markets. Wall Street has bounced back in the last two days, but one has to see whether it can sustain this rally. The month-end Fed meet will be critical. For the Indian market, the RBI's quarterly policy review will also be of significance. Although chances of a domestic rate cut are slim, there may be an indication from the RBI that it is ready to loosen up a bit. That will be good news for the market, especially for banks.

US stocks advanced on Thursday after Federal Reserve Chairman Ben. Bernanke hinted that the central bank could cut rates more aggressively to keep the engine of global economic growth from derailing.

The leading stock benchmarks also rallied amid market speculation that Bank of America Corp. is in talks to acquire Countrywide Financial Corp., the largest US mortgage company. Countrywide shares climbed the most since at least 1982.

JPMorgan Chase, Wells Fargo and Citigroup led financial firms to the biggest gain in a month as traders increased bets that the Fed will reduce its benchmark lending rate by a half point when it meets on Jan. 30.

The Standard & Poor's 500 Index added 11 points, or 0.8%, to 1,420.33 after falling earlier by 1%. The Dow Jones Industrial Average gained 118 points, or 0.9%, to 12,853.09. The Nasdaq Composite Index rose 14 points, or 0.6%, to 2,488.52.

Two stocks rose for every one that fell on the New York Stock Exchange.

Stocks seesawed on both sides of unchanged throughout the session, before spiking in the last hour on reports of a possible deal brewing between the beleaguered Countrywide Financial and Bank of America.

Delta Air Lines shares surged on merger talk as well.

Stocks had fallen earlier after Capital One Financial's profit warning stoked fresh worries about the credit crisis and weak retail sales raised alarm about consumer spending.

Afternoon comments from Bernanke also helped investor sentiment, although stocks were volatile after his speech. The Fed chief acknowledged that the economic outlook in 2008 has weakened, but reiterated that he doesn't think the economy will fall into a recession this year.

"In light of the recent changes in the outlook for and the risks to growth, additional policy easing may well be necessary," Bernanke said. "We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks."

American Express is likely to be active on Friday. After the close of trade, the company said it expects lower profit through 2008 because of slower spending and missed credit card payments. Shares slumped 7% in extended-hours trading.

Treasury prices slumped, as investors pulled money out of government debt and put it into stocks. The selloff lifted the yield on the 10-year note to 3.88 percent, from 3.82% late on Wednesday. In currency trading, the dollar fell versus the yen and euro.

US light crude oil for February delivery fell $1.96 to settle at $93.71 a barrel on the New York Mercantile Exchange. COMEX gold for February delivery rose $11.90 to settle at $893.60 an ounce.

European shares closed at a 16-month low as the Bank of England decided not to cut rates and the European Central Bank suggested it was willing to tighten. The pan-European Dow Jones Stoxx 600 index fell 1% to 345.38. The UK's FTSE 100 fell 0.8% to 6,222.70, while the French CAC-40 lost 0.6% at 5,400.43 and the German DAX 30 dropped 0.9% to 7,713.09.

In the emerging markets, the Bovespa in Brazil advanced 1.3% to 63,515 while the IPC index in Mexico was up 2.35% at 29,069. The RTS index in Russia gained 0.45% at 2306 and the ISE National-30 index in Turkey was down 0.8% at 65,678.

Asian markets were trading mixed this morning. While the Nikkei in Tokyo fell by 115 points to 14,772 and the Hang Seng in Hong Kong climbed 245 points to 27,476. The Kospi in Seoul while the Shanghai Composite in China added 20 points to 5477 and the Taiex in Taiwan advanced 75 points to 8132.

All eyes on Infy!

After trading in positive terrain and touching another all time highs in the early trades, markets erased all its intra-day gains as bulls were unable to sustain their gains. Markets took a nose dive in late trades as Sensex fell over 500 points and Nifty index dropped over 200 points from its days high. The fall was mainly triggered by a sell-off in the Mid-Cap and the Small-Cap stocks’; selling was also witnessed in the Metal, FMCG and the Realty stocks. Even the sugar stocks which were in the limelight in the previous trading session witnessed some profit booking.

Finally, 30-share Sensex closed at 20,582 slipping 287 points and Nifty ended at 6,156 down 115 points.

Surana Industries was down 6.3% to Rs310. The company acquired 49% in Indonesian coalmine according to reports. The scrip touched an intra-day high of Rs363 and a low of Rs305 and recorded volumes of over 78,000 shares on NSE.

L&T lost 3% to Rs4211. Reports stated that the company announced that it secured order worth Rs20bn. The scrip touched an intra-day high of Rs4389 and a low of Rs4185 and recorded volumes of over 5,00,000 shares on NSE.

Hindustan Zinc was down 2% to Rs781. The company announced that the company raised zinc prices by 3.2% per ton. The scrip touched an intra-day high of Rs809 and a low of Rs767 and recorded volumes of over 1,00,000 shares on NSE.

IOC lost 5% to Rs683. The company announced that it would spend $509mn on distribution next fiscal and also plans 1,000 low-cost outlets in year starting April. The scrip touched an intra-day high of Rs728 and a low of Rs650 and recorded volumes of over 7,00,000 shares on NSE.

Bajaj Auto slipped 1.2% to Rs2512. Reports stated that the company is looking at acquiring a car company to break into the higher segments of the market and plans an electric car launch for Europe with Austrian mobike maker. The scrip touched an intra-day high of Rs2619 and a low of Rs2500 and recorded volumes of over 92,000 shares on NSE.

Jindal Steel declined 3.8% to Rs15,117. According to media reports the company would file for Jindal Power IPO in 2-3 months. The scrip touched an intra-day high of Rs16,295 and a low of Rs14,900 and recorded volumes of over 14,000 shares on NSE.

Everonn Systems dropped 4% to Rs1015. The board of directors of the company would consider raising funds on January 18, 2008. The scrip touched an intra-day high of Rs1112 and a low of Rs1008 and recorded volumes of over 1,00,000 shares on NSE.

Unitech edged higher by 0.3% to Rs517 after the company said that its office trust plans offer its units for subscription. The scrip touched an intra-day high of Rs534 and a low of Rs512 and recorded volumes of over 37,00,000 shares on NSE.

Bharti Shipyard dipped 1.5% to Rs795. The company announced that it would set up green filed shipyard at Usgaon near Dabhol project. The scrip touched an intra-day high of Rs835 and a low of Rs780 and recorded volumes of over 73,000 shares on NSE.

What the FIIs are doing

FIIs were net sellers of Rs2.5bn (provisional) in the cash segment on Thursday while the local institutions were net buyers of just Rs3.89bn. In the F&O segment, foreign funds were net buyers of Rs6.64bn.

On Wednesday, FIIs were net buyers of Rs2.75bn in the cash segment. Mutual Funds were net sellers of Rs2.01bn on the same day.

News Snippets:

Tata Motors launches its small car ‘Nano’ priced at Rs1 lac ex-showroom. (ET)

L&T has bagged Rs35.6bn order to construct residential and commercial buildings across the country. (ET)

Wipro Infotech wins a nine-year business transformation contract worth Rs24bn from Aircel. (BL)

Unitech gets regulatory approval to raise US$700mn through a public offer in the Singapore Stock Exchange. (ET)

SBI and ICICI Bank apply to the monetary authority of Singapore for a qualified full banking (QFB) license. (BS)

SBI Life Insurance plans to hit capital market by March 2009. (ET)

RIL reveals an extensive rig hiring plan to exploit the potential of its exploratory blocks. (FE)

GAIL signs a pact with Coal India to set-up a coal gasification project for production of a gas used to make fertilizers. (BL)

Wockhardt to mull de-merging its new drug R&D unit. (BS)

BPCL plans to raise Rs30bn through an IPO of Bharat Oman Refineries in next 3-4 months. (DNA)

L&T gets Tamil Nadu Government nod to set-up an integrated shipyard. (BL)

Amtek Auto is closing to acquiring companies in US and Europe. (DNA)

Bajaj Auto to invest Rs3bn to raise its holdings in KTM Power Sports to 25% from 14.5% currently. (DNA)

Bharati Shipyard plans to set-up a greenfield shipyard at Usgaon near the Dabhol port. (DNA)

Strides Arcolab has stopped operations of its loss-making US plant where it manufactured soft gelatin capsules. (ET)

Gati ties up with Air India to lease five cargo planes. (FE)

IRB Infrastructure Developers wins the contract to develop the fifth phase of NHDP at an estimated cost of Rs125bn. (BS)

Rolta plans to acquire a US firm offering business software services. (FE)

Granules India expects to get approval from European regulatory authorities for its new tablet facility. (BL)

Sterlite Technologies, a company promoted by Vedanta Group, may soon foray in the niche market of semiconductor manufacturing. (ET)

The DoT has issued LoIs to Unitech, Datacom, S Tel, Swan Connect Communications, Shipping Stop Dot Com, Idea, Tata Tele and Shyam Telelink. (ET)

DoT has cleared applications from Idea, Vodafone Essar and Aircel for granting 2G spectrum. (ET)

CBDT introduces new schemes to extend 100% deduction on profits derived by the activity of developing or operating an industrial park. (BL)

Indian Railways loadings register an 8% yoy growth for April-December 2007. (BL)