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Wednesday, January 16, 2008
Poll Trends - Will you sell Reliance Power on Listing ?
Yes 191 (70.2%)
No 81 (29.8%)
Votes so far: 272
See the Older Polls whether to apply for Reliance Power or not
FIIs net sellers of Rs 2,518cr
oreign institutional investors (FIIs) were net sellers of Rs 2,517.59 crore (provisional) today, according to data released by BSE.
While FIIs made gross purchases of Rs 4,439.43 crore, gross sales totalled Rs 6,957.02 crore.
Domestic institutional investors (DIIs) were net buyers of Rs 188.97 crore today. While DIIs made gross purchases of Rs 1,864.99 crore, gross sales totalled Rs 1,676.02 crore.
FIIs were net buyers of Rs 225.80 crore on Tuesday, January 15, according to data released by Sebi today. While FIIs made gross purchases of Rs 5,209.90 crore, gross sales totalled Rs 4,984.10 crore.
Mutual funds (MFs) were net sellers of Rs 519.50 crore on Tuesday. MFs made purchases of Rs 573.10 crore and sales of Rs 1,092.50 crore.
NSE Bulk Deal Watch - Jan 16 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
16-JAN-2008,ARIES,Aries Agro Limited,CPR CAPITAL SERVICES LTD.,BUY,99707,225.53,-
16-JAN-2008,ARIES,Aries Agro Limited,CREDENTIAL STOCK BROKERS LIMITED,BUY,144834,227.45,-
16-JAN-2008,ARIES,Aries Agro Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,189869,227.06,-
16-JAN-2008,ARIES,Aries Agro Limited,HARBUX SINGH SIDHU,BUY,114871,232.35,-
16-JAN-2008,ARIES,Aries Agro Limited,KARIMJEE PVT.LTD.,BUY,104261,226.84,-
16-JAN-2008,ARIES,Aries Agro Limited,MUKESH BHAGAT,BUY,99672,225.15,-
16-JAN-2008,ARIES,Aries Agro Limited,R APPALA RAJU,BUY,70000,222.89,-
16-JAN-2008,ARIES,Aries Agro Limited,R.M. SHARE TRADING PVT LTD,BUY,178928,228.24,-
16-JAN-2008,ARIES,Aries Agro Limited,SANJAY BHANWARLAL JAIN,BUY,101709,227.43,-
16-JAN-2008,ARIES,Aries Agro Limited,YOKE SECURITIES LIMITED,BUY,100742,228.81,-
16-JAN-2008,ARVINDMILL,Arvind Mills Ltd.,B R INTERNATIONAL/BHARATKUMAR RADHAKRISHNA RUIA,BUY,1102642,76.27,-
16-JAN-2008,PRITHVI,Prithvi Information Solut,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,113000,307.72,-
16-JAN-2008,SELMCL,SEL Manufacturing Company,JITENDRA PARSHURAM MAYEKAR,BUY,126848,195.28,-
16-JAN-2008,UNITY,Unity Infraprojects Limit,CLEARWATER CAPITAL PARTNERS INVESTMENTS LTD.,BUY,128000,875.00,-
16-JAN-2008,UNITY,Unity Infraprojects Limit,PEGASUS STOCKS AND SHARES PVT LTD,BUY,47700,879.65,-
16-JAN-2008,ARIES,Aries Agro Limited,CPR CAPITAL SERVICES LTD.,SELL,99707,225.78,-
16-JAN-2008,ARIES,Aries Agro Limited,CREDENTIAL STOCK BROKERS LIMITED,SELL,144834,227.97,-
16-JAN-2008,ARIES,Aries Agro Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,189869,227.59,-
16-JAN-2008,ARIES,Aries Agro Limited,HARBUX SINGH SIDHU,SELL,114871,233.10,-
16-JAN-2008,ARIES,Aries Agro Limited,KARIMJEE PVT.LTD.,SELL,104261,225.71,-
16-JAN-2008,ARIES,Aries Agro Limited,MUKESH BHAGAT,SELL,99672,225.52,-
16-JAN-2008,ARIES,Aries Agro Limited,R APPALA RAJU,SELL,70000,224.97,-
16-JAN-2008,ARIES,Aries Agro Limited,R.M. SHARE TRADING PVT LTD,SELL,178928,227.79,-
16-JAN-2008,ARIES,Aries Agro Limited,SANJAY BHANWARLAL JAIN,SELL,101709,227.77,-
16-JAN-2008,ARIES,Aries Agro Limited,YOKE SECURITIES LIMITED,SELL,100742,228.34,-
16-JAN-2008,BARTRONICS,Bartronics India Limited,JPMORGAN INDIA EQUITY FUND,SELL,100000,250.04,-
16-JAN-2008,BURNPUR,Burnpur Cement Limited,SARAVANA STOCKS PRIVATE LIMITED,SELL,250000,39.04,-
16-JAN-2008,PRITHVI,Prithvi Information Solut,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,100000,300.03,-
16-JAN-2008,SAKHTISUG,Sakthi Sugars Ltd.,JAGRAN MERCHANTS PRIVATE LIMITED,SELL,190700,105.64,-
16-JAN-2008,TATAMETALI,Tata Metaliks Ltd,VIJAY KUMAR,SELL,137148,174.16,-
16-JAN-2008,TATASPONGE,Tata Sponge Iron Ltd.,VIJAY KUMAR,SELL,77269,266.36,-
16-JAN-2008,UNITY,Unity Infraprojects Limit,PEGASUS STOCKS AND SHARES PVT LTD,SELL,157136,876.02,-
BSE Bulk Deals to Watch - Jan 16 2008
16/1/2008 531190 A V COTTEX I MAUJ SARAN MAGGO S 33000 32.15
16/1/2008 532919 ALLIED COMP AYODHAPATI INVESTMENT PVT. LTD B 206000 46.99
16/1/2008 532919 ALLIED COMP SURESH VALANI B 122338 45.05
16/1/2008 532919 ALLIED COMP AYODHYAPATI INVESTMENT PVT. LTD S 206000 45.57
16/1/2008 532919 ALLIED COMP SURESH VALANI S 122338 46.04
16/1/2008 531223 ANJANI SYNTH NISHA JITESH JADAV S 40500 55.45
16/1/2008 532935 ARIES AGRO R.M.SHARES TRADING PVT LTD B 170948 227.33
16/1/2008 532935 ARIES AGRO R.M.SHARES TRADING PVT LTD S 170948 228.24
16/1/2008 506874 ASKME IN HU AMIT INTERNATIONAL B 25000 2.78
16/1/2008 506874 ASKME IN HU SUSHMA SUSHIL SHISODIYA S 39256 2.78
16/1/2008 505506 AXON INFOTEC BANSAL VINIMAY PVT. LTD. B 10000 67.52
16/1/2008 505506 AXON INFOTEC AGRAWAL BROKERAGE PVT. LTD. B 10000 67.50
16/1/2008 505506 AXON INFOTEC UNIFLEX CARRYING CO. PVT. LTD B 25000 67.65
16/1/2008 505506 AXON INFOTEC NAWRUPAM MERCANTILE PVT.LTD. S 4000 68.01
16/1/2008 505506 AXON INFOTEC ANAMIKA HOLDINGS PVT LTD S 15000 67.50
16/1/2008 532694 BARTRONICSIN JP MORGAN MUTUAL FUND S 105000 250.06
16/1/2008 531682 CAT TECHNOL SARFARAZKHAN SARVARKHAN PATHAN B 158700 12.11
16/1/2008 524388 CRAZY INFOTE SARFARAZKHAN SARVARKHAN PATHAN B 39400 206.20
16/1/2008 524388 CRAZY INFOTE SARFARAZKHAN SARVARKHAN PATHAN S 39400 202.70
16/1/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. B 529551 15.17
16/1/2008 532271 CYBERMAT INF JMP SECURITIES PVT. LTD. B 1150302 15.33
16/1/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN B 3180258 15.27
16/1/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. S 490551 15.23
16/1/2008 532271 CYBERMAT INF JMP SECURITIES PVT. LTD. S 605302 15.54
16/1/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN S 3155135 15.17
16/1/2008 530765 DEVKI LEASIN GOVIND SINGH BHINDER S 19200 6.52
16/1/2008 517973 DMC INTER HITECH COMPUTECH PRIVATE LTD B 24500 37.91
16/1/2008 517973 DMC INTER IFL PROMOTERS LTD B 34800 38.21
16/1/2008 517973 DMC INTER HITECH COMPUTECH PRIVATE LTD S 18000 37.91
16/1/2008 532767 GAYATRI PROJ MERILL LYNCH CAPITAL MARKET ESPANA B 58000 634.55
16/1/2008 524184 GULSHA SUG C KAMAL KUMAR DUGAR AND CO B 161724 68.22
16/1/2008 524184 GULSHA SUG C BINOD KUMAR MAROTI HUF B 70000 70.98
16/1/2008 524184 GULSHA SUG C KAMAL KUMAR DUGAR AND CO S 161724 70.99
16/1/2008 524184 GULSHA SUG C LANDMARK CAPITAL MARKETS LTD S 100000 66.58
16/1/2008 530719 IKF FINANC L ASIAN FINANCIAL SERVICES LTD B 32201 18.47
16/1/2008 530719 IKF FINANC L MERCY CYRIAC S 53797 18.13
16/1/2008 501295 IND INV TRUS NAISHADH JAWAHAR PALEJA S 57800 105.62
16/1/2008 516078 JUMBO BAG LT MOSS TRADERS PVT LTD B 45000 37.21
16/1/2008 530955 KAILASH FICO TUTIS TECHNOLOGIES LIMITED B 63500 44.73
16/1/2008 511131 KAMAN HSG DREAMLAND BUILDTECH P LTD S 28320 162.35
16/1/2008 532092 KIRTI FINVES AYODHYAPATI INVESTMENT PVT. LTD B 1470249 1.87
16/1/2008 532092 KIRTI FINVES AYODHYPATI INVESTMENT PVT. LTD S 1470249 1.97
16/1/2008 523550 KRYPTON INDU NILESH KUMAR LAHOTI B 21912 58.95
16/1/2008 523550 KRYPTON INDU CHAINROOP SURAJMAL DUGAR B 28497 58.60
16/1/2008 523550 KRYPTON INDU NILESH KUMAR LAHOTI S 21912 58.83
16/1/2008 523550 KRYPTON INDU CHAINROOP SURAJMAL DUGAR S 34348 57.57
16/1/2008 531497 MADHUCON PRO BSMA LIMITED S 205522 775.08
16/1/2008 505523 MAH IND LEAS AYODHYAPATI INVESTMENT PVT. LTD B 28815 60.27
16/1/2008 505523 MAH IND LEAS AYODHYAPATI INVESTMENT PVT. LTD S 28815 58.18
16/1/2008 532933 PORWAL AUTO DEEPAK S CHHEDA B 164522 70.86
16/1/2008 532933 PORWAL AUTO DEEPAK S CHHEDA S 164522 71.18
16/1/2008 532675 PRITHVI INFO DEUTSCHE SECURITIES MAURITIUS LIMITED B 122000 306.76
16/1/2008 532886 SEL MANUF CHITRA JITENDRA MAYEKAR B 128647 195.42
16/1/2008 511607 SHLOKA INFO CHERUKURI KUTUMBA RAO B 23900 28.60
16/1/2008 511607 SHLOKA INFO CHERUKURI SIRISHA S 24000 28.80
16/1/2008 531715 SHUKUN CONST APEX SECURITIES B 909888 4.09
16/1/2008 508976 SPANC TELESY ALOSHA VANIJYA PVT LTD S 100000 243.00
16/1/2008 532887 SUJANATOWER MORGAN STANLEY MAU CO LTD S 380000 205.29
16/1/2008 532904 SUPREME INFR EUREKA CREDIT FINANCE PVT LTD B 105000 150.06
16/1/2008 532904 SUPREME INFR LOTUS GLOBAL INVESTMENT LTD B 150000 149.00
16/1/2008 532904 SUPREME INFR THE HEXAGRAM INVESTMENT PVT LTD S 266428 149.35
16/1/2008 531499 SYBLY INDUSR ALKA SOOD B 43000 10.05
16/1/2008 531499 SYBLY INDUSR GEOMETRIC SEC AND ADV P LTD B 26050 10.06
16/1/2008 531499 SYBLY INDUSR HANS CAPITAL AND LEASING PVT LTD B 35000 10.99
16/1/2008 531499 SYBLY INDUSR GEOMETRIC SEC AND ADV P LTD S 44983 10.93
16/1/2008 531418 SYSTEL INFOT PARASHURAMA K S 200117 1.61
16/1/2008 531703 TRIBHVAN HSG JOHN VAS B 50000 31.05
15/1/2008 532935 ARIES AGRO TRANSGLOBAL SECURITIES LTD B 96916 233.60
15/1/2008 532935 ARIES AGRO MATRIX EQUITRADE PVT LTD B 1017990 231.44
15/1/2008 532935 ARIES AGRO SANJEEV SINGHAL B 118381 232.39
15/1/2008 532935 ARIES AGRO SANJAY GARG B 115667 238.07
15/1/2008 532935 ARIES AGRO SANJAY GUPTA HUF B 129709 230.61
15/1/2008 532935 ARIES AGRO RAJIV GUPTA HUF B 67047 234.47
15/1/2008 532935 ARIES AGRO RAJIV GUPTA B 99148 234.00
15/1/2008 532935 ARIES AGRO OPG SECURITIES PVT LTD B 913788 235.62
15/1/2008 532935 ARIES AGRO MAHANAND PRASAD B 151219 235.55
15/1/2008 532935 ARIES AGRO SHAILESH M NISSAR B 147318 236.80
15/1/2008 532935 ARIES AGRO VISHAL TANSUKHLAL MINDA B 65200 251.84
15/1/2008 532935 ARIES AGRO TRANSGLOBAL SECURITIES LTD S 96916 234.30
15/1/2008 532935 ARIES AGRO MATRIX EQUITRADE PVT LTD S 1017990 231.91
15/1/2008 532935 ARIES AGRO SANJEEV SINGHAL S 118381 232.81
15/1/2008 532935 ARIES AGRO SANJAY GARG S 115667 238.00
15/1/2008 532935 ARIES AGRO SANJAY GUPTA HUF S 129709 230.60
15/1/2008 532935 ARIES AGRO RAJIV GUPTA HUF S 67047 234.72
15/1/2008 532935 ARIES AGRO RAJIV GUPTA S 99148 234.55
15/1/2008 532935 ARIES AGRO OPG SECURITIES PVT LTD S 913788 235.96
15/1/2008 532935 ARIES AGRO MAHANAND PRASAD S 151219 236.19
15/1/2008 532935 ARIES AGRO SHAILESH M NISSAR S 147517 237.00
15/1/2008 505506 AXON INFOTEC ANJANI VANIJYA PRIVATE LIMITED B 24100 71.96
15/1/2008 505506 AXON INFOTEC AS VANIJYA PRIVATE LIMITED B 10000 72.25
15/1/2008 505506 AXON INFOTEC ANITA VYAPAAR PRIVATE LIMITED B 10000 72.25
15/1/2008 532700 ENT NETWORK RUANE CUNNIF GOLDFARB B 600000 620.00
15/1/2008 532544 INDIABULLS ORIENT GLOBAL TAMARIND MAURITIUS B 2731400 879.64
15/1/2008 532067 KILPEST INDI HEMANT M SHETH B 36650 110.92
15/1/2008 532933 PORWAL AUTO SHAILESH M NISSAR B 90177 73.17
15/1/2008 532933 PORWAL AUTO A A DOSHI SHARES AND BROK B 194534 71.84
15/1/2008 532933 PORWAL AUTO SHAILESH M NISSAR S 90177 73.46
15/1/2008 532933 PORWAL AUTO A A DOSHI SHARES AND BROK S 197413 72.16
15/1/2008 522257 RAJOO ENGIN. HEMLATABEN DINESHKUMAR JAIN S 15476 130.68
15/1/2008 532887 SUJANATOWER DMA INVESTMENT PVT LTD B 553315 209.65
14/1/2008 532935 ARIES AGRO R.M.SHARES TRADING PVT LTD B 157723 227.14
14/1/2008 532935 ARIES AGRO DYNAMIC STOCK BROKING I PVT LTD B 133611 223.55
14/1/2008 532935 ARIES AGRO R.M.SHARES TRADING PVT LTD S 157723 227.58
14/1/2008 532935 ARIES AGRO DYNAMIC STOCK BROKING I PVT LTD S 144311 226.50
14/1/2008 531137 GEMSTONE INV KISHORE BALUBHAI CHAUHAN S 48750 30.38
14/1/2008 532933 PORWAL AUTO TRANSGLOBAL SECURITIES LTD B 186515 85.50
14/1/2008 532933 PORWAL AUTO R.M.SHARES TRADING PVT LTD B 235653 89.30
14/1/2008 532933 PORWAL AUTO JMP SECURITIES PVT. LTD. B 161481 83.22
14/1/2008 532933 PORWAL AUTO TRANSGLOBAL SECURITIES LTD S 186515 85.74
14/1/2008 532933 PORWAL AUTO R.M.SHARES TRADING PVT LTD S 235653 89.69
14/1/2008 532933 PORWAL AUTO JMP SECURITIES PVT. LTD. S 108005 86.65
14/1/2008 532934 PRECISION ASSET ALLIANCE SEC PVT LTD B 72448 148.73
14/1/2008 513043 RAJEN.MECH. APURVA STEELS LTD. B 25162 180.74
14/1/2008 531703 TRIBHVAN HSG G R PANDYA SHARE BROKING LTD B 100000 36.94
11/1/2008 532935 ARIES AGRO ASSET ALLIANCE SEC PVT LTD B 103323 216.89
11/1/2008 532935 ARIES AGRO JMP SECURITIES PVT. LTD. B 265162 249.05
11/1/2008 532935 ARIES AGRO TEJAS DEVENDRA DESAI B 93521 229.55
11/1/2008 532935 ARIES AGRO DYNAMIC STOCK BROKING I PVT LTD B 250743 238.45
11/1/2008 532935 ARIES AGRO DYNAMIC STOCK BROKING I PVT LTD S 247743 238.98
11/1/2008 532935 ARIES AGRO ASSET ALLIANCE SEC PVT LTD S 103323 217.34
11/1/2008 532935 ARIES AGRO JMP SECURITIES PVT. LTD. S 127357 248.28
11/1/2008 532935 ARIES AGRO TEJAS DEVENDRA DESAI S 93521 230.22
11/1/2008 505506 AXON INFOTEC KASHIRAM KADAM B 31000 70.08
11/1/2008 532934 PRECISION ASSET ALLIANCE SEC PVT LTD B 75438 141.10
11/1/2008 532934 PRECISION DYNAMIC STOCK BROKING I P VT LTD B 168284 144.10
11/1/2008 532934 PRECISION ASSET ALLIANCE SEC PVT LTD S 75438 140.00
11/1/2008 532934 PRECISION DYNAMIC STOCK BROKING I PVT LTD S 168284 146.56
11/1/2008 501756 THANA ELE SU SHARE TRADING S 12600 60.60
Post Session Commentary - Jan 16 2008
The Indian market closed in the negative territory on the back of heavy profit booking across the counters. The market opened in red backed by negative cues from the global markets and drifts down further since the opening bell. The market faced the bloodbath due to heavy selling pressures that led the BSE Sensex to fell more than 700 points during the trading session. But buying at the lower levels led the market to shed some of its points towards the end of the session. The BSE Sensex touched an intraday high of 20,079 and low of 19,513. Even the Small caps and Mid caps were the most hit as they close with a heavy loss of 233.08 points and 164.69 points at 12,522.21 and 9,267.20 respectively. The BSE Sensex closed lower by 382.98 points at 19,868.11 and NSE Nifty fell by 138.5 points to close at 5,935.75.
BSE Metal index dropped by 590.38 points to close at 18,020.25. Scrips that slipped are Sterlite inds (6.21%), JSW Steel (5.35%), Gujarat NRE (4.13%), Bhushan Steel (4.08%).
BSE Realty index closed lower by 596.18 points at 12,825.31 as Omaxe Ltd (9.49%), Unitech (6.20%), Indbul Real (5.34%), DLF (4.12%) closed in red.
BSE Bankex index slipped by 94.57 points to close at 12,163.85 as HDFC bank (6.12%), Axis bank (3.59%), Yes bank (3.03%), Canara bank (2.94%) closed lower.
BSE Oil & Gas index fell by 206.35 points to close at 13,650.13. Scrips that dropped are Cairn India (3.56%), Aban Offshore (2.24%), Reliance industries (2.01%), ONGC (1.88%) .
BSE Capital Goods index declined by 473.11 points to close at 18,673.80. Scrips that fell are BEML (4.47%), BHEL (4.42%), AIA Engi (4.34%), Areva (3.74%), ABB (2.73%) and L&T (1.78%).
BSE Power index dropped by 169.94 points to close at 4,462.33 as Tata Power (5.63%), NTPC (5.55%), Reliance Energy (4.14%), Suzlon Energy (3.06%) and GVK Power (2.22%) closed lower.
BSE IT index slipped by 27.87 points to close at 3,882.88. Scrips that tumbled are Niit Tech (4.21%), GTL Ltd (3.86%), Patni Computers (3.19%), Satyam (2.09%)
Market Close : Global sentiments hamper..!
Negative trend continues to keep markets under pressure. Following the global cues markets opened with a downward gap and continued to slide till incides were in deep in blood, down about 700 points. All the support levels were breached. Indian bourses have witnesses a burn in their market caps in the last few trading sessions. Market managed to recover from the days low on the back of value buyimg seen at lower levels. Metals , power , realty and capital goods lost major grounds as compared to others. Only banking sector seemed to be less affected. The trend of large IPO?s foraying the markets and leading to a mojor correction at times seems to becoming a thumb rule. Quarterly results posted by companies are good. They continue to sustain and increase their margins. Most large caps companies show strong order book. The fundamentally story still remains to be positive. Its Reliance Power IPO playing on everyone?s mind, draining major flow from the markets. Globally markets have started showing weak trend. Asian indices being no exceptional. Europe trading in red.
Sensex ended down by 383 points at 19868.10. Weighing on the Sensex were losses in HDFC Bk (1675.85,-6 percent), RCVL (731.65,-6 percent), NTPC (258.8,-6 percent), BHEL (2308.8999,-4 percent) and Rel Energy (2266.6001,-4 percent). Losses were restricted by gains in ICICI Bk (1369.2,+1 percent), Bharti Tele (864.85,+1 percent), TCS (944.5,+1 percent), Cipla (205.25,+0 percent) and SBI (2420.8501,+0 percent).
Apollo tryes was the stock buzzing on the quarterly number which were in line with the market expectations. Volume growth was primarily responsible for the good set of numbers reported this quarter. Apollo Tyres reported a good set of numbers for the December ended quarter. The top line witnessed a growth of 13.7% YoY at Rs 974 cr. EBIDTA margin levels improved by 270 basis points on yearly comparison at 13.4%. The EBIDTA was higher by 42% YoY at Rs 131 cr for the quarter. The bottom line levels for the quarter were at 6.4%, up by 240 bps on YoY. Net profit was higher by 80% YoY at Rs 62 cr for the quarter. Apollo Tyres is the leader in the the commercial tyre market in India. CV tyres forms 70% of the Industry value by and tonnage. Apollo has a marketshare of 27% in the Truck and Bus segment and a 24% marketshare in the LCV segment. Apollo tyre produces tyres, tubes, flaps which makes it a powerful player in Indian tyre market. Apollo is the market leader in the replacement market for commercial vehicle (CV) tyres which accounts for almost half of the domestic tyre industry. Stock ended up by 5%.
KEI Industries Limited (KEI) is one of the established player and the second largest power cable company in India. KEI is into manufacture of high and low tension cables (HT and LT), control and instrumentation cables, house wires and stainless steel wires. The Indian Power Cable market is estimated at more than Rs 8,500 cr. About 67,000 MW of power generation capacity and 60,000 circuit km of transmission network are proposed to be added by 2012 as per 11th Five Year plan. The expenditure estimated for power generation alone is at Rs 270,000 cr and Rs 69,500 cr for power transmission. The cost of power cables is around 3% of the investment in power generation and 2% for power transmission. This will generate a huge demand for power cables in near future. KEI is growing aggressively by expanding capacity to meet domestic and international demand. On the whole the macro scenario seems to be best for KEI in future. One can invest in this stock at current levels for medium to long term. Do read our detailed research note on KEI to know more. The story sounds good for long trem investment.
Technically Speaking : Sensex slided heavily in red mainly on the back of global weakness. Indicies madea intraday high of 20,080 and days low of 19,513. Volume was a bit dull at Rs 7860 Crs. The breath was in favor of Declines, where Advances stood at 642 and Declines at 2184. Sensex has broken its major support at 19950 -- 20000 and has closed lower. We could see immediate target of 19060 and 18500. Trend will reverse above 20250.
Market plunges on global cues
The market fell today as the prospects of a recession in the United States triggered a sell-off in the global markets. The market remained subdued for the day although it made some recovery from its lows in the late trade. Reliance Industries, ICICI Bank and Reliance Energy recovered from its lows in late trade. All the BSE sectoral indices were ended in red.
HDFC Bank and Reliance Communications were major losers from the Sensex pack. Capital goods, metal, realty and power stocks were worst hit. The market breadth was weak.
European markets, which opened after Indian markets, were weak. Asian markets, which opened before Indian markets, were trading in the red throughout the day.
Nifty January 2008 futures were at 5950, at premium of 14.25 points compared with spot closing of 5935.75.
The NSE futures & options (F&O) segment turnover was Rs 80,606.24 crore, which was higher than Rs 65,569.15 crore on Tuesday, 15 January 2008.
The 30-share BSE Sensex declined 382.98 points or 1.89% to 19,868.11. Sensex hit a low of 19,513.25 in mid-afternoon trade. At day’s low, Sensex shed 737.84 points.
The broader CNX S&P Nifty fell 138.5 points or 2.28% to 5,935.75.
The BSE Mid-Cap index was down 1.75% to 9,267.20. The BSE Small-Cap index was down 1.83% to 12,522.22. Both these indices outperformed the Sensex.
The BSE FMCG index (down 2.05% to 2,305.98), PSU index (down 2.26% to 10,071.51), Capital Goods index (down 2.47% to 18,673.80), Metal index (down 3.17% to 18,020.25), Power index (down 3.67% to 4,462.33) and Realty index (down 4.44% to 12,825.31). All these indices underperformed the Sensex.
The BSE IT index (down 0.71% to 3,882.88), Bankex (down 0.77% to 12,163.85), HealthCare index (down 0.95% to 4,125.40), Auto index (down 1.2% to 5,271.09). All these indices outperformed the Sensex.
The market breadth was weak. On BSE, 613 shares advanced as aginst 2,215 shares that declined whereas 31 remained unchanged. 24 out of 30 Sensex stocks were in red.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 2.01% to Rs 3,098.35. It recovered from session's low of Rs 3,032.60 in late trade.
India’s second largest software exporter by sales Infosys Technologies was down 0.51% to Rs 1,494.15.
ICICI Bank rose 1.32% to Rs 1,369.20 . It recovered from session's low of Rs 1,310.90 in late trade.
Tata Consultancy Services (up 0.67% to Rs 944.50), Mahindra & Mahindra (up 0.52% to Rs 739.05), Bharti Airtel (up 0.88% to Rs 864.85) and Cipla (up 0.34% to Rs 205.25), were the gainers from the Sensex pack.
Reliance Communications declined 5.89% to Rs 731.65. HDFC Bank down 6.12% to Rs 1,675.85.
Reliance Energy declined 4.14% to Rs 2,266.60. It recovered from its lows of Rs 2,167. The mega initial public issue of Anil Dhirubhai Ambani group's Reliance Power became the largest ever in India after over-subscription of more than 10.5 times on its opening day on Tuesday, 15 January 2008.
Capital goods stocks were down. Larsen & Toubro (down 1.78% to Rs 3,989.90), Bharat Heavy Electricals (down 4.42% to Rs 2,308.90) and Suzlon Energy (down 3.06% to Rs 1,983.60), edged lower.
Realty stocks declined. Unitech (down 6.2% to Rs 487.30), Omaxe (down 9.49% to Rs 439.65), DLF (down 4.12% to Rs 1,127.60), Indiabulls Real Estate (down 5.34% to Rs 701.05), edged lower.
Metal stocks fell. Tata Steel (down 3.91% to Rs 818.55), Sterlite Industries (down 6.21% to Rs 926.25), and Hindalco Industries (down 3.41% to Rs 191.05), edged lower. Steel Authority of India rose 1.03% to Rs 245.20.
Power stocks slumped. Tata Power Company (down 5.63% to Rs 1,459.25), NTPC (down 5.55% to Rs 258.80) and Power Grid Corporation of India (down 2.23% to Rs 135.85), edged lower.
Reliance Natural Resources clocked the highest volume of 2.84 crore shares on BSE. The scrip declined 0.58% to Rs 216.10. Ispat Industries clocked the second highest volume of 1.35 crore shares. The scrip declined 1.85% to Rs 63.70. Reliance Petroleum clocked the third highest volume of 1.16 crore shares. The scrip edged up 0.57% to Rs 220.95. IFCI clocked the fourth highest volume of 98.4 lakh shares on BSE. The scrip rose 1.54% to Rs 85.75. Cybermate Infotek clocked the fifth highest volume of 92.2 lakh shares on BSE. The scrip gained 0.53% to Rs 15.09.
Reliance Natural Resources clocked the highest turnover of Rs 600.70 crore on BSE. Reliance Industries (Rs 303.60 crore), Reliance Energy (Rs 285.37 crore), Reliance Petroleum (Rs 253.71 crore) and Reliance Communications (Rs 233.16 crore) were other turnover toppers on BSE in that order.
European markets were weak. France’s CAC 40 (down 0.81% to 5,208.27), Germany’s DAX (down 1.18% to 7,477.03) and UK’s FTSE 100 (down 1.13% to 5,957.50) edged lower.
Asian markets were trading lower today, 16 January 2008. Hong Kong's Hang Seng, Japan's Nikkei, Taiwan's Taiwan Weighted, South Korea's Seoul Composite and Shanghai Composite slipped 2.4- 5.37%.
US markets plunged more than 2% on Tuesday, 15 January 2008 after Citigroup posted first-ever quarterly loss and disappointing holiday shopping numbers fueled fears that the economy was heading into a recession. Citigroup was hurt by a $18.1-billion write-off due to exposure to Sub prime mortgages and other risky debt, posted a net loss of $9.83 billion. The bank has reduced its dividend by 41%, and cut 4,200 jobs. The stock was down 7.30%.
The Dow Jones plunged 277.04 points, or 2.17%, to 12,501.11. The Standard & Poor's 500 index slipped 35.30 points, or 2.49%, to 1,380.95, and the Nasadaq composite index fell 60.71 points, or 2.45%, closing at 2,417.59 on Tuesday, 15 January 2008.
Sensex slips 383 points
Weak global cues and unwinding of positions by investors triggered a 700-point fall for the Sensex today. The market mirrored the Asian markets. Hang Seng tumbled 5.37% or 1,387 points, Nikkei fell 3.35% or 468 points and Jakarta Composite slipped 5.04% or 138 points. The Sensex resumed on a bearish note at 20,080, which was 172 points below its last close of 20,251 and accumulated losses of 738 points by afternoon on across-the-board selling pressure to touch the day's low of 19,513. However, short covering in index pivotal stocks saw the Sensex erase losses of 355 points towards close and end the session at 19,868, down 383 points. The Nifty declined by 2.28% and was down 139 points to close at 5,936.
The market breadth was heavily tilted in favour of the losers as 2,207 stocks declined, 615 stocks advanced and 18 stocks remained unchanged on the Bombay Stock Exchange(BSE). Most of the sectoral indices were battered on the BSE. The BSE Realty index lost heavily and dropped 4.44% followed by the BSE Power index (down 3.67%), the BSE Metal index (down 3.17%), the BSE CG index (down 2.47%), the BSE PSU index (down 2.26%) and the BSE FMCG index (down 2.05%). The second-rung benchmark indices the BSE mid-cap index and the BSE small-cap index also slipped around 2% each.
Out of the 30 Sensex stocks only six stocks managed to end in the green. Among the major losers HDFC Bank tanked 6.12% at Rs1,676. Reliance Communication slumped by 5.89% at Rs732, NTPC shed 5.55% at Rs259, BHEL crumbled by 4.42% at Rs2,309, Reliance Energy dropped 4.14% at Rs2,267 and DLF slipped by 4.12% at Rs1,128. Other front-line stocks also declined by around 1-3% each. However, ICICI Bank bucked the downtrend and advanced by 1.32% at Rs1,369, while Bharti Airtel, TCS, M&M, Cipla and SBI inched up marginally.
Over 2.84 crore RNRL shares changed hands on the BSE followed by Ispat Industries (1.35 crore shares), Reliance Petroleum (1.16 crore shares), IFCI (98.40 lakh shares) and Cybermate Infotek (92.20 lakh shares).
Valuewise, RNRL registered a turnover of Rs600 crore on the BSE followed by Reliance Industries (Rs303 crore), Reliance Energy (Rs285 crore), Reliance Petroleum (Rs253 crore) and Reliance Communication (Rs233 crore).
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Market to extend losses
Indian shares are expected to extend losses tracking selling pressures in global markets on fears of US recession.
US markets plunged more than 2% on Tuesday, 15 January 2008 after Citigroup posted first-ever quarterly loss and disappointing holiday shopping numbers fueled fears that the economy was heading into a recession. Citigroup hurt by $ 18.1 billion of write-offs due to exposure to Sub prime mortgages and other risky debt, posted a net loss of $ 9.83 billion. The bank has reduced its dividend by 41%, and cut 4,200 jobs. The stock was down 7.30%.
The Dow Jones plunged 277.04 points, or 2.17%, to 12,501.11. The Standard & Poor's 500 index slipped 35.30 points, or 2.49%, to 1,380.95, and the Nasadaq composite index fell 60.71 points, or 2.45%, closing at 2,417.59 on Tuesday, 15 January 2008.
Asian markets were trading lower today, 16 January 2008. Hong Kong's Hang Seng (down 3.27% at 24,992.60), Japan's Nikkei (down 1.78% at 13,724.23), Taiwan's Taiwan Weighted (down 1.78% at 8,278.95) ,South Korea's Seoul Composite (down 1.83% to 1,715) and Shanghai Composite (down 2% to 5,334.78) slipped.
There might be some liquidity drain from the secondary market as action might shift to primary market as the mega initial public offer (IPO ) of Reliance Power opens for subscription today, 15 January 2008. The IPO ends on 18 January 2008. Meanwhile as per reports, state-owned telcom services provider Bharat Sanchar Nigam (BSNL) reportedly plans to launch India’s biggest initial public offer to raise about Rs 40,000 crore (over $10 billion).
The 30-share BSE Sensex fell 476.96 points or 2.30% to 20,251.09 on Tuesday, 15 January 2008. The broader CNX S&P Nifty was down 132.55 points or 2.14% to 6074.25.
As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 365.09 crore on Tuesday,15 January 2008. Domestic institutional investors (DIIs) were net sellers of shares worth Rs 89.74 crore on Tuesday, 15 January 2008.
Pre Market Watch - Jan 16 2008
The Indian market is likely to have negative opening due to weak cues from the global markets. Yesterday after having a good start, the market suffered heavy profit booking and cash withdrawal by the investors at a greater volume due to heavy cash outflow from the market for the country''s biggest IPO Reliance Power Ltd. The IPO got a very good response as it subscribed nearly 10 times on the first day of its opening itself. The benchmark indices Sensex closed with heavy loss of 476.96 points at 20,251.09 and Nifty ended lower by 132.55 points to close at 6,074.25. We expect that the market may remain cautious during the trading session.
On Monday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed higher by 171.85 points at 12,778.15. S&P 500 index grew by 15.23 points to close at 1,416.25 and NASDAQ advanced by 38.36 points to close at 2,478.30.
Indian ADRS closed in negative. In technology sector, Wipro fell by 4.81% along with Patni Computers by 4.49%, Satyam 4.28% and Infosys 3.12%. In banking sector, ICICI bank and HDFC bank slipped by (7.51%) and (7.15%) respectively. VSNL and MTNL decreased by (3.45%) and (0.30%) respectively. Sterlite industries dropped by (8.33%).
The major stock markets in Asia are trading weak. Hang Seng is trading lower by 850.52 points at 24,987.26 along with Japan''s Nikkei is trading down by 130.70 points at 13,841.93 and Taiwan Weighted is trading at 8,316.69 down by 112.15 points.
On Tuesday, the FIIs stood as net buyer both in equity and debt. The gross equity purchased was Rs4521.50 Crore and the gross debt purchased was Rs241.90 Crore while the gross equity sold stood at Rs4347.20 Crore and gross debt sold stood at Rs119.40 Crore. Therefore, the net investment of equity reported was Rs174.40 Crore and net debt was Rs122.40 Crore.
Today, Nifty has support at 5,947 and resistance at 6,119 and BSE Sensex has support at 19,886 and resistance at 20,438.
Citigroup yesterday, Intel Today ? ..
Dismal fourth quarter earnings from Citigroup and poor retail data pinch stocks
US Market wiped off all of yesterday’s gains and indices posted huge losses today, Tuesday, 15 January, 2008. Dismal earnings report from Citigroup and a disappointing retail data from the Commerce Department sent stocks bleeding for the entire day. Each of the ten economic sectors finished the day in negative territory. Financials, Energy, and Materials posted the largest losses.
Before the opening bell, Citigroup came put with its fourth quarter earnings report. The company reported a net loss of $9.83 billion on a 70% decline in revenues. The loss was led by a $18.1 billion write-down in subprime exposure and fixed income markets as well as a $4.1 billion increase in credit cost, primarily due to "higher current and estimated losses on consumer loans." The company also cut its dividend by 40%.
Also, the U.S. Commerce Department reported today that U.S. retail sales fell 0.4% (against expected figure of 0.1%) in December, the first decline in six months. The figure capped the weakest year since 2002. The December weakness followed an otherwise robust November when retail sales increased 1%.
The Dow Jones industrial Average ended the day with a huge loss of 277.04 points at 12,501.11. The Nasdaq Composite Index, finished lower by 60.71 points at 2,417.59. S&P 500 finished lower by 35.3 points at 1,380.95.
All thirty Dow stocks ended in the red today. The financials were the hardest hit. Accordingly, Citigroup, JP Morgan, AIG and American Express were the notable Dow laggards.
More delays expected in Boeing’s 787 Dreamliner deliveries
Among other economic data, the January New York Empire State Index, a manufacturing survey, was slightly lower than expected at 9.0 (consensus 10). It still indicated growth.
The major financial stocks (AIG, Amex, JP Morgan) all slipped by 35-5% today. Outside the Dow, there was more news in the financial sector. Bank of America announced that it would cut 650 jobs from its global investment banking and global markets businesses as part of a strategic review the bank began in October. The stock fell by more than 3%. On a positive note, Merrill Lynch announced a $6.6 billion cash infusion from several investors.
Among other major news in the market today, Wall Street Journal reported that Boeing is going to announce more delays in the delivery of the 787 Dreamliner. Boeing stocks closed almost 5% lower.
All the Indian ADRs ended in red today. ICIC Bank and HDFC Bank were the two topmost losers, each shedding more than 7%. They were followed by Tata Motors which also gave up 7%.
Crude slips down by more than $2
Crude prices fell by more than $2/barrel today after traders once again speculated a recession hitting US in the near term. Traders also speculated that tomorrow’s inventory report might show a build up in inventories for the first time in two months. Comments from Organization of Petroleum Exporting Countries official that the cartel is ready to increase production also led to softening of the price.
Crude-oil futures for light sweet crude for February delivery today closed at $91.98/barrel (lower by $2.22/barrel or 2.4%) on the New York Mercantile Exchange. Prices are 72% higher than a year ago.
On the New York Stock Exchange, trading volume topped 1.8 billion, while nearly 2.4 billion shares exchanged hands on the Nasdaq. Declining stocks overtook advancing issues roughly 3 to 1 on both exchanges.
Investors will have lots of economic data to focus upon for tomorrow’s trading. December's Consumer Price Index report is due which will help market assess whether inflationary pressures persist. It will be followed by the Industrial Production Index and the weekly inventory report by the Energy department.
Morning Call - Jan 16 2008
Market Grape Wine :
In House :
Nifty at a supp of
Could not LOG Tech Problem
Out House :
Markets at a support of 20012 & 19786 levels with resistance at 20432 & 20576 levels .
Buy : RIL & REL at dips
Buy : SBIN at dips
Buy : NTPC at dips
Buy : Balrampur & BajajHind at dips
Buy : Primesecurity & Geojit
Buy : IBUllsreal & IBullsFin at dips
Buy : ITC & HLL at dips
Buy : JSW & Centextile at dips
Dark Horse : PrimeSec , HLL , ITC , REL , JpAsso , RIL & SBIN
Grey Market - J Kumar, Emaar, Reliance Power
Future Capital Holdings 700 to 765 540 to 550
Reliance Power 405 to 450 300 to 350 (Off from the highs)
J. Kumar Infraprojects 110 to 120 30 to 35
Cords Cable Ind. 125 to 135 5 to 37
Emaar MGF 725 to 850 360 to 380
FIIs sell 1492 cr on Tuesday
The Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs 1,492.37 crore in the futures & options segment on Tuesday.
According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 1,565.30 crore and bought index options worth Rs 399.57 crore. They were net sellers of stock futures to the tune of Rs 322.45 crore and sold stock options worth Rs 4.19 crore
Daily Calls - Jan 16 2008
Nifty (6074) Sup 5991 Res 6185
Sell Aurobindo (457) SL 461 Target 447, 445
Sell S Kumars (155) SL 159
Target 145, 143
Sell Bharat Forge (357) SL 362 Target 347, 345
Buy Allahabad Bk (134) SL 130 Target 141, 143
Buy Orchid Chem (305) SL 301 Target 315, 318
Power on, bulls get shock!
The ancient Greek definition of happiness was the full use of your powers along lines of excellence.
Happiness and Excellence are reserved for Reliance Power, as the Rs117bn IPO was gone in 60 seconds. India's biggest public issue was fully subscribed within a minute of opening. Imagine, the FM, who has never commented on public issues, too had a quote to deliver – "It is a reflection of what the world thinks about the future of India."
But what about the future of the market? It's a sorry state for the bulls as of now. The persistent global weakness and liquidity crunch on account of mega IPOs could keep the sentiment weak. Remember, many heavyweights like Reliance and ONGC haven't fallen much. So, there is room for further fall. Banking on fresh buying today is wishful thinking. But it's a market all the same and nothing wrong in hoping for the best.
Results Today: Allahabad Bank, Asian Granito, Chambal Fertilizers, GTC Industries, India Cements, Infotech Enterprises, LIC Housing Finance, MRPL, Petronet LNG, Rallis India, TCS, Ucal Fuel, Vardhman Textiles, Welspun Gujarat and Zuari Industries.
Southern Ispat's Board has accorded its in-principle approval for the merger of Kerala Sponge Iron. The Board has also authorised the MD to do all the necessary works related to the procurement of raw material to the upcoming Integrated Steel Plant at Kannur. The Board also decided to change the name of the company to Southern Ispat & Power Ltd.
Great Offshore has edged out its Mumbai-based rival Mercator Lines in the race to acquire the UK-based SeaDragon Offshore for $1.4bn. The overseas company will own, upon delivery, two harsh environment, semi-submersible, sixth generation drilling rigs, which are currently under construction.
Essar Energy Overseas, a subsidiary of Essar Oil, has entered into an agreement to acquire 50% stake in Kenya Petroleum Refineries (KPRL), a 4 million metric tonnes per annum (MMTPA) refinery in Mombasa. The Government of Kenya holds the remaining 50% of KPRL.
US stocks got pounded on Tuesday, with all the three major indexes closing at their lowest levels yet this year, following a grim report on December retail sales and Citigroup's steep quarterly loss.
The S&P 500 Index lost 35 points, or 2.5%, to 1,380.95, marking its worst start since the first 10 trading days of 1978. The Dow Jones Industrial Average slumped 277 points, or 2.2%, to 12,501.11, the fifth decline of more than 220 points this year. The Nasdaq slid 61 points, or 2.5%, to 2,417.59.
Market breadth was negative. On the New York Stock Exchange, losers beat winners by nearly 3 to 1 on volume of 1.82 billion shares.
After the close, Intel reported quarterly results and an outlook that disappointed investors, sending shares of the chipmaker tumbling in after-hours trade. Intel also knocked stock futures lower, suggesting a big selloff at Wednesday's open.
JP Morgan and Wells Fargo report earnings Wednesday morning and both are expected to post yearly declines.
Treasury prices rallied as investors sought safety in government debt, sending the 10-year note yield down to a nearly four-year low. The dollar slipped versus the yen and gained versus the euro. Oil and gold prices fell.
Wall Street is looking at some more pain in the near term, unless some really strong earnings come out or the Federal Reserve decides to bite the bullet and announce an aggressive rate cut ahead of the scheduled Jan. 29-30 meeting.
On Wednesday, the Joint Economic Committee holds a hearing on what action the Bush government should take to help avoid a recession. Economic reports are due on consumer prices, industrial production, capacity utilization and the Fed's beige book reading on the economy.
Though the Fed is expected to cut rates at the next meeting, the big worry is that that perhaps won't be sufficient to stop the slide.
According to futures contracts on the Chicago Board of Trade, Wall Street is now betting that the Fed will cut the fed funds rate by 50 basis points at its month-end meeting. There is also the possibility that the central bank may cut rates by 75 basis points.
Retail sales fell 0.4%, short of forecasts and the biggest drop in six months. Excluding volatile auto sales, retail sales also fell a worse-than-expected 0.4 %.
In other economic news, the Producer Price Index (PPI), which measures inflation at the wholesale level, fell 0.1%, versus forecasts for a rise. Core PPI, which excludes volatile food and gas prices, rose 0.2%, as expected. Overall wholesale inflation rose 6.3% in 2007, the worst annual increase in 26 years.
The NY Empire State index, which measures regional manufacturing, fell more than expected.
Citigroup reported an almost $10bn quarterly loss that was worse than expected, slashed its dividend, and said it was taking an $18.1bn writedown related to bad subprime mortgage bets. The top US bank also said it was receiving a $12.5bn cash infusion from investors in Kuwait, Singapore and New Jersey. Citigroup shares slipped 8%.
Merrill Lynch, which reports quarterly results on Thursday, said it had received a $6.6bn cash infusion from investors in Kuwait, Korea and Japan, among other areas of the world. Despite the investment, Merrill shares slipped.
European shares dropped to 16-month lows, with Tesco and Hypo Real Estate notable laggards. The pan-European Dow Jones Stoxx 600 index fell 2.6% to 335.94. The UK's FTSE 100 closed down 3.1% at 6,025.60 and the French CAC-40 dropped 2.8% to 5,250.82. Germany's DAX 30 lost 2.1% at 7,566.38.
In the emerging markets, the Bovespa in Brazil was down 3.7% at 59,907 while the IPC index in Mexico slipped 2.3% to 27,961. The RTS index in Russia fell 0.4% to 2330 while the ISE National-30 index in Turkey was down 2.2% at 63,131.
Asian markets are trading deep in the red. The Nikkei in Tokyo was down 130 points at 13,841 while the Hang Seng in Hong Kong plunged by 1,050 points to 24,787. The Kospi in Seoul slumped 31 points to 1715 while the Straits Times in Singapore was down 67 points at 3086. The Shanghai Composite index in China fell 129 points to 5314 and the Taiex in Taiwan dived 130 points to 8298.
Bounce back on the cards
After a strong start, it was bears in control throughout the session. The mega Rs12,000 cr Reliance Power IPO looked to be attracting a lot of investors as markets witnessed a constant fall in volumes. It was visible that traders and investors were selling stocks to participate in the biggest IPO in history. Media reports also stated that frontline stocks like ICICI Bank, Bharti Airtel and NTPC witnessed delivery based selling.
Selling was seen across the board. The Banking and the Power stocks were worst hit. Even the Mid-Cap and the Small-Cap stock were under pressure. Further weak cues from the Asian and the European markets further dampened the sentiments. The Hang Seng index in Hong Kong was down % and the Nikkei index was down %. In Europe the DAX index was down and FTSE index slipped %.
Finally, 30-share Sensex closed at 20,251 losing 476 points and Nifty lost 132 points to close at 6,074.
Jet Airways was up by 1.4% to Rs904 following reports that the company may soon be allowed to fly to China. The scrip touched an intra-day high of Rs934 and a low of Rs897 and recorded volumes of over 1,00,000 shares on NSE.
Eicher Motors was down 1.4% to Rs377. The company agreed to transfer its trucks division to a joint venture with Sweden’s Volvo for a consideration of Rs4bn in cash, could possibly deploy the funds to create an engineering business according to reports. The scrip touched an intra-day high of Rs420 and a low of Rs375 and recorded volumes of over 16,000 shares on NSE.
Venus Remedies slipped 3% to Rs508. The company announced that they have inaugurated their R&D facility at Baddi. The scrip touched an intra-day high of Rs528 and a low of Rs505.
ONGC slipped 1% to Rs1277. The company struck gas in the Mahanadi basin for the third time according to reports. The scrip touched an intra-day high of Rs1308 and a low of Rs1270 and recorded volumes of over 9,00,000 shares on NSE.
SBI was down 1.6% to Rs2423. The board of directors of the company cleared the proposal to raise capital through rights issue in the ratio of 1:5 at a price of Rs1,590. The scrip touched an intra-day high of Rs2497 and a low of Rs2407 and recorded volumes of over 9,00,000 shares on NSE.
Peninsula Land was down 4% to Rs147. According to reports Essar group bought the company’s Kurla commercial project for Rs12bn. The scrip touched an intra-day high of Rs164 and a low of Rs146 and recorded volumes of over 8,00,000 shares on NSE.
Rohit Ferro gained 1.7% to Rs111 after the company announced that the Jaipur unit of the company has become fully operational with the start of it's 4th furnace. Further, the Bishnupur unit has converted two of it's 9 MVA furnace to produce Ferro Manganese in place of H.C. Ferro Chrome. The scrip touched an intra-day high of Rs117 and a low of Rs110 and recorded volumes of over 4,00,000 shares on NSE.
IDFC fell 1.5% to Rs219. The company announced its consolidated results the group posted a net profit of Rs2172.80mn for the quarter ended December 31, 2007 as compared to Rs1249.90mn for the quarter ended December 31, 2006. Total Income increased from Rs4023mn for the quarter ended December 31, 2006 to Rs7667mn for the quarter ended December 31, 2007. The scrip touched an intra-day high of Rs234 and a low of Rs217 and recorded volumes of over 1,00,00,000 shares on NSE.
Apollo Tyre lost 5% to Rs52. The company announced its Q3 result with net profit at Rs621.7mn (up 77.2%) and net sales at Rs9.74bn (up 13.7). The scrip touched an intra-day high of Rs58 and a low of Rs51 and recorded volumes of over 1,00,00,000 shares on NSE.
What the FIIs are doing
FIIs were net sellers of Rs3.65bn (provisional) in the cash segment on Tuesday while the local institutions were net sellers of just Rs897.4bn.
In the F&O segment, they were net sellers to the tune of Rs14.92bn.
On Monday, FIIs were net buyers of just Rs1.74bn in the cash segment. Mutual Funds were net sellers of Rs5.51bn on the same day.
News Snippets:
Tata’s Nano to be challenged by Volkswagon. (BS)
Videocon Industries is venturing into the grocery and retailing space through cash & carry format across the country. (ET)
Bharti AXA to infuse Rs.5bn fresh equity by March. (ET)
Jet Airways' market share fell to 22.6% in 2007 from 31.2% in 2006. Kingfisher group together accounted for 29.3% share in 2007 from 26.8%.(Mint)
SBI, PNB, BOI defer plan to set up branches in Pakistan. (FE)
ITC setting up a new cigarette manufacturing facility in Pune. (FE)
ITC Food Business Division (FBD) to set up its second manufacturing facility in Pune for Rs3.5bn. (FE)
Nicolas Piramal’s subsidiary Wellspring in pact with Dr. LH Hiranandani Hospital for outsourcing of radiology activity. (FE)
HCL Infosystems introduces an ultra low-cost range of laptops at a price of Rs13,990. (ET)
Vedanta Resources plans to enter the Indian steel market with a 5mn tons per annum plant at an investment of Rs240bn.(TOI)
Wockhardt Hospitals is setting up its fifth hospital in Bangalore. (ET)
Tata Motors plans multi-manufacturing hubs that will focus on making different vehicles at different locations. (ET)
The Government has brokered a deal, wherein BHEL will receive assured bulk orders of 800 mw sets from NTPC. (ET)
Gail India has cleared the Dabhol-Bangalore pipeline project. (ET)
Reliance Petroleum has reported 82% progress at its proposed SEZ refinery complex in Jamnagar. (FE)
M&M to launch its global SUV by 2010. (TOI)
Northgate Technologies secures Govt approval for ILD services. (BS)
HPCL, BPCL jointly plan to set up desalination plant in Mumbai to meet requirement of raw water in their refineries. (BS)
US patent office has rejected Pfizer’s claim on the basic patent on Lipitor. (BS)
Blackstone may pull out from the PE deal in media group Ushodaya Enterprises, owners of Telugu publication Eenadu. (ET)
Avesthagen, a knowledge based life sciences company, aims to raise between Rs8bn and Rs12bn. (ET)
Economic Front Page:
TRAI has accused the DoT of misinforming the courts on the issue of subscriber-linked spectrum allocation norms. (ET)
Hotel room rates in Bangalore may come down in the next fiscal as demand-supply gap is set to reduce. (ET)
The Government may withdraw customs duty on LNG to partially offset rising prices. (Mint)
Bird Flu has affected four districts in West Bengal. (Mint)
The Centre has mandated the Power Ministry to facilitate foreign participation in hydro power projects in sensitive areas. (FE)
SEBI allows construction of volatility index for stocks exchanges and intends to introduce futures & option based on this index. (FE)
Daily Technicals - Jan 16 2008
Nifty — The index opened on a positive note but was unable to hold onto opening sessions gains; it declined throughout the trading session to end the day with loss of 133 points.
Close below 10 & 20 dma — The index has closed below the 10 dma = 6211 and 20 dma = 6082. A close below the averages suggests the index could decline from its current levels. On the downside index has support around 6022, lower support is around 5938.On the upside index faces resistance around 6145-6211 band.Intra day weakness can be expected on break below the 6022 levels.
Conclusion – Expect intra-day weakness below 6022.
Motilal Oswal, Tata Motors, Infosys
Motilal Oswal
CMP: Rs 1,874.30
Target price: Rs 2,400
Citigroup has maintained its buy rating of Motilal Oswal Financial Services, while raising its price target to Rs 2,400, after its stronger-than-expected third quarter earnings. “We are raising earnings by 27-46% for FY08E-10E to factor in stronger-than-expected industry growth, higher wealth management and fund-based incomes,” the investment bank said in a report. According to them, MOFS, which has a well-balanced retail and institutional franchise (over 60% retail), is relatively lower risk than its peers due to its lower margin finance dependence and is well positioned to benefit from the structural growth in financial services spectrum,” it said.
Mahindra Lifespace
CMP: Rs 844.90
Target price: Rs 1,096
Sharekhan has initiated coverage on Mahindra Lifespace Developers, a special economic zone (SEZ) developer, with a buy rating and price target of Rs 1,096 citing attractive valuation. “Given MLD’s operational expertise in SEZ and premium brand in the other verticals, we value the Chennai and Jaipur SEZs and the other planned developments at 1.0 times NAV (net asset value) of Rs 1,038 per share,” the retail brokerage said in a note to its clients. “We value the balance land for which it has no development plans in the short to medium term at Rs 58 per share, i.e. at a discount to the current market price,” it said. Sharekhan estimates the company’s earnings per share (EPS) in 2007-08 at Rs 8.8, as against Rs 4.4 in 2006-07. In 2008-09, its EPS is seen at Rs 33.7.
Larsen & Toubro
CMP: Rs 4,062
Target price: Rs 5,003
Lehman Brothers has initiated coverage on L&T with an overweight rating and a 12-month price target of Rs 5,003 citing expectation of strong earnings and order book growth. “We project an earnings CAGR (compounded annual growth rate) of 45% over FY07-10 and ROE (return on equity) of 31% in FY08E (adjusted for investments in subsidiaries),” the investment bank said. Lehman expects the company’s order book to grow 40%, on a compounded basis, toll 2009-10. “We expect L&T Infotech, L&T Finance and certain manufacturing subsidiaries to record growth in excess of 30% over the next three years. Value discovery in some of the subsidiaries is a strong possibility over the next three years, in our view,” it said.
Infosys
CMP: Rs 1501.80
Target price: Rs 1,900
JP MORGAN Securities remains cautious on Infosys, after its third quarter earnings, as it expects pressure on volumes/prices from financial services clients from the fourth quarter (January-March). “With Infosys’ revenue growth on a declining trend (Y/Y US$ revenue growth has moved from 41% in 1QFY08 to 32% in 3QFY08), we wait for results from TCS and Wipro to see the sector trend,” the foreign brokerage said. “On a share price basis, the stock has been already weak pricing in some of the disappointment and would trade sideways in our view,” it added.
Tata Motors
CMP: Rs 769.25
Target price: NA
MERRILL Lynch has rated Tata Motors a neutral amid talk the company is the front-runner to acquire two loss-making premium brands. “We believe the stock is undervalued on existing operations, but we expect upside to be capped on likely acquisition of loss-making global brands. We could turn positive if the stock comes off sharply post-deal announcement or if Tata loses the bid,” the investment bank said. Merrill remains positive on the company’s businesses.
“We expect 25.3% EPS CAGR over FY08-10E driven by growth in buses, due to government thrust on urban transport, light vehicles, and new cars including Nano. We also expect a rebound in trucks and cars in fiscal 2009,” it said. On the expected launch of Nano, Merrill said, “In our forecasts, we have assumed 75K (75,000) in FY09, and 200K (200,000) in FY10, with profit breakeven at a volume of 225k (225,000).
We see some positive risk to these estimates, given the potential of the market, and also the positive feel on initial specs,” it added.
Bullion metals ease a little
Gold and silver prices drop as crude oil slips and dollar hardens against euro
After striking six consecutive record highs, gold prices closed a bit lower today, Tuesday, 16 January, 2008. Prices eased today after the greenback rose against its rivals, mainly the euro and also after crude prices fell by more than $2/barrel. Silver prices also slipped today.
Gold generally moves in the opposite direction of the U.S. currency. Gold, as a dollar-denominated commodity, suffers from dollar strength.
Comex Gold for February delivery today fell $0.80 (0.1%) to close at $902.6 an ounce on the New York Mercantile Exchange. During intraday trading prices rose as high as $916.1/ounce, but the slipped. This year, prices have gained 7.5% till date.
Before today, gold had struck consecutive record highs for six consecutive sessions. Prices closed above the $900 mark for the first time yesterday.
Comex Silver futures for March delivery fell 12.5cents (0.8%) to $16.3 an ounce. Silver has gained 9% in 2008. The metal had climbed 15.5% in FY 2007. The metal also has gained for seven straight years.
Gold witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
In the currency market today, the dollar index, which tracks the value of the greenback against other major currencies, fell to 75.2, the lowest level in more than six weeks. Then the dollar climbed against the euro after earlier trading near record lows.
In the energy market today crude oil fell by $2.22 (2.4%) to close at $91.98 a barrel. Prices fell after a U.S. government report showed that retail sales unexpectedly declined last month and Saudi Arabia's oil minister said OPEC is ready to increase production.
Gold has traditionally been used as a safe-haven asset against rising inflation. Investor sentiments are boosted by the fact that gold and silver are alternate sources of good investment in the face of declining dollar and rising energy prices. Rising crude increases inflationary pressures and vice versa. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.
Last week, Federal Reserve Chairman, Ben Bernanke said that U.S. central bank is struggling with a deteriorating economy brought on by a struggling housing market, high energy prices and a weaker stock market. To help situation from worsening further, he hinted that more interest rate cuts are on the way.
Gold had climbed 31% in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record.
The Fed reduced federal funds rate three times in FY 2007. The current interest rate stands at 4.5%. The Fed also lowered its discount rate twice, the interest it charges on direct loans it makes to banks, and currently it stands at 4.75%. With these interest rate cuts, dollar has been tumbling down.
At the MCX, gold prices for February delivery closed lower by Rs 37 (0.32%) at Rs 11,371 per 10 grams. Prices rose to a high of Rs 11,533 per 10 grams and fell to a low of Rs 11,297 per 10 grams during the day’s trading.
At the MCX, silver prices for March delivery closed Rs 139 (0.7%) higher at Rs 20,897/Kg. Prices opened at Rs 21,150/kg and fell to a low of Rs 20,645/Kg during the day’s trading.
Crude oil drops
Crude prices slip after traders speculate a buildup in crude inventories for first time in nine weeks
Crude prices fell by more than $2/barrel today, Tuesday, 15 January, 2008. Price slipped after traders once again speculated a recession hitting US in the near term. Traders also speculated that tomorrow’s inventory report might show a build up in inventories for the first time in two months. Comments from Organization of Petroleum Exporting Countries official that the cartel is ready to increase production also led to softening of the price.
Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude’s biggest yearly gain in five years.
Crude-oil futures for light sweet crude for February delivery today closed at $91.98/barrel (lower by $2.22/barrel or 2.4%) on the New York Mercantile Exchange. Prices are 72% higher than a year ago. Last week, crude prices gained $5.3 (5.4%).
The U.S. Commerce Department reported today that U.S. retail sales fell 0.4% in December, the first decline in six months. The figure capped the weakest year since 2002.
Elsewhere, the Saudi Arabia, oil minister said that OPEC will raise supply, if justified.
Brent crude oil for February settlement today fell $2.02 (2.2%) to $90.90 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.
Natural gas, gasoline and heating oil – all fall
Natural gas declined after a government report signaled the U.S. economy is slowing and crude oil fell. Gas for February delivery fell 15.7 cents (1.9%) to settle at $8.196 per million British thermal units.
Against this backdrop, February reformulated gasoline fell 6.36 cents to $2.3092 a gallon and February heating oil slid 4.2 cents to $2.5472 a gallon.
Members of the OPEC left production targets unchanged at the 5 December meeting in Abu Dhabi. The group, which produces 40% of the world's oil, will review output at a 1 February, 2008 meeting in Vienna.
At the MCX, crude oil for January delivery closed at Rs 3,582/barrel, lower by Rs 105 (2.8%) against previous day’s close. Natural gas for December delivery closed at Rs 317.9/mmtbu, lower by Rs 7.9/mmtbu (2.4%).
Tomorrow, EIA will report the inventory status of crude oil and fuel products for week ended 11 January, 2008. Market expects EIA to report that crude oil inventories gained 1.25 million barrels last week.
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