BSE Bulk Deals to Watch - Apr 4 2008

Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
4/4/2008 517356 ACI INFOCOM JASMINA GOPANI B 91100 4.08
4/4/2008 517356 ACI INFOCOM ALOK GUPTA S 99000 4.08
4/4/2008 522273 AHMEDA STEEL ANAND V SHAH B 24459 16.20
4/4/2008 590059 BIHAR TUBES SANJAY GUPTA B 90000 130.00
4/4/2008 505923 CEEKAY DIAKI I S F SECURITIES LTD S 24192 69.92
4/4/2008 509695 DGP SECURITI VIBHUTI INVESTMENTS CO. LTD B 154000 412.00
4/4/2008 509695 DGP SECURITI DILIP GOPIKISAN PIRAMAL HUF S 154000 412.00
4/4/2008 532643 GANESHFORGIN RAJESH DOULATRAM BHATIA B 231908 52.92
4/4/2008 531863 GEEKAY FINAN SAMEERA YASIN PATEL B 56000 48.49
4/4/2008 532836 GREMAC INFRA LB INDIA HOLDINGS CAYMAN II LTD S 84181 116.28
4/4/2008 532951 GSS AMERICA MARWADI SHARES AND FINANCE LIMITED B 72610 563.17
4/4/2008 532951 GSS AMERICA B K SHAH CO B 81032 566.38
4/4/2008 532951 GSS AMERICA MARWADI SHARES AND FINANCE LIMITED S 72610 562.21
4/4/2008 532951 GSS AMERICA B K SHAH CO S 81032 567.08
4/4/2008 516078 JUMBO BAG LT MANOJ P.AGRAWAL B 50000 47.92
4/4/2008 516078 JUMBO BAG LT DINESH RATHOD HUF S 75000 48.05
4/4/2008 512413 KHAITAN WVG BHAROSEMAND COMMODITIES PVT LTD S 32737 104.02
4/4/2008 513530 STELCO STRIP SAINATH HERBAL CARE MARKETING P LTD B 45955 34.82
4/4/2008 532948 TULSI EXTRU MBL AND COMPANY LIMITED B 89742 96.58
4/4/2008 532948 TULSI EXTRU CHANDARANA INTERMEDIARIES BROKERS P. LTD B 192339 95.87
4/4/2008 532948 TULSI EXTRU EUREKA STOCK AND SHARE BROKING SERVICES LIMITED B 136100 93.46
4/4/2008 532948 TULSI EXTRU PRABHUDAS LILLADHER PVT. LTD. B 62564 100.25
4/4/2008 532948 TULSI EXTRU N D NISSAR B 144364 93.39
4/4/2008 532948 TULSI EXTRU IGSL TRADING ACCOUNT B 73137 97.90
4/4/2008 532948 TULSI EXTRU H.J.SECURITIES PVT.LTD. B 279025 100.23
4/4/2008 532948 TULSI EXTRU MUKUL RAMVALLABH TIBREWALA B 74021 96.64
4/4/2008 532948 TULSI EXTRU EUREKA STOCK AND SHARE BROKING SERVICES LIMITED S 136100 93.47
4/4/2008 532948 TULSI EXTRU PRABHUDAS LILLADHER PVT. LTD. S 62564 100.06
4/4/2008 532948 TULSI EXTRU N D NISSAR S 144364 93.27
4/4/2008 532948 TULSI EXTRU IGSL TRADING ACCOUNT S 73137 96.99
4/4/2008 532948 TULSI EXTRU H.J.SECURITIES PVT.LTD. S 279025 100.46
4/4/2008 532948 TULSI EXTRU MUKUL RAMVALLABH TIBREWALA S 74021 93.64
4/4/2008 532948 TULSI EXTRU MBL AND COMPANY LIMITED S 89742 95.88
4/4/2008 532948 TULSI EXTRU V J PATEL INVESTMENT S 69483 90.15
4/4/2008 532948 TULSI EXTRU GOPAL TRADERS S 72910 91.33
4/4/2008 532948 TULSI EXTRU ANAND YOGESH SHARES AND CONSULTANCY PVT. LTD. S 91417 89.33
4/4/2008 532948 TULSI EXTRU CHANDARANA INTERMEDIARIES BROKERS P. LTD S 192339 95.85
4/4/2008 532953 V GUARD IND SHRI BRIJ SEC P LTD B 152603 70.42
4/4/2008 532953 V GUARD IND SHRI BRIJ SEC P LTD S 152603 70.47

NSE Bulk Deal Watch - Apr 4 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
04-APR-2008,BHAGYNAGAR,Bhagyanagar India Limited,MULTI MANAGER INDIA FUND LIMITED,BUY,400000,40.20,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH CO KETAN BHAILAL SHAH,BUY,91930,566.49,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,67730,555.55,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,MARWADI SHARES AND FINANCE LIMITED,BUY,72833,562.81,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,R.M. SHARE TRADING PVT LTD,BUY,83302,565.91,-
04-APR-2008,INDIAINFO,India Infoline Limited,MULTI MANAGER INDIA FUND LIMITED,BUY,300000,733.01,-
04-APR-2008,OILCOUNTUB,Oil Country Tubular Ltd,UNITED STEEL ALLIED INDUSTRIES PRIVATE LIMITED,BUY,492721,61.82,-
04-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,BUY,341773,182.31,-
04-APR-2008,ORIENTABRA,Orient Abrasives Limited,R.K. RAJGARHIA & SONS,BUY,434949,22.03,-
04-APR-2008,ORIENTABRA,Orient Abrasives Limited,RAJ GARHIA LEASING &FINANCE SERVICE PRIVATE LTD,BUY,4981,22.91,-
04-APR-2008,SHREEASHTA,Shree Ashtavinayak Cine V,MAVI INVESTMENT FUND LTD DEUTSCHE BANK,BUY,95761,365.00,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ADITI FINLEASE PVT. LTD.,BUY,193130,96.75,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,374058,96.94,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,76301,101.57,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ANGEL INFIN PRIVATE LIMITED,BUY,59927,95.99,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,221108,100.40,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,BALASO VITTHAL SHINDE,BUY,495582,93.31,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,176015,95.10,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CPR CAPITAL SERVICES LTD.,BUY,242513,94.97,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CREDENTIAL STOCK BROKERS LIMITED,BUY,324067,97.26,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DEV SUMAN SINDHU,BUY,100532,96.75,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DINDAYAL BIYANI STOCK BROKERS LTD.,BUY,149324,98.36,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DINESH MUNJAL,BUY,530306,93.70,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,140900,94.72,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,G RAMAKRISHNA,BUY,219000,92.53,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,GANSHYAMBHAI SANALAL SHAH,BUY,55673,91.32,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,GOPAL TRADERS,BUY,53110,99.77,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,JAIN LALITKUMAR C,BUY,64600,95.78,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,JPK TRADING INDIA PVT LTD,BUY,84000,97.55,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KASSA FINVEST P LTD,BUY,137683,93.34,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,551101,96.27,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KHANDWALA TRADELINK CO,BUY,67333,102.05,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KUMAR VIJAY,BUY,120224,96.38,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,LPC SECURITIES LTD,BUY,106917,97.47,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MANIPUT INVESTMENTS PVT LTD,BUY,257892,95.60,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,82880,95.75,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MBL & COMPANY LTD.,BUY,86586,96.37,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MLB CAPITAL PVT LTD,BUY,71100,95.79,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,NISSAR BROTHERS,BUY,81313,95.82,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,179098,95.71,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,PRASHANT JAYANTILAL PATEL,BUY,910344,96.67,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,R.M. SHARE TRADING PVT LTD,BUY,105532,93.74,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RAJKUMARI BAFNA R,BUY,85044,92.23,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RAKESH VORA,BUY,69001,100.01,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RUPESH KIRIT DALAL,BUY,291002,91.80,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SANJAY BHANWARLAL JAIN,BUY,388174,94.51,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SREYASHKUMAR MAHESHBHAI PATEL,BUY,62564,100.69,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SUNIL PANDURANG MANTRI,BUY,188281,92.77,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,TRANSGLOBAL SECURITIES LTD.,BUY,201126,95.24,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,VIJAY Y NANVARE,BUY,85000,88.80,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,75500,99.81,-
04-APR-2008,VGUARD,V-Guard Industries Limite,ADROIT FINANCIAL SERVICES PVT LTD,BUY,180851,70.64,-
04-APR-2008,VGUARD,V-Guard Industries Limite,PRASHANT JAYANTILAL PATEL,BUY,158283,72.26,-
04-APR-2008,VGUARD,V-Guard Industries Limite,SHRI BRIJ SECURITIES PVT.LTD.,BUY,202495,70.28,-
04-APR-2008,VIJAYABANK,Vijaya Bank,THE CHILDRENS INVESTMENT MASTER FUND,BUY,13377000,48.80,-
04-APR-2008,BANG,Bang Overseas Limited,BEEJAY INV & FIN CONS PVT LTD,SELL,80000,133.88,-
04-APR-2008,BHAGYNAGAR,Bhagyanagar India Limited,KHATTAR HOLDINGS PRIVATE LIMITED,SELL,400000,40.20,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH CO KETAN BHAILAL SHAH,SELL,91626,567.65,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,67731,556.26,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,MARWADI SHARES AND FINANCE LIMITED,SELL,72833,563.43,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,R.M. SHARE TRADING PVT LTD,SELL,83302,566.78,-
04-APR-2008,INDIAINFO,India Infoline Limited,KHATTAR HOLDINGS PRIVATE LIMITED,SELL,300000,733.00,-
04-APR-2008,OILCOUNTUB,Oil Country Tubular Ltd,Rajasthali Finvest Pvt Ltd,SELL,230000,61.80,-
04-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,SELL,341773,182.70,-
04-APR-2008,ORIENTABRA,Orient Abrasives Limited,RAJ GARHIA LEASING &FINANCE SERVICE PRIVATE LTD,SELL,305201,22.01,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ADITI FINLEASE PVT. LTD.,SELL,193130,96.58,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,374058,96.81,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,76301,101.17,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ANAND YOGESH SHARES AND CONSULTANCY PVT LTD,SELL,133522,89.50,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ANGEL INFIN PRIVATE LIMITED,SELL,62927,95.40,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,245415,99.48,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,BALASO VITTHAL SHINDE,SELL,495582,100.74,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,176015,95.91,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CPR CAPITAL SERVICES LTD.,SELL,239513,95.10,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CREDENTIAL STOCK BROKERS LIMITED,SELL,328247,97.12,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DEV SUMAN SINDHU,SELL,100532,96.55,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DINDAYAL BIYANI STOCK BROKERS LTD.,SELL,149324,98.65,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DINESH MUNJAL,SELL,530306,93.66,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,140900,94.88,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,G RAMAKRISHNA,SELL,219000,91.90,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,GANSHYAMBHAI SANALAL SHAH,SELL,63623,96.45,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,GOPAL TRADERS,SELL,123110,95.87,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,JAIN LALITKUMAR C,SELL,64600,95.94,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,JPK TRADING INDIA PVT LTD,SELL,40000,101.53,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KASSA FINVEST P LTD,SELL,137683,93.27,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,551101,96.20,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KHANDWALA TRADELINK CO,SELL,67333,101.50,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KUMAR VIJAY,SELL,120224,96.19,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,LPC SECURITIES LTD,SELL,106917,97.37,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MANIPUT INVESTMENTS PVT LTD,SELL,257892,95.57,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,82880,96.95,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MBL & COMPANY LTD.,SELL,86586,97.15,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MLB CAPITAL PVT LTD,SELL,71100,96.72,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,NISSAR BROTHERS,SELL,81313,95.79,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,179098,95.66,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,PRASHANT JAYANTILAL PATEL,SELL,910344,96.50,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,R.M. SHARE TRADING PVT LTD,SELL,105532,94.48,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RAJKUMARI BAFNA R,SELL,85044,92.41,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RAKESH VORA,SELL,69001,94.55,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RUPESH KIRIT DALAL,SELL,291002,91.84,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SANJAY BHANWARLAL JAIN,SELL,388174,94.58,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SREYASHKUMAR MAHESHBHAI PATEL,SELL,62564,100.85,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SUNIL PANDURANG MANTRI,SELL,188281,92.64,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,TRANSGLOBAL SECURITIES LTD.,SELL,201126,95.46,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,V J PATEL INVESTMENT,SELL,115257,91.60,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,VAJSHAH SHARES & CONSULTANCY P,SELL,99687,90.05,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,VIJAY Y NANVARE,SELL,85000,95.51,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,75500,100.34,-
04-APR-2008,VGUARD,V-Guard Industries Limite,ADROIT FINANCIAL SERVICES PVT LTD,SELL,178851,70.69,-
04-APR-2008,VGUARD,V-Guard Industries Limite,PRASHANT JAYANTILAL PATEL,SELL,158283,72.12,-
04-APR-2008,VGUARD,V-Guard Industries Limite,SHRI BRIJ SECURITIES PVT.LTD.,SELL,202495,70.41,-
04-APR-2008,VIJAYABANK,Vijaya Bank,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,SELL,13377000,48.80,-

Markets slump on inflation numbers

The markets ended down on Friday with the Bombay Stock Exchange benchmark Sensex dropping nearly 489 points as the investor sentiments were dampened by fears of a hike in interest rates, following ballooning of inflation.

The three-day long upward march was snapped as the Sensex declined 489.43 points at 15,343.12 on aggressive selling by funds in stocks of capital goods, realty, power, metal, auto, refiners and banking sectors.

The key-index touched the day`s high of 15,896.09 and a low of 15,303.04 points.

The wide-based national stock exchange index nifty dropped by 124.60 points at 4647.00, after touching a high of 4791.70 and a low of 4632.70 points.

HDFC led the drop among lenders on speculation of higher interest costs would stem loan demand. Bharat Heavy Electricals, the nation`s biggest power equipment maker, slumped to a seven-month low after the company said profit growth may slow on higher material costs.

Record raw-material prices has jacked up inflation, prompting the government to impose price controls and curb exports of essential commodities.

Capital goods sector index suffered the most by dropping 594.38 points at 12,620.35 followed by oil and gas by 249.24 points at 10,282.64. Bank index by 230.66 points at 7589.96, realty index by 176.36 points at 7346.96, metal index by 148.41 at 13,440.35 and PSU index by 171.73 points at 7175.05.

As the selling pressure spread over a wide-front, SmallCap index lost 125.30 points at 7715.99 and MidCap index by 124.38 points at 6262.95.

Panic selling halts resurgence

Panic selling in noon trades triggered a major correction, after the market had witnessed gains of over 60 points in early trades. Continuing with buoyancy, the Sensex resumed with a huge positive gap of 63 points at 15,896. While the market stood firm thereafter, a sudden spurt in selling activity particularly in capital goods, banking, power and technology sectors dragged the index below 15,400 level to the day's low of 15,303. The Sensex finally wrapped the session with losses of 3.06% or 484 points at 15,349, while the Nifty dropped 2.68% or 125 points to close at 4,647.

Although the market fell sharply, market breadth was extremely negative. Of the 2,695 stocks traded on the Bombay Stock Exchange (BSE), 1,823 stocks declined, 809 stocks advanced and 63 stocks ended unchanged. All the indices ended at lower levels. The BSE Bankex led the slump with losses of 4.33% followed by the BSE Bankex index (down 2.93%), the BSE Power index (down 2.81%), the BSE Teck index (down 2.58%). The BSE Auto, FMCG, Oil & Gas, IT, PSU and Realty indices were also down by 2%, while the BSE HC and BSE CD were marginally down.

Sensex led CG pivotals came under sharp hammering. Crompton Greaves tumbled 7.61% at Rs237.80, Alstom Project declined 7.59% at Rs568.30, BHEL moved down 6.89% at Rs1,634, Larsen & Toubro lost 5.74% at Rs2,686 and Praj Industries declined 5.71% at Rs132.20. Among the major losers, HDFC crashed 6.83% at Rs2,275, Mahindra & Mahindra dropped 6% at Rs605.15, Jaiprakash Associates slipped by 5.21% at Rs221.25, Wipro dipped by 4.53% at Rs415.60, Bharti Airtel slumped 4.53% at Rs783.85, ITC fell by 3.46% at Rs200.80 and ICICI Bank was down 3.07% at Rs763.70. Maruti Suzuki, RIL, Cipla and HDFC Bank shed between 2-3% each.

Select index heavyweights bucked the downtrend and ended with decent gains. Ranbaxy Laboratories rose 2.55% at Rs458.25, while Tata Steel flared up 0.17% at Rs660.70. While Hero Honda added 1.25% at Rs758.20, MRF moved up by 1.13% at Rs3,938 and Dabur India added 0.34% at Rs104.65.

Over 2.15 crore Ispat Industries shares changed hands on the BSE followed by Tulsi Extrusion (1.54 crore shares), RNRL (1.47 crore shares), RPL (1.45 crore shares) and IB Securities (0.95 lakh shares).

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Q4 Earnings likely to dictate trend

The Q4 March 2008 corporate results will dictate the market trend in the near term. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009).

Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

Stock-specific activity may rule the roost depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.

Foreign inflows will also dictate the trend. The 75 basis points Fed rate cut on 18 March 2008 has widened the spread between the US and India's main short-term lending of 7.75%. The Reserve Bank of India (RBI) is unlikely to follow suit and lower domestic rates, which have been held steady for nearly a year, as the rising inflation still remains a concern.

Inflation based the wholesale price index rose 7% in 12 months to 22 March, 2008, accelerating from the previous week's rise of 6.68%, government data showed on Friday, 4 April 2008. The rate is the highest reading since 4 December 2004 when it was 7.07%. The annual inflation rate was 6.54% during the corresponding week of the previous year.

Inflation spooks market

Data showing a surge in inflation to a three-year high spooked the market today. Banking stocks fell after concerns of possible Reserve Bank of India intervention to rein in inflation. Capital goods and power stocks declined. Bharat Heavy Electricals (Bhel) and HDFC were major losers whereas Ranbaxy Laboratories and Tata Steel were top gainers from the Sensex pack. The market breadth was weak. European markets which opened after Indian market, were in green.

The 30-share BSE Sensex provisionally ended down 483.92 points or 3.06% at 15,348.63. At the day’s low of 15,303.04 Sensex lost 529.51 points in late trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.

The broader based S&P CNX Nifty was down 116.6 points or 2.44% at 4,655.

BSE Clocked a turnover of Rs 4947 crore compared to a turnover of Rs 4985.58 crore on 3 April 2008.

India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004. Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.

The market breadth was weak: on BSE 835 shares advanced as compared to 1793 that declined. 67 shares remained unchanged.

The BSE Mid-Cap index down 1.8% to Rs 6,272.36 and BSE Small-Cap index down 1.5% to 7,722.48.

India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 2.96% to Rs 2,323.

Capital goods stocks fell. Bharat Heavy Electricals (down 6.92% to Rs 1,633.50) and Larsen & Toubro (down 5.55% to Rs 2,692) edged lower. Suzlon Energy rose 1.58% to Rs 276.40.

Banking stocks plunged after inflation data. HDFC Bank (down 2.74% to Rs 1,290.05), ICICI Bank (down 3.17% to Rs 762.90) and State Bank of India (down 1.96% to Rs 1,607) edged lower.

Power stocks declined. Tata Power Company (down 2.85% to Rs 1,126.30), Reliance Energy (down 2.14% to Rs 1,164), NTPC (down 2.11% to Rs 190.15) and Reliance Power (down 2.43% to Rs 321.60) edged lower.

IT stocks declined. Wipro (down 4.5% to Rs 415.60), Infosys (down 2.55% to Rs 1,482.90), Tata Consultancy Services (down 1.78% to Rs 870.15) and Satyam Computer Services (down 0.65% to Rs 425.25) edged lower.

HDFC (down 6.67% to Rs 2,280), Mahindra & Mahindra (down 6% to Rs 605.15), Bharti Airtel (down 4.53% to Rs 783.85), ITC (down 3.46% to Rs 200.80), Jaiprakash Associates (down 5.21% to Rs 221.25) and Tata Motors (down 2.5% to Rs 613.45) edged lower from Sensex pack.

Ranbaxy Laboratories (up 2.55% to Rs 458.5), Tata Steel (up 0.17% to Rs 660.70) were only gainers from Sensex pack.

ACC shed 0.16% to Rs 835 even as the company said its cement shipments rose 4.9% to 1.92 million tonnes in March 2008 over March 2007.

European markets were in green. France’s CAC, Germany’s DAX and UK’s FTSE 100 rose in between 0.12% to 0.4%.

Japan’s Nikkei edged 0.72% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.

US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.

Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.

Stock-specific activity may rule the roost on the bourses in the near term depending on the guidance given by company managements for FY 2009 (year ending March 2009) at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.

Market plunges on inflation worries

The market plunged in afternoon trade extending earlier losses, hit by the latest data which showed a further rise in inflation. Bharat Heavy Electricals (Bhel) and Larsen & Toubro were major losers whereas Ranbaxy Laboratories was lone gainer from the Sensex pack. Banking stocks fell after concenrs of possible Reserve Bank of India intervention to rein in inflation. IT, capital goods and power stocks declined. The market breadth was weak. European markets which opened after Indian market, nudged higher in early trade.

Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.

At 13:21 IST, the 30-share BSE Sensex was down 473.45 points or 2.99% at 15,358.87. At the day’s low of 15,353.31 Sensex lost 479.24 points in afternoon trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.

The broader based S&P CNX Nifty was down 126.95 points or 2.66% at 4,644.75.

India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004.

The market breadth turned weak: on BSE 764 shares advanced as compared to 1788 that declined. 56 shares remained unchanged.

The BSE Mid-Cap index down 1.66% to Rs 6,281.48 and BSE Small-Cap index down 1.37% to 7,733.04.

India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 1.99% to Rs 2,346.

Capital goods stocks extended losses. Bharat Heavy Electricals (down 5.78% to Rs 1,653.60) and Larsen & Toubro (down 5.98% to Rs 2,679.80) edged lower. Suzlon Energy rose 1.1% to Rs 275.

Banking stocks plunged after inflation data. HDFC Bank (down 2.53% to Rs 1,291), ICICI Bank (down 4.56% to Rs 752) and State Bank of India (down 2.11% to Rs 1,603) edged lower.

Power stocks declined. Tata Power Company (down 3.84% to Rs 1,113.10), Reliance Energy (down 3.74% to Rs 1,145), NTPC (down 1.52% to Rs 191.30) and Reliance Power (down 1.55% to Rs 324.50) edged lower.

IT stocks declined after yesterday’s surge. Infosys (down 2.68% to Rs 1,480.10), Satyam Computer Services (down 2.43% to Rs 417.95), Wipro (down 4.32% to Rs 416.50) and Tata Consultancy Services (down 2.65% to Rs 862) edged lower.

HDFC (down 4.09% to Rs 2,343), ), Mahindra & Mahindra (down 4% to Rs 618), Tata Motors (down 3.25% to Rs 608.25), ONGC (down 2.8% to Rs 992), Jaiprakash Associates (down 2.96% to Rs 226.50) and Cipla (down 3% to Rs 213.35) edged lower from Sensex pack.

Ranbaxy Laboratories rose 2.27% to Rs 457 and was the lone gainer from Sensex pack.

ACC shed 0.83% to Rs 827.05 even as the company said its cement shipments rose 4.9% to 1.92 million tonnes in March 2008 over March 2007.

European markets were in green. France’s CAC, Germany’s DAX and UK’s FTSE 100 rose between 0.14% to 0.32%.

Japan’s Nikkei edged 0.72% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.

US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.

As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.

Foreign institutional investors (FIIs) were net buyers of Rs 132.39 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 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.

Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.

Stock-specific activity may rule the roost on the bourses depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.

Today's Pick - Rolta India

We recommend a buy in Rolta India from a short-term perspective. The charts of Rolta India show that its medium-term downtrend, which began in early January from the resistance level of Rs 387 ended recently.

On April 3, the stock conclusively penetrated the medium-term down trendline as well as the 50-day moving average by jumping up by more than 6 per cent, accompanied with good volume. Moreover, the stock’s long-term uptrend that commenced in June 2006 is still in place. The daily and weekly momentum indicators are rising in the neutral region towards the bullish zone.

We also note a crossover in the daily moving average convergence divergence indicating a buy. Considering the price breakout above the medium-term down trendline, we are bullish on the stock in the short-term. We expect the stock to rally further to our target level of Rs 330 in the short-term. Investors with a short-term perspective can buy the stock with stop-loss at Rs 270.

Market may remain volatile

The market may witness cautious trend as US indices ended on a flat note yesterday and Asian indices are exhibiting upward trends in morning trades. Although the bias remains positive, investors should maintain caution as profit-taking at higher levels may pull down the market. Among the local indices the Nifty could test 4740 and 4660 on the downside while on the upper side it may move up to 4840. The Sensex has a likely support at 15700 and may face resistance at 16000.

US indices finished on a flate note on Tuesday. While the Dow Jones ended in positive at 12626 advanced by 20 points, the Nasdaq up by 2 points at 2363.

Indian floats trading on the US bourses were traded mixed. Satyam was the lead performer and soared 4.21% while infosys VSNL over 4%. Infosys, Dr Reddy, MTNL and Patni Computer gained nearly 1% each. However, Wipro, Tata Motors, ICICI Bank, HDFC Bank, and Rediff ended with steady losses.

Crude oil prices inched higher in the US market, with the Nymex light crude oil for May 08 delivery moved down $1 to close at $103.83 a barrel. In the commodity space, the Comex gold for June series gained $9.50 to settle at $909.70.

Grey Market Premiums

Sita Shree Food Products 0 8 to 12


Titagarh Wagons Ltd. 540 12 to 15


Kiri Dyes & Chemicals 150 12 to 15

Morning Call - Apr 4 2008

Market Grape Wine :

In House :

Nifty at a supp at 4725 and 4652 with resistance at 4840 and 4947 levels.

Cash : Buy Corp Bank above 295 TGT 310 with S/L 287.

Cash : Buy Fin Tech above 1652 TGT 1719 with S/L 1625.

Future :Buy Rolta above 282 TGT 296 with S/L 275.

Future : Sell TITAN below 1035 TGT 980 with S/L 1056.

Out House :

Markets at a support of 15786 & 15515 and resistance at 16116 & 15991 levels .

Buy : RPL & EssarOil

Buy : RIL

Buy : DhanusTech & Akruti ( bullet )

Buy : Kotak & IciciBank

Buy : HDIL & JPASSO

Buy : Titan

Buy : SBIN

Dark Horse : Jpasso , Akruti , HDIL , Dhanus , IOLN , RIL , Bhel , LT & RPL

TGIF : Thank God Its Friday : Buy low sell high market to be range bound .

Market Outlook - Apr 4 2008

Market Outlook - Apr 4 2008

Pre Market Watch - Apr 4 2008

The Indian Market is likely to have a positive opening today as the US market closed in green. On Thursday, the Indian market closed in the positive territory on a volatile trading session. Tracking the favoring cues from the Asian markets, the domestic market opened on a firm note but was unable to sustain at higher levels as the profit booking prevails. However, buying the lower levels towards the final trading hours of the session led the market to close on a positive note. From the sectoral front, the oil & gas and IT remained in the limelight as most buying was seen from these baskets while Capital goods stocks remained out of favor. The BSE Sensex closed higher by 82.15 points at 15,832.55 and NSE Nifty closed up by 17.4 points at 4,771.60. We expect that the market may remain range bound during the trading session and the declaration of inflation figures by the government will give further directions to the market.

On Thursday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed higher by 20.20 points at 12,626.03 along with S&P 500 (SPX) index grew marginally by 1.78 points to close at 1,369.31 and NASDAQ Composite (RIXF) closed up by 1.90 points at 2,363.30.

The Indian ADRs closed mixed. In technology sector, Satyam grew by (4.21%) along with Patni Computers by 1.07% and Infosys by 0.65% while Wipro fell by (2.02%). In banking sector, HDFC bank and ICICI bank dropped by (1.75%) and (0.13%) respectively. In telecommunication sector, Tata Communications and MTNL grew by (4%) and (1.96%) respectively. Sterlite industries increased by (1.71%).

Today the major stock markets in Asia are trading lower. Japan’s Nikkei is trading lower by 90.92 points at 13,298.98 long with Taiwan Weighted trading down by 8.98 points at 5,596.34.

The FIIs on Thursday stood as net seller in equity. The gross equity purchased was Rs2,898.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,918.70 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs20.20 Crore) and net debt was Rs0.00 Crore.

Today, Nifty has support at 4,628 and resistance at 4,879 and BSE Sensex has support at 15,346 and resistance at 16,183.

Trading Calls - Apr 4 2008

Nifty (4772) Sup 4600 Res 4850

Buy Century Textiles (734) SL 727 Target 750, 754

Buy Satyam Comp (430) SL 425 Target 440, 442

Buy GAIL (434) SL 429
Target 444, 448

Sell ICICI Bank (788) SL 796 Target 772, 768

Sell Siemens (598) SL 605
Target 584, 580

Hard to say!

The only thing that overcomes hard luck is hard work.

After a bad start to the week, when the Sensex fell by over 700 points, the market has been quite dull amid lower volume. No amount of hard work can bring the bulls back unless there is hard cash which flows into the market. Anxiety ahead of corporate results coupled with the seemingly unfriendly STT regime and the imposition of margins on FIIs' cash trades have hurt sentiment. To add to the woes, inflation has shot up to a 13-month high, prompting a desperate government to press the panic button.

Today, we expect the key indices to open on a cautious to flat note given the mixed global cues. Later on, the sentiment will hinge on weekly inflation numbers which will be released at noon. In the US, the event to watch out for is the release of the monthly jobs report today.

The Congress-led coalition government has unleashed a string of steps (not the most prudent ones though) to check inflation. The fight against spiraling prices is starting to hurt India Inc, with the Government calling for steel companies to roll back recent price hikes. According to a latest newspaper report, it is now contemplating price controls if the recently announced measures do not bear fruit. A further tightening of monetary policy is also on the cards.

The Finance Minister has signaled that the Government is prepared to sacrifice a little bit of growth to moderate inflation. These developments do not auger well for the Indian economy and corporates, which are already grappling with economic slowdown, global uncertainties and turmoil in financial markets. FII flows too have been quite unpredictable. Against this backdrop, we see the market remaining rangebound and choppy over the next few weeks.

FIIs were net sellers of Rs3.9bn (provisional) in the cash segment yesterday while local institutions poured in Rs2.65bn. In the F&O segment, foreign funds were net buyers of Rs1.32bn yesterday. On Wednesday, they were net sellers of Rs202mn in the cash segment. Mutual Funds were net buyers of Rs1.28bn in the cash segment on the same day.

Asian markets are trading mostly down this morning, falling for the first time in three days, led by technology companies and automakers. The Nikkei in Tokyo was down 80 points at 13,298 while the Kospi in Seoul was flat at 1760 and the Straits Times in Singapore shed 13 points to 3158.

The MSCI Asia Pacific Index fell 0.6% to 144.45 as of 9:52 a.m. in Tokyo, ending a two-day, 4.8% rally. The benchmark gained 1.9% this week and is on course for its first back-to-back weekly advance since the period ended Dec. 7.

Markets in China, Hong Kong and Taiwan are shut for holidays today.

US stocks closed almost unchanged on Thursday as investors absorbed mixed economic data and congressional testimony on the Bear Stearns bailout. However, gains were tempered by nervousness ahead of Friday's monthly jobs report.

A rally in commodity producers and Merrill Lynch's assurance that it has enough capital to combat the ongoing credit crunch overshadowed growing jobless claims and loan delinquencies.

Merrill Lynch, the third-largest securities firm, helped financial shares rebound from a 1.4% drop after CEO John Thain told Japan's Nikkei newspaper that the company won't need to raise capital.

Monsanto, the biggest seed producer, advanced the most in a week as corn prices climbed to a record. Retail shares posted the biggest decline among 24 industries in the Standard & Poor's 500 Index, led by Amazon.com and Best Buy.

The S&P 500 ended virtually flat at 1,369.31. The Dow Jones Industrial Average gained 20 points, or 0.2%, to 12,626.03. The Nasdaq Composite Index too finished nearly static at 2,363.3.

Market breadth was mixed. On the New York Stock Exchange, 998 stocks advanced and 859 retreated.

US stocks slipped in early afternoon after a jump in weekly jobless claims sparked worries about rising unemployment. However, stocks recovered later after the release of a stronger-than-expected reading on the services sector and the senate testimony on Bear Stearns.

Although gains on the day were limited, the fact that stocks have managed to hold on to most of Tuesday's advance - when the Dow jumped 391 points - is a positive sign, according to some Wall Street watchers.

US light crude oil for May delivery fell US$1 to settle at US$103.83 a barrel on the New York Mercantile Exchange. Gas prices rose to a new record high of US$3.289 a gallon, the AAA reported. COMEX gold for April delivery rose US$9.80 to settle at US$905 an ounce.

The dollar rose versus the euro and the yen. Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.58% from 3.6% late on Wednesday.

CEOs of both JP Morgan and Bear Stearns, Fed chief Ben Bernanke and other regulators told Senate lawmakers that the Bear Stearns rescue prevented what could have been a disaster for the US financial system and the US economy.

US indices had slumped on Wednesday after Bernanke told Congress that the US economy might be in recession for the first half of the year. Investors remained nervous as Bernanke and regulators answered questions on why the Fed intervened to prevent the collapse of Bear Stearns.

In the day's economic news, the number of Americans filing new claims for unemployment surged last week to the highest level since September 2005. The Institute for Supply Management (ISM) services sector index rose to 49.6 in March from 49.3 in February, beating forecasts for a decline to 48.5. Earlier this week, the ISM manufacturing index also beat estimates.

UBS downgraded Cisco Systems to "neutral" from "buy," saying the company's orders are set to slow in its fiscal fourth-quarter that ends in July. Cisco shares fell nearly 3%.

Research in Motion (RIM) reported earnings that more than doubled from a year ago and topped estimates. The BlackBerry maker also said current-quarter profit will top previous estimates. Its shares climbed almost 6%.

Micron Technology jumped 6.3% after Goldman Sachs upgraded it to "buy" from "neutral," saying its a good value relative to earnings. The company reported a wider quarterly loss late on Wednesday.

Schering-Plough said it will cut 10% of its workforce as part of its plan to reduce overall costs by about $1.5bn a year. The stock has been hit hard in recent days after US regulators questioned the effectiveness of the company's top cholesterol drugs. Schering-Plough shares jumped 11%.

Financial-services firms and automakers pulled European shares down. The pan-European Dow Jones Stoxx 600 index lost 0.5% to trade at 317.97, as banks broke their two-session winning streak and autos declined for the second straight session.

The UK's FTSE 100 was down 0.4% at 5,891.30, while Germany's DAX 30 dropped 0.5% to 6,741.72 and the French CAC-40 fell 0.5% to 4,887.87.

In the emerging markets, the Bovespa in Brazil rose 1.3% to 64,175 while the IPC index in Mexico was up 0.7% at 31,689. The RTS index in Russia shed 0.8% to 2052 and the ISE National 30 index in Turkey slumped 2.4% to 49,945.

Market may remain lackluster

It was third straight day of gains on the Indian bourses however gains were a bit modest. After almost a flat start to the session markets gained momentum as benchmark Sensex hit an intra-day high of 16,002 after government announced that India’s production at 6 key Industries grew 8.7% in February from a year earlier.

However, weak cues from the European markets coupled with profit booking in the index Power & Capital Good stocks dragged the benchmark Sensex to close almost flat at 15,805 modestly adding 82 points and Nifty index added 14 points to close at 4,771. Among the 50-Nifty 26 stocks ended in positive territory and 24 stocks ended in red.

Overall about 1,215 stocks advanced; 1,409 stocks declined while 63 stocks remained unchanged. Among the BSE Sectoral indices, the BSE IT index (up 3.3%), BSE Oil & Gas index (up 2%) and BSE FMCG index (up 1.1%). Among the losers, BSE Power index (down 2.6%) and BSE Capital Good index (down 2.1%).

TCS surged by over a 4 percent to Rs885. According to media reports, TCS is going to invest Rs9bn in Pune, thus, creating a capacity for 20,000 seats over the next three years. The scrip touched an intra-day high of Rs866 and a low of Rs831 and recorded volumes of over 1,00,000 shares on BSE.

Moser Baer surged by over 2% to Rs161 after the company’s subsidiary Moser Baer Photo Voltaic Ltd (MBPV) signed an agreement with China based LDK Solar for sale and delivery of high quality multicrystalline silicon wafers to MBPV over a ten-year period commencing in mid-2008 through 2017. The scrip touched an intra-day high of Rs167 and a low of Rs158 and recorded volumes of over 2,00,000 shares on BSE.

Zensar Technologies reached Rs117 with an increase of over a percent following reports stating that the company is targeting over 10% of revenues from West Asia and South Africa. The scrip touched an intra-day high of Rs117 and a low of Rs115 and recorded volumes of over 5,000 shares on BSE.

Reliance Industries gained by 2.1% to Rs2393 as according to media reports the company would spend Rs300bn on semiconductor facilities. The company said that it would make the investment over 10 years. The scrip touched an intra-day high of Rs2415 and a low of Rs2344 and recorded volumes of over 8,00,000 shares on BSE.

NTPC was directionless at Rs194. According to reports, the company plans to enter into captive power generation and retail distribution in the upcoming SEZs. It has signed a JV with a state entity in Uttar Pradesh to set-up a 1,320 MW power plant. The scrip touched an intra-day high of Rs197 and a low of Rs192 and recorded volumes of over 10, 00, 000 shares on BSE.

Suzlon Energy fallen by a huge 5 percent to Rs271 as reports stated on Thursday morning that the company's January-March results may see a hit due to company’s forex exposure. The scrip touched an intra-day high of Rs286 and a low of Rs267 and recorded volumes of over 41, 00, 000 shares on BSE.

GMR Infra dropped by over 3% to Rs143. The company plans to raise US$3bn over the next 4-5 years to fund expansion of power projects, reports stated. The scrip touched an intra-day high of Rs148 and a low of Rs142 and recorded volumes of over 10,00,000 shares on BSE.

BHEL declined by over 5% to Rs1754 after the company reported the smallest quarterly profit growth in six years. Net income fell 7.4% to Rs10.65bn in the fiscal fourth quarter ended March 31, from Rs11.5bn a year earlier. The company later in the day announced that it would raise research spend to Rs9bn by 2011-12. The scrip touched an intra-day high of Rs1888 and a low of Rs1701 and recorded volumes of over 12,00,000 shares on BSE.

Dr Reddy’s Lab advanced by 2.6% to Rs618 after the company announced that it acquired Jet Generici Sri, a Company engaged in the sale of generic finished dosages in Italy. The deal has been completed via Dr Reddy's Italian subsidiary, Reddy Pharma Italia SpA, which has been engaged in building a pipeline of registrations since its incorporation.

The scrip touched an intra-day high of Rs630 and a low of Rs595 and recorded volumes of over 48,000 shares on BSE.

Ranbaxy edged higher by 0.3% to Rs446. The company said that it launched world’s first Bio-generic recombinant. The scrip touched an intra-day high of Rs451 and a low of Rs441 and recorded volumes of over 81,00,000 shares on BSE.

Orchid Chemical surged by over 10% to Rs175 on back of huge volumes. The scrip touched an intra-day high of Rs179 and a low of Rs156 and recorded volumes of over 73,00,000 shares on BSE.

With constantly drying volumes and credit crisis still hovering around markets may continue to remain dull on Friday. No major breakout is expected till things start to stabilise, both locally as well as globally. Stick to the large caps as you build your portfolio.

Corporate News

The Reserve Bank of India (RBI) has allowed FIIs to undertake fresh buying in equity shares of Vijaya Bank. The central bank says that the overseas investment limit for Vijaya Bank has gone below the trigger limit of 20% of their paid up capital.

Steel producers, including Tata Steel and Rashtriya Ispat Nigam agree to cut prices by Rs2,000/MT on long products. (BS)

Reliance Industries submits Rs300bn proposal to government for setting up two semi conductor units. (FE)

Cummins India to invest Rs2bn in current fiscal to expand capacities for producing automotive and industrial engines. (BS)

Reliance Industries on the look out to buy global oil terminals. (DNA)

Jet Airways to sell 5-10% stake through a private placement. (FE)

Videocon Telecom arm is in talks with Deutsche Telekom, Orascom and AT&T to form a Joint Venture. (ET)

Cairn India may foray into city gas distribution in collaboration with GAIL. (BL)

Apollo Hospitals plans to increase capacity to 10,000 beds in the next two years; to invest Rs3.8bn. (BS)

Aditya Birla group cement sales increase 2.8% in March to 3mn tons. (BL)

GSPC may raise US$1.5bn via IPO to fund its KG gas basin plan. (ET)

Tata Motors gets Thailand government approval to manufacture ‘eco cars’ at an investment of Rs10bn. (Mint)

BHEL plans to supply 1,000 railway locomotives for Dedicated Freight Corridor project in partnership with global firms. (Mint)

Dr Reddy’s buys Italian generics firm Jet Generici. (BL)

AV Birla Retail plans to roll out 10 hypermarts this year. (FE)

Ranbaxy Laboratories announces launch of BONISTA– Teriparadite an injection for treatment of osteoporosis. (FE)

Adani Power plans to expand capacity by 10,000MW. (DNA)

M&M decides to set up its own plant in Chennai. (BS)

Shyam Telelink-Sistema JV get start up spectrum in seven states to rollout CDMA services. (DNA)

Garware Offshore plans to buy five new vessels over the next one year. (BL)

NHPC plans an IPO in the second quarter of current fiscal; plans to add 4,000MW capacity by 2012. (BS)

AV Birla is planning to foray into financial services through a separate holding company. (ET)

Kingfisher-Deccan has been asked by aviation ministry to prune there international flight list. (TOI)

Economy News

The index of six core infrastructure industries grew by 8.7% in February against 7.6% a year ago. (BS)

Insurance regulator IRDA allows insurance companies to lend shares to foreign and domestic institutions. (Mint)

Steel companies are likely to cut prices to spare curbs on current export commitment of the company. (FE)

The Government may ban futures trading on food items like edible oil and potato to lower inflation. (FE)

The Reserve Bank of India hikes cap on abroad investment by mutual fund to US$7bn. (FE)

Direct tax collection crosses Rs3,000bn for 2007-08. (FE)

SEBI allows direct market access to institutional investor. (FE)

Petroleum minister seeks zero custom duty on crude oil. (FE)

The Government weighs price cap on key items to curb inflation. (ET)

The MRTPC has ordered an inquiry to find cartelization by GSM players to distort competition. (ET)

The Government surplus with RBI rises to Rs820bn. (ET)

Oil and Gas Sector

Oil and Gas Sector

Tata Motors, BHEL

Bharat Heavy Electricals
Cluster: Apple Green
Recommendation: Buy
Price target: Rs2,845
Current market price: Rs1,753

FY2008 performance below expectations

Key highlights

• Bharat Heavy Electricals Ltd (BHEL) has announced provisional numbers for FY2008, reporting a growth of 15.3% year on year (yoy) in its turnover to Rs21,608 crore. The net profit has been up 16.6% yoy to Rs2,815 crore as against Rs2,415 crore in FY2007. The growth has been below our and street expectations.
• Deriving Q4FY2008 from the provisional numbers, the revenue (gross) has reported a growth of 6.5% yoy to Rs8,070.2 crore, while the net profit has declined by 7.3% to Rs1,066.4 crore.
• In our view, slower than expected execution rate and project specific delays could be the possible reasons for the lower-than-expected growth in the top line.
• Order inflows continue to be strong during FY2008 with a 41% increase to Rs50,265 crore. The order backlog at Rs85,500 crore is at a record high and the company has the largest order book among the Indian companies.
• During the quarter the company has made provision for a 40% increase in employee wage to take into account the Sixth Pay Commission's proposals. The company has also made provisions for contractual obligation, consequently impacting the margins in Q4FY2008.
• On the super critical power plant front, the company has won order for the National Thermal Power Corporation's Barh-II project (2x660MW), while the equipment for the Tamil Nadu Electricity Board (TNEB) project (2x800MW) would also be supplied by BHEL as it would be holding a 26% stake in the joint venture company between TNEB and BHEL. The company has also bid for the Andhra Pradesh Power Generation Corporation project.
• The company has brought on stream additional 4,000MW of capacity during January 2008 taking the total production capacity to 10,000MW. Further, 5,000MW of additional capacity would be bought on stream by the end of CY2009. Additional capacity coupled with strong order book of Rs85,500 crore (3.9x FY2008 revenues) should aid strong revenue and profit growth for BHEL going forward. Currently, we are maintaining our estimates for FY2009 and FY2010 awaiting further clarity. We reiterate our Buy recommendation and at the current market price the stock is discounting it FY2009E and FY2010E earnings by 20.9x and 15.4x respectively.
  

Tata Motors
Cluster: Apple Green
Recommendation: Hold
Price target: Rs792
Current market price: Rs629

Conference call highlights
In a post Jagaur-Land Rover acquisition conference call, the management of Tata Motors discussed some of the details of the deal along with the future product pipeline of both the brands. The key highlights of the conference call are presented.