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Wednesday, May 14, 2008
Trading Call - Radha Madhav Corporation
Buy Radha Madhav Corporation with a stop loss of Rs 66.35 for a short-term target of 121
NSE Bulk Deals to Watch - May 14 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
14-MAY-2008,KSERAPRO,K Sera Sera Productions L,DIMPALBHAI J. LIMBOD,BUY,469234,29.50,-
14-MAY-2008,MARICO,Marico Limited,FRANKLIN TEMPLETON MUTUAL FUND,BUY,3200000,64.50,-
14-MAY-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,BUY,490409,271.99,-
14-MAY-2008,POLARIS,Polaris Software Lab Ltd,PACE FINANCIAL SERVICES,BUY,627968,107.56,-
14-MAY-2008,KSERAPRO,K Sera Sera Productions L,DIMPALBHAI J. LIMBOD,SELL,474234,29.45,-
14-MAY-2008,MARICO,Marico Limited,MORGAN STANLEY INVESTMENT MANAGEMENT INC.,SELL,3244907,64.50,-
14-MAY-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,SELL,490409,271.22,-
14-MAY-2008,POLARIS,Polaris Software Lab Ltd,PACE FINANCIAL SERVICES,SELL,622368,107.64,-
BSE Bulk Deals to Watch - May 14 2008
Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
14/5/2008 532975 AISHWARYA TE YES INVESTMENTS B 126000 120.83
14/5/2008 532975 AISHWARYA TE MANGI LAL JAIN B 69544 112.77
14/5/2008 532975 AISHWARYA TE MALTI RAMESHCHANDRA KANANI B 67500 118.64
14/5/2008 532975 AISHWARYA TE ARCHANA MAHESHWARI B 78271 115.93
14/5/2008 532975 AISHWARYA TE VINOD SHOKEEN B 80000 117.88
14/5/2008 532975 AISHWARYA TE GOPAL MARATHE B 75000 119.95
14/5/2008 532975 AISHWARYA TE S. M. NISSAR B 1181284 116.71
14/5/2008 532975 AISHWARYA TE DIMENSIONS INVESTMENT AND SECURITIES LTD B 150000 118.62
14/5/2008 532975 AISHWARYA TE PREM MOHANLAL PARIKH B 95000 121.39
14/5/2008 532975 AISHWARYA TE ANGEL INFIN PRIVATE LIMITED B 73461 118.89
14/5/2008 532975 AISHWARYA TE NAGJI K RUGHANI B 80000 118.44
14/5/2008 532975 AISHWARYA TE PRABHUDAS LILLADHER PVT. LTD. B 1674320 115.70
14/5/2008 532975 AISHWARYA TE N D NISSAR B 1276671 115.52
14/5/2008 532975 AISHWARYA TE N C JAIN B 352104 118.25
14/5/2008 532975 AISHWARYA TE DIPAK R RATHOD B 434997 116.72
14/5/2008 532975 AISHWARYA TE BABUBHAI A CHAUHAN HUF B 75000 113.34
14/5/2008 532975 AISHWARYA TE LATIN MANHARLAL SEC PVT LTD B 199706 113.88
14/5/2008 532975 AISHWARYA TE SETU SECURITIES PVT LTD B 82589 117.12
14/5/2008 532975 AISHWARYA TE SHASHVAT B 54102 119.39
14/5/2008 532975 AISHWARYA TE H.J.SECURITIES PVT LTD. B 565025 116.38
14/5/2008 532975 AISHWARYA TE SIDDHARTH D MEHTA B 60000 126.10
14/5/2008 532975 AISHWARYA TE TALENT INFOWAY LTD B 714000 118.24
14/5/2008 532975 AISHWARYA TE MANOJ NANDKISHOR TEKRIWAL B 200000 117.92
14/5/2008 532975 AISHWARYA TE SHAH SAMIR D B 100000 117.67
14/5/2008 532975 AISHWARYA TE GOLDSTAR FINVEST PVT LTD B 354163 118.12
14/5/2008 532975 AISHWARYA TE BUNIYAD CHEMICALS LTD B 325297 110.46
14/5/2008 532975 AISHWARYA TE BHANDARI KALPESH MANMOHAN B 447190 120.19
14/5/2008 532975 AISHWARYA TE ASTUTE COMMODITIES AND DERIVATIVES PVT LTD B 227281 118.40
14/5/2008 532975 AISHWARYA TE AMUSHARES AND SEC LTD B 131221 115.30
14/5/2008 532975 AISHWARYA TE YATIN SATRA B 95242 115.62
14/5/2008 532975 AISHWARYA TE MUKESH SHAH B 452176 116.78
14/5/2008 532975 AISHWARYA TE MANISH V SARVAIYA B 178196 119.32
14/5/2008 532975 AISHWARYA TE YES INVESTMENTS S 126000 121.55
14/5/2008 532975 AISHWARYA TE MANGI LAL JAIN S 69544 113.13
14/5/2008 532975 AISHWARYA TE MALTI RAMESHCHANDRA KANANI S 67500 118.57
14/5/2008 532975 AISHWARYA TE ARCHANA MAHESHWARI S 78271 116.06
14/5/2008 532975 AISHWARYA TE VINOD SHOKEEN S 80000 125.00
14/5/2008 532975 AISHWARYA TE S. M. NISSAR S 1181284 116.78
14/5/2008 532975 AISHWARYA TE DIMENSIONS INVESTMENT AND SECURITIES LTD S 150000 120.28
14/5/2008 532975 AISHWARYA TE PREM MOHANLAL PARIKH S 145000 115.45
14/5/2008 532975 AISHWARYA TE ANGEL INFIN PRIVATE LIMITED S 75461 118.79
14/5/2008 532975 AISHWARYA TE NAGJI K RUGHANI S 80000 118.67
14/5/2008 532975 AISHWARYA TE PRABHUDAS LILLADHER PVT. LTD. S 1674320 115.77
14/5/2008 532975 AISHWARYA TE N D NISSAR S 1276671 115.59
14/5/2008 532975 AISHWARYA TE N C JAIN S 353104 118.06
14/5/2008 532975 AISHWARYA TE DIPAK R RATHOD S 409497 123.54
14/5/2008 532975 AISHWARYA TE BABUBHAI A CHAUHAN HUF S 75000 120.22
14/5/2008 532975 AISHWARYA TE LATIN MANHARLAL SEC PVT LTD S 200206 113.89
14/5/2008 532975 AISHWARYA TE SETU SECURITIES PVT LTD S 80587 116.10
14/5/2008 532975 AISHWARYA TE SUBHKARAN TILOKACHAND AGRWAL S 55000 115.35
14/5/2008 532975 AISHWARYA TE SHASHVAT S 54102 122.43
14/5/2008 532975 AISHWARYA TE H.J.SECURITIES PVT LTD. S 565025 116.66
14/5/2008 532975 AISHWARYA TE SIDDHARTH D MEHTA S 60000 115.27
14/5/2008 532975 AISHWARYA TE TALENT INFOWAY LTD S 714000 122.44
14/5/2008 532975 AISHWARYA TE MIHIR AGENCIES PVT LTD S 70173 117.04
14/5/2008 532975 AISHWARYA TE GOLDSTAR FINVEST PVT LTD S 354163 126.20
14/5/2008 532975 AISHWARYA TE BUNIYAD CHEMICALS LTD S 325297 125.95
14/5/2008 532975 AISHWARYA TE ALPHA CHEMIE TRADE AGENCIES S 300000 118.44
14/5/2008 532975 AISHWARYA TE BHANDARI KALPESH MANMOHAN S 447190 119.92
14/5/2008 532975 AISHWARYA TE ASTUTE COMMODITIES AND DERIVATIVES PVT LTD S 226277 118.50
14/5/2008 532975 AISHWARYA TE AMU SHARES AND SEC LTD S 131221 115.36
14/5/2008 532975 AISHWARYA TE YATIN SATRA S 95242 115.50
14/5/2008 532975 AISHWARYA TE MUKESH SHAH S 452176 117.07
14/5/2008 532975 AISHWARYA TE MANISH V SARVAIYA S 178196 119.34
14/5/2008 504629 ANIL SP STEL SHEETAL RAJESH JAIN S 23661 22.41
14/5/2008 507500 BAJ HIN SUG URDAVAN INVESTMENTS ANDTRADING PVT LTD B 1338724 43.44
14/5/2008 507500 BAJ HIN SUG BAJAJ HINDUSTHAN LIMITED S 1338724 43.40
14/5/2008 532946 BANG KUNDAN LEASING AND FINVEST PVT. LTD B 96000 224.21
14/5/2008 500045 BELLA STE AL ANGEL INFIN PRIVATE LIMITED B 1477003 4.96
14/5/2008 500045 BELLA STE AL ANGEL INFIN PRIVATE LIMITED S 1777206 4.93
14/5/2008 509728 BHURUKA GAS SATAYANARAYAN AGARWAL S 140000 21.39
14/5/2008 590059 BIHAR TUBES SPJSTOCK B 128068 179.58
14/5/2008 590059 BIHAR TUBES SPJSTOCK S 128068 180.51
14/5/2008 590081 BRAHMANAND SPJSTOCK B 153376 172.54
14/5/2008 590081 BRAHMANAND SPJSTOCK S 152379 174.29
14/5/2008 590061 BRUSHMAN IND DEVKANT SYNTHETICS INDIA PVT. B 165000 102.59
14/5/2008 590061 BRUSHMAN IND ARISAIG PARTNERS ASIA PTE LTD AC ARISAIG INDIA FUND LTD B 300000 102.30
14/5/2008 590061 BRUSHMAN IND DEVKANT SYNTHETICS INDIA PVT. S 180000 102.32
14/5/2008 519600 CCL PRODUTS JAJOO VIMLA B 258265 160.00
14/5/2008 519600 CCL PRODUTS JAJOO SURESH B 275000 160.00
14/5/2008 519600 CCL PRODUTS KABRA SEEPRA B 275000 160.00
14/5/2008 519600 CCL PRODUTS FRANKLIN INDIA PRIMA FUND 4615 S 808265 160.00
14/5/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. B 583276 6.29
14/5/2008 532271 CYBERMAT INF EDELWEISS ESTATES PRIVATE LIMITED B 2304219 6.34
14/5/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. S 624576 6.32
14/5/2008 532271 CYBERMAT INF EDELWEISS ESTATES PRIVATE LIMITED S 1993897 6.27
14/5/2008 517973 DMC INTER HITECH COMPUTECH PRIVATE LTD S 20000 13.06
14/5/2008 532768 FIEM INDS DIMENSIONS INVESTMENT AND SECURITIES LTD B 100000 74.58
14/5/2008 532081 K SERA SERA EDELWEISS ESTATES PRIVATE LIMITED B 350855 29.97
14/5/2008 532081 K SERA SERA EDELWEISS ESTATES PRIVATE LIMITED S 403868 29.57
14/5/2008 531602 KOFF BR PICT PRAVIN DHARAMSHI GALA B 50500 21.22
14/5/2008 531642 MARICO LTD FRANKLIN TEMPLETON MUTUAL FUND B 4800000 64.50
14/5/2008 531642 MARICO LTD MORGAN STANLEY MF AC MORGAN STANELY GROWTH FUND S 4825500 64.54
14/5/2008 524372 ORCHID CHEM OPG SECURITIES PVT LTD B 370647 271.68
14/5/2008 524372 ORCHID CHEM OPG SECURITIES PVT LTD S 370647 271.83
14/5/2008 531219 POONAM PHARM SWARN GANGA TRADING PVT. LTD. B 80000 4.28
14/5/2008 532972 SANKHYA INFO INVESTRICK SECURITIES INDIA PVT LTD S 70000 139.47
14/5/2008 531312 SANRA SOFTW AYODHYAPATI INVESTMENT PVT. LTD B 159333 82.54
14/5/2008 531312 SANRA SOFTW AYODHYAPATI INVESTMENT PVT. LTD S 168333 83.35
14/5/2008 531312 SANRA SOFTW MAHESH CHOTALAL SHAH S 136370 82.79
14/5/2008 523606 SIKA INTERP NEERAJ CHAWLA B 10000 61.36
14/5/2008 590046 SMRUTHI ORG RAJIV ARORA B 24190 70.34
14/5/2008 590046 SMRUTHI ORG RAJIV ARORA S 35090 70.29
14/5/2008 590048 TYCHE PERIPH BHAVISYA DISTRIBUTORS PVT LTD B 50000 87.00
14/5/2008 531249 WELL PACK PA KEYURKUMAR JAYANTIBHAI PATEL S 30000 45.36
Post Session Commentary - May 14 2008
The Indian markets closed on a firm note on the back of heavy buying towards the end of the session. Though the market opened on a disappointing note due to the mixed cues from the global markets but gathered the momentum after the mid session to keep on marching forward to close with good gains. From the sectoral front, the metal stocks remained in the limelight as most buying was seen from these baskets. The market breadth was positive as 1425 stocks closed in green while 1239 stocks closed in red.
The BSE Sensex closed higher by 225.49 points at 16,978.35 and NSE Nifty closed up by 53.95 points at 5,011.75. It touched an intraday high of 17,014.94 and low of 16,626.35. The BSE Mid Cap and Small Cap closed higher by 33 points and 36.78 points at 6,989.81 and 8,434.49 respectively.
The Metal index surged 687.30 points to close at 16,435.18. Major gainers are Hind Zinc (17.14%), Hindalco inds (6.86%), Jindal Steel (6.07%), Sterlite inds (4.70%), Bhushan Steel (4.60%), Sesa Goa (4.39%) and Tata Steel (4.12%).
The Oil & Gas index closed marginally higher by 9.55 points at 10,916.92 as RPL (3.17%), Cairn India (2.52%), RNRL (2.32%) and Essar Oil (1.34%) closed in green while ONGC (5.85%), IOCL (5.08%), Gail India (3.34%) and BPCL (2.73%) closed in red.
The Capital Goods index grew by 85.09 points to close at 13,146.06. Scrips hat gained are BEML (2.89%), Siemens (2.86%), Praj inds (2.66%), Bharat Elec (1.92%), Punj Lloyd (1.45%), Suzlon Energy (1.43%) and AIA Eng (1.10%).
The IT index closed up by 162.22 points at 4,427.36. Gainers are TCS (7.09%), Niit Techno (5.53%), I-Flex (4.57%), Infosys (4.53%), HCL Tech (4.39%), Tech Mahindra (3.26%), Rolta Ind (3.02%), Wipro (1.90%) and Aptech (1.52%).
The Consumer Durables index advanced by 106.11 points to close at 4,507.56 as Titan Ind (8.40%), Lloyd Ele (4.23%), Gitanjali GE (3.97%) and Rajesh Exports (1.55%).
From the Health Care baskets, Dr. Reddy’s lab (8.34%), Orchid Chem (7.25%), Divi’s lab (3.65%), Bilcare (3.15%), Lupin (3.06%), Apollo Hos (2.29%), Matrix Labs (2.22%) and Ranbaxy Labs (2.09%) closed in green.
Market rallies past 17,000 after initial crash
The Sensex commenced 62 points lower at 16,691 and plummeted below 16,650 mark on relentless selling to touch the day's low of 16,626. However, resumption of buying in late morning trades saw the index drift into positive territory and gain strength thereafter. The market witnessed a sharp pull back after short covering by investors triggered a major rally in heavyweight, metal, IT and CD stocks. Recovery in other major Asian indices like Hang Seng and Straits Times followed by Nikkei, Kospi and Jakarta coming off their early slump also helped the market turnaround from its early crash. The Sensex breached 17,000 levels in noon trades to touch an intra-day high of 17,015 before selective selling saw it came close to slip below the 17,000 mark. However, renewed buying towards the fang end ensured the Sensex move past 16,950 mark and end the session with a surge of 225 points at 16,978. Nifty rose 54 points to close at 5,012.
Among sectoral indices, BSE Metal index led the surge with gains of 4.36% at 16,435 followed by BSE IT index (up 3.80% at 4,427) and BSE CD index (up 3.19% at 3,487). However, the BSE PSU index, the BSE Oil & Gas and BSE FMCG were the losers. The market breadth was postive. Of the 2,749 stocks traded on the BSE 1,395 stocks advanced, 1,266 stocks declined and 88 stocks ended unchanged.
Out of 30 Sensex stocks, 22 managed to end in the green, while 8 stocks ended with losses. Tata Consultancy Services was the leading gainer and soared 7.09% at Rs969.95, Hindlaco advanced 6.86% at Rs192.30, Infosys moved up by 4.53% at Rs1,826.30, Tata Steel jumped 4.12% at Rs886.35, Maruti shot up by 3.13% at Rs797.20, Bharti Airtel added 3.31% at Rs848.40 and Reliance Energy was marginally up at Rs1,424.55. Other major gainers like HDFC rose 2.74% at Rs2,731.10, JP Associates gained 2.57% at Rs259.75, Reliance Communications scaled up 2.50% at Rs559.30, Grasim Industries moved up 2.14% at Rs2,266 and Ranbaxy Laboratories was up 2.09% at Rs495.25. Among the laggards ONGC dropped 5.85% at Rs938.80, ACC shed 2.30% at Rs667.30, Ambuja Cement declined 1.93% at Rs109.40 and Mahindra & Mahindra lost 1.58% at Rs656.15.
Metal stocks were the star performers, ahead of the credit policy. Hindustran Zinc vaulted 17.14% at Rs733.85, Hindalco flared up 6.86% at Rs192.30, Jindal Steel jumped 6.07% at Rs2,310.30, Sterlite Industries scaled up 4.70% at Rs815, Bhushan Steel spurted 4.60% at Rs789.15, Sesa Goa soared 4.39% at Rs4,138 and Tata Steel was up 4.12% at Rs886.35. Among the IT stocks NIIT, I-Flex, HCL Techno, Tech Mahindra, Rolta and Mphasis were up 2-5% each.
Over 7.90 crore Aishwarya Telecom shares changed hands on the BSE followed by IFCI (1.72 crore shares), Idea Cellular (1.52 crore shares), Ispat Industries (1.48 crore shares) and Reliance Petroleum (1.31 crore shares).
Nifty shuts shop above 5,000 mark
Frenzied buying in software and metal stocks in late trade propelled market higher after a nervous start. Asian markets, which opened before Indian market, saw steady recovery throughout the day after a shaky start. European markets, which opened after Indian market, were mixed. IT pivotals gained as rupee weakened to 13-month low against the dollar. Metal stocks gained on fresh buying. The S&P CNX Nifty settled above physcological level of 5,000. However the BSE Sensex failed to close above 17,000 level.
The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35. Sensex advanced 262.08 points at day’s high of 17,014.94 in mid-afternoon trade. The barometer index had opened 61.56 points lower at 16,691.30 and slipped further to touch a low of 16,626.35 in early trade. At the day’s low, Sensex had lost 126.51 points.
The broader based S&P CNX Nifty gained 53.95 points or 1.09% at 5,011.75. Nifty May 2008 futures were at 5011.80, near the spot price.
As per provisional data, foreign funds purchased shares worth a net Rs 85.12 crore today, 14 May 2008. Domestic funds bought shares worth a net Rs 310.41 crore today.
The market breadth was positive on BSE, with 1393 shares advancing as compared to 1269 that declined. 85 remained unchanged.
The BSE Mid-Cap index rose 0.41% to 6,989.81 while the BSE Small-Cap index gained 0.44% to 8,434.49. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 6164 crore as compared to Rs 6,623.42 crore yesterday, 13 May 2008. Turnover in NSE’s futures & options segment amounted to Rs 32919.78 crore as compared to Rs 38107.72 crore yesterday, 13 May 2008
Among the 30-member Sensex pack, 21 advanced while the rest slipped.
Hindalco Industries, the country’s largest private sector aluminium company in terms of sales, galloped 7.59% to Rs 193.60 on 17.22 lakh shares. It was the top gainer from Sensex pack.
Other metal counters, Tata Steel (up 4.52% to Rs 889.80), Hindustan Zinc (up 17.93% to Rs 738.80), Sterlite Industries (up 4.77% to Rs 857.25), JSW Steel (up 4.23% to Rs 1000.10), advanced.
IT stocks rallied as rupee weakened to 13-month low above 42 against the dollar. TCS (up 7.07% to Rs 969.70), Infosys Technologies (up 4.73% to Rs 1829.90), and Wipro (up 1.61% to Rs 502.15), surged. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
However India’s fourth largest software services exporter Satyam Computer Services tumbled from day’s high of Rs 515.75 hit in late trade to settle 1.15% lower at Rs 490.25.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rebounded from early low of Rs 2484 to settle 1.02% higher at Rs 2527. 5.44 lakh shares were traded on the counter on BSE.
Bharti Airtel, the country’s top cellular services provider in terms of market capitalisation advanced 3.50% to Rs 850. Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.
Reliance Infrastructure (up 3.96% to Rs 1436), Jaiprakash Associates (up 2.63% to Rs 259.90), and Maruti Suzuki India (up 3.46% to Rs 796.80), edged higher from Sensex pack.
Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slumped 6.13% to Rs 936 on 10.13 lakh shares, on fears the company may forced to offer higher discounts to state-run refiners as crude hit a record high. It was the top loser from Sensex pack
Shares of cement producers declined following reports that they are reducing prices despite increase in input costs, mainly due to higher supply on account of new installed capacities and the government’s ban on export. Ambuja Cement (down 2.20% to Rs 109.10) and ACC (down 2.32% to Rs 667.15) declined.
Mahindra & Mahindra (down 1.60% to Rs 656), and HDFC Bank (down 1.23% to Rs 1464), edged lower from the Sensex pack.
Recently listed Aishwarya Telecom jumped 14.82% to Rs 123.95 on huge volumes of 7.85 crore shares. Other volume toppers on BSE were IFCI (1.72 crore shares), Idea Cellular (1.53 crore shares), Ispat Industries (1.49 crore shares), and Reliance Petroleum (1.32 crore shares).
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 929.97 crore followed by Reliance Petroleum (Rs 238.27 crore), Reliance Capital (Rs 168.58 crore), Tata Steel (Rs 167.74 crore) and Idea Cellular (Rs 161.68 crore), in that order.
Shares of oil marketing firms were mixed following reports that the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008. Bharat Petroleum Corporation (down 2.73% to Rs 339), and Indian Oil Corporation (down 4.85% to Rs 398.10), declined. However Hindustan Petroleum Corporation rose 0.47% to Rs 236.10.
The oil bonds will be issued to oil marketing firms so as to compensate half the revenue loss incurred for selling fuel at state-set low prices. During 2006/07, the government had compensated 42.7% of the revenue losses of state oil refiners.
Omnitech InfoSolutions jumped 18.35% to Rs 193.50 after its board approved raising funds upto $35 million by way of qualified institutional placement, American or global depository receipts or foreign currency convertible bonds. The company made this announcement after market hours on 13 May 2008.
Shanthi Gears surged 5.87% to Rs 70.35 after posting 5.37% rise in net profit to Rs 11.89 crore on 7.22% increase in total income to Rs 67.80 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during trading hours today, 14 May 2008.
BEML gained 2.37% to Rs 1146.1 after the company said it has entered into a memorandum of understanding with Steel Authority of India for supply of earth moving equipments and spares. The company made this announcement after trading hours on Tuesday, 13 May 2008.
KEC International slipped 2.27% to Rs 582.10 even as the company said it has secured a contract worth Rs 111.41 crore from Power Grid Corporation of India for supply and construction of 400 kilovolt transmission lines. The company made this announcement during trading hours on Tuesday, 13 May 2008,
Lloyd Electric & Engineering rose 5.64% to Rs 119.85 after it announced acquisition of Luvata Czech s.r.o. in Prague, Czech republic through its special purpose vehicle Lioyd Coils Czech s.r.o. The company made this announcement before market hours today, 14 May 2008.
Wockhardt declined 1.38% to Rs 303.10 on reports the Securities Appellate Tribunal has upheld the Securities & Exchange Board of India order against the chief financial officer of Wockhardt and relatives guilty of insider trading
European markets, which opened after Indian market, were mixed. Key benchmark indices in United Kingdom (up 0.03% to 6,213.70), and France (up 0.45% to 5,021.50) advanced. However Germany’s DAX index was down 0.18% to 7,047.57
Asian markets were off early lows, still trading mixed today, 14 May 2008. Shanghai Composite (up 2.73% at 3,657.23), Seoul Composite (up 0.05% at 1,843.75), Nikkei 225 Average (up 1.18% at 14,118.55), Taiwan Weighted (up 0.32% at 9,018.42), advanced. However, Hang Seng (down 0.08% at 25,533.88) and Straits Times (down 0.15% at 3,198.51) edged lower.
US markets settled mixed yesterday, 13 May 2008 as investors juggled a mixed bag of news. A tepid outlook from Yahoo, HP's bid for EDS and a surprising resilience in retail sales led to mixed reactions. The Dow Jones fell 44.13 points, or 0.34%, to 12,832.18. The Nasdaq Composite index rose 6.63 points, or 0.27%, to 2,495.12.
On 13 May 2008, Indian equities reversed early gains in choppy trade to settle lower closely mirroring European markets. The 30-share BSE Sensex slipped 108.04 points or 0.64% at 16,752.86 and the broader based S&P CNX Nifty shed 54.85 points or 1.09% at 4,957.80, on that day.
Meanwhile, the board of the Securities and Exchange Board of India (SEBI) in its meeting held yesterday, 13 May 2008, gave an in principle approval to the concept of marking lien on bank account as an alternative mode of payment in public and rights issues. The concept will enable the application money to remain in the bank account of the applicant till such time the allotment is finalized and thus eliminate the refund process.
Today's Pick - Indusind Bank
We recommend a sell in IndusInd Bank from a short-term perspective. It is evident from the charts that the stock was on a medium-term uptrend between late March 2008 and early May 2008, from its a low of Rs 68 to an high of Rs 105. After finding resistance around Rs 105, the stock reversed direction and began to decline.
On May 12, the stock breached the medium-term up trendline. The stock witnessed moving average compression at around Rs 90 levels and has now penetrated these average lines. The daily and the weekly momentum indicators are declining in the neutral region.
The stock appears to have resumed the long-term downtrend and we are also bearish on it in the short-term. We expect the stock’s down move to continue until it hits our price target of Rs 74 in the upcoming trading sessions. Investors with short-term perspective can sell the stock while keeping the stop-loss at Rs 90.
Via BL
Good news for IPO investors !
Investors no longer have to wait for weeks for refund of their IPO application money.
The application money earmarked for an IPO will now remain in the applicant’s bank account till the allotment is finalised, thus eliminating the refund process, SEBI said on Tuesday, addressing a long-standing grouse among investors, particularly in the retail segment.
“The modalities in this regard would be worked out separately,” said a news release from SEBI, issued after its Board met on Tuesday.
“The Board approved, in principle, the concept of making lien on bank account as an alternative mode of payment in public/rights issues.”
This means that the money marked for the IPO will not be used for any other payment obligation during that period.
At the same time, the applicant will enjoy the interest payable on the amount.
This would also reduce the burden on registrars and merchant bankers. But bankers to the issue can no longer enjoy the floating interest, said officials associated with the IPO process.
Most important of all, investors would not have to wait for their refund money. It also ensures that a liquidity crisis such as that of January 2008 does not occur again.
At that time, many investors were unable to buy scrips which were at attractive lows, as their money was locked up in the Reliance Power and the Future Capital IPOs. Nor could they meet their margin money requirements.
PMs – NO POOLING
The SEBI Board also decided to disallow the pooling of investors’ money by portfolio managers.
“Portfolio managers should not float a scheme or pool the resources of the client in a way which is akin to mutual fund activity,” said SEBI.
They have been allowed six months’ time to convert their operations managed on pooled basis to individual basis.
The Board also decided to enhance the minimum net worth requirement for registration of portfolio managers from the existing Rs 50 lakh to Rs 2 crore in a phased manner.
via BL
Precious metals register significant drop
Gold and silver prices close lower as the dollar climbs up
Precious metals ended significantly lower on Tuesday, 13 May, 2008. Dollar strengthening up against its rivals was the main reason behind this.
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. Dollar weakness typically benefits dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.
Comex Gold for June delivery fell $15.3 (1.7%) to close at $869.6 ounce on the New York Mercantile Exchange. Last week, gold prices ended higher by $3.2 ($27.8). On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce.
This year, gold prices have gained 4.3% for the till date against a 8% drop for the dollar against the euro. For April, prices closed lower by 6.3%. For first quarter prices gained 10.7%. In January, prices gained 11%, the highest monthly gain since April 2006. For February, it gained 6%. But in March, prices succumbed and fell by 5.5%.
Comex Silver futures for July delivery fell 40 cents (2%) to $16.83 an ounce. Silver has gained 12.8% in 2008 till date. For April, it closed lower by 5.5%. Silver gained 16% in Q1. In January this year itself, prices climbed 14%. In February, it gained another 15%. For March, it ended lower by 13%. The metal had climbed 16% in FY 2007. The metal also has gained for seven straight years.
On the currency markets on Tuesday, the U.S. dollar climbed against other major currencies after the Commerce Department reported better-than-expected April retail sales. The euro extended losses against the dollar and traded at $1.5482, down from late Monday.
Commerce Department reported today that U.S. retail sales fell for the third time in the past five months in April, led by a big decline in auto sale, but were slightly stronger than the 0.3% drop expected.
In the crude market, crude futures closed higher as issues over Iranian oil production, uncertainty ahead of weekly data on U.S. inventories and a rally in heating oil prices combined to briefly lift oil to uncharted territory near $127 a barrel.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies. On the other hand, a lower dollar pushes up precious metal prices as their demand lessens as it becomes cheaper for traders holding other currencies.
At the MCX, gold prices for June delivery closed lower by Rs 133 (1.1%) at Rs 11,828 per 10 grams. Prices rose to a high of Rs 11,951 per 10 grams and fell to a low of Rs 11,731 per 10 grams during the day’s trading.
At the MCX, silver prices for July delivery closed Rs 419 (1.8%) lower at Rs 23,048/Kg. Prices opened at Rs 23,420/kg and fell to a low of Rs 22,750/Kg during the day’s trading.
Company Background - Mindtree Ltd
The company was incorporated as MindTree Consulting Private Limited on August 5, 1999 by a group of ten individual promoters of which three of them invested through an entity incorporated in Mauritius. The company is an international IT consulting company that delivers affordable business and technology solutions through global software development. Co-headquartered in Somerset, New Jersey and Bangalore, India, the company's seasoned management team and employees skilled in technology, business analysis and project management approach technology initiatives in a business context. The company also delivers product-development services and designs reusable building blocks for high-tech companies. The company is also present in California, Illinois, New Jersey, Virginia and Colorado in the U.S., United Kingdom, Germany, Singapore, Japan, Middle East, Australia, Switzerland and Sweden. The company has structured into two business units that focus on software development - IT Services and R&D Services. The company have clients that range from Fortune 10 companies to enterprise software organizations.
In September 2004, the company has acquired the software divisions of ASAP Solutions Private Limited ('ASAP') and Arachno Solutions Private Limited ('ARSPL'). ARSPL is a wholly owned subsidiary of ASAP, and both companies were engaged in, inter alia, providing information technology services, specifically SAP implementation and maintenance, data management and customized application development in Asia and USA. The company has acquired the software business of ASAP Solutions Inc., the wholly owned subsidiary of ASAP through a concurrently operating agreement.
In June 2005, The company has acquired 100% share capital of Linc Software Services Private Limited engaged in the business of application development and maintenance, ERP product support and webdevelopment. By virtue of the acquisition, Linc Software Services Private Limited, subsequently renamed as MindTree Software Services Private Limited, became subsidiary of MCL. Further, by a scheme of arrangement as approved by the High Court of Karnataka dated July 28, 2006, MindTree Software Services Private Limited was merged with MCL w.e.f April 1, 2005.
February 2007, the company has entered into capital market. The company has issued 55,93,300 Equity shares to the public. Issue price is Rs.425/- per share.
Company Background - TCS
Established in 1968, Tata Consultancy Services has grown to its current position as the largest IT services firm in Asia based on its record of outstanding service, collaborative partnerships, innovation, and corporate responsibility. TCS is headquartered in Mumbai, and operates in more than 50 countries and has more than 170 offices across the world. In the year 1979 it established its first office in New York City. It is the world's first organisation to achieve an enterprise-wide Maturity Level 5 on quality improvement models, CMMI and P-CMM, using the most rigorous assessment methodology, SCAMPISM. TCS Division of Tata Sons Ltd was transferred to TCS as on April 2004 for a consideration of Rs.2300 crores and the company went to public in the same year 2004.
The company's major areas of business are comes under five services, such as Consulting, Information Technology Services, Business Process Outsourcing, Infrastructure Outsourcing, Engineering and Industrial Services which covers the industries namely Banking and Financial Services, Energy and Utilities, Government, Healthcare and Life Sciences, Hi Technology, Insurance, Manufacturing, Retail, Telecom, Travel and Hospitality.
During the year 2004-05 the company has acquired WTI Advanced Technology LTD and TCS Business Transformation Solutions Ltd (Previously, Phoenix Global Solutions (India) LTD), subsequently these two companies have turned as the subsidiaries of the company. In between 2005-06, the year covers the acquisitions of three companies Comicrom S.A., Chile, Financial Network Services (Holdings) Pty Ltd, Australia (FNS) and Swedish Indian IT Resources AB (SITAR). Tata Infotech Limited and three wholly owned subsidiaries of the company, viz Airline Financial Support Services (India) Ltd (AFSL), Aviation Software Development Consultancy India Ltd (ASDC) and TCS Business Transformation Solutions Ltd (TCS BTS) have amalgamated with the company on April 2005. Apart from this the company made strategic alliances during the year with Diligenta Limited for Life Insurance business and entered into a Joint Venture Agreement with the State Bank of India (SBI). The new company was formulated and named C-Edge Technologies Limited (C-Edge) to provide advanced technology solutions and world-class domain consulting for the banking and financial services sector.
In the year of 2006, TCS formed a company as MP Online Limited, partnership with the Government of Madhya Pradesh, offering a wide range of computer enabled services in the State of Madhya Pradesh. The company, through its wholly owned subsidiaries Tata Consultancy Services Asia Pacific Pte Ltd and Tata Consultancy Services Malaysia Sdn Bhd, subscribed to 100% share capital of PT Tata Consultancy Services, Indonesia, a Company formed to provide consulting and IT related services in Indonesia. Through its wholly owned subsidiary Tata Consultancy Services Netherlands B.V., acquired 75% equity interest in Switzerland based TKS - Teknosoft S.A., for a consideration of Rs. 368.06 crores The company, through its wholly owned subsidiary TCS FNS Pty Limited, acquired 100% equity interest in an Australia based company TCS Management Pty Ltd., for a total consideration of Rs. 15.75 crores. TCS's share capital of Tata Consultancy Services (China) Co., Ltd leads the company to frame a partnership with Chinese companies to provide IT outsourcing services and solutions. The Company, through its wholly owned subsidiaries Tata Consultancy Services BPO Chile S.A. and TCS Inversiones Chile Limitada, subscribed to 100 % share capital of Tata solution Center S.A., a Company formed to provide BPO services in Ecuador. Another one of its wholly owned subsidiary TCS FNS Pty Limited, subscribed to 100% share capital of Financial Network Services Beijing Co. Ltd., a company formed to provide consulting and IT related services in China and the company has increased its investment in TCS Iberoamerica to Rs. 165.23 crore as on March 31, 2007
The company received International Credit Rating from Moody's Investors Service and has assigned an investment-grade issuer rating of A3 as well an indicative foreign currency debt rating of Baa1. TCS gathered various awards and recognitions, significant amongst which are Special Award by the UK Prime Minister, Tony Blair 'Outstanding Contribution to UK Knowledge Industry' in 2005, Company of the Year - 2006 from the Economic Times, Dataquest Best IT Employer for 2006, CII-EXIM Bank Award for Business Excellence 2006, Golden Peacock Global Award for Corporate Social Responsibility, Ranked among the Top 10 US application management services vendors India's largest e-governance initiative of the Ministry of Company Affairs, which is implemented by TCS, `Most Distinguished Achievement Award in Information Management (APAC) - 2006' from IBM and Verizon's Supplier Excellence Award for the third consecutive year. Eaton Premier Supplier Award 2007 for the Indirect Supplier for Information Technology Services category honored by Eaton Corporation.
As on 2008 TCS has signed a new multi-year contract with Chrysler LLC to provide a comprehensive portfolio of IT services, in March 2008 opened its North America Delivery Center called TCS Seven Hills Park. Located in Milford, Ohio, a suburb of Cincinnati, the facility sits on 220 wooded acres and is the largest TCS facility in North America. As on May 2008 the company ranked sixth in the largest 2008 Global Outsourcing 100, compiled by the International Association of Outsourcing Professionals (IAOP). TCS is going with certainty, lot of innovations and strategies to attain the vision of Global Top 10 by the year 2010.
Tata Steel May 2008 futures at premium
Turnover in F&O segment decreases
Nifty May 2008 futures were at 4954, at a discount of 3.80 points as compared to spot closing of 4957.80.
The NSE's futures & options (F&O) segment turnover was Rs 38107.72 crore, which was lower than Rs 41000.80 crore on Monday, 12 May 2008.
Tata Steel May 2008 futures were at premium at 854.35 compared to the spot closing of 851.40.
Housing Development & Infrastructure (HDIL) May 2008 futures were at discount at 726 compared to the spot closing of 729.75.
IFCI May 2008 futures were near spot price at 59.55 compared to the spot closing of 59.90.
In the cash market, the S&P CNX Nifty lost 54.85 points or 1.09% at 4957.80.
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