NSE Bulk Deals to Watch - May 15 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
15-MAY-2008,ERAINFRA,Era Infra Engineering Ltd,JM BASIC FUND,BUY,125000,620.00,-
15-MAY-2008,NUCHEM,Nuchem Ltd,APV SHARES & SECURITIES PRIVATE LIMITED,BUY,163656,27.65,-
15-MAY-2008,POLARIS,Polaris Software Lab Ltd,PACE FINANCIAL SERVICES,BUY,525115,110.18,-
15-MAY-2008,SMSPHARMA,SMS Pharmaceuticals Limit,CHNADRAKANT H MEHTA,BUY,96902,267.10,-
15-MAY-2008,UNICHEMLAB,Unichem Laboratories Ltd.,RELIANCE CAPITAL TRUSTEE CO.LTD.,BUY,1030000,145.00,-
15-MAY-2008,CCL,CCL Products (I) Ltd,HDFC ASSET MANAGEMENT COMPANT LTD,SELL,80173,168.92,-
15-MAY-2008,ERAINFRA,Era Infra Engineering Ltd,JM BASIC FUND,SELL,125000,620.00,-
15-MAY-2008,POLARIS,Polaris Software Lab Ltd,PACE FINANCIAL SERVICES,SELL,527915,110.27,-
15-MAY-2008,SHREEASHTA,Shree Ashtavinayak Cine V,LOTUS GLOBAL INVESTMENTS LTD,SELL,75000,405.03,-
15-MAY-2008,SMSPHARMA,SMS Pharmaceuticals Limit,CHNADRAKANT H MEHTA,SELL,98156,265.94,-
15-MAY-2008,UNICHEMLAB,Unichem Laboratories Ltd.,FRANKLIN TEMPLETON MUTUAL FUND,SELL,1057230,145.05,-

BSE Bulk Deals to Watch - May 15 2008

Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
15/5/2008 532975 AISHWARYA TE PRABHUDAS LILLADHER PVT. LTD. B 1398652 127.02
15/5/2008 532975 AISHWARYA TE N D NISSAR B 1080903 125.60
15/5/2008 532975 AISHWARYA TE N C JAIN B 209515 125.45
15/5/2008 532975 AISHWARYA TE BHARAT COMMODITIES PVT LTD B 64700 123.53
15/5/2008 532975 AISHWARYA TE NEELAM GOYAL B 78029 124.86
15/5/2008 532975 AISHWARYA TE LATIN MANHARLAL SEC PVT LTD B 80376 123.52
15/5/2008 532975 AISHWARYA TE SHAILENDRA GOPAL LOHIYA B 64500 125.55
15/5/2008 532975 AISHWARYA TE H.J.SECURITIES PVT LTD. B 384849 130.84
15/5/2008 532975 AISHWARYA TE TALENT INFOWAY LIMITED B 227000 121.31
15/5/2008 532975 AISHWARYA TE ALPHA CHEMIE TRADE AGENCIES B 531280 120.41
15/5/2008 532975 AISHWARYA TE S. KATHIRVEL B 84000 123.77
15/5/2008 532975 AISHWARYA TE BHANDARI KALPESH MANMOHAN B 435557 125.89
15/5/2008 532975 AISHWARYA TE NAVEEN TAPARIA B 206033 125.75
15/5/2008 532975 AISHWARYA TE VIRENDRA KUMAR AGRAWAL B 87037 125.43
15/5/2008 532975 AISHWARYA TE AMU SHARES AND SEC LTD B 89781 124.19
15/5/2008 532975 AISHWARYA TE YATIN SATRA B 99572 130.41
15/5/2008 532975 AISHWARYA TE MUKESH SHAH B 536295 126.09
15/5/2008 532975 AISHWARYA TE PRATIK H PAREKH B 94005 123.76
15/5/2008 532975 AISHWARYA TE RICHA N SHAH B 66027 124.59
15/5/2008 532975 AISHWARYA TE CHIRAG D MEHTA B 67347 124.19
15/5/2008 532975 AISHWARYA TE HARBUX SINGH SIDHU B 908324 125.00
15/5/2008 532975 AISHWARYA TE DINESH MUNJAL B 483322 124.51
15/5/2008 532975 AISHWARYA TE KETAN M CHALISHAZAR B 80000 122.77
15/5/2008 532975 AISHWARYA TE YES INVESTMENTS B 263000 125.28
15/5/2008 532975 AISHWARYA TE SHAISHIL TUSHAR JHAVERI B 59000 124.18
15/5/2008 532975 AISHWARYA TE OPG SECURITIES PVT LTD B 63228 125.61
15/5/2008 532975 AISHWARYA TE DIPALI RAJESH SHAH B 70000 125.84
15/5/2008 532975 AISHWARYA TE JAGRATI TRADE SERVICES P LTD B 178650 126.17
15/5/2008 532975 AISHWARYA TE S. M. NISSAR B 1104102 126.76
15/5/2008 532975 AISHWARYA TE ANGEL INFIN PRIVATE LIMITED B 63507 124.30
15/5/2008 532975 AISHWARYA TE PRATIK H PAREKH S 94005 123.79
15/5/2008 532975 AISHWARYA TE RICHA N SHAH S 66027 124.71
15/5/2008 532975 AISHWARYA TE CHIRAG D MEHTA S 67347 124.24
15/5/2008 532975 AISHWARYA TE HARBUX SINGH SIDHU S 908324 125.47
15/5/2008 532975 AISHWARYA TE DINESH MUNJAL S 483322 125.27
15/5/2008 532975 AISHWARYA TE KETAN M CHALISHAZAR S 80000 125.37
15/5/2008 532975 AISHWARYA TE YES INVESTMENTS S 263000 127.98
15/5/2008 532975 AISHWARYA TE VAGHJIBHAI GAGALDAS SHAH S 65000 128.91
15/5/2008 532975 AISHWARYA TE V J PATEL INVESTMENT S 122402 131.33
15/5/2008 532975 AISHWARYA TE SHAISHIL TUSHAR JHAVERI S 59000 124.84
15/5/2008 532975 AISHWARYA TE GOPAL TRADERS S 324522 130.19
15/5/2008 532975 AISHWARYA TE KHATRI ENTERPRISE S 101000 128.22
15/5/2008 532975 AISHWARYA TE KASHISH FINSTOCK S 200630 129.07
15/5/2008 532975 AISHWARYA TE OPG SECURITIES PVT LTD S 63228 125.72
15/5/2008 532975 AISHWARYA TE DIPALI RAJESH SHAH S 70000 127.47
15/5/2008 532975 AISHWARYA TE JAGRATI TRADE SERVICES P LTD S 178650 127.89
15/5/2008 532975 AISHWARYA TE S. M. NISSAR S 1104102 126.88
15/5/2008 532975 AISHWARYA TE VINAY JAIN S 91129 124.62
15/5/2008 532975 AISHWARYA TE SANDEEP S SABOO S 78934 125.19
15/5/2008 532975 AISHWARYA TE ANGEL INFIN PRIVATE LIMITED S 63507 124.59
15/5/2008 532975 AISHWARYA TE PRABHUDAS LILLADHER PVT. LTD. S 1398652 127.11
15/5/2008 532975 AISHWARYA TE N D NISSAR S 1080903 125.70
15/5/2008 532975 AISHWARYA TE N C JAIN S 209515 125.46
15/5/2008 532975 AISHWARYA TE BHARAT COMMODITIES PVT LTD S 64700 123.63
15/5/2008 532975 AISHWARYA TE NEELAM GOYAL S 78029 124.88
15/5/2008 532975 AISHWARYA TE LATIN MANHARLAL SEC PVT LTD S 79428 123.66
15/5/2008 532975 AISHWARYA TE SHAILENDRA GOPAL LOHIYA S 64500 124.49
15/5/2008 532975 AISHWARYA TE H.J.SECURITIES PVT LTD. S 384849 131.16
15/5/2008 532975 AISHWARYA TE TALENT INFOWAY LIMITED S 227000 126.35
15/5/2008 532975 AISHWARYA TE MANOJ NANDKISHOR TEKRIWAL S 200000 122.03
15/5/2008 532975 AISHWARYA TE SHAH SAMIR D S 100000 127.00
15/5/2008 532975 AISHWARYA TE KHATRI ENTERPRISE S 100000 128.27
15/5/2008 532975 AISHWARYA TE ALPHA CHEMIE TRADE AGENCIES S 531280 126.07
15/5/2008 532975 AISHWARYA TE S. KATHIRVEL S 84000 122.47
15/5/2008 532975 AISHWARYA TE BHANDARI KALPESH MANMOHAN S 435557 127.46
15/5/2008 532975 AISHWARYA TE NAVEEN TAPARIA S 206033 126.52
15/5/2008 532975 AISHWARYA TE VIRENDRA KUMAR AGRAWAL S 88928 125.94
15/5/2008 532975 AISHWARYA TE AMU SHARES AND SEC LTD S 89781 124.33
15/5/2008 532975 AISHWARYA TE YATIN SATRA S 99572 130.17
15/5/2008 532975 AISHWARYA TE MUKESH SHAH S 536295 126.16
15/5/2008 531223 ANJANI SYNTH ARVIND K. RAMBHIA B 101069 42.67
15/5/2008 531223 ANJANI SYNTH GULF INVESTMENT SERVICES CO B 100000 41.00
15/5/2008 531223 ANJANI SYNTH NILESH RASIKLAL PANDYA S 86950 41.11
15/5/2008 531223 ANJANI SYNTH ARVIND K. RAMBHIA S 101069 41.17
15/5/2008 503940 ASIAN ELECT INDIA INVESTMENT PARTNERS ACCOUNT ICG Q LIMITED B 1267093 180.00
15/5/2008 503940 ASIAN ELECT HSBC FINANCIAL SERVICES MIDDLE EAST LIMITED S 1267093 180.00
15/5/2008 532946 BANG CHANDRA FIN. SERV. PVT. LTD B 196382 227.57
15/5/2008 590059 BIHAR TUBES SPJSTOCK B 158316 180.66
15/5/2008 590059 BIHAR TUBES SPJSTOCK S 158316 180.60
15/5/2008 590081 BRAHMANAND SPJSTOCK B 98655 172.59
15/5/2008 590081 BRAHMANAND SPJSTOCK S 98652 173.04
15/5/2008 590061 BRUSHMAN IND DEVKANT SYNTHETICS INDIA PVT. B 75000 107.51
15/5/2008 590061 BRUSHMAN IND ASHOK FINSTOCK LTD B 78956 104.81
15/5/2008 590061 BRUSHMAN IND ARISAIG PARTNERS ASIA PTE LTD AC ARISAIG INDIA FUND LTD B 605892 97.65
15/5/2008 590061 BRUSHMAN IND CORONET PROPERTIES AND INVESTMENTS PVT LTD S 125000 97.68
15/5/2008 590061 BRUSHMAN IND BARONET PROPERTIES AND INVESTMENTS PVT LTD S 125000 97.66
15/5/2008 590061 BRUSHMAN IND DEVKANT SYNTHETICS INDIA PVT. S 146000 97.65
15/5/2008 590061 BRUSHMAN IND ASHOK FINSTOCK LTD S 58956 107.41
15/5/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. B 628060 6.10
15/5/2008 532271 CYBERMAT INF EDELWEISS ESTATES PRIVATE LIMITED B 4406774 6.09
15/5/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. S 565258 6.21
15/5/2008 532271 CYBERMAT INF EDELWEISS ESTATES PRIVATE LIMITED S 4356274 6.05
15/5/2008 504240 DELTON CABLE RAJIV ARORA B 16356 110.75
15/5/2008 517973 DMC INTER HITECH COMPUTECH PRIVATE LTD S 27500 13.12
15/5/2008 531137 GEMSTONE INV PREM MOHANLAL PARIKH S 23000 22.50
15/5/2008 531602 KOFF BR PICT UNIVERSAL CREDIT S 50000 20.98
15/5/2008 517206 LUMAX INDUST RAJASTHAN GLOBAL SECURITIES LTD B 517206 172.17
15/5/2008 522298 MICRO FORGE GEOMETRIC SEC AND ADV P LTD B 30000 16.64
15/5/2008 509220 PTL LTD KUBERSWAMY ASHUTOSH GONSULTANTS PVT LTD S 360000 27.95
15/5/2008 531273 RADHE DEVELO DEDHIA HARSHIKA VIPUL S 53995 138.34
15/5/2008 530253 RAJAS TUBE M APL INFRASTRUCTURE PRIVATE LIM S 60000 15.20
15/5/2008 531324 ROSELABS FIN MADHUDEVI SUNILKUMAR PODDAR S 50000 12.50
15/5/2008 521206 SAMTEX FASHI KINSFOLK INDUSTRIES LTD B 55488 18.85
15/5/2008 531312 SANRA SOFTW AYODHYAPATI INVESTMENT PVT LTD B 39780 86.22
15/5/2008 531312 SANRA SOFTW N C JAIN B 35457 86.38
15/5/2008 531312 SANRA SOFTW SHARMISHTA MAHESHBHAI SHAH B 140376 86.60
15/5/2008 531312 SANRA SOFTW AYODHYAPATI INVESTMENT PVT LTD S 39780 86.70
15/5/2008 531312 SANRA SOFTW ANGEL INFIN PRIVATE LIMITED S 35075 86.49
15/5/2008 531312 SANRA SOFTW N C JAIN S 36457 85.77
15/5/2008 531312 SANRA SOFTW SHARMISHTA MAHESHBHAI SHAH S 140376 86.70
15/5/2008 532793 SHREE ASHTA LOTUS GLOBAL INVESTMENTS LTD S 750000 405.04
15/5/2008 532815 SMS PHARMACE DAVID RAYNOLDS B 56601 266.40
15/5/2008 532815 SMS PHARMACE DAVID RAYNOLDS S 56601 266.12
15/5/2008 531703 TRIBHVAN HSG UNIVERSAL CREDIT S 70000 70.05
15/5/2008 532765 USHER AGRO MUKESH G KONDE B 217399 145.80
15/5/2008 532765 USHER AGRO MAYANKKUMAR RAMESHCHANDRA BHAT B 155586 141.72
15/5/2008 532765 USHER AGRO MUKESH G KONDE S 217399 143.88
15/5/2008 532765 USHER AGRO MAYANKKUMAR RAMESHCHANDRA BHAT S 172980 145.99
15/5/2008 505930 VISHAL MELL. RACHNA BAGGA B 10000 42.50
15/5/2008 505930 VISHAL MELL. LALIT SINGHAL S 10000 42.50
15/5/2008 531249 WELL PACK PA TUSHAR R. PATEL B 140924 47.00
15/5/2008 531249 WELL PACK PA DEEPIKA SHARAD NANSI B 50000 46.98
15/5/2008 531249 WELL PACK PA JIGAR JAYANTILAL SHAH B 35000 47.25
15/5/2008 531249 WELL PACK PA TUSHAR R PATEL S 140924 47.03

Post Session Commentary - May 15 2008

Indian market closed with handsome gains due to the strong favoring cues from global markets as well as reducing of the crude oil price led the investor’s to show strong positive attitude during trading session. After a strong start to the session, the market kept on marching forward throughout the trading session as the buying intensified across the counters. From the sectoral front, the capital goods and metal stocks reported more buying across the counters. The market breadth was positive as 1772 stocks closed in green while 909 stocks closed in red.

Asian market was trading higher on the back of gain in Wall Street overnight after US consumer prices went up less than forecast and easing of crude oil prices.

The BSE Sensex closed higher by 375.19 points at 17,353.54 and NSE Nifty went up by 103.50 points to close at 5,115.25. The BSE Sensex touched an intraday high of 17,366.19 and low of 17,079.94. The BSE Mid Caps and Small Cap closed higher by 90.44 points and 111.92 points at 7,080.25 and 8,546.41 respectively.

Gainers from BSE are Hindalco (6.11%), Reliance Communication Ltd (5.31%), L&T Ltd (4.67%), Reliaqnce (3.66%), ICICI Bank Ltd (3.62%), Infosys Technologies (3.56%) and DLF Ltd (3.36%).

Losers from the BSE are Satyam Comp (3.43%), HUL (1.85%), Tata Motors (1.47%), Tata Stl (0.50%), Ranbaxy Lab (0.16%), and ITC Ltd (0.04%).

The Capital Goods Index closed higher by 454.74 points at 13,600.70. Gainers are Crompton Greaves Ltd (8.13%), Kalpat Power (5.04%), L&T Ltd (4.67%), Kirlosker Br (4.20%), Areva (3.65), Alstom Proje (3.10%), and Havells India (3.06%) Suzlon Energy (3.06%)..

The Metal index closed up 305.19 by points at 16740.37. Gainers are Hindalco In (6.11%), Nat Aluminum Co (3.87%), JSW SL (3.68%), Jindal Steel (3.27%), Sesa Goa Ltd (2.86%) and Maharastra Sea (2.16%).

The Oil & Gas index closed higher by 288.84 points at 11,205.76. Gainers are Reliance (3.66%), Reliance Natural Resources (2.55%), Essar Oil Ltd (1.72%), Reliance Petroleum (1.66%) and Cairn India (1.23%).

The Realty index closed higher by 264.87 points at 8,042.52.Gainers are Pheonox Mill (5.94%), Housing Development (4.98%), Parsvnath (4.94%), Akruti City (4.54%), Unitech Ltd (4.25%), and DLF Ltd (3.36%).

The Banking index closed up by 209.49 points at 8,806.01. Gainers are Punjab National Bank (5.81%), Yes Bank (5.36%), Kotak Bank (4.06%), Bank of India (3.94%), ICICI Bank (3.62%), and Axis bank (3.30%).

Market ends upbeat, gains 375 points

The market held firm above the 17,100 levels for almost entire session as positive US and strong Asian markets created a perfect platform for the bulls to pursue buying. The Sensex resumed 107 points higher at 17,085 and advanced further on substantial buying support. While the gains continued unabated, buying spree in heavyweights, capital goods, realty, oil & gas, banking and power stocks propelled the index to an intra-day high of 17,366 in noon trades. The Sensex finally wrapped up the session with gains of 375 points at 17,353, while the Nifty ended at 5,115, up 104 points.

The market breadth was positive, with gainers outpacing losers by 1.40:1. Of the 2,754 stocks traded on the BSE 1,771 stocks advanced, 909 stocks declined and 74 stocks ended unchanged. All the sectoral indices, barring BSE FMCG index, ended positive. BSE CG index was the major gainer and soared 3.46% followed by the BSE Realty index (up 3.41%), BSE oil & gas index (up 2.65%), BSE Bankex index (up 2.44%) and BSE Power index (up 2.12%).

Front-line stocks once again led the rally. Hindalco was the front-runner amongst the heavyweights and vaulted 6.11% at Rs204.05. Among other major gainers, Reliance Communications rose by 5.31% at Rs589, L&T surged 4.67% at Rs2,962, Reliance Industries advanced 3.66% at Rs2,622.65, ICICI Bank scaled up 3.62% at Rs928.70, Infosys flared up 3.56% at Rs1,891.30 and DLF jumped 3.36% at Rs643.85. Maruti, BHEL, Gujarat Ambuja Cements, HDFC and JP Associates gained over 2% each. Satyam Computer Services however lost ground and tumbled 3.43% at Rs483.90, while Hindustan Unilever lost 1.85% at Rs238.60.

Capital goods stocks witnessed strong buying support. Crompton Greaves rallied sharply by 8.13% at Rs245.30, Kalpataru Power Transmissions vaulted 5.04% at Rs1,034.10, Kirloskar Brothers surged 4.20% at Rs250.30 and Areva scaled up 3.65% at Rs1,605.55. Alstom Projects, Suzlon Energy, Havells India and Punj LLoyd added over 2-3% each. Among the gainers in realty stocks, Phoenix Mill, Omaxe, HDFC, Parsvnath Developers, Akruti City, Unitech, DLF and Indiabulls Real Estate flared up 2-5% each.

Over 7.04 crore Aishwarya Telecom shares changed hands on the BSE followed by IFCI (2.18 crore shares), Ispat Industries (1.08 crore shares), Cyber Mate (1.08 crore shares) and Reliance Natural Resources (1.02 crore shares).

Valuewise, Aishwarya Telecom registered a turnover of Rs866 crore followed by Reliance Communications (Rs258 crore), Reliance Industries (Rs179 crore), Reliance Petroleum (Rs163 crore) and Satyam Computer Services (Rs158 crore).

Market settles near day’s high; pivotals rally

The market settled near day’s highs helped by late buying frenzy in index pivotals. Shares from real estate, software and capital goods were at the forefront of the rally. A cooling off of crude oil prices, which had soared to record high near $127 a barrel earlier in the week, and firm Asian markets, supported the market sentiment. European markets, which opened after Indian markets, recovered after shaky start and were trading flat.

As per provisional data, foreign funds bought shares worth a net Rs 706.88 crore today. Domestic funds bought shares worth a net Rs 363.11 crore.

The 30-share BSE Sensex surged 375.19 points or 2.21% at 17,353.54. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,366.19 in late trade. At the day’s high, Sensex gained 387.84 points. Sensex rose 121.03 points at day’s low of 17,099.38 touched in early trade.

The broader based S&P CNX Nifty gained 103.50 points or 2.07% at 5,115.25. Nifty May 2008 futures were at 5113, a discount of 2.25 points as compared to spot closing.

The barometer index – BSE Sensex has risen 2544.05 points or 17.17% from recent low of 14,809.49 touched on 17 March 2008. However the Sensex is still 3853.23 points or 18.16% away from its all-time high of 21206.77 hit on 10 January 2008.

The market breadth was strong on BSE with 1737 shares advancing as compared to 941 that declined. 78 remained unchanged.

The BSE Mid-Cap index rose 1.29% to 7,079.89 while the BSE Small-Cap index gained 1.33% to 8,546.41. Both these indices underperformed the Sensex.

Turnover on BSE surged amounted to Rs 6439 crore as compared to Rs 6,219.35 crore yesterday, 14 May 2008. Turnover in NSE’s futures & options segment amounted to Rs 38196.16 crore as compared to Rs 32919.78 crore yesterday, 14 May 2008.

All sectoral indices on BSE logged gains barring the BSE FMCG index which shed 0.21% to 2,494.54.

The BSE Oil & Gas index (up 2.65% to 11,205.76), BSE Bankex (up 2.44% at 8,806.01), BSE Capital Goods index (up 3.46% at 13,600.80), BSE Realty index (up 3.41% at 8,042.52), outperformed the Sensex.

The BSE TecK index (up 1.89% to 3,552.76), BSE IT index (up 1.33% to 4,486.36), The BSE PSU index (up 1.60% to 7,762.62), BSE Auto (up 0.25% at 4,730.24), BSE Health Care index (up 0.79% at 4,285.99), BSE Metal index (up 1.86% to 16,740.37), BSE Power (up 2.13% to 3,303.13), and BSE Consumer Durables index (up 0.91% to 4,548.75), underperformed the Sensex.

Among the 30-member Sensex pack, 24 advanced while the rest slipped.

India’s largest private sector engineering company Larsen & Toubro galloped 5.42% to Rs 2983.90 after French cement producer Lafarge said on Wednesday it had acquired L&T Concrete at an enterprise value of 226 million euros ($349.5 million). The deal involves L&T’s 66 concrete plants across India with an estimated volume of 41 lakh cubic meters in 2008. It was the top gainer from Sensex pack. A total of 4.06 lakh shares changed hands on the counter

India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) advanced 3.52% to Rs 2619 on 6.88 lakh shares. The stock moved in a range of Rs 2535 and Rs 2633.15 during the day. As per recent reports, RIL plans to convert its fuel retail outlets into malls and multiplexes, and is holding talks with its dealers in Uttar Pradesh for the same.

Shares from real estate pack advanced, on fresh buying. DLF (up 3.23% to Rs 643.10), Unitech (up 4.63% to Rs 287), Omaxe (up 6.44% to Rs 228), and Parsvnath Developers (up 4.46% to Rs 219.90), surged on fresh buying.

India’s second largest cellular services provider Reliance Communications (RCom) jumped 5.40% to Rs 589.50 on reports its infrastructure arm Reliance Infratel has recieved Securities & exchange board of India (Sebi)’s approval for public issue.

IT pivotals advanced on fresh buying as the rupee held near 13-month lows against the dollar. India’s second largest software services exporter Infosys Technologies gained 3.46% to Rs 1889.40 after striking an intra-day high of Rs 1908. Infosys has 7.63% weightage in Sensex and 3.46% weightage in Nifty.

Other IT pivotals, Wipro (up 0.91% to Rs 508.20), and TCS (up 2.02% to Rs 989.55), also logged gains. The partially convertible rupee was at 42.35/36 per dollar, stronger than yesterday's close of 42.45/46.

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, recovered from early low of Rs 465.10, to settle 3.61% lower at Rs 483. The counter clocked high volumes of 32.90 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.

ICICI Bank (up 3.93% to Rs 931.50), Hindalco Industries (up 5.30% to Rs 202.50) and Maruti Suzuki India (up 3.05% to Rs 821.50) edged higher from Sensex pack.

Tata Motors (down 1.14% to Rs 664.90), Hindustan Unilever (down 1.05% to Rs 240.55), and Tata Steel (down 0.49% to Rs 882.05) edged lower from Sensex pack.

Recently listed Aishwarya Telecom was up 0.28% to Rs 124.80 after seeing volatile swings between day’s low and high of Rs 118.20 and Rs 135.50 respectively. The counter clocked high volumes of 7.02 crore shares.

Other volume toppers were IFCI (2.19 crore shares), Ispat Industries (1.09 crore shares), Cybermate Infotec (1.08 crore shares) and Reliance Natural Resources (1.03 crore shares) in that order.

Aishwarya Telecom was also the top traded counter on BSE with turnover of Rs 883.06 crore followed by Reliance Communications (Rs 258.56 crore), Reliance Industries (Rs 178.51 crore), Reliance Petroleum (Rs 161.90 crore), and Satyam Computer Services (Rs 158.28 crore) in that order.

Among the side counters, Jhagadia Copper (up 20% to Rs 12.14), National Oxygen (up 20% to Rs 57.70), Lumax Industries (up 16.09% to Rs 188), Alfa Transformer (up 10% to Rs 62), and Indag Rubber (up 14.78% to Rs 80), surged

However, Smruti Organics (down 10.87% to Rs 61.50), JMA Industries (down 10.09% to Rs 196), and Jumbo Bag (down 9.87% to Rs 30.15), slipped.

Shares of oil marketing firms were mixed following recent 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 slipped down 0.59% to Rs 337. Hindustan Petroleum Corporation (up 0.57% to Rs 238.90) and Indian Oil Corporation (up 0.72% to Rs 400) rose.

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

Industrial and power systems company Crompton Greaves jumped 8.44% to Rs 246 on reports that the company is expected to take over the distribution and billing rights for electricity supply to Nagpur city by end July 2008. The contract has been awarded to the company for a period of 15 years by the Maharashtra Electricity Regulatory Commission (MERC).

Kinetic Motor Company hit 5% upper circuit at Rs 29.30 on BSE despite the company terming recent media reports of Mahindra & Mahindra planning to acquire the company, as speculative.

Kirloskar Brothers surged 4.20% to Rs 250.30 after the company said its joint venture firm has received an order worth Rs 933.76 crore from the Andhra Pradesh state government's Irrigation & CAD Department for building a pump house. The company made this announcement after trading hours on Wednesday, 14 May 2008.

Syndicate Bank rose 3.38% to Rs 77.55 after reporting 21% growth in net profit to Rs 126.26 crore on 22.85% growth in operating income to Rs 2134 crore in Q4 March 2008 over Q4 March 2007. The bank announced the result after market hours on 14 May 2008.

Power Finance Corporation was down 0.30% to Rs 155.50 after the company said it has signed a loan agreement with Exim Bank of US for $800 million under the latter's India infrastructure facility.

Mercator Lines soared 14.69% to Rs 115.15 after posting 351.7% surge in net profit to Rs 74.04 crore on 31% growth in net sales to Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Wednesday, 14 May 2008.

i-flex Solutions dropped 1.80% to Rs 1360 even as the company said Kotak Mahindra Bank has selected i-flex’s wealth management solution - Flexcube Private Banking to manage relationships with high net worth individuals. The company made this announcement during trading hours today, 15 May 2008.

Lanco Infratech rose 0.23% to Rs 515 after the company said on Wednesday its consortium with Malaysia's Pembinan Radzai had won rights to build the Vizhinjam Container Port project in Kerala, estimated to cost Rs 8000 crore. The company made this announcement after trading hours on Wednesday, 14 May 2008.

BASF India rose 1.22% to Rs 245 after its promoter BASF SE announced a voluntary open offer to the shareholders of BASF India to purchase up to 62.9 lakh shares at Rs 274 each. The company made the announcement before market hours today, 15 May 2008.

Neyveli Lignite Corporation rose 4.45% to Rs 142.10 after the Union government gave approval to the company for development of 1000 megawatt coal based thermal power project at Tuticorin in Tamil Nadu. The company made this announcement during market hours today 15 May 2008.

The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.

A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.

European markets, which opened after Indian markets, staged a comeback after a shaky start and were trading with little change. Key benchmark indices in United Kingdom (down 0.01% to 6,215.60), Germany (down 0.13% to 7,074.26) and France (down 0.01% to 5,055.10) declined.

Most Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Nikkei 225 Average (up 0.94% at 14,251.74), Straits Times (up 0.36% at 3,212.15), Seoul Composite (up 2.28% at 1,885.71), Taiwan Weighted (up 1.54% at 9,157.18) edged higher.

However Hong Kong’s Hang Seng index (down 0.08% at 25,513.71) and Shanghai Composite (down 0.54% at 3,637.32), declined

US stocks climbed on Wednesday, 14 May 2008, after a better-than-expected report on consumer prices eased some of the market`s concerns about inflation. The Dow Jones industrial average rose 66.20 points, or 0.51, to 12,898.38. The Nasdaq Composite index rose 1.58 points, or 0.06%, to 2,496.70.

Back home, frenzied buying in software and metal stocks in late trade propelled market higher after a nervous start yesterday, 14 May 2008. The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35 while the broader based S&P CNX Nifty gained 53.95 points or 1.09% at 5,011.75, on that day.

Meanwhile, excise duty collection by the government fell by 3.9% to Rs 6,410 crore in the April 2008 against Rs 6,673 crore in April 2007. However, customs duty collection grew 24.9% to Rs 9,018 crore in April 2008 as against Rs 7,221 crore in April 2007, because of high growth in imports.

US light crude for June 2008 delivery was down 48 cents a barrel at $123.74 today, 15 May 2008, as rising U.S. distillates stocks and Iran's reassurances that it would not cut crude exports added to a strengthening U.S. dollar to limit the upside

Morning Call - May 15 2008

Market Grape Wine :

In House :

Nifty at a support of 4976 and 4927 with a resist of 5030 and 5071

Cash:

Buy: Hcltech above 307 tgt of 316 with a SL of 303

Buy: Bharatforge above 299 tgt of 310 with aSL of 294

F&O:

Buy: Orchidchemical above 271 tgt of 289 with a Sl of 266

Buy: Airdeccan above 140 tgt of 150 with a SL of 135

Out House :

Markets at a support of 16786 & 16696 and resistance at 17071 & 17271 levels .

Buy : Satyam & INFY

Buy : REL & RIL

Buy : MoserBaer

Buy : RPower

Buy : Unitech & BombayDye

Buy : NTPC & Coreproject

Buy : IFCI & GujNre

Buy : Adlab , Centurytex & HDIL

Dark Horse : LITL , Essaroil , IFCI , CORE, INFY ,Rel , GujNRE & Unitech

Grey Market - Anu's Laboratories, Gokul Refoils

Gokul Refoils 175 to 195 20 to 25

Anus Laboratories 200 to 210 21 to 23

Market braced for higher opening

Local equities are geared for firm start following positive global cues. The cooling of crude oil prices, which had soared to record high near $126 a barrel, will also boost the sentiment further.

The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.

A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.

Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Shanghai Composite (up 0.74% at 3,684.45), Hang Seng (up 0.34% at 25,621.09), Nikkei 225 Average (up 1.03% at 14,263.41), Straits Times (up 0.43% at 3,212.15), Seoul Composite (up 1.58% at 1,872.80), Taiwan Weighted (up 0.94% at 9,102.84) edged higher.

US stocks climbed on Wednesday, 14 May 2008, after a better-than-expected report on consumer prices eased some of the market`s concerns about inflation. The Dow Jones industrial average rose 66.20 points, or 0.51, to 12,898.38. The Nasdaq Composite index rose 1.58 points, or 0.06%, to 2,496.70.

Back home, frenzied buying in software and metal stocks in late trade propelled market higher after a nervous start yesterday, 14 May 2008. The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35 while the broader based S&P CNX Nifty gained 53.95 points or 1.09% at 5,011.75, on that day.

As per provisional data, foreign funds purchased shares worth a net Rs 85.12 crore yesterday, 14 May 2008. Domestic funds bought shares worth a net Rs 310.41 crore on that day.

Meanwhile, excise duty collection by the government fell by 3.9% to Rs 6,410 crore in the April 2008 against Rs 6,673 crore in April 2007. However, customs duty collection grew 24.9% to Rs 9,018 crore in April 2008 as against Rs 7,221 crore in April 2007, because of high growth in imports.

U.S. light crude for June delivery was down 48 cents a barrel at $123.74 today, 15 May 2008, as rising U.S. distillates stocks and Iran's reassurances that it would not cut crude exports added to a strengthening U.S. dollar to limit the upside.

Pre Session Commentary - May 15 2008

The Indian Market is likely to have a positive opening on the back of strong global cues. On Wednesday, the Indian market closed on green on the back of heavy buying towards the end of the session. However, it opened in red on the back of mixed cues from the global market and this led the investors’ to show some cautious behavior in early session to book their positions but it managed to gather the momentum to close with good gains. The metal stocks remained in the limelight as it witnessed most buying during the trading session. The BSE Sensex closed higher by 225.49 points at 16,978.35 and NSE Nifty went up by 53.95 points to close at 5,011.75. We expect that the market may gain some grounds during the trading session.

On Wednesday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed higher by 66.20 points at 12,898.38 along with S&P 500 went up by 5.62 points to close at 1,408.66 and NASDAQ also went up by 1.58 points to close at 2,496.70.

Indian ADRs ended higher. In technology sector, Patni Computers went up by (5.59%) along with Infosys by (3.05%), Wipro by (2.61%) and Satyam went down by (0.76%). In banking sector, ICICI bank went up by (1.96%) and HDFC bank dropped by (0.46%). In telecommunication sector, MTNL and Tata Communication ended higher by (2.47%) and (2.10%). Sterlite Ind went up by (2.35%).

Today the major stock markets in Asia are trading higher. Japan’s Nikkei is trading higher by 144.86 points at 14,263.41 along with Hang Seng index trading up by 87.61 points at 25,621.09 and Taiwan Weighted trading at 9,102.84 up by 84.42 points.

The FIIs on Wednesday stood as net buyer in equity and net seller in debt. The gross equity purchased was Rs3,039.10 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,852.90 Crore and gross debt sold stood at Rs25.00 Crore. Therefore, the net investment of equity reported was Rs186.30 Crore and net debt was Rs (25.00 Crore).

Today, Nifty has support at 4,942 and resistance at 5,113 and BSE Sensex has support at 16,653 and resistance at 17,391.

Trading Calls - May 15 2008

Nifty (5012) Supp 4970 Res 5075

Buy Jindal Steel (2311) SL 2286 Target 2371, 2391

Buy HCL Tech (307) SL 302 Target 317, 320

Buy GNFC (159) SL 155
Target 167, 170

Sell UltraTech (666) SL 671 Target 656, 652

Sell ABB (1059) SL 1075
Target 1019, 1015

A little long way!

If you add a little to a little and do this often, soon the little will become great.

With little action left in the markets, it makes sense to do just a little these days. The bulls managed to ward off the challenge from the bears on Wednesday, with the key indices ending sharply higher. Buying in IT and metals helped lift the Nifty past the 5,000 mark. Select consumer discretionary and auto shares too advanced while PSU and banking stocks ended lower. However, one should not read too much into Wednesday's pullback, as both traded volume as well as turnover fell sharply from the previous day.

For the day, we expect a better opening as most global markets are up. Intra-day gyrations are a given these days. Remain careful and selective while dabbling in fresh purchases. Pick up small quantities at lower levels to rebuild a long term portfolio.

The market breadth was only marginally positive, indicating that the bulls are still lacking in confidence. The small-cap and mid-cap indices were also subdued, meaning that strength in select large caps propped up the main indices. The market remains in a consolidation phase, and will continue to see alternate bouts of buying and selling. No clear trend is visible at this juncture, as negatives still outweigh the positives (if there are any).

Delivery volumes have taken a sharp dip, which underscores the current uncertainty and anxiety among the bulls on future direction of the market. FII inflows have slowed down considerably this year, which is proving to be a major stumbling block for the bulls. Inflation remains a formidable challenge as does the slowdown in the overall economy. India Inc's facing several headwinds on the cost front. As a result, the market is likely to remain sideways and rangebound in the near term.

Key Results Today: Chambal Fertilizers, Chennai Petroleum, Morepen Labs, Nelco, OCL India, PNB, Tamil Nadu Petroproducts, Torrent Power, Voltas, Zuari Industries and Zylog Systems.

Mercator Lines has reported strong results for Q4 and full year. The company has posted almost a 3-fold jump in net profit for FY08 at Rs3.7bn, supported by growing fleet, buoyant shipping demand and firm freight rates in dry carriers segment.

Cement stocks could be under pressure after companies pledged to cut prices, joining steelmakers in the government's efforts to curb inflation.

BASF SE, the promoter of BASF India has announced a voluntary Open Offer to purchase up to 6,289,591 shares (constituting 22.3% of the issued share capital of BASF India) at Rs274 per share for a total consideration of Rs1.72bn (assuming full acceptances are received in the Offer).

Maxwell Industries' Board will meet today to discuss the inter-se-transfer of shares among the promoters of the company. According to a financial daily, the Reddy family - a co promoter - is likely to sell its entire holding of 32% to other promoter, the Pathare family.

FIIs were net buyers of Rs851.2mn (provisional) in the cash segment yesterday while local institutions poured in Rs3.1bn. In the F&O segment, foreign funds were net sellers of Rs2.55bn. On Tuesday, FIIs were net buyers of Rs1.86bn while Mutual Funds were net sellers of Rs3.05bn.

Asian stocks rose the most in two weeks, led by technology companies, after Sony and NEC Electronics forecast higher-than-expected profit.

The MSCI Asia Pacific Index gained 1% at 151.52 as of 10:51 a.m. in Tokyo, poised for its largest advance since May 2. Almost four stocks rose for each that declined today.

Japan's Nikkei 225 Stock Average was up 1% at 14,258.45. All other Asian benchmark indexes rose, apart from New Zealand and the Philippines.

Sony shares surged the most in more than two years in Tokyo after the consumer electronics giant's Q1 results surpassed market expectations. NEC posted its steepest advance in 10 months.

Coca-Cola Amatil, Australia's biggest soft-drinks maker, jumped after saying net income will rise this year. Nippon Steel climbed the most in two months after a newspaper said Toyota agreed to pay more for the alloy.

US stocks ended higher on Wednesday, buoyed by a milder-than-expected consumer price inflation data and falling oil prices. But a late-session sell-off in technology shares checked further gains.

Financial and consumer discretionary stocks gained following the benign CPI report, while a smaller-than-expected loss posted by mortgage lender Freddie Mac helped ease credit-market jitters.

Off a triple-digit rise, the Dow Jones Industrial Average finished at 12,898.38, up 66.20 points, or 0.5% from the last close. All but five of its 30 components closed the day in positive turf, with HP and Verizon leading the blue-chip advance. Caterpillar and McDonald's lost the most ground, each down more than 1%.

The S&P 500 gained 6.52 points, or 0.4%, to end at 1,408.66. The technology-laden Nasdaq Composite climbed 1.58 points, less than 0.1%, to 2,496.7. Nine of ten industry groups in the S&P 500 rose as the Labor Department's April inflation report gave the Federal Reserve more leeway to stimulate the economy.

Macy's helped spark a rise among retailers, with the department-store operator maintaining its full-year profit forecast, while reporting a first-quarter loss. Freddie Mac, the second-largest US mortgage-finance company, rallied the most in six weeks after reporting a smaller loss than analysts estimated.

Market breadth was positive. Seven stocks advanced for every five that fell on the New York Stock Exchange.

The CPI rose 0.2% in April, versus forecasts for a rise of 0.3%. Stripping out food and auto sales, CPI rose 0.1%, versus expectations for a rise of 0.2%. Food prices played a big role in the rise in prices, posting the biggest jump in 18 years.

US light crude oil for June delivery fell $1.58 to settle at $124.22 in New York, despite a weaker-than-expected weekly inventories report. On Tuesday, crude hit a record trading high of $126.98 a barrel during the session.

The national average price for a gallon of regular unleaded gas rose to a record $3.758 from $3.732 the previous day, according to AAA. It was the seventh record in a row.

COMEX gold for August delivery fell $2.90 to $871 an ounce. The dollar firmed up a bit versus the euro and the yen. Treasury prices rose, lowering the yield to 3.90% from 3.92% late on Tuesday.

Thursday brings the weekly jobless claims report, readings on manufacturing in the New York and Philadelphia areas, and earnings from JC Penney.

M&A speculation, earnings and a better-than-expected reading on core US inflation lifted stocks in Europe. The pan-European Dow Jones Stoxx 600 index turned higher in a volatile session, to finish up 0.5% at 327.20.

The French CAC-40 climbed 1.1% to 5,055.24, while the UK's FTSE 100 closed up 0.1% at 6.216.00 and the German DAX 30 rose 0.3% to 7,083.24.

In the emerging markets, the Bovespa in Brazil was down 0.7% at 70,026 while the IPC index in Mexico climbed 1.45% to 31,336. The RTS index in Russia surged 2.8% to 2406 while the ISE National 30 index in Turkey jumped 1.9% to 52,392.

Bulls may be tested again

Markets started off the day with a negative bias mirroring overnight losses in the US markets. However, as the day progressed key indices gradually gained momentum on back of positive cues from the Asian markets. The momentum was further carried as the IT and Metal stocks attracted buying which saw the Nifty index close above the crucial 5k mark. Finally, the BSE benchmark Sensex ended 225 points higher to close at 16,948 and the Nifty index gained 53 points to close at 5,011.

Overall about 1,417 stocks advanced; 1,245 stocks declined while 88 stocks remained unchanged. Among the 50-Nifty 37 stocks ended in green and 13 stocks ended in red.

Strides Arcolab surged by over 3.5% to Rs182 after the company announced receipt of ANDA approval for Flumazenil Injection USP. 0.1 mg / ml multiple dose vial. The product is licensed to Akorn-Strides, LLC, which is a joint venture that was funned in 2004 by Akorn, Inc and Strides Arcolab Ltd. The scrip touched an intra-day high of Rs195 and a low of Rs175 and recorded volumes of over 95,000 shares on NSE.

Sun Pharma Advanced gained by over 2% to Rs95 after the company announced its Q4 net profit at Rs144.7mn (up 190.5%) and the revenue was at Rs245.1mn. The scrip touched an intra-day high of Rs100 and a low of Rs93 and recorded volumes of over 14,00,000 shares on NSE.

LITL rallied by over 10% to Rs513 after the company announced that it secured Rs80bn International terminal project in Kerala. The scrip touched an intra-day high of Rs526 and a low of Rs446 and recorded volumes of over 17,00,000 shares on NSE.

JSW Steel surged by over 4% to Rs996 after the company announced that it posted 14% growth in crude steel production in April' 2008 including production of Salem works for corresponding period on comparable basis. JSW Steel also registered a 12% growth in Rolled flat product (HR Coils & Plates) & 33% growth in Rolled long products segments. The scrip touched an intra-day high of Rs1044 and a low of Rs950 and recorded volumes of over 5,00,000 shares on NSE.

The IT stocks were in momentum as the Indian rupee further depreciated to Rs42.45 per dollar. IT bellwether Infosys gained by over 4.5% to Rs1826, Satyam gained by a percent to Rs501, Wipro advanced by 2% to Rs503 and i-Flex added over 4.5% to Rs1386.

Apollo Tyres ended flat to Rs42, there were reports stating that Apollo Tyres partly owned by Michelin & Cie. would spend Rs10bn this year to raise capacity. The scrip touched an intra-day high of Rs43 and a low of Rs42 and recorded volumes of over 1,00,000 shares on NSE.

SCI rallied by over 6% to Rs258 after the board of directors of the company said it will consider bonus issue proposal. The board of directors of the company would meet on May 20, 2008 to consider the proposal. The scrip touched an intra-day high of Rs264 and a low of Rs249 and recorded volumes of over 3,00,000 shares on NSE.

Corporate News

The Joint Venture between SREI Infrastructure Finance and BNP Paribas Lease Group - announced last year - has started operations in April under the name of SREI Infrastructure Development Finance Pvt Ltd.

A JV between Kirloskar Brothers, Maytas Infrastructure and MEIL has received a contract worth Rs9.34bn from the Irrigation & CAD Department of the Andhra Pradesh government. Kirloskar Brothers' portion of this order is Rs1.5bn.

Kinetic Motors has clarified that the news about M&M buying a majority stake in it is purely speculative. The company says it is exploring various alternatives to raise funds for its two wheeler business. However, no definitive agreement has been entered with any investor or M&M.

Trans Freight Containers has sold the entire 30,00,000 shares of Morteo Trans Freight Reefer Containers and therefore the latter is no longer a subsidiary of the company.

Tata group plans to up stakes in globally active subsidiaries by 3-4% this year. (BS)
Bharti and MTN in talks for 50:50 cash-share deal. (BS)
Lafarge buys L&T’s concrete business for Rs14.8bn. (BS)
Consortium led by Lanco Infratech wins Rs80bn Kerala port project. (Mint)
SBI and GE Money split credit card JV into two separate operations. (Mint)
Kotak Mahindra Bank to raise US$1.2bn. (Mint)
EDS arm, Mphasis may go private following HP deal. (Mint)
Punj Lloyd plans to offer onshore oil rigs to Libya’s National Oil Corporation. (Mint)
Supreme Court stays order against Tata-BEST power pact. (Mint)
Satyam loses appeal barring its moves to block the online mobile payment company Upaid’s fraud and forgery claims against it in Texas. (Mint)
Belgium based Cockerill Maintenance and Ingenierie makes open offer to acquire 20% in Flat Products. (BS)
Apollo Tyres will spend Rs10bn to add capacity. (BS)
Maharashtra government takes ICICI Lombard to court for not settling farmer related claims. (BS)
Lupin embarks on Rs3bn expansion plan. (BL)
ONGC promoted company enters into MoU with Torrent Energy for supply of bulk power at Dahej. (BL)
Cash crunch affects IOC’s investment plans; part retail expansion proposal on hold. (BL)
Shyam Telelink gets CDMA spectrum in Maharashtra. (BL)
BSNL decides to deploy HP’s disaster recovery solutions. (BL)
Vodafone Essar seeks FIPB approval for investment in tower company. (BL)
PNB not to cut deposit rates for now. (BL)
Syndicate Bank reprices its bulk deposits. (BL)
SC dismisses BSNL’s appeal seeking to recover revised charges from BPL Mobile, and Idea Cellular. (FE)
ONGC to boost production from Bassein. (FE)
Omaxe to invest US$20bn to build 1mn homes. (FE)
ONGC files review petition on disputes on being denied entitlement to tax holiday. (FE)
Wadias sue Rahejas for alleged breach of agreement pertaining 478 acres of land, to claim damages of Rs13.7bn. (FE)
GHCL eyes US furnishing firm Linens ’N Thing. (ET)
Mphasis to scale up operations in India, to raise India headcount by 8,000. (ET)
Mascon Global acquires US-based Ebusinessware Inc, for US$35mn. (ET)
HB Stockholdings revises open offer to acquire 20% of DCM Shriram from Rs120 to Rs130 per share. (ET)
PFC signs MoU with Exim Bank of US for a credit of US$800mn. (ET)
SBI set to launch its Mobile Banking Services by end of June. (ET)

Economic News

Shipping regulator exempts Indian vessels from age bar. (BS)
New players allocated spectrum in Kerala. (BS)
Pharma firms opt for in-licensing to increase sales. (BS)
1.565mn demat accounts stay frozen for lack of PAN details. (BL)
Supply to sugar mills may be hit as cane area shrinks. (BL)
Government to consider fresh pricing of gas from KG Basin. (FE)
The railway ministry enters into an agreement with SNFC International, France. (FE)
Indirect tax collection grew 11% in April 2008. (ET)
Excise Duty collection fell by 3.9% to Rs64.10bn in the first month of the fiscal year. (FE)
Custom duty collection grew 24.9% to Rs90.18bn in April 2008 against Rs72.21bn in same month last year. (ET)
Monsoon to reach Kerala on May 29, three days early. (FE)
The DoT may allow foreign telcos to bid during the upcoming 3G auction. (ET)
Railways to consider removing 30% port congestion surcharge on iron ore for local use. (ET)
India tapping Non-NSG’s (Nuclear suppliers group) members to explore possibilities of importing fuel for its nuclear plants. (ET)

Company Background - Bharat Electronics

Bharat Electronics (BEL), the public sector giant, is one of the largest manufacturers of radars, wireless communications systems and other technical equipment for the defence forces in the country. Until recently, the company's performance was under strain due to the post-Pokhran nuclear blast sanctions by the United States. However, post Kargil, the government has realised the need to increase its focus on acquiring strategic technical equipment for defence forces which has dramatically changed the fortunes ofthe company. It was incorporated in 1954 at Bangalore as wholly owned by the Government of India, till disinvestment took place in 1991-92.

In 1989-90, the company diversified into consumer and entertainment electronics and telecommunications. In 1991-92, it entered into a joint venture with Delft Instruments, Holland, under the name BE-Delft Electronics to manufacture second generation image intensifier tubes at Pune and this joint venture company has become a subsidiary of the company with effect from 30th July 2002. Further the name of BE-Delft Electronics was changed to BEL Optronic Devices Ltd. The company is having two joint ventures, one with General Electric, USA, that is GE BEL (P) Ltd and another joint venture company is BEL Multitone Ltd which was jointly promoted with Multitone PLC., UK for marketing paging equipment. In addition to the Defence department, Department of Telecommunications, Doordarshan and Videsh Sanchar Nigam are the major clients of the company.

Many of the products like decoy radars, upgraded air defence weapon control radars, coastal surveillance systems, low power transmitters, telemedicine systems, PC motherboard-based chipsets, etc. have been inducted into service or are under final stages of evaluation by various customer groups.

In the year 2001-02 the company became the first Defence Public Sector Enterprise to acquire operational Mini Ratna Category-I status. The Company has also been awarded Satellite Network contract by Andhra Pradesh Beverages Corporation Limited. The main application is for consolidating the sales transactions on-line by 31 remote centres with APBCL HQ at Hyderabad. These projects are being executed under B-O-O-T model.

During 2004-05 the company has is implenmenting the Multi-purpose National Identity Card Project for the Registrar General of India, Ministry of Home Affairs. Further the company is also implementing the first phase of EDUSAT project, VSAT communication links from 14 hubs to 800 Satellite Interactive Terminals and 150 Receive only Terminals and Learning Management Software as the application package. Phase II of the poject with similar scope is likey to be taken up during 2005-06.

BEL has successfully developed and started manufacture of Set Top Boxes for Direct to Home reception under the brand name 'BEST Box' for Indian operating conditions. The company is under the progress of upgradation of Air Defence Guns for Indian Army. The company has commissioned a Multi-crystalline Solar Cells Plant at its Bangalore Unit. Ramping up of the production capacity to 10 MW is in progress. The company is also expanding the production capacity of Vacuum Interrupter Tubes from 35000 tubes per annum to 50000 tubes per annum.

The company has introduced new products during 2004-05, they are battlefield Surveillance System is an important component of Network Centric Warfare, improving combat effectiveness manifold, an upgradation programme of 3D Static Radars (THD 1955) to the Indian Air Force for long range air surveillance application during 1974-92 and programme is done jointly with M/s Thales, France, to extend their life by another 15 to 20 years. Further the company has developed Advanced Land Navigation System for the purpose of land navigation in Armoured Fighting Vehicles (Battle Tanks) such as T-72 Tanks, T-90 Tanks, BMP-II and AERV. Also the company has developed S-Band Mobile Satcom Terminal and Ellora, a Electronic Warfare System.

Company Background - Ranbaxy Labs

The company manufacture and markets, generic pharmaceuticals, value added generic pharmaceuticals, branded generics, active Pharmaceuticals (API) and intermediates by using finest R&D and Manufacturing facilities, which was named as Ranbaxy Laboratories Limited (RLL), had its origins in the early 1960s when Ranjit Singh and Gurbux Singh, two employees of a Japanese pharmaceutical company operating in India, formed their own pharmaceutical preparations company in Amritsar, in Punjab state. Two of them merged their names to form the name for their company as Ranbaxy. The company was incorporated in the year 1961 and linked up with a European pharmaceutical company, began production in 1962. Ranbaxy's owners sought additional financing and turned to a local moneylender, Bhai Mohan Singh, by 1966 the lender came to collect, the Ranbaxy partners offered to turn over their company to him instead. After that pathetic situation, Singh agreed to the deal and launched the Ranbaxy family on the path toward building one of India's largest business empires. Under Bhai Mohan Singh, Ranbaxy initially maintained its course of preparing and packing existing branded pharmaceutical products for the Indian market. The entry of Singh's eldest son, Parvinder, into the company in 1967, however, set the company on a new course to become a fully independent pharmaceutical company.

The Company ranked amongst the top ten global generic companies and has a presence in 23 of the top 25-pharma markets of the world. The Company with a global footprint in 49 countries, world-class manufacturing facilities in 11 and a diverse product portfolio, is rapidly moving towards global leadership, riding on its success in the world's emerging and developed markets. Ranbaxy's diverse product basket of over 5,000 SKUs available in over 125 countries worldwide encompasses a wide therapeutic mix covering a majority of the chronic and acute segments.

Ranbaxy is among the few Indian pharmaceutical companies in India to have initiated its research program in the late 1970's. Ranbaxy's good fortune came in 1970, when the Indian government passed legislation that effectively ended patent protection in the pharmaceutical industry. The company expanded quickly, and by 1973, Ranbaxy opened a new factory, in Mohali, for the production of active principal ingredients (APIs) and the company went to public in the same year 1973. To support its global ambition, a first of its kind world class R&D centre was commissioned in the year 1994, which has enabled the company to begin to enter the new chemical entities (NCE) and novel drug delivery systems (NDDS) markets. In 1977 the company begins production in Lagos, Nigeria through a joint venture and in 1983 opens a dosage plant in Dewas. The company builds a state-of-the-art API facility in Toansa in preparation for entry into the U.S. market during the period of 1987. The company's joint marketing agreement was made with Eli Lilly in 1992. A joint venture was launched in China; a new research-driven NCE and NDDS strategy was came to effect on 1993. During 2004-05 the company opens a new research and development facility in Gurgaon, India, the company acquires Ohm Laboratories in the United States and builds a new FDA-approved production facility.

Ranbaxy's own branded drugs were pierced into market in United States and the company got underway-clinical trials on the first in-house developed molecule in the year 1998. Ranbaxy is focused on increasing the momentum in the generics business in its key markets through organic and inorganic growth routes. It continues to evaluate acquisition opportunities in India, emerging and developed markets to accentuate its business and competitiveness. RLL acquired Basics, Bayer's generics business in Germany during the period 2000. The company opened a new manufacturing plant in Vietnam on 2001 and again company acquired RPG (Aventis) in France, becoming the leading generics manufacturer for that market in 2003, it sought new alliances, the company reached a global drug discovery and development partnership with GlaxoSmithKline in the same year. Due to the high demand and expanding nature, the company launched a new production facility in Brazil in 2005 worth of $100 million. In 2006 the company established a wholly owned subsidiary in Sweden under the name of Ranbaxy Pharma AB for manage the operations in the territories of Sweden, Norway, Denmark & Finland and the company has formed a Joint venture in South Africa under the name of Sonke Pharmaceuticals (proprietary) Ltd. RLL acquired Terapia SA (Romania), Ethimed (Belgium), Allen (Italy), Mundogen (Spain) and Sentek PLC's Proprietary Technology and also the company has entered into an agreement for acquisition on 100% Equity stake in Bio-Tabs Pharmaceuticals (Proprietary) Ltd (SA) during the period of 2007.

In January 2008, RLL entered into the Chyawanprash segment, launched its sugar-free product under the Brand name Chyawan Active'. The product marketed by Ranbaxy's Global Consumer Healthcare division, will be initially introduced in North India (Delhi, UP, Punjab and Bihar) and later in other parts of the country. In February of the year the company made De-merger of the Company's New Drug Discovery Research (NDDR) Unit into a subsidiary, Ranbaxy Life Science Research Ltd. (RLSRL). As on April 2008 the Company has received final approval from the U.S. Food and Drug Administration to manufacture and market Cetirizine Hydrochloride Oral Solution (Allergy) and Children's Cetirizine Hydrochloride Oral Solution (Hives-Relief), 1 mg/ml (OTC), Ranbaxy Laboratories Limited (Ranbaxy) and Orchid Chemicals & Pharmaceuticals Limited (Orchid) entered into a business alliance agreement involving multiple geographies and therapies for both finished dosage formulations and active pharmaceutical ingredients. During the same month of the year, the company has pierced into a collaborative research agreement with the Department of Biotechnology (DBT), New Delhi, in the area of New Drug Discovery Research (NDDR). The research will be conducted under the aegis of DBT's major initiative in the area of tuberculosis. The Company has received authorization from Ministry of Health and Labour Welfare (MHLW-Japan) for marketing the generic version of Amlodipine tablets 2.5mg & 5mg and launched BONISTA- Teriparatide injection (recombinant human parathyroid hormone) for the treatment of Osteoporosis, in collaboration with Virchow Biotech Pvt Ltd, Hyderabad, India. Ranbaxy is the first company to launch this bio-generic product in the world.

The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries. RLL working towards achieve excellence and set new global benchmarks. Driven by its vision to become a global leader the Company reinvents itself to achieve sustained growth and leadership in Research-based International Pharmaceutical.

BASF India

BASF India

Today's Pick - Polaris Software

We recommend a buy in Polaris Software Lab from a short-term perspective. It is clearly visible from the charts that the stock has formed a significant trough at Rs 62 in January.

This trough has halted the long-term down trend that was in motion since the 2007 peak at Rs 237. The double-bottom pattern spanning almost three months between January and April this year signals a possible long-term reversal.

On April 17, the stock conclusively broke through the baseline of this double-bottom pattern, indicating bullishness.

We notice good volume support over the past four weeks. The daily momentum indicator has re-entered the bullish region. We are bullish on the stock in the short-term and expect it to move up to our target price level of Rs 124 in the forthcoming trading sessions. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 104.

via BL

Asian economies doing well - Merrill

Asia's strong economic growth will persist despite an ailing US economy as the region diversifies its export markets and a new breed of young and wealthy citizens drive consumption, investment bank Merrill Lynch said Wednesday.

Inflation is a bigger risk to the region than a slowdown induced by a recession in the United States, the world's biggest economy, said Timothy Bond, Merrill Lynch's chief Asia economist.

Despite a global credit crunch resulting from a crisis in the US housing market, Asian economies expanded 9.5 per cent and china grew 11.5 per cent in the second half of last year, he said at a Merrill Lynch conference in Singapore.

In the first quarter of this year, the region is expected to grow slower but still robust 9.0 per cent, and China 10.5 percent, he said.

"I think we have a lot of evidence to support the decoupling view," he said, referring to a view that Asian economies are now in a better position to withstand the impact of a US recession, unlike in the past.

Bond also noted that while Asian exports to the United States were flat last year, shipments of made-in-Asia goods to the rest of the world expanded 19 per cent.

"I think the message here is that there is a lot of strength in the global economy despite some very clear headwinds in the US economy, and this is a region that exports to the world, not just the United States," he said.

Asian exports to Europe have been growing 25-28 per cent annually mainly due to the stronger euro currency which makes Asian goods cheaper, he said, adding that intra-Asian trade has also increased.

"Europe has been the number one driver of Asian exports over the past few years, not the United States," Bond said.

Any slowdown in exports should be offset by an acceleration in consumption, powered by the emergence of younger and wealthier Asians who, unlike their parents, would like to spend their money, Merrill Lynch experts said.

Jyoti Jaipuria, Merrill Lynch's head of equity research in India, said 50 per cent of India's more than one billion population are below the age of 30 and many of them are becoming richer and are more likely to spend.

In India "the consumer is learning to blow up money just like in the US," he said.

"In the last five years, you have seen people become wealthier in this region... There's many more millionaires in Asia now than there were five years ago," said Mark Matthews, chief Asia equities strategist at Merrill Lynch.

"So even if their costs are going up and they are complaining about the gasoline (and) their food, the fact is that they are living in nicer places, they are going on longer holidays and they are spending more."

Precious metals drop for third straight day

Gold prices give up $19 in last three sessions as dollar goes up

Precious metals ended modestly lower once again on Wednesday, 14 May, 2008. Dollar strengthening up against its rivals was the main reason behind this. The dollar was strong today following report that US consumer cost rose less than expected in April, 2008.

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. 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.

Comex Gold for June delivery fell $3.1 (0.3%) to close at $866.5 ounce on the New York Mercantile Exchange. With today’s drop, the yellow metal lost $19 in the last three sessions. 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. Prices have dropped by 16% since then.

This year, gold prices have gained 3.4% 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 21.5 cents (1.3%) to $16.613 an ounce. Silver has gained 11% 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.

At the currency markets on Wednesday, the dollar posted healthy gains against major rivals after a rally in stocks offset a calmer-than-anticipated reading on U.S. inflation. The euro resumed its slide vs. the dollar.

The Labor Department reported today that the consumer-price index rose 3.9% in the 12 months ended April. Excluding volatile food and energy prices, the core consumer price index increased 0.1%, against an expected 0.2%.

In the crude market, crude prices fell today and closed below $125/barrel after the government report showed that U.S. crude-oil supplies rose less than expected.

Crude gives up yesterday’s gains

Crude prices lose more than a dollar as stockpiles rise less than expected

Crude prices closed more than $1.5/barrel lower today, Wednesday, 14 May, 2008 after the greenback rose significantly and also after Energy Department reported that crude stockpiles rose less than expected last week. Prices for crude oil have been hovering around $125 for quite some time now against a backdrop of disruptions to oil production in Nigeria.

Crude-oil futures for light sweet crude for June delivery today closed at $124.22/barrel (lower by $1.58/barrel or 1.3%) on the New York Mercantile Exchange. Price touched a high of $125.85 earlier during the day.

Last week, crude prices ended higher by 8.8%. For the year, crude is up by 25.9% till date.

The Energy Department reported today that crude inventories rose to 325.8 million barrels, up 200,000 barrels, for the week ended 9 May. Supplies have now increased a total of 12.1 million barrels over the course of four weeks.

Distillate inventories, which include heating oil and jet fuel, climbed 1.4 million barrels on the week to stand at 107.1 million barrels. Distillates at 107.4 million barrels, were down 2.4 million barrels. Gasoline supplies fell more than expected last week, the reports showed. They were down 1.7 million barrels to 210.2 million barrels.

EIA also reported that total implied U.S. fuel demand fell 2.7% from a year earlier to 20.3 million barrels a day last week. Consumption averaged 20.5 million barrels a day in the past four weeks, down 0.3% from a year earlier.

At the currency markets on Wednesday, the dollar posted healthy gains against major rivals after a rally in stocks offset a calmer-than-anticipated reading on U.S. inflation. The euro resumed its slide vs. the dollar.

The Labor Department reported today that the consumer-price index rose 3.9% in the 12 months ended April. Excluding volatile food and energy prices, the core consumer price index increased 0.1%, against an expected 0.2%.

Brent crude oil for June settlement today fell $2.24 (1.8%) to $121.86 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.

U.S. natural gas rose to the highest since December 2005 after Enterprise Products Partners LP delayed resumption of a pipeline. Natural gas for June delivery rose 17.6 cents (1.5%) to settle at $11.598 per million British thermal units. Futures have gained 55% so far this year.

Against this backdrop, June reformulated gasoline fell 2 cents to end at $3.18 a gallon and June heating oil finished down 8 cents at $3.62 a gallon.

EIA reported last week that global oil consumption will likely grow by 1.2 million barrels per day this year, but the consumption of liquid fuels and other petroleum is expected to decline by around 190,000 barrels per day because of the economic slowdown and high petroleum prices. The EIA also expects regular gasoline prices to average $3.52 per gallon this year, up 71 cents from a year ago.

Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude’s biggest yearly gain in five years.

Nifty May 2008 futures near spot price

Turnover in F&O segment declines

Nifty May 2008 futures were at 5011.80, near spot price of 5011.75.

The NSE's futures & options (F&O) segment turnover was Rs 32,919.78 crore, which was lower than Rs 38,107.72 crore on Tuesday, 13 May 2008.

Sesa Goa May 2008 futures were at premium at 4166 compared to the spot closing of 4134.20.

Reliance Petroleum May 2008 futures were near spot price at 184.25 compared to the spot closing of 184.

Satyam Computer Services May 2008 futures were at discount at 492 compared to the spot closing of 499.90.

In the cash market, the S&P CNX Nifty gained 53.95 points or 1.09% at 5011.75.

FirstSource, Redington India

FirstSource, Redington India

CESC Ltd

CESC Ltd