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Tuesday, May 20, 2008

Kamanwala Housing to issue bonus shares

Kamanwala Housing Construction Ltd has informed that a meeting of the Board of Directors of the Company will be held on May 27, 2008, inter alia, to transact the following business:

1. To finalize the Accounts for the Financial Year ended March 31, 2008.

2. To recommend Dividend. The Board had recommended 20% Dividend for the F.Y. 2006-07; and

3. To recommend issue of Bonus Shares.

Remember Emaar MGF ?

In a sign that Indian stock markets are unlikely to look favourably at real estate companies any time soon, Emaar MGF Land Ltd, a joint venture between Emaar Group of Dubai and Delhi-based MGF Ltd, has decided to convert Rs922 crore invested through preference shares by the foreign partner into equity at a conversion rate of Rs300 per share.

The conversion rate for the compulsorily convertible preference shares is less than half the price at which the company wanted to enter the stock market with a large—and ultimately failed—initial public offer (IPO) in February.
Emaar MGF had initially proposed a price band of Rs610-690 a share for its IPO, but later cut it to Rs530-630 and eventually withdrew the offer because of poor response from investors in a falling stock market.
At Rs690 per share, a successful issue would have raised atleast Rs7,000 crore and taken the company’s valuation to Rs66,000 crore, or $16 billion.
According  to Shravan Gupta, executive vice-chairman and managing director, Emaar MGF, the conversion is benchmarked to Citigroup’s investment in the company in 2006. Emaar MGF was then valued at $6 billion, or Rs300 a share.

“Under the agreement with Emaar, we had to convert the preference shares into equity at a price to be determined through the book building route at the time of IPO, or in accordance with the timing of the investment,” Gupta told Hindustan Times. “Since the money was invested in 2006 and the IPO was withdrawn, we have decided to convert the debentures into shares at 2006 valuation.” The company has also issued shares to three parties involved in pre-IPO placement at Rs455 per share.

According to its IPO prospectus, media companies Bennett Coleman and Co. Ltd and New Delhi Television Ltd had invested Rs25 crore each, while IFCI Ltd had invested Rs50 crore in the pre-IPO phase. “We issued them shares at a valuation of $10 billion,” Gupta noted.
The Indian real estate market has been losing some of its steam in the last six months in line with the slowdown in the global equity and real estate market. Real estate share offers have slowed dramatically as a result and the valuations of real estate companies have also fallen.
Companies such as DLF Ltd have postponed plans to list their office properties as a real estate investment trust in Singapore while others are finding it hard to get high valuations for private share placements from private equity firms.
Shares of DLF and Unitech Ltd have fallen by 40-50% in the last three months.

NSE Bulk Deals to Watch - May 20 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
20-MAY-2008,GANESHHOUC,Ganesh Housing Corp Ltd,INDEA ABSOLUTE RETURN FUND,BUY,400000,346.00,-
20-MAY-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,BUY,3289294,48.93,-
20-MAY-2008,OMNITECH,Omnitech Infosolutions Li,MBL & COMPANY LTD.,BUY,78425,204.32,-
20-MAY-2008,IMPEXFERRO,Impex Ferro Tech Limited,DESTINATION TEXTILES PVT. LTD.,SELL,431508,28.83,-
20-MAY-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,SELL,3289294,48.95,-
20-MAY-2008,OMNITECH,Omnitech Infosolutions Li,MBL & COMPANY LTD.,SELL,78425,204.25,-

BSE Bulk Deals To Watch - May 20 2008

Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
20/5/2008 531190 A V COTTEX I SNEHALATHA SINGHI B 50000 26.45
20/5/2008 531190 A V COTTEX I PEGASUS STOCKS AND SHARES PVT. LTD S 117797 26.82
20/5/2008 517494 ACCEL TRANS ACCEL LIMITED B 57066 33.50
20/5/2008 517494 ACCEL TRANS ZENER CONTROLS PRIVATE LTD S 57066 33.50
20/5/2008 532975 AISHWARYA TE VINOD SHOKEEN B 85001 117.46
20/5/2008 532975 AISHWARYA TE SHAILESH M. NISSAR B 157113 116.43
20/5/2008 532975 AISHWARYA TE SANDEEP S SABOO B 100000 116.60
20/5/2008 532975 AISHWARYA TE PRABHUDAS LILLADHER PVT. LTD. B 393142 116.84
20/5/2008 532975 AISHWARYA TE N D NISSAR B 753970 116.43
20/5/2008 532975 AISHWARYA TE RAVINDRA THIMMAPPA SHETTY B 65500 116.88
20/5/2008 532975 AISHWARYA TE SMITA VILAS MARATHE B 262462 116.65
20/5/2008 532975 AISHWARYA TE AMU SHARES AND SEC LTD B 203109 116.43
20/5/2008 532975 AISHWARYA TE MANISH V SARVAIYA B 105070 117.41
20/5/2008 532975 AISHWARYA TE GOPAL MARATHE S 75000 117.25
20/5/2008 532975 AISHWARYA TE SHAILESH M. NISSAR S 157113 116.57
20/5/2008 532975 AISHWARYA TE PRABHUDAS LILLADHER PVT. LTD. S 393142 116.83
20/5/2008 532975 AISHWARYA TE N D NISSAR S 753970 116.45
20/5/2008 532975 AISHWARYA TE RAVINDRA THIMMAPPA SHETTY S 65000 117.06
20/5/2008 532975 AISHWARYA TE SMITA VILAS MARATHE S 262462 116.30
20/5/2008 532975 AISHWARYA TE AMU SHARES AND SEC LTD S 203109 116.33
20/5/2008 532975 AISHWARYA TE MANISH V SARVAIYA S 105070 117.40
20/5/2008 504629 ANIL SP STEL SHEETAL RAJESH JAIN B 20000 22.00
20/5/2008 504629 ANIL SP STEL ANUSHA RAVI JAISWAL B 20000 22.75
20/5/2008 504629 ANIL SP STEL SHEETAL RAJESH JAIN S 20000 22.84
20/5/2008 504629 ANIL SP STEL ANUSHA RAVI JAISWAL S 20000 22.78
20/5/2008 531223 ANJANI SYNTH ARVIND KALYANJI RAMBHIA B 93502 46.12
20/5/2008 531223 ANJANI SYNTH ARVIND KALYANJI RAMBHIA S 93502 43.40
20/5/2008 505506 AXON INFOTEC ANMOL FINANCE COMPANY S 8000 39.66
20/5/2008 532946 BANG MARUTI SECURITIES LTD S 102233 242.98
20/5/2008 590059 BIHAR TUBES SPJSTOCK B 147577 178.98
20/5/2008 590059 BIHAR TUBES M D KOTECHA S 79400 177.03
20/5/2008 590059 BIHAR TUBES SPJSTOCK S 147577 179.39
20/5/2008 590061 BRUSHMAN IND ASHOK FINSTOCK LTD B 136712 118.18
20/5/2008 590061 BRUSHMAN IND ASHOK FINSTOCK LTD S 136712 118.76
20/5/2008 531682 CAT TECHNOL NEWGEN INTERNATIONAL PVT. LTD. B 183521 8.35
20/5/2008 519600 CCL PRODUTS MORGAN STANLEY MAURITIUS CO LTD S 142759 170.13
20/5/2008 532271 CYBERMAT INF S V ENTERPRISES B 952471 5.59
20/5/2008 532271 CYBERMAT INF S V ENTERPRISES S 942403 5.56
20/5/2008 530655 GOOD LUCK ST MANOJ GUPTA B 65000 228.78
20/5/2008 530655 GOOD LUCK ST FOSTER CAPITAL VENTURES LTD S 100000 228.80
20/5/2008 532614 IMPEX FERRO DES RAJ BHATIANI B 400000 28.90
20/5/2008 532614 IMPEX FERRO RISHABH STOCKS PVT LTD S 215163 28.79
20/5/2008 532821 INDUSFILA ABN AMRO BANK NV LONDON BRANCH B 135595 105.00
20/5/2008 531777 INTELLVIS SO SOPHIA GROWTH B 45000 72.83
20/5/2008 532617 JET AIRWAYS CLSA MAURITIUS LIMITED S 434864 539.15
20/5/2008 516078 JUMBO BAG LT CHINTAN BHAIDANI B 85000 30.50
20/5/2008 516078 JUMBO BAG LT SANJAYKUMAR C JAIN S 42990 30.80
20/5/2008 531602 KOFF BR PICT LAXMI CAP BROKING PVT LTD S 44331 23.09
20/5/2008 531602 KOFF BR PICT UNIVERSAL CREDIT S 30000 22.53
20/5/2008 531092 OM MET INFRA MORGAN STANLEY MAURITIUS CO LTD B 591238 40.02
20/5/2008 531092 OM MET INFRA TREE LINE ASIA MASTER FD SING PTE L B 1309063 40.20
20/5/2008 590077 RANKLIN SOLU DHOIPAL MANTRI B 28000 144.50
20/5/2008 590077 RANKLIN SOLU ELCON INVESTMENT B 37760 145.50
20/5/2008 590077 RANKLIN SOLU B CHANDRA SEKHARA RAO S 27606 145.09
20/5/2008 532972 SANKHYA INFO PRABHUDAS LILLADHER PVT. LTD. B 45115 182.72
20/5/2008 532972 SANKHYA INFO SMITA VILAS MARATHE B 51000 120.89
20/5/2008 532972 SANKHYA INFO PRABHUDAS LILLADHER PVT. LTD. S 45115 182.96
20/5/2008 532972 SANKHYA INFO SMITA VILAS MARATHE S 51000 120.89
20/5/2008 532498 SHRIRAM CITY CPIM STRUCTURED CREDIT FUND A 1500 LIMITED S 200000 385.00
20/5/2008 508976 SPANC TELESY BEEJAY INV AND FIN CONS PVT LTD B 97000 156.50
20/5/2008 531249 WELL PACK PA GUNVANT H RATHOD B 56000 47.95
20/5/2008 531249 WELL PACK PA DEEPIKA SHARAD NANSI S 50000 47.50

Gold demand drops as prices rise

Gold demand dropped to a five-year low as record prices and a slowing US economy reduced purchases in every application for the metal except investment funds, the producer-funded World Gold Council said.

Global use of 701.3 metric tons in the first quarter, down 16 per cent from a year ago, was lowest since the start of 2003, the London-based council said today. The only growth was in China, Russia, Vietnam and Egypt. In India, the biggest user, consumption fell 50 per cent.

Purchases by large investors helped gold reached a record USD 1,032 an ounce on March 17. Prices have dropped 14 per cent since the high and demand in India for the Akshaya Thritiya Festival on May 7 fell 11 per cent from a year earlier, Council figures show.

"We still think demand will be down in the second quarter," Jill Leyland, Economic Adviser to the Council, said. "Even if the price stayed where it is now, it would take a while for consumers to get confident again."

Global jewellery purchases were 445.4 tons, down 21 per cent from a year earlier, according to London-based research company GFMS Ltd. Jewellery and coins and other retail investment demand declined 25 per cent in Turkey and Saudi Arabia. Consumption climbed 15 per cent in China and Egypt, 9 per cent in Russia and 71 per cent in Vietnam.

China's usage of 101.7 tons was 15 per cent higher than a year earlier and close to the 102.1-ton total in India. In the fourth quarter, China was the largest user.

Gold supplies increased 11 per cent to 901 tons as metal from recyclers climbed 30 per cent and central bank sales were 8 per cent higher.

Cairn India, Bharti Airtel, Sail May 2008 futures at discount

Turnover in F&O segment declines

Nifty May 2008 futures were at 5102, at a discount of 2.95 points as compared to spot closing of 5104.95.

The NSE's futures & options (F&O) segment turnover was Rs 33,290.93 crore, which was lower than Rs 37,876.68 crore on Friday, 16 May 2008.

Cairn India (CIL) May 2008 futures were at discount at 323 compared to the spot closing of 327.55.

Bharti Airtel May 2008 futures were at discount at 827 compared to the spot closing of 829.60.

Steel Authority of India (Sail) May 2008 futures were at discount at 183 compared to the spot closing of 183.90.

In the cash market, the S&P CNX Nifty lost 52.75 points or 1.02% at 5104.95.



Redington India, HT Media, Voltas

Redington India, HT Media, Voltas

Tech Mahindra, HT Media, ONGC, HPCL, BPCL, ABB, Economy, Technology, Energy

Tech Mahindra, HT Media, ONGC, HPCL, BPCL, ABB, Economy, Technology, Energy

Post Session Commentary - May 20 2008

Indian market closed in deep red due to unfavoring cues from the Asian markets as well as surging crude oil prices above $127 a barrel led to the heavy selling across key sectors. The domestic market opened on the weak note tracking the negative global cues and kept on hovering in the negative territory through out the session and showed no sign of recovery. Further, it turned in uneven, continued to trade sharply lower through out the trading session. Investors took cautious approach to book their position. From the sectoral front, the banking and reality stocks were not in favour on account of heavy selling pressure. The market breadth was negative as 1431 stocks closed in red while 1292stocks closed in green.

The BSE Sensex closed lower by 204.76 at 17,230.18 Nifty fell by 52.75 points to close at 5,104.95. The BSE Mid Cap closed lower by 23.64 points at 7106.06 and Small Cap ended higher by 38 35 points at 8,658.61.

Losers from the BSE are Jaiprakash Associates (5.22%), Reliance Infra (4.53%), BHEL (3.28%), State bank of India (2.85%), Bharti Airtel (2.65%), NTPC Ltd (2.64%), HDFC Bank Ltd (2.51%) and TCS Ltd (2.40%).

The Bankex index fell by 177.43 points to close at 8,763.85 as Bank of India (5.14%), Axis bank (3.58%), State bank of India (2.85%), CBOP (2.63%), HDFC Bank Ltd (2.51%) and Yes bank (2.34%) closed in negative territory.

The Realty index closed lower by 150.15 points at 7,894.10. Losers are Pheonix Mill (5.15%), Mahindra Life (3.00%), Unitech Ltd (2.67%), Indiabull Real (2.52%), Anant Raj Ind (2.35%), and DLF Ltd (1.95%).

The PSU stocks ended down by 142.12 points to close at 7651.74 and the losers are Bank of India (5.14%), BHEL (3.28%), Corporation (2.88%), NMDC Ltd (2.87%), Hindustan Petroleum Corporation Ltd (2.83%) and State bank of India (2.85%).

The Capital Goods index declined by 133.27 points to close at 13,563.48. Major losers are BHEL (3.28%), ABB Ltd (3.19%), Praj Industries Ltd (2.17%), Kirloskar Br (2.03%), Areva (1.84%) and Elecon Eng C (1.78%).

The Oil & Gas index closed lower by 119.97 points at 11,169.61. Lossers are Essar Oil Ltd (3.26%), Hindustan Petroleum Corporation Ltd (2.83%), GAIL India (2.50%), Bharat Petrolium Corporation Ltd (2.49%) and ONG Corp Ltd (1.54%).

Sensex drops 205 points

After the last week’s strong upsurge of 650 points, the market failed to rally further as weak Asian indices and overnight fall on the US bourses weighed on the sentiment. Barring the consumer durable stocks, selling was visible in all the sectors, from metals to banks. The benchmark BSE-30 Sensex opened with a negative gap of 69 points at 17,366 and never recovered from the early slump. While the market moved in a range below 17250 for the better part of the trading session, the index witnessed a steep fall towards the closing hours and nearly breached the 17150 mark to touch the day's low of 17136. The Sensex pared losses on selective gains and ended the session with losses of 205 points at 17230 while the Nifty declined 53 points to close at 5105.

The breadth of the market was strong. Of the 2,789 stocks traded on the BSE 1,431 stocks advanced, 1,292 stocks declined and 66 stocks ended unchanged. Among the sectoral indices, the Bankex dropped sharply and lost 1.98% while the BSE Realty index, the BSE PSU index, the BSE HC index and the BSE Oil & Gas index were down over 1% each. The BSE CD index was the major gainer and gained 2.70% followed by the metal and auto stocks.

Heavyweights led the fall in the Sensex. Jaiprakash Associates dropped 5.22% at Rs256, Reliance Infra slumped 4.53% at Rs1,394.40, BHEL shed 3.28% at Rs1,736.50, SBI lost 2.85% at Rs1,655.45, Bharti Airtel slipped by 2.65% at Rs828.75 and NTPC tumbled 2.64% at Rs186. HDFC Bank, TCS, Hindalco, Wipro and Cipla declined over 2% each. Among the gainers, Satyam rose 1.32% at Rs1,494.60 while Tata Motors, Infosys, Tata Steel, ACC, HDFC and Ranbaxy ended with modest gains.

Banking stocks declined sharply. Bank of India dropped 5.14% at Rs339.90, Axis Bank declined 3.58% at Rs869.40, SBI lost 2.85% at Rs1,655.45 and Centurion Bank of Punjab slipped by 2.63% at Rs48.15. Yes Bank, Union Bank, ICICI Bank, KMFL and BOB were down around 1-2% each.

Over 1.46 crore shares of Aishwarya Tele changed hands on the BSE followed by IFCI (1.40 crore shares), Ispat Industries (1.14 crore shares), Cairn India (0.91 crore shares) and Nagarjuna Fertilizers (0.89 crore shares).

Sensex sheds 205 points as oil boils; banking, realty shares drop

The market could not hold on to the last week’s gains as weak global markets and record high oil prices weighed on the market sentiment today. Concerns about a further monetary tightening by the Reserve Bank of India (RBI) heightened after RBI governor Y V Reddy today said inflation rate was totally unacceptable and the official data underestimates the actual rise.

The wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on Friday, 16 May 2008, showed. It was the highest since an annual reading of 7.93% on 6 November 2004.

Crude-oil futures marked their first close above $127 a barrel Monday 19 May 2008, with the market extending last week's strength on growing concerns about energy supply and demand from China.

The 30-share BSE Sensex lost 204.76 points or 1.17% at 17,230.18. Sensex lost 298.68 points at day’s low of 17,136.26 touched in late trade.

The broader based S&P CNX Nifty was down 52.75 points or 1.02% at 5,104.95. Nifty May 2008 futures were at 5102, at a discount of 2.95 points as compared to spot closing of 5104.95.

However, the market breadth was positive. Consumer durables stocks were mixed. Banking, healthcare and realty stocks declined.

The NSE's futures & options (F&O) segment turnover was Rs 33,290.93 crore, which was lower than Rs 37,876.68 crore on Friday, 16 May 2008.

The BSE Mid-Cap index was down 0.33% to 7,106.06 while the BSE Small-Cap index rose 0.44% to 8,658.61. Both these indices outperformed the Sensex

BSE Health Care index (down 1.19% at 4,269.84), BSE PSU index (down 1.82% to 7,651.74), BSE Realty index (down 1.87% at 7,894.10), BSE Bankex (down 1.98% at 8,763.85) underperformed Sensex.

BSE Consumer Durables index (up 2.7% to 4,706.29), BSE Metal index (up 0.7% to 15,176.97), BSE Auto index (up 0.13% at 4,763.69), BSE IT index (down 0.01% to 4,467.15), BSE TecK index (down 0.57% to 3,534.49), BSE Power (down 0.83% to 3,304.79), BSE FMCG index (down 0.93% at 2,484.94), BSE Capital Goods index (down 0.97% at 13,563.48), BSE Oil & Gas index (down 1.06% to 11,169.61) outperformed Sensex.

European markets were in the red. Key benchmark indices in France, Germany and UK were down by between 0.93% to 1.3%. Asian markets were trading lower today, 20 May 2008. Key benchmark indices in China, Hong Kong, Japan, Singapore South Korean and Taiwan were down by between 0.24% to 4.48%.

The market breadth was positive on BSE with 1,431 shares advancing as compared to 1,292 that declined. 66 remained unchanged.

Among the 30-member Sensex pack, 23 declined while the rest gained.

India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.26% to Rs 2,602. It has reportedly formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund.

Consumer durables stocks were mixed. Titan Industries (down 4.79% to Rs 1,212.40), Gitanjali Gems (down 2.92% to Rs 297.05) edged lower. However, Videocon Industries (up 16.94% to Rs 410.35) and Asian Star Company (up 0.08% to Rs 1,266) edged higher.

Banking stocks declined. ICICI Bank (down 1.43% to Rs 927.65) and HDFC Bank (down 2.51% to Rs 1,464.65) edged lower.

India’s largest commercial bank State Bank of India declined 2.85% to Rs 1,655.45. It has reportedly decided to stop giving loans for the purchase of tractors and other farm equipment. Due to mounting non-performing assets in the farm equipment loan segment, the bank has decided to temporarily put on hold all future advances for farm equipment like tractors, power tillers and combined harvesters, the reports suggested.

Realty stocks declined. Indiabulls Real Estate (down 2.52% to Rs 523.70), DLF (down 1.95% to Rs 636.55) and Unitech (down 2.67% to Rs 279.05) edged lower.

HealthCare stocks declined. Sun Pharmaceuticals Industries (down 2.22% to Rs 1,353.60) and Cipla (down 2.02% to Rs 208.20) edged lower.

Dr Reddys Laboratories declined 1.75% to Rs 638.85. The company’s net profit fell 39.65% to Rs 162.26 crore on 9.78% slide in total income to Rs 1038.47 crore in Q4 March 2008 over Q4 March 2007. The company announced the result during market hours today

India’s largest tractor maker by sales Mahindra & Mahindra declined 1.31% to Rs 653.50. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.

India’s largest car maker by sales Maruti Suzuki India was down 1.06% to Rs 810.25. It has reportedly increased prices of cars by up to Rs 18,000 because of higher raw material costs.

India’s largest engineering and construction firm by sales Larsen & Toubro declined 0.83% to Rs 2,971.50. The company announced today it had received electrical project orders worth Rs 640 crore in the Gulf region.

Satyam Computer Services (up 1.32% to Rs 494.60), Tata Motors (up 1.28% to Rs 678.35), Infosys (up 0.86% to Rs 1,887.20), Tata Steel (up 0.42% to Rs 894.65), ACC (up 0.35% to Rs 682.45), Ranbaxy Laboratories (up 0.04% to Rs 510.90), edged higher from the Sensex pack.

Jaiprakash Associates (down 5,22% to Rs 256), Reliance Infrastructure (down 4.53% to Rs 1,394.40), Bharat Heavy Electricals (down 3.28% to Rs 1,736.50), Bharti Airtel (down 2.65% to Rs 828.75), NTPC (down 2.64% to Rs 186), Tata Consultancy Services (down 2.4% to Rs 952.75) edged lower from Sensex pack.

Aishwarya Telecom clocked the highest volume of 1.46 crore shares on BSE. IFCI (1.4 crore shares), Ispat Industries (1.14 crore shares), Cairn India (91.4 lakh shares), Nagarjuna Fertilisers and Chemicals (89.36 lakh shares), were the other volume toppers in that order.

Cairn India clocked the highest turnover of Rs 290.82 crore on BSE. Mundra Port and Special Economic Zone (Rs 263.59 crore), Housing Development and Infrastructure (Rs 256.23 crore), Aishwarya Telecom (Rs 171.34 crore) and Suzlon Energy (Rs 168.38 crore), were the other turnover toppers in that order.

US markets ended mixed on Monday 19 May 2008 after a late-day sell-off. Weakness in techs, retail and housing prompted traders to lock in some profits. The Dow gained 41.36 points, or 0.32%, to 13,028.16. The S&P 500 rose 1.28 points, or 0.09%, to 1,426.63. The Nasdaq composite index was down 12.76 points, or 0.50%, to 2,516.09.

Back home on Friday 16 May 2008, the 30-share BSE Sensex rose 81.40 points or 0.47% at 17,434.94. The broader based S&P CNX Nifty advanced 42.45 points or 0.83% at 5,157.70. The market was closed on Monday, 19 May 2008, for a public holiday.

The BSE Sensex had risen 697.87 points or 4.17% to 17,434.94 in the week ended Friday, 16 May 2008. The S&P CNX Nifty rose 175.10 points or 3.51% to 5157.70 in the week.

IKF & Reliance Web Store tie up

IKF Technologies Ltd has informed that the Company has entered into an agreement with Reliance Web Store Ltd to procure, provide voice and non voice business projects to BPO's from the Reliance locations pan India. This will enable the Company to spread its network in whole India.

Peninsula Land & Arrow Webtex enter into JV

Peninsula Land Ltd has informed that the Company and Arrow Webtex Ltd have decided to enter jointly into the Hospitality Business. A SPV will be created which will be held 50-50 by both the JV partners to build Business Hotels.

In the 1st phase, an equity infusion of about Rs 100 Cr. is envisaged by both the JV partners in equal proportion; and the JV intends to build 10 Hotels of 100 rooms each, aggregating to 1000 rooms. The Company plans to enter into the state of Maharashtra in cities such as Mumbai, Pune, Nagpur, Nashik, Kolhapur, the state of Gujarat in cities such as Ahmedabad, Surat, Jamnagar, Mundra port and the state of Goa. The Hotels in the 1st phase are expected to be operational in the next 30 months. Phase 2 will see the penetration in the Southern Markets targeting the states of Karnataka, Tamil Nadu, Andhra Pradesh and Kerala.

This is subject to necessary approvals including Board approval from both the JV partners.

Market Outlook - May 20 2008

Market Outlook - May 20 2008

Market may edge lower

The market may edge lower on weak Asian markets. The market had shown some resistance last week despite higher inflation data and spiraling crude prices.

Market had remained closed on Monday, 19 May 2008, on account of Buddha Purnima.

The wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% n 6 November 2004. The annual inflation rate was 5.74% during the corresponding week of the previous year.

Asian markets were trading lower today, 20 May 2008. Indices in China, Hongkong, Japan, Singapore and Taiwan were down by between 0.8% to 1.91%. While South Korea’s Strait Times rose 0.24% to 3,215.25.

US markets ended the day on Monday 19 May 2008 nearly unchanged following a late-day sell-off. Weakness in techs, retail and housing prompted traders to lock in some profits.

The Dow gained 41.36 points, or 0.32%, to 13,028.16. The S&P 500 rose 1.28 points, or 0.09%, to 1,426.63, and Nasdaq composite index was down 12.76 points, or 0.50%, to 2,516.09.

Back home on Friday 16 May 2008, The 30-share BSE Sensex rose 81.40 points or 0.47% at 17,434.94. The broader based S&P CNX Nifty advanced 42.45 points or 0.83% at 5,157.70.

The BSE Sensex had risen 697.87 points or 4.17% to 17,434.94 in the week ended Friday, 16 May 2008. The S&P CNX Nifty rose 175.10 points or 3.51% to 5157.70 in the week.

As per provisional data, foreign funds purchased shares worth a net Rs 475.87 crore on 16 May 2008. Domestic funds bought shares worth a net Rs 392.1 crore on that day.

Crude-oil futures had marked their first close above $127 a barrel Monday 19 May 2008, with the market extending last week's strength on growing concerns about energy supply and demand from China.

Meanwhile , polling began from 16 May 2008, in 66 Assembly constituencies in ten districts of Karnataka in the second phase of election. Third and final phase of election will be held on 22 May 2008 in 69 constituencies spread across eight districts. Counting of votes for all the 224 segments will be held on 25 May 2008.

Pre Session Commentary - May 20 2008

The Indian Market is likely to have a negative opening as the US market close mixed following a pullback in technology sector and the Asian market are trading on the back foot as crude oil surged to a new record of $127 per barrel. On Friday, the Indian market closed in green. It opened with handsome gain due to the strong positive cues from the global market but was unable to sustain the gain. It turned volatile due to inflation worries. But at last the market managed to regain its momentum to close in the positive territory. From the sectoral front, the metal and bankex stocks were in limelight because most of the buying was seen from these baskets. The BSE Sensex closed higher by 81.40 points at 17,434.94 and NSE Nifty closed up by 42.45 points at 5,157.70. We expect that the market may remain choppy during the trading session.

On Monday, the US market ended mixed. The Dow Jones Industrial Average (DJIA) closed higher by 41.36 points at 13,028.16 along with S&P 500 went up by 1.28 points to close at 1,426.63 and NASDAQ closed down by 12.76 points to close at 2,516.09.

Indian ADRs closed mixed. In technology sector, Wipro advanced by (1.13%) while Infosys went down by (1.09%) along with Patni Computers by (0.52%), and Satyam also went up by (0.27%). In banking sector, HDFC bank went up by (1.12%) and ICICI bank by (0.27%). In telecommunication sector, Tata Communication and MTNL ended higher by (0.59%) and (1.42%). Sterlite Ind went up by (2.80%).

Today the major stock markets in Asia are trading lower. Hang Seng index trading lower by 404.60 points at 25,337.63 along with Japan’s Nikkei is trading down by 45.49 points at 14,224.12 and Taiwan Weighted trading at 9,238.98 down by 56.22 points.

The FIIs on Friday stood as net buyer in equity. The gross equity purchased was Rs3135.40 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,405.50 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs729.900 Crore and net debt was Rs 0.00.

Today, Nifty has support at 5,057 and resistance at 5,228 and BSE Sensex has support at 17,115 and resistance at 17,745.

Market may remain cautious

The market is likely to remain cautious and witness sideways movement during intra-day trades. The US market closed flat and major Asian indices like Nikkei and Hang Seng have fallen by around 1% each in the morning trades; this may trigger early selling in the domestic market. On the technical side, the Nifty may get support at 5100 and test higher levels of 5168 while the Sensex may face resistance at 17580 and find support at 17300 on the downside.

The US indices finished on a flat note on Monday. The Dow Jones ended in positive at 13028, up 41 points, whereas the Nasdaq was down by 13 points at 2516.

Indian floats largely had a mixed trend on the US bourses. Rediff rose 2.20% at $8.84, VSNL gained 1.42% at $24.20, HDFC Bank gained 1.12% at $109.26 and Wipro advanced 1.13% at $13.42. MTNL and ICICI Bank ended with steady gains. Among the laggards, Infosys was the major loser with a loss of 1.09% at $45.51 followed by Satyam, which dropped 0.27% at $26.34. Dr Reddy's tumbled 0.13% at $15.20, Tata Motors lost 0.37% at $15.96 and Patni Computers slumped over 0.52% at $13.41.

Crude oil prices in the US market edged higher, with the Nymex light crude oil for June delivery gaining 76 cents to close at $127.05 a barrel. In the commodity space, the Comex gold for June series flared up $5.90 to settle at $905.80 a troy ounce.

Trading Call - Gitanjali Gems

Buy Gitanjali Gems - SL Rs 275 Target- Rs 388

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Mukesh Ambani's Salary...

Top business house Reliance Industries has given its chief Mukesh Ambani, the country`s richest person and presumably top-paid executive, a hefty pay hike of about 45 per cent to take his annual remuneration to over 10 million dollars.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, got a total payout of Rs 44.02 crore in financial year 2007-08, marking an increase of about Rs 13.5 crore from the previous fiscal.

In fiscal 2006-07, Ambani`s annual remuneration had increased to Rs 30.46 crore, from Rs 24.77 crore previously.

However, a large part of Ambani`s full-year pay cheque comes in the form of commissions that the company pays to select executives as a ratio of its net profits.

According to the company`s annual report being sent to shareholders, Ambani got a salary of Rs 60 lakh (Rs five lakh per month) and another Rs 48 lakh (Rs four lakh per month) in the name of "perquisites and allowances".

In addition, he got Rs 18.75 lakh under the head of "retiral benefits" and Rs 4,275.44 lakh toward commission on net profit, taking his total to Rs 4,402.19 lakh for 2007-08.

RIL chief was the top-paid executive in fiscal 2006-07, followed by Madras Cement`s Chairman and MD P R R Rajha, who had an annual payout of about Rs 24.8 crore.

However, Ambani, who was ranked as world`s fifth richest by Forbes magazine earlier this year with a net worth of USD 43 billion, may not find a place even among the 200 most paid chiefs globally.

In a separate list, Forbes named Oracle`s CEO Larry Ellision at the top of 500 most paid CEOs in the US with a pay cheque of USD 192.9 million. A total 177 CEOs in the list had a salary of over USD 10 million.

It is not yet clear whether Ambani would be highest paid executive in India for 2007-08, as most of the companies are yet to disclose the remuneration figures for that year.

Among the Indian companies that have disclosed their top-management salaries so far for 2007-08, managing directors of Merck, ICI India and Crisil have their annual pay cheques running into crores -- but they are way behind Ambani.

Merck`s M Dziki got Rs 2.02 crore, while ICI India`s Rajiv Jain and Crisil`s Roopa Kudva got Rs 1.25 crore and Rs 1.1 crore respectively in the latest fiscal.

Mukesh Ambani has been CMD of RIL since July 31, 2002. His current term expires on April 18, 2009. RIL`s board of directors at a meeting held on April 21, 2008 approved re-appointment of Ambani for a further five years at a remuneration determined by the concerned committee.

The shareholders would vote on these board decisions at the company`s 34th AGM to be held on June 12, 2008.

Addressing the shareholders, Ambani said in the annual report that the company "set new records for turnover, net profits and dividend payout."

He said that RIL has become India`s first private sector company to surpass cash profit of Rs 25,000 crore and net profit of Rs 15,000 crore.

"India`s growth is creating wealth and jobs across the world. We are an integral part of this evolution and have the responsibility to accelerate India`s growth by reinvesting our cash flow in our business," he wrote.

Ambani`s pay hike of about 45 per cent is even higher than the rise in total managerial remuneration given by RIL in the latest fiscal.

RIL paid total managerial remuneration of Rs 67.53 crore in 2007-08, up 43 per cent from Rs 47.14 crore in the previous fiscal. The figure stood at Rs 44.36 crore in 2005-06.

The company paid its non-executive directors a total of Rs 1.85 crore in the latest fiscal, up from Rs one crore in 2006-07 but down from Rs two crore in 2005-06.

The perquisites and allowances include accommodation or house rent allowance in lieu thereof, house maintenance allowance together with reimbursement of expenses for gas, electricity, water, furnishing and repairs, medical reimbursement, leave travel concession for self and family, club fees and medical insurance, among others.

However, reimbursement for expenses like business trips, car use for company business and residence telephone expenses are not considered as perquisites, although they would be reimbursed, the annual report said.

Grey Market Premiums - Gokul Refoils

Gokul Refoils 175 to 195 17 to 20

Anus Laboratories 200 to 210 40 to 42

Check older Grey Market Prices

Morning Call - May 20 2008

Market Grape Wine :

In House :

Nifty at a support of 5132 and 5104 with a resist of 5187 and 5220


Sell: Rel below 1461 tgt of 1430 SL of 1475

buy: Tatamotor above 672 tgt of 694 Sl of 657


Buy: Tatatea above 943 tgt of 971 Sl of 930

Buy: Rpl above 190 tgt of 200 Sl of 185

Out House :

Markets at a support of 17272 & 17117 and resistance at 17575 & 17678 levels .

Buy : Satyam & INFY

Buy : RPL & RIL

Buy : Bhel & LT at dips

Buy : RPower

Buy : BombayDye

Buy : NTPC & Coreproject

Buy : GujNre

Buy : Adlab & Centurytex

Dark Horse : BombayDye , Emami , Essaroil , IFCI , CORE, Rel , GujNRE & Unitech

Asian markets decline

Asian markets on Tuesday (May 20, 2008) declined led by financial companies after Macquarie Group posted earnings below estimates.

Japan`s Mitsubishi UFJ Financial Group fell ahead of its full-year results today.

Japan`s index Nikkei 225 fell 45.49 points, or 0.32%, to trade at 14,224.12.

Hong Kong`s index Hang Seng declined 45.67 points, or 0.18%, to trade at 25,696.56.

China`s Shanghai Composite gained 10.66 points, or 0.30%, to trade at 3,615.42.

Taiwan`s Taiex index retreated 55.74 points, or 0.60%, to trade at 9,239.46.

South Korea`s KOSPI pared 12.45 points, or 0.66%, to trade at 1,872.92.

Singapore`s Straits Times dipped 5.06 points or 0.16%, to trade at 3,236.43. (8.00 a.m. IST)

India - next to China when it comes to carbon credits

India has emerged as the second largest seller of carbon credits in the global market with six percent share in 2007, while china tops the list with a huge 73 percent, a World Bank report said.

"India and Brazil, at 6 percent market share each, transacted the highest volumes after China in 2007," said the report `State and trends of the carbon market 2008`.

Certified Emission Reduction (CER), that are traded on the global climate exchanges, are carbon credits issued by the Clean Development Mechanism (CDM) executive board for emission reductions achieved by CDM projects and verified under the rules of the Kyoto Protocol.

Pointing out that high price expectation for CERs in India and Brazil is hindering growth, the report said the sellers in these two nations favour sale of already issued CERs in the range of 15-16.50 pound per CER instead of selling forward CER streams.

For the third consecutive year, China was the world leader in CER supply with a 73 percent market share in terms of volumes last year against 54 percent in 2006.

Citing reasons for China still being the destination of choice for buyers of credits, the report said "the large size, economies of scale in origination, and its favourable investment climate " have attracted investors.

"China consolidated its position as the pre-eminent carbon supplier, by quadrupling its number of projects in the pipeline from January 2007 to march 2008," it said.

China is well ahead of other nations in the CDM pipeline with 53 percent of potential CER supply with 1,104 projects till 2012, compared to India`s 15 percent of the total CDM pipeline, it noted.

The carbon market is the most visible result of early regulatory efforts to mitigate climate change.

US Market pares early gains

Weakness in technology and financial sectors pushes market to end mixed

A late sell-off urged US market to give up most of its gains today, Monday, 19 May, 2008. Market registered good gains during the mid day trading hours but ultimately the indices ended mixed with the technology sector sending Nasdaq into the red at the end. Five out of ten sectors ended the session in positive territory, led by the utilities sector. Technology sector was the greatest laggard.

There were a couple of negative news today in the technology sector. Flash memory maker SanDisk noted it continues to see soft U.S. retail sales, similar to levels it saw in the first quarter. Microsoft also weighed on the market after traders were disappointed that the company is in talks with Yahoo! about aquiring a part of its business, mainly the search engine part.

The Dow was up by 145 points during the mid session. At the end, going into close, The Dow Jones industrial Average ended the day with a gain of 41 points at 13,028. The Nasdaq Composite Index, finished lower by 12.76 points at 2,516. S&P 500 finished higher by 1.26 points at 1,426.

Twenty-two out of thirty Dow components ended the day in green. Alcoa, Chevron, GM and Boeing were the main Dow winners while Home Depot and Microsoft were the main Dow laggards.

Among major economic news, the Conference Board's index of leading economic indicators rose for a second straight month in April. The index, which attempts to forecast turning points in the economy, rose 0.1% in April, matching March's gain after falling for the five prior months.

In earnings news, home improvement retailer Lowe's reported better-than-expected first quarter earnings, but its revenue fell short of estimates and the company lowered its full year outlook. Competitor Home Depot’s shares fell in conjunction with Lowe's.

The financial sector also came under pressure today after Goldman Sachs, Morgan Stanley and Lehman Brothers were laggards after having their second quarter earnings estimates cut at Citigroup.

Crude-oil futures closed above $127 a barrel, below the day's record peak, after concerns regarding demand and supply continued to rattle the energy market. Prices rose amid speculation that Saudi Arabia's decision to increase output by 300,000 barrels a day will be sufficient to reduce prices. Crude-oil futures for light sweet crude for June delivery today closed at $127.05/barrel (higher by $0.76/barrel or 0.6%) on the New York Mercantile Exchange. Price touched a high of $127.77 earlier during the day. But the upcoming expiration of the June futures contracts kept gains in check.

Trading volumes on the New York Stock Exchange reached 1.1 billion shares, with 16 advancing issues for every 15 declining ones. On the Nasdaq stock market, 931 million shares traded, with decliners topping gainers by 16 to 12.

For tomorrow, primary economic release will be the April Producer Price Index, which is due before opening bell. Home Depot, Target, Staples and Medtronic are all scheduled to report their latest quarterly financial results tomorrow morning.

Weekly Technicals - May 20 2008

Weekly Technicals - May 20 2008

Weekly Trace and Track - May 20 2008

Weekly Trace and Track - May 20 2008

Trading Calls - May 20 2008

Nifty (5158) Supp 5056 Res 5180

Buy Titan (1278) SL 1258
Target 1318, 1330

Buy ITC (227) SL 222
Target 234, 236

Sell Wipro (505) SL 510
Target 495, 490

Sell Bharat Forge (298) SL 303 Target 288, 285

Sell NTPC (191) SL 196
Target 183, 181

Avoid half-baked ideas!

ome have half-baked ideas because their ideals are not heated up enough.

The heat is on, due to both, the soaring temperatures and runaway rise in inflation, which is now at a 44-month high. However, the bulls don't seem to be bothered much about spiraling prices, as can be gauged from Friday's advance. There have been several such instances when the market has ignored inflation figures and charted its own course upwards, only to correct in the following session sometimes. Half-baked ideas may occasionally spurt but don’t get carried away. Some reports suggest a big corporate group propped up the indices and forced the bears to cover their shorts. There is a case to be careful while interpreting any rally at this juncture. Negative factors are clearly outweighing the positive ones.

One good thing about Friday's rise was that FIIs were net buyers in cash as well as F&O. But, here again it remains to be seen if this is a turnaround or just an aberration. The overall mood is still cautious. In the near-term, we expect the market to remain rangebound and sideways as the bulls are yet to show any concrete signs of conviction. Today, we see a cautious to flat sort of an opening followed by another volatile day and stock centric action.

SBI and other banks will be in focus after the public sector giant decided to suspend loan disbursements for the purchase of tractors and other farm equipment. M&M is another stock to keep an eye on as a newspaper reports that it is eyeing Italian bike brands - Cagiva and Agusta. Essar Oil may be under pressure amid reports that its Vadinar refinery will not get 100% tax holiday.

Tech Mahindra may be in action as a business daily reports that it is likely to bag a big order from BT. The company's Q4 net profit was down as it had to make upfront payment to the British company for the exclusive deal. Orbit Corp. may gain amid reports that Kotak Mahindra group is in talks to buy a prime property from the realty firm for over Rs6bn.

Another real estate player, Parsvnath could also advance after a financial newspaper reported that it is close to bagging Rs18.5bn Nanocity project in Chandigarh. Maruti and other auto makers might rise as the car market leader has decided to hike prices by up to Rs18,000.

FIIs were net buyers of Rs4.76bn (provisional) in the cash segment on Friday while local institutions poured in Rs3.92n. In the F&O segment, foreign funds were net buyers of Rs7.59bn.

Key Results Today: Bank of Baroda, Bharat Forge, BOC India, Dr. Reddy's, GMR Infra, GNFC, ICI India, JK Cement, Mukand, RPG Cables, Suzlon, TTML and Whirlpool India.

US blue chip shares managed to eke out marginal gains on Monday, with the S&P 500 index touching a five-month high, thanks to a stronger-than-expected economic indicators. But weakness in technology stocks dragged the Nasdaq into the red.

US technology stocks fell after SanDisk said record energy prices hurt sales. The S &P 500 advanced to the highest level since January, boosted by oil companies. SanDisk tumbled the most since March after the largest maker of flash-memory cards said April sales were soft.

Goldman Sachs, Morgan Stanley and Lehman Brothers led financial shares lower after Citigroup cut earnings estimates on Wall Street's biggest firms. Exxon Mobil and Chevron gained, sending energy shares to a record and boosting the Dow Jones Industrial Average, as crude climbed above $127 a barrel.

The S &P 500 finished flat at 1,426.63. The Dow rose 41.36 points, or 0.3%, to 13,028.16. The Nasdaq Composite Index was down 12.76 points, or 0.5%, to 2,516.09.

Market breadth was negative. About 15 stocks retreated for every 14 that rose on the New York Stock Exchange.

US stocks struggled early in the morning on record commodity prices and a weak outlook from home improvement retailer Lowe's. But, stocks turned higher late morning after the release of the April index of leading economic indicators (LEI), which gained 0.1% in April versus forecasts for a flat reading.

Microsoft and Yahoo are discussing a possible deal that would include the purchase of the Internet giant's search business, following Microsoft's failed attempt to buy the Internet company earlier this month.

SanDisk reportedly made bearish comments about its sales outlook at a JP Morgan technology conference. The comments weighed on the shares of SanDisk and other technology stocks. shares jumped 7.6% after Goldman Sachs resumed coverage of the company with a buy rating and boosted its six-month price target to $98 from $75, according to reports.

Lowe's reported weaker earnings that topped estimates on lower revenue that missed estimates due to the impact of the struggling US economy and slumping housing market. Lowe's also warned that full-year results won't meet forecasts. Shares fell 2.6%.

US light crude oil for June delivery rose 76 cents to settle at a record $127.05 per barrel in New York after hitting an all-time trading high of $127.82 on Friday. The national average price for a gallon of regular unleaded gas rose to a record $3.794, according to AAA. It was the 12th straight record high.

COMEX gold for August delivery rose $6.10 to settle at $910.20 an ounce. The dollar rose versus the euro and yen. Treasury prices gained, lowering the yield on the 10-year note to 3.83% from 3.84% late on Friday.

European shares ended higher for the fourth straight session on Monday. The pan-European Dow Jones Stoxx 600 index ended 0.9% higher at 332.87. The FTSE 100 index in London climbed 1.1% to 6,376.50, while Germany's DAX 30 index advanced 1% to 7,225.94 and the French CAC-40 index rose 1.3% to 5,142.10.

In the emerging markets, the Bovespa in Brazil was up 0.9% at 73,438 while the IPC index in Mexico climbed nearly 1% at 31,796. The RTS index in Russia gained 0.4% at 2487 while the ISE National 30 index in Turkey lost 0.3% to 52,455.

Bulls may remain in control

It was the third straight trading session of gains for the bulls. Again it was firm cues coming in from the International Equity markets and buying momentum in the Metal and the Banking stocks that kept the markets in green.

Markets slightly lost ground and slipped into red as trader and investors reacted to an unexpected rise in India’s Inflation numbers. Inflation rate was 7.83% in week ended May 3 against expectation of 7.55%. However, later bulls made a come back shrugging off rising inflation figures tracking the positive start in the European markets.

Finally, the BSE benchmark Sensex ended 81 points higher to close at 17,434 and the Nifty index gained 42 points to close at 5,157.

Reliance Industries was up by 0.5% to Rs2,635. According to reports the company is in talks with three overseas oil companies to bid for oil and gas blocks in the seventh round of NELP. The scrip touched an intra-day high of Rs2,646 and a low of Rs2,601 and recorded volumes of over 6,00,000 shares on BSE.

Lupin gained by 5% to Rs676 as there were reports stating that it was looking for acquisitions in US and emerging markets to expand its overseas operations. The scrip touched an intra-day high of Rs689 and a low of Rs624 and recorded volumes of over 4,00,000 shares on BSE.

Cadila surged by over 1.5% to Rs314 as the company on Thursday announced that it secured nod from US FDA to market four products. The scrip touched an intra-day high of Rs317 and a low of Rs308 and recorded volumes of over 9,000 shares on BSE.

Texmaco has gained by 2% to Rs1626 after the board of directors of the company announced that they would split each share in to 10. The scrip has touched an intra-day high of Rs1677 and a low of Rs1560 and has recorded volumes of over 55,000 shares on BSE.

SAIL surged by over 7% to Rs185 after the company announced its Q4 net results with profit at Rs23.80bn (up 25.1%) and net sales were at Rs135.5bn. There were also reports stating that the company would set-up a processing unit in Himachal Pradesh The scrip has touched an intra-day high of Rs189 and a low of Rs172 and has recorded volumes of over 94,00,000 shares on BSE.

Rcom gained by a 2% to Rs601 after reports stated that the company announced that they secured Rs30bn loan from China Development Bank to fund its nationwide GSM foray. The scrip touched an intra-day high of Rs607 and a low of Rs587 and has recorded volumes of over 28,00,000 shares on BSE.

Edelweiss Capital ended lower by a 1.5% to Rs797. The company announced that it posted a net profit of Rs100.10mn for the quarter ended March 31, 2008 as compared to Rs53.10mn for the quarter ended March 31, 2007. Total Income has increased from Rs201.90mn for the quarter ended March 31, 2007 to Rs712mn for the quarter ended March 31, 2008. The scrip touched an intra-day high of Rs841 and a low of Rs792 and has recorded volumes of over 1,00,000 shares on BSE.

Corporate News
M&M is likely to buy a controlling stake in Italy’s Stile Bertone. (ET)
ONGC Videsh plans to relinquish its onshore exploration block in Ghadames basin, Libya, in favour of the National Oil Co. of that country. (BL)
Reliance Industries in talks with two overseas companies for a foray into hospitality. (ET)
Reliance Retail close to break even in its first full year of operations. (Mint)
ONGC subsidy on auto and cooking fuel to rise by 17.5% in 2007-08. (FE)
Maharashtra government is reconsidering the bid by Reliance Energy for the Rs60bn Mumbai Trans Harbour link. (BS)
Mittal Energy Investments, Total of France and HPCL are likely to invest Rs320bn each in the proposed Petro hub project in AP. (ET)
United Spirits is expected to go in for local bottling of Whtye & Mackay scotch whisky. (ET)
RCOM is set to launch DTH services in 4,000 towns. (ET)
GAIL may become a consortium partner in the Pakistan-India portion of the Iran-Pakistan-India gas pipeline project. (BL)
State owned oil marketing companies want to pay ONGC & Oil India, in oil bonds. (FE)
The Left parties have opposed any move by the Centre to relax FDI norms to facilitate the Bharti-MTN deal. (FE)
Reliance Infratel dilutes 5% stake in pre-IPO placement. (FE)
Ceat decides to set up Rs6bn greenfield radial facility in Gujarat. (BL)
BSEL Infrastructure Realty has signed a MoU with the Government of Malaysia for development of the proposed Iskandar metropolis at an investment of Rs180bn. (BL)
Ranbaxy has started operations in Yemen by tying up with a local firm, Pharma. (ET)
Aditya Birla group to invest Rs4bn in its retail business under group company Aditya Birla Nuvo.(ET)
Quippo Telecom Infrastructure is likely to buy 49% stake in Tata Telecom Teleservices.(TOI)
OnMobile Global to buy a French company in the area of speech recognition software.(BL)
Kinetic Motors in talks with a PE fund and other automakers, in addition to M&M, to raise Rs1.5bn.(Mint)
TRAI asks Government to prescribe contingent rollout obligations and seek additional bank guarantees from Reliance Communications and Tata Teleservices.(BS)
Allahabad Bank plans a rights issue for raising
Tier I capital without diluting government stake.(DNA)
UTI MF may defer its IPO to July in view of financial turmoil in global markets.(FE)
Tata group plans to enter the business of operating and managing ATMs through Tata Communications.(Mint)
Tata Investment to raise Rs7.2bn through a rights issue of zero coupon convertible bonds.(ET)
HSBC acquires 73.2% stake in IL&FS Investsmart for Rs11bn in cash.(BL)
Pidilite Industries exploring possibilities to acquire majority stake in European or US companies.(BS)
Gateway Distriparks plans to double the capacity of its cold storage warehouses. (DNA)
Himatsingka has disclosed a MTM loss of Rs1.75bn (as on March 10, 2008) on a derivative deal with HDFC Bank, for which it has sued the bank. (BS)
Bombay Dyeing is considering demerging its real estate business into a separate company. (DNA)
Tata Coffee is eyeing an acquisition in Russia. (DNA)
Raymond has re-launched its popular brand Be and plans to re-open Be: apparel stores. (ET)
Videocon Industries plans to make mobile handsets. (DNA)
Reliance BIG Entertainment, part of the ADAG group, to invest US$1bn in the Indian film and end entertainment business.(ET)
Global Steel Holdings plans to invest US$450mn to double its capacity at Delta Steel Company in Nigeria to 2.4mtpa.(ET)
HCL Technologies in talks for an acquisition in the life sciences space.(DNA)
Godrej group and Videocon Industries sounded out on a possible bid for GE’s appliances division.(ET)
Bahrain Telecommunications may acquire a listed Indian operation.(Mint)
Hyundai plans to launch a US$3,500 car in India by 2012.(TOI)
Shree Precoated Steels decides to hive off its steel business into a separate company.(ET)
Mercator Lines enters into coal mining business through its subsidiary in Singapore.(DNA)
Bharti Airtel to start its Sri Lanka operations this year.(ET)
Omaxe plans to foray into Dubai property market.(ET)

Company Background - ONGC

More than half century survival in oil and gas industry is a record of work by Oil and Natural Gas Corporation Limited (ONGC). It was originated in the year of 1956 as a private sector company. Later, in the year 1993 the company was came to known as Public Sector Company. ONGC's habitual activities deals with exploration, development and production of Crude Oil, Natural Gas, LPG and some other value added petroleum products such as NGL, C2-C3, Aromatic Rich Naphtha and Kerosene. The company going along with two of its folds namely ONGC Videsh Limited (OVL) and Manglore Refinery & Petrochemicals Limited (MRPL) and ten of Joint Ventures/Associates. ONGC's Basins are totally seven in numbers, Western Offshore Basin (Mumbai & Baroda), KG Basin (Rajamundary), Cauvery Basin (Chennai), Assam & Assam-Arakan Basin (Jorhat), CBM-BPM Basin (Kolkata) and Forntier Basin (Dehradun) and ONGC has two plants situated in Uran and Hazira. The company covers five regions such as Mumbai, Baroda, Nazira, Chennai and Kolkata and also ONGC running eleven institutes for different specialisation in different locations.

During March 1999, ONGC, Indian Oil Corporation (IOC) and Gas Authority of India Limited (GAIL) both of three agreed to have cross holding in each other's stock to pave the way for Long-term strategic alliance amongst themselves for the domestic and overseas business opportunities in the energy value chain. The ONGIO International Pvt Ltd was incorporated in the year 2001 as 50:50 joint venture projects with Indian Oil Corporation Ltd with aim of providing Training, Consultancy & Services in Hydrocarbon Sector and later company has decided to wind up ONGIO due to loss. During 2001-02 the augment recovery from onshore fields of 13 projects 2 were resourcefully commissioned. By the end of the same year 2001-02 the company 's subsidiary unit ONGC Videsh Ltd commenced its commercial production of gas.

In the year of 2004 ONGC initiated Phase-I of a collaborative project on CBM in Jharia Field and successfully completed the same in 2005. During 2004-05 the company discovered its third deep-water exploration campaign 'Sagar Samriddhi' in Krishna-Godavari (KG) Basin at the location Vashistha (VA-1A) in block KG-OS-DW-IV. In the western offshore a shallow-water oil and gas was recorded in D-33, about 60 Kilometers South-West of Mumbai High, Onshore, Oil and Gas was found in Tiphuk-1 in North Assam Shelf and Oil was struck at Wamaj in Cambay Basin. Offshore, four new Platforms (2 Well Platforms, 1 Process Platforms and 1 Clamp-on) were Commissioned for enhancing production. New trunk pipelines are being laidsub-sea from Mumbai High Field to Urban Oil and Gas processing facility.

In March 2005 ONGC launched its retail marketing business with commissioning of its first autofuels outlet at Manglore under the brand 'ONGC Values' and 'Shopp'njoy' for fuel and non-fuel business respectively. The company has also received approval/license from the Government for marketing of non-subsidised LPG cooking gas, Kerosene and Aviation refueling sales. Tripura Power Development Company Pvt Ltd (TPDCL) was incorporated to set up a gas-based power-generating project in Tripura. TPDCL has been renamed as ONGC Tripura Power Company Pvt Ltd after the domination. In the same year the company has entered into various alliances in form of execution of Memorandum of Understanding with Kakinada Seaport & IL&FS with 26% equity stake for development of Port based SEZ at Kakinada, Andhra Pradesh. During the year 2006 the company was awarded 60 out of 110 exploration blocks by the Government in the five NELP rounds. Out of these 60 NELP Blocks 35 are in the form of unincorporated joint ventures and remaining blocks are company's 100% participating interest.

For the sake of its excellent concert, the company has received numerous awards every year. The highlights are NDTV Profit Business Leadership Award, Motilal Oswal CNBC TV18 Biggest Wealth Creator of India for the period of 2001-06, Golden Peacock Award 2006 for Corporate Governance in PSU category, is this award has been conferred to the company regularly. Dun & Bradstreet-American Express Corporate Awards 2006 in the oil and gas exploration sector and Greentech Gold Safety Award in petroleum sector apart from this, the company listed and ranked in Indian level also in global level by various evaluators.

ONGC entering the alternative energy segment with a Rs 1,200 crore-plus investment to generate 200 mw of wind power for captive use and the country's largest field, is all set to produce an additional 20.7 million tonnes of oil and 3.32 billion cubic metre (bcm) of gas with an investment of about Rs 5,713 crore in Mumbai High, the project envisages drilling of 86 infill wells. Five new well head platforms and six clamp-on structures are also planned. A new process platform bridge connected to the existing process complex ICP in Mumbai High South is proposed to handle the additional production. ONGC have future enhancement plans in all sector under the company, in that the production plans covers to develop Deep/Ultra Deepwater field and flow assurance issues, extraction by Twister Technology to produce about 16 TPD of condensate is conceptualized. Further, from the condensate fractionation scheme, production of about 1077 TPA of LPG and 3516 TPA of Naphtha is planned at coast of Rs.30.21 crores. Under the Drilling, formulation of polyamines enhanced High Performance Water Based Mud (HPWBM) system and integrated cementing solutions for HPHT Oil and Gas Wells and some other plans in above said categories and also under in Technology. The company being set up Rajiv Gandhi Urja Bhawan in Delhi for holistic research in Alternate Energy Sources. As on may 2008, part of the strategic alliance initiative, the ONGC proposed assignment of participating interest to BG Exploration and Production India Limited (BGEPIL), a 25 % participating interest in its Mahanadi basin deep water block, MN-DWN-2002/2.

Company Background - Indianoil Corporation

Indian Refineries & Indian Oil Company were set up in 1958 and 1959 respectively, to build national competence in the oil refining and marketing business. In 1964 these two companies were merged to form the Indian Oil Corporation (IOCL). IOCL is the 21st largest petroleum company in the world and the # 1 petroleum trading company among the National Oil Companies in the Asia-Pacific region. Indian oil is also the highest ranked Indian company in the Prestigious fortune Global 500 listing moving to 153th position.

IOCL controls 10 of India's 18 refineries with a combined refining capacity of 54.20 million tonnes per annum. These includes two refineries of subsidiary Chennai Petroleum Corporation Ltd and one of Bongaigaon Refinery and Petrochemicals Ltd. IOCL and its subsidiaries account for 47% petroleum products market share among public sector companies, 41% national refining capacity and 51% downstream product pipeline capacity. It also owns and operates crude oil and product pipelines of over 9000 Km across the country. IOCL also has the largest marketing network in the country, comprising over 30000 sales points backed for supplies by 183 bulk storage points and depots, 88 Indane bottling plants and 97 Aviation Fuel Station to cater the Aviation, Defence as well as Civil industry. Indian oil together with IBP, operates the largest and the widest network of petrol and diesel stations in the country numbering over 15,000. In the overseas business, the company continues to explore new opportunities and coordinate business activities between its various overseas offices at Dubai, Kuwait, Kuala Lumpur, Sri Lanka and Mauritius.

IOC has it subsidiaries namely Chennai petroleum Ltd, Bongaigaon Refinery and Petrochemicals Ltd, IBP Co Ltd, Lanka IOC Ltd, Indian Oil Mauritius Ltd, Indian Oil Technologies Ltd, Indian Strategic Petroleum Reserve Ltd.

During 2000-2001, the company acquired the entire holding of Government of India (GOI) in Chennai Petroleum Corporation (CPCL) (51.81%) for Rs.509.33 crore and Bongaigaon Refinery & Petrochemicals (BRPL) (74.46%) for Rs 148.80 crore, thereby making these companies subsidiaries of it. It has also acquired IBP & Co Ltd by purchasing 33.58% equity capital at a price of Rs.1154 crores.

As a vertical integration through E&P intitatives,the company along withONGC Videsh Ltd was awarded the Farsi Exploration Block in Iran. The mainoperator will be ONGC Videsh in which IOCL will have 40% equityparticipation.

The company is investing Rs.24,400 Crore during the X Plan period from 2002to 2007, in integration and diversification projects apart from refiningand pipeline capacity augmentation, product quality upgradation and retailexpansion. As part of expansion, the company commissioned the world largestsingle train Linear Alkyl Benzene plant at Koyali Refinery in August 2004and the on-going integrated Paxaxylene/Purified Terephthalic Acid plant &World-Scale Naphtha Cracker with downstream polymer projects are part ofthis expansion. The company is also planning to convert the ParadipRefinery into a refinery-cum-petrochemicals complex.

IOCL in association with other companies was awarded 11 exploration blocksin NELP and acquired participating interest in on-shore blocks in Assam andArunachal Pradesh region. The company has now finalised an import deal for1.75 Millions tonnes of LNG per annum with Iran for supplies from the year2009 onwards. The company has proposed to develope gas blocks in the NorthPars fields of Iran jointly with Petropars, a subsidiary of NationalIranian Oil Company. IOCL is first Indian and 6th Global Company todevelope marine Oils and also obtained global approvals for shipboardapplications in the entire family of vessels of MAN B&W,Denmark andWartsila, Finland.

During 2005 the new Panipat-Rewari product pipeline was commissioned and this network was expanded to 7,730 km. Also the company has completed LABplant at Gujarat Refinery, MS quality improvement project & Dieselhydrotreating plant at Mathura Refinery, Sidhpur-Sanganer productspipeline. Some of the ongoing projects of the company are Panipat Refineryexpansion from 6 to 12 million tonnes per annum, crude oil blendingfacilities at Mundra, bottling Plants at Ilayangudi, Raipur and Vasai.Thenew projects of the company during this period are Chennai- Bangalore product pipeline, LPG Bottling plant at Mathura etc.,

During 2005-06, Indian oil entered into South India with the commissioning of the 681-km Chennai-Trichy-Madurai product pipeline. With the commissioning of several other key projects, including the Sidhpur-Sanganer product pipeline and branchline to Ajmer and the Mundra-Churwa crude oil pipeline, the pipeline network was expanded to 9024 km during the year. A section of the Kandla-Bhatinda pipeline from Sidhpur to Sanganer was also convered to crude oil service to ensure enhanced crude oil availability to Mathura and Panipat refineries.

During the year under review, IOC completed projects for Doubling of capacity at Panipat Refinery from 6 to 12 million tonnes per annum , Paraxylene/Purified Terephthalic Acid (PX/PTA) unit at Panipat., MS quality improvement projects at Mathura and Haldia refineries, Diesel hydro-treatment facilities at Mathura Refinery, Chennai-Trichy-Madurai and Sidhpur-Sanganer product pipelines - Mundra-Churwa(Kandla) crude oil pipeline and conversion of Kandla-Panipat section of Kandla-Bhatinda pipeline to crude oil service.

IOCL's production capacity of Lubricating Oil was expanded from 286000 MTs to 525000 MTs.

Indian oil Blending company Ltd, a wholly owned subsidiary of the company was merged with the company w.e.f 12th May 2006.

The merger of IBP Co. Ltd. with IndianOil is at an advanced stage with the shareholders of both the companies approving the Scheme of Amalgamation with a swap ratio of 110 equity shares of IndianOil for 100 equity shares of IBP Co. Ltd..

The valuation process for the merger of Bongaigaon Refinery & Petrochemicals Ltd. (BRPL) with IndianOil is in progress after the Boards of both the companies accorded 'in-principle' approval for the merger.

In accordance with the decision of the Government of India, IndianOil has transferred its entire equity holding in Indian Strategic Petroleum Reserves Ltd. (ISPRL) to the Oil Industry Development Board, a Government body functioning under the Ministry of Petroleum & Natural Gas. Consequently, ISPRL ceased to be a wholly-owned subsidiary of IndianOil effective 9th May, 2006. IndianOil has formed a wholly-owned subsidiary company, viz., IOC Middle East FZE, in Jebel Ali Free Trade Zone, Dubai, with the objective of marketing lubricants and other petroleum products in the Middle East, Africa and CIS regions.

A joint venture company, viz., Indo-Cat Pvt. Ltd., was incorporated in June 2006. The Company is a 50:50 venture between IndianOil and Intercat. Inc. of USA for manufacture and marketing of FCC catalysts and additives. Green Gas Ltd., was incorporated in October 2005 as a joint venture between IndianOil and GAIL (India) Ltd. for city gas distribution in Agra and Lucknow.

During 2006-07, the pipeline network was expanded to 9,273 Km. IOC also commissioned major projects like Mundra-Panipat pipeline, the Koyali-Dahej product pipeline and a branch line to Chittaugarh on the Sidhpur-Sanganer product pipeline. A state of art marketing facility was also commissioned at Trichy, Tamil Nadu on the 683 km Chennai-Trichy-Madurai product pipeline which was dedicated to the nation during the year.

The ongoing projects of IOC during the year are capacity expansion of Panipat Refinery from 12 to 15 MMTPA, Naphtha Cracker with downstream polymer units at Panipat, Hydrocracker for improvement in diesel quality and distillate yield at Haldia Refinery, Residue upgradation and petrol/diesel quality improvement at Gujarat Refinery, Paradip-Haldia crude oil pipeline Koyali-Ratlam product pipeline, Augmentation of Mundra-Panipat crude oil pipeline from 6 to 9 MMTPA, Dadri-Panipat R-LNG spur pipeline, Automation of 1,000 petrol/diesel stations, New depots/terminals at Chittaurgarh, Jasidih, Ratlam, Zewan, Lalkuan & Ennore, LPG bottling plants at Mathura and Vadodara

The New Projects under taken by the company during the year are 15 MMTPA integrated refinery-cum-petrochemicals complex at Paradip, Petrol quality upgradation projects at Panipat, Mathura, Barauni, Digboi and Guwahati refineries, Panipat-Jalandhar LPG pipeline.

During the year, IndianOil was associated with successful discoveries in two exploration blocks, one each in India and overseas. In the domestic exploration block in offshore Mahanadi, gas discovery has been made and currently the reserve potential is being assessed. In the Farsi Block in Iran, oil & gas have been discovered and the block is presently being appraised for commerciality.

The Corporation farmed-in an exploration block, Shakthil in Gabon along with Oil India Ltd. (OIL) as the operator. IndianOil and OIL have each acquired participating interest in an on-land block in Nigeria. IndianOil, in consortium with OIL and two other companies, had bid for oil & gas exploration blocks in Yemen under the third International Bid Round and succeeded in getting two blocks. Exploration work is continuing in the two exploration blocks awarded to the IndianOil-OlL consortium in Libya earlier in 2005.

In India, under the NELP-VI round of bidding, the Corporation, in consortium with other Indian partners, has been awarded two exploration blocks in Mumbai offshore.

Today's Pick - Ashapura Minechem

We recommend a buy in Ashapura Minechem from a short term perspective. It is evident from the chart that the stock has been on a medium term down trend from the January peak at Rs 448. This down trend was arrested at Rs 168 in March and the stock has been moving higher since then.

The crossover of the 21 and 50-day moving averages in the daily charts is a positive signal. The volume traded has also increased over the past two trading sessions. The daily momentum indicator has entered the bullish zone.

Moreover, the daily moving average convergence and divergence is featuring in the positive territory in line with the uptrend. Our short-term forecast for the stock is bullish. We expect the stock’s current up move to continue until it hits our price target of Rs 280 in the short term. Investors with short-term perspective can buy the stock while keeping the stop-loss at Rs 233.

via BL

Gold closes above $900

Precious metals rise as oil continues to hover around $128

Gold futures closed above $900 an ounce Monday, 19 May, 2008 marking their first closing above $900 level in almost a week. Prices rose as crude oil prices rose once again and the dollar remained steady against its rivals. Crude oil's rally to a fresh record high near $128 a barrel boosted the precious metal's appeal as an inflation hedge.

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 rose $5.9 (0.65%) to close at $905.8 ounce on the New York Mercantile Exchange. Last week, gold prices ended higher by $14 (1.6%). On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. Prices have dropped by 12% since then.

This year, gold prices have gained 7.9% for the till date against a 8.4% 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 rose 7 cents (0.4%) to $17.03 an ounce. Silver has gained 13.4% 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 Monday, the dollar recovered from a two-week low against the euro, extending gains after a rise in U.S. leading economic indicators. The dollar index, which tracks the performance of the greenback against other major currencies, was at 73.092, up from 72.799.

Among major economic news, the Conference Board's index of leading economic indicators rose for a second straight month in April. The index, which attempts to forecast turning points in the economy, rose 0.1% in April, matching March's gain after falling for the five prior months.

In the crude market, crude-oil futures marked their first close above $127 a barrel on Monday, with the market extending last week's strength on growing concerns about energy supply and demand from China. Last week, crude-oil futures rallied to a fresh record high near $128 a barrel as Goldman Sachs raised its second-half-of-the-year forecast for oil prices by 32% to $141.

At the MCX, gold prices for June delivery closed higher by Rs 3 (0.02%) at Rs 12,347 per 10 grams. Prices rose to a high of Rs 12,472 per 10 grams and fell to a low of Rs 12,308 per 10 grams during the day’s trading.

At the MCX, silver prices for July delivery closed Rs 77 (0.32%) lower at Rs 23,474/Kg. Prices opened at Rs 23,580/kg and fell to a low of Rs 23,310/Kg during the day’s trading.

Crude ends modestly higher

Crude prices give up intraday gains and closes seventy six cents higher

Crude-oil futures closed above $127 a barrel on Monday, 19 May, 2008, below the day's record peak, after concerns regarding demand and supply continued to rattle the energy market. Prices rose amid speculation that Saudi Arabia's decision to increase output by 300,000 barrels a day will be sufficient to reduce prices. Prices for crude oil have been hovering above $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 $127.05/barrel (higher by $0.76/barrel or 0.6%) on the New York Mercantile Exchange. Price touched a high of $127.77 earlier during the day. But the upcoming expiration of the June futures contracts kept gains in check.

Last week, crude prices closed higher by 29 cents. For the year, crude is up by 28% till date. Prices are higher by 92% on a yearly basis.

It was reported last week that Saudi Arabia will boost production by about 3.3% to 9.45 million barrels a day in June.

Last week, prices almost kissed 4128 after Goldman Sachs raised its forecast on Friday for the average price of West Texas Intermediate oil in the second half of 2008 to $141 a barrel from $107 a barrel. As per the company’s reports, long-term oil prices will need to continue to rise to bring trend oil demand growth in line with trend supply growth.

At the currency markets on Monday, the dollar recovered from a two-week low against the euro, extending gains after a rise in U.S. leading economic indicators. The dollar index, which tracks the performance of the greenback against other major currencies, was at 73.092, up from 72.799.

Among major economic news, the Conference Board's index of leading economic indicators rose for a second straight month in April. The index, which attempts to forecast turning points in the economy, rose 0.1% in April, matching March's gain after falling for the five prior months.

Brent crude oil for June settlement today rose $0.07 (0.7%) to $125.06 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.

Natural gas and heating oil slip

Natural gas fell as heating oil declined and the dollar gained against the euro. Natural gas for June delivery fell 14 cents (1.3%) to settle at $10.954 per million British thermal units.

Against this backdrop, June reformulated gasoline rose 2 cents to finish at $3.24 a gallon but June heating oil fell 2 cents to end at $3.68 a gallon.

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

At the MCX, crude oil for May delivery closed at Rs 5,330/barrel, lower by Rs 13 (0.24%) against previous day’s close. Natural gas for July delivery closed at Rs 470.8/mmbtu, lower by Rs 3.2/mmbtu (0.67%).

Real Estate Sector

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