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Wednesday, May 28, 2008
Bafna, Gokul, Niraj Cement Grey Market Premiums
Company Name Offer Price Premium
Gokul Refoils 195 12 to 15
Anus Laboratories 210 30 to 35
Niraj Cement 175 to 190 17 to 20
Bafna Pharmaceutical 40 10 to 15
NSE Bulk Deals to Watch - May 28 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
28-May-08,BIRLAPOWER,Birla Power Solutions Ltd,SHEARSONINVESTMENT&TRADINGCOPVTLTD,BUY,500000,29.4,-
28-May-08,CHAMBLFERT,Chambal Fertilizers Ltd.,NEW VERNON INDIA LIMITED,BUY,2650000,81.3,-
28-May-08,CHAMBLFERT,Chambal Fertilizers Ltd.,PRASHANT JAYANTILAL PATEL,BUY,4699116,83.58,-
28-May-08,INDOTECH,Indo Tech Transformers Li,SWISS FINANCE CORPORATION (MAURITIUS) LIMITED,BUY,53375,502.53,-
28-May-08,KOHINOOR,Kohinoor Foods Limited,AMRABATHI INVESTRA PVT LTD,BUY,300000,85,-
28-May-08,KOHINOOR,Kohinoor Foods Limited,PILOT CONSULTANTS LTD,BUY,300000,85,-
28-May-08,KOHINOOR,Kohinoor Foods Limited,SURBHI BAJORIA,BUY,350000,85,-
28-May-08,KOUTONS,Koutons Retail India Limi,FIDELITY INVESTMENT SERVICES LIMITED A/C FIDELITY,BUY,268846,747.06,-
28-May-08,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,BUY,2442581,48.07,-
28-May-08,SITASHREE,Sita Shree Food Products,BHAYANI SECURITIES,BUY,200040,42.24,-
28-May-08,SITASHREE,Sita Shree Food Products,DIPAK RAMANBHAI RATHOD,BUY,104000,44.1,-
28-May-08,SITASHREE,Sita Shree Food Products,GOPAL TRADERS,BUY,144499,41.89,-
28-May-08,SITASHREE,Sita Shree Food Products,TIRUPATI ONLINE,BUY,123563,44.11,-
28-May-08,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,102666,70.64,-
28-May-08,TULSI,Tulsi Extrusions Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,64347,70.7,-
28-May-08,TULSI,Tulsi Extrusions Limited,CPR CAPITAL SERVICES LTD.,BUY,174207,70.91,-
28-May-08,TULSI,Tulsi Extrusions Limited,DYNAMIC STCOK BROKING (I) PVT LTD,BUY,109257,72.23,-
28-May-08,TULSI,Tulsi Extrusions Limited,HARESH VITTHALDAS RAMI,BUY,373244,69.36,-
28-May-08,TULSI,Tulsi Extrusions Limited,MBL & COMPANY LTD.,BUY,140358,70.96,-
28-May-08,TULSI,Tulsi Extrusions Limited,PRASHANT JAYANTILAL PATEL,BUY,128560,71.65,-
28-May-08,TULSI,Tulsi Extrusions Limited,TRANSGLOBAL SECURITIES LTD.,BUY,199255,69.91,-
28-May-08,VENUSREM,Venus Remedies Limited,TATA YOUNG CITIZEN'S FUND,BUY,50001,437.2,-
28-May-08,BIRLAPOWER,Birla Power Solutions Ltd,TRANSVESTMENTS PTE LIMITED ,SELL,500000,29.4,-
28-May-08,CHAMBLFERT,Chambal Fertilizers Ltd.,PRASHANT JAYANTILAL PATEL,SELL,4692568,83.56,-
28-May-08,KOHINOOR,Kohinoor Foods Limited,DEUTSCHE BANK AG LONDON,SELL,1000000,85,-
28-May-08,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,SELL,2442581,48.1,-
28-May-08,QUINTEGRA,Quintegra Solutions Ltd,STUPENDORS TRADERS PVT LTD,SELL,140000,88.75,-
28-May-08,SITASHREE,Sita Shree Food Products,BHAYANI SECURITIES,SELL,200040,41.42,-
28-May-08,SITASHREE,Sita Shree Food Products,DIPAK RAMANBHAI RATHOD,SELL,110581,43.11,-
28-May-08,SITASHREE,Sita Shree Food Products,GOPAL TRADERS,SELL,144499,41.3,-
28-May-08,SITASHREE,Sita Shree Food Products,TIRUPATI ONLINE,SELL,163563,43.34,-
28-May-08,SITASHREE,Sita Shree Food Products,VAJSHAH SHARES & CONSULTANCY P,SELL,148227,40.02,-
28-May-08,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,102666,70.67,-
28-May-08,TULSI,Tulsi Extrusions Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,66347,70.51,-
28-May-08,TULSI,Tulsi Extrusions Limited,CPR CAPITAL SERVICES LTD.,SELL,174207,70.8,-
28-May-08,TULSI,Tulsi Extrusions Limited,DYNAMIC STCOK BROKING (I) PVT LTD,SELL,61297,72.49,-
28-May-08,TULSI,Tulsi Extrusions Limited,HARESH VITTHALDAS RAMI,SELL,373244,69.3,-
28-May-08,TULSI,Tulsi Extrusions Limited,MBL & COMPANY LTD.,SELL,140358,71.04,-
28-May-08,TULSI,Tulsi Extrusions Limited,PRASHANT JAYANTILAL PATEL,SELL,128560,71.54,-
28-May-08,TULSI,Tulsi Extrusions Limited,TRANSGLOBAL SECURITIES LTD.,SELL,199095,70.22,-
28-May-08,VENUSREM,Venus Remedies Limited,YASH SHARES AND STOCK PRIVATE,SELL,49991,437.2,-
BSE Bulk Deals to Watch - May 28 2008
Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
28/5/2008 532975 AISHWARYA TE HIRAMAN KESHAW WAINGANKAR B 71000 114.15
28/5/2008 532975 AISHWARYA TE DIPAL DEVENDRA SHAH B 75000 113.54
28/5/2008 532975 AISHWARYA TE JAGRATI TRADE SERVICES P LTD B 90000 112.92
28/5/2008 532975 AISHWARYA TE MALA HEMANT SHETH B 115000 113.36
28/5/2008 532975 AISHWARYA TE JAGRATI TRADE SERVICES P LTD S 90000 110.84
28/5/2008 532975 AISHWARYA TE VINAY JAIN S 61591 111.51
28/5/2008 532975 AISHWARYA TE HEMANT MADHUSUDAN SHETH S 120000 112.74
28/5/2008 532975 AISHWARYA TE GOLDSTAR FINVEST PVT LTD S 108086 114.21
28/5/2008 532946 BANG JAY INVESTRADE PVT. LTD B 162212 267.15
28/5/2008 590059 BIHAR TUBES SPJSTOCK B 33572 178.19
28/5/2008 590059 BIHAR TUBES SPJSTOCK S 33572 178.78
28/5/2008 517001 BIRLA POWER TRANSVESTMENTS PTE LIMITED S 620000 29.42
28/5/2008 590061 BRUSHMAN IND PACIFIC CORPORATE SERVICES LTD B 100000 119.98
28/5/2008 590061 BRUSHMAN IND SURESH MOHANDAS ASRANI S 57101 118.05
28/5/2008 531932 C G IMPEX VARSHABEN NAVINBHAI SONI B 37484 14.80
28/5/2008 531682 CAT TECHNOL S V ENTERPRISES B 184384 8.99
28/5/2008 531682 CAT TECHNOL S V ENTERPRISES S 171887 9.00
28/5/2008 500085 CHAMBAL FERTILISERS AND CHEMIC LATIN MANHARLAL SEC PVT LTD B 2827667 82.79
28/5/2008 500085 CHAMBAL FERTILISERS AND CHEMIC LATIN MANHARLAL SEC PVT LTD S 2830667 82.84
28/5/2008 531067 CONTIL I LTD SAURBH MOHAN B 32100 11.62
28/5/2008 532271 CYBERMAT INF S V ENTERPRISES B 585344 5.99
28/5/2008 532271 CYBERMAT INF S V ENTERPRISES S 585344 6.00
28/5/2008 531595 DOVER SECURT JIGYASA PROPERTIES PVT LTD B 313657 143.85
28/5/2008 531595 DOVER SECURT KHETAN MADHU S 187256 143.35
28/5/2008 531595 DOVER SECURT UNIWORTH FINLEASE LTD S 29275 142.66
28/5/2008 532821 INDUSFILA ABN AMRO BANK NV LONDON BRANCH B 100000 116.00
28/5/2008 532821 INDUSFILA RAKHI TRADING PVT. LTD S 100000 116.00
28/5/2008 531602 KOFF BR PICT ASHOK G GADA B 32668 22.79
28/5/2008 530129 NILE LTD RAJIV ARORA S 24643 155.12
28/5/2008 521080 PASARI SPIN SPJSTOCK B 171186 13.64
28/5/2008 521080 PASARI SPIN SPJSTOCK S 171256 13.68
28/5/2008 506618 PUNJAB CHEM SHRIPAL SHARES AND SECURITIES LIMITED B 25000 238.79
28/5/2008 505141 SCOOTERS IND MONGHIBEN MAVJI CHHEDA B 13201 33.46
28/5/2008 513530 STELCO STRIP SPJSTOCK B 175489 43.62
28/5/2008 513530 STELCO STRIP SPJSTOCK S 175489 44.48
28/5/2008 532948 TULSI EXTRU HEMAL KETAN SHAH B 85073 68.61
28/5/2008 532948 TULSI EXTRU N D NISSAR B 76259 70.57
28/5/2008 532948 TULSI EXTRU HEMAL KETAN SHAH S 85073 69.19
28/5/2008 532948 TULSI EXTRU N D NISSAR S 76259 70.57
28/5/2008 531249 WELL PACK PA HEMANT MADHUSUDAN SHETH B 35192 61.80
28/5/2008 531249 WELL PACK PA HEMANT MADHUSUDAN SHETH B 40000 61.84
28/5/2008 531249 WELL PACK PA HEMANT MADHUSUDAN SHETH B 35000 61.84
28/5/2008 531249 WELL PACK PA DEVENDRA SURESH GUPTA S 60000 61.84
28/5/2008 531249 WELL PACK PA HARDIK M MITHANI S 45000 61.84
28/5/2008 531249 WELL PACK PA SHAH SAMIR S S 25000 61.84
Post Session Commentary - May 28 2008
Indian market made a smart come back towards the final trading hours to close with good gains after jigging up and down through out the trading session. Buying during final hours witnessed due to the favoring cues from global markets as European markets opened on a positive note and crude oil prices tumbled below $127 a barrel. The domestic market opened higher tracking the favoring cues from the US Markets, but was not able to sustain the momentum and turned volatile due to the expiry of the derivatives contracts tomorrow. Further, buying in some key stocks like metal, banking, IT and FMCG powered the market to close in green. The capital goods and power stocks were out of favor as most of the selling was seen from these baskets. The market breadth was negative as 1312 stocks closed in green while 1358 stocks closed in red and 86 stocks remained unchanged.
The BSE Sensex closed higher by 249.78 points at 16,525.37 and NSE Nifty grew by 58.55 points to close at 4,918.35. The BSE Mid Cap and Small Cap closed up by 74.62 points and 27.01 points to 6,753.53 and 8,237.09 respectively.
Gainers from the BSE are Ambuja Cement (6.66%), ITC Ltd (6.19%), Hindalco (5.96%), TCS Ltd (4.46%), Tata Steel (4.00%), SBI (3.12%), Satyam Comp (3.09%), Wipro Ltd (2.96%), JP Associates (2.64%) and Bharti Airtel (2.49%).
Losers from the BSE are BHEL (2.78%), L&T Ltd (1.25%), ONG Corp Ltd (1.11%), Mahindra & Mahindra (0.46%), NTPC Ltd (0.37%), HDFC (0.21%) and Reliance Com Ltd (0.03%).
Metal index closed higher by 378.88 points at 16,649.65, gainers are Hindalco (5.96%), Welspan Gujarat SR (5.33%), Tata Steel (4.00%), Ispat Indus (3.49%), Bhushan Steel (3.46%), and Nat Aluminum Co (2.85%).
The Banking index closed up by 178.86 points at 7,933.50. Gainers are Axis Bank (9.51%), Kotak Bank (5.94%), PNB (3.97%), Union Bank (3.24%), SBI (3.12%), and Canara Bank (2.82%).
The IT index ended up by 116.02 points at 4,566.42. Major gainers are Mphasis Ltd (10.02%), Aptech Ltd (5.79%), TCS Ltd (4.46%), Rolta India (4.30%), Satyam Comp (3.09%), Wipro Ltd (2.96%) and NIIT Tech (2.86%).
The Oil & Gas index increased by 70.01 points to close at 10,777.91. Gainers are Gail India (2.81%), Reliance Pet (2.76%), BPCL (2.63%), Reliance Nat Res (1.88%), Reliance (1.15%) and HPCL (0.99%).
The Capital Goods index was down by 212.23 points to close at 12,571.91. Major losers are Jyoti Struct (6.24%), Crompton Greaves Ltd (6.07%), BHEL (2.78%), Suzlon Energy (2.64%), Elecon Eng C (1.40%), Areva (1.39%) and SKF India (1.39%).
Volatile market ends buoyant
The market wiped out losses of over 58 points incurred in the first half, after a strong bout of buying led by Ambuja Cement, ITC and Hindalco triggered wide-spread buying. In a highly volatile trading session, the Sensex resumed 83 points higher at 16,359, but soon turned negative following weakness in Asian indices and crashed to the day's low of 16,218 on relentless selling. While the market was on a recovery path thereafter, the Sensex witnessed a sharp turnaround in the afternoon as gains in heavyweights, FMCG, IT and metal stocks propelled it to an intra-day high of 16,563. After gyrating 345 points during the intra-day trades, the Sensex gained 250 points to close at 16,525, while the Nifty ended 59 points higher at 4,918.
However, the market breadth ended negative. Of the 2,756 stocks traded on the BSE 1,349 stocks declined, 1,318 stocks advanced and 89 stocks ended unchanged. Except BSE CG index and BSE Power, all other sectoral indices ended in positive territory. The BSE FMCG index led the pack and gained 4.19% at 2,443.68 followed by the BSE IT index (up 2.61% at 4,566.42), the BSE Metal index (up 2.33% at 16,649) the BSE Bankex index (up 2.31% at 7,933.50) and the BSE Teck index (up 2.12% at 3,570.05).
Ambuja Cement was the star performer among the heavyweights and the stock soared 6.66% at Rs104.10. Among the other major gainers, ITC advanced 6.19% at Rs222.05, Hindalco jumped 5.96% at Rs196.55, TCS rose 4.46% at Rs1,009.70, Tata Steel moved up by 4% at Rs902.70, SBI advanced 3.12% at Rs1,519 and Satyam Computer Services added 3.09% at Rs514.40. However, BHEL, L&T, ONGC, M&M, NTPC, HDFC and Reliance Communications inched lower.
FMCG stocks were in demand and scaled higher. United Spirits soared 4.02% at Rs1,612.90, Dabur India flared up 3.15% at Rs94.85, Nestle added 2.93% at Rs1,813, GlaxoSmithKline gained 2.61% at Rs718.60, Hindustan Unilever, Godrej and Rai Agro Industries were up 2% each. In the IT pack, Mphasis zoomed 10.02% at Rs250.85, Aptech shot up by 5.79% at Rs238.35, Rolta India rose 4.30% at Rs313.05 and NIIT gained 3.19% at Rs106.60.
Over 3.48 crore Chambal Fertliser shares changed hands on the BSE followed by Nagarjuna fertilisers (1.84 crore shares), Ispat Industries (1.35 crore shares), IFCI (1.23 crore shares) and Spice Tele (1.14 crore shares).
ICICI Bank May 2008 futures at premium
Turnover in F&O segment surges
Nifty May 2008 futures were at 4934, at a premium of 15.65 points as compared to spot closing of 4918.35. May 2008 derivatives contracts expire tomorrow, 29 May 2008.
The NSE's futures & options (F&O) segment turnover was Rs 56,333.67 crore, which was higher than Rs 49,968.50 crore on Tuesday, 27 May 2008.
ICICI Bank May 2008 futures were at premium at 824.90 compared to the spot closing of 820.45.
Shree Renuka Sugars May 2008 futures were near spot price at 118.25 compared to the spot closing of 118.80.
Chambal Fertilizers & Chemicals May 2008 futures were near spot price at 87.85 compared to the spot closing of 88.50.
In the cash market, the S&P CNX Nifty gained 58.55 points or 1.20% at 4918.35.
Sensex garners 250 points as oil price declines sharply
The market, which moved between positive and negative zone in early trade, surged in the second half of the trading session led by rally in information technology and cement stocks. A sharp fall in crude oil prices and firm European markets also added to positive sentiments. However, capital goods stocks witnessed selling pressure.
The rally on the bourses gathered steam after the Finance Ministry said in afternoon trade, some media reports about new tax proposals to help ease mounting losses at state oil firms due to soaring crude prices were totally baseless. Media reports on Tuesday, 27 May 2008, had suggested that the government may levy a cess or surcharge on income tax and corporate tax to compensate it for losses due to any duty reduction on crude oil and motor fuels. The reports had weighed on the stock market that day.
The 30-share BSE Sensex rose 249.78 points or 1.53% at 16,525.37. The index climbed 287.71 points at day’s high of 16,563.30, hit at the fag end of trading session. The Sensex lost 57.81 points at the day’s low of 16,217.78, hit in early trade
The broader based S&P CNX Nifty was up 58.55 points or 1.20% at 4918.35. Nifty May 2008 futures were at 4934, a premium of 15.65 points against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs 56333.67 crore, higher than Rs 49968.5 crore on Monday, 26 May 2008. BSE clocked a turnover of Rs 5390 crore in the cash segment as against Rs 5,108.54 crore on Tuesday, 27 May 2008.
Oil prices dropped below $127 a barrel today, 28 May 2008, in Asia, extending a decline of more than $3 in the previous session on a growing sense that soaring prices have cut demand for gasoline and other fuel. Oil has been falling steadily every since it hit a record high $135.09 last week.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 kept the market volatile. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 45.63% as on 27 May 2008. Rollover of individual stock futures has been lacklustre so far.
Asian markets were mixed today, 28 May 2008. Key indices in Hong Kong, Japan, South Korea and Taiwan were down by 0.13% to 1.32%. However, China’s Shanghai Composite (up 2.48%), and Singapore’s Straits Times (up 0.56%), rose.
European markets, which opened after Indian market, were trading higher. Key indices in France, Germany and UK were up by 0.43% to 1.51%. US markets advanced yesterday, 28 May 2008, led by technology companies and further drop in crude oil prices. The Dow Jones industrial average advanced 68.72 points, or 0.55%, to 12,548.35. The S&P 500 index gained 9.42 points, or 0.68%, to 1,385.35, and the Nasdaq Composite index surged 36.57 points, or 1.50%, to 2,481.24.
Back home, the market breadth was even on BSE with 1312 shares advancing as compared to 1358 stocks that declined. 86 stocks remained unchanged.
The BSE Mid-Cap index rose 1.12% to 6,753.53 and BSE Small-Cap index rose 0.33% to 8,237.09. Both the indices underperformed the Sensex.
India's biggest cigarette maker by sales ITC rose 6.19% at Rs 222.05. Foreign brokerage firm Credit Suisse raised its target price on ITC to Rs 264, saying on Tuesday, 27 May 2008, the firm was well positioned to grow in a general slowdown.
Cement stocks were in demand after the Union government partially lifted a ban on cement exports. Ambuja Cements (up 6.66% at Rs 104.10), Ultratech Cements (up 3.04% at Rs 655.20), ACC (up 2% at Rs 668.65), India Cements (up 3.67% at Rs 162.55) and Grasim Industries (up 1.74% at Rs 2237.70), jumped.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.15% to Rs 2521.80.
India's biggest commercial vehicles maker by sales Tata Motors advanced 1.30% to Rs 634.75 after the company reported 6.03% rise in net profit to Rs 2028.92 crore on 5.40% rise in total income to Rs 29214 crore in the year ended March 2008 over the year ended March 2007.
The BSE IT index outperformed the Sensex, rising 2.61% at 4,566.42. Mphasis (up 10.02% at Rs 250.85), TCS (up 4.46% at Rs 1,009.70), Satyam Computer (up 3.09% at Rs 514.40), Wipro (up 2.96% at Rs 506.15) and Infosys Technologies (up 1.82% at Rs 1,912.65), soared.
The BSE Bankex outperformed the Sensex, rising 2.31% at 7,933.50. Axis Bank (up 9.51% at Rs 810.80), Kotak Mahindra Bank (up 5.94% at Rs 705.65), State Bank of India (up 3.12% at Rs 1,519.30), and HDFC Bank (up 1.52% at Rs 1,351.60), spurted.
India’s largest private sector bank by assets ICICI Bank rose 0.94% at Rs 820.20.
The BSE Capital Goods index underperformed the Sensex, falling 1.66% to 12,571.91. Bharat Heavy Electricals (down 2.78% at Rs 1,612.15), Bharat Electronics (down 2.05% at Rs 1,134.50), Siemens (down 1.13% at Rs 575.75), and Thermax (down 0.84% at Rs 434.60), slipped.
India's largest engineering and construction firm by revenue Larsen & Toubro fell 1.25% at Rs 2,709.10. The will declare its March 2008 ended quarter results on Thursday, 29 May 2008.
Among the side counters, Crompton Greaves (down 6.07% at Rs 229.65), Sun TV Network (down 4.03% at Rs 312.20), Cairn India (down 3.54% at Rs 287.80), and Nagarjuna Construction Company (down 3.12% at Rs 186.35), declined.
Chambal Fertilisers & Chemicals clocked the highest turnover of Rs 291.49 crore on BSE. Bajaj Finserve (Rs 235.93 crore), Reliance Industries (Rs 190.18 crore), Reliance Capital (Rs 165.28 crore) and Reliance Power (Rs 131.39 crore), were the other turnover toppers on BSE in that order.
Chambal Fertilisers & Chemicals reported highest volume of 3.48 crore shares on BSE. Nagarjuna Fertilizers and Chemicals (1.86 crore shares), Ispat Industries (1.35 crore shares), IFCI (1.23 crore shares) and Spice Communications (1.14 crore shares), were the other volume toppers on BSE in that order.
State-run power utility Neyveli Lignite Corporation jumped 5.07% to Rs 146 after reporting 1357.10% surge in net profit to Rs 384.68 crore on 128.9% jump in net sales to Rs 801.74 crore in Q4 March 2008 over Q4 March 2007.
Auto component maker Minda Industries jumped 5% at Rs 309.75 after the firm said it bagged orders worth Rs 50 crore from Volkswagen to supply headlamps and rear combination lamps for its upcoming models.
Software developer Compucom Software rose 4.87% to Rs 32.30 on bagging an order worth Rs 142 crore from the secondary education department, Government of Rajasthan for executing ICT project in 2292 government schools in the state.
Cargo handler Gati advanced 2.36% to Rs 99.95 after foreign brokerage Goldman Sachs initiated coverage on the stock with a ‘buy' recommendation with price target of Rs 149.
Visa Steel gained 1.86% to Rs 60.15 on reporting 3129% surge in net profit to Rs 20.99 crore on 78% increase in total income to Rs 259.66 crore in Q4 March 2008 over Q4 March 2007.
Post Session Commentary - May 28 2008
The Indian Market is expected to open positive on the back of supportive global cues as the US market closed in green and crude oil prices slipped below $129 a barrel. On Tuesday, the domestic markets closed in negative after pairing all its initial gains as the profit booking at the final hours prevailed. The market opened with handsome gains and continued to show upbeat attitude till afternoon but was not able to sustain the momentum. Investors’ cautious behavior led the market to take U turn after mid session and forced to close in red. The banking, oil & gas and reality stocks were not in favor as most selling was reported from these baskets. While IT stocks were in renown as investors were supporting this index. The BSE Sensex closed lower by 72.91 points at 16,275.59 and NSE Nifty fell by 15.25 points to close at 4,859.80. We expect that the market may remain volatile during the trading session.
Bond yields increased to fresh one-month highs on Wednesday as tight cash conditions and high inflation reduced investor demand for debt. The 10-year benchmark bond yield closed at 8.11% on Tuesday, which is highest since 29th April and also higher from Monday’s close at 8.04%.
On Tuesday, the US market closed in green. The Dow Jones Industrial Average (DJIA) closed higher by 68.72 points at 12,548.35 along with NASDAQ advanced by 36.57 points to close at 2,481.24 and S&P 500 up by 9.42 points to close at 1,385.35.
Indian ADRs ended mixed. In technology sector, Satyam was higher by (3.36%) along with Wipro by (3.19%), Patni Computers by (1.96%) and Infosys by (1.90%). In banking sector, ICICI bank and HDFC bank dropped by (4.26%) and (1.94%) respectively. In telecommunication sector, MTNL slipped by (3.26%) and Tata Communication was up by (2.95%). Sterlite industries fell by (0.42%).
Today the major stock markets in Asia are trading in mixed. Japan’s Nikkei is trading lower by 56.78 points at 13,836.53 along with Hang Seng index trading down by 25.82 points at 24,256.22 and Taiwan Weighted trading at 8,753.76 down by 24.63 points. However, Straits Times jumped by 10.75 points at 3,126.10 and Shanghai Composite was up by 14.37 points at 3,389.78.
The FIIs on Wednesday stood as net seller in equity and debt. The gross equity purchased was Rs2,144.800 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,259.90 Crore and gross debt sold stood at Rs14.90 Crore. Therefore, the net investment of equity reported was (Rs115.00 Crore) and net debt was (Rs14.90 Crore).
Today, Nifty has support at 4,763 and resistance at 4,931 and BSE Sensex has support at 16,020 and resistance at 16,564.
Sideway movement may continue
The market is likely to witness sideway movement on the back of strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight marginal gains in the US indices and weakness in Asian markets in the morning trades may further dampen investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4935 and a downside cap at 4835 while the Sensex could test higher levels of 16500 and has a likely support at 16200.
Among the major corporates, Tata Motors, IOC, Adani Enterprise, Godrej Industries, Mahindra and Mahindra, IVRCL, Monsanto, Pidilite Industries and Ucal Fuel are expected to announce their quarterly numbers today.
US indices registered steady gains on Tuesday with Dow Jones gaining 69 points to close at 12548 and the Nasdaq rising 37 points at 2481.
Indian floats largely had a mixed outing on the US bourses. Satyam Computer and Wipro were the major gainers and rose above 3% each followed by VSNL, which soared 2.95%. Infosys, Dr Reddy's and Patni Computer ended with steady gains. Among the laggards, Rediff and ICICI Bank slumped over 4% each while MTNL, Tata Motors and HDFC Bank were down over 1% each.
Crude oil prices in the US market slipped on Tuesday, with the Nymex light crude oil for July delivery falling by $3.34 to close at $128.85 a barrel. In the commodity space, the Comex gold for June series lost $19.20 to settle at $906.60 a troy ounce.
Lower crude price makes sends cheer at US Market
A strengthening dollar pushes crude down by more than three dollars
A major drop in crude prices helped US market end modestly higher today, Tuesday, 27 May, 2008. Crude prices dropped by more than $3 today. Other than that there was a mixed bag of economic data in the market. Eight out of ten sectors ended the session in positive territory, led by technology sector. Energy was one of the two losers.
Among major economic news of the day, the Commerce Department reported today that sales of new homes climbed in April for first time in six months. But market anticipates that the gain was a rebound from a sharp drop the prior month and doesn't mark a turning point for the embattled housing market.
The Dow Jones industrial Average ended the day with a gain of 68.7 points at 12,548. The Nasdaq Composite Index, finished higher by 36.3 points at 2,481. S&P 500 finished higher by 9.4 points at 1,385.3.
Twenty out of thirty Dow stocks ended in the green today. Citigroup and IBM were the main Dow winners for the day. The decliners were led by General Motors, Chevron and Exxon Mobil.
Elsewhere, the Conference Board reported that U.S. consumer confidence extended its tumble in May to reach a 16-year-low, as inflation expectations reached a record on rising gas prices. The Consumer Confidence Index fell to 57.2 for May, which is less than the reading of 60 that was widely expected, and down from the prior month's 62.8.
Separately, San Francisco Fed President Yellen stated today that the Fed's rate policy and the fiscal stimulus will lift the economy, while total and core inflation will moderate in the next couple of years. Yellen also stated the financial markets are still far from normal.
Crude-oil futures fell after the dollar strengthened and also as traders took in profits. Crude-oil futures for light sweet crude for July delivery today closed at $128.85/barrel (lower by $3.34/barrel or 2.5%) on the New York Mercantile Exchange.
At the currency markets on Tuesday, the dollar extended gains against major rivals building on gains from weak German consumer confidence data earlier. The dollar index, which tracks the greenback against a basket of six major currencies, was up 0.3% to 72.213.
Dollar weakness typically benefits dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.
On the New York Stock Exchange, volume topped 1.1 billion, with advancing stocks edging ahead of those declining by almost 2 to 1. On the Nasdaq, nearly 760 million shares were exchanged, and advancers topped decliners, also by 2 to 1.
For tomorrow, the April durable orders report is the sole item on the economic calendar. The durable orders release measures the dollar volume of orders, shipments, and unfilled orders of durable goods (defined as goods whose intended lifespan is three years or more). Other than that, there are a few earning reports on the dock.
Market may open higher
The market is likely to open higher tracking positive global cues. In absence of any near term major domestic trigger with Q4 March 2008 results almost over, market is likely to dance in line with global cues.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 will keep the market volatile in the coming days. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 45.63% and marketwide positions were 34%, as on 27 May 2008.
Meanwhile in a move which may dampen sentiment, market regulator Securities and Exchange Board of India (Sebi) has asked foreign instutional investors (FIIs) to give an undertaking that these investment tools are not issued to non-resident (NRIs) and resident Indians, who otherwise do not need the FII route. These was done to tighten the disclosure norms on offshore derivative instruments (ODIs).
Asian markets were trading mixed today, 28 May 2008. Hang Seng (down 0.11% at 24,256.22), Nikkei 225 Average (down 0.41% at 13,836.53), Seoul Composite (down 0.57% at 1,814.82), Taiwan Weighted (down 0.28% at 8,753.76) edged lower.
However, Shanghai Composite (up 0.43% at 3,389.78), and Straits Times (up 0.35% at 3,126.10) advanced.
US markets advanced yesterday, 28 May 2008, led by technology companies and further drop in crude oil prices. The Dow Jones industrial average advanced 68.72 points, or 0.55%, to 12,548.35. The S&P 500 index gained 9.42 points, or 0.68%, to 1,385.35, and the Nasdaq Composite index surged 36.57 points, or 1.50%, to 2,481.24.
Back home, weakness in the second half of the trading session dragged the market lower yesterday, 27 May 2008. The 30-share BSE Sensex fell 72.91 points or 0.45% at 16,275.59 and the broader based S&P CNX Nifty was down 15.25 points or 0.31% at 4859.80, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 496.61 crore yesterday, 27 May 2008. Domestic funds bought shares worth a net Rs 529.69 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 149.01 crore in the futures & options segment yesterday, 27 May 2008. They were net sellers of index futures to the tune of Rs 233.60 crore and bought index options worth Rs 319.12 crore. They were net sellers of stock futures to the tune of Rs 36.75 crore and bought stock options worth Rs 100.24 crore.
US crude fell 5 cents to $128.80 a barrel today, 28 May 2008, on weakening demand from Asia. Oil has been falling steadily every since it hit a record high $135.09 last week
Morning Call - May 28 2008
Market Grape Wine :
In House :
Nifty at a support of 4815 and 4765 with resistance at 4896 and 4932 levels.
Cash ; Buy Chambal Fertilizer above 75 TGT 81 with S/L 73.
Cash : Buy Crompton Greaves above 244.50 TGt 254 with S/L 240
Future : Buy CIPLA above 203 TGT 211 with S/L 198
Future : Buy Satyam Comp above 495 TGT 510 with S/L 489.
Out House :
Markets at a support of 16161 & 16061 and resistance at 16479 & 16591 levels .
Buy : INFY
Buy : RPL & EssarOIL
Buy : RPower
Buy : HDIL & BombayDye
Buy : REL & Suzlon
Buy : Kotak & Centextile
Buy : Emami & Coreproject
Buy : DhanusTech on BSE
Dark Horse : Dhanus , CORE , Emami , BombayDye , RIL , GujNRE & INFY
Trading Calls - May 28 2008
Nifty (4860) Supp 4820 Res 4910
Buy HPCL (246) SL 241
Target 256, 260
Buy Satyam (499) SL 494
Target 509, 513
Sell L&T (2744) SL 2764
Target 2704, 2694
Sell Welspun Gujarat (341) SL 346 Target 331, 327
Sell HDFC (2519) SL 2540
Target 2479, 2469
Deep fall for precious metals
Gold and silver prices witness sharp fall as the dollar strengthens and crude retreats from highs
After rising more than 3% last week, precious metals ended lower on Tuesday, 27 May, 2008 after crude prices fell below the $130 level and the dollar strengthened against its rivals. Gold prices dropped more than $18 today. Last week, crude oil's rally to a fresh record high above $133 a barrel boosted the precious metal's appeal as an inflation hedge. Oil has doubled in the past year, fueling concern inflation will accelerate.
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 $17.9 (1.9%) to close at $907.9 ounce on the New York Mercantile Exchange. Early profit-taking was subsequently exacerbated by the sell-off in oil and another tentative dollar rally. Last week, gold prices ended higher by $25 (3%). On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce.
This year, gold prices have gained 8.5% for the till date against a 7.5% 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 82.5 cents (4.5%) to $17.465 an ounce. Silver has gained 16.2% 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 Tuesday, the dollar extended gains against major rivals building on gains from weak German consumer confidence data earlier. The dollar index, which tracks the greenback against a basket of six major currencies, was up 0.3% to 72.213.
Since last September, Fed has axed interest rates seven times and brought it down to 2%. The ECB has kept rates unchanged at 4% since June, 2007.
Dollar weakness typically benefits dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.
Among major economic news of the day, the Conference Board reported that U.S. consumer confidence extended its tumble in May to reach a 16-year-low, as inflation expectations reached a record on rising gas prices.
In the crude market on Tuesday, crude-oil futures fell below $130 a barrel to close at their lowest level in a week, with the market ignoring fresh threats to oil supply as traders took in profits from an almost 5% rise in oil prices last week. Crude oil for July delivery closed at $128.85 a barrel on the New York Mercantile Exchange, down $3.34, or 2.5% for the session.
Last week, crude oil rose till $135 after billionaire hedge-fund manager Boone Pickens said prices will reach $150 a barrel this year as demand outpaces supply.
At the MCX, gold prices for June delivery closed lower by Rs 245 (1.9%) at Rs 12,543 per 10 grams. Prices rose to a high of Rs 12,852 per 10 grams and fell to a low of Rs 12,516 per 10 grams during the day’s trading.
At the MCX, silver prices for July delivery closed Rs 1106 (4.4%) lower at Rs 24,255/Kg. Prices opened at Rs 25,370/kg and fell to a low of Rs 24,204/Kg during the day’s trading.
Strong dollar pressures crude
Crude oil prices drop down below $130
Crude-oil futures fell on Tuesday, 27 May, 2008 after the dollar strengthened and also as traders took in profits. Last week, crude prices marked a new high almost everyday after traders speculated that crude supplies are not enough to meet the forthcoming hurricane season. Prices had increased almost everyday of the week.
Crude-oil futures for light sweet crude for July delivery today closed at $128.85/barrel (lower by $3.34/barrel or 2.5%) on the New York Mercantile Exchange.
Last week, crude prices closed higher by 5%. Price touched a high of $135.09 earlier during the week. For the year, crude is up by 29.5% till date. Prices have more than doubled on a yearly basis.
At the currency markets on Tuesday, the dollar extended gains against major rivals building on gains from weak German consumer confidence data earlier. The dollar index, which tracks the greenback against a basket of six major currencies, was up 0.3% to 72.213.
Dollar weakness typically benefits dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.
Among major economic news of the day, the Conference Board reported that U.S. consumer confidence extended its tumble in May to reach a 16-year-low, as inflation expectations reached a record on rising gas prices.
Natural gas prices turned lower late in Tuesday's trading session, after failing to reach the key $12 level. They had spent the bulk of the day moving higher. June natural gas fell 6 cents to close at $11.80 per million British thermal units. It hit a high of $11.98 earlier to mark the highest level the contract has ever reached on Nymex.
Against this backdrop, June reformulated gasoline fell by 2 cents to close at $3.38 a gallon, while June heating oil settled at $3.80 a gallon, down 7 cents.
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 June delivery closed at Rs 5,557/barrel, lower by Rs 121 (2.1%) against previous day’s close. Natural gas for July delivery closed at Rs 516.7/mmbtu, lower by Rs 3.2/mmbtu (0.61%).
Play your game…cautiously
Avoid the crowd. Be the chess player, not the chess piece.
Bulls and bears are all out to try and checkmate each other. As expected, the bulls failed to sustain the buying momentum and the key indices tumbled from a day's high even as Asian markets closed mostly higher. A similar trading pattern may continue today and perhaps over the following two days.
Thursday's F&O expiry and the release of GDP and inflation data will determine the market's mood. On the global front, US stocks rose and Asian markets are mixed. Oil prices have softened a little and are hovering under $129 per barrel.
On the whole, the bulls still appear to be lacking in conviction in the wake of mounting worries over inflation and its impact on the economy (and even on politics). A weakening rupee coupled with the worsening fiscal situation are also worrisome.
FII inflows are yet to turn positive though domestic funds are providing some support. 'Stay cautious and sell into any rally' should be the ideal strategy. Having said that, select stock-centric buying can be done from a long-term perspective.
Lack of follow-up buying and continued sell-off by the FIIs contributed to the fall on Tuesday. The small-cap and mid-cap indices suffered even more. Market breadth too was highly negative. And, barring few defensive sectors like IT, FMCG and Pharma, other sectoral indices finished in the red. Banking was the biggest loser, followed by Real Estate and Oil & Gas shares.
Key Results Today: Adani Enterprise, Britannia, Emami, Godrej Industries, Harrison Malayalam, Hindustan Dorr Oliver, ICRA, IOC, IVR Prime, IVRCL Infra, JM Financial, M&M, Monsanto, Mundra Port, Pidilite, Tata Motors, Ucal Fuels and Visa Steel.
FIIs were net sellers of Rs4.97bn (provisional) in the cash segment on Tuesday while local institutions were net buyers of Rs5.3bn. Foreign funds were net buyers of Rs1.49bn in the F&O segment yesterday.
On Monday, FIIs offloaded Indian shares worth Rs11.15bn from the cash segment. Mutual Funds were net buyers of Rs516mn.
Asian stocks are mixed this morning as crude oil's decline and a drop in gold and copper prices weighed on raw-materials producers. BHP Billiton slumped the most in a week and Inpex Holdings declined. Canon climbed after Morgan Stanley advised investors to buy the stock.
The MSCI Asia Pacific Index was down 0.4% at 148.07 as of 10:52 a.m. in Tokyo, as about five stocks declined for three that gained. The benchmark index earlier rose 0.2%. An index of raw-materials shares decreased 1.2%, the biggest drop among the regional gauge's 10 industry groups.
Japan's Nikkei 225 Stock Average fell 0.3% to 13,848.64, led by an index of mining and energy companies. Oki Electric Industry Co. surged after the Nikkei newspaper said the company may sell its chip-making business to larger rival Rohm Co. this year.
US stocks advanced on Tuesday after crude oil futures retreated and a stronger dollar prompted investors to go for some bargain hunting after the market's worst weekly drop since February.
Stocks had been mixed to higher through the early afternoon as investors considered the drop in oil prices and mulled over the economic news, including reports showing a surprise rise in new-home sales and the worst drop in home sale prices in 20 years.
The S&P 500 added 9.42 points, or 0.7%, to 1,385.35. The Dow Jones Industrial Average rose 68.72 points, or 0.6%, to 12,548.35. The Nasdaq Composite Index jumped 36.57 points, or 1.5%, to 2,481.24.
Market breadth was positive. Two stocks gained for each that fell on the New York Stock Exchange.
US stocks had tumbled on Friday, on soaring crude oil prices and another weak housing market report ahead of the three-day holiday weekend. All markets were closed on Monday for Memorial Day.
April new-home sales rose 3.3% from a revised reading in the previous month, the government reported. The advance topped expectations, but kept sales near historically low levels.
Another housing report was more grim. The S&P/Case-Shiller national home price index slumped 14.1% in the first quarter, a record decline. A separate report showed that consumer confidence fell more than expected in April, touching a more than 16-year low.
Novellus Systems jumped the most in two weeks after RBC Capital Markets said it expects the company to top analysts' earnings estimates. Darden Restaurants posted its biggest rally since April 1 on Merrill Lynch's advice to buy the shares.
Lennar Corp. led gains in all five homebuilders in the S &P 500 Index after the government said new-house sales unexpectedly increased.
The Nasdaq climbed more than the blue chip indices thanks to strength in tech bellwethers such as Google and Oracle. Apple shares rose on continued anticipation about the late-June launch of the new version of its iPhone.
GM shares fell 1% after a Citi Investment Research downgraded the stock to "hold" from "buy" and cut its 12-month price target. This was part of a broader bearish note on the auto sector, amid weaker sales and surging commodity prices. Ford Motor also had its earnings estimates cut by Citi. Its shares fell 1%.
UBS shares plunged 13.3% after the company warned that it may have to take more writedowns on international real estate. The Swiss bank is also looking to raise almost $16bn in additional funds from shareholders.
US light crude oil for July delivery fell $3.34 to settle at $128.85 a barrel in New York, retreating as the dollar firmed up. A stronger US currency makes dollar-traded commodities like oil more expensive for international buyers.
The national average price for a gallon of regular unleaded gas rose to a record $3.937 from the previous day's record of $3.936, AAA reported.
Gold also retreated in response to the stronger dollar. COMEX gold for August delivery fell $17.80 to settle at $912.80 an ounce. Treasury prices fell, raising the yield on the 10-year note to 3.92% from 3.87% late on Friday.
European shares edged lower in a volatile session. The pan-European Dow Jones Stoxx 600 index lost 0.4% to 317.20. The UK's FTSE 100 closed down 0.5% at 6,058.50 and the French CAC-40 declined 0.6% to 4,906.56. Germany's DAX 30 inched 0.1% higher to 6,958.66.
In the emerging markets, the Bovespa in Brazil slid 0.9% to 70,992 while the IPC index in Mexico was up 0.3% at 31,414. The RTS index in Russia dived 1.9% at 2390 while the ISE National 30 index in Turkey gained 2.1% at 48,982.
Choppiness to continue
It was the fourth straight trading session where the bulls were unable to make a come back. After a steady start to the day, markets were unable to sustain as both the key indices lost ground in the second half of the trading session. The Nifty slipped over 70 points from days high again slipping below the 4,900mark and the benchmark Sensex slipped by over 230 points from days high.
It was again the weak European markets and selling pressure that dragged the markets to close in red. Finally, the BSE benchmark Sensex ended 72 points lower to close at 16,275 and the Nifty index slipped 15 points to close at 4,859.
Overall about 922 stocks advanced; 2,760 stocks declined while 81 stocks remained unchanged. Among the 50-Nifty 23 stocks ended in red and 27 stocks ended in green.
Petron Engineering surged by over 4% to Rs250 after the company announced that it received Letter of Award from Sichuan Fortune Project Management Co Ltd, China for erection work for two 330 MW Power Plants (Phase II) of M/s. Adani Power Project Ltd, at Mundra, Gujarat for a total estimated contract value of Rs430mn. The scrip touched an intra-day high of Rs260 and a low of Rs240 and recorded volumes of over 7,000 shares on NSE.
Aban Offshore advanced by over 4% to Rs4054 after the company said that it received a LoI for one well contract with Husky Oil China Ltd for the same rig Murmanskaya for a period of approximately 50 days. The scrip touched an intra-day high of Rs4089 and a low of Rs3914 and recorded volumes of over 1,00,000 shares on NSE.
Tata Comm edged higher by half a percent to Rs501 after the company announced that it would offer communication services in UAE along with Etisalat. The scrip touched an intra-day high of Rs505 and a low of Rs496 and recorded volumes of over 45,000 shares on NSE.
HDFC Bank ended lower by a percent to Rs1331. The company said that it has renewed contract with NCR to manage 2,000 ATMs. The scrip touched an intra-day high of Rs1368 and a low of Rs1318 and recorded volumes of over 10,00,000 shares on NSE.
Thermax gained 2% to Rs438 after the Company announced that it signed a protocol of agreement for an export order, for supply of Heat Recovery Steam Generator (HRSG).
The order value is about Euro 14.2mn. The scrip touched an intra-day high of Rs469 and a low of Rs425 and recorded volumes of over 1,00,000 shares on NSE.
Sita Shree Food advanced 2% to Rs43 after the company announced that it received 400 Metric ton orders from "Reliance Fresh", prevailing month to deliver Wheat flour and pulses which is increased about 250% from the last order of 160 MT. The scrip touched an intra-day high of Rs45 and a low of Rs42 and recorded volumes of over 25,00,000 shares on NSE.
Fertilizer stocks got a boost after media reports stated that FY09 fertilizer subsidy was seen at Rs95,013cr. Fertilizer stocks like Chambal Fertilizer surged by over 6.5% to Rs76, Nagarjuna Fertilizer advanced by over 2.5% to Rs45, National Fertilizer gained 2.2% to Rs47, Deepak Fertilizer was up by over 1.6% and RCF added 0.5% to Rs68.
Bajaj Finserv rallied by over 8% to Rs555 following reports that the company would take a final decision on setting up an asset management company (AMC) by October this year. The scrip touched an intra-day high of Rs617 and a low of Rs490 and recorded volumes of over 36,00,000 shares on NSE.
Corporate News
RIL Australia, a subsidiary of Reliance Industries, pays US$3.45mn in cash to acquire 49% stake in 4 exploration licenses of Uranium Exploration Australia Ltd. (BL)
OVL, subsidiary of ONGC has established commerciality of its Iranian asset, which is estimated to have 22tcf (trillion cu ft) of gas. (ET)
BHEL and Italian company in race for a Rs13bn order for supplying boilers to Neyveli Lignite. (BL)
Tata Steel gets mineral concession approvals from ministry of mines for two large mines in Jharkhand and Manipur. (DNA)
Omaxe is planning to raise Rs15bn in FY09 for various projects; promoters may dilute 5-10% stake via QIP. (DNA)
EKC is planning to invest Rs1.75bn in expanding capacities across plants in US, Dubai, China and India. (DNA)
PNB is keen to take a 51% stake in the proposed JV for setting up a bank in Bhutan. (BL)
SRF to acquire Thailand based tyre cord company for Rs1bn. (DNA)
Gujarat NRE Coke to raise fresh equity to fund its operations and expansion plans in Australia. (DNA)
BK Modi promoter of Spice Tele may sell its stake to AT&T or Etisalat. (ET)
Repro India to invest US$50mn to buyout digital printing solution firms abroad. (DNA)
Tesco in talks with Wadias, Parsvnath and Kalpataru Properties to enter the Indian market. (ET)
IT Department issues notice to Sesa Goa seeking information on the Vedanta deal. (ET)
DE Shaw raises its stake in Orient Express Hotel by ~2% to 7.6%. (ET)
GVK group is looking for opportunities in overseas airport development projects. (ET)
Jindal Drilling Singapore JV may explore opportunities for raising funds and listing. (BS)
Maytas Infrastructure wins contract for washery reject coal based power project. (BS)
Kirloskar Brothers gets order worth ~Rs1bn form Nuclear Power Corporation. (BS)
Elecon Engineering may acquire a European company. (BS)
Godrej Appliances plans to foray into selling chillers, deep freezers and other cold storage appliances. (BS)
Educomp Solution forms a 50:50 JV with Raffles Education. (BS)
Economic News
Fertilizer Ministry expects fertilizer subsidy to double in FY09 to Rs950bn. (ET)
The Government is considering an option of including cess or surcharge on income tax and corporate tax to bailout oil marketing companies. (BL)
The Government has eased the ban on cement export by allowing shipment through ports in Gujarat. (DNA)
India’s crude oil import bill jumps over 40% to US$68bn in FY08. (ET)
Jet Airways, chairman Naresh Goyal expects aviation industry to incur losses in excess of US$2bn. (BS)
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