Power Grid
Thursday, August 21, 2008
BSE Bulk Deals to Watch - Aug 21 2008
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
21/8/2008 520077 AMTEK AUTO L DEUTSCHE SECURITIES MAURITIUS LIMITED B 2947458 182.05
21/8/2008 520077 AMTEK AUTO L LEHMAN BROTHERS INVESTMENT MANAGEMENT COMPANY LTD S 2947458 182.05
21/8/2008 532282 AMTEK INDI L DEUTSCHE SECURITIES MAURITIUS LIMITED B 1896116 86.25
21/8/2008 532282 AMTEK INDI L LEHMAN BROTHERS INVESTMENT MANAGEMENT COMPANY LTD S 1011386 86.25
21/8/2008 531223 ANJANI SYNTH NARENDRA VALLABHJI BAHUVA B 61905 50.35
21/8/2008 531223 ANJANI SYNTH NARENDRA VALLABHJI BAHUVA S 62745 49.85
21/8/2008 590061 BRUSHMAN IND IVORY CONSULTANTS PVT LTD B 402996 147.35
21/8/2008 590061 BRUSHMAN IND PR VYAPAAR PRIVATE LIMITED S 396946 147.29
21/8/2008 512093 CRANES SOFT DEUTSCHE SECURITIES MAURITIUS LIMITED B 3427713 119.75
21/8/2008 512093 CRANES SOFT LEHMAN BROTHERS INVESTMENT MANAGEMENT COMPANY LTD S 3427713 119.75
21/8/2008 500132 EMPEE SUG CH EMPEE HOLDINGS LTD B 303045 13.09
21/8/2008 500139 FEDDERS LLYO DEUTSCHE SECURITIES MAURITIUS LIMITED B 1505918 45.50
21/8/2008 500139 FEDDERS LLYO LEHMAN BROTHERS INVESTMENT MANAGEMENT COMPANY LTD S 1505918 45.50
21/8/2008 531602 KOFF BR PICT DEEPAL CORPORATION B 181454 28.38
21/8/2008 531602 KOFF BR PICT HITESH MALUKCHAND SHAH B 25000 28.00
21/8/2008 531602 KOFF BR PICT DEEPAL CORPORATION S 127237 28.04
21/8/2008 512424 MTZ POLYFILM SHREE ANANDEYA INV PVT LTD B 440000 1.99
21/8/2008 512424 MTZ POLYFILM METEOR INVESTMENTS LTD S 440000 1.99
21/8/2008 500304 NIIT LTD DEUTSCHE SECURITIES MAURITIUS LIMITED B 2117926 87.60
21/8/2008 500304 NIIT LTD LEHMAN BROTHERS INVESTMENT MANAGEMENT COMPANY LTD S 2117926 87.60
21/8/2008 590057 NORTHGATE TE DEUTSCHE SECURITIES MAURITIUS LIMITED B 1404904 281.00
21/8/2008 590057 NORTHGATE TE LEHMAN BROTHERS INVESTMENT MANAGEMENT COMPANY LTD S 1404904 281.00
21/8/2008 531746 PRAJAY ENG S LBSPL TRADING ERROR ACCT B 417674 63.05
21/8/2008 531746 PRAJAY ENG S JPMSL AC COPTHALL MAURITIUS INV LTD B 1207786 63.00
21/8/2008 531746 PRAJAY ENG S LEHMAN BROTHERS INVESTMENT MANAGEMENT COMPANY LTD S 750085 63.00
21/8/2008 531746 PRAJAY ENG S SWISS FINANCE CORPORATION MAURITIUS LTD S 457701 63.05
21/8/2008 531746 PRAJAY ENG S LBSPL TRADING ERROR ACCT S 457701 63.00
21/8/2008 532884 REFEX REFRIG ANKIT RAJENDRA SANCHANIYA S 105000 272.99
21/8/2008 505590 SCENARIO MED EMBRO FINVEST LTD B 2000 122.50
21/8/2008 533014 SICAGEN IND R M SHARES TRADING PVT LTD B 554468 21.56
21/8/2008 533014 SICAGEN IND H.J.SECURITIES P.LTD. B 217155 40.75
21/8/2008 533014 SICAGEN IND MEENAL NITISH THAKUR B 493551 22.79
21/8/2008 533014 SICAGEN IND GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 365570 18.70
21/8/2008 533014 SICAGEN IND IDFC INFRASTRUCTURE FUND S 979688 20.79
21/8/2008 533014 SICAGEN IND R M SHARES TRADING PVT LTD S 554468 21.41
21/8/2008 533014 SICAGEN IND H.J.SECURITIES P.LTD. S 217155 39.73
21/8/2008 533014 SICAGEN IND MEENAL NITISH THAKUR S 493551 21.13
21/8/2008 533014 SICAGEN IND MACQUARIE BANK LIMITED S 975000 26.99
21/8/2008 532360 VINTAGE CARD PARESH KANJIBHAI SONI B 5000 66.13
21/8/2008 533011 VISHAL INFO MARWADI SHARES AND FINANCE LIMITED B 69547 299.76
21/8/2008 533011 VISHAL INFO EUREKA STOCK AND SHARE BROKING SERVICES LTD B 62286 299.58
21/8/2008 533011 VISHAL INFO MEENAL NITISH THAKUR B 55379 292.73
21/8/2008 533011 VISHAL INFO NAVEEN TAPARIA B 72485 298.30
21/8/2008 533011 VISHAL INFO MARWADI SHARES AND FINANCE LIMITED S 69547 300.31
21/8/2008 533011 VISHAL INFO EUREKA STOCK AND SHARE BROKING SERVICES LTD S 62286 299.71
21/8/2008 533011 VISHAL INFO MEENAL NITISH THAKUR S 55379 292.69
21/8/2008 533011 VISHAL INFO NAVEEN TAPARIA S 72485 297.44
21/8/2008 519602 VMF SOFT TEC P. ARUNA RANI B 38000 5.88
21/8/2008 519602 VMF SOFT TEC SURYA SATYANARAYANA RAJU ALLURI S 40000 5.88
NSE Bulk Deals to Watch - Aug 21 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
21-AUG-2008,AUTOIND,Autoline Industries Limit,DUKE ADVISORS PVT. LTD.,BUY,110000,180.00,-
21-AUG-2008,OCTAV,Octav Investments Limited,VINOD SHARES LIMITED,BUY,17601,78.75,-
21-AUG-2008,SICAGEN,Sicagen India Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,228537,25.82,-
21-AUG-2008,SICAGEN,Sicagen India Limited,B K SHAH CO KETAN BHAILAL SHAH,BUY,245756,34.36,-
21-AUG-2008,SICAGEN,Sicagen India Limited,CPR CAPITAL SERVICES LTD.,BUY,199346,22.99,-
21-AUG-2008,SICAGEN,Sicagen India Limited,CREDIT SUISSE SECURITIES (INDIA) PRIVATE LIMITED,BUY,387605,19.32,-
21-AUG-2008,SICAGEN,Sicagen India Limited,DINESH MUNJAL,BUY,438536,21.00,-
21-AUG-2008,SICAGEN,Sicagen India Limited,MANIPUT INVESTMENTS PVT LTD,BUY,237105,26.31,-
21-AUG-2008,SICAGEN,Sicagen India Limited,R.M. SHARE TRADING PVT LTD,BUY,731654,22.18,-
21-AUG-2008,SICAGEN,Sicagen India Limited,TRANSGLOBAL SECURITIES LTD.,BUY,1073891,20.86,-
21-AUG-2008,SUBEX,Subex Limited,MBL & COMPANY LTD.,BUY,203604,113.91,-
21-AUG-2008,VINCARDS,Vintage Cards & Creations,MUDUPULAVEMULA SURENDRANADHA REDDY,BUY,3999,63.98,-
21-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,BUY,88582,297.40,-
21-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,281839,295.41,-
21-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,BUY,177938,297.54,-
21-AUG-2008,VITLINFO,Vishal Information Techno,CPR CAPITAL SERVICES LTD.,BUY,91948,297.00,-
21-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,BUY,105541,298.48,-
21-AUG-2008,VITLINFO,Vishal Information Techno,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,135877,301.78,-
21-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,BUY,200000,298.41,-
21-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,89151,297.83,-
21-AUG-2008,VITLINFO,Vishal Information Techno,LOPA SAUMIL BHAVNAGARI,BUY,76176,296.02,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MANAN P DALAL,BUY,116528,297.27,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,BUY,59956,298.83,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,BUY,71691,298.01,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MARWADI SHARES AND FINANCE LIMITED,BUY,66173,300.11,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MEHTA VIRENDRA KUMAR,BUY,54339,297.08,-
21-AUG-2008,VITLINFO,Vishal Information Techno,NAMAN SECURITIES & FINANCE PVT LTD,BUY,38837,297.92,-
21-AUG-2008,VITLINFO,Vishal Information Techno,NIMIT JAYENDRA SHAH,BUY,93391,292.42,-
21-AUG-2008,VITLINFO,Vishal Information Techno,PRAGATI PAPER MILLS LTD,BUY,62923,295.25,-
21-AUG-2008,VITLINFO,Vishal Information Techno,PRASHANT JAYANTILAL PATEL,BUY,84618,301.42,-
21-AUG-2008,VITLINFO,Vishal Information Techno,R APPALA RAJU,BUY,73000,295.41,-
21-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,BUY,127048,300.15,-
21-AUG-2008,VITLINFO,Vishal Information Techno,SMART EQUITY BROKERS PRIVATE LIMITED,BUY,66105,296.70,-
21-AUG-2008,VITLINFO,Vishal Information Techno,TRANSGLOBAL SECURITIES LTD.,BUY,65718,297.90,-
21-AUG-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,BUY,70829,295.92,-
21-AUG-2008,APOLLOHOSP,Apollo Hospitals Ltd,SANGITA REDDY,SELL,400000,464.91,-
21-AUG-2008,AUTOIND,Autoline Industries Limit,DUKE SPECIAL OPPORTUNITIES FUND LLC,SELL,110000,180.00,-
21-AUG-2008,OCTAV,Octav Investments Limited,VINOD SHARES LIMITED,SELL,17601,78.99,-
21-AUG-2008,SICAGEN,Sicagen India Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,228537,25.82,-
21-AUG-2008,SICAGEN,Sicagen India Limited,B K SHAH CO KETAN BHAILAL SHAH,SELL,245756,33.09,-
21-AUG-2008,SICAGEN,Sicagen India Limited,CPR CAPITAL SERVICES LTD.,SELL,198846,22.89,-
21-AUG-2008,SICAGEN,Sicagen India Limited,CREDIT SUISSE (SINGAPORE) LIMITED A/C CREDIT SUISSE (SINGAPO,SELL,387605,18.13,-
21-AUG-2008,SICAGEN,Sicagen India Limited,DEUTSCHE SECURITIES MAURITIUS LIMITED,SELL,500000,18.64,-
21-AUG-2008,SICAGEN,Sicagen India Limited,DINESH MUNJAL,SELL,438536,20.55,-
21-AUG-2008,SICAGEN,Sicagen India Limited,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,433090,18.65,-
21-AUG-2008,SICAGEN,Sicagen India Limited,IDFC INFRASTRUCTURE FUND,SELL,1154002,20.57,-
21-AUG-2008,SICAGEN,Sicagen India Limited,MACQUARIE BANK LIMITED,SELL,1075000,26.16,-
21-AUG-2008,SICAGEN,Sicagen India Limited,MANIPUT INVESTMENTS PVT LTD,SELL,237105,26.38,-
21-AUG-2008,SICAGEN,Sicagen India Limited,R.M. SHARE TRADING PVT LTD,SELL,731654,22.42,-
21-AUG-2008,SICAGEN,Sicagen India Limited,SWISS FINANCE CORPORATION (MAURITIUS) LIMITED,SELL,250000,24.49,-
21-AUG-2008,SICAGEN,Sicagen India Limited,TRANSGLOBAL SECURITIES LTD.,SELL,1068592,20.93,-
21-AUG-2008,SUBEX,Subex Limited,MBL & COMPANY LTD.,SELL,199804,114.05,-
21-AUG-2008,VINCARDS,Vintage Cards & Creations,MUDUPULAVEMULA SURENDRANADHA REDDY,SELL,3999,64.35,-
21-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,SELL,88582,297.68,-
21-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,281839,295.59,-
21-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,SELL,177938,296.33,-
21-AUG-2008,VITLINFO,Vishal Information Techno,CPR CAPITAL SERVICES LTD.,SELL,91948,297.08,-
21-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,SELL,105541,298.12,-
21-AUG-2008,VITLINFO,Vishal Information Techno,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,135877,301.79,-
21-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,SELL,200637,298.41,-
21-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,91851,298.30,-
21-AUG-2008,VITLINFO,Vishal Information Techno,LOPA SAUMIL BHAVNAGARI,SELL,76176,300.25,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MANAN P DALAL,SELL,116528,297.09,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,SELL,59956,299.09,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,SELL,71691,297.43,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MARWADI SHARES AND FINANCE LIMITED,SELL,66073,300.32,-
21-AUG-2008,VITLINFO,Vishal Information Techno,MEHTA VIRENDRA KUMAR,SELL,54339,296.12,-
21-AUG-2008,VITLINFO,Vishal Information Techno,NAMAN SECURITIES & FINANCE PVT LTD,SELL,54137,297.66,-
21-AUG-2008,VITLINFO,Vishal Information Techno,NIMIT JAYENDRA SHAH,SELL,93391,293.79,-
21-AUG-2008,VITLINFO,Vishal Information Techno,PRAGATI PAPER MILLS LTD,SELL,62923,295.44,-
21-AUG-2008,VITLINFO,Vishal Information Techno,PRASHANT JAYANTILAL PATEL,SELL,84618,301.63,-
21-AUG-2008,VITLINFO,Vishal Information Techno,R APPALA RAJU,SELL,73000,297.36,-
21-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,SELL,127048,299.35,-
21-AUG-2008,VITLINFO,Vishal Information Techno,SMART EQUITY BROKERS PRIVATE LIMITED,SELL,66105,296.98,-
21-AUG-2008,VITLINFO,Vishal Information Techno,TRANSGLOBAL SECURITIES LTD.,SELL,65718,297.85,-
21-AUG-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,SELL,70772,296.02,-
Not a good day for markets
The Sensex opened at 14,647, slightly below (31 points down) its previous close, but lost more than 150 points in the first hour of trading itself. The slide continued, almost unabated, thereafter on the back of frenzied selling, and the index touched the lowest of the day 14,201 (477 points down its yesterday’s close) about half an hour before the closing. The Sensex wrapped the day with losses of 435 points at 14,244, while the Nifty shed 132 points to close at 4,284.
The market breadth was negative, as of the 2,713 stocks traded on the BSE 71% stocks (1,915 stocks) declined, while only 27% stocks (733 stocks) advanced. The remaining 2% stocks (65 stocks) ended unchanged.
All the 13 sectoral indices slipped sharply. The BSE Bankex dropped 5.16%, the BSE Realty index shed 5.05%, the BSE PSU index declined 3.71%, the BSE Power index dropped 3.27%, the BSE CG index was down 2.95% and the BSE Metal index declined 2.47%. The remaining indices slid 1-2% each.
Most of the index stalwarts witnessed considerable correction. Among the banking stocks, State Bank of India tumbled 7.10% at Rs1,342.25 and HDFC Bank dropped 5.82% at Rs1,165.80. Among the other major losers, NTPC lost 5.68% at Rs173.50, DLF slumped 5.55% at Rs481.60, Reliance Infrastructure slipped 5.45% at Rs954.70, ICICI Bank shed 5.19% at Rs643.10, Jaiprakash Associates lost 4.78% at Rs163.20 and HDFC fell 4.41% at Rs2,209.55. Other front-line stocks lost between 2%-3% each. Select counters however bucked the downtrend and ended with gains. One such bourse was Ranbaxy Laboratories, which ended 1.53% higher at Rs513.40.
In terms of turnover, over 1.52 crore Reliance Natural Resources shares changed hands on the BSE followed by Chambal Fertilisers & Chemicals (1.32 crore shares), Dish TV (1.02 crore shares), Ispat Industries (78.59 lakh shares) and Nagarjuna Fertlisers & Chemicals (69.63 lakh shares).
Post Session Commentary - Aug 21 2008
The domestic market plunged sharply to conclude the day in deep red on the back of heavy selling pressures across the sectors. Market opened on downbeat note tracking weak cues from the Asian markets along with rise in crude oil prices and rising inflation worries. Crude oil on Wednesday stood at $114.98 a barrel on the New York Mercantile Exchange, rising for a second day. Further market continued to lose ground ahead of inflation number for the week ended 9th August 2008, due to be released today evening. Finally, market landed to extremely negative territory on enormous selling pressure during final hours of trading. Weak European markets also fueled the negative sentiment. NSE Nifty ended below 4,300 mark and BSE Sensex below 14,300 level. From the sectoral front, Bank and Reality stocks closed with deep cut of more than 5%. Along with that, Capital Goods, Metal, Oil & Gas, Power, IT and Pharma stocks also got hammered as witnessed most of the selling pressure. BSE Midcap and Smallcap stocks lost more than 2% and 1.5% respectively. The market breadth was negative as 733 stocks closed in green while 1915 stocks closed in red and 65stocks remained unchanged.
The BSE Sensex closed lower by 434.50 points at 14,243.73 and NSE Nifty ended down by 131.90 points at 4,283.85. The BSE Mid Caps closed with losses of 118.91 points at 5,707.46 and Small Cap ended lower by 129.21 points 6,937.02. The BSE Sensex touched intraday high of 14,646.98 and intraday low of 14,201.18.
Only one gainer from the BSE is Ranbaxy Lab ended up by (1.53%).
Lossers from the BSE are SBI (7.10%), HDFC Bank Ltd (5.82%), NTPC Ltd (5.68%), DLF Ltd (5.55%), Reliance Infra (5.45%), ICICI Bank Ltd (5.19%), JP Associates (4.78%) and HDFC (4.41%).
The BSE Capital Goods index dropped by 361.79 points to close at 11,907.73. Major lossers are Walchand In (7.09%), Punj Lloyd (5.96%), Gammon Indi (5.60%), Suzlon Energy (4.62%), Elecon Eng C (3.42%) and Alstom Proje (2.87%).
The BSE Bank index lost 357.87 points to close at 6,577.91. Major losers are SBI (7.10%), HDFC Bank Ltd (5.82%), Kotak Bank (4.53%), PNB (3.96), IDBI Bank Ltd (3.88%) and Yes Bank (3.78%).
The Metal index closed down by 308.74 points at 12,166.91. Lossers are Ispat Indus (5.66%), Nalco (5.15%), Sesa Goa Ltd (5.15%), Hindalco (3.33%), Tata Steel (2.63%), and Jai Corp Ltd (2.35%).
The BSE Reality index ended lower by 262.99 points at 4,944.82. As Housing Development (24.96%), Indiabull Real (7.36%), DLF Ltd (5.55%), Unitech Ltd (5.35%), Penland Ltd (5.24%) and Sobha Dev (5.20%) closed in negative territory.
The Oil & Gas index ended down by 194.35 points at 9,838.12. As HPCL (6.43%), IOC (5.76%), Reliance Nat Res (5.39%), BPCL (4.67%), Essar Oil Ltd (3.34%) and ONGC (2.60%) closed in negative territory.
The BSE Power index closed lower by 86.87 points at 2,608.35. Lossers are NTPC Ltd (5.68%), Reliance Infra (5.45%), Neyveli Lig (4.69%), Suzlon Energy (4.62%), Lanco Infra (4.19%), and BHEL (3.75%).
Market plunges ahead of weekly inflation data
Bears were in full command as key benchmark indices remained weak throughout the trading session today, 21 August 2008. Rate sensitive realty and banking stocks were clobbered ahead of the weekly inflation data to be released by the government after the trading hours today, 21 August 2008. Weak Asian markets also weighed on the sentiment. Chinese market declined after yesterday’s steep rise.
State Bank of India fell more than 7%. HDFC Bank, NTPC and DLF fell more than 5.5%. Reliance Infrastructure and ICICI Bank fell more than 5% each.
The BSE 30-share Sensex provisionally ended down 476.05 points or 3.24% to 14,202.18. At the day’s low of 14,201.18, the Sensex lost 477.05 points in late trade. At day’s high of 14,646.98, the index lost 31.25 points in early trade.
The S&P CNX Nifty was down 143.05 points or 3.24% to 4,272.70 as per the provisional figures.
BSE clocked a turnover of Rs 4,081 crore today as compared to a turnover of Rs 4,254.87 crore on 20 August 2008.
The BSE Mid-Cap index was down 2.15% to 5,701.15 and the BSE Small-Cap index was down 1.96% at 6,927.62.
The market breadth was weak on BSE with 753 shares advancing as compared to 1,896 that declined. 64 shares remained unchanged.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 1.68% to Rs 2,206.55.
Realty stocks slumped in the late trade. BSE Realty index was the biggest loser among the sectoral indices on BSE, falling 5.49% to 4,922.08. Indiabulls Real Estate (down 7.87% to Rs 291), DLF (down 5.74% to Rs 480.65) and Unitech (down 6.18% to Rs 158.70) edged lower.
Banking stocks were clobbered ahead of the inflation data. State Bank of India (down 7.26% to Rs 1,340), ICICI Bank (down 5.44% to Rs 641.40), HDFC Bank (down 5.49% to Rs 1,170) edged lower.
Inflation as measured by wholesale price index rose 12.44% in the week to 2 August 2008, a 16-year high propelled by rise in the cost of pulses, fruits, spices and aviation turbine fuel.
Inflation is expected to accelerate further after the Prime Minister Manmohan Singh's cabinet on 14 August 2008 approved an average 21% salary increase for about 50 lakh government employees. The higher wages will cost the government Rs 3.38 lakh crore this year.
NTPC (down 5.68% to Rs 173.50), Reliance Infrastructure (down 5.45% to Rs 954.70), Jaiprakash Associates (down 4.78% to Rs 163.20), HDFC (down 4.41% to Rs 2,209.55), Reliance Communications (down 3.98% to Rs 398.35), Bharat Heavy Electricals (down 3.75% to Rs 1,669.85), Hindalco Industries (down 3.33% to Rs 129.05), edged lower from the Sensex pack.
India’s largest drug maker by sales Ranbaxy Laboratories rose 1.53% to Rs 513.40 and was the lone gainer from the Sensex pack.
World’s sixth largest steel maker Tata Steel fell 2.63% to Rs 589.30. Anglo-Dutch steelmaker Corus said on Wednesday that it entered into exclusive negotiations with Klesch & Company to sell its two aluminium smelters in the Netherlands and Germany. It follows an unsuccessful attempt in December 2007 to sell the smelters. Corus is controlled by Tata Steel.
India’s largest commercial vehicle maker by sales Tata Motors fell 1.44% to Rs 417.95. It came off from the session’s high of Rs 444. The company said on Wednesday, 20 August 2008, it will scrap a planned Rs 3000 crore convertible preference share issue due to weak stock markets and instead raise funds by selling some investments. However, the plan to sell rights shares worth Rs 4200 crore stands, said the company.
Tata Motors is raising money to fund its $2.3 billion acquisition of Jaguar and Land Rover from Ford Motor Company. The company said it plans to sell its investments in a phased manner, preferably to group firms, at prevailing market prices over the next 6-8 months.
A key event today is the Nuclear Suppliers Group (NSG) meet in Vienna. The United States is set to push the 45-nation Nuclear Suppliers Group (NSG) to agree on a landmark nuclear deal with India despite objections at home and reservations abroad.
In Europe, in key benchmark indices in France, Germany and UK were were down by between 0.8% to 1.28%.
Asian markets were trading lower today, 21 August 2008. China's Shanghai Composite, Japan's Nikkei, Hong Kong's Hang Seng plunged, Taiwan's Taiwan Weighted, Singapore's Straits Times , and South Korea's Seoul Composite were down by between 0.77% to 3.63%.
US stocks gained on Wednesday, August 20, in a volatile session on the seesawing price of oil and mixed feelings about the financial sector. The Dow Jones industrial average rose 68.88 points, or 0.61%, to 11,417.43. The Nasdaq Composite index rose 4.72 points, or 0.20%, to 2,389.08 and the Standard & Poor's 500 Index was up 7.94 points, or 0.63%, at 1,274.63.
Morning Call - Aug 21 2008
Market Grape Wine :
In House:
Nifty at a support of 4360 and 4315 with resistance at 4435 and 4480 levels.
Cash: Buy APTECH above 229 targets 235 with S/L 226.
Cash: Buy HDFC above 2260 target 2330 with S/L 2230
Future: Buy ACC above 564 targets 585 with S/L 555.
Out House:
Markets at a support of 14441 & 14532and resistance at 14786 & 14994 levels .
Buy : Infy & Satyam
Buy : IciciBnak & HdfcBank
Buy : Coreproject
Buy : IBullReal
Buy : IOC & HP
Buy : KsOil & EssarOil
Buy : Aftek
Buy : SBIN
Buy : Relcap & RelInfra
Dark Horse : Sbin , RIL , Core , IBullReal , HP , Infy , Essaroil & HdfcBank
Lot Sizes for F&O Stocks
The lot sizes for 39 Stocks available for trading in F&O from 21.08.2008 :- ABGSHIP - 550, AKRUTI - 300, ASIANPAINT - 200, BALAJITELE - 1250, CONCOR - 250, COREPROTEC - 750, DCHL - 1700, DISHTV - 5150, EVERONN - 400, FSL - 4750, GSPL - 3050, GTLINFRA - 4850, GVKPIL - 4750, HCL INSYS - 1700, IBREALEST - 650, ICSA - 600, KLGSYSTEL - 500, KSOILS - 2950, MIC - 1400, MINDTREE - 600, MLL - 2450, MONNETISPA - 450, MRF - 100, NBVENTURES - 800, NOIDATOLL - 4100, OPTOCIRCUI - 600, ORBITCORP - 750, PRISMCEM - 5550, PTC - 2350, RIIL - 200, SINTEX - 700, SREINTFIN - 1750, THERMAX - 450, TORNTPOWER - 1700, TV - 18 - 850, UCOBANK - 5000, UTVSOF - 300, VOLTAMP - 250, WALCHANNAG - 700.
Daily Call - Aug 21 2008
First of all Congrats to Sushil Kumar and kudos and best wishes to Vijender. Back home in India, spoilt brats in the F&O nursery are going to get 39 new toys to play with today, taking the number of stocks in the arena to 267. Sasken will bow out of the camp when August series expires on the 28th. Strangely, while such illiquid stocks like MRF have been added to the list, which before the announcement averaged just under 1000 shares a day on the BSE, such large caps and liquid stocks like Adani Exports or Mundra do not find a mention in the list.
While the US markets have rebounded on Hewlett-Packard’s better than expected results, Asia is down after Japan reported a fall of 86% in its trade surplus and Crude, which has made a come back in the electronic trade. The markets are likely to open lower and then be in a wait and watch mode and are unlikely to run away in either direction till the verdict or clear advance cues emerge from the NSG meet that gets under way today to consider granting India a waiver of its conditions. The range will be from 4316 to 4530. Meanwhile, mid-caps in the F&O arena will do better .
Sideways movement to continue
The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight gains in the US indices and weak Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4450 and the downside cap at 4360, while the Sensex could test higher levels of 14760 and has a likely support at 14500.
US indices registered steady gains on Wednesday after a choppy session dictated by fluctuating oil prices and fears that Fannie Mae and Freddie Mac are on the brink of a government takeover. While the Dow Jones gained 69 points to close at 11417, the Nasdaq raised 5 points at 2389.
Indian ADRs were largely mixed on the US bourses. ICICI Bank & HDFC Bank and Patni Computer jumped over 3%, Wipro, VSNL and Tata Motors ended with modest gains. while MTNL, Rediff, Dr Reddy, Infosys and Satyam ended with loss of around 0.40-1%.
Crude oil prices in the US market gained on Wednesday, with the Nymex light crude oil for September delivery gaining by 45 cents to close at $114.98 a barrel and in the commodity space, the Comex gold for December series lost 50 cents to settle at $816.30 a troy ounce.
Market likely to see choppy trade, inflation data eyed
Local benchmark indices are headed for a volatile trading session today, 21 August 2008 ahead of the release of inflation data for the year through 9 August 2008. The data will be released after trading hours today, 21 August 2008. Global cures were mixed.
Inflation as measured by wholesale price index rose 12.44% in the week to 2 August 2008, a 16-year high propelled by rise in the cost of pulses, fruits, spices and aviation turbine fuel.
Inflation is expected to accelerate further after the Prime Minister Manmohan Singh's cabinet on 14 August 2008 approved an average 21% salary increase for about 50 lakh government employees. The higher wages will cost the government Rs 3.38 lakh crore this year.
Another key event is the Nuclear Suppliers Group (NSG) meet scheduled today, 21 August 2008. The United States is set to push the 45-nation Nuclear Suppliers Group (NSG) to agree on a landmark nuclear deal with India despite objections at home and reservations abroad.
Light, sweet crude for September delivery rose 45 cents to $114.98 a barrel yesterday, 20 August 2008, on the New York Mercantile Exchange (NYMEX), on fresh supply concerns after key producer Venezuela indicated it could ask organisation of petroleum exporting countries (OPEC) to cut output.
Asian markets were trading lower today, 21 August 2008. China's Shanghai Composite fell 1.44% or 36.36 points at 2,486.91, Japan's Nikkei slipped 0.35% or 44.56 points at 12,807.13, Hong Kong's Hang Seng plunged 1.48% or 309.44 points at 20,621.82, Taiwan's Taiwan Weighted tumbled 1.12% or 78.95 points at 6,961.95, Singapore's Straits Times was down 0.70% or 19.31 points at 2,732.44, and South Korea's Seoul Composite lost 1.21% or 18.65 points at 1,522.06
US stocks gained on Wednesday, August 20, after a volatile session on the seesawing price of oil and mixed feelings about the financial sector. The Dow Jones industrial average rose 68.88 points, or 0.61%, to 11,417.43. The Nasdaq Composite index rose 4.72 points, or 0.20%, to 2,389.08 and the Standard & Poor's 500 Index was up 7.94 points, or 0.63%, at 1,274.63.
Back home, the market ended with decent gains yesterday, 20 August 2008, after sliding in the previous five trading sessions. The BSE 30-share Sensex rose 134.50 points or 0.92% to 14,678.23 and the S&P CNX Nifty rose 47.50 points or 1.09% to 4,415.75, on that day.
The BSE Sensex is down 5,608.76 points or 27.64% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,528.54 points or 30.78% away from its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 447.34 crore while mutual funds purchased shares worth Rs 205.60 crore on Wednesday, 20 August 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 350.96 crore in the futures & options segment on Wednesday, 20 August 2008. They were net buyers of index futures to the tune of Rs 405.94 crore and purchased index options worth Rs 330.26 crore. They were net sellers of stock futures to the tune of Rs 391.82 crore and bought stock options worth Rs 6.57 crore.
Meanwhile, the National Stock Exchange (NSE) will launch trading in currency futures from 29 August 2008. For the first time in India, it would be now possible to trade on the currency futures on a stock exchange platform. Currency futures are standardised foreign exchange contracts traded on a recognised stock exchange to buy or sell one currency against another on a specified future data, at a price specified on the purchase or sale data.
Torrent Power
We recommend a buy in Torrent Power from a short-term perspective. From the charts of Torrent Power we observe that the stock has been on a medium-term uptrend since its early July low of Rs 83 level. On August 4, the stock surged 8 per cent accompanied with heavy volume, penetrating the 50-day moving average.
The stock gained 4 per cent with good volume on August 20, reinforcing bullish momentum. The daily relative strength index has re-entered into the bullish zone. Moreover, the daily moving average convergence and divergence is steadily rising in line with the stock in the positive territory. The stock is trading well above its 21 and 50-day moving averages.
The stock’s medium-term uptrend is intact with the trendline. We notice high volumes during the advance days of the stock. Our short-term forecast for the stock is bullish. We expect the stock to move up until it hits our price target of Rs 133 in the approaching trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 114.
Crude turns volatile
Crude inventories register highest weekly gain in seven years
Crude oil prices were quite volatile on rose on Wednesday, 20 August, 2008 at Nymex. Prices rose higher earlier during the day. But they gave up most of their gains once the weekly inventory report by the Energy Department hit the wires. At the end, prices closed modestly higher.
Crude-oil futures for light sweet crude for September delivery closed at $114.98/barrel (higher by $0.45 or 0.4%) on the New York Mercantile Exchange. Last week, crude prices ended lower by 1.2%. Before that crude lost $15.92 (11%) in July, 2008, the biggest ever in dollars. Prices are 62% higher than a year ago. Prices reached a high of $147 on 11 July but have dropped 21% since then.
The September contract expired today. The more-active October contract increased $1.02 (0.9%) to settle at $115.56 a barrel.
As per the weekly report issued by the Energy Information Administration (EIA) wing of the Energy Department, crude supplies rose by 9.4 million barrels to 305.9 million for the week ended 15 August, 2008. Market was expecting a build up of just 1 million barrels. It was the highest weekly buildup of crude in almost seven years. Refinery utilization was at 85.7% compared with 85.9% of capacity a week earlier.
EIA also reported that motor gasoline supplies fell by 6.2 million barrels to 196.6 million barrels during the week. Distillate stocks were up 500,000 barrels at 132.1 million barrels. The gasoline decrease was almost twice the expected decrease. Following the news, crude prices retreated giving up much of their earlier gains. September crude was up $1.35 at $115.88 a barrel at Nymex. Before that, crude was trading as much as higher at $116.7/barrel, up by more than 2%.
At the currency markets on Wednesday, the dollar gained as much as 0.7% against the euro after losing almost that amount in the previous two days. Worries about growth outside the U.S. allowed the dollar to rebound on Wednesday, sending the euro back toward six-month lows against the greenback and lifting the U.S. unit against most major counterparts. The dollar index, which measures the greenback against a trade-weighted basket of currencies, rose to 76.92 from 76.746 in the previous day.
In a monthly oil report issued last week, the Organization of the Petroleum Exporting Countries (OPEC) said that oil demand has been "badly hurt" this summer by the slowing economy and high oil prices. Transport and industrial fuels declined the most, sending USA’s total oil demand down by 3.8%, or 0.8 million barrels per day in the first seven months of the year.
Crude prices had gained 38% in the second quarter of this year. It was the biggest quarterly increase in nine years. It ended June 2008 higher by 9.9%. For the year, crude is up by 17% till date.
Brent crude oil for October settlement rose $1.11 (1%) o close at $114.36 a barrel.
Against this background, September reformulated gasoline rose by 4.6 cents to close at $2.9103 a gallon, and September heating oil added 4 cents to end at $3.1635 a gallon.
Natural gas in New York rose amid concern a storm will develop and crimp Gulf of Mexico production and as demand increases when electricity plants begin fall maintenance. Natural gas for September delivery rose 10.1 cents (1.3%) to settle at $8.077 per million British thermal units. Futures are 8% higher this year and have declined 41% since closing at $13.577 3 July, 2008, a 30-month high.
At the MCX, crude oil for September delivery closed at Rs 4,985/barrel, higher by Rs 5 (0.1%) against previous day’s close. Natural gas for August delivery closed at Rs 351.3/mmbtu, lower by Rs 0.1/mmbtu (0.02%).
Tech Calls - Aug 21 2008
NAG FERT: (42.75) Buy. Crossover above 45 huge up move will start.
SBI: (1445) 1478 & 1417 crucial trend deciders.
AXIS Bank: (674) Selling on higher levels will be seen.
ICICI Bank: (678) 690 & 650 crucial trend deciders for the day.
ONGC: (1036) Looks very weak. Sell.
ABAN OFF: (2326) Looks weak. Break below 2320 heavy selling will be seen.
RNRL: (99) 103.25 a solid resistance.NAG FERT: (42.75) Buy. Crossover above 45 huge up move will start.
SBI: (1445) 1478 & 1417 crucial trend deciders.
AXIS Bank: (674) Selling on higher levels will be seen.
ICICI Bank: (678) 690 & 650 crucial trend deciders for the day.
ONGC: (1036) Looks very weak. Sell.
ABAN OFF: (2326) Looks weak. Break below 2320 heavy selling will be seen.
RNRL: (99) 103.25 a solid resistance.
Trading Calls - Aug 21 2008
Nifty (4416) Sup 4370 Res 4480
Buy Bharti (816) SL 809
Target 832, 838
Buy Sun Pharma (1512) SL 1490 Target 1550, 1560
Buy Reliance Capital (1305) SL 1285 Target 1350, 1360
Sell HDIL (405) SL 411
Target 396, 393
Sell Amtek Auto (183) SL 187
Target 175, 173
Don’t wrestle around!
The art of living is more like that of wrestling than of dancing; the main thing is to stand firm and be ready for an unseen attack.
The bulls had their time to dance and now it is indeed a daily wrestle for them. Hinterland heroes like wrestler Sushil Kumar and boxer Vijender Kumar have done India proud at the bull ring winning medals at the Olympics. But, market bulls will find it difficult to cope with the blows, bruises and cuts which seem to be coming a bit too often.
We expect a cautious to higher opening and a choppy day ahead amid lack of major positive triggers. Things could turn volatile given the mixed trend across global markets. While the markets in the US and Europe advanced overnight, stock benchmarks in Asia are trading lower after yesterday's strong rally. This, coupled with the economic headwinds, both globally as well as locally, could hamper the progress of the bulls.
Also, the FIIs - who tend to play a big role in determining the market's direction - have been selling continuously over the past few days. Local funds, who have been buying gradually, do not have the strength to offset the outflows from overseas investors. Neither is it their agenda to do so.
Inflation numbers will be released after the market today, and it is likely to inch up slightly from a 16-year high of 12.44%. Any sharp spike in inflation tends to revive fears of further rate increases, which hurts both companies and consumers. Though the macro-economic challenges are quite well known by now, they will continue to cast their shadow on the market, preventing large scale gains.
The NSE would commence trading in futures and options (F&O) in 39 new stocks. Although most market players would welcome the move, the low liquidity in these counters is a bit of a concern. What's more, these stocks have already been gaining ground ever since the announcement was made about 10 days ago
FIIs were net sellers to the tune of Rs4.47bn (provisional) in the cash segment on Wednesday. Local institutions were net buyers of Rs2.06bn. In the F&O segment, the foreign funds were net buyers of Rs3.5bn. On Tuesday, the foreign funds were net sellers of Rs11.36bn in the cash segment. Mutual Funds too were net sellers of Rs1.36bn on the same day.
Asian stocks were mostly down this morning, led by financial companies, after Australia's Babcock & Brown Ltd. posted its first profit decline and amid speculation credit-market losses will widen.
The MSCI Asia Pacific Index lost 0.5% to 122.83 as of 10:51 a.m. in Tokyo, with more than three shares declining for each that advanced. Financial companies were the biggest drag among the measure's 10 industry groups.
The Nikkei ended the morning session down 0.4% at 12,807.13. Hong Kong's Hang Seng index dropped 1.4% to 20,635.23. China's Shanghai Composite declined 1.4% to 2,488.92.
US stocks ended a volatile and low-volume session marginally higher on Wednesday, with rising oil prices lifting the energy sector and upbeat results from Hewlett-Packard helping offset concerns about ailing financial firms.
The S &P 500 Index rose 7.85 points, or 0.6%, to 1,274.54. The advance was limited by 22% drops in Fannie Mae and Freddie Mac on concern they need a government bailout. The Dow Jones Industrial Average added 68.88 points, or 0.6%, to 11,417.43 and the Nasdaq Composite Index rose 4.72 points, or 0.2%, to 2,389.08. Trading volume was low and that added to the volatility in the market. Market breadth was mixed.
Stocks fell in the morning as rising oil prices and worries about Fannie Mae and Freddie Mac overshadowed HP's earnings. But by midday, stocks recovered as oil prices slumped after the government's weekly oil supply report showed a bigger-than-expected jump in crude inventories.
Major stock indices fluctuated in the afternoon, as investors tried to balance competing influences. A last hour run-up in recently battered financial shares helped stocks finish higher. But the outlook for US stocks is expected to remain murky in the weeks ahead due to persistent uncertainty over the health of the financial sector. So, it's going to be hard for US stocks to move much either way.
Oil prices closed just below $115 per barrel on the New York Mercantile Exchange, well off highs above $147 a barrel from a month ago. A fall below $110 a barrel over the next few weeks would give a bigger boost to stocks. But, if that doesn't happen, stocks will remain volatile.
Goldman Sachs has maintained that crude oil will reach $149 a barrel. Fundamentals of supply and demand are still more important in setting oil prices than investor flows linked to movements in the U.S. dollar, Goldman added. Oil rose 0.8% to $115.47 a barrel.
Separately, Goldman Sachs also cut third-quarter and full-year earnings estimates on five brokerages, according to reports, saying that more writedowns are on the way. The companies mentioned were Citigroup, JP Morgan, Lehman Brothers, Merrill Lynch and Morgan Stanley.
HP shares gained 5.7% after the PC maker reported higher quarterly sales and earnings that topped forecasts late on Tuesday. The company also forecast that fiscal fourth-quarter earnings would top current expectations.
In the bond market, Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.79% from 3.83% late on Tuesday. Prices and yields move in the opposite direction. In currency trading, the dollar gained against the euro and the yen. COMEX gold for October delivery rose $1.90 to settle at $812.40 an ounce.
Stocks in Europe ended higher in a low-volume, choppy session. Commodity-sector stocks put in a notably strong performance. The pan-European Dow Jones Stoxx 600 index finished the session up 0.4% to 280.76. The UK's FTSE 100 rose 1% to 5,371.80, while the French CAC-40 climbed 0.8% to 4,365.87 and Germany's DAX 30 gained 0.6% at 6,317.80.
In the emerging markets, Brazil's Bovespa rose 3.2% to 55,377 while Mexico's IPC index gained 0.5% to 26,865. The RTS index in Russia was up 1.7% to 1713 and the ISE National-30 index in Turkey was down 1.8% at 49,178.
Further advance likely
Bulls were back on the bourses as markets finally snapped five day losing streak on Wednesday. It was Bulls day out as benchmark Sensex stayed in the green through out the trading session.
Firm cues from select Asian markets like Shanghai and Hang Seng markets and a positive start in equity markets across Europe boosted the sentiments on Dalal Street. Barring the FMCG index all the other major BSE Sectoral indices ended in positive terrain.
BSE Realty index (up 1.76%), BSE Power index (up 1.7%) and BSE Capital Goods index (up 1.7%) were among the top gainers. Even the mid-Cap and the Small-Cap stocks attracted buying interest as the Mid-Cap index gained 1.04% and ther Small-Cap index added 0.7%.
Finally, the benchmark Sensex gained 134 points to close at 14,678 and Nifty ended 47 points higher to close at 4,415.
Visa Steel surged by over 3% to Rs53 after the company announced that it would spend Rs47.5bn for setting up 2.5mn TPA steel plant in Chhattisgarh. The scrip touched an intra-day high of Rs55 and a low of Rs52 and recorded volumes of over 1,00,000 shares on BSE.
Shares of Kirloskar Electric rallied by over 8% to Rs129 after the board of directors of the company approved acquiring approximately 95% of shareholding of a German manufacturing Company, viz., Lloyd Dynamowerke GmbH & Co. KG (LDW) and acquisition of 100% holding in Lloyd Beteiligungs GmbH from CMP Fonds I GmbH. The acquisition is through the wholly owned subsidiary of the Company - Kirsons B.V. - in the Netherlands.
The scrip touched an intra-day high of Rs142 and a low of Rs121 and recorded volumes of over 64,000 shares on BSE.
National Aluminium marginally gained by half a percent to Rs401. The company announced that it cut prices by 2.9%, the third price cut this month. The price of ingots, the basic product, was lowered by as much as Rs4,000 to about Rs1,32,200 per MT. The scrip touched an intra-day high of Rs406 and a low of Rs400 and recorded volumes of over 64,000 shares on BSE.
WWIL advanced by over 3% to Rs24.7 after the board of directors of the company approved the issue of shares on Rights Basis to the shareholders of the company, upto Rs4.5bn. The scrip touched an intra-day high of Rs25.4 and a low of Rs24.1 and recorded volumes of over 27,00,000 shares on BSE.
Shares of BSEL Infrastructure surged by over 6% to Rs38.9 after the board of directors of the company decided that it would raise the funds not exceeding US$100mn by way of GDR/ADR/FCCB/ and or other securities linked to equity / preference shares and or any instrument or securities representing convertible securities such as NCD / PCD / Bonds / Warrants. The scrip touched an intra-day high of Rs39 and a low of Rs37 and recorded volumes of over 2,00,000 shares on BSE.
Shares of Ansal Properties gained by 1% to Rs106 after the company announced that it would invest about Rs36bn in their soon to be launched IT/ITES SEZs/Parks.
The company currently has approval for setting up IT/ITES SEZs in Greater Noida, Gurgaon and Mumbai. While the IT SEZs have been branded as ‘The Campus', the IT Parks have been christened ‘Net City'. Construction, for some of the projects has already commenced and they are expected to be completed in the next five to seven years. The scrip touched an intra-day high of Rs108 and a low of Rs105 and recorded volumes of over 13,00,000 shares on BSE.
Petron Engineering trimmed early gains and only managed to end 1.5% higher to Rs238 after the company announced that it received a Letter of Intent worth Rs640mn from M/s. Utility Energytech and Engineers Pvt. Ltd, an associate Company of Reliance Energy Ltd, Mumbai, for Erection of Boiler Proper for 2 x 600MW DVC for their Ragunathpur Thermal Power Project, West Bengal. The scrip touched an intra-day high of Rs257.45 and a low of Rs236 and recorded volumes of over 2,000 shares on BSE.
Market may extend gains atleast in the early trades. However, on the whole it is likely to remain sideways and rangebound, as it tries to break free. Persistent concerns over the western financial sector, coupled with fears of recession in key economies and local economic worries will continue to check gains. Adopting a cautious approach and staying stock specific would be a better strategy.
Tata Motors abandons plan to raise Rs30bn through an issue of convertible preference shares, instead, will divest some of its investments (ET)
GSM companies to interconnect with RCOM (ET)
IDEA enters Mumbai, bets on quality edge to gain market share (ET)
ONGC Videsh gets nod for Imperial Energy bid (BS)
RIL mulling a JV with Petrobras to set up two petrochemical units (BS)
Nalco cuts aluminium prices by Rs3,600/ton (DNA)
Infosys CEO says no downward pressure on pricing (FE)
Maruti Suzuki to use K-series engine in all models (BS)
M&M may hike farm equipment prices (BS)
Tata Motors planning electric-drive version of Nano (ET)
Reliance Infrastructure shortlisted for a project is Nepal (DNA)
Wipro and SAP to jointly launch a ready-to-use ERP solution for mid-market Indian companies (ET)
Maruti Suzuki to pump up exports, aims at 2 lac cars annually by 2010-11 (ET)
M&M to launch Logan in Nepal (ET)
Tata BlueScope Steel rolls out retail products (ET)
Raymond-GAS 50:50 JV may come to dead end (ET)
Future Group subsidiary is planning to bring its own brand of skin and beauty products (ET)
ICICI Prudential, HSBC may lead PF caretakers (ET)
Kingfisher may phase out Simplifly Deccan (BS)
Jet Airways cuts flights on Mumbai-San Francisco route (BS)
Godrej Appliances to hold back price hike (BS)
Ansal to invest Rs36bn in developing six IT SEZs (ET)
Great Offshore backs out of Sea Dragon buy (BL)
IOB plans to raise Rs10bn through Tier-II instruments (BS)
Jubilant Organosys to integrate North American operations (BS)
BSEL Infra to raise US$100mn via issue of bonds or equity overseas (DNA)
Escorts to hike tractor prices and expects to clock 10-12% volume growth in year ending September 2008 (BL)
Visa Steel has entered into an agreement with Chattisgarh Government to set-up Rs47.5bn integrated steel plant (BL)
IndusInd Bank acquires Rs1bn micro finance portfolio from SKS Microfinance (BS)
ABG International, parent of ABG Shipyard, to set up cement units in Gujarat (ET)
Asian Oilfield picks up stake in Ensearch Petro, a Singapore-based E&P company (BS)
WWIL to raise Rs4.5bn via rights issue (DNA)
Kirloskar Electric acquires Germany-based LDW, a manufacturer of electric rotating machines and drive systems (ET)
Bartronics has identified three companies in RFID space for a buyout in Europe (BS)
Tata Elxsi to set-up a design studio in UK (DNA)
SCI in talks with foreign firms to start new line of services (BL)
Modern India to raise Rs1bn for its proposed Rs6.75bn IT SEZ (BS)
Economy Front page
FDI cap in DTH may rise to 74% (ET)
Centre to release Rs220bn to fertiliser companies soon, followed by another Rs310bn in three months (ET)
Government may reduce tax incentives to check rising deficits (ET)
Fund houses may soon get to sell insurance cover for a fee (ET)
General insurers may bee allowed to tap capital market this year (BL)
Air fare revision unlikely next month (BS)
Government partially relaxes ban on basmati exports (BS)
Power Ministry proposes PPP model to achieve 11th plan capacity targets (FE)
TRAI seeks regulation over television content (BL)
Centre to notify revised pay rules around August 28th (BS)
Infrastructure jobs up 12% yoy in Q1 FY09, says Assocham (ET)
Banks want higher interest rate subsidy on crop loans (ET)
Government approves 15 new Clean Development Mechanism (CDM) projects (BS)
IT companies to cut marketing spends to keep margins steady (ET)
Tax sops for IT companies setting up shops in Maharashtra’s rural areas (ET)
Subscribe to:
Posts (Atom)