Eveninger - Sep 9 2008
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Tuesday, September 09, 2008
BSE Bulk Deals to Watch - Sep 9 2008
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
9/9/2008 511706 ACTION FIN MANISH DILIPBHAI SHAH B 50000 25.00
9/9/2008 511706 ACTION FIN JIGNA VIRENDRA GALA S 51250 25.00
9/9/2008 519485 ASIA IND NET ATUL NAGINBHAI CHAUHAN B 22952 15.23
9/9/2008 519485 ASIA IND NET ATUL NAGINBHAI CHAUHAN S 23351 15.88
9/9/2008 519532 ASIAN TEA EX ENCA FINLEASE LTD. B 45280 58.77
9/9/2008 533016 AUSTRAL COKE OPG SECURITIES PVT LTD B 995078 223.39
9/9/2008 533016 AUSTRAL COKE H.J.SECURITIES PVT. LTD. B 214929 227.65
9/9/2008 533016 AUSTRAL COKE MATRIX EQUITRADE PVT LTD B 516710 226.75
9/9/2008 533016 AUSTRAL COKE MATRIX EQUITRADE PVT LTD S 516710 226.94
9/9/2008 533016 AUSTRAL COKE OPG SECURITIES PVT LTD S 995078 223.51
9/9/2008 533016 AUSTRAL COKE H.J.SECURITIES PVT. LTD. S 214929 227.77
9/9/2008 531682 CAT TECHNOL BASMATI SECURITIES PVT LTD S 213229 6.52
9/9/2008 513059 G.S. AUTO SPJSTOCK B 94134 85.37
9/9/2008 513059 G.S. AUTO RAJU GHANSHYAMDAS SHAH S 27582 83.85
9/9/2008 513059 G.S. AUTO SPJSTOCK S 94634 85.52
9/9/2008 532980 GOKUL REFOIL OPG SECURITIES PVT LTD B 627112 327.31
9/9/2008 532980 GOKUL REFOIL H.J.SECURITIES PVT. LTD. B 208619 329.58
9/9/2008 532980 GOKUL REFOIL ASHOK FINSTOCK LTD B 195148 327.27
9/9/2008 532980 GOKUL REFOIL MATRIX EQUITRADE PVT LTD B 306758 330.67
9/9/2008 532980 GOKUL REFOIL MATRIX EQUITRADE PVT LTD S 306758 330.35
9/9/2008 532980 GOKUL REFOIL OPG SECURITIES PVT LTD S 627112 327.53
9/9/2008 532980 GOKUL REFOIL H.J.SECURITIES PVT. LTD. S 208619 329.48
9/9/2008 532980 GOKUL REFOIL ASHOK FINSTOCK LTD S 195148 331.50
9/9/2008 531439 GOLDSTON TEC ANKIT RAJENDRA SANCHANIYA B 100000 119.36
9/9/2008 531439 GOLDSTON TEC SUMMIT COMMUNICATIONS PVT LTD S 240000 115.84
9/9/2008 532821 INDUSFILA SAAKSHI SHARES PVT LTD B 324500 120.01
9/9/2008 532821 INDUSFILA MAHESH MEETAL B 155879 120.00
9/9/2008 505840 JAIPAN INDUS ENCA FINLEASE LTD. B 47150 113.65
9/9/2008 516078 JUMBO BAG LT PARESH R CHAUHAN B 34200 49.91
9/9/2008 532368 LANCO GLOBAL UDAYKUMAR PRABHUDAS SHAH S 130000 83.43
9/9/2008 532368 LANCO GLOBAL ABBAS KUTBUDDIN BHARMAL S 300000 83.95
9/9/2008 523475 LOTUS CHOC C PRASHANTHA ACHARYA B 80743 22.86
9/9/2008 504580 MADRAS ALUMN SUNDARAM MUTUAL FUND B 572200 213.11
9/9/2008 512167 MATRA REALT CRESTA FUND LTD B 1100000 11.36
9/9/2008 512167 MATRA REALT IRFAN K. KAZI S 125990 11.36
9/9/2008 532010 NETVISION VARUN JAYENDRA PATEL B 74652 4.16
9/9/2008 533015 NUTEK INDIA OPG SECURITIES PVT LTD B 179117 176.05
9/9/2008 533015 NUTEK INDIA OPG SECURITIES PVT LTD S 179117 176.34
9/9/2008 517195 ORG INFORMAT YUVAK SHARE TRADING PVT LTD B 88546 42.65
9/9/2008 532884 REFEX REFRIG DEEPIKA SHARAD NANSI B 85000 307.09
9/9/2008 533017 RESURGERE OPG SECURITIES PVT LTD B 716856 304.70
9/9/2008 533017 RESURGERE PRIYANKA DARSHAN DESAI B 196506 308.46
9/9/2008 533017 RESURGERE DKG SECURITIES PVT LTD B 160443 302.42
9/9/2008 533017 RESURGERE H.J.SECURITIES PVT. LTD. B 162291 307.64
9/9/2008 533017 RESURGERE MATRIX EQUITRADE PVT LTD B 537180 305.31
9/9/2008 533017 RESURGERE MATRIX EQUITRADE PVT LTD S 537180 305.91
9/9/2008 533017 RESURGERE OPG SECURITIES PVT LTD S 716856 305.14
9/9/2008 533017 RESURGERE DKG SECURITIES PVT LTD S 160443 304.04
9/9/2008 533017 RESURGERE H.J.SECURITIES PVT. LTD. S 162291 307.85
9/9/2008 532886 SEL MANUF HARDIK M MITHANI B 151000 247.65
9/9/2008 532886 SEL MANUF PRIYANKA DARSHAN DESAI B 81200 246.99
9/9/2008 532886 SEL MANUF SPJSTOCK B 215013 245.33
9/9/2008 532886 SEL MANUF HARDIK M MITHANI S 151000 242.27
9/9/2008 532886 SEL MANUF PRIYANKA DARSHAN DESAI S 81200 241.49
9/9/2008 532886 SEL MANUF SPJSTOCK S 214513 244.92
9/9/2008 505075 SETCO AUTO DHIREN S. SHAH HUF B 45540 183.70
9/9/2008 505075 SETCO AUTO PRADIP P. SHAH S 50000 185.00
9/9/2008 532765 USHER AGRO TUSHAR GOPAL KARMOKAR B 270778 144.33
9/9/2008 530595 VICTORY PROJ HEMANT KUMAR GUPTA B 41618 28.99
9/9/2008 530595 VICTORY PROJ YUVAK SHARE TRADING PVT LTD B 125084 29.05
9/9/2008 530595 VICTORY PROJ MURALI KRISHNA PARVATTANENI S 54300 29.10
9/9/2008 530595 VICTORY PROJ YUVAK SHARE TRADING PVT LTD S 120793 29.04
9/9/2008 533011 VISHAL INFO OPG SECURITIES PVT LTD B 128869 304.31
9/9/2008 533011 VISHAL INFO OPG SECURITIES PVT LTD S 128869 304.47
9/9/2008 531249 WELL PACK PA S S H REHMAN B 25000 27.35
9/9/2008 531249 WELL PACK PA SAMIR S SHAH HUF S 60136 27.35
NSE Bulk Deals to Watch - Sep 9 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,AMBIT SECURITIES BROKING PVT. LTD.,BUY,341299,224.36,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,ARISTRO FINANCIAL SERVICES LTD,BUY,157010,226.06,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,339257,225.77,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,DINESH MUNJAL,BUY,151692,228.16,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,146594,224.52,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,MANIPUT INVESTMENTS PVT LTD,BUY,197675,227.37,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,PRASHANT JAYANTILAL PATEL,BUY,417917,226.05,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,TRANSGLOBAL SECURITIES LTD.,BUY,185933,226.91,-
09-SEP-2008,GOKUL,Gokul Refoils and Solvent,ASHOKA FINSTOCK LTD,BUY,205644,329.82,-
09-SEP-2008,GOKUL,Gokul Refoils and Solvent,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,164188,331.43,-
09-SEP-2008,GOKUL,Gokul Refoils and Solvent,YUVAK SHARE TRADING PVT LTD,BUY,141947,330.04,-
09-SEP-2008,GOLDTECH,Goldstone Tech Ltd.,SANCHANIYA ANKIT RAJENDRA,BUY,100000,119.38,-
09-SEP-2008,IFCI,IFCI Ltd.,CLEAN FINANCE & INVESTMENT LTD,BUY,5128856,48.13,-
09-SEP-2008,NUTEK,Nu Tek India Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,87621,178.29,-
09-SEP-2008,ORGINFO,ORG Informatics Limited,SARJEET GOYAL,BUY,93177,41.27,-
09-SEP-2008,ORGINFO,ORG Informatics Limited,SETU SECURITIES LTD,BUY,83367,42.75,-
09-SEP-2008,ORGINFO,ORG Informatics Limited,SHRI BRIJ SECURITIES PVT.LTD.,BUY,90821,39.89,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,AMBIT SECURITIES BROKING PVT. LTD.,BUY,151493,306.43,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,177370,304.59,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,B K SHAH CO KETAN BHAILAL SHAH,BUY,186368,302.55,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,DKG SECURITIES PVT. LTD.,BUY,146215,301.70,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,186947,306.77,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MANIPUT INVESTMENTS PVT LTD,BUY,145524,304.10,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRASHANT JAYANTILAL PATEL,BUY,158641,304.16,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRIYANKA DARSHAN DESAI,BUY,193310,304.44,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,R.M. SHARE TRADING PVT LTD,BUY,168151,305.11,-
09-SEP-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,BUY,165192,246.97,-
09-SEP-2008,SELMCL,SEL Manufacturing Company,MBL & COMPANY LTD.,BUY,121281,242.69,-
09-SEP-2008,VINCARDS,Vintage Cards & Creations,PAWAN NATANI,BUY,2000,102.14,-
09-SEP-2008,VINCARDS,Vintage Cards & Creations,RANJIT SINGH DAGA,BUY,3357,104.03,-
09-SEP-2008,VITLINFO,Vishal Information Techno,SHAH JIGNESH VIPULBHAI,BUY,68000,301.09,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,AMBIT SECURITIES BROKING PVT. LTD.,SELL,341309,224.85,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,339257,225.89,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,DINESH MUNJAL,SELL,151692,228.28,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,146594,224.65,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,MANIPUT INVESTMENTS PVT LTD,SELL,197675,227.49,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,PRASHANT JAYANTILAL PATEL,SELL,417917,225.45,-
09-SEP-2008,AUSTRAL,Austral Coke & Projects L,TRANSGLOBAL SECURITIES LTD.,SELL,185933,227.14,-
09-SEP-2008,GOKUL,Gokul Refoils and Solvent,ASHOKA FINSTOCK LTD,SELL,205644,334.07,-
09-SEP-2008,GOKUL,Gokul Refoils and Solvent,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,164188,331.79,-
09-SEP-2008,GOKUL,Gokul Refoils and Solvent,YUVAK SHARE TRADING PVT LTD,SELL,143251,329.29,-
09-SEP-2008,GOLDTECH,Goldstone Tech Ltd.,SUMMIT COMMUNICATIONS PRIVATE LIMITED,SELL,241095,115.87,-
09-SEP-2008,IFCI,IFCI Ltd.,CLEAN FINANCE & INVESTMENT LTD,SELL,5128856,48.15,-
09-SEP-2008,IFCI,IFCI Ltd.,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,7800000,48.15,-
09-SEP-2008,NUTEK,Nu Tek India Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,87871,178.01,-
09-SEP-2008,ORGINFO,ORG Informatics Limited,EMERGING CAPITAL ADVISORS LTD,SELL,93344,41.78,-
09-SEP-2008,ORGINFO,ORG Informatics Limited,SARJEET GOYAL,SELL,93177,41.12,-
09-SEP-2008,ORGINFO,ORG Informatics Limited,SETU SECURITIES LTD,SELL,115131,41.19,-
09-SEP-2008,ORGINFO,ORG Informatics Limited,SHRI BRIJ SECURITIES PVT.LTD.,SELL,90821,39.97,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,AMBIT SECURITIES BROKING PVT. LTD.,SELL,151493,306.02,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,177370,304.60,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,B K SHAH CO KETAN BHAILAL SHAH,SELL,186368,302.00,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,DKG SECURITIES PVT. LTD.,SELL,137157,300.08,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,186947,306.70,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MANIPUT INVESTMENTS PVT LTD,SELL,145524,304.46,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRASHANT JAYANTILAL PATEL,SELL,158641,304.65,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRIYANKA DARSHAN DESAI,SELL,193310,304.36,-
09-SEP-2008,RESURGERE,Resurgere Mines & Mineral,R.M. SHARE TRADING PVT LTD,SELL,168151,304.59,-
09-SEP-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,SELL,165192,243.55,-
09-SEP-2008,SELMCL,SEL Manufacturing Company,MBL & COMPANY LTD.,SELL,121281,241.18,-
09-SEP-2008,VINCARDS,Vintage Cards & Creations,PAWAN NATANI,SELL,3000,98.27,-
09-SEP-2008,VINCARDS,Vintage Cards & Creations,RANJIT SINGH DAGA,SELL,2957,102.87,-
09-SEP-2008,VINCARDS,Vintage Cards & Creations,STANLEY REBELLO,SELL,4605,101.62,-
09-SEP-2008,VINCARDS,Vintage Cards & Creations,VAISHNAV RAJESH CHANDRAKANT,SELL,15110,102.77,-
09-SEP-2008,VITLINFO,Vishal Information Techno,SHAH JIGNESH VIPULBHAI,SELL,68000,308.44,-
Post Session Commentary - Sep 9 2008
Domestic markets rebounded smartly during final trading hours by tracking firm cues from European markets to close with marginal losses. Also the fall in crude oil prices as much as $2.11, to $104.23 gave a support to the market. Indian market opened on weak note as lower Asian markets weighed on sentiment. Market ignored positive cues from US markets and reacted to the weak Asian cues. Profit booking after Monday’s sharp rally also added to the negative sentiment. Further market moved southward on significant selling pressure over the ground and remained weak throughout the day despite some recovery in late trade. Though market tried to recover since after noon trade and touched dotted line on some buying in key stocks but was not able to sustain the momentum and lost further ground. Buoyant European markets lifted the sentiment to trim the earlier losses and end with minimal gap. NSE Nifty ended below 4,500 mark and BSE Sensex around 14,900 level. From the sectoral front, Metal, Bank, Reality, Capital Goods and Auto stocks were major sufferers of selling pressure. However, Oil & Gas stocks were in limelight as witnesses most of the buying from this basket. The market breadth was negative as 1195 stocks closed in red while 1443 stocks closed in green and 74 stocks remained unchanged.
The BSE Sensex closed lower by 44.21 points at 14,900.76 and NSE Nifty ended down by 13.60 points at 4,468.70. The BSE Mid Caps and Small Caps closed with cut of 41.69 points at 5,778.20 and by 18.19 points at 6,964.61. The BSE Sensex touched intraday high of 14,998.32 and intraday low of 14,714.92.
Lossers from the BSE are Sterlite In (7.50%), Tata Motors (3.68%), BHEL (2.44%), SBI (1.95%), Ranbaxy Lab (1.71%), DLF Ltd (1.60%), M&M Ltd (1.43%), Tata Power (1.30%), ICICI Bank Ltd (1.10%) and ITC Ltd (1.02%).
Gainers from the BSE are Maruti Suzuki (2.10%), Bharti Airtel (2.09%), Reliance Com Ltd (1.68%), TCS Ltd (1.32%), Reliance Infra (1.18%), Grasim Indus (0.88%), Reliance (0.50%) and Hindalco (0.32%).
The BSE Metal index lost 213.86 points to close at 11,801.18. Major lossers are Sterlite In (7.50%), Guajrat NRE C (5.88%), Jindal Saw (3.23%), Hindustan Zinc (3.15%), Welspan Gujarat Sr (1.78%) and Nalco (1.54%).
The BSE Bank index closed lower by 95.91 points at 7,368.33. Losers are Indian Overseas Bank (3.74%), Punjab National Bank (3.56%), Canara Bank (2.84%), Federal Bank (2.39%), Bank of India (2.37%) and Bank of Baroda (2.36%).
The BSE Reality index plunged 59.84 points to close at 5,077.16. As Anant Raj In (4.33%), Pheonix Mill (1.70%), DLF Ltd (1.60%), Housing Dev (1.58%), Omaxe Ltd (1.52%) and Parsvnath (0.96%) closed in positive territory.
The BSE Capital Goods index ended down by 57.63 points at 12,366.39. Major losers are Areva (5.31%), Walchand In (2.72%), BHEL (2.44%), BEML Ltd (2.43%), Elecon Eng C (1.68%) and Havells India (1.37%).
The BSE Pharma index dropped by 40.32 points to close at 4,257.79. As Opto Circuit (2.21%), Dr Reddys Lab (2.07%), Ranbaxy Lab (1.71%), Piramal Health (1.39%) and Lupin Ltd (1.23%) closed in negative territory.
The BSE Oil & Gas index closed higher by 35.10 points at 9,883.16 as HPCL (4.84%), BPCL (2.33%), Aban Offshore (2.00%), Reliance (0.50%), IOC Ltd (0.27%) and ONGC Ltd (0.17%) ended in positive territory.
Marginally down
After clocking gains of over 400 points in the yesterday’s session, the market succumbed to selling pressure on the second day of the week amid weak global indices. The Sensex resumed the day 93 points below its last close at 14,945 and slipped below 14,750 on sustained selling. The index fell sharply in the afternoon to touch the day's low of 14,715. However, the market soon witnessed a strong bounce back on the emergence of buying and touched an intra-day high of 14,998. The Sensex pared its losses considerably and ended the session at 14,901, down 44 points for the day, while the Nifty shed 14 points at 4,469.
The market breadth was negative, as of the 2,711 stocks traded on the BSE, 1,451 stocks declined, while 1,189 stocks advanced. 71 stocks ended unchanged. Barring BSE Teck, BSE Oil & Gas and BSE IT, the rest of the sectoral indices ended lower. The BSE Metal index declined 1.78% at 11,801, while the BSE Bankex, the BSE Reality index, the BSE CD index and the BSE FMCG index shed around 1% each.
Among the losers, Sterlite Industries dropped 7.50% at Rs575.70, Tata Motors fell 3.68% at Rs420.40, BHEL shed 2.44% at Rs1746.95, SBI declined 1.95% at Rs1,560.55 and Ranbaxy Laboratories slipped 1.71% at Rs456.45. The other losers like DLF, Mahindra & Mahindra, Tata Power, ICICI Bank and ITC were down around 1% each. However, Maruti Suzuki India bucked the downtrend and jumped 2.10% at Rs708.20, Bharti Airtel gained 2.09% at Rs936.45, Reliance Communications advanced 1.68% at Rs405.25, Tata Consultancy Services was up 1.32% at Rs866.20 and Reliance Infrastructure added 1.18% at Rs1,070.90.
Over 2.14 crore IFCI shares changed hands on the BSE followed by Austral Coke (1.06 crore shares), Resurgee Mines & Minerals Inida (86.45 lakh shares), Reliance Natural Resources (74.30 lakh shares) and Reliance Power (58.02 lakh shares).
Sensex ends a tad above 14,900; Sterlite Industries tanks
Key benchmark indices ended a choppy session lower weighed down by weak Asian markets. The BSE 30-share Sensex declined 44.21 points. Firm European markets triggered a sharp recovery in afternoon trade, lifting the Sensex to positive zone but the market once again slipped into the red on fresh selling at higher level. The market breadth was negative.
Sterlite Industries tumbled 8%. Tata Motors was under pressure throughout the day, sliding around 4%. On the positive side Bharti Airtel and Maruti Suzuki India added over 2% each. Telecom pivotals were in demand. Capital goods heavyweights saw divergent trend. Refinery and sugar stocks bucked weak market trend.
European markets, which opened after Indian markets were trading higher. Key benchmark indices in UK, Germany and France rose between 0.39% and 1.24%.
Asian stocks dropped. Key benchmark indices in Japan, Hong Kong, Taiwan, Singapore, South Korea were down by between 0.93% and 3.51%. However China’s Shanghai Composite rose 0.11%.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 391.53 crore while mutual funds bought shares worth Rs 106.27 crore today, 9 September 2008, according to provisional data on NSE.
The BSE 30-share Sensex declined 44.21 points or 0.3%, to settle at 14,900.76. It opened 130.64 points lower at 14,814.33. At the day’s high of 14,998.32 hit in mid-afternoon trade, the Sensex gained 53.35 points. At the day’s low of 14,714.92 hit in early trade, the Sensex lost 230.05 points.
The S&P CNX Nifty slipped 13.6 points or 0.3%, to end at 4468.70. Nifty September 2008 futures were at 4481, at a premium of 12.30 points as compared to spot closing.
The BSE Sensex is down 5386.23 points or 26.55% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6306.01 points or 29.73% away from its all-time high of 21,206.77 struck on 10 January 2008.
The market breadth was negative on BSE with 1464 shares declining as compared to 1181 that advanced. 69 remained unchanged.
The BSE Mid-cap index fell 0.72% at 5,778.20 and BSE Small-cap index declined 0.26% to 6,964.61
The total turnover on BSE amounted to Rs 4550 crore as compared to Rs 4,505.75 crore yesterday, 8 September 2008. NSE's futures & options (F&O) segment turnover was Rs 43,958.71 crore, which was lower than Rs 45,977.53 crore on Monday, 8 September 2008.
Among the 30-member Sensex pack, 20 declined while the rest gained.
Metal stocks suffered the most among the sectoral indices on BSE led by Sterlite Industries. India’s largest aluminium and copper maker by sales plunged 8.07% to Rs 572.15 on 23.05 lakh shares. It was the top loser from Sensex pack. Sterlite Industries today said its parent company, Vedanta Resources PLC approved a restructuring program of the group's businesses. Under the scheme, Sterlite will demerge its aluminium and energy businesses to Madras Aluminium which will be later renamed Sterlite Aluminum. Sterlite Industries shareholders would get seven shares in Madras Aluminium for every four shares held as part of a restructuring. The BSE Metal index lost 1.78% to 11,801.18.
Madras Aluminium jumped 20% to Rs 219 on high volumes of 49.41 lakh shares.
India’s top truck maker by sales Tata Motors lost 3.80% to Rs 419.90. The stock slipped after the company said on Monday, 8 September 2008, that the suspension of work at the Nano plant will continue due to limited clarity on the outcome of Sunday’s talks between the State government and the leadership of the just ended Trinamool Congress-led agitation outside the Singur site.
Ranbaxy, India’s top drug maker by sales fell 2.91% to Rs 450.90, after striking day’s high of Rs 480. The Japanese drug maker Daiichi Sankyo’s open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.
Capital goods heavyweights saw divergent trend. The BSE Capital Goods index fell 0.46% to 12,366.39. India’s largest power equipment maker by sales, Bharat Heavy Electricals declined 2.49% to Rs 1746 despite reports the company has won a contract worth Rs 2,200 crore for setting up a combined cycle power plant in Tripura on turnkey basis.
India’s largest engineering & construction firm by outstanding order book position Larsen & Toubro rose 0.09% to Rs 2739.85, after touching day’s low of Rs 2691.25
Real estate shares were subdued. The BSE Realty index fell 1.16% at 5,077.16. DLF, the country’s largest realty company by market capitalisation fell 1.36% to Rs 505.10. On Monday, 8 September 2008, the company received a clearance from the Securities and Exchange Board of India (Sebi) to go ahead with a buyback plan. In July 2008, DLF had announced its Rs 1,100-crore plan to buy back shares from existing shareholders at a price not exceeding Rs 600 a share.
Unitech, the country’s largest listed realty company, fell 0.46% to Rs 162.50
India’s largest private sector bank by net profit ICICI Bank shed 0.74% to Rs 715.45. Other banking shares State Bank of India (down 2.16% to Rs 1557.10), and HDFC Bank (down 0.67% to Rs 1292), slipped. The Bankex lost 1.28% to 7,368.33.
India’s second largest software services exporter Infosys Technologies fell 0.08% to Rs 1747.10. The stock came off day’s low of Rs 1700. HCL Technologies may reportedly counter bid Infosys for acquiring the UK-based SAP consultant Axon. According to reports, HCL may make an offer in the range of 690 pence per share for Axon compared to Infosys’ offer of 600 pence per share
Tata Power Company (down 1.69% to Rs 1082.30), and Mahindra & Mahindra (down 1.42% to Rs 582), edged lower from the Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 0.11% to Rs 2129.70 on 8.11 lakh shares. The stock moved in a range of Rs 2086.15 and Rs 2156.40 during the day.
India’s top small car maker by sales Maruti Suzuki India gained 2.36% to Rs 710 on 1.79 lakh shares. It was the top gainer from Sensex pack.
Telecom shares were in demand. India’s second largest cellular services provider in terms of market capitalisation Reliance Communications (RCom) advanced 1.57% to Rs 404.80. As per recent reports, RCom’s subsidiary Reliance Big Entertainment has acquired a majority stake in the US-based cricket webcasting portal, Willow TV, for an undisclosed amount.
Bharti Airtel, the country’s largest cellular services provider in terms of market capitalisation rose 2.15% to Rs 837
India’s largest oil exploration company by market capitalisation Oil and Natural Gas Corporation (ONGC) rose 0.25% to Rs 1102. As per reports the company’s wholly-owned subsidiary ONGC Videsh (OVL) has bid for a 20% stake in the Angolan Block 32, which is owned by a consortium of firms led by French firm Total Exploration and Production Angola. The Angolan Block 32 reportedly has 1.5 billion barrels of oil reserves, the production of which is slated to start in 2012.
Reliance Infrastructure (up 1.24% to Rs 1071.50), Grasim (up 0.41% to Rs 2020) and TCS (up 1.40% to Rs 866.90) gained from Sensex pack.
Resurgere Mines & Minerals was the top traded counter on BSE with turnover of Rs Rs 262.80 crore followed by Austral Coke & Projects (Rs 239.50 crore), Reliance Industries (Rs 172.35 crore), Reliance Capital (Rs 155.25 crore) and Gokul Refoils (Rs 153.85 crore), in that order.
IFCI led the volumes chart on BSE notching volumes of 2.15 crore shares followed by Austral Coke & Projects (1.06 crore shares), Resurgere Mines & Minerals (86.50 lakh shares), Reliance Natural Resources (74.15 lakh shares) and Reliance Power (58 lakh shares), in that order.
Refinery stocks gained on drop in oil prices. Hindustan Petroleum Corporation (up 5.70% to Rs 245.55), Bharat Petroleum Corporation (up 2.26% to Rs 353), and Indian Oil Corporation (up 0.10% to Rs 432.90), rose. US crude for October 2008 delivery fell $1.18 to $105.16 a barrel today, 9 September 2008. It hit a five-month low of $104.70 a barrel yesterday, 8 September 2008.
Sugar stocks were in demand after the Supreme Court in an interim order on Monday, 8 September 2008, asked sugar mills in Uttar Pradesh (UP) to pay yo all outstanding cane arrears to growers for the 2007-08 crushing season at the rate of Rs 110 for a quintal within the next four weeks. Balrampur Chini Mills (up 3.31% to Rs 95.10), Shree Renuka Sugars (up 1.33% to Rs 121.75), and Bajaj Hindustan (up 0.91% to Rs 172.30), gained.
This is lower than the State Advised price of Rs 125 for a quintal fixed by the UP government for the current season.
Tech Mahindra rose 2.84% at Rs 796.10 on reports the firm bagged a $250 million, 7-year contract from a North Amercian telecom services firm. It has also won a smaller, 3-year deal from a Kuwait-based telecom firm for under $10 million. Revenues from both contracts will start flowing in from the last quarter of the current financial year, the reports added.
Idea Cellular rose 2.72% to Rs 85.10. The company has fixed 6 October 2008, as the closing date for its open offer for an additional 20% stake in Spice Communications. The offer opens on 17 September 2008.
Punj Lloyd slipped 1.36% to Rs 304.50. The company said its Singapore unit Punj Lloyd Pte has bagged an order worth Rs 167 crore from FWP, Singapore to carry out select mechanical work on Jurong Island, Singapore. The company made this announcement during trading hours today, 9 September 2008.
Ramco Systems jumped 6.80% to Rs 106 after the company said on Monday, 8 September 2008, its board will meet on 11 September 2008 to consider certain changes in the proposed rights issue to raise up to Rs 173 crore.
US stocks surged on Monday, 8 September 2008 as investors bet Washington's bailout of mortgage finance giants Fannie Mae and Freddie Mac would stabilize the US housing sector and calm jittery world financial markets. The Dow Jones industrial average advanced 289.78 points, or 2.58%, to 11,510.74. The S&P 500 index rose 25.48 points, or 2.05%, to 1,267.79, and the Nasdaq Composite index gained 13.88 points, or 0.62%, to 2,269.76.
Asian markets open negative
Asian stocks fell, led by financial, mining and shipping companies, as investors said yesterday`s rally was overdone given the prospects for slowing global growth.
Mitsubishi UFJ Financial Group dropped more than 2.5% as analysts predicted larger writedowns at Lehman Brothers Holdings.
Financial stocks yesterday, Monday, rose the most in 10 years after the US government took control of Fannie Mae and Freddie Mac. BHP Billiton, the world`s largest mining company, slid after gold declined. Mitsui O.S.K. Lines, Japan`s largest operator of iron-ore ships, lost more than 5% as shipping rates fell.
Japanese benchmark index Nikkei dropped 185.43 points, or 1.47%, to trade at 12,439.03.
Hong Kong`s Hang Seng index fell 384.73 points, or 1.85%, to trade at 20,409.54.
China`s Shanghai Composite rose 5.75 points, or 0.27%, to trade at 2,149.17.
Taiwan`s Taiex index dropped 185.08 points, or 2.78%, to trade at 6,473.61.
South Korea`s Kospi index declined 21.20 points, or 1.44%, to trade at 1,455.45.
Singapore`s Straits Times lost 41.69 points, or 1.55%, to trade at 2,655.34. (7.58 a.m., IST)
Pre Session Commentary - Sep 9 2008
The Indian Market is expected to have negative opening as Asian markets are trading lower. On Monday, domestic markets after giving up a part of its earlier gains, concluded the day with heavy growth as the Nuclear Suppliers Group (NSG) waved India through, giving a leg-up to India''s Nuclear Deal with the US. Market opened on strong note on favorable global indicate and NSG approval for India. Further, bulls continued to nuke bears on investor’s positive attitude led by strong buying. Strong Asian and European markets also lifted the sentiment after the US government announced to takeover mortgage giant Freddie Mac and Fannie Mae. NSE Nifty ended around 4,500 mark and BSE Sensex around 15,000 level. From the sectoral front, Bank stocks outperformed the benchmark index as ended with gain of more than 4%. Along with that, Capital Goods Metal, Oil & Gas, Power and Reality stocks also contributed to the positive attitude. However, Consumer Durables stocks remained out of favor as witnesses most of the selling from this basket. The BSE Sensex closed higher by 461.14 points at 14,944.97 and NSE Nifty ended up by 130 points at 4,482.30. The BSE Mid Caps and Small Caps closed with gains of 66.17 points at 5,819.89 and by 77.55 points at 6,982.77. We expect that market may remain gave up its gains during the trading session.
On Monday, the US market closed higher as US government announced to takeover troubled mortgage giant Freddie Mac and Fannie Mae. Light sweet crude for October delivery ended marginally higher at $106.34 a barrel on the New York Mercantile Exchange, after rising as high as $109.89 a barrel and falling as low as $US104.70.
The Dow Jones Industrial Average (DJIA) closed higher by 289.78 points to close at 11,510.74 followed by the S&P 500 (SPX) ended up by 25.48 points to close at 1,267.79 and the NASDAQ index gained 13.88 points to close at 2,269.76.
Indian ADRs ended mixed. In technology sector, Wipro ended higher by (3.19%) followed by Infosys advanced by (0.15%), while Patni Computers plunged by (1.17%) and Satyam lost (0.64%). In banking sector HDFC Bank and ICICI Bank gained (4.07%) and (1.20%). In telecommunication sector, Tata Communication ended and MTNL surged (5.88%) and (0.45%). Sterlite industries increased by (2.85%).
Today the major stock markets in Asia are trading lower on profit booking. Hang Seng index is trading weaker by 454.06 points at 20,340.21 along with Taiwan Weighted trading down by 190.21 points at 6,468.48, Japan’s Nikkei plunged 185.43 points at 12,439.03 and Singapore''s Straits Times lost 44.88 points at 2,652.15.
The FIIs on Monday stood as net seller in equity and net buyer in debt. Gross equity purchased stood at Rs1,713.90 Crore and gross debt purchased stood at Rs549.60 Crore while the gross equity sold stood at Rs3,450.70 Crore and gross debt sold stood at Rs34.40 Crore. Therefore, the net investment of equity reported was (Rs1,736.80) Crore and net debt was Rs513.30 Crore.
The partially convertible rupee ended at 44.60/61 per dollar, 0.1% stronger than 44.64/65 of Friday, when it fell to a low of 44.75, a level it last traded on Dec. 21, 2006. The Indian rupee edged back from early gains on Monday to end marginally stronger as hefty dollar demand from oil firms and some foreign banks weighed.
Today, Nifty has support at 4,388 and resistance at 4,553 and BSE Sensex has support at 14,583 and resistance at 15,217.
Grey Market Premium - Chemcel Biotech, 20 Microns
20 MICRONS Ltd. 50 to 55 6 to 8
Chemcel Biotech Ltd. 16 3 to 4.50
Market seen consolidating on mixed global cues
Key benchmark indices are seen consolidating today after a sharp rally on Monday, 8 September 2008 aided by the Nuclear Supplers' Group (NSG) waiver over the weekend, strong global cues and short covering. Global cues were mixed with Asian markets declining today and US indices surging overnight.
Most Asian markets were trading lower today, 9 September 2008. Japan's Nikkei plunged 1.47% or 185.43 points at 12,439.03, Hong Kong's Hang Seng fell 2.18% or 454.06 points at 20,340.21, Taiwan's Taiwan Weighted lost 2.86% or 190.21 points at 6,468.48, Singapore's Straits Times slipped 1.66% or 44.88 points at 2,652.15, South Korea's Seoul Composite declined 1.84% or 27.17 points at 1,449.48. However, China's Shanghai Composite rose 0.14% or 3.10 points at 2,146.52
US stocks surged on Monday, 8 September 2008 as investors bet Washington's bailout of mortgage finance giants Fannie Mae and Freddie Mac would stabilize the US housing sector and calm jittery world financial markets. The Dow Jones industrial average advanced 289.78 points, or 2.58%, to 11,510.74. The S&P 500 index rose 25.48 points, or 2.05%, to 1,267.79, and the Nasdaq Composite index gained 13.88 points, or 0.62%, to 2,269.76.
US crude futures fell 9 cents at $105.43 a barrel yesterday, 8 September 2008 after dipping to a five-month low of $104.70.
Back home, key benchmark indices surged on Monday, 8 September 2008 after the 45-nations Nuclear Supplier Group (NSG) on Saturday, 6 September 2008 lifted a 34-year-old embargo on nuclear trade with India. The BSE 30-share Sensex jumped 461.14 points and the S&P CNX Nifty jumped 130 points or 2.99%, to settle at 4482.30, on that day.
Foreign institutional investors (FIIs) were net equity buyers worth Rs 253.43 crore while mutual funds sold shares worth Rs 132.62 crore on Monday, 8 September 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 1527 crore in the futures & options segment on Monday, 8 September 2008. They were net buyers of index futures to the tune of Rs 954.12 crore and bought index options worth Rs 505.80 crore. They were net sellers of stock futures to the tune of Rs 146.89 crore and bought stock options worth Rs 213.96 crore.
Trading Calls - Sep 9 2008
Nifty (4482) Sup 4405 Res 4550
Buy HUL (253) SL 250
Target 259, 261
Sell Bajaj Auto (599) SL 604
Target 590, 587
Buy Sterlite (622) SL 616
Target 632, 636
Buy ONGC (1100) SL 1087
Target 1125, 1135
Sell Bombay Dyeing (573) SL 578 Target 564, 560
Limited clarity, unlimited issues
More important than the quest for certainty is the quest for clarity”
There is neither certainty nor clarity in our markets. This holds true even for the Singur issue. Despite reports of the stalemate ending, it now seems that the Nano manufacturers could say Tata to Singur as returning land would make the project unviable. Tata Motors expressed its distress at the limited clarity on the outcome. Don’t’ dismiss this issue as just a battle between one corporate versus the powers that be. Companies like Infosys may rethink their plans for
The underperformance of the broader market, coupled with the cautiousness of FIIs and uncertainties over local as well as global factors could put a lid on a sharp rally from here. Variables like movement in crude oil prices and local inflation will continue to decide the mood of the market. We expect a cautious opening today due to weakness in other Asian markets. Things may turn a bit volatile and uncertain after that.
On Monday, the impending bailout of Freddie Mac and Fannie Mae by the Bush regime helped boost sentiment across global equity markets. Locally, the NSG waiver provided the trigger for gains. Market breadth was positive. What's more, traded volume of shares jumped on both the exchanges from Friday. The cash market turnover on the NSE was also up, though on the BSE the same was down slightly.
What may be of some worry is the relatively subdued show put up by the broader market. This means that the rally was led mainly by the large caps. Also, the key indices closed lower from their intra-day peaks.
Asian markets have lost some ground (0.5-3%) this morning. This could lead to some cooling in our markets as well. With inflation softening and the macro picture not looking too bad vis-a-vis other economies we may not see any immediate sell off. The concern is the relentless outflows by the overseas investors. In fact, on a day when the Sensex and the Nifty shot up by 3% each, the local funds chose to cash out while the buying from FIIs too was at best modest.
HCL Tech and Infosys will be in action as the former has reportedly decided to bid for UK’s Axon at a price 15% higher than that of the latter. Madras Aluminium and Sterlite Industries will be in focus as their Boards meet today to consider restructuring, including a possible merger. India Foils might attract some attention as its Board has cleared the rehabilitation scheme sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) for the company.
FIIs were net buyers of Rs2.5bn (provisional) in the cash segment on Monday while local institutions offloaded Rs1.32bn. In the F&O segment, the foreign funds were net buyers of Rs15.27bn. On Friday, FIIs were net sellers of Rs17.37bn in the cash segment. Mutual funds were net sellers of Rs986mn on the same day.
US stocks rallied on Monday on hope that the government's takeover of Fannie Mae and Freddie Mac will put an end to the global financial market crisis that has plagued world markets for more than a year now.
The S&P 500 Index surged 25.48 points, or 2.1%, to 1,267.79, its steepest gain since August 8. The Dow Jones Industrial Average jumped 289.78 points, or 2.6%, to 11,510.74. The Nasdaq Composite Index rose 13.88 points, or 0.6%, to 2,269.76.
Almost three stocks climbed for each that fell on the New York Stock Exchange. All but one of the 30 companies in the Dow advanced. About 1.7bn shares changed hands on the NYSE in the busiest trading session since July 23.
The S&P 500 Financials Index rallied 4.7%, posting its best gain since Aug. 5 and reaching its highest level since June 19.
Citigroup, Wachovia and Bank of America added at least 6.6% after Treasury Secretary Henry Paulson said that the government will provide short-term funding to mortgage lenders Fannie and Freddie.
KB Home and DR Horton jumped more than 12%, sending an index of homebuilders to a four- month high. An advance in banks from Germany to Japan sent the MSCI World Index up 2.1%, the most since April.
US stocks surged in the morning, with the Dow up 350 points, as investors welcomed the bailout news. But questions about what the move will really mean for the housing market took some steam off the rally in the afternoon.
However, investor sentiment improved yet again in the last hour of trade, pushing stocks higher through the close.
Some worries still remain, like the health of Lehman Brothers and the threat of a United Airlines' bankruptcy hit those stocks. Weakness in Oracle, Google and other large techs put a limit on the Nasdaq's gains.
Analysts on Wall Street are split as to how much the plan will be able to help the battered US housing market and sluggish economy. While the announcement has a psychological impact, it is not the ultimate solution, according to some experts.
After the close of trade, reports said that Dell founder Michael Dell bought $100mn of shares last week, sending the stock 1% higher in extended-hours trading.
Altria Group said that it would buy UST, the maker of tobacco dip products such as Copenhagen and Skoal, for about $10bn, confirming last week's media speculation.
UAL denied media reports that a bankruptcy filing was on the cards for United Airlines, blaming speculation on an erroneously republished news article from 2002. Shares of the air carrier's parent company had been halted by the Nasdaq after the stock plunged 27%. UAL shares slumped 11% once trading resumed.
Oil prices were choppy, ending a bit higher as Hurricane Ike headed toward the Gulf of Mexico and other tropical storms continued to pose threats. Additionally, investors were keeping an eye on the OPEC meeting in Vienna this week, amid bets that the cartel could cut production due to the recent slide in prices.
Oil prices are down more than $40 per barrel from a record high of $147.20 in July, on bets that a sluggish global economy is cutting into demand. US light crude oil for October delivery settled up 11 cents a barrel at $106.34 in New York, after ending the previous session at a five-month low.
Gasoline prices declined for an eighth straight day, according to a national survey of credit-card activity.
In the bond market, Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.67% from 3.72% late on Friday. The dollar gained versus the euro and fell versus the yen. COMEX gold for December delivery fell 30 cents to $802.50 an ounce, erasing morning gains.
European shares surged, led by financials. The pan-European Dow Jones Stoxx 600 index jumped 3.3% to 281.29 in the biggest one-day point rise for the index since January 24.
The French CAC-40 surged 3.4% to 4,340.18, while Germany's DAX 30 rose 2.2% to 6,263.74. The UK's FTSE 100 jumped, adding 3.8% to 5,440.20, before trading was suspended amid technical difficulties at the London Stock Exchange. Trading resumed six hours and 40 minutes later, with the FTSE closing up 3.9% at 5,446.30.
In the emerging markets, Brazil's Bovespa was down 2.35% at 50,717, while Mexico's IPC index rose 1.3% to 26,232. The RTS index in Russia surged 2.7% to 1508 and the ISE National-30 index in Turkey was up 4% at 50,551.
Euphoria may prove short lived
Markets ended with hansom gains despite witnessing some profit booking in late trades.
The markets rallied post the NSG waiver. Further global cues also were positive, following the US government’s decision to bail out troubled mortgage giants, Freddie and Fennie.
Buying was witnessed in scrips across the sectors with capital goods, banking and realty stocks leading from the front. All the 30 stocks of the Sensex ended in the green. Index heavyweights like Reliance Industries, ICICI Bank and L&T were among the major gainers.
Finally, the BSE benchmark Sensex closed at 14,944 losing 461 points and the NSE Nifty index gained 130 points to close at 4,482.
The capital goods and the power stocks were in the limelight after India on September 6, 2008 won the right to buy equipment from a group of nuclear-technology supplying nations.
A group of 45 nuclear-technology supplying countries granted a waiver for sales to India outside the nuclear Non-Proliferation Treaty. This grant would allow companies including L&T and BHEL to win orders for equipment generating nuclear power.
Sugar stocks recorded sweet gains after UP sugar mills reportedly finalized their accounts till June 2008 based on the cane price of Rs110 per quintal.
Last week, the Supreme Court had refused to stay payment of cane arrears in the UP sugar mills case. The last date for payment of cane arrears was fixed as September 6. Sugar mills will have to pay Rs14.8bn.
Shares of Bilpower Ltd rallied by over 3% to Rs170 after the company announced that it signed a contract with the Ministry of Energy, Government of Ghana on September 03, 2008.
Accordingly, Bilpower Ltd has awarded the EPC (Erection, Procurement and Commissioning) Contract for a value of US$30mn for Rural Electrification in Brong Ahafo and Ashanti Region of Ghana in Transmission and Distribution Sector. It is expected to complete the Contract in approx. 18 months. The Contract is backed financially by Exim Bank of India. The scrip touched an intra-day high of Rs184.9 and a low of Rs169 and recorded volumes of over 1,00,000 shares on NSE.
ICSA India surged by over 4% to Rs338 after the company announced that it secured work orders for a total contract value of Rs2.36bn from Mahavitaran (Maharashtra State Electricity Distribution Co. Ltd) and M P Paschim Kshetra Vidyut Vitaran Co. Ltd. The scrip touched an intra-day high of Rs344 and a low of Rs331 and recorded volumes of over 1,00,000 shares on NSE.
Shares of Patels Airtemp ended flat at Rs58. The company received an order of worth Rs161mn for Shell and Tube Heat Exchangers for Essar Oil Refinery Project, Gujarat. The scrip touched an intra-day high of Rs62.1 and a low of Rs57 and recorded volumes of over 17,000 shares on NSE.
Shares of SRF gained by over 3% to Rs138 after the company announced the closure of their acquisition of Thai Baroda Industries Ltd in Rayong, Thailand. All financial dues as per the restructuring plan approved by the Court have been paid as of this morning in Thailand. The scrip touched an intra-day high of Rs139 and a low of Rs133 and recorded volumes of over 1,00,000 shares on NSE.
Dolphin Offshore was locked 20% upper circuit to Rs281.15 after the company announced that it secured two orders worth Rs3.04bn from ONGC. The first contract for Euro27.03mn is expected to be completed by June 6, 2009.
The second contract worth Euro19.3mn, plus Rs87.9mn, was expected to be completed by December 31, 2009. The scrip touched an intra-day high of Rs281.15 and a low of Rs246 and recorded volumes of over 39,000 shares on NSE.
OVL submits bid for 20% stake in Angolan oil block. (BS)
The Ashok Leyland-Nissan LCV project is being put up at zero cost due to the VAT refund for 21 years. (BL)
Ashok Leyland and Nissan sign an agreement with the TN government for setting up a greenfield plant for commercial vehicles. (ET)
KEC International has bagged two orders worth Rs2.17bn from NTPC Electric Supply Company Ltd and Power Grid Corporation of India. (ET)
The Government may confer navratna status to BSNL before its initial public offer. (ET)
HPCL will start producing superior quality Euro-IV petrol from both its Mumbai and Vizag refineries by the year-end. (FE)
Unitech has raised Rs12bn for its telecom venture from a syndicate of public sector banks led by Punjab National Bank and Canara Bank. (ET)
The Government has allocated start up GSM spectrum to Tata Teleservices, Unitech, Swan and Loop Telecom in UP and Punjab. (ET)
Coal shortage forced Nalco to cut back alumina production at its refinery in Orissa for about three days last week. (ET)
Chennai Petroleum Corporation Ltd plans to set up a 15mn ton refinery-cum-petrochemical complex with an investment of around US$10bn. (BS)
JSW Steel’s steel production output in August 2008 rose by 7% yoy to 0.34mn tons. (FE)
MRPL has sold jet fuel, first time since January 2007. (ET)
Hinduja Group plans to acquire commercial vehicle related businesses in Europe and the Middle East. (ET)
Essar group is looking at acquiring telecom companies in the sub-Saharan and eastern Africa to expand international footprint. (ET)
Vedanta Resources is likely to merge Madras Aluminium Company with Sterlite Industries. (ET)
Stone India plans to acquire a controlling stake in an European firm manufacturing products for railways for ~Rs2bn. (ET)
About 10,000 contract workers at the Neyveli Lignite Corporation began an indefinite strike. (ET)
GM sets up marketing & distribution subsidiary in India. (BS)
The FIPB has given its approval to the investment by Societe Generale in the proposed custodial services joint-venture in India with SBI. (BS)
A consortium of Nagarjuna Construction Company Ltd-NCC Infra Holdings has been awarded the Rs10bn project for development of Andhra Pradesh International Centre at AP Bhawan in New Delhi. (BL)
Chinese companies likely to bag half of new telecom equipment orders.
Sebi approved The Walt Disney Company’s deal to increase stake in UTV Software Communications beyond 15%.
Subhiksha plans to raise US$80-100mn by an investment from large foreign institutional investors. (BL)
Economy Front page
Oil firms to boost naphtha export after KG gas flows. (BS)
RBI has decided to further increase the cap on advance remittances toward the import of services up to US$500,000 against the previous limit of US$100,000. (ET)
The Government has decided not to award new projects to road developers who have failed to complete two or more old projects within the time specified in their concession agreements. (ET)
Trai has asked mobile operators to slash tariffs voluntarily. (FE)
Asset reconstruction companies want industry status, power to overhaul defaulting companies. (ET)
The Oil Ministry will soon seek cabinet approval to charge higher diesel prices for industrial users and power plants. (ET)
The Government is not planning to cut import duty on natural rubber. (ET)
The Supreme Court has directed all mill owners of UP to pay cane price at the rate of Rs110 a quintal for the present crushing season of 2007-08. (ET)
Rice and wheat procurement this year is set to touch a record of over 50mn tons. Food Corporation of India. (ET)
The Government is mulling a proposal to declare separate minimum support and procurement prices for crops in future. (ET)
The Karnataka Government has signed a MoU with Chattisgarh to set up a 1,200MW thermal power project. (ET)
Today's Pick - Allied Digital Services
We recommend a buy in Allied Digital Services from a short-term horizon. It is apparent from the charts of the stock that it has been consolidating sideways in a broad range between Rs 700 and Rs 920 since late January. The support at Rs 700 is cushioning the declines while it is unable to get past the resistance at Rs 920.The stock failed to surpass this level in May and again in July. In late August, the counter took support at around Rs 700 and commenced a short-term up move. This reversal was supported by a positive divergence in the daily relative strength index (RSI). The RSI has entered in to the neutral region from the bearish zone and the weekly RSI has reversed taking support at the 40 levels. The stock has crossed over its 21-day moving average recently. The moving average convergence and divergence is also indicating a buy. We are bullish on the stock from a short-term perspective. We anticipate the stock’s short-term up move to prolong further until it hits our price target of Rs 830 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 714.
via BL
Nifty futures at premium
Turnover declines
Nifty September 2008 futures were at 4510, at a premium of 27.70 points as compared to spot closing of 4482.30. NSE's futures & options (F&O) segment turnover was Rs 45,977.53 crore, which was lower than Rs 46,868.19 crore on Friday, 5 September 2008.
Larsen & Toubro (L&T) September 2008 futures were at premium at 2761 compared to the spot closing of 2737.50.
NTPC September 2008 futures were at premium at 182.70 compared to the spot closing of 181.55.
Shree Renuka Sugars (Renuka) September 2008 futures were at premium at 121.20 compared to the spot closing of 120.20.
In the cash market, the S&P CNX Nifty surged 130 points or 2.99% at 4482.30.
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