Tuesday, April 28, 2009
This data was last updated on Tuesday, April 28, 2009 6:11:47 PM
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
28/4/2009 531897 ACCENT TECH NIDHI EQUITY PVT LTD S 165000 93.64
28/4/2009 524598 AKSHARCHEM I MAHENDRA CREDIT AND INVESTMENT S 30000 7.00
28/4/2009 532707 DYNEMIC PRO ANANDSHAMWAGLE S 59153 26.10
28/4/2009 531137 GEMSTONE INV BHAVESHPABARI S 32000 24.75
28/4/2009 531137 GEMSTONE INV HEMANTMADHUSUDANSHETH S 62000 24.46
28/4/2009 512167 MATRA REALT ALBULA INVESTMENT FUND LTD B 118630 4.93
28/4/2009 532819 MINDTREE LTD OPG SECURITIES P LTD B 317429 314.15
28/4/2009 532819 MINDTREE LTD OPG SECURITIES P LTD S 317429 314.85
28/4/2009 507864 PIONEER INVE MONDEO TRADEPLACE PVT. LTD S 79098 29.90
28/4/2009 523445 RELIANCE INDUSTRIAL INFRASTRUC GENUINE STOCK BROKERS PVT. LTD. B 224632 761.53
28/4/2009 523445 RELIANCE INDUSTRIAL INFRASTRUC CHANDARANA INTERMEDIARIES BROKERS P. LTD B 148237 765.58
28/4/2009 523445 RELIANCE INDUSTRIAL INFRASTRUC OPG SECURITIES P LTD B 414067 755.05
28/4/2009 523445 RELIANCE INDUSTRIAL INFRASTRUC GENUINE STOCK BROKERS PVT. LTD. S 224632 762.79
28/4/2009 523445 RELIANCE INDUSTRIAL INFRASTRUC CHANDARANA INTERMEDIARIES BROKERS P. LTD S 151037 764.61
28/4/2009 523445 RELIANCE INDUSTRIAL INFRASTRUC OPG SECURITIES P LTD S 414067 755.40
28/4/2009 513699 SOLID STONE CLT INVESTMENTS PVT LTD S 38000 93.49
28/4/2009 523363 STER HOL RES ASHITA BHAVIN PAREKH B 1300000 37.90
28/4/2009 523363 STER HOL RES INVESTRICK SECURITIES INDIA PVT LTD S 1300000 37.90
28/4/2009 531668 VISION CORPO VIJAYBHAI JAYANTIBHAI THAKKAR B 127000 7.13
28/4/2009 531668 VISION CORPO VIJAYBHAI JAYANTIBHAI THAKKAR S 110200 7.05
28/4/2009 514470 WINSOME TEXT HIREN BHUPATRAI MEHTA B 38750 33.94
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
28-APR-2009,ABAN,Aban Offshore Ltd.,ABHI AMBI FINANCIAL SERVICES LTD,BUY,235756,409.17,-
28-APR-2009,ABAN,Aban Offshore Ltd.,PRB SECURITIES PRIVATE LTD.,BUY,308246,416.73,-
28-APR-2009,ARIHANT,Arihant Foundations & Hou,S JAYALAKSHMI,BUY,65853,121.49,-
28-APR-2009,BIRLAPOWER,Birla Power Solutions Ltd,BP FINTRADE PRIVATE LIMITED,BUY,1839560,2.12,-
28-APR-2009,HDIL,Housing Development and I,GENUINE STOCK BROKERS PVT LTD,BUY,1678544,146.20,-
28-APR-2009,NAUKRI,Info Edge (India) Limited,CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED,BUY,449554,530.00,-
28-APR-2009,POCHIRAJU,Pochiraju Industries Limi,RAUNAK CHORDIA,BUY,91390,14.44,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,117864,765.50,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,C D INTEGRATED SERVICES LTD.,BUY,464640,760.90,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,142445,766.89,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,366917,760.15,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,PRB SECURITIES PRIVATE LTD.,BUY,71500,760.85,-
28-APR-2009,SELMCL,SEL Manufacturing Company,DKG SECURITIES PVT. LTD.,BUY,82956,99.32,-
28-APR-2009,ABAN,Aban Offshore Ltd.,PRB SECURITIES PRIVATE LTD.,SELL,309214,415.98,-
28-APR-2009,ABAN,Aban Offshore Ltd.,SOUTH ASIA PORTFOLIO,SELL,251893,421.90,-
28-APR-2009,BIRLAPOWER,Birla Power Solutions Ltd,BP FINTRADE PRIVATE LIMITED,SELL,3063858,2.15,-
28-APR-2009,HDIL,Housing Development and I,GENUINE STOCK BROKERS PVT LTD,SELL,1701951,146.34,-
28-APR-2009,NAUKRI,Info Edge (India) Limited,FID FUNDS (MAURITIUS) LIMITED,SELL,380137,530.00,-
28-APR-2009,POCHIRAJU,Pochiraju Industries Limi,RAUNAK CHORDIA,SELL,91390,14.37,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,117864,764.97,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,C D INTEGRATED SERVICES LTD.,SELL,464640,761.02,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,142045,766.47,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,366917,760.12,-
28-APR-2009,RIIL,Reliance Indl Infra Ltd,PRB SECURITIES PRIVATE LTD.,SELL,84700,766.67,-
28-APR-2009,ROLTA,Rolta India Ltd.,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,1380025,77.92,-
28-APR-2009,SELMCL,SEL Manufacturing Company,DKG SECURITIES PVT. LTD.,SELL,109696,98.63,-
Markets closed on a lackluster note after trading in deep red terrain tracking unfavorable cues from the markets all over the world. Global stocks were anguishing with blood bath on worries that the swine-flu outbreak will curtail travel. Market tumbled also on investors’ cautious behavior ahead of F&O expiry on 29th April 2009. The expiry of the near-month derivatives contracts has been advanced to 29th April 2009 from 30th April 2009 as the stock market will remain close on 30th April 2009 due to voting for the parliamentary elections on 30th April 2009, in Mumbai.
The market opened today on negative note backed by weak cues across the global markets. The US stock markets on Monday closed lower on worries that the Swine-Flu outbreak would further deepen the global recession. Further, benchmark indices continued to extend their losses on profit taking ahead of the settlement of F&O expiry on Wednesday and two continuous holidays in this week. Depressing European markets also fueled to the negative sentiments in the domestic bourses. During final trading hours, market dropped severely to close with huge losses of more than 3% on strong selling over the ground. BSE Sensex ended around 11,000 level and NSE Nifty closed below 3,400 level. From the sectoral front, investors off-loaded positions across the sectors. Among those, most of the selling was observed in Reality, Metal, Bank, Capital Goods, Power, PSU and Oil & Gas stocks. Mid Cap and Small Cap stocks also remained out of favor during the trading session.
Among the Sensex pack all 30 stocks ended in red territory. The market breadth indicating the overall health of the market remained extremely weak as 1807 stocks closed in red while 654 stocks closed in green and 81 stocks remained unchanged in BSE.
The BSE Sensex closed lower by 370.10 points at 11,001.75 and NSE Nifty ended down by 107.65 points at 3,362.35. BSE Mid Caps and Small Caps closed with losses of 133.57 and 138.82 points at 3,450.71 and 3,888.32 respectively. The BSE Sensex touched intraday high of 11,375.97 and intraday low of 10,961.75.
Losers from the BSE Sensex pack are DLF Ltd (7.81%), Sterlite Industries (7.73%), Tata Steel (7.56%), HDFC (7.36%), RCom (7.16%), Reliance Infra (6.82%), Tata Motors (6.41%), ICICI Bank (6.11%), BHEL (4.12%), Hindalco (4.04%), HDFC Bank (4.01%), L&T Ltd (3.91), SBI (3.29%) and ITC Ltd (2.98%).
There is no gainer from the BSE Sensex pack today.
On the global markets front the Asian markets which opened before the Indian market, ended lower on swine flu fears along with worries for US Banks. Shanghai Composite, Hang Seng, Nikkei 225, Straits Times index and Seoul Composite ended lower by 3.91, 285.31, 232.57, 10.20 and 39.59 points at 2,401.44, 14,555.11, 8,493.77, 1,808.41 and 1,300.24 respectively.
European markets which opened after the Indian market are trading in red. In Frankfurt the DAX index is trading down by 119.24 points at 4,574.83 and in London FTSE 100 is trading lower by 78.90 points at 4,088.11.
The BSE Reality index under performed the benchmark indices and ended down by (5.7%) or 125.56 points at 2,076.47 on profit taking. Losers are Housing Dev (9.32%), DLF Ltd (7.81%), Indiabull Real (6.06%), Orbit Co (5.84%) and Parsvnath (5.26%).
The BSE Metal index closed with decrease of (5.66%) or 401.58 points at 6,695.56 on profit booking as copper prices contracted on the commodities markets concern that the Swine flu outbreak will disrupt the economic activity to larger extent. Scrips that lost are Welspan Gujarat (9.87%), Sterlite Industries (7.73%), Sesa Goa Ltd (7.57%), Tata Steel (7.56%) and JSW Steel (5.90%).
The BSE Bank stocks tumbled (4.97%) or 284.84 points to close at 5,441.75 on weak sentiment towards the bank stocks globally led by worries that US banks may have to raise more capital. Major losers are Punjab National Bank (9.64%), Kotak Bank (7.55%), Bank of India (6.77%), Yes Bank (6.59%) and ICICI Bank (6.11%).
The BSE Capital Goods index dropped by (4.17%) or 336.33 points to close at 7,735.21. Main losers are Reliance Industrial Infra (9.86%), Walchand In (9.26%), BEML Ltd (8.72%), Gammon Indi (7.99%) and Praj Industries (7.77%).
The BSE Power index lost (3.78%) or 80.4 points to close at 2,047.89. Losers are Neyveli LIG (7.92%), Lanco Infra (7.49%), Reliance Infra (6.82%), Suzlon Energy (6.53%) and Torrent Power (6.21%).
The BSE PSU index ended lower by (2.85%) or 168.50 points to close at 5,750.72. Indian Bank (140.97%), Punjab National Bank (9.64%), BEML Ltd (8.72%), Neyveli LIG (7.92%) and Vijaya Bank (7.09%) ended in negative territory.
Cadila Health Care ended lower by 0.51%. The Company has posted a net profit of Rs 425.70 million for the quarter ended March 31, 2009 where as the same was at Rs 354.00 million for the quarter ended March 31, 2008.
Biocon lost 1.90%. The company has posted a net profit of Rs24.88 crore for the quarter ended March 31, 2009 as compared to Rs65.3crore for the quarter ended March 31, 2008. The net profit was impacted by its marked-to-market losses, declining to Rs 93 crore. MTM losses stood at Rs 147 crore. Consolidated revenue (including Axicorp) increased 53% to Rs 1673 crore in the March quarter from Rs. 1090 crore a year ago.
Tech Mahindra dropped 3.09%. The company, who emerged as the highest bidder for the acquisition of fraud hit Satyam computers, will enhance the corporate governance standard of Satyam. For this, it is looking at the option to appoint two auditors at Satyam Computer Services as a part of this initiative. But these appointments will have to be ratified by Satyam shareholders.
3i Infotech lost 0.90%. The company agreed to buy JP Morgan Treasury Services'' national retail lockbox business (NRLB) to expand capacity and capabilities of its unit Regulus.
GlaxoSmithKline Pharma rose 0.96% after net profit jumped 18.14% to Rs 143.27 crore during Q1 March 2009 as against Q1 March 2008.
Indian stocks joined global sell off after the Wall Street Journal reported Bank of America Corp. and Citigroup Inc. were told by US regulators that they need more capital. Concerns that the swine-flu outbreak will curtail travel and delay a recovery from the global recession also weighed on global stocks. The BSE 30-share Sensex slumped 370.10 points or 3.25%. Sensex closed just above the psychological 11,000 mark after falling below that level in late trade. Banking, metal and realty stocks led losses.
The market was choppy as traders rolled over positions from April 2009 contracts to May 2009 contracts ahead of the expiry of the near month April 2009 derivatives contracts on Wednesday, 29 April 2009. After a slide in early trade, the market cut losses shortly. The intraday recovery proved short-lived as the market weakened in early afternoon trade. Once again a recovery from lower level was witnessed in afternoon trade. The recovery proved short-lived. Market slumped in mid-afternoon trade.
The expiry of the near-month derivatives contracts has been advanced to 29 April 2009 from 30 April 2009 as the stock market remains closed on 30 April 2009 on account of voting for the parliamentary elections in Mumbai on 30 April 2009. As per reports, rollover of Nifty positions from April 2009 series to May 2009 series stood at 48% while those of stock futures were 37%, as on Monday, 27 April 2009.
Political uncertainty may lead to volatile swings on the bourses in the next few weeks with polling underway for India's 15th Lok Sabha. The month-long parliamentary elections that began on 16 April 2009 will conclude on 13 May 2009 with results due on 16 May 2009. Poll estimates point to a fractured mandate.
European stocks fell on Tuesday, knocked by growing fears about the economic impact of the swine flu outbreak and renewed concerns over capital increases in the banking sector. Key benchmark indices in France, Germany and UK were down by between 1.91% to 2.15%.
Asian markets fell today, 28 April 2009 after the world health organization raised its pandemic alert level for an outbreak of Swine Flu, spurring concern the spread of the disease will hurt government efforts to revive the global economy. Key benchmark indices in China, Hong Kong, Singapore, Taiwan, South Korea, and Japan were down by between 0.16% and 2.95%.
Stress tests showed Bank of America needs billions of dollars of capital, according to a report by the Wall Street Journal which cited people familiar with the situation. The report also said Bank of America and Citigroup are both challenging the findings. The Wall Street Journal also said Wells Fargo & Co, Fifth Third Bancorp and Regions Financial Corp. are all expected to need more capital. The Financial Times reported that Britain's largest banks may be forced to adopt higher capital ratios.
Credit-related losses and writedowns at the world's biggest financial companies have swelled to more than $1.34 trillion since the start of 2007.
On the flip side, the worst may be over for Asia's exporters as interest-rate cuts and a $585 billion stimulus package get China buying again. Singapore's shipments to China jumped 29% in March 2009 from February 2009, and those from Japan, South Korea and Taiwan also increased.
China's spending on roads, bridges and low-cost housing should contribute strongly to growth in Asia, the World Bank said this month. Goldman Sachs Group Inc. last week raised its 2009 growth forecast for China's economy to 8% from 6% previously, citing the stimulus.
Signs that the US economy is recovering may provide further demand for Asia's exporters. Federal Reserve Chairman Ben S. Bernanke said in mid-April 2009 that the world's largest economy's sharp decline may be slowing. Confidence among US consumers has risen two months running and sentiment last week reached its highest level since the bankruptcy of Lehman Brothers Holdings Inc. in September 2008.
Trading in US index futures showed the Dow could fall 113 points at the opening bell on Tuesday, 28 April 2009.
US stocks fell on Monday, 27 April 2009 as concern the swine flu outbreak will hurt travel, energy and hotel companies overshadowed gains in health care stocks. The Dow Jones Industrial Average dropped 51.29 points, or 0.64%, to 8,025, the Standard & Poor's 500 Index fell 8.73 points, or 1.01%, to 857.50 and the Nasdaq Composite index dropped 14.88 points, or 0.88%, to 1,679.41.
Closer home, the Reserve Bank of India (RBI) said on Tuesday it had extended up to 31 October 2009, the ceiling on the rates of interest on pre-shipment rupee export credit of up to 270 days and post-shipment rupee export credit up to 180 days at benchmark prime lending rate minus 2.5%. The earlier validity was up to 30 April 2009.
The Reserve Bank of India (RBI) governor D. Subbarao on Saturday, 25 April 2009, said unwinding of fiscal stimulus in an orderly manner is one of the major challenges going forward. The central bank governor also highlighted other challenges ahead. These include implementing the fiscal stimulus packages, particularly stepping up public investment, revival of private investment demand, maintaining flow of credit while ensuring credit quality.
For the central bank, which is also the regulator of the financial markets, preserving financial stability along with provision of adequate liquidity is another task that will have to be addressed, according to the RBI governor. Besides, it will have to ensure an interest rate environment that supports the return of the economy to a high growth path.
UBS's lead economic indicator in India has climbed for three consecutive months pointing to a strong recovery in industrial activity by June 2009, it said in a note late on Friday, 24 April 2009. UBS said the key variables which have boosted its lead indicator index was the government bond yield spread, real (M1) money supply and a revival in foreign capital inflows. "Our base-case scenario is for the Indian economy and corporate earnings to bottom out by the second half of 2009/10 and for full recovery in 2010/11," it said. UBS said it is positive on the Indian stock market on a 12 month view with overweight recommendation for autos, metals, banks, real estate and conglomerates.
India's industrial production may have risen 10% on a monthly basis in March 2009 as the effects of a recent spate of fiscal and monetary measures started showing up, Macquarie Research said in a note.
The Reserve Bank of India (RBI) on Tuesday, 21 April 2009 cut its key short-term rates by 25 basis points each to shore up faltering growth in the face of the global economic slowdown. The Reserve Bank also repeated a call for banks to pass on its rate cuts to customers and said deposit rates should also fall. "There is scope for the overall interest rate structure to move down within the policy rate easing already effected by the Reserve bank," it said adding its latest rate cut reinforced the case.
Reacting to the RBI rate cut, ICICI Bank, India's largest private sector bank by net profit, announced a reduction in both deposit and lending rates after trading hours on Tuesday, 21 April 2009.
While moderation in internal accruals has an adverse effect on corporate investment, decline in input prices and reduction in borrowing costs may have a favourable impact on profitability of the corporate sector going forward, the RBI said at the time of announcing the monetary policy.
The central bank said that managing large government borrowing in FY 2010 in a non-disruptive manner would be a major challenge, and said it would used a mix of monetary and debt management tools to ensure this was done smoothly. Large borrowings also militate against the low interest rate environment that the RBI is trying to maintain to spur investment demand in keeping with the stance of monetary policy, the central bank said in its policy statement.
A good news for the economy is forecast of a near normal monsoon by the India Meteorological Department (IMD) on 17 April 2009. The IMD said rainfall in the June-September 2009 monsoon season was expected to be 96% of the long-term average. The outlook is among the nation's most widely watched indicator as monsoon rains are a major influence on output of key crops, economic activity and also affects sentiment in the country's financial markets.
Foreign funds are on aggressive buying mode. Foreign institutional investors (FIIs) bought shares worth a net Rs 1839.70 crore on Monday, 27 April 2009. FII inflow in April 2009 totaled Rs 7,213.60 crore (till 27 April 2009). FII inflow in calendar year 2009 totaled Rs 542 crore (till 27 April 2009). With heavy buying in the last two months, foreign funds have turned net buyers in calendar 2009.
FIIs had resorted to heavy selling of Indian stocks in the first two months of calendar 2009. Domestic institutional investors had absorbed the selling by FIIs.
The BSE 30-share Sensex was down 370.10 points or 3.25% to 11,001.75. At the day's high of 11,375.97 Sensex rose 4.12 points in early trade. At the day's low of 10,961.76, the Sensex fell 410.09 points in late trade.
The S&P CNX Nifty was down 107.65 points or 3.1% to 3,362.35.
BSE clocked a turnover of Rs 4,238 crore, lower than Rs 4,898.38 crore on Monday, 27 April 2009.
Nifty April 2009 futures were at 3359, at a discount of 3.35 points as compared to the spot closing of 3362.35. Turnover in NSE's futures & options (F&O) segment surged to Rs 81,137.88 crore from Rs 75,777.22 crore on Monday, 27 April 2009.
The BSE Sensex is up 1,354.44 points or 14.03% in calendar 2009 from its close of 9,647.31 on 31 December 2008.
Coming back to today's trade, the BSE Mid-Cap index was down 3.75%, and the BSE Small-Cap index fell 3.45%. Both the indices underperformed the Sensex.
The BSE IT index (down 0.69%), the BSE Auto index (down 1.5%), the BSE Healthcare index (down 1.8%), the BSE TECk (down 1.87%), the BSE Consumer Durables index (down 2.18%), the BSE FMCG index (down 2.2%), the BSE Oil & Gas index (down 2.33%), the BSE PSU index (down 2.85%), outperformed the Sensex.
The BSE Realty index (down 5.7%), the BSE Metal index (down 5.66%), The BSE Bankex (down 4.97%), the BSE Capital Goods index (down 4.17%), the BSE Power index (down 3.78%), underperfomed the Sensex.
The market breadth, indicating the overall health of the market was weak. On BSE, 669 stocks advanced as compared to 1,823 that declined. A total of 62 shares remained unchanged.
All the stocks from the 30 share Sensex pack fell. India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 2.69% to Rs 1,736.75. RIL's net profit fell 9.35% to Rs 3546 crore on 23.9% fall in sales to Rs 28,362 crore in Q4 March 2009 over Q4 March 2008. The company announced the results on Thursday, 23 April 2009.
As per reports, Reliance Industries has resumed crude oil production from one well in its east coast deepwater block. Reliance had stopped crude oil production form the Krishna Godavari block, popularly known as D-6, from 22 March 2009 to add more wells to raise the crude oil output.
Shares of oil exploration firms fell after crude oil prices dropped nearly 2% in the Asian electronic trading on Tuesday, 28 April 2009. Shares of India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) declined 1.91% while Cairn India dropped 2.75%. The fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Crude oil prices fell 97 cents or 1.93% to $49.17 per barrel in the Asian electronic trading on Tuesday, 28 April 2009 extending 2.74% or $1.41 fall to $50.14 a barrel on the New York Mercantile Exchange on Monday, 27 April 2009, on concerns about the potential impact of a global swine flu outbreak on oil demand and a stronger dollar.
Lower oil prices benefited PSU OMCs. BPCL, HPCL and Indian Oil Corporation, rose by between 0.62% to 3.08%. Lower oil prices will reduce underrecoveries at the state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.
India's largest telecom services provider by sales Bharti Airtel fell 2.3% to Rs 725.70 ahead of its Q4 March 2009 results tomorrow, 29 April 2009. A total of 12 brokerages expect a between 6% to 29.3% growth in Bharti's consolidated net profit as per US accounting standards at between Rs 1959.90 crore to Rs 2395.20 crore in Q4 March 2009 over Q4 March 2008. They expect a between 26% to 36% growth in sales at between Rs 9816.60 crore to Rs 10624.10 crore in Q4 March 2009 over Q4 March 2008.
Some FMCG stocks fell on profit taking after they rose recently triggered by expectations of a surge in sales due to forecast of a good monsoon this year. ITC, Tata Tea, Hindustan Unilever, Dabur India, United Spirits, United Breweries fell by between 0.59% to 4.01%. FMCG firms derive a substantial revenue from rural markets.
Capital goods stocks fell on profit taking after a sharp surge prices in the past few days. Praj Industries, Larsen & Toubro, Bharat Heavy Electricals, ABB, Thermax and Crompton Greaves fell by between 2.07% to 7.77%.
Some healthcare stocks fell on profit taking after recent surge in prices. Wockhardt, Dr Reddy's Laboratories, Cipla, Sun Pharmaceutical Industries fell by between 0.31% to 7.04%.
Banking stocks dropped on weak sentiment towards the sector globally on concerns US banks may have to raise more capital. India's second largest private sector bank by operating income HDFC Bank fell 4.01%. Its American depository receipts (ADRs) fell 0.69% on Monday. The banks' net profit rose 33.9% to Rs 630.88 crore on 53.1% rise in operating income to Rs 5,365,52 crore in Q4 March 2009 over Q4 March 2008. The results were more or less in line with market expectations. The bank announced the results on Thursday 23 April 2009.
HDFC Bank's gross non performing assets (NPA) stood at 1.98% of advances as of 31 March 2009 compared to 1.91% as of 31 December 2008. Net NPA as of 31 March 2009 was at 0.63% of net advances.
India's largest private sector bank by net profit ICICI Bank fell 6.11%. ICICI Bank's net profit fell 35.31% to Rs 743.76 crore on 11.42% fall in total income to Rs 9203.36 crore in Q4 March 2009 over Q4 March 2009. The bank's profit took a beating due to lower fee income, higher provisioning towards bad loans and an almost flat net interest income. As of 31 March 2009 bank's net non performing asset ratio was 1.96%.
ICICI Bank's rating was raised at Goldman, Sachs & Co. on improving core earnings. Its American depository receipts (ADRs) gained 2.05% on Monday, 27 April 2009.
ICICI Bank cut its lending rates by 50 basis points after the central bank cut official interest rates on Tuesday 21 April 2009. The benchmark advance rate, or the rate that it charges its top customers, now stands at 16.25% from 16.75%, effective from Wednesday, 22 April 2009.
ICICI Bank also cut rates for retail customers by 50 basis points. The rates on deposits have been cut between 25 to 50 basis points, with effect from Friday 24 April 2009.
India's largest bank in terms of assets and branch network State Bank of India (SBI) fell 3.29%. SBI chairman O.P. Bhatt on Tuesday 21 April 2009 said interest rate cuts by the Reserve Bank of India were a signal for commercial banks to lower their rates. He said a decision on whether SBI would lower rates would be taken after a meeting of the bank's asset-liability. SBI's advance tax payment jumped 27.64% to Rs 1810 crore in Q4 March 2009 over Q4 March 2008.
India's biggest dedicated housing finance firm by operating income HDFC fell 7.36%.
Realty stocks fell on profit taking after recent surge in prices DLF, Indiabulls Real Estate, Housing Development & Infrastructure, Omaxe fell by between 1.94% to 9.32%.
Metal stocks fell as copper prices fell on the commodities markets concern that the swine flu outbreak will exacerbate global economic slowdown. Steel Authority of India, National Aluminum Company, Hindalco Industries, Sterlite Industries fell by between 1.86% to 7.73%.
Hindustan Zinc declined 5.32% after the company lowered zinc prices and lead prices by 3% and 2.5%, respectively to match global rates.
Copper futures for July 2009 delivery dropped 6.45 cents, or 3.1%, to $1.9855 a pound on the New York Mercantile Exchange's Comex division. Earlier, the price touched $1.9505, the lowest for a most-active contract since 8 April 2009.
Cement stocks fell on profit taking after a recent surge in prices on good Q4 March 2009 results. ACC, Ambuja Cements, Ultratech Cement, Grasim Industries and India Cements fell by between 0.36% to 4.97%.
Cals Refineries clocked the highest volume of 4.56 crore shares on BSE. Unitech (2.3 crore shares), Birla Power Solutions (2.29 crore shares), Jaiprakash Associates (1.59 crore shares) and Reliance Natural Resources (1.38 crore shares) were the other volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 221.25 crore on BSE. Jaiprakash Associates (Rs 211.20 crore), ICICI Bank (Rs 205.22 crore), Reliance Industries (Rs 190.50 crore) and Reliance Infrastructure (Rs 171.25 crore) were the other turnover toppers in that order.
Crude manages to recover partly from intra day low
Crude oil ended substantially lower on Monday, 27 April, 2009. Prices fell as fears gripped the overall continent today that the current swine flu might hamper economic recovery from the ongoing global recession.
On Monday, crude-oil futures for light sweet crude for June delivery closed at $50.14/barrel (lower by $1.41 or 2.7%) on the New York Mercantile Exchange. Earlier crude slipped by almost 7% around $48. Last week, crude ended higher by 2.4%.
Crude ended March trading up 10.9%. It rallied 11.3% in the first quarter. For the month of February, crude prices had ended higher by 1.5%.
Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 68.8% since then. Year to date, in 2009, crude prices are higher by 9.6%. On a yearly basis, crude prices are lower by 53%.
The deadly swine-flu outbreak, originated in Mexico, has fueled fears of a repeat of the SARS epidemic that had ravaged Asia. In Mexico, more than 1,641 people have contracted the swine flu and 103 people have died.
Also at the Nymex on Monday, May reformulated gasoline fell 3.92 cents, or 2.7%, to $1.4083 a gallon and May heating oil dropped 4.54 cents, or 3.3%, to $1.3229 a gallon.
May natural-gas futures fell 4.4 cents, or 1.3%, to $3.253 per million British thermal units.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
Key benchmark indices are seen opening lower mirroring negative global cues. The SGX Nifty futures for April 2009 expiry was down 14.50 points in Singapore. However sustained buying support from foreign funds may cap downside. Stock specific activity will be high in companies that will be announcing their March 2009 quarterly results.
Sterlite Industries, Aditya Birla Nuvo, Central Bank, IDFC, Firstsource Solutions, GSK Pharma, Hexaware, India Infoline, Shree Cements, Biocon, Gillette India, ING Vysya Bank, Jubilant Organosys, P&G, Syndicate Bank, Tata Elxsi, UTV Software, and Vijaya Bank, among others will declare their March 2009 quarterly results today, 27 April 2009.
Aggregate results of 381 firms showed 2.8% fall in net profit on 4.4% rise in sales in Q4 March 2009 over Q4 March 2008.
Expiry of derivatives expiry on Wednesday, 29 April 2009 may heighten volatility on the bourses. As per reports, rollover of Nifty positions from April 2009 series to May 2009 series stood at 48% while those of stock futures were 37%, as on Monday, 27 April 2009.
Political uncertainty, with polling for India's 15th Lok Sabha underway, may also prop volatility. The month-long parliamentary elections that began on 16 April 2009 will conclude on 13 May 2009 with results due on 16 May 2009. Poll estimates point to a fractured mandate.
Meanwhile, turnover on the bourses may take a hit with traders refraining to take freh positions ahead of a long weekend. The stock market will remain shut on Thursday, 30 April 2009 as voting takes place in Mumbai for the parliamentary elections and also on Friday, 1 May 2009 on account of Maharashtra Day.
Asian indices were slightly lower today, 28 April 2009. Key benchmark indices in China, Hong Kong, Taiwan, South Korea, and Japan fell by between 0.02% and 0.69%. However Singapore's Straits Times index rose 0.03%.
US stocks fell on Monday, 27 April 2009 on concerns that the spreading of the new flu strain could dampen optimism about the economy overshadowed a restructuring of General Motors Corp and gains in biotechnology stocks. The Dow Jones Industrial Average dropped 51.29 points, or 0.64%, to 8,025, the Standard & Poor's 500 Index fell 8.73 points, or 1.01%, to 857.50 and the Nasdaq Composite index dropped 14.88 points, or 0.88%, to 1,679.41.
Back home, key benchmark indices saw divergent trend - with the BSE Sensex advancing and its peer S&P CNX Nifty ending lower on Monday, 27 April 2009 in what was a highly choppy trading session. The BSE 30-share Sensex rose 42.80 or 0.38% to 11,371.85. However the S&P CNX Nifty slipped 10.75 points or 0.31% to 3,470. The Nifty April futures ended down 0.45% at 3,466.15 points, a discount of 3.85 points to the 50-share Nifty spot index.
According to provisional data on NSE, foreign institutional investors (FIIs) were net buyers worth Rs 257.38 crore while domestic institutional investors funds bought shares worth Rs 68.06 crore on Monday, 27 April 2009. FII inflow in April 2009 totaled Rs 5,373.90 crore, till 24 April 2009.
Today domestic markets are likely to open negative as the US markets have closed in flat and Asian markets are trading mixed. There is hardly any cue from the global markets to direct our domestic investors. Amidst lack of supportive news selling pressure is likely to spurt from the beginning of the trade. However, yesterday phenomenal recovery from the early losses exudes the buying interest of investors at broader level. On may witness extreme volatility during the day’s trade.
On Monday, domestic markets closed flat after a flurry of volatile trade. There was lack of any positive cues from other markets and therefore investors had very little to chase a northward direction. The frontline stocks faced some profit booking after a little gain in benchmark indices. During the early trading session the bottom line stocks were in the limelight and had even outperformed the heavyweights, however as the trading day progressed profit booking pressures pulled those stocks to bottom levels. Throughout the day the markets remained choppy ahead of the F&O expiry. Banking and Capital Goods stocks were gainers with gains of 2.41% and 1.57% respectively. However Realty and Power were under selling pressure as they lost 2.77% and 2.42% respectively. We expect the markets to trade highly volatile.
The BSE Sensex closed higher by 42.80 points at 11,371.85 and NSE Nifty ended low by 10.75 points at 3,470.00. BSE Mid Caps and Small Caps closed with losses of 15.81 points and 41.12 points at 3,584.28 and 4,027.14 respectively. The BSE Sensex touched intraday high of 11,492.10 and intraday low of 11,176.55.
On Monday, the US stock markets closed flat. Due to lack of any economic data investors were receptive towards corporate earnings announcement. The markets at broader level failed to sustain the mid day rally and therefore the downturn. The news of swine flu attracted investors in pharmaceutical and biotech stocks. General motors gained on the back of news that the company is planning to restructure its operations to avoid the pitfall of bankruptcy. Financial stocks were hammered which was lead by Wells Fargo that fell by 4.9% as the stock was downgraded by banking analyst. US light crude oil futures for June fell by 2.90% at $50.07 per barrel on the New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) declined by 51.29 points to close at 8,025.00 The NASDAQ Composite (RIXF) index fell by 14.88 points to close at 1,679.41 and the S&P 500 (SPX) declined by 8.72 points to close at 857.51.
Today major stock markets in Asia are trading mixed. Shanghai composite is low by 16.68 at 2,388.66. Hang Seng is trading low by 71.81 points at 14,768.61 followed by Japan''s Nikkei which is low by 17.70 points at 8,708.64, Strait Times is up by 1.55 points at 1,820.16. While Taiwan Weighted is down by 35.88 points at 5,669.17 and Seoul Composite points is low by 10.39 points at 1,329.44 respectively.
Indian ADRs ended mostly lower. In technology sector, Infosys ended down by 0.76% along with Satyam by 0.54%. Further, Patni Computers lost 2.53% whereas Wipro closed up by 0.44%. In banking sector ICICI Bank gained 2.05% while HDFC Bank dropped by 0.69%. In telecommunication sector Tata Communication lost 0.73% whereas MTNL gained 2.11%. Sterlite Industries decreased by 1.10%.
The FIIs on Monday stood as net buyers in equity and debt. Gross equity purchased stood at Rs 1,948.40 Crore and gross debt purchased stood at Rs 1174.70 Crore, while the gross equity sold stood at Rs 1,434.90 Crore and gross debt sold stood at Rs. 133.30 Crore. Therefore, the net investment of equity and debt reported were Rs 513.50 Crore and Rs 1,041.40 Crore respectively.
On Monday, the Rupee closed at Rs.50.23/25, 0.8% weaker than its previous close of Rs. 49.81/82. The rupee fell due to month end demand of dollar from importers.
On BSE, total number of shares traded were 42.06 Crore and total turnover stood at Rs 5,367.98 Crore. On NSE, total number of shares traded was 91.12 Crore and total turnover was Rs 15,334.96 Crore.
Top traded volumes on NSE Nifty – Unitech with total volume traded 60781110 shares, followed by Suzlon Energy with 30523498 shares, ICICI Bank with 26781464 shares, SAIL 16743474 shares and Idea Cellular with 15619855 shares respectively.
On NSE Future and Options, total number of contracts traded in index futures was 1241542 with a total turnover of Rs 20,940.25 Crore. Along with this total number of contracts traded in stock futures were 655136 with a total turnover of Rs 25,041.05 Crore. Total numbers of contracts for index options were 1617611 with a total turnover of Rs 28,028.38 Crore and total numbers of contracts for stock options were 43742 and notional turnover was Rs 1,767.55 Crore.
Today, Nifty would have a support at 3,456 and resistance at 3,518 and BSE Sensex has support at 11,215 and resistance at 11,469.
The market is likely to remain under pressure following an overnight fall on the US market and weakness among major Asian indices in the ongoing trades and it may exhibit strong volatility during the intra-day trades. However, prevailing bullish sentiment may help the market to get some buying support in initial trades. Among the key local indices, the Nifty could decline to 3440 on the downside while on the upside there is a near term resistance at 3500. The Sensex has a likely support at 11200 and may face resistance at 11500.
US indices tumbled Monday, as fears about the impact of swine flu and jitters about the next batch of quarterly results gave investors a reason to retreat after a big rally. While the Dow Jones tumbled by 51 points to close at 8025, the Nasdaq dropped 15 points at 1679.
Major Indian ADRs, too, buckled under selling pressure on the US bourses. Rediff slipped 4.91%, Patni Computers declined 2.53% and Tata Motors dropped 2.50% while Infosys, Satyam, HDFC Bank and VSNL slipeed marginally. However, Dr Reddy, ICICI Bank, MTNL and Wipro closed with the marginal gains.
Crude oil prices declined marginally, with the Nymex light crude oil for June series sliding by 63 cents to close at $49.51 a barrel. In the commodity space, the Comex gold for June series declined $5.90 to settle at $908.20 a troy ounce.
Inflow of Rs 513.50 crore on 24 April 2009
Foreign institutional investors (FIIs) bought shares worth a net Rs 513.50 crore on Friday, 24 April 2009, higher than Rs 311.60 crore on Thursday, 23 April 2009.
FII inflow of Rs 513.50 crore on 24 April 2009 was a result of gross purchases Rs 1948.40 crore and gross sales Rs 1434.90 crore. The BSE Sensex gained 194.06 points or 1.74% to 11,329.05 on that day.
FII inflow in April 2009 totaled Rs 5,373.90 crore (till 24 April 2009). FII outflow in calendar year 2009 totaled Rs 1,297.70 crore (till 24 April 2009).
There are a total of 1639 foreign funds registered with the Securities & Exchange Board of India (Sebi).
RIL has raised its crude oil production capacity from the KG D6 block to a maximum level of 40,000bpd from the earlier 18,000bpd. (BS)
Honda and Hero Honda plan to further their ties for future launches. (BS)
The government has suggested sharp cutbacks in routes, changes in aircraft deployment and flight timings to reduce losses Air India. (BS)
L&T’s Electrical and Electronics Division has filed 108 patents applications in 2008-09 for its electrical and electronic products. (BL)
The Ministry of Corporate Affairs has asked DoT to reconsider its decision to issue Loop Telecom an all-India mobile services licence, suggesting the company had links with Essar Group that violate restrictions on telecom cross-holdings by groups. (BS)
The board of Godfrey Phillips India (GPI) US tobacco giant Philip Morris to market Marlboro cigarettes through the GPI distribution network in India. (ET)
Pfizer has emerged as the frontrunner to acquire RFCL’s animal health unit, Vetnex, in a deal estimated ~Rs2.5bn. (ET)
Oil PSUs have said that they cannot honour their commitment to lift up to 0.7mn tons of Cairn India’s Barmer crude this year, till it finalises the price. (ET)
Wockhardt lenders have sought more clarity on the extent and nature of its huge foreign exchange losses before initiating any restructuring of the company’s outstanding credit. (BS)
Glenmark Pharmaceuticals has become the first company to get tentative approval from USFDA to sell the generic version of Schering-Plough and MSP Singapore Company LLC’s cholesterol-lowering drug, Zetia (Ezetimibe). (BS)
RIL has resumed oil production at a field off the nation’s east coast after a month-long shutdown. (FE)
Reliance Communications has closed the tender offer for buyback of FCCBs. (ET)
The Government plans to allot natural gas from Reliance Industries’ KG basin to steel companies affected by the shortage of the commodity. (ET)
Cipla is ready to supply 1.5mn doses of oseltamivir, the generic version of the bird flue drug, Tamiflu to West. (FE)
BSNL plans to unveil prepaid broadband services. (FE)
Marico plans to acquire two regional brands in the beauty & wellness sector in India. (FE)
Central Electricity Regulatory Commission has downgraded licenses of three companies – Ispat Energy, Kalyani Power Development and Visa Power. (FE)
Tech Mahindra to appoint two auditors for Satyam. (ET)
The ministry of corporate affairs has asked the communications ministry to reconsider granting a telecom licence to Loop Telecom owned by the Essar Group. (ET)
SBI mulls reduction in education loan rates by 0.25%. (FE)
Jindal India Thermal Power Ltd (JITPL) has started the construction work of its Rs59.6bn 1200MW thermal power plant at Derang, near Angul in Orissa. (BS)
Crisil has given AAA rating to Rural Electrification Corporation’s Rs250bn long-term borrowing program. (ET)
Subhiksha gets interim stay on liquidator. (BS)
Electrotherm to launch 'Yoworld' service centers in 17 states. (BS)
Yash Birla group plans to take ayurvedic wellness business abroad. (FE)
The ministry of petroleum has approached the finance ministry to seek permission to give additional bonds worth Rs100bn to the three public sector oil marketing companies to end the year with a profit. (BS)
Banks continue to park surplus funds with RBI despite rate cut. (BL)
The Director General (Safeguard) has recommended imposition of provisional safeguard duty of 20% ad valorem on all imports of uncoated paper and copy paper into India. (BL)
The new FDI guidelines may be revised with respect to the banking sector to avoid adverse fallout for Indian banks with majority foreign equity. (BS)
The government has cleared 22 proposals that will bring in Rs5.4bn of FDI into India. (BS)
The Government may exempt partnership firms and limited companies from paying stamp duty while converting into limited liability partnerships (LLPs). (ET)
The Centre’s tax collections for 2009-2010 have declined by over Rs200bn compared to previous year. (ET)
The department of industrial policy & promotion (DIPP) has decided to call a meeting to discuss foreign ownership with banks. (FE)
India may miss the US$200bn export target of 2009-10 by about 10%.: Assocham (ET)
RBI has issued the final guidelines for issuance and operation of pre-paid payment instruments in India. (FE)
The high-powered committee of infrastructure wants NHAI to re-design highway projects to renew the interest of bidders. (FE)
The Government is likely to issue a press note which will make it clear that it will ensure sectors like multi-brand retail, agriculture, lottery & atomic energy will be kept out of the reach of indirect foreign investment. (ET)
A good scare is worth more to a man than a good advice.
Despite all the big gains, the market environment remains ever so fragile. It took just one bad news about a possible flu epidemic to rock investors’ confidence worldwide. But, India managed to emerge largely unscathed from the global scare over the spread of swine flu. Still, there is no scope for any complacency. We’ve already had a sharp rally. In fact, the Indian market has outperformed major world indices. There hasn’t been any meaningful correction either.
All the possible good news is already in the price. And, we are only talking about tentative signs of improvement. So, the upside from here looks limited. That doesn’t mean stocks will collapse, but some softening is imminent. Therefore, one needs to be little careful. The outcome of the Lok Sabha elections could be a trigger. Global markets could also throw up some negative surprises. Today, we expect the market to remain cautious amid mixed global trends. Intra-day swings are a given in an expiry week.
Key Results Today: AV Birla Nuvo, Alfa Laval, Allied Digital, Avaya Global, Aventis Pharma, Biocon, Cadila, Central Bank, CRISIL, Gillette India, GSK Pharma, Hexaware, India Infoline, IDFC, ING Vysya Bank, Jubilant Organosys, Patni Computer, P&G Health & Hygiene, Shree Cement, Sterlite, Syndicate Bank, Tata Elxsi, Thomas Cook, UB and Vijaya Bank.
FIIs were net buyers in the cash segment on Monday at Rs2.57bn (provisional) while the local institutions were net buyers of Rs680.6mn. In the F&O segment, the foreign funds were net buyers at Rs8.04bn. On Friday, FIIs pumped in Rs5.13bn in the cash segment. Mutual Funds were net buyers at Rs2.04bn on the same day.
US stocks ended lower on Monday as worries that the swine flu outbreak would further deepen the global recession overshadowed gains in healthcare shares and General Motors' (GM) plan to cut liabilities. Oil fell for the first time in a week, while Treasuries, the dollar and yen advanced.
The Dow Jones Industrial Average fell 51.29 points, or 0.6%, to 8,025.00. The S&P 500 Index shed 8.73 points, or 1%, to stand at 857.50, while the Nasdaq Composite index declined 14.88 points, or 0.9%, to 1,679.41.
The Dow Jones Transportation (DJT) average, which includes airlines, fell 4.7%.
Stocks slumped in the first half-hour of trade, turned higher near midday and then slipped again in the afternoon. The market was already primed for a pullback anyway, with the recent rally losing steam in a busy week for quarterly results and economic news, and ahead of the results of Treasury's "stress tests" for the largest US banks.
All three major gauges gained for six straight weeks, adding between 25% and 30% on bets that the worst for the economy and corporate profits has already happened. But investors showed some hesitation last week and only the Nasdaq managed to end higher for the seventh week in a row.
Declared a public health emergency by the World Health Organization, swine flu dragged on markets globally, particularly in Europe.
In the US, the federal government declared a public health emergency and President Obama called the outbreak a cause for concern but not a cause for alarm.
As many as 103 deaths in Mexico are believed to have been caused by the disease. At least 40 cases have been diagnosed in the US.
The European Union health commissioner advised Europeans to avoid non-essential travel to both Mexico and the US. However, the acting director of the Centers for Disease Control and Prevention said such an advisory was unwarranted.
On Sunday, Chrysler said it won some key concessions from its union, a critical step as it races against the clock to avoid filing for bankruptcy protection. Chrysler has until Thursday to hammer out a deal with its creditors and Italian automaker Fiat.
GM - which has until June 1 to cut debt and avoid bankruptcy - announced a broad restructuring plan. GM will cut 23,000 jobs by 2011, including those already announced in its recent viability plan. The company will also eliminate its Pontiac brand and cut 40% of its dealer network. GM shares rallied nearly 21%.
Verizon Communications reported earnings of 63 cents per share, up from 61 cents a year ago. Analysts thought income would fall to 59 cents per share. The telecom benefited from its purchase of rival telecom Alltel and growth in customers. Verizon fell 1.5%.
Among other movers, big bank shares slumped, dragging down the KBW Bank (BKX) sector index by 4.9%. A variety of airlines plunged, lowering the Amex Airline index by over 10%.
Treasury prices rose, lowering the yield on the benchmark 10-year note to 2.92% from 2.99% on Friday.
Lending rates were mixed. The 3-month Libor rate fell to 1.05% from 1.07% Friday. The overnight Libor rate rose to 0.21% from 0.2%. Libor is a bank-to-bank lending rate.
In currency trading, the dollar gained versus the euro and fell against the yen.
US light crude oil for June delivery fell $1.41 to settle at $50.14 a barrel on the New York Mercantile Exchange.
COMEX gold for June delivery fell $5.90 to settle at $908.20 an ounce.
Indian market ended almost on a flat note on Monday managing to survive the global scare as governments and health authorities across the world are in a tizzy over the breakout of a new influenza epidemic after the death toll in Mexico from the new type of swine flu crossed 100. The outbreak of a new strain of flu in Mexico in the last few days has stoked fears of a global pandemic. Click here to read more…
Markets across Asia and Europe were in the red over concerns the the new swine flu would spread all over.
The NSE Nifty index again managed to close over the 200DMA led by the banking and the capital goods stocks. On the other hand, the Realty, Power and the PSU stocks were under pressure.
The BSE Sensex was up 42 points to close at 11,371 and the NSE Nifty ended lower by 11 points at 3,470.
Among the 30-components of Sensex, 14 ended in positive terrain and 16 ended in the red. Among the major gainers were, ICICI Bank, Wipro, JP Associates, Sterlite, TCS and Sun Pharma.
Among the major losers were, Ranbaxy, Reliance Infra, RCom, Hindustan Unilever and ACC.
Among the BSE Sectoral indices BSE Consumer Durable index was the top loser, the index lost 3%. Among the other major losers were BSE Realty index (down 2.6%), BSE Power index (down 1%), BSE PSU index (down 1%) and BSE Teck index (down 1%)
Market breath was negative, 1,344 declined against 1,157 advances, while, 80 remained unchanged.
Shares of Aban Offshore declined by 12% to Rs427 after the company posted a Q4 group loss of Rs930.4mn versus profit of Rs339.2mn. Group sales were at Rs7.7bn and EPS was at Rs12.16. The scrip touched an intra-day high of Rs504 and a low of Rs417 and recorded volumes of over 1.6mn shares on BSE.
Shares of JP Associates advanced by 4.5% to Rs131 after the company announced that it expects FY10 revenue of Rs110bn and cement sales of 14mn metric tons versus 8.7mn metric tons in FY09.
The company posted Q4 profit of Rs3.85bn versus Rs2.1bn. The company posted net sales of Rs20.84bn against Rs12.bn. Other income was at Rs429mn and EPS was at Rs3.01 against Rs1.84. Operating margin was at 28.9% against 27.2%.
Shares of Aptech erased early gains and ended lower by 1.5% at Rs95. Reports stated that the company is planning to enter into a 51:49 JV with the Falgo Group to set up its training centre.
The company is planning to focus into Brazilian venture and the investment is pegged at US$1mn, added reports. The scrip touched an intra-day high of Rs101 and a low of Rs94 and recorded volumes of over 2.9mn shares on BSE.
Shares of Ranbaxy Laboratories declined by over 4% to Rs167 after the company posted a loss for the third straight quarter as sales fell in the U.S.
The company also forecast a loss for the current year. The net loss for the quarter ended March was Rs7.61bn compared with a profit of Rs1.37bn a year earlier.
Shares of 3i Infotech rallied by over 5% to Rs44 after the revenue for the quarter was Rs6.10bn, a growth of 73.4% from the corresponding quarter of the previous year.
The net profit stood at Rs926.1mn, including exceptional items of Rs259.6mn and Rs666.5mn excluding exceptional items, recording a growth of 32.7% over the previous year. Earnings per share (EPS) increased to Rs4.80 from Rs3.61 in the same quarter of the previous year.
We recommend a sell in Essar Oil from a short-term trading perspective. It is apparent from the charts of Essar Oil that after taking support at Rs 60 in early March, it bounced. The stock conclusively broke through the key resistance level of Rs 95 on April 6 and rallied sharply.
The stock was on a medium-term uptrend till early April high of Rs 181. However, it began to decline after encountering significant resistance around Rs 180. The daily relative strength index (RSI) has reversed lower from overbought territory. Moreover, it is displaying a negative divergence.
On April 27, the stock tumbled 10 per cent, reinforcing the short-term down trend that is in place since early April. We are bearish on the stock from a short-term perspective. We expect its decline to prolong until it hits our price target of Rs 135 in the upcoming trading sessions. Traders with short-term trading horizon can sell the counter while maintaining a stop-loss at Rs 157.
Strong demand from India on account of Akshya Tritiya keeps the downside limited
Gold managed to hold on in Asia and crept up marginally to hit a high of $919.70 an ounce for the COMEX June futures in the electronic session. Weakness in equities and strong demand consideration from India, the largest Gold buying nation supported the commodity. India celebrated Akshya Tritiya today and the demand of the yellow metal has been strong from the retail buyers as well as the people who seek it as an alternate investment avenue.
However, the metal slipped in London as Euro slipped a bit, giving up on expectations that more rate cuts might be about to follow from the European Central Bank (ECB) in the near term. The ECB governing Council Member Mario Draghi Saturday said that, although there were some positive signs for a global economy mired in recession, deflation remains one of the risks.
"The risks are of deflation, of a worsening in the fall in output and a rise in unemployment," Draghi said when asked to specify what finance officials from the Group of Seven leading economies saw as risks to the world economic outlook.
The ECB is widely expected to cut the interest rate from a historical low of 1.25% on May 7th, when it will hold its next policy meet.
The single currency dipped from levels above 1.3200 to 1.3123 right now. The currency pared the last three session's gains to edge down as traders expected a narrowing interest rate differential and ideas that the US economy might have bottomed out in the last quarter of 2008. The US GDP figures for the first three months of the current years are widely expected to come in below the bizarre contraction of the economy in the last quarter of 2008.
Things are looking up for the global economy. G7 finance officials said in a statement Friday that economic activity should begin to recover later this year amid a continued weak outlook, warning that downside risks persist. However, a recovery of this sort, with the money printing presses running in full wing in US and UK is bound to lead to a massive inflationary spiral, supporting Gold and the entire precious metals pack. COMEX Gold currently trades at $913.40, down 70 cents from the previous close.
MCX Gold futures for June trade at Rs 14786, up Rs 162 or 1.11% from the previous close with 8% increase in the open interest.