India Strategy - June 3 2009
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Wednesday, June 03, 2009
Post Session Commentary - June 3 2009
The domestic stock market closed almost on a flat note after a high volatile session throughout the trading session. Tracking the upbeat global market, the domestic benchmark BSE Sensex opened with decent gains and marched forward to cross the psychological 15,000 mark on sustained buying support. But the domestic market turned volatile in the afternoon trade and fell into the negative territory due to weak opening of the European markets and lower US index futures. The profit booking takes a lead during the trading session on selective indices. But the market made a smart turnaround in the final hours of the session to pare moist of the losses on heavy buying across the FMCG and Consumer Durables stocks.
The domestic key benchmark indices opened on a upbeat note tracking the favoring global markets a recovery in the India’s infrastructure sector output that jumped 4.3% in April from 2.3% in the same month last year. Moreover, the output has risen 2.7% in the March 2009 fiscal as against 5.9% growth in 2007/08. However, the market did not able to retain the momentum at the higher level and tumbled due to profit booking across selective indices. Moreover, in the global arena, the US Markets closed in green for the fourth consecutive session. The pending new home sales data for April showed a phenomenal surprise growth of 6.7%, which is the third straight increase. The US auto sales for May fell a less than expected 24%. The bankrupt GM said that its May sales have declined by 30% and simultaneously Honda and Toyota Motors have said that their sales for the month of May has fallen by drastic 39% and 38% year-over-year respectively. In the financial space JPMorgan Chase pull the financial sector by 1.2% after it announced that it plans to repay the TARP fund by raising $5.0 billion in common equity. American express announced $500 million common stock offering while, Morgan Stanley announced to raise $2.2 billion. However, benchmark indices showed volatility during the session with BSE Sensex closed below 15,000 level and NSE Nifty above 4,525 mark. From sectoral front, investors on-loaded position across the sectors led by FMCG, Consumer Durables, Health Care and Metal while Bankex and IT index felt the hit as they remained on the sellers side.
Among the Sensex pack 18 stocks ended in positive territory and 12 in negative. The market breadth indicating the overall health of the market remained strong as 2,019 stocks closed in green while 790 stocks closed in negative and 49 stocks remained unchanged in BSE.
The BSE Sensex closed marginally lower by 4.01 points or 0.03% at 14,870.90 and NSE Nifty closed marginally up by 5.45 points or 0.12% at 4,530.70. BSE Mid Caps and Small Caps closed with gains of 78.86 and 131.94 points at 5,325.54 and 6,384.92. The BSE Sensex touched intraday high of 15,046.43 and intraday low of 14,733.59.
Gainers from the BSE Sensex pack are Hindalco Inds (6.09%) followed by ITC (5.76%), JP Associates (4.53%), Grasim Inds (4.38%), ACC (4.38%) and Reliance Comm (4.24%).
Losers from the BSE Sensex pack are Mahindra & Mahindra (3.85%), Infosys Tech (2.16%), SBI (1.90%), ICICI Bank (1.74%) and HDFC bank (1.71%).
On the global markets front the Asian markets which opened before the Indian market, closed mixed. Shanghai Composite, Nikkei, Strait Times closed up by 1.99%, 1.02%, 0.38% and 0.34% at 2,778.58, 18,576.47, 9,741.67 and 2,383.82. While Taiwan weighted closed lower by 0.80% at 6,893.14..
European markets which opened after the Indian market are trading in red. In Frankfurt the DAX index is trading lower by 0.59% at 5,113.76 and in London FTSE 100 is trading lower by 1.86% at 4,393.68.
The BSE FMCG index increased (4.19%) or 90.49 points to close at 2,248.26. Main gainers are United Brewaries (10.81%), Tata Tea (9.38%), ITC (5.76%) and United Spirits (5.16%).
The BSE Consumer Durables index surged (4.04%) or 117.37 points at 3,023.92. Scrips that mostly gained are Titan Industries (7.79%), Gitanjali Gems (4.70%), Blue Star (2.16%) and Videocon Industries (1.69%).
The BSE Health Care index also ended higher by (2.28%) or 78.41 points at 3,518.71. Biocon (11.30%), Glenmark Pharma (9.46%), Bilcare (5.24%), Cipla (4.16%) and Aurobindo Pharma (3.08%) ended in positive territory.
The BSE Metal index grew (1.79%) or 210.31 points to close at 11,951.20. Gainers are Welspun Gujarat Stahl (15.60%), Jindal Saw (8.625%), Hindalco Industries (6.09%), Jai Corp (5%) and Gujarat NRE (4.95%).
The BSE Capital Goods improved (0.98%) or 117.65 points at 12,159.43. Gainers are Lakshmi Machine Work (4.64%), Jyothi Structure (3.90%), Bharat Bijli (3.37%), Alstrom Project (3.34%) and Gammon India (3.51%).
The BSE Power index gained (0.94%) or 27.48 points to close at 2,935.60. Gainers are Suzlon Energy (14.02%), GVK Power (6.24%), Power Grid (5.41%), Reliance Power (1.25%) and Tata Power (0.34%).
The BSE Realty increased (0.79%) or 31.09 points at 3,986.01. Gainers are Sobha Developers (9.99%), Akruti City (4.66%), Omaxe Ltd. (4.28%), Mahindra Life (3.28%), Orbit Co (3.24%) and Unitech (3.10%).
Jaihind Projects Ltd surged 4.95% to close at Rs85.90. The company has informed that the Company in consortium has been awarded order of Rs 230.81 Crores from Gujarat State Petronet Ltd for E.P.C. Project for Darod - Jafrabad Gas Pipeline Project - Section A.
GMR Infra slipped 0.12% to Rs173. GMR Highways, the road construction division of GMR Infrastructure Ltd, is looking to make an investment of Rs 2,000 crore in the next two-three years to develop various road projects in the country.
Bharati Shipyard spurted 4.69% to Rs181.85. The company has fixed the open offer price at Rs 344 a share to purchase an additional stake of 20 per cent stake in Great Offshore.
Flawless Diamond India Ltd inched up 3.89% to Rs37.40. The company has informed that the Company has received order for its Designer Jewellery from (1) Tsutsumi Jewellery Co Ltd from Japan worth INR 240 Million and (2) Brilliant Gems Inc USA worth INR 96 Million. This order should be completed within 120 days. The impact of this order on the bottom line will be from the next Quarter.
ACC Ltd advanced 4.38% to Rs. 818.90 after cement dispatch surged 4.88% to 9.25 million tons during the period from January-May 2009 over the January-May 2008 period.
Essar Oil Ltd zoomed by 8.74% to Rs. 181.65 on reports company has decided to raise around $500 million by way of qualified institutional placement route as part of a $2 billion fund-raising program.
Bulls and bears for a tie
The Sensex opened higher today tracking firm global cues. It gained some momentum in mid morning trades and the high of the day was 15046. After exhibiting some volatile moves, the index slipped into the red on heavy selling in banking and information technology stocks. The day's low was 14734, down 141 points from its previous close. Resumption of buying in afternoon saw the Sensex move into positive territory. The buying interest somewhat weekend in last hours and the Sensex closed on a flat note down four points at 14871. Nifty gained five points to close at 4531.
Market breadth, the number of advancing to declining shares, was positive with gainers outpacing the losers by 2.51:1. Of the 2,858 stocks that traded on the BSE, 2019 stocks advanced, 790 stocks declined and 49 stocks ended unchanged. Most of the sectoral indices ended in the green. The BSE FMCG gained 4.19% followed by BSE CD (down 4.04%) and BSE HC (up 2.28%). Among laggards, BSE Bankex and BSE IT index lost 1% each, while BSE PSU and BSE Oil & Gas closed with marginal losses.
Of the 30 stocks of the Sensex basket, Hindalco Industries was the top gainer soaring 6.09% for the day to Rs93.15. ITC advanced 5.76% to Rs203. Other gainers include JP Associates that jumped 4.53% to Rs225.90, Grasim Industries up by 4.38% at Rs2,306.20. ACC, Reliance Communications, Tata Motors, Tata Steel, Hindustan Unilever and Sun Pharmaceutical Industries closed with marginal gains. Mahindra & Mahindra tumbled 3.85% to Rs697.50, Infosys Technologies shed 2.16% to Rs1,645.95, State Bank of India dipped 1.90% to Rs1,873.20 and ICICI Bank lost 1.74% to Rs719.70.
Over 4.80 crore shares of Satyam Computer Services changed hands on the BSE followed by Cals Refineries (4.20 crore shares), Ispat Industries (3.85 crore shares), Alok Industries (3.55 crore shares) and Suzlon Energy (3.27 crore shares).
Suzlon Energy registered a turnover of Rs392 crore on the BSE followed by Satyam Computer Services (Rs320 crore), Unitech (Rs291 crore), Essar Oil (Rs273 crore) and Tata Steel (Rs264 crore).
BSE Bulk Deals to Watch - June 3 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
3/6/2009 523204 ABAN OFFSHO OPG SECURITIES P LTD B 313919 1047.51
3/6/2009 523204 ABAN OFFSHO OPG SECURITIES P LTD S 313919 1048.20
3/6/2009 521070 ALOK INDUSTR PRAKASH K.SHAH SHARES & ESCURITIES PVT LTD. B 2309186 26.31
3/6/2009 521070 ALOK INDUSTR PRAKASH K.SHAH SHARES & ESCURITIES PVT LTD. S 2313140 26.32
3/6/2009 521070 ALOK INDUSTR CITIGROUPGLOBALMARKETSMAURITIUS PRIVATELIMITED S 2776000 26.11
3/6/2009 530721 ANG AUTO AJAY GUPTA B 66726 52.92
3/6/2009 512535 ASAHI INFR P JATINRATHI S 200000 1.69
3/6/2009 512149 AVANCE TECHN JASMINSBAJORIYA B 47006 19.77
3/6/2009 531733 BAFNA SPINNI PUKHRAJHIRACHANDBAFNA S 320000 2.58
3/6/2009 500045 BELLA STE AL BP FINTRADE PRIVATE LIMITED S 1322008 3.75
3/6/2009 590059 BIHAR TUBES TAPARIA HOLDINGS PVT LTD B 275000 57.65
3/6/2009 590059 BIHAR TUBES MAVI INVESTMENT FUND S 190000 57.57
3/6/2009 590059 BIHAR TUBES HSBC BANK (MAURITIUS) LIMITED S 192920 57.85
3/6/2009 531682 CAT TECHNOL JMP SECURITIES PVT LTD B 531973 6.77
3/6/2009 531682 CAT TECHNOL BASMATI SECURITIES PVT LTD S 562084 6.75
3/6/2009 531682 CAT TECHNOL JMP SECURITIES PVT LTD S 157974 6.78
3/6/2009 532760 DEEP INDS ARCADIA SHARE & STOCK BROKERS PVT. LTD B 116423 125.74
3/6/2009 511636 DJS STOCK SH ANNAMALAIK S 33000 28.00
3/6/2009 590024 FERT CHEM R.B.K.SHARE BROKING LIMITED. B 42753 51.87
3/6/2009 590024 FERT CHEM D. K. STOCK INVESTMENTS B 33172 53.59
3/6/2009 590024 FERT CHEM R.B.K.SHARE BROKING LIMITED. S 42753 53.69
3/6/2009 590024 FERT CHEM HETALCHETANMEHTA S 50000 53.17
3/6/2009 532022 FILAT FASH CHANDRESHCHANDRAKANTSHAH B 35891 112.18
3/6/2009 532022 FILAT FASH CHANDRESHCHANDRAKANTSHAH S 35891 112.28
3/6/2009 532857 GLORY POLY JYOTI JAIN INV. & FIN. CO. PVT. LTD. B 89729 28.24
3/6/2009 532857 GLORY POLY SAAKSHI SHARES P. LTD. S 158169 27.08
3/6/2009 516078 JUMBO BAG LT KRUPAL VIKRAMBHAI PATEL B 39903 31.14
3/6/2009 516078 JUMBO BAG LT KRUPAL VIKRAMBHAI PATEL S 35377 31.25
3/6/2009 524826 JUPITER BIOS Naman Securities & Finance Pvt. Ltd. B 77578 85.31
3/6/2009 524826 JUPITER BIOS RAVIKUMARJANAKIRAMULU DUGGIRALA B 120000 86.50
3/6/2009 524826 JUPITER BIOS DILIPRANMALSHAH B 130000 85.79
3/6/2009 524826 JUPITER BIOS SWISS FINANCE CORPORATION (MAURITIUS) LIMITED S 749734 85.14
3/6/2009 524826 JUPITER BIOS ABN AMRO BANK NV S 303000 87.31
3/6/2009 524826 JUPITER BIOS RAVIKUMARJANAKIRAMULU DUGGIRALA S 120000 85.94
3/6/2009 524826 JUPITER BIOS DILIPRANMALSHAH S 130000 86.05
3/6/2009 531115 JYOTI COSM E ASHOKHIRALALSHAH B 60000 1.78
3/6/2009 531115 JYOTI COSM E GANDHIAMULMAHESHCHANDRA S 70000 1.78
3/6/2009 526209 K S OILS LTD CITIGROUP VENTURE CAPITAL INTL GROWTH PARTNERSHIP MAURITIUS LIMIT S 3200000 60.35
3/6/2009 532081 K SERA SERA EDELWEISS ESTATES PRIVATE LIMITED B 733695 16.42
3/6/2009 532081 K SERA SERA BASMATI SECURITIES PVT LTD S 825000 16.56
3/6/2009 532081 K SERA SERA EDELWEISS ESTATES PRIVATE LIMITED S 733695 16.56
3/6/2009 530255 KAY POW PAP BAMPSL SECURITIES LTD. B 76621 7.16
3/6/2009 530255 KAY POW PAP BAMPSL SECURITIES LTD. S 81836 7.09
3/6/2009 530255 KAY POW PAP KAY CHANDRA IRON ENGINEERING WORKS PRIVATE LIMITED S 100000 7.01
3/6/2009 511728 KZLEASING PRITAM BHARTI B 25000 12.51
3/6/2009 509048 LANCOR HOLDS GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 150000 38.15
3/6/2009 509048 LANCOR HOLDS MERRILL LYNCH CAPITAL MARKET ESPANA SA SVB S 763450 38.15
3/6/2009 532313 MAHINDRALIFE COPTHALL MAURITIUS INVESTMENT LIMITED S 531998 301.92
3/6/2009 590057 NORTHGATE TE JMP SECURITIES PVT LTD S 261443 50.33
3/6/2009 590057 NORTHGATE TE INDIA CAPITAL OPPORTUNITIES ONE LTD S 180000 51.85
3/6/2009 530923 PASSARI CELL MITHOOLAL JAIN S 24400 29.94
3/6/2009 506618 PUNJAB CHEM VOLGA INTERNATIONAL LIMITED B 27000 205.99
3/6/2009 506618 PUNJAB CHEM PRIMORE SOLUTIONS PVT.LTD B 29306 200.89
3/6/2009 506618 PUNJAB CHEM PRIMORE SOLUTIONS PVT.LTD S 29306 200.03
3/6/2009 506618 PUNJAB CHEM VOLGA INTERNATIONAL LIMITED S 27000 203.44
3/6/2009 531952 RIBA TEXTILE PATEL NITABEN SHAILESHBHAI B 34500 73.07
3/6/2009 526753 ROSELABS LTD PAWANKUMAR AGARWAL S 86900 11.31
3/6/2009 531898 SANGUINE MD SANJAYRSHAH B 100000 3.97
3/6/2009 531898 SANGUINE MD VISHU ENTERPRISE S 199000 3.97
3/6/2009 500376 SATYAM COMP TRANSGLOBAL SECURITIES LTD. B 5197905 66.55
3/6/2009 500376 SATYAM COMP TRANSGLOBAL SECURITIES LTD. S 5197904 66.59
3/6/2009 532886 SEL MANUF MAVI INVESTMENT FUND S 100000 84.20
3/6/2009 500285 SPICEJET LTD JMP SECURITIES PVT LTD S 1240846 26.48
3/6/2009 520056 SUNDARAM CLAYTON LTD. SOUTHERN ROADWAYS LIMITED B 1484195 151.65
3/6/2009 520056 SUNDARAM CLAYTON LTD. T V SUNDARAM IYENGAR & SONS LIMITED B 1864264 151.65
3/6/2009 520056 SUNDARAM CLAYTON LTD. SUNDARAM FINANCE LIMITED B 1113019 151.65
3/6/2009 520056 SUNDARAM CLAYTON LTD. SUNDARAM INDUSTRIES LIMITED B 2968522 151.65
3/6/2009 520056 SUNDARAM CLAYTON LTD. CLAYTON DEWANDRE HOLDINGS LTD S 7430000 151.65
3/6/2009 526133 SUPERTEX IND PATEL SHAILESH SOMABHAI S 52000 50.17
3/6/2009 519228 TEMPT.FOODS MARYADA BARTER PVT LTD S 250000 45.91
3/6/2009 532765 USHER AGRO DRB SECURITIES PVT LTD S 261000 33.61
3/6/2009 531874 VENUS VENT CHANDRA SHEKHAR SUNIL BHATT B 51725 44.82
3/6/2009 531874 VENUS VENT CHANDRA SHEKHAR SUNIL BHATT S 41280 47.01
3/6/2009 531874 VENUS VENT VIPULHIRALALSHAH S 36500 43.28
3/6/2009 532372 VIRINCHI TE BRIJMOHANKETANKUMARMANDHAWIA B 160000 14.13
3/6/2009 532372 VIRINCHI TE KETANBRIJMOHANMANDHNIYA S 160000 14.13
3/6/2009 533023 WABCO TVS CLAYTON DEWANDRE HOLDINGS LTD B 6795684 218.45
3/6/2009 533023 WABCO TVS SOUTHERN ROADWAYS LIMITED S 1357486 218.45
3/6/2009 533023 WABCO TVS T V SUNDARAM IYENGAR & SONS LIMITED S 1705108 218.45
3/6/2009 533023 WABCO TVS SUNDARAM FINANCE LIMITED S 1017998 218.45
3/6/2009 533023 WABCO TVS SUNDARAM INDUSTRIES LIMITED S 2715092 218.45
3/6/2009 532794 ZEE NEWS THE INDIA FUND INC S 1222966 45.11
NSE Bulk Deals to Watch - June 3 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
02-JUN-2009,ABAN,Aban Offshore Ltd.,WARD FERRY MGMT LTD A/C WF ASIA FUND LIMITED,BUY,268000,949.75,-
02-JUN-2009,ADLABSFILM,Adlabs Films Limited,A TO Z STOCK TRADE PRIVATE LIMITED,BUY,419387,379.46,-
02-JUN-2009,ALOKTEXT,Alok Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,3658151,23.53,-
02-JUN-2009,BARTRONICS,Bartronics India Limited,MANISH VRAJLAL SARVAIYA,BUY,145770,139.31,-
02-JUN-2009,ESCORTS,Escorts India Ltd.,NIRSHILP SECURITIES PVT. LTD.,BUY,177821,77.31,-
02-JUN-2009,ESCORTS,Escorts India Ltd.,TRANSGLOBAL SECURITIES LTD.,BUY,608430,77.16,-
02-JUN-2009,EVINIX,Evinix Accessories Limite,HI-GROWTH CORPORATE SERVICES PVT. LTD.,BUY,856690,3.87,-
02-JUN-2009,GSSAMERICA,GSS America Infotech Limi,NAGARJUNVALLURIPALLI,BUY,18000,181.05,-
02-JUN-2009,IFCI,IFCI Ltd.,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,3996272,51.49,-
02-JUN-2009,IFCI,IFCI Ltd.,ADROIT SHARE & STOCK BROKER PVT. LTD.,BUY,3890866,51.43,-
02-JUN-2009,IFCI,IFCI Ltd.,AMBIT SECURITIES BROKING PVT. LTD.,BUY,4830912,51.95,-
02-JUN-2009,IFCI,IFCI Ltd.,JAYPEE CAPITAL SERVICES LTD.,BUY,4702394,51.37,-
02-JUN-2009,IFCI,IFCI Ltd.,NIRSHILP SECURITIES PVT. LTD.,BUY,3712422,51.71,-
02-JUN-2009,INDOWIND,Indowind Energy Limited,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,264098,40.82,-
02-JUN-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,13502289,25.10,-
02-JUN-2009,KSERAPRO,K Sera Sera Productions L,OUDH FINANCE & INVESTMENT PVT LTD,BUY,648173,15.20,-
02-JUN-2009,LITL,Lanco Infratech Limited,TOP MANAGERS PACIFIC ALPHA FUND 2,BUY,1130058,366.92,-
02-JUN-2009,NORTHGATE,Northgate Technologies Li,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,242170,47.94,-
02-JUN-2009,PRAENG,Prajay Engineers Syndicat,BP FINTRADE PRIVATE LIMITED,BUY,220329,43.67,-
02-JUN-2009,RIIL,Reliance Indl Infra Ltd,C D INTEGRATED SERVICES LTD.,BUY,137219,1182.83,-
02-JUN-2009,RIIL,Reliance Indl Infra Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,87834,1164.42,-
02-JUN-2009,RIIL,Reliance Indl Infra Ltd,PRB SECURITIES PRIVATE LTD.,BUY,98457,1188.51,-
02-JUN-2009,ROLTA,Rolta India Ltd.,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,824880,139.63,-
02-JUN-2009,ROLTA,Rolta India Ltd.,GENUINE STOCK BROKERS PVT LTD,BUY,1192970,139.95,-
02-JUN-2009,ROLTA,Rolta India Ltd.,MORGAN STANLEY MAURITIUS COMPANY LTD,BUY,2915000,138.50,-
02-JUN-2009,SASKEN,Sasken Commu Techno Ltd,MANISH VRAJLAL SARVAIYA,BUY,357603,113.38,-
02-JUN-2009,SATYAMCOMP,Satyam Computers Ltd,OM INVESTMENTS,BUY,6415254,62.15,-
02-JUN-2009,SATYAMCOMP,Satyam Computers Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,5873887,61.87,-
02-JUN-2009,SELMCL,SEL Manufacturing Company,KANUDIA CAPITAL & MANAGEMENT SERVICES PVT. LTD.,BUY,93127,85.66,-
02-JUN-2009,VENKEYS,Venky's (India) Limited,KOOKMEN SECURITIES P LTD,BUY,100,141.65,-
02-JUN-2009,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,1399059,22.74,-
02-JUN-2009,ADLABSFILM,Adlabs Films Limited,A TO Z STOCK TRADE PRIVATE LIMITED,SELL,419387,380.21,-
02-JUN-2009,ALOKTEXT,Alok Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,3658258,23.53,-
02-JUN-2009,ALPSINDUS,Alps Industries Ltd.,BEAUMARIS INVESTMENTS LIMITED,SELL,315000,13.80,-
02-JUN-2009,BARTRONICS,Bartronics India Limited,MANISH VRAJLAL SARVAIYA,SELL,145770,141.30,-
02-JUN-2009,CLASSIC,Classic Diamonds (India),HSBC BANK (MAURITIUS) LIMITED,SELL,286194,17.54,-
02-JUN-2009,ESCORTS,Escorts India Ltd.,NIRSHILP SECURITIES PVT. LTD.,SELL,475421,77.08,-
02-JUN-2009,ESCORTS,Escorts India Ltd.,TRANSGLOBAL SECURITIES LTD.,SELL,650551,77.09,-
02-JUN-2009,EVINIX,Evinix Accessories Limite,HI-GROWTH CORPORATE SERVICES PVT. LTD.,SELL,868493,3.88,-
02-JUN-2009,EVINIX,Evinix Accessories Limite,LEAPFROG ENTERPRISES P,SELL,600000,3.69,-
02-JUN-2009,GSSAMERICA,GSS America Infotech Limi,NAGARJUNVALLURIPALLI,SELL,68765,174.89,-
02-JUN-2009,IFCI,IFCI Ltd.,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,3932732,51.63,-
02-JUN-2009,IFCI,IFCI Ltd.,ADROIT SHARE & STOCK BROKER PVT. LTD.,SELL,3875106,51.55,-
02-JUN-2009,IFCI,IFCI Ltd.,AMBIT SECURITIES BROKING PVT. LTD.,SELL,4830928,51.96,-
02-JUN-2009,IFCI,IFCI Ltd.,JAYPEE CAPITAL SERVICES LTD.,SELL,4702394,51.47,-
02-JUN-2009,IFCI,IFCI Ltd.,NIRSHILP SECURITIES PVT. LTD.,SELL,371546,51.60,-
02-JUN-2009,INDOWIND,Indowind Energy Limited,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,264098,40.94,-
02-JUN-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,14355417,25.19,-
02-JUN-2009,JINDALSWHL,Jindal SouthWest Hold Ltd,Quantum Fund N.V.,SELL,94113,583.65,-
02-JUN-2009,LAKSHMIEFL,Lakshmi Energy and Foods,Copthall Mauritius Investment Ltd,SELL,555000,94.48,-
02-JUN-2009,NILKAMAL,Nilkamal Limited,ARISAIG INDIA FUND LTD,SELL,77000,88.83,-
02-JUN-2009,NORTHGATE,Northgate Technologies Li,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,321925,48.70,-
02-JUN-2009,NUCLEUS,Nucleus Software Exports,Copthall Mauritius Investment Ltd,SELL,317168,92.15,-
02-JUN-2009,PRAENG,Prajay Engineers Syndicat,BP FINTRADE PRIVATE LIMITED,SELL,211283,43.58,-
02-JUN-2009,RIIL,Reliance Indl Infra Ltd,C D INTEGRATED SERVICES LTD.,SELL,137219,1183.69,-
02-JUN-2009,RIIL,Reliance Indl Infra Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,87834,1164.28,-
02-JUN-2009,RIIL,Reliance Indl Infra Ltd,PRB SECURITIES PRIVATE LTD.,SELL,90415,1185.36,-
02-JUN-2009,ROLTA,Rolta India Ltd.,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,824880,139.44,-
02-JUN-2009,ROLTA,Rolta India Ltd.,GENUINE STOCK BROKERS PVT LTD,SELL,1192970,139.79,-
02-JUN-2009,SASKEN,Sasken Commu Techno Ltd,MANISH VRAJLAL SARVAIYA,SELL,357603,113.89,-
02-JUN-2009,SATYAMCOMP,Satyam Computers Ltd,OM INVESTMENTS,SELL,6415254,62.19,-
02-JUN-2009,SATYAMCOMP,Satyam Computers Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,5873897,61.88,-
02-JUN-2009,SELMCL,SEL Manufacturing Company,KANUDIA CAPITAL & MANAGEMENT SERVICES PVT. LTD.,SELL,93127,84.84,-
02-JUN-2009,SELMCL,SEL Manufacturing Company,MAVI INVESTMENT FUND LTD.,SELL,100000,83.76,-
02-JUN-2009,VENKEYS,Venky's (India) Limited,KOOKMEN SECURITIES P LTD,SELL,50192,149.62,-
02-JUN-2009,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,1389059,22.86,-
02-JUN-2009,XLTL,XL Telecom Limited,JM MUTUAL FUND. A/C CONTRA FUND,SELL,100000,63.75,-
Turnover rises
Essar Oil June 2009 futures at premium
Nifty June 2009 futures were at 4540.20, at a premium of 9.50 points as compared to the spot closing of 4530.70. Turnover in NSE's futures & options (F&O) segment surged to Rs 65,165.46 crore from Rs 63,624.63 crore on Tuesday, 2 June 2009.
Essar Oil June 2009 futures were at premium at 183.35 compared to the spot closing of 181.80.
Suzlon Energy June 2009 futures were near spot price at 126.05 compared to the spot closing of 126.30.
Jaiprakash Associates June 2009 futures were near spot price at 225.15 compared to the spot closing of 225.75.
In the cash market, the S&P CNX Nifty rose 5.45 points or 0.12% at 4,530.70.
RIL drops as Sensex ends five-day winning streak
Key benchmark indices saw divergent trend for the second running day, as the Sensex ended with marginal loss while the S&P CNX Nifty settled slightly higher. Volatility was high. The BSE Sensex fell marginally by 4.01 points, or 0.03%, up 134 points from the day's low and off 174.98 points from the day's high.
After striking multi-month high in opening trade mirroring upbeat global markets, the market faltered in early afternoon trade on profit booking and lower European markets. However, the market rebounded from day's low as pivotals staged a comeback in late trade.
The Sensex alternatively moved above and below the psychological 15,000 mark, the level it reached for the first time in nearly 9 months.
Weak European stocks and lower index futures triggered profit taking after a solid surge in share prices over the past 3 months. Sustained buying by foreign funds and hopes for economic reforms from the new government triggered a strong rally on the domestic bourses in past 3 months. The Sensex gained 5223.59 points or 54.14% in calendar year 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 6710.50 points or 82.23%
Foreign funds' inflow totaled Rs 20,606.80 crore in May 2009 and inflow in calendar year 2009 totaled Rs 21,937.30 crore (till 1 June 2009).
There are reasons to believe that the recent strong rally may continue. For one, equity analysts are raising earnings forecasts of India Inc on hopes that the new government will focus on infrastructure sector and push economic reforms to boost growth.
The market may see a pre-budget rally over the next one month on hopes of accelerated economic reforms and pro-reforms announcements. The UPA government's comfortable victory, without the support of the Left parties, has raised expectations that the government may revive disinvestment programme. The Congress party had in its manifesto released before polls promised to go ahead with disinvestment while retaining a majority holding in the state-run companies. Disinvestment programme was earlier put on backburner due to stiff opposition from the Left front.
Investors expect financial sector reforms such as increase in the cap on foreign direct investment in insurance sector to 49%, from 26% at present. Finance Minister Pranab Mukherjee on 26 May 2009 said that a sustained stimulus to economic growth is possible by next round of reforms. He said reviving growth momentum is a top priority for the government adding that fiscal prudence will also be kept in mind.
Mukherjee said the government will stick to fiscal deficit target of 5.5% of GDP in the current financial year that ends on March 2010 (FY 2010). He said the government is committed to fiscal consolidation in 2-3 years. The minister said he would be able to announce the full-budget for FY 2010 by the first week of July 2009 and try to get it approved by 31 July 2009. He said the common man will be the focus of the government policy.
Congress candidate Meira Kumar was elected Speaker of the 15th Lok Sabha unanimously on Wednesday, 3 June 2009. Kumar is the first woman to be elected as the Speaker of the Lok Sabha. The first session of the 15th Lok Sabha on Monday, 1 June 2009. The session will last till 9 June 2009. In all, the Parliament session will have seven sittings. Investors will keenly watch President's address to the Lok Sabha on 4 June 2009, which will unveil the new agenda of the government.
Recent data has reinforced expectations that the economy is recovering. India's infrastructure sector output grew 4.3% in April from a year earlier, government data showed on Tuesday. Output had risen 2.3% in the same month last year, and climbed 2.7% in the fiscal year ended March 2009 compared with 5.9% growth in 2007/08. The infrastructure sector accounts for 26.7% of India's industrial output.
Data during trading hours on Monday 1 June 2009 showed that the Market Purchasing Managers' Index (PMI) based on a survey of 500 companies, rose to 55.7 in May 2009 from April's 53.3, well above the threshold of 50 that separates expansion from contraction.
The manufacturing index was boosted mainly by the new orders index, which rose to 59.1 in May 2009 from 54.9 in April 2009. Manufacturing makes up about 15% of India's gross domestic product. Although domestic demand improved, the pricing power of manufacturers was hurt by intense competition, while higher commodity prices also pushed up input prices, Market economist Gemma Wallace said
But a glut in share shares will soak liquidity from the secondary market and may cap upside on the bourses in the medium term. Indian companies or their founders have collected $3 billion over the past three weeks, either by transferring existing stock or selling new shares, and more local companies plan to raise at least four times that number, Credit Suisse Group AG said in a note to clients on 25 May 2009. According to Goldman Sachs Group, Indian companies may raise $4 billion to $6 billion from initial public offerings in the 12 months ending 31 March 2009 and another $5 billion to $7 billion through share placements over the next two to three months.
Commodity-sector stocks led losses in European stocks on Wednesday. Key benchmark indices in UK, Germany and France were down by between 0.62% and 1.90%
The Markit euro-zone composite purchasing managers index for the 16-nation euro zone released Wednesday rose to 44.0 in May, hitting an eight-month high.
Britain's services sector expanded for the first time in 13 months in May, according to the CIPS/Markit purchasing managers index released Wednesday. The index rose to 51.7 from a reading of 48.7 in April. A reading of more than 50 indicates a majority of managers saw an expansion in activity, while a reading below 50 signals contraction.
Most Asian markets rose led by gains in electronics makers and technology companies, as a US report showed home resales increased at the fastest pace in seven years. Key benchmark indices in Japan, China, Hang Seng, Singapore, and South Korea were up by between 0.14% and 1.99%. However Taiwan's Taiwan Weighted index fell 0.80%.
Trading in US index futures showed the Dow could fall 44 points at the opening bell on Wednesday, 3 June 2009. Earlier in the day, the Dow futures were in green
US markets ended higher on Tuesday, 2 June 2009 as encouraging housing sales data lifted hopes for an economic rebound. The Dow Jones Industrial Average gained 19.43 points, or 0.22%, to 8,740.63. The Standard & Poor's 500 Index rose 1.87 points, or 0.20%, to 944.74 and the Nasdaq Composite index added 8.12 points, or 0.44%, to close at 1,836.80.
The BSE 30-share Sensex fell 4.01 points, or 0.03%, to 14,870.90. The Sensex opened 27.71 points higher at 14,906.62. The Sensex gained 170.97 points at the day's high of 15,045.88 in mid-morning trade, its highest level since 8 September 2008. At the day's low of 14,734.90, the Sensex lost 140.01 points in afternoon trade.
However, the S&P CNX Nifty rose 5.45 points, or 0.12%, to 4,530.70, its highest closing since 12 August 2008. The Nifty struck an intra-day high of 4574.90
Nifty June 2009 futures were at 4540.20, at a premium of 9.50 points as compared to the spot closing. Turnover in NSE's futures & options (F&O) segment increased to Rs 65,165.46 crore from Rs 63,624.63 crore on Tuesday, 2 June 2009.
The BSE Sensex today, 3 June 2009 ended its five day winning streak. It had gained 1285.68 points or 9.46% in five trading days to 14,874.91 on 2 June 2009 from 13589.23 on 26 May 2009.
Nevertheless, the market breadth, indicating the overall health of the market, was strong. On BSE, 2011 shares rose as compared with 808 that declined. A total of 51 shares remained unchanged.
The BSE Mid-Cap index was up 1.50% to 5,325.54 and the BSE Small-Cap index advanced 2.11% to 6,384.92. Both these indices outperformed the Sensex
BSE clocked a turnover of Rs 9415 crore as compared with Rs 7231 crore by 14:25 IST
Sectoral indices on BSE displayed mixed trend. The BSE Consumer Durables index (up 4.04%), the BSE Auto index (up 0.58%), BSE FMCG index (up 4.19%), the BSE Power index (up 0.94%), the BSE Metal index (up 1.79%), the BSE Capital Goods index (up 0.98%), the BSE Healthcare index (up 2.28%), the BSE Realty index (up 0.79%), the BSE TECk index (up 0.36%), outperformed the Sensex
The BSE IT index (down 1%), the BSE PSU index (down 0.47%), the BSE Oil & Gas index (down 0.97%), the BSE Bankex (down 1.29%) underperfomed the Sensex
Among the 30-member Sensex pack, 17 advanced while the rest declined.
Metal shares advanced on strong domestic demand. India's top private sector aluminium maker by sales Hindalco Industries jumped 5.92% to Rs 93 and was the top gainer from the Sensex pack.
The world's sixth largest steel maker by sales Tata Steel advanced 2.10% to Rs 484, extending a recent surge. Last week, Tata Steel's unit, Tata Steel UK, won approval from banks to ease conditions on a 3.7 billion pounds loans it took to buy Anglo-Dutch Corus. The announcement was made on Saturday, 30 May 2009.
Sterlite Industries (up 0.66%), Maharashtra Seamless (up 7.49%), JSW Steel (up 2.76%), Nalco (up 2.51%) and Jindal Steel & Power (up 2.55%), edged higher.
Cement shares rose on higher dispatches. India's top dam builder by sales Jaiprakash Associates advanced 4.12% to Rs 225 after its cement dispatches rose 25.7% to 8.07 lakh tonnes in May 2009 over May 2008.
India's largest cement manufacturer by sales ACC gained 4.31% to Rs 818.30 after cement production rose 1.11% to 1.81 million tonnes and cement dispatches rose 1.11% to 1.82 million tonnes in May 2009 over May 2008. The figures were announced after market hours on Tuesday, 2 June 2009.
North India's largest cement firm by sales Ambuja Cements rose 4.24% after its shipments rose 8.3% to 1.64 million tonnes in May 2009 over May 2008. The figures were announced after market hours on Monday, 1 June 2009.
Grasim Industries rose 4.10% while UltraTech Cement slipped 2.58% despite the Aditya Birla Group's shipments rose 19.5% to 3.18 million tonnes in May 2009 over May 2008. Production rose 20% to 3.24 million tonnes in the same period. The group's cement business includes flagship Grasim Industries and unit UltraTech Cement, with combined production capacity of 42 million tonnes a year.
India's top truck marker by sales Tata Motors jumped 2.61% to Rs 358.25 after global credit rating agency Moody's on Tuesday, 2 June 2009 revised upwards outlook for its low investment grade rating on from negative to stable after the company successfully refinanced a bridge loan for Jaguar and Land Rover acquisition. Despite the sharp rise, the stock is off day's high of Rs 378.70
Tata Motors had refinanced the bridge loan through issuing Rs 4,200 crore secured non-convertible rupee debentures and others prepayment through fixed deposits scheme and rollover of some balance.
However, India's top tractor maker by sales Mahindra & Mahindra (M&M) lost 3.36% to Rs 701 on profit booking after surging 49.18% in one month to 2 June 2009. It was the top loser from the Sensex pack. Nevertheless, the stock came off day's low of Rs 685
India's largest power equipment maker by sales Bharat Heavy Electricals (Bhel) rose 0.13% to Rs 2120 on reports it has successfully commissioned two grid-interactive solar power plants of 100 KWp each in Lakshadweep as part of India`s largest solar power-based island electrification project in India.
However India's largest engineering & construction firm by sales Larsen & Toubro slipped 0.24% to Rs 1408 on profit booking after advancing 60.46% in one month to 2 June 2009.
India's largest pharma company by market capitalisation Sun Pharmaceuticals rose 2.55% to Rs 1261 on recent reports the company will spend Rs 332 crore in research & development (R&D) of low-cost versions of original drugs to be sold in the domestic and global markets. The Mumbai-based drug maker had last year spent Rs 290 crore on R&D activities.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) slipped 1.97% to Rs 2234.20. The stock moved in a range of Rs 2228.20 and Rs 2300 during the day. Analysts expect strong growth in RIL's bottom line in coming quarters from sale of gas which it started pumping last month from its deep-sea field off the east coast.
Meanwhile, the Directorate General of Hydrocarbons has reportedly contested the authenticity of claims of gas reserves at Krishna Godavari basin blocks D-3 and D-9 by Hardy Oil & Gas Plc. UK-based Hardy Oil, late last month, said RIL may have an estimated 20 trillion cubic feet of natural gas reserves in two areas off the east coast, more than double the quantity of its biggest field. The D-3 and D-9 fields may hold as much as 9.5 trillion cubic feet and 10.8 trillion cubic feet of gas, respectively, it had said. Hardy Oil & Gas Plc has 10% stake each in the two blocks where RIL is the operator with 90% interest.
Essar Oil jumped 8.35% to Rs 181.10 on reports company has decided to raise around $500 million by way of qualified institutional placement route as part of a $2 billion fund-raising programme
India's largest bank by net profit and branch network State Bank of India (SBI) shed 2.36% to Rs 1864.50, off sharply from day's high of Rs 1935. The bank reportedly plans to raise Rs 28000 crore by selling bonds to boost capital and fund growth. The bank aims to maintain its capital adequacy ratio of 13% in the year to 31 March 2010 (FY 2010). The bank may grow its loans and deposits by 25% each in FY 2010, reports suggest
India's largest private sector bank by net profit ICICI Bank lost 1.97% to Rs 718 on profit taking after surging 53.31% in one month to 2 June 2009.
Shares from FMCG sector advanced on fresh buying on reports key product segments such as soaps, detergents, toothpastes, biscuits, snack foods and soft drinks saw volume growth of more than 20% in April-May 2009 due to stable prices and promotional activities
Tata Tea (up 9.36%), ITC (up 5.86%), Hindustan Unilever (up 2.14%),United Spirits (up 4.51%), Dabur India (up 2.84%), and Colgate Palmolive (up 2.72%), gained.
Realty stocks gained on expectations that stability at the Centre will attract more money from foreign investors into the sector which in turn will boost growth. Unitech (up 3.10%), Shobha Developers (up 9.99%), Parsvnath Developers (up 0.35%), Mahindra Lifespace (up 4.96%), Indiabulls Real Estate (up 0.19%), advanced. Housing Development & Infrastructure ended unchanged at 305.60
However India's largest listed real estate developer by sales DLF slipped 0.62% to Rs 402.25 on profit booking after surging 75.29% in one month to 2 June 2009. The Board of Approvals on Special Economic Zones has reportedly agreed to denotify four zones of the DLF.
In the last six weeks, three realty firms Unitech, DLF and Indiabulls Real Estate, have together raised Rs 8000 crore through qualified institutional placements (QIPs).
India's second largest listed cellular services provider by sales Reliance Communications (RCom) spurted 4.16% to Rs 332.65 on the company's plans to raise funds through the qualified institutional placement route. The announcement was made after market hours on Friday, 30 May 2009.
RCom will seek shareholders' approval to garner funds from qualified institutional investors, either through a share sale or an issue of a variety of instruments including fully convertible, partly convertible or non-convertible debentures with warrants or any other security. Although the company did not say how much it planned to raise reports suggested it may be around $500 million and will be used to strengthen financial position for a planned participation in the upcoming auction for nationwide 3G and Wi-Max spectrum allocation by the Indian government.
However India's largest cellular services provider by sales Bharti Airtel fell 0.26% to Rs 798 on concerns of earnings dilution after the company on 25 May 2009 said it is in talks to buy 49% of Johannesburg-based MTN, the first step in a potential $23 billion merger. The deal may also see MTN, Africa's largest mobile-phone company, buy 36% of Bharti Airtel.
Suzlon Energy was the top traded counter on BSE with turnover of Rs 392.45 crore followed by Unitech (Rs 291.35 crore), Essar Oil (273.62 crore), Tata Steel (Rs 273.62 crore) and Reliance Communications (Rs 238.86 crore).
Satyam Computer led the volume chart on BSE with volume of 4.78 crore shares followed by Cals Refineries (4.21 crore shares), Ispat Industries (3.87 crore shares), Alok Industries (3.55 crore shares) and Suzlon Energy (3.27 crore shares).
Shipping stocks gained after the Baltic Dry Index jumped to an eight-month high, propelled by increased Chinese imports of iron ore. Great Eastern Shipping Company (up 8.05%), Shipping Corporation of India (up 3.96%), Mercator Lines (up 5.71%), and Varun Shipping (up 2.14%), advanced.
Satyam Computer Services jumped 8.67% after the Securities & Exchange Board of India cleared Tech Mahindra's open offer for the company. Tech Mahindra galloped 18.18%.
Nucleus Software Exports jumped 14.48% to Rs 107.50 after the company won a contract for its software product FinnOne from United Finance Company, Oman. The company made this announcement during trading hours today, 3 June 2009.
Marg hit 5% upper circuit at Rs 125.80 after company signed a memorandum of understanding with BSNL to provide telecommunications facilities in the company's upcoming mega infrastructure project Marg Swarnabhoomi.
Motilal Oswal Financial Services rose 6.08% to Rs 181.50 after a block deal of 3.92 lakh shares was executed on BSE at Rs 172.45 per share. The block deal constituted 0.28% of the firm's equity.
Flawless Diamond India rose 2.36% to Rs 36.85 after the company bagged two overseas orders aggregating Rs 33.60 crore. The company announced the new order win during trading hours today, 3 June 2009.
Pre Session Commentary - June 3 2009
Today domestic markets are likely to open positive as the US markets closed in green for the fourth straight session on the back of better than expected new pending home sales data for the month of April. The Asian markets have opened with positive numbers however one could see the consolidation prevailing across Asia and domestic markets as well. In the domestic arena, core sector (Power, Crude Oil, Refinery, Cement and finished Steel) have shown phenomenal growth of 4.3% in the month of April. The April figures have increased hopes of better IIP data to come. FMCG sales for during April-May 2009 surged nearly 20% and therefore FMCG stocks can in the limelight today.Therefore one could witness stocks of core sectors to pick some charm of the day’s trade.
On Tuesday, the domestic markets closed flat after a volatile trading session. The markets opened with a phenomenal gap up however amidst profit booking pressures the benchmark indices collapsed. The weak opening of the European markets also added to negative sentiments prevailing due to psychological barrier. The madcap stocks recovered fast due to mutual fund buying at lower levels. The markets have gained enough to reach the peak level due to constant rally in the past few weeks. Sectors like CD, Metal, Auto and CG inclined by 2.63%, 2.48%, 1.37% and 0.31% respectively. On the other hand, Mid cap and Small cap stocks gained by 0.82% and 0.91% respectively. We expect the markets to be trading positive with an essence of volatility.
The BSE Sensex closed with gain of 34.28 points at 14,874.91 and NSE Nifty ended flat at 4,525.25. BSE Mid Caps and Small Caps closed with gains of 42.47 points and 56.20 points at 5,246.68 and 6,252.98 respectively. The BSE Sensex touched intraday high of 14,994.31 and intraday low of 14,608.23.
On Tuesday, the US Markets closed in green for the fourth consecutive session with broad based buying. The pending new home sales data for April showed a phenomenal surprise growth of 6.7%, which is the third straight increase. On stock specific note, Ford gained more than 20% on the back of news from the company that it has achieved highest market share in three years. However in the US auto sales for May fell a less than expected 24%. The bankrupt GM said that its May sales have declined by 30% and simultaneously Honda and Toyota Motors have said that their sales for the month of May has fallen by drastic 39% and 38% year-over-year respectively. In the financial space JPMorgan Chase pull the financial sector by 1.2% after it announced that it plans to repay the TARP fund by raising $5.0 billion in common equity. American express announced $500 million common stock offering while, Morgan Stanley announced to raise $2.2 billion. The US light crude oil for July delivery inclined by 0.25% to settle at $68.57 per barrel on the New York Mercantile Exchange. Crude oil futures are up by a phenomenal 93% since hitting a 2009 low on Jan. 15.
The Dow Jones Industrial Average (DJIA) closed high by 19.43 points at 8,740.87, the NASDAQ Composite (RIXF) index inclined by 8.12 points to close at 1,836.80 and the S&P 500 (SPX) gained 1.87 points to close at 944.74.
Indian ADRs ended Mixed. In technology space, Satyam and Patni closed up by (20.61%) and (13.10%) respectively. In banking sector ICICI Bank and HDFC Bank plunged (0.84%) and (0.11%) respectively. In telecommunication sector, MTNL gained (0.22%) while Tata Communication moved left (2.93%). However, Sterlite Industries continued its upside by (2.48%).
Today major stock markets in Asia are trading positive. Hang Seng is up by 307.27 points at 18,712.33. Shanghai Composite is up by 23.657 points at 2,747.96. However Japan''s Nikkei is trading up by 30.52 points at 9,734.83. KLSE Composite is flat at 1,063.79.
The FIIs on Tuesday stood as net buyers in equity and sellers in debt. Gross equity purchased stood at Rs 3,798.50 Crore and gross debt purchased stood at Rs 183.50 Crore, while the gross equity sold stood at Rs 3,180.60 Crore and gross debt sold stood at Rs. 362.00 Crore. Therefore, the net investment of equity and debt reported were Rs 617.90 Crore and Rs (178.40) Crore respectively.
On Tuesday, the partially convertible rupee closed at 47.02/03 per dollar, 0.4% stronger than it previous close at 46.94/95. The rupee lost its charm due to the dwindling local stock markets.
On BSE, total number of shares traded were 89.46 Crore and total turnover stood at Rs 9,476.77 Crore. On NSE, total number of shares traded was 169.36 Crore and total turnover was Rs 25,721.06 Crore.
Top traded volumes on NSE Nifty – Unitech with 108816466 shares, Suzlon Energy with 50922971 shares, DLF with 21745607 shares, Hindalco with 19224085 shares, followed by Tata Steel with 17612634 shares.
On NSE Future and Options, total number of contracts traded in index futures was 637199 with a total turnover of Rs 13,769.68 Crore. Along with this total number of contracts traded in stock futures were 477559 with a total turnover of Rs 27,458.19 Crore. Total numbers of contracts for index options were 890166 with a total turnover of Rs 20,433.47 Crore and total numbers of contracts for stock options were 31578 and notional turnover was Rs 1,963.28 Crore.
Today, Nifty would have a support at 4,489 and resistance at 4,598 and BSE Sensex has support at 14,810 and resistance at 15,145.
Daily News Roundup - June 3 2009
The Board of Approval on SEZs agreed to denotify four zones of DLF with the condition that company will have to repay all tax benefits it availed while developing these (BS)
SAIL records 12% yoy growth in domestic sales in the month of May 2009 (BS)
Global rating agency Fitch has downgraded the credit rating of the real estate firm Unitech and placed it in the "default" category. (FE)
Tata Group defers plans to set-up a rural BPO unit near its steel project at Kalinganagar, Orissa (BS)
Moody’s upgrades outlook on Tata Motors from negative to stable (BS)
Total two-wheeler sales of Bajaj Auto fell by 8.42% in May to 1,65,697. (FE)
The LN Mittal group, which had pumped in a foreign equity of Rs5bn in HPCL's Bathinda refinery, has invested Rs3.75bn more as part of its equity share in the joint venture. (ET)
IOC puts on hold its plans to set-up a 15mn tone refinery at Haldia (BS)
BHEL sets up two 100 KWp solar power plants in Lakshadweep Islands (BS)
ACC cement dispatches up 1.1% yoy to 1.82mn tones in May 2009 (BS)
SEBI clears Tech M open offer for Satyam (BS)
Essar Oil is learnt to have decided to raise around US$500mn through the QIP route as part of its US$2bn fund-raising programme. (ET)
Public Investment Corporation (PIC), the largest shareholder in South Africa’s MTN wants higher price from Bharti Airtel. (ET)
SAIL to raise Rs10bn through commercial papers (BL)
JSW Steel defers Rs350bn 10mtpa West Bengal project (BS)
MTNL aims at 300,000 subscribers for its 3G service (BS)
GMR Infra to invest Rs20bn over next 2-3 years to develop various road projects in the country (BS)
Parsvnath to raise Rs5-7bn through private placement of shares by the end of this month (BS)
IDBI Bank and state-run Power Finance Corporation (PFC) have agreed to lend close to Rs 40bn to Reliance Power (R-Power) for its proposed 4,000 MW ultra mega power project (UMPP) at Krishnapatnam in Andhra Pradesh. (ET)
Bajaj Auto is exploring markets in Africa and Europe for its motorcycles, particularly the Boxer, CT100 and the Pulsar. (ET)
HDIL enters into a pact with MMRDA for rental housing project spread across 525 acres in Virar, Mumbai (BS)
Indraprasth Gas to hike CNG prices in Delhi by Rs2.10/kg (BS)
Adlabs receives government nod for transfer of its radio business to Reliance Unicom (BS)
Bajaj Auto has filed a special leave petition in the Supreme Court (SC) against a Madras High Court division bench order which allowed TVS Motors to manufacture and market ‘Flame’ motorbike in its original form. (ET)
Bharati Shipyard fixes open offer price at Rs344 for buying additional 20% stake in Great Offshore (BS)
General Motors India is having tough time raising money from local financial institutions after its parent filed for the largest American bankruptcy on Monday. (ET)
The index of six core industries up 4.3% in April 2009, recording its highest increase since July 2008 (BS)
PM has asked CCEA to decide on planning commission proposal to allocate a portion of power generated by state utilities for open access to large customers (BS)
Government hints at increasing NREGS grants by 50% (BS)
Government mulls cess on natural gas to fund pipeline plans (BS)
A high power Finance Ministry panel has recommended simpler environmental clearance rules for infrastructure projects (BL)
The Government may rope in merchant banker NM Rothschild to put in place a detailed roadmap for selling stakes in state-owned companies. (ET)
Assets under management (AUMs) of the Indian mutual fund industry for May’09 have hit a new record, surpassing the Rs 6 lakh crore mark once again. This level had been last topped in May 2008. (ET)
Core strength…15K at start!
The turning point in the process of growing up is when you discover the core of strength within you that survives all hurt.
With the six core industries clocking fastest growth rate in 10 months, the bulls will be emboldened to kiss the 15K mark, levels last visited in Sept ‘08. Positive trend in Asian markets will help the cause. While stocks may remain firm in the near term, one must stay guarded given the euphoric rally.
The summer has been phenomenal for the bulls, with growing signs that the worst of the global financial-cum-economic turmoil is behind us. The icing on the cake for India came with the UPA’s resounding win in the Lok Sabha polls. Macro-economic reports too have been heartening, though sliding exports remain cause for concern. Also, the recent improvements have been limited to select pockets. Much needs to be done in several other fronts.
So, it will be quite a task for the UPA to lift the GDP growth back to 9% from around 7% now. The public finances are in a mess, though the slowdown leaves less scope for fiscal prudence at least this year. Globally too, there could be fresh troubles.
NALCO will announce its results today.
US stocks gained on Tuesday, managing an advance at the end of a choppy session after a positive housing report and some improvement in auto sales gave investors some more optimism about the ongoing global recovery.
The Dow Jones Industrial Average added 19 points or 0.2%. The index briefly turned positive for the year for the first time since Jan. 7. The S&P 500 index added 2 points or 0.2%. The Nasdaq Composite index gained 8 points, or 0.4%.
US stocks had seesawed throughout the session, managing gains just after the release of the pending home sales report and then again through the close.
Pending home sales jumped 6.7% in April, and posted year-over-year increases in every region but the West, according to a National Association of Realtors. The report added to hopes that the housing market is starting to find its footing.
Stocks in the US and abroad jumped on Monday after upbeat reports on manufacturing, construction and consumer spending added to hopes that the pace of the worldwide recession is slowing. Such bets have helped lift the stock market over the past three months, after the Dow and S&P 500 slumped to more than 12-year lows.
JPMorgan Chase said late on Monday it plans to raise $5 billion toward the $25 billion it owes the government. American Express also said late on Monday that it will raise $500 million toward the $3.4 billion it owes. Morgan Stanley said on Tuesday that it plans to raise $2.2 billion.
The Federal Reserve is expected to announce next week which of the 19 banks that it stress tested are in good enough shape to pay back bailout funds. In order for banks to pay back the government, they must prove that they can raise money without depending on guarantees against losses provided by the Federal Deposit Insurance Corp. (FDIC).
In other financial news, Citigroup will withhold severance payments worth tens of millions of dollars to five former executives, according to a published report. Goldman Sachs raised over $1.9 billion after selling part of its stake in Industrial & Commercial Bank of China.
GM is selling its Hummer truck brand to Chinese industrial company Sichuan Tengzhong. The deal was announced one day after GM filed for bankruptcy protection, bringing an end to an era for the automaker.
Separately, GM said that May auto sales fell 29% from a year ago, versus forecasts for a drop of nearly 37%. The May performance was the automaker's best of the year.
Ford Motor said that May auto sales fell 24%, versus forecasts for a drop of 28.5%. The results were the best monthly performance for the company since last July.
Chrysler - which filed for bankruptcy April 30 - said sales dropped 47% from a year ago, versus forecasts for a slide of almost 54%. It was the automaker's best monthly performance of the year. The exception was Toyota Motor, whose sales slumped 40.7%, roughly in line with forecasts for a slide of 40.6%.
Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.61% from 3.67% on Monday.
In currency trading, the dollar fell versus the euro and yen.
US light crude oil for July delivery fell 3 cents to settle at $68.55 a barrel on the New York Mercantile Exchange.
COMEX gold for August delivery rose $4.40 to settle at $984.40 an ounce.
European shares finished flat after a choppy session. The pan-European Dow Jones Stoxx 600 index ended virtually unchanged at 214.32. Earlier, the index briefly touched 214.94, a level not seen since November.
The UK's FTSE 100 index declined 0.7% to 4,477.02, while the French CAC-40 index finished flat at 3,378.04 and so did the German DAX 30 index at 5,144.06.
Bulls took a breather on Tuesday as the BSE Sensex gained marginally 34 points while the NSE Nifty ended almost flat. The Sensex came into striking distance of the 15k mark but was unable to hold on as profit booking at higher levels dragged the markets lower. However, markets recovered from its intra-day lows in the last hour of the session managing to end almost unchanged.
The Sensex gained 34 points or 0.2% to close at 14,875 after touching a high of 14,994 and a low of 14,608. The index had opened at 14,892 against the previous close of 14,840.
The NSE Nifty ended flat to shut shop at 4,525.
Among the BSE Sectoral indices BSE Consumer Durable index was the top gainer surging 3%, followed by the BSE Metal index up 2.7%, BSE Auto index up 1.1%, BSE Capital Goods index up 0.3% and BSE IT index up 0.2%.
Shares of Orbit Corporation gained by 8% to Rs199 after the company announced that it the board of directors will meet on June 03, 2009 to consider proposal for fund raising through QIP to QIB. The scrip touched an intra-day high of Rs201 and a low of Rs180 and recorded volumes of over 0.8mn shares on BSE.
Shares of TTML gained by 9% to Rs36 after reports stated that the company plans to offer services on the GSM platform. The scrip touched an intra-day high of Rs37 and a low of Rs32 and recorded volumes of over 5.3mn shares on BSE.
Shares of Voltas surged by over 5.5% to Rs124 after the company announced that it secured two orders worth Rs3bn for electro-mechanical projects for the new generation airports in India. The scrip touched an intra-day high of Rs128.40 and a low of Rs118 and recorded volumes of over 3mn shares on BSE.
Shares of SpiceJet rallied by over 8% to Rs25.4 after reports stated that the company plans to acquire a rival budget airline and to start international and regional operations. The scrip touched an intra-day high of Rs25.8 and a low of Rs23.5 and recorded volumes of over 10mn shares on BSE.
Shares of Essar Oil declined by over 4% to Rs167. ~30mn equity shares of the company changed hands at an average price of Rs174 on the BSE. The approximate deal size was Rs5.22bn.
There were media reports stating that Matterhorn Ventures was the likely seller in the Essar Oil deal.
Shares of Tata Motors gained by 3.5% to Rs349. The company’s sales declined 13% in May to 40,196 vehicles from a year earlier. Exports fell 47% to 1,804 units. The scrip touched an intra-day high of Rs355 and a low of Rs336 and recorded volumes of over 1.6mn shares on BSE.
After taking a pause on Tuesday, bulls would look to resume their quest towards the 15k levels. Conviction seems to return that the process of economic turnaround has already begun which is visible in the Auto and the cement monthly numbers.
Rally may continue
The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by positive US and firm Asian indices may help the sentiment remain buoyant. On the technical front, the Nifty could test in the 4580-4620 range on the upside and has supports in the 4400-4620 range, while the Sensex has a likely support at 14700 and may face resistance at 15000.
US indices staged a late-session rally, managing an advance at the end of a choppy session after a positive housing report and a series of not-as-bad-as-expected auto sales reports gave investors some optimism. As a result, the Dow Jones flared up by 19 points at 8,741, while the Nasdaq added 8 points to close at 1,837.
All of the Indian ADRs traded mix on the US bourses. Satyam & Patni Computers led the pack with gains of 20.61% & 13.10% while Rediff, Infosys and Tata Motorsgained around 1-4% each. However, Wipro and VSNL ended with marginal gains. While Dr Reddy, VSNL, ICICI Bank & HDFC Bank closed in negative territory.
Crude oil prices in the US market surged, with the Nymex light crude oil for July delivery lost marginally with 3 cents. In the commodity segment, the Comex gold for August series gained $4.40 to settle at $984.40 a troy ounce.
US stocks manage to stay steady
Encouraging housing report try to give stocks a good boost
US stocks ended almost flat (little higher) on Tuesday, 02 June, 2009. Though US stocks started the day in the red today, encouraging pending home sales data soon pushed stocks higher in the early trading session today. But by mid noon, indices pared most of their early gains and lingered mostly flat. Weakness in the financial and energy sector can mainly be attributed for this weakness. Car sales May figures for US hit the wires today.
After starting the day 5 points lower earlier during the day, The Dow Jones Industrial Average went up by 60 points soon. But by mid day, it gave up almost all of its gains. The Dow Jones Industrial Average ended higher by 19.4 points at 8,740. The Nasdaq Composite Index, ended higher by 8 points at 1,836. S&P 500 ended higher by 2 points at 944.
Seven of the ten sectors ended in the green led by materials and consumer staples sectors. Financials and utilities were the main laggards.
The National Association of Realtors reported on Tuesday, 02 June, 2009 that pending sales of existing homes in US rose for the third month in a row in April, boosted by record-low mortgage rates and special incentives for first-time buyers. In April, existing-home sales rose 2.9% to a seasonally adjusted annual rate of 4.68 million, 3.5% below year-earlier sales rates.
The pending home sales index for April rose 6.7% after a 3.2% increase in March. The index, based on sales contracts on existing homes, was 3.2% above April 2008.
But it is the financial stocks that trailed the broader market as blue-chip firms announced plans to raise fresh capital to repay their TARP amounts. American Express and J.P. Morgan Chase, both companies announced plans to sell stock.
The financial sector was also reeling under pressure following the yearly report from Moody's that both the U.S. banking industry rating outlook and the industry's broader fundamental credit outlook continue to remain negative. As per the report, Moody's believes that many banks will be unprofitable in 2009.
Treasuries had been oscillating today, but the benchmark 10-year Note went up four ticks. The spread between the yields of the 2-year Note and the 10-year Note remained near record highs.
May auto and truck sales data hit the wires today. Ford announced that it has achieved its highest market share in three years, while its U.S. auto sales for May fell a less-than-expected 24%. General Motors said its May U.S. sales fell almost 30%. Honda Motor said that total American vehicle sales for May dropped 39% since the past year, and Toyota Motor said May vehicle sales fell nearly 38% year-over-year.
Crude prices pared almost all of their earlier losses today, Tuesday, 02 June, 2009 and ultimately closed little lower at the end. Prices gave up earlier loses on hopes that economic recovery will take place soon. The encouraging pending home sales data in US revived hopes of a faster than expected economic recovery. The subdued dollar also played a role in crude shedding most of its earlier losses. On Tuesday, crude-oil futures for light sweet crude for July delivery closed at $68.55/barrel (lower by $0.03 or 0.04%). Last week, crude ended higher by 7.5%.
In the currency market on Tuesday, the U.S. Dollar Index, a gauge of the greenback against six major currencies, slid as much as 1%, following a 6.1% drop in May. It was the fourth straight drop for the dollar on speculation that record U.S. borrowing will further weaken the dollar. The index lost 1% in April and 2.9% in March.
Economic data will be in focus tomorrow, with the ADP private employment change at 8:15ET, followed by April factory orders and May ISM services at 10:00ET. The weekly crude inventories report is scheduled for release at 10:30ET. Other than that, Fed Chairman Bernanke will testify on economic and financial conditions before the House Budget Committee at 10:00ET.
Precious metals stay strong
Gold glitters more while silver reaches nine month high
Bullion metals continued to stay strong on Tuesday, 02 June, 2009 as the dollar continued to drown further increasing the appeal of precious metals as a hedge against inflation. Prices also ended higher on account of an encouraging economic report in the housing sector.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Tuesday, Comex Gold for August delivery rose $4.4 (0.4%) to close at $984.4 an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 2%. Year to date, gold prices are higher by 13.4%.
Gold had ended the month of May higher by 9.8%. It was the highest monthly gain registered by gold in six months. Before this, gold had suffered losses in prior two months. For the month of April and March, 2009, gold had lost 3.7% and 2.1% respectively. But the metal gained 4.3% in the first quarter of this year.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (4.7%) since then.
On Tuesday, Comex silver futures for July delivery rose 22 cents (1.4%) at $15.955 an ounce. It was a nine month high price for silver. Earlier during the day, it reached a high of $16.02. Last week, silver ended higher by 6.2%. For the month of May, silver gained 26.6%. It was the biggest monthly gain for silver in more than two decades. Year to date, silver has climbed 39.4% this year. For 2008, silver had lost 24%.
The National Association of Realtors reported on Tuesday, 02 June, 2009 that pending sales of existing homes in US rose for the third month in a row in April, boosted by record-low mortgage rates and special incentives for first-time buyers. In April, existing-home sales rose 2.9% to a seasonally adjusted annual rate of 4.68 million, 3.5% below year-earlier sales rates.
In the currency market on Tuesday, the U.S. Dollar Index, a gauge of the greenback against six major currencies, slid as much as 1%, following a 6.1% drop in May. It was the fourth straight drop for the dollar on speculation that record U.S. borrowing will further weaken the dollar. The index lost 1% in April and 2.9% in March.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
Last year, the weakening dollar and higher global demand for raw materials had led to records for commodities including gold. Gold reached a record in March 2008 as a U.S. housing slump and credit crisis spurred the Federal Reserve to slash borrowing costs. In the last move, the Federal Reserve has cuts its target bank lending rate to 0.25% from 5.25% in September, 2007. The Fed did it in nine steps.
Prior to 2008, gold had witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. Silver had climbed 16% in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
At the MCX, gold prices for August delivery closed higher by Rs 49 (0.33%) at Rs 14,857 per 10 grams. Prices rose to a high of Rs 14,915 per 10 grams and fell to a low of Rs 14,752 per 10 grams during the day's trading.
At the MCX, silver prices for July delivery closed Rs 321 (1.33%) higher at Rs 24,369/Kg. Prices opened at Rs 23,985/kg and rose to a high of Rs 24,449/Kg during the day's trading.
Crude stays steady
Prices shed almost all of their earlier intraday losses
Crude prices pared almost all of their earlier losses today, Tuesday, 02 June, 2009 and ultimately closed little lower at the end. Prices gave up earlier loses on hopes that economic recovery will take place soon. The encouraging pending home sales data in US revived hopes of a faster than expected economic recovery. The subdued dollar also played a role in crude shedding most of its earlier losses.
On Tuesday, crude-oil futures for light sweet crude for July delivery closed at $68.55/barrel (lower by $0.03 or 0.04%). Last week, crude ended higher by 7.5%.
Crude ended the month of May, 2009, higher by 30%. This was the largest month gain for crude in almost a decade. Prior to May, crude ended April and March, 2009 higher by 2.9% and 10.9% respectively. It rallied 11.3% in the first quarter. Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 53.7% since then. Year to date, in 2009, crude prices are higher by 38%.
The National Association of Realtors reported on Tuesday, 02 June, 2009 that pending sales of existing homes in US rose for the third month in a row in April, boosted by record-low mortgage rates and special incentives for first-time buyers. In April, existing-home sales rose 2.9% to a seasonally adjusted annual rate of 4.68 million, 3.5% below year-earlier sales rates.
In the currency market on Tuesday, the U.S. Dollar Index, a gauge of the greenback against six major currencies, slid as much as 1%, following a 6.1% drop in May. It was the fourth straight drop for the dollar on speculation that record U.S. borrowing will further weaken the dollar. The index lost 1% in April and 2.9% in March.
OPEC, in its latest meeting, decided to keep production quotas unchanged, in line with expectations. The cartel, which accounts for about one-third of the world's oil production, decided to leave production levels unchanged at today's meeting in Vienna on Thursday, 28 May, 2009.
Also at the Nymex on Tuesday, July reformulated gasoline gained 1 cent to end at $1.93 a gallon and July heating oil added 2 cents to finish at $1.80 a gallon.
July natural gas futures fell 12.90 cents, or 3%, to end at $4.120 per million British thermal units.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for June delivery closed at Rs 3,224/barrel, higher by Rs 34 (1.06%) against previous day's close. Natural gas for June delivery closed at Rs 194.8/mmbtu, higher by Rs 2.4/mmbtu (1.24%).
Pyramid scamster flouts ban, sells Kotecha stocks
The perpetrators of the Pyramid Saimira scam continue to demonstrate their utter disregard for the law of the land.
In a daring act last week, a banned entity, Banty Dinesh Shah, the proprietor of Balaji Corporation (also banned), managed to hoodwink the system and offload his portfolio worth Rs 11 lakh. With Shah slipping through, the Securities and Exchange Board of India (Sebi) has now banned the brokerage Anugrah Stock & Broking Private Ltd, which executed the trade overshooting the ban.
The regulator has appointed Suresh B Menon, chief general manager, to look into the adequacy of the risk management system of the broker as well as the possibility that they worked together with Banty Dinesh Shah to violate the ban.
On May 21, Shah sold 13,500 shares of RTS Power Co and 1,000 shares of Usher
Agro in his demat account at Anugrah, netting him Rs 11,27,100.
Both these stocks were among the portfolio of Nirmal Kotecha, the mastermind behind the Pyramid Saimira scam, which included faking a Sebi order.
Shah and Balaji Corp were banned from dealing in shares for their active involvement in helping Kotecha defraud the market.
In the course of investigations, Sebi also unearthed a number of other violations.
The order banning Shah from the markets had been issued by Sebi on April 23. His account should have been closed on April 24. However, the broker had not closed it for over a fortnight. It was only after the receipt of a letter from the Bombay Stock Exchange on May 11 that the account was finally closed. But even this did not have any effect, as the client easily circumvented it when he wanted to (after the market bounce post elections).
The broker was also found guilty of violating the Know Your Client norms in case of Shah. An electricity bill submitted as proof of residence did not belong to him. Also, his office details and address have not been properly recorded. The name of the establishment has been filled as 'Diamond Broker' and his office address as just 'Opera House'.
"This defeats the very purpose of Know Your Client policy of ensuring that only legitimate and bona fide clients are accepted. Thus, the stock broker has not ensured that details in the Client Registration Application in respect of Mr Shah are adequate for a complete identification of the said client," Sebi complained.
The broker argued that the dealer who executed the trade on Shah's instructions submitted to Sebi that he was unaware of the order banning the client. The dealer stated that he was under the impression that the account could be closed due to a technical problem or on account of there being a debit balance in the account.
Shah had requested that the account be opened for the transaction as it would not add in any way to the broker's liability.
via DNA
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