3i Infotech
India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Wednesday, August 05, 2009
Ten Commandments of Successful Equity Investing
By Jiten Parmar via Another Forum
Ten Commandments of Successful Equity Investing :
1. Discipline : The first thing an investor must learn while investing in the markets is discipline. The investor needs to be disciplined as to when to buy the stock and when to sell. If there is euphoria all around and tips are flying around, investor needs to be disciplined enough to not invest at this time. That is generally the best time to book profits in existing portfolio. At the same time, if investor finds market very undervalued, but there is pessimism all over, he needs to go ahead and buy. These may turn out to be his best buys. Investor needs to be greedy when everyone is fearful and fearful when
everyone is greedy. Do not go with the HERD MENTALITY. Exercise CAUTION during euphoric periods. The best mantra for making money in the stock market is “BUY when CHEAP and SELL when EXPENSIVE”.
2. LEARN before you EARN : One of the most important thing an investor needs to do is READ, READ, and READ. Before you invest your hard- earned money, read everything about the stock. Learn to read quarterly results, annual reports, read about peer companies, read about that particular industry in general. Make sure that the stock being bought is undervalued or reasonably valued. Do not chase a stock on the way up.
3. Conviction : If you have purchased a stock after thorough study, have conviction in the stock. Keep buying the stock at every fall and average your stock. When tide turns, this can give you super profits. Conviction in the stock is important.
4. Everything has a Price : Every stock has a right price. Many investors typically make the mistake of holding onto a stock for decades. But if you do make a close analysis you will generally find that the stocks had done very well when the companies were mid-caps and were growing at breathtaking speed. After becoming large-caps growth slows and there will be periods of massive overvaluation. These are the times when investor needs to book profits and rotate to less expensive stocks or wait for reasonable valuations to re-enter the stock. There are a number of stocks which have done anything for the investor’s portfolio for almost a decade.
5. Portfolio Allocation : Everyone should do a portfolio allocation according to their risk appetite/age and other factors. What is typically observed is that there will be periods when portfolio weightage completely changes without investor actively changing anything. If stock market is in an extremely bullish phase than equity pie becomes large. One should bring it back to its original allocation. That would mean booking profits when valuations are very high. Conversely, in a bearish phase the equity pie shrinks and investor needs to shift from debt to bring his equity pie to the
original one. This would mean buying into equity at very low valuations. This approach really works and one needs to be disciplined in following this.
6. Diversify : Do not put all you eggs in one basket. Diversify your portfolio over different stocks/industries. Ideally no stock in your portfolio should be more than 10-15% of your holdings.
7. Give Equity Some Time : Do not invest in the stock market with a short-term perspective. Invest only surplus funds, which you will not need for a long time. Often investors are forced to sell their stocks when it is the worst time to sell, because they are leveraged. Give your stocks time. Markets will have swings and can stay bearish for long periods of time and do not accord stocks the valuations they deserve. If you have conviction, these are great times to buy.
Typically, I ask people to invest with a 5-year+ horizon. This does not mean that you will be stuck with the stocks for 5 years. If during this period, stock runs ahead of fundamentals, book profits.
8. SIP : SIPping is the best way to invest in stocks. As is the nature of the markets, it gives corrections and many opportunities to buy stocks at lower prices then your previous purchases. If there is no drastic change in the prospects of the industry and the stock, have the conviction to add more quantity. SIPping brings down your average price and can help in giving stupendous returns.
9. Continuous Monitoring : Continuously monitor the health of the stock and the industry it operates in. Monitor quarterly results, announcements, etc. If something fundamentally changes with the stock or the industry take a fresh call.
10. Reward Winners : Do not try to offset your losses in losers with punishing your winners. Typically investors hold onto duds in hope of getting their price and sell their winners. This should be avoided. Don’t be afraid to admit mistake on the losers.
Asian markets end mixed
Shanghai, Hang Seng turned lower while Sensex bucked the regional trend
Stock markets in Asian region closed mixed on Wednesday following the modest gains overnight on Wall Street. Most of the regional stocks steadied near 11-month highs, as investors paused for breath before more earnings reports.
On Wall Street, stocks loafed after Monday's rally, but still ended slightly in the green with some help from much better than expected pending home sales data and a gentle, final push of late-afternoon buying. The Dow Jones Industrial Average rose 33.63 points, or 0.4%, to 9320.19, and the S&P 500 advanced 3.02 points, or 0.3%, to 1005.65. The Nasdaq Composite tacked on 2.7 points, or 0.1%, to 2011.31.
In the commodity market, crude oil traded little changed before a government report that’s expected to show U.S. crude inventories increased. Crude oil for September delivery traded at $71.18 a barrel, down 24 cents, on the New York Mercantile Exchange at 2:52 p.m. in Singapore. Earlier, it rose 45 cents, or 0.6%, to $71.87 a barrel. Yesterday, oil dropped 16 cents, or 0.2%, to settle at $71.42 a barrel.
Brent crude oil for September settlement was at $74.25 a barrel on London’s ICE Futures Europe Exchange at 2:52 p.m. in Singapore, having earlier risen as much as 53 cents, or 0.7%, to $74.81. Yesterday, the contract gained 73 cents, or 1%, to $74.28.
Gold dropped, ending a four-day rally, on speculation investors will sell holdings after bullion neared a key resistance level. Immediate-delivery gold dropped as low as $963.74 an ounce and was at $963.92 at 1:24 p.m. in Singapore.
In the currency market, the Japanese yen strengthened against its major counterparts as a decline in some Asian stocks prompted investors toward safer-assets. The Japanese yen was quoted at 95.30 against the US dollar, up from Tuesday’s quote of 94.94 yen.
The Hong Kong dollar was trading at HK$ 7.7500 against the dollar. Actually The Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.
In Sydney trade, the Australian dollar fell today despite finding some support after the release of better-than-expected trade data and improved investor appetite for the currency. At the local close, the dollar was trading at $US0.8404, down slightly from Tuesday's close of $US0.8433. During the day, the unit moved between $US0.8408 and $US0.8453.
In Wellington trade, a strong rises in milk powder prices at Fonterra's monthly Internet auction sent the New Zealand dollar surging up. The kiwi reached a 10-month high around US67.20c a few minutes after the 8am local open today, having been around US66.60c less than an hour earlier.
The South Korean won ended at 1,224.3 won to the U.S. dollar, down 6.3 won from Tuesday's close, as foreign investors reduced their holdings in local stocks.
Coming back in equities, Asian stock markets were mixed on Wednesday as investors awaited fresh clues on whether recent upwards momentum can be sustained. Still, the Hong Kong market was getting support from continued strength in HSBC following its recent strong results.
In Japan, the equity market tumbled with investors taking a breather after the index set a 10-month closing high the previous day. Profit The market witnessed selling especially between auto and financial share amid caution about an overheated. Losses from Isuzu Motors and Elpida Memory dragged auto and technology companies lower. Materials and resources and oil & coal shares tumbled on profit booking. At the closing bell, the Nikkei 225 Stock Average index slid 1.18%, or 122.48 points, to 10,252.53, while the broader Topix index slipped 9.44 points, 0.98%, to 949.58.
In Mainland China, share market tumbled with the benchmark index snapped four days of winning streak as investors locked profits from fourteen-month highs in recent rallies. Financials tumbled amid fears that tightening measures might be introduced to cool the market. Properties plunged on report property sales dropped previous week Materials stocks dived amid worries about companies’ valuation. Shares of coal, steel, oil sectors dived after major index closes at fresh 14-month high yesterday.
At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, dropped 1.24%, or 42.94 points, to 3,428.50, while the CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, dived 1.21% to 3,740.98.
In Hong Kong, the benchmark index erased gains as investors locked profits from year-to-date highs in recent rallies. Banks dragged down the market amid renewed credit tightening concerns. Properties and other major heavyweight plummeted amid worries about companies’ valuation. Shares of coal, steel, and energy sectors dived on profit booking after major index closes above eleven month high on Monday. The Hang Seng Index tumbled 301.66 points, or 1.45%, to 20,494.77, while the Hang Seng China Enterprise has lost 250.19 points, or 2.05%, to 11,968.48.
In Australia, the stock market dipped taking a breather from a strong run over the last couple of weeks. The big four banks all retreated, while energy stocks also weighed. Materials and Resources stocks turned lower, despite another gain in metal prices overnight. At the closing bell, the benchmark S&P/ASX200 index slid 44.8 points, or 1.04%, to 4,264.5, meanwhile the broader All Ordinaries stumbled 41.70 points, or 0.97%, to 4,272.2.
On the economic front, the Australian Bureau of Statistics data showed that the nation’s balance of goods and services was a deficit of A$441 million in June2009, seasonally adjusted, from a downwardly revised deficit of A$737 million in May2009. In June, exports rose 2.0% in adjusted terms, while imports were flat.
In New Zealand, stock market fell in line with most of the Asian markets as Wall Street witnessed marginal gains overnight. The benchmark index ended its four-day winning streak on Wednesday. The NZX50 decreased by 0.28% or 8.73 points to 3084.07. The NZX 15 declined 0.43% or 24.50 points to close at 5693.86.
In South Korea, stocks closed lower on profit taking following recent surges. The benchmark Korea Composite Stock Price Index (KOSPI) lost 6.90 points to close at 1,559.47.
In Singapore, the stock market shrunk as investors took profits in major blue chip following a strong recent rally. Manufacturing and multi-industries shares dropped on profit booking. Banks and properties stumbled amid renewed jitters about credit tightening on the China. The blue chip Straits Times Index slid 41.63 points, or 0.6%, to 2,606.83.
In Taiwan, stock markets finished the session at three-week closing low, with leading banking stocks dragged the index lower after it revised downward its first-half earnings. The main TAIEX share index finished down 107.63 points at 6,848.24, reaching its lowest level since 17 July 2009 and extending its loss from Tuesday and Wednesday to 3%.
In India, a recovery in European stocks helped Indian equities score gains in what was a choppy trading session. Sustained buying by foreign funds and on an expected economic recovery in India underpinned sentiment. Oil & gas and IT stocks rose even as auto and realty stocks fell.
The BSE 30-share Sensex was up 72.85 points or 0.46% to 15,903.83. The Sensex rose 142.12 points at the day's high of 15,973.10 in early trade. The Sensex fell 135.87 points at the day's low of 15,695.11 in early afternoon trade. The S&P CNX Nifty was up 13.65 points or 0.29% to 4,694.15.
Elsewhere, Malaysia's Kula Lumpur Composite index went down 0.03% or 0.39 points to 1179.49 while stock markets in Indonesia’s Jakarta Composite index ended the day lower at 2317.06.
Turnover surges
RIL August 2009 futures at premium
Nifty August 2009 futures were at 4696, at a premium of 1.85 points as compared to the spot closing of 4694.15. Turnover in NSE's futures & options (F&O) climbed to Rs 63729.03 crore from Rs 60859.86 crore on Tuesday, 4 August 2009.
Reliance Industries (RIL) August 2009 futures were at premium at Rs 2081.75 compared to the spot closing of Rs 2076.40.
Aban Offshore August 2009 futures were at discount at Rs 1185 compared to the spot closing of Rs 1190.75.
Tata Steel August 2009 futures were at discount at Rs 469.25 compared to the spot closing of Rs 473.30.
In the cash market, the S&P CNX Nifty rose 13.65 points or 0.29% at 4694.15.
Airports Authority of India IPO coming soon
For raising funds to build new airports
The Indian government reportedly plans to corporatise the Airports Authority of India (AAI) by March 2010 and eventually list it on bourses.
The proposed initial public offer, coming at a time when airport revenues have been falling due to reduced aircraft movement, would help the organization raise funds to build new airports
Civil aviation minister Praful Patel said on Tuesday, 4 August 2009 that by converting AAI into a company and listing it, the government would be able to raise more funds.
AAI owns and manages 125 airports across the country and has been seeking as much as Rs 12,000 crore during the 11th Five Year Plan to modernise and develop 34 non-metro airports.
NHPC IPO Review - Analysis
High priced offer
Capacity to go up 90% by March 2013. But P/E is already a hefty 30-36 times
NHPC is the largest hydroelectric power generating company in the country. It has 13 operating hydro electric power (HEP) plants with an installed capacity of 5,175 MW including two power stations of total 1,520-MW capacity set up through its joint venture subsidiary Narmada Hydroelectric Development Corporation (NHDC). Current total generating capacity is 5,134.2 MW, taking into account the downgrade of the capacity ratings of Loktak and Tanakpur power stations by the Central Electricity Authority. All the existing power projects of the company (excluding the JV subsidiary) are located in the northern and north-eastern states such as Jammu & Kashmir, Himachal Pradesh, Uttarakhand, Manipur and Sikkim. The two HEP stations are in Madhya Pradesh.
NHPC is constructing 11 additional hydroelectric projects, which are expected to increase the installed capacity by 4,622 MW. These plants, barring Teesta Low Dam IV, are mostly in the north and northeastern states and scheduled to be commissioned between December 2009 and March 2013. The Teesta Low Dam IV project is coming up in the Darjeeling district of West Bengal. NHPC is awaiting government sanction to build another five projects with an anticipated capacity of 4,565 MW on its own and another 2,166-MW capacity projects through certain JV projects. In addition, the company is surveying and investigating proposals for nine additional projects totaling 7,255 MW of anticipated capacity.
Apart from development and operation of HEP projects, NHPC also develops, designs, and delivers HEP station to clients. The company has executed two HEP projects, i.e. Kurichhu HEP in Bhutan and Devighat HEP in Nepal, on contract. Further, it also provides technical, management advisory and consultancy services to domestic and international clients. So far it has completed 76 consulting assignments and had 17 consulting assignments on hand end May 2009. NHPC also acts as an agency for implementing rural road development and rural electrification programs in India on request from the government of India. It earns fixed agency fee as determined mutually.
The current public offer has two components: Disinvestment from the Union government‘s existing holding 55,91,24,672 equity shares of Rs 10 each (4.5% of post- issue equity) and fresh issue of 1,11,82,49,343 equity shares of Rs 10 each (9.1% of post- issue equity). While NHPC will not get any amount from offer for sale (which will go to the government), the proceeds from fresh issue will be used to part finance the construction and development of Subansiri Lower in Arunachal Pradesh, Uri II in J&K, Chamera III in Himachal Pradesh, Parbati III in Himachal Pradesh, Nimoo Bazgo and Chutak in J&K, and Teesta Low Dam IV (in West Bengal) power projects as well as for general corporate purposes.
Strengths
Operational efficiency track record of the existing power plants is strong.
Proven execution capability in designing, executing, completing HEPs.
Improvement in customers' bill realization over the last six years following the recommendation of Ahluwalia Committee and one-time settlement of past dues.
The Nimoo Bazgo (45 MW) and Chutak (44 MW) HEPs in J&K were registered by the executive board of Clean Development Mechanism (CDM). These two projects are scheduled to commission in August 2010 and February 2011, respectively, and will generate carbon credit. Also pursuing CDM registration for other projects.
Weaknesses
HEPs are typically associated with longer execution period as well as high execution risks: geological, hydrological as well as environmental. Rehabilitation and resettlement issues are obstacles and often result in delays in the completion of projects. Moreover, there is little return on equity investments made during project execution.
Supplies 12% of the energy generated free to the respective state or its utilities or the electricity board as per the MoUs signed with the respective state governments following the power purchase agreements.
Among others, the tariff includes annual fixed charge (AFC) consisting of primary energy charge and capacity charges. However, under the new tariff policy effective from 1 April 2009, the capacity index has been replaced with the normative annual plant availability factor (NAPAF). Capacity charge for a power generating station will constitute 50% of the AFC and will be calculated using a formula that takes into account the NAPAF and the actual plant availability factor achieved. Earlier, if the capacity was available, the capacity charges could be recovered. Now, capacity has to actually operate at or above NAPAF. So if there were insufficient water, which prevents the plant from operating at or above NAPAF, the capacity charge would be adversely affected, even though the unit might have available capacity. Also, earlier capacity charge was equal to AFC less the primary energy charge. Now, 50% of AFC will depend on capacity charge. So this has introduced volatility in AFC, capacity charge and revenue, especially when water availability is poor.
Valuation
Consolidated sales of NHPC rose 19% to Rs 3493.71 crore and net profit by a modest 3% to Rs 1244.15 crore in FY 2009. On post-IPO equity of Rs 12300.74 crore, the EPS for FY 2009 works out to Rs 1 and the PE is 30-36 times at the offer price band of Rs 30-Rs 36. In comparison, thermal power major NTPC quotes at a PE of 22 times its FY 2009 consolidated EPS. The per MW valuation works out to Rs 3.76 crore (on the lower price band) to Rs 4.52 crore (on the upper price band) compared with Rs 3.58 crore per MW of NTPC.
Hydropower is typically characterized by high fixed costs and low operating costs. Against this background, the per-MW valuation of NHPC is ahead of thermal or other power plants. While the seasonality in thermal power is low, it is very high for hydropower projects.
Post Session Commentary - Aug 5 2009
The Indian market rallied sharply during final trading and ended on positive zone led by good buying in key stocks. However, stocks were volatile during the trading and constant buying and selling contributed to the zigzag movement. Negative Asian markets along lower US index futures also contributed to the instability on the domestic bourses. Meanwhile, benchmark indices finally made a smart comeback and edged up on gains in European market. In addition, constant buying by foreign funds and hopes of economic recovery in India also lifted the investor’s attitude. The BSE Sensex ended around 15,900 level and NSE Nifty closed above 4,650 mark.
Market opened on pleasant note tracking some positive cues from the US markets. The US stocks markets closed higher on Tuesday after strong increase in pending home sales and considerable strength in the financial sector has led the markets to gained momentum in the late trade. However, Indian stocks turned weak in line with weak Asian markets as Japanese automakers fell on Toyota''s big loss. Further, market continued to trade with negative bias amid instability. During last trading hours, benchmark indices managed to move into green on upward movement in key stocks. Finally, market closed with good gains in line with positive European markets that contributed to the bounce back in the market movement. From the sectoral front, most of the buying was seen in Consumer Durables, Oil & Gas, IT, Teck and PSU stocks. BSE Midcap and Smallcap indices also remained in buyer’s radar. However, Realty, Auto and FMCG stocks witnessed most of the selling from these baskets.
Among the Sensex pack 17 stocks ended in red territory and 13 in green. The market breadth indicating the overall health of the market remained positive as 1611 stocks closed in green while 1062 stocks closed in red and 94 stocks remained unchanged in BSE.
The BSE Sensex closed higher by 72.85 points or (0.46%) at 15,903.83 and NSE Nifty ended up by 13.65 points or (0.29%) at 4,694.15. BSE Mid Caps and Small Caps closed with gains of 6.60 and 63.43 points at 5,695.33 and 6,397.38 respectively. The BSE Sensex touched intraday high of 15,973.10 and intraday low of 15,695.11.
Gainers from the BSE Sensex pack are ONGC Ltd (4.50%), Reliance Infra (2.78%), Wipro Ltd (3.25%), ACC Ltd (2.74%), Infosys Tech (2.49%), Sun Pharma (2.01%), Reliance Infra (1.98%), Reliance (1.67%), Graqsim Industries (1.56%), Tata Motors (1.46%), Sterlite Industries (1.39%) and ICICI Bank (1.28%).
Losers from the BSE Sensex pack are Maruti Suzuki (3.10%), Hindalco (1.86%), DLF Ltd (1.74%), HDFC Bank (1.54%), HUL (1.29%), HDFC (1.22%), RCom (1.01%), ITC Ltd (0.92%), BHEL (0.88%) and Herohonda Motors (0.80%).
On the global markets front the Asian markets that opened before the Indian market, ended in red as Japanese automakers fell on Toyota''s big loss. In addition, investors waited for a U.S. employment report to make it clear that how quickly the world''s biggest economy can recover. Shanghai Composite, Hang Seng, Nikkei 225, Straits Times and Seoul Composite ended up by 42.94, 301.66, 122.48, 41.93 and 6.9 points at 3,248.50, 20,494.77, 10,252.53, 2,606.83 and 1,59.47 respectively. However, Hang Seng and Straits Times lost 10.83 and 32.88 points at 20,796.43 and 1,566.37 respectively.
European markets, which opened after the Indian market, are trading in green. In Frankfurt the DAX index is trading up by 6.63 points at 5,423.65 and in London FTSE 100 is trading up by 14.96 points at 4,686.33.
The BSE Consumer Durable index advanced by (2.11%) or 66.28 points at 3,204.17. Gainers are Rajesh Export (6.55%), Videocon Ind (5.67%), Blue Star L (1.71%) and Gitanjali GE (0.61%).
The BSE Oil & Gas index gained (1.95%) or 188.68 points at 9,885.45. Main gainers are ONGC Ltd (4.50%), Aban Offshore (2.56%), BPCL (2.35%), Reliance Pet (1.89%) and Reliance (1.67%).
The BSE IT index closed higher by (1.94%) or 76.86 points at 4,034.23 on better than expected data on US home sales reinforced expectations that the economy is recovering. Gainers are NIIT Ltd (7.61%), Moser Bayer (6.55%), Finance Tech (3.90%), Wipro Ltd (3.25%) and Infosys Tech (2.49%).
The BSE Teck index ended up by (1.19%) or 34.77 points at 2,957.67. As HT Media NDTV Ltd (12.22%), (11.25%), Him Futr Com (9.94%), NIIT Ltd (7.61%) and Moser Bayer (6.55%) ended in green.
The BSE Realty index lost (1.92%) or 77.27 points at 3,946.28 on profit taking after recent strong rally. Losers are Indiabull Real (3.77%), Anant Raj (2.38%), Penland Ltd (2.22%), Housing Dev (1.96%) and Pheonix Mill (1.96%).
The BSE Auto index dropped by (1.11%) or 66.72 points at 5,940.11. Scrips that lost are Maruti Suzuki (3.10%), Bajaj Auto (2.30%), Apollo Tyre (1.52%), Exide Indus (1.42%) and Ashok Leyland (1.23%).
Reliance Infrastructure Limited gained 1.98%. The company, in consortium with SNC Lavolin Inc. Canada and Reliance Communication has been awarded Mumbai Metro-II Project on BOT basis for a concession period of 35 years with an extension clause of another 10 years.
Allied Digital Services Ltd advanced by 1.60%. the company, which is a leading Indian, Enterprise IT infrastructure management services provider has announced the launch of Cloud Computing Management and Security Services for large enterprises and hosting service providers globally.
Dr. Reddy''s Laboratories Ltd. went up by 0.74%. The company has launched Finrid (Fentanyl Trarsdermal Patch) in India. Used in the management of severe to moderate pain, Finrid provides continuous systemic delivery of Fentanyl, a potent opioid analgesic for upto 72 hours. It is the first opioid transdermal patch to be developed in India.
NMDC Ltd gusted 4.99% on reports the steel ministry has approved selling 8.38% in NMDC, which could fetch up to Rs. 12,000 crore for the government.
Jayshree Chemicals Ltd advanced 1.96% after the company''s board approved raising funds up to Rs. 40 crore by issuing equity shares on a rights basis.
Larsen & Toubuo Limited dropped by 0.31%. the company has secured Rs. 364 Cr order from UP Rajya Vidyut Utpadam Nigam (UPRVUNL) Limited during the first quarter of FY 09-10 for setting up Coal Handling Plant at Anpara, UP and another contract for Rs 489 Cr from Neyveli Lignite Corporation Limited (NLC) for setting up Coal Handling Plant at Tuticorin, Tamil Nadu.
Axis Bank Ltd plunged 4.83% after the lender decided to raise funds through global depositary receipts or by placement with institutions and promoters.
ING Vysya Bank Ltd slump 3.07% after ten lakh shares changed hands in two block deals on BSE and NSE combined.
Hindustan Construction Company Ltd fell 11%. The company bagged an order worth Rs 228.79 crore.
BSE Bulk Deals to Watch - Aug 5 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
5/8/2009 532995 AVON CORP BASMATI SECURITIES PVT LTD B 341847 11.03
5/8/2009 533055 EDSERV SOFT SETU SECURITIES PVT LTD B 85001 64.65
5/8/2009 533055 EDSERV SOFT SETU SECURITIES PVT LTD S 95468 64.96
5/8/2009 532700 ENT NETWORK AMAL PARIKH B 446000 178.20
5/8/2009 533090 EXCEL INFO OPG SECURITIES P LTD B 279726 110.77
5/8/2009 533090 EXCEL INFO OPG SECURITIES P LTD S 279726 110.70
5/8/2009 532022 FILAT FASH FURIYABHAVYA MANILAL B 51000 94.84
5/8/2009 532160 GUJ ST FN CO HARSHA HITESH JAVERI B 73000 7.16
5/8/2009 531387 HASTI FINANC GRISHMA V JHAVERI S 15000 13.78
5/8/2009 524826 JUPITER BIOS FAIRDEAL INFIN SERVICES PVT. LTD. B 114372 72.82
5/8/2009 524826 JUPITER BIOS FAIRDEAL INFIN SERVICES PVT. LTD. S 104372 73.19
5/8/2009 524826 JUPITER BIOS MACQUARIE BANK LIMITED S 96513 70.77
5/8/2009 523810 KALE FILMS KHUSHBOO U B 467400 1.48
5/8/2009 523810 KALE FILMS VINTEL SECURITIES PVT LTD S 500000 1.48
5/8/2009 590041 KAVERI TELE NINA N S 50000 51.30
5/8/2009 530255 KAY POW PAP KAUSHALYA GARG B 56000 7.02
5/8/2009 530255 KAY POW PAP JOLLY GUPTA B 81903 7.05
5/8/2009 530255 KAY POW PAP BAMPSL SECURITIES LTD. B 676694 7.16
5/8/2009 530255 KAY POW PAP OMPARKASH GUPTA B 60505 6.93
5/8/2009 530255 KAY POW PAP NARENDER GUPTA B 79151 6.87
5/8/2009 530255 KAY POW PAP SATISH KUMAR GUPTA B 65680 7.08
5/8/2009 530255 KAY POW PAP GIRRAJ PRASAD GUPTA B 57500 7.10
5/8/2009 530255 KAY POW PAP KAUSHALYA GARG S 56000 7.01
5/8/2009 530255 KAY POW PAP JOLLY GUPTA S 120364 7.05
5/8/2009 530255 KAY POW PAP BAMPSL SECURITIES LTD. S 682894 6.98
5/8/2009 530255 KAY POW PAP OMPARKASH GUPTA S 60036 7.29
5/8/2009 530255 KAY POW PAP NARENDER GUPTA S 95415 7.07
5/8/2009 530255 KAY POW PAP SATISH KUMAR GUPTA S 65680 7.05
5/8/2009 530255 KAY POW PAP KAY CHANDRA IRON ENGINEERING WORKS PRIVATE LIMITED S 100000 7.25
5/8/2009 530255 KAY POW PAP B.S.KHANDELWAL S 250000 6.81
5/8/2009 506528 KELTECH ENRG J V STOCK BROKING PRIVATE LIMITED B 5410 166.15
5/8/2009 506528 KELTECH ENRG J V STOCK BROKING PRIVATE LIMITED S 5124 168.79
5/8/2009 531731 KUVAM INTL UMESH PARMANAND BAJAJ HUF B 20000 15.36
5/8/2009 531731 KUVAM INTL KAMLESH GUPTA S 16900 15.36
5/8/2009 531834 NATURA HUE C NAMRATA SHARMA S 34100 11.24
5/8/2009 531834 NATURA HUE C OM EDUCATION (IT) PVT LTD S 70000 11.24
5/8/2009 531834 NATURA HUE C AYODHYAPATI INVESTMENT PVT LTD S 85305 11.24
5/8/2009 532986 NIRAJ CEMENT SAKET AGARWAL S 68000 38.71
5/8/2009 531996 ODYSSEY CORP SUVUDHA SECURITIES PVT LTD B 25150 25.60
5/8/2009 512449 PACE TEXTILES KHUSHBOO U B 222300 49.06
5/8/2009 532923 REN JEWELERY KALPANA NIRANJAN SHAH B 128378 42.00
5/8/2009 532923 REN JEWELERY VINIT L SHAH HUF S 100252 42.00
5/8/2009 531952 RIBA TEXTILE KUMKUM STOCK BROKER PVT LTD B 47061 47.22
5/8/2009 531952 RIBA TEXTILE KUMKUM STOCK BROKER PVT LTD S 39813 47.09
5/8/2009 512499 SHALIMAR PRO VHM IMPEX PRIVATE LTD B 510100 1.59
5/8/2009 512499 SHALIMAR PRO GUPTA EQUITIES PVT LTD S 494300 1.59
5/8/2009 500389 SILVERLINE T ELARA CAPITAL PLC (DR) S 300000 7.60
5/8/2009 507446 SIMBHAOL SU PRITAM SINGH SANDHU ASSOCIATE PVT LTD S 105000 48.14
5/8/2009 517224 SUJANA UNIV BASMATI SECURITIES PVT LTD B 639440 9.74
5/8/2009 517224 SUJANA UNIV BASMATI SECURITIES PVT LTD S 866439 9.64
5/8/2009 590020 TERASOFTWARE DEVKANT SYNTHETICS INDIA PVT. B 46775 39.04
5/8/2009 590093 TRIMURTHI DR VISHU ENTERPRISE S 35582 31.58
5/8/2009 532311 TUTIS TECH RAJENDRAKUMAR P SHAH B 100000 23.23
5/8/2009 503657 VEER ENERGY RITESH SHARES ADVISORS PRIVATE B 11300 174.89
5/8/2009 503657 VEER ENERGY MAHESH CHAND RELA B 8000 175.03
5/8/2009 503657 VEER ENERGY VAJSHAH SHARES & CONSULTANCY P B 12000 176.04
5/8/2009 503657 VEER ENERGY ALPESH JAYANTILAL PANDIT B 10000 174.85
5/8/2009 503657 VEER ENERGY PRAVIN DEEPSINH CHAVDA B 12332 174.92
5/8/2009 503657 VEER ENERGY HEMLATA RAMESH HANKARE B 10000 174.75
5/8/2009 503657 VEER ENERGY MANNALAL JAIN JITENDRA B 10000 174.64
5/8/2009 503657 VEER ENERGY NANDLAL MOHANLAL LAKHANI B 23000 183.90
5/8/2009 503657 VEER ENERGY JITENDRA MOHANLAL LAKHANI B 12000 183.00
5/8/2009 503657 VEER ENERGY RITESH SHARES ADVISORS PRIVATE S 12250 174.94
5/8/2009 503657 VEER ENERGY MAHESH CHAND RELA S 8000 175.48
5/8/2009 503657 VEER ENERGY VJ PATEL INVESTMENT S 13200 182.54
5/8/2009 503657 VEER ENERGY VAJSHAH SHARES & CONSULTANCY P S 15672 178.16
5/8/2009 503657 VEER ENERGY VIJAYY NANVARE S 14326 183.90
5/8/2009 503657 VEER ENERGY ALPESH JAYANTILAL PANDIT S 10000 174.50
5/8/2009 503657 VEER ENERGY PRAVIN DEEPSINH CHAVDA S 12446 174.94
5/8/2009 503657 VEER ENERGY HEMLATA RAMESH HANKARE S 10000 174.34
5/8/2009 503657 VEER ENERGY MANNALAL JAIN JITENDRA S 10000 174.75
NSE Bulk Deals to Watch - Aug 5 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
05-AUG-2009,ABAN,Aban Offshore Ltd.,C D INTEGRATED SERVICES LTD.,BUY,311898,1189.60,-
05-AUG-2009,CCL,CCL Products (I) Ltd,CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED,BUY,99215,160.00,-
05-AUG-2009,CHI,CHI Investments Limited,MAVJI NARSHI CHHEDA HUF,BUY,75716,51.65,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,BUY,63020,66.19,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,BHAVIN Y MEHTA,BUY,104523,63.42,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,PUNEET SECURITIES PVT. LTD.,BUY,62989,62.81,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,RAVI SHANKARAN,BUY,6740,61.53,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,SETU SECURITIES LTD,BUY,90726,64.66,-
05-AUG-2009,EVERONN,Everonn Systems India Lim,ASIT C MEHTA FOREX PRIVATE LTD,BUY,92198,389.22,-
05-AUG-2009,EVERONN,Everonn Systems India Lim,MBL & COMPANY LTD.,BUY,80481,384.30,-
05-AUG-2009,EXCELINFO,Excel Infoways Limited,OASIS MERCHANTS PRIVATE LIMITED,BUY,157042,111.44,-
05-AUG-2009,FSL,Firstsource Solutions Lim,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,2158654,28.92,-
05-AUG-2009,FSL,Firstsource Solutions Lim,JAYPEE CAPITAL SERVICES LTD.,BUY,2914661,28.73,-
05-AUG-2009,HCIL,HIMADRI CHEMICALS AND IND,KARUNA IMPEX ENTERPRISE LTD,BUY,266547,339.63,-
05-AUG-2009,INDIABULLS,Indiabulls Financial Serv,ORIENT GLOBAL TAMARIND MAURITIUS LIMITED,BUY,2768731,209.85,-
05-AUG-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,13968462,23.68,-
05-AUG-2009,KAVVERITEL,Kavveri Telecom Products,BHAVIN Y MEHTA,BUY,15543,51.30,-
05-AUG-2009,SICAGEN,Sicagen India Limited,PORINJU V. VELIYATH,BUY,210000,8.11,-
05-AUG-2009,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,1259674,20.54,-
05-AUG-2009,ABAN,Aban Offshore Ltd.,C D INTEGRATED SERVICES LTD.,SELL,311898,1190.09,-
05-AUG-2009,CCL,CCL Products (I) Ltd,NOVEL SUPPLIERS PVT. LTD.,SELL,99700,160.00,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,SELL,54020,64.64,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,BHAVIN Y MEHTA,SELL,104523,66.13,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,PUNEET SECURITIES PVT. LTD.,SELL,66631,63.10,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,RAVI SHANKARAN,SELL,82604,66.00,-
05-AUG-2009,EDSERV,Edserv Softsystems Limite,SETU SECURITIES LTD,SELL,62966,63.97,-
05-AUG-2009,ENIL,Entertainment Network (In,FIDELITY INVESTMENT TRUST FIDELITY EMERGING MARKETS FUND,SELL,450294,187.67,-
05-AUG-2009,EVERONN,Everonn Systems India Lim,ASIT C MEHTA FOREX PRIVATE LTD,SELL,92198,387.80,-
05-AUG-2009,EVERONN,Everonn Systems India Lim,MBL & COMPANY LTD.,SELL,80481,384.50,-
05-AUG-2009,EXCELINFO,Excel Infoways Limited,OASIS MERCHANTS PRIVATE LIMITED,SELL,157042,112.64,-
05-AUG-2009,FSL,Firstsource Solutions Lim,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,1826154,29.26,-
05-AUG-2009,FSL,Firstsource Solutions Lim,JAYPEE CAPITAL SERVICES LTD.,SELL,2897365,28.80,-
05-AUG-2009,INDIABULLS,Indiabulls Financial Serv,MACQUARIE BANK LTD - DR CONVERSION A/C,SELL,2768731,209.85,-
05-AUG-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,13830450,23.72,-
05-AUG-2009,ITI,ITI Limited (Depository),DSP MERRILL LYNCH TRUSTEE COMPANY LIMITED,SELL,161000,39.18,-
05-AUG-2009,KAVVERITEL,Kavveri Telecom Products,BHAVIN Y MEHTA,SELL,70593,51.30,-
05-AUG-2009,STAR,Strides Arcolab Limited,BLISSUP HOLDINGS LIMITED,SELL,228920,145.21,-
05-AUG-2009,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,1247843,20.52,-
RIL, IT stocks lead rally
A recovery in European stocks helped Indian equities score gains in what was a choppy trading session. Sustained buying by foreign funds and an expected economic recovery in India underpinned sentiment. Oil & gas and IT stocks rose even as auto and realty stocks fell. The market breadth was positive. The BSE 30-share Sensex rose 72.85 points or 0.46%, up close to 210 points from the day's low and off close to 70 points from the day's high.
The market was volatile. The key benchmark indices surged in early trade recovering from the previous day's 0.6% slide. However, lower Asian stocks pulled the market into the red later. Volatility was high in early afternoon trade. The market moved into the green from red in mid-afternoon trade as index heavyweight Reliance Industries (RIL) rose.
Foreign institutional investors (FIIs) bought shares worth a net Rs 207.80 crore on Tuesday, 4 August 2009. FII inflow in calendar year 2009 totaled Rs 36,841.10 crore (till 4 August 2009).
Heavy purchases by foreign funds triggered a solid rally on the bourses this year. The Sensex was up 6256.52 points or 64.85% in calendar year 2009 as on 5 August 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex was up 7743.43 points or 94.89% as on 5 August 2009.
There are signs that the Indian economy is recovering from a slowdown last year. Growth in India's manufacturing activity held steady in July 2009 amid robust local demand and a slight rebound in exports. However, intense competition curbed companies' pricing power even as raw material costs jumped, a survey released during trading hours on Monday, 3 August 2009, showed. The Markit Purchasing Managers' Index (PMI), based on a survey of 500 companies, was at 55.30 in July 2009, little changed from 55.34 in June 2009. It has been above the threshold of 50 -- which separates expansion from contraction -- for four straight months. The new orders index rose to 59.75, its highest in nine months, from 58.56 in June 2009.
A weak monsoon remains a cause of concern though. India's monsoon rains were 18% below normal in the week to 29 July 2009, having been above normal in the preceding two weeks. Total rainfall since the beginning of June was 19% below average, the India Meteorological Department said on 30 July 2009. On the flip side, water levels in India's 81 main reservoirs rose to 35% of capacity in the week to 30 July 2009, up from 23% a week earlier and 31% a year ago, government data showed. More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.
Finance Minister Pranab Mukherjee said on Tuesday, 4 August 2009, the government will continue reforms to get back to a higher growth trajectory of at least 9% at the earliest and encourage state-run firms to sell stakes through public offerings. He said the government is determined to get back to fiscal consolidation at the earliest. The government has said it aims to cut the fiscal deficit to 5.5% of GDP by the end of 2010/11, and further to 4% in 2011/12 from an expected 6.8% in 2009/10.
Meanwhile, the Reserve Bank of India Governor Duvvuri Subbarao said on Tuesday India will not slow down on financial reforms, but would recalibrate the roadmap for reforms given the backdrop of the global crisis.
European shares inched higher in volatile trade on Wednesday, with banks boosted by results from Societe Generale. Key benchmark indices in Germany, France and UK were up by between 0.36% to 0.78%.
Asian stocks fell in volatile trade as investors awaited fresh clues on whether recent upwards momentum can be sustained. Key benchmark indices in Hong Kong, South Korea, Singapore, Taiwan China and Japan were down by between 0.44% to 1.58%.
Trading in US index futures indicated that the Dow could open flat on Wednesday, 5 August 2009.
US markets scored modest gains on Tuesday, 4 August 2009. The S&P 500 held above the 1,000 mark, a level it achieved on Monday for the first time since November, 2008. The Dow Jones Industrial Average rose 33.63 points, or 0.36%, to close at 9,320.19. The S&P 500 Index added 3.02 points, or 0.30%, to 1,005.65. The Nasdaq Composite Index was up 2.70 points, or 0.13%, to end at 2,011.31.
In economic news, pending-home sales jumped 3.6% in June 2009, well above expectations of a 0.6% increase. It was the fifth straight monthly gain and the longest such streak in six years.
June personal income fell more-than-expected at 1.3%. It was the biggest drop in four-and-a-half years. But consumer spending rose 0.4% in June 2009, slightly more than expected, and helped by spending on non-durable goods.
Closer home, the Q1 June 2009 results of India Inc were encouraging, with lower costs helping bottomline growth. The combined net profit of 2969 companies rose 17% to Rs 73667 crore on 5% fall in sales to Rs 721530 crore in Q1 June 2009 over Q1 June 2008.
The BSE 30-share Sensex was up 72.85 points or 0.46% to 15,903.83. The Sensex rose 142.12 points at the day's high of 15,973.10 in early trade. The Sensex fell 135.87 points at the day's low of 15,695.11 in early afternoon trade.
The S&P CNX Nifty was up 13.65 points or 0.29% to 4,694.15. Nifty August 2009 futures were at 4696, at a premium of 1.85 points as compared to the spot closing of 4694.15. Turnover in NSE's futures & options (F&O) climbed to Rs 63729.03 crore from Rs 60859.86 crore on Tuesday, 4 August 2009.
The BSE clocked a turnover of Rs 5,957 crore, lower than Rs 6,614.07 crore on Tuesday, 4 August 2009.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,607 shares advanced as compared with 1,059 that declined. A total of 93 shares remained unchanged. The breadth had turned negative for a brief period in mid-morning trade from strong breadth in early trade.
Among the 30-member Sensex pack, 17 fell while the rest gained.
The BSE Mid-Cap index was up 0.12%. It underperformed the Sensex. The BSE Small-Cap index was up 1%, outperforming the Sensex.
The BSE Consumer Durables index (up 2.11%), the BSE Oil & Gas index (up 1.95%), the BSE IT index (down 1.94%), the BSE Teck index (down 1.19%), the BSE PSU index (up 1.11%), the BSE Healthcare index (up 0.92%), outperformed the Sensex.
The BSE Realty index (down 1.92%), the BSE Auto index (down 1.11%), the BSE FMCG index (down 0.96%), the BSE Capital Goods index (down 0.51%), the BSE Bankex (down 0.08%), the BSE Power index (down 0.08%), the BSE Metal index (up 0.14%), underperformed the Sensex.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 1.67% to Rs 2,075.25 after the upstream regulator said on Tuesday, 4 August 2009, the company can raise gas supply to its peak rate faster than planned. Reliance had said its deep-sea fields off the east coast would reach an 80 million cubic metres a day (mmscmd) peak by December 2009, but V K Sibal, director general of hydrocarbons, said this was possible by October 2009.
As per separate reports, RIL will pick up a 67% stake in Krishna Godavari Gas Network (KGGNL), a joint venture promoted by the Andhra Pradesh (AP) government, for undertaking city gas distribution in the state.
The Supreme Court on 30 July 2009 said, it will give a date on 1 September 2009 to expedite the decision pertaining to the Krishna-Godavari basin gas dispute between Mukesh Ambani's Reliance Industries (RIL) and Anil's Ambani's Reliance Natural Resources (RNRL). RNRL counsels Mukul Rohatgi and Mahesh Agrawal sought an early decision in the case.
Oil exploration stocks rose after crude oil climbed towards $72 on Wednesday after data showed a surprise drawdown in crude oil inventories in the United States. India's largest state-run oil exploration firm by sales ONGC rose 4.5%. India's second largest oil exploration firm by sales Cairn India rose 0.27%. Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms. US light, sweet crude rose 41 cents to $71.83 a barrel on the New York Mercantile Exchange.
State run oil marketing companies (OMC) rose shrugging off a rise in crude oil prices. HPCL and BPCL rose by between 1.48% to 2.35%. Indian Oil Corporation fell 0.3%. Rise in crude oil prices will result in increase in underrecoveries of the state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.
Rate sensitive realty shares declined on profit booking after recent strong gains triggered by of the government's thrust on housing sector in the Union Budget 2009-2010. Unitech, Indiabulls Real Estate, Phoenix Mills, Anant Raj Industries, Ackruti City, DLF fell by between 0.18% to 3.77%.
Auto stocks fell on profit taking after recent surge triggered by healthy monthly sales figures for July 2009 and good Q1 June 2009 results. Mahindra & Mahindra, Bajaj Auto, Hero Honda Motors, and Maruti Suzuki India fell by between 0.67% to 3.1%.
But, India's largest truck market by sales Tata Motors rose 1.46%. Global ratings major Standard & Poor's during trading hours on Tuesday, 4 August 2009, downgraded long term corporate credit rating of the auto major to 'B' from 'B+'. The outlook is negative. At the same time, Standard & Poor's lowered the issue rating on the company's senior unsecured notes to 'B' from 'B+'.
IT stocks rose as a better-than-expected data on US home sales reinforced expectations that the economy is recovering. US is the biggest market for Indian IT firms. India's second largest IT exporter by sales Infosys rose 2.49% after company's chief executive said company is looking at acquisitions of companies with $450-$500 million revenue. He further said company is pursuing outsourcing deals worth $1 billion and that 2-15 deals are in pipeline.
India's third largest IT exporter by sales Wipro rose 3.25% after it entered a five-year contract with US apparel retailer Charming Shoppes Inc. to provide information technology services. But, India's largest IT exporter by sales TCS fell 0.13%.
FMCG stocks fell on concerns over progress of India's annual monsoon. FMCG firms derive substantial revenue from rural sector. Hindustan Unilever, Tata Tea, ITC, United Spirtis, Marico fell by between 0.04% to 2.05%.
Some cement stocks rose on healthy July 2009 monthly sales by cement makers. Grasim Industries rose 1.56% and but UltraTech Cement fell 0.67%. The Aditya Birla Group cement firm posted 10% rise in the group's cement shipments to 2.7 million tonnes in July 2009 over July 2008. Grasim Industries and UltraTech Cement are part of the Aditya Birla Group.
North India's largest cement producer by sales Ambuja Cements rose 1.32% as cement sispatches rose 4.50% to 14.38-lakh tonnes in July 2009 over July 2008
India's largest cement manufacturer by sales ACC rose 2.74% after its cement sales rose 4.09% to 1.78 million tonnes in July 2009 over July 2008.
Construction shares fell on profit booking after recent strong gains triggered by of the government's thrust on the infrastructure sector in the Union Budget 2009-2010. Nagarjuna Construction Company, Era Infra Engineering, Hindustan Construction Company, Valecha Engineering fell by between 0.34% to 2.84%.
Power stocks fell on profit taking after recent gains triggered by strong response to Adani Power's initial public offer. The IPO of Adani Power was subscribed over 21 times on 31 July 2009. NTPC, CESC, Torrent Power, Power Grid Corporation of India, Torrent Power fell by between 0.25% to 0.91%.
Reliance Infrastructure rose 1.98% after company said on Tuesday, 4 August 2009, its consortium with Reliance Communications and Canada's SNC-Lavalin won a Rs 11000 crore Mumbai rail project. The 32-kilometre Metro-II line from Charkop, a western suburb of Mumbai, to Mankhurd in the east will have 27 stations and is expected to be operational by 2015, the company said.
India's largest engineering and construction firm by sales Larsen & Toubro fell 0.31% on reports the company has sought permission from market regulators to sell its stake in outsourcer Mahindra Satyam. At the current Satyam share price, the holding is worth nearly Rs 900 crore ($190 million).
Other capital goods stocks, Crompton Greaves, Bharat Heavy Electricals, ABB, BEML, Praj Industries, Punj Lloyd, fell by between 0.05% to 1.6%.
Bank stocks fell on profit taking after strong gains in the past few months. India's biggest bank in terms of branch network State Bank of India (SBI) fell 0.64%
India's second largest private sector bank by net profit HDFC Bank fell 1.54% as its ADR fell 0.42% on Tuesday. But, India's largest private sector bank by net profit ICICI Bank rose 1.28% even as ADR fell 0.81% overnight in US.
Steel stocks fell even as the country's top steel makers increased prices of flat steel products sold in the spot market by up to 3% from 1 August 2009 due to higher input costs and rising metal prices globally. India's largest private sector steel marker by sales Tata Steel fell 0.41%.
India's largest state-run steel producer by sales Steel Authority of India fell 0.63%.
India's largest private sector steel marker by sales JSW Steel fell 2.13%.
Steel Authority of India (Sail), Tata Steel, JSW Steel and Essar steel have already effected the price hike, others are likely to follow suit soon. Flat steel is mainly used by automobile and consumer durable sectors. At the same time, players such as Sail and JSW have slashed prices of long steel products, used mainly in the construction sector, by around Rs 1,500 per tonne, or 5%, as its demand has dropped with the onset of monsoon.
Sugar stocks rose on firm global sugar prices. Bajaj Hindustan, Shree Renuka Sugars, Balrampur Chini and Dhampur Sugars rose by between 0.37% to 5%.
Cals Refineries clocked highest volume of 3.12 crore shares on BSE. Mahindra Satyam (2.96 crore shares), Ispat Industries (2.85 crore shares), Firstsource Solutions (2.29 crore shares) and Unitech (1.53 crore shares) were the other volume toppers in that order.
Mahindra Satyam clocked highest turnover of Rs 335.14 crore on BSE. Reliance Industries (Rs 219.01 crore), Aban Offshore (Rs 195.93 crore), Reliance Capital (Rs 158.02 crore) and Unitech (Rs 143.15 crore) were the other turnover toppers in that order.
Pre Session Commentary - Aug 5 2009
Today domestic markets are likely to open negative as majority of Asian markets have opened mixed on a subdued note. The US personal income for the month of June fell larger than expected 1.3%. However the June pending home sales data of US have shown a growth of 3.6%. There could be a lot of guidance coming from other markets as in the domestic arena there is hardly any market driving news. One could witness some movement in mid and small cap space however at the top heavyweights the trading could be range bound.
On Tuesday, domestic markets closed lower after a range bound trade. After a subdued opening the markets hardly followed positive cues from US markets and therefore trading strangled in the range. CD, Auto and FMCG stocks were in the lime light amidst better results and stock specific movements. In the Sensex pack, Hindalco and Hindustan Unilever Ltd were the top gainers. From the sectoral front Teck, HC, Power and Realty were the laggards of the day as they lost 1.41%, 1.35%, 1.28% and 1.20% respectively. Throughout the day’s trade there was lack of market driving news. Besides, the mixed trading in Asian markets coupled with negative movements in European markets pulled the domestic sentiments. After a range bound trade the benchmark indices closed with marginal losses. BSE Mid Cap and BSE Small Cap indices also ended flat.
The BSE Sensex closed lower by 93.25 points or (-0.59%) at 15,830.98 and NSE Nifty ended low by 30.90 points or (-0.66%) at 4,680.50. BSE Mid Caps closed lower by 13.85 points at 5,688.73 and Small Caps closed with gains of 20.17 points at 6,333.95. The BSE Sensex touched intraday high of 16,002.46 and intraday low of 15,699.13.
On Tuesday, the US stock markets closed higher. Markets opened with a southward trend as participants were left largely unimpressed by the latest batch of earnings announcements. On the darker side June personal income fell a larger-than-expected 1.3% and June spending made a generally in-line 0.4% increase also failed to inspire the market sentiments. However, a much better-than-expected monthly increase of 3.6% for June pending home sales helped stocks cover their early losses. Financials stocks were down more than 1% in the early going, but rebounded to settle with 2.1% gain. US light crude oil futures for September delivery closed at $71.40 per barrel low by 0.3% on the New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) closed higher by 33.63 points at 9,320.19, NASDAQ index inclined by 2.70 points to 2,011.31 and the S&P 500 (SPX) closed higher by 3.02 points at 1,005.65.
Today major stock markets in Asia are trading mixed. Hang Seng is up by 5.74 points at 20,802.17. Japan''s Nikkei is trading low by 13.28 points at 10,361.73. Taiwan Weighted is low by 35.11 points at 6,979.73.
Indian ADRs ended mixed on Wednesday. In the IT space, Satyam Computers was up 7.41%, Infosys was up 1.28%, Wipro was up 0.79% while Patni Computers was down 4.93%. In the telecom space, MTNL was up 0.46% while Tata Communication was down 1.56%. In the banking space, HDFC Bank was down 0.42% and ICICI Bank was down 0.81%. In other sectors, Tata Motors was up 4.33%, Dr Reddy''s Labs was up 0.64% while Sterlite Industries was down 3.21%.
The FIIs on Tuesday stood as net buyers in equity and net sellers in debt. Gross equity purchased stood at Rs 1,826.50 Crore, while the gross equity sold stood at Rs 1,350.50 Crore and gross debt purchased stood at Rs 53.10 Crore, while gross debt sold stood at Rs 324.40 Crore. The net investment of equity reported was Rs 475.90 Crore and net debt was Rs (271.30) Crore.
On Tuesday, the partially convertible rupee ended at Rs 47.73/74, 0.2% stronger than its previous close at 47.64/65. The rupee lost strength due to negative trading in the local stock markets.
On BSE, total number of shares traded were 48.50 Crore and total turnover stood at Rs 6,614.07 Crore. On NSE, total number of shares traded were 103.64 Crore and total turnover was Rs 20,601.52 Crore.
Top traded volumes on NSE Nifty – Unitech with total volume traded 66257538 shares, followed by Suzlon Energy with 57129608, Hindalco with 37980117, Tata Motors with 15695647 and Tata Steel with 12799149 shares.
On NSE Future and Options, total number of contracts traded in index futures was 739982 with a total turnover of Rs 16,514.16 Crore. Along with this total number of contracts traded in stock futures were 651251 with a total turnover of Rs 20,998.71 crore. Total numbers of contracts for index options were 917840 with a total turnover of Rs 21,845.55 Crore and total numbers of contracts for stock options were 44573 and notional turnover was Rs 1,501.44 Crore.
Today, Nifty would have a support at 4,610 and resistance at 4,712 and BSE Sensex has support at 15,675 and resistance at 15,965.
Asian stocks open on a positive note
Asian stocks opened on a positive note. Losses from Isuzu Motors and Elpida Memory dragged auto and technology companies lower. Utility and healthcare companies, the region`s worst performers in the past six months, advanced.
Isuzu sank almost 6% and Elpida slumped almost 4.5%. Kansai Electric Power advanced more than 2%.
Japanese benchmark index Nikkei fell 8.72 points, or 0.08%, to trade at 10,366.29.
Hong Kong`s Hang Seng index rose 100.97 points, or 0.49%, to trade at 20,897.40.
China`s Shanghai Composite decreased 11.11 points, or 0.32% to trade at 3,460.33.
Taiwan`s Taiex index increased 25.37 points, or 0.36%, to trade at 6,981.24.
South Korea`s Kospi index advanced 0.31 points, or 0.02%, to trade at 1,566.68.
Singapore`s Straits Times jumped 9.47 points, or 0.36%, to trade at 2,658.23. (8.07 a.m., IST)
Market may open higher on gains in most of Asia
The key benchmark indices may open higher tracking gains in most of Asia. Profit taking may not be ruled out after recent strong surge in indices. Weak progress of India's annual monsoon may weigh on investor sentiment.
Most Asian stocks rose today led by finance shares as Axa Asia Pacific Holdings returned to profitability. Losses from Isuzu Motors and Elpida Memory Inc. dragged auto and technology companies lower. The key benchmark indices in Hong Kong, South Korea, Singapore and Taiwan rose by between 0.43% to 0.81%. The key benchmark indices in China and Japan fell by between 0.08% to 0.28%.
In a volatile session on the Wall Street, the US markets ended with modest gains on Tuesday, 4 August 2009. The S&P 500 held above the 1,000 mark, a level it achieved on Monday for the first time since November, 2008. The Dow Jones Industrial Average rose 33.63 points, or 0.36%, to close at 9,320.19. The S&P 500 Index added 3.02 points, or 0.30%, to 1,005.65. The Nasdaq Composite Index was up 2.70 points, or 0.13%, to end at 2,011.31.
In economic news, pending-home sales jumped 3.6% in June 2009, well above expectations of a 0.6% increase. It was the fifth straight monthly gain and the longest such streak in six years.
June personal income fell more-than-expected at 1.3%. It was the biggest drop in four-and-a-half years. But consumer spending rose 0.4% in June 2009, slightly more than expected, and helped by spending on nondurable goods.
Back home, key benchmark indices edged lower on Tuesday, 4 August 2009, reversing gains in the preceding three trading sessions, as lower European stocks and US index futures triggered profit taking after a recent solid rally. The BSE 30-share Sensex was down 93.25 points or 0.59% to 15,830.98 on that day. The BSE Sensex had gained 750.77 points in three trading days to 15924.23 on 3 August 2009 from 15173.46 on 29 July 2009.
As per the provisional data released by the stock exchanges, foreign funds on Tuesday, 4 August 2009, bought stocks worth a net Rs 219.10 crore and domestic funds mopped equities worth Rs 253.29 crore.
Strong Q1 results from India Inc have triggered a solid recent rally on the bourses in the past few days. The Q1 June 2009 results of India Inc were encouraging, with lower costs helping bottomline growth. The combined net profit of 2954 companies rose 17% to Rs 73673 crore on 5% fall in sales to Rs 721371 crore in Q1 June 2009 over Q1 June 2008.
A weak monsoon remains a cause of concern though. India's monsoon rains were 18% below normal in the week to 29 July 2009, having been above normal in the preceding two weeks. Total rainfall since the beginning of June was 19% below average, the India Meteorological Department said on 30 July 2009. On the flip side, water levels in India's 81 main reservoirs rose to 35% of capacity in the week to 30 July 2009, up from 23% a week earlier and 31% a year ago, government data showed. More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.
The finance minister Pranab Mukherjee said on Tuesday, 4 August 2009, the government will continue reforms to get back to a higher growth trajectory of at least 9% at the earliest and encourage state-run firms to sell stakes through public offerings. Mukherjee also said the government would sell small stakes in state-run firms through public offerings and government holding would not fall below 51 %. He said the government was determined to get back to fiscal consolidation at the earliest. The government has said it aims to cut the fiscal deficit to 5.5% of GDP by the end of 2010/11, and further to 4% in 2011/12.
Meanwhile, the Reserve Bank of India Governor Duvvuri Subbarao said on Tuesday India will not slow down on financial reforms, but would recalibrate the roadmap for reforms given the backdrop of the global crisis.
Crude registers marginal drop
Prices drop on inventory report expectation
Crude prices ended marginally lower on Tuesday, 04 August, 2009. Prices fell as traders anticipated that tomorrow's inventory report will show rise in crude and crude product inventories for last week.
On Tuesday, crude-oil futures for light sweet crude for September delivery closed at $71.42/barrel (lower by $0.16 or 0.22%). During intra day trading, it rose to a high of $71.91 and also fell to a low of $70.16. Last week, crude ended higher by 2.1%.
For the month of July, 2009, crude ended lower by a marginal 0.6%. For the second quarter, crude ended higher by 40%. Crude prices had rallied 11.3% in the first quarter of 2009.
Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 44% since then. Year to date, in 2009, crude prices are higher by 48.3%.
In the currency market on Monday, the dollar index, a six-currency gauge of the greenback's value, rose a mere 0.1%.
Also at the Nymex on Tuesday, September reformulated gasoline fell 1 cent to $2.06 a gallon, while September heating oil gained 3 cents to $1.90 a gallon.
September natural-gas futures fell 3 cents to $4.00 per million British thermal units. The contract rallied 10.4% yesterday.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for August delivery closed lower by 38(1.11%) at Rs 3,377/barrel. Natural gas for August delivery closed at Rs 189/mmbtu, lower by Rs 2.8/mmbtu (1.45%).
Atlanta
We recommend a buy in Atlanta from a short-term perspective. It is visible from the charts of Atlanta that after bottoming at the March low of Rs 30, it has been on an intermediate-term uptrend. Since then it has been forming higher peak and higher bottom, signifying strength. Moreover, after taking support around Rs 64 in early July, the stock resumed its uptrend and has been on a medium-term uptrend too. While trending upward, the counter penetrated its moving average compression (21, 50 and 200-day moving averages) around Rs 70 in mid July and is way above these averages. We notice that the volume has increased and is above average over the past six trading sessions. Besides, both daily and weekly momentum indicators are hovering in the bullish zone. We are bullish on the stock from a short-term perspective. We anticipate it to prolong its rally until it hits our price target of Rs 120 in the forthcoming trading sessions. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 103.
via BL
Turnover surges
Nifty August 2009 futures at discount
Nifty August 2009 futures were at 4676, at a discount of 4.50 points as compared to the spot closing of 4680.50. Turnover in NSE's futures & options (F&O) surged to Rs 60,859.86 crore from Rs 50,805.16 crore on Monday, 3 August 2009.
JSW Steel August 2009 futures were at discount at 725.55 compared to the spot closing of 728.70.
Tata Motors August 2009 futures were at discount at 440.25 compared to the spot closing of 443.10.
Unitech August 2009 futures were near spot price at 94 compared to the spot closing of 94.30.
In the cash market, the S&P CNX Nifty lost 30.90 points or 0.66% at 4680.50.
Precious metals rise for fourth straight day
Gold and silver prices gain as dollar remain at low levels
Precious metal prices rose for fourth straight time on Tuesday, 04 August, 2009. Prices rose as the dollar remained at ten month lows.
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, gold for August delivery ended at $967.5, higher by $10.9 (1.1%) an ounce on the New York Mercantile Exchange. It rose as high as $969.5 earlier. Last week, gold ended almost unchanged. Year to date, gold prices are higher by 8.9%.
Gold ended July, 2009 higher by 2.8%. Before this, for the second quarter, gold ended higher by 0.5%. The metal had 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 (9.2%) since then.
On Tuesday, Comex silver futures for September delivery gained 44.3 cents (3.1%) at $14.695 an ounce. Last week, silver ended higher by 0.5%.
Silver ended 2.7% higher for July, 2009. For second quarter, silver rose 4.5%. Year to date, silver has climbed 30.3% this year. For 2008, silver had lost 24%.
In the currency market on Tuesday, the dollar index, a six-currency gauge of the greenback's value, rose marginaly.
As per latest report, net official gold sales slumped to 39 metric tons in the first half of 2009, down 73% from a year ago.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for October delivery closed higher by Rs 124 (0.83%) at Rs 14,893 per 10 grams. Prices rose to a high of Rs 14,944 per 10 grams and fell to a low of Rs 14,721 per 10 grams during the day's trading.
At the MCX, silver prices for September delivery closed Rs 489 (2.14%) higher at Rs 23,247/Kg. Prices opened at Rs 22,726/kg and rose to a high of Rs 23,396/Kg during the day's trading.
Daily News Roundup - Aug 5 2009
Bharti Airtel plans to bid for Luxemburg-based Millicom’s Sri Lankan mobile network (ET)
RIL top buy 67% stake in AP city gas distributor (ET)
Infosys BPO wins 5-year contract with T-Mobile (ET)
Wipro has entered into a 5-year strategic agreement with US-based multi-brand specialty retailer, Charming Shoppers (ET)
Reliance Infra bags contract to build Rs82.5bn Mumbai Metro II (ET)
Ranbaxy’s Malaysian unit starts marketing of anti-hypertensive tablet, Covance, in the local market (ET)
SBI, Tata Motors and IOC figure in the list of Top 100 tax defaulters in the country (BS)
Tata Steel may supply steel to Toyota and Nissan (BL)
Steel Ministry okays 8.4% NMDC stake sale (ET)
S&P lowers Tata Motor’s long-term credit rating (ET)
Tata Steel to acquire land for Chattisgarh plant by mid-2010 (BL)
Bharti Airtel has entered into an agreement with Bhutan government for creating a new terrestrial cable network (FE)
Axis Bank to raise Rs50bn through equity sale (ET)
NHPC to develop 1,500 MW hydro power project in Manipur (BS)
Wipro Consumer is eying acquisitions in India and abroad (FE)
Essar Steel to buy Shree Precoated assets, long-term debt for Rs6bn (ET)
JSW Steel output climbs 51% in July 2009 (ET)
Dabur launches a new range of ayurvedic products in the skin-care segment (BS)
IRB Infra forays into airport project development (FE)
HCL Infosystems bags Rs400mn order from SBI to install 1,000 ATMs across the country (BL)
Pantaloon Retail has planned a capex of Rs7bn for the current fiscal; to add 4mn sq ft to its existing retail space (ET)
ABG Shipyard raises Great Offshore open offer price by more than 15% to Rs520/share (ET)
REC FPO to raise Rs29bn likely to come up by fiscal-end (BS)
Future Ventures is planning to come out with an IPO of Rs10bn in the near term (BS)
SpiceJet hedges almost 30% of its jet fuel requirement for the rest of the fiscal (ET)
Government unveils roadmap for financial sector reforms (FE)
Parliament passes ‘right to education’ bill (FE)
Government has extended NELP VIII bidding date to October 12 from August 10 (FE)
Surge in global sugar prices may push local prices beyond Rs30/kg (ET)
Steel companies have increased prices of flat steel by Rs500-1,000/ton (BS)
NHAI may scrap 30-35% premium on toll charged on highways that bypass cities (BS)
Government exports down by 15% in April-June 2009 (BS)
DGH and Anil Ambani clash over D6 capex claims (ET)
No comfort for bulls or bears!
Remember, we all stumble, every one of us. That's why it's a comfort to go hand in hand.
The market has moved much ahead of the earnings and the economy. With a slew of positive news flow, the bulls have managed to comfortably move ahead hand in hand. However, after briefly kissing the 16k mark, the BSE Sensex softened due to some profit booking. Local and overseas funds, however, remained net buyers.
Global cues today are mixed. Stock benchmarks in the US gained modestly while the ones in Europe closed lower. Asian markets this morning appear to be a bit sluggish. A mildly positive start is in the offing, while the day as a whole might turn out to be choppy again. The key indices will face resistance at higher levels.
Liquidity is acting like steroids for the bulls as of now, keeping the overall mood upbeat. After a while though, the market will need things beyond money to sustain the upswing. The key indices have doubled from the lows of last October. But, growth in corporate profits hasn’t kept pace with the rally. The worst of the global recession and the financial meltdown may well be behind us.
FIIs were net buyers of Rs2.19bn in the cash segment on Tuesday on a provisional basis while the local funds too pumped in Rs2.53bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers at Rs1.21bn. On Monday, the foreign funds were net buyers of Rs4.76bn in the cash segment. With this, their net purchases of Indian stocks have crossed $7.5bn year-to-date. Mutual Funds were also net buyers of Rs1.43bn on Monday.
US stocks ended slightly higher on Tuesday after a choppy session as a better-than-expected housing market report spurred investors to extend the recent rally, leaving Wall Street at more than nine-month highs.
The Dow Jones Industrial Average added 33 points, or 0.4%, to 9320.19, ending at its highest point since Nov. 4. The S&P 500 index gained 3 points, or 0.3%, at 1005.65, also ending at the highest point since November. The Nasdaq rose 3 points, or 0.1%, to 2011.31, ending at its highest point since Oct. 1.
US stocks gained on Monday and Tuesday, starting off August on solid footing after the best July for the Dow and S&P 500 in two decades. Gains were driven by relief that the quarterly profit reports were generally better than expected and on continuing hopes that the economy is stabilizing.
Investors are not willing to accept low-yielding investments such as bonds. As a result, demand for better returns should keep lifting stocks. The S&P 500 now stands 48% above the closing lows from March 9, a 12-year bottom. After such a big rally, stocks are always going to be vulnerable to some pullback before moving higher again. US stocks will continue to rise through the summer though. There is still money waiting on the sidelines. With improving economic numbers and some of the stimulus efforts starting to work, quite a few investors feel like they have missed the rally. That will continue to support the market after a slight correction.
The day's economic news was mixed, with a housing report showing improvement and a consumer income and spending report showing weakness.
The pending home sales index, from the National Association of Realtors, rose 3.6% in June versus forecasts for a rise of 0.7%. It was the fifth straight month of gain, the first time that's happened since 2003. Pending home sales rose a revised 0.8% in the previous month.
Personal income fell 1.3% in June, the Commerce Department reported Tuesday morning. That was worse than the 1% decline economists were expecting, and much worse than the previous month, when income surged on government stimulus efforts. Personal spending rose 0.4% in June, after a 0.1% increase in May. Economists thought it would rise 0.3%.
A separate report showed that consumer bankruptcies soared 34% to a more than 3-1/2 year high versus a year ago, according to a report from the American Bankruptcy Institute.
One day after US automakers reported July auto sales that improved from June levels, Toyota Motor reported a smaller-than-expected quarterly loss and said it expects smaller losses for the full year.
Homebuilder DR Horton reported a fiscal third-quarter loss that was narrower than what analysts were expecting.
Swiss bank UBS reported a big quarterly loss that was worse than what analysts were expecting, as wealthy clients took a step back amid an ongoing tax dispute with the US.
Dow component Caterpillar rallied 6% after the company's CEO reaffirmed the company's 2009 profit forecast, according to reports. He also outlined different scenarios for how the company might perform next year based on how long the recession stretches on.
PepsiCo said it will buy its bottlers in a cash-and-stock deal worth $7.8 billion, improving on an earlier $6 billion bid. Shares gained 5.1%.
After the close on Tuesday, Dow component Kraft Foods reported higher quarterly earnings that topped estimates and also lifted its 2009 earnings forecast.
US light crude oil for September delivery fell 16 cents to settle at $70.42 a barrel on the New York Mercantile Exchange. Oil prices have been climbing of late on bets that a global economic recovery will increase demand for raw materials.
COMEX gold for December delivery rose $10.90 to settle at $969.70 an ounce.
Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.68% from 3.63% late on Monday.
In currency trading, the dollar gained versus the euro and the Japanese yen.
Wednesday brings a number of economic reports, including the July reading on private-sector employment from payroll services firm ADP and the Institute for Supply Management's services sector index. Dow component Procter & Gamble reports quarterly results in the morning.
European shares retreated, with financial firms and miners among the worst performers in a broad-based decline. The pan-European Dow Jones Stoxx 600 index fell 0.3% to 227.70, after reaching its highest closing level since Nov. 4 on Monday. Of the 15 Stoxx 600 index segments, only technology, media and utilities sectors traded higher.
The UK's FTSE 100 index declined 0.2% to 4,671.37, while Germany's DAX index fell 0.2% to 5,417.02 and the French CAC-40 index slipped fractionally to 3,476.37.
After being through a rollercoaster ride for more than a year, the BSE Sensex today managed to cross the sweet 16,000 mark. However, the market failed to build on the positive start, and soon turned into red amid mixed regional markets. The Indian markets ended lower for the first time in four trading sessions on concerns about rich valuations. Some market experts are of the view that the market may have risen too far, too fast.
Traders and investors preferred to book some profits at higher levels. Telecom, Power and Pharma stocks witnessed some selling pressure. Even the Mid-Cap and the Small-Cap stocks cooled off after the recent spurt. Cues from the International markets were favoring the bears as the Asian and European markets lost some ground.
Meanwhile, Japan's Nomura Holdings has downgraded developing-nation stocks to underweight from overweight in its recommended portfolio because valuations look stretched. The rally in emerging-market stocks has pushed valuations to 17.8 times companies reported earnings for the past 12 months, the highest level since the MSCI index peaked in October 2007. That exceeds the ratio of 17.2 for the S&P 500.
Finally, the BSE Sensex slipped 93 points or 0.6% at 15,831 after touching a high of 16,002 and a low of 15,699. The index opened at 15,940 against the previous close of 15,924. The NSE Nifty fell 31 points or 0.7% to shut shop at 4,681.
In Asia, the Nikkei in Japan ended flat at 10,375 while Australia's S&P/ASX ended higher by 1% at 4,309. The Hang Seng index in Hong Kong ended flat at 20,796. Shanghai index in China gained ended marginally higher by 0.2% at 3,471.
In Europe, stocks were trading lower. The FTSE in the UK was down 0.8%. The DAX was down 0.8% and the CAC 40 was down 0.7%.
Coming back to India, among the BSE sectoral indices, the Teck index was the top loser, losing 1.4%, followed by the Pharma index that was down 1.3%. The BSE Power index down 1.2% and the BSE Realty index was down 1.2%.
The BSE Mid-Cap index slipped 0.2% and the BSE Small-Cap index ended marginally higher by 0.3%.
Within the Sensex, the major losers were Tata Power, ONGC, Reliance Infra, Bharti, RCom and JP Associates. Among the major gainers were Hindalco, HUL, Tata Motors, Reliance Industries and Maruti.
Outside the frontline indices, the top losers included Adani Ent, Biocon, HCC, Yes Bank, Mphasis and Sintex Industries.
Among the big gainers in the broader market were India Cement, Videocon Industries, Castrol India, Max India and UCO Bank.
The S&P downgraded Tata Motors to ‘B’; outlook negative. Standard & Poor's Ratings Services had lowered its long term corporate credit rating on Tata Motors Ltd. to 'B' from 'B+'. The outlook is negative. At the same time, Standard & Poor's lowered the issue rating on the company's senior unsecured notes to 'B' from 'B+'. Both ratings were removed from CreditWatch, where they were placed with negative implications on Dec. 18, 2009, and refreshed in March 2009.
The stock ended higher by 2.7% at Rs443 after hitting an intra-day high of Rs468 and an intra-day low of Rs434 recording volumes of over 3.9mn shares.
Punj Lloyd raised US$140mn in share sale to institutions on Tuesday. The shares were sold for Rs240.2 each which was at a 5% discount on the previous close on Monday. The deal was arranged by Citigroup and IDFC-SSKI, stated reports.
The stock ended lower by 4.7% at Rs241. The stock had opened at Rs254 and made an intra-day high of Rs256 and a low of Rs238. Total traded volumes stood at 2.8mn shares.
IRB Infrastructure won order from the Maharashtra Industrial Development Corporation ('MIDC') for Design, Built, Finance & Operation of Greenfield Airport in Sindhudurg District, Maharashtra.
Shares of IRB Infrastructure over 9% to Rs199. The stock opened at Rs186 and made an intra-day high of Rs202 and a low of Rs184. Total traded volumes stood at 2mn shares.
Shares of NTPC erased gains and ended lower by 0.3% to Rs215.7. Reports stated that the company announced a decision to diversify beyond fossil fuels. The company has set itself a target of raising its total capacity to 75,000 MW by 2017.
In three years, the company plans to increase its coal-based capacity from the current 25,000 Mw to 40,000 Mw, and further to 53,000 Mw by 2017..
Shares of PVR were locked at 10% upper circuit at Rs111.25 after ~499,960 shares, or 2.2% of its equity shares changed hands in a single transaction on the BSE. The stock opened at Rs101 and made an intra-day high of Rs111.05 and a low of Rs100.20. Total traded volumes stood at 0.85mn shares.
Subscribe to:
Posts (Atom)