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Tuesday, September 22, 2009
Sensex, Nifty close at a record high
The Sensex ended the session higher with gains led by HDFC, TCS and Tata Motors. IT, FMCG and realty stocks gained, while oil & gas edged lower. It opened with a gain of 63.92 points, at 16,805.22 on Tuesday taking positive cues from Asian market. The index continued to trade in the green the entire day on sustained buying interest seen in index heavyweights. Both the benchmarks Sensex and Nifty touched sixteen month high of 16,943.49 and 5,036.30 respectively. The opening of positive European markets also helped the sentiment.
BSE Midcap and Smallcap index rose 0.74% and 1.05% respectively.
Asian stocks ended mixed. Few of the Asian stocks rose for the first time in three days as brokerage upgrades fueled speculation that regional equities can extend a six-month rally. Japanese benchmark index Nikkei fell 81.09 points, or 0.78%, to end at 10,312.14. Hong Kong`s Hang Seng index climbed 218.77 points, or 1.04%, to close at 20,851.04. China`s Shanghai Composite decreased 15.78 points, or 0.54% to settle at 2,946.26.
European stocks rose amid signs the global economy is recovering. UK`s benchmark index FTSE 100 rose 50.12 points, or 0.98%, to trade at 5,184.76. French benchmark index CAC 40 climbed 36.17 points, or 0.95%, to trade at 3,848. Germany`s benchmark index DAX gained 77.18 points, or 1.36%, to trade at 5,746.92. (4.25 p.m., IST)
The Sensex ended the day with a gain of 145.13 points, or 0.87% at 16,886.43 after touching a high of 16,943.49 and a low of 16,763.78. The broad-based NSE Nifty climbed 44.15 points, or 0.89% at 5,020.20 after hitting a high of 5,036.30 and a low of 4,977.10.
Major gainers in the 30-share index were Housing Development Finance Corporation (5.30%), Tata Consultancy Services (2.92%), Tata Motors (2.60%), ITC (2.59%), Infosys Technologies (1.77%), and HDFC Bank (1.50%).
On the other hand, Bharti Airtel (3.28%), Jaiprakash Associates (2.67%), Hindalco Industries (0.58%), Oil & Natural Gas Corporation (0.47%), Sterlite Industries (India) (0.25%), and Reliance Industries (0.11%) were the major losers in the Sensex.
Overall market breadth was positive. Out of the total 2,862 stocks traded at BSE, 1,605 advanced, 1,176 declined while 81 remained unchanged.
BSE Bulk Deals to Watch - Sep 22 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
22/9/2009 532797 AUTOIND HITESH SHASHIKANT JHAVERI B 76355 152.44
22/9/2009 532797 AUTOIND HITESH SHASHIKANT JHAVERI S 85390 151.23
22/9/2009 500490 BAJ HOLD INV BIRLA SUN LIFE INSURANCE COMPANY LIMITED B 510000 490.03
22/9/2009 507944 BAJAJ STEEL HEMALATHA LODHA S 11500 191.34
22/9/2009 507944 BAJAJ STEEL ALOK JHAVER S 12324 190.51
22/9/2009 509475 BOMBAY PAINT HITESH SHASHIKANT JHAVERI B 30654 68.85
22/9/2009 531337 CHAN GUIDE I B H LAKHANI B 33399 88.02
22/9/2009 531337 CHAN GUIDE I B H LAKHANI S 31565 87.60
22/9/2009 500068 DISA INDIA RAJASTHAN GLOBAL SEC LTD B 14275 1640.90
22/9/2009 500068 DISA INDIA RAKESH RAJ KRISHAN AGGARWAL S 18110 1640.90
22/9/2009 532022 FILAT FASH ROSHAN SHASHIKANT JHA S 38287 34.47
22/9/2009 532139 GTECH INFOTR JIGNESH CHANDRAKANT SHAH S 650000 1.44
22/9/2009 506131 INDIA CO VEN SOMERSET INDIA FUND B 438000 48.00
22/9/2009 506131 INDIA CO VEN ISHWAR JHAMATMAL ADVANI S 245000 48.00
22/9/2009 506131 INDIA CO VEN DHIRAJ ISHWAR ADVANI S 193500 48.00
22/9/2009 523467 JAI MATA GLA OMPARKASH GUPTA B 25000 6.47
22/9/2009 523467 JAI MATA GLA HITESH SHASHIKANT JHAVERI B 45003 6.47
22/9/2009 523467 JAI MATA GLA BP FINTRADE PRIVATE LIMITED B 50088 6.47
22/9/2009 523467 JAI MATA GLA GROWMORE PROPERTIES PVT LTD S 75000 6.47
22/9/2009 523467 JAI MATA GLA MOTI LAL BHASIN S 100000 6.47
22/9/2009 523467 JAI MATA GLA HITESH SHASHIKANT JHAVERI S 37936 6.47
22/9/2009 523467 JAI MATA GLA INDUSTRIAL DEVELOPMENT BANK OF INDIA S 15000 6.47
22/9/2009 507981 JINDAL HOTEL H SANTOSH B 20000 41.39
22/9/2009 533103 JINDALCOTEX VIJETA BROKING INDIA PRIVATE LIMITED B 197007 88.08
22/9/2009 533103 JINDALCOTEX DEEPAK SHANTILAL CHHEDA B 301747 86.96
22/9/2009 533103 JINDALCOTEX GENUINE STOCK BROKERS PVT. LTD. B 924595 87.48
22/9/2009 533103 JINDALCOTEX RIKHAV BROKERS PVT. LTD. B 165640 85.92
22/9/2009 533103 JINDALCOTEX TRANSGLOBAL SECURITIES LTD. B 1475976 87.60
22/9/2009 533103 JINDALCOTEX EXCEL FINCOM B 264348 88.05
22/9/2009 533103 JINDALCOTEX PARSVANATH FINCON PRIVATE LIMITED B 381835 89.05
22/9/2009 533103 JINDALCOTEX ARCADIA SHARE & STOCK BROKERS PVT. LTD B 139739 88.20
22/9/2009 533103 JINDALCOTEX MATRIX EQUITRADE PVT. LTD. B 417341 87.60
22/9/2009 533103 JINDALCOTEX GIRDHAR FISCAL SERVICES PVT LTD B 181791 87.55
22/9/2009 533103 JINDALCOTEX MARWADI SHARES AND FINANCE LTD. B 150134 87.34
22/9/2009 533103 JINDALCOTEX EUREKA STOCK & SHARE BROKING SERVICES LTD B 207524 87.86
22/9/2009 533103 JINDALCOTEX SANJEEV SINGHAL B 228805 87.18
22/9/2009 533103 JINDALCOTEX OPG SECURITIES P LTD B 2736199 87.38
22/9/2009 533103 JINDALCOTEX M/S ARV ENTERPRISES B 210000 87.94
22/9/2009 533103 JINDALCOTEX R.M.SHARES TRADING PVT.LTD B 554849 87.07
22/9/2009 533103 JINDALCOTEX PRABHUDAS LILLADHER P LTD. B 270328 87.27
22/9/2009 533103 JINDALCOTEX Naman Securities & Finance Pvt. Ltd. B 250871 88.59
22/9/2009 533103 JINDALCOTEX DINESH KISHORCHAND MEHTA HUF B 359173 87.31
22/9/2009 533103 JINDALCOTEX H.J. SECURITIES PVT. LTD. B 166438 87.23
22/9/2009 533103 JINDALCOTEX NAVEEN TAPARIA B 132555 87.54
22/9/2009 533103 JINDALCOTEX VIJETA BROKING INDIA PRIVATE LIMITED S 197007 88.24
22/9/2009 533103 JINDALCOTEX DEEPAK SHANTILAL CHHEDA S 301747 87.06
22/9/2009 533103 JINDALCOTEX GENUINE STOCK BROKERS PVT. LTD. S 924595 87.34
22/9/2009 533103 JINDALCOTEX TRANSGLOBAL SECURITIES LTD. S 1475976 87.43
22/9/2009 533103 JINDALCOTEX EXCEL FINCOM S 264348 88.00
22/9/2009 533103 JINDALCOTEX PARSVANATH FINCON PRIVATE LIMITED S 294835 87.21
22/9/2009 533103 JINDALCOTEX MATRIX EQUITRADE PVT. LTD. S 417341 87.55
22/9/2009 533103 JINDALCOTEX MARWADI SHARES AND FINANCE LTD. S 150134 87.32
22/9/2009 533103 JINDALCOTEX EUREKA STOCK & SHARE BROKING SERVICES LTD S 207524 87.87
22/9/2009 533103 JINDALCOTEX SANJEEV SINGHAL S 228805 87.17
22/9/2009 533103 JINDALCOTEX OPG SECURITIES P LTD S 2736199 87.40
22/9/2009 533103 JINDALCOTEX M/S ARV ENTERPRISES S 210000 87.76
22/9/2009 533103 JINDALCOTEX R.M.SHARES TRADING PVT.LTD S 554849 86.89
22/9/2009 533103 JINDALCOTEX PRABHUDAS LILLADHER P LTD. S 270328 87.27
22/9/2009 533103 JINDALCOTEX Naman Securities & Finance Pvt. Ltd. S 246371 88.59
22/9/2009 533103 JINDALCOTEX DINESH KISHORCHAND MEHTA HUF S 359173 87.76
22/9/2009 533103 JINDALCOTEX H.J. SECURITIES PVT. LTD. S 166438 87.04
22/9/2009 533103 JINDALCOTEX NAVEEN TAPARIA S 132555 87.92
22/9/2009 526209 K S OILS LTD GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD B 4000000 62.00
22/9/2009 514322 KAMADGI SYNT SANJAY SEKSARIA S 15000 63.00
22/9/2009 519570 LAKSHMI OVER SWISS FINANCE CORPORATION (MAURITIUS) LIMITED B 580000 116.85
22/9/2009 519570 LAKSHMI OVER DEUTSCHE SECURITIES MAURITIUS LIMITED S 580000 116.85
22/9/2009 512167 MATRA REALT SIGRUN REALTIES LTD. B 200000 8.18
22/9/2009 512167 MATRA REALT GOPALA PILLAI VIJAYAKUMAR S 101225 8.18
22/9/2009 512167 MATRA REALT RAJESH C R NAIR S 121167 8.21
22/9/2009 532494 MICRO TECHN OPG SECURITIES P LTD B 71979 159.84
22/9/2009 532494 MICRO TECHN OPG SECURITIES P LTD S 71979 159.74
22/9/2009 524816 NATCO PHARMA OPG SECURITIES P LTD B 209576 140.11
22/9/2009 524816 NATCO PHARMA OPG SECURITIES P LTD S 209576 140.33
22/9/2009 533015 NUTEK INDIA PASSAGE TO INDIA MASTER FUND LIMITED B 445000 100.65
22/9/2009 533015 NUTEK INDIA BALYASNY EUROPE ASSET MANAGEMENT LLP A/C BALYASNY VENTURE SI LIMI S 450000 100.65
22/9/2009 524372 ORCHID CHEM OPG SECURITIES P LTD B 380190 169.94
22/9/2009 524372 ORCHID CHEM OPG SECURITIES P LTD S 380190 169.82
22/9/2009 531280 PANKAJ POLYM EVERGREEN INFOTECH & DATACCM PVT LTD B 87413 10.36
22/9/2009 531280 PANKAJ POLYM GSLOT ENTERTAINMENT LTD S 87413 10.36
22/9/2009 511702 PARSHART INV BHARGAV JASHUBHAI PATEL B 21200 17.39
22/9/2009 509839 PUNJAB WOOLC NINJA SECURITIES PRIVATE LIMITED B 77395 5.34
22/9/2009 509839 PUNJAB WOOLC DHARAM ARORA S 95895 5.30
22/9/2009 531952 RIBA TEXTILE JMP SECURITIES PVT LTD B 54501 18.30
22/9/2009 531952 RIBA TEXTILE JMP SECURITIES PVT LTD S 70915 18.30
22/9/2009 506172 SAMPADA CHEM THE PREMIER COMMERCIAL COPVT LTD S 40000 25.89
22/9/2009 531312 SANRAA JMP SECURITIES PVT LTD B 3581550 1.01
22/9/2009 524540 SECUN HEALTH SAMEER N SHAH B 29504 28.33
22/9/2009 524540 SECUN HEALTH BALDAWA RAHUL SURESHCHANDRA B 20000 29.74
22/9/2009 524540 SECUN HEALTH SAMEER N SHAH S 29504 29.06
22/9/2009 514240 SNS TEXTILES DHARAMSHIL AGENCIES S 202000 3.40
22/9/2009 532348 SUBEX LTD HITESH SHASHIKANT JHAVERI B 180586 89.21
22/9/2009 506003 SUDAL INDUST KISHAN GOPAL MOHTA B 25000 39.42
22/9/2009 506003 SUDAL INDUST HITESH SHASHIKANT JHAVERI B 39161 39.45
22/9/2009 506003 SUDAL INDUST HITESH SHASHIKANT JHAVERI S 36044 39.45
22/9/2009 503657 VEER ENERGY AADESH CORPORATION B 627705 23.12
22/9/2009 503657 VEER ENERGY AADESH CORPORATION S 627705 22.76
22/9/2009 524576 VIVID IND MUKESH TULSHYAM B 25000 20.25
22/9/2009 524576 VIVID IND GEETANJALI VENKATAKERTI S 25000 20.25
22/9/2009 531217 WESTERN INDI AAR KIRAN B 800000 12.01
NSE Bulk Deals to Watch - Sep 22 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
22-SEP-2009,ANKURDRUGS,Ankur Drugs And Pharma Li,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,BUY,94426,217.22,-
22-SEP-2009,AUTOIND,Autoline Industries Limit,SETU SECURITIES LTD,BUY,65734,151.43,-
22-SEP-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,10884235,24.00,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,AJAY ASSET MANAGEMENT PRIVATE LIMITED,BUY,204956,87.75,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,ARCHITA C GADA,BUY,181838,88.49,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,BUY,160820,88.17,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,AUM SECURITIES PRIVATE LTD.,BUY,171311,89.33,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,BP FINTRADE PRIVATE LIMITED,BUY,395259,88.25,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,CPR CAPITAL SERVICES LTD.,BUY,385041,85.87,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,DINESH MUNJAL(HUF),BUY,251144,88.79,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,G K SHARES AND SECURITIES PRIVATE LIMITED,BUY,255637,87.31,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,831051,87.21,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,HARBUX SINGH SIDHU,BUY,237350,88.15,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,INDRA KUMAR BAGRI,BUY,161875,88.35,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,1115182,86.63,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,KALPESH VITHALDAS RAMI,BUY,125786,87.31,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,772000,87.91,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,130772,86.60,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,172987,87.61,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,OM INVESTMENTS,BUY,638564,87.37,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,PARSVANATH FINCON PRIVATE LIMITED,BUY,757708,86.78,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,R APPALA RAJU,BUY,300000,87.72,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,R.M. SHARE TRADING PVT LTD,BUY,539707,86.93,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,RIKHAV BROKERS PVT. LTD.,BUY,113099,85.98,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,SANJAY BHANWARLAL JAIN,BUY,144190,87.40,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,SAVEREY PADMANABHA RAO BALAKRISHNAN,BUY,347208,87.88,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,1352420,87.29,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,TRIPTI SINGHVI,BUY,227452,86.62,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,VIJETA BROKING INDIA PRIVATE LIMITED,BUY,236294,88.00,-
22-SEP-2009,MVLIND,MVL Industries Limited,MVL CREDITS HOLDINGS AND LEASING PVT. LTD,BUY,260000,25.76,-
22-SEP-2009,NATCOPHARM,Natco Pharma Limited,BP FINTRADE PRIVATE LIMITED,BUY,183045,137.04,-
22-SEP-2009,NATCOPHARM,Natco Pharma Limited,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,228204,138.58,-
22-SEP-2009,ORCHIDCHEM,Orchid Chemicals Ltd.,APOORVA REALTORS & FINVEST PVT,BUY,450000,168.55,-
22-SEP-2009,ANKURDRUGS,Ankur Drugs And Pharma Li,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,SELL,75430,217.47,-
22-SEP-2009,AUTOIND,Autoline Industries Limit,SETU SECURITIES LTD,SELL,71146,151.87,-
22-SEP-2009,ICI,ICI India Ltd.,ASIAN PAINTS LIMITED,SELL,275000,568.00,-
22-SEP-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,10124499,24.02,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,AJAY ASSET MANAGEMENT PRIVATE LIMITED,SELL,204956,87.86,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,ARCHITA C GADA,SELL,181838,88.78,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,SELL,160820,88.13,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,AUM SECURITIES PRIVATE LTD.,SELL,171311,87.25,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,BP FINTRADE PRIVATE LIMITED,SELL,395259,88.30,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,CENTRAL BANK OF INDIA,SELL,199960,77.00,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,CENTRAL BANK OF INDIA,SELL,200000,80.20,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,CPR CAPITAL SERVICES LTD.,SELL,385041,85.94,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,DINESH MUNJAL(HUF),SELL,251144,88.51,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,G K SHARES AND SECURITIES PRIVATE LIMITED,SELL,255137,87.26,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,831051,87.39,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,HARBUX SINGH SIDHU,SELL,237350,88.19,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,INDRA KUMAR BAGRI,SELL,78125,87.16,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,1115182,86.76,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,KALPESH VITHALDAS RAMI,SELL,109286,88.51,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,772000,87.94,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,130772,86.78,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,147987,87.48,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,OM INVESTMENTS,SELL,638564,87.41,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,PARSVANATH FINCON PRIVATE LIMITED,SELL,594563,89.97,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,R APPALA RAJU,SELL,300000,87.47,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,R.M. SHARE TRADING PVT LTD,SELL,539707,87.27,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,RIKHAV BROKERS PVT. LTD.,SELL,147375,87.67,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,SANJAY BHANWARLAL JAIN,SELL,144190,87.35,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,SAVEREY PADMANABHA RAO BALAKRISHNAN,SELL,347208,87.88,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,1352420,87.56,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,TRIPTI SINGHVI,SELL,227452,86.20,-
22-SEP-2009,JINDCOT,Jindal Cotex Ltd,VIJETA BROKING INDIA PRIVATE LIMITED,SELL,236294,88.10,-
22-SEP-2009,MVLIND,MVL Industries Limited,RISBRO TECHNICAL EQUIPMENTS PRIVATE LIMITED,SELL,260000,25.76,-
22-SEP-2009,NATCOPHARM,Natco Pharma Limited,BP FINTRADE PRIVATE LIMITED,SELL,183045,137.48,-
22-SEP-2009,NATCOPHARM,Natco Pharma Limited,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,228204,138.88,-
22-SEP-2009,PNC,Pritish Nandy Comm. Ltd.,ALKA SECURITIES LTD,SELL,261579,31.96,-
Post Session Commentary - Sep 22 2009
Domestic market extended its previous session’s gains to close in green backed by sustained buying over the ground. Key benchmark indices witnessed upswing on strong cues from European stocks. In addition, firm US index futures also added to the positive sentiments. Market gained ground as strong buying emerged across the board during final trading hours led by on optimism about Q2 September 2009 results next month. The BSE Sensex ended above 16,850 level and NSE Nifty closed above 5,000 mark.
Market opened slightly up after a long weekend on mixed cues from the global markets. The Asian markets were mixed, whereas the US markets closed mostly lower on Monday due to strength in dollar that dragged commodity and other stocks. Whereas, the Nasdaq reported a modest gain as biotech stocks advanced despite selling pressure, which kept the Dow and S&P 500 in the red for the entire session. Further, Indian benchmark indices managed to gain further ground and continued to trade on pleasant note on fresh buying emerged over the counters. However, stocks cooled down a bit and were rangebound during mid session. Market extended gains further and continued upward journey in afternoon trade in line with higher European stocks. Strong buying over the ground led rally during final trading hours and market witnessed strong close. From the sectoral front, all indices ended in green barring Oil & Gas stocks. Besides, IT, FMCG, Bank, Pharma, Auto and Realty stocks. BSE Mid Caps and Small Caps stocks also followed the same trend.
Among the Sensex pack 24 stocks ended in green territory and 6 in red territory. The market breadth indicating the overall health of the market remained positive as 1611 stocks closed in red while 1167 stocks closed in green and 84 stocks remained unchanged in BSE.
The BSE Sensex closed higher by 145.13 or (0.87%) points at 16,886.43 and NSE Nifty ended up by 44.15 points or (0.89%) at 5,020.20. BSE Mid Caps and Small Caps closed with gains of 45.76 and 77.38 points at 6,216.99 and 7,451.02 respectively. The BSE Sensex touched intraday high of 16,943.49 and intraday low of 16,763.78.
Gainers from the BSE Sensex pack are HDFC (5.30%), TCS Ltd (2.92%), Tata Motors (2.60%), ITC Ltd (2.59%), Infosys Tech (1.77%), HDFC Bank (1.50%), SBI (1.41%), HUL (1.28%), Wipro Ltd (1.28%), Maruti Suzuki (1.12%) and L&T Ltd (0.97%).
Losers from the BSE Sensex pack are Bharti Airtel (3.28%), JP Associates (2.67%), Hindalco (0.58%), ONGC Ltd (0.47%) and Sterlite Industries (0.25%).
On the global markets front, the Asian markets that opened before the Indian market, ended mixed. Hang Seng, Singapore''s Straits Times Index and Seoul Composite closed up by 228.29, 37.72 and 23.38 points at 21,701.14, 2,685.63 and 1,718.88 respectively. However, Shanghai Composite and Nikkei 225 lost 69.46 and 73.26 points at 2,897.55 and 10,370.54 respectively.
European markets, which opened after the Indian market, are trading up. In Paris the CAC 40 is higher 32.81 points at 3,844.97, in Frankfurt DAX index is trading up 65.64 points at 5,74.29 and in London FTSE 100 is trading higher 43.74 points at 5,178.10.
The BSE IT index was at 4,643.01 up by 87.09 points or by (1.91%). The main gainers were Moser Baer up by (8.64%) at Rs.99.3, Mphasis Ltd up by (5.74%) at Rs.658.5, Aptech Ltd up by (3.45%) at Rs.292.5, Tcs Ltd up by (2.92%) at Rs.600.85, Rolta Ind up by (2.41%) at Rs.180.95.
The BSE FMCG index was at 2,577.00 up by 41.41 points or by (1.63%). The main gainers were Ruchi Soya up by (3.11%) at Rs.96.2, I T C Ltd up by (2.59%) at Rs.233.3, Dabur India Ltd. up by (1.68%) at Rs.136.3, Hind Uni Lt up by (1.28%) at Rs.264.5, Godrej Cons up by (0.92%) at Rs.248.15.
The BSE REALTY indexwas at 4,518.90 up by 45.69 points or by (1.02%). The main gainers were Orbitco up by (7.2%) at Rs.218.75, Housing Dev up by (3.11%) at Rs.336.3, Indbul Real up by (2.76%) at Rs.268.4, Parsvnath up by (2.69%) at Rs.125.9, Mahindralife up by (1.68%) at Rs.378.05.
The BSE AUTO index was at 6,668.53 up by 65.43 points or by (0.99%). The main gainers were Bosch Ltd up by (3.11%) at Rs.4154.5, Tata Motors up by (2.6%) at Rs.614.5, Ashok Leylnd up by (2.47%) at Rs.41.55, Bajaj Auto up by (2.25%) at Rs.1487.2, Escorts Ltd. up by (2.1%) at Rs.94.9.
The BSE BANKEX index was at 9,414.64 up by 90.54 points or by (0.97%). The main gainers were Allahabad Bk up by (3.37%) at Rs.116.45, Indian Overs up by (2.71%) at Rs.113.7, Indus Ind Bk up by (2.04%) at Rs.109.85, Hdfc Bank Lt up by (1.5%) at Rs.1546.45, Canara Bank up by (1.47%) at Rs.314.7.
The BSE PHARMA index was at 4,061.72 up by 38.18 points or by (0.95%). The main gainers were Ranbaxy Lab up by (5.43%) at Rs.379.65, Orchid Chem up by (4.29%) at Rs.170.3, Sterl Biotec up by (2.96%) at Rs.116.4, Sunpha Adv up by (2.02%) at Rs.80.85, Cipla Ltd. up by (1.93%) at Rs.263.9.
The BSE OIL&GAS index was at 10,123.19 down by 3.06 points or by (0.03%). The main losers were Essar Oil Ltd down by (0.95%) at Rs.161, GAIL down by (0.6%) at Rs.348.9, Cairn Ind down by (0.49%) at Rs.262.85, Ong Corp Ltd down by (0.47%) at Rs.1155.45, Reliance down by (0.11%) at Rs.2096.35.
Parsvnath Developers Limited advanced by 2.69%. India''s leading Real Estate Company with pan India presence having diversified portfolio performed Bhoomi Pujan and announced the launch of Parsvnath City, Saharanpur, The Parsvnath City, Saharanpur will offer plotted development, independent Floors and expandable villas at affordable rates.
Micro Technologies (India) Ltd. increased by 4.94%. The company bagged the largest order for its advance version of Vehicle Security product; Micro VFJB Marshall.
Four Soft ended up by 0.42%. The company announced that it''s Warehouse Management Software 4S eLog has gone live at multiple locations of Calderhead Refrigerated Transport and Coldstore''s temperature controlled warehousing.
GAIL dropped by 0.60%. The company has signed two contracts for sourcing of natural gas from PY-1 field for supply to a power plant in Tamil Nadu.
Media Matrix Worldwide Limited zoomed 9.83%. The company announces a joint venture with Irish pub company FZC, UAE.
Maruti Suzuki gained 1.12%. The company has introduced its new model of Alto, ‘Alto Xcite’ on model. This new model will be priced Rs 13,500 more than the existing one. The stock is now trading higher by (1.67%) at Rs.1,668.20.
Gujarat NRE Coke lost 3.84%. The Board of Directors of the company recommended a bonus issue of "B" equity shares carrying lower voting rights in the ratio of 1 DVR Bonus share for every 10 equity shares held. The Company would seek various regulatory approvals including consent of shareholders through a postal ballot for the proposed Bonus Issue.
Market rallies past 16800
The market registered another solid performance on strong all-round buying, despite major Asian indices exhibiting a subdued trend. After Sensex made a firm opening at 16800, the market did send jitters among investors in early trades. However, good buying ensured that Sensex remains in the positive territory thereafter. Information technology stocks boosted investor confidence and the market witnessed a steep rally in heavyweights, fast moving consumer goods (FMCG), realty, auto and banking stocks, lifting Sensex above 16900 mark to an intra-day high of 16943. Sensex finally ended the session 145 points higher at 16886, while Nifty advanced 44 points to 5020.
Advancing shares outnumbered the declining shares by 1.38:1. Of the 2,862 stocks traded on the BSE, 1,605 stocks advanced, whereas 1,176 stocks declined. Eighty one stocks ended unchanged. All the 13 sectoral indices bar BSE Oil & Gas closed higher. BSE IT topped the list rising 1.91% followed by BSE FMCG (up 1.63%), BSE Realty (up 1.02%).
Among gainers, HDFC soared 5.30% to Rs2667.40. Tata Consultancy Services jumped 2.92% to Rs600.85. Tata Motors surged 2.60% to Rs614.50, ITC added 2.59% to quote at Rs233.30, Infosys Technologies advanced 1.77% to Rs2405.60, HDFC Bank moved up by 1.50% to Rs1,546.45, State Bank of India gained 1.41% to trade at Rs2,172.55, Hindustan Unilever was up 1.28% to Rs264.50, Wipro soared 1.28% to Rs575.50 and Maruti Suzuki India advanced 1.12% to Rs1,659.20. However, Bharti Airtel shed 3.28% to trade at Rs428.10, Jaiprakash Associates down 2.67% to Rs250 while Hindalco Industries, ONGC, Sterlite Industries and Reliance Industries ended marginally lower.
Reliance Natural Resources were the most actively traded scrip with over 1.19 crore shares changing hands on BSE followed by Suzlon Energy (1.14 crore shares), Ispat Industries (1.12 crore shares), Tata Teleservices (0.74 crore shares), Unitech (0.74 crore shares) and IFCI (0.73 crore shares).
Asian markets accolades Asian Development Bank projection
Sensex, Seoul ends higher while Shanghai, Sydney finishes lower
Stock market in Asian region advanced on Tuesday, 22 September 2009, following the Asian Development Bank (ADB) report, which confirmed developing Asia resilience in the global downturn.
The Update to ADB’s flagship annual economic publication, Asian Development Outlook (ADO) 2009, released today, forecasts economic expansion in developing Asia to come in at 3.9% in 2009, up from the 3.4% expected in March when the ADO 2009 was released. In 2010, the growth projection is likewise upgraded to 6.4% from 6.0%. Stronger growth in East Asia and South Asia underpinned the improved prospects.
At the same investors were cautious ahead of the U.S. Federal Reserve two-day meeting starting later Tuesday, which will release a widely anticipated policy statement Wednesday. On Thursday and Friday, leaders from the Group of 20 nations will meet in Pittsburgh, and any comments on the global economy or financial regulation will be watched closely.
On Wall Street, the stock market closed mixed as commodities headed lower and the dollar strengthened, a day before the Federal Reserve's policy-making committee meets. The Dow Jones Industrial Average ended the session down 41.34 points, or 0.4% to 9778.86, while the S&P 500 declined 3.64 points or 0.3%, to 1064.66. The Nasdaq Composite added 4.75 points, or 0.24% to 2138.04. Economic data for the day was light with just the Conference Board's index of leading indicators, which increased just slightly less than expected, by 0.6%.
In the commodity market, crude oil rose for the first time in four days before a report forecast to show U.S. crude supplies contracting, while a weaker dollar boosted the investment appeal of commodities.
Crude oil for October delivery rose as much as 84 cents, or 1.2%, to $70.55 a barrel in electronic trading on the New York Mercantile Exchange. The contract, which expires today, was at $70.40 at 9:32 a.m. London time. The more widely traded November futures advanced 69 cents to $70.62.
Brent crude oil for November settlement rose as much as 80 cents, or 1.2%, to $69.49 a barrel on the London-based ICE Futures Europe exchange. It traded at $69.35 a barrel, up 66 cents, at 9:35 a.m. in London.
Gold increased, ending a three-day decline, as the dollar weakened against major global currencies, boosting the appeal of precious metals. Immediate-delivery gold was up 0.3% to $1,006.32 an ounce at 2 p.m. in Singapore. The metal touched $1,024.28 on Sept. 17, the highest since March 2008. December-delivery futures gained 0.3% to $1,007.50 an ounce on the New York Mercantile Exchange’s Comex division.
In the currency market, the U.S. dollar fell against the yen in Asia, giving up recent gains as equity markets in much of the region rallied on improved risk sentiment.
The Japanese yen strengthened against US Dollar. The Japanese yen was quoted at 91.3350 against the US dollar.
The Hong Kong dollar was trading at HK$ 7.7502 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 climbed almost a cent; helped by a relapse in the US currency and a big jump in commodity cousin the New Zealand dollar. At the local close, the dollar was trading at $US0.8719, from $US0.8627 yesterday, putting it back on track for a test of one-year highs of $US0.8776.
In Wellington trade, the New Zealand dollar rose sharply today on news of a raised Fonterra payout, which will be a boost for the economy as well as for dairy farmers. The NZ dollar jumped from around US70.62c to US71.42c on the news and was US71.65c by 5pm from US70.73c at the same time yesterday.
The South Korean won finished at 1,203.8 won against the U.S. dollar, up 0.6 won from Monday's close, as foreign investors snapped up local shares.
The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.3660, 0.0530 up from Monday’s close of NT$32.4190.
Coming back in equities, Asian shares closed mixed as markets remained relatively quiet with some investors turning cautious before the U.S. Federal Reserve's policy meeting as well as the G-20 summit this week.
Stock markets in Japan, Malaysia and Indonesia were closed for public holidays.
In Mainland China, share market tumbled in the last hour of trading after oscillating between in and out of boundary almost six times, on rekindled worries about liquidity squeeze in a market following dozen of IPO approval by Chinese regulator. Significant selling pressures in Energy sector weighed the most as brief fall overnight in crude oil prices, meanwhile materials shares also dragged the market, with heavyweight Baoshan Iron & Steel.
The Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, dropped 69.46 points, or 2.34% to 2,897.55, while the CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, stumbled 2.42%, to 3,131.02.
On the economic front, China, Asia's top gasoline seller, exported 518,551 tonnes of petrol last month, customs data showed on Tuesday, the highest level in nearly two and a half years. Exports of diesel were also high, at 395,140 tonnes, as Chinese refiners processed at near-peak rates to maximise a protected domestic profit margin. Imports of fuel oil rose 34.8% from a year earlier at 1.62 million tonnes, customs said.
In Hong Kong, the stock market surged supported by strong bargain hunting across the sector, buoyed by growth forecast upgrade for China, India, and other developing Asian countries by Asian Development Bank. Financials and properties outperformed in a market after an index of US leading economic indicators climbed for a fifth straight month in August and signaling a recovery is underway. Airline stocks and oil refiners rose on a brief fall overnight in crude oil prices. Energy stocks also gained after optimistic analyst reports Tuesday, which cited a healthy long-term outlook for oil prices and demand. Esprit Holdings benefited after HSBC Holdings upgraded the stock to “overweight”.
The Hang Seng Index surged 228.29 points, or 1.06%, to 21,701.14, while the Hang Seng China Enterprise added 93.21 points, or 0.75%, to 12,511.55.
In Australia, the shares market endured losses for third consecutive days, as weakness in major banks and property trusts. Energy and industrials materials stumbled by falls in metal and oil prices. Resources stocks retraced some early losses despite base fell on the London Metal Exchange Monday in response to a resurgent US dollar. At the closing bell, the benchmark S&P/ASX200 index stumbled 13.7 points, or 0.29%, to 4,663.7, meanwhile the broader All Ordinaries fell 13 points, or 0.28%, to 4,671.1.
On the economic front, the Australian Bureau of Agricultural and Resource Economy predicted stated commodity exports in Australia likely to rake in A$158.31 billion in the current fiscal year that started 1 July 2009.
In New Zealand, share markets were little changed as positive news about a higher Fonterra payout was countered by a rise in the NZ dollar. The benchmark NZSX-50 index closed down 12.79 points, or 0.41%, at 3142.862. The NZX 15 however, dipped down 17.21 points or 0.30% to close at 5748.68.
In South Korea, stocks made strong gains, pushing the benchmark index past the 1,700 mark to its highest level in 15 months, as more foreign investors dived into the market. The Korea Composite Stock Price Index (KOSPI) climbed 23.38 points, or 1.38%, to end at 1,718.88, the highest since 1,717.66 in 26 June 2008.
In Singapore, stock market spurted; aided by bargain hunting interest in a consolidating market after an index of US leading economic indicators climbed for a fifth straight month in August and the Asian Development Bank raised economic estimates for China, India, and the region. Shares of Jardine Strategic Holdings, United Overseas Bank and CapitaLand led the rally. Banks and properties were firmer. Commodities related stocks bounced on bottom fishing. Manufacturing and multi industries surged in line with market. The blue chip Straits Times Index was ended at 2,685.63, raised 37.72 points, or 1.42%.
In Taiwan, stock market touched losses for second straight session, with technology heavyweight Hon Hai leading the way, as investors stayed cautious before companies post their September sales. The benchmark Taiex share index continued to register losses in the second session of the third week of September as it finishing bluer by 33.43 points or 0.45% in a day, closing the day at 7469.03. The daily change was worst since 14 September 2009 when market gave up 80.19 points.
In Philippines, the stock market closed marginally lower, as investors became cautious following bleak economic prospects, which in turn led to selling of key heavy weight stocks. ADB has downscaled its previous 2.5% economic growth estimate for the Philippines this year on the back of weaker exports, imports, and domestic consumption. The country is likely to post a gross domestic product (GDP) growth of 1.6% this year as the economy performed worse than expected during the first half of 2009. The benchmark index declined 0.16% or 4.55 points to 2,784.78, while the All Shares index erased 0.55% or 9.99 points to 1,789.58.
In India, the key benchmark indices pared gains in late trade as index heavyweight Reliance Industries reversed early gains. However, firm European markets and surge in US index futures supported market. The BSE 30-share Sensex was up 145.13 points or 0.87% to 16,886.43. The Sensex rose 184.31 points at the day's high of 16,925.61 in mid-afternoon trade; it’s highest since 23 May 2008. The S&P CNX Nifty was up 44.15 points or 0.89% to 5020.20. It hit a high of 5030; it’s highest since 23 May 2008.
In other regional market, Europe stocks recovered much of what they lost in the prior session, with the broader market in a holding pattern as traders await news from the U.S. Federal Reserve on whether it will signal an exit strategy from loose monetary policy. The German DAX rose 1.3% or 73.95 points to 5,742, the U.K. FTSE 100 rose 0.9% or 45.32 points to 5,180 and the French CAC 40 climbed 0.9% or 34.71 points to 3,847.
Nifty September 2009 futures above 5000
Turnover surges
Nifty September 2009 futures were at 5023 at a premium of 2.80 points as compared to the spot closing of 5020.20. Turnover in NSE's futures & options (F&O) segment surged to Rs 82,944.72 crore from Rs 69,288.12 crore on Friday, 18 September 2009. The market was closed on Monday, 21 September 2009, for a public holiday.
The near month September 2009 futures contract will expire on Thursday, 24 September 2009. Rollover in Nifty futures was low at just about 20% at the end of Friday's (18 September 2009) trading.
Tata Motors September 2009 futures were at premium at 615.50 compared to the spot closing of 612.70.
Tata Steel September 2009 futures were at a slight premium at 522.50 compared to the spot closing of 521.40.
State Bank of India September 2009 futures were at a slight discount at 2179 compared to the spot closing of 2181.
In the cash market, the S&P CNX Nifty surged 44.15 points or 0.89% at 5020.20.
Nifty settles above 5,000 for the first time in 16 months
The key benchmark indices extended gains for the fifth straight day on expectations of good Q2 September 2009 results. The BSE 30-share Sensex rose 145.13 points or 0.87%. The Sensex and S&P CNX Nifty today, 22 September 2009, attained their highest closing level in 16 months. Firm European markets and surge in US index futures supported the domestic bourses. FMCG, IT and auto stocks gained.
Nifty settled above the psychological 5,000 mark for the first time in 16 months. Nifty had hit 5,000 level in intraday trade on 17 September 2009 but it had failed to settle above that level that day.
The market sentiment was boosted after a news agency quoted an unnamed finance ministry official as saying that corporate advance tax is expected to rise 14.7% to Rs 44010 crore in the September 2009 quarter. Higher advance tax payment indicates good Q2 September 2009 results from India Inc. next month. The report also said the official as saying that he sees better growth in advance tax collection in the December 2009 quarter.
Earlier, market expectations of strong Q2 results were tempered after a news agency quoted an unnamed government official as saying on 17 September 2009 that the government expects only a marginal improvement in corporate advance tax in second quarter. Media reports had on Wednesday, 16 September 2009, indicated a surge in advance payment by top Indian firms that raised expectations of strong Q2 September 2009 results.
The market sentiment also got a boost today from reports that the stock market regulator is planning to simplify norms on foreign portfolio investments which could boost inflows from foreign institutional investors. Comments by the finance minister that the stimulus package will continue, also underpinned sentiment.
The market surged to the day's high in morning trade. It pared gains later. The market was firm but range bound in early afternoon trade. The market extended gains in afternoon trade on higher European markets. It continued uptrend in mid-afternoon trade. Weakness in Reliance Industries pulled the market off the higher level later.
Volatility may be the order of the day in the near term as traders rollover derivatives contracts from September 2009 series to October 2009 series ahead of the expiry of September 2009 contracts on Thursday, 24 September 2009. Rollover in Nifty futures was low at just about 20% at the end of Friday's (18 September 2009)'s trading. Rollover in Mini Nifty futures, too, was low at about 26%. The market was closed on Monday, 21 September 2009, for a public holiday. The next major trigger for the market is Q2 September 2009 results next month.
As per reports, the stock market regulator Securities & Exchange Board of India (Sebi) is planning to simplify and further relax norms on governing foreign portfolio investment in the country. The proposed move could give individual foreign investors direct access to the Indian stock markets.
At present, a foreign individual seeking to invest in Indian stocks has to be registered as a sub-account of an already registered foreign institutional investors (FII), which in turn has to apply to Sebi on the behalf of the sub-account holder. Besides, the validity of the sub-account registration is co-terminus with the registration of the FII through which he has accessed the Indian market. This is onerous and often expensive. The market regulator intends to remove such hurdles and make it simpler, and also to bring foreign investors on a par with domestic ones, reports suggest.
Finance Minister Pranab Mukherjee said on Saturday, 19 September 2009, that the Centre will not roll back the stimulus package given to the industry in wake of the global economic meltdown till signs of clear recovery are visible across recession-hit US and Europe. The Finance Minister also said the nation's equities index is moving steadily and authorities will avoid disturbing the pattern.
Meanwhile, Sebi chairman C B Bhave announced after market hours today that the takeover laws would apply to all future issues of American Depositary Receipts (ADR) or Global Depositary Receipts (GDR) with voting rights, but would not be retrospective. The market regulator has also allowed the concept of anchor investors in Indian Depository Receipts (IDRs). It has also decided that at least 30% of issue size of the IDRs will be reserved for allocation to retail individual investors.
European equities resumed their upward march on Tuesday after two sessions of losses but investors remained cautious ahead of a two-day Federal Reserve meeting. The key benchmark indices in France, Germany and UK were up by between 0.86% to 1.29%.
Select Asian stocks rose today for the first time in three days after Citigroup Inc. raised Samsung Electronics Co.'s price estimate and Morgan Stanley lifted its rating on companies that make automobile batteries. The key benchmark indices in South Korea, Singapore, Taiwan and Hong Kong were up by between 1.06% to 1.38%. But, key benchmark indices in China and Taiwan were down by between 0.45% to 2.34%. Japanese stock markets have been shut since Monday, 21 September 2009, for national holiday. Trading will begin on Thursday, 24 September 2009.
The Asian Development Bank (ADB) on Tuesday raised its estimate of 2009 average growth in developing Asian economies to 3.9% from its March forecast of 3.4%, saying that Asia had proved to be more resilient than expected to the global financial crisis. ADB raised its forecast for India's economic growth this year by 1 percentage point to 6%.
Trading in US index futures indicated Dow could rise 64 points at the opening bell today, 22 September 2009.
US stocks ended mostly lower on Monday, 21 September 2009, on speculation a six-month rally has outpaced prospects for profit growth, even as an index of US leading economic indicators rose for the fifth straight month. The Dow Jones Industrial Average was down 41.34 points, or 0.4%, to 9,778.86. The S&P 500 index fell 3.64 points, or 0.3%, to 1,064.66. But the Nasdaq Composite index rose 5.18 points, or 0.2%, to 2,138.04.
At a policy meeting of the Federal Open Market Committee on 22 and 23 September 2009, the Fed policy makers will assess the early signs of improvement now taking shape across the economy. The Fed is expected to hold rates steady but markets will be interested to know when its ultra-loose policy will start to be tightened.
Meanwhile, the world economy is likely to be the focus of a two-day G20 financial summit in Pittsburgh on 24-25 September 2009. The G20 leaders will discuss overhauling global financial regulation and fixing long-term imbalances in the world economy. The G20 leaders are also considering ways to rein in bank bonuses that many say contributed to the global financial crisis by encouraging excessive risk-taking. Bank bonuses are part of the G20 agenda to consider ways to reshape global financial rules after the 2008-2009 crisis.
The G20 finance ministers and central bankers said on 5 September 2009 that they would not remove economic stimulus until the global recovery was well entrenched. Low interest rates across the world have been one key element in the recovery of risk appetite triggering a solid rebound in global stocks from March 2009 lows.
Closer home, after a strong revival since 15 August 2009, rains weakened again last week. The South West monsoon rains were 41% below average in the week to 16 September 2009. Total rainfall since 1 June 2009, the start of the season, was 21% below average because of exceptionally dry spells earlier in the season. More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.
Data released by the government on Thursday 17 September 2009 showed the headline inflation entered the positive territory after a gap of 13 weeks. Inflation based on the wholesale price index rose 0.12% in the year through 5 September 2009 compared to previous week's annual decline of 0.12%. A surge in food price index was responsible for the rise in the headline inflation.
The BSE 30-share Sensex rose 145.13 points or 0.87% to 16,886.43, its highest closing since 22 May 2008. The Sensex rose 202.19 points at the day's high of 16,943.49 in late trade. The barometer index rose 22.48 points at the day's low of 16,763.78 in early trade.
The S&P CNX Nifty rose 44.15 points or 0.89% to 5020.20, its highest closing since 22 May 2008. It hit a high of 5,036.30. Nifty September 2009 futures were at 4982, at a premium of 5.95 points as compared to the spot closing of 4976.05. Turnover in NSE's futures & options (F&O) segment was Rs 69,288.12 crore, sharply lower than Rs 83,762.65 crore on Thursday, 17 September 2009.
BSE clocked a turnover of Rs 5437 crore, lower than Rs 6309.48 crore on Monday, 21 September 2009.
The market breadth, indicating the overall health of the market was strong. On BSE, 1599 shares rose as compared with 1176 that declined. A total of 80 shares remained unchanged.
Among the 30-member Sensex pack, 24 rose and rest declined.
The Sensex has jumped 672.24 points or 4.14% in five trading sessions from a recent low of 16,214.19 on 14 September 2009. The barometer index has jumped 1,488.10 points or 9.66% from a low of 15,398.33 on 3 September 2009. The Sensex is up 7,239.12 points or 75.03% in calendar year 2009 as on 22 September 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 8,726.03 points or 106.93% as on 22 September 2009. FII inflow in the calendar year 2009 totaled Rs 47,685.20 crore (till 17 September 2009).
Coming back to today's trade, the BSE Mid-Cap index rose 0.74% to 6216.99. It underperformed the Sensex. The BSE Small-Cap index rose 1.05% to 7,451.02 and outperformed the Sensex.
From a recent low of 5,758.03 on 2 September 2009, the BSE Mid-Cap index has risen 458.96 points or 7.97%. The BSE Small-Cap index has jumped 582 points or 8.47% from a recent low of 6,869.02 on 2 September 2009.
The BSE IT index (up 1.91%), the BSE FMCG index (up 1.63%), the BSE Realty index (up 1.02%), the BSE Auto index (up 0.99%), the BSE Bankex (up 0.97%), the BSE Healthcare index (up 0.95%), the BSE Capital Goods index (up 0.88%) outperformed the Sensex.
The BSE Oil & Gas index (down 0.03%), the BSE Metal index (up 0.1%), the BSE Consumer Durables index (up 0.54%), the BSE PSU index (up 0.61%), the BSE Power index (up 0.66%), the BSE Teck index (up 0.73%), underperformed the Sensex.
India's largest dedicated housing finance firm by revenue HDFC jumped 5.3% on expectations of good Q2 September results. HDFC has reportedly paid advance tax of Rs 320 crore in the second installment of 15 September 2009 compared to Rs 290 crore in the same period a year ago.
Index heavyweight Reliance Industries (RIL) fell 0.11% to Rs 2096.35. The stock hit a high of Rs 2139.80 and a low of Rs 2088.20. As per report company is looking at acquiring the assets either partly or fully of the bankrupt Dutch petrochemicals company LyondellBasell.
The stock was under pressure late last week following a large treasury share sale by the company in the secondary market. Petroleum Trust on Thursday sold 1.5 crore equity shares of RIL through block deals on the bourses at Rs 2125 per share. The financial impact of the transaction will be reflected in the consolidated statements, RIL said.
Reliance Industries on Tuesday said that it has fixed 29 September 2009 as the record date for shareholders of Reliance Petroleum (RPL) to receive equity shares of Reliance Industries under a merger scheme.
Oil exploration stocks fell as US crude oil futures fell below the $70 a barrel level on Monday as the dollar strengthened, global equities slipped and demand worries persisted despite signs of economic recovery. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) fell 0.47%. As per recent reports, ONGC's Russian unit has substantially cut oil production due to increase in cost. Cairn India fell 0.49%. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.
PSU OMCs rose as crude dropped after a recent rally. BPCL and HPCL rose by between 2.69% to 2.74%. Indian Oil Corporation (IOC) rose 0.58%. The company's board approved a liberal 1:1 bonus issue on 14 September 2009. Lower oil prices will reduce underrecoveries at the state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.
The government last week issued bonds worth over Rs 10,306 crore to three oil marketing PSUs to compensate them for the losses incurred on account of selling petroleum products below market price. While bonds worth Rs 6,207.06 were issued to IOC, Rs 2,033.99 crore worth bonds were given to HPCL and Rs 2,065.28 crore worth of bonds were given to BPCL.
India's largest thermal power generator by sales NTPC rose 0.82% as company will reportedly sign an agreement to buy natural gas from Reliance Industries in two days to increase fuel supplies to plants other than those facing lawsuits.
Among other power stocks, Reliance Power, CESC, Torrent Power, Power Grid Corporation of India, Reliance Infrastructure rose by between 0.19% to 2.56%.
Auto stocks rose on hopes of strong sales in the upcoming festive season. India's top small car maker by sales Maruti Suzuki rose 1.12%. But India's largest tractor maker by sales Mahindra & Mahindra rose 0.37%.
Among two wheeler makers, India's largest motor bike maker by sales Hero Honda Motors rose 0.86%. Bajaj Auto rose 2.25%, extending recent strong gains, on reports it has paid advance tax of Rs 170 crore in the second installment this year, much higher than Rs 50 crore in the corresponding period last year.
As per reports, the government will release pay arrears to government employees under the second and final installment ahead of big festivals in October 2009. The payout would boost demand for cars and motorcycles.
Commercial vehicle makers rose on reports they plan to raise prices in the range of 1-3% on pick up demand. India's largest truck maker by sales Tata Motors rose 2.6%. Tata Motors is reportedly planning to sell about 10-15 % in subsidiary Tata Motors Finance to raise funds to reduce debt. The company has a huge debt largely related to the purchase of Ford Motor's marquee brands Jaguar Land Rover last year, for which it took a loan of $3.2 billion and other debt to keep the loss-making unit running.
India's second largest truck maker by sales Ashok Leyland rose 2.47%.
Car sales rose 26% to 120,669 units in August 2009 over August 2008 boosted by new launches and availability of cheaper loans, data released by the industry body Society of Indian Automobile Manufacturers on 8 September 2009, showed. Sales of trucks and buses rose 18.5% to 40,624 units and motorcycle sales rose 26% to 611,173 units.
FMCG pivotals rose on revival of monsoon rains since mid-August 2009. FMCG firms derive substantial revenue from the rural sector. Dabur India, Nestle India, United Spirits, ITC, Hindustan Unilever, rose by between 0.2% to 2.59%
IT stocks gained on strong US economic data. US is the biggest market for Indian IT firms. India's largest IT exporter by sales Tata Consultancy Services rose 2.92%. The company's unit last week secured overseas contracts worth around $25 million from different players for implementing its financial software products in the Asia-Pacific and the US.
TCS also rallied on jump in advance tax in second installment. As per preliminary data, TCS has reportedly paid Rs 220 crore in advance tax in the second installment of 15 September 2009 as against Rs 81 crore in the same period last year.
India's second largest software services exporter by sales Infosys rose 1.77%. Its ADR rose 0.6% on Monday 21 September 2009. Infosys still finds the business situation quite challenging and decision making by clients continues to be slow, Chief Operating officer S.D. Shibulal said on Tuesday. He also said last month' s outsourcing contract from oil and gas major British Petroleum Plc was worth $116 million over five years.
India's third largest software services exporter by sales Wipro rose 1.28% even as its ADR fell 0.24% on Monday. The company recently won a three-year outsourcing contract from All Nippon Airways, Japan's No.2 carrier.
India's largest telecom player by sales Bharti Airtel fell 3.28%. Bharti Airtel is reportedly making a slew of last-minute concessions to sew up a deal with MTN. Bharti is offering to retain the top management of MTN for at least three years, giving the option of an all-cash offer to minority holders of MTN, and more shares in itself for the same money, which would push up the cost of acquisition for Bharti.
Meanwhile, Sebi chief Bhave said today that Sebi has not received an application for dual listing, seen as a key issue holding up a finalisation of tie-up talks between Bharti Airtel and South Africa's MTN. Bharti and MTN have been in negotiations since 25 May 2009 on a $23 billion cash and share-swap deal aimed at an eventual full merger. The deadline for the talks has been extended twice, most recently the deadline was put back another month to 30 September 2009.
India's largest copper maker by sales Sterlite Industries fell 0.25% after company said on Monday that it would release Grupo Mexico from a potential legal liability of nearly $8 billion if the Indian miner can win control of bankrupt US copper miner Asarco LLC.
In a court document filed on Monday, Sterlite said that if a federal court approves its plan to acquire Asarco over rival bidder Grupo Mexico's offer, it would not hold Grupo Mexico liable for more than about $900 million of liability related to the 2003 transfer of a Peruvian mine. Sterlite, a unit of India-focused mining company Vedanta Resources, has been facing off with Mexican miner Grupo Mexico for acquiring control Asarco, which has been under bankruptcy protection since 2005.
But most other metal shares rose on strong domestic demand. Tata Steel, Steel Authority of India, National Aluminum Company, rose by between 0.54% to 1.44%.
Realty stocks rose on reports demand for residential projects in major cities is picking up on lower home loan rates, property price cuts by developers and a recovery in the job market. Realty market had slumped last year amid a global credit crunch and buyers fearing job losses. Omaxe, DLF Indiabulls Real Estate and Unitech rose by between 0.31% to 2.76%.
Cement stocks rose as a thrust on the infrastructure sector in the Union Budget 2009-2010 may keep cement demand strong. ACC, Grasim Industries, Ultratech Cement rose by between 0.01% to 0.78%. Cement makers recently cut prices by Rs 3 per 50 kilogram bag in Mumbai.
Select construction shares rose on government's thrust on infrastructure. Higher government spending on infrastructure sector in the Union Budget 2009-2010 to provide a stimulus to the economy, may result in increase order flow for construction. Era Infra Engineering, Valecha Engineering, Gammon India, IVRCL Infrastructure & Projects rose by between 1.03% to 12.7%.
The government has set a target of spending $20 billion a year on road construction.
Banking stocks rose after higher advance tax payment by some top banks in the second installment this fiscal. India's second largest private sector bank by net profit HDFC Bank rose 1.5% even as its ADR fell 0.75% on Monday.
India's largest private sector bank by net profit ICICI Bank rose 0.96% even as its ADR fell 0.99% on Monday. The bank has reportedly finalised sale of Point Of Sale (PoS) terminals to First Data Corporation for $ 80 million.
India's largest bank by net profit and branch network State Bank of India rose 1.41% to Rs 2172.75 on optimism about Q2 September 2009 results. The stock hit a 52 week high of Rs 2195. Chairman O.P. Bhatt on 8 September 2009 said the bank's earnings are likely to grow 30-35% in Q2 September 2009 over Q2 September 2008.
India's largest engineering & construction firm by sales Larsen & Toubro rose 0.97% on higher advance tax payment.
Among capital goods stocks, Praj Industries, Crompton Greaves, Punj Lloyd, SKF India, BEML, Thermax, ABB, rose by between 0.31% to 1.43%.
India's largest power equipment maker by sales Bharat Heavy Electricals rose 0.31%. As per recent reports the company has won an order worth Rs 1300 crore for an upcoming Vallur Thermal Power project at Ennore in Tamil Nadu. The power project is being set up by a joint venture between NTPC and the Tamil Nadu Electricity Board (TNEB).
Sugar stocks fell after Union Cabinet late last week extended limits on stocks that can be held by traders of sugar until September 2010. The move is aimed at keeping a lid on prices of commodity. Shree Renuka Sugars, Dhampur Sugars, Bajaj Hindustan and Balrampur Chini fell by between 0.91% to 2.36%.
Jindal Cotex settled at Rs 87.25 on BSE, a premium of 16.33% on its offer price of Rs 75.
Cals Refineries clocked highest volume of 11.54 crore shares on BSE. Jindal Cotex (2.43 crore shares), Sanraa Media (1.56 crore shares), Karuturi Global (1.4 crore shares) and K S Oils (1.32 crore shares) were the other volume toppers in that order.
Jindal Cotex clocked highest turnover of Rs 212.19 crore on BSE. Reliance Industries (161.95 crore), Tata Steel (Rs 1.3 crore shares), Suzlon Energy (Rs 1.15 crore shares) and Reliance Natural Resources (Rs 108.45 crore) were the other turnover toppers in that order.
Annual Report - India Infoline - 2008-2009
INDIA INFOLINE LIMITED
ANNUAL REPORT 2008-2009
DIRECTOR'S REPORT
To
The Members
Your Directors have pleasure in presenting the 14th Annual Report along
with the audited statements of accounts of your Company for the financial
year ended March 31, 2009.
I. Financial results:
A snapshot of the financial performance of your Company and its major
subsidiaries for the financial year 2008-09 is as under:
(Rs. mn)
Revenues Profit before Profit after
interest, tax
depreciation
and tax
India Infoline Limited 5,716.0 1,848.8 1,058.2
India Infoline Investment
Services Limited 1,574.0 1,042.0 630.2
India Infoline Marketing
Services Limited 880.4 49.6 (7.8)
Moneyline Credit Limited 803.6 256.4 59.9
India Infoline Insurance
Services Limited 416.1 72.7 9.2
India Infoline Commodities
Limited 228.5 23.7 18.3
IIFL Wealth Management
Limited 144.4 (37.3) (21.8)
India Infoline Insurance
Brokers Limited 75.3 8.6 5.5
IIFL Inc 23.0 (20.3) (20.4)
IIFL (Asia) Pte Limited 23.0 (105.6) (107.9)
India Infoline Media and
Research Services Limited 17.2 0.4 0.1
IIFL Realty Limited 5.7 4.2 (1.3)
India Infoline Housing
Finance Limited 5.2 3.3 0.8
India Infoline
Distribution Company Limited 0.7 0.6 0.2
IIFL Capital Limited - 0.0 0.0
IIFL Ventures Limited - (0.6) (0.6)
India Infoline Commodities
DMCC - (7.9) (8.3)
Inter-company adjustments (282.2) (216) (40.9)
Aggregate 9,630.9 2,922.6 1,573.4
A snapshot of the stand-alone financial performance of India Infoline
Limited is as under:
(Rs. mn)
2008-2009 2007-2008
Gross total income 5,716.0 6,724.4
Profit before interest, depreciation
and taxation 1,848.8 2,772.5
Interest and financial charges 78.5 211.6
Depreciation 255.6 194.4
Profit before tax 1,514.7 2,366.5
Taxation - Current 480.8 793.4
- Deferred (12.3) (20.3)
- Fringe benefit tax 10.3 10.9
- Short or excess provision of income tax (22.3) 5.3
Net profit for the year 1,058.2 1,577.2
Less: Extraordinary items (net of tax) - (290.4)
Less: Appropriations:
Interim dividend 794.5 -
Final dividend - 342.6
Dividend distribution tax 135.0 58.2
Transfer to general reserve 105.8 131.0
Add: Balance brought forward from the
previous year 1,229.1 474.1
Balance to be carried forward 1,252.0 1,229.1
A snapshot of the consolidated financial performance is as under:
(Rs. mn)
2008-2009 2007-2008
Gross Total Income 9,630.9 10,235.9
Profit Before Interest, Depreciation
and Taxation 2,922.7 4,022.2
Interest and Financial Charges 331.8 912.6
Depreciation 396.0 282.0
Profit Before Tax 2,194.9 2,827.6
Taxation - Current 653.7 948.3
- Deferred (30.9) (82.3)
- Fringe Benefit Tax 27.9 25.1
- Short or excess provision of Income-Tax (29.2) 6.9
Net Profit for the year 1,573.4 1,929.6
Less: Extraordinary items (Net of tax) - (290.4)
Net profit before minority interest 1,573.4 1,639.2
Less : Minority Interest (125.2) (40.4)
Less: Appropriations:
Interim dividend 794.5 -
Proposed final dividend - 342.6
Dividend distribution tax 135.0 58.2
Transfer to general reserve 105.8 131.0
Transfer to special reserve 139.0 63.2
Add: Balance brought forward from
previous year 1,813.3 809.5
Balance to be carried forward 2,087.2 1,813.3
CLICK on the READ MORE link to VIEW FULL REPORT
Grey Market Premium - Euro Multivision, Pipavav Shipyard, Thinksoft Global, Oil India
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Jindal Cotex | 75 | 5 to 7 |
| Globus Spirits Ltd. | 100 | 4 to 6 |
| Oil | 1050 | 32 to 34 |
| Pipavav Shipyard | 55 to 60 | 2.50 to 3 |
| Thinksoft Global | 120 to 130 | 6 to 6.50 |
| Euro Multi Vision | 70 to 75 | 4 to 5 |
Pre Session Commentary - Sep 22 2009
Today domestic markets are likely to open marginally positive as majority of Asian markets have also opened in green. There could be a subdued opening due to lack of guidance from other markets. Domestic markets have already reached its peak after some remarkable gains during the last week. However from this level domestic liquidity and firmness of international markets would play a crucial role. Today domestic markets are likely to trade range bound.
On Friday, Indian market closed the today’s volatile session on flat note as investors booked profits following steep rise in previous sessions. Market continued to exhibit instability, as most of the Asian stocks ended lower, which led selling pressure in the domestic stocks. However, stocks tried to recover till mid session and again during final trading hours on gains in Auto stocks. Further, the negative opening of European markets hit the sentiments though they recovered later and contributed a bit of recovery in domestic stocks during last hours. Concerns regarding poor rains also contributed to the uneasiness of investors, as the South West monsoon rains were 41% below average in the week to 16 September 2009, according to the government-run India Meteorological Department (IMD). The BSE Sensex ended above 16,700 level and NSE Nifty closed above 4,950 mark.
The BSE Sensex closed marginally higher by 30.19 points at 16,741.30 and NSE Nifty ended slightly up by 10.50 points at 4,976.05. BSE Mid Caps and Small Caps closed with gains of 27.61 and 56.14 points at 6,171.23 and 7,373.64 respectively. The BSE Sensex touched intraday high of 16,765.03 and intraday low of 16,610.05.
On Monday, US markets closed mixed. Participants were apprehensive about the further upward movement of markets and therefore there was broad based selling pressure. Amongst the 10 major sectors in the S&P 500, health care was the only to march northward during the entire session. It finished 0.7% higher as biotechs climbed 2.4%. Tech stocks finished marginally up, but Dell (DELL 16.01, -0.68) reported a loss after it announced that it will acquire Perot Systems (PER 29.56, +11.65) for $3.9 billion, or $30 per share in cash. The offer price is nearly 70% premium to the closing price of PER last Friday. Financials, energy stocks and material stocks were the laggards of the day and they shed 0.9% each. Crude oil futures for the month of October delivery fell by 3.2 per cent at $69.71 per barrel on New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) closed lower by 41.34 points at 9,778.86. NASDAQ index gained by 5.18 points at 2,138.04 and the S&P 500 (SPX) declined by 3.64 points to close at 1,064.66 points.
Today the major stock markets in Asia are trading positive. The Shanghai Composite is flat at 2,963.95, Hang Seng is higher by 64.42 points at 21,537.27. Further Japan''s Nikkei is low by 73.26 points at 10,370.54. Strait times is trading up by 14.31 points at 2,662.22. Kospi is up by 18.64 points at 1,714.14.
Indian ADRs ended mixed on Monday. However, losers outnumbered the gainers. In the IT space, Satyam Computers was down 3.24%, Wipro was down 0.24% and Patni Computers was down 0.87%. However, Infosys was up 0.6%. In the banking space, ICICI Bank was down 0.99% and HDFC Bank was down 0.75%. In the telecom space, MTNL was up 1.63% and Tata Communication was up 3.28%. In other sectors, Sterlite Industries was down 1.78%, Tata Motors was down 0.39% and Dr Reddy''s Labs was down 0.33%.
The FIIs on Friday stood as net buyers in equity and debt. Gross equity purchased stood at Rs 6,074.90 Crore and gross debt purchased stood at Rs 297.40 Crore, while the gross equity sold stood at Rs 3,411.70 Crore and gross debt sold stood at Rs 159.40 Crore. Therefore, the net investment of equity and debt reported were Rs 2,663.10 Crore and Rs 138.10 Crore respectively.
On Friday, Indian Rupee closed at 48.13./14 per dollar, fractionally stronger than its previous close at 48.15./16. Positive trading in local stock markets helped boost the morale of traders in local currency.
On BSE, total number of shares traded were 53.90 Crore and total turnover stood at Rs 6,309.48 Crore. On NSE, total number of shares traded were 102.18 Crore and total turnover was Rs 19,415.27 Crore.
Top traded volumes on NSE Nifty – Unitech with total volume traded 39271942, followed by Suzlon Energy with 28041017, Hindalco with 23495959, Tata Steel with 11142570 and Bharti Airtel with 10047617 shares.
On NSE Future and Options, total number of contracts traded in index futures was 515177 with a total turnover of Rs 12,603.34 Crore. Along with this total number of contracts traded in stock futures were 747297 with a total turnover of Rs 24,679.11 crore. Total numbers of contracts for index options were 1201835 with a total turnover of Rs 29,560.94 Crore and total numbers of contracts for stock options were 69878 and notional turnover was Rs 2,444.73 Crore.
Today, Nifty would have a support at 4,910 and resistance at 5,014 and BSE Sensex has support at 16,678 and resistance at 16,815.
Daily News Roundup - Sep 22 2009
Axis Bank raised Rs34.9bn by issuing equity through a mix of QIP and GDR issue. (ET)
Reliance Industries is looking at acquiring some or all of bankrupt petrochem maker LyondellBasell. (ET)
DLF plans various options to fully or partly exit from the international luxury hotel chain Amanresorts. (ET)
Hindalco Industries has drawn up an Rs160bn capex plan for the next two years. (ET)
The cash-and-share swap deal between Bharti Airtel and MTN is ready to be signed. (BS)
M&M launches two scooters aimed at the rural market. (BS)
NTPC is exploring tie-ups with oil PSUs to jointly bid for the oil and gas blocks put on offer under NELP-VIII. (BL)
Bharti Airtel is offering to retain the top management of MTN for at least three years, giving option of an all-cash offer to minority stake holders of MTN. (ET)
NMDC to set up a 5mtpa capacity integrated steel plant in Bellary district at an investment of Rs92.8bn. (BL)
Indian Oil Corp plans Rs40bn investment in pipelines to cut transport cost. (BL)
Tata Motors and Ashok Leyland are planning to increase prices of their products by 1-3% from October 2009. (ET)
Maruti has increased its export targets by nearly 8%. (FE)
Hindalco Industries will achieve financial closure of Rs50bn by November for its Utkal Alumina project at Rayagada, Orissa. (BL)
Steel Authority of India set to take over the Salem unit of the ailing public sector Burn Standard Ltd. (BL)
NALCO plans to invest over Rs250bn to launch new projects and undertake major expansion. (BS)
NALCO plans to enter the energy sector as an independent power producer. (BS)
Tata Motors wholly-owned subsidiary received loan of Rs788mn from the UK government for its Rs1.97bn electric car programme. (BS)
Air India may hedge around 25% of its fuel requirement. (ET)
Power Grid plans to raise Rs25bn through a bond issue by October-November this year for financing various projects. (BS)
The government has proposed a penalty of over Rs410mn on Tata Tele, Rs310mn on Bharti Airtel and Rs196.5mn on RCom and others, for not rolling out network on time. (BS)
Higher project costs force IOC to raise capex by 22%. (BS)
JSW Steel is seeking allotment of a captive iron ore mine in the iron ore-rich Bellary-Hospet region of north Karnataka. (BS)
PNB is in the process of picking up a stake in a small Kazak bank, Metrokombank, Central Asian state. (ET)
HPCL enters into an agreement to supply LPG to US-based fuel cell manufacturer plug power. (ET)
Alstom Projects says it has received an Rs5.6bn contract in consortium with global players for providing signaling system to the Bangalore Metro Rail Corporation. (BL)
RPG group proposes to invest Rs150bn over five years to take its capacity to 6,000MW from 1,250MW by adding thermal and hydel projects. (BL)
RPG group is looking at bringing in a PE partner to provide a requisite fillip in overcoming the current crisis and help in expanding its retail business, Spencer's Retail. (FE)
Sante Fe Mining, a Chilean company in which the JSW Group has a 70% stake, will start producing iron ore in two years. (BL)
The DGH has approved Gujarat State Petroleum field development plan for 2 trillion cubic feet for the KG-8 Deendayal-West field in the Krishna-Godavari Basin. (BS)
Man Industries is exploring the potential to set up a manufacturing unit in the US at US$200mn. (BS)
Indian Overseas Bank plans to foray into the venture capital business. (BS)
Promoters plans to increase shareholding in Hindalco from open market purchases. (BS)
RNRL asks Supreme Court to dismiss government’s petition on Reliance Industries gas. (BS)
Maytas Infrastructure-Nagarjuna Construction consortium is likely to lose the Machilipatnam port project. (DNA)
Gujarat NRE Coke has recommended a bonus issue of DVR shares (differential voting rights) in the ratio of 1 DVR bonus share for every 10 equity shares held. (DNA)
Emami Group is likely to list its real estate business once the amalgamation of Zandu Pharmaceutical, which it acquired last year, is completed. (DNA)
NALCO to go ahead with its Rs60bn aluminium complex venture in Andhra Pradesh as the bauxite mines it had sought has been cleared by the Centre and Andhra Pradesh government. (FE)
Gujarat NRE Coke has planned further capital expenditure of Australian US$470mn to ramp up production. (FE)
Indraprastha Gas has objected to oil regulator PNGRB’s decision to open price bids for giving gas licence for Ghaziabad. (ET)
Shree Renuka Sugars has applied to the NCDEX for surrendering its trading membership. (ET)
HDFC Standard Life is likely to have a capital infusion of Rs3.5bn in the current fiscal. (FE)
Cinemax plans to add four more screens with the launch of its new property at Ghatkopar. (BS)
Tata Motors plans to launch Freelander 2, on September 22. (BS)
Serum Institute of India and its owner-promoted company, Adurjee & Bros Pvt Ltd, increased their stake in Orchid Chemicals to 10.35% by acquiring another 3.59% stake with an investment of close to Rs700mn. (BS)
Aurobindo Pharma receives USFDA approval for Atomoxetine Hydrochloride capsules. (BS)
The Centre approved the proposal for grant of mining lease to NALCO over Gudem and Katamraju Konda bauxite blocks in Andhra Pradesh. (BS)
Pipavav Shipyard’s IPO subscribed 8.21 times till the close of the issue. (BS)
THE health ministry is in talks with Novartis, Baxter and GlaxoSmithKline to negotiate a procurement price and place an advance purchase order for swine flu vaccines by Monday. (ET)
Godrej Consumer announced it would consolidate its business by going for acquisition of foreign brands. (ET)
3i Infotech raised US$66.3mn by selling stock to international institutional investors. (ET)
Blackstone is set to buy a 25% stake in Gateway Rail Freight Ltd, the container train services unit of Gateway Distriparks, for Rs2.5bn. (ET)
Glenmark Pharma received the approval from USFDA to launch its generic version of Verapamil, a hypertension drug, in the US market. (ET)
Sun Pharmaceutical aims to file 30 applications in the US for manufacturing and marketing of its generic products. (ET)
The agriculture ministry has okayed Monsanto India’s plan to do business in genetically modified material. (ET)
Emami is undertaking a major image makeover of Zandu brands. (FE)
Amul cuts butter supplies by 25% on low milk output. (ET)
The Government plans to invest Rs90bn fro the expansion of the Vizag Steel Plant. (ET)
The RBI is preparing to ban lending below the prime lending rate (PLR). (ET)
The government is likely to allow insurance companies to list after five years of operations against the 10 years prescribed at present. (BS)
Capital adequacy ratio of banks rises to 13.98% from 13.01% a year ago. (ET)
Excise kitty in the five-month period stood at Rs336.02bn, against Rs450.79bn in the same period last year. (BS)
Foreign exchange reserves grew US$3.32bn in the week up to September 11, 2009, to US$280.98bn. (BS)
A proposal to allow private players to set up nuclear projects in the country, envisaged through an amendment to the Atomic Energy Act, is likely to be put on the backburner. (BL)
IRDA is planning to bring out comprehensive disclosure guidelines for insurance companies by September-end. (BL)
Step ahead cautiously
Keep your eye on the Big picture, but watch your step.
Caution is going to be the mantra for the next few days as the market digests the recent spurt and awaits fresh good news. Global cues are mixed. Today, we expect a cautious start after an extended weekend. Things will be volatile given that we have the F&O expiry on Thursday.
The outcome of the two-day Fed meeting will be announced on Wednesday (US time of course). It’s a no-brainer that the Fed won’t tinker with rates. What could, however, have a bearing on the sentiment is what the FOMC says about the road ahead and the state of the US economy. Then there is the G20 Summit scheduled for this weekend.
All these events will make it tough for the key indices to build on last week’s gains. Though the overall mood is positive, the road ahead will be bumpy. The fact that we have already traveled so much since early March could bring in some apprehensions. The results are just round the corner and expectations are on the positive side. Among the big risks will be inflation and its fallout on monetary policy. FIIs will continue to play a key role.
FIIs were net buyers of Rs14.86bn in the cash segment on Friday on a provisional basis. The local funds pulled out Rs5.05bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers at Rs2.97bn. On Thursday, FIIs were net buyers of Rs26.63bn in the cash segment. The net FII investments in Indian stocks this year have crossed $9.8bn. Mutual Funds were net buyers of Rs1.01bn on Thursday.
The deal street is buzzing with lots of M&A action happening over the past few days. This is yet another sign of recovery in the global economy and business confidence. Bharti Airtel is leaving no stone unturned in order to clinch the multi-billion dollar cross border merger with South Africa's MTN. The two parties have set Sept. 30 as the deadline to reach an agreement after having extended the same twice before. Dell has decided to join the IT services bandwagon with the acquisition of Perot Systems.
US stocks closed mixed on Monday as commodity prices eased and financial shares weakened on speculation that a six-month rally has outpaced prospects for profit growth. European and Asian shares dropped, while oil and gold retreated as the dollar rose. Treasuries were little changed.
The Dow Jones Industrial Average lost 41 points, or 0.4%, to 9,778.86. The S&P 500 index shed about 4 points, or 0.3%, to 1,064.66. The Nasdaq Composite index gained 5 points, or 0.2%, at 2,138.04, ending at a fresh one-year high.
US stocks managed to hit fresh 2009 highs on Friday. Since bottoming at a 12-year low on March 9, the S&P 500 has gained 58% and the Dow is up 50%, as of Friday's close. After hitting a six-year low, the Nasdaq has gained 68%.
Stocks have risen during those 6-1/2 months due to slowly improving economy and unprecedented stimulus measures. But the rally has come too fast and too far ahead to leave any further room for comfort for the bulls.
The biggest catalyst in the next few weeks and month will be corporate earnings. There could be a modest pullback of 5% to 7%. But with a lot of money sitting on the sidelines, the downside will not be much.
The August index of leading economic indicators rose 0.6%, according to a report from the Conference Board released Monday. That was short of forecasts for a rise of 0.7%, according to a consensus of economists. LEI rose 0.6% in July.
PC maker Dell is buying Perot Systems, a provider of IT services, in a $3.9 billion all-cash deal. Dell shares fell 4% in Monday trading, while Perot Systems rose 65%.
AIG shares rallied 21% after a Congressional report said the company has stabilized although it was unclear whether it would ever be able to pay back its federal bailout. AIG received as much as $182 billion from Treasury and the Federal Reserve at different points in time over the last year.
Home builder Lennar reported a wider quarterly loss Monday morning, but also said it will be profitable next year if the economy remains stable. Shares fell 3%.
The dollar gained against the yen and euro, reversing its recent declines. The rising greenback pressured dollar-traded commodities such as oil and gold.
US light crude oil for October delivery tumbled $2.33 to settle at $69.71 a barrel on the New York Mercantile Exchange.
COMEX gold for December delivery fell $5.40 to settle at $1004.90 an ounce. Gold hit a record high of $1,020.20 last week.
Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.47% from 3.46% on Friday.
The Federal Reserve, meeting on Tuesday and Wednesday, is likely to hold short-term interest rates steady at historic lows near zero. Last week, Fed chief Ben Bernanke said that the recession is likely over but the labor market still has a long way to go.
Over the weekend, US President Barack Obama said that job growth won't kick in until the end of the recovery, sometime next year.
Also on Tuesday, the Federal Housing Finance Agency (FHFA) releases its July home price index. Prices are expected to have risen 0.5% after rising 0.5% in June. Reports on housing and consumer sentiment are due later in the week.
On Thursday, the Group of 20 leading developed and emerging countries will meet in Pittsburgh to discuss the global economy in the wake of the recession. Expect G20 leaders to take credit for saving the world economy from slipping into another Great Depression. Apart from that there is very little chance of any major breakthrough on how to reform the global finance and execute the so-called exit strategy.
Meanwhile, according to a top equity analyst, the biggest beneficiary of the loose monetary policies in the US and other western nations may be Asian assets.
Europe stocks declined on Monday due to weakness in resources space. Having climbed for four of the past five weeks and moved 55% above the lows of March, the pan-European Dow Jones Stoxx 600 index fell 0.8% to 243.05.
Germany's DAX index fell 0.6% to 5,668.65, the UK's FTSE 100 index was down 0.7% to 5,134.36 and the French CAC 40 index shed 0.4% to 3,812.16.It was a momentous day for the Indian markets as NSE Nifty hit the 5,000 levels for the first time since May 23, 2008. Bulls were indeed in high spirits in the morning trades led by firm global cues and buying witnessed all over. However, the joy was very short lived as index heavyweight Reliance Industries fell over 5% dragging the index by 103 points single handedly. Sentiments further got a hit after inflation broke in to positive territory fir the first time in 13-weeks.
The BSE Sensex fell nearly 110 points while, the NSE Nifty gave away nearly 40 points from their respective intra-day high’s.
Aviation stocks were in the linelight led by Jet Airways on speculation taxes on jet fuel may be cut. Shares of Jet Airways shot up by over 18% to end at Rs315, Kingfisher Airlines rallied by over 12% to end at Rs53 and Spice Jet surged over 7% to end at Rs33.6.
The BSE Sensex advanced 34 points or 0.2% at 16,711 after touching a high of 16,820 and a low of 16,636. The index opened at 16,686 against the previous close of 16,677. The NSE Nifty was up 7 points to shut shop at 4,965.
In Asia, the Nikkei in Japan gained by 1.7% at 10,443 while Australia's S&P/ASX ended higher by 1.4% at 4,714. The Hang Seng index in Hong Kong gained 1.7% at 21,768. Shanghai SE Composite in China gained by 2% at 3,060.
In Europe, stocks were in the green. The FTSE in the UK was up 0.9%, The DAX in Germany was up 0.6% and the CAC 40 index in France gained 0.6%.
Coming back to India, among the BSE sectoral indices, the Teck index was the top gainer, gaining 2%, followed by the IT index that was up 2%. The BSE Auto index up 1.5% and the BSE Bankex index was up 0.8%.
The BSE Mid-Cap index gained 0.3% and the BSE Small-Cap index gained 0.2%.
Among the 30-components of Sensex, 22 stocks ended in the green and 8 ended in the negative terrain. Among the major gainers were Hindalco, ACC, JP Associates, Bharti, Maruti and Grasim.
On the other hand, Reliance Industries, Tata steel, ITC, NTPC and Hero Honda were among the major laggards.
Outside the frontline indices, the big gainers in the broader market were Jet Airways, Proctor & Gamble, Essar Oil, HCL Tech and Indian Hotels. On the other hand, losers included EIH Ltd, EKC, Godrej Ind, IFCI and LIC Housing Fin.
India’s Inflation broke in to the positive terrain for the first time in over 12 months. The annual rate of inflation stood at 0.12% for the week ended August 5, 2009 over as compared to -0.12% for the previous week July 29, 2009 and 12.42% during the corresponding week August 06, 2008 of the previous year. The government announced that it revised inflation for week ended July 11 to -0.63% from -1.17%.
Reliance Industries announced that Petroleum Trust sold 10.5mn equity shares of the Company. Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of Reliance, is the sole beneficiary of the Trust.
The Trust will realize approximately Rs31.88bn, at an average price of about Rs2,125 per share. The shares are carried in the books at a cost of Rs158 per share by the Trust.
Petroleum Trust is a special purpose vehicle created for Reliance Industries holding in the earlier Reliance Petroleum when the company merged the latter with itself some seven years ago. The stake of the Trust rose again when IPCL merged with RIL.
DSP Merrill Lynch Limited and Citigroup Global Markets India Private Limited acted as joint arrangers for the seller.
Shares of Reliance Industries lost over 4.5% to Rs2086. The stock opened at Rs2169 and made an intra-day high of Rs2204 and a low of Rs2070. Total traded volumes stood at 10.2mn shares.
BHEL plans to spend Rs15.9bn to expand capacity to produce equipment capable of generating 20,000MW by March 2012.
Shares of BHEL ended flat at Rs2275. The stock opened at Rs2294 and made an intra-day high of Rs2314 and a low of Rs2265. Total traded volumes stood at 0.13mn shares.
Shares of Bharati Shipyard surged by over 2.6% to Rs214 after the company picked up an additional 3.01% stake, raising its holding to 22.48% for an amount of ~Rs3.05bn on acquiring its 22.48% stake in Great Offshore.
Bharati acquired 1.11mn shares at an average Rs558.81 per share through Dhanshree Properties Pvt. Ltd, a Bharati Shipyard unit, for a total of Rs624mn.
ABG Shipyard had proposed an open offer of Rs520 per share on August 5, 2009 for Great Offshore to lift its 7.87% stake.
Shares of Petronet LNG gained by 2.5% to Rs76.2 after the company announced its plans to raise Rs50bn in debt to build power plants. The company plans to borrow money from overseas and local banks by the end of 2010, Managing Director P. Dasgupta said. The company may raise an additional Rs20bn in 2011, selling shares to existing investors.
Petronet’s planned power plants will be built adjacent to its import terminals at Dahej in Gujarat state in western India and Kochi in the southern state of Kerala.
The plants will have the capacity to generate 1,200MW of electricity and may be completed in 2012.
Shares of Thermax advanced by 3.5% to end at Rs525 after the company announced its entry into the independent power producer segment by bagging an order worth Rs10.01bn for the turnkey supply of a 270 MW power plant being set up by a Hyderabad based Infrastructure Company.
The boilers for this project will be manufactured by Thermax using the circulating fluidized bed combustion (CFBC) technology Licensed from Babcock & Wilcox, USA.
Shares of Raymond were locked at 10% upper circuit to end at Rs204.85 after the company announced that the board of directors approved the proposal for commencement of Realty Development as new business.
Shares of Alstom Projects surged over 4% to Rs544 after the company and its *consortium partners have signed a signaling equipment and services contract worth Rs1.87bn with the Bangalore Metro Rail Corporation Ltd (Â"BMRCL") for the first two lines of the new Bangalore metro system in India.
(*The consortium is led by ALSTOM Projects India Ltd and composed of ALSTOM Transport SA (ATSA), Thales Security Solutions and Services and Sumitomo Corporation).
The contract also has a provision for BMRCL to exercise a firm option of value Rs1.41bn (out of which Alstom’s share is Rs500mn) within 15 days of the base contract coming into effect.
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