Recovery on the Street

Make your own recovery the first priority in your life. - Robin Norwood

The recovery across the globe will elicit copycat moves in our market. Make sure your portfolio is well aligned to take advantage of any upmove. Expect a strong start and renewed buying in large cap counters.



What a success the Coal India IPO has been so far as institutional investors have pushed overall subscription nearly 12 times; and mostly at the upper end of the Rs225-245 price band. Today is the last day of bidding for retail and other non-institutional investors including HNIs so make sure you don’t miss this golden opportunity of owning a ‘Maharatna in the making.’

China’s economy grew 9.6% in the third quarter, its smallest gain in a year but beat most expectations. The US indices ended well above a percent each and Asian markets too are comfortably in the green.

The Federal Reserve said economic growth continued at a sluggish pace over the past few weeks but reported some bright spots in manufacturing, travel, tourism and auto sales. Weakness persists in the housing market, according to the Beige Book.

Results today - ACC, Ambuja Cem, Sasken, TVS Motors, Alstom Pro, MRF, TCS

The dollar fell against the British pound, euro and Japanese yen. Oil added $2.28 to close at $81.77 a barrel and Gold futures for December delivery was up $8.20 to at $1,344.20 an ounce.

The CPM has asked the Manmohan Singh government to scrap deregulation in petrol pricing.

Other news in the media include:

On expected lines, UIDAI has shortlisted nine IT companies, including TCS, IBM, Wipro, HCL Tech, Mahindra Satyam and Tech Mahindra, for the managed services provider contract worth around Rs20bn.

Refinance for home loan issuers rises four-fold in H1FY11.

SBI has announced a token increase of 10 bps in its base rate.

L&T plans to achieve financial closure for the Rs121.3bn Hyderabad Metro Rail project by next March.

L&T Finance is awaiting Sebi nod for its IPO to raise Rs15bn.

Essar Oil is close to acquiring oil and gas exploration blocks in Africa.

Tata Chemicals acquires has signed a share purchase agreement for acquiring a 100% stake in South African firm for US$1.1mn. (ET)

Sebi is set to unveil new rules on takeover of public listed firms based on recommendations on a committee headed by C Achuthan.

Iron Ore exports falls most in September, down by 47% at ~3mt.