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Tuesday, January 05, 2010
Godrej Properties attracts 9% premium
Settles at Rs 534.55 on BSE
Godrej Properties settled at Rs 534.55 on BSE, a premium of 9.10% over the initial public offer price of Rs 490.
The stock opened at Rs 510, a premium of 4.10% over the initial public offer (IPO) price. It hit a high of Rs 586.70 and a low of Rs 500. The counter clocked 52.60 lakh shares on the BSE.
The current share price of Rs 534.55, discounts the company's half-year ended September 2009 annualised consolidated EPS of Rs 13.7 by a PE multiple of 38.01.
Godrej Properties had fixed the issue price at Rs 490 per share, at the lower end of the Rs 490-530 price band. The company had mopped nearly Rs 500 crore from the initial public offer (IPO) which remained open for subscription between 9 December and 11 December 2009. The Godrej Properties IPO was oversubscribed 4 times and received bids for 3.09 crore shares as against 77.32 lakh shares on offer.
The qualified institutional buyers (QIBs) category was oversubscribed by 7.44 times. However, the retail investors category and non institutional investors category, made up of corporates and high net worth individuals, both remained undersubscribed. The non institutional investors category was subscribed just 0.40 times and the retail investors category was subscribed only 0.37 times.
The issue constituted 13.5% of the post issue paid-up capital of the company.
On 8 November 2009, Godrej Properties raised Rs 89.95 crore by selling 16.97 lakh shares at Rs 530 each to four anchor investors - JF India Fund, JF Eastern Smaller Companies Fund, Ward Ferry Management and The Royal Bank of Scotland Plc.
Godrej Properties is in the business of real estate development. It currently has real estate development projects in 10 cities in India, which are at various stages of development.
The Mumbai-based firm plans to use the IPO proceeds for acquisition of land development rights, construction of forthcoming projects and repayment of loans.
In 2008, the company had planned to come out with the IPO but shelved it due to volatile market conditions in the wake of the global slowdown
The company's consolidated net profit rose marginally by 0.81% to Rs 75.63 crore on 9.75% fall in consolidated net sales of Rs 205.26 crore in the year ended March 2009 over the year ended March 2008.
NSE Bulk Deals to Watch - Jan 5 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
05-JAN-2010,AMAR,Amar Remedies Limited,TRANSGLOBAL SECURITIES LTD.,BUY,182157,61.85,-
05-JAN-2010,ASTEC,Astec LifeSciences Ltd,AANGI SHARES & SERVICES PVT. LTD,BUY,105736,88.07,-
05-JAN-2010,DCMFINSERV,DCM Financial Ser Ltd,VINTAGE LEARING PVT LTD,BUY,100000,4.80,-
05-JAN-2010,FCSSOFT,FCS Software Solutions Li,PATEL PRAKASHBHAI NARSINHBHAI,BUY,1446693,14.55,-
05-JAN-2010,FCSSOFT,FCS Software Solutions Li,REGENT FINANCE CORPORATION PVT. LTD.,BUY,3108303,14.66,-
05-JAN-2010,GISOLUTION,GI Engineering Solutions,M/S RUKHMANI TRADERS,BUY,5,21.90,-
05-JAN-2010,GISOLUTION,GI Engineering Solutions,SHRI PARASRAM HOLDINGS PVT. LTD.,BUY,43740,21.47,-
05-JAN-2010,IFCI,IFCI Ltd.,ADROIT SHARE & STOCK BROKER PVT. LTD.,BUY,4031882,58.14,-
05-JAN-2010,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,7656904,22.87,-
05-JAN-2010,ITI,ITI Ltd.,BLUE PEACOCK SECURITIES PVT LT,BUY,120150,50.12,-
05-JAN-2010,JAYAGROGN,Jayant Agro Organics Ltd.,KANCHAN CHHABRA,BUY,49019,118.38,-
05-JAN-2010,KALINDEE,Kalindee Rail Nirman (Eng,MBL & COMPANY LTD.,BUY,63280,222.87,-
05-JAN-2010,KAUSHALYA,Kaushalya Infrastructure,BP FINTRADE PRIVATE LIMITED,BUY,100063,28.68,-
05-JAN-2010,KAUSHALYA,Kaushalya Infrastructure,DB (INTERNATIONAL) STOCK BROKERS LTD.,BUY,161161,25.91,-
05-JAN-2010,KAUSHALYA,Kaushalya Infrastructure,TRANSGLOBAL SECURITIES LTD.,BUY,144660,27.04,-
05-JAN-2010,MAGMA,Magma Fincorp Limited,NAMOKAR COMMERCIAL PVT LTD.,BUY,273395,161.57,-
05-JAN-2010,MAYTASINFR,Maytas Infra Limited,CLSA (MAURITIUS) LIMITED,BUY,30000,183.50,-
05-JAN-2010,RAJVIR,Rajvir Industries Limited,SUNEET LAL,BUY,19527,109.85,-
05-JAN-2010,SELMCL,SEL Manufacturing Company,NIKON FINLEASE PVT. LTD,BUY,116924,88.09,-
05-JAN-2010,SELMCL,SEL Manufacturing Company,OM INVESTMENTS,BUY,109909,89.83,-
05-JAN-2010,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,159326,357.84,-
05-JAN-2010,THINKSOFT,Thinksoft Global Ser Ltd,BP FINTRADE PRIVATE LIMITED,BUY,48580,360.52,-
05-JAN-2010,THINKSOFT,Thinksoft Global Ser Ltd,CHIMANLAL P. MATALIA,BUY,59148,359.20,-
05-JAN-2010,AMAR,Amar Remedies Limited,TRANSGLOBAL SECURITIES LTD.,SELL,182157,61.85,-
05-JAN-2010,ASIANELEC,Asian Electronics Ltd,SHAH INVESTMENTS FINANCIAL DEV & CON PRIVATE LIMIT,SELL,160000,40.78,-
05-JAN-2010,ASTEC,Astec LifeSciences Ltd,AANGI SHARES & SERVICES PVT. LTD,SELL,640,88.61,-
05-JAN-2010,DCMFINSERV,DCM Financial Ser Ltd,AMAZING CAPITAL SERVICES PRIVATE LIMITED,SELL,100000,4.80,-
05-JAN-2010,FCSSOFT,FCS Software Solutions Li,INNOVA ESERVICES PRIVATE LTD,SELL,7234668,14.50,-
05-JAN-2010,FCSSOFT,FCS Software Solutions Li,PATEL PRAKASHBHAI NARSINHBHAI,SELL,1400000,15.24,-
05-JAN-2010,FCSSOFT,FCS Software Solutions Li,REGENT FINANCE CORPORATION PVT. LTD.,SELL,3108303,14.95,-
05-JAN-2010,GISOLUTION,GI Engineering Solutions,M/S RUKHMANI TRADERS,SELL,49626,21.90,-
05-JAN-2010,GISOLUTION,GI Engineering Solutions,SHRI PARASRAM HOLDINGS PVT. LTD.,SELL,2500,21.80,-
05-JAN-2010,IFCI,IFCI Ltd.,ADROIT SHARE & STOCK BROKER PVT. LTD.,SELL,4000362,58.03,-
05-JAN-2010,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,8088653,22.86,-
05-JAN-2010,ITI,ITI Ltd.,BLUE PEACOCK SECURITIES PVT LT,SELL,120150,50.62,-
05-JAN-2010,JAYAGROGN,Jayant Agro Organics Ltd.,KANCHAN CHHABRA,SELL,96050,117.97,-
05-JAN-2010,KALINDEE,Kalindee Rail Nirman (Eng,MBL & COMPANY LTD.,SELL,63280,223.04,-
05-JAN-2010,KAUSHALYA,Kaushalya Infrastructure,BP FINTRADE PRIVATE LIMITED,SELL,102751,28.12,-
05-JAN-2010,KAUSHALYA,Kaushalya Infrastructure,DB (INTERNATIONAL) STOCK BROKERS LTD.,SELL,161161,26.01,-
05-JAN-2010,KAUSHALYA,Kaushalya Infrastructure,TRANSGLOBAL SECURITIES LTD.,SELL,140660,27.33,-
05-JAN-2010,MAGMA,Magma Fincorp Limited,CPIM STRUCTURED CREDIT FUND A 1000 LIMITED FDI,SELL,388731,160.60,-
05-JAN-2010,MAGMA,Magma Fincorp Limited,CPIM STRUCTURED CREDIT FUND A 1500 LIMITED FDI,SELL,111269,160.00,-
05-JAN-2010,MAYTASINFR,Maytas Infra Limited,CLSA (MAURITIUS) LIMITED,SELL,400000,181.45,-
05-JAN-2010,MIRZAINT,Mirza International Ltd.,CALEDONIA INVESTMENTS PLC,SELL,1055048,16.74,-
05-JAN-2010,NORTHGATE,Northgate Technologies Li,SWISS FINANCE CORPORATION (MAURITIUS) LIMITED,SELL,235000,27.76,-
05-JAN-2010,POLARIS,Polaris Software Lab Ltd,ORBITECH LIMITED,SELL,668792,187.85,-
05-JAN-2010,RAJVIR,Rajvir Industries Limited,SUNEET LAL,SELL,19527,109.77,-
05-JAN-2010,SELMCL,SEL Manufacturing Company,NIKON FINLEASE PVT. LTD,SELL,114824,88.25,-
05-JAN-2010,SELMCL,SEL Manufacturing Company,OM INVESTMENTS,SELL,109909,89.97,-
05-JAN-2010,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,159326,358.27,-
05-JAN-2010,THINKSOFT,Thinksoft Global Ser Ltd,BP FINTRADE PRIVATE LIMITED,SELL,52080,361.30,-
05-JAN-2010,THINKSOFT,Thinksoft Global Ser Ltd,CHIMANLAL P. MATALIA,SELL,59148,359.79,-
05-JAN-2010,ZANDUPHARM,Zandu Pharma works Ltd,EMAMI INFRASTRUCTURE LIMITED,SELL,4800,5833.30,-
Sensex ends higher for second day; Hindalco zoom
The Sensex ended on a higher note for the second day supported by index heavyweights Hindalco, Jaiprakash Associates and Sterlite Industries. Metal stocks traded higher during the day followed by realty and teck stocks, which led the upmove, except auto. Comments from Finance Ministry`s Chief Economic Advisor (CEA) Kaushik Basu that the Indian economy can notch up a 10% growth rate in the next few years also enhanced the sentiments.
It opened flat with a loss of 2.96 points, at 17,555.77 on Tuesday and soon moved up into the positive and traded higher touching a 22 month high of 17,729.78 in morning trade. The index later pared some of its gains due to some profit taking seen at higher levels in frontliners and remained positive throughout the session, settling near day`s high.
BSE Midcap and Smallcap index rose 1.20% and 0.85% respectively.
The Sensex ended the day with a gain of 127.51 points, or 0.73% at 17,686.24 after touching a high of 17,729.78 and a low of 17,555.77. The broad-based NSE Nifty gained 45.70 points, or 0.87% at 5,277.90 after hitting a high of 5,288.35 and a low of 5,242.40
Leaders in the 30-share index were Hindalco Industries (7.39%), Jaiprakash Associates (5.79%), Sterlite Industries (India) (4.57%), Reliance Communications (3.51%), Grasim Industries (3.36%), and Sun Pharmaceutical Industries (3.03%).
On the other hand, Maruti Suzuki India (2.27%), Tata Motors (1.99%), ACC (1.37%), NTPC (1.08%), Reliance Industries (0.54%), and Hindustan Unilever (0.38%) were the top laggards in the Sensex pack.
Overall market breadth was positive. Out of the total 2,962 stocks traded at BSE, 1,780 advanced, 1,104 declined while 78 remained unchanged.
Among the sectoral indices, BSE Metal which gained 3.82%, Realty gained 1.14%, TECk climbed 0.94% and PSU gained 0.91%, while BSE Auto fell 0.25%.
On global front, European stocks declined after the Dow Jones Stoxx 600 Index rose to a 15-month high yesterday.
Asian stocks rose, lifting the MSCI Asia Pacific Index to a 16-month high after US manufacturing expanded at the fastest pace in more than three years and commodities gained.
New Listing
Equity shares of Godrej Properties, a part of Godrej Group, got listed on the bourses today. The shares of the company settled at Rs 534.55 a share, a premium of 9.09% against its issue price of Rs 490 a share on the Bombay Stock Exchange (BSE)
The scrip opened at Rs 510 a share and touched a high of Rs 586.70 a share and a low of Rs 500 a share. A total of 5,260,628 shares have exchanged hands. The scrip has been placed in the `B` Group and has been assigned the scrip code of 533150.
On NSE, the shares of the company settled at Rs 534.55 a share, a premium of 9.09% against its issue price of Rs 490 a share. The scrip opened at Rs 511 a share and touched a high of Rs 586.80 a share and a low of Rs 502.15 a share. A total of 8,707,481 shares exchanged hands
Turnover rises
JSW Steel January 2010 futures at discount
Nifty January 2010 futures were near spot price at 5,277, as compared to the spot closing of 5,277.90. Turnover in NSE's futures & options (F&O) segment surged to Rs 59,599.01 crore from Rs 42,559.47 crore on Monday, 4 January 2010.
JSW Steel January 2010 futures were at a slight discount at 1141 compared to the spot closing of 1142.20.
Hindalco Industries January 2010 futures were near spot price at 174.30 compared to the spot closing of 174.
Suzlon Energy January 2010 futures were near spot price at 92.65 compared to the spot closing of 92.40.
In the cash market, the S&P CNX Nifty rose 45.70 points or 0.87% at 5,277.90.
BSE Bulk Deals to Watch - Jan 5 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
5/1/2010 513149 Acrow India AFJALBHAI KASAMBHAI LAKHANI B 5001 140.00
5/1/2010 513149 Acrow India ASARAFBHAI MAJIDBHAI PANCHA B 5000 139.50
5/1/2010 513149 Acrow India AFJALBHAI KASAMBHAI LAKHANI S 5001 139.50
5/1/2010 513149 Acrow India ASARAF BHAI MAJIDBHAI PANCHA S 5000 140.00
5/1/2010 532664 Amar Remedies TRANSGLOBAL SECURITIES LTD. B 184196 61.85
5/1/2010 532664 Amar Remedies TRANSGLOBAL SECURITIES LTD. S 184196 61.94
5/1/2010 504629 Anil Special SAMTUL INVESTMENTS LTD S 200000 15.87
5/1/2010 531881 Arvind Chem NILESH EKNATH BHOIR B 151449 26.33
5/1/2010 531881 Arvind Chem NEHA GYANESHWAR SHARMA B 112108 27.11
5/1/2010 531881 Arvind Chem NEENA GYANESHWAR SHARMA B 106681 26.55
5/1/2010 531881 Arvind Chem NILESH EKNATH BHOIR S 151487 26.33
5/1/2010 531881 Arvind Chem NEHA GYANESHWAR SHARMA S 111746 27.08
5/1/2010 531881 Arvind Chem NEENA GYANESHWAR SHARMA S 106638 26.52
5/1/2010 503940 Asian Elect SHAH INVESTMENTS FINANCIAL DEV & CON PRIVATE LIMIT S 150000 40.78
5/1/2010 533138 ASTEC AANGI SHARES & SERVICES PVT. LTD. B 142102 88.97
5/1/2010 533138 ASTEC MATRIX EQUITRADE PVT. LTD. B 91102 89.28
5/1/2010 533138 ASTEC MATRIX EQUITRADE PVT. LTD. S 91102 89.43
5/1/2010 512149 Avance Tech JIGNESH CHANDRAKANT SHAH S 1269812 3.26
5/1/2010 512109 Aviva Inds AVIVA INDUSTRIES LTD B 43948 25.50
5/1/2010 512109 Aviva Inds SAVITA SHYAMSUNDER GUPTA S 20000 25.50
5/1/2010 512109 Aviva Inds NEETA SHREEPRAKASH GUPTA S 19950 25.50
5/1/2010 517973 DMC Intl SETU SECURITIES PVT LTD B 37517 27.00
5/1/2010 517973 DMC Intl HARISH GUPTA B 74531 26.83
5/1/2010 517973 DMC Intl CENTENARY SOFTWARE PVT LTD B 52098 26.85
5/1/2010 517973 DMC Intl SHARK COMMUNICATION PVT LIMITED B 49000 26.95
5/1/2010 517973 DMC Intl SETU SECURITIES PVT LTD S 37516 26.82
5/1/2010 517973 DMC Intl BHARAT GUPTA S 52870 27.00
5/1/2010 517973 DMC Intl CENTENARY SOFTWARE PVT LTD S 51700 27.00
5/1/2010 526473 Elegant Flori M/S YASH MANAGEMENT AND SATELLITE LTD S 36000 5.11
5/1/2010 500132 Empee Sugars HIREN KIRIT GANDHI B 282799 24.45
5/1/2010 530337 Exelon Infra KAMALA KANTA GUPTA B 55451 55.71
5/1/2010 530337 Exelon Infra ASHLESH GUNVANTBHAI SHAH B 36079 58.90
5/1/2010 530337 Exelon Infra MADHU CHHAPARIA B 24145 57.89
5/1/2010 530337 Exelon Infra BINA BHARAT SHAH B 25000 56.10
5/1/2010 530337 Exelon Infra KAMALA KANTA GUPTA S 55451 56.80
5/1/2010 530337 Exelon Infra ASHLESH GUNVANTBHAI SHAH S 26079 56.23
5/1/2010 530337 Exelon Infra I K PROJECTS PRIVATE LIMITED S 42314 59.00
5/1/2010 526614 Expo Gas VAISHALI M PATEL B 41175 13.49
5/1/2010 526614 Expo Gas BDS SHARE BROKERS PVT LTD B 47114 13.92
5/1/2010 526614 Expo Gas VAISHALI M PATEL S 41175 13.95
5/1/2010 526614 Expo Gas BDS SHARE BROKERS PVT LTD S 52113 14.01
5/1/2010 532666 FCS Software INNOVA ESERVICES PRIVATE LTD S 2400000 14.50
5/1/2010 532768 FIEM Inds ANUBONDH FINANCIAL SERVIC ES PVT LTD S 59835 115.40
5/1/2010 530077 Freshtrop Fruit OMSA CAPITAL ADVISORS PVT LTD S 50481 35.76
5/1/2010 533150 GODREJ PROP OPG SECURITIES P LTD B 450223 550.07
5/1/2010 533150 GODREJ PROP OPG SECURITIES P LTD S 450223 551.17
5/1/2010 511682 IFL Promoters CENTENARY SOFTWARE PVT LTD B 21623 9.35
5/1/2010 511682 IFL Promoters SHARK COMMUNICATION PVT LIMITED B 35000 9.35
5/1/2010 511682 IFL Promoters CENTENARY SOFTWARE PVT LTD S 20000 9.35
5/1/2010 511682 IFL Promoters DMC INTERNATIONAL LIMITED S 30000 9.35
5/1/2010 532894 Indowind Ener APURVA INTERNATIONAL B 280346 60.34
5/1/2010 531398 Inwinex Pharma PRAKASH K.SHAH SHARES & ESCURITIES PVT LTD. B 9279 9.28
5/1/2010 531398 Inwinex Pharma JIMIT JAIKISHAN RATHI S 10000 9.28
5/1/2010 523467 Jai Mata Glass GROWMORE PROPERTIES PVT LTD S 203360 2.69
5/1/2010 524330 Jayant Agro KANCHAN CHHABRA S 81683 117.53
5/1/2010 532283 Kaashyap Tech HITEN MEHTA B B 13978609 0.87
5/1/2010 532283 Kaashyap Tech PRIYESH ARVIND BHATT B 10100000 0.87
5/1/2010 532283 Kaashyap Tech JMP SECURITIES PVT LTD B 13309019 0.88
5/1/2010 532283 Kaashyap Tech HITEN MEHTA B S 10192553 0.88
5/1/2010 532283 Kaashyap Tech PRIYESH ARVIND BHATT S 5000000 0.90
5/1/2010 532283 Kaashyap Tech JMP SECURITIES PVT LTD S 13309019 0.88
5/1/2010 532283 Kaashyap Tech TAIB SEC MAURITIUS LTD S 15387761 0.86
5/1/2010 532925 Kaushalya Infra TRANSGLOBAL SECURITIES LTD. B 116478 27.43
5/1/2010 532925 Kaushalya Infra DB (INTL) OWN TRADING B 156321 26.28
5/1/2010 532925 Kaushalya Infra TRANSGLOBAL SECURITIES LTD. S 116478 27.12
5/1/2010 532925 Kaushalya Infra DB (INTL) OWN TRADING S 156321 26.15
5/1/2010 530255 KAY Power KAUSHALYA GARG B 59970 12.36
5/1/2010 526209 KS Oils TREE LINE ASIA MASTER FUND SINGAPORE PTE LTD B 5000000 68.50
5/1/2010 531731 Kuvam Intl PARVEEN KUMAR GOEL S 17000 50.70
5/1/2010 524000 Magma Fin NAMOKAR COMMERCIAL PVT LTD B 226605 161.92
5/1/2010 524000 Magma Fin CPIM STRUCTURED CREDIT FUND A 1500 LIMITED S 182003 160.19
5/1/2010 524000 Magma Fin CPIM STRUCTURED CREDIT FU:'ID A 20 LIMITED S 317997 160.84
5/1/2010 531515 Mahan Inds JASMIN S BAJORIYA S 34561 31.00
5/1/2010 532950 Manjushree Techno HITESH SHASHIKANT JHAVERI B 70000 51.25
5/1/2010 532950 Manjushree Techno HITESH SHASHIKANT JHAVERI S 70000 51.25
5/1/2010 532950 Manjushree Techno SECURITIES VSL S 75000 51.25
5/1/2010 531680 Mayur Leather NANJAPPA RANGAPPA S 28000 20.57
5/1/2010 526642 Mirza Intl ABHISHEK VIJAYKUMAR SHAH B 553232 16.85
5/1/2010 526642 Mirza Intl ABHISHEK VIJAYKUMAR SHAH S 1151658 16.77
5/1/2010 526642 Mirza Intl CALEDONIA INVESTMENTS PLC S 667166 16.80
5/1/2010 590090 Octant Inter ABSOLUTE LEASING & FINANCE PVT LTD S 132849 13.76
5/1/2010 531496 Omkar Overseas GAGAN OMPRAKASH ARORA B 26264 47.39
5/1/2010 511702 Parsharti Inv BHAVESH SHANTILAL TRIVEDI B 37000 34.58
5/1/2010 511702 Parsharti Inv PALAK AGENCY PVT LTD B 25783 35.54
5/1/2010 511702 Parsharti Inv NAVINBHAI M CHAUDHARY HUF B 18000 34.50
5/1/2010 511702 Parsharti Inv KRUPA SANJAY SONI S 28514 34.24
5/1/2010 511702 Parsharti Inv NAVINBHAI M CHAUDHARY HUF S 18000 35.90
5/1/2010 526588 Photoquip India ABHAY KUMAR MUNOTH B 32000 33.56
5/1/2010 526588 Photoquip India MEET TRADELINK B 88165 37.30
5/1/2010 526588 Photoquip India AMAR MUKESH SHAH S 29452 37.36
5/1/2010 526588 Photoquip India MEET TRADELINK S 110415 34.11
5/1/2010 531855 Prabhav Inds NATURAL EXPO AGRO INDUS LTD S 52000 48.10
5/1/2010 531855 Prabhav Inds ATREYA PETROCHEM LIMITED S 150000 48.10
5/1/2010 530047 Rai Saheb Rekh PARRK PETROCHEM P LTD B 25100 74.00
5/1/2010 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 39020 33.51
5/1/2010 590077 Ranklin Sol R O BART B 27041 51.59
5/1/2010 590077 Ranklin Sol V MANIKYALA RAO B 41813 51.48
5/1/2010 590077 Ranklin Sol SATISH MORTHA B 28000 52.20
5/1/2010 590077 Ranklin Sol EMINENCE CAPITAL SERVICES S 50000 51.59
5/1/2010 507300 Ravalgaon Sugar RAHUL DOSHI B 599 10511.50
5/1/2010 507300 Ravalgaon Sugar RAHUL DOSHI S 949 10076.00
5/1/2010 533083 RISHABHDEV MAHESH MEETAL B 217377 17.85
5/1/2010 533083 RISHABHDEV ARIHANT SEC & INVESTMENT B 184286 17.78
5/1/2010 533083 RISHABHDEV NIRAJ HARSUKH SANGHVI B 150000 17.55
5/1/2010 533083 RISHABHDEV MAHESH MEETAL S 217377 17.64
5/1/2010 533083 RISHABHDEV CREDO INDIA THEMATIC FUND LIMITED S 200000 17.54
5/1/2010 533083 RISHABHDEV ARIHANT SEC & INVESTMENT S 184286 17.64
5/1/2010 533083 RISHABHDEV NIRAJ HARSUKH SANGHVI S 150000 17.68
5/1/2010 506172 Sampada Chem HARSHA BILVE B 27350 61.50
5/1/2010 506172 Sampada Chem KOPRAN LABORATORIES LTD S 44300 61.32
5/1/2010 506172 Sampada Chem SUSHEEL G SOMANI HUF S 29900 61.50
5/1/2010 531312 Sanraa Media JMP SECURITIES PVT LTD B 3651000 0.95
5/1/2010 532886 SEL Mfg Company OPG SECURITIES P LTD B 140269 90.14
5/1/2010 532886 SEL Mfg Company OPG SECURITIES P LTD S 140269 90.20
5/1/2010 512499 Shalimar Prod ANISHA KUMARI B 210000 1.63
5/1/2010 512499 Shalimar Prod ANANT PRAKASH KABRA S 217000 1.62
5/1/2010 531841 Subuthi Finance BALA VENCKAT KUTTI S 100000 27.15
5/1/2010 530595 Telecanor Glob ASHLESH GUNVANTBHAI SHAH S 33000 25.52
5/1/2010 533121 THINKSOFT A.K.G. STOCK BROKERS PVT. LTD. B 144764 358.23
5/1/2010 533121 THINKSOFT CHIMANLAL POPATLAL MATALIA B 61321 359.44
5/1/2010 533121 THINKSOFT A.K.G. STOCK BROKERS PVT. LTD. S 144764 358.14
5/1/2010 533121 THINKSOFT CHIMANLAL POPATLAL MATALIA S 61321 359.23
5/1/2010 517228 Trend Elect ASHOK KUMAR PARMAR S 42909 30.78
5/1/2010 526921 Twentyfirst Cent Mgt SIDDHARTH SUNDAR IYER B 250000 23.00
5/1/2010 526921 Twentyfirst Cent Mgt SHOBANA CHANDRA MOULI B 250000 23.50
5/1/2010 526921 Twentyfirst Cent Mgt TWENTYFIRST CENTURY MONEY GROWTH FUND LTD S 500000 23.25
5/1/2010 531874 Venus Ventures ANITHA YARLAGADDA S 84479 12.03
5/1/2010 524394 Vimta Labs MAYUR MANGALDAS KOTHARI S 200000 30.05
5/1/2010 531051 Vintage Sec MADHAB PRASAD JHUNJHUNWALA B 50088 6.03
5/1/2010 531051 Vintage Sec SUNIL SARAOGI S 43134 6.03
5/1/2010 531249 Well Pack Papers SHOBHNABEN R PARMAR B 38166 377.18
5/1/2010 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR B 40432 377.47
5/1/2010 531249 Well Pack Papers SHOBHNABEN R PARMAR S 29508 377.56
5/1/2010 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR S 43161 376.54
5/1/2010 531396 Women Networks CHAMPION TIE UP SERVICES PVT LTD B 23000 20.55
5/1/2010 505163 ZF Steering AMOLCHANDHIRACHAND MUNOT B 100000 240.00
5/1/2010 505163 ZF Steering MANIK RAMESHCHAND MUNOT B 49782 240.00
5/1/2010 505163 ZF Steering YASH MUNOT B 54445 240.00
5/1/2010 505163 ZF Steering AMITAJI NENDRAKUMAR MUNOT B 54445 240.00
5/1/2010 505163 ZF Steering PIYUSH MUNOT B 54445 240.00
5/1/2010 505163 ZF Steering JINENDRA H MUNOT B 54447 240.00
5/1/2010 505163 ZF Steering UTKARSH DINESHCHAND MUNOT B 150000 240.00
5/1/2010 505163 ZF Steering DINESHCHAN DHIRACHAND MUNOT B 185566 240.00
5/1/2010 505163 ZF Steering JAYASHREE ARUN FIRODIA S 322390 240.00
5/1/2010 505163 ZF Steering ARUN HASTIMAL FIRODIA S 90420 240.00
5/1/2010 505163 ZF Steering KINETIC ENGINEERING LTD S 428700 240.00
* B - Buy, S - Sell
Metals keep spirits up on second day
Today's major news
JSW Energy plans Rs40,000 crore investment; the stock shoots up 11.91%
MIC Electronics secures orders worth Rs14.15 crore; the stock closes 1.26% lower
Sadbhav Engineering bags project worth Rs1,350 crore; the stock rises 1.76%
Mahindra & Mahindra to sell Navistar trucks by March; the stock surges 1.86%
JSW Steel’s Q3 crude steel production grew by 88%; the stock jumps 10.82%
Click here for more mor stories
Events Update
Godrej Properties listed on the BSE at Rs510, at 5% premium on the issue price. The stock touched day’s low of Rs500 and day’s high was Rs586.70. In today’s trade, the stock closed at Rs534.55 up by 9.09% with a volume of 52,56,086 shares on the BSE.
Post-market summary
Global signals
The European indices opened weak. At the time of writing this report FTSE 100 was trading almost flat, only 0.03% higher.
Among major Asian indices, all the indices closed higher, except Kospi that fell marginally by 0.33%. SGX Nifty rose 31 points.
US stock futures opened marginally lower on Tuesday, as investors keep an eye on Auto & Truck Sales number for December and Pending Home sales number of November.
Indian indices
On strong overseas markets and robust buying in metals, Indian indices continued their northbound journey. The Sensex that opened 3 points lower at 17556 and never saw that level again. The day’s high was 17730. At finishing line, Sensex closed at 17686, 127 points higher. Nifty closed 46 points higher at 5278.
Market sentiment
The market breadth, the number of advancing shares to declining shares, was positive. Of the total 2,962 stocks traded on the BSE, 1,780 stocks advanced, whereas 1,104 stocks declined. Seventy eight stocks closed unchanged.
Sectoral & stock screening
Aluminium, copper or steel—it was the day of metals. The sector index, BSE Metal, was up by 3.82%. BSE Realty was up by 1.14%. The remaining indices bar BSE Auto that was down by 0.25% were up marginally.
National Aluminium Ltd (NALCO) was the star stock of the day being up by 14.84% for the day to be followed by JSW Steel that was up by 10.82% and MTNL that rose by 10.30%. On losers list, Videocon Industries topped, down by 2.83% at the closing, followed by Maruti Suzuki that fell by 2.27% and Central Bank of India that shed 2.12%.
Viewing volumes
IFCI, industrial finance company, saw highest trading with over 1.17 crore shares changing hands on the BSE, followed by Reliance Natural Resources (1.10 crore shares), wind turbine maker Suzlon Energy (0.98 crore shares), Ispat Industries (0.97 crore shares) and Essar Oil (0.64 crore shares).
Asian markets ends firm on Wall Street cues, higher commodity prices
Hang Seng, Shanghai, Sensex, Sydney edge higher while Seoul bucks the regional trend
Stock markets in Asian region finished with notable gains on Tuesday, 5 January 2010, following the positive close on Wall Street overnight, higher commodity prices and optimism about global economy prompting investors to step up buying across various sectors.
On Wall Street, stocks started off the New Year broadly higher as the major U.S. stock averages touched 52-week highs behind a spate of deals, soaring commodities and strong manufacturing data. The Dow Jones Industrial Average closed up 156 points, or 1.5%, to 10,584. The S&P 500 gained 18 points, or 1.6%, to 1133, and the Nasdaq added 39 points, or 1.7%, to 2308.
In the commodity market, crude oil traded near a 14-month high in New York as freezing weather in the U.S., the largest energy consumer, and improving global economies bolstered the outlook for fuel demand.
Crude oil for February delivery was at $81.97 a barrel, up 46 cents, in electronic trading on the New York Mercantile Exchange at 3:57 p.m. Singapore time. Yesterday, the contract rose 2.7% to $81.51 a barrel, the highest settlement since 9 October 2008.
Brent crude oil for February settlement was at $80.71 a barrel, up 59 cents, on the London-based ICE Futures Europe exchange at 3:57 p.m. Singapore time. Yesterday, the contract gained 2.8% to $80.12 a barrel, the highest settlement since 9 October 2008.
Gold rose in London, extending its biggest rally in two months, as a weaker dollar boosted the metal's appeal as an alternative investment. Gold for immediate delivery advanced as much as $6.75, or 0.6%, to $1,127.95 an ounce, the highest price since 17 December 2009. The metal traded at $1,126.53 at 9:22 a.m. London time. Gold for February delivery rose 0.8% to $1,127.30 an ounce on the New York Mercantile Exchange's Comex division.
In the currency market, the US dollar remained soft in Asian trading today as equities strengthen broadly following overnight rally in US markets. However, the Japanese yen manages to recovery strongly against dollar and European majors on speculation of large-sized buying on exporters' repatriation.
The Japanese yen strengthened against greenback and pound today on speculation Japanese exporters took advantage of its recent slide to buy their own currency. Japan's currency was quoted at 91.76 per US dollar as of the TSE close today from Monday's quote at Y92.50 per dollar in New York
The Hong Kong dollar was trading at HK$ 7.7558 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 hit a three-week high on Tuesday after firm commodity and share prices gave it a lift against a soft US dollar. Building on a sharp 1.7% jump in overnight trade - the biggest daily gain in over two months, the Aussie edged up further on Tuesday to a high of $US0.9164, before finishing local trade at $US0.9144, after closing yesterday at $US0.8978.
In Wellington trade, strong equity and commodities markets lifted the New Zealand dollar into 2010, following up on gains made last year. The kiwi closed the local trading session at US73.27c, up from US72.57c on the last day of last year. The kiwi reached a high of US73.60c, before falling back to US73.27c at 5pm.
The South Korean currency rose to the 1,140-won level against the U.S. dollar for the first time in about 15 months on Tuesday due to foreigners' appetite for risky assets. The local currency closed at 1,140.5 won to the greenback, up 1.25 percent or 14.3 won from the previous session, marking the strongest level in about 15 month. It also broke through the 1,150-won mark for the first time since Sept. 23, 2008 when the won hit 1,149 won per the dollar.
The Taiwan dollar strengthened further against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 31.8600, 0.0380 up from Monday's close of NT$32.8980.
In equities, Asian stock markets ended mostly higher, bolstered by Wall Street's upbeat start for 2010 and strong commodity prices, while technology shares advanced on optimism for chip sales this year.
In Japan, the share market closed edged higher on bolstered confidence in the global economic recovery, helped by upbeat economic news from China and US manufacturing data for December. However, most of morning gains which briefly took the benchmark Nikkei to 15-month intraday high were trimmed by export related stocks after rapidly strengthening yen against US dollar.
At the closing bell, the Nikkei 225 Stock Average index was at 10,681.83, spurted 27.04 points or 0.25% from Monday's close, while the broader Topix of all First Section issues on the Tokyo Stock Exchange grew 3.82 points, or 0.42%, to 919.57.
On the economic front, the Bank of Japan revealed that the monetary base in the country rose 5.2% year-over-year during December, following an year-over-year rise of 3.8% in the month of November. The central bank further noted that banknotes in circulation were down an annual 0.3%, while coins in circulation fell 0.7% on year. The current account balance was up 53.6%, including a 47.4% annual increase in reserve balances.
In a separate statement, the Japan Automobile Dealers Association said auto sales increased for the fifth consecutive month in December. Domestic sales of new cars, trucks and buses increased 36.5% year-on-year in December. Automobile sales totaled 250,474 units in December, larger than 183,549 recorded in December 2008. However, for the calendar year 2009, automobile sales declined 9.1% to 2.92 million vehicles
In Mainland China, growing confidence about the global economy lifted China share market higher with broad based gains across the sector heavyweights. Commodity metal and energy related stocks led the way, helped by rising commodity prices. Brokerage firms outshine on hopes of China will launch its first stock index futures in the first quarter.
At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, grew 1.18%, to 3,282.18, while the Shenzhen Component Index on the smaller Shenzhen Stock Exchange fell 0.12% to 13,517.38. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, has gained 0.82%, to 3,564.06.
In Hong Kong, share spiraled up underpinned by a positive offshore lead and strong gains in financials, properties and commodity metal and oil stocks as investors confidence in the global economic recovery gaining momentum after upbeat manufacturing figures globally.
At the closing bell, the Hang Seng Index spurted 456.30 points, or 2.09%, to 22,279.58, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, surged 391.48 points, or 3.07%, to 13,142.03.
In Australia, the shares market climbed at the end of trading session with strong gains in the sectors heavyweights, bolstered by signs the global economic recovery is gaining momentum after upbeat manufacturing figures from China, India, and US. At the closing bell, the benchmark S&P/ASX200 index spurted 48 points, or 0.98%, to 4,924.30, meanwhile the broader All Ordinaries surged 49.70 points, or 1.02%, to 4,939.50.
On the economic front, Australia's Housing Industry Association said in survey outcome that new home sale in Australia rose by 0.3% in November from previous month.
In New Zealand, equities commenced the first trading day of the year 2010 on the same positive note that it ended 2009. The benchmark NZX-50 index was up 38.04 points, or 1.16%, to 3268.19. Meanwhile, the NZX 15 gained 1.30% or 77.05 points to close at 5942.09
In South Korea, shares closed lower as the strengthening local currency prompted concerns about exporters' earnings prospects. The benchmark Korea Composite Stock Price Index (KOSPI) declined 5.52 points to 1,690.62, after briefly touching the 1700-mark in early trading.
In Singapore, signs of global economic recovery after upbeat manufacturing reports from the United States, China and India bolstered Singapore share market higher on the second trading day of the year. Soaring commodities and strong global manufacturing data buoyed up manufacturing and multi industries stocks. Financials and properties grew on as signs the global economic recovery is gaining momentum. At the closing bell, the blue chip Straits Times Index was at 2,920.28, grew 25.73 points or 0.89%.
In Taiwan, stocks inched up to a new 19-month closing high as investors bought Powerchip and other chip shares on hopes of rising PC demand. Helped by a Wall Street rally the main TAIEX share index rose as much as 0.9% by midday before ending up 3.55 points, or 0.04%, at 8,211.40, the highest close since 11 June 2008.
In Philippines, stock market closed higher on the back of positive cues from other Asian markets following the gains on Wall Street overnight, which boosted investor confidence. However, investors also took cues from the inflation figures, which accelerated to an eight-month high, limiting the upside move of the composite index. The benchmark index PSEi escalated 0.78% or 23.45 points to 3,028.46, while the All Shares index mounted 0.65% or 12.36 points to 1,909.22.
In India, the key benchmark indices rose for the second straight trading day of 2010, tracking firm Asian stocks. Fears of an immediate hike in interest rates by the central bank receded following comments from government officials. The BSE 30-share Sensex was up 127.51 points or 0.73% to 17,686.24. The Sensex gained 171.05 points at the day's high of 17,729.78; in early trade it's highest since 5 May 2008. The Sensex fell 2.96 points at the day's low of 17555.77 in early trade. The S&P CNX Nifty was up 45.70 points or 0.87% at 5277.90. It hit a high of 5,285.50; it's highest since 2 May 2008.
Elsewhere, Malaysia's Kula Lumpur Composite index finished slightly higher at 1288.24 while stock markets in Indonesia's Jakarta Composite index jumped 29.86 points ending the day lower at 2605.28.
In other regional market, stocks in Europe pulled back after the strong start to the year, with Cadbury dropping after Nestlé formally took itself out of the running for the U.K. chocolate maker by buying Kraft Foods' frozen business instead. The U.K. FTSE 100 gained 0.1% or 5.58 points to 5,506, the German DAX fell 0.1% or 7 points to 6,026.67 and the French CAC 40 lost 0.1% or 5.5 points to 4008.
Eros International plans to raise Rs 350 crore through IPO
To fund acquisition and co-production of Indian film rights
Media firm Eros International reportedly plans to raise Rs 350 crore through an initial public offer (IPO) and has filed a draft red herring prospectus with market regulator Securities & Exchange Board of India (Sebi) for the same. The public offer would be based on 100% book building process.
According to the draft red herring prospectus, Eros International is considering pre-IPO placement of shares worth Rs 20 crore with certain investors.
The company will use the funds to acquire and co-produce Indian film rights, primarily Hindi films, as also Tamil and other regional language films, and for general corporate purposes.
The Mumbai-based company is promoted by Eros International Plc and Eros Worldwide FZ LLC.
Sensex, Nifty at highest level in 22 months
The key benchmark indices rose for the second straight trading day of 2010 tracking firm Asian stocks. Fears of an immediate hike in interest rates by the central bank receded following comments from government officials. The BSE 30-share Sensex rose 127.51 points or 0.73%, off close to 45 points from the day's high. The Sensex and the 50-unit S&P CNX Nifty attained their highest closing level in more than 22 months.
Metal stocks soared as base metal prices surged on the London Metal Exchange on Monday, 4 January 2010. Realty and banking stocks, also rose. But index heavyweight Reliance Industries edged lower. Shares of two auto majors Tata Motors and Maruti Suzuki India fell on concerns competition will intensify in the small car market. The market breadth was strong.
The market surged at the onset of the trading session on firm Asian stocks. The Sensex and the 50-unit S&P CNX Nifty struck their highest level in 20 months. The market remained range bound in morning trade. The market pared gains in early afternoon trade. The market firmed up again later. The market moved in a narrow range in afternoon trade. The market pared gains soon surging at about 13:30 IST. A bout of volatility was witnessed once again in late trade.
Emerging market equity funds posted a record $64.5 billion in inflows in calendar 2009, helped by record flows into BRIC -- Brazil, Russia, India and China funds, global fund tracker EPFR said on Tuesday. The Chinese economy's return to robust growth also boosted Asia ex-Japan equity funds, which posted record inflows of $19.1 billion. Emerging market bond funds attracted record inflows of $8.2 billion.
Direct tax receipts during April-December 2009 rose 8.51% from a year earlier to Rs 250000 crore, the finance ministry said in a statement on Tuesday. The corporate tax receipts were up by 13.47% at Rs 167000 crore, while income tax paid by individuals declined by 0.41% at Rs 83178 crore, it said.
The government does not need to tighten monetary policy now and risk stalling a nascent economic recovery as inflation pressure was mainly caused by high food prices, the chief economic adviser to the finance ministry Kaushik Basu said on Monday. Basu also said Asia's third-largest economy was likely to return to 9% growth in the fiscal year 2010/11, after topping 7.5% in the current year to end-March. "You don't want to have an effect across the board, which increases unemployment, which holds back the growth rate," he said, adding inflation would "peter out" over a few months. "Right now, it is a sector-specific intervention that is needed, which is in food sector and that is what the government is doing," he said.
Basu said the economic rebound seen in the first half of the current year would continue in the December quarter, despite a poor farm output. Basu said India's high savings and investment rates would help sustain the recovery and an annual economic growth rate of 10% is possible within "a couple of years".
While Basu said there was no need to tighten policy at this juncture, the prime minister's economic adviser, C. Rangarajan, told to TV media on Tuesday that liquidity tightening may be needed. Rangarajan, however, said an adjustment in policy interest rates is not warranted at the moment. The Reserve Bank of India is set to hold its quarterly monetary policy review on 29 January 2010 and is widely expected to tighten cash reserve ratio (CRR) requirements for banks, with economists divided on when the central bank will raise policy rates.
The food price inflation was at 19.83% in the 12 months to 19 December 2009 on supply shortages after the weakest monsoon in 37 years, followed by floods in parts of the country that hit crops.
The Reserve Bank of India (RBI) has said it was worried about a spillover of higher food prices to other sectors, raising expectations of monetary tightening by the central bank to dampen inflationary expectations.
RBI deputy governor Shyamal Gopinath said on Monday there have been no concerns on capital inflows.
Meanwhile, the latest data showed that the rate of growth in manufacturing rose for the first time in three months in December 2009, with activity reaching its highest since May 2009 on sharp rises in new work and output. The HSBC Markit Purchasing Managers' Index (PMI), based on a survey of 500 Indian companies, rose to 55.6 in December from 53.0 in November. The reading was the strongest since May's 55.7, which was the strongest in 2009.
India's exports sector has bounced back with outward trade growing by 18% in November 2009, the commerce ministry said. The export figures turned positive after staying in the red for 13 months. The value of exports in November 2009 jumped to $13.19 billion compared to $11.16 billion.
Data last month showed that corporate advance tax payments for the October-December 2009 quarter shot up sharply, suggesting a higher profit growth in corporate sector in the third quarter (October-December) of the current fiscal. Corporate advance tax payments for the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in April-June quarter and a 14.7% increase in July-September quarter. The company-wise break-up of advance tax collection suggests a broad-based recovery with automobiles, cement, metals and consumer goods, doing well.
European shares turned positive extending recent gains led by banks after reports Barclays may raise earnings guidance. The key benchmark indices in France and UK rose by between 0.04% to 0.34%. But Germany's DAX fell 0.15%.
Most Asian stocks rose on Tuesday led by electronics and mining companies, after US manufacturing expanded at the fastest pace in more than three years and commodity prices advanced. The key benchmark indices in China, Taiwan, Hong Kong, Indonesia, Japan, and Singapore rose by between 0.04% to 2.09%. But, South Korea's Seoul Composite fell 0.33%.
China's yuan is facing a new round of appreciation pressure and expectations of a stronger currency will attract speculative capital inflows, complicating liquidity management, a senior official said in comments published on Tuesday. Zhang Xiaoqiang, a vice-chairman of the National Development and Reform Commission, the country's powerful central planner, said quantitative easing in rich countries, a weakening dollar and China's economic recovery were set to create additional pressure on the Yuan .
Trading in US index futures indicated a flat opening of US stocks on Tuesday, 5 January 2010.
US stocks rallied to their highest levels in over a year on the first trading day of 2010 on Monday after a report that showed growth in the manufacturing sector. All the three benchmark indices hit 15 month highs. The Dow Jones Industrial Average gained 155.91 points, or 1.5%, to 10,583.96. The Standard & Poor's 500 index added 17.89 points, or 1.6%, to 1,132.99, while the Nasdaq Composite Index rose 39.27 points, or 1.7%, to 2,308.42.
In key economic data, the ISM's gauge of manufacturing showed growth for a fifth straight month, rising to 55.9 in December 2009 from 53.6 in November. Participants shrugged off the two-month old construction spending data that showed a slightly steeper-than-expected 0.6% monthly decline for November.
Updated International Monetary Fund (IMF) economic forecasts this month are likely to show "somewhat more upbeat expectations" about the world economy, the IMF's First Deputy Managing Director, John Lipsky said on Monday. John Lipsky, wrote in an IMF blog that the improved prospects are evident in economic data and financial markets and will be reflected in the IMF's World Economic Outlook expected later this month. He warned, however, there were many reasons to be cautious about the economic recovery underway.
The US Federal Reserve sees a moderate economic recovery continuing in 2010, but needs to keep interest rates "exceptionally low" for an "extended period" to foster job growth, a Fed policymaker said on Monday. Fed Governor Elizabeth Duke told an economic forum that slack in the economy was likely to remain above historical norms for some time, helping to keep inflation subdued. The Fed cut interest rates to near zero in December 2008 and created a host of emergency lending facilities to fight the worst recession in more than 70 years. It has pledged low rates for an extended period.
Fed watchers have focused on any changes in that language for clues to the timing of a possible tightening of monetary policy as the economy recovers. The FOMC maintained the "extended period" stance in its last statement on 15 December 2009.
Closer home, the BSE 30-share Sensex rose 127.51 points or 0.73% to 17,686.24, its highest closing since 28 February 2008. The Sensex gained 171.05 points at the day's high of 17,729.78, in early trade. The Sensex fell 2.96 points at the day's low of 17555.77 in early trade.
The S&P CNX Nifty rose 45.70 points or 0.87% at 5277.90 its highest closing since 28 February 2008. It hit a high of 5,285.50. Nifty January 2010 futures were near spot price at 5,277, as compared to the spot closing of 5,277.90. Turnover in NSE's futures & options (F&O) segment surged to Rs 59,599.01 crore from Rs 42,559.47 crore on Monday, 4 January 2010
BSE clocked a turnover of Rs 6815 crore, higher than Rs 6591.78 crore on Monday, 4 January 2010.
The market breadth, indicating the overall health of the market was strong. On BSE, 1774 shares advanced as compared with 1108 that declined. A total of 79 shares remained unchanged.
The BSE Mid-Cap index rose 1.2% and the BSE Small-Cap index rose 0.85%. Both the indices outperformed the Sensex.
Among the 30-member Sensex pack, 23 rose while rest declined.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) fell 0.54%. The stock had declined 1.29% on Monday after firm raised Rs 2,675 crore selling shares held by its treasury to build a war chest probably to buy the bankrupt petrochemical major LyondellBasell.
RIL sold 2.58 crore treasury shares, created eight years ago following the merger of Reliance Petroleum with RIL, to state-owned Life Insurance Corporation, which is the largest institutional shareholder in the company with a 6% stake.
Metal stocks spurted after LMEX, a gauge of six metals traded on the London Metal Exchange, rose 1.75% on Monday, 4 January 2010. Steel makers rose as steel companies are reportedly eyeing higher prices in 2010 as stronger economic growth worldwide drives up demand for the critical building material. Tata Steel, Jindal Steel & Power, Bhushan Steel rose by between 2.3% to 2.39%.
Steel Authority of India (SAIL) rose 2.54% after gaining 3.14% on Monday after company reported a 32% growth in sales at 1.3 million tonne in December 2009 from a year ago
JSW Steel jumped 10.82% after the company's crude steel output soared 88% to 14.70 lakh tonnes in Q3 December 2009 over Q3 December 2008.
Recently, Tata Steel raised prices by Rs 2,000 a tonne, while state-owned Steel Authority of India (SAIL) withdrew the Rs 750-1,500 per tonne rebate it had started offering in November 2009, following the increase in raw material cost.
Among non ferrous stocks, Sterlite Industries, Hindustan Zinc, Hindalco Industries rose by between 2.63% to 7.39%.
National Aluminium Company rose 14.84%, on reports the state-run aluminium producer has hiked prices of rolled products by Rs 3,000 a tonne and other product prices by Rs 1,000 a tonne.
Rate sensitive realty stocks rose on reports realty sector holds promise in the year 2010 after a lackluster 2009. India's largest realty player by market capitalization DLF rose 1.36%. On 16 December 2009, the company's board approved merger of its commercial realty arm DLF Assets (DAL) with itself, a move aimed at repaying some of DAL's debt.
Among other realty stocks, Unitech, Housing Development & Infrastructure, Peninsula Land rose by between 1.45% to 5.04%.
Godrej Properties settled at at Rs 534.55, a premium of 9.09% over the initial public offer price of Rs 490. The stock opened at Rs 510, a premium of 4.10% over the initial public offer (IPO) price.
India's largest mobile services provider by sales Bharti Airtel rose 1.57% on reports the firm got an approval from Bangladesh's telecoms authority for its proposed $300 million investment in Abu Dhabi Group's Warid Telecom.
India's second largest mobile services provider by sales Reliance Communications rose 3.51%.
Banking stocks extended recent gains on reports credit offtake has picked up. According to the latest Reserve Bank of India (RBI) figures, total loans, including food credit loans to Food Corporation of India for foodgrain procurement and non-food credit (all other loans) amounted to Rs 29,41,293.07 crore as on 19 December 2009. This represents a sequential growth of Rs 34,028 crore since 27 November 2009 compared to a growth of Rs 7,698 crore in the whole of November 2009.
India's largest private sector bank by net profit ICICI Bank rose 0.98% as its ADR rose 2.78% on Monday. ICICI Bank has tied up with UK Trade and Investment to help Indian firms explore business opportunities in the British market. Through this tie-up, the bank will be able to provide value-added services such as training events and investment assistance to Indian firms looking at business opportunities in the UK. UK Trade and Investment is a government organisation that helps UK-based companies succeed in international markets.
India's largest bank by net profit and branch network State Bank of India was flat. The state-run bank paid advance tax of Rs 1795 crore versus Rs 1700 crore.
India's second largest private sector bank by net profit HDFC Bank rose 0.1% as its ADR rose 2.6% on Monday.
Drug maker Dr. Reddy's Laboratories rose 2.91% after the company said its Balaglitazone diabetes drug has met its primary target in the first of its phase 3 clinical trials. Balaglitazone reduced blood glucose levels over a period of time in the study conducted on 409 patients.
Among other health care stocks. Pfizer, Cadila Healthcare and Novartis India rose by between 0.63% to 2.62%.
Software pivotals rose on encouraging economic data from the United State. US is the biggest market for Indian IT companies. India's second largest software services exporter Infosys rose 0.22% as its ADR rose 2.7% on Monday. India's third largest software services exporter Wipro rose 1.61% as its ADR rose 1.57% on Monday. But, India's largest software services exporter TCS fell 0.11%.
The Indian rupee surged against the dollar on Tuesday boosted by gains in shares and higher Asian currencies. The partially convertible rupee was at 46.13/16 per dollar, above its close of 46.29/30 on Monday. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.
India's largest engineering & construction firm by sales Larsen & Toubro rose 0.44%, gaining for the third straight day. The company said on Monday it won orders worth Rs 987 crore. The company said on Thursday 31 December 2009 it won two orders totaling Rs 580 crore.
Among other capital goods stocks, Bharat Heavy Electricals, BEML, Thermax and Praj Industries rose by between 0.35% to 1.76%.
India's largest thermal power generator by sales NTPC rose 0.5% on government's plan to divest stake in the firm.
Among other prominent power sector stocks, Tata Power Company, Reliance Power, Reliance Infrastructure, Torrent Power rose by between 0.51% to 1.17%.
Auto stocks were mixed. India's top truck maker by sales Tata Motors fell 1.99% on profit taking. Tata Motors registered 105% growth in sales to 51,627 units in December 2009 over December 2008.
India's top small car marker by sales Maruti Suzuki India fell 2.27% after managing director Shinzo Nakanishi said exports will be hit next year by removal of incentives in Europe. Nakanishi said there would be lower offtake from Nissan for exports as a result of the removal of incentives. Nakanishi said the company aims to keep operating margins at 10 percent in fiscal year 2009/10 but profitability will be impacted by a rise in raw material prices and a rise in the yen.
Maruti, posted a 51% rise in total sales in at 84,804 units in December 2009 over December 2008.
India's largest tractor marker by sales Mahindra & Mahindra (M&M) advanced 1.86%. M&M marked its entry on Monday into the heavy commercial vehicle (HCV) segment with its unveiling of 25 and 31 tonne trucks with its US-based joint venture partner Navistar Inc.
Mahindra & Mahindra, reported 122% rise in its domestic sales to 22,754 units in December 2009 over December 2008. The company sold a total of 24,001 vehicles (domestic plus exports) in December 2009 as against 11,172 vehicles sold in December 2008.
India's largest motorcycle maker by sales Hero Honda Motors rose 0.1%. Sales jumped 74% to 375,838 units in December 2009 over December 2008.
Bajaj Auto rose 0.24%. Bajaj Auto sold 2,20,429 two-wheelers in December 2009, registering an 85% growth in sales over the same month last year, when it sold 1,19,215 units.
TVS Motors fell 1.28% on profit taking after gaining 9.49% on Monday. Sales rose 34% to 119,701 units in December 2009 over December 2008.
Auto part makers rose after auto sales zoomed in December 2009 due to a recovering economy and burst of new launches. Bharat Seats, Lumax Industries, Sona Koyo Steering Systems, Steel Strips Wheels, Ahmednagar Forgings, Exide Industries, Munjal Showa, Subros, Bharat Forge, Amtek Auto and Automotive Axles rose by between 0.08% to 5%.
Consumer durables stocks gained on hopes of good earnings on the back of higher sales in Christmas. Rajesh Exports, Titan Industries, Asian Star Company rose by between 0.04% to 3.4%.
Sugar stocks soared as prices of the commodity rose sharply last week. Shree Renuka Sugars, Bajaj Hindusthan Sugar and Industries and Balrampur Chini rose by between 0.87% to 1.47%.
The Union government has allowed duty-free import of raw sugar to tide over the domestic production shortfall. In the 2008-09 season ending October 2009, domestic sugar output fell 42 per cent to 15 million tonne, causing retail sugar prices to more than double. Currently, sugar is selling at Rs 42-43 a kg in retail.
Kashyap Technologies clocked highest volume of 5.64 crore shares on BSE. JSW Energy (3.23 crore shares), Mahindra Satyam (2.18 crore shares), Cals Refineries (2.04 crore shares) and NHPC (1.66 crore shares) were the other volume toppers in that order.
JSW Energy clocked the highest turnover of Rs 364.81 crore on BSE. Godrej Properties (Rs 281.83 crore), Mahindra Satyam (Rs 232.10 crore), National Aluminum Company (Rs 158.38 crore) and Tata Steel (Rs 144.71 crore) were the other turnover toppers in that order.
IPO Grey Market Premium - DB Corp, Godrej Properties
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| D.B. Corp. | 212 (For Retail Investor Rs. 210) | 27 to 28 |
| Godrej Properties | 490 | 25 to 30 |
| MBL Infra | 180 | 10 to 12 |
Sensex to open gap-up
Headlines for the day
M&M enters heavy CV segment in partnership with Navistar of US
ACC opens 4th cement plant in Karnataka
Lanco Infra bags Rs2,106-crore orders
Marico arm buys Code 10 from Colgate-Palmolive
Novartis to get leg-up in India with Alcon buy
Events for the day
Major corporate action:
Listing of equity shares of Godrej Properties Ltd
Pre-market report
Global signals
On Monday, the European stocks rose to 15 month high helped by upbeat economic data and buying in banking stock. FTSE 100 closed 1.62% higher at 5500.
The US markets closed closes higher on first trading day of 2010. Nasdaq closed at 2308, 39 points higher.
In today's trade, all the Asian indices are trading higher, except Kospi that trading marginally lower. At the time of writing this report, SGX Nifty trading higher by 53 points
Indian markets
Owing to strong and positive cues coming from the global market, the domestic indices are expected to open higher and may continue its northbound journry.
Among the local indices, the Nifty could test the 5250-5300 range on the up side, while on the down side it could find support at 5180 and 52000. While the Sensex is likely to get support at 17100 and may face resistance at 17600.
Indian ADR's
Indian ADRs trading on the US bourses, all the ADRs closed higher on first trading day of 2010. MRNL surged the most with gains of 7.49% followed by Tata Motors that rose by 6.94%.
Commodity cues
In the commodity space, wherein the Crude oil prices recorded gain, with the Nymex light crude oil for February series rose by $2.15 to settle at $81.51 a barrel.
In the metals space, Comex Gold for February series rise by $23.30 to settle at $1119.50 to a troy ounce.
In the metals space, Comex Silver for March series rise by $0.60 to settle at $17.45 to a troy ounce.
Daily trend of FII/MF investment in equities
On January 04, 2010, FIIs were the net buyers of the Indian Stocks in the tune of Rs834.00 crore (with the gross purchase of Rs2702.50 crore and gross sales of Rs1868.50 crore).
While the Domestic mutual funds, on December 24, 2009, were the net buyers of the stocks in the tune of Rs144.50 crore (with gross purchase of Rs713.90 crore and gross sales of Rs569.40 crore).
Market may extend Monday's gains on firm Asian stocks; Godrej Properties lists today
The market may extend Monday (4 December 2009)'s gains on firm Asian stocks. US stocks jumped on Monday after U.S. manufacturing expanded at the fastest pace in more than three years.
The government does not need to tighten monetary policy now and risk stalling a nascent economic recovery as inflation pressure was mainly caused by high food prices, the chief economic adviser to the finance ministry Kaushik Basu said on Monday.
Kaushik Basu also said Asia's third-largest economy was likely to return to 9 % growth in the fiscal year 2010/11, after topping 7.5 % in the current year to end-March. "You don't want to have an effect across the board, which increases unemployment, which holds back the growth rate," he said, adding inflation would "peter out" over a few months. "Right now, it is a sector-specific intervention that is needed, which is in food sector and that is what the government is doing," he said.
Basu said the economic rebound seen in the first half of the current year would continue in the December quarter, despite a poor farm output.Basu said India's high savings and investment rates would help sustain the recovery and an annual economic growth rate of 10 percent is possible within "a couple of years".
India's food price inflation was at 19.83 % in the 12 months to 19 December 2009 on supply shortages after the weakest monsoon in 37 years, followed by floods in parts of the country that hit crops.
The Reserve Bank of India (RBI) has said it was worried about a spillover of higher food prices to other sectors, raising expectations of monetary tightening by the central bank to dampen inflationary expectations.
Reserve Bank of India (RBI) deputy governor Shyamal Gopinath said on Monday there have been no concerns on capital inflows.
Meanwhile, the latest data showed that the rate of growth in manufacturing rose for the first time in three months in December 2009, with activity reaching its highest since May 2009 on sharp rises in new work and output. The HSBC Markit Purchasing Managers' Index (PMI), based on a survey of 500 companies, rose to 55.6 in December from 53.0 in November. The reading was the strongest since May's 55.7, which was the strongest in 2009.
India's exports sector has bounced back with outward trade growing by 18% in November 2009, the commerce ministry said. The export figures turned positive after staying in the red for 13 months. The value of exports in November 2009 jumped to $13.19 billion compared to $11.16 billion.
Data earlier this month showed that corporate advance tax payments for the October-December 2009 quarter shot up sharply, suggesting a higher profit growth in corporate sector in the third quarter (October-December) of the current fiscal. Corporate advance tax payments for the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in April-June quarter and a 14.7% increase in July-September quarter. The company-wise break-up of advance tax collection suggests a broad-based recovery with automobiles, cement, metals and consumer goods, doing well.
Shares of Godrej Properties will list on the bourses today. The company has set issue price at Rs 490.
Most of the Asian stocks rose on Tuesday led by electronics and mining companies, after U.S. manufacturing expanded at the fastest pace in more than three years and commodity prices advanced. The key benchmark indices in Hong Kong, Indonesia, Japan, and Singapore rose by between 0.55% to 0.95%. But, the key benchmark indices in China, South Korea and Taiwan fell by between 0.31% to 0.54%.
US stocks rallied to their highest levels in over a year on the first trading day of 2010 on Monday after a report that showed growth in the manufacturing sectorAll three benchmark indices hit 15 month highs. The Dow Jones Industrial Average gained 155.91 points, or 1.5%, to 10,583.96. The Standard & Poor's 500 index added 17.89 points, or 1.6%, to 1,132.99, while the Nasdaq Composite Index rose 39.27 points, or 1.7%, to 2,308.42.
In key economic data, the ISM's gauge of manufacturing showed growth for a fifth straight month, rising to 55.9 in December 2009 from 53.6 in November. Participants shrugged off the two-month old construction spending data that showed a slightly steeper-than-expected 0.6% monthly decline for November.
Closer home, Indian stocks kicked off 2010 on an upbeat note, with key benchmark indices hitting multi-months high on Monday 4 January 2010 as strong auto sales, a jump in manufacturing activity in December 2009, and the latest data showing a surge in exports in November 2009, underpinned sentiment. The BSE 30-share Sensex rose 93.92 points or 0.54% to 17,558.73, its highest closing since 2 May 2008 on that day.
As per provisional figures on NSE, foreign funds bought shares worth Rs 613.42 crore and domestic funds bought shares worth Rs 2330.25 crore on Monday.
US stocks kick off New Year with a bang
Indices register new 52-week high levels
US stocks started New Year with a bang on Monday, 04 January 2009. Stocks registered solid gains throughout the day riding on the back of upbeat economic report and slipping dollar. The lower dollar popped up the energy and material sectors, which lent utmost support to the market.
At the end of the day on 04 January, 2010, the Dow Jones Industrial Average ended higher by 155.91 points at 10,583.96. Nasdaq ended higher by 39.27 points at 2308.2. S&P 500 ended higher by 17.89 points at 1132.99. It was new 52 week high for the indices.
All ten economic sectors ended higher for the day led by materials, energy, industrials, and financial sectors. Bank of America, Boeing, United Technologies, and Intel were the main Dow winners today.
In the currency market on Monday, the dollar index, which weighs the strength of dollar against the basket of six other currencies fell against almost all the counterparts. The dollar index settled for a loss of 0.5%.
Among economic reports expected for the day today, The Institute for Supply Management in US reported on Monday, 04 January, 2010 that manufacturing sector in US expanded in December for the fifth straight month.
The ISM manufacturing index rose to 55.9% from 53.6% in November. It was the highest since April 2006. Market was expecting a modest gain to 54.2%. Readings over 50% indicate that more manufacturing firms said business was improving than said it was worsening.
In a separate report, the government in US reported on Monday, 04 January, 2010 that U.S. construction projects fell in November, marking the seventh straight monthly decline. Overall, spending on construction projects fell 0.6% in November in line with expectation. Year over year, construction spending is down by 13.2% in November.
Mahindra Navistar Automotives, a joint venture between Navistar International and India's Mahindra & Mahindra announced its plans to start exporting its trucks in two years and reportedly said that it will initially export to South and Southeast Asian countries and South Africa.
Crude prices ended substantially higher on Monday, 04 January 2010, the first day of trading of FY 2010. Prices rose as the dollar fell sharply. Upbeat economic reports also helped crude oil glide up. On Monday, crude-oil futures for light sweet crude for February delivery closed at $81.51/barrel (higher by $2.15 or 2.7%). Crude settled above $81 for the first time in two months.
All the Indian ADRs registered healthy gains today. Tata Motors and MTNL were the largest gainers soaring 6.9% and 7.5% respectively. HDFC Bank and ICICI Bank, each gained around 2.7%.
For tomorrow, there are no economic or earning reports expected.
Prism Cement
We recommend a buy in Prism Cement from a short-term perspective. It is evident from the charts that after retracing 50 per cent of the stock's up move (from October 2008 low to September 2009 high), the stock found support at around Rs 36 in early November 2009. Subsequently, the stock resumed its longer-term uptrend. The stock surpassed its 21- and 50-day moving averages in mid of December and is currently trading well above them. For the past three trading sessions the stock has been heading higher accompanied by above average volumes. The daily relative strength index (RSI) is featuring in the bullish zone and the weekly RSI has entered the zone from the neutral region. Both the daily and weekly moving average convergence and divergence indicators are hovering in the positive territory, signalling signs of optimism. Our short-term outlook is bullish for the stock. We expect its upward momentum to continue until it hits our price target of Rs 56. Traders with short-term perspective can consider buying the stock while maintaining a stop-loss at Rs 48.
via BL
Base metals take a big leap
Red metal rises for sixth straight session
Copper prices ended higher at Comex and LME on Monday, 04 January 2010. Upbeat economic reports at US and China, weak dollar and strike concerns at the world's second largest mine took red metal prices higher today.
At USA, copper futures for March delivery ended higher by 5.9 cents (1.8%) to 3.406 a pound. It was the sixth straight session rise for copper. Copper ended FY 2009 higher by 140%.
At LME, copper for delivery in three months ended higher by $125 (1.7%) at $7,500. On 3 July, 2008, prices had touched an all time intra day high of $8,940.
As per latest reports, workers at Codelco's Chuquicamata mine went on a strike from 4th January, 2010, in Chile. The company is the world's biggest copper miner. Workers voted to strike after rejecting a 3.8% pay increase offered by Codelco. The union sought 5%.
Copper ended substantially higher last year on expectations of revived global economic growth along with a decline in the dollar. The metal was also pushed higher by record first-half imports to China, the world's largest user.
In the currency market on Monday, the dollar index, which weighs the strength of dollar against the basket of six other currencies fell against almost all the counterparts. The dollar index settled for a loss of 0.5%.
Among economic data expected for the day, The Institute for Supply Management in US reported on Monday, 04 January, 2010 that manufacturing sector in US expanded in December for the fifth straight month. The ISM manufacturing index rose to 55.9% from 53.6% in November. It was the highest since April 2006. Market was expecting a modest gain to 54.2%. Readings over 50% indicate that more manufacturing firms said business was improving than said it was worsening.
Also in China, an industry report showed that manufacturing in China, the world's biggest metals user, expanded last month by the most since April 2004.
The U.S. buys about 13% of the 17 million metric tons of copper sold annually and China buys about 20%.
In FY 2008, copper prices dropped by 54%. Prior to 2008, copper prices ended FY 2007 with a gain of mere 5.5% after a whopping 44% gain in FY 2006. The price of copper gained every year since 2002 as global economic growth boosted demand for the metal used in pipes and wires.
At the MCX, copper for February delivery closed at Rs 347.35/Kg. The closing price was Rs 3.05/Kg (0.88%) higher than previous closing price. Prices rose to a high of Rs 349.4/Kg and fell to a low of Rs 344.8/Kg during the day's trading.
Among other metals traded in the LME on Monday, lead gained 2% to end at $2,480 a ton and zinc gained 2.1% to end at $2,613 a ton. Nickel gained 1.5% to end at $18,798. Aluminium rose 1.4% to end at $2,260 a ton.
Daily news Roundup - Jan 5 2010
Reliance Industries raised Rs26.7bn by selling a part of its treasury stock to LIC, to create a war chest to acquire the bankrupt chemicals giant LyondellBasell. (BS)
Larsen & Toubro has bagged Rs9.9bn order from the GNFC for setting up a 1,120mn tons per day ammonia equivalent natural gas-based synthesis gas generation plant at Bharuch, Gujarat. (BL)
Suzlon Energy bags second order of about Rs1.6bn from ITC Ltd, for setting up 21MW wind turbines in Maharashtra and 6MW in Karnataka. (BL)
Marico has entered the hair-styling market in Malaysia by acquiring Code 10, a Colgate-Palmolive owned brand, for an estimated Rs2.8bn. (BL)
Ranbaxy Laboratories has launched a new skincare medicine Lulifin (Luliconazole) through an exclusive in licencing agreement with Japan’s Summit Pharmaceuticals International. (ET)
Central Bank of India plans to sell non-performing assets (NPAs) of 41 industrial units with an outstanding of Rs4.1bn to clean up its balance sheet. (BS)
Dr Reddy's diabetic drug has showed encouraging results in the final lap of human clinical trials. (BS)
M&M enters heavy CV segment in partnership with Navistar of US. (BS)
Lanco Infratech has bagged three contracts aggregating Rs21.1bn from one of its subsidiaries, Lanco Kondapalli Power Private Limited, for various works. (BS)
Bharat Forge plans to invest Rs15bn to expand its non-automotive business. (BL)
Ashok Leyland to roll out 25 products in the next eighteen months from its newly launched truck platform and will shift all existing products to it by 2013. (FE)
Novartis AG’s plans to acquire a majority stake in the world’s largest eye-care company, Alcon, will give a boost to its Indian operations as it will get a new basket of products. (BS)
ACC opens 4th cement plant in Karnataka. (BS)
Zydus Cadila has received the approval of the Drug Controller General of India (DCGI) to conduct multi-centric clinical trials for the H1N1 (swine flu) vaccine in the country. (BS)
Renault plans to launch zero emission electric vehicles (EVs) in India by the middle of this decade. (BS)
RBI to consider the introduction of credit default swaps. (ET)
Government may blacklist ethanol makers on failure to supply to OMCs.(BS)
The roll-out of the GST is certain to be delayed beyond its scheduled launch date of April 1 this year because of administrative and constitutional constraints. (ET)
India's exports rose at an annual rate of 18.2%yoy for the month of November to US$13.2bn. Imports dropped 2.6%yoy to US$22.8bn. (FE)
IRDA is set to link the amount of capital that companies need to earmark for their business with the economic cycle. (ET)
Twist likely later…
Uncertainty will always be part of the taking charge process.
As bulls take charge of the proceedings at start, investors will try to grapple with concerns on valuations. India has always commanded a premium; some more head room is always there. How much is anybody’s guess! The budget could play some role in shaping the roadmap for the economy and markets. Hopefully, the FM will not disappoint this time. A major concern right now is on inflation. Crude oil has crossed $80 per barrel. Key inflation barometers are hovering between 15-20%.
The start of the year wasn’t bad for the bulls across world markets. Strong manufacturing data and favourable comments from Fed officials did the trick. Back home too, the Government is no mood to reverse the fiscal stimulus as yet. Even the monetary tightening is not expected to be aggressive. Possible near-term trigger could come from India Inc’s report card. The critical factor would be the outlook for FY11.
Today, we expect another positive opening on the back of overnight rally on Wall Street, but the mood could turn a little sour later in the day. European markets too posted smart gains. However, Asian markets are mixed. The opening gains could be limited as profit booking is likely to set in sooner than later.
FIIs were net buyers in the cash segment on Monday at Rs6.13bn on a provisional basis. The local funds were net buyers of Rs23.3bn, according to figures published on the NSE's web site. This is primarily due to the Reliance Industries' treasury share sale. In the F&O segment, the foreign funds were net sellers at Rs505.4mn. As per the SEBI figures, FIIs were net buyers of Rs8.34bn in the cash segment on Thursday (Dec. 31).
US stocks kicked off the new year on a strong note on Monday after a report showed manufacturing activity is picking up and the weak dollar propelled commodity prices and stocks.
The Dow Jones Industrial Average rallied 156 points, or 1.5%. The S&P 500 index rose 18 points, or 1.6%. The Nasdaq Composite gained 39 points, or 1.7%. All three major gauges closed at 15-month highs.
The first few trading sessions of a new year are typically positive and the advance has to sustain for several more days on strong trading volume before one can convincingly say that the rally has recharged.
Stocks fell on Thursday in a thinly traded session on the last day of 2009. All financial markets were closed on Friday in observance of New Year's Day. The last month of 2009 saw stocks churning in a narrow range, managing modest gains. The market lost some momentum in November and December. That slowdown coincided with the dollar beginning to firm up.
A tumultuous 2009 ended with substantial gains. The S&P 500 gained 23.4%, the Dow industrials gained 18.8% and the Nasdaq composite gained 44%. Stocks are up even more substantially since bottoming in March at the height of the financial market crisis. After closing at a 12-year low on March 9, the Dow gained 59% and the S&P 500 gained 65% through year end. After closing at a 6-year low on the same date, the Nasdaq gained 79%.
In the day's main economic report, the Institute for Supply Management's manufacturing index rose to 55.9 in December from 53.6 in November, signifying a wider expansion in the sector. Economists thought it would rise to 54.3.
Stronger manufacturing reports were also released in Asia as well as Europe, adding to bets that the global manufacturing sector is recovering.
A separate report from the US government showed that construction spending fell 0.6% in November versus forecasts for a drop of 0.5%. Spending fell 0.5% in October.
Swiss drugmaker Novartis AG plans to take control of Alcon by paying $38.5 billion to buy the 77% of the eye care products maker it doesn't already own. The deal involved Novartis buying out Nestle SA's 52% stake in Alcon for $28 billion in cash and then merging with Alcon to access the remaining 23% held by minority shareholders. Alcon shares fell nearly 6%.
Federal Reserve chairman Ben Bernanke said on Sunday that the central bank's decision to keep interest rates very low between 2002 and 2006 was appropriate and not the cause of the housing market bubble. He said that regulation would have been a better way to avert the collapse that led to the worst financial crisis since the Great Depression.
The dollar tumbled versus other major currencies. The weaker dollar gave a lift to dollar-traded commodities.
COMEX gold for February delivery settled up $22.10 to $1,118.30 an ounce. Gold closed at an all-time high of $1,218.30 an ounce earlier this month.
US light crude oil for February delivery gained $2.15 to settle at $81.51 a barrel on the New York Mercantile Exchange, the highest close since October 2008.
Treasury prices rose, lowering the yield on the 10-year note to 3.81% from 3.84% late on Thursday.
European stocks began the new year higher. After finishing 2009 with a 29% return - the best since 1999 - the pan-European Dow Jones Stoxx 600 rose 1.6% to 257.31. The index wasn't calculated on Thursday, when markets in Britain, France and some other European countries were only open for a half day.
Germany's benchmark DAX index gained 1.5% to 6,048.30 to recapture the 6,000 mark, the French CAC 40 index rose 2% to 4,013.97 to cross the 4,000 threshold and the UK's FTSE 100 index added 1.6% to 5,500.34.
The start to trading may have been advanced by an hour, but the extended hours had no major impact on volume; may be a few traders and investors are still in a holiday mood. Nevertheless, the very first day of trading saw the Indian markets carrying forward the previous year’s momentum.
The NSE Nifty index managed to close at a 19-month high on account of impressive sales performance by the Auto, Cement and Steel companies. The upswing was supported by a firm start to equity markets across Europe, lifting the sentiment on Dalal Street.
The BSE Sensex gained 94 points to end at 17,559 after touching a high of 17,583 and a low of 17,378. The NSE Nifty advanced 31 points to end at 5,232.
Equity markets in Asia were mixed, the Nikkei in Japan was up 1%, while Australia's S&P/ASX ended flat. However, the Shanghai SE Composite fell 1% and Hang Seng index in Hong Kong was down 0.3%.
In Europe, stocks were trading in the green. The DAX in Germany was up 0.8% and the CAC 40 index in France was up 1%. The FTSE in the UK was up 0.5%.
Coming back to India, among the BSE sectoral indices, the Consumer Durables index was the top gainer, adding 2%, followed by the Metal index that was up 2% and the BSE Auto index was up 2%. Even the BSE Mid-Cap index gained 1.6% while the BSE Small-Cap index was up 1.5%.
Among the 30-components of Sensex, 23 stocks ended in the positive terrain and 7 ended in the red. ACC, JP Associates, M&M, Tata Motors and Grasim were among the top gainers.
On the other hand, among the major losers were NTPC, Reliance Industries, Bharti Airtel and Maruti.
Outside the frontline indices, the big gainers in the broader market were RCF, Chambal Fert, GTL Infra, Gujarat NRE Coke and Ultratech Cement. On the other hand, losers included Central Bank, Torrent Power, PFC and Container Corp.
Reliance Industries shares hogged the limelight on the first day of the year after the company sold treasury shares worth Rs25.75bn.
About 25.91mn equity shares or 0.78% of the company changed hands in multiple block deals on the BSE and NSE at an average price of Rs1035 per share. Reliance Industries last year had raised US$658mn through treasury sale.
Shares of Reliance Industries ended lower by 1.2% to end at Rs1075, the stock had hit an intra-day low of Rs1022 in the early trades.
Pantaloon Retail announced that the board has decided the Transfer of Value Retail Business of the Company to its wholly owned subsidiary, "Future Value Retail Ltd." (FVRL) with all its assets, rights, liabilities / obligations of all nature and kind, along with its employees related to Value Retail Business on a going concern basis through agreements and such other modes as may be deemed expedient with effect from January 01, 2010.
The Value Retail Business would commence with effect from January 01, 2010 in Future Value Retail Ltd.
The scrip gained 1.5% to end at 388, it opened at Rs387 it touched an intra-day high of Rs394 and a low of Rs378 and recorded volumes of over 53,000 shares on BSE.
Marico announced that it entered into Malaysian hair styling market through the acquisition of the brand code 10 from Colgate-Palmolive company. The deal for an undisclosed consideration envisages the acquisition of the Brand Code 10 and related IPR by Marico Malaysia Sdn Bhd, a wholly owned subsidiary of Marico Middle East FZE. The Code 10 range comprises hair creams and hair gels.
Shares of Marico erased early gains and ended lower by 0.7% to end at Rs102. The scrip opened at Rs104.45 it touched an intra-day high of Rs105.50 and a low of Rs101.8 and recorded volumes of over 0.24mn shares on BSE.
On the other hand, shares of Colgate advanced 4.2% to end at Rs686. The scrip opened at Rs665 it touched an intra-day high of Rs690 and a low of Rs657 and recorded volumes of over 0.34mn shares on BSE.
Bharat Forge announced the commissioning of its new fully integrated Ring Rolling Facility at its Centre for Advanced Manufacturing at Baramati. The facility was inaugurated by Dr. Albert Hieronimus, President & CEO, Bosch Rexroth AG.
Shares of Bharat Forge advanced by 1.4% to end at Rs275. The scrip opened at Rs272 it touched an intra-day high of Rs277 and a low of Rs270 and recorded volumes of over 0.14mn shares on BSE.
Welspun-Gujarat Stahl announced that the board of directors decided not to pursue the Scheme of Arrangement in the nature of demerger and transfer of plate cum coil mill division of the Company in to a subsidiary Company.
The stock gained 2.3% to end at Rs276, it opened at Rs270 it touched an intra-day high of Rs277.5 and a low of Rs270 and recorded volumes of over 0.39mn shares on BSE.
Suzlon shares erased early gains and end at flat at Rs89.90. The company won repeat orders from ITC Limited for two new projects totaling 27MW in Karnataka and Maharashtra. The scrip opened at Rs91.95 it touched an intra-day high of Rs91.95 and a low of Rs89.25 and recorded volumes of over 6.5mn shares on BSE.
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