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Wednesday, March 03, 2010
Asian markets wrap up Wednesday higher
Sensex, Sydney, Seoul, Shanghai continues to finish up while Hang Seng bucks regional trend
Stock markets in Asian region windup Wednesday 3 March 2010, on a positive note for a fourth straight session as investors held out hope for a bailout package for debt-ridden Greece. Though gains are not much pronounced in most of the markets in the region, the mood remains quite positive following fairly impressive quarterly results from frontline companies from across various sectors.
On Wall Street, the major market averages edged higher, weighed by blue-chip technology stocks, after investors digested auto sales figures and commodities made sharp gains. The Dow Jones Industrial Average closed higher by 2 points, or 0.02%, to 10,406. The S&P 500 gained 3 points, or 0.2%, to 1118 and the Nasdaq finished higher by 7 points, or 0.3%, to 2281.
In the commodity market, crude oil traded near $80 a barrel after rising on a possible resolution to Greece’s budget problems and as an industry report showed a decline in distillate supplies in the U.S., the world’s biggest energy user.
Crude oil for April delivery traded at $79.69 a barrel, up 1 cent, in electronic trading on the New York Mercantile Exchange at 4:01 p.m. Singapore time. Yesterday, the contract rose 98 cents to settle at $79.68.
Brent crude for April delivery was at $78.13 a barrel, down 5 cents, on the London-based ICE Futures Europe exchange at 4:02 p.m. Singapore time. Yesterday it rose $1.29, or 1.7 percent, to $78.18 a barrel.
Gold, trading little changed in Asia, may snap a four-day rally on speculation that Greece will unveil additional deficit cuts today, stemming a slide in the euro and cutting demand for the precious metal as a hedge. Gold for immediate delivery traded 43 cents lower at $1,134.27 an ounce at 2:59 p.m. in Singapore, after falling as much as 0.2% earlier.
In the currency market, the US dollar fell to its lowest in more than two months against the yen on Wednesday as investors cut long positions versus other currencies. The Japan’s currency yen was quoted at 133.23 against the pound, 120.97 against the euro, 82.67 against the franc, 80.35 per Australian dollar, and 88.80 against the greenback.
The Hong Kong dollar was trading at HK$ 7.7627 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$7.85 to the U.S. dollar.
In Sydney trades, the Australian dollar clung near multi-year highs against a range of currencies on Wednesday after the official figures showed Australia’s economy grew at the fastest pace in almost two years last quarter, underpinning the outlook for yet higher interest rates. The Australian dollar was quoted at 0.60022 against the pound, 0.6633 against the euro, 0.9704 against the franc, 80.33 against the yen, and 0.9038 against the greenback.
In Wellington trades, the NZ dollar slipped overnight against the euro and yen, but after a bumpy night was back at a similar level against the greenback as it had been at the local close, at US69.76c. The New Zealand dollar fell to its lowest level against its Australian counterpart in more than nine years, after Australia's official interest rates were yesterday raised 25 basis points to 4 per cent. The trade-weighted index was down to 64.45 from 64.69 yesterday.
The South Korean won closed at 1,146.50 won to the greenback, up 6.10 won from Tuesday's close, as easing Greek woes stoked investor appetite for risky assets.
The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.0040, 0.0350 up from Tuesday’s close of NT$32.0390. It is the highest closing since 3 February 2010.
In equities, Asian markets saw broad but modest gains Wednesday, with strength in commodity plays and upbeat economic data helping to lift Australia's benchmark stock index to its highest level in more than five weeks.
In Japan, the stock market ended in positive territory, led by steel stocks following positive export data related to steel products. Positive closing on Wall Street in the previous session amid increasing optimism about economic recovery and higher commodity prices in the international market also lifted market sentiment. The benchmark Nikkei 225 Index rose 31.30 points, or 0.3%, to 10,253.14, while the broader Topix index of all First Section issues advanced 2.94 points, or 0.3%, to 906.
On the economic front, a report released by Markit Economics revealed that the Japan Nomura services purchasing managers' index stood at a seasonally adjusted 44.6 in February, up from 43.4 in the previous month. A reading above 50 indicates expansion, while one below suggests contraction. The report further noted that services output declined at a slower pace in February, while the level of new work placed at Japanese service providers fell again, extending the current period of decline to 26 months. Although the pace of reduction in new orders was solid, it was the least marked in six months.
Separately, a report released by the Ministry of Health, Labor and Welfare revealed that wages for Japanese workers unexpectedly increased in January. According to the report, total cash earnings of employees in establishments with five or more employees increased 0.1% year-on-year to JPY 273,142 in January, which was the first rise in 20 months. Economists were expecting a 1.2% fall for January. In December, cash earnings dropped by a revised 5.9%. The report further noted that real wages grew 1.6% in January from the previous year, following a 4.2% fall in December. At the same time, total hours worked climbed 0.3%, reversing December's 0.9% drop. The number of regular employees was down 0.2%, the same rate as in December.
In Mainland China, technical induced bargain hunting sent Chinese share market higher, after a sluggish start to early trading. Trading was languid as some investors leaned toward selling for quick profits as stocks performed strongly last month, while others were snapping up equities on the back of optimism about the Greek fiscal woes and higher base-metal prices and positive outlook of the domestic country's economy. At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, put on 23.89 points, or 0.78%, to 3,097.00. The Shenzhen Component Index on the smaller Shenzhen Stock Exchange rose 63.78 points, or 0.51%, to 12,612.69. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, has gained 0.74%, to 3,335.08.
In Hong Kong, the key indices finished the lackluster trade tad lower after trading between 20,845.16 and 21,016.29. Profit taking among properties and other blue chip stocks outweighed firmer financials and materials shares. At the closing bell, the Hang Seng Index fell 29.32 points, or 0.14%, to 20,876.79, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 Mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, rose 30.70 points, or 0.26%, to 12,048.25.
In Australia, stronger economic growth figures have propelled investors into Australian share market, sending the broader indices 0.7% up on Wednesday, 3 March 2010. Materials and resources companies led the way up with All Ordinaries components, followed by retailers and financials while property trusts and healthcare players lagged. Treasurer Wayne Swan says the growth in the Australian economy in the last three months of last year makes Australia the envy of the developed world. The economy grew at 0.9% in the three months to the end of December, its fastest pace since the March quarter of 2007, the latest quarterly national accounts show.
At the closing bell, the benchmark S&P/ASX200 index climbed up 33.80 points, or 0.72%, to 4,735.70, meanwhile the broader All Ordinaries jumped 33.90 points, or 0.72%, higher to 4,743.80.
In New Zealand, stock market ended in the positive terrain in line with most of the Asian markets with the benchmark index up for the sixth consecutive day in a row. The NZX 50 ascended 0.48% or 15.28 points to 3198.52. Meanwhile, the NZX 15 gained 0.61% or 34.95 points to close at 5719.58.
In South Korea, stocks finished higher as rallies in European stock markets reaffirmed investor sentiment that Greece's default worries have receded, analysts said. Reversing earlier losses and extending a winning streak to a third session, the benchmark Korea Composite Stock Price Index (KOSPI) gained 7.32 points to 1,622.44.
In Singapore, the share market closed higher tracking cues from Asian market, with investors taking comfort over an imminent announcement of a bailout package for debt-ridden Greece. As a result real estate developers led the way up, while banks and commodity players and some of the smaller players lagged. At the closing bell, the blue chip Straits Times Index was at 2,782.79, grew 10.59 points or 0.38%, off an intraday low at 2,767.64.
In Taiwan, stock market finished higher note, joining gains across other Asian bourses on hopes for an end to Greece’s debt problems, but smart phone maker HTC Corporation fell after a patent lawsuit by Apple. Stability in global stock markets ahead of a possible break in Greece’s debt crisis boosted Taiwan shares, although caution over the health of the global economy kept a lid on gains, with key U.S. jobs data due on Friday the next focus for investors. The benchmark Taiex share index extended gains in fourth session on Wednesday after ending the day higher by 31.90 points or 0.42% at 7629.52.
In Philippines, the stock market closed mixed, with the composite index ending marginally higher, as investor's took cues from the global market, which is turning positive. At the final bell, the benchmark index PSEi escalated 0.24% or 7.40 points to 3,069.29, while the All Shares index went up 0.53% or 10.34 points to 1,949.76.
In India, the key benchmark indices extended gains for the third straight day on Wednesday on higher Asian stocks. The BSE Sensex crossed psychological 17000 marks at the fag end of the trade but provisionally closed below that level. Market shrugged weak European stocks. The BSE 30-share Sensex was up 227.45 points or 1.36% to 17000.01. The 50-unit Nifty was up 71.10 points or 1.42% to 5,088.10.
Elsewhere, Malaysia’s Kula Lumpur Composite index finished was little changed at 1286.10 while stock markets in Indonesia’s Jakarta Composite index gave up by 9.50 points ending the day higher at 2567.09.
In other regional market, European shares were mildly lower on Wednesday as investors eyed a mixed batch of earnings, with Greece's fiscal situation still front-and-center following reports the country will take new austerity measures. Of the major European regional markets, the U.K. FTSE 100 index declined 0.2% to 5,482, the German DAX index slipped 0.3% to 5,761.34 and the French CAC-40 index declined 0.3% at 3,799.67.
Sensex hits 17k at close; Nifty breaches 5,050
Yet another day for market to close buoyant, with Sensex hitting 17,000 mark supported by heavyweights- Jaiprakash Associates, Tata Power and Reliance Industries. Broader markets too rallied. Oil & gas and realty stocks were in the limelight followed by power, FMCG and banking stocks.
After a flat start amid positive Asian shares, Sensex traded higher and was range bound. Whereas Nifty breached the crucial mark of 5,050 on buying interest by funds. During the fag end of the day, the 30-share index Sensex touched the psychological 17,000 mark. The broad based Nifty gained the most in a month. Both Sensex and Nifty traded above 1-month high. Finally, it wrapped the day on an optimistic note after touching a peak high of 17,012.61.
On global front, European stocks open in red as investors awaited details of Greece`s additional budget deficit reduction plans. US index futures fluctuated. On the other hand, Asian stocks rose, erasing the MSCI Asia Pacific Index`s 2010 loss, on speculation Greek austerity measures will bolster confidence in the global recovery.
At the close, the benchmark 30-share index, BSE Sensex gained 227.45 or 1.36% at 17,000.01 with 24 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 71.10 or 1.42% at 5,088.10 with 39 components registering rise.
Sensex Movers
Reliance Industries contributed rise of 85.77 points in the Sensex. It was followed by ICICI Bank (16.53 points), Housing Development Finance Corporation (15.46 points), HDFC Bank (15.41 points) and Tata Power Company (14.08 points).
However, Oil & Natural Gas Corporation contributed fall of 7.57 points in the Sensex. It was followed by Larsen & Toubro (4.56 points), Maruti Suzuki India (2.41 points), Tata Steel (0.4 points) and Wipro (0.35 points).
Major gainers in the 30-share index were Jaiprakash Associates (6.14%), Tata Power Company (5.08%), Reliance Industries (3.90%), NTPC (2.27%), Mahindra & Mahindra (2.11%), and DLF (2.05%).
On the other hand, Oil & Natural Gas Corporation (1.15%), Maruti Suzuki India (0.83%), Larsen & Toubro (0.39%), ACC (0.21%), Wipro (0.13%), and Tata Steel (0.08%) were the major losers in the Sensex.
Mid & Small-cap Space
Allcargo Global Logistics (1.81%), A I A Engineering (1.53%), Andrew Yule and Company (1.18%), Amtek Auto (0.67%) and Alfa-Laval (India) (0.56%).
Sectors in Limelight
The Oil & Gas index was at 9,825.93, up by 219.06 points or by 2.28%. The major gainers were G A I L (India) (2.04%), Essar Oil (1.09%), Cairn India (0.63%), Aban Offshore (0.37%) and Bharat Petroleum Corporation (0.01%).
The Realty index was at 3,316.83, up by 70.09 points or by 2.16%. The major gainers were Ansal Properties and Infrastructure (4.13%), Indiabulls Real Estate (3.5%), D L F (2.05%), Ackruti City (0.96%) and Anant Raj Industries (0.53%).
The Power index was at 3,073.30, up by 58.25 points or by 1.93%. The major gainers were G M R Infrastructure (5.51%), A B B (1.75%), Bharat Heavy Electricals (1.02%), Reliance Infrastructure (0.94%) and Adani Power (0.43%).
The FMCG index was at 2,759.29, up by 40.49 points or by 1.49%. The major gainers were Britannia Industries (2.45%), Hindustan Unilever (1.69%), Colgate-Palmolive (India) (0.9%), Dabur India (0.71%) and Godrej Consumer Products (0.37%).
Market Breadth
Market breadth was positive with 1,958 advances against 895 declines.
Value and Volume Toppers
ARSS Infrastructure Projects topped the value chart on the BSE with a turnover of Rs. 8,477.82 million. It was followed by Reliance Industries (Rs. 1,468.33 million), Tata Motors (Rs. 1,431.62 million) and Ranbaxy Laboratories (Rs. 969.02 million).
The volume chart was led by ARSS Infrastructure Projects with trades of over 11.51 million shares. It was followed by Spicejet (8.19 million), Unitech (7.57 million) and Nectar Lifesciences (7.55 million).
New Listing
Equity shares of ARSS Infrastructure Projects got listed on the bourses today. The shares of the company settled at Rs 750, a premium of 66.67% as against its issue price of Rs 450 a share on the National Stock Exchange. The shares of the company got listed at Rs 630 on the NSE, and touched a high of Rs 751.80 and a low of Rs 630. A total of 15.76 million equity shares were traded. On the Bombay Stock Exchange (BSE), the shares of the company settled at Rs 736.30, a premium of 63.62% as against issue price of Rs 450 a share. The shares of the company got listed at Rs 640 on the BSE, and touched a high of Rs 754.70. A total of 115 million equity shares were traded. The scrip is placed in the `B` Group and has been assigned the scrip code of 533163.
NSE Bulk Deals to Watch - March 3 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
03-MAR-2010,AMAR,Amar Remedies Limited,OBEROI DIMPLE,BUY,579367,65.00,-
03-MAR-2010,AMAR,Amar Remedies Limited,TRANSGLOBAL SECURITIES LTD.,BUY,137593,65.30,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,136426,696.66,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,AJAY ASSET MANAGEMENT PRIVATE LIMITED,BUY,94805,712.50,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,ALIVE CONSULTANTS ALIVE,BUY,109233,712.66,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,ARCHITA C GADA,BUY,113909,709.64,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,BUY,143601,697.98,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,BP FINTRADE PRIVATE LIMITED,BUY,375600,715.24,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,C D INTEGRATED SERVICES LTD.,BUY,219460,709.43,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,111348,702.81,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,DINESH MUNJAL(HUF),BUY,127878,707.46,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,EAST INDIA SECURITIES LTD.,BUY,96064,688.63,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,568209,698.99,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GHALLA BHANSALI STOCK BROKERS PRIVATE LIMITED,BUY,91813,711.45,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,IDFC SMALL AND MIDCAP EQUITY SME FUND,BUY,160000,688.64,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,JMP SECURITIES PVT LTD,BUY,213790,717.51,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,207436,703.15,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,478228,710.17,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,302788,702.35,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,178244,710.23,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,NEPTUNE FINCOT PVT LTD,BUY,170846,712.00,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,PRASHANT JAYANTILAL PATEL,BUY,111307,712.44,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,PRATIK BHAILALBHAI PATEL,BUY,82073,713.40,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,PRB SECURITIES PRIVATE LTD.,BUY,118269,699.26,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,R APPALA RAJU,BUY,80000,696.99,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SHANKAR GROWTH FUND LTD,BUY,167255,699.69,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SICON EXPORTS PVT LTD,BUY,151000,673.69,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SMB CAPITAL MARKET PVT. LTD.,BUY,85977,701.59,-
03-MAR-2010,CLUTCHAUTO,Clutch Auto Limited,BP FINTRADE PRIVATE LIMITED,BUY,95025,67.18,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,A K G SECURITIES AND CONSULTANCY LTD.,BUY,123431,26.49,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,122706,26.77,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,BHARAT SECURITIES PVT LTD,BUY,94756,26.20,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,JYOTI PORTFOLIO LIMITED,BUY,156031,26.63,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,90354,27.04,-
03-MAR-2010,KOTAKNIFTY,Kotak Nifty ETF,KOTAK SECURITIES LTD.,BUY,13982,505.02,-
03-MAR-2010,KTKBANK,Karnataka Bank Limited,PARIKH AMAL NIRANJAN,BUY,675000,120.00,-
03-MAR-2010,KTKBANK,Karnataka Bank Limited,SHAH UDAY SURESH,BUY,675000,120.00,-
03-MAR-2010,KTKBANK,Karnataka Bank Limited,SURBHI TRADING CO, PVT LTD,BUY,757333,125.83,-
03-MAR-2010,SYNCOM,Syncom Healthcare Ltd,BP FINTRADE PRIVATE LIMITED,BUY,89421,102.81,-
03-MAR-2010,SYNCOM,Syncom Healthcare Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,127833,101.51,-
03-MAR-2010,SYNCOM,Syncom Healthcare Ltd,PINAC STOCK BROKERS PVT LTD,BUY,183000,102.70,-
03-MAR-2010,SYNCOM,Syncom Healthcare Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,158890,102.87,-
03-MAR-2010,ZICOM,Zicom Electronic Security,PACE FINANCIAL SERVICES,BUY,69701,112.34,-
03-MAR-2010,AMAR,Amar Remedies Limited,OBEROI DIMPLE,SELL,732732,65.04,-
03-MAR-2010,AMAR,Amar Remedies Limited,TRANSGLOBAL SECURITIES LTD.,SELL,137593,65.24,-
03-MAR-2010,AQUA,Aqua Logistics Ltd,PR VYAPAAR LIMITED,SELL,182894,243.09,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,136426,695.10,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,AJAY ASSET MANAGEMENT PRIVATE LIMITED,SELL,89905,712.81,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,ALIVE CONSULTANTS ALIVE,SELL,109233,711.68,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,ARCHITA C GADA,SELL,113909,710.29,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,SELL,143601,696.73,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,BP FINTRADE PRIVATE LIMITED,SELL,372958,715.38,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,C D INTEGRATED SERVICES LTD.,SELL,217460,709.41,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,111348,701.82,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,DINESH MUNJAL(HUF),SELL,127878,707.15,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,EAST INDIA SECURITIES LTD.,SELL,96064,688.84,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,568209,698.97,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GHALLA BHANSALI STOCK BROKERS PRIVATE LIMITED,SELL,91813,711.60,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,JMP SECURITIES PVT LTD,SELL,130290,712.79,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,206753,703.25,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,478228,710.54,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,302788,701.85,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,164211,708.23,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,NEPTUNE FINCOT PVT LTD,SELL,169346,712.80,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,PRASHANT JAYANTILAL PATEL,SELL,111307,713.10,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,PRATIK BHAILALBHAI PATEL,SELL,82073,704.03,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,PRB SECURITIES PRIVATE LTD.,SELL,118269,700.02,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,R APPALA RAJU,SELL,80000,697.63,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SHANKAR GROWTH FUND LTD,SELL,61355,680.51,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SICON EXPORTS PVT LTD,SELL,302000,694.08,-
03-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SMB CAPITAL MARKET PVT. LTD.,SELL,85977,698.31,-
03-MAR-2010,CLUTCHAUTO,Clutch Auto Limited,BP FINTRADE PRIVATE LIMITED,SELL,88662,66.99,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,A K G SECURITIES AND CONSULTANCY LTD.,SELL,123431,26.47,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,122706,26.67,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,BHARAT SECURITIES PVT LTD,SELL,94756,26.17,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,JYOTI PORTFOLIO LIMITED,SELL,103331,26.97,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,LAXMI GOVIND KULKARNI,SELL,167704,26.19,-
03-MAR-2010,EMMBI,Emmbi Polyarns Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,90354,27.07,-
03-MAR-2010,EVERESTIND,Everest Industries Limite,M M MURARKA SHARE & SEC PVT LT,SELL,90000,160.11,-
03-MAR-2010,IFL,India Foils Limited,ESS DEE ALUMINIUM LTD,SELL,160244,7.51,-
03-MAR-2010,KOTAKNIFTY,Kotak Nifty ETF,KOTAK SECURITIES LTD.,SELL,4118,507.49,-
03-MAR-2010,KTKBANK,Karnataka Bank Limited,QUANTUM (M) LIMITED,SELL,3240000,121.23,-
03-MAR-2010,SYNCOM,Syncom Healthcare Ltd,BP FINTRADE PRIVATE LIMITED,SELL,90417,103.28,-
03-MAR-2010,SYNCOM,Syncom Healthcare Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,137833,101.50,-
03-MAR-2010,SYNCOM,Syncom Healthcare Ltd,PINAC STOCK BROKERS PVT LTD,SELL,183000,101.62,-
03-MAR-2010,SYNCOM,Syncom Healthcare Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,158890,103.11,-
03-MAR-2010,ZICOM,Zicom Electronic Security,PACE FINANCIAL SERVICES,SELL,69701,112.27,-
BSE Bulk Deals to Watch - March 3 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
3/3/2010 524412 Aarey Drugs SPAN TRADELINK PRIVATE LIMITED B 45523 38.29
3/3/2010 524412 Aarey Drugs SPAN TRADELINK PRIVATE LIMITED S 45523 39.28
3/3/2010 524412 Aarey Drugs URMILA R MEHTA S 25000 36.63
3/3/2010 524412 Aarey Drugs RAMESH CHANDRA P MEHTA S 37000 38.35
3/3/2010 517356 ACI Infocom PRATYUSH KHAITAN B 50000 27.30
3/3/2010 517356 ACI Infocom VANDANA MINDA S 50000 27.30
3/3/2010 530901 ACIL Cot Inds EXCLUSIVE DEALERS PRIVATE LIMITED S 150000 20.89
3/3/2010 532664 Amar Remedies DIMPLE OBEROI B 443152 65.56
3/3/2010 532664 Amar Remedies DIMPLE OBEROI S 604345 64.96
3/3/2010 533159 AQUA LOGIST A K G STOCK BROKERS PRIVATE LIMITED B 102904 252.55
3/3/2010 533159 AQUA LOGIST A K G STOCK BROKERS PRIVATE LIMITED S 102904 252.44
3/3/2010 533159 AQUA LOGIST PR VYAPAAR PRIVATE LIMITED S 175000 243.00
3/3/2010 533163 ARSS INFRA GENUINE STOCK BROKERS PVT. LTD. B 557025 698.95
3/3/2010 533163 ARSS INFRA SMART EQUITY BROKERS PRIVATE LIMITED B 689603 705.42
3/3/2010 533163 ARSS INFRA A K G STOCK BROKERS PRIVATE LIMITED B 146502 693.34
3/3/2010 533163 ARSS INFRA MATRIX EQUITRADE PRIVATE LIMITED LIMITED B 184107 709.65
3/3/2010 533163 ARSS INFRA CHANDARANA INTERMIDIARY BROKERS PVT LTD B 116948 702.58
3/3/2010 533163 ARSS INFRA MARWADI SHARES AND FINANCE LTD. B 267516 703.55
3/3/2010 533163 ARSS INFRA EUREKA STOCK & SHARE BROKING SERVICES LTD B 105745 707.34
3/3/2010 533163 ARSS INFRA SANJEEV SINGHAL B 531501 702.48
3/3/2010 533163 ARSS INFRA OPG SECURITIES P LTD B 536479 702.76
3/3/2010 533163 ARSS INFRA JMP SECURITIES PVT LTD B 277014 716.07
3/3/2010 533163 ARSS INFRA MUDRA SECURITIES B 200000 692.11
3/3/2010 533163 ARSS INFRA VISHAL KISHORE BHATIA B 173775 726.76
3/3/2010 533163 ARSS INFRA H J SECURITIES PVT LTD B 120677 715.35
3/3/2010 533163 ARSS INFRA NAVEEN TAPARIA B 103741 695.89
3/3/2010 533163 ARSS INFRA MANGALAM INVESTMENTS B 150000 728.50
3/3/2010 533163 ARSS INFRA ANITA DEEPAK 0DALAL B 150000 687.75
3/3/2010 533163 ARSS INFRA GENUINE STOCK BROKERS PVT. LTD. S 557025 699.48
3/3/2010 533163 ARSS INFRA SMART EQUITY BROKERS PRIVATE LIMITED S 689603 705.75
3/3/2010 533163 ARSS INFRA A K G STOCK BROKERS PRIVATE LIMITED S 146502 695.45
3/3/2010 533163 ARSS INFRA MATRIX EQUITRADE PRIVATE LIMITED LIMITED S 184107 709.37
3/3/2010 533163 ARSS INFRA CHANDARANA INTERMIDIARY BROKERS PVT LTD S 116948 703.98
3/3/2010 533163 ARSS INFRA MARWADI SHARES AND FINANCE LTD. S 267516 704.44
3/3/2010 533163 ARSS INFRA EUREKA STOCK & SHARE BROKING SERVICES LTD S 105745 707.48
3/3/2010 533163 ARSS INFRA SANJEEV SINGHAL S 531501 702.55
3/3/2010 533163 ARSS INFRA OPG SECURITIES P LTD S 536479 703.01
3/3/2010 533163 ARSS INFRA JMP SECURITIES PVT LTD S 179014 717.98
3/3/2010 533163 ARSS INFRA MUDRA SECURITIES S 200000 724.63
3/3/2010 533163 ARSS INFRA VISHAL KISHORE BHATIA S 173775 688.79
3/3/2010 533163 ARSS INFRA H J SECURITIES PVT LTD S 120677 715.31
3/3/2010 533163 ARSS INFRA NAVEEN TAPARIA S 103741 697.93
3/3/2010 533163 ARSS INFRA MANGALAM INVESTMENTS S 150000 687.75
3/3/2010 533163 ARSS INFRA ANITA DEEPAK DALAL S 150000 728.50
3/3/2010 532995 Avon Corp VINOD AMRATLAL NAAI B 459512 7.07
3/3/2010 532995 Avon Corp VINOD AMRATLAL NAAI S 458820 7.06
3/3/2010 507944 Bajaj Steel SUNIL KUSH BAJAJ B 12500 187.00
3/3/2010 507944 Bajaj Steel PAWANKUMAR SHRINIWAS RUIA S 12500 187.00
3/3/2010 511664 BGIL Films SAROJ DOGRA B 35405 15.64
3/3/2010 505052 Clutch Auto HITESH SHASHIKANT JHAVERI B 140003 67.35
3/3/2010 505052 Clutch Auto BP FINTRADE PRIVATE LIMITED B 139090 67.31
3/3/2010 505052 Clutch Auto HITESH SHASHIKANT JHAVERI S 125544 67.34
3/3/2010 505052 Clutch Auto BP FINTRADE PRIVATE LIMITED S 132627 67.24
3/3/2010 524388 Crazy Infotech RADHA KRISHNAN GEETHA S 395439 1.10
3/3/2010 533161 EMMBI POLY A K G SECURITIES AND CONSULTANCY LTD B 100783 26.46
3/3/2010 533161 EMMBI POLY JYOTI PORTFOLIO LIMITED B 104869 26.92
3/3/2010 533161 EMMBI POLY BHARAT SECURITIES PVT LTD B 96037 26.29
3/3/2010 533161 EMMBI POLY A K G SECURITIES AND CONSULTANCY LTD S 100783 26.50
3/3/2010 533161 EMMBI POLY JYOTI PORTFOLIO LIMITED S 149269 26.82
3/3/2010 533161 EMMBI POLY BHARAT SECURITIES PVT LTD S 96037 26.37
3/3/2010 504351 Empower Inds RUPESHKUMAR VINODBHAI SHAH B 119000 38.95
3/3/2010 504351 Empower Inds CHANDRAKANT B SHAH S 97287 38.95
3/3/2010 504351 Empower Inds JIGNESH CHANDRAKANT SHAH S 84000 38.96
3/3/2010 514358 Everlon Syn KEYUR MAHESH SHAH B 86500 12.60
3/3/2010 514358 Everlon Syn SHEILA NANIKHATHI RAMANI S 110000 12.60
3/3/2010 532022 Filatex Fash PAVAN ANIL GANDHI B 53255 12.13
3/3/2010 532022 Filatex Fash A LOGANATHAN S 50000 12.14
3/3/2010 532139 G Tech Info RAMAKANT SAGARMAL BIYANI B 500000 4.92
3/3/2010 530945 Gangotri Iron BHAWARLAL JAJOO B 70000 39.13
3/3/2010 530945 Gangotri Iron RAJA MOHAMAD BIN MAIDEN S 40000 38.96
3/3/2010 530945 Gangotri Iron MADAN DAULAT RAMBAHAL S 39250 39.02
3/3/2010 509567 Goa Carbon ESMERALDA INVESTMENTS PVT LTD B 1270720 109.67
3/3/2010 509567 Goa Carbon DEMPO INDUSTRIES PVT LTD S 400900 111.00
3/3/2010 509567 Goa Carbon DEMPO BROTHERS PVT LTD S 565220 108.00
3/3/2010 509567 Goa Carbon MARMAGOA SHIPPING & STEVEDORING CO. LTD. S 304600 111.00
3/3/2010 513059 GS Auto RITU MERCANTILES PVT LTD S 40127 53.95
3/3/2010 509684 India Foils ESS DEE ALUMINIUM LTD S 238518 7.45
3/3/2010 500202 India Lease GEE GEE HOLDINGS PVT LTD B 307851 9.25
3/3/2010 500202 India Lease M G F SERVICES LIMITED S 307851 9.25
3/3/2010 523844 Invicta Meditek RAMACHANDRAN V S 25000 5.64
3/3/2010 506520 Jayshree Chem BIKEWIN TRADING PRIVATE LIMITED B 27033 18.00
3/3/2010 530955 Kailash Ficom FANCY INVESTRADE PRIVATE LIMITED S 72803 32.20
3/3/2010 532652 Karnataka Bank QUANTUM M LIMITED S 1340166 120.56
3/3/2010 530255 KAY Power KAUSHALYA GARG B 165660 16.60
3/3/2010 530255 KAY Power BAMPSL SECURITIES LTD B 138285 16.40
3/3/2010 530255 KAY Power GIRRAJ PRASAD GUPTA B 62730 16.24
3/3/2010 530255 KAY Power NAVAL KISHORE GUPTA S 150000 15.86
3/3/2010 530255 KAY Power BAMPSL SECURITIES LTD S 181835 16.63
3/3/2010 531602 Koffee Break VASANTABEN JAYANTILAL SHAH S 575000 1.46
3/3/2010 523550 Krypton Inds RADIANT FINANCIAL SERVICES LIMITED B 32004 25.88
3/3/2010 523550 Krypton Inds DEEPAK KUMAR BHANSALI S 31000 24.32
3/3/2010 523550 Krypton Inds RADIANT FINANCIAL SERVICES LIMITED S 32004 24.81
3/3/2010 531515 Mahan Inds MANJU YOGENDRAKUMAR GUPTA S 500000 5.10
3/3/2010 532649 Nectar Life YASH SHARES AND STOCK PRIVATE LIMITED B 1000000 35.00
3/3/2010 524764 Nutraplus Prod JAVALGEKAR ASHA SHREEKANT S 27500 18.27
3/3/2010 531996 Odyssey Corp EFORCE INDIA PRIVATE LIMITED S 34500 62.27
3/3/2010 531496 Omkar Overseas DEE VARUN DEVELOPERS P. LTD B 80065 59.10
3/3/2010 531496 Omkar Overseas FALGUNIBEN MAHAVIRBHAI GOHIL B 35000 58.97
3/3/2010 531496 Omkar Overseas JITENDRA KUMAR RATHI S 46050 59.45
3/3/2010 531496 Omkar Overseas VIJAY VELJIBHAI PADHARIA S 29049 58.71
3/3/2010 512097 Oregon Comm NIRAV RAJABABU GANDHI B 5500 186.16
3/3/2010 512097 Oregon Comm PARESH RAMJIBHAI CHAUHAN B 5000 184.05
3/3/2010 512097 Oregon Comm VANDANA JINDAL B 6363 190.47
3/3/2010 512097 Oregon Comm PATEL SHAILESH JIVANLAL B 6500 184.05
3/3/2010 512097 Oregon Comm SANJAY JETHALAL SONI S 5406 195.17
3/3/2010 512097 Oregon Comm SONI KRUPA SANJAY S 6105 185.85
3/3/2010 512097 Oregon Comm KRUPA SANJAY SONI S 18284 192.23
3/3/2010 512097 Oregon Comm NIRAV RAJABABU GANDHI S 5200 186.38
3/3/2010 512097 Oregon Comm VANDANA JINDAL S 6363 190.61
3/3/2010 531726 Panchsheel Org MALEKUL ASTERM PARAWALA B 50480 37.28
3/3/2010 531726 Panchsheel Org BENJAMIN STANISLA SEKKA B 38248 37.19
3/3/2010 531726 Panchsheel Org MALEKUL ASTERM PARAWALA S 44385 37.06
3/3/2010 530047 Rai Saheb Rekh NILU SANJAY PODDAR S 31400 113.45
3/3/2010 502587 Rama Pulp PREMIUM HOSPITALITY SERVICES PRIVATE LIMITED B 42811 29.61
3/3/2010 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 52185 29.92
3/3/2010 502587 Rama Pulp OM PARKASH GUPTA S 47264 29.72
3/3/2010 531569 Sanjivani Par NARESH CHAND JAIN B 29984 49.12
3/3/2010 531569 Sanjivani Par NARESH CHAND JAIN S 29984 49.88
3/3/2010 531781 Sapan Chem NILESH KRUSHNA PALANDE S 49310 4.73
3/3/2010 532793 Shree Ashtavina KANUDIA CAPITAL AND MANAGEMENT SERVICES PVT LTD B 800000 12.74
3/3/2010 532793 Shree Ashtavina TRANS FINANCIAL RESOURCES LIMITED B 1349375 13.25
3/3/2010 532793 Shree Ashtavina DRB SECURITIES PVT LTD S 1005462 12.78
3/3/2010 532793 Shree Ashtavina TRANS FINANCIAL RESOURCES LIMITED S 1162398 13.02
3/3/2010 505827 SNL Bearings SAINATH HERBAL CARE MARKETING P.LTD B 39300 37.32
3/3/2010 505827 SNL Bearings SHAREKHAN LTD A/C Diversified Equity S 36000 37.40
3/3/2010 512413 Spectacle Inds ANKIT RAJENDRA SANCHANIYA S 295000 89.06
3/3/2010 530419 Sumedha Fisc GIRISH GULATI B 47801 22.58
3/3/2010 526133 Supertex Inds ABHAY DATTATRAY JAVLEKAR B 500000 3.11
3/3/2010 526133 Supertex Inds SANKET ATULKUMAR SHAH B 644000 3.11
3/3/2010 526133 Supertex Inds RONAK ASHWIN CHOKSI B 700000 3.15
3/3/2010 526133 Supertex Inds SUPER INFINCON PVT LTD S 816694 3.15
3/3/2010 512257 Swasti Vinay Gem ACHALA ELECTRICALS PRIVATE LIMITED B 322696 5.70
3/3/2010 533157 SYNCOM HEAL TRANSGLOBAL SECURITIES LTD. B 167518 102.68
3/3/2010 533157 SYNCOM HEAL MATRIX EQUITRADE PRIVATE LIMITED LIMITED B 101403 104.58
3/3/2010 533157 SYNCOM HEAL OPG SECURITIES P LTD B 120170 103.45
3/3/2010 533157 SYNCOM HEAL TRANSGLOBAL SECURITIES LTD. S 167018 102.54
3/3/2010 533157 SYNCOM HEAL MATRIX EQUITRADE PRIVATE LIMITED LIMITED S 101403 104.60
3/3/2010 533157 SYNCOM HEAL OPG SECURITIES P LTD S 120170 103.58
3/3/2010 532284 TCFC Finance GREENSTONE INVESTMENT PVT LTD. B 100000 30.19
3/3/2010 532284 TCFC Finance RRB SECURITIES LTD S 100000 30.13
3/3/2010 531831 Unisys Soft RAJKUMAR SHARMA S 101933 22.01
3/3/2010 531249 Well Pack Papers DIPIKA DINESH KANKARIA B 25751 462.75
3/3/2010 531249 Well Pack Papers NIOL IMPEX PRIVATE LIMITED S 39200 462.31
3/3/2010 519214 Williamson Fin NAYAN NAROTTAMDAS SHAH S 44500 39.84
3/3/2010 530091 Zyden Gentec DEEPAK REAL ESTATEDEVE. I. P.L S 200000 2.24
* B - Buy, S - Sell
Turnover declines
Tata Motors March 2010 futures at discount
Nifty March 2010 futures were at 5,082, at a discount of 6.10 points over spot closing of 5,088.10. Turnover in NSE's futures & options (F&O) segment was Rs 67,620.30 crore, lower than Rs 70,716.46 crore on Tuesday, 2 March 2010.
Tata Motors March 2010 futures were at discount at 803.90 compared to the spot closing of 811.10.
Jindal Steel & Power March 2010 futures were at premium at 681 compared to the spot closing of 678.
Reliance Industries March 2010 futures were near spot price at 1023.80 compared to the spot closing of 1024.
In the cash market, the S&P CNX Nifty rose 71.10 points or 1.42% at 5,088.10.
ARSS Infrastructure Projects ends with 64% premium
At 736.30 on the BSE
ARSS Infrastructure Projects ended at Rs 736.30 on the BSE, a 63.60% premium over the initial public offer price of Rs 450.
The stock debuted at Rs 640, a 42.2% premium over the initial public offer (IPO) price. On BSE, 1.15 crore shares were traded on the counter. The stock hit a high of Rs 754.70 and a low of Rs 640.
The current share price of Rs 736.30, discounts the company's year ended March 2009 EPS of Rs 34.4 by a PE multiple of 21.40.
ARSS Infrastructure Projects had raised Rs 113.04 crore through its recently concluded IPO that ended on 11 February 2010 with an over subscription of 47.62 times. The IPO, which opened on 8 February 2010, had a price band of Rs 410 to Rs 450 per share.
Foreign institutional investors (FIIs) put in bids for 4.48 crore shares compared with 15.07 lakh shares reserved for the qualified institutional buyers (QIB) category as a whole. The non-institutional investors segment, comprising of high networth individuals and corporates was bid a staggering 124.5 times. The retail investors' segment was bid 18.5 times.
The company will use the issue proceeds for investment in joint ventures and funding long term working capital requirement.
ARSS Infrastructure Projects (AIPL) provides construction services for railway infrastructure, roads & highways and irrigation projects. The company has successfully executed over 86 projects involving construction of over 200 kilometer (km) of railway tracks. Besides rail projects, AIPL is also into construction of roads and highways and irrigation projects.
Railway projects account for 41% of AIPL's unexecuted order book of Rs 2877.53 crore (as on 10 January 2010). Road projects account for 41% and 3% of the order backlog comprises irrigation projects.
ARSS Infrastructure Projects reported a net profit of Rs 51.04 crore on sales of Rs 624.38 crore in the year ended March 2009.
Market gains for the third straight day; Sensex regains 17k mark
The key benchmark indices extended gains for the third straight day on Wednesday on higher Asian stocks. The BSE 30-share Sensex rose 227.45 points or 1.36% to 17,000.01. The BSE Sensex regained psychological 17000 mark. Market shrugged weak European stocks. Finance minister Pranab Mukherjee's bold budgetary proposals which offered to progressively cut fiscal deficit over the next three fiscal years, changed personal tax rates which will lift disposable incomes in the hand of individuals and reduced surcharge on corporate tax for domestic companies to 7.5% from 10% in Union Budget 2010-2011 aided sentiment.
The data showing a jump in services and manufacturing activity in the month of February and rise in exports for the third consecutive month in January further supported market.
Metal stocks gained after rise in metal prices on the London Metal Exchange on Tuesday, 2 March 2010. Realty, FMCG, healthcare, banking and power stocks also rose. Index heavyweight Reliance Industries jumped. The market breadth was strong. All the sectoral indices on BSE were in the green.
European shares edged lower on Wednesday after hitting a near six-week closing high in the previous session, with banking and energy stocks slipping ahead of some U.S. jobs pointers The key benchmark indices in France, Germany and UK fell by between 0.04% to 0.14%.
Asian shares rose for a fourth straight session and the euro extended its rebound against the dollar on Wednesday 3 March 2010 as investors held out hope for a bailout package for debt-ridden Greece. The key benchmark indices in Hong Kong, Japan, South Korea, Singapore, China and Taiwan rose by between 0.31% to 0.78%. But key benchmark indices in Hong Kong and Singapore fell by between 0.14% to 0.37%.
Australia's economy grew last quarter at the fastest pace in almost two years, underscoring the central bank's decision yesterday to boost borrowing costs for the fourth time in five meetings Gross domestic product climbed 0.9% from the third quarter, when it gained a revised 0.3%, the Bureau of Statistics said in Sydney today.
Trading in US markets indicated US markets could see a flat opening on Wednesday, 3 March 2010.
In US markets- stocks erased most of their gains on Tuesday 2 March 2010 as tech stocks retreated. The Dow Jones rose 0.02% to 10405.98. Nasdaq gained 0.32% to 2280.79 and the S&P 500 rose 0.23% to 1118.31 on that day.
On to the monthly auto sales in US - GM kicked it off, reporting its US auto sales rose 11.5% in February, about half of what analysts had expected. Ford reported its US sales jumped 43% last month, much higher than the 30.1% expected. Toyota reported its sales fell 8.7%, not as bad as the 10-to-15% drop expected.
Closer home, the Finance Minister in his budget speech on Friday, 26 February 2010 said the government aims to introduce the Goods and Services Tax (GST) and implement the direct tax code from 1 April 2011. The peak rate of excise duties has been raised to 10% from 8% as a first step towards the winding down of fiscal stimulus measures. However, the service tax was retained at 10%. The government has estimated Rs 40000 crore from disinvestment for FY 2010-11. It has estimated Rs 35000 crore from sale of third generation telecom auctions.
The finance minister has raised personal income tax slabs which will result in increase in disposable incomes which in turn may boost consumption. The minimum alternate tax (MAT) has been raised to 18% from 15% of book profits. The fiscal deficit is pegged at 5.5% of GDP for 2010-2011, lower than an estimated 6.8% for the current fiscal year. The planned expenditure will rise 15% in 2010-2011. The increase in non-plan expenditure is only 6% for 2010-2011. The finance minister said the government also aimed to reduce the deficit further to 4.8% of GDP in the year starting 1 April 2011, and to 4.1% in the year from 1 April 2012. He said there is a need to review stimulus and move towards fiscal consolidation and review public spending.
A thrust on the infrastructure sector augurs well from a long-term growth perspective. The Finance Minister has provided Rs 1.73 lakh crore for infrastructure development in 2010-2011, which accounts for over 46% of the total plan expenditure for the year.
The stock market has applauded the Union Budget 2010-2011 due to its thrust on infrastructure development, government's pledge to reduce fiscal deficit over the next three years, a smaller-than-expected 2% hike in excise duties, and reduction in taxes for individuals which will boost disposable income. The Finance Minister has assumed a modest GDP of about 8% and inflation of about 4.5% for 2010-2011.
Though the Finance Minister said that the government will implement the Direct Tax Code from 1 April 2011, there is no clarity on actual changes in direct taxes from 1 April 2011. Further, there is also uncertainty with regards to rates under the new GST. One really does not know what the Central GST rate will be in April 2011. States also will charge State GST on the same base as that of Central GST. So the States will have a big say in fixing the rate. It has also to be a revenue neutral rate (RNR) which therefore will involve a lot of arithmetical exercise involving all the taxes which will be subsumed in the GST. It is most uncertain what it will be.
Going ahead, the key triggers for the stock market are structural reforms such as decontrol of petrol and diesel prices, targeting of food subsidies, and financial sector reforms such as increase in foreign direct investment in insurance sector.
Meanwhile, the latest hike in petrol and diesel prices will further increase headline inflation. Higher inflation will put further pressure on interest rates which in turn may impact corporate and consumer confidence. However, Prime Minister Manmohan Singh on Monday tried to allay fears of fuel price hike stoking inflation. He said the direct effect on the Wholesale Price Index (WPI) will be no more than 0.4%.
Food prices will be keenly watched in coming weeks for the second and third round impacts of the fuel price rise. Market men see a 25 basis points hike in the repo and reverse repo rates each by the RBI at the April 2010 policy review.
The winter-sown crops output will be good and will help high food prices ease, Farm Minister Sharad Pawar told parliament on Wednesday.
The economy is likely to do better in the quarter to March than the three preceding quarters, Finance Secretary Ashok Chawla said on Friday 26 February 2010. The economy grew a slower than expected 6% annually in the December quarter, data showed on Friday.
Business activity among Indian service companies grew at its fastest pace in 17 months in February 2010, climbing for the third straight month as both output and new orders increased, a survey showed. The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to 60.9 in February 2010, its highest since September 2008, and compared with 59.0 in January.
The manufacturing industry in February 2010 grew at its fastest pace in 20 months, expanding for the third month thanks to expanding output and new orders, a survey showed. The HSBC Markit Purchasing Managers' Index , based on a survey of 500 companies, rose to 58.5 in February, its strongest reading since June 2008, from 57.7 in January. A reading above 50 means activity is expanding.
Exports rose an annual 11.5% in January 2010 to $14.3 billion, the third consecutive rise after 13 straight months of decline, the government said on Tuesday. Imports rose 35.5% from a year earlier to $24.7 billion. The trade deficit stood at $10.4 billion in January compared with $5.4 billion a year earlier. Exports for April-January, the first 10 months of the 2009/10 fiscal year, were down 17.8% at $131.9 billion from the same period in the previous year.
The BSE 30-share Sensex rose 227.45 points or 1.36% to 17,000.01. The barometer index rose 240.05 points at the day's high of 17012.61 in late trade. The Sensex rose 5.73 points at the day's low of 16,778.29 in early trade.
The 50-unit Nifty rose 71.10 points or 1.42% to 5,088.10. Nifty March 2010 futures were at 5,082, at a discount of 6.10 points over spot closing of 5,088.10. Turnover in NSE's futures & options (F&O) segment was Rs 67,620.30 crore, lower than Rs 70,716.46 crore on Tuesday, 2 March 2010.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1938 shares rose as compared with 890 that declined. A total of 86 shares remained unchanged.
From the 30 share Sensex pack, 24 rose while rest declined.
The BSE Mid-Cap index rose 1.58% and outperformed Sensex. The BSE Small-Cap index rose 1.29% and underperformed Sensex.
BSE clocked a turnover of Rs 4204 crore higher than Rs 4199.13 crore on Tuesday, 2 March 2010.
Index heavyweight Reliance Industries (RIL) rose 3.9% gaining for the third straight day after the reports board of LyondellBasell Industries has rejected an acquisition bid by Reliance Industries (RIL). Investors were worried that RIL may be paying too much for the Rotterdam-based chemicals maker.
RIL's offer to buy Lyondell for $14.5 billion was pitted against the foreign company's creditors, including the New York-based private equity fund Apollo Management, which had backed an earlier reorganisation plan that would give them an equity stake in the chemicals maker. A successful deal would have created the world's largest petrochemical company ahead of BASF and Dow Chemical, with revenues of more than $80 billion and would have provided RIL access to better technology and refineries in Europe and the US.
FMCG stocks rose after a strong push for the rural sector in the Budget. Britannia Industries, Hindustan Unilever, Tata Tea, Nestle India, Hindustan Unilever, United Spirits and Marico rose by between 0.2% to 4.52%.
Shares of pharmaceutical firms rose after finance minister Pranab Mukerjee increased the weighted deductions for in house research and development from 150% to 200%. DR Reddy's Laboratories, Cipla, Lupin, Wockhardt, Sun Pharmaceuticals Industries, Jubilant Organosys, Glenmark Pharma, Venus Remedies, Biocon and Suven Life Sciences rose by between 0.5% to 2.8%.
Tata Power Company rose 5.08% on reports of plans to increase coal mining capacity in Indonesia by a fourth starting in the latter half of fiscal 2011. Capacity will be increased to 75 metric ton (mt) a year from the current 60 mt. The stock was the top gainer from the Sensex pack. Among other power stocks, CESC, NTPC, Reliance Infrastructure and Torrent Power rose by between 0.92% to 3.01%.
Banking stocks gained after the finance minister said RBI is considering giving some additional banking licenses to private sector players. ICICI Bank, State Bank of India and HDFC Bank rose by between 1.24% to 1.8%.
Shares of state-run bank got a boost from the Finance Minister's proposal to provide Rs 16500 crore for recapitalisation to enable them to maintain minimum capital adequacy at 8% in tier I capital by 31 March 2011.
Realty shares rose after the Finance Minister allowed pending projects to be completed within a period of five years instead of four years for claiming a deduction on profits. The norms for built-up area of shops and other commercial establishments in housing projects is also proposed to be relaxed to enable basic facilities for their residents. Ackruti City, Indiabulls Real Estate, DLF, HDIL, Omaxe, Parsvnath Developers, Sobha Developers rose by between 0.96% to 3.5%.
On the negative side, the construction services have now been brought under the ambit of the service tax in an unexpected move that would raise cost of apartments that are still under construction. As per the Budget proposal, the finance ministry has suggested that construction would be deemed to be a taxable service if the building or complex is still under construction and approval from the concerned regulatory authority which in most cases is the resident municipal authority, hasn't yet been granted.
Metal stocks rose after LMEX, a gauge of six metals traded on the London Metal Exchange, rose 1.45% on Tuesday, 3 March 2010. JSW Steel, Jindal Steel & Power, Sterlite Industries, Hindalco Industries, National Aluminum Company rose by between 0.25% to 3%.
Steel Authority of India rose 0.56% after the company raised product prices by Rs 500 - 600 a tonne, after factory-gate duties were raised in the Union Budget on 26 February 2010.
But, India's largest steel maker by sales Tata Steel fell 0.08% reversing early gains. Tata Steel's European unit Corus has sold its stake in a joint venture operating a tar distillation plant in the Netherlands for an undisclosed sum. The joint venture operates a 140,000-tonnes-a-year plant, which processed coal tar generated from Corus's IJmuiden steelworks. Corus, along with partner Cindu BV, have sold their stake to US carbon-compounds maker Koppers Holdings and have tied up a long-term arrangement for tar supply with the new owner, said Tata steel in a statement. Cindu reported sales of about 50 million euros in 2008.
The government's proposal to introduce a competitive bidding process for allocating coal blocks for captive mining would ensure greater transparency and increased participation in production from these blocks. Coal is one of the key raw materials for the metal producers. The FM has also proposed to take steps to set up a "Coal Regulatory Authority" to create a level playing field in the coal sector. This would facilitate resolution of issues like economic pricing of coal and benchmarking of standards of performance.
Steel demand is seen rising by 10% in the fiscal year to March 2011, helped by higher spending on infrastructure, Steel Secretary Atul Chaturvedi said on Wednesday.
IT stocks rose on strong US economic data. US is the biggest export market for the Indian IT companies. Hexaware Technologies, Financial Technologies and Infosys rose by between 0.77% to 4.38%.
India's largest IT exporter by sales Tata Consultancy Services rose 0.49%. The company is to administer the UK's National Employee Savings Trust (NEST) scheme's administered services under a 10-year deal, worth around £600 million (approximately Rs 4,150 crore). The contract is awarded by the UK's Personal Accounts Delivery Authority (PADA).
But, India's largest IT exporter by sales Wipro fell 0.13%.
Auto stocks extended recent gains as the government hiked the excise duty by 2% to 10% from 8% earlier. This came as a relief as the industry feared a 4% hike. A thrust on infrastructure and higher rural spending also augur well for the auto sector. The spurt in February vehicle sales also supported stocks.
India's largest two-wheeler maker Hero Honda Motors rose 0.25% after company on Tuesday reported a 16.13% increase in its sales at 3,82,096 units in February 2010 over February 2009, the best-ever reported by the company for the month of February.
India's largest tractor maker by sales Mahindra & Mahindra rose 2.11%, The company's total vehicle sales surged 39.51% to 27,894 units in February 2010 over February 2009.
India's largest commercial vehicle maker by sales Tata Motors rose 1.3% after jumping 12.1% on Tuesday. The company's total vehicle sales rose 58.46% to 69,427 units in February 2010 over February 2009.
Bajaj Auto gained 1.64% extending Tuesday's 1.73% gains. The total vehicle sales surged 75% to 2.68 lakh units in February 2010 over February 2009.
TVS Motor Company fell 1.95% after jumping 9.52% on Tuesday. TVS Motor Company has reportedly increased the prices of its vehicles by Rs 350 to Rs 1,500 across various models effective 1 March 2010. The hike follows an increase in excise duty by 2% in the union budget announced on Friday, 26 February 2010.The company's total two wheeler sales rose 31% to 1,40,544 units in February 2010 over February 2009.
But, India's largest car maker by sales Maruti Suzuki India fell 0.83% after gaining for the last two days. The total vehicle sales rose 22% to 96,650 units in February 2010 over February 2009. The company has raised vehicle prices by Rs 3,000-Rs 13,000 following increase in excise duty in the Budget
Another minor positive for auto companies was higher slabs for personal income tax that would leave more finance in hands of individuals.
Construction firms gained after the finance minister allocated Rs 1.73 lakh crore for infrastructure development in FY 2010-2011. Valech Engineering, Era Infra Engineering, Hindustan Construction Company, Nagarjuna Construction Company Punj Lloyd rose by between 0.58% to 2.39%.
India's largest power equipment maker by sales Bharat Heavy Electricals rose 1.02% after gaining 3.31% on Tuesday after the company secured orders aggregating Rs 5778 crore to set up two coal-based power plants in Maharashtra.
But, India's largest engineering and construction firm by sales Larsen & Toubro fell 0.39%.
Shares non-banking financial firms spurted after finance minister said the central bank is considering granting banking licenses to non-banking financial companies if they meet the criteria. Bajaj Auto Finance, IDFC, IFCI and Reliance Capital rose by between 0.93% to 1.94%.
Consumer durables rose on hopes increase in personal income tax slabs in the budget may boost domestic consumption. Titan Industries, Gitanjali Gems, Blue Star, Lloyd Electric, Videocon Industries rose by between 0.1% to 1.88%.
India's largest drug maker by sales Ranbaxy Laboratories fell 1.3% after the firm said it would not be able to launch a generic version of a urinary drug in the United States as per schedule in the absence of a final approval from the regulator.
ACC fell 0.21%, after the company's cement dispatches declined 2.29% to 17.1 lakh tonnes in February 2010 over February 2009.
Jaiprakash Associates rose 6.14% after company's cement shipments in February 2010 jumped 61% from a year earlier to 11.6 lakh tonnes. The engineering and construction firm, which also has interests in hospitality and power, can currently produce 1.71 crore tonnes of cement a year.
ARSS Infrastructure Projects ended at Rs 736.30 on the BSE, a 63.60% premium over the initial public offer price of Rs 450. The stock debuted at Rs 640, a 42.2% premium over the initial public offer (IPO) price
Cals Refineries clocked the highest volume of 2.62 crore shares on BSE. ARR Infra (1.15 crore shares), Shree Ashtavinayak Cine Vision (0.99 crore shares), SpiceJet (0.81 crore shares) and Unitech (0.75 crore shares) were the other volume toppers in that order.
ARSS Infra clocked the highest turnover of Rs 847.78 crore on BSE. Reliance Indusrtries (Rs 146.83 crore), Tata Motors (Rs 143.16 crore),Ranbaxy Laboratories (Rs 96.90 crore) and Tata Steel (Rs 94.92 crore) were the other turnover toppers in that order.
Solid debut for ARSS Infrastructure
ARSS Infrastructure that listed today, opens with a premium at Rs640.00, up 42% over its issue price of Rs450. The stock hits a high of Rs711 on BSE.
The issue was subscribed 47.62 times. Non-institutional investors were the leading subscribers in this issue. Their reserved portion got subscribed 124.5 times. Qualified institutional and retail investors’ reserved portion subscribed 49.3 times and 18.55 times, respectively.
The stock is currently trading at Rs673.15 up by 49.79% with a volume of over 19.54 lakh shares on the BSE.
Northward journey may continue
Headlines for the day
Tata Consultancy wins bid for UK pension project - DNA Money
Unitech to refinance Rs5k debt - DNA Money
Lyondell rejects RIL bid - Business Standard
SAIL to pass on hike in excise to consumers - Business Standard
Atul Auto to extend presence to five more states - Business Standard
Events for the day
Major corporate action
Ex-date for Dividend of Abbott India Ltd and Dwarikesh Sugar Industries Ltd.
Ex-date for Interim dividend of Sundaram Brake Linings Ltd.
Ex-date for Rights Issue of IBN18 Broadcast Ltd.
ARSS Infrastructure to be list today
Pre-market report
Global signals
The European stocks closed higher on Tuesday, with HSBC stock gains and miners supported by firm metals prices.
US stocks closed marginally higher on Tuesday, as mergers and acquisitions lifted selected sectors but gains shed later on the day.
In today's trade, all the Asian indices are trading in green. At the time of writing of this report SGX Nifty trades 1.50 points higher.
Indian markets
Domestic markets may open higher as positive signals coming from the global markets. As Nifty closed above 5000 level in yesterday’s session, one can expect that it may go higher in coming days.
Commodity cues
In the commodity space, wherein the Crude oil prices recorded marginal loss for the second consecutive day, with the Nymex light crude oil for April series down by $0.03 per barrel.
In the metals space, Comex Gold for April series rose $19.00 per troy ounce and Comex Silver for May series rises by $0.59 per troy ounce.
Daily trend of FII/MF investment in equities
On March 03, 2010, FIIs were the net buyers of the Indian Stocks in the tune of Rs1094.40, whereas the Domestic mutual funds, on February 26, 2010, were the net sellers of the stocks in the tune of Rs387.40 crore.
Daily Grey Market Premiums - March 3 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) | Kostak (Rs. 1 Lac Application) |
| NTPC (FPO) | 201 | 1 to 2 | -- |
| ARSS Infrastructure Projects | 450 | 180 to 200 | -- |
| Texmo Pipes | 90 | 14 to 15 | -- |
| Man Infraconst. | 243 to 252 | 55 to 58 | -- |
| REC (FPO) | 203 | 38 to 40 | -- |
| United Bank of | 60 to 66 | 8 to 8.50 | -- |
Market may extend last two days gains on firm Asian stocks
The market may extend last two days gains on firm Asian stocks. Finance minister Pranab Mukherjee's bold budgetary proposals announced late last week which offered to progressively cut fiscal deficit over the next three fiscal years, changed personal tax rates which will lift disposable incomes in the hand of individuals and reduced surcharge on corporate tax for domestic companies to 7.5% from 10% in Union Budget 2010-2011 would continue to support the market.
Asian stocks rose on Wednesday, 3 March 2010 as metal and oil prices advanced and concerns about Greece's budget problems eased. The key benchmark indices in Hong Kong, Japan, Indonesia, South Korea, Singapore and Taiwan rose by between 0.07% to 0.45%.But, hina's Shanghai Composite fell 0.07%.
Australia's economy grew last quarter at the fastest pace in almost two years, underscoring the central bank's decision yesterday to boost borrowing costs for the fourth time in five meetings Gross domestic product climbed 0.9% from the third quarter, when it gained a revised 0.3%, the Bureau of Statistics said in Sydney today.
In US markets- stocks erased most of their gains on Tuesday 2 March 2010 as tech stocks retreated. The Dow Jones rose 0.02% to 10405.98. Nasdaq gained 0.32% to 2280.79 and the S&P 500 rose 0.23% to 1118.31 on that day.
On to the monthly auto sales in US - GM kicked it off, reporting its US auto sales rose 11.5% in February, about half of what analysts had expected. Ford reported its US sales jumped 43% last month, much higher than the 30.1% expected. Toyota reported its sales fell 8.7%, not as bad as the 10-to-15% drop expected.
Closer home, the Finance Minister in his budget speech on Friday, 26 February 2010 said the government aims to introduce the Goods and Services Tax (GST) and implement the direct tax code from 1 April 2011. The peak rate of excise duties has been raised to 10% from 8% as a first step towards the winding down of fiscal stimulus measures. However, the service tax was retained at 10%. The government has estimated Rs 40000 crore from disinvestment for FY 2010-11. It has estimated Rs 35000 crore from sale of third generation telecom auctions.
The finance minister has raised personal income tax slabs which will result in increase in disposable incomes which in turn may boost consumption. The minimum alternate tax (MAT) has been raised to 18% from 15% of book profits. The fiscal deficit is pegged at 5.5% of GDP for 2010-2011, lower than an estimated 6.8% for the current fiscal year. The planned expenditure will rise 15% in 2010-2011. The increase in non-plan expenditure is only 6% for 2010-2011. The finance minister said the government also aimed to reduce the deficit further to 4.8% of GDP in the year starting 1 April 2011, and to 4.1% in the year from 1 April 2012. He said there is a need to review stimulus and move towards fiscal consolidation and review public spending.
A thrust on the infrastructure sector augurs well from a long-term growth perspective. The Finance Minister has provided Rs 1.73 lakh crore for infrastructure development in 2010-2011, which accounts for over 46% of the total plan expenditure for the year.
The stock market has applauded the Union Budget 2010-2011 due to its thrust on infrastructure development, government's pledge to reduce fiscal deficit over the next three years, a smaller-than-expected 2% hike in excise duties, and reduction in taxes for individuals which will boost disposable income. The Finance Minister has assumed a modest GDP of about 8% and inflation of about 4.5% for 2010-2011.
Though the Finance Minister said that the government will implement the Direct Tax Code from 1 April 2011, there is no clarity on actual changes in direct taxes from 1 April 2011. Further, there is also uncertainty with regards to rates under the new GST. One really does not know what the Central GST rate will be in April 2011. States also will charge State GST on the same base as that of Central GST. So the States will have a big say in fixing the rate. It has also to be a revenue neutral rate (RNR) which therefore will involve a lot of arithmetical exercise involving all the taxes which will be subsumed in the GST. It is most uncertain what it will be.
Going ahead, the key triggers for the stock market are structural reforms such as decontrol of petrol and diesel prices, targeting of food subsidies, and financial sector reforms such as increase in foreign direct investment in insurance sector.
Meanwhile, the latest hike in petrol and diesel prices will further increase headline inflation. Higher inflation will put further pressure on interest rates which in turn may impact corporate and consumer confidence. However, Prime Minister Manmohan Singh on Monday tried to allay fears of fuel price hike stoking inflation. He said the direct effect on the Wholesale Price Index (WPI) will be no more than 0.4%.
Food prices will be keenly watched in coming weeks for the second and third round impacts of the fuel price rise. Market men see a 25 basis points hike in the repo and reverse repo rates each by the RBI at the April 2010 policy review.
The economy is likely to do better in the quarter to March than the three preceding quarters, Finance Secretary Ashok Chawla said on Friday 26 February 2010. The economy grew a slower than expected 6% annually in the December quarter, data showed on Friday.
The manufacturing industry in February 2010 grew at its fastest pace in 20 months, expanding for the third month thanks to expanding output and new orders, a survey showed. The HSBC Markit Purchasing Managers' Index , based on a survey of 500 companies, rose to 58.5 in February, its strongest reading since June 2008, from 57.7 in January. A reading above 50 means activity is expanding.
Exports rose an annual 11.5% in January 2010 to $14.3 billion, the third consecutive rise after 13 straight months of decline, the government said on Tuesday. Imports rose 35.5% from a year earlier to $24.7 billion. The trade deficit stood at $10.4 billion in January compared with $5.4 billion a year earlier. Exports for April-January, the first 10 months of the 2009/10 fiscal year, were down 17.8% at $131.9 billion from the same period in the previous year.
The key benchmark indices surged for the second straight day on Tuesday, 2 March 2010 after finance minister Pranab Mukherjee offered to progressively cut fiscal deficit over the next three fiscal years, changed personal tax rates which will lift disposable incomes in the hand of individuals and reduced surcharge on corporate tax for domestic companies to 7.5% from 10% in Union Budget 2010-2011 late last week. Data showing a surge in manufacturing activity in the month of February and rise in exports for the third consecutive month in January also lifted sentiment. The BSE 30-share Sensex rose 343.01 points or 2.09% to 16,772.56 on that day. The S&P CNX Nifty crossed the psychological 5,000 mark.
As per provisional figures on NSE, foreign funds bought shares worth Rs 1335.32 crore and domestic funds sold shares worth Rs 977.36 crore on Tuesday.
Daily News Roundup - March 3 2010
A week after Reliance Industries raised its offer for LyondellBasell from US$13.5bn to US$14.5bn, the board of the Netherlands-based bankrupt company opts for proposal by creditors. (BS)
Tata Consultancy Services, the country’s largest software exporter by revenue, is to administer the UK’s National Employee Savings Trust scheme’s administered services under a 10-year deal, worth around £600mn. (BS)
Tata Motors previewed its Tata Indica Vista EV at the Geneva Motor Show, which will go on sale later this year across Scandanavia and other select markets of Europe. (BS)
Tata Motors said it would bring an electric version of the Nano, the world’s cheapest car, to Europe within three years, starting with Britain and Scandinavia. (ET)
Karnataka Bank has entered into a memorandum of understanding with Tata Motors to finance purchase of passenger and goods transportation vehicles manufactured by the company. (BL)
Corus the British-Dutch subsidiary of Tata Steel has sold its 50% stake in Cindu Chemicals, a Netherlands-based tar distillation plant, to Koppers International, as part of the overall Tata Group strategy to exit non-core areas. (ET)
GAIL and Maharashtra Industrial Development Corporation plan to establish a joint venture company for distributing gas to industrial consumers in the state. (BL)
BHEL secured an order worth ~Rs57.8bn from Indiabulls Group firm Elena Power & Infrastructure Ltd, to set up projects at Nashik (5x270 MW) and Amravati (5x270 MW). (BL)
The Department of Heavy Industries indicated that with an order book exceeding Rs1.5trn BHEL is likely to double its turnover in the next 10 years and hit the Rs500bn mark. (BS)
Vedanta Resources, the London-listed holding company for India's largest copper producer, Sterlite Industries, has raised US$805mn through a convertible bond issue. (ET)
Ministry of Defence is abandoning competitive bidding and handing over the Rs100bn project to a defence public sector undertaking, Bharat Electronics Ltd, thus leaving in lurch Wipro, Mahindra Defence Systems, Tata Power, L&T, Rolta and HCL. (BS)
Hindustan Dorr-Oliver acquired Davy Markham, a Sheffield (UK)-based engineering services company, for ~Rs660mn. (BL)
US-based PE firm New Silk Route Partners (NSR) has picked up a little over 30% in Nectar Lifesciences for Rs2.5bn at Rs 35 per share. (ET)
Maytas Infra has reached a repayment settlement with one of its lenders HDFC Bank. Under the agreement, Maytas will now pay only 50% of the outstanding loan of Rs1bn as on January 2009. (ET)
EdServ said it intends to acquire SmartLearn WebTV, a start-up that offers e-learning, at a total valuation of about $1 million. (ET)
The board of Elgi Equipments has approved the acquisition of Belair, France, engaged in assembly, sales and service of industrial compressors, piping, fittings and accessories for more than 25 years. (ET)
Glenmark Pharmaceuticals has said its subsidiary has received the nod of US health regulator Food and Drug Administration for marketing Ropinirole Hydrochloride tablets, used in the treatment of Parkinson's disease. (FE)
Japanese car major Nissan is in talks with Ashok Leyland for developing a small car for the global market that could be priced around $4500-5000. (FE)
Uco Bank has received shareholders' approval for a follow on public offer to dilute 6.26% of the government's stake. The public sector lender will issue 60mn equity shares at a face value of Rs 10each. (FE)
The Orissa government has recommended the grant of mining lease for Potangi bauxite reserve in Koraput district, with estimated reserves of over 70mn tons, in favour of NALCO. (BS)
A senior executive in SAIL said that the company is expected to pass on the 2% hike in excise duty on steel to consumers. (BS)
Hyderabad-based Gulf Oil Corporation has renewed its partnership with the Indian Premier League 2010 team Kings XI Punjab. (BS)
IIFCL, a state-run entity that extends loans at preferential rates, may use US$500mn of the nation’s foreign-exchange reserves next financial year to build roads, ports and power plants. (BS)
Effective from March 1, 2010, state owned lenders like Bank of Baroda and Union Bank of India and private sector lender Federal Bank have revised downwards the interest rates on FCNR (B) and NRE (Rupee) term deposits. (FE)
Two directors of Inox Leisure joined the Fame board on Tuesday. (BL)
The country’s merchandise exports rose for the third straight month to US$14.3bn in January, up 11.5% from US$12.9bn last year, while imports surged 35.5% to US$24.7bn from US$18.2bn thus expanding trade deficit to US$10.4bn. (BS)
Karnataka will purchase 1,000MW power from the private producers at a cost of Rs3.2bn to meet the demand-supply situation in the state during the month of March. (BS)
Tamil Nadu Chief Minister said that it plans to announce an "attractive textile policy" soon to attract more investments and increase employment opportunities in textile sector there. (BS)
The high tension industrial power users in Andhra Pradesh are now faced with severe power shortage and forced to contend with one way power holiday and four-hour cut during peak hours in the week days. (BL)
Consequent to pick up in demand, cement companies across regions have hiked prices by Rs5-7/50kg bag for the third consecutive month. (BL)
CERC’s draft regulation on ‘Sharing of inter-State transmission of charges and losses' stipulates that solar-based generation would be allowed zero transmission access charge for use of inter-State transmission systems. (BL)
The government collected 70% of its total tax revenue target for 2009-10 between April 2009 and January 2010, and will have to meet a shortfall of Rs 1,400bn in the remaining two months of the fiscal. (ET)
On lower gear
What was hard to endure is sweet to recall.
It’s the season of recalls as far as the global auto industry is concerned even as the Indian auto story remains on a firmer footing so far. At the same time, policymakers across the globe, barring a few troubled spots, are reversing the crisis-fighting stimulus. India has already made its intentions clear on stimulus withdrawal as the economy has rebounded strongly. One only hopes that the UPA doesn’t succumb to political pressure on the issue of fuel price hike.
There might be some reversal on the bourses after two successive days of Budget-related gains. The start will most probably be a flat one due to uncertain global cues. US market erased bigger gains to close slightly higher. European indices did somewhat better and it’s a mixed bag for Asian markets.
The Budget has prevented further breakdown in sentiment but the upside too appears capped a little above these levels. Among the key factors to watch out for will be FII flows, which have turned positive again. Summer is here for now but it will be the dark clouds of monsoon which will bring the desired sunshine on the bourses.
UPA II has navigated India out of the global financial storm. The Indian economy is now in pretty good shape and will only do better from here on. Globally too, things are okay, if not spectacular. There are still some lingering worries, like the debt problems in Europe, jobless growth in the US, sluggish recovery in the UK and Japan, besides of course China’s monetary tightening.
In short, one won't have it easy in the stock markets this year after last year's stupendous run. Volatility will continue to hound us through the year and there will be no linear, one-way movement. India though will remain among the most sought after destinations for its strong fundamentals.
FIIs were net buyers in the cash segment on Tuesday at Rs13.35bn on a provisional basis while the local funds were net sellers of Rs9.77bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs28.17bn. On Friday, FIIs were net buyers of Rs10.94bn in the cash segment.
The NSE Nifty closed above the 5000 levels for the first time since January 25, 2010 extending gains to second straight trading session as the sentiment remained upbeat post Union Budget. The index took ~24 trading days to reclaim the 5000 mark.
Better than expected monthly auto sales figures by Tata Motors, Maruti and Bajaj Auto kept the Auto stocks in limelight. The strong rally was led by the Metals and Banking stocks even the Mid-Cap and the Small-Cap stocks were in demand. The Realty stocks which were under pressure in the opening trades also erased all intra-day losses.
In addition, India's merchandise exports showed improvement for third consecutive month, exports rose by 11.5% YoY in January 2010 to touch US$14.34bn, data released by the Government. While, imports for the month under review were up by a strong 35.5% at US$24.7bn, the Commerce & Industry said today in a statement.
The trade deficit for January 2010 stood at US$10.36bn versus US$5.34bn in January 2009, the Commerce Ministry added.
Finally, the BSE Sensex advanced 343 points to end at 17,772 after touching a high of 17,808 and a low of 17,438. The Nifty advanced 95 points to end at 5,017.
Equity markets in Asia were positive. The Nikkei in Japan was up 0.5%, while Australia's S&P/ASX ended higher by 0.4%. The Shanghai SE Composite gained 1.25% and Hang Seng index in Hong Kong was up 2%.
In Europe, stocks were trading in the green. The DAX in Germany was up 0.3% and the CAC 40 index in France was up 0.3%. The FTSE in the UK was up 0.4%.
Coming back to India, all the BSE sectoral indices ended in the green, the Auto index was the top gainer, adding 4.8%, followed by the Metal index that was up 4% and the BSE Banking index was up 2.5%. Even the BSE Mid-Cap index gained 2.4% while the BSE Small-Cap index was up 2.1%.
Among the 30-components of Sensex, 25 stocks ended in the positive terrain and 5 ended in the red. Tata Motors, Tata Steel, Hindalco, Tata Power and M&M were among the top gainers.
On the other hand, among the major losers were DLF, Reliance Infra, ONGC and Hindustan Unilever.
Outside the frontline indices, the big gainers in the broader market were Jet Airways, Jain Irrigation, Fortis Healthcare and Thermax. On the other hand, losers included Renuka Sugars, KSK Energy, Balrampur Chini and Chennai Petro.
Shares Tata Motors’ shot up by over 12% to end at Rs797 after the company announced that its total sales (including exports) of Tata commercial and passenger vehicles in February 2010 were 69,427 vehicles, a growth of 58% over 43,811 vehicles sold in February 2009. The company’s domestic sales of Tata commercial and passenger vehicles for February 2010 were 66,190 nos., a 56 % growth over 42,493 nos. sold in February last year.
Cumulative sales (including exports) for the company for the fiscal at 567,535 nos., recorded a growth of 28 % over 444,095 nos. sold last year.
Shares of Bajaj Auto ended higher by 2% at Rs1848 after the company’s motorcycle sales grew by 80% to 235,000 units in February 2010 powered by its ‘bigger and sportier’ Pulsar and Discover brands.
Commercial Vehicle sales were up 60%, exhibiting strong growth across the in-city, sub-urban, and Goods Carrier segments. Exports continued its strong momentum, and exceeded the highest ever export of 772,519 units achieved in the entire last year.
Maruti Suzuki advanced by 1.8% to end at Rs1489 after the company announced that it sold a total of 96,650 vehicles in February 2010. This includes 11,885 units of exports. This is the highest ever total monthly sales in the company’s history (previous highest 95,649 units in January 2010).
The company had sold a total of 79,190 vehicles in February 2009. In February 2010, the company sold 84,765 units in the domestic market, up 20% over corresponding month last year.
JSW Steel announced that it raised prices of all products by 2% following an increase in excise duty, Jayant Acharya, executive director for marketing and sales, was quoted as saying. The move has come after the Finance Minister Pranab Mukherjee, in the budget presented on February 26, 2010 raised the excise tax on almost all products to 10% from 8%.
Shares of JSW Steel surged by 4% to end at Rs1113, it opened at Rs1084 it touched an intra-day high of Rs1119 and a low of Rs1084 and recorded volumes of over 0.3mn shares on BSE.
Shares of Reliance Industries edged higher by 0.5% to end at Rs983 after the board of bankrupt LyondellBasell Industries AF was reportedly said to have rejected a US$14.5bn bid from the company. After having its US$13.5bn takeover bid rejected by the Rotterdam-based company, Reliance Industries raised its offer for a controlling stake to US$14.5bn.
Welspun Gujarat Stahl Rohren Ltd has recently won orders worth Rs6bn for
Pipes and plates from its prestigious global clients. These orders include orders of specialized plates received from large wind mills manufacturers thereby reinforcing Welspun's premium positioning in plate manufacturing.
Shares of Welspun Gujarat advanced by 3.5% to end at Rs249, it opened at Rs243 it touched an intra-day high of Rs250 and a low of Rs41 and recorded volumes of over 0.33mn shares on BSE.
Shares of Hindalco Industries advanced by 5% to end at Rs169 after the company announced the suspension of work at the Mouda Unit will not affect servicing the market since the unit was delivering low production since few months.
The company announced that due to labour problems in the Mouda unit, the management has suspended operations of the Unit with immediate effect.
EdServ announced that it signed a Letter of Intent with SmartLearn WebTV, Chennai based company specialising in e-learning offering for IIT JEE and AIEEE aspirants. This is EdServ's third acquisition in the last 6 months and immediately follows last week's acquisition of Hyderabad based Education ERP provider SchoolMATE. Last September, EdServ acquired 2tion.com to expand its presence into the online tuition services space.
Shares of Edserv surged by over 4.5% to end at Rs264. The scrip opened at Rs256 it touched an intra-day high of Rs268 and a low of Rs256 and recorded volumes of over 0.15mn shares on BSE.
Steel Strips Wheels announced that it sold of 7,03,732 Wheel Rims during the month of February, 2010 as against 4,76,859 wheel Rims during the month of February, 2009 recording a growth of 47.57%. The Company has also achieved a production of 7,02,998 wheel rims during February, 2010 as against 4,67,834 during February, 2009 recording a growth of 50.33%.
The Company has achieved the highest ever Export sales of 56324 wheel rims during the month of February, 2010 as against Export sales of 43161 wheel rims, the previous highest ever Export sales, during the month of July, 2009, recording a growth of 30.50%.
Shares of Steel Strips shot up by over 6% to end at Rs105, it opened at Rs98 it touched an intra-day high of Rs108 and a low of Rs98 and recorded volumes of over 8,000 shares on BSE.
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