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Monday, March 22, 2010
RBI’s interest rate hike spooks market
Today's major news
RBI increases repo, reverse repo rate by 25 basis points
Forex reserves up at $279.708 billion
Larsen & Toubro wins order worth Rs977 crore; the stock closes 0.22% lower
Post-market summary
Global signals
European indices fell on Monday, March 22, 2010 with banking and commodities stocks falling the most as investors concerns over further monetary tightening by the emerging markets after India’s central bank hiked the key benchmark interest rate on Friday. At the time of writing this report, FTSE 100 was down by 0.95%.
Among the major Asian indices, all the indices closed lower except Shanghai Composite that closed marginally higher. SGX Nifty closed 77 points lower.
US stock futures opened lower on Monday signaling a negative opening for the Wall Street. Pharma, healthcare and insurance companies are in spotlight after the House of Representatives gave final approval to a sweeping healthcare bill.
Indian indices
After rallying in the last week, the domestic indices loses its four day winning streak to close lower on Monday after the Reserve Bank of India unexpectedly hiked the repo and the reverse repo rate by 25 basis points. This triggered the selling in the interest rate sensitive stocks like realty, banking and auto, combined with late selling pressure in metal stocks after metal prices fell on London Metal exchange. Worry of over Greece debt crisis added the fuel.
Taking lead from the weak global markets, the Sensex opened 97 points lower at 17,481, however, it recovered some of its losses and touched the day’s high of 17,559. But continuous selling pressure in realty and late sell-off in the metal stocks dragged the Sensex to the day’s low of 17,337. At the finishing line, the Sensex closed at 17410, 168 points lower over its yesterday’s close; the Nifty closed 58 points lower at 5205.
Market sentiment
The market breadth was negative as 63% of the stocks declined while 34% of the stocks advanced. Of the 2,918 stocks traded on the BSE, 1,851 stocks declined, whereas 987 stocks advanced. Eighty stocks closed unchanged.
Sectoral & stock screening
All the 13 sector indices on the BSE closed in red except BSE Health Care index that closed marginally higher by 0.26%. RBI hiking the key benchmark interest rates dragged down the interest rate sensitive realty sector by 3.88%, while the fall in the price of metals on London Metal Exchange dragged BSE Metal down by 1.96%.
On stocks’ front, the top three gainers were Max India (up 2.60%), Chambal Fertilisers (up 2.54%) and Divis Laboratories (up 2.50%). The top three losers were Indiabulls Real Estate (down 6.68%), Housing Development & infrastructure Ltd (HDIL) (down 5.78%) and Gujarat Mineral Development Corporation (GMDC) (down 4.66%)
Viewing volumes
Ispat Industries was the most actively traded share with over 0.46 crore shares changing hands on the BSE, followed by India’s second largest realty company — Unitech (0.44 crore shares), wind turbine major — Suzlon Energy (0.28 crore shares). The top loser of A group was Indiabulls Real Estate (0.21 crore shares) and the second biggest loser of A group was Housing Development & infrastructure Ltd (HDIL; 0.20 crore shares).
BSE Bulk Deals to Watch - March 22 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
22/3/2010 530093 Ace India PATANGI TRADE & HOLDINGS PVT L B 25000 26.06
22/3/2010 530093 Ace India AAKAR CREDIT PRIVATE LTD. B 41122 26.06
22/3/2010 530093 Ace India PATANGI TRADE & HOLDINGS PVT L S 25000 26.06
22/3/2010 524448 Ahlcon Par PUSHPA RANI B 142900 50.11
22/3/2010 524448 Ahlcon Par SEWASTUTI FINANCE P.LTD S 142347 50.10
22/3/2010 517096 Aplab POONAMDEVI TAPARIA B 30000 40.25
22/3/2010 517096 Aplab NAVEEN BAHETI B 30000 39.00
22/3/2010 517096 Aplab POONAMDEVI TAPARIA S 30000 39.00
22/3/2010 517096 Aplab NAVEEN BAHETI S 30000 40.25
22/3/2010 533163 Arss Infra Proj GENUINE STOCK BROKERS PVT. LTD. B 144509 937.85
22/3/2010 533163 Arss Infra Proj SMART EQUITY BROKERS PRIVATE LIMITED B 257615 938.28
22/3/2010 533163 Arss Infra Proj MARWADI SHARES AND FINANCE LTD. B 76183 945.24
22/3/2010 533163 Arss Infra Proj SANJEEV SINGHAL B 161057 938.83
22/3/2010 533163 Arss Infra Proj OPG SECURITIES P LTD B 274256 937.81
22/3/2010 533163 Arss Infra Proj GENUINE STOCK BROKERS PVT. LTD. S 144509 939.35
22/3/2010 533163 Arss Infra Proj SMART EQUITY BROKERS PRIVATE LIMITED S 257615 938.62
22/3/2010 533163 Arss Infra Proj MARWADI SHARES AND FINANCE LTD. S 76183 948.01
22/3/2010 533163 Arss Infra Proj SANJEEV SINGHAL S 161057 939.04
22/3/2010 533163 Arss Infra Proj OPG SECURITIES P LTD S 274256 938.30
22/3/2010 530723 Asit C Mehta Fin MEHTA ASIT C B 49893 42.80
22/3/2010 530723 Asit C Mehta Fin TUSHAR CHHABILDAS KAPADIA S 50000 42.80
22/3/2010 523850 Axtel Inds SUVA BOTHRA S 46066 9.22
22/3/2010 531591 Bampsl Sec KAUSHALYA GARG B 500000 1.55
22/3/2010 531591 Bampsl Sec PRAKASH CHAND GUPTA B 494500 1.56
22/3/2010 512253 Bio Green Inds AMRUTPREMJI SHAH B 342800 13.85
22/3/2010 512253 Bio Green Inds NEHAL MAHESH GANDHI S 100000 13.75
22/3/2010 512253 Bio Green Inds BINA VASA S 100000 13.75
22/3/2010 512253 Bio Green Inds ALKA ATUL CHITALIA S 100000 13.75
22/3/2010 517001 Birla Power INDIA FOCUS CARDINAL FUND-DR S 5000000 3.50
22/3/2010 500083 Century Extr MAHIPAT IWDARMAL MEHTA B 407119 9.50
22/3/2010 500083 Century Extr MAHIPAT IWDARMAL MEHTA S 699696 9.46
22/3/2010 533026 Chemcel Bio ACME FURNITURE PRIVATE LIMITE B 200000 8.50
22/3/2010 533026 Chemcel Bio POONAM AJMERA S 134775 8.51
22/3/2010 532363 Compulearn P PRASAD B 71799 19.02
22/3/2010 532363 Compulearn P PRASAD S 72401 19.50
22/3/2010 500139 Fedders Lloyd LLOYD SALES PRIVATE LIMITED B 610565 83.15
22/3/2010 500139 Fedders Lloyd PERFECT RADIATORS AND OIL COOLERS PVT LTD S 610565 83.15
22/3/2010 513059 GS Auto RAKSHABEN MAHESHKUMAR JOSHI B 46000 48.88
22/3/2010 512604 Haria Exports DHARAMPAL PREMCHAND LTD B 45000 4.50
22/3/2010 512604 Haria Exports DHARAMPAL SATYAPAL LIMITED S 45000 4.50
22/3/2010 503881 Hind Syntex DHARAMPAL PREMCHAND LTD B 100000 3.21
22/3/2010 503881 Hind Syntex DHARAMPAL SATYAPAL LIMITED S 100000 3.21
22/3/2010 511682 IFL Promoters OMPARKASH GUPTA B 26079 9.68
22/3/2010 511682 IFL Promoters SHAMSUNDER GUPTA B 15851 9.71
22/3/2010 511682 IFL Promoters SHIVCHARAN DASS MITTAL B 20000 9.00
22/3/2010 511682 IFL Promoters DMC INTERNATIONAL LTD B 20000 9.80
22/3/2010 511682 IFL Promoters OMPARKASH GUPTA S 26079 9.80
22/3/2010 511682 IFL Promoters SHAMSUNDER GUPTA S 20000 9.00
22/3/2010 511682 IFL Promoters SHIVCHARAN DASS MITTAL S 22194 9.85
22/3/2010 505840 Jaipan Inds SONU SINGH B 31089 25.98
22/3/2010 505840 Jaipan Inds KUMAR DIPAK AGARWALLA B 49200 25.56
22/3/2010 505840 Jaipan Inds DEVI ANJANA AGARWALLA S 35500 25.54
22/3/2010 505840 Jaipan Inds RASHEL AGROTECH S 53650 26.01
22/3/2010 531784 Kadamb Constr VINOD RAJMAL SHAH S 100000 51.00
22/3/2010 530955 Kailash Ficom SCOPE VYAPAR PRIVATE LIMITED B 65000 25.23
22/3/2010 530955 Kailash Ficom VISHAL INFORMATION TECHNOLOGIES LTD B 154500 26.12
22/3/2010 523810 Kaleidoscope Films ANUP SUBHASHCHAND KARWA B 272000 6.82
22/3/2010 523810 Kaleidoscope Films PRAKASH BI.DHEBAR HUF S 1795259 6.82
22/3/2010 530255 KAY Power KAUSHALYA GARG B 101200 14.95
22/3/2010 530255 KAY Power BAMPSL SECURITIES LTD B 65102 15.33
22/3/2010 530255 KAY Power PRAKASH CHAND GUPTA B 78068 15.33
22/3/2010 530255 KAY Power ANJU GUPTA B 62718 15.20
22/3/2010 530255 KAY Power BAMPSL SECURITIES LTD S 334055 14.97
22/3/2010 530255 KAY Power PRAKASH CHAND GUPTA S 86500 15.27
22/3/2010 526015 Kemrock Inds KALPESH MAHENDRABHAI PATEL B 467500 452.00
22/3/2010 526015 Kemrock Inds VINODCHANDRA S PATEL-NRI S 467500 452.00
22/3/2010 524522 Laffans Petro CLOVER HOLDINGS & TRADING PRIVATE LIMITED B 51000 33.00
22/3/2010 524522 Laffans Petro DIAM ORGANIC CHEMICAL IND PVT LTD S 58000 32.91
22/3/2010 514036 Loyal Textile MAYUR M.KOTHARI HUF B 50000 144.50
22/3/2010 514036 Loyal Textile MAYURMANGALDASKOTHARI S 50000 144.50
22/3/2010 533169 Man Infra SMART EQUITY BROKERS PRIVATE LIMITED B 360748 394.89
22/3/2010 533169 Man Infra SANJEEV SINGHAL B 254502 390.83
22/3/2010 533169 Man Infra OPG SECURITIES P LTD B 284531 392.70
22/3/2010 533169 Man Infra SMART EQUITY BROKERS PRIVATE LIMITED S 360748 395.08
22/3/2010 533169 Man Infra SANJEEV SINGHAL S 254502 391.01
22/3/2010 533169 Man Infra OPG SECURITIES P LTD S 284531 392.80
22/3/2010 590111 MASTER UMASANKAR TADEPALLI B 27000 37.63
22/3/2010 531096 Mount Everest Min MILKMATES PRIVATE LTD B 37300 66.72
22/3/2010 532553 MSK Projects GENUINE STOCK BROKERS PVT. LTD. B 115491 153.27
22/3/2010 532553 MSK Projects SMART EQUITY BROKERS PRIVATE LIMITED B 123185 155.52
22/3/2010 532553 MSK Projects TRANSGLOBAL SECURITIES LTD. B 224036 152.82
22/3/2010 532553 MSK Projects SUNEET LAL B 117716 153.09
22/3/2010 532553 MSK Projects GENUINE STOCK BROKERS PVT. LTD. S 115491 153.34
22/3/2010 532553 MSK Projects SMART EQUITY BROKERS PRIVATE LIMITED S 123185 155.88
22/3/2010 532553 MSK Projects TRANSGLOBAL SECURITIES LTD. S 224036 152.75
22/3/2010 532553 MSK Projects SUNEET LAL S 117716 153.09
22/3/2010 531083 Nihar Info GANAPATHI RAJU KANUMURI B 61954 4.61
22/3/2010 532986 Niraj Cement RAJIV GANDHI S 82500 53.13
22/3/2010 511523 Niyati Inds VEENABEN PRAKASHBHAI SHAH S 450336 0.65
22/3/2010 531496 Omkar Overseas FALGUNIBEN MAHAVIRBHAI GOHIL B 67105 62.99
22/3/2010 512097 Oregon Comm NIMAI AGENCIES PRIVATE LIMITED S 15750 197.54
22/3/2010 531280 Pankaj Poly GARNET INTERNATIONAL LIMITED B 400010 20.00
22/3/2010 531280 Pankaj Poly SURESH GAGGAR S 400000 20.00
22/3/2010 530071 Parsoli Corp RAM KRISHNAN NANDLAL SAINI B 135000 36.52
22/3/2010 530071 Parsoli Corp RAM KRISHNAN NANDLAL SAINI S 135000 32.58
22/3/2010 530071 Parsoli Corp JVS SECURITIES PVT LTD S 139000 36.52
22/3/2010 530071 Parsoli Corp ARUNA ANILKUMAR TAORI S 177135 35.81
22/3/2010 531467 Polypro Fibrils AJAY RAVINDRA SHAH B 60000 24.85
22/3/2010 531467 Polypro Fibrils STATUS EQUITY AND FINANCE PVT S 111000 24.85
22/3/2010 532933 Porwal Auto SNEH GANGWAL B 100000 15.49
22/3/2010 532933 Porwal Auto POONAM AJMERA S 100000 15.49
22/3/2010 531611 Prraneta Inds AMRAPALI CAPITAL AND FINANCE SERVICES LIMITED S 1100000 30.08
22/3/2010 522257 Rajoo Engineers CHANDRAKANT N DOSHI B 202000 10.07
22/3/2010 522257 Rajoo Engineers GIRISHBHAI C PANDYA S 258000 9.98
22/3/2010 530271 Rich Capital SCOPE VYAPAR PRIVATE LIMITED B 80625 99.17
22/3/2010 512359 Rotam Comm NIMAI AGENCIES PRIVATE LIMITED B 11000 144.89
22/3/2010 500350 RSWM PURVI VANIJYA NIYOJAN LTD B 140248 102.50
22/3/2010 500350 RSWM SHANTANU AGARWAL S 140248 102.50
22/3/2010 531781 Sapan Chem A AND U COMPANY S 50000 6.03
22/3/2010 531693 Shri Ganesh Spi JIGNESH CHANDRAKANT SHAH B 625000 12.22
22/3/2010 531693 Shri Ganesh Spi UMA JAIN S 300000 12.22
22/3/2010 531693 Shri Ganesh Spi SITARAM MANGLA S 260000 12.22
22/3/2010 531645 Southern Ispat MAHADURGA PIPE CENTER (PVT) LTD B 75000 24.54
22/3/2010 503806 SRF GANDIV INVESTMENT PVT. LTD. B 349455 173.25
22/3/2010 503806 SRF PAT FINANCIAL CONSULTANT PVT LTD S 350000 173.26
22/3/2010 526133 Supertex Inds SHAISHIL TUSHARKUMAR JHAVERI B 1014899 2.29
22/3/2010 526133 Supertex Inds SUPER INFINCON PVT LTD B 2394106 2.30
22/3/2010 526133 Supertex Inds SHAISHIL TUSHARKUMAR JHAVERI S 1047910 2.27
22/3/2010 526133 Supertex Inds NILESH SEVENTIBHAI MEHTA S 526100 2.36
22/3/2010 526133 Supertex Inds RONAK ASHWIN CHOKSI S 933057 2.28
22/3/2010 510245 Swasti Vinay Syn PRASHANT MAHADEV KAMBLE B 392074 2.99
22/3/2010 533157 SYNCOM HEAL GENUINE STOCK BROKERS PVT. LTD. B 104524 121.60
22/3/2010 533157 SYNCOM HEAL SMART EQUITY BROKERS PRIVATE LIMITED B 102719 120.09
22/3/2010 533157 SYNCOM HEAL TRANSGLOBAL SECURITIES LTD. B 253370 121.14
22/3/2010 533157 SYNCOM HEAL STAR FINVEST PVT LTD B 102118 119.83
22/3/2010 533157 SYNCOM HEAL MATRIX EQUITRADE PRIVATE LIMITED LIMITED B 113758 121.79
22/3/2010 533157 SYNCOM HEAL AMRAPALI CAPITAL AND FINANCE SERVICES LIMITED B 280152 120.61
22/3/2010 533157 SYNCOM HEAL SANJEEV SINGHAL B 126448 121.95
22/3/2010 533157 SYNCOM HEAL OPG SECURITIES P LTD B 202807 120.25
22/3/2010 533157 SYNCOM HEAL SHAILESHK JHAVERI B 175401 119.77
22/3/2010 533157 SYNCOM HEAL ADITYA NITINBHAI PAREKH B 157401 120.03
22/3/2010 533157 SYNCOM HEAL GENUINE STOCK BROKERS PVT. LTD. S 104524 121.67
22/3/2010 533157 SYNCOM HEAL SMART EQUITY BROKERS PRIVATE LIMITED S 102719 120.00
22/3/2010 533157 SYNCOM HEAL TRANSGLOBAL SECURITIES LTD. S 253370 121.18
22/3/2010 533157 SYNCOM HEAL STAR FINVEST PVT LTD S 102118 119.87
22/3/2010 533157 SYNCOM HEAL MATRIX EQUITRADE PRIVATE LIMITED LIMITED S 113762 121.62
22/3/2010 533157 SYNCOM HEAL AMRAPALI CAPITAL AND FINANCE SERVICES LIMITED S 200152 116.97
22/3/2010 533157 SYNCOM HEAL SANJEEV SINGHAL S 126448 122.03
22/3/2010 533157 SYNCOM HEAL OPG SECURITIES P LTD S 202807 120.15
22/3/2010 533157 SYNCOM HEAL SHAILESHK JHAVERI S 175401 122.81
22/3/2010 533157 SYNCOM HEAL ADITYA NITINBHAI PAREKH S 157401 125.09
22/3/2010 519228 Temptation Food CUSTOM CAPSULES PVT LTD S 145000 31.94
22/3/2010 533164 Texmo Pipes GENUINE STOCK BROKERS PVT. LTD. B 200606 109.79
22/3/2010 533164 Texmo Pipes SMART EQUITY BROKERS PRIVATE LIMITED B 112750 110.70
22/3/2010 533164 Texmo Pipes A K G STOCK BROKERS PRIVATE LIMITED B 90858 109.18
22/3/2010 533164 Texmo Pipes MARWADI SHARES AND FINANCE LTD. B 98224 109.11
22/3/2010 533164 Texmo Pipes SANJEEV SINGHAL B 60468 110.68
22/3/2010 533164 Texmo Pipes OPG SECURITIES P LTD B 123441 110.59
22/3/2010 533164 Texmo Pipes R M SHARES TRADING PRIVATE LIMITED B 65346 109.35
22/3/2010 533164 Texmo Pipes RKSV SECURITIES INDIA PRIVATE LIMITED B 66012 110.23
22/3/2010 533164 Texmo Pipes LATIN MANHARLAL SEC.PVT.LTD. B 59662 109.37
22/3/2010 533164 Texmo Pipes SHEFALI DEEPAK SHAH B 75000 108.88
22/3/2010 533164 Texmo Pipes DHANUSHA K. PATEL B 60296 108.70
22/3/2010 533164 Texmo Pipes GENUINE STOCK BROKERS PVT. LTD. S 200606 109.96
22/3/2010 533164 Texmo Pipes SMART EQUITY BROKERS PRIVATE LIMITED S 112750 110.97
22/3/2010 533164 Texmo Pipes A K G STOCK BROKERS PRIVATE LIMITED S 90858 109.32
22/3/2010 533164 Texmo Pipes MARWADI SHARES AND FINANCE LTD. S 98224 109.65
22/3/2010 533164 Texmo Pipes SANJEEV SINGHAL S 60468 110.49
22/3/2010 533164 Texmo Pipes OPG SECURITIES P LTD S 123441 110.85
22/3/2010 533164 Texmo Pipes R M SHARES TRADING PRIVATE LIMITED S 65346 109.72
22/3/2010 533164 Texmo Pipes RKSV SECURITIES INDIA PRIVATE LIMITED S 66012 110.52
22/3/2010 533164 Texmo Pipes SHEFALI DEEPAK SHAH S 75000 110.98
22/3/2010 532384 Tyche Inds KOSTUB INVESTMENT LIMITED B 50000 17.00
22/3/2010 532384 Tyche Inds SAROJ PODDAR S 50000 17.00
22/3/2010 511110 VB Desai ZIRCON INVESTMENTS & LEASING PRIVATE LIMITED B 25000 57.00
22/3/2010 531249 Well Pack Papers ADITI M GANDHI B 386277 29.21
22/3/2010 531249 Well Pack Papers SHREEDHAR YELLAIAH KODAM B 286000 29.26
22/3/2010 531249 Well Pack Papers AMAR PREMCHAND WALMIKI B 263000 29.35
22/3/2010 531249 Well Pack Papers SUREKHABENN GANDHI B 252481 29.27
22/3/2010 531249 Well Pack Papers PANDYA YAMINIBEN M S 262540 29.19
22/3/2010 531249 Well Pack Papers HARDIK MAHESHBHAI PANDYA S 264000 29.30
22/3/2010 531249 Well Pack Papers NAVNATH SAKHARAM GHONE S 286000 29.20
22/3/2010 531249 Well Pack Papers MUNISHKUMAR AMRITLAL BANSAL S 232500 29.15
22/3/2010 531249 Well Pack Papers SUREKHABENN GANDHI S 252481 29.20
22/3/2010 531396 Women Networks MARUTI TRADING COMPANY(PROPRIETOR T C PUGALIA HUF) B 21000 21.48
22/3/2010 531396 Women Networks SUMAN MOHTA S 20000 21.50
19/3/2010 520077 Amtek Auto BIRLA SUN LIFE MUTUAL FUND B 6364000 172.00
* B - Buy, S - Sell
NSE Bulk deals to Watch - March 22 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
22-MAR-2010,ALOKTEXT,Alok Industries Limited,JAMISH INVESTMENT PVT LTD.,,BUY,4225000,23.31,-
22-MAR-2010,AQUA,Aqua Logistics Ltd,AMRAPALI CAPITAL AND FINANCE SERVICES LTD.,BUY,137863,254.32,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,BP FINTRADE PRIVATE LIMITED,BUY,127384,942.14,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,C D INTEGRATED SERVICES LTD.,BUY,82357,938.54,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,76734,938.19,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,CPR CAPITAL SERVICES LTD.,BUY,79915,934.53,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,132925,939.02,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,185256,941.51,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,99104,945.28,-
22-MAR-2010,BSELINFRA,BSEL Infrastructure Realt,HI-GROWTH CORPORATE SERVICES PVT. LTD.,BUY,640777,15.24,-
22-MAR-2010,CYBERMEDIA,Cyber Media (India) Limit,ESHAN FINANCIAL SERVICES P. LTD.,BUY,125000,35.00,-
22-MAR-2010,DALMIACEM,Dalmia Cement Bharat,MAYUKA INVESTMENT LIMITED,BUY,696660,240.56,-
22-MAR-2010,LUMAXTECH,Lumax Auto Technologies L,INNOVATE SECURITIES PVT. LTD.,BUY,100000,122.99,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,BP FINTRADE PRIVATE LIMITED,BUY,114372,155.87,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,126361,153.23,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,GENUINE STOCK BROKERS PVT LTD,BUY,215846,153.46,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,JMP SECURITIES PVT LTD,BUY,17479,155.08,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,129053,154.82,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,R APPALA RAJU,BUY,140000,152.61,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,SUNEET LAL,BUY,127748,152.84,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,TRANSGLOBAL SECURITIES LTD.,BUY,229686,152.75,-
22-MAR-2010,PONNIERODE,Ponni Sugars (Erode) Limi,COROMANDEL SUGARS LIMITED,BUY,50000,100.95,-
22-MAR-2010,SELMCL,SEL Manufacturing Company,SAFFRON FINANCE LIMITED,BUY,1031127,66.67,-
22-MAR-2010,SKUMARSYNF,S. Kumars Nationwide Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,1457891,64.26,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,ABHISHEK SHARAN,BUY,96495,121.16,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,ADITYA NITINBHAI PAREKH,BUY,154329,119.93,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,AMRAPALI CAPITAL AND FINANCE SERVICES LTD.,BUY,126000,123.03,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,ASIATIC PORTFOLIO LIMITED,BUY,89502,119.78,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,129092,121.36,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,MANISH VRAJLAL SARVAIYA,BUY,164926,117.19,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,119399,121.71,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,PRUDENTIAL STOCK & SECURITIES LTD,BUY,158774,120.26,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,SAILESH SUBHODCHANDRA JHAVERI,BUY,175886,121.07,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,266313,121.20,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,VICKYRAJESHBHAIJHAVERI,BUY,97500,124.52,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,99418,109.45,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,C D INTEGRATED SERVICES LTD.,BUY,56628,109.84,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,CPR CAPITAL SERVICES LTD.,BUY,91396,110.33,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,DEEPAK SHANTILAL CHHEDA,BUY,61005,109.26,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,413527,110.20,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,65649,110.99,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,101465,109.77,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,61502,109.71,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,NARAYANI SHIVRANA,BUY,76043,109.03,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,OM INVESTMENTS,BUY,200704,110.23,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R APPALA RAJU,BUY,57000,109.11,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R S SINDHU,BUY,91355,110.08,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R.M. SHARE TRADING PVT LTD,BUY,74795,109.92,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SANJAY BHANWARLAL JAIN,BUY,81689,109.32,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SUNEET LAL,BUY,89785,109.85,-
22-MAR-2010,ALOKTEXT,Alok Industries Limited,JAMISH INVESTMENT PVT LTD.,,SELL,68664,23.46,-
22-MAR-2010,AQUA,Aqua Logistics Ltd,AMRAPALI CAPITAL AND FINANCE SERVICES LTD.,SELL,137863,247.34,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,BP FINTRADE PRIVATE LIMITED,SELL,127384,942.47,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,C D INTEGRATED SERVICES LTD.,SELL,82357,939.12,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,76734,933.46,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,CPR CAPITAL SERVICES LTD.,SELL,79915,934.25,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,132925,937.44,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,185256,941.91,-
22-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,99104,943.84,-
22-MAR-2010,BSELINFRA,BSEL Infrastructure Realt,HI-GROWTH CORPORATE SERVICES PVT. LTD.,SELL,640777,15.23,-
22-MAR-2010,CYBERMEDIA,Cyber Media (India) Limit,FULLFORD VINIMAY PVT LTD,SELL,125000,35.00,-
22-MAR-2010,LUMAXTECH,Lumax Auto Technologies L,ACCURATE FINSTOCK PVT LTD,SELL,100000,122.97,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,BP FINTRADE PRIVATE LIMITED,SELL,116272,155.99,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,126361,153.26,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,GENUINE STOCK BROKERS PVT LTD,SELL,215846,153.59,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,JMP SECURITIES PVT LTD,SELL,118509,154.15,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,145003,154.60,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,R APPALA RAJU,SELL,140000,153.49,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,SUNEET LAL,SELL,127748,152.99,-
22-MAR-2010,MSKPROJ,MSK Projects (India) Limi,TRANSGLOBAL SECURITIES LTD.,SELL,227606,153.05,-
22-MAR-2010,PIRLIFE,Piramal Life Sciences Lim,CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED,SELL,133932,111.10,-
22-MAR-2010,PONNIERODE,Ponni Sugars (Erode) Limi,VENBRO INVESTMENTS AND FINANCIAL SERVICES LIMITED,SELL,50000,100.94,-
22-MAR-2010,SELMCL,SEL Manufacturing Company,EMERGING INDIA FOCUS FUNDS,SELL,700000,66.01,-
22-MAR-2010,SELMCL,SEL Manufacturing Company,SAFFRON FINANCE LIMITED,SELL,1031127,66.60,-
22-MAR-2010,SKUMARSYNF,S. Kumars Nationwide Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,1457891,64.29,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,ABHISHEK SHARAN,SELL,96495,122.03,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,ADITYA NITINBHAI PAREKH,SELL,154329,125.15,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,AMRAPALI CAPITAL AND FINANCE SERVICES LTD.,SELL,46000,120.09,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,ASIATIC PORTFOLIO LIMITED,SELL,89502,119.88,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,129092,121.44,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,MANISH VRAJLAL SARVAIYA,SELL,164926,117.61,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,119399,121.77,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,PRUDENTIAL STOCK & SECURITIES LTD,SELL,157337,124.87,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,SAILESH SUBHODCHANDRA JHAVERI,SELL,175886,122.81,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,266313,121.28,-
22-MAR-2010,SYNCOM,Syncom Healthcare Ltd,VICKYRAJESHBHAIJHAVERI,SELL,12500,126.07,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,99418,109.43,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,C D INTEGRATED SERVICES LTD.,SELL,56628,110.63,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,CPR CAPITAL SERVICES LTD.,SELL,91396,110.47,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,DEEPAK SHANTILAL CHHEDA,SELL,61005,109.33,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,413527,110.22,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,65649,111.21,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,101465,109.50,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,66377,109.71,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,NARAYANI SHIVRANA,SELL,76043,109.09,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,OM INVESTMENTS,SELL,200704,110.17,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R APPALA RAJU,SELL,57000,110.86,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R S SINDHU,SELL,91355,110.15,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R.M. SHARE TRADING PVT LTD,SELL,74795,109.76,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SANJAY BHANWARLAL JAIN,SELL,81689,109.47,-
22-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SUNEET LAL,SELL,89785,109.94,-
Turnover jumps
ICICI Bank March 2010 futures at premium
Nifty March 2010 futures were at 5,208, at a premium of 2.80 points over spot closing of 5,205.20. Turnover in NSE's futures & options (F&O) segment jumped to Rs 1,02,533.22 crore from Rs 75,841.36 crore on Friday, 19 March 2010.
The near-month March 2010 derivatives contracts will expire on Thursday, 25 March 2010.
ICICI Bank March 2010 futures were at premium at 933.25 compared to the spot closing of 930.70.
JSW Steel March 2010 futures were near spot price at 1231.85 compared to the spot closing of 1232.65.
Tata Motors March 2010 futures were near spot price at 759.50 compared to the spot closing of 759.75.
In the cash market, the S&P CNX Nifty fell 57.60 points or 1.09% at 5,205.20.
Bears dominant in Asia
Most of the regional indices end lower on risk aversion
Asian equities turned in a mostly bearish performance on Monday with China continuing to buck up the weak global trend as risk aversion continued to take its toll on the broad market sentiments. Dollar stayed higher and commodities slid lower. A surprise rate hike by the Reserve Bank Of India late on Friday also played itself out entirely and hurt the risky assets.
The uncertainty over Greece issue continues. Angela Merkel, the German chancellor, on Sunday said Greece isn't in need of financial aid and that the issue shouldn't be at the center of an E.U. leaders summit later this week. The participation of Germany, Europe's largest economy, is seen as crucial to the creation of any backstop for Greece.
The Greek government has implemented austerity measures designed to slash the deficit to 8.7% of GDP this year and to less than 3% by 2012. The moves have spurred a series of strikes by the nation's unions. Greek officials have indicated they will go to the International Monetary Fund for assistance if they don't get details of potential E.U. aid.
The Australian share market closed lower on Monday with declines across all industry sectors. The market was waiting for the Reserve Bank of Australia (RBA) speeches by assistant governor of economics Philip Lowe and governor Glenn Stevens. Mr Lowe is due to speak on Thursday to the Australian Industry Group's 10th Annual Economic Forum in Sydney. Hong Kong's benchmark Hang Seng Index HSI ended down 2.1 percent at 20,933, the lowest since March 5 amid falling volumes as investors geared up for possible monetary tightening.
However, China proved a notable exception. China's key stock index closed up 0.22 percent on Monday, with banking stocks gaining as the market shrugged off a surprise rate hike in India. The Shanghai Composite Index SSEC ended at 3,074.576 points, its highest close in nearly three weeks, after edging lower early in the session but holding to a narrow range. New Zealand stocks also managed to end in green. The benchmark NZX50 index closed up two points, or 0.09% at 3233 as shares in market heavy Telecom recovered. After falling to a record low of $2.11 on Friday, shares in Telecom recovered slightly when the New Zealand stock exchange reopened on Monday.
In India, the key benchmark indices retreated from two month highs hit on Friday and snapped last four days gains on subdued global stocks on worries over Greece's debt crisis and surprise rate hike by the Indian central bank. The BSE 30-share Sensex was provisionally down 185.12 points or 1.05%, up close to 55 points from the day's low and off close to 165 points from the day's high. Investors offloaded shares after the Reserve Bank of India (RBI) late on Friday, unexpectedly raised interest rates from record-low levels, citing intensifying inflationary pressures and a steady economic recovery.
The crude oil prices slipped under $80 as the stocks fell, the US dollar appreciated and the traders continued to cut positions after recent sell off. Crude settled at $80.68 a barrel on the New York Mercantile Exchange on Friday, down 1.9% after a run-up earlier when prices approached $84 a barrel. Ongoing uncertainty over the handling of Greece's debt burden pressured the euro and lifted the dollar. A stronger dollar makes oil less attractive for holders of other currencies.
Market snaps 4-day rally
The key benchmarks ended lower on Monday, 22 March 2010, as gains in the preceding four trading sessions prompted investors to book profits. Stocks in the rate sensitive sectors bore the major brunt after Reserve Bank of India unexpectedly hiked interest rates. Besides profit booking, weak global markets due to worries over Greece's debt crisis also weighed on investor sentiment. The BSE 30-share Sensex fell 167.66 points or 0.95%, up 73.19 points from the day's low and off 148.61 points from the day's high.
The Reserve Bank of India (RBI) late on Friday 19 March 2010, unexpectedly raised interest rates from record-low levels, citing intensifying inflationary pressures and a steady economic recovery. The market had widely expected the RBI to raise rates soon, but the timing of its 25 basis-point hike for its key lending and borrowing rates, before April policy review, caught markets by surprise.
The RBI raised the repo rate, the rate at which it lends to banks to 5% from 4.75% and reverse repo rate, the rate which it absorbs funds from the system to 3.50% from 3.25% with immediate effect. India is the second major economy after Australia to start raising interest rates with signs of global recovery emerging and local price pressures picking up. China has raised its banks' reserve requirements but has left its rates unchanged.
The market cut losses after a weak start. It further timed losses in morning trade. It extended recovery in mid-morning trade. Indices were marginally lower in early afternoon trade. It weakened once again later. The market may remain volatile in the near term as traders rollover positions in derivatives segment from the March 2010 series to the April 2010 series ahead of the expiry of the expiry of the near-month March 2010 derivatives contracts on Thursday, 25 March 2010. The market remains closed on Wednesday, 24 March 2010, on account of Ram Navmi.
The government hopes to achieve the targeted Rs 40,000 crore ($8.8 billion) from stake sales for the fiscal year 2010/11, Disinvestment Secretary Sumit Bose said on Monday. We have already done Rs 24,000 crore ($5.27 billion) in government stake sales in the financial year ending March 2010, he added.
The government hopes to raise the share of manufacturing to 22% of gross domestic product, Trade Minister Anand Sharma said on Monday.
Meanwhile, the Finance Minister Pranab Mukherjee said today, 22 March 2010, he expected the economy to expand by 7.2% the current fiscal year that ends on 31 March 2010, and by 8.5% in 2010-11.
The wholesale price index-based inflation may fall on a likely easing of food and oil prices, a Reserve Bank of India (RBI) deputy governor K.C. Chakrabarty said on Monday. The bank was right on the curve regarding Friday's unexpected rate hike action and it could act any time, he added.
The headline inflation is expected to come down in two months and the winter crop is likely to be good, the plan panel deputy Montek Singh Ahluwalia said on Monday, after the Reserve Bank of India's (RBI) surprise rate hike late on Friday. The RBI has to look at price trends, the underlying momentum (in prices) and not the annual rate of inflation and look at what else is happening and then make up its firm mind, he added.
The wholesale price index in Asia's third-largest economy accelerated to 9.89% in February, the highest since October 2008 and well above the central bank's end-March projection of 8.5% and the 8.56% January reading.
In the emergent scenario, low policy rates can complicate the inflation outlook and impair inflationary expectations, particularly given the recent escalation in the prices of non-food manufactured goods, the RBI said in a statement on Friday. While the recovery in growth has proceeded broadly along expected lines, the inflationary pressures have intensified beyond our baseline projection, the RBI said.
The central bank has been under increasing pressure to raise rates as inflation is nearing 10%. Key policymakers had said the RBI ought to carefully consider a return to normal monetary policy. The industrial output grew 16.7% in January. Between April and January, industrial growth expanded 9.6%. India is seen growing over 7.2% in the year to March 2010, and 8.5% the year after and 9% in 2011/12.
The Reserve Bank of India's (RBI) rate hike will anchor inflationary expectations but there could be another increase in April when the central bank reviews policy, Kaushik Basu, chief economic adviser in the finance ministry said on Friday.
Meanwhile, Finance ministry and Reserve Bank of India officials will meet in New Delhi on 29 March 2010 to decide on the borrowing for the first half of fiscal year 2010/11, a RBI deputy governor Shyamala Gopinath said on Monday. India is budgeted to borrow a record gross Rs 4,57,000 crore ($100 billion) in the fiscal year starting 1 April 2010.
Encouraging Q4 March 2010 advance tax figures of top Indian firms, indicating good Q4 March 2010 results, had boosted the bourses last week. The market has also witnessed a strong post-Budget rally driven by sustained buying by foreign funds since the presentation of the Union Budget 2010-2011 on 26 February 2010. 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.
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.
Global rating agency Standard & Poor's last week revised India's rating outlook to stable from negative. S&P affirmed long-term and short-term sovereign credit ratings on India. The revision in outlook by S&P reflects its view that India's fiscal position could now begin to recover and that its economy will remain on a strong growth path. The government budget targets a general government (including central and state governments) deficit of 8.3% in the fiscal year ending 31 March 2011, from 9.8% in the previous fiscal year, S&P said.
S&P also estimated that India's gross domestic product will grow 8% in the year ending March 31, 2011, higher than its forecast earlier, adding India's external position was resilient. Even so, India's ratings continue to be constrained by the government's high debt burden and deficit, as well as India's weak fiscal profile, the rating agency said.
European shares slipped for a third day on Monday, with drugmakers down after the House of Representatives approved an overhaul of the U.S. healthcare system, while renewed worries over Greece hurt banks. The key benchmark indices in France, Germany and UK fell by between 0.74% to 0.96%.
Asian stocks and the euro fell on Monday on renewed concerns over Greece's debt problems ahead of a euro zone summit, while India's surprise interest rate hike last week weighed on commodity currencies.. The key benchmark indices in Hong Kong, Indonesia, South Korea, Singapore and Taiwan fell by between 0.78% to 2.05%. But, China's Shanghai Composite rose 0.22%. Japanese market was closed on Monday for a national holiday.
Trading in US index futures indicated Dow could fall 59 points at the opening bell on Monday, 22 March 2010.
US stocks fell on Friday 19 March 2010, interrupting the Dow's eight-session winning streak, as the dollar's climb hurtoil prices and dragged on energy stocks. Friday marks the second day of a convergence known as quadruple witching, when four types of options and futures contracts expire, possibly triggering volatility and higher volumes. The Dow Jones industrial average dropped 52.30 points, or 0.49%, to 10,726.87. The Standard & Poor's 500 Index dropped 6.93 points, or 0.59%, to 1,158.91. The Nasdaq Composite Index dropped 19.67 points, or 0.82%, to 2,371.61. .
Advanced economies face “acute” challenges in tackling high public debt, and unwinding existing stimulus measures will not come close to bringing deficits back to prudent levels, said John Lipsky, first deputy managing director of the International Monetary Fund.
European leaders sent out conflicting signals at the weekend over aid to Greece, with Germany's Angela Merkel urging Athens to solve its debt problems alone and Italy's Silvio Berlusconi strongly backing EU support. The 16-nation euro zone is divided over whether and how best to provide financial help to Greece, whose struggles to cope with soaring debt and deficits have plunged the currency bloc into the deepest crisis of its 11-year existence.
Combined support for Greece from the IMF and the European Union would be the best way to help the over-borrowed country deal with its debt crisis, OECD Secretary General Angel Gurria said on Sunday.
The BSE 30-share Sensex was down 167.66 points or 0.95% to 17,410.57. The barometer index fell 19.05 points at the day's high of 17,559.18 in mid-morning trade. The Sensex fell 240.85 points at the day's low of 17,337.38 in early trade.
The S&P CNX Nifty was down 57.60 points or 1.09% at 5205.20.
The BSE Mid-Cap index fell 1.05% and the BSE Small-Cap index fell 0.85%.
The market breadth, indicating overall health of the market, was weak. On BSE, 988 shares advanced as compared with 1853 that declined. A total of 78 shares remained unchanged.
BSE clocked a turnover of Rs 4442 crore lower than Rs 4884.66 crore on Friday, 19 March 2010.
The BSE HealthCare index (up 0.26%), the BSE Teck index (down 0.13%), the BSE IT index (down 0.35%), the BSE FMCG index (down 0.38%), the BSE Capital Goods index (down 0.62%), and the BSE Bankex (down 0.85%), outperformed the Sensex.
The BSE PSU index (down 1.12%), the BSE Oil & Gas index (down 1.13%), he BSE Power index (down 1.14%), the BSE Auto index (down 1.73%), the BSE Consumer Durables index (down 1.74%), the BSE Metal index (down 1.96%), the BSE Realty index (down 3.88%), underperformed the Sensex.
From the 30 share Sensex pack, 22 stocks fell while the rest were trading positive.
Index heavyweight Reliance Industries (RIL) fell 1.46% on profit taking after recent rally triggered by expectations of good Q4 March 2010 results. As per the market buzz, RIL's Q4 advance tax surged to Rs 770 crore in Q4 March 2010 from Rs 365 crore a year ago. Meanwhile, Reliance Industries is reportedly seeking a joint venture with Atlas Energy to develop the US firm's Marcellus Shale gas operations.
Reliance Industries on 14 March 2010 announced a sports and entertainment joint venture with IMG Worldwide, a global leader in sports marketing and management. The equal venture, IMG Reliance, will set up modern infrastructure and coaching facilities for sports and create and operate sports and entertainment assets including celebrity management.
Rate sensitive banking stocks fell as the central bank on Friday, 19 March 2010 raised interest rates. India's largest bank by net profit and branch network State Bank of India (SBI) fell 0.85%. India's largest private sector bank by net profit ICICI Bank fell 2.03% extending Friday's 0.58% losses. The bank's Q3 advance tax payment surged to Rs 350 crore versus Rs 250 crore a year ago. Its ADR fell 3.84% on Friday. But, India's largest private sector bank by net profit HDFC Bank rose 1.11%. Its ADR fell 0.25% on Friday.
Rate sensitive auto stocks too fell after central bank raised the interest rates. India's largest bike maker by sales Hero Honda Motors fell 1.13%. Hero Honda has short-listed Karnataka as one of the states for setting up its fourth manufacturing plant. Hero Honda Motors has reportedly proposed an investment of Rs 2,000 crore for the upcoming plant.
Bajaj Auto fell 0.76%. As per recent report a joint venture between Nissan Motor, Renault S.A. and Bajaj Auto is working to make a car that will match the price of Tata Motors' Nano.
India's largest car maker by sales Maruti Suzuki India fell 2.22% extending recent fall triggered by fears increase in competition may dent sales. Recently, Ford India entered the small car market with 'Figo'.
Maruti Suzuki India, recently said that Japanese auto giant Nissan has placed orders for 35,000 units of its small car A- Star for 2010-11 to sell it in the European market. Nissan sources the A-Star from Maruti's Manesar facility and sells it in the European market as 'Pixo'.
India's largest commercial vehicle maker by sales Tata Motors fell 3.02%. Tata group's global sales rose 59% in February from a year earlier, the company said in a statement last week.
India's largest tractor maker by sales Mahindra & Mahindra (M&M) fell 2.28%, falling for the straight fourth day. The company paid Rs 235 crore in advance tax in Q4 March 2010 versus nil payment a year earlier.
Increase in raw material prices coupled with costs associated with new emission norms could force auto makers to increase prices further, which may hit volumes. The government raised excise duties on large cars and sport utility vehicles by 2%, which was immediately passed on by vehicles makers, including top carmaker Maruti Suzuki and utility vehicle makers Mahindra & Mahindra and Tata Motors. From 1 April 2010, all vehicles will have to comply with Euro IV emission norms across 13 major cities, adding to costs and setting the stage for another round of price hikes.
Rate sensitive realty shares also fell after the central bank's interest rate hike. Indiabulls Real Estate, HDIL, DLF, Omaxe, Orbit Corporation, Unitech, Mahindra Life Space Developers, Peninsula Land, Parsvnath Developers, Ackruti City and Phoenix Mills fell by 2.61% to 6.68%.
The Union budget last month proposed to impose service tax on the realty sector both on commercial rentals as well as on sale of under-construction housing units. The service tax would come to be about 3.5% of the cost of the apartment that includes the value of the land and also the cost of construction, realty body Credai said recently.
Metal stocks fell after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 0.93% on Friday, 19 March 2010. NMDC, Hindalco Industries, Steel Authority of India, Gujarat NRE Coke, Welspun Gujarat Stahl Rohren, Ispat Industries, Jindal Saw, Jindal Steel & Power and JSW Steel fell by between 0.99% to 3.69%.
India's largest steel maker by sales Tata Steel fell 2.16% on profit taking after the recent strong gains. Its Q4 advance tax payment rose to Rs 513 crore from Rs 406 crore a year earlier.
India's largest copper maker by sales Sterlite Industries fell 1.57% on reports a legal fight seems likely between Sterlite Industries and US copper miner Asarco LLC. The American company has filed a lawsuit against Sterlite for going back on a two-year old deal to acquire Asarco. This prompted Sterlite to also file a lawsuit against Asarco to claim recovery of about $50 million (about Rs 230 crore) that was deposited earlier.
National Aluminium Company lost 0.73% after the Union Minister for Mines ruled out any possibility of disinvestment in the state-run aluminium firm.
Punj Lloyd rose 1.55%, extending gains for the second day, after the company secured an overseas order worth $40 million from Abu Dhabi Gas Industries, UAE for an engineering, procurement and construction project.
ARSS Infrastructure Projects reported a highest turnover of Rs 370.28 crore on the BSE. Man Infraconstruction (Rs 228.53 crore), Jubilant FoodWorks (Rs 153.37 crore), Reliance Industries (Rs 100.21 crore) and Sesa Goa (Rs 88.72 crore), were the other turnover toppers on the BSE.
Cals Refineries clocked a highest volume of 2.19 crore shares on the BSE. Birla Power Solutions (1.20 crore shares), Alok Industries (1.08 crore shares), S Kumars Nationwide (95.18 lakh shares) and Pipavav Shipyard (84.37 lakh shares), were the other volume toppers on the BSE.
Intrasoft Technologies IPO Review
Intrasoft Technologies, promoted by Arvind Kajaria and Sharad Kajaria, was originally incorporated as Regency Extrusions & Plastics Private Limited in 1996 to carry on plastics business. The name was changed to Intrasoft Technologies in 1997. The company provides electronic greeting card services through the principal website, www.123greetings.com, which is one of the leading electronic greeting card websites. The domain name is owned by its subsidiary, 123Greetings.com, Inc, and operated by the company. The company believes that its substantial user base (65% women) and emphasis on enabling social expressions on celebratory and social occasions make online gifting and related e-commerce activities a logical next step for its website.
The company is, therefore, exploring the possibility of offering online gifting services on the website. Along with e-commerce, it is also coming out with new features like 123Greetings Studio, which allow users to upload their own designed cards, address book. By storing addresses and e-Invitations, users can send bulk invitations for parties, ceremonies etc. The management expects traffic to grow on the back of these features. The management expects the cost for setting up e-invitations at about Rs 8 crore.
The company derived 89.91% of its revenue from online advertising in FY 2009 and 85.92% in the six months ending September 30, 2009. All advertising is cash advertising. There is no reciprocal advertising. The advertisers are mainly from the entertainment, retail, IT and internet industries including travel, job, matrimonial and games portals. The company also receives additional revenue by providing certain software development services to third parties and advertising revenue from other websites. US contributed 50.63% of the revenue in the six months ended September 2009 and 67.26% for FY 2009. The management expects the share of revenue at 65% from US, 30% from India, and 5% from rest of world.
During the nine months ended December 31, 2009, around 147 advertised with the company and in FY 2009 149. The advertising contracts are for periods ranging from one month to a year. Advertising is mostly based on the fixed fee model based per every thousand times that an advertisement appears on its website (95.48% for FY 2009 and 98.71% for the six months ending September 30, 2009), with the remaining through the cost per click (CPC) model and cost per action (CPA) model.
The company also operates 123india.com, which offers news, finance, cricket etc. It also provides online advertising development, integration and customization services to clients. Because of the high cost of assimilating news, the company currently has no plans to monetize this website.
Currently, most of its content is in English. The company has a team consisting of 16 creative professionals, who develop in-house content including artistic, photographic and musical content for its electronic greeting cards. It has a range of over 20,000 electronic greeting cards covering over 3,000 every-day and seasonal categories including rich and diverse multimedia content and are designed to cater to varying geographical and religious celebrations, occasions and other events. The website is refreshed automatically every 15 minutes. The company uses a robust and flexible hardware and software technology platform to ensure that its website and its electronic greetings services are capable of supporting large and varying numbers of users. The company's cloud computing based technology platform hosts its data and applications on remote infrastructure and is scalable and availed by it as and when required. This enables the company to draw upon varying amounts of hardware and software resources to support the varying number of visitors to its website, preventing wasteful expenditure during times of low user traffic.
Strengths
* The company's website www.123greetings.com is one of the leading electronic greeting card websites. According to ComScore Media Matrix, as derived from comscore.com on February 2, 2010, the website was the largest (by number of unique visitors) electronic greeting cards website in India with a sum total of 1,50,33,248 unique visitors during the twelve months from November 2008 to October 2009. The company's website received a sum total of 20,83,30,810 page views and 186 million minutes during this period, according to comScore Media Matrix ,derived from comscore.com on February 2, 2010. Globally, according to comScore Media Metrix, derived from comscore.com on February 2, 2010, the company's website was the second largest (by number of unique visitors) electronic greeting cards website in the world with a sum total of 9,12,55,566 unique visitors, with an average of 3,96,910 daily visitors and a sum total of 16,11,78,000 visits during the twelve month period from November 2008 to October 2009.
* The company has seen good improvement in operating margins from 17.6% in FY 2005 to 26.3% in FY 2009. It has further gone upto 39.8% in the first half of FY2010. The company's cloud computing based technology platform hosts its data and applications on remote infrastructure, which is scalable and is availed by it as and when required. This enables the company to draw upon varying amounts of hardware and software resources to support the varying number of visitors to its website, while preventing wasteful expenditure during times of low user traffic.
Weaknesses
* Of the IPO proceeds of Rs 50.69 – Rs 53.65 crore, about Rs 20.36 crore are to be used towards brand & promotion and Rs 13 crore is to set up of corporate office. This would go to the expense line items of the company. The company would be amortizing these over the next 5 years. The reciprocal growth may not be assured. The balance proceeds of Rs 15.53 – Rs 18.49 crore, after deducting for issue expenses, would go to the cash & bank balance and would earn investment income, which would pull down the return on equity of the company. This amount is over and above the net cash (after deducting debt) of Rs 15.58 crore the company holds.
* Advertising expenditure forms part of discretionary expenditure of most of the advertisers. The online advertising market is highly prone to economic downturns. The downturn would mean an adverse impact on the spending power of companies, which have increasingly become conservative in their expenditure.
* The market for online card is highly competitive. There are no substantial barriers to enter this market.
Valuation
Intel Capital (Mauritius) holds 12.2% of the post issue share capital at a price of Rs 109.57 per share. The money was invested in December 2007.
The company has treasury stock of 17.5 lakh or 11.9% of the post issue equity held in a trust. These shares can be sold by the company, which would lead to increase in free float at the stock exchanges.
At the issue price of Rs 137 – Rs145 on the FY2009 consolidated EPS of Rs 3.6, the PE works out to 37.9 – 40.1 times. On annualised half-yearly consolidated EPS of Rs 4.2, the PE works out to 32.6 – 34.6 times. However, annualising would not give a correct picture as the second half is better than the first half due to festival season. There is no comparable listed company. Such companies can get abnormally high valuations if they can report sharp growth rates on consistent basis and market conditions are favorable. However, till now, in spite of very small size (FY2009 revenue only Rs 21.39 crore), growth rate has not been exciting enough to justify the asking P/E.
Grey Market Premiums - March 22 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) | Kostak (Rs. 1 Lac Application) |
| DQ Entertainment (Inter.) | 80 | 50 to 52 | -- |
| NMDC (FPO) | 300 | 45 to 50 | -- |
| Pradip Overseas | 100 to 110 | 12 to 14 | -- |
| ILFS Transportation | 242 to 258 | 39 to 40 | -- |
| Persistent Sys. | 290 to 310 | 145 to 150 | 2200 to 2400 |
| Shree Ganesh Jewellery | 260 to 270 | 12 to 14 | 2400 to 2600 |
| Infrasoft Technology | 137 to 145 | 72 to 75 | 1700 to 1900 |
| Goenka Diamond & Jewellery | 135 to 145 | 23 to 25 | 2000 to 2100 |
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