China's Q1 GDP grows more than expected

Some more monetary tightening move could be in the offing in China and the pressure to let the yuan float a little more freely may also increase after first-quarter gross domestic product (GDP) grew at a faster than anticipated pace. GDP in the January to March period expanded by 11.9% from 10.7% in the fourth quarter of 2009, the National Bureau of Statistics (NBS) said. Economists had forecast growth of 11.5%. It was the fastest growth rate in the first quarter since 2007, when the Chinese economy grew by 13%. Non-deliverable yuan forwards climbed 0.2% to 6.6140 as of 10:08 a.m. in Hong Kong, suggesting that the currency may appreciate 3.2% in the next 12 months. The Shanghai Composite Index swung from losses to a gain following the release of the GDP data. Industrial production rose 18.1% in March and retail sales climbed 18%, the data showed. Urban fixed-asset investment increased 26.4% in the first quarter from a year earlier. Consumer prices in China rose at a less-than-estimated pace of 2.4% in March from a year earlier, government data showed. CPI rose by 2.7% in February. Economists had forecast a gain of 2.6%. The producer price index (PPI) was up 5.9% after climbing 5.4% in February.

Zee News shares adjust for demerger of GEC biz

Shares of Zee News plunged because of the demerger. The Regional General Entertainment Channel (GEC) business of the company was de-merged and transferred to Zee Entertainment Enterprises Ltd. with effect from January 1, 2010 (appointed date). April 16 was fixed as the Record Date for determination of members of the company who would become eligible for issuance of equity shares by Zee Entertainment Enterprises. For every 19 shares of Zee News one received residual portion of Zee News shares as well as four shares of Zee Entertainment. The Zee News stock fell by more than 75% cent on April 15 and traded at a market capitalisation-to-sales ratio of about two times, based on estimated sales of around Rs2.4bn that the company may achieve in FY11. Zee News reported revenues of Rs4.69bn for the nine months of FY10. When the demerger was agreed in October 2009, the GEC business contributed about 65% of Zee News' topline and 95% of operating profit. Now with only news channels in its fold, Zee News would be a loss-making company.

HDFC re-launches teaser loan scheme

Housing finance major HDFC re-introduced a new dual rate home loan scheme, which is available only till the end of April. Under the scheme, the fixed rate will be 8.25% up to March 2011. In the following year (2011-12), the rate will be fixed at 9%. Starting from the third year (2012-13) the scheme will attract the prevailing floating rate for the remainder of the loan's tenure. The floating rates will be applicable under two slabs; for loans up to Rs3mn the rate will be 9% while for loans above Rs3mn the rate will be 9.25%. HDFC also said today that its existing floating rate product would continue without any change where rates are 8.75% for loans up to Rs3mn, 9% for loans between Rs3mn and Rs5mn and 9.25% for loans of more than Rs5mn.

HDFC’s earlier scheme offered home loans at 8.25 per cent fixed for the first two years and thereafter, at the then-prevailing floating rate. The leading home loan provider’s revised scheme was apparently a reaction to State Bank of India (SBI) extending its special scheme till the end of this month. Renu Sud Karnad, managing director, HDFC, said even though there is a marginal increase in interest rate compared with the earlier offer, HDFC's effective rate over a 15-20 year term is very attractive. HDFC said this is a flexible product with dual rates. The fixed rates are applicable for all new loans irrespective of the loan amount. SBI is charging 8% fixed for the first year and 8.5% fixed for the subsequent two years under its special scheme for loans up to Rs5mn.

GMR Infra raises US$350mn via QIP

GMR Infrastructure Ltd. raised US$315mn through issue of shares to foreign investors. Bangalore-based GMR received good interest and the company raised the offering size from an initially planned US$250mn, according to reports. Foreign investors bought 88% of the QIP, with half of the total demand coming from Europe and the remaining from Asia, reports added. GMR opened the sale on April 15 and said the proceeds would be used for capital expenditure and for acquisitions. The floor price for the QIP was Rs62.20, a discount of 2.5% to the close on April 15. Bank of America-Merrill Lynch was the sole global manager for the QIP, while Axis Bank and IDBI Capital Markets were the other lead managers. Last week, an arm of GMR Infrastructure raised US$200mn when Singapore state investor Temasek Holdings bought a stake in unlisted GMR Energy. In June 2009, GMR Infrastructure had cancelled a US$500mn QIP due to poor investor demand.

Separately, IVR Prime Urban Developers Ltd., a subsidiary of Hyderabad-based infrastructure major IVRCL Infrastructures & Projects Ltd., is planning to raise capital through qualified institutional placement (QIP). The funds will be used for execution of projects and working capital requirements. IVRCL has recently raised Rs630mn by selling two separate land properties in Pune and Chennai.

Welspun India Ltd. launched a QIP to raise up to Rs1.5bn. The shares will be sold at Rs97.50 apiece, a discount of 14.6% to the close on April 12 of Rs114.20. Motilal Oswal Financial Services was the sole arranger to the issue.

M&M and Renault announce restructuring of JV

Mahindra and Renault announced the restructuring plans for their 51:49 JV, Mahindra Renault Pvt Ltd, through which the Logan car is manufactured. Under a Framework Agreement, the two parties have in principle agreed that M&M will take over the operations of the JV. Renault will continue to support M&M and the product through a License Agreement and supply of key components, including the engine and transmission. The aim of the restructuring is to ensure continuity and build on the positive customer equity that exists for the Logan in India, the two companies said in a statement.

Mahindra & Mahindra (M&M) will buy Renault’s equity stake in MRPL resulting in Mahindra Renault Pvt Ltd becoming a 100% Mahindra group owned company. M&M will be responsible for the management of the Logan in the Indian market. The Renault name and logo will continue to be used on the Logan till the end of this calendar year. Over the course of a transition period of about 18 months, M&M will rename the car to a Mahindra owned brand name and the car shall then only display the Mahindra logo.

M&M may make modifications in line with customer expectations and execute additional localization to reduce costs. Other vehicles built on the Logan platform by Renault globally, such as the Sandero, are not included in this new agreement. M&M and Renault will continue to work together on an ongoing basis to explore areas of synergy for mutual benefit on several fronts.

Tata Motors DVR hogs limelight amid heavy discount

ata Motors' DVR shares surged amid optimism that liquidity on the counter will improve amid reports that Tata Sons will pare its stake through a book-building route. Tata Sons had reduced its stake to 54% from 73% in 2009 and is further planning to cut it in an attempt for better pricing for the DVR, which is currently quoting at a significant discount to Tata Motors. Tata Sons plans to sell the DVRs in the open market through an auction and has also reportedly appointed Tata Capital for the transaction. On April 13, in bulk deal on the exchanges, Tata Sons sold ~1.6mn shares. HDFC MF bought ~1.05mn shares at an average rice of Rs485 per DVR. Tata Motors’s DVRs (with a one-tenth voting right compared to ordinary shares) have been trading at a ~40% discount to the ordinary shares. The ‘A’ class shares have a 5% higher dividend than ordinary shares.

The Tata Motors DVR had been under pressure due to offloading of large stakes by Tata Sons and other major shareholders like IFCI and Tata Steel. The latter two together held a 15% stake in the DVR, which they have been selling to several investors. The DVR shares rights issue happened when market was in downturn and most of the shares were subscribed by the promoter(s). In a note this week, IIFL said that globally, shares with lower voting rights trade at only a 3-5% discount to those with higher voting rights when there is enough liquidity in both classes of shares. The steep discount for the Tata Motors DVR is due to illiquidity. However, in the past few months, the initial holders of the DVRs have sold more than a third of their holding, so liquidity in DVRs is likely to improve, going forward. So, the discount between Tata Motors and the DVR should narrow down further going ahead.

Jan-Mar domestic air passenger traffic up 20% yoy

The total domestic passengers carried by the Scheduled Airlines of India in the first quarter of 2010 (January to March) was 11.8mn. The total domestic passengers carried by the Scheduled Airlines of India in the first quarter of 2009 was 9.8mn. Passengers carried by domestic airlines, including NSOP operators, from January-March 2010 were 12.03mn as against 9.98mn in the corresponding period of year 2009, thereby registering a growth of + 20.54%. Domestic airlines flew close to 4mn passengers during March 2010, up 23% over the corresponding month last year. As per the Directorate General of Civil Aviation (DGCA) data, most of the airlines filled over 70% of their seats during this period. The flight occupancy, however, dipped marginally compared with February this year.

Analysis of Capacity (ASKM) and Demand (RPKM) data on Year-to-Year basis indicates that trend of increase in both the capacity and demand continued in the March 2010 also. The month observed low seat factor primarily due to lean season. The overall cancellation rate of scheduled domestic airlines for the month has been 1.9%. The number of passenger related complaints of scheduled domestic airlines for March 2010 has been 4.5 per 10,000 passengers carried.

3G auction...pan-India bid up 38% at Rs48.31bn

Bidding process for the 3G airwaves continued for the 5th day on April 15. Bids for the third-generation (3G) wireless spectrum increased by 38% compared to the base price fixed by the Department of Telecommunications (DoT). The 3G auction was kicked off on April 9. A provisional winning bid for pan-India 3G spectrum licence rose to Rs48.31bn on the fifth day of the 3G auction, the DoT said on its web site. The DoT has fixed a base price of Rs35bn for a pan-India 3G licence. As per the details given by the Department of Telecommunications (DoT), six more Clock Rounds were completed.

With this, the total number of Clock Rounds completed to date has come to 28. The Price in Round 28 for Delhi Service Area has been recorded at Rs4.64bn; whereas for Mumbai Service Area the price in Round 28 has been recorded at Rs4.42bn. Gujarat has recorded the highest price at Rs4.88bn in Round 28. Both Delhi and Gujarat circles have a base price of Rs3.2bn each. The 3G auction resumed on April 15 after a day's break on April 14 on account of the Ambedkar Jayanti holiday.

The Government is auctioning three slots of 3G airwaves in 17 telecom service areas. Only two slots are up for sale across the country for broadband wireless access (BWA) airwaves, which will begin after the 3G auction. Six existing major telecom service providers - Bharti Airtel, Vodafone Essar, Reliance Communications, Idea Cellular, Tata Teleservices and Aircel - are vying with each other for spectrum in all the 22 telecom circles. The Government expects to earn Rs350-450bn from 3G and BWA auctions. Telecom PSUs BSNL and MTNL have already been allotted 3G spectrum. The two have also launched their 3G mobile services. However, they would have to match the highest bids.

India’s Feb IIP rises 15.1% yoy

India’s industrial output, as measured by the index of industrial production (IIP), grew by 15.1% as against an annual gain of 16.7% in January, and 17.6% in December. It was also lower than the consensus estimate of around 16%. Industrial production grew by a mere 0.2% in the same month last year. Manufacturing output rose by 16% as against a mere 0.2% in February 2009, while Mining production was at 12.2% versus (-)0.2% in the year-ago period. Electricity sector output expanded by 6.7% compared to just 0.7% in the same month a year ago. During April-February 2009-10, the industrial output grew by 10.1% versus 3% in the corresponding period of the last fiscal year.

Consumer Durables production expanded by 29.9% in February 2010 as against 6% in the same period in 2009. Consumer Non-durables output rose by 2.3% versus (-)3.4% in the same month of last year. Consumer Goods output grew by 8.9% compared to (-)1.3% in February 2009. Output in Capital Goods grew by 44.4% in February 2010 as against 11.8% for the same month of 2009. The growth rate in Basic Goods category stood at 8.4% versus a contraction of 0.1% in the year-ago period. Intermediate Goods' output rose by 15.6% in the month under review versus (-)3% in the year-ago period.

As many as 14 out of the 17 industry groups showed a positive growth during February 2010 compared to the corresponding month of the previous year. ‘Metal Products and Parts, except Machinery and Equipment’ clocked the highest growth of 57.0%, followed by 40.4% in ‘Machinery and Equipment other than Transport Equipment’ and 36.4% in ‘Transport Equipment and Parts’. On the other hand, ‘Jute and Other Vegetable Fibre Textiles (except cotton)’ showed a negative growth of 28.7% followed by 6.0% in ‘Wool, Silk and Man-made Fibre Textiles’ and 1.0% in ‘Other Manufacturing Industries’.

March inflation almost unchanged at 9.9%

India's inflation, as measured by the wholesale price index (WPI), surprisingly stayed almost unchanged in March at 9.90% as compared to 9.89% in February. Economists had expected inflation to exceed the 10% mark in March. The official WPI for 'All Commodities' for March 2010 rose by 0.3% to 250.8 from 250.1 for the previous month. Inflation was at 1.20% during the corresponding month of the previous year. Meanwhile, the Government announced that it has revised January's inflation figure to 9.44% as against 8.56% forecast earlier. So, don't be surprised if the February and March inflation readings are also revised higher in the coming months. Indian bonds pared losses as after inflation in March remained more or less steady as against expectations of a double-digit figure. The yield on the benchmark 10-year note declined to 8.09% from 8.12%, the most since October 2008.

Inflation in the Primary Articles group stood at 14.10% in March as against 15.54% in February. Food inflation declined to 16.65% from 17.79% in February. Inflation also dropped in the Non-food Articles space to 12.77% from 13.35% in the previous month. However, inflation in Food & Power group rose to 12.71% from 10.19% in February. Inflation in the Mineral Oils sub-group jumped to 17.02% in March from 14.38% in February. Inflation in Electricity sub-group also rose to 4.72% from 1.95% in February. In the Manufactured Products group, inflation stood at 7.13% versus 7.42% in February. Inflation in the Food Products sub-group fell to 16.98% from 20.43% in February. But, inflation increased in the Textiles, Chemicals, Beverages & Tobacco and Machinery & Tools segments.

Though inflation did not surpass the double-digit mark in March as was feared by policymakers and analysts alike, it is likely to remain elevated at the current level for another two months, Finance Minister Pranab Mukherjee said. "Of course, the apprehension was that it may reach the double-digit figure in March. So it has moderated to some extent but you will have to see that till the month of June, this pressure will continue," Mukherjee told reporters in New Delhi. The Finance Minister said that inflation will soften after the Rabi crop harvesting is complete sometime next month and if the southwest monsoon this year turns out to be good. It may be recalled that monsoon was below par last year, hitting farm output and adding pressure to food prices.

Europe air traffic hit by Iceland volcano

A massive ash cloud from a volcanic eruption in Iceland disrupted air travel across Northern Europe and beyond for most part of the week, prompting authorities to shut major airports in the region and cancel or divert flights. Hundreds of thousands of passengers were left stranded across the globe by the biggest flight disruption since the 2001 terrorist attacks in the US. Officials said it could take days for the skies to clear out. The ash could affect air traffic for a few months if the eruption continued. Eurocontrol, the agency in Brussels that is responsible for coordinating air traffic management across the region, said that disruptions to air traffic could last an additional 48 hours, depending on weather conditions.

The volcano began erupting on April 14 for the second time in a month from below the Eyjafjallajokull glacier, hurling a plume of ash 6 to 11 kilometres (4 to 7 miles) into the atmosphere. Hot gases melted the thick ice, sending cascades of water thundering down the steep slopes of the volcano. The ash plume drifted at between 20,000 feet and 36,000 feet (6,000 meters and 11,000 meters), where it could get absorbed into aircraft engines and cause them to shut down. The smoke and ash could also affect aircraft visibility. The massive plume drifted slowly eastwards on April 16, reaching into central Europe and Russia.

About 17,000 flights were expected to be cancelled on April 16 due to the dangers posed by clouds of volcanic ash from Iceland, aviation officials said, with airports in Britain, France, Germany, and across Europe closed until at least Saturday. British airspace will be restricted until at least 1 a.m. on Saturday, according to flight-control authority National Air Traffic Services. The fallout hit shares of European airline companies such as Lufthansa, British Airways, Air Berlin, Air France-KLM, Iberia and Ryanair. The cloud of volcanic ash shutting dozens of airports in the UK and northern Europe may cost the aviation industry US$1bn in lost revenue if it lasts for three days, the Centre for Asia Pacific Aviation said. Six million passengers could be affected if the closures continue for as many as three days, it added.

Carriers halted several hundred flights between the US and Britain. Airlines across Asia also cancelled or delayed flights to most European destinations. Iceland sits on a large volcanic hot spot in the Atlantic's mid-oceanic ridge, and has a history of devastating eruptions. Iceland has more than 200 volcanoes and 600-plus hot springs. When Eyjafjöll last erupted in 1821 the event lasted more than a year, according to the Global Volcanism Program at the Smithsonian Institution in Washington. The latest eruption is a further blow to a country struggling to rebuild a crippled economy after financial collapse prompted the nation to turn to the IMF

Lalit Modi, Shashi Tharoor spar over Kochi franchise

Lalit Modi and the Indian Premier League (IPL) courted fresh controversy even as several teams jostled to secure a place in the semi-final of the third season of the domestic T-20 cricket championship. This time the brouhaha was to do with the Kochi franchise, its shareholding structure, funding and ownership. Modi was locked in a war of words with Shashi Tharoor, Minister of State for External Affairs over the Kochi team's ownership. Allegations and counter allegations flew thick and fast. The matter came to such a head that even parliament proceedings were disrupted amid growing calls for Tharoor's exit. In the Lok Sabha, the BJP, SP, RJD and other parties demanded a discussion on the Lalit Modi-Shashi Tharoor saga. Even Gujarat chief minister Narendra Modi was dragged into the sordid episode amid reports that the two Modis were trying to take the Kochi bid away to Ahmedabad. What's worse, Income-Tax officials landed up at Lalit Modi's premises and reportedly grilled him for 10 hours.

Tharoor said he lobbied for a franchise for Kerala because he has been a passionate cricket fan. He also repeated that as an MP for Kerala, he believed an IPL team would be a triumph for Kerala. Tharoor went on to add that the consortium that bid and won for the IPL team, Rendezvous, approached him and he became their mentor and advisor. He stated that he was not a part of their business decisions. "There was no misuse of my official position or ministry," Tharoor said. He dismissed charges that Sunanda Pushkar, who reports said is a close friend of the minister, was a front for him. "I've never had slightest taint of financial wrongdoing. Money has never been motivating factor for me," Tharoor said.

Despite all the accusations against Tharoor, he got a clean chit from Congress president Sonia Gandhi. The Congress and the government distanced themselves from the controversy but without abandoning the minister. Tharoor got into trouble after Lalit Modi revealed the identities of the Kochi franchise on Tweeter. It may be recalled that the Kochi team was bought by a consortium for a whopping Rs15.3bn under the entity called Rendezvous Sports World. The Pune team was bought by the Sahara group for around Rs17bn. BCCI president Shashank Manohar wrote a strongly-worded letter to the IPL commissioner, criticising his decision to make public the ownership details of the Kochi franchise. But, Modi said he had done no wrong and had breached no confidentiality. He said there were a lot of hidden things inside the Kochi franchise and he was just trying to make things clear. The IPL Governing Council will meet in a few days to deliberate on the ugly issue. Some reports suggested that the BCCI could clip the wings of Lalit Modi as the commissioner of the ultra successful IPL.

Weekly Stock Picks - Apr 16 2010

Buy Mphasis

Buy Divis Labs

Buy Union Bank

Buy Titan Inds

Buy Unitech

Weekly Newsletter - Apr 16 2010

Dalal Street and Wall Street seem to be heading in different directions. While the Dow Jones, S&P 500 and Nasdaq have crossed key psychological milestones, the Sensex and Nifty are facing some resistance after touching two-year peaks. The Nifty has come close to breaching 5400 but hasn't been able to do it due to lack of follow-up buying amid concerns over valuations. Looks like investors want the Q4 earnings and other events like the RBI annual policy to get over before taking a fresh plunge. The central bank is likely to jack up policy rates only the size of the hike is not known. Since this will be the annual policy, the RBI will also have a lot to say on a range of issues. So, the commentary from the central bank will be crucial for markets next week. The official monsoon forecast will also be out next week and could have some influence on the sentiment. As always, external factors will play a role too in shaping the market's direction. Given the uncertain and volatile conditions it would not be a bad idea to stay on the sidelines for a while and wait for more clarity.

Results Next Week: Hero Honda, Sesa Goa, TCS, Axis Bank, BILT, BOC India, Great Offshore, GTL, HCL Tech, Jindal Saw, Zee Entertainment, Hindustan Zinc, Nestle, Piramal Healthcare, Polaris Software, TVS Motor, United Spirits, Zee News, ACC, Ambuja Cements, M&M Financial, UltraTech Cement, 3i Infotech, Areva T&D, Corporation Bank, MMTC, Mahindra Lifespaces, Persistent Systems, P&G, Ranbaxy, SKF India, HDFC Bank and ICICI Bank.

SEBI, IRDA seeking fast resolution of ULIP issue: CB Bhave

The Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) are working jointly to quickly find a legally binding resolution to the contentious issue of who should regulate the unit-linked insurance products (ULIP), SEBI chairman CB Bhave said. "We want to do move appropriate court quickly," the SEBI chief said in Singapore on the sidelines of a CII Conference on Indian Financial Markets. On April 15, SEBI moved the Supreme Court and some High Courts to guard against any ex-parte decision.

Bhave also sought to play down the tussle between SEBI and IRDA over ULIPs by saying that foreign institutional investors (FIIs) can continue to invest in existing ULIPs, which have a portfolio of over Rs920bn. There are no restrictions on investments in existing ULIPs, he said. SEBI's latest direction is against floating any new ULIPs, Bhave said. "FIIs should know what the correct position is and the correct position is that investors can continue to invest in current ULIPs and no new ULIPs are allowed," he said.

On April 12, SEBI modified its earlier directive and allowed life insurers to continue selling existing ULIPs. But the capital markets regulator barred the launch of new ULIPs by the 14 private sector life insurance firms mentioned in its original order until they seek permission from it. The IRDA reportedly rejected the toned-down version of the original SEBI order. "We will continue to approve insurance products as these fall within the ambit of insurance regulation," IRDA member R Kannan was quoted as saying.

On April 9, SEBI banned 14 life insurance companies from selling ULIPs without its approval, saying they needed to register with the regulator. On April 10, IRDA directed the insurers to ignore the SEBI order, forcing the Finance Ministry to step in. On April 12, SEBI and the insurance regulator IRDA agreed to maintain status quo on ULIPs and said they will seek a legally binding verdict on the thorny issue following the intervention of Finance Minister Pranab Mukherjee.

BSE Bulk Deals to Watch - Apr 16 2010

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
16/4/2010 530901 ACIL Cot Inds ABHIJAI INVESTMENT B 61749 30.11
16/4/2010 532507 BAG Films TRANSGLOBAL SECURITIES LTD. B 915224 19.39
16/4/2010 532507 BAG Films TRANSGLOBAL SECURITIES LTD. S 915224 19.31
16/4/2010 531591 Bampsl Sec DINA NATH NARENDRA KUMAR HUF B 500000 1.45
16/4/2010 531591 Bampsl Sec KALPANA AGRAWAL B 500000 1.46
16/4/2010 531591 Bampsl Sec PRAKASHCHAND GUPTA S 1120121 1.45
16/4/2010 500083 Century Extr BHARAT SHANKAR PHAPALE B 258765 13.61
16/4/2010 526546 Choksi Lab SHASHANK KHADE B 26199 19.19
16/4/2010 512199 Core Projects SHENTRACON TREXIM PRIVATE LIMITED B 500000 253.98
16/4/2010 531171 Devika Prot MRUNAL AGENCY & FINANCE PVT. LTD. S 62539 30.17
16/4/2010 517973 DMC Intl ATUL MITTAL B 141800 18.49
16/4/2010 517973 DMC Intl MUKESHKUMAR GUPTA S 142150 18.46
16/4/2010 526703 Ecoplast JIGNAAL KESHVORA B 15000 38.02
16/4/2010 526703 Ecoplast NARESHCHANDJAIN B 18723 37.24
16/4/2010 526703 Ecoplast BP FINTRADE PRIVATE LIMITED B 46879 38.10
16/4/2010 526703 Ecoplast BP FINTRADE PRIVATE LIMITED S 16879 38.10
16/4/2010 526703 Ecoplast KIZHEPATA NARAYANA KUTTY S 36000 38.10
16/4/2010 526614 Expo Gas LATIN MANHARLAL SEC.PVT.LTD. S 44180 21.46
16/4/2010 533189 GOENKA DIAM R M SHARES TRADING PRIVATE LIMITED B 233971 116.79
16/4/2010 533189 GOENKA DIAM JHAVERI TRADING & INVESTMENT PVT. LTD B 521990 118.92
16/4/2010 533189 GOENKA DIAM RAJESHPRATAPRAI SHAH B 185000 120.99
16/4/2010 533189 GOENKA DIAM RAKHIKALPESHBHANDARI B 191135 122.20
16/4/2010 533189 GOENKA DIAM PUNIT TAPARIA B 405245 119.22
16/4/2010 533189 GOENKA DIAM SAHAR VYAPAR PRIVATE LIMITED B 2212890 118.90
16/4/2010 533189 GOENKA DIAM SUPAGI ENGINEERS PVT LTD B 300000 132.50
16/4/2010 533189 GOENKA DIAM UTTAM SHARE BROKERS PRIVATE LIMITED B 329423 118.51
16/4/2010 533189 GOENKA DIAM INTERACTIVE SECURITIES PRIVATE LIMITED B 197398 118.40
16/4/2010 533189 GOENKA DIAM CHANDARANA INTERMIDIARY BROKERS PVT LTD B 173196 126.72
16/4/2010 533189 GOENKA DIAM MARWADI SHARES AND FINANCE LTD. B 566071 126.34
16/4/2010 533189 GOENKA DIAM SANJAY SINGHAL & SONS (HUF) B 275221 119.72
16/4/2010 533189 GOENKA DIAM OPG SECURITIES P LTD B 2373374 121.49
16/4/2010 533189 GOENKA DIAM MATRIX EQUITRADE PRIVATE LIMITED LIMITED B 230033 119.11
16/4/2010 533189 GOENKA DIAM HOTEL LIBRARY CLUB P LTD B 226190 121.14
16/4/2010 533189 GOENKA DIAM CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 1177474 119.41
16/4/2010 533189 GOENKA DIAM PAWANSUT TIE UP PRIVATE LIMITED B 200000 136.61
16/4/2010 533189 GOENKA DIAM VIJETA BROKING INDIA PRIVATE LIMITED B 158653 124.18
16/4/2010 533189 GOENKA DIAM GENUINE STOCK BROKERS PVT. LTD. B 1262686 122.63
16/4/2010 533189 GOENKA DIAM SMART EQUITY BROKERS PRIVATE LIMITED B 2399269 122.98
16/4/2010 533189 GOENKA DIAM SMART EQUITY BROKERS PRIVATE LIMITED S 2399269 123.07
16/4/2010 533189 GOENKA DIAM GENUINE STOCK BROKERS PVT. LTD. S 1262686 122.52
16/4/2010 533189 GOENKA DIAM VIJETA BROKING INDIA PRIVATE LIMITED S 158653 122.56
16/4/2010 533189 GOENKA DIAM CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 1176549 118.97
16/4/2010 533189 GOENKA DIAM PAWANSUT TIE UP PRIVATE LIMITED S 200000 130.58
16/4/2010 533189 GOENKA DIAM HOTEL LIBRARY CLUB P LTD S 226190 120.69
16/4/2010 533189 GOENKA DIAM MATRIX EQUITRADE PRIVATE LIMITED LIMITED S 230033 119.05
16/4/2010 533189 GOENKA DIAM CHANDARANA INTERMIDIARY BROKERS PVT LTD S 173196 126.08
16/4/2010 533189 GOENKA DIAM OPG SECURITIES P LTD S 2373374 121.65
16/4/2010 533189 GOENKA DIAM SANJAY SINGHAL & SONS (HUF) S 275221 119.87
16/4/2010 533189 GOENKA DIAM MARWADI SHARES AND FINANCE LTD. S 566071 125.64
16/4/2010 533189 GOENKA DIAM INTERACTIVE SECURITIES PRIVATE LIMITED S 197498 118.22
16/4/2010 533189 GOENKA DIAM UTTAM SHARE BROKERS PRIVATE LIMITED S 329589 116.88
16/4/2010 533189 GOENKA DIAM R M SHARES TRADING PRIVATE LIMITED S 233971 116.16
16/4/2010 533189 GOENKA DIAM RAKHIKALPESHBHANDARI S 191135 123.13
16/4/2010 533189 GOENKA DIAM PUNIT TAPARIA S 405245 120.03
16/4/2010 533189 GOENKA DIAM JHAVERI TRADING & INVESTMENT PVT. LTD S 521990 121.33
16/4/2010 533189 GOENKA DIAM RAJESHPRATAPRAI SHAH S 185000 123.76
16/4/2010 533189 GOENKA DIAM SAHAR VYAPAR PRIVATE LIMITED S 2186855 125.65
16/4/2010 532761 HOV Serv OPG SECURITIES P LTD B 93414 109.56
16/4/2010 532761 HOV Serv SMART EQUITY BROKERS PRIVATE LIMITED B 63918 110.35
16/4/2010 532761 HOV Serv SMART EQUITY BROKERS PRIVATE LIMITED S 63918 110.69
16/4/2010 532761 HOV Serv OPG SECURITIES P LTD S 93414 109.74
16/4/2010 517250 INTEGRA IND SHARAD SHAH B 7818 477.23
16/4/2010 532072 Interworld Dig PRASHANT MAHADEV KAMBLE S 322734 2.39
16/4/2010 533181 INTRASOFT RKSV SECURITIES INDIA PRIVATE LIMITED B 80247 143.64
16/4/2010 533181 INTRASOFT RKSV SECURITIES INDIA PRIVATE LIMITED S 80247 144.00
16/4/2010 526668 Kamat Hotels RAMKISHORE SARDA B 86022 124.75
16/4/2010 526668 Kamat Hotels OPG SECURITIES P LTD B 98235 127.04
16/4/2010 526668 Kamat Hotels OPG SECURITIES P LTD S 98235 127.26
16/4/2010 526668 Kamat Hotels RAMKISHORE SARDA S 79656 123.66
16/4/2010 532067 Kilpest India REKHA BHANDARI B 75199 17.21
16/4/2010 532067 Kilpest India BP FINTRADE PRIVATE LIMITED B 39041 17.25
16/4/2010 531366 Kohinoor Broad OUDH FINANCE & INVESTMENT PVT LTD B 579313 7.59
16/4/2010 531366 Kohinoor Broad S V ENTERPRISES S 689318 7.55
16/4/2010 514450 Mahalaxmi Rub BHAVIK RAJESH KHANDHAR SHARE & STOCK BROKERS PVT LTD B 78569 127.16
16/4/2010 590111 MASTER VENKATA SIVA GANGADHARARAO PARVATHANENI S 35121 38.78
16/4/2010 500271 Max India NEW ASIA FUND S 1723895 184.07
16/4/2010 532127 Mobile Telecom MANMOHAN DAMANI B 1000000 3.90
16/4/2010 532127 Mobile Telecom ANIL BABULAL VEDMEHTA B 1315053 3.90
16/4/2010 532127 Mobile Telecom VEEA FISCAL SERVICES PRIVATE LIMITED S 2305000 3.90
16/4/2010 532127 Mobile Telecom SANSUDHA SECURITIES PVT L TD S 1260000 3.90
16/4/2010 506261 Modison Metals PRAKASHCHANDRAMODI B 465388 27.44
16/4/2010 506261 Modison Metals NEHA INVESTMENTS PRIVATE LIMITED S 444444 27.50
16/4/2010 590090 Octant Inter INSUTECH INDIA LIMITED S 166000 14.11
16/4/2010 531496 Omkar Overseas AVANIKAUSHIK KANAKIA B 25000 68.74
16/4/2010 532837 Orbit Corp OPG SECURITIES P LTD B 352558 325.89
16/4/2010 532837 Orbit Corp CLSA (MAURITIUS) LIMITED B 600000 322.50
16/4/2010 532837 Orbit Corp SMART EQUITY BROKERS PRIVATE LIMITED B 361882 324.25
16/4/2010 532837 Orbit Corp SMART EQUITY BROKERS PRIVATE LIMITED S 361882 324.78
16/4/2010 532837 Orbit Corp OPG SECURITIES P LTD S 352558 326.23
16/4/2010 512097 Oregon Comm SANJAYJETHALAL SONI B 12142 222.23
16/4/2010 512097 Oregon Comm SONALBHUPENDRABHAI KAMODIA B 5000 216.00
16/4/2010 512097 Oregon Comm KRUPASANJAY SONI B 13140 220.72
16/4/2010 512097 Oregon Comm JIGESHAMRUTLAL HIRANI S 16600 220.12
16/4/2010 512097 Oregon Comm SANJAYJETHALAL SONI S 11427 221.68
16/4/2010 512097 Oregon Comm KRUPA SANJAY SONI S 12027 220.77
16/4/2010 514300 Pioneer Embr BP FINTRADE PRIVATE LIMITED B 77933 24.38
16/4/2010 514300 Pioneer Embr BP FINTRADE PRIVATE LIMITED S 93933 24.44
16/4/2010 532803 Pochiraju Inds ASHOKCHINUBHAI SHAH S 153764 24.77
16/4/2010 531467 Polypro Fibrils FOREVER MERCHANTS PRIVATE LIMITED B 65000 42.01
16/4/2010 500337 Prime Sec TRINITY INFRATECH PVT LTD B 401828 47.18
16/4/2010 500337 Prime Sec TRANSGLOBAL SECURITIES LTD. B 151824 47.81
16/4/2010 500337 Prime Sec MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED B 145187 47.72
16/4/2010 500337 Prime Sec MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED S 275687 47.51
16/4/2010 500337 Prime Sec TRANSGLOBAL SECURITIES LTD. S 151824 47.66
16/4/2010 503873 Priyadarshini Spn PRADEEPKR AGGARWAL B 109564 29.77
16/4/2010 531273 Radhe Dev SHITALBHAI PRIYASHARAN SHAH S 1563000 2.92
16/4/2010 523523 Rainbow Papers SARSWATI VINCOM LTD B 111000 156.40
16/4/2010 523523 Rainbow Papers DEVKANT SYNTHETICS INDIA PVT. S 90000 156.45
16/4/2010 532918 Rathi Bars SAINATH HERBAL CARE MARKETING P.LTD B 163797 17.84
16/4/2010 532918 Rathi Bars ASHOK KUMAR BILGAIYAN B 167617 17.89
16/4/2010 532918 Rathi Bars ASHOK KUMAR BILGAIYAN S 167617 17.77
16/4/2010 532918 Rathi Bars SAINATH HERBAL CARE MARKETING P.LTD S 374980 17.52
16/4/2010 533083 RISHABHDEV BHAVISHDHIRAJLAL KHAKHKHAR B 198234 11.81
16/4/2010 533083 RISHABHDEV BHAVISHDHIRAJLAL KHAKHKHAR S 340957 11.27
16/4/2010 502448 Rollatainers OLYMPIA BUILDERS PVT LTD B 100000 335.00
16/4/2010 502448 Rollatainers GULSHAN INVESTMENT COMPANY LIMITED B 104258 332.88
16/4/2010 502448 Rollatainers W.LD. INVESTMENT PVT. LTD. S 200000 333.45
16/4/2010 532841 Sahyadri Inds S K TRADING (S K CHOURASIA) B 81064 166.09
16/4/2010 532841 Sahyadri Inds S K TRADING (S K CHOURASIA) S 81064 167.46
16/4/2010 533056 SARK SYS MAG IMPEX PRIVATE LIMITED B 57000 33.84
16/4/2010 533056 SARK SYS SANJEETKUMAR CHOURASIA B 92000 33.85
16/4/2010 533056 SARK SYS SWETA TIBREWALA B 100000 33.71
16/4/2010 533056 SARK SYS JIGNESH SHAH S 50000 32.20
16/4/2010 533056 SARK SYS MV TRADECOM PRIVATE LIMITED S 199999 33.85
16/4/2010 511754 Shalibhadra Fin BP FINTRADE PRIVATE LIMITED B 26726 23.80
16/4/2010 530549 Shilpa Medicare SAFE ENTERPRISES B 150000 325.20
16/4/2010 530549 Shilpa Medicare BEECHPORT INVESTMENTS LIMITED S 300000 325.33
16/4/2010 532447 Solvay Pharma SANTOSH TRIPATHI B 397839 3054.14
16/4/2010 532447 Solvay Pharma BHAVOOK TRIPATHI S 397244 3054.20
16/4/2010 531645 Southern Ispat JIGNASANJEEV SHAH B 59800 24.13
16/4/2010 524410 SRHHL Inds DHEERAJKUMAR LOHIA B 123972 4.66
16/4/2010 524410 SRHHL Inds PRAKASH MUTHA S 69297 4.84
16/4/2010 532790 Tanla Solutions COPTHALL MAURITIUS INVESTMENT LIMITED B 3570414 46.00
16/4/2010 532790 Tanla Solutions MERRILL LYNCH CAPITAL MARKETS ESPANA SA SV S 3185284 46.00
16/4/2010 570001 TATAMOTORS-DVR-A-ORDY HDFC MUTUAL FUND LTD AC HDFC TOP TWO HUNDRED FUND B 349200 548.20
16/4/2010 570001 TATAMOTORS-DVR-A-ORDY TATA SONS LIMITED S 600000 548.50
16/4/2010 523455 Techtran Poly DHEERAJKUMARLOHIA B 64962 19.47
16/4/2010 507205 Tilaknagar Inds AAP INVESTMENTS B 202087 169.56
16/4/2010 507205 Tilaknagar Inds AAP INVESTMENTS S 202087 171.44
16/4/2010 532389 Valecha Engr AJMERA SHARES TRADING PRIVATE LIMITED B 300901 200.13
16/4/2010 532389 Valecha Engr AJMERA SHARES TRADING PRIVATE LIMITED S 286632 199.98
16/4/2010 530961 Vikas Globalone VIKAS GARG B 75000 31.80
16/4/2010 530961 Vikas Globalone RAKHI GUPTA S 75000 31.80
16/4/2010 514162 Welspun India ARTISTIC FINANCE PVT LTD B 490331 99.00
16/4/2010 514162 Welspun India INTERNATIONALSYNTHFABSP LTD S 504000 99.00
16/4/2010 532794 Zee News TRANSGLOBAL SECURITIES LTD. B 1286460 18.01
16/4/2010 532794 Zee News TRANSGLOBAL SECURITIES LTD. S 1286460 18.05
15/4/2010 532606 Parekh Alum MERRILL LYNCH CAP MKTS ESPANA SA S 75000 156.00
* B - Buy, S - Sell

NSE Bulk Deals to Watch - Apr 16 2010

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
16-APR-2010,BAGFILMS,B.A.G Films and Media Ltd,SAFFRON FINANCE LIMITED,BUY,4698336,19.54,-
16-APR-2010,BAGFILMS,B.A.G Films and Media Ltd,SHANAUAZ KHAN,BUY,1429490,18.87,-
16-APR-2010,BAGFILMS,B.A.G Films and Media Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,970808,19.25,-
16-APR-2010,EXCELINFO,Excel Infoways Limited,RAMAN KUMAR GULATI,BUY,41628,51.36,-
16-APR-2010,GEOMETRIC,Geometric Limited,MANISH VRAJLAL SARVAIYA,BUY,408707,77.19,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,BLUE PEACOCK SECURITIES PVT LT,BUY,160200,125.24,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,BP FINTRADE PRIVATE LIMITED,BUY,452564,125.84,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,C D INTEGRATED SERVICES LTD.,BUY,429073,123.84,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,211516,125.92,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,CNB FINWIZ LIMITED,BUY,554395,122.23,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,1176439,118.76,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,DINESH MUNJAL(HUF),BUY,389403,123.13,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,G RAMAKRISHNA,BUY,278901,116.63,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,1669343,121.93,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,GHALLA BHANSALI STOCK BROKERS PRIVATE LIMITED,BUY,230677,128.24,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,HOTEL LIBRARY CLUB P LTD,BUY,226140,120.55,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,INDIA ADVANTAGE SECURITIES LTD.,BUY,190434,121.33,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,INTERACTIVE SECURITIES PVT LTD,BUY,196898,118.07,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,JAJODIA SHARAWAN,BUY,254423,119.73,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,JHAVERI TRADING AND INVESTMENT PVT LTD,BUY,231000,115.12,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,819401,123.90,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,1116546,125.20,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,818244,125.38,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,616787,121.30,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,NEPTUNE FINCOT PVT LTD,BUY,248921,130.02,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,OM INVESTMENTS,BUY,340864,121.51,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,PAWANSUT TIE-UP PRIVATE LTD,BUY,259121,109.26,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,PRASHANT JAYANTILAL PATEL,BUY,163176,130.45,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,PRB SECURITIES PRIVATE LTD.,BUY,210842,125.00,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,R APPALA RAJU,BUY,291000,116.42,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,R.M. SHARE TRADING PVT LTD,BUY,287082,116.52,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,RAHUL DOSHI,BUY,289396,130.11,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,SUBRAMANIAN SETHU,BUY,168384,128.52,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,SWIFT TIE UP PVT LTD,BUY,212915,117.69,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,159034,119.34,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,UTTAM SHARE BROKER PVT. LTD.,BUY,326923,116.82,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,VIJETA BROKING INDIA PRIVATE LIMITED,BUY,209116,122.45,-
16-APR-2010,KAMATHOTEL,Kamat Hotels (I) Ltd,BLUE PEACOCK SECURITIES PVT LT,BUY,73385,125.77,-
16-APR-2010,KAMATHOTEL,Kamat Hotels (I) Ltd,MANSUKH SECURITIES & FINANCE LIMITED,BUY,69198,125.70,-
16-APR-2010,KAMATHOTEL,Kamat Hotels (I) Ltd,OM INVESTMENTS,BUY,89896,125.16,-
16-APR-2010,MSKPROJ,MSK Projects (India) Limi,INTIME SPECTRUM SECURITIES LTD.,BUY,233563,165.20,-
16-APR-2010,ORBITCORP,Orbit Corporation Limited,CLSA (MAURITIUS) LIMITED,BUY,1015000,323.87,-
16-APR-2010,PIONEEREMB,Pioneer Embroideries Limi,BP FINTRADE PRIVATE LIMITED,BUY,93996,24.50,-
16-APR-2010,POCHIRAJU,Pochiraju Industries Limi,SHAH ASHOK CHINUBHAI,BUY,18391,24.95,-
16-APR-2010,PRIMESECU,Prime Securities Limited,MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED,BUY,118428,47.50,-
16-APR-2010,PRIMESECU,Prime Securities Limited,TRINITY INFRATECH PRIVATE LIMITED,BUY,300235,47.93,-
16-APR-2010,TATAMTRDVR,Tata Motors DVR 'A' Ord,HDFC MUTUA FUND LTD. A/C HDFC EQUITY FUND,BUY,600000,548.29,-
16-APR-2010,TATAMTRDVR,Tata Motors DVR 'A' Ord,JF INDIA FUND,BUY,700000,548.00,-
16-APR-2010,ZEENEWS,Zee News Limited,TRANSGLOBAL SECURITIES LTD.,BUY,1390642,18.02,-
16-APR-2010,BAGFILMS,B.A.G Films and Media Ltd,SAFFRON FINANCE LIMITED,SELL,4698336,19.40,-
16-APR-2010,BAGFILMS,B.A.G Films and Media Ltd,SHANAUAZ KHAN,SELL,1429490,18.81,-
16-APR-2010,BAGFILMS,B.A.G Films and Media Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,958824,19.36,-
16-APR-2010,EXCELINFO,Excel Infoways Limited,RAMAN KUMAR GULATI,SELL,176761,50.41,-
16-APR-2010,GEOMETRIC,Geometric Limited,MANISH VRAJLAL SARVAIYA,SELL,368707,76.60,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,BLUE PEACOCK SECURITIES PVT LT,SELL,160200,123.95,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,BP FINTRADE PRIVATE LIMITED,SELL,452474,125.82,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,C D INTEGRATED SERVICES LTD.,SELL,429073,124.16,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,211516,126.60,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,CNB FINWIZ LIMITED,SELL,554395,122.31,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,SELL,1176464,119.51,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,DINESH MUNJAL(HUF),SELL,389403,123.13,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,G RAMAKRISHNA,SELL,278901,116.74,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,1669343,122.19,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,GHALLA BHANSALI STOCK BROKERS PRIVATE LIMITED,SELL,230677,128.30,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,HOTEL LIBRARY CLUB P LTD,SELL,226140,121.21,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,INDIA ADVANTAGE SECURITIES LTD.,SELL,190434,121.65,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,INTERACTIVE SECURITIES PVT LTD,SELL,196898,118.47,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,JAJODIA SHARAWAN,SELL,254923,121.36,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,JHAVERI TRADING AND INVESTMENT PVT LTD,SELL,231000,112.20,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,819401,124.04,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,1113580,125.37,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,818244,126.03,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,616787,121.37,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,NEPTUNE FINCOT PVT LTD,SELL,248921,130.22,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,OM INVESTMENTS,SELL,340864,121.59,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,PAWANSUT TIE-UP PRIVATE LTD,SELL,259121,115.37,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,PRASHANT JAYANTILAL PATEL,SELL,163176,129.78,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,PRB SECURITIES PRIVATE LTD.,SELL,210842,125.27,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,R APPALA RAJU,SELL,291000,116.97,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,R.M. SHARE TRADING PVT LTD,SELL,287082,117.15,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,RAHUL DOSHI,SELL,289396,130.14,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,SUBRAMANIAN SETHU,SELL,168384,128.93,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,SWIFT TIE UP PVT LTD,SELL,212915,129.63,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,159034,120.54,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,UTTAM SHARE BROKER PVT. LTD.,SELL,326923,118.62,-
16-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,VIJETA BROKING INDIA PRIVATE LIMITED,SELL,209116,123.79,-
16-APR-2010,KAMATHOTEL,Kamat Hotels (I) Ltd,BLUE PEACOCK SECURITIES PVT LT,SELL,66854,126.06,-
16-APR-2010,KAMATHOTEL,Kamat Hotels (I) Ltd,MANSUKH SECURITIES & FINANCE LIMITED,SELL,69198,126.00,-
16-APR-2010,KAMATHOTEL,Kamat Hotels (I) Ltd,OM INVESTMENTS,SELL,89896,125.27,-
16-APR-2010,MAX,Max India Ltd,NEW ASIA FUND,SELL,1801659,184.03,-
16-APR-2010,MSKPROJ,MSK Projects (India) Limi,INTIME SPECTRUM SECURITIES LTD.,SELL,20000,166.50,-
16-APR-2010,PIONEEREMB,Pioneer Embroideries Limi,BP FINTRADE PRIVATE LIMITED,SELL,87743,24.59,-
16-APR-2010,POCHIRAJU,Pochiraju Industries Limi,SHAH ASHOK CHINUBHAI,SELL,91650,24.77,-
16-APR-2010,PRIMESECU,Prime Securities Limited,MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED,SELL,190687,47.05,-
16-APR-2010,TATAMTRDVR,Tata Motors DVR 'A' Ord,TATA SONS LTD,SELL,1400000,548.00,-
16-APR-2010,ZEENEWS,Zee News Limited,TRANSGLOBAL SECURITIES LTD.,SELL,1396642,18.02,-

Fourth quarter results, RBI policy to set the tone

Some key corporate results which are due next week could provide near-term direction for the stock markets which have corrected after hitting their highest level in more than 2 years at the beginning of this month. A hike in the key policy rates is in the offing when the central bank announces its annual monetary policy for the year ending March 2011 on Tuesday, 20 April 2010.

Major results next week include, TCS, Hero Honda Motors, Axis Bank, HCL Technologies, Wipro, Ranbaxy Laboratories, Sesa Goa, Zee Entertainment, Jindal Saw, Great Offshore, State Bank of Mysore, Reliance Industrial Infrastructure, United Spirits, Piramal Healthcare, TVS Motor Company, Hindustan Zinc, Glaxosmithkline Consumer Healthcare, Procter and Gamble, Areva T&D and MMTC.

Earnings season kicked off on a good note last week with IT sector bellwether Infosys Technologies issuing a stronger revenue guidance in dollar terms. The company has projected a 16% to 18% growth in revenue in dollar terms at between $5.57 billion to $5.67 billion for the current year.

Meanwhile, market participants expect more monetary tightening action from the central bank to contain inflation. RBI is expected to hike key policy rates by at least 25-basis-points and also tighten provisioning requirements on bank lending to the real estate sector. The central bank, last month, announced a surprise hike of 25 basis points (bps) each in repo rate and reverse repo rate.

All eyes are on the monsoon this year after last year's drought. Good rains this year after last year's drought will boost farm output and rural incomes. But another monsoon failure will add to inflationary pressure which in turn may hamper the current strong economic rebound. The June-September monsoon season is important as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector.

The Indian Meteorological Department (IMD) issues a monsoon forecast, usually in the second half of April after considering weather observations in different parts of the world and extrapolating statistical data. A weakening El Nino is a positive sign for the monsoon this year.

Overseas investors have been moving cash into Indian equities lured by the prospects for robust economic growth and rising corporate profits. FII inflow in April 2010 totaled Rs 4720.70 crore, while the inflow in the calendar year 2010 totaled Rs 25365.10 crore (till 13 April 2010).

Market snaps nine-week winning streak on Ulip controversy

The market snapped a nine-week rally on profit booking in frontline stocks as a tussle between regulators on oversight of unit linked insurance products or Ulips weighed on investor sentiment. Speculation that the Reserve Bank of India (RBI) will further tighten monetary policy next week also worried investors.

Ignoring strong global cues, the key Indian indices fell in all four trading sessions last week. The stock market was closed on Wednesday, 14 April 2010, on account of Dr. Babasaheb Ambedkar Jayanti.

There were fears that a controversy with regard to unit linked insurance plans (Ulips) will adversely impacts inflows into Ulips which are a major source of inflows into equities. On 9 April 2010, Sebi banned 14 private life insurance companies from raising funds through Ulips without its approval.

Soon after the Sebi order, insurance industry regulator Insurance Regulatory and Development Authority of India (Irda) directed the 14 insurers to ignore the Sebi order saying that the implementation of the Sebi directive will bring the insurance industry to a standstill which would not be in public interest and would be detrimental to the interests of the policyholders and prejudicial to the interests of the insurers.

Later, following intervention from the finance ministry, Sebi toned down its order on Ulips, saying that launch of new Ulip products will require its prior approval and that insurers can continue selling existing Ulip schemes which were in force as on 9 April 2010.

Ulips are products similar to mutual funds with an added life cover. A large chunk of funds raised through Ulips are invested in equities. According to IRDA, a total of 16.7 lakh Ulip policies, with a premium of Rs 44611 crore, were sold from 1 April 2009 to 28 February 2010. A total of 7.03 crore Ulip polices involving a total premium of Rs 90645 crore were in force in 2008-09.

On the macro front, the latest data showed that inflation rose less-than-expected in March 2010. The wholesale price inflation (WPI) rose 9.9% in March 2010, a tad higher than a 9.89% rise in February 2010. The headline inflation for January 2010 was revised upwards to 9.44% from 8.56% The government also announced that the primary articles price index rose 13.88% in the year to 3 April 2010. The fuel price index rose 12.43% and the food price index rose 17.22% in the year to 3 April 2010.

The BSE Sensex fell 341.96 points or 1.91% to 17,591.18 in the week ended Friday, 16 April 2010. The S&P CNX Nifty lost 99.15 points or 1.84% to 5262.60 in the week.

The BSE Mid-Cap index fell 0.87% and the BSE Small-Cap index fell 0.52% in the week. Both these indices outperformed the Sensex.

A spat between regulators on oversight of unit linked insurance products or Ulips weighed on the domestic bourses in what was a volatile trading session on Monday, 12 April 2010. The BSE 30-share Sensex fell 80.14 points or 0.45% to 17,853. The S&P CNX Nifty fell 22.05 points or 0.41% to 5339.70.

The key benchmark indices registered small losses tracking weak global stocks on Tuesday, 13 April 2010. Infosys led a rally in IT pivotals after the IT sector bellwether issued a stronger revenue guidance in dollar terms which indicated robust outsourcing demand. The BSE 30-share Sensex fell 31.04 points or 0.17% to 17,821.96. The S&P CNX Nifty declined 16.75 points or 0.31% to 5,322.95.

Profit booking in some large-cap stocks dragged the key indices to the lowest level in two weeks on Thursday, 15 April 2010. The market fell for the third consecutive session as European stocks turned negative and US index futures edged lower. Front line stocks bore the major brunt of selling with mid and small-cap indices on BSE falling to a smaller extent. The BSE 30-share Sensex fell 182.70 points or 1.03% to 17,639.26. The S&P CNX Nifty was down 49.35 points or 0.93% to 5273.60.

The key benchmark indices edged lower in volatile trade on Friday, 16 April 2010 as an imminent hike in key short-term interest rates by the Reserve Bank of India (RBI) at a policy review next week weighed on investor sentiment. Stocks fell for the fourth straight trading session. The BSE 30-share Sensex fell 48.08 points or 0.27% to 17,591.18. The S&P CNX Nifty declined 11 points or 0.21% to 5262.60.

Index heavyweight Reliance Industries (RIL) fell 3.62%. On Friday, 16 April 2010, RIL said it will provide growth capital to logistics firm Deccan 360. The investment would be done through a wholly owned subsidiary. Deccan 360 is a cargo service headed by Captain Gopinath.

RIL on 9 April 2010 said the company will pay $1.7 billion to form a joint venture at one of the most promising natural gas deposit regions in the US with Atlas Energy, becoming the latest foreign company to invest in shale plays that are expected to be very lucrative. The firm will pick up a 40% stake in Atlas's operations in the booming Marcellus Shale, a gas project that spans parts of Pennsylvania, West Virginia and New York in the United States and which, according to some geologists, could hold enough natural gas to satisfy US demand for a decade.

Capital goods pivotals declined. India's largest engineering and construction firm by sales Larsen & Toubro (L&T) fell 4.29%. The company, last week, received an order worth Rs 1,060 crore from Gujarat State Petroleum Corporation (GSPC) to build an offshore oil platform.

India's top power equipment maker by sales Bharat Heavy Electricals (Bhel) lost 2.78%. The stock hit a 52-week high of Rs 2,585 on Monday, 12 April 2010.

Bharti Airtel, India's largest mobile operator by sales fell 1.20%. The company added 30 lakh mobile subscribers in March 2010, and took its total subscribers to 12.76 crore. India's second largest mobile operator by sales Reliance Communications fell 5.65%.

India's largest private sector bank by net profit ICICI Bank declined 5.71% ahead of a policy review by the RBI.

India's largest mortgage finance firm by total income Housing Development Finance Corporation (HDFC) fell 5.87%. The company said on Thursday it has launched a Dual Rate Product-2 (DRHL-2) in which home loan interest rates will be fixed rate at 8.25% annually up to 31 March 2011, 9% for the period between 1 April 2011 and 31 March 2012, and the applicable floating rate for the balance term. The offer is for loan application made before 30 April 2010 and at least part-disbursement taken before 30 June 2010.

FMCG stocks rose on expectation of good Q4 results. ITC (up 0.24%), Dabur India (up 1.16%) and Hindustan Unilever (up 2.33%), rose.

Godrej Consumer Products spurted 10.26% on reports the company is in talks to acquire Brazilian hair care company Embelleze.

India's second largest software exporter by sales Infosys Technologies rose 3.99%. It hit a record high of Rs 2,823.80 on Thursday 15 April 2010 after the company issued a stronger revenue guidance in dollar terms for financial year ending March 2011 (FY 2011). The stock had jumped 3.69% on Tuesday, 13 April 2010, after the IT bellwether projected a 16% to 18% growth in revenue at between at between $5.57 billion to $5.67 billion for the current year.

Among other IT pivotals, India's third largest software services exporter by sales Wipro rose 1.70%. India's largest software services exporter by sales Tata Consultancy Services rose 2.83%.

Auto stocks fell on profit taking after recent strong gains triggered by expectations of strong Q4 results. Vehicle sales in India should grow 10-15% in the fiscal year to March 2011, an industry body said on Friday 9 April 2010. In 2009/10, a total of 1.23 crore vehicles were sold in the country, up 26.4% from the previous fiscal year, data from the Society of Indian Automobile Manufacturers (SIAM) showed.

India's top small car maker by sales, Maruti Suzuki India fell 2.19%. The company recently raised prices of its vehicles across different models due to higher input costs and expenses from the introduction of the new Bharat Stage IV emission norms.

India's largest tractor maker by sales Mahindra & Mahindra fell 4.85%. India's leading bike maker by sales Hero Honda Motors fell 6.68%.

India's second largest bike maker by sales Bajaj Auto fell 0.75%. Bajaj Auto has raised its stake in KTM Power Sports AG, Europe's second largest motorcycle maker.

India's largest commercial vehicle maker by sales Tata Motors fell 2.99%. The company said on Thursday, 15 April 2010 its global vehicle sales rose 39% to 101,712 units in March 2010 over March 2009.This includes sales of UK-based Jaguar and land Rover brands that rose 43% to 23,538 vehicles in March 2010 over March 2009

Most carmakers increased vehicle prices from 1 April 2010 after 13 cities across the country switched over to Bharat Stage IV emission norms. Earlier in February 2010, following the 2% increase in excise duty on all non-oil products to 10% in the Budget, auto players had hiked prices of vehicles by up to Rs 70,000.

Automobile firms are seen reporting strong Q4 results on a healthy volume growth. However, the sector is witnessing a headwind of rising input costs. Recently, Maruti Suzuki raised car prices due to a surge in input costs and shift to new emission norms from 1 April 2010. M&M, too, hiked utility vehicles prices recently.

Volatility index a tad higher

Nifty April 2010 futures at discount

The Nifty April 2010 futures were at 5257.10, at a discount of 5.50 points to the spot closing of 5262.60. In the cash market, the S&P CNX Nifty lost 11 points or 0.21% to settle at 5262.60 as investors turned cautious ahead of a monetary policy review next week from the Reserve Bank of India (RBI).

Turnover on NSE's futures & options (F&O) segment rose to Rs 75829.74 crore from Rs 73714.54 crore on Thursday, 15 April 2010.

NSE's volatility index, India VIX, rose almost 1% to 21.78. The index had jumped 7.15% on Thursday. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days. The index is calculated based on the S&P CNX Nifty options prices.

Resources and financials pull Asian stocks lower

Regional benchmarks end in red ahead of weekend

Asian stocks pared their recent advances, stumbling ahead of the weekends as the worries about an overheated property market in China resurfaced and strength in US Dollar hurt the resources and mining stocks. The overnight US cues were modestly positive but Asian stocks were under a swoon right from the start. Selling aggravated as the day proceeded as the Friday factor soon kicked into the action.

The Japanese stocks snapped recent gains as traders resorted to locking gains after the local currency strengthened against the US dollar. Modest gains on Wall Street in the previous session despite weaker jobless claims data failed to enthuse markets after internet search engine giant Google failed to impress traders despite reporting a 38% surge in first quarter revenues. Concerns about the steps being taken by China to cool off its real estate market and weak trading across other markets in the region also impacted market sentiment.

The benchmark Nikkei 225 Index dropped 171.61 points, or 1.52%, to 11,102, while the broader Topix index of all First Section issues was down 10.06 points, or 1.01%, to 989.

Steel stocks led the decline on profit taking. JFE Holdings declined 2.88%, Pacific Metals shed 1.36%, Sumitomo Metal Industries lost 2.83%, Kobe Steel fell 2.69% and Nissan Steel was down by 2.04%.

The Australian stocks slipped on profit selling today; closing under 5000 mark for the benchmark S&P/ASX 200 index as weak cues from the Asian markets and selling pressure in commodities triggered profit booing in the resources and broad markets. Financials also slipped as rising inflation worries domestically hurt the investor sentiments. However, the stocks managed to record their tenth consecutive week of rises. The benchmark ASX200 share index yesterday closed above the 5000-point mark for the first time in 19 months, ending the day at 5001.9 points.

As the closing bell rang, the benchmark S&P/ASX200 index was down 17.2 points, or 0.3 per cent, at 4984.7, while the broader All Ordinaries index fell 16.8 points, or 0.3 %, to 5007.3. Among the sectors, energy shares dropped 1.5 %, financials fell 0.2 % and materials lost 0.5 %.

Chinese equities eased, taking the centre state amid a broadly bearish day for world markets. Despite the Chinese economy recording a growth rate, highest in three years without signs yet of a surge in inflation, the Chinese stock market closed lower more than 1% today, as investors remained vigilant that these positive developments have given the government some leeway in making two crucial decisions: raising interest rates and revaluing the Chinese currency.

Adding to the investors concerns are the unemployment rate and booming real estate prices, which will further pressurize the government to hike the interest rates further, to cool the overheating property market. China's property market continued to hot up in March with home prices in major cities growing at a double-digit pace, even as the government tries to rein in prices.
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The Property section yielded mix performance after the government raised the down payment to 50 % when a family purchases its second property. Interests of the loans should not be lower than 110 % benchmark interest rates. Mixed performance by the property sector dragged down financial and real estate heavyweights.

In China, the benchmark Shanghai Composite Index, which tracks both A and B shares, ended down 1.1%, or 34.67 points, at 3130.30. China's stock index futures rose on their first day of trading Friday, mostly due to initial enthusiasm about the derivatives product, which for the first time allows investors to make trades based on their expectations the overall market will fall--not just rise. The most actively traded May futures contract closed up 0.5% at 3145.6.

In overnight trades, US stocks crawled up after the A U.S. Labor Department report that said initial claims for unemployment benefits rose unexpectedly for a second straight week raised doubts about the strength of the U.S. economic recovery and also weighed on stocks. The Dow Jones industrial average climbed by 0.2 % Thursday to 11,144.57 — its highest finish since Sept. 19, 2008.

In Mumbai, the key benchmark indices edged lower in volatile trade as an imminent hike in key short-term interest rates by the Reserve Bank of India (RBI) at a policy review next week weighed on investor sentiment. Stocks fell for the fourth straight trading session. In global cues, European stocks turned positive from negative and US index futures were off lows. Earlier, Asian stocks edged lower. The BSE 30-share Sensex was provisionally down 68.71 points or 0.39%, off close to 95 points from the day's high and up close to 40 points from the day's low. The market breadth was weak.

In other markets, Hong Kong's Hang Seng index fell 1.5 %, Indonesia slid 0.8 %, Singapore was down 0.6 % while South Korea and Malaysia skidded 0.5 %. Thailand's benchmark stock index fell 2.1 %

Greek/German bond spreads continue to widen to new all time highs despite the successful placement of Greek sovereign issues. Reports that Greece will need far more funding than has been initially promised by the EU/IMF as well EU comments that Portugal will need further fiscal consolidation have been instrumental in supporting the US dollar after the greenback plummeted to its three week low against the Euro earlier.

Light sweet crude oil futures for May delivery slipped by more than a dollar after its recent advances. The counter quotes at 84.49 a barrel in electronic trading, down $1.02 per barrel from previous close as traders eyed the weakness in equities and ideas that the latest slide in the US crude inventories might not push the prices up much given that the inventories are still at a seasonally high level.

Market extends losses for the fourth day

The key benchmark indices edged lower in volatile trade as an imminent hike in key short-term interest rates by the Reserve Bank of India (RBI) at a policy review next week weighed on investor sentiment. Stocks fell for the fourth straight trading session. The market breadth was weak. In global cues, European stocks were volatile and US index futures were off lows. Asian stocks edged lower.

The BSE 30-share Sensex shed 48.08 points or 0.27%, off close to 75 points from the day's high and up close to 60 points from the day's low. From a recent high of 17,933.14 on 9 April 2010, the Sensex has lost 341.96 points or 1.9% in the last four trading sessions.

Intraday volatility was immense in today's trade. Stocks cut losses soon after an initial slide caused by weak Asian stocks. The market weakened shortly with the Sensex hitting a fresh intraday low in early trade. The market bounced back from lower level in morning trade. The market slipped into the red once again after briefly regaining positive zone in mid-morning trade when it hit a fresh intraday high. The market moved in a range in early afternoon trade.

Weak opening of European markets kept domestic bourses depressed in afternoon trade. Stocks extended losses later. A sudden rebound saw the Sensex briefly regaining positive zone in mid-afternoon trade as the barometer index hit a fresh intraday high. The market again slipped into the red.

NSE's volatility index, India VIX, rose almost 1% to 21.78. The index had surged 7.15% on Thursday, 15 April 2010. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days. The index is calculated based on the S&P CNX Nifty options prices.

Reliance Industries (RIL) edged lower in volatile trade. Another index heavyweight ICICI Bank came off the day's high. Realty stocks fell on fears of interest rate hike by the Reserve Bank of India (RBI) next week. Auto, IT and telecom stocks also fell. Capital goods stocks were mixed. However, FMCG stocks gained on defensive buying as the Sensex fell for the fourth day in a row.

The fourth quarter earnings of India Inc are major near term trigger for the market. This is because the Q4 March 2010 results and management commentary on outlook could result in revision in earnings estimates of India Inc by analysts for the year ending March 2011 (FY 2011).

Expectations of good fourth quarter result by India Inc and heavy foreign fund inflows boosted the domestic bourses in recent weeks with the key benchmark indices surging to their highest level in more than 25 months on 7 April 2010. The market witnessed a correction later.

The combined net profit of a total of 45 companies declined 15.7% to Rs 2402 crore on 29.1% rise in net sales to Rs 22033 crore in the quarter ended March 2010 over the quarter ended March 2009.

The Reserve Bank of India is seen raising key short term interest rates by 25 to 50 basis points at a policy review on Tuesday, 20 April 2010. The central bank is also expected to raise the cash reserve ratio to suck out excess liquidity from the banking system. Last month, the RBI raised the repo rate and the reverse repo rate by 25 basis points each.

The latest data showed the wholesale prices rose 9.9% in March 2010 from a year earlier and a tad higher than February's annual rate of 9.89%. Finance Minister Pranab Mukherjee said price pressures would continue until June, when summer harvests and good rains should help cool prices.

Rising inflation remains a key cause for concern. A sharp surge in interest rates may adversely impact private investment demand as well as the proposed large scale investment in the infrastructure sector.

Meanwhile, double-digit annual growth in industrial output for the fifth straight month in February 2010 underlined the strength of the economic recovery. Data on Monday, 12 April 2010, showed the industrial output rose 15.1% in February from a year earlier, less than a rise of 16.7% in January.

Good rains this year after last year's drought will boost farm output and rural incomes. But another monsoon failure will add to inflationary pressure which in turn may hamper the current strong economic rebound. The June-September monsoon season is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector.

Tokyo-based Research Institute for Global Change has predicted normal monsoon rains in India for the current year. Agriculture secretary P K Basu said in a media interview on Monday, 5 April 2010, that early signs indicate normal monsoon rains this year. The Indian Meteorological Department (IMD) issues a monsoon forecast, usually in the second half of April after considering weather observations in different parts of the world and extrapolating statistical data.

A weakening El Nino is a positive sign for the monsoon, Ajit Tyagi, director general at the India Meteorological Department, had said on 18 March 2010.

Losses for commodity-sector firms pulled the European stocks lower on Friday in volatile trade, as the dollar gained against major rivals. The key benchmark indices in UK and Germany were down by between 0.05% to 0.16%. France's CAC 40 rose 0.06%.

Asian stocks retreated from 22-month highs on Friday as fresh doubts about the US economic recovery and Greece's rescue package prompted profit taking. The key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan fell by between 0.32% to 1.52%. Property and banking stocks led the decline in China after Beijing tightened policies toward the residential property market on Thursday.

Trading in US index futures indicated that the Dow could fall 10 points at the opening bell on Friday, 16 April 2010. US index futures pared early losses.

US stocks posted their sixth straight day of gains on Thursday as an encouraging profit forecast from United Parcel Service lifted transportation shares, though concerns about a rise in weekly jobless claims limited the market's advance. The Dow Jones Industrial Average rose 21.46 points or 0.19% to 11,144.57. The Nasdaq rose 10.83 points or 0.43% to 2515.69 and the S&P 500 rose 1.02 points or 0.08% to 1211.67.

Global trade will face lingering protectionism for up to two years, as the job market reels from the global financial crisis, World Trade Organization Director-General Pascal Lamy said on Thursday

Back home, Sebi has tightened disclosure norms for foreign institutional investors (FIIs) and sub-accounts with regard to the investment structure in India. The norms are applicable for new registrations from 7 April 2010. Existing FIIs and sub-accounts can provide the additional information by 30 September 2010.

These foreign investors will now have to disclose to the regulator whether they are a multi class vehicle (MCVs), segregated portfolio company (SPC) or a protected cell company (PCCs) and whether they maintain segregated or a common portfolio.

Meanwhile, a new rule released by the Department of Industrial Policy and Promotion (DIPP) has clarified that an individual foreign institutional investor (FII) will not be allowed to pick up more than 10% equity in an Indian company even if it is coming through the foreign direct investment route thus limiting their ability to acquire big stakes in companies.

Meanwhile, it remains to be seen if and to what extent the recent controversy with regard to unit linked insurance plans (Ulips) negatively impacts inflows into Ulips which are a major source of inflows into equities. Ulips are products similar to mutual funds with an added life cover. A large chunk of funds raised through Ulips are invested in equities.

The stock market regulator Securities & Exchange Board of India (Sebi) has reportedly moved the Supreme Court and some high courts to guard against any ex parte decision after insurance regulator Insurance Regulatory and Development Authority of India (IRDA)'s decision to challenge Sebi's ban on unit-linked insurance products (Ulips). On 9 April 2010, Sebi had banned 14 life insurance companies from raising funds through Ulips without its approval.

IRDA, on the other hand, asked insurers to ignore the Sebi ban. On Tuesday, Sebi came out with a second order that exempted existing Ulips from the ban, but said its nod was must for issuing new Ulips issued after 9 April 2009.

According to IRDA, a total of 16.7 lakh Ulip policies, with a premium of Rs 44611 crore, were sold from 1 April 2009 to 28 February 2010. A total of 7.03 crore Ulip polices involving a total premium of Rs 90645 crore were in force in 2008-09.

The BSE 30-share Sensex fell 48.08 points or 0.27% to 17,591.18. The index fell 109.71 points at the day's low of 17,529.55 in early trade. The Sensex rose 24.73 points at the day's high of 17,663.99 in mid-afternoon trade.

The S&P CNX Nifty fell 11 points or 0.21% to 5256.60.

BSE clocked turnover of Rs 4087 crore, lower than Rs 4838.39 crore on Thursday, 15 April 2010.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1705 shares declined as compared with 1178 that advanced. A total of 124 shares remained unchanged. The breadth was positive in early trade.

Among the 30-member Sensex pack, 22 fell while rest rose.

The BSE Mid-Cap index fell 0.27%, matching the fall in the Sensex. The BSE Small-Cap index fell 0.19% and outperformed the Sensex.

Most sectoral indices on BSE declined. Consumer Durables index (up 1.89%), FMCG index (up 1.22%), Metal index (up 0.16%), Bankex (down 0.05%), Healthcare index (down 0.16%), outperformed the Sensex.

The Power index (down 0.71%), PSU index (down 0.62%), Capital Goods index (down 0.56%), BSE Oil & Gas index (down 0.55%), Auto index (down 0.51%), Teck index (down 0.48%), IT index (down 0.47%), Realty index (down 0.44%), underperformed the Sensex.

Index heavyweight Reliance Industries (RIL) fell 0.64% to Rs 1083.30, extending Thursday's near 3% losses. Nonetheless, the stock came off the day's low of Rs 1067.05. RIL today said it will provide growth capital to logistics firm Deccan 360. The investment would be done through a wholly owned subsidiary. Deccan 360 is a cargo service headed by Captain Gopinath.

RIL on 9 April 2010 said the company will pay $1.7 billion to form a joint venture at one of the most promising natural gas deposit regions in the US with Atlas Energy, becoming the latest foreign company to invest in shale plays that are expected to be very lucrative. The firm will pick up a 40% stake in Atlas's operations in the booming Marcellus Shale, a gas project that spans parts of Pennsylvania, West Virginia and New York in the United States and which, according to some geologists, could hold enough natural gas to satisfy US demand for a decade.

Capital goods pivotals fell. India's largest engineering and construction firm by sales Larsen & Toubro (L&T) ended flat after seeing intraday volatility. The stock hit a high of Rs 1580.20 and a low of Rs 1560.25. The company, last week, received an order worth Rs 1,060 crore from Gujarat State Petroleum Corporation (GSPC) to build an offshore oil platform.

India's top power equipment maker by sales Bharat Heavy Electricals (Bhel) lost 1.49%, with the scrip sliding for the second straight day. The stock had hit a 52-week high of Rs 2,585 on Monday, 12 April 2010.

Among other capital goods stocks, SKF India, BEML and Praj Industries fell by between 1.38% to 3.4%.

Bharti Airtel, India's largest mobile operator by sales, fell 0.16%. The company added 30 lakh mobile subscribers in March 2010, and took its total subscribers to 12.76 crore. India's second largest mobile operator by sales Reliance Communications fell 0.91%.

FMCG stocks rose on expectation of good Q4 results. Dabur India, ITC, Godrej Consumer Products, Hindustan Unilever rose by between 0.53% to 4.86%

India's second largest software exporter by sales Infosys Technologies fell 0.56% on profit taking after hitting a record high of Rs 2,823.80 on Thursday 15 April 2010. The stock had surged in the past two trading sessions after the company issued a stronger revenue guidance in dollar terms for financial year ending March 2011 (FY 2011). The stock had jumped 3.69% on Tuesday, 13 April 2010, after the IT bellwether projected a 16% to 18% growth in revenue in dollar terms at between at between $5.57 billion to $5.67 billion for the current year.

Among other IT pivotals, India's third largest software services exporter by sales Wipro rose 0.23%. India's largest software services exporter by sales Tata Consultancy Services fell 0.69% on profit taking after a two-day rise.

Realty stocks fell on fears of interest rate hike by the Reserve Bank of India (RBI) at its monetary policy review meet scheduled on 20 April 2010. Most of the property sales are driven by borrowed funds. Ackruti City, Parsvnath Developers, Unitech, Anant Raj Industries, HDIL and DLF fell by between 1.41% to 2.44%.

Auto stocks fell on profit taking after recent strong gains triggered by expectations of strong Q4 results. Vehicle sales in India should grow 10-15% in the fiscal year to March 2011, an industry body said on Friday 9 April 2010. In 2009/10, a total of 1.23 crore vehicles were sold in the country, up 26.4% from the previous fiscal year, data from the Society of Indian Automobile Manufacturers (SIAM) showed.

India's top small car maker by sales, Maruti Suzuki India fell 0.23%, extending recent losses. The company recently raised prices of its vehicles across different models due to higher input costs and expenses from the introduction of the new Bharat Stage IV emission norms.

India's largest tractor maker by sales Mahindra & Mahindra fell 1.51%. Mahindra & Mahindra said after trading hours that it is buying out Renault's stake in a joint venture that makes the Logan sedan. The Renault name and logo will continue to be used on the Logan till the end of calendar 2010, the company said in a statement.

India's leading bike maker by sales Hero Honda Motors fell 1.62%. The stock had lost 5.29% on Tuesday when the scrip turned ex-dividend for a special dividend Rs 80 per share.

India's second largest bike maker by sales Bajaj Auto fell 1.48%. Bajaj Auto today said it has raised its stake in KTM Power Sports AG, Europe's second largest motorcycle maker.

India's largest commercial vehicle maker by sales Tata Motors rose 1.15%, with the stock gaining for the second straight day after company said on Thursday its global vehicle sales rose 39% to 101,712 units in March 2010 over March 2009.This includes sales of UK-based Jaguar and land Rover brands that rose 43% to 23,538 vehicles in March 2010 over March 2009

Most carmakers increased vehicle prices from 1 April 2010 after 13 cities across the country switched over to Bharat Stage IV emission norms. Earlier in February 2010, following the 2% increase in excise duty on all non-oil products to 10% in the Budget, auto players had hiked prices of vehicles by up to Rs 70,000.

Automobile firms are seen reporting strong Q4 results on a healthy volume growth. However, the sector is witnessing a headwind of rising input costs. Recently, Maruti Suzuki raised car prices due to a surge in input costs and shift to new emission norms from 1 April 2010. M&M, too, hiked utility vehicles prices recently.

Healthcare stocks fell on profit taking. Cipla, Dr Reddy's Laboratories, Ranbaxy Laboratories and Pfizer, fell by between 0.07% to 1.62%.

Metal stocks also fell on profit taking. Sterlite Industries, National Aluminum Company, Hindalco Industries and Hindustan Zinc fell by between 0.4% to 1.05%.

India's largest private sector steel maker by sales Tata Steel rose 1.33%. The company said recently its sales for the fiscal year ended on 31 March 2010 rose 18% from a year ago to 6.17 million tonnes.

Banking stocks were mixed. India's largest bank by net profit and branch network State Bank of India fell 0.36%, with the stock sliding for the second straight day. Chairman O.P. Bhatt said recently that the bank may raise its lending and deposit rates in a couple of months. The state-owned bank will wait for the Indian central bank's monetary policy action to take a final call on interest moves, Bhatt said.

Among other PSU banks, Bank of Baroda, Bank of India and Punjab National Bank, rose by between 0.59% to 1.17%.

India's second largest private sector bank by net profit HDFC Bank was flat. Its ADR rose 0.6% on Thursday.

India's largest private sector bank by net profit ICICI Bank rose 0.39% to Rs 921.65 . The stock came off the day's high of Rs 935.80. The stock had corrected 6.07% to Rs 918.10 on 15 April 2010 from Rs 977.45 on 9 April 2010.

India's largest mortgage finance firm by total income Housing Development Finance Corporation (HDFC) fell 0.72%. The company said on Thursday it has launched a Dual Rate Product-2 (DRHL-2) in which home loan interest rates will be fixed rate at 8.25% annually up to 31 March 2011, 9% for the period between 1 April 2011 and 31 March 2012, and the applicable floating rate for the balance term. The offer is for loan application made before 30 April 2010 and at least part-disbursement taken before 30 June 2010.

The Reserve Bank of India said late last week banks would determine their lending rates with reference to the base rate, effective 1 July 2010. To stabilise the system of base rate calculation, banks are allowed to change the benchmark and methodology anytime

Airline stocks fell on reports state run oil marketing companies have raised jet fuel price by 3.2% following rise in global crude prices. The hike is effective from midnight of 15 April 2010. Jet Airways, Kingfisher Airlines and SpiceJet fell by between 1.88% to 2.7%.

Goenka Diamond clocked the highest volume of 3.03 crore shares on BSE. Cals Refineries (1.17 crore shares), Birla Power Solutions (0.83 crore shares), BAG Films (0.81 crore shares) and Unitech (0.69 crore shares) were the other volume toppers in that order.

Goenka Diamond clocked the highest turnover of Rs 387.84 crore on BSE. Orbit Corporation (Rs 152.94 crore), Solvay Pharma (Rs 122.25 crore), Tata Motors-DVR (Rs 99.75 crore) and ARSS Infra (Rs 96.87 crore) were the other turnover toppers in that order.

Daily Call - Apr 16 2010

US markets, after opening in red, recovered to close in green for the sixth consecutive day. While the jobless claims data came worse than expected, Philadelphia Fed index rose to 20.2 in April from 18.9 in March, the expectation being 20. March Industrial production stood at 0.1% versus the expectation of 0.7%

Our markets however had a sharp cut of about 1% as heavyweight stocks from Oil & Gas and Banking space saw profit booking. March inflation came in at 9.9%, a 17-month high, and resurfaced the fears of rate hike in the ensuing policy meet of RBI on 20th April. Reports that SEBI has directed FIIs and sub-accounts to disclose more information about their investment structure in India also added to the nervousness. Nifty as well as sensex for the first time after 9 weeks breached previous week’s low. For nifty the level was placed at 5290. While a lower top-lower bottom formation has already started in intraday 60 minute chart, on daily chart the same will happen when previous bottom placed at 5235 is breached. Keep a tight stop loss of 5235 in all the trading long positions.

Flat-to-negative start likely

Headlines for the day:

Sebi tightens norms for FIIs

Triveni shuts down rural retail biz

Godrej eyes 5 % market share in TV segment

Events for the day:

Major corporate action

Goenka Diamond and Jewels will list today
Ex-date for dividend of Fulford India and Paper Products
Results: Crisil, Indusind Bank
For more events, log on to Sharekhan.com

Pre-market report

Global signals

The European stock market edged higher on Thursday as investors weighed fresh moves in the Greek debt crisis against mixed US economic data and very strong Chinese growth figures.

The US stocks closed higher on Thursday as market players batted off concerns about Greece' debt woes and an unexpected rise in US jobless claims.

In today's trade, the Asian markets were trading on a negative note. At the time of writing this report, SGX Nifty was trading 23 points lower.

Indian markets

The domestic market surged for the past consecutive nine weeks, may take a breather and discontinue their winning streak, as the market in the last three trading sessions of this holiday shorten week has fallen by almost 300 points. However, the Indian indices may have a flat to negative start owing to the weak global cues. The stocks like Crisil and Indusind Bank will be eyed, as its FY10 March quarter results will be declared today.

Commodity cues

In the commodity space, the crude oil prices reported loss, with the Nymex light crude oil for the May series declined by $0.33 per barrel, whereas in the metals space, the Comex Gold for the May series rose by $0.70 and the Comex Silver for the May series was up by $0.02 to a troy ounce respectively.

Daily trend of FII/MF investment in equities

On April 15, 2010, the FIIs were the net buyers of the Indian stocks to the tune of Rs607.30 crore, whereas the domestic mutual funds, on April 09, 2010, were the net sellers of the stocks to the tune of Rs257.90 crore.

Morning Notes - Apr 16 2010

Morning Notes - Apr 16 2010

UPS earning report lifts US stocks

Gains at Wall Street for sixth straight day

Strong earning reports from UPS after yesterday's close helped US stocks make a strong start and ultimately end the day with modest gains on Thursday, 15 April 2010. With Thursday's gains, US stocks ended higher for the sixth straight session. Other than that, strong economic data on US and global front also helped improve market momentum.

At the end of the day on Thursday, the Dow Jones Industrial Average ended higher by 21.46 points at 11144.57. Nasdaq ended higher by 10.83 points at 2515.69. S&P 500 ended higher by 1.02 points at 1211.67.

Three of ten economic sectors ended higher for the day led by technology, industrial, and consumer discretionary sectors. Healthcare and financials were among the sectors that ended in the red. Intel led the pack of Dow winners.

Among the widely anticipated earning reports, better-than-expected earnings and an upside forecast from global shipping carrier, UPS, after the prior session's close seemed to set the stage for continued gains in the early going. The report propelled UPS to its best single-session percentage gain in more than one year.

Crude oil prices ended marginally higher on Thursday, 15 April 2010. Strong economic reports from US and China helped offset the effect from rising dollar. On Thursday, crude-oil futures for light sweet crude for May delivery closed at $86.75/barrel (higher by $0.02 or 0.02%). This was second consecutive rise for crude after dropping for last five sessions.

Among economic data for the day, the U.S. Labor Department reported on Thursday that the number of people applying for unemployment benefits rose by 24,000 in the latest week to 484,000. The four-week average of initial claims - a better measure of labor trends, also increased. Continuing claims climbed to a worse-than-expected 4.64 million.

Also, U.S. industrial production rose 0.1% in March, lower than expectations as utilities output showed a sharp drop. However, manufacturing activity in the New York region improved at a faster pace in April, as the Federal Reserve Bank of New York's Empire State manufacturing index rose to 31.9 in April from 22.9 in March.

Among latest data, it showed that China's economy expanded 11.9% in the first quarter of 2010 from the year-earlier period, exceeding expectations.

In the currency market on Thursday, the dollar index, which measures the strength of the dollar against basket of six other currencies rose by 0.4%. Greece's debt woes once again perked up the dollar. The dollar index gained about 0.7% in March and rallied 4% during the first quarter. The dollar index has gained 4.5% this year till date.

Declining stocks outpaced advancers on the New York Stock Exchange, where 1.2 billion shares traded. Composite volume topped 6.1 billion.

Natural gas futures tanked following a report showing a larger-than-expected increase in U.S. storages. Natural gas for May delivery lost 21 cents, or 5.1%, to settle at $3.9850 per million British thermal units.

Indian ADRs ended mixed on Thursday. Rediff.com was the main winner soaring 6.4%. ICICI Bank fell 2.4%.

Tomorrow morning, two economic reports are scheduled to be released before the open. They are building permits and housing starts. Other than that, earning reports will continue to dominate

Market may extend last three days` losses on weak Asian stocks

The market may extend last three days' losses on weak Asian stocks. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicated that the Nifty could fall 15 points at the opening bell. Asian stocks fell on Friday, bucking overnight gains on the Wall Street as investors locked in profits. The key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan fell by between 0.09% to 1.35%.

US stocks posted their sixth straight day of gains on Thursday as an encouraging profit forecast from United Parcel Service lifted transportation shares, though concerns about a rise in weekly jobless claims limited the market's advance. The Dow Jones Industrial Average rose 21.46 points or 0.19% to 11,144.57. The Nasdaq rose 10.83 points or 0.43% to 2515.69 and the S&P 500 rose 1.02 points or 0.08% to 1211.67.

In economic news, weekly initial jobless claims were up more than expected to 484000, while continuing claims climbed to a worse-than-expected 4.64 million. Industrial production ticked up 0.1% in March, which was lower than expected. Among major results, Internet search company Google reported after the closing bell that its first-quarter profit jumped 37% to $1.96 billion with revenue rising 23% to $6.78 billion.

Back home, the latest data showed the wholesale prices rose 9.9% in March 2010 from a year earlier and a tad higher with February's annual rate of 9.89%. Finance Minister Pranab Mukherjee said price pressures would continue until June, when summer harvests and good rains should help cool prices.

Rising inflation remains a key cause for concern. A sharp surge in interest rates may adversely impact private investment demand as well as the proposed large scale investment in infrastructure sector. Investors have already priced a 25-basis point rate rise at the Reserve Bank of India's policy review on 20 April 2010. Last month, the RBI raised the repo rate and the reverse repo rate, at which it absorbs excess cash from the banking system, by 25 basis points each.

Meanwhile, double-digit annual growth in industrial output for the fifth straight month in February 2010 underlined the strength of the recovery. Data on Monday, 12 April 2010, showed the industrial output rose 15.1% in February from a year earlier, less than a rise of 16.7% in January.

The fourth quarter earnings of India Inc are major near term trigger for the market. This is because the Q4 March 2010 results and management commentary on outlook could result in revision in earnings estimates of India Inc by analysts for the year ending March 2011 (FY 2011).

Expectations of good fourth quarter result by India Inc and heavy foreign fund inflows boosted the domestic bourses in recent weeks with the key benchmark indices surging to their highest level in more than 25 months on 7 April 2010.

Good rains this year after last year's drought will boost farm output and rural incomes. But another monsoon failure will add to inflationary pressure which in turn may hamper the current strong economic rebound. The June-September monsoon season is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector.

Tokyo-based Research Institute for Global Change has predicted normal monsoon rains in India for the current year. Agriculture secretary P K Basu said in a media interview on Monday, 5 April 2010, that early signs indicate normal monsoon rains this year. The Indian Meteorological Department (IMD) issues a monsoon forecast, usually in the second half of April after considering weather observations in different parts of the world and extrapolating statistical data.

A weakening El Nino is a positive sign for the monsoon, Ajit Tyagi, director general at the India Meteorological Department, had said on 18 March 2010.

Meanwhile, Sebi has tightened disclosure norms for foreign institutional investors (FIIs) and sub-accounts with regard to the investment structure in India. The norms are applicable for new registrations from 7 April 2010. Existing FIIs and sub-accounts can provide the additional information by 30 September 2010.

These foreign investors will now have to disclose to the regulator whether they are a multi class vehicle (MCVs), segregated portfolio company (SPC) or a protected cell company (PCCs) and whether they maintain segregated or a common portfolio.

Meanwhile, a new rule released by the Department of Industrial Policy and Promotion (DIPP) has clarified that an individual foreign institutional investor (FII) will not be allowed to pick up more than 10% equity in an Indian company even if it is coming through the foreign direct investment route thus limiting their ability to acquire big stakes in companies.

Meanwhile, it remains to be seen if and to what extent the recent controversy with regard to unit linked insurance plans (Ulips) negatively impacts inflows into Ulips which are a major source of inflows into equities. Ulips are products similar to mutual funds with an added life cover. A large chunk of funds raised through Ulips are invested in equities.

The stock market regulator Securities & Exchange Board of India (Sebi) has reportedly moved the Supreme Court and some high courts to guard against any ex parte decision after insurance regulator Insurance Regulatory and Development Authority of India (IRDA)'s decision to challenge Sebi's ban on unit-linked insurance products (Ulips). On 9 April 2010, Sebi had banned 14 life insurance companies from raising funds through Ulips without its approval.

IRDA, on the other hand, asked insurers to ignore the Sebi ban. On Tuesday, Sebi came out with a second order that exempted existing Ulips from the ban, but said its nod was must for issuing new Ulips issued after 9 April 2009.

According to IRDA, a total of 16.7 lakh Ulip policies, with a premium of Rs 44611 crore, were sold from 1 April 2009 to 28 February 2010. A total of 7.03 crore Ulip polices involving a total premium of Rs 90645 crore were in force in 2008-09.

Profit booking in some large-cap stocks dragged the key indices to their lowest level in two weeks on Thursday, 15 April 2010. The BSE 30-share Sensex fell 182.70 points or 1.03% to 17,639.26 on that day.

As per provisional figures on NSE, foreign funds bought shares worth Rs 99.70 crore and domestic funds sold shares worth Rs 76.87 crore on Thursday.

Daily News Roundup - Apr 16 2010

HDFC has revived its teaser home loan rates for two weeks to protect market share. (ET)

L&T to make industrial tyres with Mitsubishi. (ET)

ONGC says that it will not be economically viable to produce gas from its Krishna-Godavari basin block at current sale price of US$4.2/mmBtu. (ET)

SAIL is in talks with Posco and Kobe Steel for technology tie-ups for jointly setting-up steel plants. (ET)

IOC may see revenue loss on fuel sales jump 63% in FY10. (BS)

Bank of India has cut interest rates on its bulk deposits by up to 1.25% across various tenures with immediate effect. (ET)

Tata Motors global sales grow 39% in March. (BS)

Ranbaxy has voluntarily recalled two consignments of one of its antibiotics from US market. (BL)

UBI to raise upto US$500mn through a maiden MTN programme. (BL)

Japan’s JFE is in advanced talks to buy a small stake in JSW Steel. (ET)

Jet Airways seeks more FSI for BKC plot, eyes lease income. (ET)

Triveni Engineering has formed a JV with GE to make and sale steam turbines for small power generation projects. (ET)

Aurobindo Pharma has received final approval for Ondansetron orally disintegrating tablets from US FDA. (BL)

Pipavav Shipyard is in talks to buy an oil rig and shipping company in West Europe. (ET)

Glodyne close to buying a US company for Rs5bn. (ET)

Areva T&D has won three turnkey project orders worth Rs630mn. (BL)

WPI inflation for the month of March stood at 9.9%. (BS)

Domestic air traffic climbs 23% yoy in March 2010. (ET)

CMI pegs FY10 growth at 7.1% and FY11 growth at 9.2%. (ET)