Biocon
India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Monday, May 03, 2010
BSE Bulk Deals to Watch - May 3 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
3/5/2010 532975 Aishwarya Tele RAVINDER KOTA B 131000 24.85
3/5/2010 531223 Anjani Syn ELLKAY DEVELOPERS PRIVATE LTD B 1120348 2.66
3/5/2010 531223 Anjani Syn VISHESH SHAHRA S 600790 2.66
3/5/2010 531591 Bampsl Sec PRAKASHCHAND GUPTA S 419700 1.28
3/5/2010 531932 CG Impex CHAMPAKLAL CHANDULAL SHAH S 125000 5.01
3/5/2010 517973 DMC Intl J V STOCK BROKING PRIVATE LIMITED B 123840 20.00
3/5/2010 517973 DMC Intl MAHENDERSINGH B 128937 20.07
3/5/2010 517477 Elnet Tech SRINIVAS LAXMAIAH MACHERLA S 22314 64.17
3/5/2010 511716 Escorts Fin ESCOTRAC FINANCE & INVESTMENT PVT. LTD. B 1000000 6.95
3/5/2010 511716 Escorts Fin ESCORTS FINANCE INVESTMENTS AND LEASING PRIVATE LIMITED S 1000000 6.95
3/5/2010 590094 FARMAX IND ARUN KUMAR GANERIWALA B 115000 130.18
3/5/2010 590094 FARMAX IND BARON VANIJYA PRIVATE LIMITED B 116000 129.85
3/5/2010 590094 FARMAX IND SHRIRAM TIBREWALA B 110003 130.72
3/5/2010 590094 FARMAX IND KSIVANANDABABU S 119727 129.68
3/5/2010 590094 FARMAX IND SHRIRAM TIBREWALA S 130003 130.43
3/5/2010 532857 Glory Polyfilms TRANSGLOBAL SECURITIES LTD. B 234844 24.57
3/5/2010 532857 Glory Polyfilms TRANSGLOBAL SECURITIES LTD. S 236918 24.61
3/5/2010 533181 Intrasoft Tech SHEETAL M SHETH S 86016 133.36
3/5/2010 533181 Intrasoft Tech SURBHI INVESTMENTS & TRADING COMPANY PRIVATE LTD S 104735 128.29
3/5/2010 523467 Jai Mata Glass MOTOR HOUSE LTD B 120295 3.32
3/5/2010 523467 Jai Mata Glass RAKSHITA ASHOK MEHTA S 100000 3.31
3/5/2010 533103 JINDALCOTEX CRYSTAL SHELTER PRIVATE LIMITED B 230000 87.24
3/5/2010 530255 KAY Power BAMPSL SECURITIES LTD B 88900 16.52
3/5/2010 507474 Kothari Ferm GIRISHGULATI B 81512 7.85
3/5/2010 507474 Kothari Ferm THAKER SINGH S 60053 7.85
3/5/2010 511728 KZ Leasing PRITAM BHARTI S 15376 7.40
3/5/2010 508306 Ledo Tea M. D. BHOOLA & CO B 7763 89.41
3/5/2010 508306 Ledo Tea VEENA SHANTILAL GANDHI S 5100 88.22
3/5/2010 508306 Ledo Tea M. D. BHOOLA & CO S 12041 89.31
3/5/2010 508306 Ledo Tea BHOOLA SECURITIES S 4390 90.11
3/5/2010 532986 Niraj Cement HARSHVARDHAN JAIN B 82528 49.34
3/5/2010 532986 Niraj Cement HARSHVARDHAN JAIN S 82528 49.47
3/5/2010 512097 Oregon Comm J M SONI CONSULTANCY B 14879 292.65
3/5/2010 512097 Oregon Comm KRUPA SANJAY SONI B 35613 302.31
3/5/2010 512097 Oregon Comm ALFA FISCAL SERVICES PVT LTD B 4950 297.81
3/5/2010 512097 Oregon Comm DILIP KISHANCHAND HUF B 5000 295.00
3/5/2010 512097 Oregon Comm MAHESH KUMARK VIRWANI B 5000 295.00
3/5/2010 512097 Oregon Comm SANJAY JETHALAL SONI B 7490 302.09
3/5/2010 512097 Oregon Comm NEHALBHAI PRATAPBHAI RATHOD B 9092 294.29
3/5/2010 512097 Oregon Comm ARIF GULAMMUSTUFA SHAIKH B 13661 301.66
3/5/2010 512097 Oregon Comm JIGNA HITENKUMAR MODI B 4950 304.41
3/5/2010 512097 Oregon Comm BHAVNABEN VIRENDRAKUMAR PATEL B 20000 303.37
3/5/2010 512097 Oregon Comm J M SONI CONSULTANCY S 14879 298.27
3/5/2010 512097 Oregon Comm KRUNAL GOPALDAS RANA S 4876 299.79
3/5/2010 512097 Oregon Comm DHIRENKUMAR DHARAMDAS AGARWAL S 8588 299.40
3/5/2010 512097 Oregon Comm KRUPA SANJAY SONI S 6589 302.86
3/5/2010 512097 Oregon Comm BHAVESH SHANTILAL TRIVEDI S 14800 293.00
3/5/2010 512097 Oregon Comm ALFA FISCAL SERVICES PVT LTD S 4950 297.82
3/5/2010 512097 Oregon Comm PRAVIN BHAI DADUJI THAKOR S 5550 297.01
3/5/2010 512097 Oregon Comm NEHALBHAI PRATAPBHAI RATHOD S 9092 294.65
3/5/2010 512097 Oregon Comm PRADEEP NARENDRA BHATT S 6000 293.59
3/5/2010 512097 Oregon Comm ARIF GULAMMUSTUFA SHAIKH S 13661 303.14
3/5/2010 512097 Oregon Comm KRUNAL GOPALDAS RANA S 15650 295.05
3/5/2010 512097 Oregon Comm CHETANKUMAR KANTILAL SHAH S 5111 296.89
3/5/2010 531280 Pankaj Poly WELKIN PROJECTS PVT LTD B 51464 25.89
3/5/2010 531280 Pankaj Poly EVERGREEN INFOTECH AND DATACOM PRIVATE LIMITED S 50000 25.88
3/5/2010 532606 Parekh Alum M/S LAXMI CAP BROKING PVT LTD S 66047 242.25
3/5/2010 523523 Rainbow Papers MANMOHANDAMANI B 101801 204.01
3/5/2010 590077 Ranklin Sol SATYANARAYANA VARAPRASAD GARIKIPATY S 40509 66.98
3/5/2010 531033 Regal Entert PUNIT HARISH THAKKAR B 18446 9.57
3/5/2010 531099 Rubra Med KISHORE KUMAR T S 64900 30.05
3/5/2010 533056 SARK SYS MV TRADECOM PRIVATE LIMITED B 55000 32.10
3/5/2010 533056 SARK SYS MVM SECURITIES PRIVATE LIMITED S 150000 32.23
3/5/2010 511144 Saya Housing CONTACT CONSULTANCY PVT LTD S 33654 2.70
3/5/2010 530433 Shiva Fert MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED B 70073 100.31
3/5/2010 530433 Shiva Fert SETU SECURITIES PVT LTD B 41001 101.01
3/5/2010 530433 Shiva Fert RAHUL BHAILAL SHAH B 60000 96.00
3/5/2010 530433 Shiva Fert LAKSHMI MEHROTRA B 50000 97.28
3/5/2010 530433 Shiva Fert HITESHSHASHIKANT JHAVERI B 152319 100.63
3/5/2010 530433 Shiva Fert NARESHCHAND JAIN B 42077 96.51
3/5/2010 530433 Shiva Fert Naman Securities & Finance Pvt. Ltd. B 53292 99.79
3/5/2010 530433 Shiva Fert DYNAMIC STOCK BROKING INDIA PVT LTD B 128588 99.18
3/5/2010 530433 Shiva Fert BP FINTRADE PRIVATE LIMITED B 121196 99.69
3/5/2010 530433 Shiva Fert S K INVESTMENTS S 50000 101.20
3/5/2010 530433 Shiva Fert MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED S 66502 95.44
3/5/2010 530433 Shiva Fert SETU SECURITIES PVT LTD S 41021 101.04
3/5/2010 530433 Shiva Fert HITESHSHASHIKANT JHAVERI S 81825 98.95
3/5/2010 530433 Shiva Fert NARESHCHAND JAIN S 41077 96.54
3/5/2010 530433 Shiva Fert Naman Securities & Finance Pvt. Ltd. S 44287 99.20
3/5/2010 530433 Shiva Fert AASHKA CONSTRUCTION PRIVATE LIMITED S 166893 101.06
3/5/2010 530433 Shiva Fert DYNAMIC STOCK BROKING INDIA PVT LTD S 94705 95.82
3/5/2010 530433 Shiva Fert BP FINTRADE PRIVATE LIMITED S 116174 97.92
3/5/2010 524336 Shree Hari DHEERAJ KUMAR LOHIA B 41742 18.05
3/5/2010 522296 SS Forgings ANKUR CHOPRA S 51200 6.13
3/5/2010 530845 Sunshield Chem HITESHSHASHIKANT JHAVERI B 43976 106.97
3/5/2010 530845 Sunshield Chem HITESHSHASHIKANT JHAVERI S 56972 109.05
3/5/2010 526133 Supertex Inds PARAMESHWAR EXPORTS PRIVATE LIMITED B 578849 4.29
3/5/2010 523455 Techtran Poly REENA JAIN B 121627 30.99
3/5/2010 531390 Upsurge Invest ASHU TRADECOM PVT. LTD. B 50000 16.25
3/5/2010 531390 Upsurge Invest AHINSA MERCHANDISE PVT LTD B 50000 16.25
3/5/2010 531390 Upsurge Invest ABHILASHA MONEY OPERATIONS PVT LTD S 89015 16.26
3/5/2010 532765 Usher Agro SANJOG REALTY PRIVATE LIMITED B 250000 74.61
3/5/2010 530961 Vikas Globalone MAHAK VYAPAAR PRIVATE LIMITED B 76000 29.50
3/5/2010 530961 Vikas Globalone SONU GUPTA S 75000 29.50
* B - Buy, S - Sell
NSE Bulk Deals to Watch - May 3 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
03-MAY-2010,GLORY,Glory Polyfilms Limited,ANURADHA MEETAL,BUY,220000,25.03,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,EXCEL MERCANTILE PRIVATE LIMITED,BUY,135000,25.07,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,GYAN CHAND MEHTA,BUY,180875,24.04,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,INVENTURE GROWTH & SECURITIES LIMITED,BUY,126387,24.38,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,MAHAVIR KNITFAB PVT LTD,BUY,143501,23.93,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,RAJ FINVEST,BUY,942839,24.74,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,SAAKSHI SHARES PVT.LTD.,BUY,200315,24.00,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,SARSWATI VINCOM LTD,BUY,200000,24.00,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,TRANSGLOBAL SECURITIES LTD.,BUY,249614,24.57,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,YOGESHWAR MALIK,BUY,129500,24.54,-
03-MAY-2010,ISFT,Intrasoft Tech. Ltd,ATHENA COMMERCIAL PVT LTD,BUY,88290,130.64,-
03-MAY-2010,ISFT,Intrasoft Tech. Ltd,SHEETAL MANUBHAI SHETH,BUY,120856,135.31,-
03-MAY-2010,NILKAMAL,Nilkamal Limited,GKK CAPITAL MARKETS PRIVATE LI,BUY,75000,269.03,-
03-MAY-2010,PANORAMUNI,Panoramic Universal Limit,RAJ FINVEST,BUY,73635,250.57,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,ANURADHA MEETAL,SELL,220000,24.55,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,EXCEL MERCANTILE PRIVATE LIMITED,SELL,135000,24.64,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,GYAN CHAND MEHTA,SELL,180875,25.66,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,INVENTURE GROWTH & SECURITIES LIMITED,SELL,95898,24.53,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,MAHAVIR KNITFAB PVT LTD,SELL,20836,24.16,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,RAJ FINVEST,SELL,942839,24.38,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,SAAKSHI SHARES PVT.LTD.,SELL,200315,23.89,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,SARSWATI VINCOM LTD,SELL,200000,23.97,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,TRANSGLOBAL SECURITIES LTD.,SELL,245246,24.54,-
03-MAY-2010,GLORY,Glory Polyfilms Limited,YOGESHWAR MALIK,SELL,129500,24.41,-
03-MAY-2010,ISFT,Intrasoft Tech. Ltd,ATHENA COMMERCIAL PVT LTD,SELL,54000,136.35,-
03-MAY-2010,ISFT,Intrasoft Tech. Ltd,SHEETAL MANUBHAI SHETH,SELL,144856,133.12,-
03-MAY-2010,PANORAMUNI,Panoramic Universal Limit,RAJ FINVEST,SELL,73635,249.90,-
Global softening prevails on Sensex
Today's major news
Maruti Suzuki April sales up 30% yoy, the stock closes 0.20% higher
Tata Motors April sales up 52%, the stock ends 1.98% lower
HDFC Q4 net profit up 26% yoy, the stock ends 0.58% down
Click here for more stories
Global signals
European stocks fell on Monday as banking shares slipped on growing concerns over Greece’ bailout plan. FTSE (UK) was closed.
All the major Asian indices closed in the negative territory. SGX Nifty closed 41 points lower.
US stock futures signals positive opening for the Wall Street ahead of key manufacturing data to be announced later today.
Indian indices
The domestic indices opened the first day of May month in the red and continued its weak journey till the last trading hour. The market sentiments across the globe got disrupted and turned bearish on fraud case against Goldman Sachs, Greece economic concerns and China raising the banks’ reserve requirement by 50 basis points from May 10, 2010, to soften record lending and prevent potential asset bubbles.
Taking lead from the weak global markets, key benchmark index, the Sensex opened 22 points down at 17537 (day’s high) and bearishness continued owing to selling in metal shares and heavyweights like Reliance Industries and Infosys Technologies. Weak opening in European market also added fuel, which dragged the market further to touch the day’s low of 17346. However at closing bell, the Sensex shut at 17559, 173 points lower and the Nifty closed 55 points down at 5223.
Market sentiment
The market breadth was negative as trailing stocks outnumbered advancing stocks. Of the 2,953 stocks traded on the BSE, 1,648 stocks declined, whereas 1,218 stocks advanced. Eighty seven stocks remained unchanged.
Sectoral & stock screening
Overall, bears were in firm control. Only consumer durables (CD) drew investor interest, with the BSE CD up by 0.85%. All the remaining 12 sectoral indices closed in the negative territory. BSE Metal and BSE CG were hit the most, down by 1.95% and 1.20% respectively.
The gainers’ for the day were — Everest Kanto topped the gainers list, surged by 9.24%, followed by Tulip Telecom that rose by 6.61% and UCO Bank that rose by 4.62%. The losers’ for the day were — Central Bank of India that slid 7.76%, followed by Sesa Goa that declined 6.37%, and ABB that was down 5.97%.
Viewing volumes
Anil Dhirubhai Ambani group company Reliance Natural Resources saw highest trading on fourth straight day with over 1.13 crore shares changing hands on the BSE, followed by industrial finance company IFCI (0.38 crore shares), wind turbine major Suzlon Energy (0.36 crore shares), auto major Ashok Leylend (0.35 crore shares) and today’s highest gainer Everest Kanto Cylinder (0.35 crore shares).
Asian mostly settles in red
Thinly traded session sees regional benchmarks close in negative territory
Asian stocks ended mostly in red today amid a thinly traded session as China ordered banks to raise their reserves, the latest in a series of moves aimed at curbing inflation and surging property prices. Markets in Japan and China were closed for a public holiday and traders focused mostly on the regional developments as overheating in China took the centre stage. The International Monetary Fund stated that Asia is showing rapid recovery compared to the rest of the world. But, it warned that the fast rebound is attracting capital inflows that could lead to overheating in the region and eventually to the creation of asset bubbles.
In its latest report on the economic outlook for the Asia Pacific region the Washington-based lender said brighter economic growth prospects and widening interest rate differentials with developed economies are likely to attract more capital into the region. This could lead to overheating in some economies and increase their vulnerability to credit and asset price booms with the risk of subsequent abrupt reversals.
Thus, the IMF urged policymakers to be attentive as to protect the macro economy and financial system against such imbalances in the local asset and housing markets. The fund also called on Asian governments to reduce their reliance on overseas shipments and boost domestic consumption saying that the region's main policy challenge over the medium term will be trying to rebalance growth from external to domestic sources.
The People's Bank of China said Monday that the deposit reserve requirement ratio for most banks will be raised half a percentage point, starting May 10. This is the third time this year that the central bank has raised the deposit reserve minimum.
Global shares on Friday dropped despite European Union and the International Monetary Fund announcing Sunday they agreed on euro110 billion in emergency loans for debt-ridden Greece on the condition Athens make painful budget cuts and tax increases. Markets are still reluctant to consider this as an outright solution for a structural debt problem in Greece and given that the amount of this package has nearly tripled since Greece first formally asked for it, have been keeping a tab on the sentiments.
The Australian market ended the trading session Monday, the first day of trading for May, in a weak note, dragged down by resource stocks on concerns about the government's plant to impose a 40% tax on the resources industry. The proposed tax, called as Resource Super Profits Tax, or RSPT, being under consideration will result in revaluation of the targets for potential mergers and acquisitions in the industry, opine the analysts. Weak cues from Wall Street, hike in China's reserve requirements for banks, and oil slick in the US also weighed on market sentiment. The benchmark S&P/ASX200 Index declined 21.90 points, or 0.46% to close at 4,785, while the All-Ordinaries Index ended at 4,807, representing a loss of 26.80 points, or 0.55%.
A report released by the Australian Bureau of Statistics revealed that house prices in the country surged 20% year-on-year in the March quarter, following a 13.5% increase in the last quarter of 2009. On a quarterly basis, house prices increased 4.8% between January and March, slower than the 5.1% increase in the December quarter, the report noted.
Hong Kong witnessed some heavy pondering as the banks and financials were hammered following the China moves. The Hang seng ended the day 1.41 percent, or 297.23 points, lower at 20,811.36, as China it tries to curb new lending to avoid a damaging property bubble. China Construction Bank dropped 1.56 % and Industrial, Commercial Bank of China also lost 1.56 percent, while among developers China Resources Land dived 5.11 % and China Overseas fell 3.77%.
Trading volume was light in Asia as the two biggest markets, Japan and China, were closed for holidays. Markets in Thailand and the Philippines were also closed.
In Mumbai, high beta infrastructure stocks and Metal stocks dropped on concern monetary tightening in China will crimp demand for the metal. Auto shares survived the broad market decline on robust sales in April 2010. Interest rate sensitive banking and financial shares declined on fears the Reserve Bank of India may resort to further monetary tightening to counter soaring inflation. The BSE 30-share Sensex was down 169.80 points or 0.97% to 17,388.91 as per provisional closing. The index fell 21.85 points at the day's high of 17,536.86 in early trade. The Sensex lost 212.79 points at the day's low of 17,345.92 in late trade. The S&P CNX Nifty was down 52.45 points or 0.99% to 5225.55 as per provisional closing
In other markets, South Korea's benchmark dropped 1.2 %while Taiwan stocks fell 0.65 percent. On Friday, the US markets fell on news of criminal probe on Goldman Sachs and CRR hike in China. Goldman Sachs plunged 9.4%, lowest in more than nine months. The Dow Jones Industrial Average ended down 159 points or 1.4% at 11008 on Friday. The Nasdaq was down 51 points or 2% at 2461 while the S&P 500 Index fell 20 points or 1.7% at 1187.
Metal, capital goods stocks lead decline
The key benchmark indices ended a choppy trading session lower, halting a two-day advance, as weak global stocks weighed on investors' sentiment. The BSE 30-share Sensex fell 172.63 points or 0.98%, off close to 150 points from the day's high and up close to 40 points from the day's low. The market breadth was weak.
High beta infrastructure stocks declined on selling pressure. Metal stocks declined as copper prices fell on concern monetary tightening in China will crimp demand for the metal. But, IT pivotals were off day's low on bargain hunting after an initial setback triggered by fall in ADRs on Friday, 30 April 2010. Interest rate sensitive banking and financial shares declined on fears the Reserve Bank of India may resort to further monetary tightening to counter soaring inflation. Auto shares survived the broad market decline on robust sales in April 2010.
Stocks were volatile. The market came off the lower level after an initial sharp slide triggered by weak Asian stocks. But the intraday recovery proved short-lived. The market weakened again shortly. Weakness persisted on the bourses in mid-morning trade. Recovery in select pivotals helped the market cut losses in early afternoon trade. The market slumped to fresh intraday lows in mid-afternoon trade as European stocks fell in early trade. The Sensex hit a fresh intraday low in mid-afternoon trade. The market recovered from lower level after hitting a fresh intraday low in late trade.
NSE's volatility index India VIX jumped after a two-day slide. The index surged 8.8% to 22.14. 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.
The fourth quarter corporate results announced so far have been fairly encouraging. The combined net profit of a total of 914 companies rose 28.7% to Rs 36916 crore on 31.2% rise in sales to Rs 338635 crore in the quarter ended March 2010 over the quarter ended March 2009.
Also on the positive side, an industry body report showed that business confidence in India improved on the back of economic recovery. The bi-annual Business Outlook Survey of the Confederation of Indian Industry (CII) showed that the Business Confidence Index (BCI) of the Indian industry increased by 1.5 points for the April-September 2010 period, compared to the past six months.
However, on the flip side, as per another survey a drop in new orders and output has resulted in the country's manufacturing expanding at a slower pace for the second month in a row. The HSBC Markit Purchasing Managers' Index, based on a survey of 500 companies, fell to 57.2 in April 2010 from 57.8 in March 2010. A figure of 50 separates contraction from expansion.
The latest data showed infrastructure sector output jumped 7.2% in March 2010 from a year earlier, higher than an upwardly revised rise of 4.7% in February 2010.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon 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. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand.
The RBI at its annual policy review on 20 April 2010 said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.
European stocks declined on Monday, as the agreement of a 110-billion-euro aid deal for Greece was not enough to boost sentiment. The key benchmark indices in France and Germany declined by 0.09% to 0.5%. Markets in the UK were closed for a holiday.
Euro-region ministers on Sunday, 2 May 2010, agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency's 11-year history from spreading through the rest of the bloc.
Asian stocks declined on Monday after China on Sunday, 2 May 2010, raised the proportion of deposits that lenders must keep in reserve at the central bank. The key benchmark indices in Hong Kong, South Korea, Indonesia, Singapore and Taiwan fell by between 0.35% to 1.41%. The stock markets in China and Japan were closed for holidays.
The People's Bank of China said it was lifting lenders' reserve requirement ratio by 50 basis points, effective 10 May 2010, its third increase of that magnitude this year.
US stocks tumbled on Friday, 30 April 2010 as news of a criminal probe into US investment bank Goldman Sachs unnerved investors already worried about the prospects for heavy banking regulation. The Dow Jones Industrial Average fell 158.71 points or 1.42% to 11,008.61. The Standard & Poor's 500 Index lost 20.09 points, or 1.66% to 1,186.69. The Nasdaq Composite Index dropped 50.73 points, or 2.02% to 2,461.19.
The US economy expanded at a 3.2% annual rate in the first quarter slowing down from the fourth-quarter's rapid 5.6% pace
Trading in US index futures indicated that the Dow could rise 36 points at the opening bell on Monday, 3 May 2010.
Closer home, the BSE 30-share Sensex fell 172.63 points or 0.98% to 17,386.08. The index fell 21.85 points at the day's high of 17,536.86 in early trade. The Sensex lost 212.79 points at the day's low of 17,345.92 in late trade.
The S&P CNX Nifty declined 55.25 points or 1.05% to 5,222.75.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1263 shares advanced as compared with 1650 that declined. A total of 76 shares remained unchanged.
The total turnover on BSE amounted to Rs 3580 crore, lower than Rs 4759.99 crore on Friday, 30 April 2010.
From the 30 share Sensex pack, 24 stocks declined while the rest gained.
The BSE Mid-Cap index fell 0.45% and the BSE Small-Cap index fell 0.42%. Both these indices outperformed the Sensex.
Most of the sectoral indices on BSE declined. The BSE Consumer Durables index (up 0.85%), the BSE Healthcare index (down 0.01%), the BSE PSU index (down 0.16%), the BSE FMCG index (down 0.3%), the BSE Auto index (down 0.41%), the BSE Oil & Gas index (down 0.42%), the BSE Bankex (down 0.66%), the BSE Teck Index (down 0.72%), the BSE IT index (down 0.96%), outperformed the Sensex.
The BSE Metal index (down 1.95%), the BSE Capital Goods index (down 1.2%), the BSE Realty index (down 1.1%), the BSE Power index (down 1.09%) and underperformed the Sensex.
High beta infrastructure stocks declined on selling pressure. India's largest private sector power utility firm by sales Reliance Infrastructure lost 3.01% to Rs 1101.90 and was the top loser from the Sensex pack
Larsen & Toubro (down 1.04%), Bharat Heavy Electricals (down 0.99%), Jaiprakash Associates (down 1.97%), Nagarjuna Construction Company (down 4.51%), Valech Engineering (down 4.6%), edged lower.
Metal and mining stocks declined as copper prices fell on concern monetary tightening in China will crimp demand for the metal. Hindalco Industries, Tata Steel, Sterlite Industries, Hindustan Zinc, JSW Steel and Sesa Goa fell by between 0.53% to 6.37%.
Index heavyweight Reliance Industries (RIL) was down 0.87% to Rs 1023.50. The stock hit a high of Rs 1032.45 and a low of Rs 1018.10. RIL said 28 April 2010 it had discovered oil in one of its exploration blocks in the Cambay basin on India's western coast, the block in which it holds 100% controlling interest. This is its fourth oil discovery in the region.
The Supreme Court may pronounce a judgement on the gas dispute between Reliance Industries (RIL) and Reliance Natural Resources (RNRL) shortly as the Chief Justice of India KG Balakrishnan retires on 11 May 2010. RNRL surged 4.78% on high volume of 1.13 crore shares on BSE. The RIL-RNRL gas dispute has been heard by a three-member Supreme Court bench led by the Chief Justice of India. The tussle relates to supply of gas to Reliance Natural Resources (RNRL) from the D6 block in the Krishna-Godavari eastern offshore fields of Mukesh Ambani-led Reliance Industries (RIL).
The dispute landed in the Supreme Court after seeing many twists and turns in lower courts. The two sides - RIL and RNRL had approached Supreme Court challenging a decision by the Bombay High Court. The Bombay High Court, in its order dated 15 June 2009 had directed that RNRL will get assured supply of 28 mmscmd of gas from RIL's Krishna-Godavari basin for 17 years at $2.34 per million British thermal units (mBtu). The gas price was 44.28% lower than the price fixed by the government for gas sale from the RIL block in the KG basin at $4.2 mBtu.
Oil exploration firms were mixed after crude-oil prices settled higher for a third straight session on Friday. Crude for June delivery, the most active contract, rose 98 cents, or 1.15%, to $86.15 a barrel on the New York Mercantile Exchange on Friday. Cairn India rose 0.79%. But, India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) declined 0.85%. India's second biggest oil and gas exploration firm by revenue, Oil India, fell 0.33%. Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms.
Shares of PSU OMCs gained, extending Friday's sharp surge, on reports a decision on freeing petrol and diesel prices from government control is likely to be taken after Parliament session ends on 7 May 2010. The move is likely to reduce losses of PSU OMCs on sale of petroleum products at controlled prices. HPCL, BPCL and Indian Oil Corporation rose by between 0.27% to 3.51%.
IT pivotals were off day's low on bargain hunting after an initial setback triggered by fall in ADRs on Friday, 30 April 2010. India's third largest software services exporter Wipro rose 0.18% to Rs 674.70, recovering from day's low of Rs 662. Its ADR fell 2.35% on Friday.
India's largest software services exporter TCS rose 0.13% at Rs 767, rebounding from day's low of Rs 754.10
India's second largest software services exporter Infosys slipped 1.52% to Rs 2694.50, off slightly from day's low of Rs 2680. Its ADR declined 1.75% on Friday.
Auto shares survived the broad market decline on robust sales for April 2010. India's largest bike maker by sales Hero Honda Motors advanced 0.86% to Rs 1,921.25 and was the top gainer from the Sensex pack. The company's two-wheeler sales rose 0.29% to 3.71 lakh units in April 2010 over April 2009. The flat sales for the month was due to acute shortage of batteries for over two weeks during the month due to problems at the suppliers' end. The company said these issues have now been resolved and the company has been assured of supply batteries returning to normal within a week's time.
The company added that it is witnessing a steadily growing demand for its products, and is ramping up production levels accordingly.
India's largest bike maker by sales Bajaj Auto was unchanged at Rs 2094.85. The stock came off a high of Rs 2167, which is a record high. Total vehicle sales surged 85% to 3.13 lakh units in April 2010 over April 2009.
India's largest small car maker by sales Maruti Suzuki India rose 0.2% to Rs 1282.25, rebounding from day's low of Rs 1265.15. Total sales rose almost 30% to 93,058 units in April 2010 over April 2009. Domestic sales rose 23.4% to 80,034 units.
India's largest utility vehicles maker by sales Mahindra & Mahindra was flat at Rs 526.05, recovering from the day's low of Rs 522.55, on reports the company's total vehicle sales rose 13% to 26,043 units in April 2010 over April 2009.
India's top truck maker by sales Tata Motors fell 1.98% to Rs 855.55 in volatile trade. The stock came off the day's high of Rs 882.20 which is also its 52-week high. It hit a low of Rs 848 during the day. Total sales including exports of commercial and passenger vehicles jumped 52% to 57,202 vehicles in April 2010 over April 2009. Domestic sales rose 49% to 54,065 units. Exports rose 148.8% to 3,137 units.
Commercial vehicle sales in the domestic market rose 36% to 30,963 units. Passenger vehicle sales jumped 70% to 24,902 units. Passenger vehicle sales include distribution of Fiat cars by Tata Motors. Sales of the ultra-cheap car Tata Nano totaled 3,525 units in April 2010
Interest rate sensitive banking and financial shares declined on fears the Reserve Bank of India may resort to further monetary tightening to counter soaring inflation. India's second largest private sector bank by net profit HDFC Bank fell 1.04% after its ADR lost 4.05% on Friday.
But, India's biggest commercial bank in terms of branch network State Bank of India rose 0.09%, extending recent strong gains. The bank has reportedly extended a special home loan scheme by two months till 30 June 2010. SBI's teaser rates scheme was to originally expire on 31 March 2010, but was later extended by a month to 30 April 2010.
Teaser rate scheme provides concessional home loans to borrowers in the initial years, after which the interest rate increases to align with prevailing market rates.
India's largest private sector bank by net profit ICICI Bank slipped 1.33%. Reportedly, the private sector bank has not extended the teaser rates after earlier extending it till April 2010.
India's largest mortgage lender by total income Housing Development Finance Corporation slipped 0.58% on profit taking. Net profit rose 26.31% to Rs 926.38 crore on 8.06% fall in total income to Rs 2899.32 crore in Q4 March 2010 over Q4 March 2009. The company's board approved a 5-for-1 stock-split.
Sugar stocks declined as sugar prices have seen a steady decline after the government slapped various restrictions, including introduction of fortnightly non levy sugar sale. Bajaj Hindusthan, Shree Renuka Sugars, Balrampur Chini Mills, Dhampur Sugars fell by between 0.76% to 1.92%.
Wholesale sugar prices corrected sharply from a record high of Rs 4,050 a tonne in January 2010 to Rs 2,704 a tonne on 30 April 2010.
Cals refineries clocked the highest volume of 1.56 crore shares on BSE. Birla Power Solutions (1.24 crore shares), Reliance Natural Resources (Rs 1.13 crore shares), FCS Software (79 lakh shares) and Vishal Information Technologies (54.32 lakh shares) were the other volume toppers in that order.
Tata Steel clocked the highest turnover of Rs 92.80 crore on BSE. Sesa Goa (Rs 84.93 crore), Reliance Natural Resources (Rs 82.89 crore), State Bank of India (Rs 79.17 crore) and Tata Motors (Rs 74.75 crore) were the other turnover toppers in that order.
Latest Grey Market Premiums - May 3 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Talwalkars Better Value Fitness Ltd. | 123 to 128 | 22.50 to 23 |
| Nitesh Estate | 54 to 56 | Discount |
| Tarapur Transformers | 65 to 75 | 2.75 to 3 |
| Mandhana Industries Ltd. | 120 to 130 | 5 to 5.50 |
| Tara Health Foods | 180 to 190 | Discount |
| Sutlaj Jal Vidhut Nigam (SJVNL) | 23 to 26 | 0.60 to 0.70 (Paisa) |
| Jaypee Infra | 102 to 117 | Discount |
Market may open lower on weak Asian stocks; HDFC Q4 result eyed
The market may open lower as Beijing's monetary-policy tightening over the weekend and a sell-off on Wall Street Friday, 30 April 2010, pulled Asian stocks lower. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicate that the Nifty could fall 27.50 points at the opening bell. Auto shares may edge higher on strong sales in the month just gone by. HDFC will announce its Q4 result today, 3 May 2010. The company's board will also consider stock-split proposal.
The results announced so far have been fairly encouraging. The combined net profit of a total of 789 companies rose 27.6% to Rs 34723 crore on 31.9% rise in sales to Rs 317052 crore in the quarter ended March 2010 over the quarter ended March 2009.
Tata Motors' total sales including exports of commercial and passenger vehicles jumped 52% to 57,202 vehicles in April 2010 over April 2009. Domestic sales rose 49% to 54,065 units. Exports rose 148.8% to 3,137. Commercial vehicle sales in the domestic market rose 36% to 30,963 units. Passenger vehicle sales jumped 70% to 24,902 units. Passenger vehicle sales include distribution of Fiat cars by Tata Motors. Sales of the ultra-cheap car Tata Nano totaled 3,525 units in April 2010.
Maruti Suzuki India's total sales rose almost 30% to 93,058 units in April 2010 over April 2009. Domestic sales rose 23.4% to 80,34 units.
Asian stocks declined on Monday after China on Sunday, 2 May 2010, raised the proportion of deposits that lenders must keep in reserve at the central bank. The key benchmark indices in Hong Kong, South Korea, Singapore and Taiwan fell by between 0.37% to 1.18%. But, Indonesia's Jakarta Composite rose 0.18%. The stock markets in China and Japan were closed for holidays
The People's Bank of China said it was lifting lenders' reserve requirement ratio by 50 basis points, effective 10 May 2010, its third increase of that magnitude this year.
US stocks tumbled on Friday, 30 April 2010 as news of a criminal probe into US investment bank Goldman Sachs unnerved investors already worried about the prospects for heavy banking regulation. The Dow Jones Industrial Average fell 158.71 points or 1.42% to 11,008.61. The Standard & Poor's 500 Index lost 20.09 points, or 1.66% to 1,186.69. The Nasdaq Composite Index dropped 50.73 points, or 2.02% to 2,461.19.
The US economy expanded at a 3.2% annual rate in the first quarter slowing down from the fourth-quarter's rapid 5.6% pace
Meanwhile, Euro-region ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency's 11-year history from spreading through the rest of the bloc.
Back home on the macro front, the latest data showed infrastructure sector output jumped 7.2% in March 2010 from a year earlier, higher than an upwardly revised rise of 4.7% in February 2010.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon 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. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand.
The RBI at its annual policy review, on 20 April 2010, said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.
Profit booking in late trade capped gains on the domestic bourses on Friday, 30 April 2010 as European stocks fell in volatile trade on unease over euro zone sovereign debt levels. The BSE 30-share Sensex was up 55.24 points or 0.32% to 17,558.71 on Friday.
As per provisional figures on NSE, foreign funds bought shares worth Rs 355.55 crore and domestic funds bought shares of Rs 217.61 crore on Friday.
Stocks may open lower on weak global cues
Headlines for the day:
Cipla tops NPPA's overpricing list, Ranbaxy second
Ashok Leyland to invest Rs2000 crore
Indiabulls stakes claim to Navi Mumbai plot
Events for the day:
Major corporate action
India's export and import data for the month of March 2010
SJVN IPO closes today
HDFC board to consider stock split
Results: HDFC, IDEA Cellular, JSW Steel
For more events, log on to Sharekhan.com
Pre-market report
Global signals
The European shares fell on Friday, with banking shares declined after the results from Barclays failed to impress investors and as Goldman Sachs tumbled 8% following a broker downgrade.
The US stocks tumbled on Friday to close out the worst week since January as news of a criminal probe into Goldman Sachs unnerved investors already anxious about the prospects for heavy regulation from Washington.
In today's trade, the Asian markets were trading in the negative territory. At the time of writing this report, SGX Nifty was trading 23.5 points lower.
Indian markets
The news of a possible criminal search into the alleged malpractices of Goldman Sachs during the housing bubble triggered a wave of analyst downgrades, the concern over Greece bailout worry and the negative cues around the globe will lead the Indian market to open lower at the start.
However, market is expected to await the key data like India's export and import data for March that will be released today, and also the auto sales numbers and the cements dispatches will start flowing from today. Auto and cement stocks will be in focus as they will release their monthly as well as annual sales figures. However, the investors to be cautious as the market is expected to remain volatile ahead through the session.
Commodity cues
In the commodity space, the crude oil prices jumped Friday for the third straight day as optimism about the economic recovery and a weaker dollar boosted the appeal of crude, with the Nymex light crude oil for the June series rose by $0.98 per barrel, whereas in the metals space, the Comex Gold for the June series rose by $11.70 and the Comex Silver for the June series was up by $0.06 to a troy ounce respectively.
Daily trend of FII/MF investment in equities
On April 30, 2010, the FIIs were the net sellers of the Indian stocks to the tune of Rs790 crore, whereas the domestic mutual funds, on April 29, 2010, were the net buyers of the stocks to the tune of Rs358.70 crore.
Beginning of the end!
The world is round and the place which may seem like the end may also be only the beginning. – Ivy Baker.
Get set for a weak beginning on the bourses as the key indices are set to fall due to weak global cues. Overall, the trend will remain sideways and rangebound. China has yet again raised the CRR to soften record lending and prevent asset bubbles. But the market in China, along with a few others like Japan are shut today.
As expected, Greece has managed to secure a larger bailout, though it is yet to be ratified. Make no mistake, this is not the end of the Europe debt crisis. The UK will hold general election later this week. The Goldman Sachs issue along with the Congressional debate on financial reforms will continue to cast a shadow over Wall Street.
Back home, it promises to be another action-packed week even as the market continues to struggle to break out of the current trading pattern. Reliance will be in focus as the Supreme Court is likely to deliver a verdict in the RIL-RNRL gas dispute. Auto and cement companies will be in action as they report monthly numbers. Oil marketing companies may also be in spotlight amid growing talk of price decontrol.
Results Today: Century Textiles, Edserve Software, HDFC, Idea Cellular, JSW Steel, Kansai Nerolac and Maharashtra Seamless.
FIIs were net buyers of Rs3.55bn in the cash segment on Friday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs2.17bn.
The Indian markets ended with marginal losses in a highly eventful and results heavy week. Second rung stocks continued to outperform their larger index peers with the BSE Mid-Cap index adding nearly 1% during the week. However, the BSE Small-cap index ended almost flat. The market did witness some volatility owing to the global factors and F&O expiry. Overall, the mood remained slightly cautious due to mixed earnings from India Inc.
Finally, the BSE Sensex slipped 0.8% and the NSE Nifty lost 0.5% to shut shop at 17,558 and 5,278 respectively. The BSE Realty index was the top loser the index lost 3.1% followed by the Oil & Gas index which lost 1.6%. Big gainers were the BSE Banking index rose 0.7% followed by the BSE Auto and the BSE Power index.
The FII continued to be net buyers in the Indian markets; they bought stocks to the tune of Rs33.22bn last five and the DIIs were net sellers to the tune of Rs2.15bn.
The BSE Sensex hit an intra-week high of 17,826 and low of 17,344 while, the NSE
Nifty hit an intra-week high of 5,342 and low of 5,202.
The top gainers: The top gainers in the Sensex were ONGC (up 3.6%), Cipla (up 3.5%), Tata Motors (up 3.3%), HDFC (up 3.2%) and HDFC Bank (up 2.5%).
The Top Losers: The top losers in the Sensex were DLF (down 6.5%), Maruti Suzuki (down 6%), Reliance Industries (down 5%), Tata Steel (down 4.6%) and Grasim Industries (down 3.9%).
The BSE IT Index (down 0.4%): The top losers in the IT sector were Patni Computer (down 4.8%), Wipro (down 2.9%), Oracle Financial (down 2%), TCS (down 1.9%) and Financial Tech (down 1%).
The top gainers were Sasken Communication (up 8%), Mphasis (up 3.2%), Mahindra Satyam (up 2.1%), HCL Tech (up 1.7%) and Infosys Tech (up 0.4%).
The BSE Consumer Index: The top losers in the Consumer Durables were Mirc Electronics (down 6.6%), Samtel Color (down 2.8%) and Videocon Industries (down 1.6%).
The top gainers were Whirlpool (up 7.2%), Titan (up 3.1%) and Blue Star (up 0.1%).
The BSE Healthcare Index (up 0.2%): The top gainers in the Pharma space were Fresenius Kabi (up 7.2%), Torrent Pharma (up 5.7%), Piramal Healthcare (up 4.4%), Dr Reddy's Labs (up 3.9%) and Cipla (up 3.5%).
The top losers were Sun Pharma (down 6.7%), Natco Pharma (down 4.9%), Emami (down 4.8%), Morepen Labs (down 4.1%) and Strides Arcolab (down 4%).
The BSE Banking Index (up 0.7%): The top gainers in the banking space were Andhra Bank (up 9.8%), Bank of Baroda (up 6.6%), Yes Bank (up 5.4%), Canara Bank (up 5.2%) and Oriental Bank of Commerce (up 4.3%).
The top losers were Indian overseas Bank (down 3.6%), ICICI Bank (down 2.6%), Kotak Mahindra Bank (down 1%), Allahabad Bank (down 0.7%) and Karnataka Bank (down 0.6%).
The BSE Auto Index (up 0.5%):The top gainers in the auto space were Eicher Motors (up 16.2%), Ashok Leyland (up 5.8%), Tata Motors (up 3.3%), Hindustan Motors (up 2.8%) and Swaraj Mazda (up 1.9%).
The top losers were Maruti Suzuki (down 6%) and Bajaj Auto (down 0.7%).
The BSE Oil & Gas Index (down 1.6%): The top losers in the oil & gas space were Reliance Industries (down 5%), Shiv-Vani Oil (down 4.9%), Chennai Petroleum (down 1.9%), Hindustan Oil (down 1.7%) and Essar Oil (down 1.6%).
The top gainers were Great Offshore (up 10.9%), Gujarat NRE Coke (up 8%), Cairn India (up 6%), Jindal Drilling (up 5.1%) and IOC (up 4.9%).
The BSE Capital Goods Index (down 0.6%): The top losers in the Capital Goods were Alfa Laval (down 3.9%), ABB (down 3.8%), Bharat Electronics (down 3.8%), Areva T&D (down 3.6%) and Ingersoll Rand (down 3.2%).
The top gainers were Praj Industries (up 9.9%), Greaves Cotton (up 8.4%), SKF India (up 5.7%), Carborundum Universal (up 3.3%) and HEG (up 2.2%).
The Cement Sector: The top losers in the cement sector were Ultratech Cement (down 11.1%), Mangalam Cement (down 10.9%), India Cements (down 7%), Madras Cements (down 5.2%) and Shree Cement (down 4.8%).
The top gainers were Binani Indus (up 11.8%), Dalmia Cement (up 5.6%), Kakatiya Cement (up 0.6%) and ACC (up 0.1%).
The Telecom Sector: The top losers in the telecom were Idea Cellular (down 6.7%), Shyam Telecom (down 5.3%), Tata Communication (down 2.6%), Himachal Futuristic (down 2.4%) and Tata Teleservice (down 2.3%).
The Realty Sector (down 3.1%): The top losers in the Realty space were DLF (down 6.5%), Mahindra Lifespace (down 6.3%), Anant Raj Indus (down 4.4%), HDIL (down 3.4%) and Parsvnath (down 3%).
The top gainers were Akruti City (up 1.8%), Omaxe (up 1.4%) and Peninsula Land (up 0.4%).
The Metals sector (up 0.1%): The top losers in the metals sector were Lloyds Metals (down 4.7%), Tata Steel (down 4.6%), Tata Metaliks (down 3.4%), SAIL (down 3.2%) and Tata Sponge Iron (down 3%).
The top gainers were Jindal Stainless (up 4.4%), Jindal Steel & Power (up 3.4%), Bhuwalka Steel (up 2.8%) and JSW Steel (up 2.4%).
Daily News Roundup- May 3 2010
Pfizer and Wyeth sue Ranbaxy Laboratories in a US court for infringing the patent rights of Wyeth's drug, Rapamune. (BS)
United Spirits may spin off bottled water biz into separate subsidiary. (BS)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt has launched a generic version of Flomax in the US, on the first day of patent expiry. (BL)
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
SBI extends teaser rate scheme by two months till June 30. (DNA)
The UK-based Gulfsands Petroleum has rejected a £381mn takeover offer made by Oil India and IOC combine. (ET)
GAIL Gas, a wholly owned subsidiary of GAIL (India), is planning to supply piped natural gas and CNG to tier-two cities. (BL)
Dabur India has decided to take a price hike in FY11 in the range of 4-5% on account of rising commodity prices. (DNA)
Ballarpur Industries and West Coast Paper raised product prices by Rs2,500-3,000 per ton. (BS)
NTT Data Corporation emerges as the most aggressive suitor and is in advanced talks with the promoters of Patni Computer to buy their combined 46.5% stake. (BS)
The Hinduja group is set to acquire private banking arm of Belgium's KBL for Rs89bn. (BS)
NMDC plans to start the construction work for its 3mtpa integrated steel plant in Bastar district of Chhattisgarh in October this year. (BS)
NTPC plans to add about 8,000MW generating capacity in the southern region by the end of the 12th Five Year Plan. (BS)
NTPC expects to acquire land for 2 mega projects in 6 months. (BS)
The communications ministry is set to ask Idea Cellular to surrender all six overlapping telecom licences it got following its acquisition of Spice Communications. (ET)
JSW Infrastructure & Logistics plans to invest Rs100bn to develop 5-6 ports in India in the next 10 years. (ET)
Uninor introduces a scheme that gives discounts to customers as they conclude a call, depending on the time and location. (BL)
Spencer's Retail, the retail arm of the RPG Group, plans to add 0.2mn sq ft of space in the current fiscal. (BL)
The Indiabulls group is staking claim for a 250-acre Navi Mumbai plot which it had lost to a consortium comprising Bhushan Steel and the Essel group in January this year. (BS)
Calyx Chemicals and Pharmaceuticals plans to raise Rs1bn via IPO. (BS)
The pan-India bid for 3G spectrum touched Rs95.21bn up 172% from Rs35bn the original base price. (ET)
The government said there was no blanket ban on import of Chinese telecom equipment. (ET)
India’s foreign exchange reserves last week shrank US$600mn to US$613mn in the week ended April 23. (ET)
RBI data shows net credit inflows to the real estate sector at just Rs8.4bn for the 11 months ending February 2010 compared to Rs336bn for same period up to February 2009. (BL)
Crude ends above $85 mark for second straight day
Economic data and weak dollar push up prices
Crude oil ended higher at Nymex on Friday, 30 April 2010. Economic data and weak dollar pushed up prices and the same ended above the $85 mark for the second straight day.
On Friday, crude-oil futures for light sweet crude for June delivery closed at $86.15/barrel (higher by $0.98 or 1.15%). A day earlier, prices crossed $85 mark, for the first time in a week. For the week, crude ended higher by 1.2%. For the month of April, crude rose 2.8%. For the first quarter of this year, crude rose by 5.5%. Year to date, crude is higher by 8.3%.
Prices are still very much lower as compared to 3 July, 2008 settlement of $145.29 a barrel and an intraday high of $147.27 on 11 July, 2008, an all-time high. However, oil has also gained nearly 155% from a December 2008 nadir. That day prices settled at $33.87 a barrel following an intraday low of $32.40.
In the currency market on Friday, the dollar index, which measures the strength of the dollar against basket of six other currencies initially fell by 0.3%. The dollar still finished the week with a 0.6% gain, which puts it up 0.5% for the month and up some 5% for the year.
Stiff selling at Wall Street on Friday resulted in the stock market's worst weekly loss since January and marked a weak finish to April. Still, the stock market was able to book its third straight monthly gain. The early tone of trade was tepid as market participants made little response to news that the first quarter GDP hit an annualized rate of 3.2%. The headline number was essentially on par with the 3.3% increase that had been widely expected.
Separately, the Reuters/University of Michigan consumer sentiment index showed that U.S. consumer sentiment improved marginally in late April after sinking earlier in the month. The index rose to 72.2 from 69.5 in mid-April. Market had expected an increase to about 71. March's final reading was 73.6. The index has been largely unchanged since November, remaining at depressed levels.
Earlier during the week, in the latest weekly inventory report, the Energy Department reported an increase of 1.96 million barrels in the U.S. oil inventories in the week ended 23 April. Market had expected a rise of 1.4 million barrels. Refineries ran at 89% of their capacity, higher than expected. Crude stocks in Cushing, Okla., the delivery point for New York Mercantile Exchange oil, increased by nearly half a million barrels.
The report also showed that gasoline stocks declined by 1.24 million barrels; against an expected build of 500,000 barrels. Stocks of distillates, which include heating oil and diesel, were up by 2.93 million barrels when the expectation was of an increase of 1.2 million barrels.
On Friday, nnatural gas extended its slide from the prior session. The steady selling pressure sent contract prices 1.7% lower to $3.91 per MMBtu. Natural-gas futures dropped more than 8% on Thursday as government reports showed an increase in weekly inventories as well as February output.
Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
Precious metals rise sharply in April
Prices get boost from uncertainty surrounding Greece and its rescue package
A sharp increase in volatility and widespread weakness among stocks sent many market participants into gold at Comex on Friday, 30 April 2010. Silver was also up, but not quite as strong. Precious metals got a boost from fears and uncertainty still surrounding Greece and its rescue package. The weak dollar also aided in rise in prices further.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Friday, gold for June delivery ended at $1,180.7 an ounce, higher by $11.9 (1%) an ounce on the New York Mercantile Exchange. Gold for June delivery settled above $1,200 in early December, only to pull back to $1,172 area and dip as much as the $1,050 vicinity in early February. For the week, gold ended higher by 2.3%. For the month of April, gold ended higher by 6%. For the first quarter of this year, gold rose by 1.7%, its sixth quarterly rise. On a year to date basis, gold is higher by 7.7%.
On Friday, May Comex silver futures ended higher by 32 cents (0.6%) at $18.63 an ounce. For the week, silver ended higher by 2.4%. For the month of April, silver ended higher by 4.1%. For the first quarter of this year, silver rose by 3%. On a year to date basis, silver is higher by 7.1%.
In the currency market on Friday, the dollar index, which measures the strength of the dollar against basket of six other currencies initially fell by 0.3%. The dollar still finished the week with a 0.6% gain, which puts it up 0.5% for the month and up some 5% for the year.
Stiff selling at Wall Street on Friday resulted in the stock market's worst weekly loss since January and marked a weak finish to April. Still, the stock market was able to book its third straight monthly gain. The early tone of trade was tepid as market participants made little response to news that the first quarter GDP hit an annualized rate of 3.2%. The headline number was essentially on par with the 3.3% increase that had been widely expected.
Separately, the Reuters/University of Michigan consumer sentiment index showed that U.S. consumer sentiment improved marginally in late April after sinking earlier in the month. The index rose to 72.2 from 69.5 in mid-April. Market had expected an increase to about 71. March's final reading was 73.6. The index has been largely unchanged since November, remaining at depressed levels.
Gold had ended FY 2009 higher by 24%. Silver futures had ended 2009 up 50%. The dollar index had lost 4.2% against its counterparts last year.
Base metals turn strong
April erases out all of red metal's first quarter gains
Base metal prices ended higher at Comex on Friday, 30 April 2010. A weak dollar increased the appeal of metals as an alternate investment. However, the red metal capped its biggest weekly drop since early February and its first monthly decline since January.
At USA, copper futures for July delivery ended higher by 3 cents (0.8%) at $3.3535 a pound on Friday. For the week, prices lost 5%. In April, copper lost 6.1%. Copper gained about 6% for the first quarter, buoyed by data from the U.S. and other countries reinforced expectations that the global economic recovery was on track. On a year to date basis, in 2010, copper is practically unchanged.
Prices have increased by almost 72.5% in the past twelve months due to higher imports from China. Copper ended FY 2009 higher by 140%.
On Friday, at LME, copper for delivery in three months ended higher by $75 (1%) at $7,430. Prices had crossed the $8,000 mark for first time since 2008 on 6 April. On 3 July, 2008, prices had touched an all time intra day high of $8,940.
In the currency market on Friday, the dollar index, which measures the strength of the dollar against basket of six other currencies fell by 0.3%. The dollar still finished the week with a 0.6% gain, which puts it up 0.5% for the month and up some 5% for the year.
Stiff selling at Wall Street on Friday resulted in the stock market's worst weekly loss since January and marked a weak finish to April. Still, the stock market was able to book its third straight monthly gain. The early tone of trade was tepid as market participants made little response to news that the first quarter GDP hit an annualized rate of 3.2%. The headline number was essentially on par with the 3.3% increase that had been widely expected.
Separately, the Reuters/University of Michigan consumer sentiment index showed that U.S. consumer sentiment improved marginally in late April after sinking earlier in the month. The index rose to 72.2 from 69.5 in mid-April. Market had expected an increase to about 71. March's final reading was 73.6. The index has been largely unchanged since November, remaining at depressed levels.
Copper ended substantially higher last year on expectations of revived global economic growth along with a decline in the dollar. The dollar index had dropped almost 4.2% last year. The metal was also pushed higher by record first-half imports to China, the world's largest user.
The U.S. buys about 13% of the 17 million metric tons of copper sold annually and China buys about 20%.
Among other metals traded in the LME on Friday, lead ended 0.2% higher at $2,235 a ton and zinc ended 0.9% higher at $2,312 a ton. Nickel ended 1% higher at $25,650. Aluminum ended 1.5% higher at $2,233 a ton.
Subscribe to:
Posts (Atom)