Thursday, July 15, 2010
It had priced IPO at Rs 240 per share
Shares of Technofab Engineering (TEL) will debut on the stock exchanges on Friday, 16 July 2010. TEL had raised Rs 71.76 crore through an initial public offer (IPO) recently. The company had priced the IPO at the top end of Rs 230-240 per share price band. The IPO was open for bidding between 29 June 2010 and 2 July 2010. The IPO got bids for 3.81 crore shares and ended with 12.78 times oversubscription.
Markets end lower after recent spell of gains
Asian markets ended mostly in red as investors booked profits amid ideas that the US economy is headed for a softer recovery than initially expected. The Federal Reserve released the minutes of its June policy meeting yesterday, stating that the economic recovery is softer than initially expected, although not enough to warrant additional quantitative easing. The Fed downwardly revised its growth and inflation projections for 2011 and 2012 while forecasting a higher unemployment rate in 2011.
Today's major news
Tata Consultancy Services Q1 net profit jumps 22% yoy; the stock ends 1.22% up
Axis Bank hits 52-week high on strong Q1 results; the stock closes 2.34% higher
Food inflation inches up to 12.81%
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
15-JUL-2010,20MICRONS,20 Microns Limited,JINESH AJITKUMAR JAIN,BUY,91625,53.12,-
15-JUL-2010,20MICRONS,20 Microns Limited,SAR AUTO PRODUCTS LIMITED,BUY,113000,53.00,-
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
15/7/2010 532975 Aishwarya Tele KINJAL GIRISH SHAH B 150000 33.00
15/7/2010 532975 Aishwarya Tele SUDHAKARA REDDY ALLAM S 223634 32.98
The key benchmark indices ended a tad lower amid volatility in European stocks and US index futures. Stock-specific buying was witnessed based on expectations of first quarter results of individual companies. The market breadth was negative in contrast to a strong breadth witnessed earlier in the day. The BSE 30-share Sensex fell 28.70 points or 0.16%, up close to 50 points from the day's low and off close to 70 points from the day's high.
The market may edge higher at open if trading of S&P CNX Nifty futures on the Singapore stock exchange is any indication. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicated that the Nifty could gain 23 points at the opening bell. Revival of monsoon and sustained buying by foreign funds may support stocks. Asians stocks were mixed.
Grey Market Premiums - Technofab Engineering, Medfield Industries, Hindustan Media Ventures, Aster Silicates, SMS Microfinance
Aster Silicates Ltd.
6 to 7
32 to 33
| || |
5 to 6
Medfield Industries Ltd.
126 to 133
SMS Micro Finance
Just when we thought risk appetite was back in vogue, the Nifty and Sensex cooled off after enjoying a brief stay above 5400 and 18000 levels. The Nifty did manage to pierce the 5450 levels intra-day; however, the euphoria was short lived as market players preferred to book profit at higher levels.
Investors with short-term perspective can buy the stock of Lloyd Electric and Engineering. It is seen from the charts of the stock that it has been on an intermediate-term uptrend since its March 2009 low of Rs 13.6, forming higher peaks and higher troughs. However, after encountering resistance around Rs 85 in April 2010, the stock started to move sideways shaping symmetric triangle pattern. Generally this pattern is a continuation pattern, which is bullish in this scenario. On July 14, the stock broke out of this pattern by jumping 6.5 per cent. The volume accompanying this move was extra-ordinary. The stock is trading way above its 21 and 50-day moving averages. Both daily and weekly relative strength indices are featuring in the bullish zone. The daily moving average convergence divergence indicator has signalled a buy. Medium as well as short-term trend is also up for the stock. Our short-term forecast on the stock is bullish. We anticipate the stock to rally further until it hits our price target of Rs 91 or Rs 94 in the upcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 83.