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Monday, August 02, 2010
Bulls back in action; Sensex reclaims 18K
Today's major news
Larsen & Toubro bags Rs6,500 crore order from JP Group; the stock ends 0.84% up
Maruti Suzuki's July sales zoom 29.2% yoy; the stock closes 0.86% higher
Gail India's Q1 net profit up by 35% yoy; the stock ends 2.05% up
SKS Microfinance IPO subscribed 13.37 times
Gets bids for 18.41 crore shares
The initial public offer (IPO) of Hyderabad-based microfinance firm SKS Microfinance was subscribed 13.37 times by 16:00 IST on the last day of the issue today, 2 August 2010. The IPO garnered bids for 18.41 crore shares.
August beginning for the new month; Sensex settles above 18,000
The key benchmark indices jumped on the first trading day of August 2010, boosted by strong auto sales in July 2010 and after data showed manufacturing activity picked up pace in the month just gone by. Revival of the monsoon rains in the crucial sowing month of July, sustained buying by foreign funds, and firm global equities, also underpinned sentiments. The barometer index BSE Sensex settled above the psychological 18,000 mark. India's largest private sector bank by market capitalisation and index heavyweight ICICI Bank surged almost 4% after reporting good Q1 results. Other banking stocks also surged.
BSE Bulk Deals to Watch - Aug 2 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
2/8/2010 530431 Ador Fontech NOVASTAR FUND ADVISORS PRIVATE LIMITED B 23005 292.68
2/8/2010 500003 Aegis Logistics SUNDEEP CREDITS PVT LTD B 132046 474.87
2/8/2010 500003 Aegis Logistics SUNDEEP CREDITS PVT LTD S 133117 487.55
NSE Bulk Deals to Watch - Aug 2 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
02-AUG-2010,AMARJOTHI,Amarjothi Spinning Mills,SAR AUTO PRODUCTS LIMITED,BUY,5000,71.40,-
02-AUG-2010,APLAB,Aplab Limited,SURAJ SARKAR,BUY,34984,44.78,-
Daily Newsletter - Aug 2 2010
Most US stocks rose, extending the biggest monthly gain in a year for the Standard & Poor’s 500 Index, as higher-than-estimated consumer confidence and business activity tempered concern the economic rebound is slowing. The NASDAQ and S&P 500 gained 0.20% and 0.01%, respectively, while Dow Jones fell 0.01% respectively. MetLife Inc. climbed 4.6% as the biggest US life insurer topped income projections. McAfee Inc. had the biggest gain in the S&P 500, rising 9.4%, after the maker of security software reported second-quarter profit that beat analysts’ estimates
Bajaj Corporation better grey market premium than SKS Microfinance
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Midfield Industries Ltd. | 133 | 18 to 20 |
| Engineers | 270 to 290 | 9 to 10 |
| SKS Micro Finance | 850 to 985 | 63 to 65 |
| Bajaj Corp. Ltd. | 630 to 660 | 85 to 90 |
| Prakash Steelage | 100 to 110 | 3 to |
4 |
Market may edge higher on gains in Asian stocks; ICICI Bank in focus after Q1 results
Stocks may edge higher on the first trading day of August 2010 on higher Asian equities. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicated that the Nifty could gain 38 points at the opening bell.
Private banking major, ICICI Bank's net profit rose 17% to Rs 1026 crore in Q1 June 2010 over Q1 June 2009. The bank announced the result on Saturday, 31 July 2010.
Daily News Roundup -Aug 2 2010
Bajaj Auto reported a 66% jump in motorcycle sales to 2,79,781 units in July, it sold 1,68,163 units in July last year. (BS)
Tata Motors reported a 41% increase in vehicle sales to 67,799 units in July, 2010, compared to 48,054 units in the same month of the previous year. (BS)
TVS Motor sales increased by 35% to 1,63,106 units in July, 2010 as compared to 1,20,944 units in previous year. (BS)
Weekly: Sensex, Nifty lose 1.5% each
The bulls seem to have given up their chase as the key indices struggled this week and failed to build on previous few weeks rally. Volatility on account of F&O expiry and mixed corporate results prevented the NSE Nifty from piercing 5,500. In fact, it closed below 5,400. Meanwhile, targeting to check the double digit inflation, RBI hiked its short-term lending and borrowing rates by 0.25% and 0.50% respectively. Finally, the Nifty closed the week lower by 1.5%.
Companies with high margins
Profitability ratios help investors in checking the financial health of the company. With the help of the profitability ratios investors can answer quick questions like - Is the company good at running its business? Is it making money? How profitable is it compared with its competitors?
Indian equities head for a gap-up start
Headlines for the day:
Crompton makes $400-million bid for Emerson's transformer business
Biyani sees a Rs8,500-crore NBFC giant
Maruti restarts selling LPG WagonR in old version
Enjoy the start!
Enjoyment is not a goal, it is a feeling that accompanies important ongoing activity.- Paul Goodman.
The past three months have been anything but enjoyable for the Indian market. The key indices had a dismal May due to European debt worries. Stocks rebounded in June. But hopes of an encore in July were dashed with the market slipping into a consolidation phase. In contrast, world markets (especially the US and Europe) did extremely well, as concerns over the euro-zone debt crisis ebbed. Also, earnings were largely healthy.
US stocks manage to shake off early weakness
Second quarter GDP data checks in lower than expected
US stocks ended mixed with little changes for the week that ended on Friday, 30 July 2010. Majority of the companies finished announcing their earnings by the end of this week. Though Dow and S&P 500 managed to eke out minor gains, Nasdaq ended with little losses. Economic data also dominated the week. The second quarter GDP reading was the most important economic data for the week, which disappointed on the last day of the week.
Mixed batch of economic data helps copper pare earlier losses
Copper ends 12% higher for July 2010
Copper prices ended higher at Comex on Friday, 30 July 2010. Prices pared earlier losses due to mixed batch of economic data at Wall Street on Friday.
Crude nears $79 mark
Prices pare earlier losses in tandem with US equities
Crude oil prices managed to pare their earlier losses on Friday, 30 July 010 at Nymex and ended higher for the day. Prices rose in tandem with US equities which managed to shed most of their earlier losses in the course of the day
and finish near the unchanged mark at the end.
Bullion metal prices stay steady for the week
Gold registers worst monthly drop in seven months
Bullion metal prices ended higher on Friday, 30 July 2010 at Comex. A weaker than expected second quarter GDP report increased the appeal of precious metals as an alternate investment.
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. Recently, the embattled euro has played stronger role in moving prices rather than dollar fluctuation. Bullion metals have registered increase in prices despite strong dollar in recent times and vice versa.
On Friday, gold for December delivery ended at $1,183.9 an ounce, higher by $12.7 (1.1%) on the New York Mercantile Exchange. For the week, gold ended lower by a mere 0.3%.
Gold ended the month of July lower by 5%. It was the worst monthly loss for gold since December 2009. Before this, it ended June higher by 2.5%. For the second quarter, gold ended up by 12%, its seventh consecutive quarterly gain. For the first quarter of this year, gold rose by 1.7%. On a year to date basis, gold is higher by 8.9%.
On Friday, September Comex silver futures ended higher by 39 cents (2.2%) at $18 an ounce. For the week, silver ended almost unchanged. For the month of July 2010, silver shed 3.7%. For the second quarter, silver ended higher by 3.1%. For the first quarter of this year, silver rose by 3%. On a year to date basis, silver is higher by 6.2%.
Data showed that U.S. economy expanded at an annualized rate of 2.4% in the second quarter, but that was a bit below the 2.5% that had been widely expected and down from the first quarter's upwardly revised 3.7% growth rate. It was also well below the average 4.4% increase over the past six months.
Additionally, personal consumption for the second quarter increased 1.6% after a 1.9% increase in the first quarter.
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.
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