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Wednesday, August 04, 2010
Bajaj Corp IPO subscribed 10.49 times
Gets bids for 3.87 crore shares
The initial public offering (IPO) of hair oil producer Bajaj Corp was subscribed 10.49 times by 16:00 IST on the last day of bidding for qualified institutional buyers (QIBs) today, 4 August 2010. The IPO garnered bids for 3.87 crore shares.
Select markets down in Asia
US economic worries hurt the sentiments, key data releases ahead also keep buying under check
Midfield Industries surges on debut
Settles at Rs 163.05 on BSE
Midfield Industries settled at Rs 163.05 on BSE, a 22.59% premium over the initial public offer price of Rs 133. The stock debuted at Rs 159.40, a 19.85% premium over the initial public offer (IPO) price. The stock hit a high of Rs 174.90 and a low of Rs 150. On BSE, 2.38 crore shares were traded on the counter.
Bajaj Corp Subscription Details
Qualified Institutional Buyers (QIBs) 20.19 times
Non Institutional Investors 0.39 times
Retail Individual Investors (RIIs) 0.40 times
Prakash Steelage IPO Analysis
Prakash Steelage was incorporated by Prakash C Kanugo, a first generation entrepreneur, as a private company in 1991 in Mumbai mainly for trading in stainless steel sheets, coils and plates. In 1997 it was converted into a public limited company following the setting up in 1996 its first plant in the Union Territory of Dadra and Nagar Haveli, with a capacity of 4000 MT per annum, for manufacturing of welded & seamless stainless steel pipes, tubes and U-tubes. In 2007 the company started its second unit at Umbergaon, Gujarat, with a capacity of 8200 MT with total capacity reaching to 12,200 MT.
IT stocks lead rally; TCS scales record high
The key benchmark indices scaled 2-1/2-year highs on strong services sector data and on revival of monsoon rains in the crucial sowing month of July 2010. Data showing sustained buying by foreign funds over the past two months, underpinned sentiments. European stocks and US index futures fell. Asian stocks were mixed. IT stocks surged after IT major Cognizant reported stellar results and raised its guidance significantly.
Daily News Roundup - Aug 4 2010
The joint venture between Cairn India, ONGC, Videocon Industries and Ravva Oil will get a new price of US$4.2/mBtu for gas produced from its East Coast Ravva Fields. (BL)
Reliance Industries and Essar are bidding to acquire the retail assets and lubricants business of BP in five African countries — Zambia, Malawi, Botswana, Namibia and Tanzania. (BS)
Avoid the chase
If you want to catch something, running after it isn't always the best way.- Lois McMaster.
Grey Market Premiums - Bajaj Corp, SKS Microfinance
| Midfield Industries Ltd. | 133 | 17 to 20 |
| Engineers | 290 | 9 to 10 |
| SKS Micro Finance | 850 to 985 | 45 to 50 |
| Bajaj Corp. Ltd. | 630 to 660 | 55 to 60 |
Market may open flat; IT stocks in focus
The market may open higher if trading of the S&P CNX Nifty futures on the Singapore stock exchange is any indication. It indicated that the Nifty could gain 5 points at the opening bell. Sustained buying by foreign funds over the past two months and revival of monsoon rains in the crucial sowing month of July 2010, may support equities. Asian stocks were mixed on Wednesday.
Flat opening likely on cards
Headlines for the day:
Adani buys Aussie coal assets in $2.7 billion deal
Strides gets UK health regulatory nod for Brazil facility
Godrej to invest Rs300 crore in chemical biz
US stocks end modestly lower
Mixed earning and economic reports weigh on stocks
US stocks ended modestly lower on Tuesday, 03 August 2010. Stocks kicked off the day the day in the red, continued to stay somber following disappointing earning reports, and mixed batch of economic data. The July auto sales that were released today also failed to cheer investors.
Bullion metals continue to glitter
Prices rise as dollar continues to stay weak
Bullion metal prices ended higher on Tuesday, 03 August 2010 at Comex. A weak dollar helped prices rise modestly today.
Red metal sheds gains
Prices drop as economic data hints at weak demand
Copper prices ended lower at Comex on Tuesday, 03 August 2010. Prices fell due to weaker than expected set of economic data that hit the wires at Wall Street today. A day earlier, on copper had closed at the highest level in three months.
Crude stays above $82
Prices stay at highest level in three months
Crude oil prices ended substantially higher on Tuesday, 03 August 2010. A weak dollar coupled with mixed economic data led to rise in prices.
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