VA Tech Wabag
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Friday, September 24, 2010
Post Market Review - Sep 24 2010
After two days of consolidation, markets bounced back on the last trading day of the week with benchmark indices gaining nearly a percent in today’s trade. Sensex put on 184 points to close at 20045 while Nifty finished at 6018, up 59 points. Broader market also witnessed equal participation with BSE Mid-cap and Small-cap indices rising 1% each. On weekly basis, it was the fourth consecutive week in green as Nifty and Sensex rose 2.3% in the week gone by. FMCG index climbed 5.3% over the week, becoming the top gainer among the BSE sectoral indices, followed by Consumer Durable index, up 2.7%. Oil & Gas and Realty indices lost 0.8% and 0.4% week-on-week. European markets were trading lower by nearly a third of a percent while US stock indices futures were up about a fourth of a percent ahead of data on new home sales and durable good order
Sensex regains 20K on strong FII inflows
Major headlines
Sun Pharmaceutical board approves stock split; the stock closes higher by 1.71%
Roman Tarmat zooms on order win; the stock ends 3.72% higher
Aurobindo Pharma gets USFDA nod for three ANDAs; the stock closes higher by 1.41%
FII flare up markets for fourth week
Major news for the week:
Government slashes duty refund rates for exports
SBI reduces credit offtake target to 18%
Food inflation inches up to 15.46%
Govt raises FII limit in G-Secs, corporate bonds
Financial Tech slips as SEBI rejects MCX plea
Fund-flow to dictate market trend in a volatile week ahead
Activity of institutional investors is likely to determine the future trend in the market which is at multi-months high. High volatility will be the hallmark with derivatives expiry lined-up during the forthcoming week.
FII buying drives market higher for fourth week
Strong momentum helped the key benchmark indices close above psychological levels last week as foreign investors bet on robust economic growth in India. Sensex crossed psychologically crucial 20,000 mark and the Nifty crossed 6000 mark. The market gained for three out of trading five sessions last week.
Market snaps last two days losses
The key benchmark indices snapped last two days losses on Friday as the recent strong foreign fund inflows kept the sentiment upbeat. The BSE Sensex closed above the psychological 20,000 mark while S&P CNX Nifty crossed 6000 mark. Investors had booked profits in last two days after the recent strong rally which saw market scale their 32 month highs. Global cues lacked clear direction today. US index futures rose. European markets dropped. Asian stocks were mixed. The BSE 30-share Sensex was up 184.17 points or 0.93%, up close to 215 points from the day's low and off close to 25 points from the day's high. FMCG, banking, consumer durables and realty stocks led the surge. Index heavyweight Reliance Industries edged higher in volatile trade.
Mixed close for Asian stocks
Global cues lack clear direction, select indices record modest gain
The Asian markets ended mixed today as weak overnight US cues along with continued global economic jitters kept the momentum frail. Traders were also seen locking some profits ahead of the weekend. Worse-than-expected U.S. jobless claims, a fall in Irish gross domestic product, a disappointing euro zone purchasing managers' index and a Portugal opposition party's refusal to help pass an early belt-tightening budget hurt the risk appetite. The Chinese markets were closed for a public holiday and the general movement in the risky assets was mixed with the US dollar quoting sideways against the Euro.
VA Tech Wabag IPO subscribed 15.20 times
Gets bids for 4.75 crore shares
VA Tech Wabag's initial public offering (IPO) was subscribed 15.20 times on day three today, 24 September 2010. The IPO received bids for 4.75 crore shares compared with 31.28 lakh shares on offer. Bidding for institutional investors ended today, 24 September 2010 while bidding for non-institutional and retail buyers closes on 27 September 2010. The IPO had opened for subscription on 22 September 2010.
BSE Bulk Deals to Watch - Sep 24 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
24/9/2010 513513 Aditya Ispat AKHIL AGARWAL B 40000 16.40
24/9/2010 513513 Aditya Ispat BP FINTRADE PRIVATE LIMITED B 26724 16.40
NSE Bulk Deals to Watch - Sep 24 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
24-SEP-2010,DCB,Development Credit Bank L,JMP SECURITIES PVT LTD,BUY,501241,56.55,-
24-SEP-2010,DCB,Development Credit Bank L,TRANSGLOBAL SECURITIES LTD.,BUY,1351330,56.06,-
Precious metals on a roll
Yellow metal closes little shy of $1,300 mark
Precious metals continued to strike new highs even on Thursday, 23 September 2010 at Comex. Yellow metal prices struck new record for the fifth consecutive session. Silver also shone for the second consecutive day at its three-decade highest level. Prices rose as the latest initial claims data disappointed.
Crude pares early losses
Prices rise due to optimistic economic reports
Crude oil prices pared earlier losses and ended modestly higher on Thursday, 23 September 2010 at Nymex. Prices dropped initially due to strong dollar. Then prices moved up as economic data showed some positive signs of economic recovery.
All Latest Grey Market Premiums - Sep 24 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Indosolar Ltd. | 29 (Lower Band) | 0.60 to 0.65 (Paise) |
| Tirupati Inks (FPO) | 43 (Upper Band) | 8.25 to 8.50 |
| Career Point Infosystems | 295 to 310 | 132 to 135 |
| Eros International | 175 (Upper Band) | 42 to 44 |
| Microsec Fin | 113 to 118 | 18 to 20 |
| Ramky Infrastructure Ltd. | 405 to 468 | 12 to 13 |
| Orient Green Power | 47 to 55 | 0.80 (Paise) to 1.00 |
| Electro Steel | 10 to 11 | 0.75 to 0.80 (Paise) |
| Gallantt Ispat | 50 (Fixed Price) | 4 to 5 |
| VA Tech Wabag | 1230 to 1310 | 342 to 345 |
| Cantabil Retail | 127 to 135 | 11 to 12 |
| Tecpro Systems | 340 to 355 | 38 to 40 |
| Ashok Buildcon | 297 to 324 | 28 to 30 |
| Sea TV Network | 90 to 100 | 20 to 21 |
| Bedmutha Ind. | 95 to 102 | 8 to 10 |
| Coal India |
| 6 to 8 |
Less faith, more hope!
Our faith does not really change things; it helps us to accept what happens in our lives. - Anonymous.
Daily News Roundup - Sep 24 2010
ONGC plans to buy 14 rigs for Rs40bn in the next two to three years. (BS)
ONGC has begun shale gas exploration by drilling the first well in eastern India. (BS)
SEBI has rejected a proposal by MCX-SX, promoted by Financial Technologies to launch stock and debt trading platforms. (ET)
Sensex slips for second straight day
The Indian markets ended the day with losses for the second straight trading session on Thursday. The Banking stocks led the decline in the benchmark indices. Among the other major laggards were the Realty and the Oil & Gas stocks. Even the Mid-Cap stocks were under pressure Small-Caps gave up their gains.
Precariously poised
All progress is precarious, and the solution of one problem brings us face to face with another problem. - Martin Luther King Jr.
The dollar is sliding. Gold is shinning; hitting new highs. Concerns about the state of the US economy are mounting. Expectations are sooner or later, the Fed will have to resort to QE-2 (Quantitative Easing – Part II). Worries over the euro-zone debt may have ebbed but haven’t vanished. Japan is struggling with deflation and a rising currency. The UK is not doing great either amid high inflation and swelling deficit.
Market may fall for the third straight day on weak economic data in the US
The market may fall for the third straight day on weak Asian stocks after a jump in US jobless claims. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicated that the Nifty could fall 4 points at the opening bell.
Va Tech Wabag IPO
Va Tech Wabag (VTWL) is a multinational player in the water treatment industry with strong presence in developing countries including India, China, Middle East, North Africa, South East Asia, Middle East as well as Central and Eastern Europe. The company provides EPC and operation & maintenance (O&M) services for sewage treatment, processed and drinking water treatment, effluents treatment, sludge treatment, desalination and reuse for institutional clients like municipal corporations and industrial players in power, steel, oil & gas. As on July 31, 2010, the company had executed 113 projects and is currently executing 81 projects.
Tecpro Systems IPO Analysis
Tecpro Systems is an established material handling company in India, engaged in providing turnkey solutions in material handling, ash handling and total Balance of Plant projects. Of late, the company is also taking up small power plant EPC contracts.
Markets expect a lower opening
Headlines for the day:
Teaser rates likely to stay: HDFC chairman
EIH plans Rs1.3K crore rights issue
SEBI rejects MCX-SX application to trade in new segments
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