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Monday, September 27, 2010
Bedmutha Industries IPO Analysis
Bedmutha Industries (formerly Bedmutha Wire Company (BIL)) is one of the leading steel wire manufacturers in western India. The company's product portfolio is wide comprising galvanized wires, cable armor wires, ACSR wires, wire nails, earth wires, stay Wires, spring steel wires, barbed wires, etc. Its products are used in various areas such as roads, bridges, flyovers, power, automobile, engineering, agriculture, railways and defence. The company was promoted by K R Bedmutha, Vijay K Vedmutha and Ajay K Vedmutha.
Sea TV Network IPO Analysis
Sea TV Network, promoted by Neeraj Jain & his wife Mrs. Sonal Jain, Pankaj Jain & his wife Mrs. Chhaya Jain, and Akshay Jain, is an Agra-based company providing services of multi-system operator (MSO) to various local cable TV operators (LCO) of Agra city. It has a network of more than 150 franchisees throughout Agra city. The promoters are in this f activity for last 16 years.
BSE Bulk Deals to Watch - Sep 27 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
27/9/2010 513513 Aditya Ispat MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED B 41006 17.22
27/9/2010 513513 Aditya Ispat UTPAL DUTTA S 28000 17.22
NSE Bulk Deals to Watch - Sep 27 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
27-SEP-2010,APTECHT,Aptech Limited,RIPPLE BRINECHEM PVT LTD,BUY,281859,168.34,-
27-SEP-2010,ATLANTA,Atlanta Limited,RAJYOG SHARE AND STOCK BROKERS,BUY,86852,445.98,-
27-SEP-2010,CRESTANI,Crest Animation Studios L,KANCHAN CHHABRA,BUY,238280,110.36,-
Markets shut with modest gains
Major headlines
Mahindra Satyam slumps on delisting ADRs from NYSE; the stock ends 3.65% lower
Omaxe enters infrastructure sector; the stock closes higher by 1.70%
Shipping Corporation of India, Jiangsu Eastern ink contract; the stock ends 0.31% higher
Sensex, Nifty attain 32-month closing highs
The key benchmark indices eked out small gains to attain their highest closing levels in more that 32 months as firm global stocks and the recent strong foreign fund inflows underpinned sentiment. However, profit booking pulled market off their intraday highs. Index heavyweight Reliance Industries (RIL) cut intraday gains. The BSE 30-share Sensex was up 72.20 points or 0.36%, off close to 150 points from the day's high and up close to 35 points from the day's low. The market gained for the second straight trading session today, 27 September 2010. Realty, capital goods, metal and consumer durables stocks rose. But, FMCG stocks fell. IT stocks, too, fell on a firm rupee.
VA Tech Wabag Subscription - Allotment Details
Qualified Institutional Buyers (QIBs) 36.13
Non Institutional Investors 100.98
Retail Individual Investors (RIIs) 8.55
Grey Market Premiums - Sep 27 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Indosolar Ltd. | 29 (Lower Band) | 0.70 to 0.80 (Paise) |
| Tirupati Inks (FPO) | 8.50 to 9 | |
| Career Point Infosystems | 310 (Upper Band) | 140 to 142 |
| Eros International | 175 (Upper Band) | 43 to 44 |
| Microsec Fin | 118 (Upper Band) | 17 to 19 |
| Ramky Infrastructure Ltd. | 450 | 13 to 15 |
| Orient Green Power | 47 to 55 | 0.65 to 0.70 (Paise) |
| Electro Steel | 10 to 11 | 1.25 to 1.50 |
| Gallantt Ispat | 50 (Fixed Price) | 2 to 2.50 |
| VA Tech Wabag | 1230 to 1310 | 335 to 340 |
| Cantabil Retail | 127 to 135 | 14 to 15 |
| Tecpro Systems | 340 to 355 | 53 to 55 |
| Ashoka Buildcon | 297 to 324 | 27 to 29 |
| Sea TV Network | 90 to 100 | 22 to 24 |
| Bedmutha Ind. | 95 to 102 | 12 to 13 |
| Coal India | 200 to 225 (Approx) | 8.50 to 9 |
Bulls remain durable!
Going up too fast is never considered prudent. Stay cautious as the external environment remains fragile at best. Key regions like the US, Europe and Japan are just limping along.
Man must be prepared for every event of life, for there is nothing that is durable. - Menander.
Ashoka Buildcon IPO Analysis
Building roads
Develops roads and bridges on BOT basis
Ashoka Buildcon, promoted by Ashok Katariya and Satish Parakh, undertakes EPC contracts for roads, bridges and commercial building projects and also operates them on BOT basis. It recently ventured into the power T&D domain and bagged EPC orders from MAHADISCOM.
Market may hit fresh 32 month highs in early trade
The market is slated to hit more than 32 month highs in early trade tracking firm Asian stocks after US stocks posted strong closing on Friday, 24 September 2010.The Trading of S&P CNX Nifty futures on the Singapore stock exchange indicated that the Nifty could gain 44.50 points at the opening bell.
Markets set for strong opening
Headlines for the day:
SEBI to set framework for overseas indices
Reliance Brands eyes acquisition
With eye on bank, L&T rejigs arms
Weekly Technical Analysis - Sep 27 2010
The markets continued to rise for the fourth straight week, though there was a lot more volatility. The BSE benchmark index, the Sensex, touched an intra-week high of 20,089, and then witnessed some profit-taking, only to bounce back and settle on a strong note at 20,045, up 450 points for the week.
Ashoka Buildcon IPO Review
Ashoka Buildcon, a leading player in the space of building and operation of roads and bridges on a build, operate and transfer (BOT) basis, would issue 69.4 lakh shares — at the top end of the price band — in a bid to mop up to `225 crore. Post-IPO, the promoter’s holding would come down to 71.7% levels from 84.4%.
VA Tech Wabag IPO Review
Headquartered in Chennai, VA Tech Wabag is coming out with an initial public offer (IPO) of 9.5 lakh shares to raise `125 crore. Besides, there is an offer on sale of 26.5 lakh shares by existing shareholders amounting to `350 crore. The issue will result in the promoter's holding slipping to 31.1% from 34.5 % currently. The company has hit the capital market to raise resources to fund its working capital requirements and enhance the existing infrastructure facilities.
Daily News Roundup - Sep 27 2010
L&T plans to spin off its financial services vertical into an independent entity under a separate holding company. The move is aimed at facilitating its application for a banking licence when the opportunity arises. (BS)
Weekly: Sensex breaches 20k...Nifty tops 6k
The all-time peaks of January 2008 appear within striking distance. Even global markets seem to be resilient. A flood of FII money, and stronger than expected domestic economic data have made India among the best performers. Liquidity deluge has propelled both Sensex and Nifty higher by 2.3% each during the week.
PBA Infrastructure
Investors with medium-term perspective can consider buying the stock of PBA Infrastructure (Rs 90.6).
The company is a construction contractor, executing projects across varied segments such as national and State highways and bridges, dams and mining structures. Since its all-time low of Rs 20.7 recorded in March 2009, the stock has been trending upwards, forming higher peaks and troughs.
Weekly Newsletter - Sep 27 2010
So, the bulls continue to party on the bourses even as global indices struggle in the face of uncertain prospects for the economic recovery in a few key regions. The revelry may persist on Dalal Street given the strong FII inflows and lack of bad news on the domestic front. The F&O expiry might just make matters slightly more interesting but on the whole the undertone should remain upbeat. No major local event is due next week, but on the last trading day we will get data on monthly auto sales, exports and manufacturing PMI. A slew of global economic statistics will keep vying for attention throughout the week.
Delta Corp stock up on preferential sale plan
A group of investors, including Mumbai-based high-networth investors Rakesh Jhunjhunwala and Radhakrishna Damani picked up an 11% stake in Delta Corporation Ltd. for Rs2bn. The investors will get equity for Rs1.2bn and will further subscribe to Rs80mn of warrants that can later be converted into stock. Jhunjhunwala will join the Delta Corp. board. India's leading corporate lawyer Zia Mody of AZB Partners Ltd. and her husband Jayadev Mody will invest Rs700mn as part of the promoters' contribution. Both together own 48.40% in the Mumbai-based real estate and hospitality firm.
SEBI rejects MCX-SX proposal
Shares of Financial Technologies India tumbled after the Securities and Exchange Board of India (SEBI) rejected the application of Multi-Commodity Exchange-Stock Exchange (MCX-SX) to operate an equity trading exchange. SEBI rejected a proposal by MCX-SX for stock and debt trading platforms, citing non-compliance with shareholding rules, witholding of material information, concentration of 'economic interest', and 'illegal' buyback transactions with investors.
ONGC announces two new oil and gas discoveries
The first Shale Gas well RNSG-1 in Ichapur village near Durgapur in Burdwan District of West Bengal spudded on September 21. In its 209th Board Meeting held on September 22, the ONGC Board noted the following:
Indian airlines' loss to narrow in 2010: IATA
The combined loss of Indian airlines will shrink in 2010 but their huge debt burden is a matter of concern, International Air Transport Association (IATA) Giovanni Bisignani said. The international trade body for the aviation industry expects Indian airline companies to narrow their combined loss to US$400mn in 2010 from a combined loss of US$1.7bn in 2009, Bisignani said in New Delhi. "Private Indian airlines are now reporting profits, or at least shrinking losses. In the face of major challenges, the Air India situation is also improving," Bisignani said. Bisignani also said that the Government of India should consider allowing foreign investment in Indian airline companies. "Relying only on domestic sources limits competition and could lead to an investment gap. Moreover, the insular approach cuts India off from global expertise and global trends," he said.
Rupee and bonds gain as Govt hikes FII cap in debt
The Indian rupee rose to its highest level in more than four months against the US dollar on Friday and benchmark bond prices gained after the foreign investment ceiling in government and corporate bonds was increased by US$5bn each. The local currency also got support from another strong day for the local stock market and registered its fourth straight weekly gain.
Sensex pierces 20k, Nifty tops 6k
The all-time peaks of January 2008 appear within striking distance. Even global markets seem to be resilient in the face of bleak prospects for the global economy. A flood of FII money, and stronger than expected domestic economic data have made India among the best performers. The liquidity deluge in September propelled the BSE Sensex and the NSE Nifty higher by 2.3% each during the week.
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