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Saturday, October 23, 2010
Bajaj Auto launches Pulsar in Metallic Orange
Bajaj Auto Ltd. has added more zing to its Pulsar range of bikes with a flamboyant new color – Metallic Orange. The new color is exclusively available on the larger Pulsar 180, 220 and 220F variants. The new two tone orange charmer of the roads is bound to cast its spell on peppy and young Pulsar lovers. The new color bike comes on the back of great sales performance of Pulsar and is a Diwali gift to all Pulsar lovers. With a dominant 50% share of the sports motorcycle segment in Q2 2010-11, Pulsar has consistently outgrowing the segment thus making it the largest brand by far. Pulsar domestic volumes in Q2 2010-11 are at 67,468, up 56% over the same period last year. This growth is impressive considering the sports segment has grown only 32% and the total industry has grown by 21% in the same period.
SBI retail bond issue oversubscribed 17 times
State Bank of India's (SBI) retail bond issue was subscribed 17.3 times. SBI received applications worth around Rs85bn on Day One itself, although it had planned to collect just Rs10bn. Given the overwhelming response, SBI could come out with another such issue in the next three months, reports said. The bank is planning to close the issue before October 25. SBI floated a public issue of lower Tier II bonds worth Rs10bn, including Rs5 bn greenshoe. The QIB portion was subscribed more than 46 times , while the Non-Institutional (HNI) section was subscribed 18 times and Retail by twice the amount of bonds allotted to them.
IOC to hit markets with Rs 190bn FPO : report
Indian Oil Corporation (IOC) is likely to raise about Rs 190bn from capital market. Half the proceeds would go to the government, which will offload 10% of IOC shares to help it meet its disinvestment target of Rs 400bn this fiscal. In addition, the company will issue new shares amounting to another 10% of its equity capital to help the country’s largest state refiner build new units. IOC will start shortlisting merchant bankers next week for its public issue. The IOC public offer may hit the market by January, adding to the rush of equity and debt issues aggregating to an estimated Rs 800bn in the next six months.
Rupee weakens from two-year peak
The rupee slipped from its highest level in more than two years against the dollar, as local stocks fell and the US currency recovered some of the lost ground against major international rivals. The rupee also fell as domestic oil refiners bought dollars to buy crude oil, and other Asian currencies declined. Traders and dealers are also closely watching the Reserve Bank of India (RBI), which had bought dollars to stem the rupee's strength on Oct 14. The partially convertible Indian currency ended at 44.59 per dollar on Friday, after touching a week's low of 44.60 and week's high of 44.1275. It had closed at 44.1050 on Oct. 15. The rupee fell 1% this week. Last Friday it had risen to 43.96, its highest since August 2008.
Rajnikant magic...Eros International collects Rs610mn for Endhiran
Eros International Media Ltd (Eros International), the largest studio in India, is proud to announce the spectacular opening for the Tamil and Telegu versions of the film ‘Endhiran’ which has recorded a gross overseas box office collection of Rs. 610mn . This film has been released by Ayngaran International, which is a 51% subsidiary of Eros International and is the pioneer in Tamil film distribution in theatrical and home video formats in the international market.
Weekly Newsletter - Oct 23 2010
Another week of consolidation has just gone by as the key Indian stock indices seem to be struggling for direction. Even the global markets are not doing a great deal as investors digest the latest corporate earnings amid prospects of further monetary easing by the Fed early next month. That will indeed be a big event that everyone will watch closely. China has just surprised the world by announcing rate hikes. Also, data this week suggested that the Chinese economy is moderating. The G-20 finance ministers will meet this weekend in South Korea ahead of next month's leaders' summit at the same venue. The G-20 meet comes amid a bitter global bickering over uneven trade and money flows hurting the recovery process. Nothing concrete is expected out of the G-20 meet this week as China continues to resist demands to let yuan rise more freely.
Coming back to India, the market may remain in a state of flux next week as well. The Diwali week is packed with big events with potential to move the markets either way at least temporarily. The policy meetings of the RBI and the Fed are scheduled in early November along with the US congressional elections and the Obama visit. Apart from that we will get the usual economic data early in the month. Results will continue to pour in from all corners of the world. Next week we will also have the F&O expiry for the current month's derivative contracts. One should remain cautious given the uncertainty over the near-term direction of the market. Stick to a stock-centric approach and avoid taking aggressive bets either way.
In terms of global data points, existing home sales, consumer confidence, durable goods orders, home prices, new home sales, GDP and consumer sentiment reports will be out nest week in the US. Statistics on UK GDP and Germany's CPI will also be announced besides BOJ's policy meeting.
REC, LMW, Titan, Mahindra Holidays, Amara Raja Batteries, Hindustan Media Ventures, Deepak Fertilizers, Dabur, Karur Vysya Bank, Bata India, Thermax, Trent, Patni, HT Media, HCC, ABB, Kansai Nerolac, M&M, Sona Koyo Steering, BPCL, AV Birla Nuvo, Maruti and Chambal Fertilizers are some of the big companies that will declare their results next week.
Q2 FY11...TCS triumphs; Wipro misses target
Tata Consultancy Services (TCS) has reported a net profit of Rs21.69bn in the second quarter ended September 2010, up 32% from Rs16.42bn during the corresponding quarter last year. In dollar terms (US GAAP), the company reported its highest ever sequential growth of 30.3% in its top-line. In rupee terms, revenues stood at Rs92.86bn, up 25% as compared to Rs74.35bn during the corresponding quarter last year.
Coal India IPO receives overwhelming response
The mega IPO of Coal India has been subscribed by more than 15 times as at 8 pm (IST) on Oct. 21, according to the NSE web site. The issue, the largest ever in the history of Indian capital markets, received bids for a staggering ~9.63bn shares as opposed to the 631.63mn shares on offer. The qualified institutional bidders (QIB) section was subscribed 24.7 times. The QIBs put in bids for a staggering 493.38 crore shares, compared with 28.42 crore shares reserved for the category. Bidding for the QIBs closed on Oct. 20.
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