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Thursday, November 18, 2010
VA Tech Wabag gains on new order win
VA Tech Wabag advanced 1.24% to Rs 1669 at 10:35 IST on BSE, after the company secured an order worth around Rs 250 crore from Indian Oil Corporation to set up an effluent treatment plant at Paradip Refinery.
The company announced the new order win during trading hours today, 18 November 2010.
RCom, Unitech tumble on 2G licences probe worry
Shares of mobile operator Reliance Communications and Unitech fell sharply after a government panel highlighted irregularities in 2G spectrum allocation.
Reliance Communications (down 8.25% to Rs 148.45) and Unitech (down 6.05% to Rs 69.85), slumped.
Microfinance sector's woes haunt bank stocks
Shares of 13 banks fell 0.68% to 4.28% on concerns over their exposure to the microfinance institutions.
At 14:00 IST, the BSE's banking sector index -- Bankex was down 2.17% at 13,910.33. It underperformed the Sensex, which was up 0.10% at 19,885.22.
Nifty November 2010 futures above 6,000
Turnover soars
Nifty November 2010 futures were at 6,035.50, at a premium of 36.70 points over spot closing of 5,998.80. Turnover in NSE's futures & options (F&O) segment jumped to Rs 216054.55 crore from Rs 191295.59 crore on Tuesday, 16 November 2010, as traders rolled over positions from the near month November 2010 series to December 2010 series ahead of the expiry of the November 2010 contracts next Thursday, 25 November 2010.
Nifty tad below 6k in volatile trade
The Nifty ends the volatile session on a positive note, however, the index was unable to hold 6000 levels at the close
Major headlines
Food inflation eases to 10.3%
Patni Computer Systems bags contract from 2e2; the stock ends 0.50% lower
Sun Pharmaceutical Industries gets nod for Clarinex, Diltiazem ER; the stock closes 0.80% down
BSE Bulk Deals to Watch - Nov 18 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
18/11/2010 532774 Accel Front CHANDER KANTA S 249042 62.69
18/11/2010 520077 Amtek Auto MORGAN STANLEY MAURITIUS COMPANY LIMITED B 1174000 149.98
NSE Bulk Deals to Watch - Nov 18 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
18-NOV-2010,AFL,Accel Frontline Limited,KANCHAN CHHABRA,BUY,263604,64.94,-
18-NOV-2010,COMPUAGE,Compuage Infocom Ltd,RUPA PRADIP SHAH,BUY,30000,236.42,-
18-NOV-2010,DELTACORP,Delta Corp Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,902854,127.35,-
SKS Microfinance slumps after earnings warning
SKS Microfinance slumped 20% to Rs 642.80 at 11:22 IST after the microfinance company warned that an ordinance enacted on 15 October 2010, by Andhra Pradesh government on collections could have an impact on its profitability.
The announcement was made on Wednesday, 17 November 2010, when the Indian equity markets were shut for public holiday.
Market drifts higher as European debt woes ease
The key benchmark indices edged higher in a highly volatile trading session on firm global stocks. Stocks rose across the world on expectations that Ireland will soon accept a bailout package from the European Union and International Monetary Fund. The 50-unit S&P CNX Nifty closed slightly below the psychological 6,000 mark after alternatively moving above and below that level throughout the day.
Grey Market Premium - Manganese Ore, RPP Infra Projects
| Company Name | Offer Price (Rs.) | Premium (Rs.) | Kostak (Rs. 1 Lac Application) |
| Power Grid Corporation | 90 (5 % Discount of Retailers & Employee) | -- | 3200 to 3400 |
| R.P.P. Infra Projects Ltd. | 68 to 75 | 10 to 11 | 1800 to 1900 |
| Manganese Ore Ltd. | 600 to 660 (Approx) | 285 to 290 | 3400 to 3500 |
Crude ends lower for fourth consecutive day
Prices drop despite a big drop in crude inventories for last week
Crude prices ended lower for fourth consecutive day on Wednesday, 17 November 2010 at Nymex. Prices fell inspite of a weak dollar but tried to reverse course after energy department reported a major drop in crude and crude product stockpiles for last week. Still, prices ended substantially lower, perhaps due to weak economic data.
Daily News Roundup - Nov 18 2010
Axis Bank has acquired Enam Securities key businesses; Investment Banking, Retail and Institutional broking and distribution of financial products worth Rs20.67bn. (ET)
The law ministry has opined that Cairn Energy cannot sell its stake to Vedanta Resources without government nod. (ET)
Sensex sinks on China meltdown
The Indian market was hit by a thunderstorm on Tuesday, with the key indices ending near the lowest point of the day amid a global sell off. What’s worse, the slump came on huge volumes with the total market turnover surpassing the Rs 2 lakh crore.
Rhythm after a break!
Rhythm is the basis of life, not steady forward progress. - Kabbalah.
It probably was a welcome break for the bulls considering the battering they have taken in recent days. But for Axis Bank it was business as usual, as the private bank snapped up the equity broking and investment banking operations of Enam. It would be interesting to see how the market reacts to the swap ratio.
Market may open flat to slightly higher; Axis Bank eyed
The key benchmark indices may open flat to marginally higher as most Asians stocks rebounded from the recent sharp losses. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could see a flat opening.
In macro news, the government will unveil data on some wholesale price indices for the year through 6 November 2010 viz. the food price index, the primary articles index and the fuel price index at about 12:00 IST.
Flat to positive start likely
The Indian markets expect to open the session on a flat to positive note following the positive global cues. The weekly inflation numbers are to be released later today.
Headlines for the day:
Axis buys Enam Securities in Rs2,067-crore deal
Govt mulls changes to foreign direct investment oversight
6-7 firms likely to bid for Power Grid tower infrastructure
US stocks end substantially lower
Wal Mart and Home Depot remain only two Dow gainers
US stocks ended with substantial losses on Tuesday, 16 November 2010. Stocks started and ended the session in the red. Big sell off at China market in the previous day sent jitters across Wall Street where traders anticipated that a rate cut to curb inflation might be in the offing. Other than that, there were economic reports that checked in mixed in nature.
Precious metals trade near flat line
Precious metals demand remain strong in third quarter
Precious metals ended mixed on Wednesday, 17 November 2010 at Comex. Silver ended marginally higher while gold ended marginally lower. Prices took advantage of the weak dollar. Prices also remained higher as reports indicated that physical demand for gold remained steady in the third quarter period.
Axis Bank buys ENAM
Axis Bank chief Shikha Sharma on Wednesday played a masterstroke by clinching a Rs 2,067 crore all-stock deal to take over the highly lucrative investment banking and equity businesses of Enam Securities.
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