Weekly Wrap - Feb 25 2011
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Friday, February 25, 2011
BSE Bulk Deals to Watch - Feb 25 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
25/2/2011 507525 Amrit Corp ANANTROOP TRADING PVT LTD S 16200 227.31
25/2/2011 533163 Arss Infra Proj CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 80956 639.00
NSE Bulk Deals to Watch - Feb 25 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
25-FEB-2011,ARSSINFRA,ARSS Infra Proj. Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,81275,636.90,-
25-FEB-2011,JETAIRWAYS,Jet Airways (India) Ltd.,MLC-PLATINUM GLOBAL
FUND,BUY,481235,408.61,-
Budget to dictate near-term trend
Union Budget 2011-2012 to be presented by Finance Minister Pranab Mukherjee on Monday, 28 February 2011, remains a key near term trigger for the market. Fiscal consolidation, extent of infrastructure spending, clarity on key direct and indirect tax reforms viz. the Goods and Services Tax (GST) and the Direct Taxes Code (DTC), better targeting of subsidies are some important issues which investors are eyeing in the Budget. Stock specific/sector specific movement will be witnessed based on announcements for various sectors in the Budget.
Market slumps on surging crude oil
The market slumped last week as a flare-up in global oil prices and worries about its negative impact on the Indian economy rattled the equity market ahead of the Union Budget on Monday, 28 February 2011. India imports 80% of its crude needs, accounting for 3.5% of global consumption. The sharp rise in oil prices will likely add to economic stress in India at a time when the country is already battling high food inflation.
Market snaps three-day losses ahead of Budget
The key benchmark indices edged higher amid intense volatility, snapping last three days' losses, as the government's Economic Survey for 2011-11 tabled in the parliament noted that deepening the reform process would hold the key to sustaining the fiscal consolidation process. The BSE 30-share Sensex was up 68.50 points or 0.39%, off close to 120 points from the day's high and up close to 230 points from the day's low. The market recovered after hitting 2-week lows as government's forecast of a strong about 9% economic growth for the year ending March 2012 offset a populist rail budget where passenger fares were kept unchanged. Firm global stocks also supported Indian equities. All eyes are now on the Union Budget 2011-2012 to be presented by Finance Minister Pranab Mukherjee on Monday, 28 February 2011.
Market may open higher; Rail Budget in focus
The market may open higher, snapping recent losses if trading of S&P CNX Nifty futures on the Singapore stock exchange is of any indication. It indicate a gain of 18 points at the opening bell. Oil stabilized on Friday after a sharp reversal from a 2-1/2 year peak overnight, calming concerns that a surge in prices would hurt economic recovery. US crude oil futures for April 2011 were at $96.71 a barrel, down 57 cents, or 0.59%. As per provisional figures foreign funds sold shares worth Rs 2702.22 crore and domestic funds bought shares worth Rs 1029.92 crore on Thursday, 24 February 2011.
Daily News Roundup - Feb 25 2011
RIL and BP will shortly float a joint venture company over next months, which will look at the trading and marketing of natural gas in India. (BS)
Bajaj Auto on Thursday launched its 2011 edition of Discover 100. (ET)
RPower joins US$3.5bn race to buy out Australian coal mining company Whitehaven Coal. (BS)
RPower appears to be in the lead for the 3,000-MW long-term power purchase agreement called for by the Uttar Pradesh Power Corporation. (BL)
Tata Steel UK signed a definitive sale agreement to sell certain assets of TCP to Sahaviriya Steel Industries UK, a subsidiary of Thailand’s largest steel producer, for US$469mn. (BS)
NMDC is setting up a 300,000-tonne plant in Karnataka for making iron ore concentrate from iron ore waste with an investment of Rs1.5bn. (FE)
TCS has been appointed as the official technology partner to the pro-cycling team – Team Garmin-Cervélo — for the racing season 2011. (BL)
SBI has decided to withdraw from the certificate of deposit (CD) market. (BS)
SBI has mopped up Rs39bn on the retail side through its latest bond issue. (BS)
Shipping Corporation of India is planning to invest US$1bn every year to acquire new ships. (BS)
IDFC plans to raise up to Rs21.7bn through long-term infrastructure bonds. (BS)
BEML may hive off one or two businesses, possibly rail and metro, in a corporate restructure it plans to roll out in fiscal 2012-13. (BL)
Gammon-OJSC Mosmetrostroy, a joint venture between Gammon India and Russian company OJSC Mosmetrostroy, has bagged two contracts worth Rs19.5bn for design and construction of seven underground stations and associated tunnels for Chennai Metro Rail. (FE)
Gammon India’s subsidiary Metropolitan Infrahousing has stepped in to buy the balance 45 acres owned by PAL-Peugeot in Dombivli on the outskirts of the city. (ET)
Fortis Global Healthcare said it has acquired a specialized under construction cancer hospital in Singapore from First Real Estate Investment Trust for a consideration of S$33mn. (BS)
Tech Mahindra has won an IT outsourcing contract from Vodafone for its Qatar operations. (BL)
Jubilant FoodWorks signed the agreement with the international arm of Dunkin’ Donuts. (BS)
Kingfisher Airlines has announced 11 new flights on its domestic routes and launched special complimentary offers ahead of the summer season. (BL)
Kotak Mahindra Bank hiked its base rate and BPLR by 50bps. (BL)
FDA ban to cost Aurobindo US$26mn. (FE)
Dishtv on Thursday said it has added over 1mn connections in the last three months, crossing the 10mn subscriber mark. (ET)
Uttam Galva has initiated the process to refinance about Rs14bn worth of debt to reduce interest payments and has mandated SBI Caps to carry out the programme. (ET)
Vijaya Bank will get a further capital infusion of Rs3.7bn from the Government by the fiscal-end. (BL)
Economy Snippets
The Budget estimate for the fiscal deficit for 2011-12 will be 4.8% of GDP. (BS)
Food inflation rose to 11.49% for the week ended February 12 from 11.05% in the previous week. (BS)
Exports from SEZs stood at Rs2.23tn in the April-December 2010 period, a rise of 47%, compared with Rs 1.52tn in the same period of the last financial year. (BS)
The Commerce Ministry has sought a Plan outlay of Rs20bn for itself in the Union Budget 2011-12, up from Rs16.8bn in 2010-11. (BL)
The South Asian Real Estate has announced Rs5bn residential township at Kolathur, GST Road, in Chennai. (BS)
Banglore to get an infrastructure development package of Rs47.7bn through various sources. (BS)
Exports from special economic zones during April-December this fiscal grew by 47% to Rs2,231bn over the same period last year. (FE)
Sensex slaughtered on heavy volume
It was a complete Blood-Bath on Dalal Street on Thursday, with the Indian equity indices plunged by over 3%, registering their biggest single-day fall since August 2009.
Today’s nasty fall was seen on record trading volumes, with the total market turnover crossed all time high. The F&O volume itself came close to the Rs. 3 Lakh crore mark on the expiry day. The steep fall was so swift that every pull back attempt was used for further selling.
C-rude shock indeed
"Blame someone else and get on with your life"- Alan Woods.
Just when the sentiment on the Indian bourses was improving we have been hit hard by a swift and a steep spike in crude oil amid worsening Middle-East turmoil. The crude shock has triggered fears of further uptick in inflation and interest rates. A bloated oil import bill also hits India’s external balance sheet and fiscal health.
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