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Thursday, July 07, 2011
BSE Bulk Deals to Watch - July 7 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
7/7/2011 533412 Aanjaneya Lifecare TRISONS AGENCIES S 100000 365.01
7/7/2011 524412 Aarey Drugs SPAN TRADELINK PRIVATE LIMITED B 48000 21.86
7/7/2011 524412 Aarey Drugs THAORLAL ATMARAM MODI S 45000 21.90
7/7/2011 533330 ACROPET TEC INDRAVARUN TRADE IMPEX PVT LTD S 251545 17.07
7/7/2011 531761 Amulya Leas RAJESH GUPTA B 58757 43.45
7/7/2011 512535 Asahi Infra PREMIER CORPORATE SECURITIES & FINVEST PVT. LTD. B 740621 6.55
NSE Bulk Deals to Watch - July 7 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
07-JUL-2011,ACROPETAL,Acropetal Tech Ltd,INDRAVARUN TRADE IMPEX PVT LTD,BUY,114700,17.18,-
07-JUL-2011,DELTACORP,Delta Corp Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,1274072,107.54,-
07-JUL-2011,DELTACORP,Delta Corp Limited,MORGAN STANLEY MAURITIUS COMPANY LIMITED,BUY,2710000,108.00,-
07-JUL-2011,JAGRAN,Jagran Prakashan Limited,JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED,BUY,18608362,120.95,-
Sensex ends 351 points higher on strong buying
It was a good day for the markets, with the Sensex closing 351 points up and the Nifty surging 104 points.
Major Headlines
Food inflation at 7.61% versus 7.78%
ENIL, Reliance Broadcast rise on FM radio expansion approval
Dayanidhi Maran resigns from Union Cabinet; Sun TV, SpiceJet fall
Sensex, Nifty scale highest level in nearly 10 weeks as bulls return
After a long hiatus, bull operators are back on the street. Key benchmark indices rallied on frenzied buying in index pivotals ahead of the commencement of the first quarter corporate earnings season. The barometer index the BSE Sensex surged past the psychological 19,000 mark. The 50-unit S&P CNX Nifty moved past 5,700 level. The Sensex and the Nifty attained their highest closing level in nearly 10 weeks. Data showing sustained buying by foreign institutional investors (FIIs) over the past few days and firm global stocks underpinned sentiment.
The Sensex jumped 351.33 points or 1.88%, up 311.05 points from the day's low and off 19.48 points from the day's high. The market breadth was strong. All the sectoral indices on BSE rose. The BSE Mid-Cap and Small-Cap indices underperformed the Sensex. The government's decision to raise foreign investment ceiling in private FM radio broadcasting firms to 26% from 20% sent shares of FM radio broadcasting services firms surging.
Grey Market Premiums - July 7 2011
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Vaswani Ind. | 49 | 3 to 5 |
| Birla Pacific Medspa | 10 | Discount |
| Rushil D�cor | 72 | 3 to 5 |
| Ready Made Steel | 90 to 108 | 4 to 5 |
| Bharatiya Global | 75 to 82 | 3 to 4 |
Market may open lower
Trading of S&P CNX Nifty on the Singapore stock exchange indicates that NSE's Nifty index may fall 13 points lower at opening today, 7 July 2011. However, the market sentiment remains positive on sustained buying by foreign institutional investors (FIIs) over the past few days. FIIs bought shares worth a net Rs 220.45 crore on Wednesday, 6 July 2011, as per provisional data from the stock exchanges. Domestic institutional investors (DIIs) sold shares worth Rs 80.23 crore on that day.
Daily News Roundup - July 7 2011
The Petroleum Ministry has recommended granting approval to the US$7.2bn Reliance Industries Ltd-BP Plc deal. However, a final call on this will be taken by the Cabinet Committee on Economic Affairs. (BL)
The US health regulator has imposed an import ban on products made at Dr Reddys Laboratories Mexican plant for violation of current good manufacturing practices. (BS)
Lupin has received approval from the US health regulator to market capsules, used for the treatment of high blood pressure, in the American market. (ET)
Sensex struggles to a flat close
The Indian markets seem to have gone into a sleep mode this week and continue to consolidate in a narrow trading channel amid light volumes. The benchmark Indian equity indices ended almost unchanged on Wednesday at the end of a highly insipid and choppy trading session. Traders and investors continue to be circumspect ahead of quarterly earnings which would start rolling in from Friday.
The overall market sentiment has turned sluggish this week and volumes have subsided substantially after last week’s surprisingly robust rally.
Government at work!
By definition, a government has no conscience. Sometimes it has a policy, but nothing more. - Albert Camus.
Whether it is due to guilty conscience pricking the Government’s mind or lack of other alternatives, finally, there seems to be some forward movement in policy making at the Centre. After the fuel price hike, we have seen approvals for the Cairn-Vedanta deal and now the RIL-BP deal. Sugar decontrol and FDI in multi-brand retail are also said to be in the works. Changes in the urea policy are also being contemplated.
Markets expect a subdued start
Another quiet start is expected in today's trade. Weekly inflation numbers will be declared today
Headlines for the day:
Oil Ministry backs BP's stake buy in RIL
Ranbaxy recalls skin care drug from UK
Mumbai property registration dips in June, sharpest decline this year
Wednesday, July 06, 2011
China hikes interest rates by 25 bps
The People's Bank of China (PBOC) said today that it will raise the one-year yuan lending rate to 6.56% from 6.31%. The one-year yuan deposit rate will be hiked to 3.50% from 3.25%.
China's central bank said on Wednesday that it would increase the benchmark deposit and lending rates by a quarter percentage point as part of the government's efforts to rein in spiraling inflation.
The People's Bank of China (PBOC) said today that it will raise the one-year yuan lending rate to 6.56% from 6.31%. The one-year yuan deposit rate will be hiked to 3.50% from 3.25%.
This is the third rate increase by PBOC this year and its fifth rate increase in the latest round of monetary tightening.
The Chinese central bank has also hiked banks' reserve requirement ratio (RRR) six times in 2010 and six times so far this year.
BSE Bulk Deals to Watch - July 6 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
6/7/2011 524412 Aarey Drugs THAKORLAL ATMA RAM MODI B 96654 21.50
6/7/2011 524412 Aarey Drugs BHAVINI VIJAYKUMAR SHAH B 25005 22.08
6/7/2011 524412 Aarey Drugs JAGDISH RADADIA RADADIA S 50000 21.50
6/7/2011 524412 Aarey Drugs HARSHA J RADADIYA S 50000 21.50
6/7/2011 524412 Aarey Drugs SHAH VIJAY BABULAL S 33000 22.01
NSE Bulk Deals to Watch - July 6 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
06-JUL-2011,ACROPETAL,Acropetal Tech Ltd,OUDH FINANCE & INVESTMENT PRIVATE LIMITED,BUY,352127,17.00,-
06-JUL-2011,DCM,DCM Ltd,TRINADH KIRAN VEMURI,BUY,89223,95.18,-
06-JUL-2011,EMAMIINFRA,Emami Infrastructure Ltd,SHOPARNA BROTHERS PRIVATE LIMITED,BUY,167000,37.00,-
Sensex up 2% in June, outperforms its global peers
Bulls were back in June, with the markets surging nearly 2% on mainly robust FII inflows, easing Greece worries, fall in crude oil prices and good monsoon
Major news for the month
RBI raises repo, reverse repo by 25 basis points
Inflation in May at 9.06% versus 8.66%
India's Q1 corporate tax intake soars 77%
April IIP at 6.3% versus 7.3%
Economy to grow 8.5%: FM
Asia-Pacific market dips on Portugal downgrades, ahead of US Jobs report
Asia-Pacific market ended lower in subdued trade on Wednesday, July 06, 2011, as investors booked some profit amid mixed cues from offshore market, coupled with worries about the health of the euro-zone economy, possible Chinese interest-rate increase, and ahead of Friday's US jobs report.
Investors sold riskier assets as a result of Portugal's rating downgrade, negative economic reports from Europe and concern about Mainland Chinese banks' exposure to local government debts.
Sensex, Nifty at one-week closing lows
A slide in European stocks pushed Indian shares to one-week lows as investors awaited first quarter corporate results, which begin later this week. The Sensex lost 17.59 points or 0.09%, up 44.37 points from the day's low and off 96.48 points from the day's high. The market breadth was positive. Most banking shares dropped as financials fell across Europe after Moody's Investor Service on Tuesday, 5 July 2011, downgraded Portugal's sovereign ratings. HDFC Bank bucked the trend, with the stock hitting a record high on expectations of strong Q1 results.
Index heavyweight Reliance Industries (RIL) rose in choppy trade, reversing Tuesday's over 2% slide. Some auto stocks extended recent gains triggered by expectations that sales will pick up in the second half of the year. IT pivotals fell as the rupee hit a two-month high against the dollar. Telecom pivotals saw divergent trend. Select metal stocks rose.
Daily News Roundup - July 6 2011
RIL has written to DGH committing it will immediately start drilling three wells. (BS)
ONGC, which is exploring coal bed methane in eastern India, will relinquishing one block and file product sharing contract for four on which it has found gas in viable quantities this year. (ET)
Coal India Ltd's plan to import through long-term off-take contracts may not materialise before the end of this fiscal. (BL)
Sensex ends in red…Volumes taper off
The Indian market ended with modest losses on Tuesday at the end of a lackluster trading session and thin volumes. Today’s slight decline was seen on the back of low level of participation, as most players chose to lock in some gains after last week’s advance. The total combined turnover stood at a paltry Rs. 70,000 crore.
Within the Sensex and Nifty the top gainers were M&M, SBI, Maruti Suzukiand Sterlite, while BHEL, RIL, Hindalco and ITC were among the top losers.
Real issues to deal with!
Don't let us make imaginary evils, when you know we have so many real ones to encounter. - Oliver Goldsmith.
The positive buzz appears to have gone quiet after the recent advance on the bourses. Volumes have tapered off lately ahead of the earnings. Europe is still grappling with the sovereign debt issues, despite Greece averting a default. S&P has warned that any rollover of Greek debt will amount to "selective default". Meanwhile, Moody’s has cut Portugal’s credit rating to junk. Even the US is facing a deficit-cum-debt problem. A fierce tug-of-war is underway between the Obama administration and the Republicans.
Smart Moves: BF Utilities up 9%, MOIL up 5%
BF Utilities
BF Utilities, engaged in infrastructure business, jumped 9.17% to close at Rs769.25.
Performance on periodic basis:
On weekly basis (June 28-July 05, 2011), the stock rose 11.13% from Rs692.20.
On monthly basis (June 03-July 05, 2011), the stock rose 3.50% from Rs743.20.
On yearly basis (July 05, 2010-July 05, 2011), the stock rose 11.21% from Rs691.70.
MOIL
MOIL, the largest domestic manganese producer, jumped 5.17% to close at Rs356.75.
Performance on periodic basis:
On weekly basis (June 28-July 05, 2011), the stock rose 9.11% from Rs326.95.
On monthly basis (June 03-July 05, 2011), the stock rose 0.46% from Rs355.10.
Other top gainers in today's trade:
Asit C.Mehta Financial Services (19.93%), SRHHL Industries (18.11%), Tasty Bite Eatables (16.78%), Mahindra Forgings (16%) and Hittco Tools (15.91%).
Tuesday, July 05, 2011
Markets close lower in thin trade
It was a sluggish session for the markets amid thin trading volumes. The Sensex fell 70 points and the Nifty declined 18 points at the close
Major headlines
BHEL declines on reports of disinvestment
Tata Communications rises as Supreme Court clears part sale of VSNL land
Blue Dart to delist at Rs2100 per share
BSE Bulk Deals to Watch - July 5 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
5/7/2011 524412 Aarey Drugs SHAH VIJAY BABULAL B 35000 22.88
5/7/2011 524412 Aarey Drugs SAURIN PRAVINBHAI SHAH B 39800 22.89
5/7/2011 524412 Aarey Drugs VIPUL VIRENDRAKUMAR PATEL S 50000 22.90
5/7/2011 524412 Aarey Drugs BHAVNABEN VIRENDRAKUMAR PATEL S 50000 22.68
5/7/2011 533330 ACROPET TEC DOMINENT FINCAP SERVICES PRIVATE LIMITED B 200000 17.00
NSE Bulk Deals to Watch - July 5 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
05-JUL-2011,DCHL,Deccan Chronicle Hold Ltd,DECCAN CHRONICLE HOLDINGS LTD - BUY BACK ORD-WRONG CODE,BUY,1240875,70.00,-
05-JUL-2011,GAL,Gyscoal Alloys Ltd,ALBERT A RODRIGUES,BUY,120000,13.32,-
05-JUL-2011,JAGRAN,Jagran Prakashan Limited,JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED,BUY,18146355,121.95,-
Bhel slumps almost 5% on FPO pricing worries
Index heavyweight Reliance Industries (RIL) and state-run power equipment major Bharat Heavy Electricals (Bhel) led declined on the domestic bourses triggered by political worries caused by nine ruling Congress party MPs from Andhra Pradesh resigning on Monday, 4 July 2011, to press their demands for a separate state of Telangana, reducing the government's majority in parliament. The barometer index BSE Sensex hit its lowest level since 29 June 2011. The Sensex shed 69.92 points or 0.37%, up 50.51 points from the day's low and off 93.32 points from the day's high.
Index heavyweight RIL extended losses in late trade on reports government clearance for the $7.2 billion British Petroleum (BP) deal to acquire 30% stake in 23 oil and gas blocks of RIL may get delayed. Bhel lost nearly 5% on worries its follow-on public offer (FPO) will be priced at a discount to the ruling market price. HDFC Bank posted small gains after striking a record high while ICICI Bank was marginally lower, halting a nine-day winning streak.
Auto stocks were in demand on fresh buying. Realty stocks fell on worries higher interest rates could dent demand for residential and commercial properties. Cement stocks gained. The market breadth was positive, having swung between positive and negative zone in intraday trade.
The market edged lower in early trade on political worries. A bout of volatility was witnessed as the key benchmark indices weakened again after recovering from the day's lows in morning trade. Key benchmark indices once again cut intraday losses in mid-morning trade after the latest data showed improvement in the services sector in June 2011. The market was hovering near the day's low after moving in a narrow band in early afternoon trade. The market recovered after sliding to fresh intraday low in early afternoon trade. Volatility ruled the roost as the market recovered from lower level after hitting a fresh intraday low in mid-afternoon trade.
The BSE Sensex lost 69.92 points or 0.37% to settle at 18,744.56, its lowest closing level since 29 June 2011. The Sensex rose 23.40 points at the day's high of 18,837.88 in early trade. The index fell 120.43 points at the day's low of 18,694.05 in mid-afternoon trade.
The S&P CNX Nifty was down 18.40 points or 0.33% to 5,632.10, its lowest closing level since 1 July 2011. The Nifty hit a low of 5,612.30 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,534 shares rose and 1,334 shares declined. A total of 122 shares remained unchanged. Earlier, the breadth gyrated between positive and negative during the day.
The BSE Mid-Cap index fell 0.09% and the BSE Small-Cap index rose 0.20%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2832 crore, lower than Monday's (4 July 2011) Rs 3004 crore.
Sectoral indices on BSE displayed mixed trend. The BSE Auto (up 0.88%), the BSE IT (up 0.37%), and the Bankex (up 0.33%), outperformed the Sensex. The BSE Oil & Gas (down 1.6%), the BSE FMCG (down 1.29%), and the BSE Realty (down 1.29%), underperformed the Sensex.
Among the 30-member Sensex pack, 18 stocks declined while the rest of them rose.
Index heavyweight Reliance Industries (RIL) lost 2.67% to Rs 845, after gyrating between Rs 844.10 and Rs 870. The stock fell on reports government clearance for the $7.2 billion British Petroleum (BP) deal to acquire 30% stake in 23 oil and gas blocks of RIL may get delayed as the oil ministry is likely to send the proposal for the approval of Cabinet Committee on Economic Affairs (CCEA).
The RIL stock had recovered slightly on Monday, 4 July 2011, after tumbling almost 4% on Friday, 1 July 2011. The slide in the stock on 1 July 2011 was triggered by reports the Central Bureau of Investigation (CBI) searched the house V.K. Sibal, the former chief of the Directorate General of Hydrocarbons, the upstream regulator, after the state auditor said in a report there may have been inflated costs for some of Reliance Industries' exploration activities. Sibal was the chief of the Directorate General of Hydrocarbons when the costs were approved.
As per recent reports, a draft report of the Comptroller and Auditor General of India (CAG) has questioned the decision of the oil ministry and its technical arm, the Director General of Hydrocarbons (DGH), to allow RIL to raise the development cost of RIL's KG-D6 field. RIL has already clarified that it has fully complied with the requirements in its production-sharing contract at all times in conducting petroleum operations.
RIL's advance tax payment reportedly jumped 38.46% to Rs 900 crore in Q1 June 2011 over Q1 June 2010. Higher advance tax payment normally indicates higher profit for the period under review.
Castrol India galloped 4.31% to Rs 576.80. The stock hit a record high of Rs 588.35 in intraday trade today, 5 July 2011.
India's largest electric equipment maker by sales Bharat Heavy Electricals (Bhel) lost 4.73% to Rs 1949 and was the top loser from the Sensex pack. The stock dropped on worries the company's follow-on public offer (FPO) will be priced at a discount to the ruling market price. A large FPO is normally priced at a discount to the ruling market price to attract investors to the issue. Reportedly the Union Cabinet is likely to approve disinvestment of 5% of the government's equity in the state-run power equipment company next week.
In May 2011, Bhel's board of directors had recommended divestment of 5% government stake. The government plans to raise Rs 40000 crore from disinvestment in the current financial year.
Auto stocks were in demand on fresh buying. India's largest tractor maker by sales Mahindra & Mahindra gained 2.59% to Rs 719.50 and was the top gainer from the Sensex pack. The company, last week, reported 29.11% jump in its total sales at 35,584 units in June 2011 over June 2010. Mahindra & Mahindra (M&M)'s domestic sales grew 28.69% to 33,772 units and exports surged 37.38% to 1,812 units in June 2011 over June 2010.
India's largest truck maker by sales Tata Motors rose 0.59%. The company's total sales declined 0.7% to 66,358 units in June 2011 over June 2010. The company unveiled the monthly sales data during trading hours on 1 July 2011.
India's largest car maker by sales Maruti Suzuki India rose 0.89%. The company's total vehicle sales dropped 8.8% to 80,298 units in June 2011 over June 2010. Domestic sales declined 3.8% to 70,020 units and exports sales plunged 32.7% to 10,278 units in June 2011 over June 2010.
Maruti said production was adversely impacted due labour strike at Manesar plant in June 2011. There was no production for 10.5 days due to the strike. Another reason for lower production was planned shutdown at its units. Maruti Suzuki India's Gurgaon facilities were closed for six days from 20 June 2011 to 25 June 2011 for maintenance purpose. The planned maintenance shutdown at Manesar facilities started from 27 June 2011 to 2 July 2011. The company announced the monthly sales data on 1 July 2011.
India's second largest motorcycle maker by sales Bajaj Auto rose 0.38%. The company's total sales rose 16% to 3.66 lakh units in June 2011 over June 2010. Bajaj Auto's motorcycle sales rose 14% to 3.22 lakh units and commercial vehicle sales jumped 34% to 43,830 units in June 2011 over June 2010. Exports rose 25% to 1.42 lakh units in June 2011 over June 2010. The company said premium bikes such as Pulsar and Discover contributed 66% of total motorcycle sales in June 2011. Bajaj Auto announced the monthly sales data during trading hours on Monday, 4 July 2011.
India's largest motorcycle maker by sales Hero Honda Motors rose 0.12%. The company reported 20.12% jump in sales at 5.12 lakh units in June 2011 over June 2010. "This is the first time the company has sold five lakh-plus units in each of the three months of a quarter. Sequentially, this is the fourth consecutive month of five lakh-plus sales for the company," Hero Honda said in a statement. For the April-June period of this fiscal, the company saw its highest-ever quarterly sales at 15,29,577 units compared to 12,34,039 units in the same period last financial year, up 23.95%.
Commercial vehicles maker Ashok Leyland rose 3.83% after the company's total vehicle sales surged 39.9% to 8,009 units in June 2011 over May 2011. The company unveiled the monthly sales figures during trading hours today, 5 July 2011.
Banking pivotals were mixed. India's largest commercial bank in terms of branch network, State Bank of India, rose 1.46%. India's second largest private sector bank by net profit HDFC Bank rose 0.38% to Rs 2542. The stock hit a high of Rs 2551, which is also a record high for the counter.
India's largest private sector bank by net profit ICICI Bank slipped 0.10% on profit booking after advancing 8.35% in prior nine trading sessions.
India's largest FMCG company by revenue Hindustan Unilever was down 0.67%. The company said during market hours today that a meeting of the company's shareholders will be held on 28 July 2011 to seek their approval for the transfer of certain assets, liabilities and properties of FMCG Exports Business Division of Hindustan Unilever (HUL) to Unilever India Exports, a 100% subsidiary of HUL.
India's second largest listed telecom operator by sales Reliance Communications fell 1.19% on profit booking after the stock rose 6.40% in the prior three trading sessions.
Idea Cellular lost 2.54%. The company said after trading hours that the High Court of Delhi pronounced its judgment on the merger of Spice Communications with Idea Cellular on Monday, 4 July 2011. The company said the merger sanctioned on 5 February 2010 now stands reaffirmed. While the court slapped a penalty of Rs 1 crore on Idea for suppression, the option to challenge the order is allowed. The company said it stands upright, has not suppressed anything at all, let alone willfully, and will appeal for what it believes is right.
Reliance Infrastructure (R-Infra) declined 0.95% on reports Reliance Sea Link One (RSOPL), an arm of Reliance Infrastructure (RInfra), which has bagged the Worli-Haji Ali sea link project in Mumbai, will have to pay a daily penalty of Rs 10 lakh for not complying with the provisions of a concession agreement with Maharashtra State Road Development Corporation (MSRDC).
According to the agreement, RSOPL was supposed to pay Rs 1634 crore to MSRDC to take over the existing Worli-Bandra stretch by 3 July 2011, before the construction on the Worli-Haji Ali link started. However, RSOPL has not yet made any payment MSRDC and thus is liable for the payment of a daily penalty of Rs 10 lakh, reports suggest. The Worli-Haji Ali link is an extension of the Bandra-Worli stretch, which was thrown open to the public in June 2009.
Cement stocks gained as cement dispatches are likely to pick up post monsoons due to acceleration in construction activities with current year being the last year of the eleventh five-year plan period. ACC (up 1.62%), UltraTech Cement (up 1.77%), India Cements (up 1.11%), Madras Cement (up 4.5%), gained. Ambuja Cement slipped 0.66% to Rs 128.70, recovering from day's low of Rs 127.25.
Realty stocks fell on worries higher interest rates could dent demand for residential and commercial properties. Purchases of both residential and commercial property are largely driven by finance. HDIL (down 1.62%), Unitech (down 1.63%), DLF (down 1.54%), Indiabulls Real Estate (down 1.86%), Orbit Corporation (down 0.45%), and D B Realty (down 0.85%), declined.
BF Utilities clocked highest turnover of Rs 154.05 crore on BSE. ICICI Bank (Rs 143.23 crore), State Bank of India (Rs 119.08 crore), Jubilant FoodWorks (Rs 74.22 crore) and VIP Industries (Rs 71.46 crore) were the other turnover toppers in that order.
Cals Refineries clocked highest volume of 2.35 crore shares on BSE. Redington India (57.40 lakh shares), Mahindra Satyam (55.70 lakh shares), Birla Power (46.52 lakh shares) and Birla Cotsyn (41.80 lakh shares) were the other volume toppers in that order.
The Reserve Bank of India said on Monday companies can refinance their overseas borrowing without seeking any specific approval from the bank. The ruling enables companies with outstanding debt to raise funds via fresh external commercial borrowings and foreign currency convertible bonds (FCCBs). Restructuring of FCCBs involving change in the existing conversion price is not permissible, the Reserve Bank of India said.
"Keeping in view the need to provide a window to facilitate refinancing of FCCBs by the Indian companies who may be facing difficulty in meeting the redemption obligations, the Reserve Bank of India, in consultation with the Government of India, has decided to allow the Indian companies to refinance/ restructure the outstanding FCCBs issued by them," the central bank said.
The market soon enters the crucial period of corporate earnings. Investors will closely watch the post-Q1 June 2011 result management commentary to gauge the future earnings outlook at a time when firms are witnessing cost pressures amid rising interest rates and staff costs. A hike in transportation costs will add to cost pressure of India Inc. As per reports, freight rates have gone up by 8% to 9% on all routes across India following the recent hike in diesel prices.
Corporate earnings will begin with housing finance major HDFC unveiling its Q1 June 2011 results on Friday, 8 July 2011. IT bellwether Infosys unveils Q1 results on 12 July 2011. IT giant TCS unveils Q1 results on 14 July 2011. Dr Reddy's Lab announces Q1 results on 20 July 2011. Biocon unveils Q1 results on 21 July 2011. Private sector bank Axis Bank reports Q1 results on 22 July 2011.
The services sector picked up steam in June 2011, with activity rebounding from a 20-month-low in May 2011 as new orders rose sharply and costs climbed at a slower pace, a survey showed on Tuesday, 5 July 2011. The seasonally adjusted HSBC Markit Business Activity Index based on a survey of 400 firms, rose to 56.1 in June after hitting 55.0 in May, while expectations also soared. The services sector contributes nearly 60% to the overall economy.
Foreign direct investments in India more than doubled to $4.66 billion in May 2011 from $2.21 billion a year earlier, the latest government data showed. Foreign direct investments rose 77% in April-May 2011 to $7.79 billion. The recent trend of a dip in foreign direct investment inflows appears to have been reversed in the current financial year, where a significant upward trend in the FDI inflows is evident, the government said.
As per reports, capital expenditure projects worth a whopping Rs 8 lakh crore are expected to be completed in the year ending March 2012 (FY 2012). Many of these projects have rolled over from the previous year, reports added.
The manufacturing sector lost steam last month with marked declines in output indicating taut monetary conditions may be taking hold even as prices remained at elevated levels, a survey showed on Friday, 1 July 2011. The HSBC Markit Purchasing Managers' Index, based on a survey of around 500 companies, showed a sharp fall to 55.3 in June from 57.5 in May, its lowest level since September last year and the steepest monthly fall since November 2008.
Rainfall from the start of the monsoon season until 30 June 2011 was 182 millimeters, 11% above the long-term average. Rainfall in the month of July is considered crucial as sowing of a number of crops starts in June and good July rains determine the soil moisture and ensure proper development of the crops planted in June.
Reserve Bank of India (RBI) deputy governor Subir Gokarn today, 5 July 2011, said the RBI is trying to ensure the monetary policy measures it takes to cool persistent inflation are the best ones in the given macroeconomic situation. He said the RBI is now attaching increasing importance to corporate data points in the formulation of its policy.
Life came to a virtual standstill in all of the ten districts of Telangana in Andhra Pradesh on Tuesday with public transport, autos and train services staying off while shops and establishments, cinemas and shopping malls remained shut. In Hyderabad too, the bandh was near total with the streets wearing a deserted look and shops downing shutters, media reports said.
European stocks held in a tight range Tuesday as a possible Chinese interest-rate hike and a lack of direction from US kept investors on the sidelines, while profit warnings from PagesJaunes and CSM NV hit shares. The key benchmark indices in UK and Germany rose 0.20% and 0.24%. France's CAC 40 slipped 0.33%.
Standard & Poor's Ratings Services on Monday, 4 July 2011, said the Greek bailout plan was little more than a selective default. Meanwhile, the European Central Bank is expected to hike interest rates at a policy meeting on Thursday, 7 July 2011.
Asian shares were mixed in volatile trading on Tuesday, 5 July 2011, with investors still wary about Europe's sovereign-debt problems. The key benchmark indices in China, Japan, South Korea and Taiwan rose by between 0.07% to 0.77%. The key benchmark indices in Hong Kong, Indonesia and Singapore were down by between 0.10% to 0.75%.
Chinese media reported Tuesday that the country's central bank has raised expectations of an imminent interest-rate increase, with one newspaper saying a hike could come as soon as this weekend.
Trading in US index futures indicated that the Dow could gain 25 points at the opening bell on Tuesday, 5 July 2011. The key data due this week is US non-farm payrolls for June 2011 on Friday, 8 July 2011. The market expectation is that hiring doubled last month from May's lackluster initial reading of 54,000 non-farm jobs.
Market may open flat to slightly lower on weak Asian stocks
The market may open flat to slightly lower on weak Asian stocks. Trading of S&P CNX Nifty on the Singapore stock exchange indicates a fall of 4.50 points at the opening bell. Political uncertainty may weigh on the bourses after nine ruling Congress party MPs from Andhra Pradesh resigned on Monday, 4 July 2011, to press their demands for a separate state of Telangana, roughly halving the government's majority and heaping more pressure on the beleaguered party. The members giving up their seats called for government action on the long-standing demand for a new state, hours after dozens of Congress MLAs stepped down from the assembly in Andhra Pradesh.
Daily News Roundup - July 5 2011
Glenmark Pharmaceuticals has settled patent infringement litigation with Daiichi Sankyo and Genzyme. (ET)
Jindal Steel and Power Ltd expects to garner about Rs7.65bn in the current financial year by selling iron ore from its Bolivian mine. (BS)
Mahindra Two Wheelers will relaunch its110cc bike Stallio by the end of this year as a first step towards extending its portfolio. (BS)
The Delhi High Court said six mobile permits of north India’s Spice Communications would not be transferred to Idea Cellular because it did not comply with licence norms and merger guidelines. (ET)
Sensex notches slim gains...Nifty ends at 5650
After taking a breather on Friday, the main Indian stock indices resumed their upswing on Monday, kicking off the week with modest gains. The equity indices began on a positive note with world markets cheering a surprise gain for the US manufacturing PMI. US markets ended with healthy gains on Friday, while Asian indices rose ~1-2% each. However, European markets were trading in the negative terrain after S&P's warning on the plans to rollover Greek debt.
The BSE Sensex ended at 18,814 adding 52 points. It had earlier touched a day's high of 18,942 and a day's low of 18,781. It opened at 18,896. The NSE Nifty closed at 5,651 adding 23 points.
Calm after the storm
Money is like a sixth sense - and you can't make use of the other five without it - William Somerset Maugham.
Money makes the world go round goes a famous adage. Some of the top news headlines are all linked to the big bucks. The Supreme Court has pulled up the Government for its lackadaisical approach to Black Money. There has been a startling discovery of a huge treasure in a Kerala temple.
Sensex ends in green; Broader indices outperform
Rally in the broader indices and rate sensitive stocks led to a positive closing on the Dalal Street
Major headlines
Bajaj Auto posts highest ever sales in June
Glenmark settles patent litigation with Daiichi Sankyo
StanChart PE buys 12% in Redington India
BSE Bulk Deals to Watch - July 4 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
4/7/2011 524412 Aarey Drugs SHAISHIL TUSHARKUMAR JHAVERI B 54700 24.39
4/7/2011 524412 Aarey Drugs VIPUL PANNALAL SHAH B 25867 23.55
4/7/2011 524412 Aarey Drugs VIPUL VIRENDRAKUMAR PATEL B 50000 23.45
4/7/2011 524412 Aarey Drugs BHAVNABEN VIRENDRAKUMAR PATEL B 50000 23.90
4/7/2011 524412 Aarey Drugs RAGINI RUPEN SHAH B 50000 23.95
NSE Bulk Deals to Watch - July 4 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
04-JUL-2011,ACROPETAL,Acropetal Tech Ltd,INDRAVARUN TRADE IMPEX PVT LTD,BUY,191600,17.26,-
04-JUL-2011,AGRE,Agre Developers Ltd,PILOT CONSULTANTS PRIVATE LIMITED,BUY,80000,51.63,-
04-JUL-2011,BEDMUTHA,Bedmutha Indust Ltd,JAYNEEL SECURITIES PRIVATE LIMITED,BUY,149941,132.08,-
04-JUL-2011,BEDMUTHA,Bedmutha Indust Ltd,SAAKSHI SHARES PVT.LTD.,BUY,130744,133.44,-
Nifty July 2011 futures above 5650
Turnover slips
Nifty July 2011 futures were at 5665.60, a premium of 15.10 points compared with the spot closing of 5650.50. Turnover in NSE's futures & options (F&O) segment declined to Rs 65447.26 crore from Rs 74840.87 crore on Friday, 1 July 2011.
DLF July 2011 futures were at a discount at 231.25, compared with spot closing of 233. It was the most active futures contract with 19,783 contracts being traded and clocked turnover of Rs 455.99 crore.
Nifty scales 9-week closing high
After taking a breather on Friday, 1 July 2011, the market regained its recent winning streak at the onset of the week, as data showing sustained buying by foreign funds over the past few days boosted investor sentiment. The 50-unit S&P CNX Nifty attained its highest closing level in 9 weeks. The BSE Sensex advanced 51.68 points or 0.29%, up close to 30 points from the day's low and off close to 120 points from the day's high. The market breadth was strong. Index heavyweight Reliance Industries (RIL) edged higher.
Monday, July 04, 2011
Grey Market Premiums July 4 2011
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Vaswani Ind. | 49 | 3 to 5 |
| Birla Pacific Medspa | 10 | Discount |
| Rushil D�cor | 72 | 2.50 to 3 |
| Ready Made Steel | 90 to 108 | 3 to 4 |
| Bharatiya Global | 75 to 82 | -- |
Daily News Roundup - July 4 2011
ICICI Bank has raised its base rate by 25 bps to 9.5% with effect from Monday. (BS)
TCS will look at expanding its market share in emerging market like Latin America and West Asia. (BS)
United Spirits has acquired additional 19.99% stake in Karnataka-based Sovereign Distilleries for an undisclosed amount. (ET)
Cauvery Asset (Karaikal) of ONGC has exceeded its oil production target for the first three months of this financial year. (ET)
Sensex takes a breather...
After enjoying a pleasant rebound over the past six trading sessions, the Indian markets finally took a breather on Friday. The six-day rally came to a halt after traders and investors preferred to book some profits at higher levels. Data showing deceleration in manufacturing sector activity from Australia to Europe also partly contributed to the selling today. Back home, trade deficit widened in May as well as in April-May period. Monthly auto sales also came in mixed, with Maruti's volumes sliding on a 10-day strike.
World is on the move
"Strength does not come from physical capacity. It comes from an indomitable will." - Mahatma Gandhi.
Friday’s minor blip deprived Indian markets of a strong weekly finish, although the broader market held its own. Nothing to worry, as the momentum still remains in tact, with world markets cheering a surprise gain for the US manufacturing PMI. The encouraging US data came on a day when most national manufacturing PMIs registered a drop.
Crude snaps three day winning streak
Prices recover from intra day low levels
Crude-oil futures settled modestly lower on Friday, 01 July 2011 at Nymex snapping a three-day winning streak but coming off the day's lows on a surprise rise for a key gauge of U.S. manufacturing activity. In addition to profit-taking, oil was feeling the pinch of a stronger dollar, even as the U.S. unit moderated its gains.
Oil for August delivery declined 48 cents, or 0.5%, to settle at $94.94 a barrel on the New York Mercantile Exchange. It had earlier traded as low as $93.45 a barrel, hit by weak manufacturing data in China and in the U.K. Crude registered 4.2% gains on a weekly basis.
Bullions register modest weekly losses
Gold settles at lowest levels in six weeks
Gold and silver prices settled at their lowest level in six weeks on Friday, 01 July 2011 at Comex. Prices fell as investors flocked to equities turning away from commodities. Prices also fell the pinch of a stronger dollar.
Gold for August delivery declined $20.20, or 1.3%, to $1,482.60 an ounce on the Comex division of New York Mercantile Exchange, bringing weekly losses to 1.2%.
Firm opening on the cards
The market may extend recent strong gains on firm Asian stocks. The sentiment remains firm on sustained buying by foreign funds over the past few days. Trading of S&P CNX Nifty on the Singapore stock exchange indicates a gain of 50.50 points at the opening bell.
Foreign institutional investors (FIIs) bought shares worth a net Rs 599.66 crore on Friday, 1 July 2011, as per provisional data from the stock exchanges. FII inflow totaled Rs 2662.74 crore in June 2011, as per the data from the stock exchanges.
Sunday, July 03, 2011
Saturday, July 02, 2011
Annual Report - Infosys Technologies - 2010-2011
INFOSYS TECHNOLOGIES LIMITED
ANNUAL REPORT 2010-2011
DIRECTOR'S REPORT
To
The members,
INFOSYS TECHNOLOGIES LIMITED.
We are delighted to present the Report on our business and operations for
the year ended March 31, 2011.
1. Results of operations:
in Rs. crore,
except per share data
2011 2010
Income from software services and products 25,385 21,140
Software development expenses 14,267 11,559
Gross profit 11,118 9,581
Selling and marketing expenses 1,219 974
General and administration expenses 1,485 1,247
Operating profit before interest and
depreciation (PBIDTA) 8,414 7,360
Interest - -
Depreciation 740 807
Operating profit before tax 7,674 6,553
Other income, net 1,147 919
Net profit before tax and exceptional item 8,821 7,472
Provision for taxation 2,378 1,717
Net profit after tax and before
exceptional item 6,443 5,755
Income on sale of investments, net of taxes(1) - 48
Net profit after tax and after exceptional item 6,443 5,803
Profit and Loss account balance brought
forward 13,806 10,305
Amount available for appropriation 20,249 16,108
Dividend
Interim 574 573
30th year special dividend-interim 1,722 -
Final 1,149 861
Total dividend 3,445 1,434
Dividend tax 568 240
Amount transferred to general Reserve 645 580
Amount transferred to capital Reserve - 48
Balance in Profit and Loss account 15,591 13,806
EPS before exceptional item (2)
Basic 112.26 100.37
Diluted 112.22 100.26
EPS after exceptional item (2)
Basic 112.26 101.22
Diluted 112.22 101.10
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Derivatives: Huge resistance is expected going ahead, while the downward bias is more
The domestic market rose in four of the last five trading days buoyed by the easing Greece debt worries and strong buying by the Foreign Institutional Investors (FII). The benchmark nifty rose by 176.15 points during the week till the expiry day as major shorts in the June series were aggressive covered, while fresh long position in the index and stock future were created. Although the volumes on Friday were thin, the position buildup in the Future & Options (F&O) July series do not look encouraging. Huge call writing was witnessed in the 5600 and up strike call option of the July series. Similarly out-of-the-money puts were aggressive bought on Friday. On Friday the market fell 20.20 points to close at 5627.20.
Weekly Stock Picks - July 2 2011
Buy DCB
Buy LIC Housing Finance
Buy Bombay Dyeing
Buy Bharat Forge
Buy BHEL
Weekly Newsletter - July 2 2011
The Indian stock market rallied as FII inflows turned around and the Government hinted at getting on with key reforms with a belated fuel price hike. A string of encouraging economic statistics like drop in food inflation, contraction in current account deficit and improvement in core sector growth added fuel to the fire.
Softening crude oil prices, coupled with a growing confidence that Greece will avoid an imminent default also lent good support to the Indian markets.
India’s fiscal deficit at 31.7% of FY12 target
India’s fiscal deficit in the April to May period touched 31.7% of its target for the financial year 2011-12, data released by the Government showed. The budget gap stood at Rs. 130,726 crores at the end of May compared to the annual forecast of Rs. 412,817 crores, the Controller General of Accounts (CGA) said. Fiscal deficit at the end of April was Rs. 74,661 crores, or 18.1% of the FY12 projection. In April-May 2010, the fiscal deficit was Rs 1,00,907 crores or 26.5% of the Budget Estimate for that year. Revenue deficit for the first two months of FY12 was at Rs. 110,069 crores, or 35.8% of the annual projection for FY12. Revenue deficit was 29.4% in the year-ago period.
Revenue receipts in April-May were Rs 28,716 crores or 3.6% of the annual target of Rs 7,89,892 crores. Net tax revenue was Rs 23,103 crores in April-May or 3.5% of FY12 estimate of Rs 6,64,457 crores. Non-tax revenue in the first two months comprised 4.5% of the FY12 target of Rs 1,25,435 crores. The total expenditure was Rs 1,66,262 crores or 13.2% of the BE of Rs 1,257,729 crores.
Current account deficit shrinks in Q4 FY11
India's current account deficit (CAD) for the January to March quarter has been lower as against the earlier quarters of FY12 as well as compared to the corresponding quarter of the previous year, the Reserve Bank of India (RBI) said. The CAD narrowed to US$5.4bn in the three months ended March 31, 2011 from a revised US$10bn in the previous quarter (October to December), the central bank said.
India's infrastructure sector growth improves MoM
Combined output of India's new-look infrastructure sector increased in May from last month despite disappointing performance of Coal, Natural Gas and Cement sub-segments. The index of eight core sector industries, having a combined weight of 37.90% in the Index of Industrial Production (IIP), grew by 5.3% compared to 4.6% in April. The infrastructure sector growth stood at 7.4% in May 2010. During April-May 2011-12, the eight core sector industries registered a growth of 4.9% as against 7.9% during the corresponding period of the previous financial year. The overall index level was at 142.45 in May as against 135.26 in the same month last year. The index stood at 137.88 in April and 154.92 in March.
Food inflation slides below 8%
The annual rate of inflation in the food space decreased in the third week of June, data released by the Government showed. But, inflation in the Fuel & Power space inched higher, the data revealed. Annual inflation in the Food Articles space fell to 7.78% in the week ended June 18 from 9.13% in the previous week, the Commerce & Industry Ministry said. Food inflation was at 20.12% in the year-ago period. Inflation in the Primary Articles group decreased to 11.84% in the week under consideration from 12.62% in the week ended June 11, according to the Commerce Ministry statement. Inflation in the Primary Articles space was at 19.58% in the comparable period last year.
Friday, July 01, 2011
Sensex takes a breather...Snaps six-day rally
After enjoying a pleasant rebound over the past six trading sessions, the Indian markets finally took a breather on Friday. The six-day rally came to a halt after traders and investors preferred to book some profits at higher levels. Data showing deceleration in manufacturing sector activity from Australia to Europe also partly contributed to the selling today. Back home, trade deficit widened in May as well as in April-May period. Monthly auto sales also came in mixed, with Maruti's volumes sliding on a 10-day strike.
Markets break 6-day advance as heavyweights drag
Reliance Industries was the main culprit behind today’s downtrend, which dragged the Indian markets lower after six-day uninterrupted rally.
Major Headlines
RIL slips after CBI search at premises of ex-DGH head V K Sibal
Exports surge 56.9% in May
M&M auto sales up 29% in June
Q1 June 2011 earnings to dictate near term trend
The market soon enters the crucial period of corporate earnings. Investors will closely watch the post-Q1 June 2011 result management commentary to gauge the future earnings outlook at a time when firms are witnessing cost pressures amid rising interest rates and staff costs. A hike in transportation costs will add to cost pressure of India Inc. As per reports, freight rates have gone up by 8% to 9% on all routes across India following the latest hike in diesel prices.
Housing finance major HDFC unveils Q1 June 2011 results on Friday, 8 July 2011. On the same day, private sector bank IndusInd Bank also reports Q1 June 2011 results. IT bellwether Infosys Technologies will unveil Q1 results on 12 July 2011.
BSE Mid-Cap, Small-Cap indices extend winning streak
Key benchmarks indices registered losses on the first day of the month and the quarter as investors resorted to profit taking after recent sharp surge in share prices. Index heavyweights Reliance Industries (RIL), Bharti Airtel and Larsen & Toubro led the decline. The BSE Sensex fell 83.07 points or 0.44%, up close to 50 points from the day's low and off close to 269 points from the day's high. The Small-Cap and Mid-Cap indices on BSE rose, extending their recent rally. The market breadth was positive.
RIL fell almost 4% on reports the Central Bureau of Investigation (CBI) today, 1 July 2011, searched the house V.K. Sibal, the former chief of the Directorate General of Hydrocarbons, the upstream regulator, after the state auditor said in a report there may have been inflated costs for some of RIL's exploration activities.
Grey Market Premiums - July 1 2011
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Vaswani Ind. | 49 | 4 to 5 |
| Birla Pacific Medspa | 10 to 11 | Discount |
| Rushil Decor | 72 | 3 to 3.50 |
| Ready Made Steel | 90 to 108 | 5 to 6 |
Market may extend recent strong gains
The market may extend recent strong gains, tracking higher Asian stocks. Data showing heavy buying by foreign funds on Thursday, 30 June 2011, is likely to boost sentiment. Trading of S&P CNX Nifty on the Singapore stock exchange indicates a gain of 40 points at the opening bell. Auto and cement stocks will be focus as companies from these two sectors start unveiling monthly sales volume data for the month just gone by.
Foreign institutional investors (FIIs) bought shares worth a massive Rs 1591.34 crore on Thursday, 30 June 2011, as per the provisional data released by the stock exchanges. FII inflow totaled Rs 2662.74 crore in June 2011, as per the data from the stock exchanges.
Markets may extend gains at start
The opening is expected to be on a strong note on receding worries over Greece debt crisis.
Headlines for the day:
Cairn deal gets conditional okay
Core sector growth slows to 5.3% in May
Cox & Kings eyes global buys to raise Rs1,500 crore via FIIs
Daily News Roundup - July 1 2011
After a good 10 months of its announcement, the Cairn Energy-Vedanta Resources stake-sale deal has got the nod of the Cabinet Committee of Economic Affairs, but with riders. (BL)
Tata TeleServices, which had ushered in a tariff war with its per-second billing-based GSM offering two years back, has revised the rates for all new subscribers of Tata DoCoMo in every circle it operates. (BL)
Cipla would appeal the order of a United States District Court that has ruled against the sale of a product for pets, on the grounds that it infringed a patent held by Merial Ltd, a Sanofi company. (BL)
Sensex strikes sixer…Nifty ends near 5650
The Indian market continues to be on a roll, with the main stock indices extending their winning streak to a sixth consecutive trading session. The F&O expiry went off smoothly, with the NSE Nifty witnessing a late spurt owing to some short covering. With this, the Nifty has surged by nearly 370 points in the last six trading days.
Today’s upswing was led by positive global cues after the Greek parliament approved new budget cuts needed to secure international aid and avoid a default. Renewed optimism over FII inflows also partly powered the advance. A steep drop in food inflation in the middle of June also boosted the sentiment slightly.
Pleasant performance
A pleasant illusion is better than a harsh reality - Christian Bovee.
Markets always tend to surprise. The six-day uptick is a case in point. Just when most players were bracing for challenging times we got a pleasant bounce. And, going by the strong momentum, it looks like the party could last a bit longer before we see some cooling.
So, no prizes for guessing the start. It will be good once again, as world equity markets have extended this week’s solid gains.
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