Havells India, SCI

Havells India, SCI

Shipping Corp FPO subscribed 2.32 times

Gets bids for 19.68 crore shares

The follow-on public offer (FPO) of state-run Shipping Corporation of India (SCI) was subscribed 2.32 times on the third day of bidding for the issue today, 2 December 2010. The FPO got bids for 19.68 crore shares compared with 8.46 crore shares on offer. Bidding for the FPO by qualified institutional buyers ended today, 2 December 2010 while that for other category of investors ends on Friday, 3 December 2010.

SCI FPO

SCI FPO

Shipping Corporation of India

Shipping Corporation of India

SCI FPO

Investors with a long-term perspective of at least two-three years can consider applying at cut off in the follow-on public offer (FPO) of The Shipping Corporation of India (SCI), the country's largest shipper (35 per cent share) in terms of Indian flagged tonnage.

JK Cement, Madras Cement, Mercator Lines, Mundra Port and SEZ, Punj LLoyd, PVR Cinemas, SCI, Subros, Tata Chemicals, Unity Infraprojects

JK Cement, Madras Cement, Mercator Lines, Mundra Port and SEZ, Punj LLoyd, PVR Cinemas, SCI, Subros, Tata Chemicals, Unity Infraprojects

SCI

SCI

Shipping Corporation

We recommend a ‘buy’ in the Shipping Corporation of India from a short-term horizon. It is clearly visible from the charts of Shipping Corporation that after finding support at Rs 70 in early March, a significant long-term support level, it bounced up. Since its March low, the stock has been on a medium-term uptrend. However, in mid-April the stock encountered resistance at around Rs 98 and witnessed a pull back to Rs 81, retracing 61.8 per cent (Fibonacci retracement) of its prior up move. Subsequently, the stock resumed its medium-term uptrend taking support from the up trendline recently. The stock is trading well above its 21 and 50-day moving averages. We notice that the volumes are high during the advance days. The daily relative strength index (RSI) has re-entered into the bullish zone from the neutral levels. The weekly RSI is gradually rising in the neutral region towards the bullish zone. Our short-term outlook is bullish on this stock. We expect the stock to move up until it hits our price target of Rs 102 in forthcoming trading sessions. Traders with short-term trading perspective can buy the stock while maintaining a stop-loss at Rs 87.

via BL

Today's Pick - SCI

We recommend a sell in Shipping Corporation of India (SCI) from a short-term perspective. It is evident from the charts of the Shipping Corporation of India that it has been on a medium-term downtrend from its May high of Rs 300. The stock declined below the 200-day moving average in late June and has not crossed this line since then.

On August 18, the stock fell 4 per cent penetrating the 21 and 50-day moving averages. With this decline, the stock has resumed its medium-term downtrend. The daily relative strength index is declining in the neutral region. The daily moving average convergence and divergence is reinforcing bearishness.

We are bearish on the stock in the short-term. We anticipate the stock to decline further until it hits our price target of Rs 200 in the forthcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 235.

via BL

Shipping Corporation of India

Shipping Corporation of India