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Friday, March 23, 2007
Thursday, March 22, 2007
Board Meetings - March 24,25 and 26 2007
| Mar 24 2007 | Alps Bpo Services Ltd | Alps Infosys Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, to consider the following business:1. To revise the structure of reduction of share capital of the Company.2. To convene Extra Ordinary General Meeting of members of the Company. |
| Mar 24 2007 | Corporation Bank | Corporation Bank has informed BSE that a meeting of the Board of Directors of the Bank will be held on March 24, 2007, inter alia, to consider the declaration of Interim Dividend if any for the Financial Year 2006-2007. |
| Mar 24 2007 | Dhanuka Pesticides Ltd | Dhanuka Pesticides Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, to consider and declare Interim dividend on equity shares of the Company for the financial year 2006-2007. |
| Mar 24 2007 | Gogia International Securities Ltd | Gogia International Securities Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, inter alia, to consider and approve the declaration of First Interim Dividend to the members of the Company for the financial year 2006-07. |
| Mar 24 2007 | Gujarat Themis Biosyn Ltd | Gujarat Themis Biosyn Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, to review the operations of the Company. |
| Mar 24 2007 | Indian Overseas Bank | Indian Overseas Bank (IOB) has informed BSE that a meeting of the Board of Directors of the Bank will be held on March 22, 2007, inter alia, taking on record, the scheme titled "The Bharat Overseas Bank Ltd (Transfer of Undertaking to the Indian Overseas Bank) Scheme, 2007" made by the Government of India and notified in the Official Gazette vide on March 12, 2007.Indian Overseas Bank (IBO) has informed BSE that the meeting of the Board of Directors of the Bank which is scheduled to be held on "March 22, 2007", inter alia, for taking on record, the scheme titled "The Bharat Overseas Bank Ltd (Transfer of Undertaking to the Indian Overseas Bank) Scheme, 2007" made by the Government of India and notified in the Official Gazette vide on March 12, 2007, has been changed to "March 24, 2007".(As Per BSE Announcement Website Dated on 16/03/2007)Cancelled(As Per BSE Bulletin Dated on 20/03/2007) |
| Mar 24 2007 | Jai Mata Glass Ltd | Jai Mata Glass Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 24, 2007, inter alia, to consider the following:1. For allotting 3500000 equity shares of Re 1/- each to existing promoters on preferential basis for redemption of 350000 Cumulative Optionally Convertible Redeemable Preference Shares (COCRPS) of Rs 100/- issued to Industrial Development Bank of India Ltd., in accordance with the Order of Hon'ble Board for Industrial and Financial Reconstruction dated April 10, 2006.2. For redemption of 350000 Cumulative Optionally Convertible Redeemable Preference Shares (COCRPS) of Rs 100/- each issued to Industrial Development Bank of India Ltd., in accordance with the Order of Hon'ble Board for Industrial and Financial Reconstruction dated April 10, 2006. |
| Mar 25 2007 | Goodyear India Ltd | Goodyear India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 25, 2007, inter alia, to review the annual financial results of the Company for the year ended December 31, 2006 and recommend dividend, if any. |
| Mar 26 2007 | Archies Ltd | Archies Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider issue of Equity Shares and Warrants convertible into Equity Shares on preferential Basis. |
| Mar 26 2007 | Aventis Pharma Ltd | Aventis Pharma Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007 for approving the audited Accounts for the year ended December 31, 2006 and also to consider recommendation of Final Dividend for the said financial year. |
| Mar 26 2007 | Bacil Pharma Ltd | Bacil Pharma Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider forfeiture of Partly paid-up Equity Shares of the Company and other business as deemed fit. |
| Mar 26 2007 | Batliboi Ltd | Batliboi Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to review the progress made on inorganic growth initiatives and confirm actions taken pursuant to Board Resolution dated January 16, 2007 and Circular Resolution dated March 16, 2007. |
| Mar 26 2007 | Bayer CropScience Ltd | Bayer CropScience Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to take on record the audited accounts of the Company for the year ended December 31, 2006 and to consider recommendation of dividend, if any. |
| Mar 26 2007 | Cholamandalam DBS Finance Ltd | Cholamandalam DBS Finance Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider the Business plan of the Company for the year 07-08.Further the Board will also consider the option of attaching warrants to the rights issue of equity shares up to Rs 200 crores approved by the Board at its meeting held on January 24, 2007. |
| Mar 26 2007 | Gabriel India Ltd | Gabriel India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider declaration of Second Interim Dividend. |
| Mar 26 2007 | H. S. India Ltd | H S India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider the following:1. Raising the fund upto Rs 100 Crores by way of Debt, Equity or combination of both for the purpose of expansion, acquisition and retirement of existing high cost debt.2. Proposal for acquiring substantial stake exceeding 51% in two hotel properties located at Ankleshwar and Varanasi with four star facility.3. Purchase of land at Mumbai and Jaipur for setting up 4 star hotel project.4. To fix date, time & place of holding Extra-ordinary General Meeting of the Shareholders of the Company. |
| Mar 26 2007 | HFCL Infotel Ltd | HFCL Infotel Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider issue of equity shares and / or other securities convertible into equity shares on preferential allotment basis. |
| Mar 26 2007 | Ishwar Bhuvan Hotels Ltd | Ishwar Bhuvan Hotels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, to consider and approve the terms and conditions of re-issue of forfeited equity shares of the Company |
| Mar 26 2007 | Jindal Stainless Ltd | Jindal Stainless Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider payment of interim dividend on equity shares of the Company for the year 2006-07.Further the Company has informed that, March 31, 2007 has been fixed as the Record Date for the purpose of payment of interim dividend, if approved by the Board of Directors. |
| Mar 26 2007 | Karnataka Bank Ltd | Karnataka Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on March 26, 2007 to consider a proposal for private placement of Unsecured Redeemable Non-Convertible Subordinated (Tier-II) Bonds (Series I) in the nature of Promissory Notes / Debentures to augment its capital funds. |
| Mar 26 2007 | KPIT Cummins Infosystems Ltd | Kpit Cummins Infosystems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider and approve, the following business:1. Issuance of equity shares of the Company to Cargill Mauritius Ltd, on a preferential basis for a cash consideration of USD 4.50 million, at a price to be determined in accordance with the provisions of Chapter XIII of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, as amended from time to time (the "SEBI (DIP) Guidelines").2. Issuance of convertible warrants to Cargill Mauritius Ltd, on a preferential basis for an aggregate consideration of not exceeding USD 4.50 million, at a price to be determined in accordance with SEBI (DIP) Guidelines, representing the right to convert into equity shares of the Company at the end of 18 months based on achievement of certain parameters. |
| Mar 26 2007 | Saint-Gobain Sekurit India Ltd | Quarterly Results & Accounts |
| Mar 26 2007 | Stanpacks (India) Ltd | General |
Market Close: A huge rush as global woes wane !
It was a strong trading day and the fourth day at a stretch. Heavyweights supported the rally. Sustained buying in Sensex majors kept the momentum in the market. This was on the back of strong US markets rally overnight and a spillover effect of short covering. Global markets rallied on the back of no rate hike by the US Fed.
The FM meeting with cement companies had nothing to support cement stocks. Pharma, Software however helped the gains. Mid and small caps did not find many takers. Power sector stocks saw strong gains. The 123 agreement for the Nuclear deal with the US is around the corner and that helped fuel in interest.
Sensex ended up by 362 points at 13308.03 helped up by gains in BHEL (2230.05,+6 percent), HDFC Bk (1023.25,+6 percent), Maruti (831.1,+5 percent), ONGC (852.25,+5 percent) and SBI (1028.5,+5 percent). Restricting the gains are Grasim (2080.8999,-1 percent).
Volumes were higher than the last three days but still not enough to match up to a month ago. The volumes were around Rs 3500 cr still considered low given the fact that next week is FNO settlement for March.
As per a leading business daily, the country's ten largest banks have indicated to the RBI that the continued tightness in liquidity might compel them to slow down credit growth substantially in FY08. This outlook was manifested in the fact that the overnight call money rates rose to a decade's high of 75% last week, before closing at 40%. These highs follow the demand for funds to meet advance tax payments, government bond auctions and the impact of increases in the cash reserve ratio (CRR). To ease liquidity exigencies at some banks, the RBI has allowed banks with excess investment in government bonds (SLR) to borrow from it through the repo route. Although the RBI has been targeting a credit growth of 20% for FY07, the same has sustained at 29% yoy until February 2007. The major gainers in PSU Banks are Bank of India 10%, Canara Bank and PNB closed up by 7.38%.
TRAI's announcement of a reduction in Access Deficit Charges (ADC), which were paid by these service providers to BSNL for funding rural telephony. The total amount of ADC for 2007-08 has been reduced to Rs 2000 crore from the existing level of Rs 3200 crore. This is a big benefit for VSNL, ADC on outgoing international long distance calls has been reduced to zero from existing level of 80 paise per minute and ADC on incoming international long distance calls has been reduced to Re 1 per minute from existing Rs 1.60 per minute. The TRAI has also reduced the ADC on percentage revenue share on domestic calls to 0.75% from existing 1.50% of Adjusted Gross Revenue (AGR) of all service providers. The reduced ADC should see tariffs come down for both domestic and international calls making mobile phones all the more affordable. The move to reduce the ADC is in keeping with TRAI's earlier proposal (in February 2006) of phasing out the ADC by 2008-09 or merging it with the USO (Universal Service Obligation). The major gainers were VSNL and R Com. VSNL closed up by 10% and R Com ended up by 4%.
VSNL rallied on the news on the sale of its land bank of 773 acres through an open market sale. The plan may not require cabinet approval as it is in line with the existing shareholders? and share purchase agreements between the government and VSNL. The intention of the move is to bridge the estimated revenue deficit of Rs 71,478 crore for 2007-08. Govt. is expected to take 50% (estimated Rs. 5,000 cr) of the proceeds generated through the sale of land. VSNL has a surplus and of 773 acres out of which major chunk of 524 acres is in Pune while 128 acres is located in Delhi. The remaining land is located in Kolkata (35 acres) and Chennai (86 acres). Valuation expected is large.
Technically Speaking: It was a Bull session for the whole day. Sensex touched intraday high of 13326 and low of 13071. Sensex has closed near the resistance zone of 13350-13400. A close above these levels will take Sensex back into bull orbit. With the expiry nearing in, likely to see some volatility before we break above those levels. Support lies at 13146-12986. Market turnover stood at Rs 3555 cr. Market breadth was in favor of Advances, in the ratio of 1.6:1.
Market rallies past 13300
The market extended its winning streak for the fourth consecutive session. The Sensex has gained nearly 878 points in the last four sessions. The Sensex opened with a positive gap of 126 points and regained the 13000 mark. The index climbed over 300 points in early trades on buying across sectors and heavy short covering in the derivatives segment triggered by firm Asian markets. The US Federal Reserve’s decision not to change the interest rates was another factor that kept the market firm. The market remained buoyant amid range-bound moves in the afternoon. Sustained buying in banking, capital goods and auto stocks lifted the Sensex to an intra-day high of 13326 towards the close. The Sensex finally ended the session with gains of 362 points at 13308. The Nifty gained 111 points and closed at 3876.
The breadth of the market was positive. Of the 2,669 stocks traded on the BSE, 1,649 stocks advanced, 937 stocks declined and 83 stocks ended unchanged. Among the sectoral indices the BSE Bankex notched up gains of 4.22% at 6822 followed by the BSE CG Index (up 3.90% at 8986), the BSE PSU Index (up 3.08% at 5909) and the BSE Auto Index (up 3.02% at 5042).
Barring a few counters, most of the heavyweights ended at higher levels. In the banking space Bank of India soared 12.66% at Rs177, Canara Bank rose 8.08% at Rs208 and Punjab National Bank was up 6.91% at Rs483. Among the Sensex gainers BHEL surged 6.04% at Rs2,230, HDFC Bank jumped 5.93% at Rs1,023, Maruti Udyog added 4.95% at Rs831, ONGC gained 4.87% at Rs852, SBI advanced 4.72% at Rs1,029 and L&T was up 4.72% at Rs1,572. Hero Honda, Reliance Communications, Tata Motors and Satyam Computers gained 3-4% each. However, Grasim shed 1.18% at Rs2,081.
Cement stocks slipped from the day's high after the finance minister asked cement manufacturers to come up with proposals to moderate cement prices. Gujarat Ambuja gained 1.36% at Rs108. ACC at Rs753 and India Cements at Rs166 closed with marginal gains.
Capital goods stocks notched up significant gains during the day. Areva surged 8.32% at Rs1,121, Siemens added 4.82% at Rs1,104, Greaves Cotton rose 4.01% at Rs337, Gammon India jumped 4% at Rs299, Jyoti Structures advanced 3.96% at Rs177, Thermax gained 3.90% at Rs374, Crompton Greaves was up 2.94% at Rs190 and Triveni Engineering gained 2.64% at Rs49.
Over 49.93 lakh Idea Cellular shares changed hands on the BSE followed by Welspun Gujarat (34.48 lakh shares), Reliance Petro (29.66 lakh shares), Gujarat Ambuja Cement (28.27 lakh shares) and ITC (27.98 lakh shares).
Value-wise SBI registered a turnover of Rs111 crore on the BSE followed by Reliance Communications (Rs109 crore), Reliance Industries (Rs99 crore), BHEL (Rs65 crore) and Century Textiles (Rs53 crore).
Steady Fed propels Sensex to three-week high
Global markets continued to wield a strong influence on the domestic bourses. Asian markets were boosted today by prospects of rate cuts in the United States, Asia's top export market, taking the Indian bourses higher. Short-covering in derivatives also aided the rally.
The US Federal Reserve policy-setting meeting on Wednesday dropped an explicit reference to the possibility of taking rates higher in its statement, sparking talk abut the next move of a cut. The Fed left interest rates unchanged at 5.25%. US interest-rate futures indicated a 48% chance of a rate-cut by end - June 2007, compared with 24% before the Fed's announcement.
Rate hikes in the United States tend to drain cash from emerging markets, but rate cuts tend to swell flows of dollars to developing economies such as India. As per provisional figures, FIIs were net buyers of Indian stocks to the tune of a massive Rs 712.70 crore today.
The 30-share BSE Sensex jumped 362.15 points (2.8%), to settle at 13,308.03, its highest closing since 27 February 2007, the highest closing in more than three weeks. It was the Sensex’s biggest daily gain since 8 March 2007, when the benchmark index had vaulted 469.60 points (3.7%), to 13,049.35, tracking a rally across Asian markets.
The S&P CNX Nifty today surged 111.35 points (2.9%), to 3,875.90. It also hit a high of 3,881. The Nifty March 2007 futures were at 3,880.10 compared to the spot Nifty closing of 3,875.90. The Nifty April 2007 futures were at 3,878.
Key benchmark indices in Asia were up between 0.39 - 2% on Thursday. The Dow Jones industrial average shot up 159.42 points, or 1.30%, to 12,447.52 on Wednesday. The Standard & Poor's 500 Index jumped 24.1 points, or 1.71%, to 1,435.04. The Nasdaq Composite Index surged 47.71 points, or 1.98%, to 2,455.92.
Indian bourses are set to record its first weekly gain after five consecutive weekly losses till the week ended 16 March 2007. The next major trigger for the domestic bourses is Q4 March 2007 earnings, reports of which by corporates will start next month. Analysts expect Q4 results to be strong. Market men will closely watch what company managements have to say about the outlook for FY 2008.
The key economic data eyed tomorrow is the weekly inflation data. Market expectations peg India’s wholesale price inflation rate at 6.51% for the 12 months to 10 March 2007, up from an annual rise of 6.46% a week earlier. The data will be released around noon on Friday (23 March 2007). The annual rate hit 6.73% on 3 February 2007, its highest in more than two years, but has moderated after the central bank tightened policy and the government cut duties on a range of items to rein in prices.
A number of sectoral indices on BSE clocked strong gains today. The biggest gainer was the BSE’s banking sector index, the Bankex. It vaulted 282.02 points (4.3%), to 6,827.35. The BSE Capital Goods Index spurted 324.88 points (3.76%), to 8,973.06, on the back of strong gains in Bhel. The BSE Auto Index rose 151.92 points (3.1%), to 5,045.93. The BSE Oil & Gas Index surged 167.12 points (2.66%), to 6,444.48, on the back of gains in Reliance Industries and ONGC.
The market-breadth on BSE was strong. Against 1,658 shares rising, 933 declined while 84 did not change. Gainers had outpaced losers by a ratio of 1.77:1. Although the breadth was strong throughout, it had weakened during the course of trading on BSE. Breadth was much stronger in mid-morning trade. At about 11:30 IST, the advance-decline ratio was 2.73:1.
Both Small-Cap and Mid-Cap indices underperformed the market. The BSE Small-Cap Index rose 87.92 points (1.38%), to 6,457.56, lagging the Sensex’s nearly 3% surge. The BSE Mid-Cap Index gained 54.11 points (1%), to 5,395.24.
Total turnover in the cash segment on BSE improved from Wednesday’s Rs 2730 crore to Rs 3555 crore today. The turnover on NSE’s futures & options segment rose to Rs 39943 crore from Wednesday’s Rs 32808 crore.
Bank shares extended Wednesday’s gains. HDFC Bank gained 5.8% to Rs 1022 and ICICI Bank rose 3% to Rs 987. On Wednesday, ICICI Bank's ADR gained 4.3% to $40.31, and HDFC Bank's ADR rose 3.2% to $69.89.
Buying also happened in PSU banks. State Bank of India rose 4% to Rs 1024, Bank of India gained 11% to Rs 174, Canara Bank surged 7.5% to Rs 207 and Punjab National Bank added 7%, to Rs 485. Banks had surged on Wednesday as well on value-buying, as well as due to short-covering in the derivatives.
IT pivotals rose shrugging of a rupee’s recent surge against the US dollar. Wipro gained 2.8% to Rs 598, Satyam Computer advanced nearly 3% to Rs 464.90, TCS added 3% to Rs 1307 and Infosys rose 1.1% to Rs 2117.
Oil exploration major ONGC surged nearly 5% to Rs 853. As many as 4.6 lakh shares changed hands in the counter on BSE. US crude oil held firm near $60 a barrel after a big drop in US gasoline supplies raised worries of a crunch leading into the US summer driving season.
Auto shares were in driver’s seat. Car major Maruti Udyog (MUL) gained 4.8% to Rs 830.50, Hero Honda advanced 4.9% to Rs 683, Tata Motors gained 3% to Rs 801, and Bajaj Auto rose 3% to Rs 2576. Mahindra & Mahindra (M&M) rose 3.4% to Rs 781, after the company on Wednesday set a liberal interim dividend of Rs 7.50 per share for FY 2007.
Bhel (up 6% to Rs 2231) was the top-gainer among the Sensex's constituents. The company is set to unveil its tentative FY 2007 (year ending 31 March 2007) results on 3 April 2007.
Engineering & construction major L&T surged 5% to Rs 1579. The company is sitting on a strong order-book.
Reliance Industries (RIL) gained nearly 3% to Rs 1378. Reliance Industries said on Thursday that Rohm and Haas Co, US, and itself were exploring joint construction of an acrylic-monomer plant in India. The proposed plant in Jamnagar will be able to produce 2 lakh tonnes of acrylic acid and its esters annually, RIL said in the statement. Products from the new firm will be used to make paints, packaging adhesives, detergents, textile and construction materials, RIL added
But caution prevailed in cement shares. Grasim lost 1.2% to Rs 2080 and ACC shed 0.07% to Rs 752. Cement makers have reportedly turned down a request by the government to cut prices. A meeting was held today between the finance minister and cement makers, as the government wants cement makers to moderate prices in its efforts to combat inflation.
Punj Lloyd gained 1.5% to Rs 826.95, after the company said on Thursday it had won a Rs 242-crore order from state-run explorer Oil and Natural Gas Corporation (ONGC) to build offshore pipelines.
Pfizer India ended almost unchanged at Rs 725. Pfizer India during market hours today reported a 14% rise in net profit for three months ended 28 February 2007 to Rs 28.27 crore (Rs 24.77 crore). Net sales for the same period rose 5.6% to Rs 166.97 crore from Rs 158.06 crore in the corresponding year ago period.
Telecom behemoth VSNL gained 10% to Rs 422.90, boosted by a newspaper report that the government may ask the company to sell its surplus land bank of 773 acres.
Kotak Mahindra Bank gained nearly 2% to Rs 438.25, after the private lender signed a deal with International Finance Corp (IFC) to raise up to $45 million in Tier II subordinated bonds, with a maturity of more than 15 years.
India Gelatines & Chemicals rose 2.5% to Rs 22, after the company said its board will meet on 28 March 2007, to consider selling 11% stake for Rs 2.25 crore to Japan's Nippi Inc.
Material handling equipment maker Elecon Engineering rose 1.1% to Rs 387.25, on securing three orders worth Rs 39.65 crore.
Healthcare services firm Kovai Medical Center & Hospital gained 3% to Rs 47.95, after it signed an initial deal to acquire south India-based Idhayam Hospitals Erode for Rs 9.25 crore, including the latter's debt.
There has been a lack of direction with respect to FII inflows over the past few days, which have seen FII inflow and outflow on almost every alternate day.
Rollover has already started to April 2007 contracts from March 2007 contracts in the derivative segment. With the market scheduled to remain closed next Tuesday (27 March) for a public holiday, only four trading sessions are left before the expiry of the March 2007 contracts.
Edelweiss - Daily Market Outlook 22nd March, 07
Market Snapshot
Yesterday, the Sensex opened with a positive gap of 30 points at 12,736, but nervousness in early trades saw the index slip to a low of 12,664.The index, thereafter, displayed range-bound movement for the major part of the session. Aggressive buying, mainly in ICICI Bank, HLL, SBI & ITC saw the index rally to a high of 12,965. The Sensex finally settled with a gain of 240 points (1.9%) at 12,946.The Nifty settled with a gain of 67 points to close at 3764.5.
The NSE and BSE cash volumes were slightly lower compared to the previous day at INR 58 bn and INR 27 bn respectively. The F&O volumes were higher at INR 330 bn.
Sentiment Indicators
The Implied Volatility (IV) across Nifty strikes has decreased to 25-27% levels. The WPCR of Nifty Options increased to 1.14 compared to the previous day while the 5 day average is 1.05.
Outlook
The markets are expected to open strong and gain further during the day on back of strong global cues and short covering which is expected to come in at higher levels. Nifty closed above the psychological resistance of 3750 levels. There are still sizeable short positions in the market which would see a squeeze and thus investors be forced to cover their positions.
Telecom stocks especially RCOM and Idea are expected to see some positive action on back of TRAI’s recommendation of cut in ADC. Cement counters are also expected to see some action with Government slated to meet industry representatives.
The Nifty will face resistance at levels of 3835 and 3885. The immediate support for Nifty will be at 3742 followed by 3702.
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Intra-day Stock Ideas
NIFTY (3764.55) SUP 3726 RES 3809
BUY MATRIXLABS (170.45)
SL 166 T 178, 180
BUY CROMPGREAV (185.15)
SL 181 T 193, 195
BUY RCOM (410.05)
SL 405 T 420, 423
BUY ZEEL (251.50)
SL 246 T 260 , 262
@ 203 SL 207 T 193, 191
Market Watch & Insider Trades
Insider Trades:
EID Parry India Ltd: Mr. M. M. Venkatachalam, Director has purchased from open market 100000 equity shares of EID Parry India Ltd on 15th March, 2007.
Deepak Fertilizers And Petrochemicals Corporation Limited: Shri Chimanlal Khimchand Mehta, Chairman has purchased from open market 1000000 equity shares of Deepak Fertilizers And Petrochemicals Corporation Limited on 13th and 14th March, 2007.
AMD Metplast Limited: Swiss Finance Corporation (Mauritius) Ltd has purchased from open market 500000 equity shares of AMD Metplast Limited on 19th March, 2007
Market Volumes:
The turnover on NSE was down by 3.5% to Rs58.39bn. BSE Bank index was the major gainer and gained 4.04%. BSE FMCG index (up 2.26%), BSE Technology index (up 1.77%), BSE PSU index (up 1.74%), BSE Metal index (up 1.42%) and BSE Oil & Gas index (up 1.26%) were among the other major gainers.
Volume Toppers:
IFCI, ITC, SAIL, India Cements, Idea Cellular, R Com, Teledata Informatics, Satyam Computer, IDBI, Ashok Leyland, Mindtree, RNRL, IVRCL Infrastructure, HLL, Hindalco, Indiabulls, TTML, IDFC, Tata Steel, ICICI Bank, Bank of India, Syndicate Bank and ACC.
Upper Circuit:
Tanla, Nelco, Rasoi Ltd, Anant Raj Industries, Donear Industries, Garware Offshore and Rap Media
Delivery Delight:
Amtek Auto, ACC, Bharti Airtel, CESC, Cummins India, Divis Laboratories, ICICI Bank, India Infoline, Infosys, Jet Airways, Jyoti Structures, L&T, M&M, Matrix Laboratories, Opto Circuits, PNB, Reliance Communications, State Bank of India, Sun TV, Tata Motors, UTI Bank and Yes Bank.
Brokers Recommendation:
Nestle India – Outperform from CLSA
Long Term investment:
Ramkrishna Forgings
Major News Headlines:
China steel firms suspend Indian ore shipments
M&M to pay interim dividend of Rs7.5 per share
Punj Lloyd gets additional contract valued at Rs2.6bn
Kotak Mahindra Bank to raise $45mn selling bonds to IFC
SAIL, JP Associates to set up cement plant
TRAI cuts access deficit charges for international calls
Ashok Leyland to pay Rs1.5 per share as mid-year dividend
Suryajyoti spinning raises $10mn by selling securities
Great Offshore to pay Rs8 per share as mid-year dividend
RIL seeks Export Unit status for Jamnagar Refinery: reports
IDEA is considering separating its relay-tower business
Idea & IBM sign 10 year business transformation pact totaling up to $800mn
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