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Friday, January 11, 2008
Porwal Autocomponents Listing
On 14 January 2008
Porwal Auto Components will list on stock exchanges on Monday, 14 January 2008. The stock will be placed in the B1 group on BSE.
The company had fixed the IPO price at the top end of the Rs 68-75 price band. At the IPO price of Rs 75, the PE multiple works out to 150, based on the year ended March 2007 EPS of Rs 0.5.
The Porwal Auto Components IPO had ended on 20 December 2007 with 1.03 times subscription. The issue received total bids for 51.66 lakh shares as against 50 lakh shares on offer.
The qualified institutional buyers (QIBs) category was subscribed 0.21 times, the non institutional investors category was subscribed 0.47 times and the retail investors category was subscribed 2.44 times.
Porwal Auto Components manufactures of automotive components. The company has manufacturing facilities at Indore.
The company plans to use the proceeds to increase its current capacity from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 megawatts (MW) for captive consumption.
Porwal Auto Components reported a profit after tax of Rs 0.75 crore on sales of Rs 29.51 crore in the year ended March 2007.
Daily Trading Calls - Jan 11 2008
Nifty (6157) Sup 6082 Res 6250
Buy Unitech (517) SL 512 Target 528, 530
Buy Welspun Gujarat (462) SL 457 Target 471, 475
Buy IDEA (138) SL 134
Target 145, 148
Sell Can Bank (366) SL 371 Target 358, 356
Sell Hero Honda (687) SL 694 Target 675, 672
Infosys...importance of being earn-est
To impress others we must be earnest; to amuse them, it is only necessary to be kindly and fanciful.
The result season is well underway but to some extent, it is Infosys' results which is awaited with earnest. The importance of Infosys earnings though seems to have ebbed over the past few quarters given the slightly dim prospects for the industry. IT firms will have to make changes in their business models and that could result in more spending and relatively less earning for some time. Telecom shares will be in action today with the DoT issuing LoIs and spectrum to new and existing players. Idea, RCOM, Bharti Airtel, Tata Tele (M) and Spice Communications have gained in some way or the other. We expect a positive opening. The direction after that will hinge on Infosys.
The rupee's unprecedented rise against the dollar coupled with factors such as rising wage inflation, high attrition rates and fears of a recession in the US have hit software firms. There is also uncertainty over whether the current tax sops to the industry will continue. In short, the IT industry has lost some of its charm among the investor community. Market expectations from Infosys and other software firms have tapered off vis-a-vis historical trends. As a result, there is a case for a positive surprise from software firms this time round. Some of these shares have been seeing heightened activity of late. If Infosys and others manage to surpass market expectations, there could be a rally in IT shares, and consequently in the market as well. However, the euphoria may not last long and IT stocks may once again get relegated to the background.
Broadly, the market has turned extremely choppy in the past few sessions with small-cap and mid-cap shares bearing the brunt of the sell-off. Traded volume and turnover have been down in the last two days. Results and Reliance Power IPO may have a lot to do with it. Market breadth has turned negative. Trend in global markets is also not decisive, given the concerns over the fate of the US economy and its implications for the world markets. Wall Street has bounced back in the last two days, but one has to see whether it can sustain this rally. The month-end Fed meet will be critical. For the Indian market, the RBI's quarterly policy review will also be of significance. Although chances of a domestic rate cut are slim, there may be an indication from the RBI that it is ready to loosen up a bit. That will be good news for the market, especially for banks.
US stocks advanced on Thursday after Federal Reserve Chairman Ben. Bernanke hinted that the central bank could cut rates more aggressively to keep the engine of global economic growth from derailing.
The leading stock benchmarks also rallied amid market speculation that Bank of America Corp. is in talks to acquire Countrywide Financial Corp., the largest US mortgage company. Countrywide shares climbed the most since at least 1982.
JPMorgan Chase, Wells Fargo and Citigroup led financial firms to the biggest gain in a month as traders increased bets that the Fed will reduce its benchmark lending rate by a half point when it meets on Jan. 30.
The Standard & Poor's 500 Index added 11 points, or 0.8%, to 1,420.33 after falling earlier by 1%. The Dow Jones Industrial Average gained 118 points, or 0.9%, to 12,853.09. The Nasdaq Composite Index rose 14 points, or 0.6%, to 2,488.52.
Two stocks rose for every one that fell on the New York Stock Exchange.
Stocks seesawed on both sides of unchanged throughout the session, before spiking in the last hour on reports of a possible deal brewing between the beleaguered Countrywide Financial and Bank of America.
Delta Air Lines shares surged on merger talk as well.
Stocks had fallen earlier after Capital One Financial's profit warning stoked fresh worries about the credit crisis and weak retail sales raised alarm about consumer spending.
Afternoon comments from Bernanke also helped investor sentiment, although stocks were volatile after his speech. The Fed chief acknowledged that the economic outlook in 2008 has weakened, but reiterated that he doesn't think the economy will fall into a recession this year.
"In light of the recent changes in the outlook for and the risks to growth, additional policy easing may well be necessary," Bernanke said. "We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks."
American Express is likely to be active on Friday. After the close of trade, the company said it expects lower profit through 2008 because of slower spending and missed credit card payments. Shares slumped 7% in extended-hours trading.
Treasury prices slumped, as investors pulled money out of government debt and put it into stocks. The selloff lifted the yield on the 10-year note to 3.88 percent, from 3.82% late on Wednesday. In currency trading, the dollar fell versus the yen and euro.
US light crude oil for February delivery fell $1.96 to settle at $93.71 a barrel on the New York Mercantile Exchange. COMEX gold for February delivery rose $11.90 to settle at $893.60 an ounce.
European shares closed at a 16-month low as the Bank of England decided not to cut rates and the European Central Bank suggested it was willing to tighten. The pan-European Dow Jones Stoxx 600 index fell 1% to 345.38. The UK's FTSE 100 fell 0.8% to 6,222.70, while the French CAC-40 lost 0.6% at 5,400.43 and the German DAX 30 dropped 0.9% to 7,713.09.
In the emerging markets, the Bovespa in Brazil advanced 1.3% to 63,515 while the IPC index in Mexico was up 2.35% at 29,069. The RTS index in Russia gained 0.45% at 2306 and the ISE National-30 index in Turkey was down 0.8% at 65,678.
Asian markets were trading mixed this morning. While the Nikkei in Tokyo fell by 115 points to 14,772 and the Hang Seng in Hong Kong climbed 245 points to 27,476. The Kospi in Seoul while the Shanghai Composite in China added 20 points to 5477 and the Taiex in Taiwan advanced 75 points to 8132.
All eyes on Infy!
After trading in positive terrain and touching another all time highs in the early trades, markets erased all its intra-day gains as bulls were unable to sustain their gains. Markets took a nose dive in late trades as Sensex fell over 500 points and Nifty index dropped over 200 points from its days high. The fall was mainly triggered by a sell-off in the Mid-Cap and the Small-Cap stocks’; selling was also witnessed in the Metal, FMCG and the Realty stocks. Even the sugar stocks which were in the limelight in the previous trading session witnessed some profit booking.
Finally, 30-share Sensex closed at 20,582 slipping 287 points and Nifty ended at 6,156 down 115 points.
Surana Industries was down 6.3% to Rs310. The company acquired 49% in Indonesian coalmine according to reports. The scrip touched an intra-day high of Rs363 and a low of Rs305 and recorded volumes of over 78,000 shares on NSE.
L&T lost 3% to Rs4211. Reports stated that the company announced that it secured order worth Rs20bn. The scrip touched an intra-day high of Rs4389 and a low of Rs4185 and recorded volumes of over 5,00,000 shares on NSE.
Hindustan Zinc was down 2% to Rs781. The company announced that the company raised zinc prices by 3.2% per ton. The scrip touched an intra-day high of Rs809 and a low of Rs767 and recorded volumes of over 1,00,000 shares on NSE.
IOC lost 5% to Rs683. The company announced that it would spend $509mn on distribution next fiscal and also plans 1,000 low-cost outlets in year starting April. The scrip touched an intra-day high of Rs728 and a low of Rs650 and recorded volumes of over 7,00,000 shares on NSE.
Bajaj Auto slipped 1.2% to Rs2512. Reports stated that the company is looking at acquiring a car company to break into the higher segments of the market and plans an electric car launch for Europe with Austrian mobike maker. The scrip touched an intra-day high of Rs2619 and a low of Rs2500 and recorded volumes of over 92,000 shares on NSE.
Jindal Steel declined 3.8% to Rs15,117. According to media reports the company would file for Jindal Power IPO in 2-3 months. The scrip touched an intra-day high of Rs16,295 and a low of Rs14,900 and recorded volumes of over 14,000 shares on NSE.
Everonn Systems dropped 4% to Rs1015. The board of directors of the company would consider raising funds on January 18, 2008. The scrip touched an intra-day high of Rs1112 and a low of Rs1008 and recorded volumes of over 1,00,000 shares on NSE.
Unitech edged higher by 0.3% to Rs517 after the company said that its office trust plans offer its units for subscription. The scrip touched an intra-day high of Rs534 and a low of Rs512 and recorded volumes of over 37,00,000 shares on NSE.
Bharti Shipyard dipped 1.5% to Rs795. The company announced that it would set up green filed shipyard at Usgaon near Dabhol project. The scrip touched an intra-day high of Rs835 and a low of Rs780 and recorded volumes of over 73,000 shares on NSE.
What the FIIs are doing
FIIs were net sellers of Rs2.5bn (provisional) in the cash segment on Thursday while the local institutions were net buyers of just Rs3.89bn. In the F&O segment, foreign funds were net buyers of Rs6.64bn.
On Wednesday, FIIs were net buyers of Rs2.75bn in the cash segment. Mutual Funds were net sellers of Rs2.01bn on the same day.
News Snippets:
Tata Motors launches its small car ‘Nano’ priced at Rs1 lac ex-showroom. (ET)
L&T has bagged Rs35.6bn order to construct residential and commercial buildings across the country. (ET)
Wipro Infotech wins a nine-year business transformation contract worth Rs24bn from Aircel. (BL)
Unitech gets regulatory approval to raise US$700mn through a public offer in the Singapore Stock Exchange. (ET)
SBI and ICICI Bank apply to the monetary authority of Singapore for a qualified full banking (QFB) license. (BS)
SBI Life Insurance plans to hit capital market by March 2009. (ET)
RIL reveals an extensive rig hiring plan to exploit the potential of its exploratory blocks. (FE)
GAIL signs a pact with Coal India to set-up a coal gasification project for production of a gas used to make fertilizers. (BL)
Wockhardt to mull de-merging its new drug R&D unit. (BS)
BPCL plans to raise Rs30bn through an IPO of Bharat Oman Refineries in next 3-4 months. (DNA)
L&T gets Tamil Nadu Government nod to set-up an integrated shipyard. (BL)
Amtek Auto is closing to acquiring companies in US and Europe. (DNA)
Bajaj Auto to invest Rs3bn to raise its holdings in KTM Power Sports to 25% from 14.5% currently. (DNA)
Bharati Shipyard plans to set-up a greenfield shipyard at Usgaon near the Dabhol port. (DNA)
Strides Arcolab has stopped operations of its loss-making US plant where it manufactured soft gelatin capsules. (ET)
Gati ties up with Air India to lease five cargo planes. (FE)
IRB Infrastructure Developers wins the contract to develop the fifth phase of NHDP at an estimated cost of Rs125bn. (BS)
Rolta plans to acquire a US firm offering business software services. (FE)
Granules India expects to get approval from European regulatory authorities for its new tablet facility. (BL)
Sterlite Technologies, a company promoted by Vedanta Group, may soon foray in the niche market of semiconductor manufacturing. (ET)
The DoT has issued LoIs to Unitech, Datacom, S Tel, Swan Connect Communications, Shipping Stop Dot Com, Idea, Tata Tele and Shyam Telelink. (ET)
DoT has cleared applications from Idea, Vodafone Essar and Aircel for granting 2G spectrum. (ET)
CBDT introduces new schemes to extend 100% deduction on profits derived by the activity of developing or operating an industrial park. (BL)
Indian Railways loadings register an 8% yoy growth for April-December 2007. (BL)
Bullion market on a roll
Gold prices strike record high for third consecutive day
Gold struck record new high for third consecutive day today, Thursday, 10 January, 2008. Today’s rally in gold was spurred by comments from Federal Reserve Chairman, Ben Bernanke, who hinted at another interest rate cut and this sent the dollar tumbling down against the rival currencies. Silver prices too gained today.
Gold generally moves in the opposite direction of the U.S. currency. Gold, as a dollar-denominated commodity, suffers from dollar strength.
Comex Gold for February delivery today rose $11.9 (1.3%) to close at $893.6 an ounce on the New York Mercantile Exchange. During intraday trading prices rose as high as $897.8/ounce. Last week, gold prices gained $23/ounce (2.7%). This year, prices have gained 6.5% till date.
Yesterday gold prices had closed at $881.5/ounce. That closing price was the highest price after a record $873 that gold hit on 21 January, 1980.
Comex Silver futures for March delivery today rose 43.5cents (2.7%) to $16.275 an ounce. The price earlier reached $16.355. Today’s closing price is an all time high price equaling the one reached on 7 November, 2007 (a twenty six year high price at $16.275). Silver has gained 8.8% in 2008. The metal had climbed 15.5% in FY 2007. The metal also has gained for seven straight years.
Gold witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
Today, Federal Reserve Chairman, Ben Bernanke said that U.S. central bank is struggling with a deteriorating economy brought on by a struggling housing market, high energy prices and a weaker stock market. To help situation from worsening further, he hinted that more interest rate cuts are on the way.
In the currency market today, the dollar fell sharply following Bernanke's comments. The dollar index, which tracks the performance of the greenback against a basket of major currencies, dropped 0.7% to 75.885.
In the energy market today crude oil fell almost $2 and settled around $94/barrel, the lowest price in almost two weeks.
Gold has traditionally been used as a safe-haven asset against rising inflation. Investor sentiments are boosted by the fact that gold and silver are alternate sources of good investment in the face of declining dollar and rising energy prices. Rising crude increases inflationary pressures and vice versa. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.
Gold had climbed 31% in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record.
The Fed reduced federal funds rate three times in FY 2007. The current interest rate stands at 4.5%. The Fed also lowered its discount rate twice, the interest it charges on direct loans it makes to banks, and currently it stands at 4.75%. With these interest rate cuts, dollar has been tumbling down.
At the MCX, gold prices for February delivery closed higher by Rs 130 (1.2%) at Rs 11,243 per 10 grams. Prices rose to a high of Rs 11,279 per 10 grams and rose to a high of Rs 11,279 per 10 grams during the day’s trading.
At the MCX, silver prices for March delivery closed Rs 483 (2.4%) higher at Rs 20,828/Kg. Prices opened at Rs 20,317/kg and fell to a high of Rs 20,930/Kg during the day’s trading.
Gold is expected to rally at all-time highs in the first quarter in FY 2008 as higher oil prices and a weaker dollar will continue to boost demand. Market expects another phase of interest rate cut in the end of the month. But gold is slated to average around $800/ounce in FY 2008 as against $696/ounce in FY 2007.
Nifty January 2008 futures near spot price
Turnover in F&O segment rises
Nifty January 2008 futures were at 6156.45, at discount of 0.50 points as compared to spot closing of 6156.95.
The NSE's futures & options (F&O) segment turnover was Rs 78,346.87 crore, which was higher than Rs 74,171.29 crore on Wednesday, 9 January 2008.
Reliance Natural Resources January 2008 futures were close to the spot price, at 208.65, compared to the spot closing of 208.15.
ICICI Bank January 2008 futures were at premium, at 1367, compared to the spot closing of 1356.15.
Jindal Steel & Power January 2008 futures were at premium, at 15,275, compared to the spot closing of 15,117.85.
In the cash market, the S&P CNX Nifty lost 115.05 points or 1.83% at 6156.95Crude closes down nearly $2
Crude prices fall to lowest level in two weeks on Goldman Sachs prediction
Crude prices fell back to $94/barrel today, Thursday, 10 January, 2008 as traders became concerned about upcoming worldwide demand. Prices fell to lowest level in almost two weeks. Some recession related comments from Goldman Sachs also pressured prices. Yesterday, also, priced had closed lower as Energy Department reported buildup in fuel stockpiles.
Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude’s biggest yearly gain in five years.
Crude-oil futures for light sweet crude for February delivery today closed at $93.71/barrel (lower by $1.96/barrel or 2.1%) on the New York Mercantile Exchange. Prices are 74% higher on a yearly basis. Last week, crude prices gained $2.
yesterday, Goldman Sachs announced that US is already into a recession or will soon be entering one. Today, it also commented about Japan and said that there is a 50% probability of Japan hitting a recession this year. US and Japan together account for one-third of crude’s total worldwide consumption.
Yesterday, as per the weekly inventory report by the Energy Department, U.S. crude inventories dropped by 6.8 million barrels to 282.8 million barrels for the week ending 4 January, 2008, the lowest in more than three years.
The report also said that gasoline supplies rose by 5.3 million barrels in the latest week, and distillate supplies, which include heating oil and diesel, grew by 1.5 million barrels. U.S. crude oil imports averaged 9.8 million barrels per day last week, down 203,000 barrels per day from the previous week. U.S. refineries operated at 91.3% of their capacity, the highest in more than four weeks.
Brent crude oil for February settlement today fell $2.15 (2.3%) to $92.22 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.
Natural gas rallies as supplies drop more than expected
Natural gas in New York rallied today after EIA reported seventh weekly drop in natural gas inventories. Gas for February delivery rose 16 cents (2%) to settle at $8.259 per million British thermal units. EIA reported that stockpiles fell 171 billion cubic feet to 2.75 trillion cubic feet in the week ended 4 January, as against an expected 165 billion cubic feet.
EIA announced earlier this week that consumption of natural gas surged 6% in 2007 as against a decline of 1.6% in the previous year. In FY 2008 and FY 2009, consumption is forecast to rise 0.6% and 1% respectively.
Against this backdrop, February reformulated gasoline dropped 7.54 cents to $2.3601 a gallon, while February heating oil fell 5.61 cents to $2.5573 a gallon.
Today, Federal Reserve Chairman, Ben Bernanke said that U.S. central bank is struggling with a deteriorating economy brought on by a struggling housing market, high energy prices and a weaker stock market. To help situation from worsening further, he hinted that more interest rate cuts are on the way.
EIA expects crude oil prices to average $94 per barrel in January. The Western Texas Intermediate crude oil, the underlying crude for Nymex crude-oil futures, is expected to average about $87 per barrel in 2008 and $82 in 2009. WTI prices averaged $72 per barrel in 2007.
Members of the OPEC left production targets unchanged at the 5 December meeting in Abu Dhabi. The group, which produces 40% of the world's oil, will review output at a 1 February, 2008 meeting in Vienna.
At the MCX, crude oil for January delivery closed at Rs 3,700/barrel, lower by Rs 107 (2.8%) against previous day’s close. Natural gas for December delivery closed at Rs 323.2/mmtbu, higher by Rs5.8/mmtbu (1.8%).
Future Capital Holdings IPO Analysis
Future Capital Holdings (FCH), the financial services arm of the Future Group, was incorporated by Pantaloon Retail (India) (PRIL) in 2005. PRIL holds a 74% stake in the company, while the hedge fund Och Ziff Capital holds 10%. Co-promoters Sameer Sain and other senior employees hold the remaining stake. FCHL is coming out with a public issue to augment the capital base to meet its future growth, particularly to finance the expansion of Future Money.
FCH is currently in three primary businesses: investment advisory services, retail financial services, and research. Investment advisory includes private equity and real-estate investment advisory services to onshore and offshore clients. This asset management business has four funds under management: Kshitij ($850-million domestic real-estate fund), Horizon ($350-million international real-estate fund); Indivision ($400-million non-leveraged private equity fund); and a new hospitality fund ($350 million).
FCH launched Future Money, the retail financial services arm that currently focus on two main products, consumption loans and personal loans, in June 2007. Further, it has entered into an agreement with ICICI Bank for marketing and distribution of Future Card, a credit card offering loyalty points. Presently, Future Money has 95 outlets in the retail stores of PRIL and its subsidiaries in 26 cities.
Strengths
Has over US$ 1.5-billion assets under management within two years of operation. Has strong group synergies and well-experienced management team with talented pool of professionals.
Minimal customer acquisition cost due to agreement with PRIL, giving exclusive right to provide financial products and services at retail outlets owned, controlled or managed by PRIL and its subsidiaries. This provides access to PRIL’s approximately 400 stores across 40 cities and its large customer base that engaged in over 450 lakh transactions in PRIL stores in financial year ending March 2007 (FY 2007).
Weaknesses
Has limited operating history, devoid of any earning track record. Incurred a consolidated loss of Rs 12.43 crore in the six months ended September 2007, primarily reflecting the start-up cost of the new Future Money business.
Many subsidiaries have generated negative cash flows in the recent fiscal. Also, two of the subsidiaries have had a negative net worth in the past years. Indivision Investment Advisors (IIAL) had a negative net worth of Rs 214.25 lakh in FY 2006. Myra Mall Management Company (MMMCL) had a negative net worth of Rs 65.41 lakh end September 2007 and Rs 28.92 lakh in FY 2007.
The new retail business focuses on consumption and personal loans as well as credit cards. With many matured players already existing, competition is high in the retail business. Also, these loans are unsecured. As the group has little experience in financial services, the delinquency ratio can shoot up in future.
Almost 76% of the total revenue came from advisory business in FY 2007. However, majority of the investments advised belong to the real-estate and hospitality sectors, which are cyclical in nature.
Valuation
At the offer price band of Rs 700-Rs 765, P/E based on full year ended FY 2007 EPS of 0.60 works to 1,167 (on lower band) to 1,275 (on upper price band) times. P/E of other comparable listed players are: India Bulls Financial Services (51.4 times), India Infoline Financial Services (133.7 times), IL&FS Investsmart (44.2 times), and Reliance Capital (96.6 times). At the offer price, market cap of Future Capital will stand at Rs 4,430-4,845 crore compared to market cap of Rs 67,942.49 for Reliance Capital, Rs 22,780 crore for India Bulls and Rs 10,108 crore for India Infoline.
The wafer thin profit turned into losses in the first half of the current fiscal. In H1 of FY 2008, consolidated total income was Rs 31.27 crore, on which a net loss of Rs 12.43 crore after prior period item and share of minority interest was incurred.
Thursday, January 10, 2008
Reliance Power - 5 days to go
Reliance Power IPO - are you applying ?
Yes ! Anil bhai's dream! 644 (67.2%)
No! Scam !! 314 (32.8%)
Votes so far: 958
Click on the Reliance Power search label below to find related posts
NSE Bulk Deal Watch - Jan 10 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
10-JAN-2008,DHAMPURSUG,DHAMPUR SUGAR MILLS LTD,CAPITAL INV TR CORP A/C TAIWAN BUSINESS BK-CAPL EMG MKTS FD,BUY,306000,106.39,-
10-JAN-2008,EASUNREYRL,Easun Reyrolle Relays,KOTAK INDO WORLD INFRASTRUCTURE FUND,BUY,231296,339.00,-
10-JAN-2008,HINDMOTOR,Hindustan Motors Ltd.,CHANDER PARKASH GUPTA,BUY,942021,79.32,-
10-JAN-2008,ICSA,ICSA (India) Limited,CLSA MAURITIUS LIMITED,BUY,450000,535.00,-
10-JAN-2008,NAGPURENG,Jayaswals Neco Limited,SHAH BHARAT NIHALCHAND,BUY,400000,68.96,-
10-JAN-2008,NICCO,Nicco Corporation Limited,RAPID ESTATES PRIVATE LIMITED,BUY,899254,40.50,-
10-JAN-2008,PRAKASH,Prakash Industries Ltd.,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,925000,335.15,-
10-JAN-2008,SAKHTISUG,Sakthi Sugars Ltd.,CHANDER PARKASH GUPTA,BUY,187531,119.84,-
10-JAN-2008,SAKHTISUG,Sakthi Sugars Ltd.,THIRD AVENUE GLOBAL VALUE MASTERFUND LLP,BUY,230000,112.71,-
10-JAN-2008,ALPSINDUS,Alps Industries Ltd.,BSMA A\C DR,SELL,250000,91.24,-
10-JAN-2008,EASUNREYRL,Easun Reyrolle Relays,BLACKSTONE ASIA ADVISORS,LLC A/C INDIA FUND INC.,SELL,282100,339.18,-
10-JAN-2008,HINDMOTOR,Hindustan Motors Ltd.,CHANDER PARKASH GUPTA,SELL,942021,79.36,-
10-JAN-2008,ICSA,ICSA (India) Limited,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,800000,538.06,-
10-JAN-2008,NICCO,Nicco Corporation Limited,NIRAJ REALTORS & SHARES PVT. LTD.,SELL,900000,40.52,-
10-JAN-2008,PRAKASH,Prakash Industries Ltd.,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,900000,335.00,-
10-JAN-2008,SAKHTISUG,Sakthi Sugars Ltd.,CHANDER PARKASH GUPTA,SELL,187531,119.93,-
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