SEAMEC

SEAMEC

Construction Sector

Construction Sector

Nifty February 2008 futures at premium

Turnover in F&O segment declines

Nifty February 2008 futures were at 5280.10, at a premium of 3.2 points as compared to spot closing of 5276.90.

The NSE's futures & options (F&O) segment turnover was Rs 32,416.67 crore, which was lower than Rs 42,675.67 crore on Friday, 15 February 2008.

Reliance Natural Resources February 2008 futures were near spot price, at 142.60, compared to the spot closing of 142.95.

Essar Oil February 2008 futures were at premium, at 231.30, compared to the spot closing of 230.20.

ICICI Bank February 2008 futures were at premium, at 1212, compared to the spot closing of 1209.80.

In the cash market, the S&P CNX Nifty lost 26 points or 0.49% at 5276.90.

Rural Electrification Corporation Review

Rural Electrification Corporation (REC), a public institutions financing power infrastructure in India, proposes to enter the capital markets with a public issue of 156.12 million equity shares of Rs 10 each through 100% book building process.

The issue comprises a fresh issue of up to 78.06 million equity shares by REC and an offer for sale of up to 78.06 million equity shares by the president of India acting through the ministry of power. The net issue to the public will be up to 152.21 million equity shares, after allowing for reservation of up to 3.90 million equity shares for subscription by eligible employees. The issue shall constitute nearly 18.18% of the fully diluted post-issue capital of REC.

Net proceeds from the fresh issue are to be utilised to augment capital base to meet the future capital requirement arising from the growth in assets, primarily its loan and investment portfolio.

REC was originally promoted to finance transmission and distribution (T&D) schemes aimed at improving the supply of electricity in rural areas and energise agricultural pump sets.

By this legacy, as the nodal agency for the RGGVY (Rajiv Gandhi Grameen Vidyutikaran Yojana), formed to promote electrification of all villages in India, REC has powers to administer grants and provides loans. It is also responsible for overseeing this programme from conception to completion.

Earlier, Power Finance Corporation (PFC) was the only government controlled financial institution focused on the power sector to fund across the entire chain of generation, T&D. But in 2002, the Union government granted permission to REC to fund power generation projects, too. Now the role of REC and PFC is almost identical: financing all types of power projects including T&D and generation throughout the country. REC enjoys an additional advantage: it gets 1% of the total disbursement under RGGVY as commission. The estimated share of REC in the approved outlay for RGGVY is about Rs 33000 crore in the current five-year plan (FY 2008-12), which is set to touch Rs 50000 crore in the next five-year plan.

Strengths

• The Eleventh Five-Year Plan (FY 2008-12) envisages addition of 70,000 MW of power capacity in the plan period. The investment needed in the T&D sectors in this plan period is expected to be Rs 1000000 crore.
• The loan sanctions and disbursements have grown at a CAGR of 28.37% and 13.51%, respectively, between the year ending March 2003 (FY 2003) and FY 2007.
• The overall cost of funds was 6.55% in the six months ended September 2007, favorably low compared with competitors. The relationship with the government of India provides access to lower cost funds and source of additional foreign currency loans at competitive rates.

Weakness

• Aggregate loans outstanding to state electricity coards (SEBs) and state power utilities (SPUs) stood at Rs 33764 crore, constituting 96.33% of the total loans outstanding, largely long-term, end September 2007. Thus, the weak credit quality of these public enterprises remains a business challenge as lending to these enterprises forms a major chunk of business.
• Asset quality remains poor compared with peer. The gross non-performing assets (NPA) and net NPA as a percentage to advances stood at 0.90% and 0.67% end September 2007. This is high compared with peer PFC, whose gross NPA and net NPA as a percentage to advances was 0.06% and 0.02%.
• Despite access to low-cost funds, net interest margin was comparable with PFC’s 3.76% end September 2007.
• Financial growth in the past is not encouraging with hardly any growth in profit over the years.
• There is a possibility of the business operations being used as tool for public policy than engine for profit maximisation by the government. This remains a major concern for shareholders and their wealth creation would remain vulnerable.

Valuation

FY 2007 EPS of REC on post-IPO equity comes to Rs 9. At the offer price band of Rs 90- Rs 105, the P/E works to 10 (on lower band) to 11.7 (on upper price band). Post-IPO, FY 2007 book value will be Rs 52.6- Rs 53.9 (depending on the final issue price). P/book value (BV) is 1.7-1.9. PFC currently trades around P/ FY 2007EPS of 21.5 and P/FY 2007 BV of 2.1.

NSE Bulk Deal Watch - Feb 18 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
18-FEB-2008,CORDSCABLE,Cords Cable Industries Li,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,83294,148.95,-
18-FEB-2008,CORDSCABLE,Cords Cable Industries Li,MANISH VRAJLAL SARVAIYA,BUY,132808,149.62,-
18-FEB-2008,CORDSCABLE,Cords Cable Industries Li,PACE FINCAP PRIVATE LIMITED,BUY,79035,149.19,-
18-FEB-2008,HINDDORROL,Hindustan Dorr-Oliver Ltd,SHAIL INVESTMENTS PRIVATE LIMI,BUY,201501,140.00,-
18-FEB-2008,ITI,ITI Ltd.,MARUDHAR VYAPAAR PVT LTD,BUY,271000,44.31,-
18-FEB-2008,JKIL,J.Kumar Infraprojects Lim,DINESH MUNJAL,BUY,117086,116.85,-
18-FEB-2008,JKIL,J.Kumar Infraprojects Lim,MANISH VRAJLAL SARVAIYA,BUY,429005,114.20,-
18-FEB-2008,JKIL,J.Kumar Infraprojects Lim,NAMAN SECURITIES & FINANCE PVT LTD,BUY,158174,115.37,-
18-FEB-2008,JKIL,J.Kumar Infraprojects Lim,PRASHANT JAYANTILAL PATEL,BUY,179225,112.85,-
18-FEB-2008,KNRCON,KNR Constructions Limited,CPR CAPITAL SERVICES LTD.,BUY,155541,161.08,-
18-FEB-2008,KNRCON,KNR Constructions Limited,R.M. SHARE TRADING PVT LTD,BUY,227540,164.07,-
18-FEB-2008,XLTL,XL Telecom Limited,KOTAK MAHINDRA UK LTD,BUY,87519,310.00,-
18-FEB-2008,CORDSCABLE,Cords Cable Industries Li,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,78294,148.42,-
18-FEB-2008,CORDSCABLE,Cords Cable Industries Li,MANISH VRAJLAL SARVAIYA,SELL,132808,150.93,-
18-FEB-2008,CORDSCABLE,Cords Cable Industries Li,PACE FINCAP PRIVATE LIMITED,SELL,83035,149.19,-
18-FEB-2008,GDL,Gateway Distriparks Limit,DEUTSCHE SECURITIES MAURITIUS LTD.,SELL,702971,108.76,-
18-FEB-2008,HINDDORROL,Hindustan Dorr-Oliver Ltd,SOMEREST EMERGING OPPRTUNITI FUN,SELL,200000,140.00,-
18-FEB-2008,ITI,ITI Ltd.,RUNNER MARKETING PVT LTD,SELL,267566,44.30,-
18-FEB-2008,JKIL,J.Kumar Infraprojects Lim,DINESH MUNJAL,SELL,117086,116.85,-
18-FEB-2008,JKIL,J.Kumar Infraprojects Lim,MANISH VRAJLAL SARVAIYA,SELL,429005,114.38,-
18-FEB-2008,JKIL,J.Kumar Infraprojects Lim,NAMAN SECURITIES & FINANCE PVT LTD,SELL,155636,115.55,-
18-FEB-2008,JKIL,J.Kumar Infraprojects Lim,PRASHANT JAYANTILAL PATEL,SELL,179225,114.42,-
18-FEB-2008,KNRCON,KNR Constructions Limited,CPR CAPITAL SERVICES LTD.,SELL,155541,161.26,-
18-FEB-2008,KNRCON,KNR Constructions Limited,DEUTSCHE INTERNATIONAL TRUST CORP.(MAURITIUS)LTD A/C MINIVET,SELL,245000,165.97,-
18-FEB-2008,KNRCON,KNR Constructions Limited,R.M. SHARE TRADING PVT LTD,SELL,227540,164.18,-

BSE Bulk Deals to Watch - Feb 18 2008

Deal Date	Scrip Code	Scrip Name	Client Name	Deal Type *	Quantity	Price **
18/2/2008	531400	ALMONDZ GLO	INNOVATE SECURITIES PVT LTD PRO AC	S	100000	70.00
18/2/2008	531541	AVON ORGANI	MACKERTICH CONSULTANCY SERVICES PVT LTD	B	400000	29.28
18/2/2008	531541	AVON ORGANI	VATICAN COMMERCIALS LTD	S	400000	29.28
18/2/2008	505506	AXON INFOTEC	SHEETAL KASHIRAM KADAM	B	4525	52.94
18/2/2008	590059	BIHAR TUBES	SECUROCROP SECURITIES INDIA P	B	51733	134.37
18/2/2008	590059	BIHAR TUBES	MANIBEN UGRABHAI PATEL	B	55000	135.00
18/2/2008	590059	BIHAR TUBES	GOLD LEAF INVESTMENTS PVT LTD	B	90000	135.50
18/2/2008	590059	BIHAR TUBES	SECUROCROP SECURITIES INDIA P	S	56600	135.36
18/2/2008	532941	CORDS CABLE	PACE FINCAP PRIVATE LIMITED	B	75493	148.73
18/2/2008	532941	CORDS CABLE	BHANDARI RAKHI KALPESH	B	127937	150.49
18/2/2008	532941	CORDS CABLE	PACE FINCAP PRIVATE LIMITED	S	75942	148.44
18/2/2008	532941	CORDS CABLE	BHANDARI RAKHI KALPESH	S	127937	149.00
18/2/2008	524388	CRAZY INFOTE	HANS CAPITAL AND LEASING PVT LTD	B	44500	40.20
18/2/2008	531137	GEMSTONE INV	BHUPESH RATHOD	S	80000	26.55
18/2/2008	532715	GITANJALI GE	DEUTSCHE SECURITIES MAURITIUS LIMITED	B	970000	282.05
18/2/2008	530263	GLOBAL CAP M	CLOCK SIGN TRADING CO. PVT LTD.	S	120000	10.40
18/2/2008	508918	GREYCELLS EN	PRIME SECURITIES LTD	B	16000	219.00
18/2/2008	530117	H.K.FINECHEM	DHIREN S. SHAH	B	110000	17.30
18/2/2008	530117	H.K.FINECHEM	DIPTI D. SHAH	S	110000	17.30
18/2/2008	509627	HINDUS DOR O	SHAIL INVESTMENTS PRIVATE LIMI	B	248499	140.00
18/2/2008	532100	INDOCITY INF	SHASHI ANIL JAIN	B	100000	5.70
18/2/2008	523062	J J FINANCE	MANOJ KUMAR AGARWAL	S	15000	9.55
18/2/2008	530885	JAISAL SECUR	FATHIMUNNISA INVESTMENT P LTD	B	24724	57.90
18/2/2008	516078	JUMBO BAG LT	OM PRAKASH BANGA	B	50000	39.22
18/2/2008	512413	KHAITAN WVG	GIRIRAJ STOCK AND SECURITIES PVT LTD	B	13000	60.30
18/2/2008	512413	KHAITAN WVG	BHAROSEMAND COMMODITIES PVT LTD	B	6550	60.30
18/2/2008	512413	KHAITAN WVG	KALYANI BARTER PVT LTD	S	17000	60.30
18/2/2008	531413	KIRAN PRIN P	NIKUNJ ALLOYS AND STEEL PRIVATE LIMITED	S	100000	5.01
18/2/2008	501209	MAST MEDI SY	MAVI INVESTMENT FUND LTD	B	25000	60.00
18/2/2008	531834	NATURA HUE C	SHREEJI SECURITIES	S	92850	19.35
18/2/2008	531273	RADHE DEVELO	BIBHAS BHAGWANDAS ASAR	B	51384	104.15
18/2/2008	522207	RASAND ENG I	MACKERTICH CONSULTANCY SERVICES PVT LTD	B	43000	96.25
18/2/2008	522207	RASAND ENG I	VATICAN COMMERCIALS LTD	S	43000	96.25
18/2/2008	507998	SIMMOND MARS	CHETAN N SHAH	B	11650	77.20
18/2/2008	530155	TONIRA PHARM	IPCA LABORATORIES LIMITED	B	70181	26.96

Post Session Commentary - Feb 18 2008

The Sensex opened with a positive gap of 113 points at 18,228, and touched a high of 18,257 in early deals. The index, however, could not hold gains as profit-taking at higher levels saw the index slip into negative zone.

Profit-taking was seen mostly in technology, oil & gas and realty stocks. The index dropped to a low of 17,901 - down 356 points from the day's high - in mid-noon trades.

A fresh round of buying in FMCG scrips - Hindustan Unilever (HUL) and ITC - helped the index recover some loss and eventually end with a loss of 67 points at 18,048.

The index had gained around 1,500 points in the last three trading days last week.

The BSE Realty index dropped 2.8% to 10,207, and the IT index slipped 1.3% to 3,829. The FMCG index, howver, gained 2.3% at 2,258.

The NSE Nifty slipped 26 points to close at 5,277 today.

The BSE market breadth was fairly positive - out of 2,772 stocks traded, 1,848 advanced and 874 declined today.

INDEX SHAKERS...

Satyam plunged nearly 3% to Rs 426. TCS slipped over 2% to Rs 852, and Wipro shed 1.5% at Rs 414.

Tata Motors tumbled 2.5% to Rs 733. DLF, BHEL and SBI slipped 2% each to Rs 860, Rs 2,216 and Rs 2,255, respectively.

Reliance dropped 1.5% to Rs 2,552, and ONGC was down over 1% at Rs 1,021.

...AND THE MOVERS

Mahindra & Mahindra rallied 4% to Rs 643. Hindalco soared over 3% to Rs 184.

ITC surged 3.3% to Rs 210, and HUL moved up 2.5% to Rs 217.

ICICI Bank advanced 1.4% to Rs 1,208. Bajaj Auto was up over 1% at Rs 2,200.

VALUE & VOLUME TOPPERS

Reliance Power topped the value chart with a turnover of Rs 472 crore followed by Reliance Natural Resources (Rs 376 crore), Essar Oil (Rs 166.50 crore), Reliance Capital (Rs 158.60 crore) and Reliance Petroleum (Rs 153.60 crore).

Reliance Natural Resources led the volume chart with trades of around 2.66 crore shares followed by Ispat Industries (2.22 crore), Reliance Power (1.13 crore), Nagarjuna Fertilisers (99.25 lakh) and Himachal Futuristic (93.70 lakh).

Rural Electrification Corporation IPO

Rural Electrification Corporation IPO

HBL Power Systems

HBL Power Systems

Weekly Technical Outlook

Weekly Technical Outlook

Post Market Commentary - Feb 18 2008

The market closed on a negative note as the profit booking across the counters prevailed. The market opened with hand some gains tracking the firm cues from the Asian markets but all of a sudden lost the momentum and fell to pare all its initial gains. The market From there on kept on hovering in the negative territory throughout the trading session. Reliance Power reported as the top turnover from the BSE as the company announced a bonus issue of shares. He company''s board will be meeting on February 24 to consider the ratio on issuing bonus shares. However, the Small Caps and Mid Caps remained in the limelight as most buying was seen from these baskets. From the sectoral front, the Realty index faced heavy selling pressures across the counters. The BSE Sensex closed lower by 67.20 points at 18,048.05 and NSE Nifty slipped by 26 points to close at 5,276.90. The BSE Mid Cap and Small Cap closed higher by 49.40 points and 134.22 points at 7,641.48 and 9,755.35 respectively.

BSE Metal index closed up by 80.04 points at 16,247.20 as Nalco (7.59%), Sesa Goa (5.87%), Ispat Inds (5.28%), Hindalco Inds (3.14%) closed in green.

BSE Bankex index closed higher by 60.43 points at 10,944.85. Gainers are BOB (3.86%), Axis bank (2.37%), Kotak bank (2.35%), IOB (2.08%), CentBOP (1.60%).

BSE Realty index fell by 290.32 points to close at 10,206.95. Major losers are Phoenix Mill (8.64%), Ansal Infra (7.63%), Mahindra Life (5.04%), Unitech (4%), Indiabull Real (3.09%).

BSE CG fell by 95.65 points to close at 16,322.65 as Alstom Projects (4.95%), BEML (3.28%), Suzlon Ener (2.65%), BHEL (2%), Thermax (1.66%) and L&T (0.80%) closed in red.

BSE Oil & Gas index fell by 96.18 points to close at 11,172.91. Losers are Essar Oil (2.17%), Reliance Inds (1.49%), ONGC (1.21%) and BPCL (0.53%).

BSE IT index decreased by 50.74 points to close at 3,829.24 as NIIT Techno (6.07%), Mosear Baer (4.49%), Karut Net (3.06%), Satyam (2.78%), TCS (2.24%) and Wipro (1.36%) closed lower.

Market Close: Profit booking grips in!

It was a choppy session for Indian markets, to end in flat. Taking cues from Asian markets India started with a gap up of around 100 odd points but could not sustain at days higher level and slipped in to negative zone. However, value buying was seen in small cap stocks which gave positive breath to the markets. Despite periodic attempts of recovery mid-way proceedings remained the indices in negative zone. The profit booking at every recovery under arrest the indices not to enter positive zone. The lack of investor interest was restricted to the frontline stocks to perform. IT, oil, metal and realty are among the top laggard while Reliance pack stocks are the most active stocks on the bourses. Rel power was in lime light on the back of board meet on Feb 24 to mull bonus issue to all shareholders. Investor?s interest was much seen in mid and small caps which outperformed the front line indices. Asian indices closed a mixed bag while the European is witnessing a positive trend currently.

Sensex ended down by 67 points at 18048.051. Weighing on the Sensex were losses in Satyam (426,-3 percent), Tata Motors (732.55,-2 percent), TCS (851.95,-2 percent), BHEL (2216.2,-2 percent) and SBI (2254.95,-2 percent). Losses were restricted by gains in ITC (209.6,+3 percent), Hindalco (184.1,+3 percent), HLL (216.6,+3 percent), ICICI Bk (1208.1,+1 percent) and Bajaj Auto (2199.8999,+1 percent.

India's biggest non- state iron ore exporter, Sesa Goa Ltd was the star for the day amid hope that the price increase agreed upon by Japanese steelmakers will lead to a hike in the domestic price as well. Asia's three biggest steelmakers agreed to pay 65% more for procuring iron ore from Brazilian mining major CIA. Vale do Rio Doce, setting a global benchmark for the key raw material. Iron ore prices will rise for a sixth year in a row to a record on the back of strong demand from China, boosting earnings. Sesa Goa is well positioned to ride the current boom in the iron-ore market on the back of an output of approx 10mtpa, which it is planning to increase to 15mtpa over the next three years. The company has access to resource & reserves of approx 207mnte (i.e. 20 years of mining life) of iron ore. Stock ended up 6.2%.

Leading automotive player Mahindra & Mahindra have reported that they have signed a memorandum of understanding for a joint venture with WASS for the manufacture of underwater defence systems in India. The Indian automaker will have a 74% stake in the joint venture with Whitehead Alenia Sistemi Subacquei (WASS) which will develop and make underwater mines, harbour defence systems and torpedoes. Mahindra intends to be a full-service provider to the defence services and the systems would initially be made in Mahindra's facility in Pune in western India, and production would be moved to the eastern city of Vishakhapatnam in two to three years. With this M&M are also in talks with the British defence contractor BAE Systems to jointly develop a mine-protected vehicle which is in pine line in negotiation. Stock ended up 3.5% on the back of news.

Technically Specking: Sensex traded in a narrow range of 200 odd points before ending down by 67 points at 18048. It made intraday high of 18257 and day?s low of 17901. Turnover stood low at Rs 4857 Cr. The breath has been in favor of Advances, where Advances stood at 1850 against the Declines of 878. Sensex Resistance is seen at 18400 while Support lies at 17900. We fell that market will be trading in this range for some more days.

A tame ending to highly volatile session

The market maintained a cautious trend for the straight session, as the Sensex eased marginally at close on selective selling. However, the market was extremely volatile as stocks gyrated sharply, leading to a swing of 357 points during intra-day trades. After resuming 113 points above at 18,228, the Sensex dropped 215 points in early trades on sustained selling to touch the day's low of 17,900. Languishing in negative territory thereafter in the first half, the Sensex steadily erased its losses and rebounded into positive territory in the afternoon trades to edge past the 18,250 mark and touch the intra-day high of 18,256. The Sensex failed to hold on to its steady gains and lost 67 points to close at 18,048, while the Nifty ended 26 points lower at 5,276.

Dragging the Sensex, Satyam lost 2.78% at Rs426, Tata Motors dropped 2.47% at Rs732.55, TCS fell 2.24% at Rs851.95, DLF lost 2.18% at Rs859.80 and BHEL declined 2% at Rs2,216. SBI, Reliance Industries, Wipro and ONGC were down nearly 1% each. However, M&M advanced 4.02% at Rs643.35, ITC scaled up 3.25% at Rs209.60, Hindalco added 3.14% at Rs184.10, Hind Utilites gained 2.56% at Rs216.60, ICICI Bank jumped 1.42% at Rs1,208 and Bajaj Auto was up nearly 1.16% at Rs2,199.

The breadth of the market was positive. Of the 2,772 stocks traded on the Bombay Stock Exchange (BSE), 1,848 stocks advanced, 876 stocks declined and 48 stocks ended unchanged. Of the 11 sectoral indices trading on the BSE, six indices ended in the green and seven slipped into the red. The BSE FMCG index was the major performer on the upside and gained 2.26% at 2,258, while the BSE Bankex index was up around 0.5% at 10,944. In the market which closed on a subdued note, FMCG stocks performed exceptionally well. REl Agro was frozen at the upper limit of 5% at Rs1,290.15, ITC surged 3.25% at Rs209.60 and Nestle shot up by 2.56% at Rs216.60.

Over 2.66 crore RNRL shares changed hands on the BSE followed by Ispat Industries (2.22 crore shares), Reliance Power (1.12 crore shares), Nagarjuna fertilisers (99.23 lakh shares) and HFCL (93.71 lakh shares).

Small-cap, mid-cap indices buck market fall

Breaking a three-day winning streak, the market edged lower today on profit taking. The market failed to sustain higher levels after a firm start. A firm opening was triggered by Reliance Power's surprise announcement on Sunday, 17 February 2008, that it would consider bonus issue. The market was down sharply in afternoon trade but managed to cut losses tracking firm European markets, which opened after Indian markets. The benchmark index, BSE Sensex, dipped below 18,000 mark only to regain that level in mid-afternoon trade.

Reliance Power soared on high volumes. Despite the market fall, the breadth was positive on buying in small-cap and mid-cap stocks. Asian markets were mixed.

The 30-share BSE Sensex was down 67.20 points or 0.37% at 18,048.05. Sensex lost 214.29 points at the day's low of 17,900.96, hit in afternoon trade. Sensex opened 112.96 points higher at 18,228.21 and advanced to hit a high of 18,256.82 in early trade. At the day's high, Sensex rose 141.57 points.

At current 18,048.05, Sensex trades at a PE multiple of 17.18 to 18.04, based on projected FY 2009 EPS of Rs 1000-to-Rs 1050 for 30 Sensex companies.

The broader based S&P CNX Nifty was down 26 points or 0.49% at 5,276.90. Nifty February 2008 futures were at 5280.10, a premium of 3.20 points as compared to sport closing

From 16,608.01 on 12 February 2008, Sensex had advanced 1507.24 points or 9.07% in three trading sessions to 18,115.25 o n Friday, 15 February 2008.

The market breadth was positive on BSE: 1,850 shares advanced as compared to 878 that declined. 46 shares remained unchanged. 19 out of 30 Sensex stocks declined.

The BSE Mid-Cap index was up 0.65% to 7,641.48 and the BSE Small-Cap index gained 1.40% to 9,755.35. Both these indices outperfomed the Sensex

The total turnover on BSE amounted to Rs 4857 crore as compared to Rs 6,415.18 on Friday, 15 February 2008

Turnover on NSE’s futures & options segment declined to Rs 32416.67 crore from Rs 42675.67 on Friday, 15 February 2008

Reliance Power surged 6.95% to Rs 411.45, off day’s high of Rs 429.60. The counter saw high volumes of 1.12 crore shares on BSE. The company said on Sunday, 17 February 2008, its board would meet on Sunday, 24 February 2008, to decide bonus ratio. The bonus shares will be issued to non-promoter shareholders to compensate the losses suffered by them when the company was listed last week. The stock has been consistently trading at a discount to IPO price of Rs 450, since its listing on 11 February 2008. Meanwhile, the company has also sought an enquiry by the Securities & Exchange Board of India, the market regulator, into the decline in shares.

Sectoral indices on BSE displayed mixed trend. The the BSE Consumer Durables index (up 0.04% to 4,708.56), the BSE PSU index (up 0.24% to 8,572.39), the BSE Auto (up 0.43% at 4,789.13), the BSE FMCG index (up 2.26% at 2,258.26), the BSE Health Care index (down 0.37% at 3,678.31), the BSE Metal index (up 0.50% to 16,247.20), and the BSE Bankex (up 0.56% at 10,944.85), outperformed the Sensex

The BSE Capital Goods index (down 0.58% at 16,322.65), BSE Oil & Gas index (down 0.85% to 11,172.91), the BSE Power (down 0.42% to 3,752.87), the BSE Realty index (down 2.77% at 10,206.95), the BSE IT (down 1.31% to 3,829.24), the BSE TecK index (down 0.56% to 3,332.73), underperformed the Sensex

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 1.65% to Rs 2548 on 4.51 lakh shares. The stock moved in a range of Rs 2537.40 and Rs 2650 so far during the day.

India’s top truck marker in terms of sales, Tata Motors slipped 2.56% to Rs 732.10 on 1.29 lakh shares. It was the top loser from Sensex pack.

India’s largest public sector engineering company in terms of profit, Bharat Heavy Electricals dropped 1.75% to Rs 2222 despite reports the company has bagged an order worth Rs 650 crore from General Electricity Company, Libya for setting up a 300 megatwatt gas turbine based power plant. The stock hit a high of Rs 2280 in intra-day trade.

India’s largest private sector engineering company in terms of outstanding order book position, Larsen & Toubro slipped 0.90% to Rs 3505. The company said on Monday, 18 February 2008, it has bagged an order worth Rs 1250 crore from Oil & Natural Gas Corporation.

State Bank of India (down 2.10% to Rs 2250), Reliance Energy (down 1.38% to Rs 1685.95), and DLF (down 2.38% to Rs 858), were the other losers from Sensex pack.

Mahindra & Mahindra, the country’s top tractor maker in terms of sales, extended gains in late trade. It advanced 3.48% to Rs 640. It was the top gainer from Sensex pack. Mahindra & Mahindra today said that Mahindra Defence Systems, a group company, is in talks with WASS for underwater defense joint venture. Mahindra Defence Systems (MDS) makes high mobility and light bullet proof vehicles to the armed forces, paramilitary and police forces.

India’s top cigarette manufacturer in terms of sales, ITC staged a sharp rally in late trade. The stock was down for most part of the day but settled with gain of 3.45% to Rs 210.

Bajaj Auto, the country’s second largest bike maker in terms of sales, gained 1.16% to Rs 2200 after the Madras High Court on Saturday, 16 February 2008, restrained TVS Motor Company from manufacturing and selling 125 cc ‘Flame’ motorcycle by using the technology/invention described in the patent granted to Bajaj Auto. TVS Motor Company was down 2.88% to Rs 38.85.

ICICI Bank (up 1.67% to Rs 1211), Hindustan Unilever (up 2.32% to Rs 216.10), and Hindalco Industries (up 3.08% to Rs 184) were the other gainers from Sensex pack.

IT pivotals were subdued. Infosys Technologies (down 0.95% to Rs 1550), TCS (down 2.46% to Rs 850.10), Wipro (down 0.94% to Rs 416.30), and Satyam Computers (down 2.51% to Rs 427), edged lower

Sugar stocks rose on fresh buying. Bajaj Hindustan rose 9.84% to Rs 264.60, Balrampur Chini Mills gained 7.52% to Rs 97.25 and Shree Renuka Sugars advanced 11.30% to Rs 1002.

Reliance Power topped the turnover chart with a turnover of Rs 472 crore followed by Reliance Natural Resources (Rs 376 crore), Essar Oil (Rs 166.50 crore), Reliance Capital (Rs 158.60 crore) and Reliance Petroleum (Rs 153.60 crore), in that order.

Reliance Natural Resources led the volume chart clocking volumes of 2.66 crore shares followed by Ispat Industries (2.22 crore shares), Reliance Power (1.13 crore shares), Nagarjuna Fertilisers (99.25 lakh shares) and Himachal Futuristic Communications (93.70 lakh shares), in that order.

Among the side counters, Panasonic Carbon (up 18.61% to Rs 137), J Kumar Infraprojects (up 18.38% to Rs 118.85), Dish TV (up 20% to Rs 19.95), Wire & Wireless India (up 14.53% to Rs 54), and Praj Industries (up 12.95% to Rs 191) surged.

Provogue India (down 13.02% to Rs 920), Phoenix Mills (down 8.18% to Rs 414.35), Geodesic Information Systems (down 9.35% to Rs 181.05), Ansal Infrastructure (down 7.97% to Rs 215.40) and Mastek (down 6.10% to Rs 248.90), slipped

KNR Constructions settled at Rs 154.35 on BSE, a discount of 9.20% over IPO price of Rs 170. The stock debuted at Rs 180, a premium of 5.8% over the IPO price. The stock hit a low of Rs 155.65 and high of Rs 199. On BSE, 57.56 lakh shares changed hands in the counter.

Disa India galloped 20% to Rs 1826.25 after the company’s board of directors at its meeting held on 16 February 2008 recommended a dividend of 2000% or Rs 200 per share in the year ended December 2007.

Unitech declined 4.14% to Rs 399.90 despite the West Bengal government giving possession of 12,500 acres of land at Nayachar Island, near Haldia, in the state to the developer PCR Chemicals.

Educomp Solutions slipped 2.30% to Rs 4068 on reports the company plans to invest up to Rs 800 crore to set up 150 schools in the next four years.

DMC International rose 4.81% to Rs 21.80 after a group company Swen Realty & Media entered into an agreement with Global Infocom to acquire an online portal.

Kalindee Rail Nirman Engineers rose 1.76% to Rs 425 after the company said its board will meet on 18 February 2008 to consider raising Rs 150 crore by issue of equity to qualified institutional buyers.

Ramco Systems gained 3.13% to Rs 145 after the company launch of India's first full-fledged Software-as-a-Service enterprise resources planning tool viz. Ramco OnDemand ERP.

European markets, which opened after Indian markets, extended early gains. Key benchmark indices in United Kingdom (up 1.89% to 5,896.70), Germany (up 1.70% to 6,948.61), and France (up 1.56% to 4,846.36), advanced.

Asian markets, which opened before Indian markets were mixed today, 18 February 2008. Japan's Nikkei (up 0.09% at 13,635.40), Taiwan's Taiwan Weighted index (up 0.18% at 7,890.90), South Korea's Seoul Composite index (up 0.09% at 1,696.24), and China’s Shanghai Composite index (up 1.58% to 4,568.51), edged higher. However, Hong Kong's Hang Seng (down 1.61% at 23,759.25) and Singapore's Straits Times index (down 0.78% at 3,064.65), declined.

US markets ended Friday’s, 15 February 2008 trade on mixed note after economic reports offered bleak views on everything from manufacturing to consumer sentiment. The Dow Jones industrial average declined 28.77 points, or 0.23%, to 12,348.21. The S&P 500 index gained 1.13 points, or 0.08%, to 1,349.99. The Nasdaq Composite index was down 10.74 points, or 0.46%, to 2,321.80.

India's wholesale price index rose 4.07% in the 12 months to 2 February 2008, marginally lower than the previous week's rise of 4.11%, government data released on Friday, 15 February 2008 showed

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