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Thursday, March 26, 2009
March 2009 derivatives to keep market volatile; Inflation data eyed
Key benchmark indices are likely to extend recent upmove on the back of positive global cues. The SGX Nifty futures for March 2009 series rose 12.50 points in Singapore. However volatility may remain high ahead of the expiry of March 2009 derivatives contracts for March 2009 series on Thursday, 26 March 2009. Inflation data in the year through 14 March 2009 to be released by noon today, 26 March 2009 will be closely watched.
As per reports, rollover of Nifty positions from March 2009 series to April 2009 was 65% while marketwide rollover stood at 63%, as on Wednesday, 25 March 2009.
Inflation data in the year through 14 March 2009 to be released by noon today, 26 March 2009 will be closely watched. Inflation based on the wholesale price index (WPI) rose 0.44% in the year through 7 March 2009, a record low for the current series, data released by the government during trading hours on Thursday, 19 March 2009, showed. The rate of growth in inflation was much lower than previous week's annual rise of 2.43%. Hopes of interest rate cut by the Reserve Bank of India (RBI) loom large to revive demand and fuel growth in a sagging economy.
Asian stocks rose today, 26 March 2009 lifting the region's benchmark index to a two-month high, as better-than- expected US economic reports fueled optimism that global growth is responding to government stimulus measures. Key benchmark indices in Hong Kong, China, Japan, Singapore, South Korea and Taiwan were up by between 0.16% and 2.34%.
US stocks advanced in a volatile session on Wednesday, 25 March 2009 as unexpected growth in durable-goods orders and new-home sales stimulated confidence the economy is improving. The Dow Jones industrial average rose 89.84 points, or 1.17%, to 7,749.81. The Standard & Poor`s 500 index rose 7.63 points, or 0.95%, to 813.88, while the Nasdaq Composite index rose 12.43 points, or 0.82%, to 1,528.95.
The US February 2009 new home sales increased by 4.7% to 337,000 compared with January 2009, as against an expected decline of 2.9%. Commerce Department's report showed durable goods orders rose 3.4% in February 2009 over the previous month to $165.6 billion, as against an estimated 2.5% fall.
Back home, key benchmark indices extended recent strong gains on Wednesday, 24 March 2009 as buying by foreign funds and higher US index futures bolstered sentiment. Expectations of a further cut in policy rates by the Reserve Bank of India (RBI) also aided the surge.
The BSE 30-share Sensex jumped 196.85 points, or 2.08%, to 9,667.90, its highest closing since 6 January 2009. The S&P CNX Nifty jumped 45.65 points or 1.55% to 2,984.35.
From a three-year closing low of 8,160.40 on 9 March 2009, the BSE Sensex has risen 1,507.50 points or 18.47%.
According to provisional data on NSE, foreign institutional investors (FIIs) were net buyers worth Rs 348.65 crore while mutual funds bought shares worth Rs 8.92 crore on Wednesday, 25 March 2009.
Daily News Roundup - March 26 2009
The Fertiliser firms have sought the Petroleum and Natural Gas Regulatory Board’s intervention to resolve issues between the fertiliser companies and GAIL India over the supply of gas from RIL’s KG basin. (BS)
Satyam Board has short listed eight bidders including LT, Tech Mahindra and IBM Global. (ET)
Tata Communication sold 1% stake in Tata Teleservices (Unlisted) for Rs4.2bn. (ET)
Gail India will spin off its marketing business Gail Gas into a separate firm from April 1 '09, plan to list the Gail Gas on bourses. (ET)
Ranbaxy Lab has received nod to sell anti-psychotic drug by Australian drug regulators. (ET)
Novartis offers to buy 39% more in Indian subsidiary. (BS)
SBI asks associate banks to pay royalty for logo use. (BL)
Sobha Developers has received the nod from three mutual funds to roll over debt of around Rs3.5bn. (BS)
ONGC plans to set up a crude desalter plant in Mehsana, similar to its existing facility in Nawagam at an estimated cost of Rs1.5-2bn. (BS)
Tata Power exits a part of its holding in Tata Teleservices for Rs3.2bn. (ET)
Coal India Limited expects the exploration of coal block for its proposed coal gasification project in joint venture with ONGC to be done within 18 months. (BS)
Essar Oil is set to acquire 50% stake in 4mtpa Kenya Petroleum Refinery. (ET)
The PE arm of Aditya Birla Group plans to raise about $2bn in PE capital within the next five years. (BS)
Spice Group may opt out of Satyam bid. (BL)
SEBI has allowed the promoter group of Godrej Industries a passive increase in voting rights through a company’s buyback plan. (BL)
BRPL merged with its parent IndianOil with effect from Wednesday. (BL)
S&P rating services lowered its corporate credit rating of Tata Motors to 'B+' from 'BB-'. (ET)
Havells India has bagged US$200mn export order from the west European countries to supply motors and CFL. (ET)
Omaxe Ltd has bagged a contract to develop a convention centre, a library and a computer centre at the Deenbandhu Chhotu Ram University of Science and Technology at Sonepat.(FE)
RBI issued fresh norms for the treatment of provisions for restructured accounts, standard assets and NPAs. (BS)
For the first time in nearly three months deposit base shrunk, whereas credit flow improved during the fortnight ended March 13. (BS)
The National Advisory Committee on Accounting Standard has postponed the implementation of Accounting Standard 11 (AS 11) to 2011. (BS)
Cement prices have gone up by about Rs10 a 50-kg bag in March owing to an increase in demand and transportation constraints despite a duty cut. (BL)
Ground Zero for inflation!
While we stop to think, we often miss our opportunity.
The bulls may look forward to inflating their gains for now as the market is set to continue its recent ascent. We expect another positive start and a firm close, unless global cues give way. Some short-covering is likely on account of F&O expiry. Traded volumes too have picked up this week, which is a healthy sign. Still, one has to stay rooted to the ground, as the market could face a few bumps in the coming month.
There are some signs of recovery in economic activity. Inflation is all set to move into sub-zero territory, though partly it is a statistical magic. Consumer inflation is still pretty high at around 7-8%. For a day you can stop thinking and ride the upmove with stop losses to protect your downside.
A few good economic reports in the US have added fizz to the recent rally across global markets. Wall Street and world markets have also welcomed the latest bank bailout plan by the Obama regime. Add to that encouraging commentary from top global banks, and you have a pretty good platform for the bulls to exploit. But be careful as the bottoming process is going to take time.
FIIs were net buyers in the cash segment on Wednesday at Rs3.48bn while the local institutions poured Rs89.2mn. In the F&O segment, the foreign funds were net buyers at Rs3.41bn. On Tuesday, FIIs were net buyers of Rs6.99bn. Mutual Funds were net buyers of Rs1.25bn on the same day.
US stocks ended higher on Wednesday after a fairly volatile session, spurred by positive reports on new home sales and durable goods orders. The advance sputtered out through most of the afternoon. A late-session jump in financial stocks and technology shares helped markets finish higher.
The Dow Jones Industrial Average rose 90 points, or 1.2%, to 7,749.81. The S&P 500 index rose 7 points, or 0.9%, to 813.88. The Nasdaq Composite index advanced 12 points, or 0.8%, to 1,528.95.
US stocks have rebounded 20% since March 9, when the Dow and S&P 500 hit roughly 12-year lows. They have been rallying on optimism that the economy and financial markets are getting closer to stabilising. In addition, many stocks have been hammered out of shape and look attractive.
Bank of America, JPMorgan Chase and Wells Fargo ended higher after a shaky afternoon. Citigroup cut some losses. The KBW Bank sector index rose 5%, erasing a drop of over 5%.
February new home sales rose at an annual unit rate of 337,000 versus a revised 322,000 in the previous month. Sales were expected to rise at a 300,000 unit annual rate, according to a consensus of forecasts.
An earlier report showed that durable goods orders rose 3.4% in February after falling 5.2% in the previous month. Economists had forecast a fall of 2.5%. Durable goods orders, excluding transportation, rose 3.9% after falling 5.9% in January. Economists had predicted a decline of 2%.
Also, a report from the UCLA Anderson School of Management showed that real domestic product growth is on track to see quarterly growth in 2010 and 2011, although not in 2009.
On Tuesday, Federal Reserve Chairman Ben Bernanke and Secretary Geithner testified about the government's $180bn bailout of AIG. They said that AIG demonstrates the need for the government to have broader power over non-bank financial institutions.
Geithner again made his case for broader powers to regulate flailing companies on Wednesday. In a speech in New York, the Treasury Secretary said that the country should never again have to provide a massive bailout or risk seeing a collapse of the financial system.
President Barack Obama, in a primetime news conference on Tuesday, said that it is because of a lack of authority that the AIG situation has gotten worse. Obama also defended his $3.6 trillion 2010 federal budget, which he said is inseparable from the overall strategy for economic recovery.
Congressional committees began debating the budget on Wednesday, with a final budget not expected until at least next fall. On Monday, the Treasury Department introduced its plan to purge bank balance sheets of up to $1 trillion in bad assets that are limiting lending and prolonging the recession.
Last week, the Federal Reserve announced it was pumping another trillion into the economy to try to get credit flowing, including $300 billion to buy long-term Treasurys. The N.Y. Fed Bank began buying the securities on Wednesday.
Treasury prices tumbled, raising the yield on the benchmark 10-year note to 2.79% from 2.70% on Tuesday.
Lending rates were unchanged. The 3-month Libor rate held steady at 1.23%, where it stood Monday, while the overnight Libor rate held steady at 0.29%. Libor is a bank-to-bank lending rate.
In currency trading, the dollar fell against the euro and the yen, recovering from bigger morning losses that followed comments from Geithner.
Crude futures dropped from their highest level in nearly four months as data showed US crude inventories rose more than expected as petroleum demand fell. US light crude oil for May delivery fell $1.21 to settle at $52.77 a barrel. Over the last three months, oil futures have surged 49%.
COMEX gold for May delivery rose $12 to settle at $936.70 an ounce.
On Thursday, the House Financial Services Committee holds a hearing on regulatory reform, with Treasury Secretary Tim Geithner due to testify. Economic reports include readings on weekly jobless claims and gross domestic product growth.
The number of Americans filing new claims for unemployment is expected to have risen to 650,000 from 646,000 the previous week, economists estimate. Continuing claims, a measure of people who have been receiving unemployment for a week or more, will also be in focus. Last week, continuing claims hit an all-time high of 5.473 million.
Fourth-quarter GDP in the US is expected to have shrunk by a 6.6% annual rate versus the previous reading of a 6.2% rate. The 6.2% rate was a 26-year low. Best Buy and homebuilder Lennar report quarterly results before the start of trading.
European stocks edged higher on Wednesday, as gains in the oil and food sectors helped offset losses in Siemens and a dip in a key sentiment gauge in Germany. Major stock indexes spent much of the day meandering between positive and negative territory.
The pan-European Dow Jones Stoxx 600 index rose 0.3% to 178.82, while the French CAC 40 index rose 0.7% to 2,893.45 and the German DAX 30 index gained 0.9% to 4,223.29. The UK's FTSE 100 index, however, lost 0.3% to 3,900.25.
A highly volatile session ended with smart gains ahead of the F&O expiry on Thursday. The BSE benchmark Sensex swung almost 280 points and the NSE Nifty index gyrated 70 points from their highs and lows. The interest rate sensitive stocks led from the front followed by the oil & gas, metals and capital goods stocks. Finally, the BSE Sensex surged 196 points to close at 9,667 and the NSE Nifty was up 45 points at 2,984.
Among the 30-components of Sensex, 22 stocks ended in positive terrain and 8 stocks ended in the red. JP Associates, Sterlite, DLF, Reliance Infra, Tata Power and Reliance Industries were among the top gainers.
On the other hand, NTPC, Bharti, ONGC, HUL and Tata Motors were among the major losers.
Shares of Idea gained by 3% to Rs48.7 after reports stated that the company has forayed into global long distance business. The scrip touched an intra-day high of Rs49 and a low of Rs46.7 and recorded volumes of over 0.7mn shares on BSE.
Shares of Bombay Rayon surged by over 5% to Rs146 after reports stated that the board of directors approved raising of Rs3.3bn through a preferential allotment of 18mn shares at Rs185 each. The scrip touched an intra-day high of Rs147.7 and a low of Rs136.8 and has recorded volumes of over 1.1mn shares on NSE.
Shares of Crompton Greaves dropped sharply for a second day in a row after reports stated that JP Morgan Chase & Co said the company’s proposed acquisition of 41% stake in Avantha Power appeared to be expensive.
The stock declined by over 13% to Rs106 after hitting an intra-day high of Rs119 and a low of Rs99.7 and recorded volumes of over 10.2mn shares on BSE.
Shares of DLF gained by 6% to Rs176 after reports stated that the company plans to book ~Rs20bn revenue from sale of 4.5mn sq ft of commercial space to the group company, DAL. The scrip touched an intra-day high of Rs178 and a low of Rs164 and recorded volumes of over 6.6mn shares on BSE.
Shares of Gail India advanced by over 3.5% to Rs234 after the company announced that it signed an agreement with Ministry of Petroleum. The company has announced that it has set a target to transport 94.8mn cubic meters per day of gas in the year starting April.
It was a surprise rally on Wednesday, however, the NSE Nifty index faces crucial hurdle i.e. the 3000 levels which it has failed to sustain above convincingly. Adding to the woes would be high volatility on account of F&O expiry. The global markets would also be closely watched for cues in the early trades. So one can expect a day of wild gyrations.
Nifty March 2009 futures at premium
Turnover declines
Nifty March 2009 futures were at 2990.55, at a premium of 6.20 points as compared to the spot closing of 2984.35. Turnover in NSE's futures & options (F&O) segment was Rs 74,456.63 crore, lower than Rs 78,270.59 crore on Tuesday, 24 March 2009.
The near-month March 2009 derivatives contract will expire tomorrow, 26 March 2009.
Reliance Industries March 2009 futures were at premium at 1540.85 compared to the spot closing of 1532.20.
State Bank of India March 2009 futures were at premium at 1055.30 compared to the spot closing of 1049.95.
DLF March 2009 futures were at premium at 177.60 compared to the spot closing of 176.65.
In the cash market, the S&P CNX Nifty gained 45.65 points or 1.55% at 2984.35.
Bullion metals go up
Gold and silver shine as the dollar dips
Bullion metal prices ended higher on Wednesday, 25 March, 2009. The weak dollar was responsible for precious metals ending higher today.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Wednesday, Comex Gold for April delivery rose $12 (1.3%) to close at $935.8 an ounce on the New York Mercantile Exchange. It fell to an intra day low of $916. Last week, the yellow metal ended higher by 2.8%. For the month of February, gold ended higher by 7.4%. For January, 2009, gold had gained 3.9%. Year to date, gold prices are higher by 13.4%.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (7.9%) since then.
On Wednesday, Comex silver futures for May delivery rose 8 cents (0.3%) to end at $13.437 an ounce. In February, 2009, silver had rose 4.3% after climbing 14% in January. Year to date, silver has climbed 22.9% this year. For 2008, silver had lost 24%.
In the currency market today, the dollar weakened against its rivals. The dollar index, which measures the strength of the dollar against a basket of six currencies fell 0.6%. But then, the dollar pared almost all its losses after Treasury Secretary Timothy Geithner clarified his earlier comments, emphasizing that the dollar remains the world's reserve currency.
Earlier this week, the Treasury Department had unveiled their plan about buying back most of the bank's toxic assets thereby cleaning up their balance sheet to the extent possible. Treasure Secretary Tim Geithner detailed that the Treasury plans to create a series of public-private investments funds to buy $500 billion to $1000 billion in legacy loans and securities. To encourage participation from the private sector, the government is taking on much of the risk and offering subsidies.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
Last year, the weakening dollar and higher global demand for raw materials had led to records for commodities including gold. Gold reached a record in March 2008 as a U.S. housing slump and credit crisis spurred the Federal Reserve to slash borrowing costs. In the last move, the Federal Reserve has cuts its target bank lending rate to 0.25% from 5.25% in September, 2007. The Fed did it in nine steps.
Prior to 2008, gold had witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. Silver had climbed 16% in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
At the MCX, gold prices for April delivery closed higher by Rs 153 (1.01%) at Rs 15,226 per 10 grams. Prices rose to a high of Rs 15,382 per 10 grams and fell to a low of Rs 14,961 per 10 grams during the day's trading.
At the MCX, silver prices for May delivery closed Rs 86 (0.4%) higher at Rs 22,351/Kg. Prices opened at Rs 22,305/kg and rose to a high of Rs 22,545/Kg during the day's trading.
Crude slides down
Oil prices drop as crude inventories rise more than expected
Crude prices ended lower on Wednesday, 25 March, 2009 as the weekly inventory report by the energy department showed that crude inventories rose more than expected last week. It was due to the drop in demand for petroleum products. Crude prices fell today despite the weak dollar.
On Wednesday, crude-oil futures for light sweet crude for May delivery closed at $52.77/barrel (lower by $1.21 or 2.2%) on the New York Mercantile Exchange. Last week, crude ended higher by 10.4%. For the month of February, crude prices had ended higher by 1.5%.
Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 64.6% since then. Year to date, in 2009, crude prices are higher by 18.3%. On a yearly basis, crude prices are lower by 50%.
The EIA reported today that crude inventories rose 3.3 million barrels last week (for the week ended 20 March, 2009), more than the 1.4 million barrels expected. At 356.6 million barrels, stocks are at the highest level since July 1993. U.S. refineries operated at 82% of their operable capacity last week, down slightly from a week ago.
EIA also reported that total petroleum products supplied over the past four weeks averaged 19.1 million barrels a day, down 3.2% from a year ago. Gasoline inventories fell by 1.1 million barrels in the week while distillate stockpiles, which include diesel and heating oil, declined by 1.6 million barrels.
In the currency market today, the dollar weakened against its rivals. The dollar index, which measures the strength of the dollar against a basket of six currencies fell 0.6%. But then, the dollar pared almost all its losses after Treasury Secretary Timothy Geithner clarified his earlier comments, emphasizing that the dollar remains the world's reserve currency.
Also at the Nymex on Wednesday, April-reformulated gasoline fell 0.5% to $1.495 a gallon and April heating oil dropped 2.3% to $1.4647 a gallon.
April natural-gas futures fell 0.4% to $4.329 per million British thermal units.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for March delivery closed at Rs 2,685/barrel, lower by Rs 6 (0.22%) against previous day's close. Natural gas for April delivery closed at Rs 223.5/mmbtu, lower by Rs 1/mmbtu (0.44%).
Yes Bank
We recommend a buy on Yes Bank from a short-term trading perspective. It is apparent from the charts of Yes Bank that after meeting resistance around Rs 90 in early January, it fell by nearly 55 per cent and found support around Rs 41 in early March. The early March low is also a 52-week low for this stock. However, the stock changed trend and breached the medium-term down trendline recently. On March 24, the stock jumped 5 per cent, penetrating 21-day moving average. We observe that there is an increase in volume over the past three trading sessions. The daily relative strength index is rising in the neutral region and the weekly RSI is recovering from the oversold levels. The daily moving average convergence and divergence indicator is signalling a buy. We are bullish on the stock from a short-term horizon. We anticipate the stock’s short-term uptrend to prolong until it hits our price target of Rs 56 in the approaching sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 47
via BL
Wednesday, March 25, 2009
BSE Bulk Deals to Watch - March 25 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
25/3/2009 530499 A K CAPITAL FIRSTRAND IRELAND PLC S 45600 141.01
25/3/2009 526955 ABL BIOTECHN MAVERICK INVESTMENT SOLUTION PVT LTD S 49776 11.45
25/3/2009 520077 AMTEK AUTO L OLYMPIA BUILDERS PVT LTD B 1899000 70.00
25/3/2009 520077 AMTEK AUTO L HDFC MUTUAL FUND S 1800000 70.00
25/3/2009 530355 ASIAN OILFIE OASIS TRADE CAPFIN P LTD B 325000 30.69
25/3/2009 532995 AVON CORP PANKAJ PRATAPSINH SARAIYA B 97000 5.19
25/3/2009 531682 CAT TECHNOL NEWGEN INTERNATIONAL PVT LTD S 400424 3.05
25/3/2009 523736 DHUNSE TEA I KASHIPUR HOLDINGS LTD B 325000 66.00
25/3/2009 523736 DHUNSE TEA I GREENPLY LEASING AND FINANCE LTD B 212980 66.00
25/3/2009 523736 DHUNSE TEA I MAYFAIR INDIA LTD S 515300 66.00
25/3/2009 532958 ETC NETWORK MUKUL AGRAWAL B 50000 60.50
25/3/2009 530317 GODAVAR DRUG SUSHMA KAKANI B 70000 3.80
25/3/2009 530317 GODAVAR DRUG KAMALA JAJU B 65000 3.80
25/3/2009 530317 GODAVAR DRUG GAUTAMCHAND JAIN S 135000 3.80
25/3/2009 505750 JOSTS ENG CO MAHESH PARSAD B 5000 124.86
25/3/2009 505750 JOSTS ENG CO MAHESH PARSAD S 5000 118.10
25/3/2009 532967 KIRI DYES PRAGYA MERCANTILE PVT LTD B 150000 100.00
25/3/2009 505283 KIRLOSAR PN BETTER VALUE HOLDING PVT LTD B 209962 167.00
25/3/2009 505283 KIRLOSAR PN KIRLOSKAR INTEGRATED TECHNOLOGIES LIMITED S 209962 167.00
25/3/2009 511728 KZLEASING KARAN MAHESHKUMAR HADVANI B 61971 74.54
25/3/2009 511728 KZLEASING YOGESH GIRDHARLAL PANDYA S 40000 74.65
25/3/2009 511728 KZLEASING AMI STOCK SHARE BROKERS PLTD S 33000 74.70
25/3/2009 530543 MARG LTD FRONTPOINT ASIA PACIFIC FUND L.P B 1278696 38.21
25/3/2009 530543 MARG LTD FRONTPOINT FINANCIAL SERVICES FUND L.P S 155000 39.75
25/3/2009 530543 MARG LTD MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. S.V. S 1123696 38.00
25/3/2009 511688 MATHEW EASOW MATHEW EASOW FISCAL SERVICES LIMITED B 20898 5.69
25/3/2009 513131 METALMAN IND ISHA INVESTMENT B 60000 6.12
25/3/2009 531611 PRRANET INDU CHANDRAKANT BHOGILAL SHAH S 715939 2.87
25/3/2009 513558 REAL STRIP L NILAMBEN M RATHOD B 50000 26.05
25/3/2009 513558 REAL STRIP L NILAMBEN M RATHOD S 50000 29.00
25/3/2009 526407 RIT PRO IND AMULYA LEASING AND FINANCE LTD B 600000 17.30
25/3/2009 526407 RIT PRO IND CONSOLIDATED SECURITIES LTD S 600000 17.30
25/3/2009 531898 SANGUINE MD ANKURANILAGRAWAL B 160000 2.86
25/3/2009 531898 SANGUINE MD SUNIL RAMESHBHAI RUPANI B 116000 2.86
25/3/2009 531898 SANGUINE MD BHROSEMAND COMMODITIES PVT. LTD. S 160000 2.86
25/3/2009 505729 SINGER INDI DILIPKUMAR ARORA HUF S 15000 39.41
25/3/2009 512413 SPECTACLE SANJEEV JAI AEREN S 355155 46.90
25/3/2009 512048 SPLASH MEDIA NITIN T KATWA B 7389 90.10
25/3/2009 512048 SPLASH MEDIA KATWA KANCHANMALA T B 15000 90.10
25/3/2009 512048 SPLASH MEDIA MARIGOLD INVESTTRADE PRIVATE LIMITED S 20000 92.00
25/3/2009 512048 SPLASH MEDIA CHIRAG SHAH S 12000 90.10
25/3/2009 526133 SUPERTEX IND KUMKUM STOCK BROKER PVT LTD B 99417 22.03
25/3/2009 526133 SUPERTEX IND PUSHPABEN MUKTILAL SHAH B 50000 19.50
25/3/2009 526133 SUPERTEX IND SHAH EKTA RIPPLE B 52500 22.36
25/3/2009 526133 SUPERTEX IND KUMKUM STOCK BROKER PVT LTD S 107453 21.03
25/3/2009 526133 SUPERTEX IND PUSHPABEN MUKTILAL SHAH S 50000 22.33
25/3/2009 511503 SYNERG LOGIN PIYUSH D MEHTA HUF B 61000 3.75
25/3/2009 531874 VENUS VENT CHANDRA SHEKHAR SUNIL BHATT B 37060 27.33
25/3/2009 531874 VENUS VENT CHANDRA SHEKHAR SUNIL BHATT S 43136 27.85
25/3/2009 531668 VISION CORPO BALLY MERCHANDISE LTD. B 925000 5.69
25/3/2009 531668 VISION CORPO RUPA V SHAH S 925000 5.69
25/3/2009 531249 WELL PACK PA GANDHI MANISHA NAVNEETLAL B 22613 131.29
25/3/2009 531249 WELL PACK PA KAMLESH NAHAR B 39000 132.00
25/3/2009 531249 WELL PACK PA TUSHAR RAMESHBHAI PATEL B 29500 131.15
25/3/2009 531249 WELL PACK PA MADHU CHOWDHARY S 40000 132.00
25/3/2009 531249 WELL PACK PA VISHESH SHAHRA S 25000 131.90
NSE Bulk Deal Watch - March 25 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
25-MAR-2009,ACE,Action Construction Equip,INDUSINO INTERNATIONAL,BUY,2039167,12.00,-
25-MAR-2009,ALPSINDUS,Alps Industries Ltd.,INTELL INVOFIN INDIA PVT LTD,BUY,1,6.50,-
25-MAR-2009,AMTEKAUTO,AmtekAuto-Roll Sett,JPM COPTHAL INV AC COPTHALL MAURITIUS INV LTD,BUY,5397441,70.00,-
25-MAR-2009,EDUCOMP,Educomp Solutions Limited,C D INTEGRATED SERVICES LTD,BUY,147190,2017.84,-
25-MAR-2009,GMRINDS,GMR Industries Limited,PRIME INDIA INVESTMENT FUND LTD,BUY,150000,85.95,-
25-MAR-2009,HBLPOWER,HBL Power Systems Limited,BLACKSTONE ASIA ADVISORS LLC. DEUTSCHE BANK,BUY,77600,103.00,-
25-MAR-2009,IOLN,IOL Netcom Limited,SAJEEVE KOPPARA THOMAS,BUY,176000,39.96,-
25-MAR-2009,JUBILANT,Jubilant Organsosys Limit,JUBLIANT EMPLOYEESWELFARETRUST,BUY,1048000,90.00,-
25-MAR-2009,KIRIDYES,Kiri Dyes and Chemicals L,PRAGYA MERCANTILE PVT LTD,BUY,150000,100.00,-
25-MAR-2009,KIRIDYES,Kiri Dyes and Chemicals L,SHRIMAL ANIL,BUY,25747,116.03,-
25-MAR-2009,LUMAXIND,Lumax Industries Ltd,CHAINANI SANJIV KANWAL,BUY,96942,63.50,-
25-MAR-2009,PRAKASH,Prakash Industries Ltd.,MORGAN STANLEY MAURITIUS COMPANY LTD,BUY,1272042,42.75,-
25-MAR-2009,UNITECH,Unitech Ltd,AMBIT SECURITIES BROKING PVT. LTD.,BUY,10906283,31.36,-
25-MAR-2009,UNITECH,Unitech Ltd,MORGAN STANLEY MAURITIUS COMPANY LTD,BUY,9600000,30.67,-
25-MAR-2009,ACE,Action Construction Equip,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,2039167,12.00,-
25-MAR-2009,ALPSINDUS,Alps Industries Ltd.,INTELL INVOFIN INDIA PVT LTD,SELL,250000,6.54,-
25-MAR-2009,AMTEKAUTO,AmtekAuto-Roll Sett,HSBC MUTUAL FUND A/C INDIA PRUDENCE FUND,SELL,800000,70.00,-
25-MAR-2009,AMTEKAUTO,AmtekAuto-Roll Sett,HSBC TRUSTEE CO LTD A/C HDFC EQUITY FUND,SELL,3904000,70.00,-
25-MAR-2009,EDSERV,Edserv Softsystems Limite,EPOCH SYNTHETICS PVT LTD,SELL,70006,23.90,-
25-MAR-2009,EDUCOMP,Educomp Solutions Limited,C D INTEGRATED SERVICES LTD,SELL,147190,2018.78,-
25-MAR-2009,GMRINDS,GMR Industries Limited,BRP STOCK BROKING SERVICES LIMITED,SELL,120000,85.95,-
25-MAR-2009,HBLPOWER,HBL Power Systems Limited,BLACKSTONE ASIA ADVISORS LLC. DEUTSCHE BANK,SELL,155200,103.00,-
25-MAR-2009,JUBILANT,Jubilant Organsosys Limit,COPTHALL MAURITIUS INVESTMENT LTD FCCB A/C,SELL,915294,90.00,-
25-MAR-2009,KIRIDYES,Kiri Dyes and Chemicals L,SHRIMAL ANIL,SELL,135000,100.00,-
25-MAR-2009,LUMAXIND,Lumax Industries Ltd,KRISMA INVESTMENTS PVT. LTD.,SELL,96942,63.50,-
25-MAR-2009,PRAKASH,Prakash Industries Ltd.,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,1272042,42.75,-
25-MAR-2009,UNITECH,Unitech Ltd,AMBIT SECURITIES BROKING PVT. LTD.,SELL,10906283,31.37,-
Post Session Commentary - March 25 2009
Markets closed the highly volatile session in green terrain on significant buying across the sectoral indices. The Realty (6.32%), Oil & Gas (3.66%), the Metal (3.31%) and Bankex (3%) indices led the rally on expectations of easing of the monetary policy by the Central bank due to the easing of the inflation to less than 1%. In addition, the markets greeted the US Federal Reserve plan to buy bank’s toxic assets. Though, volatility gripped the domestic bourses during the trading ahead of the expiry of March 2009 derivatives contracts on 26th March 2009. During afternoon, market came off the high on some profit booking after smart gain in domestic stocks.
The market opened today on flat note as there was lack of cues from the global markets. The US stock markets closed lower on Tuesday and Asian markets were trading slightly mixed in early trading. However, soon after start domestic market gained some grounds, as buying witnessed among the selective scrips. Further, benchmark indices pared gains after reaching upbeat, tracking US index futures that slipped into red. Though, market bounced back once again as US index futures regained positive movement. Finally, market climbed to the day’s high during final trading on healthy buying interest observed over the ground. BSE Sensex ended above 9,650 level and NSE Nifty closed above 2,950 level. From the sectoral front, most of the indices ended in positive. Besides, strong buying was seen in Reality, Oil & Gas, Metal, Bank, Capital Goods, Power and
IT stocks. Mid Cap and Small Cap stocks also gathered some favor during the trading session. However, PSU stocks witnessed selling from its basket.
Among the Sensex pack 22 stocks ended in green territory and 8 in red. The market breadth indicating the overall health of the market remained positive as 1263 stocks closed in green while 1219 stocks closed in red and 104 stocks remained unchanged in BSE.
The BSE Sensex closed higher by 196.86 points at 9,667.90 and NSE Nifty ended up by 45.65 points at 2,984.35. BSE Mid Caps and Small Caps closed with gains of 21.09 and 10.01 points at 2,841.17 and 3,165.46 respectively. The BSE Sensex touched intraday high of 9,706.47 and intraday low of 9,430.45.
Gainers from the BSE Sensex pack are JP Associates (7.51%), Tata Power (7.12%), Sterlite Industries (6.18%), DLF Ltd (6.22%), Reliance Infra (5.84%), Reliance (5.63%), Tata Steel (4.11%), RCom (3.96%) and HDFC Bank (3.60%).
Losers from the BSE Sensex pack are NTPC Ltd (2.77%), Bharti Airtel (2.05%), ONGC Ltd (2.02%), HUL (1.88%), Tata Motors (1.27%), Ranbaxy Lab (0.76%) and Sun Pharma (0.68%).
Prime Minister Manmohan Singh will meet the industry leaders on March 28 to review the economic situation amid India Inc urging the government to seek poll panel waiver for key infrastructure projects. The Prime Minister, who is likely to seek their suggestions for restoring the growth momentum witnessed in the past four years, corporate sources said, has invited the heads of FICCI along with Assocham and CII and other industry leaders.
On the global markets front the Asian markets which opened before the Indian market, ended mostly lower. Shanghai Composite, Hang Seng, Nikkei 225 and Straits Times index ended higher by 46.86, 288.23, 8.31 and 14.66 points at 2,291.55, 13,622.11, 8,479.99 and 1,691.68 respectively. However, and Seoul Composite gained 7.32 points at 1,229.02. Japan''s exports fell to record low in February from a year earlier. Exports dropepd 49.4% from the previous year, the sharpest fall since the Ministry of Finance began compiling comparable data in 1980.
European markets which opened after the Indian market are trading in red. In Frankfurt the DAX index is trading down by 10.66 points at 4,176.70 and in London FTSE 100 is trading higher by 20.67 points at 3,890.79.
The BSE Reality outperformed the benchmark indices as ended up by (6.32%) or 100.6 points at 1,691.67 on hopes lower rates will spur housing demand. Gainers are Unitech Ltd (16.70%), Housing Development (8.73%), Mahindra Life (8.38%), DLF Ltd (6.22%) and Parsvnath (5.21%).
The BSE Oil & Gas index gained (3.66%) or 248.03 points to close at 7,020.86 as the government issued oil bonds worth Rs. 10,000 crore to oil marketing companies for under-recoveries on the sale of petroleum products. Gainers are Reliance (5.63%), Reliance Pet (5.16%), Cairn Ind (3.83%), Gail India (3.57%) and Reliance Natural Resources (3.54%).
The BSE Metal index closed with increase of (3.31%) or 179.43 points at 5,604.70. Scrips that gained are Welspan Gujarat SR (14.56%), Sterlite Industries (6.48%), Tata Steel (4.11%), JSW Saw (4.10%) and Steel Authority (3.96%).
The BSE Bank stocks advanced by (3%) or 132.77 points to close at 4,552.44 on expectations of lowering interest rates that will result in boosting liquidity into the market. Major gainers are Punjab National Bank (8.57%), Axis Bank (6.84%), HDFC Bank (3.60%), Kotak Bank (3.54%) and ICICI Bank (3%).
The BSE Capital Goods index surged (1.85%) or 110.52 points to close at 6,094.91. Main gainers are Aiaengineer (9.78%), Usha Martin (8.23%), Suzlon Energy (5.03%), ABB Ltd (4.37%) and BHEL (2.70%).
The BSE Power index also ended higher by (1.68%) or 29.84 points to close at 1,810.37. GMR Infra (8.67%), Tata Power (7.12%), Reliance Infra (5.84%), Lanco Infra (5.05%) and Suzlon Energy (5.03%) ended in positive territory.
Novartis India surged 19.99% after Swiss parent Novartis AG made an open offer to buy an additional 39% stake in its Indian unit at Rs. 351 per share, a 6.14% premium over the current market price.
HDFC gained 2.10%. The country largest mortgage player has cut its prime-lending rate by 50 bps to 14% for the current and new customers. The new rate would be effective from March 25. HDFC in the past three months has cut its prime-lending rate by 100 bps.
Indian Oil Corporation Ltd surged 0.59%. It has informed that the Ministry of Corporate Affairs has sanctioned the Scheme of Amalgamation for merger of Bongaigaon Refinery & Petrochemicals Ltd (BRPL) (a subsidiary of IndianOil) with Indian Oil Corporation Ltd under Section 391(2) read with Section 394 of the Companies Act, 1956.
ICICI Bank gained 3%. The bank is looking at mobilizing Rs 1,200 crore through the issue of upper tier-II bonds, which carry a coupon rate of 9.95 per cent and have tenure of 15 years with a call option after 10 years. The issue has a green shoe option of Rs 300-crore.
Tata Communications ended with increase of 2.13%. The company said had received amount of Rs4.24 bn through selling some of its stake in-group firm Tata Teleservices.
Capital goods carry the day
Market recovered most of the day’s losses towards the close of the session, after shedding 41 points in early trades from the day's high of 9706. Tracking weak global indices, Sensex opened marginally below its previous close. The mood remained bearish and the market slipped on profit booking in index pivotals, public sector units and health care stocks. The market once again witnessed selling pressure and Sensex touched the day's low of 9430 by afternoon amid a choppy session. However, the index recovered, shrugging off weakness on substantial buying in realty and oil stocks towards the close and ended the session at 9668, up 197 points. Nifty gained by 46 points to close at 2984.
The market breadth was positive. Of the 2,586 stocks traded on the BSE, 1,263 stocks advanced, 1,219 stocks declined and 104 stocks ended unchanged. Of the 13 sectoral indices, BSE Realty (index of realty shares) flared up by 6.32% followed by BSE Oil & Gas (up 3.66%), BSE Metal (up 3.31%) and BSE Bankex (up 3%). Other indices were up 0.18-1% each.
Among Sensex stocks, JP Associates was the leading gainer and its stock price soared by 7.51% at Rs84.45. Among other stocks, Tata Power advanced 7.12% at Rs740.20, Sterlite Industries jumped 6.48% at Rs347.35, while DLF, Reliance Infrastructure, Reliance Industries, Tata Steel, Reliance Communications, HDFC Bank and ICICI Bank closed with sharp gains of 3-6%. Among laggards, National Thermal Power Corporation slipped 2.77% at Rs179.95, Bharti Airtel shed 2.05% at Rs591.05, ONGC by 2.02% at Rs763.70, Hindustan Unilever fell by 1.88% at Rs234.70 and Tata Motors lost 1.27% at Rs160.
Over 3.66 crore Unitech shares changed hands on the BSE followed by Cals Refineries (2.62 crore shares), Crompton Greaves (1.27 crore shares), Reliance Natural Resources (1.14 crore shares) and Suzlon Energy (1.12 crore shares).
Sensex at 2-1/2 month closing high
Key benchmark indices extended recent strong gains as buying by foreign funds and higher US index futures bolstered sentiment. Expectations of a further cut in policy rates by the Reserve Bank of India (RBI) also aided the surge in what a highly volatile trading session today.
Metal, realty, banking and capital goods stocks gained. Index heavyweight Reliance Industries galloped. The BSE 30-share Sensex jumped 196.85 points, or 2.08%, up about 235 points from the day's low. The barometer index today settled at its highest level in 2-1/2 months.
From a three-year closing low of 8,160.40 on 9 March 2009, the BSE Sensex has risen 1,507.50 points or 18.47%.
The market was highly volatile today ahead of the expiry of March 2009 derivatives contracts on Thursday, 26 March 2009. After opening weak, the market regained strength to trade in green for a brief period before losing steam once again. Investors resorted to profit booking after a recent solid surge in share prices. The market bounced back in morning trade as US index futures rose after US President Barack Obama said there are signs of progress in US efforts to revive the world's largest economy.
The market pared gains after surging to the day's high in early afternoon trade. It lost further ground in choppy trade later as US index futures slipped into the red. The market surged in mid-afternoon trade as US index futures once again moved into the green from red. The market extended gains in late trade.
Volatility may remain high tomorrow, 26 March 2009, ahead of the expiry of March 2009 derivatives contracts on Thursday, 26 March 2009. As per reports, rollover of Nifty positions from March 2009 series to April 2009 was around 50% as of Tuesday, 24 March 2009.
Prime Minister Manmohan Singh on Tuesday, 24 March 2009 said India's economy will revive in a big way in six to seven months as stimulus packages start to take effect. On the same day, Planning Commission Deputy Chairman Montek Singh Ahluwalia scaled down the GDP (gross domestic product) growth projection for the current fiscal to 6.5% from the 7.1% increase estimated by the government earlier during the year, owing to the ongoing global crisis.
Meanwhile, traders and brokers can now have a higher exposure in the currency futures market after the market regulator Sebi on Tuesday, 24 March 2009, doubled the gross outstanding limit to $10 million for small traders, $50 million for brokers. However, the limits for banks - the biggest participants in the market so far - have been left untouched at $100 million.
Europe stocks fell after a firm start. Key benchmark indices in France, Germany and UK were down by between 0.71% to 1.1%.
Asian shares were mostly lower today, 25 March 2009, as investors paused to assess whether a US plan to deal with banks' toxic debt would revive the financial system and help pull the economy out of recession. Key benchmark indices in Hong Kong, China, Japan and Singapore were down by between 0.1% and 2%. Key benchmark indices in South Korea and Taiwan were up by between 0.6% and 1.99%.
Japan reported a record fall in exports in February 2009, with no signs of a demand recovery in its key US and European markets. There was also a decline in Japanese imports in the month. The data pointed to more pain for an economy already mired in its worst recession since the 1974 oil shocks, showing both domestic consumption and overseas demand were crumbling under the weight of the global slowdown.
Trading in US index futures indicated the Dow could rise 3 points at the opening bell on Wednesday, 25 March 2009. The Dow futures moved between green and red.
US stocks ended lower on Tuesday, 24 March 2009 giving back some of the previous session's big gains, as investors paused to re-assess the likely success of the government's bank rescue plan. The Dow Jones industrial average fell 115.65 points, or 1.5%, to 7,659.97. The Standard & Poor`s 500 index fell 16.67 points, or 2.03%, to 806.35, while the Nasdaq Composite index fell 39.25 points, or 2.52%, to 1,516.52.
Closer home, fall in headline inflation to a record low has raised expectations of further easing of the monetary policy by the Reserve Bank of India (RBI) to boost demand in the economy. Inflation based on the wholesale price index (WPI) rose 0.44% in the year through 7 March 2009, a record low for the current series, data released by the government during trading hours on Thursday, 19 March 2009, showed. The rate of growth in inflation was much lower than previous week's annual rise of 2.43%.
Retail inflation is, however, ruling firm even as the whole sale price inflation has touched a record low. Retail inflation as measured by the Consumer Price Index for farm labourer (CPI-AL) and rural labourers (CPI-RL) eased to 10.79% in February 2009, a marginal dip from 11.62% and 11.35% respectively in January 2009. CPI-AL and CPI-RL were at 6.38% and 6.11% in corresponding period last year.
Annual inflation for food articles remains high even though it has eased from the 10 year high of 11.64% witnessed in first week of January 2009. Inflation for food articles stood at 7.35% for first week of March 2009 with double-digit price rise for many items including sugar and gur, pulses and cereals. At the time of announcing a reduction in key short-term interest rates, the RBI said early this month that though consumer price inflation has remained at elevated level due to increase in primary articles prices, it is expected to decline with a lag effect due to sharp fall in the wholesale price inflation.
Earlier the global financial crisis ends and sooner the risk appetite of global investors and global companies improves, better it will be for India Inc. An increase in risk appetite of global investors/global companies will help Indian firms raise overseas funds required for business expansion. The global financial crisis has chocked the overseas funding route for Indian firms.
Raising funds could become difficult for small and medium enterprises (SMEs) with new lending regulations for banks, popularly known as Basel II norms coming into practice from 1 April 2009. All business units, irrespective of their size, will need to take ratings for their enterprises to secure working capital, loans, and other funds from banks.
Lack of funding has hit a slew of long-gestation infrastructure projects in India. World Bank Chief Economist & Senior Vice-President, Dr Justin Yifu Lin, on 13 March 2009, said if India can improve its infrastructure such as electricity, power, transportation and port facilities, it will be well on its path to achieve a 9-10% growth.
Meanwhile, foreign institutional investors are now in buying mode which follows easing of FII selling vigour in the past few days. FIIs bought shares worth a net Rs 2,197.10 crore in eight trading sessions from 13 March 2009 to 24 March 2009.
Foreign funds can take solace in the recent sharp rebound in the rupee against the dollar. However, the currency has been volatile. The partially convertible rupee has weakened in the past two days after a steep rebound. The rupee was at 50.76 per dollar today, below its previous close of 50.73/74.
A recent sharp slide in the rupee to a record low had resulted in a depreciation in the value of FIIs equity portfolio to the extent of the fall in rupee. The rupee hit a record low beyond 52 per dollar early this month.
Domestic institutional investors have been absorbing heavy selling by foreign funds in calendar year 2009. Mutual funds are likely give support to prices to prop-up year end net asset values (NAVs). The financial year ends on 31 March 2009.
The recent steep volatility in the currency
does not augur well for corporate India as it may result in hedging losses for some firms.
The upside on the domestic bourses will be capped in the next two months due to political uncertainty ahead of parliamentary election to be held between mid-April 2009 to mid-May 2009. More so at a time when it is highly unlikely that either Congress or BJP will come to power on its own, i.e., without the support of other small/regional parties. Early estimates point a fractured mandate.
An alliance led by the Congress party is ahead in pre-poll surveys carried out by several polls. But in a move which could undermine the chances of a Congress-led alliance getting more seats in the election, RJD supremo Lalu Prasad has announced candidates for 28 of the 40 constituencies in Bihar including from the three seats where Congress has sitting MPs. RJD is one of the key constituents of the current Congress-led UPA government at the Centre.
The Congress, meanwhile, has reported sealed a seat-sharing pact with the Nationalist Congress Party (NCP) in the populous Maharashtra state. Relations between the two parties have been prickly as the NCP negotiated with opposition parties to undercut Congress and boost its leader's prime ministerial ambitions. Congress will stand for 26 seats in the state and the NCP for 22. The allies are weighing up their options for a similar deal outside the state.
The Congress party on Tuesday 24 March 2009 said it would extend interest relief to farmers and build on the national job guarantee scheme. The focus on populist measures by Congress may weigh on the stock market sentiment especially at a time when the fiscal deficit has risen sharply. Releasing the party manifesto for the election, the Congress party on Tuesday said it would maintain government control over state-run firms in the manufacturing and finance sectors.
A group of smaller political parties, including the communists, have formally launched a Third Front in a bid to provide an alternative to the two main parties viz. the Congress and the BJP.
The BSE 30-share Sensex was up 196.85 points, or 2.08%, to 9,667.90, its highest closing since 6 January 2009. At the day's high of 9,706.47, the Sensex rose 235.43 points in late trade. At the day's low of 9,430.45, the Sensex fell 40.59 points in early trade.
The market breadth, indicating the overall health of the market, turned positive on BSE with 1,269 shares advancing as compared with 1,239 that declined. A total of 61 shares remained unchanged. The breadth was weak earlier in the day.
The S&P CNX Nifty jumped 45.65 points or 1.55% to 2,984.35. It touched a high of 2,996.50.
The BSE clocked a turnover of Rs 4,051 crore, lower than Rs 4,258.49 crore on Tuesday, 24 March 2009.
Nifty March 2009 futures were at 2990.55, at a premium of 6.20 points as compared to the spot closing of 2984.35. Turnover in NSE's futures & options (F&O) segment was Rs 74,456.63 crore, lower than Rs 78,270.59 crore on Tuesday, 24 March 2009.
The BSE Mid-Cap index was up 0.75% and BSE Small-Cap index rose 0.32%. Both the indices underperformed the Sensex.
The BSE Realty index (up 6.32%), the BSE Oil & Gas index (up 3.66%), the BSE Metal index (up 3.31%), the BSE Bankex (up 3%) outperformed the Sensex.
The BSE PSU index (down 0.01%), the BSE Healthcare index (up 0.16%), the BSE FMCG index (up 0.29%), the BSE Auto index (up 0.44%), the BSE TECk index (up 0.48%), the BSE Consumer Durables index (up 0.7%), the BSE IT index (up 1.02%), the BSE Power index (up 1.68%), the BSE Capital Goods index (up 1.85%) underperfomed the Sensex.
From the 30 share Sensex pack, 22 stocks rose while rest fell. Tata Power Company, Jaiprakash Associates, Reliance Infrastructure, Reliance Communications rose by between 3.96% to 7.51%. While Bharti Airtel, NTPC, Ranbaxy Laboratories fell by between 0.76% to 2.77%.
India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) jumped 5.63% to Rs 1,533.40 ahead of production of gas from KG basin, off the east coast. But the stock came off the day's high of Rs 1,519.90. The company is reportedly expected to start natural gas production from its Krishna Godavari (KG) basin field in early April 2009.
RIL's advance tax payment fell 16.47% to Rs 370 crore in Q4 March 2009 over Q4 March 2008.
GAIL India surged 3.57% on reports the company plans to invest Rs 1,000 crore in setting up 2,000 compressed natural gas dispensing stations on major national highways in the next three years.
Cairn India rose 3.69% on reports the firm is likely to pump out crude oil from its Barmer field in Rajasthan in a month.
Shares of oil marketing companies rose for the second straight day in a row after the government issued oil bonds worth Rs 10,000 crore to compensate them for under-recoveries on sale of petroleum products at a controlled price during the current financial year. BPCL and HPCL rose by between 0.01% and 0.59% respectively.
Indian Oil Corporation rose 0.59% after company said the government has approved a proposal to absorb its subsidiary Bongaigaon Refinery & Petrochemicals (BRPL). Indian Oil will issue four shares for every 37 shares in BRPL. BRPL rose 1.83%.
Indian Oil Corporation has been issued oil bonds worth Rs 5,817.27 crore, while Bharat Petroleum Corporation has been issued bonds worth Rs 2,144.32 crore. Hindustan Petroleum Corporation has got bonds worth Rs 2,038.41 crore.
India's largest commercial vehicle maker by sales Tata Motors fell 1.27% on profit taking after recent sharp gains. The world's cheapest car Tata Nano was unveiled in Mumbai by Tata Group Chairman Ratan Tata on Monday 23 March 2009. The Tata Nano was launched in three models - Base, CX and LX. The booking for Tata Nano will be held between 9 April 2009 and 25 April 2009. The first set of Tata Nano will be delivered in the first week of July 2009. Within 60 days of the closure of bookings, Tata Motors will process and announce the allotment of 1,00,000 cars in the first phase of deliveries, through a computerised random selection procedure.
India's largest car maker by sales Maruti Suzuki India fell 0.07%. As per reports, firm is working towards launching new cars and improvising the existing ones to counter attack Tata Motors' recently unveiled world's cheapest car Tata Nano. In a tussle to capture the Indian passenger car market, Maruti is likely to launch Maruti Splash or Ritz in the second week of May 2009. Ritz will mount a 1.2 litre (KB series) petrol or 1.3-litre diesel engine and will be priced at around Rs 4-5.5 lakh. India's largest tractor maker by sales Mahindra & Mahindra rose 1.55%. While India's largest motorbike maker by sales Hero Honda Motors rose 0.31%.
Some FMCG stocks rose on expectations of better Q4 March 2009 results following reports of higher advance tax payment by these firms. United Spirits, Tata Tea, ITC, United Breweries rose by between 1.26% to 6.11%. India's largest FMCG firm by sales Hindustan Unilever fell 1.88%. The company's advance tax payment rose 30% to Rs 130 crore in Q4 March 2009 over Q4 March 2008.
Outsourcing focussed IT stocks rose on hopes of a revival in the US economy, the biggest market for IT firms and on a weaker rupee. India's largest software services exporter by sales TCS rose 0.87%. The company's advance tax payment fell 54.3% to Rs 53 crore in Q4 March 2009 over Q4 March 2008.
India's fifth largest IT major by sales HCL Technologies fell 0.48%. India's third largest software services exporter, Wipro rose 0.04% even as its ADR fell 2.99% on Tuesday. Recently its unit Wipro Infotech won an outsourcing contract worth Rs 1,182 crore from the Employees State Insurance Corporation (ESIC).
India's second largest software services exporter Infosys Technologies rose 1.26% even as its ADR fell 4.92% on Tuesday. Recent reports said it may win a large IT project from the government, which will run on a transaction-based pricing model, similar to the passport processing contract its larger rival Tata Consultancy Services (TCS) won last year. The contract is among the many large IT contracts that are up for bidding from government departments or public sector undertakings, reports suggest.
The Indian rupee weakened for the second day on Wednesday, falling to its lowest in a week, weighed by gains in the dollar against the euro and Asian units and demand from importers and oil refiners. A weak rupee boosts revenues of IT firms in rupee terms as IT companies earn a lion's share of revenue from exports.
Rate sensitive real estate shares surged on hopes lower rates will spur housing demand. DLF, Indiabulls Real Estate, Housing Development & Infrastructure and Unitech rose by between 2.65% to 16.7%. Most of the realty deals including sale of commercial property and housing sales is driven by finance.
Metal shares rose on hopes of a recovery in the global economy and on recent imposition of a safeguard duty the Indian government recently on import of some aluminium products. Steel Authority of India, Sterlite Industries, Tata Steel and Hindalco Industries rose by between 0.5% to 6.48%.
Weak rupee also aided the recovery in metal shares. A slide in the rupee makes imports costlier, reducing the threat of cheap import of metals in India.
Banking stocks gained in volatile trade on hopes lower interest rates may boost lending growth. India's largest bank in terms of assets and branch network State Bank of India rose 1.49%. Its advance tax payment jumped 27.64% to Rs 1810 crore in Q4 March 2009 over Q4 March 2008.
India's largest private sector bank by net profit ICICI Bank rose 3% to Rs 365.75, off the day's low of Rs 347. Its American depository receipts (ADR) fell 3.09% on Tuesday 24 March 2009. ICICI Bank's advance tax payment remained unchanged at Rs 250 crore in Q4 March 2009 when compared to Q4 March 2008.
India's second largest private sector bank by operating income HDFC Bank rose 3.6%. Its ADR fell 5.85% on Tuesday. Its advance tax payment rose 10% to Rs 275 crore in Q4 March 2009 over Q4 March 2008.
India's biggest dedicated housing finance firm by operating income HDFC rose 2.1% after it announced a 50 basis points reduction in its retail prime lending rate (RPLR) to 14% effective Wednesday 25 March 2009.
Bond yields inched higher in early trade on Wednesday as investors pared positions ahead of the details of the government's borrowing plan for the first six months of the next fiscal year FY 2010. At 9:20 IST, the most traded 6.05% 2019 bond yield was at 6.76%, five basis points above Tuesday's close. It is up 24 points so far this week.
The government plans to borrow a record Rs 362000 crore in FY 2010 and a calendar for the first half will be finalised on Thursday, 26 March 2009. It may be recalled that a solid surge in bond prices (bond prices rise when yields fall) had boosted treasury profits of banks in Q3 December 2008.
India's largest engineering and construction firm by sales Larsen & Toubro (L&T) rose 2.54%. As per recent reports L&T and Grasim Industries are on the verge of settling their 7-year old legal dispute over Grasim`s 0.62% stake in L&T and the latter`s 11.49% stake in Ultratech, the Birla group cement firm. Grasim Industries and Ultratech Cement are Aditya Birla group companies. Other capital goods stocks Bharat Heavy Electricals, Punj Lloyd, Praj Industries, ABB rose by between 1.55% to 4.37%.
Unitech clocked the highest volume of 3.66 crore shares on BSE. Cals Refineries (2.62 crore shares), Crompton Greaves (1.27 crore shares), Reliance Natural Resources (1.14 crore shares) and Suzlon Energy (1.12 crore shares) were the other volume toppers in that order.
Reliance Industries clocked the highest turnover of Rs 445.36 crore on BSE. Akruti City (Rs 244.86 crore), ICICI Bank (Rs 203.19 crore), Reliance Capital (Rs 168.82 crore) and Reliance Infrastructure (Rs 152 crore) were the other turnover toppers in that order.
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