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Thursday, November 25, 2010
Daily News Roundup - Nov 25 2010
The Central Bureau of Investigation has arrested eight people, including senior executives of banks and housing finance companies like LIC Housing Finance, LIC, Central Bank of India, Bank of India and Punjab National Bank for giving loans to private builders after taking bribes. (BS)
Sensex tumbles as CBI busts housing loan scam
Amar Ambani, Head of Research (India Private Clients), IIFL said "The late afternoon news about CBI raids on housing finance and real estate companies led to a major fall in stock prices of realty, banking and housing finance companies. An already uncertain stock market, grappling with an Ireland collapse globally and domestic issues of 2G scam, microfinance mess and other scams, pared morning gains and the Nifty fell from a high of 5,977 to close at 5,865. It seems like the year 2010 may be remembered as a scam hit year. The market fall came on strong trading volume and turnover, ahead of the F&O expiry on Thursday.
Expiry of Nervous November
If you look at lifeone way, there is always cause for alarm. - Elizabeth Bowen
The nervousness on the street could continue initially followingthe CBI unearthing a multimillion-rupee bribery scam and making a few arrests. Theusual choppiness of expiry day may more or less be there though the Nifty hasalready seen 63% rollover.
Wednesday, November 24, 2010
BSE Bulk Deals to Watch - Nov 24 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
24/11/2010 524412 Aarey Drugs J V STOCK BROKING PRIVATE LIMITED B 38395 32.65
24/11/2010 524412 Aarey Drugs PATEL REKHABEN SANJHAYBHAI B 46440 30.35
NSE Bulk Deals to Watch - Nov 24 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
24-NOV-2010,GLORY,Glory Polyfilms Limited,RAJ FINVEST,BUY,339,9.05,-
24-NOV-2010,GLORY,Glory Polyfilms Limited,TRANS FINANCIAL RESOURCES LTD,BUY,660892,9.23,-
Fake housing loan scam hit markets in late trade
The domestic indices slid after news emerged that CBI conducted several raids in context of the multi crore fake housing loan scandal involving LIC Housing Finance. There was a heavy sell-off in banking and realty stocks.
Major headlines:
Siemens' FY2010 consolidated net profit up 7% YoY.
Murli Industries shoots up on hive-off of cement business.
Mahindra & Mahindra soars on inking pact with Ssangyong.
Market hits two-month low as CBI arrests bank officials on bribery charges
The key benchmark indices tumbled in late trade, with financial and realty stocks witnessing a sharp sell-off on television reports of a multi-crore housing loan scandal. But, news reports after trading hours suggested it was a case of bribery of bank officials for arranging corporate loans. The barometer index BSE Sensex and the 50-unit S&P CNX Nifty settled at their lowest closing levels in more than two months. The Central Bureau of India (CBI) has arrested top officials from some leading PSU banks and public/private financial institutions. The CBI said that the officers of Bank of India, Central bank of India, Punjab National bank and LIC HF were receiving illegal gratification for facilitating loans. Executives at Money Matters Financial Services were also arrested for broking bribery deals.
Grey Market Premiums - Claris Lifesciences, MOIL
| Company Name | Offer Price (Rs.) | Premium (Rs.) | Kostak (Rs. 1 Lac Application) |
| Power Grid Corporation | 90 (5 % Discount of Retailers & Employee) | 10 to 11 | -- |
| R.P.P. Infra Projects Ltd. | 68 to 75 | 11 to 12 | -- |
| Claries Life science | 278 to 293 | 33 to 35 | 1700 to 1800 |
| Manganese Ore Ltd. | 340 to 375 | 260 to 265 | 2800 to 2900 |
| Shipping Corporation | -- | -- | -- |
| One 97 Communication | - | -- | -- |
Claris Lifesciences IPO Analysis
The Ahmedabad-based Claris Lifesciences, promoted by Arjun S. Handa and Sarjan Financial Private Limited, is one of the largest Indian sterile injectables pharmaceutical companies with presence in 76 countries worldwide. It offers 128 products across multiple markets and therapeutic areas. All of its products are off-patent products, which range across various therapeutic segments, including anesthesia, critical care, anti-infectives, renal care, infusion therapy, enteral nutrition, parental nutrition and oncology. It offers injectables in various delivery systems, such as glass and plastic bottles, vials, ampoules, pre-filled syringes and non-PVC and PVC bags. Its customer base primarily includes government and private hospitals, aid agencies and nursing homes.
Market may remain volatile
Stocks may continue to remain volatile as traders roll over positions in the derivatives segment from the near-month November 2010 series to December 2010 ahead of the expiry of the November 2010 futures & options (F&O) contracts on Thursday, 25 November 2010. The market staged a decent rebound on Tuesday, 23 November 2010 after a 3% intraday slide.
No collateral damage on the Street
"Our best built certainties are but sand-houses and subject to damage from any wind of doubt that blows" - Mark Twain.
The spell of unseasonal rains persists in many parts of the nation, so does the string of bad news (mostly external). WPI inflation, especially food inflation, has moderated lately. But, the untimely showers could do some damage to the harvested kharif crops, potentially pushing up food prices.
Daily News Roundup - Nov 24 2010
JSW Energy has agreed to acquire Canada’s CIC Energy for C$422mn. (ET)
Coal India hopes to acquire a stake in at least one of the Australian mines of Peabody Energy in a few months and is in advanced negotiations with foreign firms for long-term coal import contracts. (ET)
Coal India to acquire Massey Energy, the fourth-largest coal company in the United States, in its entirety. (BS)
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