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Monday, March 12, 2012
Daily News Roundup - March 12 2012
Hero MotoCorp is building in-house capabilities to make its own engines by teaming up with the world's largest privately-owned engine developer, AVL of Austria. (ET)
Tata Motors owned JLR is exploring to push its Jaguar brand beyond the realms of luxury cars and is actively considering introducing a crossover vehicle under the marquee in future. (ET)
Apollo Tyres plans to invest US$400mn to set up two new facilities in East Europe and Brazil in the next 3-4 years as it aims to expand its global footprint. (ET)
Competition Commission of India has again accused DLF of abusing its dominant market position and imposing unfair conditions on home buyers, this time in its high-end residential project Magnolia in Gurgaon. (ET)
Sensex surges on Greek bond swap...Nifty reclaims 5300
After several days of fall, the Indian stock indices managed to regain some of their groove back in Friday's session with both of them notching triple-digit gains. The catalyst for the day's solid rally came mostly from the overseas markets, where risk tolerance staged a comeback of sorts amid hope of the Greek debt swap sailing through comfortably.
Also, investors continued to digest positive to mixed economic data from across the globe even as central banks have largely maintained a 'status quo' on monetary policy to support economic growth. There was no specific trigger from domestic front today. If anything, the news was bad as exports growth nearly stalled in February while imports jumped, leading to a wider trade gap. The Commerce Secretary revised higher the FY12 trade deficit estimate.
Calm and quite!
Great events make me quiet and calm; it is only trifles that irritate my nerves. - Queen Victoria.
Welcome to a blockbuster week given the significant events that are scheduled over the next five days. The RBI has only added to the intrigue and drama by slashing the CRR by an aggressive 75 bps; that too just ahead of its policy review on March 15.
The SGX Nifty futures suggest a positive opening despite mixed Asian markets. US markets managed slender gains while European indices finished higher.
Friday, March 09, 2012
MCX IPO Listing Grey Market Premium - Olympic Cards
Company Name | Offer Price (Rs.) | Premium (Rs.) | Kostak (Rs. 1 Lac Application) |
Hudco | 1000 | 1.50 to 2 (Seller) | -- |
MCX (IPO) | 1032 (Higher Price Band) | 415 to 420 | -- |
REC | 1000 | -- | 1700 to 1750 |
Olympic Cards Ltd. | 30 to 32 | 3 to 3.50 | -- |
MCX to list today
Shares of Multi Commodity Exchange of India (MCX), India's biggest commodity exchange by turnover, debuts on the secondary equity market today, 9 March 2012. The company had priced the initial public offer (IPO) at Rs 1,032, the top end of the Rs 860-1,032 per share price band.
MCX will be listed on 'B" group of BSE under scrip code 534091. The scrip will not be listed on the NSE. The MCX IPO was subscribed a massive 54.13 times. The IPO got bids for 29.77 crore shares. The issue had opened for bidding on 22 February 2012 and closed on 24 February 2012.
Market may open flat to slightly lower
Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 6.50 points at the opening bell. Asian stocks edged higher.
The domestic stock markets remained shut on Thursday, 8 March 2012, on account of Holi.
Shares of MCX, India's largest commodity exchange, will debut on the bourses today, 9 March 2012 after having got an overwhelming response to its initial public offering. The offering was priced at Rs 1032 a share.
Key benchmark indices dropped for the third straight day to reach their lowest level in more than five weeks on Wednesday, 7 March 2012. The BSE Sensex lost 27.77 points or 0.16% to settle at 17145.52, its lowest closing level since 30 January 2012.
Daily News Roundup - March 9 2012
Dr Reddys Lab and Mankind Pharma plan to add 1,000 personnel each to their sales and marketing teams in the coming fiscal at a time when most other drug makers are either consolidating or going slow on hiring. (ET)
Tata Chemicals signed loan facilities of US$375mn and the proceeds will be used to help refinance an US$825mn facility signed in 2008. (ET)
Mahindra Satyam acquired Delhi-based vCustomers BPO for US$27mn. The acquisition marks the entry of Mahindra Satyams’ BPO operations into other verticals such as retail and consumer technology in addition to enhancing its technical support business. (ET)
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