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Wednesday, May 26, 2010
M&M buys majority stake in Reva
Mahindra and Mahindra (M&M) has bought a majority stake in electric car company, Reva. The commercial vehicle major would now hold 55.2% in Reva via the stake sale and fresh equity infusion.
M&M would invest USD 10 million in the electric car major and would rename the company as Mahindra Reva Electric.
Pawan Goenka, president of M&M’s automotive and farm equipment sector would be the Chairman of the renamed company.
via CNBC
Grey Market Premium - Standard Chartered
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Standard Chartered PLC | 100 to 115 | Discount |
Daily News Roundup - May 26 2010
Bharti Airtel has raised around Rs85bn from a consortium of financial institutions, including SBI, to pay for 3-G spectrum (ET)
Leading telecom operators, Bharti Airtel, Vodafone Essar and Idea Cellular withdrew their petition before TDSAT, challenging the recommendations of TRAI on 2G spectrum. (ET)
ONGC is in talks with energy majors BP Plc, Exxon Mobil, BG Group, Eni and BHP Biliton for a strategic tie-up for its Krishna-Godavari basin gas block. (FE)
The Orissa government has identified land for the solar power projects proposed by NTPC in the state. (BS)
Coal India has received preliminary expressions of interest from NTPC and Damodar Valley Corporation for import of approximately 5mn tons of coal in 2010-11. (BL)
DLF is planning to build a 90-storey tall super luxury housing project in Mumbai, which it estimates will fetch Rs150bn. (FE)
Bajaj Auto, which is jointly developing power bikes with Austria's KTM, plans to launch a model in the next financial year first in Europe and then in India. (ET)
M&M is looking to buy a strategic stake from private equity players Global Environment Fund and Draper Fisher Jurvetson in the Bangalore-based electric carmaker, Reva Electric Car Company. (BS)
Biocon, which recently entered into a manufacturing and supply agreement with Optimer Pharmaceuticals, is expecting revenues from the tie-up to touch US$50mn per annum in the next five-six years. (BS)
GMR Infrastructure plans to raise Rs50bn by issuing equity shares, GDRs, ADRs, FCCBs or through private placement of shares. (FE)
Reliance Infrastructure expects extra revenue of Rs20bn by FY12 from 11 infrastructure projects, to operationalise during the current financial year. (BS)
The CA Institute has submitted second and final report on the Satyam scam and the role of the company's statutory auditor in that accounting fraud to the Corporate Affairs Ministry. (BL)
Adani Group is likely to enter Africa for coal mining projects. (BL)
The retail arm of RIL has cut its losses as a new centralised supply chain brought savings, and shoppers started spending. (ET)
Bank of India plans to re-enter mutual fund business, for which it is scouting for a foreign partner. (ET)
Mastek said its US subsidiary MajescoMastek and BPO firm Genpact formed a strategic alliance to jointly cater to the clients in the insurance, government and financial service space in the US market. (FE)
Marico announced the acquisition of an aesthetic skincare business of Singapore-based Derma Rx Asia Pacific Pte for an undisclosed sum. (ET)
HCC has been awarded a contract worth Rs8.9bn by NPCIL to build the main plants for units 7 and 8 of the Rajasthan Atomic Power Project. (ET)
Hotel Leela Venture plans to launch a share sale to institutions after July to raise about Rs3.8bn and aims to cut debt by Rs7-9bn. (ET)
Zydus Cadila received a milestone payment of US$10mn from US-drug maker Abbott under a licensing and supply agreement signed earlier this month for 24 products to be sold in 15 emerging markets. (ET)
Aurobindo Pharma said it has received the nod from the US health regulator to manufacture and market its Valacyclovir Hydrochloride tablets, used for the treatment of chicken pox. (ET)
Indraprastha Gas Ltd may raise CNG prices in the national capital by Rs5.60/kg to Rs27.5/kg following the government’s decision to more than double the price of natural gas. (FE)
Aban Offshore plans to raise additional long-term resources through issue of FCCBs, GDRs and ADRs not exceeding to US$400mn. (FE)
GE Shipping will spend around US$577mn over the next three years to increase its tonnage capacity. (FE)
SpiceJet is considering GDR and follow-on public offer to raise upto US$75mn. (FE)
Sembcorp Utilities, a company based in Singapore, has picked up 49% stake in the 1,320-MW coal-fired plant of Thermal Powertech Corporation India Ltd, a SPV and subsidiary of Gayatri Projects, for Rs11bn. (BL)
MTNL plans to issue a fresh tender to select a franchise partner for its 3G operations. (ET)
Lodha Developers has agreed to pay an arm of the Maharashtra government Rs40.5bn over a period of five years for the right to construct a multi-storied apartment complex and a truck terminus in the central Mumbai suburb of Wadala, the biggest-ever land deal in the city and an indication of rapid demand recovery in the realty market. (ET)
Borrowing by telecom companies, which have to pay 3G licence fees to the government, has led to a shortage of liquidity forcing banks to hunt for large deposits. (ET)
The government will consider changes in rules to allow flexibility to 100% foreign owned and well-capitalized NBFC’s in setting up subsidiaries, a provision that was withdrawn by the FDI guidelines issued last year. (ET)
The EGoM on gas allocation will soon draw up a list of the next set of beneficiaries in the power sector to receive gas from RIL’s KG basin. (ET)
The finance ministry has shot down a telecom department proposal to expedite an end to licence fees for landline services. (ET)
IT companies can outsource their overseas jobs to units in the SEZ’s, a move that will help SEZ’s become BPO centers. (ET)
The bids for broadband wireless access auction in the country reached Rs32bn on Tuesday for one pan-India licence, up 82.7% over the original bid price of Rs17.5bn. (ET)
Exporters of engineering products and handicrafts may get more fiscal sops to help them tide over the demand crunch. (ET)
Tyre prices are set to go up again, by 3-4% in June for the fourth time in six months. (BS)
In the first two years of the current Plan period, the power sector, especially generation projects, saw investments of Rs2.3trillion against the projected Rs1.8trillion, according to preliminary estimates complied by the Planning Commission. (BL)
Bounce! No big deal!
Life is not about how fast you run, or how high you climb, but how well you bounce.
A bounce back is on the cards at start, thanks largely to a late session rebound on Wall Street. But then remember, bouncing is more like crashing….except you get to do it over and over again. Asian markets are mostly positive, barring the Kospi in Seoul, which is still reeling under the geopolitical tension. The European markets failed to benefit from the recovery in US stocks and ended sharply lower. In fact, markets in Italy, Portugal and Ireland joined Spain and Greece in bear-market territory. The FTSE 100 closed below 5,000.
German finance ministry is reportedly proposing extending the naked short-selling ban to include all German-listed stocks. The bill is due to be discussed next week. Italy has joined Europe's austerity club with deep spending cuts.
What this means is that unknown fears remain and randomness is the order of the day. Volatility is very high and so are uncertainties and risks. With the F&O expiry a day away it only gets wilder. Any sharp snap-back should be used to lighten your mental burden rather than adding positions.
Amidst all the gloom and doom, we can comfort ourselves with the fact that India’s macro-economic outlook is pretty sound though monsoon needs to be watched closely. Latest GDP data, which will be out on Monday will offer some more inputs of ground realities.
Though the markets across the world are looking oversold, it is premature to say whether we have seen the worst and are therefore ready to resume the ascent. Wait and watch is the right strategy to deal with the ongoing problems and endure the short-term pain. We cannot completely rule out that we will not see another Tuesday-like bloodbath. It may happen again as Europe is facing a major financial crisis and the euro is under pressure. Other key economies like China, Japan, the UK and the US also have their own set of issues to overcome.
So, the overall bias remains weak and may remain so for some time to come, though medium-to long-term investors can nibble in quality stocks at lower levels. FIIs remain net sellers and for the Indian market to sustain a bounce back from here will require a turnaround in fund flows from the overseas investors.
FIIs were net sellers of Rs14.64bn in the cash segment on Tuesday on a provisional basis, according to the NSE data. The local institutions were net buyers at Rs4.06bn on the same day. In the F&O segment, the foreign funds were net buyers of Rs10.38bn. On Monday, FIIs were net sellers of Rs8.82bn in the cash segment, according to the SEBI data.
Flows into and out of EPFR Global-tracked funds reflected the uncertainty and heightened risk aversion in the third week of May. Europe Equity Funds had their worst week since late April 2008. Overall, EPFR Global-tracked Equity Funds posted net outflows of over $12 billion while Bond Funds eked out inflows of $212 million.
Results Today: Asian Hotels, Bajaj Electricals, Bank of India, BHEL, Cinemax, Dalmia Cement, Emco, Ess Dee Aluminium, Everest Kanto, Godrej Industries, Gujarat Alkalies, GMDC, GNFC, HPCL, Indian Hotels, Mphasis, Mukand, Northgate Tech, Oil India, REI Agro and Tata Steel.
Grasim Industries shares will reflect the adjustment made for the proposed de-merger of the cement business into Samruddhi Cement, which will later be amalgamated with UltraTech Cement. For every 4 shares of Ultratech Cement you get 7 shares of Samruddhi Cement, which will list only sometime in June.
Based on the current market price of UltraTech Cement, the price of Samruddhi Cement should be Rs528.50, according to IIFL. Samruddhi Cement currently is part of Grasim and is getting carved out of Grasim and merged with Ultratech. So today, the price of Grasim should fall by Rs528.50. Grasim shareholders will be getting 1 share each of Samruddhi Cement. Also, Grasim will be replaced by Jindal Steel & Power from today.
US stocks managed to recover at the end of another volatile session as a rebound in materials, financial and consumer shares helped the Dow Jones Industrial Average recoup most of a nearly 300-point drop that had pushed it below the 10,000 mark.
Stocks erased most losses by the close, with the Dow ending down just 22 points, as worries about the global economy were tempered.
The Dow dropped 0.2% to close at 10,043.75. In the first hour of trading the Dow fell as much as 292 points to 9,774.48, the lowest level since Nov. 4 on fear over the impact of the sovereign debt crisis in Europe and tensions between North Korea and South Korea.
The S&P 500 index closed little changed at 1,074.03 and the Nasdaq lost 2 points, or about 0.1%, at 2,210.95. During the S&P 500 index, a broad market gauge, had fallen as low as 1,040, its lowest level since late November.
Still, for every stock on the rise, two lost ground on the New York Stock Exchange, where 1.9 billion shares traded.
The LIBOR rate, with the three-month US dollar London interbank offered rate hitting its highest level since July of last year.
On Tuesday, the euro briefly fell to levels just above a four-year low it hit earlier in the month. However, the euro cut its losses as US stocks recovered. The dollar dropped 0.4% against the yen.
The CBOE Volatility index (VIX), Wall Street's fear gauge, turned lower in the afternoon as stock selling eased. The VIX fell nearly 10% to 34.61 after rising earlier in the afternoon. But even the earlier advance was modest compared to a week ago when the stock selloff was more intense. Last Thursday the VIX jumped 30% to settle at a 14-month high of 45.48.
US light crude oil for July delivery fell $1.46 to settle at $68.75 a barrel on the New York Mercantile Exchange.
COMEX gold for June delivery rose $4 to $1,198 an ounce.
Treasury prices rallied, lowering the yield on the 10-year note to 3.16% from 3.23% where it stood late on Monday.
The list of worries included Europe's ability to stem its sovereign-debt trouble, which was further fueled by the Bank of Spain taking over a savings bank during the weekend, along with news that four other Spanish savings banks would merge.
Plus, tensions between North and South Korea escalated, with the two countries trading economic and political threats.
The Dow soared 71% between the March 2009 lows and highs hit in late April this year. In that same time period, the S&P 500 gained 80% and the Nasdaq gained 99%. Since those rally highs, the Dow lost 10.2%, the S&P 500 slipped 11.8% and the Nasdaq dropped 12.5% through Monday's close.
US stocks had been hit hard through the early afternoon, but began to recover late in the session, with investors nibbling at bank and select technology and consumer stocks.
Bank stocks bounced after the House Financial Services Committee Chairman Barney Frank said that a provision of the Senate's version of the bill that requires banks to spin off their derivatives businesses goes too far.
However, he added that another provision that stops banks from wagering with their own money is likely to go through. The House and Senate are in the process of reconciling different versions of the bill.
The steep losses on the major US stock indexes moderated some after economic data, which included a better-than-expected report on consumer confidence.
The Conference Board said its sentiment gauge rose to 63.3 in May from 57.7 the prior month, with the index up for a third consecutive month.
Less upbeat were reports on the US housing industry.
Home prices fell in the first part of 2010, although they are up from a year ago, according to the Case-Shiller 20-city home price index. The index fell 3.2% in the first quarter from the fourth quarter of last year, although it gained 2% versus a year ago.
The index dipped 0.5% in March from February's levels, but rose 2.4% from a year ago.
Separately, the Federal Housing Finance Authority reported US home prices fell 1.9% in the first quarter from the fourth quarter.
European stocks slumped to close at a level not seen for more than eight months, as mounting concerns about economic growth and bank balance sheets pummeled sentiment while pushing peripheral markets into bear-market territory.
After opening the week with a 0.4% advance, the Stoxx Europe 600 index nose-dived 2.5% to close at 232.11 - its lowest close since September 3.
Banks were slammed, with elevated interbank lending levels reflecting diminished investor sentiment. The Spanish government seized one of its savings banks over the weekend and four Spanish savings banks unveiled a merger deal late on Monday.
Asian shares ended with sharp losses amid rekindled political tensions on the Korean peninsula.
Equity indexes in there of the so-called PIIGS countries - Portugal, Ireland, and Italy - fell into bear-market territory. Greece and Spain had already retreated over 20% from peaks.
The Portugal PSI 20 dropped 2.8% to 6,632.32, the Irish ISEQ fell 3.9% to 2,772.52 and the Italy FTSE MIB lost 3.4% to 18,382.70.
The French CAC-40 index fell 2.9% to close at 3,331.29 and the German DAX index dropped 2.3% to end at 5,670.04.
The UK's FTSE 100 index also sank, falling 2.5% to settle at 4,940.68 and surrendering the 5,000 level for the first time since last November.
The European Commission on Wednesday will announce plans for an up-front levy on European banks to help protect against future failures, according to published reports.
The VStoxx volatility measure, a gauge of volatility using Euro Stoxx 50 options prices, surged 9.1% to 46.47. The VStoxx is the European equivalent of the VIX gauge.
The euro fell against the dollar, trading down 0.7% to $1.2259.
After Monday’s pause, many would have harboured the hope of a follow-through rally. But that was not to be, as the Indian market witnessed another major bloodbath, as investors thrashed equities worldwide amid concerns about the state of the Spanish banks and growing tensions in the Korean peninsula.
The BSE Sensex and the NSE Nifty broke below their psychological levels of 16,000 and 4,800 as global investors dumped risky assets and rushed to safe havens like the dollar, yen and bonds. The euro lost further ground against the US and Japanese counterparts while the South Korean won extended losses.
As if all the fuss about European debt crisis was not enough came reports that North Korea is getting ready for a possible military showdown with South Korea. Sentiment deteriorated amid news that four Spanish saving banks are merging to form the fifth largest lender of the debt-stricken euro-zone nation.
"Renewed weakness in the rupee added fuel to the fire, with the Indian currency touching an eighth-month low versus the dollar. A weak rupee is bad news for FIIs, as they get lesser returns from their investments in Indian assets", says Amar Ambani Vice President Research IIFL.
The metals pack was heavily offloaded followed by the Capital Goods and the Banking stocks. Even the second rung stocks were not spared. However, all said and done, the BSE Sensex and the NSE Nifty did manage to claw back some losses ending above 16,000 and 4800 respectively.
Finally, the BSE 30-share Sensex lost 447 points at 16,022 and NSE Nifty was down 137 points at 4,807.
Markets in Asia ended mixed; the Nikkei in Japan ended lower by 3%, Australia's S&P/ASX lost by 3%, while the Hang Seng index in Hong Kong fell 3.5% and Shanghai SE Composite declined 3.5%.
European indices were trading in the red, the DAX in Germany was down 3.2%, the CAC 40 index in France was down 4% and the FTSE in the UK was down 3.2%.
Among the BSE sectoral indices BSE Metal index was the top loser, the index was down 5.1%, followed by BSE Consumer Durables index was down 4.5% and BSE Capital Goods index was down 3%. Even the BSE Mid-Cap index ended lower by 3% and the Small-Cap index fell 3.5%.
Outside the frontline indices, the big losers in the broader market were Tulip, PTC, United Spirits and EKC. On the other hand, gainers included Godrej Cons, Piramal Health, REI Agro and Bosch.
Market may recover on higher Asian stocks; Bhel, Tata Steel Q4 results eyed
The market may rebound after hitting 3-1/2 month low on Tuesday, 25 May 2010, tracking recovery in Asian stocks. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicated that the Nifty could gain 33.50 points at the opening bell. But, volatility may remain high as traders roll over positions in the derivatives segment from May 2010 series to June 2010 series ahead of the expiry of the near-month May 2010 contracts on Thursday, 27 May 2010.
Asian stock markets staged a rebound on Wednesday after a sharp cut on Tuesday caused by growing questions about the stability of the European banking system. The key benchmark indices in Hong Kong, Japan, Indonesia, Singapore and Taiwan rose by between 0.19% to 2.45%. But, the key benchmark indices in China and South Korea fell by between 0.32% to 0.65%.
US stocks staged a late rebound on Tuesday to end mostly flat as the focus shifted from European debt woes to buying after shares hit six-month lows. The Dow Jones Industrial Average dropped 22.82 points, or 0.23% to 10,043.75. The Nasdaq Composite Index shed 2.60 points, or 0.12% to 2,210.95. The Standard & Poor's 500 Index gained 0.38 points or 0.04% to end at 1,074.03.
US consumer confidence rose for the third straight month in May 2010 to the highest in more than two years. But, that was countered by a report showing single-family home prices dropping in the first quarter on renewed price pressure as federal aid faded away.
Closer home, the Indian Depository Receipts (IDR) issue of British bank Standard Chartered PLC received a muted initial response. The issue received bids for 1.11 crore shares on the first day of the issue on Tuesday, 25 May 2010 compared to 20.4 crore shares on offer. Standard Chartered has set the price band for the IDR at Rs 100-115 each. Retail investors will be allotted shares at 5% discount to the issue price. The issue closes on 28 May 2010. Ten IDRs will represent one underlying equity share of Standard Chartered PLC.
The British bank on Monday, 24 May 2010, announced issue of 3.6 crore shares to anchor investors at Rs 104 each. The anchor investors include all the top domestic mutual funds.
Prime Minister Manmohan Singh on Monday said inflation is showing signs of moderating and the government expects to achieve a medium term target of 10% GDP growth annually. The Prime Minister said he expects inflation to moderate to 5-6% by December 2010. Singh expects 8.5% GDP growth in the year ending March 2011 (FY 2011).
The RBI expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand. The RBI at its annual policy review on 20 April 2010 said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted.
In its World Economic Outlook in April 2010, the International Monetary Fund (IMF) pegged India's GDP growth forecast at 8.75% in calendar 2010 and 8.5% in calendar 2011. IMF's optimism was based on expectations of strengthening of domestic demand as the labour market improves. Expectations of increase in investment on the back of strong corporate profitability, rising business confidence and favourable financing conditions, were other factors cited by IMF for its prediction of strong growth in India's economy.
India's monsoon rains are on track to hit the country's southern coast on 30 May 2010, and the Laila cyclone in the Bay of Bengal would not derail the vital June-September rainfall, a weather office spokesman told a news agency last week. The India Meteorological Department (IMD) in late April 2010 said rainfall is likely to be 98% of the long-term average. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation.
The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season also holds key.
The latest data showed the food price inflation picked up for the second consecutive week in early May 2010. The food price index rose 16.49% in the year to 8 May 2010, a tad higher than the prior week's annual reading of 16.44% as fruit and vegetables prices climbed on the back of a heat wave. The fuel price index was steady at 12.33%, while the primary articles index was up 16.19% versus 16.76%
While the headline inflation declined to 9.59% in April 2010 from 9.9% rise in March 2010, the data for February 2010 was revised upwards to 10.06% from provisional figure of 9.89%, the latest government data showed. The RBI has forecast the headline inflation to ease to 5.5% at end-March 2011 on expectations of a normal monsoon.
Industrial output rose lower than expected 13.5% in March 2010. The growth was also slower than February's 15.1% expansion. Manufacturing sector output rose 14.3% in March 2010. Industrial output rose 10.4% in the 2009/10 fiscal year, faster than the 2.6% growth clocked in the previous fiscal year.
The fourth quarter corporate results have been decent. The combined net profit of a total of 2,432 companies rose 24.1% to Rs 61301 crore on 24.1% rise in sales to Rs 6,04,086 crore in the quarter ended March 2010 over the quarter ended March 2009.
Bharat Heavy Electricals, Tata Steel, Oil India, Asian Hotels, Bank of India, HPCL, Godrej Industries, REI Agro among others will announce their January-March 2010 quarter results today.
The key benchmark indices tumbled to their lowest level in more than three months on Tuesday, 25 May 2010, as world stocks slumped amid tensions in Korea as well as anxiety over global debt levels and sovereign default fears. The BSE 30-share Sensex fell 447.07 points or 2.71% to 16,022.48, its lowest closing level since 10 February 2010.
Sustained selling by foreign funds has weighed on investor sentiment in the past few days. As per provisional figures on NSE, foreign institutional investors (FIIs) sold shares worth Rs 1464.19 crore and domestic funds bought shares worth Rs 406.12 crore on Tuesday, 25 May 2010. FIIs have sold shares worth a net Rs 12367.59 crore so far this month, till 25 May 2010, according to data from the stock exchanges. They had bought stocks worth a net Rs 2667.35 crore last month. Domestic funds have bought stocks worth a net Rs 5617.01 crore so far this month, till 25 May 2010.
Stocks set to start on a flat-to-positive note
Headlines for the day:
Aditya Birla Group revs up power plans
Mahindra & Mahindra may buy strategic stake in Reva
R-Infra to roll out 11 projects this year
Events for the day:
Major corporate action
Ex-date for dividend of Infosys and Indian Overseas Bank
Results: Indian Hotels, Godrej Industries, Bharat Heavy Electricals
For more events, log on to Sharekhan.com
Pre-market report
Global signals
The European shares fell to their lowest close in nearly nine months on Tuesday, with banks hit as interbank lending rates rose and worries persisted that austerity measures to be taken in European economies will hurt growth.
The US stocks staged a furious late-day rally on Tuesday to push the S&P 500 into the positive territory as the focus shifted from European debt woes to buying after shares hit six-month lows.
In today's trade, the Asian markets were trading on a positive note, except Kospi index that underperformed slightly amid ongoing tensions on the Korean Peninsula. At the time of writing this report, SGX Nifty was trading 34 points higher.
Indian Indices
It was a tough session yesterday on the Dalal Street with weak global cues weighing heavily on the markets. News of Spain's central bank taking control of a beleaguered small savings outfit served as a reminder of the financial uncertainty in Europe. Also, rising geopolitical tensions between North and South Korea added to the negative sentiment.
The US indices pared most of their earlier losses yesterday as the investors were expecting that the market may find support near current levels. But it is difficult to determine and judge the current situation across the globe.
The Asian markets rebound in their opening session, after a late-session reversal of losses on Wall Street helped confidence. Being in line with the Asian peers, the Indian markets are set to have a flat-to-positive start.
As we have witnessed volatility and heavy volumes in trade in the past two days, the same is expected to continue in today's session ahead of the F&O expiry.
The earnings of Indian Hotels Company, Godrej Industries, Gujarat Mineral Development Corporation, Everest Kanto Cylinder, Hindustan Petroleum Corporation, REI Agro, Mphasis, Tata Iron and Steel Company and Bharat Heavy Electricals are later to be announced today - the stocks will be closely eyed.
Commodity cues
In the commodity space, the crude oil prices slipped, with the Nymex light crude oil for the June series down by $1.46 per barrel, whereas in the metals space, the Comex Gold for the June series rose by $4 and the Comex Silver for the June series was down by $0.22 to a troy ounce respectively.
Daily trend of FII/MF investment in equities
On May 25, 2010, the FIIs were the net sellers of the Indian stocks to the tune of Rs881.80 crore, whereas the domestic mutual funds, on May 21, 2010, were the net buyers of the stocks to the tune of Rs287.60 crore.
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