NBCC, MT Educare

Company Name	Offer Price (Rs.)	Premium (Rs.)	Kostak (Rs. 1 Lac Application)	Kostak (Rs. 2 Lac Application)	Kostak (Rs. 5 Lac Application)
REC	1000	-12 to -15 (Seller)	--	--	--
NBCC	106	3 to 3.50	--	--	--
MT Educare Ltd	74 to 80	5 to 6

MT Educare IPO subscribed 4.44 times

Gets bids for 4.88 crore shares The initial public offer (IPO) of MT Educare, an education support and coaching services provider, was subscribed 4.44 times by 16:00 IST on the last day of bidding for the issue today, 29 March 2012. The IPO received bids for 4.88 crore shares. The price band for the issue was fixed at Rs 74-80 a share. The IPO comprised of fresh issue of Rs 35 crore and an offer for sale of up to 80 lakh equity shares by Helix Investments Company which is a private equity (PE) fund. Helix had pumped in Rs 32.80 crore in MT Educare in 2007.

Daily News Roundup - March 30 2012

Independent directors oppose Coal India's fuel supply pacts. (BL) Essar Oil Ltd has completed the Rs83bn capacity expansion of its Vadinar refinery. (BL) Engineers India Ltd has signed an MoU with Nalco Water India Ltd, a subsidiary of Nalco. (BL) Ashok Leyland has said that it will form a separate subsidiary as it explores expansion into the aerospace business with global partners. (BL) Tata Motors has raised prices of its commercial vehicles (CV) by upto Rs0.06mn effective March 17. (BL)

Sensex, Nifty survive 200-DMA test

In the end, it was a fairly subdued F&O expiry session for the Indian markets. The good thing is that the key stock indices managed to claw their way back towards the close of trade to end near day's peak. They still closed with marginal losses. There was some intraday volatility but not a great deal with the Bank Nifty witnessing short rollovers. After a gap down opening, the Indian equity benchmarks turned choppy and remained in a narrow range in the first half. However, the bulls turned the tide in late afternoon trade, with the main indices almost erasing all of the losses thanks to selective buying in Pharma and Auto stocks. The BSE Sensex ended at 17,058, down 63 points or ~0.4% over the previous close. It had earlier touched a day’s low of 16,920 and a day’s high of 17,109. It opened at 17,039. The NSE Nifty settled at 5,179, down 16 points or 0.3% over the previous close. It earlier touched a day’s low of 5,136 and day’s high of 5,194. The INDIA VIX on the NSE ended lower by 2.2% to close at 24.33. It hit day's high of 25.86. It hit a day's low of 24.19.

The Good, the bad and the ugly

"Bad news travels fast." - American Proverb. While the start may be higher the ratio of good news to bad news is skewed towards the latter. Risky assets are still maintaining some of this year’s gains, but market players are looking for incremental good news. The Budget hasn’t been able to perk up the mood. If anything, some of the ugly proposals such as the GAAR provisions have spooked the markets. Mind you, we haven't heard or read the last word on this controversial issue as yet. The FM’s attempt at fiscal consolidation has not evoked a favourable response either. Bond yields have actually climbed and a rate cut on April 17 is not a certainty now. The rupee is once again feeling the heat from rising twin deficits, moderating FII inflows and high crude oil prices.

Mixed finish for Bullions

Silver shines but gold drops for third straight day Bullion metal prices mixed on Thursday, 29 March 2012 at Comex. Gold prices ended lower for third straight day while silver prices rose. Comex gold futures ended the U.S. day session modestly lower on some follow-through selling pressure from solid losses posted on Wednesday. There was downside pressure on most raw commodity futures markets, including the precious metals. The key “outside markets” were also bearish for the precious metals on Thursday, as the U.S. dollar index was steady and crude oil prices were sharply lower. Gold for June delivery ended lower by $5.6 or 0.3%, to end at $1,654.9 an ounce on the Comex division of the New York Mercantile Exchange on Thursday. The metal had struggled for direction earlier, veering between small gains and losses. Prices shed 1.7% on the month of February 2012.

Market seen firm in opening trade; Tata Motors watched

The market is likely to see a firm start on Friday, 30 March 2012. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 14 points at the opening bell. Asian markets were trading mixed. Tata Motors on Thursday reportedly hiked prices by up to Rs.60,000 per unit on its entire range of commercial vehicles following hike in excise duty in the Union Budget 2012-13. The company hiked the prices of its commercial vehicles by 2-5% considering hikes in excise duty on vehicles and chassis. The hike was with effect from 17 March 2012. The board of Coal India (CIL) on Thursday, 29 March 2012, failed to finalise the fuel supply agreements a (FSA) due to production constraints. Key benchmark indices edged lower for the second straight day on Thursday, 29 March 2012 as weak global stocks weighed on sentiment. The BSE Sensex lost 63.01 points or 0.37% to settle at 17,058.61, its lowest closing level since 26 March 2012. Volatility was high as traders rolled over positions in the futures & options (F&O) segment from the near-month March 2012 series to April 2012 series ahead of to the expiry of March 2012 contracts. The March 2012 derivatives contracts expired on Thursday, 29 March 2012.

Markets to witness a subdued start

The Indian markets may open on a flat to positive note on account of SGX Nifty trading 16 points higher and positive global cues. Headlines for the day Petrol pump operators threaten strike. Unitech defends it right to seek arbitration. Muthoot Estate can't accept public deposits: RBI.

SGX Nifty Live Update - March 30 2012

5239.00 +7.50 (+0.14%)

MT Educare, NBCC Grey Market Premiums

Company Name	Offer Price (Rs.)	Premium (Rs.)	Kostak (Rs. 1 Lac Application)	Kostak (Rs. 2 Lac Application)	Kostak (Rs. 5 Lac Application)
REC	1000	-12 to -15 (Seller)	--	--	--
NBCC	106	3 to 3.50	--	--	--
MT Educare Ltd	74 to 80	5 to 6

Daily News Roundup - March 29 2012

RIL has reorganized its finance operations under two chief financial officers for the first time. V Srikanth, who joined as deputy CFO in August 2010, has been elevated as CFO, placing him on an equal footing with the incumbent Alok Agarwal. (ET) Kingfisher Airlines appointed Manmohan Singh Kapur, Lalit Bhasin and Shrikant Ruparel as independent directors to fill in the vacancies caused by high-profile exits that coincided with the fast unfolding financial crisis in the airline. (ET) Danish telecom operator TDC said it had entered a deal with TCS to replace CSC as its IT services provider. The contract will run for four years with a two-year extension option. (ET)

Nifty falters ahead of F&O expiry...Ends below 5200

The Indian stock markets weakened ahead of the F&O expiry on Thursday, as market players remained wary of near-term prospects amid a spate of headwinds. The undercurrent continues to be jittery over the impact of the proposed GAAR tax regulations on FII investments through Mauritius and via Participatory Notes (PNs). Barring a brief period in the morning session, the indices were under pressure almost throughout the session. As usual, the selling accelerated in the afternoon, with the benchmarks hitting new lows before recovering by the close of trade. Reported clarifications on GAAR tax regulations and soothing words from the FM on the vexed issue may have calmed some frayed nerves. However, the uncertainties do not end here. As a result, the market is unlikely to heave a sigh of relief until the matter is settled. The sudden drop in FII inflows in the past couple of sessions is testimony of escalating tension on the GAAR issue. The BSE Sensex ended at 17,122, down 135 points or ~0.8% over the previous close. It had earlier touched a day’s low of 17,040 and a day’s high of 17,245. It opened at 17,234. The NSE Nifty settled at 5,194, down 48 points or 1% over the previous close. It earlier touched a day’s low of 5,170 and day’s high of 5,236.

Pressure prevails

"Force, violence, pressure, or compulsion with a view to conformity, are both uncivilized and undemocratic". - Mahatma Gandhi. There is no dearth of pressure at the moment as far as Indian markets are concerned. Be it the stocks, bonds or the rupee. All assets are under pressure. The macro-economic scenario is not looking rosy. Inflation is likely to stay elevated even as uncertainty continues over the RBI’s call on interest rates. The Government’s borrowing calendar for H1 FY13 has sent benchmark 10-year bond yields to three-month high amid lingering worries over high fiscal deficit. The rupee is also on sticky wicket amid rising twin deficits and falling forex reserves. The confusion over GAAR tax norms and P-Notes has only dimmed the near-term prospects for our markets. Usual intraday gyrations are a given on F&O expiry day. The overall bias is likely to be negative. The opening will be down owing to weak global cues. US stocks dropped following a lower-than-expected report on durable goods orders. Asian markets are mostly in the red. European indices also finished lower ahead of yet another EU summit. Euro area members are likely to boost the financial firewall to rein in the credit crisis. The NSE Nifty managed to close above the crucial support of 200 DMA, which is currently placed at 5153 levels. The rising support line was violated on intraday basis but with the closing above 5180 levels the trendline support remains intact. The positive reaction for the Nifty would be reaffirmed with a move above 5230 levels. Till then, the critical trading range will be 5150-5230. Trend in FII flows: The FIIs were net sellers of Rs 1.48bn in the cash segment on Wednesday while the domestic institutional investors (DIIs) were net buyers of Rs 730.3mn, as per the provisional figures released by the NSE. The FIIs were net buyers of Rs 3.92bn in the F&O segment on Wednesday, according to the provisional NSE data. The foreign funds were net buyers at Rs 789mn in the cash segment on Tuesday, according to the SEBI figures. Mutual Funds were also net sellers of Rs 1.52bn on the same day. Global Data Watch today: Eurozone industrial confidence, UK Nationwide housing prices, Germany unemployment rate, Fed's Fisher speech, UK index of services, UK money supply, US GDP data, Us weekly jobless claims, Fed's Lockhart speech and Fed chairman Bernanke's speech.

Markets may continue negative trend; eyes on F&O expiry

The Indian markets are expected to open on a negative note due to negative global cues. Headlines for the day: L&T upbeat on nuclear power plant component exports SBI may get Rs 7,900cr govt infusion on Thursday Vijay Mallya may sell United Breweries stake to save Kingfisher Airlines Sun Pharma recalls 1,55,000 eye solution bottles ACC to invest Rs 3,330 cr on expansion plan by 2015

Market seen subdued at start on weak Asian equities

Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a slide of 51.50 points at the opening bell. Asian markets were trading weak on Thursday, 29 March 2012. The market may remain volatile today, 29 March 2012, as traders roll over positions from the near-month March 2012 series to April 2012 series due to the expiry of March 2012 derivatives contracts. ONGC may be in demand on reports the Petroleum and Natural Gas Ministry on Wednesday, 28 March 2012 signed production sharing contracts (PSCs) for the newly awarded 16 oil and gas blocks under the ninth round of new exploration licensing policy (NELP) with the state-run oil exploration giant emerging as the biggest winner with six blocks. However, ONGC saw its bids being rejected for eight blocks including give deep sea for various reasons. Coal India will be in focus as the company's board will meet again today, 29 March 2012 to approve the new draft fuel supply agreement.