Stock Market News

Markets soars in broad-based rally

noreply@blogger.com (SY) — Thu, 14 Feb 2008 12:01:00 +0000

Strong global cues set up a solid platform for Indian market to surge today. The rally in global markets was triggered by an unexpected rise in US retail sales in January 2008 that helped ease recession worries in the world's largest economy.

Sensex was up 817.49 points or 4.82% at 17766.63, and the Nifty up 272.55 points or 5.53% at 5202.00.

Bharat Heavy Electricals surged 12.68% to Rs 2233 after it won a Rs 200-crore contract for supplying oil field equipment to Oil & Natural Gas Corporation.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 5.27% at Rs 2512.70.

India’s largest private sector bank by assets ICICI Bank rose 5.92% to Rs 1164.35.

Among the other Sensex gainers, Reliance Energy soared 10.20% to Rs 1717, Hindalco Industries spurted 9.10% to Rs 163.60, Reliance Communication flared up 9.67% to Rs 612, ONGC climbed 9.05% to Rs 1029.80 and Larsen & Toubro moved up 7.43% to Rs 3520.

Anil Dhirubhai Ambani Group firm Reliance Power rose 5.4% to Rs 370.20 on volume of 78.80 lakh shares on BSE. On Monday, 11 February 2008, the stock had debuted at Rs 547.80, a premium of Rs 21.73% over the IPO price of Rs 450.

Essar Oil (up 15.40% to Rs 212.50), Reliance Petroleum (up 14.08% to Rs 165.15), Steel Authority of India (up 7.07% to Rs 212.75), Centurion Bank of Punjab (up 2.49% to Rs 49.40), advanced on reports of their inclusion in a number of Morgan Stanley Capital International (MSCI) indices. Their proposed inclusion in the MSCI gauges may increase demand for the stocks by fund managers whose funds track the indexes.

Markets trading firm

noreply@blogger.com (SY) — Thu, 14 Feb 2008 08:37:00 +0000

Strong global cues catapulted Indian market at opening today. Global markets rose after a surprise increase in US retail sales helped ease recession worries in the world's largest economy. The markets have held out their gains. Buying interest is seen scrips across sectors. The rally is led by realty, power, metal and banking stocks. Global cues have been very supportive today as the Asia ended strong following another day of gains on Wall Street.

At 13.39 hrs IST, the Sensex is up 671.57 points or 3.96% at 17620.71, and the Nifty up 220.50 points or 4.47% at 5149.95.

State-run engineering firm Bharat Heavy Electricals surged 10.01% to Rs 2180.15 after it won a Rs 200 crore contract for supplying oil field equipment to Oil & Natural Gas Corporation.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 4.36% at Rs 2491.

India’s largest private sector bank by assets ICICI Bank rose 5.63% to Rs 1161.15.

Among the other Sensex gainers, Hindalco Industries soared 8.57% to Rs 162.80, Reliance Communication jumped 7.32% to Rs 599.25, Reliance Energy climbed 7.57% to Rs 1674.15, and DLF flared up 6.52% to Rs 868.10 and.

Cement maker Ambuja Cements fell 0.30% to Rs 115.80. It was the only loser from the Sensex pack.

Anil Dhirubhai Ambani Group firm Reliance Power rose 3.56% to Rs 363.90 on volume of 44.21 lakh shares on BSE. On Monday, 11 February 2008, the stock had debuted at Rs 547.80, a premium of Rs 21.73% over the IPO price of Rs 450.

The BSE Capital Goods index was up 6.14% at 16,071.19. Larsen & Toubro rose 5.56% to Rs 3460, Praj Industries soared 10.47% to Rs 162.45, Lakshmi Machine Works jumped 8.45% to Rs 2007, Jyoti Structures moved up 8.18% to Rs 199.65, and Crompton Greaves rose 6.69% to Rs 299.10.

Engineering and construction firm Punj Lloyd gained 9.17% to Rs 362. Sembawang Engineers and Constructors, a unit of Punj Lloyd, has bagged a Singapore dollar 400 million contract to build part of the Marina Bay Sands integrated resort in Singapore.

Among side counters, United Breweries surged 20% to Rs 920.10, Khaitan Electricals flared up 16.60% to Rs 72, Power Finance Corporation rose 16.11% to Rs 175.10, Zee News soared 14.51% to Rs 50.10, Ador Multi Products climbed 12.78% to Rs 20.30 and Indusind Bank jumped 12.14% to Rs 100.65.

Asian markets were firm today, 14 February 2008. Key indices in Hong Kong, China, Japan, Taiwan, Singapore and South Korea were up by 1.37% to 4.27%.

US Markets rallied on Wednesday, 13 February 2008 after a surprise rise in retail sales in January 2008. The Dow Jones industrial average gained 178.83 points, or 1.45%, to 12,552.24. The S&P 500 index rose 18.35 points, or 1.36%, to 1,367.21, and the Nasdaq Composite index advanced 53.89 points, or 2.32%, to 2,373.93.

Back home, the market breached its five-day losing streak to post gains on Wednesday, 13 February 2008 on the back of strong global cues and buying support in large-caps. The 30-share BSE Sensex surged 341.13 points or 2.05% at 16,949.14 on Wednesday, 13 February 2008. The broader CNX S&P Nifty rose 91.20 points or 1.88% at 4929.45 for the day.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth Rs 9.40 crore on Wednesday, 13 February 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 23.59 crore on that day.

FIIs were net buyers to the tune of Rs 1,701.55 crore in the futures & options segment on Wenesday, 13 February 2008. They were net buyers of index futures to the tune of Rs 1,083.99 crore and bought index options worth Rs 18.18 crore. They were net buyers of stock futures to the tune of Rs 603.59 crore and sold stock options worth Rs 4.21 crore.

Meanwhile, as per reports Dominique S. Kahn, managing director of the International Monetary Fund said yesterday, 13 February 2008 that emerging economies such as India, which are expanding rapidly, are not insulated from the impact of a slowdown in the US and will feel the pinch sooner or later.

Kahn, who is on a three-day visit to India, also underlined the need for a global solution to the problem of financial crisis, which could have a ripple effect on several economies.

Markets trade flat amid volatility

noreply@blogger.com (SY) — Tue, 12 Feb 2008 07:31:00 +0000

Positive global cues were unable to meliorate investor sentiment in India today. The market opened higher tracking firm Asian indices but soon came off higher levels.The markets have succumbed to selling pressure once again and has given up all its early gains. Realty, banking, power, IT and consumer durables space has witnessed heavy selling presure in last one hour of trade. Broader markets have slipped further and are trading weak giving extremely negative breadth on both BSE and NSE.

At 12.45 hrs IST, the Sensex is up 76.30 points or 0.46% at 16707.21, and the Nifty up 24.35 points or 0.50% at 4881.35.

Reliance Industries rose 3.35% to Rs 2351.Anil Dhirubhai Ambani Group firm Reliance Power fell 7.73% to Rs 343.30 on volume of 1.23 crore shares on BSE. On Monday, 11 February 2008, the stock had debuted at Rs 547.80, a premium of Rs 21.73% over the IPO price of Rs 450.

India’s largest private sector bank by assets ICICI Bank rose 1.87% to Rs 1055.

The BSE Metal index was up 2.13% at 14,578.57. Sterlite Industries spurted 5.17% to Rs 716, JSW Steel jumped 3.93% to Rs 1,143, Steel Authority of India gained 3.97% to Rs 193.05, Welspun Gujarat Stahl Rohren climbed 2.99% to Rs 393.05, National Aluminum Company rose 2.26% to Rs 361.55 and Tata Steel gained 1.76% to Rs 738.85.

The BS Oil & Gas index was up 1.26% at 10,010.20. Cairn India jumped 4.24% to Rs 198, Gail India climbed 1.18% to Rs 390.50, ONGC rose 0.84% to Rs 349.10 and BPCL rose 0.77% to Rs 420.

The BSE Consumer Durables index was down 2.48% at 4,394.96. Videocon Industries slipped 5% to Rs 371.40, Blue Star skid 4% to Rs 440, Asian Star Company fell 1.78% to Rs 1,240.10, Gitanjali Gems declined 1.57% to Rs 282.05 and Rajesh Exports gave away 1.35% to Rs 117.

Among the side counters, Nirma soared 6.22% to Rs 187, Indian Bank jumped 4.31% to Rs 212.95, Moser Baer climbed 3.34% to Rs 179.70, Jaiprakash Associates rose 2.90% to Rs 303.10, Punjab National Bank moved up 2.69% to Rs 623.55 and India Cement rose 2.32% to Rs 189.75.

Civil engineering firm McNally Bharat Engineering Company rose 1.60% to Rs 216.40 after the company said it received orders worth Rs 692 crore from Steel Authority of India.

Asian markets were mostly in the green. Key benchmark indices in Hong Kong, Singapore, South Korea and Japan were up by 0.04% to 2.03%. However, Taiwan's Taiwan Weighted index was down 1.57%. Chinese stock markets was closed.

Markets tumble

noreply@blogger.com (SY) — Mon, 11 Feb 2008 08:43:00 +0000

Poor debut of Reliance Power which had come out with India's largest ever IPO, last month, hit the bourses. Weak overseas markets and growing concerns about a slowing US economy also weighed on bourses.The markets have plunged further on the back of heavy selling pressure across sectors following extremely poor listing of Reliance Power. Weak cues from the global markets have accentuated the pain.

At 1:45 pm, the Sensex is down 851.94 points or 4.88% at 16612.95, and the Nifty down 247.10 points or 4.83% at 4873.25.

Anil Dhirubhai Ambani Group firm Reliance Power was trading at Rs 402 on BSE, a discount of 10.79% over IPO price of Rs 450. It debuted at Rs 547.80, a premium of Rs 21.73% from the IPO price. Volumes in the stock were high. On BSE, 4 crore shares changed hands in the counter.

Market men had initially expected the price to double on debut, but stock market turmoil had lowered investor risk appetite and expectations were toned down subsequently with market men expecting a premium of about Rs 75-to Rs 150 above the IPO price on debut. The Reliance Power IPO was subscribed 73 times.

India's largest private sector firm by market capitalization and oil refiner Reliance Industries fell 6.47% at Rs 2265.

India's largets private sector bank by assets ICICI Bank fell 6.25% to Rs 999.95.

India's largest engineering and construction firm by revenue Larsen & Toubro fell 5.88% to Rs 3320.

Among the Sensex losers, Reliance Energy slumped 14.68% to Rs 1675, ONGC slipped 8.75% to Rs 910.20, Reliance Communication skid 7.44% to Rs 598.85, Mahindra & Mahindra fell 6.98% to Rs 599.95, Housing Development Finance Corporation declined 7.02% to Rs 2600 and State Bank of India shed 7.37% to Rs 2034.10.

Among the Sensex gainers, Satyam Computer gained 2.44% to Rs 420, Infosys Technologies moved up 1.52% to Rs 1575 and TCS rose 0.78% to Rs 906.

Among the side counters, Lanco Infratech slumped 17.46% to Rs 395, Housing Development and Infrastructure slipped 15.22% to Rs 770, Hinduja Ventures skid 12.77% to Rs 485, Ispat Industries fell 12.75% to Rs 39, Orchid Chemicals fell 11.35% to Rs 219.50 and Finolex Cables dropped 11.26% to Rs 81.60.

Among the mid-cap losers, Zee News slumped 20% to Rs 47.80, K S Oils gave away 15.43% to Rs 68.50, Television Eighteen shed 14.67% toRs 345, Torrent Power slipped 13.67% to Rs 144.30 and Bilcare fell 12.9% to Rs 780.10.

Markets trading weak amid volatility

noreply@blogger.com (SY) — Fri, 08 Feb 2008 08:23:00 +0000

High volatility was witnessed on the bourses in early trade. After a firm open Sensex soon slipped into the red. Though it later recovered, the recovery proved short-lived.The markets continue to trade weak amid volatility on account of some selling witnessed in metal, banking, power and durables. IT stocks have shown smart resilience and are trading with substantial gains.

The news from macroeconomic front is not very encouraging with inflation coming in at higher level above market expectations at 4.11%.At 1:35 pm, the Sensex is down 179.29 points or 1.02% at 17347.64, and the Nifty down 53.95 points or 1.05% at 5079.30.

IT stocks gained on bargain hunting after they fell for the last three consecutive trading sessions. Infosys (up 4.75% to Rs 1,551.25), Satyam Computer Services (up 5.03% to Rs 410.50), Tata Consultancy Services (up 3.3% to Rs 912.05) and Wipro (up 2.48% to Rs 420) edged higher.

Oil & gas stocks rose. India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.59% at Rs 2,463.50. Relaice Petroleum (up 0.84% to Rs 168), ONGC (up 0.66% to Rs 995) and Indian Oil (up 0.19% to Rs 506) edged higher.

India’s largest private sector bank by assets ICICI Bank rose 0.9% to Rs 1,115.20.

India’s largest engineering & construction firm by revenue Larsen & Toubro fell 1.72% to Rs 3,567.95.

India’s second largest power utility firm by revenue Reliance Energy rose 1.91% to Rs 2,025.10.

Among the sensex losers, DLF declined 3.43% to Rs 815.90 and was the top loser from Sensex pack. Bajaj Auto fell 1.49% to Rs 2,247, Mahindra & Mahindra down 1.31% to Rs 650 and Bharti Airtel edged lower 0.94% to Rs 854.40.

Bharat Forge rose 1.05% to Rs 277.80. Bharat Forge and state-run power producer NTPC have agreed to set up a joint venture to make power plant components, with an initial investment of Rs 3000 crore.

Gelatine maker Sterling Biotech rose 1.36% to Rs 157 after its board approved raising up to $250 million overseas.

State-run Bank of India rose 0.44% to Rs 362.25 after its board approved raising Rs 1360 crore by issuing shares at Rs 360 each.

Pig iron maker Tata Metaliks rose 0.58% to Rs 182 after Tata Steel acquired 6,04,383 shares or 2.4% in the firm.

Emaar MGF IPO extends by 5 days to Feb 11

noreply@blogger.com (SY) — Thu, 07 Feb 2008 07:17:00 +0000

Under subscription on the last day has forced Emaar MGF Land, a joint venture between Emaar Properties PJSC of Dubai and MGF Development Limited of India, to extend its issue by five days with the permission from market regulator, Sebi. Now the issue will close on February 11 instead of February 6, reports CNBC-TV18.

It has subscribed 0.74 times till now. As per Sebi regulations, the company has to receive a minimum subscription of 90% of the issue.

The company also revised its lower end of price band to Rs 530 from Rs 540, so the new price band is Rs 530-630 per share. This is the second time of revision in price band from the company, due to negative sentiment across the global markets, which impacted Indian markets as well. The first price band was Rs 610-690 which the company changed it to Rs 540-630.

Markets trading flat

noreply@blogger.com (SY) — Thu, 07 Feb 2008 07:13:00 +0000

After opening on a positive note, the market soon slipped into the red before recovering from lower level later. Cement, metal and realty stocks edged higher.The government today unveiled its forecast on GDP growth in the current fiscal year.

India's economy is expected to expand at 8.7% in fiscal 2007/08, slower than 9.6% growth in 2006/07, which was its strongest pace in 18 years, government's central statistics office (CSO) said just a while ago. CSO has pegged manufacturing output growth at an annual 9.4% this fiscal compared with 12% growth in the previous year.

Farm output growth is estimated at 2.6% for the full year 2007/08 compared with 3.8% growth in 2006/07. Services sector growth is estimated at 10.7% for the year against 11.1% growth in 2006/07.

European Central Bank (ECB) holds a policy meeting later today, 7 February 2008. The ECB is widely expected to hold interest rates at 4%, and investor focus is likely to be on whether the ECB would keep its vigilance on inflation risks even as signs show that economic growth in the region may be slowing.

At 12.20 hrs IST, the Sensex is up 10.19 points or 0.06% at 18149.68, and the Nifty up 15.35 points or 0.29% at 5337.90.

Power stocks rose. Reliance Energy (up 4.27% to Rs 2,144.15), Neyvli Lignite Corporation (up 3.06% to Rs 178.75), Tata Power Company (up 1.62% to Rs 1,440) and NTPC (up 0.78% to Rs 219.25) edged higher.

FMCG majors declined. ITC fell 2.05% to Rs 195.85 and Hindustan Unilever was down 1.07% to Rs 202.85.

Consumer durables stocks rose. Videocon Industries (up 5% to Rs 452.35), Rajesh Exports (up 1.18% to Rs 137.55), Titan Industries (up 1.64% to Rs 163.45) and Blue star (up 0.21% to Rs 486) edged higher.

Realty stocks gained. Indiabulls Real Estate rose 4.21% to Rs 689 Indiabulls Infrastructure (IIL), a subsidiary of the company, has acquired 100% shareholding of Catherine Builders and Developers (Catherine) from DLF Home Developers.

Peninsula Land (up 3.04% to Rs 95), Housing Development Infrastructure (up 3.83% to Rs 1,012.60) and DLF (up 1.8% to Rs 885.50) edged higher.

Reliance Industries declined 0.32% at Rs 2544.ICICI Bank was flat at Rs 1,152.70.Larsen & Toubro down 0.18% to Rs 3,772.90.Among the Sensex gainers, ACC rose 3.42% to Rs 791 and Bharat Heavy Electricals flared up 1.18% to Rs 2,053.

Grasim Industries rose 1.77% to Rs 2,940. Aditya Birla Group reportedly intends to scale up its shareholding in its cement flagship Grasim Industries to at least 40%, although it did not set a time frame for the same. According to reports, the move is in line with the idea of holding a majority stake, which according to the reports, is at least 40% in all the major companies.

Among the Sensex losers, Bharti Airtel fell 1.38% to Rs 888, Bajaj Auto declined 2.11% to Rs 2,290, Cipla slipped 1.34% to Rs 199.45 and Satyam Computer Services gave away 1.79% to Rs 401.35 .

Markets tumble on weak Asian equities

noreply@blogger.com (SY) — Wed, 06 Feb 2008 13:25:00 +0000

Weak Asian markets cast their shadow on the Indian bourses today. Selling pressure was witnessed in consumer durables, IT, metal and auto stocks.An unexpected contraction in the service sector in the US once again sparked fears the economy may sink into recession, hitting Asian stocks. European markets which opened after Indian markets were weak.

The 30-share BSE Sensex declined 523.67 points or 2.81% at 18,139.49.The broader CNX S&P Nifty was down 161.35 points or 2.94% at 5,322.55.

Satyam Computer Services (down 6.69% to Rs 408.90), Wipro (down 6.01% to Rs 425), Infosys (down 6.25% to Rs 1,510.60) and Tata Consultancy Services (down 5.15% to Rs 900.55) edged lower.

Metal stocks declined. Sterlite Industries (down 5.77% to Rs 788.05), National Alluminium Company (down 5.78% to Rs 389.95), Hindalco Industries (down 4.89% to Rs 173.05), Steel Authority of India (down 4.9% to Rs 221.15) and Tata Steel (down 2.24% to Rs 799.45) edged lower.

Consumer Durables stocks declined. Rajesh Exports (down 9.08% to Rs 136.60), Titan Industries (down 8.57% to Rs 1,138), Videocon Industries (down 3.69% to Rs 429.90) and Blue Star (down 1.97% to Rs 485) edged lower.

Auto stocks skidded. Maruti Suzuki India (down 4.74% to Rs 831), Tata Motors (down 1.4% to Rs 745), Bajaj Auto (down 3.08% to Rs 2,330), Mahindra & Mahindra (down 2.15% to Rs 665.95 ) and Hero Honda Motors (down 1.49% to Rs 716) edged lower.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries fell 2.44% at Rs 2,552.05. As per reports, Reliance Industries (RIL) two wells in D6 block in the Krishna Godvari (KG) basin have hit a technical snag. The loss to wells runs into about $175 million. RIL executive, however, said the snags have been rectified and that the problems would not delay production of natural gas from the D6 block.

India’s largest private sector bank by assets ICICI Bank fell 3.11% to Rs 1,152.85.
India’s largest engineering & construction firm by revenue Larsen & Toubro fell 1.93% to Rs 3,780.60.India's second largest power utility firm by revenue Reliance Energy rose 2,056.35.

Reliance Communications rose 0.68% to Rs 681.60. Reliance Communications (RCom) is reprotedly set to test-launch its direct to home (DTH) services Big TV this week, before a full commercial launch in March this year. According to reports, the company is investing $250 million in the first phase for the launch and has already placed orders for over 2 million set-top boxes to cater to the launch. The target is to get 50% share of the new customers who join the DTH club.

In Asia, key indices in Hong Kong, Japan and Singapore were down by 3.5% to 5.40%. Stock markets in South Korea, Taiwan, and China were closed for the Lunar New Year holidays.

European markets were weak. France’s CAC 40 (down 0.4% to 4,757.70), Germany’s DAX (down 0.36% to 6,740.65) and UK’s FTSE 100 (down 0.11% to 5,861.40) edged lower.

US stocks suffered their biggest drop in nearly a year on Tuesday, 5 February 2008, after data showed the worst monthly contraction in the services sector since the last US recession and Standard & Poor's warned it could cut bank credit ratings.

Markets reel under pressure

noreply@blogger.com (SY) — Wed, 06 Feb 2008 07:51:00 +0000

The market tumbled in opening trade on weak global cues. An unexpected contraction in the service sector in the US once again sparked fears the economy may sink into recession.The markets continue to reel under pressure on account of sustained selling pressure in scrips across sectors.

At 1.36 hrs IST, the Sensex is down 588.04 points or 3.15% at 18075.12, and the Nifty down 185.10 points or 3.38% at 5298.80.

Consumer Durables stocks declined. Rajesh Exports (down 8.99% to Rs 136.75), Titan Industries (down 6.4% to Rs 1,165), Videocon Industries (down 2.88% to Rs 433.50) and Blue Star (down 1.77% to Rs 486) edged lower.

Software services exporters declined for a second day in a row due to a gloomy economic outlook in the United States, which contributes to more than half of their revenue. Satyam Computer Services (down 5.98% to Rs 412), Wipro (down 5.48% to Rs 429.65), Infosys (down 5.91% to Rs 1,516.50) and Tata Consultancy Services (down 5.31% to Rs 899) edged lower.

Metal stocks extended losses in early afternoon trade. Sterlite Industries (down 6.49% to Rs 780.75), National Alluminium Company (down 5.75% to Rs 391.80), Hindalco Industries (down 4.67% to Rs 173.45), Steel Authority of India (down 4.11% to Rs 223) and Tata Steel (down 2.53% to Rs 797.10) edged lower.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries fell 2.9% at Rs 2,540.20. As per reports, Reliance Industries (RIL) two wells in D6 block in the Krishna Godvari (KG) basin have hit a technical snag. The loss to wells runs into about $175 million. RIL executive, however, said the snags have been rectified and that the problems would not delay production of natural gas from the D6 block.

India’s largest private sector bank by assets ICICI Bank fell 3.01% to Rs 1,153.65.

India’s largest engineering & construction firm by revenue Larsen & Toubro fell 2.21% to Rs 3,772.

India’s largest telecom services provider by market share Bharti Airtel slumped 5.53% to Rs 884.20.

Reliance Communications declined 1.66% to Rs 665.75. Reliance Communications (RCom) is reprotedly set to test-launch its direct to home (DTH) services Big TV this week, before a full commercial launch in March this year. According to reports, the company is investing $250 million in the first phase for the launch and has already placed orders for over 2 million set-top boxes to cater to the launch. The target is to get 50% share of the new customers who join the DTH club.

Markets end with marginal gains; breadth strong

noreply@blogger.com (SY) — Tue, 05 Feb 2008 13:28:00 +0000

It was a very quiet day for the markets as they opened on weak note in line with its global peers and traded quiet but flat amid for most part of the day. Broader markets were in focus during todays trade and the market breadth was positive through the day. However, on the volume front, the markets disappointed once again.

Sensex ended up 2.84 points or 0.02% at 18663.16, and the Nifty was up 20.40 points or 0.37% at 5483.90.

Jindal Steel & Power (up 13.25% to Rs 2,586.35), Hindalco Industries (up 1.93% to Rs 181.95) edged higher.

Tata Steel, world's sixth largest steel maker, rose 1.87% to Rs 817.80. Tata Steel has reportedly lost its bid to buy the rights to iron ore reserves in Liberia to the Johannesburg-based Delta Mining Consolidated Company.

National Aluminium Company (down 2.26% to Rs 411) and Sterlite Industries (down 1.37% to Rs 836.30) edged lower.

Auto stocks declined. India's biggest car maker in terms of sales, Maruti Suzuki India declined 2.7% to Rs 872.35. Maruti Suzuki may reportedly launch a Rs 1.5 lakh car by end of this year or early 2009 to challenge Tata Motors' Nano. According to reports, it will have a Suzuki 660cc engine - as against Nano's 623cc - and wear a tag of around Rs 1.5 lakh on road (excluding insurance). Nano is expected to be Rs 1.25 lakh on road.

Tata Motors, India's top commercial vehicles maker in terms of sales, declined 1.87% to Rs 755.50. Tata Motors is reportedly satisfied with the progress of negotiations with US carmaker Ford Motor Company to buy British marquee brands Jaguar and Land Rover. The deal is expected to cost $2 billion.

Hero Honda Motors declined 5.01% to Rs 731.05, Bajaj Auto fell 2.24% to Rs 2,404 and Mahindra & Mahindra slipped 2.24% to Rs 680.55.

Banking stocks declined. India’s largest private sector bank by assets ICICI Bank fell 1.69% to Rs 1,189.80. The company has reportedly decided to split its home loans business between itself and an unit called ICICI Home Finance Company. The bank will fund home loans of up to Rs 20 lakh, with the unit handling the rest.

HDFC Bank declined 2.14% to Rs 1,515.10 and State Bank of India fell 1.9% to Rs 2,228.35.

Shares in software services exporters took a beating due to a gloomy economic outlook in the United States, which contributes to more than half of their revenue. Tata Consultancy Services (down 1.43% to Rs 962), Wipro (down 1.35% to Rs 458), Satyam Computer Services (down 0.32% to Rs 435.30) and Infosys (down 1.6% to Rs 1,618.90) edged lower.

Healthcare stocks rose. Ranbaxy Labotatories (up 3.78% to Rs 387.25), Sun Pharmaceuticals (up 1.39% to Rs 1,123.60), Cipla (up 1.81% to Rs 202.95) and Dr. Reddy’s Laboratories (up 3.13% to Rs 544.45) edged higher.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 0.9% to Rs 2,616. The Bombay High Court will hear petitions on the gas supply dispute between Reliance Industries and Reliance Natural Resources on Tuesday, 5 February 2008.

India’s largest engineering & construction firm by revenue Larsen & Toubro rose 1.28% to Rs 3,855.05.

Among the Sensex gainers, NTPC rose 4.03% to Rs 223.10.

Reliance Communications declined 1.17% to Rs 677 despite Ministry of Communications & Information Technology, Government of India, granting approval to Reliance Telecom (RTL), a wholly owed subsidiary of the company, for providing CDMA services in Assam and North East service areas.

Reliance Power to list on bourses on 11 FEB 08

noreply@blogger.com (SY) — Tue, 05 Feb 2008 09:41:00 +0000

Reliance Power will list on exchanges on Monday, 11 February 2008.

Anil Dhirubhai Ambani-led Reliance Power, whose issue got an aggregate commitment of over Rs 7.50 lakh crore, as against the issue size of Rs 11,560 crore, had priced the IPO at the top end of the price band at Rs 450 per share, valuing the firm at $30 billion.

Reliance Power IPO had ended on 18 January 2008 with 73.04 times subscription. The IPO had mopped up bids for 1665.20 crore shares as against 22.80 crore shares on offer.

With around 42 lakh shareholders, Reliance Power will be the largest shareholder base company among the companies listed on the stock exchanges.

The qualified institutional buyers (QIBs) category was subscribed 82.61 times, the non institutional investors portion was subscribed 190.02 times and the retail portion was subscribed 14.87 times.

Wockhardt Hospital extends IPO closure period

noreply@blogger.com (SY) — Tue, 05 Feb 2008 09:40:00 +0000

IPO will now close on 7 February 2008

Wockhardt Hospital has extended its initial public offer (IPO) closing date to Thursday, 7 February 2008 from the earlier Tuesday, 5 February 2008.

The IPO was subscribed by just 0.05 times on the third day of issue today. The issue received bids for 12.69 lakh shares at 14:00 IST as against 2.50 crore shares on offer. At the end of the second day on Monday, 4 February 2008, no bids were put in by qualified institutional buyers (QIBs) and non-institutional investors. The issue opened for subscription on Friday, 1 February 2008.

The company had lowered the price band of its initial public offering to Rs 225-260 per equity share. The revision was done in the light of current volatile market conditions. The company had earlier fixed the price band for its IPO at between Rs 280-310 per equity share.

The issue proceeds would be used to set up 17 new hospitals by 2010 and also repay debt. Post public issue, the promoters will have around 71% stake in the company.

The company would set up 17 new hospitals across the country by 2010 through green field (6) and brown field (11) projects to take the total number of its healthcare facilities to 32 by 2010.

The new hospitals would be set up in Mumbai, Delhi, Bangalore and Kolkata, while the brownfield hospitals would come up in tier-II cities like Goa, Bhopal, Bhavnagar, Nashik, Ludhiana, Jabalpur, Bhuj, Patna, Hubli and Varanasi.

Markets trading quiet

noreply@blogger.com (SY) — Tue, 05 Feb 2008 07:15:00 +0000

The market opened lower on weak global cues. IT, banking and metal stocks edged lower. Reliance Communication rose for second consecutive day.The markets have slipped further on account of some more selling pressure witnessed in the banking, auto, IT and metal stocks. The broader markets have shown relative outperformance. IT, auto, metal, bank stocks are trading weak.

At 12.11 hrs IST, the Sensex is down 136.81 points or 0.73% at 18523.51, and the Nifty down 26.60 points or 0.49% at 5436.90.

Liquidity may get a boost from huge refunds that investors will get from Reliance Power IPO though it remains to be seen how much money comes to secondary market in the light of immense volatility witnessed on the bourses last month. Reliance Power, which raised a record $3 billion in its initial share sale in January 2008, said on Friday, 1 February 2008, it had begun refunding excess application money to investors. The initial public offer had received bids for $190 billion.

Maruti Suzuki India declined 0.17% to Rs 894.20. Maruti Suzuki may reportedly launch a Rs 1.5 lakh car by end of this year or early 2009 to challenge Tata Motors' Nano. According to reports, it will have a Suzuki 660cc engine - as against Nano's 623cc - and wear a tag of around Rs 1.5 lakh on road (excluding insurance). Nano is expected to be Rs 1.25 lakh on road.

Tata Motors, India's top commercial vehicles maker in terms of sales, declined 2.72% to Rs 749. Tata Motors is reportedly satisfied with the progress of negotiations with US carmaker Ford Motor Company to buy British marquee brands Jaguar and Land Rover. The deal is expected to cost $2 billion.

Hero Honda Motors declined 3.81% to Rs 740.25, Bajaj Auto fell1.99% to Rs 2,410 and Mahindra & Mahindra slipped 1.19% to Rs 687.90.

Banking stocks declined. India’s largest private sector bank by assets ICICI Bank fell 0.6% to Rs 1,203. The company has reportedly decided to split its home loans business between itself and an unit called ICICI Home Finance Company. The bank will fund home loans of up to Rs 20 lakh, with the unit handling the rest.

HDFC Bank declined 1.31% to Rs 1,527.90 and State Bank of India fell 1.08% to Rs 2,249.

Shares in software services exporters took a beating due to a gloomy economic outlook in the United States, which contributes to more than half of their revenue. Tata Consultancy Services (down 1.83% to Rs 958.15), Wipro (down 1.99% to Rs 455), Satyam Computer Services (down 2.46% to Rs 426.80) and Infosys (down 2.9% to Rs 1,595.05) edged lower.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries was flat at Rs 2,595. The Bombay High Court will hear petitions on the gas supply dispute between Reliance Industries and Reliance Natural Resources on Tuesday, 5 February 2008.

India’s largest engineering & construction firm by revenue Larsen & Toubro rose 0.72% to Rs 3,830.50.

Power stocks rose. Neyveli Lignite Corporation (up 6.34% to Rs 158.50), Tata Power Company (up 1.01% to Rs 1,415) and NTPC (up 1.8% to Rs 218.30) edged higher. Reliance Energy slipped 0.39% to Rs 2,006.90. It came off from session's high of Rs 2,071.25.

Among the Sensex gainers, ACC rose 1.79% to Rs 781, Ranbaxy Laboratories moved up 2.65% to Rs 383, Cipla gained 1.2% to Rs 201.75 and Bharti Airtel climbed 1.5% to Rs 936.45 .

Tata Steel declined 2.56% to Rs 783. Tata Steel has reportedly lost its bid to buy the rights to iron ore reserves in Liberia to the Johannesburg-based Delta Mining Consolidated Company.

GTL rose 3.37% to Rs 267. GTL and Ericsson UK announced a strategic alliance to jointly address the managed network infrastructure services market in the UK.

Phoenix Mills rose 6.33% to Rs 2,151.25 after it fixed 20 February 2008 as the record date for 5-for-1 share split.

Kulkarni Power Tools surged 15.76% to Rs 222.50 after it fixed 21 February 2008 as the record date for the purpose of a 2-for-1 share split.

Markets end strong but off day's high

noreply@blogger.com (SY) — Mon, 04 Feb 2008 12:36:00 +0000

The market surged for the second straight day in volatile trade on continued buying support in index pivotals. The market had soared in afternoon trade extending early gains as Asian stocks rose with sentiment boosted by Microsoft Corp's bid for Yahoo Inc and following China's buy of a large stake in takeover target Rio Tinto.

Sensex ended up 417.74 points or 2.29% at 18660.32, and the Nifty was up 146.25 points or 2.75% at 5463.50.

Reliance Communications (RCom) galloped 13.01% to Rs 691.40 on 35.23 lakh shares. It was the top gainer from Sensex pack. Reliance Infratel, a subsidiary of RCom has filed its draft red herring prospectus for an initial public offer (IPO) with the Securities and Exchange Board of India (Sebi). The company will offer 8,91,64,100 shares of Rs 5 each for cash, constituting 10.05% of its post-issue paid-up equity capital.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 2.22% to Rs 2598.20. 6.93 lakh shares changed hands on the counter on BSE. The stock moved in a range of Rs 2562 and Rs 2643 during the day.

ICICI Bank, the country’s largest private sector bank in terms of net profit slipped from day’s high of Rs 1245.20. It was up 1.11% to Rs 1211.

DLF, the largest real estate developer in terms of market capitalisation advanced 9.89% to Rs 894. The stock will replace Glaxosmithkline Pharmaceuticals, in S&P CNX Nifty index from 14 March 2008.

IT stocks extended Friday (1 February 2008)’s gains after Microsoft on Friday made a $45 billion bid for Yahoo Inc. Infosys Technologies (up 3.39% to Rs 1645), TCS (up 4.17% to Rs 968.10) and Satyam Computers (up 3.33% to Rs 435.05), gained.

India’s third largest software services exporter Wipro soared 6.11% to Rs 464 on reports the company plans to build electronic warfare systems, radars and flight simulators locally for US defence contractors.

Tata Motors, the country’s largest truck manufacturer in terms of sales, rose 2.10% to Rs 770.05. It reported a 11.76% fall in its passenger car sales in the domestic market during January 2008 at 20,119 units compared with 22,801 units in the same month a year ago.

Steel stocks were in action on reports of price hike. Tata Steel gained 3.93% to Rs 807, and Steel Authority of India (Sail) rose 2.26% to Rs 231. Tata Steel has increased the prices of hot rolled (HR) coils by Rs 2,000-2,500 per tonne, while Steel Authority of India Ltd (Sail) has hike prices by Rs 1,500-2,500 per tonne.

India’s largest oil exploration company in terms of market capitalisation Oil & Natural Gas Corporation (ONGC) saw high volatility today. It slipped sharply from day’s high of Rs 1121.90 to day’s low of Rs 1032. It settled 1.87% higher at Rs 1064. As per reports, British oil major British Gas is all set to pick up a 30% stake in ONGC’s Krishna Godawari basin block and 25% in Mahanadi basin block.

India’s top small car maker in terms of sales Maruti Suzuki India slipped 1.30% to Rs 893. It was the top loser from Sensex pack. The stock slipped from day’s high of Rs 924.90

Reliance Energy (down 0.69% to Rs 2001), ITC (down 0.17% to Rs 2040.50), HDFC Bank (down 1.03% to Rs 1551.10), were the other losers from Sensex pack.

Future Capital Holdings grabs investor attention on possible diversification

noreply@blogger.com (SY) — Mon, 04 Feb 2008 12:33:00 +0000

Future Capital Holdings spurted 16.16% to Rs 1055 at 13:06 IST on BSE on reports that the firm is set to launch hedge fund advisory business within three months. .

The financial services arm of the Future Group has an equity capital of Rs 63.23 crore. Face value per share is Rs 10.At the current price of Rs 1055, the scrip trades at a PE multiple of 1758.33, based on year ended March 2007 consolidated EPS of Rs 0.6.

Future Capital Holdings was listed on the stock exchanges on Friday, 1 February 2008. The stock debuted at Rs 1081 on BSE, a premium of 41.3% over the IPO price of Rs 765. The stock settled at Rs 908.20 on BSE, at a premium of 18.71% over IPO price.

According to reports, the company has hired Deepak Batliwalla from Principal PNB Mutual Fund to look after the new business. The group is also planning to foray into public equity investment advisory business and has hired S Srinivasan from Principal PNB Mutual Fund for heading the business, the reports suggested.

The reports also hinted about the group’s foray into mutual funds in time to come.
FCH is the financial services arm of the Future Group. It is currently in three primary businesses: investment advisory services, retail financial services, and research.

On a consolidated basis, FCH reported net loss of Rs 12.43 crore on total income of Rs 31.27 crore in 6 months ended 30 September 2007. It reported net profit of Rs 3.49 crore on total income of Rs 38.99 crore in the year ended 31 March 2007.

Reliance Communication rings on possible value unlocking

noreply@blogger.com (SY) — Mon, 04 Feb 2008 08:44:00 +0000

Reliance Communication spurted 5.95% to Rs 648.20 at 10:48 IST on BSE on reports its 95% owned tower business subsidiary is planning to raise nearly Rs 5,000-6,000 crore through an initial public offering.

The stock had hit a 52-week high of Rs 844 on 10 January 2008 and a 52-week low of Rs 371.25 on 16 March 2007.

The scrip had underperformed the market in the one month to 1 February 2008, falling 16.59% as against the Sensex's 10.33% decline. It had also underperformed the market in the past three months, slipping 22.13% against the Sensex's 8.68% slide.

India’s second largest listed telecom firm by sales has an equity capital of Rs 1032 crore. Face value per share is Rs 5.

At the current price of Rs 648.20, the scrip trades at a PE multiple of 76.61, based on Q3 December 2007 annualised EPS of Rs 8.46.

Reliance hopes to sell 10% of the post-issue capital in Reliance Telecom Infrastructure and will file a prospectus for the IPO with the regulator this week, reports suggest.

Reliance Telecom Infrastructure, which owns about 25,000 mobile towers, plans to expand them 40,000 by March and to 60,000 a year later, Chairman Anil Ambani said in an investor conference call last week.

Reliance Communication’s net profit fell 43.4% to Rs 436.48 crore on 11.8% rise in sales to Rs 3403.52 crore in Q3 December 2007 over Q3 December 2006.

Reliance Communication provides telecommunication services. The company provides wireless, wire line, voice, data and Internet communication services.

Markets trading firm

noreply@blogger.com (SY) — Mon, 04 Feb 2008 08:37:00 +0000

The market surged in opening trade as Asian stocks rose with sentiment boosted by Microsoft Corp's bid for Yahoo Inc and following China's buy of a large stake in takeover target Rio Tinto.

The markets are trading near the high point of the day on buying seen in scrips across the board. Even the broader markets have participated in the uptrend giving it a very healthy breadth.At 13.35 pm, the Sensex is up 619.18 points or 3.39% at 18861.76, and the Nifty up 208.30 points or 3.92% at 5525.55.

The Finance Ministry on Friday, 1 February 2008 sought views from the public and other stakeholders on a set of measures proposed to strengthen the existing listing requirements. The Government now proposes to stipulate a public stake of 25% for a company to be listed and to continue to be listed on the stock exchanges.

Reliance Industries rose 3.37% to Rs 2627.20.India’s largest private sector bank by assets ICICI Bank rose 2.94% to Rs 1233.India’s largest engineering & construction firm by revenue Larsen & Toubro rose 2.24% to Rs 3805.

India’s second largest listed telecom firm by sales Reliance Communications spurted 5.63% to Rs 646 on reports its 95% owned subsidiary Reliance Telecom Infrastructure is planning to raise nearly Rs 5,000-6,000 crore through an initial public offering.

Among the other Sensex gainers, ONGC soared 6% to Rs 1107.50, Wipro gained 4.28% to Rs 456, DLF moved up 4.30% to Rs 850.70, Bharat Heavy Electricals (Bhel) flared up 3.91% to Rs 2146.10 and State Bank of India rose 3.96% to Rs 2270.

In Asia, key indices in China, Japan, South Korea, Singapore, and Taiwan were up between 2.03% to 6.23%.

US stocks rose on Friday, capping Wall Street's best week in almost five years, after Microsoft Corp's $44.6 billion bid for Yahoo Inc overshadowed news that employers cut payrolls for the first time since 2003.

The Dow Jones industrial average finished up 92.83 points, or 0.73% to 12,743.19. The Standard & Poor's 500 Index gained 16.87 points, or 1.22%, to 1,395.42. The Nasdaq Composite Index shot up 23.50 points, or 0.98% to 2,413.36.

Chalco, a unit of China’s state-owned Chinalco teamed up with US aluminium producer Alcoa Inc to buy a $14 billion stake in Rio, threatening BHP Billiton’s efforts to acquire Rio.

Foreign institutional investors sold shares worth a net Rs 126.93 crore on Friday, 1 February 2008. Domestic institutions sold shares worth a net Rs 115.4 crore on that day.

FIIs were net buyers to the tune of Rs 1,746.15 crore in the futures & options segment on Friday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 1,266.09 crore and bought index options worth Rs 293.35 crore. They were net buyers of stock futures to the tune of Rs 195.57 crore and sold stock options worth Rs 8.85 crore.

Markets end with hefty gains amid smart recovery

noreply@blogger.com (SY) — Fri, 01 Feb 2008 11:15:00 +0000

It was a strong day for the markets after few consecutive weak sessions. The markets witnessed smart recovery in the second half of trade after lacklusture performance in early trade on the back of heavy buying in the scrips across sectors led by IT, metal, auto and oil & gas.

The rally was mainly dominated by the large caps as the midcaps and smallcaps are still finding difficult to attract investors attention.Sensex ended up 584.71 points or 3.31% at 18233.42, and the Nifty was up 179.80 points or 3.50% at 5317.25.

Satyam Computer surged 7.88% to Rs 419.90 on 7.23 lakh shares. It was the top gainer from Sensex pack.

Other IT pivotals - Infosys Technoliges (up 5.40% to Rs 1585), Wipro (up 6.21% to Rs 439) and TCS (up 6.71% to Rs 934) also logged gains.

Auto stocks gained on fresh buying. Tata Motors, the country’s top truck market in terms of sales, advanced 6.35% to Rs 751. Its consolidated net profit rose 8.75% to Rs 654.79 crore on 13.85% growth in total income to Rs 9324.69 crore in Q3 December 2007 over Q3 December 2006. The results were announced after market hours on 31 January 2008

Maruti Suzuki India (up 6.15% to Rs 900.90), Bajaj Auto (up 4.26% to Rs 2456), and Mahindra & Mahindra (up 0.84% to Rs 675) were the other gainers from auto sector.

India’s largest dedicated housing finance company in terms of revenue Housing Finance Development Corporation gained 5.47% to Rs 2999. The company said on Thursday that it has reduced its retail prime lending rate (RPLR) by 25 basis points, with effect from 1 February 2008.

Tata Steel (up 5.93% to Rs 777), Hindalco Industries (up 6.71% to Rs 176.90) and ONGC (up 6.10% to Rs 1048.50), were the other gainers from Sensex pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2424. It rose 2.10% to Rs 2531 on 6.49 lakh shares.

From the banking pack, State bank of India (up 1.19% to Rs 2188), ICICI bank (up 5.10% to Rs 1204), and HDFC Bank (up 0.13% to Rs 1570), advanced.

DLF, the largest real estate developer in terms of market capitalisation was up 0.30% to Rs 815, off sharply from day’s high of Rs 870. The stock will replace Glaxosmithkline Pharmaceuticals, in S&P CNX Nifty index from 14 March 2008.

Cement shares rebounded from lower levels, but settled in red. India’s second biggest cement maker in terms of total production ACC slipped 3.72% to Rs 753.50, after sliding to a low of Rs 741.10. A total of 1.12 lakh shares changed hands on the counter. It was the top loser from Sensex pack.

North India’s largest cement company in terms of sales Ambuja Cements slipped 1.25% to Rs 118.10, off day’s low of Rs 115.30.

A good rollover in derivatives segment was witnessed when the January 2008 derivative contracts expired yesterday, 31 January 2008. As per reports, rollover of Nifty futures from January 2008 series to February 2008 series stood at 75% while rollover was 80% in stock futures

European markets, which opened after Indian market, were firm. Key benchmark indices in United Kingdom (up 1.43% to 5,963.80), France (up 1.56% to 4,945.54) and Germany (up 1.33% to 6,942.79) edged higher.

Future Capital Holdings attracts 13.2% premium

noreply@blogger.com (SY) — Fri, 01 Feb 2008 08:27:00 +0000

Future Capital Holdings was trading at Rs 866 on NSE in early trade, at a premium of 13.2% over IPO price of Rs 765.

The stock debuted at Rs 1081, a premium of 41.3% over the IPO price.The scrip hit a low of Rs 825 and high of Rs 1081 in early trade. 21.9 lakh shares changed hands in the counter on NSE in early trade.

The current price of Rs 866 discounts its year ended March 2007 EPS of Rs 0.60, by a PE multiple of 1443.

Future Capital Holdings (FCH) had priced its IPO at Rs 765, at the top end of the Rs 700 to Rs 765 price band. At the IPO price of Rs 765, the issue was priced 1275 times its year ended March 2007 EPS of Rs 0.60 (based on consolidated financial performance).

The company’s IPO was subscribed a huge 133.44 times. The qualified institutional buyers (QIBs) portion was subscribed 180.72 times, the non-institutional investors portion 84.38 times and the retail investors portion 55.21 times.

FCH is the financial services arm of the Future Group. It is currently in three primary businesses: investment advisory services, retail financial services, and research.

On a consolidated basis, FCH reported net loss of Rs 12.43 crore on total income of Rs 31.27 crore in 6 months ended 30 September 2007. It reported net profit of Rs 3.49 crore on total income of Rs 38.99 crore in the year ended 31 March 2007.

Markets trading firm; IT, metal stocks surge

noreply@blogger.com (SY) — Fri, 01 Feb 2008 08:23:00 +0000

The market edged higher in early trade led by gains in IT stocks. Asian markets which opened before Indian markers were trading mixed. US markets settled higher yesterday, 31 January 2008. IT pivotals were in demand in early trade.

The markets have come off lows of the day and have turned green on the back of heavy buying witnessed in IT sector. Metal. pharma and oil & gas stocks have also attracted some buying and the respective indices have jumped in green.

At 1:10pm, the Sensex is up 77.63 points or 0.44% at 17726.34, and the Nifty up 26.15 points or 0.51% at 5163.60.

IT pivotals extended early gains. India’s fourth largest software services exporter Satyam Computer surged 6.47% to Rs 414.50 on 3.18 lakh shares. It was the top gainer from Sensex pack.

Other IT pivotals - Infosys Technoliges (up 4.30% to Rs 1568.05), Wipro (up 0.62% to Rs 415.90) and TCS (up 3.86% to Rs 909) logged gains.

Shares from mid-cap IT pack i flex Solutions (up 6.31% to Rs 1030.15), Tech Mahindra (up 3.25% to Rs 715), Rolta India (up 8% to Rs 252), NIIT Technologies (up 2.60% to Rs 138.10), and Polaris Sofware Lab (up 2.65% to Rs 85.10), also joined the rally

India’s largest dedicated housing finance company in terms of revenue Housing Finance Development Corporation gained 3.25% to Rs 2930. The company said on Thursday that it has reduced its retail prime lending rate (RPLR) by 25 basis points, with effect from 1 February 2008.

Tata Motors, the country’s top truck market in terms of sales, advanced 4.30% to Rs 736.50. Its consolidated net profit rose 8.75% to Rs 654.79 crore on 13.85% growth in total income to Rs 9324.69 crore in Q3 December 2007 over Q3 December 2006. The results were announced after market hours on 31 January 2008

Tata Steel (up 3% to Rs 755.20), Bajaj Auto (up 2.52% to Rs 2415.15) and Cipla (up 2.71% to Rs 193.90), were the other gainers from Sensex pack.

Cement shares rebounded from lower levels, but were still in red. India’s second biggest cement maker in terms of total production ACC slipped 3.15% to Rs 758, after sliding to a low of Rs 741.10. A total of 70,745 shares changed hands on the counter. It was the top loser from Sensex pack.

Ambuja Cements (down 2.38% to Rs 116.25, off day’s low of Rs 115.30), and Grasim (down 2.03% to Rs 2889, off day’s low of Rs 2847), were the other losers from cement pack.

Reliance Energy (down 2.38% to Rs 1934) and HDFC Bank (down 3.10% to Rs 1516.50), edged lower from the Sensex pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2424. It was now up 0.46% to Rs 2491 on 3.04 lakh shares.

DLF, the largest real estate developer in terms of market capitalisation was down 1.30% to Rs 802, off sharply from day’s high of Rs 870. The stock will replace Glaxosmithkline Pharmaceuticals, in S&P CNX Nifty index from 14 March, 2008.

Aurobindo Pharma rose 1.90% to Rs 300 on bagging a contract worth Rs 70 crore for supplying three products to United Nations Office for Project Services, a non-government organization established by the United Nations.

Punj Lloyd declined 9% to Rs 402.60 despite posting 105.7% rise in net profit to Rs 39.16 crore on 91.10% rise in net sales to Rs 1,243.75 crore in Q3 December 2007 over Q3 December 2006. The company announced the results after market hours on 31 January 2008.

Ramco Systems soared 5% to Rs 153.30 after reporting net profit of Rs 28.55 crore in Q3 December 2007 as compared to net loss of Rs 5.23 crore in Q2 September 2007. Ramco Systems’ net sales rose 18.9% to Rs 25.31 in Q3 December 2007 over Q2 September 2007. The results were announced after trading hours on Thursday, 31 January 2008.

A good rollover in derivatives segment was witnessed when the January 2008 derivative contracts expired yesterday, 31 January 2008. As per reports, rollover of Nifty futures from January 2008 series to February 2008 series stood at 75% while rollover was 80% in stock futures.

Markets trading in green

noreply@blogger.com (SY) — Thu, 31 Jan 2008 08:13:00 +0000

The market opened with an upward gap and firmed up further in early trade after the US Federal Reserve slashed the key interest rate by 50 basis points on Wednesday, 30 January 2008. But the market could not sustain momentum and soon plunged deep into the red.

The markets have come off low's of the day and are trading in green on account of good amount of buying seen in oil & gas, banking, auto and IT stocks. Power and metal scrips are still trading under pressure.

At 13.00 hrs IST, the Sensex is up 246.87 points or 1.39% at 18005.51, and the Nifty up 75.55 points or 1.46% at 5243.15.

Oil & Natural Gas Corporation surged 5.35% to Rs 1022.90 on 1.50 lakh shares. It was the top gainer from Sensex pack. As per reports, the Director-General of Hydrocarbons (DGH) has conceded ONGC's demand for a drilling holiday on account of a global rig shortage.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 2.85% to Rs 2540 on 8.40 lakh shares. The stock recovered sharply from day’s low of Rs 2375.05.

India’s largest private sector bank in net profit ICICI Bank rose 0.65% to Rs 1192.45 while second largest private sector bank in net profit HDFC Bank rose 1.53% to Rs 1555.25

Hindustan Unilever (up 4.10% to Rs 204.65), Bharti Airtel (up 2.72% to Rs 875.50) and Tata Motors (up 2.35% to Rs 712.50) were the other gainers from Sensex pack.

IT pivotals were mixed. Infosys Technoliges (up 1.96% to Rs 1522) and TCS (up 1.20% to Rs 876.05) rose. However Satyam Computer (down 0.95% to Rs 391), and Wipro (down 0.75% to Rs 409), declined

India’s largest power generation company in terms of market capitalisation National Thermal Power Corporation rose 0.37% to Rs 202.50. The company said on Wednesday, 30 January 2008 it would invest about Rs 4375 crore ($1.1 billion) in setting up a power plant in north-east India.

India’s second largest bike manufacturer in terms of sales, Bajaj Auto rose 4.02% to Rs 2360, off day’s low of Rs 2230. Bajaj Auto yesterday, 30 January 2008 posted 5.32% fall in net profit to Rs 326.81 crore in Q3 December 2007 over Q3 December 2006

India’s largest private sector aluminium manufacturer in terms of sales, Hindalco Industries declined 3.75% to Rs 169.50, off day’s low of Rs 163.75. 7.06 lakh shares changed hands on the counter on BSE. It was the top loser from Sensex pack. Hindalco Industries’ net profit declined 16% to Rs 542 crore on 1.44% fall in total income to Rs 4646 crore in Q3 December 2007 over Q3 December 2006. The results were announced after trading hours yesterday, 30 January 2008.

DLF (down 2.12% to Rs 843.90), ITC (down 1.38% to Rs 196.65), and Tata Steel (down 1.17% to Rs 715), were the other losers from Sensex pack.

Simbhaoli Sugars rose 2.17% to Rs 40 after its board approved preferential issue of 31 lakh warrants at Rs 42.55 each.

National Fertilisers rose 2.52% to Rs 59 on posting 28.42% rise in net profit to Rs 47.03 crore on 8.01% rise in total income to Rs 1,179.87 crore in Q3 December 2007 over Q3 December 2006.

Indian Oil Corporation surged 6.89% to Rs 487 on reporting 16.7% rise in net profit to Rs 2090.69 crore on 15.89% rise in total income to Rs 65,404.84 crore in Q3 December 2007 over Q3 December 2006. The results were announced during trading hours today, 31 January 2008.

Markets post losses for a third day in a row

noreply@blogger.com (SY) — Wed, 30 Jan 2008 11:58:00 +0000

The market posted losses for third straight day in choppy trade tracking weak European and Asian markets. Marketmen refrained from making fresh commitments ahead of the crucial Federal Open Market Committee (FOMC) meeting on interest rates today, 30 January 2008 and expiry of January 2008 derivative contracts scheduled tomorrow, 31 January 2008.

Midcaps and smallcaps are still finding difficult to attract investors attention and both the indices closed with over 2% decline. Market breadth was negative through out the day and the volume was also not very impressive.

Sensex ended down 344.98 points or 1.91% at 17746.96, and the Nifty closed down 113.20 points or 2.14% at 5167.60.

Reliance Energy plunged 5.48% to Rs 1991.50 on 8.80 lakh shares. It was the top loser from Sensex pack

Shares from auto pack came under selling pressure. India’s second largest bike manufacturer in terms of sales, Bajaj Auto slipped 3.26% to Rs 2301, off day’s low of Rs 2211. Bajaj Auto posted 5.32% fall in net profit to Rs 326.81 crore in Q3 December 2007 over Q3 December 2006.

Hindustan Unilever (down 5.19% to Rs 195.50), Reliance Communications (down 4.80% to Rs 612), and Oil & Natural Gas Corporation (down 5.10% to Rs 967), were the other losers from the Sensex pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 4.19% to Rs 2467.80. A total of 5.19 lakh shares changed hands on the counter on BSE. The stock had hit a high of Rs 2582 in early trade. As per recent reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

India’s largest private sector bank in terms of net profit ICICI Bank slipped 3.05% to Rs 1183.05. The stock moved in a range of Rs 1167.20 and Rs 1225

India’s largest listed real estate developer in terms of land bank DLF slipped 3.31% to Rs 854. The company today posted net profit of Rs 605.84 crore on total income of Rs 1,812.59 crore in Q3 December 2007. The company announced the results during market hours today 30 January 2008

State-run power equipment maker Bharat Heavy Electricals rose 1.36% to Rs 2079.90, and was the top gainer from Sensex pack. The company said on Tuesday, 29 January 008, it will invest Rs 736 crore ($187 million) in upgrading its boiler capacity in southern India by 2009

India’s largest cellular services provider in terms of market capitalisation Bharti Airtel rose 1.20% to Rs 860.50.Tata Steel (up 0.53% to Rs 720), and ACC (up 0.80% to Rs 798), were the other gainers from Sensex pack.

Essar Oil was the second most top traded counter on BSE with turnover of Rs 217.55 crore. The stock was down 6.56% to Rs 228.60. On Tuesday, the counter saw high volumes of 1.19 crore shares of which just 5.94% were meant for delivery.

As per reports, rollover of Nifty futures from January 2008 series to February 2008 series stood at 53% while marketwide rollover was 40%, till Tuesday, 29 January 2008.

Markets slip further on selling pressure

noreply@blogger.com (SY) — Wed, 30 Jan 2008 08:02:00 +0000

The market was trading slightly lower tracking weak Asian markets today. The market saw some volatility in early trade.The markets have lost further ground and were trading weak on the back of heavy selling pressure across the sectors led by the auto, banking, FMCG, power and oil & gas stocks.

At 1.20 pm, the Sensex is down 322.95 points or 1.79% at 17768.99, and the Nifty down 97.95 points or 1.85% at 5182.85.

Bajaj Auto slipped 4.82% to Rs 2264 on thin volumes of 9469 shares. It was the top loser from Sensex pack. Bajaj Auto unveils Q3 December 2007 results today.

Hindustan Unilever (down 4.44% to Rs 198), Reliance Energy (down 3.10% to Rs 2042), and ITC (down 2.61% to Rs 195.45), were the other losers from the Sensex pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 2.35% to Rs 2515.30. 2.06 lakh shares changed hands on the counter on BSE. As per recent reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

India’s largest private sector steel manufacturer in terms of sales, Tata Steel rose 1.77% to Rs 728.85 on 3.56 lakh shares. It was the top gainer from Sensex pack.

India’s largest cellular services provider in terms of market capitalisation Bharti Airtel rose 1.10% to Rs 859.40. It posted 36.04% rise in net profit to Rs 1,419.84 crore on 41.46% rise in total income 41.46% to Rs 6,682.57 crore in Q3 December 2007 over Q3 December 2006. The company announced the results during market hours today, 30 January 2008.

India’s largest biggest software services exporter Tata Consultancy Services was down 0.02% to Rs 863.05. The company said on Wednesday one of its subsidiaries had won a 100 million pounds, or $200 million, outsourcing contract from Sun Life Financial.

State-run power equipment maker Bharat Heavy Electricals rose 1.32% to Rs 2081.40 after the company said it will invest Rs 736 crore ($187 million) in upgrading its boiler capacity in southern India by 2009, the company said on Tuesday. The capacity of boilers used for thermal or nuclear power generation, would be raised to 4,81,000 metric tonnes a year from 1,08,000 metric tonnes, it said in a statement.

DLF rose 0.77% to Rs 890 on posting net profit of Rs 605.84 crore on total income of Rs 1,812.59 crore in Q3 December 2007. The company announced the results during market hours today 30 January 2008

Adani Enterprises gained 0.58% to Rs 905 on reporting 226.2% surge in net profit to Rs 120.74 crore on 20.60% rise in net sales rose 20.6% to Rs 3166.42 crore in Q3 December 2007 over Q3 December 2006. The results were announced after trading hours on Tuesday, 29 January 2008.

Ashiana Housing rose 4.99% to Rs 423.45 after company fixed 22 February 2008 as the record date for the purpose of bonus issue in the ratio of five shares for every 2 shares held.

The market is likely to see volatile movements, as the Federal Open Market Committee (FOMC) will be announcing its decision regarding interest rates today, 30 January 2008. The decision will be announced after Indian markets are closed. Volatility is expected to remain high also due to expiry of January 2008 derivative contracts tomorrow, 31 January 2008.

As per reports, rollover of Nifty futures from January 2008 series to February 2008 series stood at 53% while marketwide rollover was 40%, till Tuesday, 29 January 2008.

Asian markets were trading weak today, 30 January 2008. Hong Kong's Hang Seng (down 1.90% at 23,830.56), Japan's Nikkei (down 1.48% at 13,278.44), Taiwan's Taiwan Weighted (down 0.43% at 7,543.50), Singapore's Straits Times (down 1.25% to 3,011.71), South Korea's Seoul Composite (down 3.35% at 1,583.35) and China’s Shanghai Composite (down 2.56% to 4,343.43) declined.

On Tuesday, 29 January 2008, US markets advanced on expectation that the Federal Reserve will slash interest rates in a meeting scheduled later during the day.

Markets witness weakness; RBI keeps rates unchanged

noreply@blogger.com (SY) — Tue, 29 Jan 2008 07:19:00 +0000

The market surged in opening trade following strong global cues. Asian markets which opened before Indian market were trading firm today. US markets ended with a spurt on Monday, 28 January 2008.The market wiped-off early gains to post losses after the Reserve Bank of India (RBI) today, 29 January 2008 left key rates – repo rate, reverse repo rate, bank Rate and cash reserve ratio unchanged. The market witnessed high volatility after the RBI decision.

Sensex fell below the psychological 18,000 level, but regained that level shortly as buying emerged at lower levels. Marketmen were expecting a 25 basis points repo rate cut by Reserve Bank of India today following a sharp cut in US interest rates last week.

At 12.10 pm, the Sensex is up 3.51 points or 0.02% at 18156.29, and the Nifty up 11.15 points or 0.21% at 5285.25.

Bajaj Auto declined 4.41% to Rs 2360. It had hit a high of Rs 2449 earlier in the day. It was the top loser from Sensex pack. Among other auto shares, Tata Motors (down 0.59% to Rs 710) and Mahindra & Mahindra (down 0.04% to Rs 686), and Maruti Udyog (down 4% to Rs 826), edged lower

State Bank of India (down 2.10% to Rs 2260, off day’s high of Rs 2350), ICICI Bank (down 4.20% to Rs 1220.25, off day’s high of Rs 1300), and HDFC Bank (down 3.85% to Rs 1524, off day’s high of Rs 1635) slipped.

India’s largest real estate developer DLF was up 0.50% to Rs 897. Omaxe (up 0.57% at Rs 318), Parsvnath Developers (up 0.61% at Rs 297.50), Sobha Developers (up 0.34% at Rs 760) rose

India’s largest cigarette manufacturer by sales, ITC gained 3.26% to Rs 202.75. It was the top gainer from Sensex pack. 6.06 lakh shares changed hands on the counter on BSE

Wipro (up 2.66% to Rs 417), Infosys Technologies (up 3.15% to Rs 1492.20), and Grasim (up 3.14% to Rs 3040), were other gainers from the Sensex pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 0.82% to Rs 2583.75, off day’s high of Rs 2622. 3.08 lakh shares changed hands on the counter in early trade on BSE. As per recent reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

The market may see high volatility ahead of the expiry of January 2008 derivative contracts on Thursday, 31 January 2008.

Markets end in red but off day's low

noreply@blogger.com (SY) — Mon, 28 Jan 2008 12:25:00 +0000

The market staged a sharp recovery in late trade on buying in banking and auto shares and in index heavyweights Reliance Industries and L&T but ended in red at last.The market had declined sharply in afternoon trade due to fall in Asian markets. Volumes remained low for the second day in a row.

Sensex ended down 208.88 points or 1.14% at 18152.78, and the Nifty shut shop down 109.25 points or 2.03% at 5274.10.

Bajaj Auto advanced 6.22% to Rs 2405. It was the top gainer from Sensex pack. It swung in a wide range of Rs 2101 and Rs 2490 in the day.

Maruti Udyog (up 4.38% to Rs 866) and Mahindra & Mahindra (up 2.79% to Rs 693), also posted gains.

Banking shares though trading with losses, recovered from early lows, ahead of Reserve Bank of India (RBI)’s quarterly monetary policy review scheduled on Tuesday, 29 January 2008. India’s largest commercial bank in terms of net profit State Bank of India slumped 4.25% to Rs 2302.90. The stock hit a low of Rs 2200 in early trade.

HDFC Bank was down 1.96% to Rs 1570, off day’s low of Rs 1440 while ICICI Bank gained 1.17% to Rs 1274, off day’s low of Rs 1201. As per media reports, a sharp cut in US interest rates last week has increased the possibility of a 25 basis points repo rate cut by Reserve Bank of India.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 2.07% to Rs 2555.50. It moved in a range of Rs 2440 and Rs 2591. 4.91 lakh shares were traded on the counter on BSE. As per reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

India’s largest private sector engineering company in terms of order book position Larsen & Toubro was down 1.55% to Rs 3830, off sharply from day's low of Rs 3675. It today reported 40.10% surge in net profit to Rs 481.79 crore on 53.48% rise in total income to Rs 6483.55 crore in Q3 December 2007 over Q3 December 2006. European markets opened lower.

Housing Development Finance Corporation (up 3.30% to Rs 2803), Reliance Energy (up 2.11% to Rs 2073), and ACC (up 2.55% to Rs 807.80), edged higher from the Sensex pack

India’s largest real estate developer DLF slipped 5.20% to Rs 896 on 2.78 lakh shares. It was the top loser from Sensex pack.

Ranbaxy Laboratories (down 5.10% to Rs 349.20), Bharti Airtel (down 4.87% to Rs 870.05), and Infosys Technologies (down 4.60% to Rs 1451), were the other losers from Sensex pack.