Happy Holi!!!!

Pichkari ki Dhar,
Gulal ki bauchar,
Apno ka pyar,
Yahi hai yaaron
holi ka tyohar.

NORTHPOLE team
wish you all ...

May God gift you all the colors of life, colors of joy, colors of happiness, colors of friendship, colors of love and all other colors you want to paint in your life.
Happy Holi.

सेन्सेक्स (16429.55) 175.35 अंक चढ्कर, नीफ़्टी (4922.30)62.55 अंक चढ्कर, बंद..

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RELAX.. book profit, buy on dips!!

We advise traders to
stay light and not to keep
overleveraged positions ahead
of the HOLI HOLIDAYS.

IDFC : Today at 164 -BOOK PROFIT

REMEMBER?? OUR SMS WAS

"Buy IDFC at 147

SL 141.90

Target 154 & 159"

Buy and Hold RIL at 977 TARGET 1000 AND 1050 PLUS

BUY AND HOLD
save this message...
open challenge to all india
BUY BUY BUY
HOT

PFC :Our hot delivery call, TAGRET ACHIVED AT 254

BANG ON TARGET
AT 254
HOLD FOR 2ND
TARGET 299
PLUS

TATA STEEL : at 591 Hold for 625 target next week

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SAIL : Our delivery call trading strong at 222,

[ OUR CALL TRADING STRONG ]

HOLD ONE YEAR TARGET
300 PLUS

ICICI BANK : our call trading strong at 886 hold for 1000

OUR CALL TRADING STRONG

OUR CALL TRADING STRONG

India Infoline : our first target complited at 116

Revised SL cost to cost AND HOLD
FOR 124 AND 129 PLUS next week

Budget2010 ..

New tax slabs for Male upto 1.6 = nil
1.6 to 5 lac = 10%
5 to 8 lac = 20%
8 lac above = 30%
in addition to it deduction U/S 80C i

European markets update: FTSE Index up 1%, CAC Index up 0.9% and DAX Index up 0.7%

Stock to watch out for Budget:

Infrastructure: IRB Infra
Budget for Pharma: Sun Pharma, Cipla
Education: Educomp, Everonn
Agriculture : Jain Irrigation, KSB Pumps

Finance Minister presents Union Budget

To Exempt Parts Of Wind Energy Rotors From Excise Duty

India To Grant Project Import Status For Monorails

India To Impose 1 Rupee Excise Duty A Liter Of Gasoline, Diesel

India raises duty on gold to 300 rupees per 10 grams

India Raises Duty On Gold, Silver To Reflect Higher Prices

India To Levy Clean Energy Cess Of 50 Rupees A Ton Of Coal

India Proposes Clean Energy Cess On Coal At 50 Rupees A Ton

India To Exempt Road Transportation Of Cereals From Service Tax


India To Levy Clean Energy Cess On Coal Produced In India


India To Exempt Parts Of Wind Energy Rotors From Excise Duty


India To Restore 5% Duty On Crude Petroleum


India Announces Partial Rollback Of Excise Duty

India To Enhance Excise Duty On All Non-Smoking Tobacco

India To Restore 7.5% Duty On Gasoline, Diesel
Excise duty hiked by 2%

India to reduce current surcharge on companies to 7.5%

India to cut surcharge on domestic companies to 7.5% from 10%

India broadens income tax slabs

Increase in MAT rates. Negative for IT companies, Reliance

Mat increased to 18%

FY13 fiscal deficit seen at 4.1%

Lower net market borrowing then expected in FY11. Impact: Positive for banks

India total expenditure to rise by 8.6% to Rs11.9 trillion rupees.

India extends interest rate incentives for housing loans

India to increase interest subvention to 2% for crop loans

Government extends interest rate incentive on housing loans. Positive for Real estate companies

India allocates Rs661bn for rural infrastructure development. Positive for Cement companies.

Higher allocation for Sarva Sikhsha Abhiyan. Impact: Positive for Educomp, Everonn and Aptech

India to spend Rs310.4bn on school education

India to allow overseas loans for cold storage facilities

India road spending to increase by 13% from current year. Positive for Cement stocks and Sunil Hitech, TIL and Gujarat Apollo

India to setup coal regulator for better pricing and performance. Impact: Positive for Cement stocks

More than double allocation for power sector

To set up 5 more mega food park projects

India Plans to Ease Overseas Investment Rules, Mukherjee Says

India to maintain urban, rural infrastructure thrust

India allocates 1.74 trillion rupees for infrastructure upgrade

India to increase road transport allocation to 198.9 bln rupees

India to expand repayment period for some farm debt loan - Positive for PSU banks

India to give 165 bln rupees capital to banks by march 2011

India to extend export interest subvention for one more year

India to extend export interest subvention for some sectors

India to Give Banking Licenses to More Private Companies

India seeks to target subsidies: FM

India to decide on kirit parikh report in due course

Govt confident of starting Direct Tax Code in April 2011: FM

Govt aims to introduce GST in April 2011: FM

FM says ?Earnest Endeavour? to introduce GST

Listing of PSUs will help to unlock value, divestment target of Rs25,000cr

India need to review Stimulus and get back to fiscal consolidation

India FY10 GDP growth may exceed estimates of 7.2%

India says GDP growth may be higher than estimated

India one of the few countries to implement counter cyclical package

Indian Economy In Far Better Position Than year ago

India first challenge to revert to 9% gdp growth

Sector Watch

Infra (Housing Construction)

& Cement, Irrigation & Agri Products

***

Sector Avoid:

Banking &

Commodities Stocks

Buy and Hold ..

Orient Bank of Commerce (BUY, CMP Rs277, Target Rs295): On the daily chart, the stock broke out from a four week resistance line. The stock touched a low of Rs253 in early February 2010, which has proved to be an intermediate low. Since then, the stock has created multiple higher bottom formations. The supportive technical oscillators are positive and the upmove which begun last week from the levels of Rs258 has taken support at 100-DMA. We recommend traders to buy the stock between the range of Rs275-280 for target of Rs295 with a stop loss of Rs268.

Indian New Lines .

± Six core industries grew by 9.4% yoy in January 2010. (BS)

± Power Tariffs across the country may have to be revised upwards in excess of 7% annually if the Government goes by the recommendation of the 13^th Finance Commission. (ET)

± Government has invited applications from telecom operators for bidding for 3G and Broadband wireless access spectrum to be auctioned starting April 9. (BL)

± Gujarat proposes 5% increase in tax on tobacco products. (BL)

Market Commentary ...

Today, is the Big Budget day. No point in speculating now on what it will have in store for the India Inc. and the people in general and the market in particular. Let’s wait and listen. With the Finance Ministry having accepted most recommendations of the 13th Finance Commission, there is not much suspense left so far as fiscal consolidation is concerned. The fact that the fiscal stimulus has to be unwound is a no-brainer. Some announcement on GST implementation is likely. Some sops may be retained for sectors that are yet to recover fully.

Expectations of big bang reforms are minimal. One space which needs to be dealt with urgently though is the huge subsidies, especially to the oil sector.Whether the Finance Minister takes any concrete step in this direction is anybody’s guess. On the whole, the market will be volatile, which is a given on the Budget day. The start will be nervous due to mixed global markets.

FIIs were net sellers in the cash segment on Thursday at Rs5.95bn on a provisional basis while the local funds were net buyers of Rs3.25bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs6.45bn. On Wednesday, FIIs were net buyers of Rs6.16bn in the cash segment.

सेन्सेक्स (16254.20) -01.77 अंक गिरकर, नीफ़्टी (4859.75) 01.15 अंक गिरकर, बंद.

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Sector Watch: Agro Foods, Irrigation, Infra, Cement & Power

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FM on Economic Survey urges fiscal consolidation, calibrated exit

The ministry's economic survey for the financial year 2009-10 urged a calibrated exit from fiscal stimulus, which cushioned India's economy from the worst of the global downturn but pushed the fiscal deficit to a 16-year high of 6.8% of GDP.

The report, presented in Parliament ahead of Friday's Union Budget, forecast economic growth at 8.25%-8.75% in 2010-11, accelerating to over 9% the year after, compared with projected growth of 7.2%-7.5% in the current year.

SBI -

SBI plans to raise up to US$4.3bn through a rights equity issue in 2010-11. The bank needs about half the amount to sustain growth over the next 5 years, the chairman was quoted as saying.

Buy and hold Sesa Goa 377, Target Rs387 & 400 plus

The stock has rallied smartly from the recent low of Rs363 in to the present levels. On the daily charts, it has formed a pattern of a higher bottom. It is considered as the initial sign of a bottoming out process in the short term. The daily RSI is already in strong buy mode, indicating that the prices are set to rally from the current levels. However, the upside has consistently faced resistance around the levels of Rs390. Any move past the levels of Rs390, could see the stock attempting the levels of Rs400-405 in the short-term. We recommend a buy at current levels with a stop loss of Rs368.

Corporate Snippets

SBI to raise Rs200bn via right issue; needs over Rs500bn capital in the next five years. (ET)

ONGC is looking to enhance its presence in Africa and Latin America. (ET)

Wipro wins 10-year outsourcing deal from Punjab and Sind Bank. (BS)

SBI to buy significant stake in Tata Motor Finance says SBI chairman. (ET)

Bharti Airtel eyes US$7bn offshore loans to back its offer to buy Zain’s African cellular assets. (BS)

Government puts on hold the IPO of Satluj Jal Vidyut Nigam following poor response to the FPO of NTPC and REC. (ET)

Rahul Bajaj sells stake in Bajaj Electrical to Shekhar Bajaj. (BS)

ITC plans to foray the food market of UAE and Gulf Co-operation Council. (BS)

Mindtree to raise debt upto US$100mn. (BS)

New Listing : Shares of Hathway Cable Ltd. will list today.

Today Listing

Hathway Cable

(BSE Code: 533162)

Pre Market Commentary ..

Today,the fact that master blaster Sachin Ton-dulkar has overshadowed Mamata Banerjee is proof enough of how disappointing Railway Budget is. Populism took precedence over pragmatism. One only hopes the Finance Minister doesn’t fall prey to the temptation. Those batting around conventional wisdom of making some quick gain on railway-related stocks had to make a hasty retreat less their capital evaporates further.

Meanwhile, the Economic Survey will be unveiled today. Here again, we have seen that the Survey always talks of a spate of reforms urgently needed to accelerate India’s growth. But, the Budget hardly incorporates any recommendations made in the Survey. The key is to keep expectations low and one will not be disheartened. As for the markets, they are set for another colorless show. The opening is likely to be sedate to say the least. There might be some more volatility today due to the F&O expiry. Global cues are inconclusive. US market ended higher on reassurances from Federal Reserve chairman Ben Bernanke that he will keep rates at record low for some time to come. Asian markets are mixed. European shares managed modest gains.

The market is in a predicament and a bit nervous ahead of Budget. The NSE Nifty has been stuck in a range of 4800-4930 of late and is unlikely to make a big move anytime soon- at least not today. A long overdue breakout in either direction could take place only post the Budget. At the same time, one has to take into account the emerging global situation before jumping the gun.

Results Today ..

Advanta India,

Goodricke Group,

Oswal Spinning, Pfizer,

Ranbaxy and Tata Power.

FIIs were net buyers in the cash segment on Wednesday at Rs4.85bn on a provisional basis while the local funds were net sellers of Rs1.54bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers of Rs7.47bn. On Tuesday, FIIs were net buyers of Rs7.44bn in the cash segment.

सेन्सेक्स (16255.97) -30.35 अंक गिरकर, नीफ़्टी (4858.60) -11.45 अंक गिरकर, बंद.

Mamata Banerjee starts Rail Budget

Railway not to increase freight tariff

To acquire 80,000 new wagons

101 secondary hospitals and multi functional hospitals with AIIMS and Vellore to be set up

India Rail Aims to Build 25,000 Route Kilometers by 2020


India Rail Task Force to Clear Investment Proposals in 100 Days


Indian Railways Plans To Start Six Water Bottling Plants


Multilevel parking complex through PPP route will benefit Simplex Projects. Positive for the stock, but low volume counter.


117 new trains will be flagged off by March 31


Indian railways plans to complete 1,000 route km in one year


State Bank of India to Raise 400 Billion Rupees in Next 5 Years


Indias Banerjee To Set Up Panel To Approve Investment Plans


Indian Railways To Tap Private Capital


India sets march 19th 2010 as last date of submission of 3G application


Majors for pushing PPP might be taken, in that case demand for private wagons may go up. Stocks in Focus: Titagarh Wagon and Texmaco

Sector Watch & Avoid ...

Sector Watch:

Pharma,
Housing Finance Stocks


* * *

Sector Avoid:

Sugar, Fertilizers,
Auto &
Railway Connected Stocks

trading stong, HOLD

Buy ICICI BANK

target 950,

1000 plus

Railway Budget Today ...

Railway Minister Mamata Banerjee could be inspired to chart her on course when she presents Railway Budget today. She is unlikely to follow her predecessor though, who brought back glory to the Railways and earned plaudit for himself.

Corporate Snippets

Cairn India's 670km long crude carrier pipeline is nearing completion and will be commissioned next month. (BL)

Maruti Suzuki admitted to recalling 100,000 A-Stars which were manufactured before August 22, 2009 to replace faulty components that could cause fuel leakages. (BS)

HDFC has ruled out any immediate hike in its lending rates given the surplus liquidity in the system and low credit demand. (ET)

The Punjab government has cleared the phase-I of Super Mega Mixed Use Integrated Industrial Park being developed by DLF Home Developers Ltd over an area of 1,250 acres, with an investment of Rs27bn in Mullanpur Local Planning Area. (BS)

Public sector banks and insurance majors step in to salvage the FPO of state-owned Rural Electrification Corporation which closed with the issue being oversubscribed 3x. (BS)

Axis Bank’s private equity arm Axis Private Equity is mulling to separate itself from the parent company in the coming weeks - a move that is part of the group’s overall restructuring plan. (ET)

UK-based GlaxoSmithKline’s plan to buy about 5% stake in Dr Reddy’s Laboratories for US$150-160mn is stuck and unlikely to happen. (ET)

Pre Market Commentary ...

Though Railway Minister Mamata Banerjee could chart her on course, she is unlikely to replicate the success of her predecessor, who brought back glory to the Railways and earned plaudit for himself. With an eye on West Bengal polls, ‘Didi’ might be inclined to play to the gallery. Too much populism and less emphasis on revenue generation could mar the sentiment further. A ‘Peace Train’ may be in the offing between Kanyakumari to Kashmir.

As for the markets, there is no peace or happiness at start. We expect a soft start owing to weak global markets. By itself, the Railway Budget is not expected to swing the mood on the bourses. That might happen when the Union Budget is out on Friday. But, even that might not be able to do so, given the concerns on local as well as global front. In short, the choppy consolidation phase may prevail for a while before the market breaks out of the current rangebound activity. The best way to overcome near-term uncertainty is to stay put and not do anything adventurous.

Results Today:

Alfa Laval, Aventis Pharma,

Bata India,

HeidelbergCement, Mphasis

and Strides Arcolab.

सेन्सेक्स (16286.32) 49.27 अंक चढ्कर, नीफ़्टी (4870.05)13.65 अंक चढ्कर, बंद..

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FIIs were net buyers in the cash segment on Tuesday at Rs5.5bn on a provisional basis while the local funds were net sellers of Rs1.8bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs2.38bn. On Monday, FIIs were net buyers of Rs396mn in the cash segment, while Mutual Funds were net buyers at Rs889mn, according to SEBI web site.

Buy ICICI Bank for intraday, target 860 & 880

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European markets upde: FTSE Index up 0.7%, CAC Index up 0.6% and DAX Index up 0.8%

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Buy ICICI BANK post buget target 950,1000 plus

BUDGET DEL CALLS

Buy and Hold TATA STEEL post budget target 625 and 650 plus

BUDGET DEL CALLS!"

Buy EduCOMP post budget target 800 plus

BUDGET DEL CALLS

FIIs were net sellers in the cash segment on Monday at Rs1.02bn on a provisional basis while the local funds were net buyers of Rs1.17bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs9.11bn. On Friday, FIIs were net buyers of Rs2.93bn in the cash segment, while Mutual Funds were net sellers at Rs1.48bn, according to SEBI web site.

Pre Market Commentary ...

Today, though India has successfully weathered the financial storm, the market remains in a limbo. With budget a couple of days away, the lackluster trend may remain. We expect a slightly lower start given that most world markets are in the red.

The main indices have been stuck in a tight range amid concerns over fresh local as well as external headwinds. Even the broader market has been largely lackluster. FII flows have been erratic with a negative bias. Buying from local funds has been anything but tepid. The NSE Nifty could meet resistance at around 4930. It has to sustain above 4950 convincingly to signal start of a fresh advance. Conversely, a break below 4800 might take it as low as 4650. We expect Nifty to remain in a range of 4800 to 4900 in the near-term. Of course, the budget could potentially alter the current market direction.

Global markets made a tentative start to the week as concerns about the speed of monetary tightening and worries over Greece’s fiscal position policy linger.

Corporate Snippets

± RIL has raised its offer for Lyondell Basell (LB) to US$14.5bn, US$1bn higher than its previous offer made in November. (BS)

± Power Grid Corp of India plans to raise Rs35bn by selling shares to fund an expansion of its grid to end blackouts. (BS)

± Religare Enterprises is close to buying a majority stake in US based venture capital and private equity investment firm Northgate for US$200m (ET)

± Tata Steel expects the arrival of equipment and machinery worth Rs5bn for the 6mtpa project at Kalinganagar by the end of FY10. (BS)

± The devastating fire at IOC’s Jaipur fuel depot has delayed commissioning of Cairn India’s pipeline for transporting crude from its Rajasthan oil fields. (BS)

± The Government is likely to approach state-owned banks and institutions, including the biggest local investor, Life Insurance Corporation (LIC), to bail out REC’s equity issue, if investors choose to stay away. (ET)

± Apollo Tyres plans to make Chennai its hub for both manufacturing and research and development (R&D) and is setting up a Rs20bn manufacturing facility. (BS)

± ITC plans to launch noodles under the ‘Sunfeast’ brand name. (BS)

± L&T will finalise plans to unlock value in its financial services arm in the next 12 months. (ET)

± US-based investor fund QVT has proposed an alternative debt restructuring plan to Wockhardt. (BS)

..सेन्सेक्स (16204.37) 12.74 अंक चढ्कर, नीफ़्टी (4856.40)11.50.. अंक चढ्कर, बंद..

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IDFC : HOLD 2DAYS call trading strong at 152 HOLD FOR NEXT TARGET RS.157 AND 164

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SAIL: Delivery call Trading Strong ~ at 212, HOLD for target of 240 plus

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Buy and Hold TATA STEEL post budget target 625 and 650 plus

BUDGET DEL CALLS

Buy ICICI BANK post buget target 950,1000 plus

BUDGET DEL CALLS

Buy EduCOMP post budget target 800 plus

BUDGET DEL CALLS

Delivery Call ... Buy and Hold PFC

Power Finance Corporation (PFC) - BUY

CMP Rs235, Target Price Rs299, Upside 27.3%

Power Finance Corporation (PFC) with prominent market share (20%+) in power financing business is expected to be the key beneficiary of the hefty capex plan as articulated in the XIth Five Year Plan. The company has witnessed robust 32% CAGR in sanctions over FY05-FY09. With an improving investment appetite, we expect PFC to capitalise on the growth opportunity. Predominant exposure towards generation segment, increasing proportion of disbursement towards private sector and near zero levels of NPA would drive a sturdy 21% CAGR in balance sheet and 22% CAGR in loan book over FY09-11E. Recommend BUY.

Corporate Snippets

± SBI may not raise deposit rates before May-June. (BL)

± REC FPO subscribed just 0.29 times receiving bids for 34.90mn shares out of the total issue size of 171.73mn shares on opening day. (BS)

± HDFC Bank increases the rates on fixed deposits by up to 150bps across maturities. (BL)

± Reliance MediaWorks has made an open offer to purchase a controlling stake in Fame India. (Mint)

± Bharti Airtel chairman says his company does not need any regulatory approvals in India to acquire African assets of Zain Telecom; hopes the deal would be concluded by the end of April. (TOI)

± Bharti Airtel lines up funds aggregating US$9bn from foreign and local banks for its proposed acquisition of Zain Telecom, as it settles to finance the entire deal through debt in the first phase. (ET)

± S&P and Crisil placed Bharti Airtel’s long-term bank facilities and debt programme on ‘rating watch with negative implications. (ET)

± Ambuja Cements plans to spend around Rs35bn to expand its capacity to 24mn tons from the current 19mn tons by year-end. (ET)

± Shree Renuka Sugars announces the acquisition of 51% stake in Equipav S.A. Acucar e Alcool, one of the largest sugar and ethanol companies in Brazil, for Rs15bn. (BL)

± Patel Engineering plans to dilute as much as 40% of equity in its power subsidiary, Patel Energy Resources. (BS)

± The Foreign Investment Promotion Board asks United Breweries Holdings to clarify some issues on an application to bring in foreign investment. (BS)

Market Commentary ..

A good start to an action-packed week will at least save you the Monday blues. Asian markets are all smiling with the Nikkei 225 up nearly 3%. The Railway Budget, Economic Survey and Union Budget and F&O expiry will see the bulls and bears have a slug-fest especially later this week.

Besides the Q3 GDP figures later this week, the report of the 13th Finance Commission will also be closely watched. A new FDI policy is expected to be unveiled on March 31, according to a report which adds that the government has begun the process of restricting fresh foreign investment in the tobacco sector.

A lot of economic reports are due from the US this week, including numbers on housing and revision in third quarter GDP. The Federal Reserve Chairman Ben Bernanke will testify on the state of the economy and monetary policy on Wednesday.