Friday, April 16, 2010
European markets update: FTSE Index down 0.2%, CAC Index down 0.3% and DAX Index down 0.2%
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New IPO : Down by 20%
Goenka Diamond & Jewellery
IPO Listing Today down 20%
BSE Code: 533189 (B Group)
IPO Listing Today down 20%
BSE Code: 533189 (B Group)
Zee News
Shares of Zee News plunged over 75% to end at Rs18. Zee News had approved the Scheme of Arrangement whereby the Regional General Entertainment Channel (GEC) business of the company would be de-merged and transferred to Zee Entertainment Enterprises with effect from January 1, 2010 (appointed date).
April 16 was fixed as the Record Date for determination of members of the company who would become eligible for issuance of equity shares by Zee Entertainment Enterprises.
Pre Market Commentary
The weak link for the market appears to be fears of an adverse outcome of the RBI’s annual policy meet next week. Meanwhile, India’s quest to break into the elite global space club will be delayed. In a rare failure, ISRO’s indigenously made rocket (GSLV-D3) crashed soon after take off on Thursday.
Even the bulls will have to wait for better links before they see the NSE Nifty cross 5400. A sudden bout of selling pulled the market down despite inflation being steady. What is more disturbing is that fund flows have started to taper off. Even the FIIs, who till recently were pouring money at a steady pace have turned a bit cautious.
Its still early days as far as results are concerned. So, the volatility will prevail for a while amid a mix bag of earnings. In any case, the market seems to be looking far ahead at FY12 numbers. Today we see a sluggish opening and another choppy session. A rebound cannot be ruled out after Thursday’s selloff.
Corporate Snippets
L&T to make industrial tyres with Mitsubishi. (ET)
ONGC says that it will not be economically viable to produce gas from its Krishna-Godavari basin block at current sale price of US$4.2/mmBtu. (ET)
SAIL is in talks with Posco and Kobe Steel for technology tie-ups for jointly setting-up steel plants. (ET)
IOC may see revenue loss on fuel sales jump 63% in FY10. (BS)
Bank of India has cut interest rates on its bulk deposits by up to 1.25% across various tenures with immediate effect. (ET)
Tata Motors global sales grow 39% in March. (BS)
Ranbaxy has voluntarily recalled two consignments of one of its antibiotics from US market. (BL)
UBI to raise upto US$500mn through a maiden MTN programme. (BL)
ONGC says that it will not be economically viable to produce gas from its Krishna-Godavari basin block at current sale price of US$4.2/mmBtu. (ET)
SAIL is in talks with Posco and Kobe Steel for technology tie-ups for jointly setting-up steel plants. (ET)
IOC may see revenue loss on fuel sales jump 63% in FY10. (BS)
Bank of India has cut interest rates on its bulk deposits by up to 1.25% across various tenures with immediate effect. (ET)
Tata Motors global sales grow 39% in March. (BS)
Ranbaxy has voluntarily recalled two consignments of one of its antibiotics from US market. (BL)
UBI to raise upto US$500mn through a maiden MTN programme. (BL)
Thursday, April 15, 2010
सेन्सेक्स (17639.26) - 182.70 अंक गिरकर, नीफ़्टी (5273.60) - 49.35 अंक गिरकर, बंद.
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India Food Inflation at 17.22% for week ended April 3
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SAIL
Shares of SAIL slipped by 3% to end at Rs229 after reports stated that the company may sell shares at 5% less than the market price to small investors and employees, Steel secretary Atul Chaturvedi was quoted as saying. The scrip opened at Rs236 it touched an intra-day high of Rs236 and a low of Rs228 and recorded volumes of over 1.3mn shares on BSE.
Rana Sugars
Shares of Rana Sugars further gained by 4.4% to end at Rs13.60 after the company reported a profit of Rs309.3mn in the second quarter, compared with a loss of Rs37.1mn a year earlier. The scrip opened at Rs13.2 it touched an intra-day high of Rs13.99and a low of Rs13.20 and recorded volumes of over 1.9mn shares on BSE.
Infosys
Shares of Infosys ended surged 3.7% to end at Rs2782 after the company beat street estimates reporting a consolidated net profit after tax of Rs16.17bn for the fiscal fourth quarter ended March 31, 2010 as against Rs15.82bn reported in the third quarter. This translates into a sequential quarter-on-quarter growth of 2.2%.
FIIs were net buyers of Rs1.28bn on Tuesday on a provisional basis. Local funds were also net buyers at Rs2.53bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs1.86bn. On Monday, FIIs were net buyers of Rs2.44bn in the cash segment, as per the SEBI web site.
Corporate Snippets
Infosys will offer up to 17% salary hikes for over 100,000 employees this year, as the company seeks to retain staff and also attract new recruits in the year. (ET)
Tata Steel asked a member of British Parliament not to be "over-critical" about the company’s strategy in dealing with problems in Corus. (BS)
ONGC to challenge the government’s decision to withdraw the seven year tax holiday on production of natural gas. (ET)
Infosys has bagged an order worth US$150mn order from Microsoft. (BS)
Tata Sons is taking a book building to sell its Tata Motors DVR shares. (ET)
Cairn Mangala field to hit peak output in 2010. (BS)
Ranbaxy to recall two consignments of one of its antibiotics from the US market. (ET)
Tata Steel asked a member of British Parliament not to be "over-critical" about the company’s strategy in dealing with problems in Corus. (BS)
ONGC to challenge the government’s decision to withdraw the seven year tax holiday on production of natural gas. (ET)
Infosys has bagged an order worth US$150mn order from Microsoft. (BS)
Cairn Mangala field to hit peak output in 2010. (BS)
Ranbaxy to recall two consignments of one of its antibiotics from the US market. (ET)
Pre Market Commentary
Be it careers, market or rockets, the trick remains the same. The first Indian rocket to be powered by a totally indigenous cryogenic engine will blast off today. Hopefully, it will be mark another major milestone for ISRO and India. Talking of milestones, the S&P 500 and Nasdaq crossed 1200 and 2500, respectively. US shares had their best performance in nearly six weeks after Intel and JP Morgan outperformed.
The domestic market engine is set to chug along well, powered by global cues. The positive undertone on Wall Street also rubbed off on Europe. Asian markets are mostly up. Markets in Shanghai are up marginally despite China clocking a better-than-anticipated 11.9% GDP growth in Q1. May be, investors fear a fresh monetary tightening response from the Chinese central bank!
Another hike in CRR and short-term rates is also on the cards by the RBI later this month. Inflation for March will be out today and is most likely to have crossed 10%. This may lead to a temporary blip in sentiment but on the whole things should be fine.
Tuesday, April 13, 2010
सेन्सेक्स (17821.96) -31.04 अंक गिरकर, नीफ़्टी (5322.95) -16.75 अंक गिरकर, बंद.
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If Infosys corrects sharply, then long term investors should buy the stock
BUY INFOSYS
for delivery for
365 days...
VALECHEN: our deliver call trading at 198.90, hold for 207 plus
VALECHEN: our deliver call
trading at 198.90,
hold for 207, 214 plus
hold for next week
hold for next week
Infosys Revenue for the January-March quarter of FY10 stood at Rs59.44bn (up 3.5%)
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Infosys has reported a consolidated net profit after tax of Rs16.17bn for the fiscal fourth quarter ended March 31, 2010 (up 2.2%)
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Infosys board recommends Rs15 per share final dividend
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European markets are trading flat in opening trades
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Sector Watch:
Power & Ispat Stocks
MEDIA:
TV 18,HT MEDIA, ZEE
HOTEL:
INDIAN HOTEL, LEELA & KAMAT
INFRASTRUCTURE:
GMR INFRA, HCC, PATEL, IVRCL
TEXTILE:
CENTURY, BRFL, BOM DYING
OTHERS..
ITC, HIND UNILEVER & ABAN
Infosys Results –Infosys FY11
India's second largest IT exporter Infosys Technologies has announced its fourth quarter results of FY10. It has reported 1.14% jump in its net profit to Rs 1,600 crore as against Rs 1582 crore, on quarter-on-quarter basis (QoQ).
Revenues for the same quarter increased 3.54% to Rs 5,944 crore versus Rs 5,741 crore (QoQ).
Q4 internals
Revenues from North America grew by 4.4% (QoQ) & 4.5% in constant currency and from Europe grew by 7.9% (QoQ) & 11.8% in constant currency.
BFSI grew by 5.9% (QoQ) & 6.7% in constant currency and manufacturing grew by 10.2% (QoQ) & 11.3% in constant currency.
FY11 Guidance
In dollar terms, the company expects 16-18% growth in revenues for the next year i.e. FY11. It expects revenues at USD 5.57-5.67 billion and EPS growth at 4.3-8.6% for the next financial year.
In rupee terms, Infosys lowered its guidance for FY11. It expects EPS at Rs 106.82-111.28 per share and revenue growth of 9-11%.
Reliance Industries
Shares of Reliance Industries ended flat at Rs1125. The company over the weekend announced that it agreed to buy a US$1.7bn stake in natural-gas properties from Atlas Energy Inc. The Atlas Energy deal would see Reliance paying upfront US$339mn for its 40% stake, which will be followed by US$1.36bn out of Atlas’ share of exploration expenditure over a period of seven-and-a-half years.
Inflows from overseas investors have started to taper off a bit. FIIs were net buyers of only Rs144.1mn on Monday on a provisional basis. Local funds were net sellers of Rs1.92bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers of Rs5.06bn. On Friday, FIIs were net buyers of Rs2.58bn in the cash segment, as per the SEBI web site.
Pre Market Commentary
Today, we expect a flat to lower opening. The key indices are likely to remain sideways and rangebound. Infosys numbers should be out before the market starts. So, there is a possibility that the mood might change once the IT bellwether’s results and guidance are out. Infosys is expected to post 1-2% QoQ growth in Q4 PAT and Revenues. It’s the company's outlook for FY11 that everyone is keenly awaiting. Broadly, the undertone will be cautiously optimistic. Non-index counters may remain abuzz but don’t take undue risks for now.
The occasion is here; its Infosys results after all. Will the market celebrate? We'll know in a few minutes. The market never fails to surprise; just when one thought the NSE Nifty could surpass 5400 with some ease, it changed direction and headed south. Today it could even fall below 5300 unless Infosys manages to turn the tide. A special dividend could be a temporary boost too.
Markets in the US and Europe finished flat. Asian markets are mostly in the red. Eurozone’s emergency loan package for Greece failed to inspire the bulls. What’s worse, the SEBI-IRDA standoff over ULIPs clouded the sentiment. The good news is that status quo has been maintained on ULIPs. The two regulators will now seek a legal verdict.
Corporate Snippets
NTPC may soon get to allocate up to 50% of the output from its new plants to the home state, allowing it to compete with private developers. (ET)
Glenmark Pharmaceuticals has entered into an out of court settlement with GlaxoSmithKline over patent actions on doses of atovaquone and proguanil hydrochloride, the generic version of GSK’s Malarone malaria treatment tablets. (ET)
Essar Steel Holdings (ESHL), the parent company of Essar Steel, plans to raise US$500mn this month through sale of foreign bonds. (BS)
HCC has received an order worth Rs6.08bn from Director General Naval Project, Mumbai, for reconstruction and completion of Dry Dock and Associated North and South Wharves at Naval Dockyard, Mumbai. (ET)
Renault is learnt to give M&M the licensing rights to produce the Logan as part of the restructuring proposal for the joint venture. (BL)
GAIL to invest Rs150bn over the next two-three years in expanding its pipeline network to connect consumption centres. (BS)
Glenmark Pharmaceuticals has entered into an out of court settlement with GlaxoSmithKline over patent actions on doses of atovaquone and proguanil hydrochloride, the generic version of GSK’s Malarone malaria treatment tablets. (ET)
Essar Steel Holdings (ESHL), the parent company of Essar Steel, plans to raise US$500mn this month through sale of foreign bonds. (BS)
HCC has received an order worth Rs6.08bn from Director General Naval Project, Mumbai, for reconstruction and completion of Dry Dock and Associated North and South Wharves at Naval Dockyard, Mumbai. (ET)
Renault is learnt to give M&M the licensing rights to produce the Logan as part of the restructuring proposal for the joint venture. (BL)
GAIL to invest Rs150bn over the next two-three years in expanding its pipeline network to connect consumption centres. (BS)
Monday, April 12, 2010
सेन्सेक्स (17853.00)-80.14 अंक गिरकर, नीफ़्टी (5339.70) -22.05 अंक गिरकर, बंद.
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India Feb Indstrial production increased 15.1% from year ago
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India february manufacturing rose 16.0%
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India february mining output rose 12.2%
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Indias february consumer goods production rose 8.9%
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India february electricity production rose 6.7%
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European markets update: FTSE Index up 0.3%, CAC Index up 0.5% and DAX Index up 0.4%
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Aban Offshore hit a high of Rs1269 ...
Aban Offshore announced that a contract has been signed with Brunel Shell Petroleum Sendirian Berhad for the deployment of the jack-up rig Deep Driller 8 offshore Brunei for firm period of 4 years plus four optional periods of 1 year each. The estimated revenues from the firm period of the deployment is about US$159mn (equivalent to Rs7.16bn). The deployment is likely to commence during the third quarter of calendar year 2010.
FIIs were net buyers in the cash segment on Friday at Rs2.33bn on a provisional basis. Local funds were net sellers of Rs664.6mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers of Rs12.09bn. On Thursday, FIIs were net buyers of Rs1.48bn in the cash segment, as per the SEBI web site.
Pre Market Ideas
Buy Prism Cement (64)
with stop loss Rs 63
target Rs 65, 66 66.50
Buy CESC Ltd. (407.80)
with stop loss Rs 405
target Rs 408, 410
Corporate Snippets
Reliance Industries finds more reserves in KG-D6 block, it may contain 1-2 trillion cubic feet of reserves. (ET)
A team from ExxonMobil is set to assess the eastern offshore asset of ONGC for a possible partnership. (BL)
Maruti Suzuki invests Rs2.9bn in upgrading its hatchback WagonR that will be rolled out from a new platform with a new engine by the end of this month. (BS)
GMR Infrastructure plans to raise up to Rs5bn through the issue of unsecured non-convertible debentures on private placement basis. (BS)
Tata Motors plans to sell part of its shareholding in Tata Cummins, a diesel engine joint venture company. (ET)
A team from ExxonMobil is set to assess the eastern offshore asset of ONGC for a possible partnership. (BL)
Maruti Suzuki invests Rs2.9bn in upgrading its hatchback WagonR that will be rolled out from a new platform with a new engine by the end of this month. (BS)
GMR Infrastructure plans to raise up to Rs5bn through the issue of unsecured non-convertible debentures on private placement basis. (BS)
Tata Motors plans to sell part of its shareholding in Tata Cummins, a diesel engine joint venture company. (ET)
Pre Market Commentary
The public spat between SEBI and IRDA about who should regulate ULIPs could cast its ugly shadow on the sentiment. Bulls and bears may prefer to adopt a wait and watch policy despite firm global cues. The role of the Government will now take center stage and voices will get louder for a financial sector super regulator. A protracted battle and a war of words may ensue, something the markets don’t need right now.
IIP data (to be issued today) and monthly inflation (to be released on Thursday) will be closely followed in the run up to the RBI policy next week. The IT pack will in the spotlight ahead of tomorrow’s Infosys results.
The NSE Nifty is expected to top 5400 and levels of 5500 are being talked about widely. But, the ride won’t be all that smooth and some bumps are bound to make that task more difficult for the bulls. Some people are uncomfortable about current valuations amid the emergence of a few headwinds and the market could witness a small correction. The medium-to long-term outlook remains upbeat though in the near-term some uncertainty is likely to prevail.
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