Thursday, December 16, 2010
BUY ONCG, at 1318 ----------------bonus 1:1 + dividend + stock split
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DUE TO TRADING HOLIDAY TOMORROW (FRIDAY) ,BUYING/ SELLING might be seen at EOD.
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Book Profit in BTST TATA STEEL Dec Futs given yesterday
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Book Profit in Long ICICI Dec Futs given
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Sell DLF (278.15) with s/L 282 tgt 270, 268
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Punjab & Sind Bank IPO 3rd Day Subscribed 29.77 (average)
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Corporate Snippets
± Bhushan Steel will purchase coal from Boikarabelo mine of Australia based coal supplier Resource Generation for 20 years. (BL)
± Sterlite Industries & Hindalco are seeking a 76% increase in treatment and refining fees of copper.(FE)
± Tata Motors has announced a special finance scheme for its small car, Nano.(BS)
± Coal India is in talks with Indonesia’s Sinar Mas Group for acquiring coal mines in the island-nation.(BL)
± Vedanta Resources Plc plans to use proceeds from the IPO of its Zambian copper business to part fund its US$9.6bn acquisition of Cairn India.(BS)
± Lanco Infra to buy Australia based Griffin Coal mining company & Carpenter Mine Management for US$750mn.(ET)
± SAIL follow on public offer is likely to hit market in mid-january 2011.(ET)
± The environment ministry has given Jindal Steel 15 more days to file a reply to its show-cause notice.(ET)
± Ashok Leyland to start a vehicle assembly plant in UAE. (BL)
Morning Call;
Buy Reliance Capital Dec Future in range of Rs640-643 for the target price of Rs660 with a stop loss placed at Rs630.
Lot size: 500 Remarks: Net maximum profit of Rs10,000 and net maximum loss of Rs5,000.
Market Commentary ..
The weather may be getting colder but the political scene remains heated in the wake of the 2G spectrum scam. The CBI continues its raid-spree and reports point to some consternation in the Congress-DMK alliance. The winter session of parliament has been a washout. One has to see what fate now awaits the crucial Budget session.
We see another tepid start on the back of mixed global cues. On Wall Street, the S&P 500 index's six-session winning streak came to an end. The dollar and the Treasury yields gained. European markets fell after Moody’s warned of a possible downgrade of Spain. Asian markets are rather listless.
The important event today will be the RBI’s mid-quarter review. The central bank is widely expected to keep policy rates steady as inflation has moderated. But, it could announce steps to ease the tight liquidity. In summary, the market is likely to remain choppy and rangebound.
Stick to a stock centric and guarded approach for the short-term.
Wednesday, December 15, 2010
Corporate Snippets
± Reliance Power will finalise loans of Rs50bn with Chinese banks for its 4,000 mw Sasan power project during the visit of the country’s Premier Wen Jiabao on Wednesday. (ET)
± The board of Power Grid Corporation has approved investing Rs55.4bn on five projects across the country. (BL)
± NCC Infra, a wholly-owned subsidiary of Nagarjuna Construction, is planning to rope in foreign partners to carry out large road projects worth over Rs100bn this financial year. (ET)
± Consolidated Construction Consortium has emerged the lowest bidder for constructing the St Thomas Mount Station for the Chennai Metro Rail project. (BL)
± Punjab National Bank has announced the completion of acquisition of 63.64% stake in JSC Dana Bank of Kazakhstan. (BL)
± British Telecom on Tuesday completed the sale of 5.5% stake in Tech Mahindra for Rs4.5bn. (ET)
± The environment ministry refused to lift its “stop-work” order on Lavasa Hill City project. (FE)
± Eveready Industries has increased the prices of some of its products by up to 9% due to high input cost. (ET)
± Bajaj Hindusthan signed a MoU with the state government for setting up a 1,980-Mw thermal power plant at Bargarh in Chitrakoot district. (BS)
Tuesday, December 14, 2010
Our Morning call; TATA STEEL 649, upby 2.5%
TATA STEEL
BANG ON TARGET.........................
ALL FO CLIENT MINTS MONEY!!
BANG ON TARGET.........................
ALL FO CLIENT MINTS MONEY!!
Buy Nifty Dec 6000 CE at Rs70-72 with a Sl of 59,for a Target of 90.
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Our Gold target achieved in SBI given on Friday
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Derivative strategies
Reliance Capital Dec Future in range of Rs666-668 for the target price of Rs680 with a stop loss placed at Rs659.Lot size: 500,Remarks: Net maximum profit of Rs7,000 and net maximum loss of Rs3,50
Corporate Snippets
± Sun Pharma is looking at acquire a US based company valued at US$300mn. (ET)
± Ashok Leyland has bagged an order for 600 vehicles worth Rs1.25bn from Hubli-based VRL Logistics. (BL)
± JSW Steel will issue global depository receipts (GDR) worth Rs4.6bn to Japanese steel major JFE Steel Corporation. (BL)
± The Tamil Nadu Electricity Board has paid the first instalment of Rs1bn to GMR Infrastructure as part of the Rs4.8bn settlement relating to a power purchase agreement. (BL)
± Everonn Education Ltd has transferred more than 3.9mn shares to SKIL Infrastructure Ltd to raise ~Rs2bn. (BS)
± The Supreme Court adjourned hearing of a special leave petition against the Madras High Court order to close down the Sterlite’s copper smelting plant in Tuticorin, Tamil Nadu, on alleged environment pollution to January. (BS)
± Hindalco will receive a dividend (return of capital) of US$1.7bn from its Canadian subsidiary Novelis Inc which recently announced plans to raise US$4bn through debt. (BL)
± Rcom become the first telecom operator to launch third-generation (3G) services in the metro cities of Delhi, Mumbai and Kolkata. (BS)
± Steel Strips Wheels (SSWL) issued and allotted 0.377mn equity shares of Rs10 each to South Korean company GS Global Corp. (BL)
± GlaxoSmithKline has agreed to buy protein drinks firm Maxinutrition for US$256mn from its private-equity owners to complement its Lucozade sports drinks franchise. (ET)
Monday, December 13, 2010
Book Profit today morning FO call...........SELL BANKNIFTY
Sell GIVEN ON
BANKNIFTY DEC FUT AT 11494
NOW TRADING AT 11325
BANG ON TARGET
BANKNIFTY DEC FUT AT 11494
NOW TRADING AT 11325
BANG ON TARGET
European market update: FTSE index up 0.3%, DAX index up 0.4%, CAC index up 0.5%
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We Re-initiate Long DLF Dec Futs at Rs286 with SL of Rs281 for a target of Rs296
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Book Profit today morning FO call...........
Target Achieved in Long Federal Bank Dec Fut
given today morning to paid clients
given today morning to paid clients
Sector Watch: Cement, Banking, Pharma & Oil Marketing Co.
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Market Commentary ..
The heat was on the bulls last week till the robust IIP numbers came to the rescue. Since then worries seem to have cooled down. In fact, the otherwise warm cities like Mumbai are beginning to feel the chill.
The start today to a truncated trading week is likely to be a positive one. Most Asian markets are trading up. Even the Chinese market has brushed aside concerns about a possible rate hike after inflation surged to a two-year high.
And talking of interest rates, the market will closely follow the policy meetings of the RBI (on Dec 16) and the US Federal Reserve (late tomorrow). Also, the latest monthly inflation figures (Dec 14) will be closely tracked.
While the market could well rebound after last week’s carnage, one should remain on guard, as FIIs have been net sellers in the past few sessions. Stick to Large Caps and “quality” mid-caps and avoid “dodgy” counters even if prices seem attractive. Complacency is the last thing one needs in an uncertain market. Wait for the market to stabilise and stay up for a few sessions before taking a decisive call.
BUY between Rs443-447, Target Rs470
Wipro (BUY between Rs443-447, Target Rs470): Wipro Ltd on the daily chart has signaled a breakout from inverted head and shoulder pattern on Friday trading session with neckline persisting at Rs442 and spurt in volumes. With MACD about to cross above the reference line and RSI rallying with ease, the momentum in the counter remains extremely strong. However it has been observed in the past that after a breakout, an attempt is retest the neckline, which in this case stands at R443. Expansion in volumes at the time of price increase corroborate uptrend in the counter. We advise buying stock in the range of Rs443-447 with stop loss of Rs437 for target of Rs467.
Corporate Snippets
± NTPC to soon approach the government for reconsideration of the decision to scrap the power producer's 600MW Loharinag Pala hydro-power project in Uttarakhand. (BS)
± Hindalco’s US subsidiary, Novelis plans to refinance its debt by raising US$4bn. (BS)
± Nuclear Power Corporation is in talks with Coal India on plans to enter the atomic power sector through a joint venture. (BS)
± HDFC Bank hikes deposit and lending rates by up to 75 basis points. (ET)
± Bank of Baroda hikes deposit rates by 25-75 basis points across various maturities. (BL)
± Reliance Infrastructure to have eight toll roads by March that will generate revenues of Rs10bn in fiscal 2012. (BL)
± ITC to resume cigarette manufacturing only after receiving a `formal notification' from the Government on the pictorial warnings that need to be used on such products. (BL)
± ONGC expects to ship the first 363 MW turbine built by General Electric for the proposed 726 MW (2x363 MW) gas-based ONGC Tripura Power Company by February. (BL)
± BHEL is close to wrapping up a JV agreement with Japan's Toshiba Corporation for manufacturing high-end transmission and distribution equipment. (BL)
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