Friday, January 21, 2011
High risk traders buy & hold Bank India at Rs446 with SL of Rs439 for target of Rs465
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Bank of India Q3 net profit at Rs6.3bn (up 61%)
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Thursday, January 20, 2011
Buy Opto circuits India (263.20) with s/L 260 tgt 265, 267
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Results Today: Biocon, Indoco Remedies, Info Edge, JSW Energy, Kirloskar Brothers, Kotak Mahindra Bank, KPIT Cummins, Persistent Systems, SRF, TVS Motor, Wipro, Yes Bank and Zee News.
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Market Commentary ..
After two successive days of gains the momentum lost some of the steam on Wednesday, increasing near-term uncertainty and calling into question the sustainability of any short-term spurts. Volumes have not been great either, which reinforces the fact that buyers are lacking in conviction. Overall, the market sentiment remains shaky and there are still chances of it cracking further. Technical traders of course are watching whether the key indices hold on to the crucial 200-DMA support levels.
The start today is likely to be lower again as global cues are not supportive today. The much-hyped Cabinet rejig turned out to be an anti-climax. The PM has promised another such exercise after the Budget session. But, generally there is a feeling of discontent as far as the performance of UPA II is concerned.
It remains to be seen how the new-look Cabinet fares over the next few months. The Budget session as well as couple of state elections will be the litmus test for Manmohan Singh & Co.
Corporate Snippets
Tatas, Essar and SAIL are among the 14 Indian companies that have evinced interest in developing the Hajigak mines, containing an estimated 1.8bn tons of iron ore, in Afghanistan. (BS)
± RCOM has raised $255mn through external commercial borrowing (ECB) to partly refinance 3G payments.(ET)
± RCom said it has added 3.25mn wireless subscribers in December 2010, crossing the 125mn customer mark. (BS)
± In a bid to undo the damage caused by the recent loan bribery scam, LIC Housing Finance has stopped financing project developers. (BS)
± Coal India will operationalise a new underground mine having a reserve of 20 million tonne in jharkhand.(ET)
± Essar Energy said it has raised US$500mn through a convertible bonds issue to fund acquisitions, projects and refinance debt. (BL)
± HCL Infosystem sold its entire stake in its internet provider subsidiary, HCL Infinet to broadband services company Tikona Digital Networks.(ET)
± Vedanta Group has stated that it is not going to apply afresh for ‘green’ clearance to expand its aluminum refinery project in Orissa’s Kalahandi district. (BS)
± Glenmark Pharmaceuticals has received the USFDA’s approval to market atovaquone and proguanil hydrochloride tablets, used in treating malaria, in the American market. (BL)
Wednesday, January 19, 2011
Bajaj Auto Q3 net profit at Rs667cr vs Rs457cr yoy - Better than expectations
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Market Commentary ..
A minor tremor shook up Delhi following a powerful earthquake in southwestern Pakistan. The capital will remain in the spotlight due to the impending Cabinet reshuffle today. A full-fledged one is likely after the Union Budget.
The real worry is the policy impasse and the lackluster performance by the UPA II. Opposition continues its tirade against the Government on various issues, setting the stage for a stormy Budget session. Hopefully, there won’t be any major political tremors.
Meanwhile, the market seems to be delicately poised after having averted further setbacks for the time being. The big question is whether the recovery can be sustained or will the market slide again. Keep an eye on the Dollar-Rupee rate even as FIIs remain on the sidelines.
We are set for a steady start. The Nifty could face some resistance around 5800 and it will take a while to cross 6000 again. On the way down, 5620-5630 could act as good support. Results have started trickling in and there have been a few nasty surprises like Infosys and Exide. The Tata Steel FPO opens today.
Corporate Snippets
± Gail India plans to raise Rs35bn from the market to fund its Rs70bn capital expenditure in the next financial year. (ET)
± Reliance Communications has raised US$255mn by way of ECB to partly refinance payment made for acquiring 3G spectrum. (BL)
± Tata Steel plans to invest around US$2bn – US$2.4bn annually from FY12 for the next three years, in capacity expansion, portfolio revision and debt restructuring. (BS)
± ONGC fuel subsidy bill will increase by nearly 21% to about Rs42bn in the third quarter this fiscal. (ET)
± The coal and power ministries are slated to meet on Wednesday to decide the fate of NTPC's proposed 1,980-MW North Karanpura thermal power project in Jharkhand. (ET)
± NCC Infrastructure Holdings moved to the Supreme Court seeking to restrain NHAI from processing Madhucon Projects' price bid in a tender related to four-laning of Ranchi-Rargaon-Jamshedpur section of NH-33 in Jharkhand. (FE)
± M&M has drawn up a comprehensive plan to expand its tractor business to cover the entire value chain in the agriculture sector. (FE)
± The environment ministry said it could consider approving HCC's Lavasa project on conditions that included a penalty payment and the setting up of a restoration fund. (BL)
Tuesday, January 18, 2011
European markets update: FTSE Index up 0.7%, CAC Index up 0.5% and DAX Index up 0.4%
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Buy and Hold....
Bank of Baroda (BUY, above Rs835, Target Rs875): After hitting an 52 week high of Rs1,052 in November 2010, the stock had seen a sharp fall to the support of its 200-DMA (Rs815). From which, we expect the stock to stage a smart recovery. Trendline breakout on the hourly chart where prices successfully traded above Rs828. ON the daily RSI, the stock is trading near to its support levels. Such back to back confirmation of on the hourly and daily charts is likely to ignite buying momentum with immediate target seen above Rs870. We advise buying the stock above Rs835 with stop loss of Rs815 for target of Rs875.
Market Commentary ..
After several days of downward spiral, the key Indian indices finally managed to close positive. The broader market continued to be under pressure though. Even for the frontline indices, it was a bit of a struggle. So, one isn’t sure to what extent we are out of the woods. The intermediate trend might still be down in the near term. It will take a few positive days with better volumes to move northwards confidently. The past couple of weeks has been particularly stormy for the Indian market in the face of a string of negative events.
We see a steady to positive start and perhaps a better day ahead. There are no cues from Wall Street as the US markets were shut on account of the Martin Luther King Jr. day. European benchmarks finished pretty flat after a lackluster day. Asian markets were down on Monday, led by a steep fall in China but they seem to have recovered today.
The result season is starting to gather momentum. So far the earnings reports have been quite mixed. But watch out for TCS, which has delivered another stellar quarter.
Corporate Snippets
± Jindal Power, a unit of Jindal Steel & Power, plans to mop up Rs70bn via IPO in March-April. (BL)
± JSW Steel plans to infuse Rs38bn in Ispat Industries over the next two to three years. (BS)
± ONGC has suggested a fresh crude oil matrix-based subsidy sharing formula to the petroleum ministry. (BS)
± ING Vysya Bank has raised term deposit rates across various maturity buckets by up to 1%. (BS)
± Essar Oil has "re-engaged" in discussions to buy Royal Dutch Shell Plc's three European refineries, although refused to put a timeline for conclusion of the deal. (BS)
± REpower Systems, subsidiary of Suzlon Energy, has bagged a contract for supplying 150 wind turbines to Canada-based Saint-Laurent Energies. (BS)
± Essar Steel to formalise its partnership with Kobe of Japan into a JV agreement for producing auto grade steel at the Hazira plant in Gujarat. (FE)
± Tata Communications has entered into an outsourcing agreement with Cananda-based Videotron under which the later will route the entire international voice traffic though the Tata group firm's network. (ET)
± In a directive by US jury, Glenmark Pharma has been stopped from selling a copy of Abbott Laboratories’ hypertension drug, ‘Tarka’ . (BS)
± With increase in rubber prices, JK Tyre has decided to hike price of its products by 2-4%. (ET)
± Essar Oil plans a 35-day shutdown in May-June at its 280,000 bpd Vadinar refinery in western India to add new units for raising the plant's capacity to 360,000 bpd. (ET)
Monday, January 17, 2011
RELIANCE AT 990-1000
Buy and Hold
RELIANCE AT 990-1000
buy on dips below 1001
target 1040 and 1064 plus
10-14 days, SURE SHOT
RELIANCE AT 990-1000
buy on dips below 1001
target 1040 and 1064 plus
10-14 days, SURE SHOT
our friday call ................................bang bang ...bang..
ITC at 172 ++
hold for next target
hold for next target
Market Commentary ..
Well, the Indian market hasn’t made any progress whatsoever in the two weeks of 2011. On the contrary, it has lost quite a bit of ground, with back-to-back weeks of heavy losses. A spate of headwinds has taken a big toll on sentiment and the same is reflected in FII outflows.
Inflation is by far the biggest bugbear. The Government and the RBI are under pressure to take decisive steps to conquer the menace. The petrol price hike obviously doesn’t help. The fact that diesel and LPG prices have been left untouched is even worse.
Reports say an emergency EGoM on fuel prices is scheduled this week but don’t bet on it till it actually materialises.
Today’s start could be higher but going by the trend of the past fortnight one can’t be sure if the turbulence is over. Avoid getting trapped in any relief rallies and wait for some more stability before taking a fresh plunge.
Corporate Snippets
± Reliance Industries to shelve its plans of reopening its retail petrol outlets. (BS)
± Tata Steel says it would hold on to its shares in the Australian miner Riversdale, calling it a strategic stake. (BS)
± Marico plans to acquire 51% stake in Unibic India for Rs1.3bn. (ET)
± Tata Steel’s FPO price band has been decided at Rs594-Rs610 per share. (BS)
± Sebi asks R-Infra not to hire Price Waterhouse for 3 years. (ET)
± IOC raised petrol prices by Rs2.50 per litre, while HPCL hike rates by Rs2.54 a litre and BPCL raised price by 2.53 per litre. (ET)
± SBI plans to raise up to Rs20bn through bonds to be offered to retail investors next month. (BS)
± Ansal Properties sold properties worth about Rs17.14bn in the first nine months of this fiscal and its sales realisations improved by 24% compared to the year-ago period. (BS)
± Tata Motors global sales increased by 21% in December to 90,294 units. (BS)
± SAIL inks pact with IRCON International for jointly working on rail infrastructure projects in India and overseas. (BS)
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