Friday, September 23, 2011
RDB Rasayan IPO 2nd
Day Subscribed 0.08 (Average)
Prakash Constrowell
IPO finally Subscribed 2.21 (Average)
M.B.
Switchgears Ltd. IPO Opens on 28th Sep. & Closes on 5th
Oct.
Tijaria Polypipes Ltd
IPO Opens on 27th Sep. & Closes on 29th Sep. 2011
Takshell
Solutions IPO Opens on 29th Sep. & Closes on 4th Oct.
2011
Flexituff International IPO Opens on 29th
Sep. & Closes on 5th Oct. 2011
For
Further information scroll to primary market
Thursday, September 22, 2011
Economy snippets
± The
shortfall in domestic coal production is likely to stand at 114 MT in
FY12, as against the earlier projection of 142 MT, due to the evacuation
of stocks lying idle. (ET)
± India's
sugar production is estimated to increase marginally to 24.6 MT in the
2011-12 crushing season, which starts next month, owing to a rise in
sugarcane output. (ET)
± Political
instability in Mauritius has offered a breather to foreign institutions
that route investments to India through the island nation. (ET)
± The Commerce Ministry plans to come out with draft guidelines to amend the Special Economic Zones Act, 2005. (BL)
± RINL disinvestment to be postponed to 2012-13 after it completes the Rs125bn first phase expansion. (FE)
Corporate Snippets
± Sterlite Technologies has received a contract worth Rs1.14bn from BSNL to build a broadband network. (ET)
± Apollo Hospitals will divest minority stake in Apollo Health Street, the group's BPO division. (BL)
± It is an open-and-shut case against Suzlon Energy
in Palakkad district after having been indicted by a high-level
committee for land grab, according to Kerala Electricity minister. (BL)
± HCL Technologies has signed a five-year application support transformation deal with Deutsche Bank's capital markets arm. (BL)
± YES Bank
and Malayan Banking Berhad entered into an agreement to collaborate on
cross-border investment banking advisory, corporate banking, trade
finance, remittance and other allied services. (BL)
± Religare Enterprises Ltd
announced the appointment of Mr S. K. Bhattacharyya as an addition to
its banking advisory panel to support the management's efforts in
charting out the group's banking strategy and its application for a new
banking licence. (BL)
± The merger of ACC and Ambuja Cements, the companies controlled by Holcim, has been deferred indefinitely. (BS)
± GMR Infrastructure is setting the stage to raise private equity around Rs9.6bn in its road business. (BS)
± Wabco India Ltd said it was implementing Rs600mn capex plan to support its business in India and to cater to exports. (BS)
± Maruti Suzuki will invest nearly US$1.3bn to set up a new plant. (FE)
Market Commentary
Survivors
are winners in such kind of markets. There are no real surprises in the
US Federal Reserve’s much-hyped ‘Operation Twist’. The FOMC has
unveiled a $400bn debt-swap program to shake the US economy out of its
deep slumber. The Fed has also warned of significant downside risk to US
growth from the turmoil in the eurozone.
US
stocks slumped while gold and crude fell. Treasury yields slid to new
lows. European markets too slipped as Greece struggles to get green
light for second rescue deal. Asian indices have also taken a hit on the
chin.
On
the domestic front, there is yet another twist in the 2G scam with
reports suggesting differences in the Congress top brass. Advance tax
numbers are soft to say the least even as banks’ non-food credit growth
remains solid.
We
see a weak start in our markets in sync with the bearish trend across
global markets. Any close below 5060 on the Nifty could confirm
breakdown of current bullish pattern. Although we have recovered from
recent lows, the undertone continues to be fragile thanks to a spate of
domestic-cum-global worries.
Wednesday, September 21, 2011
Exid Industries: TRAIDNG STRONG
Our delivery call,
trading strong at 137.50
hold for next target, 142 and 144 plus
trading strong at 137.50
hold for next target, 142 and 144 plus
RDB Rasayan IPO Opens Today
After postponement ONGC may enter in the market on
October 5
Prakash
Constrowell IPO 2nd Day Subscribed 0.73 (Average)
Tijaria Polypipes Ltd
IPO Opens on 27th Sep. & Closes on 29th Sep. 2011
Takshell
Solutions IPO Opens on 29th Sep. & Closes on 4th Oct.
2011
Flexituff International IPO Opens on 29th
Sep. & Closes on 5th Oct. 2011
For
Further information scroll to primary market
Tuesday, September 20, 2011
Market Commentary
The
resilience shown by world equities lately appears to be under some
threat. Greece is struggling to convince EU and IMF for the second
tranche of financial aid. German Chancellor Angela Merkel’s party has
suffered another electoral defeat. S&P has cut Italy’s debt rating
with a negative outlook.
Across
the Atlantic, President Obama is trying hard to get the Congress to
pass his version of a deficit-cutting measure. A protracted political
battle is not ruled out ahead of next year’s Presidential polls.
All
eyes will be on a two-day FOMC meet, where the Fed policymakers could
well unveil another policy ‘twist’ in a bid to boost growth.
We
see a timid start as Asian markets are mixed. US stocks did recover
from sessions lows but European indices slid. Any material recovery for
Indian indices hinges on positive developments overseas. We expect a
grinding session owing to offshore uncertainties.
The
Nifty is stuck in a band of 4900-5100. Near-term support is likely
between 4900 and 5000 while resistance could kick in between 5100 and
5200
After postponement ONGC may enter in the market on
October 5
Prakash
Constrowell IPO 1st Day Subscribed 0.43 (Average)
RDB
Rasayan is going to tap the market, without any show
or marketing, On Sep. 21
and
issue would be closed on September 23
Tijaria Polypiles Ltd
IPO Opens on 27th Sep. & Closes on 29th Sep. 2011
Takshell
Solutions IPO Opens on 29th Sep. & Closes on 4th Oct.
2011
For
Further information scroll to primary market
BUY AND HOLD
BUY AND HOLD "HPCL"
± GTL has received lenders approval to restructure over US$1bn in debt. (ET)
± BGR Energy
is close to finalising a deal for getting into the solar power
industry, with Flagsol GmbH, a subsidiary of Solar Millennium of
Germany. (BL)
± NTPC Ltd has issued a cautionary letter to a couple of Haryana utilities on pending payments. (BL)
± Sun TV to invest over Rs3000mn including Sun Pictures investment of around Rs800mn during the current fiscal. (BS)
± Mahindra Satyam
is exploring a strategic alliance or a joint venture with a Chinese
partner to expand its presence in the world’s second largest economy.
(BS)
± GVK group plans to raise US$1bn selling stake in its energy unit to help fund Hancock acquisition. (FE)
± IVRCL is under CBI scanner for alleged irregularities in a tsunami housing project in Puducherry. (FE)
± Dhanlaxmi Bank hiked its base rate and benchmark prime lending rate by 25 and 50 basis points respectively. (ET)
Monday, September 19, 2011
Market Commentary
After
yet another resilient show, market participants will be tested this
week as the RBI has left the door open for further tightening. The start
today looks a bit soft due to weakness across Asian markets. Japanese
market is shut for a holiday. US stock futures are in the red.
Talks
between Europe’s finance ministers on how to resolve the escalating
debt crisis in the region were inconclusive. Gold and the dollar are up
while the euro has weakened. Europe has warned Greece that further aid
will be kept on hold unless it meets its budget targets.
So,
the uncertainty over the worsening eurozone situation and US’ efforts
to slash its mounting debt may continue to haunt world markets.
Investors will also await the outcome of the Federal Reserve's two-day
meeting on Wednesday.
No
major economic reports are due this week as far as India is concerned.
The next big trigger could come from the corporate earnings. Till then
the indices are likely to be sideways and will mostly dance to the tune
of overseas events. We would continue to urge caution as the Nifty has
struggled to move above 5177.
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