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Monday, May 10, 2010
FIIs were net sellers of Rs13.08bn in the cash segment on Friday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs6.54bn. In the F&O segment, the foreign funds were net buyers of Rs8.07bn. FIIs were net sellers of Rs13.89bn in the cash segment on Thursday, as per the SEBI data.
Results Today:
Elecon Engineering, HT Media, Jubilant Organosys, Jubilant Foodworks, McNally Bharat, Monnet Ispat, Orbit Corp, Radico Khaitan, Unichem Labs, Usha Martin and Zicom.
Corporate Snippets
SC directs Reliance Industries to initiate renegotiation with RNRL within six weeks on the terms of the gas supply agreement so that their interests are safeguarded. (BL)
JSW Steel reported that its crude steel production has increased by 20% to 560,000 tonnes in April. (BL)
IRB Infra bags Rs12bn road project. (BL)
JSL has signed a MoU with the Orissa Government to set up a 1,320MW super critical thermal power plant at Luni. (BL)
Apollo Hospitals will add 2,200 beds over the next two years with an estimated investment of Rs10bn. (FE)
Tata Steel will raise Rs100bn of debt to finance its 3mn tonne expansion in Jamshedpur and to part-pay debt at Corus. (DNA)
JSW Steel reported that its crude steel production has increased by 20% to 560,000 tonnes in April. (BL)
IRB Infra bags Rs12bn road project. (BL)
JSL has signed a MoU with the Orissa Government to set up a 1,320MW super critical thermal power plant at Luni. (BL)
Apollo Hospitals will add 2,200 beds over the next two years with an estimated investment of Rs10bn. (FE)
Tata Steel will raise Rs100bn of debt to finance its 3mn tonne expansion in Jamshedpur and to part-pay debt at Corus. (DNA)
Pre Market Commentary ...
After several days of turbulence, we are in for a gap-up start this Monday morning, as the EU and the IMF have agreed on an emergency funding facility worth as much as €720bn in loan guarantees and credits to stabilise the eurozone. The ECB will buy government bonds in the secondary market to calm jittery credit markets. The Fed will reopen dollar swap program and Bank of Japan has offered $21.6bn in liquidity. Asian markets are mostly positive. US stock futures and euro jumped on euro zone package news. Markets in Europe are also likely to open higher on the news of deal among European nations to help stabilize troubled economies.
Volatility will prevail in the near term as investors gauge the impact of the unprecedented efforts to stem the European debt crisis. Apart from Europe, one should also keep an eye on developments in key economies such as the US and China. On the domestic front, the immediate worries persist on high inflation and its possible fallout on monetary policy. And, despite the recent decline, valuations (based on one year forward earnings) too are looking a bit stretched. Fund flows, especially from the overseas investors will of course continue to have a bearing on the overall sentiment.
Friday, May 7, 2010
सेन्सेक्स (16769.11) - 218.42 अंक गिरकर, नीफ़्टी (5018.05) -72.80 अंक गिरकर, बंद.
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RIL and RNRL will drive the Market tomorrow
Dispute between RIL and RNRL over supply of 28 million cubic meter of gas a day to RNRL by RIL will come to an end tomorrow as the supreme court will give verdict on the same , If its good for RIL then the maket will be cool if not the market will go in RED as RIL is heavy weight in the Index stocks but not RNRL.
What is Really the Issue
RNRL is seeking gas from RIL’s KG-D6 gas fields at USD 2.34 per mmBtu, 44 per cent lower than the government set price, for its proposed 7,800 MW power plant at Dadri.But RIL is saying it cant sell gas at a price less than USD 4.20 per mmBtu as set by the government and to customers other than those identified in accordance with the Gas Utilisation Policy (GUP).
European markets update: FTSE Index down 1%, CAC Index down 2.7% and DAX Index down 2%
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Results today:
AV Birla Nuvo, Bank of India, Cipla, KPIT Cummins, NIIT, Novartis India, Oracle Financial, Panacea Biotec, Piramal Healthcare, SRF and Torrent Power.
Corporate Snippets
The proposed joint venture between SAIL and POSCO is likely to be finalised by the month-end. (BL)
The Supreme Court to give its verdict on the gas supply and pricing dispute between Reliance Industries and RNRL today. (BL)
Maharashtra government to ask Tata Power to supply electricity to Reliance Infra till July 1. (ET)
Wipro is looking increase the authorized share capital of the company by creating additional equity shares. (BS)
ONGC Videsh and its partners will next week sign contracts for developing a giant oilfield in Venezuela. (BS)
HCC completed the acquisition of a 66% stake in Swiss construction firm Karl Steiner AG. (ET)
Tata Communications enters into partnership with Infinity Africa, expanding its services in Tanzania. (BS)
The Supreme Court to give its verdict on the gas supply and pricing dispute between Reliance Industries and RNRL today. (BL)
Maharashtra government to ask Tata Power to supply electricity to Reliance Infra till July 1. (ET)
Wipro is looking increase the authorized share capital of the company by creating additional equity shares. (BS)
ONGC Videsh and its partners will next week sign contracts for developing a giant oilfield in Venezuela. (BS)
HCC completed the acquisition of a 66% stake in Swiss construction firm Karl Steiner AG. (ET)
Tata Communications enters into partnership with Infinity Africa, expanding its services in Tanzania. (BS)
Pre Market Commentary ...
Don't try to act too smart and curb your bravado as the mayhem triggered by the European debt turmoil shows no signs of abating. Prepare for another shakeout today, at least in the morning trades as risk aversion continues to reign supreme amid growing fears that the ongoing debt problems in Europe will upset the global economic recovery. The key Indian indices are likely to nose-dive at opening bell and the NSE Nifty is expected to test 4950, which is seen as a major support. Hopefully, there will be some recovery as the day wears on and the Nifty will end above the psychological 5000 mark.
Reliance and RNRL will be in focus today as the supreme court is likely to deliver the long-pending verdict in the gas dispute. Nobody has a clue what the final decision will be. But, since Reliance is an index bellwether any sharp movement in it definitely has a bearing on the sentiment. Overall, the trend looks weak unless global markets rebound. Don't take any aggressive bets and just stay put as the global situation is not conducive right now, though for India there aren't too many worries.
Europe's debt crisis and technical glitches in computer-driven trading sparked a massive selloff on Wall Street. The euro slid to a fresh 14-month low against the dollar, and investors fled to Treasuries, gold and other safe-haven investments. The Dow at one point was down almost 1,000 points. The blue chip US index recovered sharply but still ended over 3% down. The fact that the massive drop in the Dow intra-day was largely driven by some technical error should give some solace to the bulls. The monthly US jobs report will be out later today, and if estimates are anything to go by, it should show big improvement. That might potentially change things slightly after the recent mayham.
Thursday, May 6, 2010
सेन्सेक्स (16987.53) - 100.43 अंक गिरकर, नीफ़्टी (5090.85)-34.05 अंक गिरकर, बंद.
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Results Today:
Ajanta Pharma, Amar Remedies, Bharat Bijlee, Dr. Reddy's, PNB, RCF, Swaraj Engines, Torrent Pharma and Union Bank.
FIIs were net sellers of only Rs15.89bn in the cash segment on Wednesday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs6.91bn. In the F&O segment, the foreign funds were net buyers of Rs16.3bn. FIIs were net buyers of Rs1.04bn in the cash segment on Tuesday, as per the SEBI data.
Corporate Snippets
ICICI Bank, others in talks to buy-out Tayals stake in Bank of Rajasthan. (ET)
SAIL is planning to set-up a power plant and another greenfield steel mill in eastern India. (FE)
Bharti Airtel has entered into a partnership with cloud computing service provider Novatiun to expand its broadband business in India. (ET)
JSPL’s bid for Ziscosteel has been rejected. (BS)
Maharashtra governments’ cabinet sub-committee to meet today to resolve the Tata Power-Reliance Infra row over supplying electricity in Mumbai. (ET)
Government to sell stake in 10 more PSU this year including IOC, MMTC, Coal India, SAIL, RINL and SCI. (ET)
HCL Tech has entered into a pact with Stellar Asia Pacific to offer business services to clients in Australia. (ET)
SAIL is planning to set-up a power plant and another greenfield steel mill in eastern India. (FE)
Bharti Airtel has entered into a partnership with cloud computing service provider Novatiun to expand its broadband business in India. (ET)
JSPL’s bid for Ziscosteel has been rejected. (BS)
Maharashtra governments’ cabinet sub-committee to meet today to resolve the Tata Power-Reliance Infra row over supplying electricity in Mumbai. (ET)
Government to sell stake in 10 more PSU this year including IOC, MMTC, Coal India, SAIL, RINL and SCI. (ET)
HCL Tech has entered into a pact with Stellar Asia Pacific to offer business services to clients in Australia. (ET)
Pre Market Commentary ...
Waiting on the sidelines may have spared many investors the wild swings of recent days. The Greek storm continues to rattle world markets. Risk appetite has tumbled and will take a while to recover. Public protests are mounting in Greece, stoking concerns whether it will be able to attain the proposed cuts in budget deficit. Other members of ‘PIIGS’ like Spain and Portugal are staring at further downgrades. The idea of EU as a unified, cohesive economic bloc and euro as its common currency has taken a beating. Let’s hope the crisis subsides sooner than later.
We expect some more trepidation at start today. Things might stabilize later, especially if global markets rebound. Global sentiment could improve if US monthly jobs data turns out to be strong. As of now, taking a decisive call is best postponed, though one may dabble with few counters for long-term purpose. Technically, the NSE Nifty has support at 5000 though a break below 200-day DMA of 4950 could potentially drag it down further. Resistance is seen around 5300.
US stocks recovered from session lows to end down amid what appears to be a worsening debt crisis in Southern Europe. Crude oil is hovering around $80 per barrel. The Dollar index is close to 84.
We expect some more trepidation at start today. Things might stabilize later, especially if global markets rebound. Global sentiment could improve if US monthly jobs data turns out to be strong. As of now, taking a decisive call is best postponed, though one may dabble with few counters for long-term purpose. Technically, the NSE Nifty has support at 5000 though a break below 200-day DMA of 4950 could potentially drag it down further. Resistance is seen around 5300.
US stocks recovered from session lows to end down amid what appears to be a worsening debt crisis in Southern Europe. Crude oil is hovering around $80 per barrel. The Dollar index is close to 84.
Wednesday, May 5, 2010
सेन्सेक्स (17087.96) - 49.18 अंक गिरकर, नीफ़्टी (5124.90)-23.60 अंक गिरकर, बंद.
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European markets update: FTSE Index down 0.6%, CAC Index down 1% and DAX Index down 0.5%
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On a day, when the market plummeted, FIIs were net sellers of only Rs296.8mn in the cash segment on Tuesday on a provisional basis, according to NSE web site. Local institutions were net sellers of Rs4.38bn. In the F&O segment, the foreign funds were net buyers of Rs2.34bn. FIIs were net sellers of Rs2.36bn in the cash segment on Monday, as per the SEBI data.
Results Today:
Alembic, Allcargo Global, Brigade, Elder Pharma, Granules India, JB Chemicals, Lupin, Mid-Day, NIIT Tech, Prism Cement, TN Petro and UB.
Corporate Snippets
The government said it is in the process of granting the Maharatna status to four state-run firms -ONGC, SAIL, NTPC and IOC. (ET)
L&T and UK-based Howden Global have signed a JV to design, engineer, manufacture and supply axial fans and air pre-heaters to Indian thermal power plants ranging between 100 MW and 1,200 MW. (BL)
HCL Technologies has signed a US$500mn strategic pact with pharmaceutical major MSD (also known as Merck & Co) for a period of five years. (BS)
Oil India and Indian Oil Corp has pulled out of the race to acquire Gulfsands Petroleum after the UK-listed firm refused the Indian firms’ request for due diligence before making a firm offer. (ET)
NMDC and MMTC are likely to finalise the iron ore export contracts with Japan and Korea by this month-end or early next month. (BL)
L&T and UK-based Howden Global have signed a JV to design, engineer, manufacture and supply axial fans and air pre-heaters to Indian thermal power plants ranging between 100 MW and 1,200 MW. (BL)
HCL Technologies has signed a US$500mn strategic pact with pharmaceutical major MSD (also known as Merck & Co) for a period of five years. (BS)
Oil India and Indian Oil Corp has pulled out of the race to acquire Gulfsands Petroleum after the UK-listed firm refused the Indian firms’ request for due diligence before making a firm offer. (ET)
NMDC and MMTC are likely to finalise the iron ore export contracts with Japan and Korea by this month-end or early next month. (BL)
Pre Market Commentary ...
Confidence goes for a toss when the world comes tumbling down. Despite less leverage, fear may overtake temptation while attempting to pick stocks as the sentiment swings wilder by the day. Interestingly, the Japanese market has escaped the global carnage as it has been shut for 3-4 days. May be it will react when it resumes trading. South Korea’s market is also closed today.
No such luck for India, as the market is all set to witness deeper cuts. All round selling dragged the NSE Nifty below 50day DMA which it had managed to hang on to for over a month. Most technical and derivative indicators are showing further weakness and the Nifty is set to test 5050. The best tactic in such turbulent times is to stay away and wait for stability to return.
US stocks suffered their steepest drop in three months, as risk tolerance collapsed amid mounting concerns over the European debt crisis. The S&P 500 index has dropped to its fourth test of support at the March peak of 1,180. A close below this level would likely signal a near-term downtrend, according to technical analysts.
Spanish stocks led losses on European equities indices as mounting doubts over Greece’s bail-out and fears of contagion to other eurozone periphery countries haunt investors. The dollar benefited from safe haven status while the euro suffered as investors continued their lukewarm reception to the Greek rescue package.
No such luck for India, as the market is all set to witness deeper cuts. All round selling dragged the NSE Nifty below 50day DMA which it had managed to hang on to for over a month. Most technical and derivative indicators are showing further weakness and the Nifty is set to test 5050. The best tactic in such turbulent times is to stay away and wait for stability to return.
US stocks suffered their steepest drop in three months, as risk tolerance collapsed amid mounting concerns over the European debt crisis. The S&P 500 index has dropped to its fourth test of support at the March peak of 1,180. A close below this level would likely signal a near-term downtrend, according to technical analysts.
Spanish stocks led losses on European equities indices as mounting doubts over Greece’s bail-out and fears of contagion to other eurozone periphery countries haunt investors. The dollar benefited from safe haven status while the euro suffered as investors continued their lukewarm reception to the Greek rescue package.
Tuesday, May 4, 2010
सेन्सेक्स (17137.14) -248.98 अंक गिरकर, नीफ़्टी (74.25)-74.25 अंक गिरकर, बंद.
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European markets are trading flat in the opening trades
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Corporate Snippets
BHEL has set a target to supply 12,000MW of power equipment, 3x of what it supplied in the previous fiscal, to power companies such as NTPC in 2010-11. (BL)
NTPC plans to borrow Rs128bn during the current fiscal for its capacity addition program. (BL)
IOC along with the Tamil Nadu government will invest Rs100bn to set up a gas storage terminal in the state. (ET)
The promoters of DLF will list their real estate investment trust firm, DLF Assets Ltd, in Singapore in September to raise about US$1.2bn. (FE)
Bajaj Auto said it will produce a car that will cost US$2,500 in collaboration with the Renault-Nissan alliance. (ET)
Reliance Communications has entered into talks with handset makers, including Samsung, LG and Motorola, for procuring smartphones based on Android operating systems. (FE)
NTPC plans to borrow Rs128bn during the current fiscal for its capacity addition program. (BL)
IOC along with the Tamil Nadu government will invest Rs100bn to set up a gas storage terminal in the state. (ET)
The promoters of DLF will list their real estate investment trust firm, DLF Assets Ltd, in Singapore in September to raise about US$1.2bn. (FE)
Bajaj Auto said it will produce a car that will cost US$2,500 in collaboration with the Renault-Nissan alliance. (ET)
Reliance Communications has entered into talks with handset makers, including Samsung, LG and Motorola, for procuring smartphones based on Android operating systems. (FE)
Pre Market Commentary ...
The motormen’ strike may have thrown Mumbai out of gear but the bulls are set to chug ahead. The engine of course is strong global cues. US stocks rallied on the back of positive economic reports. Multi-billion-dollar M&As are back, which can be taken as a good tiding as well. Europe too recovered from the Greek woes. Asian markets are mostly up, though Chinese markets are down following last week’s monetary tightening.
Volume may be hit due to the railway motormen’s strike. Suddenly, thousands of opportunities may appear to come your way but make sure you don't get carried away. Tuesdays are often infamous to start one way and end the other way. Despite the positive outlook for the day, the overall prospects appear to be rather murky in the near term. The key indices have been choppy and rangebound for several weeks and that trend may not change for some time to come. Jindal Steel and Syndicate Bank will announce their results today.
Meanwhile, the Greek storm has subsided, at least for now. Hopefully, the massive EU-IMF bailout over three years will help Greece take a deeper look at what went wrong. For the time being though, the rescue has soothed frayed nerves over a possible sovereign default. Still, some worries persist over the health of the other members of the PIIGS nations. The Greece issue also shows how the stimulus-driven efforts to tame the recession can boomerang. Moral of the story, heavy deficit-ridden government balance sheets need urgent repairs.
Volume may be hit due to the railway motormen’s strike. Suddenly, thousands of opportunities may appear to come your way but make sure you don't get carried away. Tuesdays are often infamous to start one way and end the other way. Despite the positive outlook for the day, the overall prospects appear to be rather murky in the near term. The key indices have been choppy and rangebound for several weeks and that trend may not change for some time to come. Jindal Steel and Syndicate Bank will announce their results today.
Meanwhile, the Greek storm has subsided, at least for now. Hopefully, the massive EU-IMF bailout over three years will help Greece take a deeper look at what went wrong. For the time being though, the rescue has soothed frayed nerves over a possible sovereign default. Still, some worries persist over the health of the other members of the PIIGS nations. The Greece issue also shows how the stimulus-driven efforts to tame the recession can boomerang. Moral of the story, heavy deficit-ridden government balance sheets need urgent repairs.
Monday, May 3, 2010
सेन्सेक्स (17386.08) -172.63 अंक गिरकर, नीफ़्टी (5222.75) -55.25 अंक गिरकर, बंद.
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JSW Steel Q4 profit at Rs717cr (up 45%) and sales at Rs5167cr (up 55%)
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European markets update: FTSE and DAX Index down 1% each
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The top gainers:
The top gainers in the Sensex were ONGC (up 3.6%), Cipla (up 3.5%), Tata Motors (up 3.3%), HDFC (up 3.2%) and HDFC Bank (up 2.5%)
The Top Losers:
The top losers in the Sensex were DLF (down 6.5%), Maruti Suzuki (down 6%), Reliance Industries (down 5%), Tata Steel (down 4.6%) and Grasim Industries (down 3.9%).
The Top Losers:
The top losers in the Sensex were DLF (down 6.5%), Maruti Suzuki (down 6%), Reliance Industries (down 5%), Tata Steel (down 4.6%) and Grasim Industries (down 3.9%).
Results Today:
Century Textiles, Edserve Software, HDFC, Idea Cellular, JSW Steel, Kansai Nerolac and Maharashtra Seamless.
Corporate Snippets
United Spirits may spin off bottled water biz into separate subsidiary. (BS)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
Pre Market Commentary ...
Get set for a weak beginning on the bourses as the key indices are set to fall due to weak global cues. Overall, the trend will remain sideways and rangebound. China has yet again raised the CRR to soften record lending and prevent asset bubbles. But the market in China, along with a few others like Japan are shut today.
As expected, Greece has managed to secure a larger bailout, though it is yet to be ratified. Make no mistake, this is not the end of the Europe debt crisis. The UK will hold general election later this week. The Goldman Sachs issue along with the Congressional debate on financial reforms will continue to cast a shadow over Wall Street.
Back home, it promises to be another action-packed week even as the market continues to struggle to break out of the current trading pattern. Reliance will be in focus as the Supreme Court is likely to deliver a verdict in the RIL-RNRL gas dispute. Auto and cement companies will be in action as they report monthly numbers. Oil marketing companies may also be in spotlight amid growing talk of price decontrol.
As expected, Greece has managed to secure a larger bailout, though it is yet to be ratified. Make no mistake, this is not the end of the Europe debt crisis. The UK will hold general election later this week. The Goldman Sachs issue along with the Congressional debate on financial reforms will continue to cast a shadow over Wall Street.
Back home, it promises to be another action-packed week even as the market continues to struggle to break out of the current trading pattern. Reliance will be in focus as the Supreme Court is likely to deliver a verdict in the RIL-RNRL gas dispute. Auto and cement companies will be in action as they report monthly numbers. Oil marketing companies may also be in spotlight amid growing talk of price decontrol.
Friday, April 30, 2010
सेन्सेक्स (17558.71) 55.24 अंक चढ्कर, नीफ़्टी (5278.00) 23.85 अंक चढ्कर, बंद..
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India Cements Q4 FY10 profit stood at Rs38.3cr lower than our expecation of 75cr.
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European markets update: FTSE Index up 0.2%, CAC Index up 0.1% and DAX Index up 0.7%
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Results Today:
ABB, Adani Power, Allahabad Bank, Alok Inds, Bank of Maharashtra, Gateway Distriparks, GVK Power, HCL Info, HCC, IDBI Bank, IFCI, India Cements, IRB Infra, Moser Baer, NDTV, Reliance Capital, Sintex, Tata Elxsi, TTML, Tech Mahindra, Titan, Uco Bank and Vijaya Bank.
Corporate Snippets
RIL plans to sell gas to retail consumers in the US, using Atlas Energy’s infrastructure
UltraTech Cement has acquired Dubai-based ETA Star Cement for an enterprise value of Rs17bn. (ET)
Jindal Steel and Power is close to acquiring Oman based Shabed Iron and Steel for US$500mn. (ET)
Supreme Court verdict on RIL-RNRL gas issue is likely next week. (ET)
Air India has opposed the marketing alliance between Kingfisher Airlines and British Airways on domestic network. (ET)
NTPC-BHEL Power Projects, 50:50 JV between the two PSU’s, is expecting orders worth Rs70bn by the end of current fiscal (ET)
Infinite Computer Solutions has bagged an order worth Rs1.25bn. (BL)
UltraTech Cement has acquired Dubai-based ETA Star Cement for an enterprise value of Rs17bn. (ET)
Jindal Steel and Power is close to acquiring Oman based Shabed Iron and Steel for US$500mn. (ET)
Supreme Court verdict on RIL-RNRL gas issue is likely next week. (ET)
Air India has opposed the marketing alliance between Kingfisher Airlines and British Airways on domestic network. (ET)
NTPC-BHEL Power Projects, 50:50 JV between the two PSU’s, is expecting orders worth Rs70bn by the end of current fiscal (ET)
Infinite Computer Solutions has bagged an order worth Rs1.25bn. (BL)
Pre Market Commentary ...
Yes, there is some profit to be made from the global rebound this morning, but one should not get carried away as the advance may run out of steam after a while. We expect a positive start following further improvement in risk tolerance worldwide. Early gains may not hold though and the market may once again turn choppy and rangebound. Near-term sentiment may remain at the mercy of global events even as earnings continue to trickle in, both here and overseas. Monsoon will be the next big event on the domestic calendar.
Meanwhile, the Government has been able to ward off the Opposition challenge in parliament and has passed the Finance Bill. It is also set to garner much more from the 3G-BWA auctions than what had been estimated earlier. So, the fiscal deficit for FY11 may look a tad better. The challenge is to maintain fiscal discipline by cutting wasteful spending rather than relying on extraordinary income.
April was a dull month for Indian equities, as the main indices were stuck in a range. A breakout from the current range may continue to elude us unless we have a major global rally. So, it would be wise to stay cautious though there is no need to panic. Be selective and careful in picking stocks, especially the small- and mid-cap ones.
Meanwhile, the Government has been able to ward off the Opposition challenge in parliament and has passed the Finance Bill. It is also set to garner much more from the 3G-BWA auctions than what had been estimated earlier. So, the fiscal deficit for FY11 may look a tad better. The challenge is to maintain fiscal discipline by cutting wasteful spending rather than relying on extraordinary income.
April was a dull month for Indian equities, as the main indices were stuck in a range. A breakout from the current range may continue to elude us unless we have a major global rally. So, it would be wise to stay cautious though there is no need to panic. Be selective and careful in picking stocks, especially the small- and mid-cap ones.
Thursday, April 29, 2010
सेन्सेक्स (17503.47) 123.39 अंक चढ्कर, नीफ़्टी (5254.15) 38.70 अंक चढ्कर, बंद..
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European markets update: FTSE Index up 0.2%, CAC Index flat and DAX Index up 0.3%
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Sector Watch: Power, Banking, Pharma & Infra
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Results Today:
Andhra Bank, Ashok Leyland, BASF India, Bata India, Biocon, Cadila, Ceat, CESC, HCL Infosystems, Hexaware, Indiabulls Real Estate, ING Vysya Bank, IOB, KEC International, Mahindra Holidays, MRF, OBC, Parsvnath Developers, Shriram Transport, Siemens, Thomas Cook, UltraTech, UB Holding and United Phosphorus.
FIIs were net sellers of Rs1.31bn on Wednesday on a provisional basis. Local funds were net buyers of Rs3.24bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers of Rs9.94bn. On Tuesday, FIIs were net buyers of Rs1.6bn in the cash segment, as per the SEBI web site.
Corporate Snippets
RIL has made a fourth oil discovery in the Cambay basin in Gujarat. (BS)
AT&T has sold 7% stake in Tech Mahindra for Rs6.6bn; LIC buys 6%. (BS)
Tata Group and Actis to form US$2bn JV for building roads over 5 years. (ET)
NTPC to invest Rs400bn in three coal base power project in Madhya Pradesh. (ET)
NTPC and Coal India enters into a JV for coal block acquisitions. (BL)
Royal Dutch Shell is no longer in exclusive talks with Essar Oil for sale of its refineries in UK and Germany. (ET)
Suzlon’s European division forms JV with Volkswind to accelerate growth in Bulgaria. (ET
AT&T has sold 7% stake in Tech Mahindra for Rs6.6bn; LIC buys 6%. (BS)
Tata Group and Actis to form US$2bn JV for building roads over 5 years. (ET)
NTPC to invest Rs400bn in three coal base power project in Madhya Pradesh. (ET)
NTPC and Coal India enters into a JV for coal block acquisitions. (BL)
Royal Dutch Shell is no longer in exclusive talks with Essar Oil for sale of its refineries in UK and Germany. (ET)
Suzlon’s European division forms JV with Volkswind to accelerate growth in Bulgaria. (ET
Pre Market Commentary ...
Some semblance of stability has returned to the global markets though Europe continues to be rattled by concerns that the debt problems of PIIGS group could linger on for a while and might spread to other parts of the region. Meanwhile, ratings agency S&P downgraded Spain's credit rating and said the outlook is negative. Incidentally, the Greek market was one of the few indices to rise in Europe after its regulator banned short selling for two months.
In the US, the Fed left key rates steady and didn’t make any change in its language. The Fed said that the US economy continues to strengthen and the labor market is beginning to improve. The Fed’s rate action and commentary helped Wall Street post a modest advance. Asian markets are mixed but relatively stable. Japanese market is shut today.
We expect a steady start on Indian bourses. After a sharp fall there is always a chance of a rebound. But the F&O expiry and uncertainty over the emerging financial situation in Europe may continue to haunt the bulls. Aggressive buying should be avoided till the near-term turbulence is over. The market will be volatile and we advise you to focus on stock centric action after doing proper due diligence.
Wednesday, April 28, 2010
सेन्सेक्स (17380.08) -310.54 अंक गिरकर, नीफ़्टी (5215.45) -92.90 अंक गिरकर, बंद.
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Exide Q4 net profit at Rs134.5cr (up 97%) and net sales at Rs1028cr (up 29%)
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LIC Housing Finance Q4 net profit at Rs213cr (up 35%)
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European markets update: FTSE Index flat, CAC Index and DAX Index down 0.5% each
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Suzlon enters JV with VOLKSWIND to develop wind energy market in Bulgaria
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Results Today:
Alfa Laval, Alstom Projects, Balaji Telefilms, Balrampur Chini, Bharti Airtel, Bank of Baroda, Canara Bank, Dabur India, Eicher Motors, Essel Propack, Exide, GHCL, Ingersoll Rand, JSL, Kesoram, LIC Housing, Marico, Mindtree, Patni and Shoppers Stop.
FIIs were net sellers of Rs1.64bn on Tuesday on a provisional basis. Local funds were net buyers of Rs10.9mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs1.08bn. On Monday, FIIs were net buyers of Rs5.65bn in the cash segment, as per the SEBI web site.
Corporate Snippets
ONGC and IOC are set to get approval from the government to spend five times more on acquisitions, giving them greater freedom to compete with China for assets. (BS)
NPCIL and NTPC have entered into an agreement to set up nuclear power projects, with the latter holding 49% stake in the JV. (BS)
NTPC and SAIL are expected to be permitted to make US$1.1bn takeovers without government clearance. (BS)
SAIL and Posco, who are in talks to jointly set up a steel plant in Jharkhand, are also exploring forming another JV to build a Rs10bn specialized steel mill in Maharashtra. (BS)
TCS has been shortlisted for another tender by the ministry of overseas Indian affairs along with Wipro and Spanco. (ET)
NPCIL and NTPC have entered into an agreement to set up nuclear power projects, with the latter holding 49% stake in the JV. (BS)
NTPC and SAIL are expected to be permitted to make US$1.1bn takeovers without government clearance. (BS)
SAIL and Posco, who are in talks to jointly set up a steel plant in Jharkhand, are also exploring forming another JV to build a Rs10bn specialized steel mill in Maharashtra. (BS)
TCS has been shortlisted for another tender by the ministry of overseas Indian affairs along with Wipro and Spanco. (ET)
Pre Market Commentary ...
It is time for the bulls to change their way a bit, at least for today, as heightened sovereign debt troubles in Europe has sent global markets in a bit of a tizzy. Risk appetite has taken a beating amid concerns that the financial mess in "PIGGS" could spread to more European nations and may hurt the global economic recovery. The Goldman Sachs fraud case and worries about more tightening in China are among the other pressure points.
To add to the volatility we have the F&O expiry on Thursday. The Fed will keep rates steady later today. Still, the markets will be eager to know if there is any change in its language. Given the weak global backdrop, the Indian market too will witness a gap-down opening. Whether we recover from this global jolt will hinge on how European markets open.
One will also have to keep a close tab on the latest developments in the region. The Nifty has a good support at 5200 but may fall below it if there is any further deterioration in the global sentiment. It is time to be a little guarded and wait for the turbulence to get over. A selective and careful approach is the need of the hour.
Tuesday, April 27, 2010
सेन्सेक्स (17690.62) -54.66 अंक गिरकर, नीफ़्टी (5308.35) -14.10 अंक गिरकर, बंद.
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European markets update: FTSE Index down 0.6%, CAC Indx down 0.7% and CAC Index down 0.4%
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Asian market update: Shanghai Index down 2% and Hang Seng Index down 1.5%
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Results Today:
Aventis Pharma, Concor, Dena Bank, Gillette India, GSK Pharma, Greaves Cotton, IDFC, Ispat Industries, JSW Energy, Motilal Oswal Financial, Petronet LNG, Piramal Life, PFC, PTC India, Raymond, Shree Renuka Sugars, Sobha Developers, TAJ GVK Hotels, Welspun Gujarat and Yes Bank.
FIIs were net buyers of Rs2.34bn on Monday on a provisional basis. Local funds were net sellers of Rs736.9mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs3.66bn. On Friday, FIIs were net buyers of Rs8.80bn in the cash segment, as per the SEBI web site.
Pre Market Commentary ..
Today, we expect a lackluster start due to mixed global cues. Markets in the US barely moved though European markets managed strong gains despite resurfacing of the jitters over Greece. Asian markets are mostly in the red. The NSE Nifty is likely to face resistance between 5350 and 5400. Support will kick in at 5200 in case of a fresh fall.
For the time being, the market’s motion somehow seems to have stalled. The key indices remain stuck in a range and a major breakout is not on the cards anytime soon. Earnings are mixed. The ones that are beating estimates are seeing some upgrades but those are few and far between. One may have to wait for an across-the-board 'market upgrade' for 2-3 quarters.
Coming back to motion, the Government will face some more music in parliament today. The opposition has called for a cut-motion on two Budget measures but reports suggest the UPA is comfortably placed in terms of numbers. F&O expiry and Fed meet are the events to watch out for later this week. The broader market will continue to hog the limelight as more results pour in.
Corporate Snippets
Mahindra & Mahindra is interested in buying stakes in beleaguered South Korean sports utility vehicle manufacturer SsangYong Motor Company (SMC). (BS)
ONGC ultimate reserve accretion (including its joint ventures) in domestic fields in 2009-10 has been 87.37mn tons oil and oil equivalent gas (mtoe) against the MoU target of 76.28mtoe (114.5% achievement). (BL)
The Orissa government has asked the public sector Nalco to give its consent for floating a SPV for local area development of the Potangi bauxite project area in Koraput district. (BS)
Three public sector units- Coal India, GAIL and RCF will form a consortium to revive the closed unit of Fertilizer Corporation of India at Talcher at a cost of Rs100bn. (BS)
The US Food and Drug Administrator has approved Glenmark Pharmaceutical’s oral contraceptive hormone-based drug norethindrone. (ET)
ONGC ultimate reserve accretion (including its joint ventures) in domestic fields in 2009-10 has been 87.37mn tons oil and oil equivalent gas (mtoe) against the MoU target of 76.28mtoe (114.5% achievement). (BL)
The Orissa government has asked the public sector Nalco to give its consent for floating a SPV for local area development of the Potangi bauxite project area in Koraput district. (BS)
Three public sector units- Coal India, GAIL and RCF will form a consortium to revive the closed unit of Fertilizer Corporation of India at Talcher at a cost of Rs100bn. (BS)
The US Food and Drug Administrator has approved Glenmark Pharmaceutical’s oral contraceptive hormone-based drug norethindrone. (ET)
Monday, April 26, 2010
सेन्सेक्स (17745.28) 51.08 अंक चढ्कर, नीफ़्टी (5322.45) 18.35 अंक चढ्कर, बंद..
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European markets update: FTSE Index up 0.9%, CAC Index up 1.5% and DAX Index up 1%
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Delivery Call .. BUY AND HOLD - DLINK for week...
“D-Link has a proven track record of delivering revolutionary networking products that provide consumers with the best possible home networking experience.”
D-Link (India) Ltd. ranks among India's premier networking firms.
Globally, D-Link Corporation features among the top five networking companies.
9months dec 09 profit =5.62cr VS FY 09=4.85cr
fy 10 eps expected Rs 2.8 VS 1.6 UP 75%
MBT EXPECTING FY 11 EPS AT AROUND RS 4
Dlink corp TAIWAN holds 61%
Market outlook may positive ..
5281-5250 is the major support.
Upside target above 5400Start profit booking on all Investment and sit on CASH between 5300-5566 level.
India Infoline : Our delivery call now trading at 118,
TRADING STRONG GIVEN BUY AT 109.90
HOLD FOR NEXT TARGET 124 ++
HOLD FOR NEXT TARGET 124 ++
Sector Watch : Banking, Infra, Power, Fertilizers & Agro Foods
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Results Today
Allied Digital, AstraZeneca Pharma, Bosch, Geometric, Godrej Consumer, Indiabulls Financials, Indoco Remedies, Kiri Dyes, Kirloskar Brothers, Maruti Suzuki, Religare, Sterlite Industries, Tata Metaliks and Uco Bank.
FIIs were net buyers of Rs3.39bn on Friday on a provisional basis. Local funds were net buyers of Rs290.9mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs3.58bn. On Thursday, FIIs were net buyers of Rs17.48bn in the cash segment, as per the SEBI web site. Mutual funds were net buyers at Rs2.47bn in the cash segment on the same day.
Pre Market Commentary ...
Today, we expect the market to remain sideways and rangebound ahead of the Fed meet and F&O expiry.It was exactly the case for the Chennai Super Kings as they edged out the favourites - the Mumbai Indians in the IPL final. As far as the market is concerned, the gains made over the past one year or so have been spectacular post the global meltdown. Today promises to be yet another sweet start for the market on the back of good global tidings. The key to watch is whether the Nifty closes above 5350.
Equities worldwide have gained after Greece decided to tap into the EU-IMF loan. The initial monsoon forecast is encouraging. Earnings from a couple of big private banks have been pretty robust. On the flip side, Reliance’s results were slightly disappointing. Crude oil is above $85. The political temperature is rising and calls for tighter bank regulations have got shriller in the US.
As the MI’s loss to CSK shows, nobody is invincible. So, one has to guard against complacency. No need to take undue risk. Wait for a decisive move in key indices.
Corporate Snippets
DLF arm buys out PE stake in group firm for Rs31bn. (BL)
TCS, Infosys, Wipro and IBM vie for Bharti Airtel outsourcing operations worth over a US$1bn. (ET)
NTPC may raise US$500mn through external commercial borrowings this financial year. (BS)
EID Parry (India) says it has entered into an agreement with the promoters of GMR Industries, the agri business arm of GMR Group, to buy 51% of their stake in the company. (TOI)
ICICI Bank has brought back its special home loan offer following rival and mortgage major HDFC’s move to relaunch a similar product last week. (TOI)
Pantaloon Retail says the company will demerge three of its businesses, including that of food, into two of its subsidiaries. (TOI)
NTPC has missed its capacity addition target by almost 50% in 2009-10 by adding only 1560MW, as against a target of 3,330MW. (DNA)
TCS, Infosys, Wipro and IBM vie for Bharti Airtel outsourcing operations worth over a US$1bn. (ET)
NTPC may raise US$500mn through external commercial borrowings this financial year. (BS)
EID Parry (India) says it has entered into an agreement with the promoters of GMR Industries, the agri business arm of GMR Group, to buy 51% of their stake in the company. (TOI)
ICICI Bank has brought back its special home loan offer following rival and mortgage major HDFC’s move to relaunch a similar product last week. (TOI)
Pantaloon Retail says the company will demerge three of its businesses, including that of food, into two of its subsidiaries. (TOI)
NTPC has missed its capacity addition target by almost 50% in 2009-10 by adding only 1560MW, as against a target of 3,330MW. (DNA)
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