Wednesday, May 19, 2010
Titagarh Wagons
Shares of Titagarh Wagons surged by over 5% to end at Rs324 after the company’s fourth- quarter profit rose to Rs259.4mn from Rs103.6mn from a year earlier. The scrip opened at Rs307 it touched an intra-day high of Rs332 and a low of Rs305 and recorded volumes of over 0.1mn shares on BSE.
Results Today:
Agro Tech Foods, Amara Raja Batteries, ENIL, Everonn, Hindustan National Glass, HSBC Investdirect, Jindal Drilling, KEI Inds, Pidilite, REC, Shree Ganesh Jewellery, Transport Corp, Vinati Organics and Visa Steel.
Corporate Snippets
ICICI Bank will take over the crisis-ridden private sector Bank of Rajasthan and has offered a swap ratio of 1:4.72 for the deal - 25 shares of ICICI Bank for 118 shares of Bank of Rajasthan. (FE)
RIL and RNRL began informal talks for a possible gas supply agreement in line with the Supreme Court verdict. (FE)
TCS’s outsourcing contract from the UK government for managing a state-sponsored pension scheme may be among the several projects that will be put on the block by the new regime in London. (BL)
ONGC said that it has been asked by the government to pay Rs50bn to cover refiners' losses from selling fuels below cost during January-March quarter. (FE)
SAIL has urged engineering exporters to enter into long-term contracts with his organization to overcome the shortage of raw materials facing them. (BL)
RIL and RNRL began informal talks for a possible gas supply agreement in line with the Supreme Court verdict. (FE)
TCS’s outsourcing contract from the UK government for managing a state-sponsored pension scheme may be among the several projects that will be put on the block by the new regime in London. (BL)
ONGC said that it has been asked by the government to pay Rs50bn to cover refiners' losses from selling fuels below cost during January-March quarter. (FE)
SAIL has urged engineering exporters to enter into long-term contracts with his organization to overcome the shortage of raw materials facing them. (BL)
Pre Market Commentary ...
Make no mistake; risk aversion is here to stay, so is uncertainty and volatility. The euro has hit a fresh four-year low against the US dollar. The CBOE VIX ended upwards of 33 overnight. The dollar index is trading above 87. Risky assets like stocks, commodities, and emerging market currencies are being shunned. Safe havens like gold and US treasuries are being snapped up. Germany is banning some bearish bets on sovereign bonds and certain financial stocks.
Markets are pre-occupied with the euro-zone debt crisis and its potential fallout on the global economy. The trend is unlikely to change anytime soon. We see another weak start to the day as Asian markets are mostly in red following the overnight fall on Wall Street. Ironically, markets in Europe ended smartly higher. One has to watch how they open today. The NSE Nifty may yet again test 200-day DMA of 4987 today. It will be interesting to see if it rebounds from there or slips under it
.
The "headline risk" is expected to persist for a while considering the external situation. The bad news is overwhelmingly negative right now. That must turn substantially in favour of the bulls if the market is to reverse course and head north. FIIs too should resume their buying spree. A good start and overall healthy monsoon season will go a long way in bolstering India's growth and in reviving investor confidence.
Markets are pre-occupied with the euro-zone debt crisis and its potential fallout on the global economy. The trend is unlikely to change anytime soon. We see another weak start to the day as Asian markets are mostly in red following the overnight fall on Wall Street. Ironically, markets in Europe ended smartly higher. One has to watch how they open today. The NSE Nifty may yet again test 200-day DMA of 4987 today. It will be interesting to see if it rebounds from there or slips under it
.
The "headline risk" is expected to persist for a while considering the external situation. The bad news is overwhelmingly negative right now. That must turn substantially in favour of the bulls if the market is to reverse course and head north. FIIs too should resume their buying spree. A good start and overall healthy monsoon season will go a long way in bolstering India's growth and in reviving investor confidence.
Tuesday, May 18, 2010
सेन्सेक्स (16875.76) 40.20 अंक चढ्कर, नीफ़्टी (5066.20) 06.30 अंक चढ्कर, बंद
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FIIs were net sellers of Rs12.24bn in the cash segment on Monday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs3.82bn. In the F&O segment, the foreign funds were net sellers of Rs9.83bn. FIIs were net sellers of Rs2.05bn in the cash segment on Friday, as per the SEBI data. Mutual Funds were net sellers of Rs2.05bn in the cash segment on the same day.
Results Today:
Bilpower, Bombay Rayon, Chennai Petro, Grindwell Norton, ICRA, JK Lakshmi Cement, Man Industries, Motherson Sumi, Munjal Showa and Omnitech Info.
Corporate Snippets
ABB has made an offer to increase stake in its Indian subsidiary by 22.89% at a cost of nearly US$1bn. ABB said it will buy 48.59mn shares at Rs900 per share, a 34% premium to last Friday’s closing price of ABB India shares. (ET)
Credit rating agency Fitch removed Bharti Airtel from its negative watch list in anticipation of an US$2bn equity infusion during the current fiscal, as well as hopes of better overall performance. (ET)
DLF confirmed it had decided to sell its stake in Aman Resorts, but a sale would exclude Aman’s New Delhi property. (ET)
Tata Steel is keen on forming a JV with Steel Authority of India (SAIL) to set up a steel plant. (ET)
Thermax has signed a five-year technology transfer agreement with Germany based Lambion Energy Solutions in the areas of energy generation from waste. (ET)
Credit rating agency Fitch removed Bharti Airtel from its negative watch list in anticipation of an US$2bn equity infusion during the current fiscal, as well as hopes of better overall performance. (ET)
DLF confirmed it had decided to sell its stake in Aman Resorts, but a sale would exclude Aman’s New Delhi property. (ET)
Tata Steel is keen on forming a JV with Steel Authority of India (SAIL) to set up a steel plant. (ET)
Thermax has signed a five-year technology transfer agreement with Germany based Lambion Energy Solutions in the areas of energy generation from waste. (ET)
Pre Market Commentary ...
The recovery may sure tempt you to believe things are settling down. We managed to bounce back after another rough start as European markets were relatively stable. US stocks too rebounded from session lows to end in the green. Asian markets are mixed this morning with Chinese market in the red yet again. Given the murky global outlook, we expect a subdued start to the proceedings. Sentiment may improve a little, provided there no further tremors on the external front. But, on the whole we expect a volatile yet rangebound session.
Technically, the levels to watch are 4950 on the downside and 5100-5200 on the way up. A close below 4900 could lead to some panic. A decisive breakout may continue to elude us till the Nifty sustains above 5300. For the time being, the broader market may hold more promise as the large caps appear to be fully priced. In terms of events, the latest GDP data will be out on May 31. Monsoon’s progress will also have some bearing on market mood in the near term. We are certainly not out of the woods yet as far as global factors are concerned, and so it would be wise to remain cautious. Fresh buying could be avoided for now.
Technically, the levels to watch are 4950 on the downside and 5100-5200 on the way up. A close below 4900 could lead to some panic. A decisive breakout may continue to elude us till the Nifty sustains above 5300. For the time being, the broader market may hold more promise as the large caps appear to be fully priced. In terms of events, the latest GDP data will be out on May 31. Monsoon’s progress will also have some bearing on market mood in the near term. We are certainly not out of the woods yet as far as global factors are concerned, and so it would be wise to remain cautious. Fresh buying could be avoided for now.
Monday, May 17, 2010
सेन्सेक्स (16835.56) -159.04 अंक गिरकर, नीफ़्टी (5059.90) -33.60 अंक गिरकर, बंद.
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European markets update: FTSE Index flat, CAC Index down 0.4% and DAX Index down 0.3%
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FIIs were net sellers of Rs3.82bn in the cash segment on Friday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs1.64bn. In the F&O segment, the foreign funds were net sellers of Rs20.47bn. FIIs were net buyers of Rs859mn in the cash segment on Thursday, as per the SEBI data. Mutual Funds were net buyers of Rs1.93bn in the cash segment on the same day.
Results Today:
Aksh Optifibre, Gail India, Godrej Properties, Karnataka Bank, L&T, Mundra Port, NTPC, Titagarh Wagons and Whirlpoll India.
Corporate Snippets
Videocon Industries will raise Rs22bn through a mix of qualified institutional placement, follow-on issue and preferential allotment. (BL)
SBI would come out with a retail bond issue of about Rs2bn in the first half of the year. (BS)
JSW Steel has completed the acquisition of nine coking coal mines in West Virginia in the US. (ET)
Larsen and Toubro has bagged a contract worth Rs15bn from the National Highways Authority of India. (BL)
ONGC Mittal Energy has found hydrocarbons in a Nigerian deepwater block. (BL)
SAIL is mulling setting up a steel project, at an estimated cost of Rs600bn, in Jharkhand. (TOI)
SBI would come out with a retail bond issue of about Rs2bn in the first half of the year. (BS)
JSW Steel has completed the acquisition of nine coking coal mines in West Virginia in the US. (ET)
Larsen and Toubro has bagged a contract worth Rs15bn from the National Highways Authority of India. (BL)
ONGC Mittal Energy has found hydrocarbons in a Nigerian deepwater block. (BL)
SAIL is mulling setting up a steel project, at an estimated cost of Rs600bn, in Jharkhand. (TOI)
Pre Market Commentary ...
The Indian stock market has slowed substantially after last year's stunning rally. The key indices remain stuck in a range even as the NSE Nifty has made several attempts at breaking free from the rangebound trading pattern. The European debt crisis has only made that task tougher. In fact, there are chances of the market falling further if the situation in Europe doesn't improve fast enough. China's red-hot economy is another cause for worry even as the US continues to exhibit anemic recovery and the UK is struggling with high budget deficit
.
Back home, inflation represents the biggest challenge - for the market as well as for the policymakers. All eyes are now on monsoon. Talk of poor start to the rainy season spooked the sentiment on Friday. Hopefully, the IMD's prediction will prove wrong again. Our forecast for today is another weak start following the renewed bloodbath in the US and European markets. Asian markets are in the red this morning. Don't get fooled by any intra-day relief rallies, as risk-reward equation is still not favourable for the bulls.
.
Back home, inflation represents the biggest challenge - for the market as well as for the policymakers. All eyes are now on monsoon. Talk of poor start to the rainy season spooked the sentiment on Friday. Hopefully, the IMD's prediction will prove wrong again. Our forecast for today is another weak start following the renewed bloodbath in the US and European markets. Asian markets are in the red this morning. Don't get fooled by any intra-day relief rallies, as risk-reward equation is still not favourable for the bulls.
Friday, May 14, 2010
सेन्सेक्स (16994.60) -271.27 अंक गिरकर, नीफ़्टी (5093.50) -85.40 अंक गिरकर, बंद.
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European markets update: FTSE Index down 1%, CAC Index down 1.9% and DAX Index down 0.7%
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FIIs were net sellers of Rs155.7mn in the cash segment on Thursday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs2.22bn. In the F&O segment, the foreign funds were net buyers of Rs18.63bn. FIIs were net sellers of Rs1.66bn in the cash segment on Wednesday, as per the SEBI data. Mutual Funds were net sellers of Rs1.28bn in the cash segment on the same day.
Results Today:
Adani Enterprises, Asahi India, Bhushan Steel, Deccan Chronicle, DLF, Federal Bank, Gulf Oil, Hindustan Copper, ICI India, Kirloskar Oil, McNally Bharat, NALCO, SBI, Tanla and Videocon Industries.
Corporate Snippets
RIL may join ONGC consortium in Venezuela, which could bag a hydrocarbon block. (ET)
Standard Chartered is likely to raise around US$600mn through an India listing. (ET)
Huawei offers to share source code for its telecommunication systems in a move to establish that its telecom gear does not pose security threat. (ET)
RJ Corp will dilute 10-12% in one of its subsidiaries to fund expansion plans. (ER)
Kingfisher to restructure around Rs7bn of debt. (ET)
Coal India about US$555mn in employee cost over the next 10years as it increases the use of machines. (ET)
Standard Chartered is likely to raise around US$600mn through an India listing. (ET)
Huawei offers to share source code for its telecommunication systems in a move to establish that its telecom gear does not pose security threat. (ET)
RJ Corp will dilute 10-12% in one of its subsidiaries to fund expansion plans. (ER)
Kingfisher to restructure around Rs7bn of debt. (ET)
Coal India about US$555mn in employee cost over the next 10years as it increases the use of machines. (ET)
Pre Market Commentary ...
There may be no prosperity at start on the Street as global cues are not supportive. After Spain, now Portugal has announced tough austerity steps to qualify for funds from the massive safety net provided by the EU and IMF. Optimism that the eurozone debt crisis is abating got a lift from a successful bond auction in Italy. Still, the euro fell close to 14-month lows against the dollar. Risk aversion remains elevated with the dollar index climbing above 85. Commodities are under pressure though Gold continues to attract safe haven buying. US stocks erased Wednesday’s big gains amid reports of a widening probe of large Wall Street banks. Asian markets are mostly in red this morning.
It’s a no-brainer that Indian stocks too would fall in sync with the global trend. However, the fall may not be too severe and sentiment could change for the better provided there is no further bad news from the external front. Key indices might also benefit if inflation for April turns out to be lower than anticipated. Consensus is for a drop to ~9.5% from 9.9% in March. On the whole, the market is likely to remain sideways and rangebound. The NSE Nifty will continue to find resistance at 5200 and beyond while support is expected at 5000 in case it drops below 5100. A major break-down in sentiment is not on the cards unless we get some fresh dose of bad news from the overseas markets.
It’s a no-brainer that Indian stocks too would fall in sync with the global trend. However, the fall may not be too severe and sentiment could change for the better provided there is no further bad news from the external front. Key indices might also benefit if inflation for April turns out to be lower than anticipated. Consensus is for a drop to ~9.5% from 9.9% in March. On the whole, the market is likely to remain sideways and rangebound. The NSE Nifty will continue to find resistance at 5200 and beyond while support is expected at 5000 in case it drops below 5100. A major break-down in sentiment is not on the cards unless we get some fresh dose of bad news from the overseas markets.
Thursday, May 13, 2010
सेन्सेक्स (17265.87) 70.06 अंक चढ्कर, नीफ़्टी (5178.90) 22.85 अंक चढ्कर, बंद..
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DELIVARY CALL,
BUY and HOLD
GESHIP
Target at 350 in 30 Days,
Target at 350 in 30 Days,
BUY and HOLD
PIRAMALHELTHTarget at 550++
FIIs were net sellers of Rs2.97bn in the cash segment on Wednesday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs1.8bn. In the F&O segment, the foreign funds were net buyers of Rs12.89bn. FIIs were net buyers of Rs1.43bn in the cash segment on Tuesday, as per the SEBI data. Mutual Funds were net sellers of Rs1.97bn in the cash segment on the same day.
Results Today:
Crompton Greaves, Educomp, Gammon India, Graphite India, Kewal Kiran, Koutons Retail, Lok Housing, MTNL, Plethico Pharma and Tata Coffee.
Corporate Snippets
Ranbaxy plans to divest its investments made by the previous promoter in the group companies. (ET)
Reliance Power may build gas-fired plant in Andhra Pradesh instead of Dadri after the Supreme Court verdict. (ET)
M&M to consolidate presence in utility vehicles segment. (BL)
Tata Steel wants prices for automobiles sector to be negotiated every quarter. (BL)
Godrej Consumer to buy out Sara Lee stake in their JV for a consideration of US$234mn. (ET)
Glodyne Technoserve has acquired DecisionOne, a US based IT firm for US$104mn. (ET)
HCC spins off IT unit into a fully-owned subsidiary. (ET)
Reliance Power may build gas-fired plant in Andhra Pradesh instead of Dadri after the Supreme Court verdict. (ET)
M&M to consolidate presence in utility vehicles segment. (BL)
Tata Steel wants prices for automobiles sector to be negotiated every quarter. (BL)
Godrej Consumer to buy out Sara Lee stake in their JV for a consideration of US$234mn. (ET)
Glodyne Technoserve has acquired DecisionOne, a US based IT firm for US$104mn. (ET)
HCC spins off IT unit into a fully-owned subsidiary. (ET)
Pre Market Commentary ...
Wild swings are here to stay though the outlook for the day appears slightly brighter. Risk aversion is still high with investors across the globe flocking to the safety of gold and the dollar. At the same time, stocks and commodities are showing some signs of staging a comeback. British shares rose as David Cameron took charge of the first coalition government in London since World War II. Spain’s announcement of a new austerity plan also helped boost confidence in equities.
Stocks in Europe as well as in the US posted smart gains. Asian markets are up this morning, led by Japan and South Korea though Shanghai continues to struggle amid tightening concerns. We expect a higher opening on Indian bourses. The NSE Nifty may take a shot at 5200 but will find it tough to get past 5300. Fund flows from overseas investors have tapered off lately and valuations remain quite rich. We are going through a volatile consolidation phase. It’s better to stay at a safe range and invest lesser than your means.
Stocks in Europe as well as in the US posted smart gains. Asian markets are up this morning, led by Japan and South Korea though Shanghai continues to struggle amid tightening concerns. We expect a higher opening on Indian bourses. The NSE Nifty may take a shot at 5200 but will find it tough to get past 5300. Fund flows from overseas investors have tapered off lately and valuations remain quite rich. We are going through a volatile consolidation phase. It’s better to stay at a safe range and invest lesser than your means.
Wednesday, May 12, 2010
सेन्सेक्स (17195.81) 54.28 अंक चढ्कर, नीफ़्टी (5156.65) 20.50 अंक चढ्कर, बंद..
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European markets update: FTSE Index 0.7%, CAC Index down 1.2% and DAX Index down 0.3%
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FIIs were net buyers of Rs201.9mn in the cash segment on Tuesday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs224.9mn. In the F&O segment, the foreign funds were net buyers of Rs19.74bn. FIIs were net buyers of Rs6.97bn in the cash segment on Monday, as per the SEBI data. Mutual Funds were net buyers of Rs1.23bn in the cash segment on the same day.
Results Today:
Bajaj Auto, Bajaj Holdings, Blue Star, DB Realty, Dewan Housing, Hathway Cable, Infinite Computers, MRPL, Thermax and Welspun India.
Corporate Snippets
BSNL, Bharti Airtel, Vodafone-Essar, Aircel, MTNL and Idea Cellular might have to fork out over Rs112bn for having spectrum beyond 6.2MHz, if the government accepts the TRAI’s recommendations. (BS)
Fitch Ratings on Tuesday has affirmed the foreign currency issuer default rating (IDR) of 'BB+' and the national long-term rating of ‘AA (Ind)’ of Tata Steel. (FE)
Concerned over the delay in getting clearance from the Centre for its IT SEZ in Chennai, DLF has decided to pull out of the project. (ET)
Alstom Group said that it has expanded its strategic partnership with Infosys Technologies in areas of global R&D, engineering and engineering IT services. (ET)
The Water Technology Business Unit of L&T secured Rs8.5bn contract from the Public Works Authority of Qatar for setting up an advanced waste water treatment and urban reuse plant. (BL)
Fitch Ratings on Tuesday has affirmed the foreign currency issuer default rating (IDR) of 'BB+' and the national long-term rating of ‘AA (Ind)’ of Tata Steel. (FE)
Concerned over the delay in getting clearance from the Centre for its IT SEZ in Chennai, DLF has decided to pull out of the project. (ET)
Alstom Group said that it has expanded its strategic partnership with Infosys Technologies in areas of global R&D, engineering and engineering IT services. (ET)
The Water Technology Business Unit of L&T secured Rs8.5bn contract from the Public Works Authority of Qatar for setting up an advanced waste water treatment and urban reuse plant. (BL)
Pre Market Commentary ...
Uncertainty continues to haunt global markets despite multi-billion-euro bailout for the troubled euro-zone nations. What’s worse, volatility has shot up as risk aversion remains elevated. Gold and the Dollar are attracting safe haven buying while risky assets like stocks and commodities are under pressure. Aside from the European debt crisis, markets are also worried about possible overheating in China. In short, things are not looking bright as of now and the prospects for global equities may take a while to revive.
Today we expect a slightly positive start but early gains may not sustain and the key indices will remain sluggish within a tight range. The NSE Nifty will continue to meet resistance at 5200 and beyond that, at 5300. On the way down, support is placed at around 5115. A bigger selloff could even take the Nifty below 5000. Telecom stocks may fall further on TRAI recommendations and aggressive 3G bids. March IIP data will be out today and is likely to show ~15% growth. Monthly inflation will be released on May 14.
Rural Electrification Corp. Ltd. (REC) has been added to the MSCI Emerging Markets Index. According to reports, Adani Enterprise and Piramal Healthcare have also been included in the widely tracked index. Reports also suggest that HDIL and Suzlon have been added by MSCI while Power Grid and Glenmark Pharma have been removed.
Today we expect a slightly positive start but early gains may not sustain and the key indices will remain sluggish within a tight range. The NSE Nifty will continue to meet resistance at 5200 and beyond that, at 5300. On the way down, support is placed at around 5115. A bigger selloff could even take the Nifty below 5000. Telecom stocks may fall further on TRAI recommendations and aggressive 3G bids. March IIP data will be out today and is likely to show ~15% growth. Monthly inflation will be released on May 14.
Rural Electrification Corp. Ltd. (REC) has been added to the MSCI Emerging Markets Index. According to reports, Adani Enterprise and Piramal Healthcare have also been included in the widely tracked index. Reports also suggest that HDIL and Suzlon have been added by MSCI while Power Grid and Glenmark Pharma have been removed.
Tuesday, May 11, 2010
सेन्सेक्स (17141.53) -189.02 अंक गिरकर, नीफ़्टी (5136.15) -57.45 अंक गिरकर, बंद.
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Delivery Call 30 DAYS................
Buy and Hold INDIAINFO AT 100 and below hold for 117, 124 and plus in 30 days
SURE SHOT
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European markets update: FTSE Index down 1.6%, CAC Index down 2% and DAX Index down 1.5%
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Results Today:
Bajaj Auto Finance, Bajaj Finserv, Bajaj Hindusthan, Havells India, Hindalco, Jain Irrigation, Jindal Drilling, Kotak Mahindra Bank, Ranbaxy and SREI Infra.
FIIs were net buyers of Rs2.64bn in the cash segment on Monday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs302.5mn. In the F&O segment, the foreign funds were net buyers of Rs26.8bn. FIIs were net sellers of Rs15.9bn in the cash segment on Friday, as per the SEBI data. Mutual Funds were net sellers of Rs137mn in the cash segment on the same day.
Corporate Snippets
The Maharashtra government intervened with GAIL India to organise gas supply till end-June for one unit of Tata Power’s Trombay plant. (BS)
Bolivia has said that the multi-billion dollar contract it signed with Jindal Steel to develop an iron ore mine has not been rescinded, but the steel company would have to pay a penalty for not fulfilling the terms of the agreement. (BS)
Tata Power has said that it is not inclined to accept a Maharashtra government order asking it to supply around 300MW to Reliance Infrastructure, setting the stage for an unusual confrontation with the state government, reports Our Political Bureau from Mumbai. (ET)
US-based Purdue Pharma has filed a patent infringement suit against Ranbaxy, after it had applied for marketing approval of a low-cost version of Purdue’s pain relieving medicine, Oxycodone. (BS)
Bolivia has said that the multi-billion dollar contract it signed with Jindal Steel to develop an iron ore mine has not been rescinded, but the steel company would have to pay a penalty for not fulfilling the terms of the agreement. (BS)
Tata Power has said that it is not inclined to accept a Maharashtra government order asking it to supply around 300MW to Reliance Infrastructure, setting the stage for an unusual confrontation with the state government, reports Our Political Bureau from Mumbai. (ET)
US-based Purdue Pharma has filed a patent infringement suit against Ranbaxy, after it had applied for marketing approval of a low-cost version of Purdue’s pain relieving medicine, Oxycodone. (BS)
Pre Market Commentary ...
Global markets have heaved a sigh of relief. European leaders have buried the hatchet to avert a possible split in the euro-zone and bolster confidence in the euro. Another major financial crisis has been avoided. But, it remains to be seen how fast the debt-ridden European nations can rebound from here on. A major task ahead of them is to overhaul their economic structures to return to sustainable growth while also keeping in check their high debt levels.
The global economic recovery has suffered a temporary setback. What that means is that the crisis-fighting stimulus will stay for some time to come in advanced nations. Even central banks in emerging countries like India may go slow in raising rates. The dollar may remain firm. Emerging markets with strong growth will benefit from ultra-soft monetary regime in western countries.
For the day, the outlook remains positive though the start will be lackluster. Asian markets are mixed. Stocks in China are up this morning, owing to strong set of economic data released today. The Hang Seng is in the red. Some choppiness is likely and the main Indian indices may once again slip into a rangebound trade. We would urge caution at these levels.
The global economic recovery has suffered a temporary setback. What that means is that the crisis-fighting stimulus will stay for some time to come in advanced nations. Even central banks in emerging countries like India may go slow in raising rates. The dollar may remain firm. Emerging markets with strong growth will benefit from ultra-soft monetary regime in western countries.
For the day, the outlook remains positive though the start will be lackluster. Asian markets are mixed. Stocks in China are up this morning, owing to strong set of economic data released today. The Hang Seng is in the red. Some choppiness is likely and the main Indian indices may once again slip into a rangebound trade. We would urge caution at these levels.
Monday, May 10, 2010
सेन्सेक्स (17330.55) 561.44 अंक चढ्कर, नीफ़्टी (5193.60) 175.55 अंक चढ्कर, बंद..
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European markets update: FTSE Index up 2.6%, DAX Index up 2.9% and CAC Index up 4.9%
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Dow Jones Futs up by 245 pts and Nasdaq Futs up by 32 pts
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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.
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