Friday, April 16, 2010
European markets update: FTSE Index down 0.2%, CAC Index down 0.3% and DAX Index down 0.2%
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New IPO : Down by 20%
Goenka Diamond & Jewellery
IPO Listing Today down 20%
BSE Code: 533189 (B Group)
IPO Listing Today down 20%
BSE Code: 533189 (B Group)
Zee News
Shares of Zee News plunged over 75% to end at Rs18. Zee News had approved the Scheme of Arrangement whereby the Regional General Entertainment Channel (GEC) business of the company would be de-merged and transferred to Zee Entertainment Enterprises with effect from January 1, 2010 (appointed date).
April 16 was fixed as the Record Date for determination of members of the company who would become eligible for issuance of equity shares by Zee Entertainment Enterprises.
Pre Market Commentary
The weak link for the market appears to be fears of an adverse outcome of the RBI’s annual policy meet next week. Meanwhile, India’s quest to break into the elite global space club will be delayed. In a rare failure, ISRO’s indigenously made rocket (GSLV-D3) crashed soon after take off on Thursday.
Even the bulls will have to wait for better links before they see the NSE Nifty cross 5400. A sudden bout of selling pulled the market down despite inflation being steady. What is more disturbing is that fund flows have started to taper off. Even the FIIs, who till recently were pouring money at a steady pace have turned a bit cautious.
Its still early days as far as results are concerned. So, the volatility will prevail for a while amid a mix bag of earnings. In any case, the market seems to be looking far ahead at FY12 numbers. Today we see a sluggish opening and another choppy session. A rebound cannot be ruled out after Thursday’s selloff.
Corporate Snippets
L&T to make industrial tyres with Mitsubishi. (ET)
ONGC says that it will not be economically viable to produce gas from its Krishna-Godavari basin block at current sale price of US$4.2/mmBtu. (ET)
SAIL is in talks with Posco and Kobe Steel for technology tie-ups for jointly setting-up steel plants. (ET)
IOC may see revenue loss on fuel sales jump 63% in FY10. (BS)
Bank of India has cut interest rates on its bulk deposits by up to 1.25% across various tenures with immediate effect. (ET)
Tata Motors global sales grow 39% in March. (BS)
Ranbaxy has voluntarily recalled two consignments of one of its antibiotics from US market. (BL)
UBI to raise upto US$500mn through a maiden MTN programme. (BL)
ONGC says that it will not be economically viable to produce gas from its Krishna-Godavari basin block at current sale price of US$4.2/mmBtu. (ET)
SAIL is in talks with Posco and Kobe Steel for technology tie-ups for jointly setting-up steel plants. (ET)
IOC may see revenue loss on fuel sales jump 63% in FY10. (BS)
Bank of India has cut interest rates on its bulk deposits by up to 1.25% across various tenures with immediate effect. (ET)
Tata Motors global sales grow 39% in March. (BS)
Ranbaxy has voluntarily recalled two consignments of one of its antibiotics from US market. (BL)
UBI to raise upto US$500mn through a maiden MTN programme. (BL)
Thursday, April 15, 2010
सेन्सेक्स (17639.26) - 182.70 अंक गिरकर, नीफ़्टी (5273.60) - 49.35 अंक गिरकर, बंद.
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India Food Inflation at 17.22% for week ended April 3
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SAIL
Shares of SAIL slipped by 3% to end at Rs229 after reports stated that the company may sell shares at 5% less than the market price to small investors and employees, Steel secretary Atul Chaturvedi was quoted as saying. The scrip opened at Rs236 it touched an intra-day high of Rs236 and a low of Rs228 and recorded volumes of over 1.3mn shares on BSE.
Rana Sugars
Shares of Rana Sugars further gained by 4.4% to end at Rs13.60 after the company reported a profit of Rs309.3mn in the second quarter, compared with a loss of Rs37.1mn a year earlier. The scrip opened at Rs13.2 it touched an intra-day high of Rs13.99and a low of Rs13.20 and recorded volumes of over 1.9mn shares on BSE.
Infosys
Shares of Infosys ended surged 3.7% to end at Rs2782 after the company beat street estimates reporting a consolidated net profit after tax of Rs16.17bn for the fiscal fourth quarter ended March 31, 2010 as against Rs15.82bn reported in the third quarter. This translates into a sequential quarter-on-quarter growth of 2.2%.
FIIs were net buyers of Rs1.28bn on Tuesday on a provisional basis. Local funds were also net buyers at Rs2.53bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs1.86bn. On Monday, FIIs were net buyers of Rs2.44bn in the cash segment, as per the SEBI web site.
Corporate Snippets
Infosys will offer up to 17% salary hikes for over 100,000 employees this year, as the company seeks to retain staff and also attract new recruits in the year. (ET)
Tata Steel asked a member of British Parliament not to be "over-critical" about the company’s strategy in dealing with problems in Corus. (BS)
ONGC to challenge the government’s decision to withdraw the seven year tax holiday on production of natural gas. (ET)
Infosys has bagged an order worth US$150mn order from Microsoft. (BS)
Tata Sons is taking a book building to sell its Tata Motors DVR shares. (ET)
Cairn Mangala field to hit peak output in 2010. (BS)
Ranbaxy to recall two consignments of one of its antibiotics from the US market. (ET)
Tata Steel asked a member of British Parliament not to be "over-critical" about the company’s strategy in dealing with problems in Corus. (BS)
ONGC to challenge the government’s decision to withdraw the seven year tax holiday on production of natural gas. (ET)
Infosys has bagged an order worth US$150mn order from Microsoft. (BS)
Cairn Mangala field to hit peak output in 2010. (BS)
Ranbaxy to recall two consignments of one of its antibiotics from the US market. (ET)
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