Friday, December 24, 2010
RELINFRA; Intraday book profit at 807
all our call bang on target,
marry cristmas /////////////////////
marry cristmas /////////////////////
INDIA INFOLINE LIMITED Outcome of Board Meeting
India Infoline Limited has informed the Exchange that the Board of Directors of the Company at their Meeting held on December 23, 2010 approved the proposal of buy-back of Equity Shares under the authority of the Board of Directors Pursuant to the first proviso to section 77A (2)(b) of the Companies Act,1956 and the SEBI (Buy-back of Securities) Regulations 1998. The Board has approved the proposal of buy-back of Equity Shares of the Company upto an amount not exceeding 10% of the Paid-up Equity Capital and Free Reserves of the Company under the open market using Stock Exchange system, subject to a maximum price of Rs. 99/- per share and a maximum outlay of Rs.104 Crore.
Buy & Hold SBI at Rs2755 with SL of Rs2729 for Target Rs2808
our call trading strong
hold for target
hold for target
Buy Tata chemicals on dips
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Sector Watch: Tyre, Sugar & Banking
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Corporate Snippets
± Coal India to miss production target by 16mn tons this fiscal. (BS)
± Bharti Airtel has announced launch of a direct underground terrestrial link between India and China. (BL)
± Tata Motor’s Nano has received the good design award for 2010 from Chicago Anthenaeum. (ET)
± SCI has invited bids for commencing a ferry service between India and Sri Lanka from January. (BS)
± Adani Power has synchronized the countries first supercritical unit of 600MW plant at Mundra. (ET)
± The Board of Indian Hotels has cleared a proposal to issue shares and warrants amounting to Rs8.7bn to Tata Sons on preferential shares. (ET)
± Reliance MediaWorks has inked a MoU with Russian World Studios. (ET)
± Temasek picks over 3% stake in Max India. (ET)
Market Commentary ..
Onions and other veggies are making headlines for hitting the household budgets and adding to the UPA’s woes. Food inflation, which seemed to be softening, has surged to 12%. It could spike further up if the Government goes ahead with a hike in diesel and LPG. Crude oil is hovering around $91.51, amid optimism that the US economy is slowly getting back on track.
Meanwhile, the Indian markets seem to be suffering from the holiday syndrome, completely lacking excitement. December has been utterly forgettable for India even as “western” markets are enjoying a Santa Clause rally.
FIIs and other influential institutions have been on the sidelines, leading to a listless trend. We expect a slightly lower start and rangebound movement for the key indices.
Next week, there could be some action owing to the F&O expiry, but don’t bet on any significant progress. January will be interesting as markets react to the latest report card from India Inc. and the RBI review.
Thursday, December 23, 2010
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