Reliance Industries Limited today announced that the company has signed a letter of intent with NOVA Chemicals to form a joint venture in the area of building and construction.
This proposed new joint venture between RIL and NOVA Chemicals, with RIL having 51% shareholding and NOVA Chemicals 49%, would be a technological partnership for deploying green building and construction technologies to design, engineer, fabricate and build a range of high-efficiency structures for the Indian sub-continent.
The LOI between RIL and NOVA envisages providing turnkey facilities to build structures for RIL needs as per its requirements, and for other customers initially within the Indian Subcontinent. “India has a $60 billion construction market that is growing at about 20% per year. The potential for energy efficient buildings in India is very exciting and these systems are an excellent fit for Reliance Retail’s strategy.” said Mr. Kamal Nanavaty, President. Reliance Industries Limited.
“This new venture will enable us to work with Reliance to build a large, profitable business based on our proprietary Performance Styrenics building and construction systems,” said Chris Pappas, NOVA Chemicals President and COO.
These unique building and construction systems and component parts, based on expandable polystyrene, minimize resource consumption while decreasing on-going energy demand by as much as a third. The components of the system include structural and non-structural roof, decking and wall panels.
The new venture is expected to be operational soon following finalization of formal agreements. Initial steps necessary to fabricate components in India are underway. The first activity of the venture will be the construction of buildings for Reliance Retail in India.
Saturday, May 3, 2008
Tricom Board approves acquisition of Godrej Global Solns
Tricom India Ltd. (BSE Code: 531675 NSE: TRICOM,) a non-voice ITES service provider for global businesses has announced that its Board of Directors has approved acquisition of Godrej Global Solutions Ltd.(GGSL), a subsidiary of Godrej Industries Ltd. The acquisition will be completed in due course subject to approval from the shareholders.
Tricom will be acquiring 100% equity of GGSL valued at Rs 19.63 crore. While a part payment will be made through cash, the remaining will be through optionally fully convertible debentures. Tricom will be funding this deal entirely through internal accruals.
Since 2002, GGSL has been offering unique and customized business process outsourcing solutions and services for enhancing the effectiveness of business operations and thereby providing valuable leverage to business. Their work specializes in three main domains: Healthcare, Data Capture and Data Conversion. The company showed a top line of Rs 16.50 crores in FY 07-08 and has shown immense potential for growth which, the management feels, will get stronger in the coming years.
“Acquisitions were a part of the growth strategy for Tricom and we hope to grow organically and inorganically.” says Chetan Kothari, Managing Director of Tricom India Limited. He further stated, “Post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities.”
Commenting on the deal, Mr. Sanjay Tipnis, Managing Director of GGSL said, “We are looking forward to exploring synergies as both the companies are focused in similar areas of business. We believe that using the additional infrastructure that Tricom will provide, we will be able to grow faster and service our clients more efficiently.”
GGSL currently employs nearly 650 people and has two facilities; one at Belapur in Navi Mumbai and the other in Chennai.
Stock Split:
To facilitate the liquidity in the market the Board also recommended sub-division of the equity shares with the face value of Rs 10 each to the face value of Rs 2 each (i.e.: One share of Rs 10 each will become 5 shares of Rs 2 each). This subdivision is also subject to necessary approvals.
Tricom will be acquiring 100% equity of GGSL valued at Rs 19.63 crore. While a part payment will be made through cash, the remaining will be through optionally fully convertible debentures. Tricom will be funding this deal entirely through internal accruals.
Since 2002, GGSL has been offering unique and customized business process outsourcing solutions and services for enhancing the effectiveness of business operations and thereby providing valuable leverage to business. Their work specializes in three main domains: Healthcare, Data Capture and Data Conversion. The company showed a top line of Rs 16.50 crores in FY 07-08 and has shown immense potential for growth which, the management feels, will get stronger in the coming years.
“Acquisitions were a part of the growth strategy for Tricom and we hope to grow organically and inorganically.” says Chetan Kothari, Managing Director of Tricom India Limited. He further stated, “Post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities.”
Commenting on the deal, Mr. Sanjay Tipnis, Managing Director of GGSL said, “We are looking forward to exploring synergies as both the companies are focused in similar areas of business. We believe that using the additional infrastructure that Tricom will provide, we will be able to grow faster and service our clients more efficiently.”
GGSL currently employs nearly 650 people and has two facilities; one at Belapur in Navi Mumbai and the other in Chennai.
Stock Split:
To facilitate the liquidity in the market the Board also recommended sub-division of the equity shares with the face value of Rs 10 each to the face value of Rs 2 each (i.e.: One share of Rs 10 each will become 5 shares of Rs 2 each). This subdivision is also subject to necessary approvals.
Union Bk Q4FY08 net profit seen up at Rs 280.52cr
Union Bank Of India to announce its Q4FY08 results. According to CNBC-TV18 estimates, the company's Q4FY08 net profit is seen up 22.72% from Rs 228.58 crore to Rs 280.52 crore.
Its Q4FY08 Net Interest Income seen down 1.74 % from Rs 842.35 crore to Rs 827.68 crore.
Its Q4FY08 Net Interest Income seen down 1.74 % from Rs 842.35 crore to Rs 827.68 crore.
Wall St ends mixed: Dow up 48 points
Market extended Thursday's gains. Early buying was encouraged by favorable employment data. The unemployment rate for April fell to 5.0% from 5.1% in March. Non-farm payrolls for April slipped by 20,000, which is less than the march numbers & market expectations. Continuing to act in a proactive manner, the US fed announced intentions to increase its term auction facility to 150 billion USD from 100 billion dollar, and also allow triple a asset-backed securities to be pledged as collateral.
Crude rose more than 3 USD a barrel, the most in month, after a report showed that the US lost fewer jobs than forecast in april and as turkey renewed its military offensive against Kurdish rebels in Iraq.
The Dow Jones industrial average rose almost 48.20 points, half a percent to 13,058.2. The Nasdaq composite index decreased 3.72 or 0.2%, to 2,476.99. The S&P 500 marginally up at 1,413.9.
Crude rose more than 3 USD a barrel, the most in month, after a report showed that the US lost fewer jobs than forecast in april and as turkey renewed its military offensive against Kurdish rebels in Iraq.
The Dow Jones industrial average rose almost 48.20 points, half a percent to 13,058.2. The Nasdaq composite index decreased 3.72 or 0.2%, to 2,476.99. The S&P 500 marginally up at 1,413.9.
Friday, May 2, 2008
DLF’s revenue up 258%, Net profit up 306%
DLF Limited, India’s largest real estate company, announced its unaudited annual results for FY08. It recorded consolidated revenues of Rs 14,494 crore for the year ended March 31, 2008, an increase of 258% from Rs 4,053 crore in FY07. EBIDTA stood at Rs 10,017 crore, an increase of 245% as compared to Rs 2906 crore in the corresponding period last year. Net profit was at Rs 7856 crore, up by 306% from Rs 1934 crore. The EPS for FY08 stood at Rs 47.16 as compared to Rs 12.75 for FY07, a significant growth of 270%.
For Q4 FY08, DLF recorded consolidated revenues of Rs 4,372 crore, an increase of 20% from Rs 3,651 crore in Q3 FY08. EBIDTA stood at Rs 2,849 crore, an increase of 12% from Rs 2,554 crore in the third quarter of FY08. The net profit for the period was Rs 2177 crore. The non annualized EPS for the quarter was Rs 12.75.
Commenting on the company’s performance, Mr. Rajiv Singh, Vice Chairman, DLF Limited said, “For an economy growing at the rate of 8-8.5% p.a., the demand for premium real estate continues to be buoyant. DLF being a leader in the industry continues to grow and strengthen its competitive position. The annual results reflect this reality.”
For Q4 FY08, DLF recorded consolidated revenues of Rs 4,372 crore, an increase of 20% from Rs 3,651 crore in Q3 FY08. EBIDTA stood at Rs 2,849 crore, an increase of 12% from Rs 2,554 crore in the third quarter of FY08. The net profit for the period was Rs 2177 crore. The non annualized EPS for the quarter was Rs 12.75.
Commenting on the company’s performance, Mr. Rajiv Singh, Vice Chairman, DLF Limited said, “For an economy growing at the rate of 8-8.5% p.a., the demand for premium real estate continues to be buoyant. DLF being a leader in the industry continues to grow and strengthen its competitive position. The annual results reflect this reality.”
MphasiS FY08 revenues up 38%, Net profits up 42%
For the year ended 31 March 2008, the MphasiS Group recorded revenues of Rs 2,423 crores a growth of Rs 662 crores, which is 38% over the previous year. Net profit increased by 42% from Rs 180 crores to Rs 255 crores during the year ended 31 March 2008.
The Board of Directors has recommended a final dividend of Rs. 3.30 per share for the year 2007-08.
Consolidated revenues at Rs 658 crores in the current quarter have increased by 31% over the same quarter last year. During the same period net profit increased by 14% from Rs 63 crores to Rs 71 crores.
The Group recorded a consolidated net profit of Rs 71 crores for the quarter ended 31 March 2008, compared to a net profit of Rs 66 crores in the quarter ended 31 December 2007, representing an increase of 8%. Revenues grew by 4% from Rs 632 crores in the quarter ended 31 December 2007 to Rs 658 crores in the quarter ended 31 March 2008.
Commenting on the results Jeya Kumar, CEO, said “This fiscal has been one of change & transformation. With EDS as a strong business partner, the Company has been building a solid foundation for development of capability and capacity. Our leadership team is coming to shape and our employee strength continues to grow with over 27,000 people currently.
We are expanding aggressively and we continue to add new domain specific services to our portfolio to map the demands of the customer”.
During the quarter, the Group added 17 new clients. These include a US based manufacturing company, a technology company in Europe and a US based retail company in Application services and a banking company in Asia Pacific region in BPO services.
This quarter the Group recorded a net headcount increase of 811 to take the total manpower numbers to 27,047. Overall debtors days have marginally increased to 43 days and the Group had a cash reserve of Rs 95 crores as at 31 March 2008. Blended billing rates remained steady
The Board of Directors has recommended a final dividend of Rs. 3.30 per share for the year 2007-08.
Consolidated revenues at Rs 658 crores in the current quarter have increased by 31% over the same quarter last year. During the same period net profit increased by 14% from Rs 63 crores to Rs 71 crores.
The Group recorded a consolidated net profit of Rs 71 crores for the quarter ended 31 March 2008, compared to a net profit of Rs 66 crores in the quarter ended 31 December 2007, representing an increase of 8%. Revenues grew by 4% from Rs 632 crores in the quarter ended 31 December 2007 to Rs 658 crores in the quarter ended 31 March 2008.
Commenting on the results Jeya Kumar, CEO, said “This fiscal has been one of change & transformation. With EDS as a strong business partner, the Company has been building a solid foundation for development of capability and capacity. Our leadership team is coming to shape and our employee strength continues to grow with over 27,000 people currently.
We are expanding aggressively and we continue to add new domain specific services to our portfolio to map the demands of the customer”.
During the quarter, the Group added 17 new clients. These include a US based manufacturing company, a technology company in Europe and a US based retail company in Application services and a banking company in Asia Pacific region in BPO services.
This quarter the Group recorded a net headcount increase of 811 to take the total manpower numbers to 27,047. Overall debtors days have marginally increased to 43 days and the Group had a cash reserve of Rs 95 crores as at 31 March 2008. Blended billing rates remained steady
GE Shipping Q4 FY08 PAT at Rs 299.4 cr
GE Shipping has announced its Q4 FY08 reults. Its net profit was at Rs 299.4 crore versus Rs 240.9 crore.
The total income was at Rs 592.7 crore versus Rs 783.4 crore.
The total income was at Rs 592.7 crore versus Rs 783.4 crore.
SBI Q4 standalone net profit at Rs 1883 cr
SBI has announced its fourth quarter results. The company's Q4 standalone net profit was up 26.10% at Rs 1883 crore versus 1493.2 crore.
MindTree to acquire 32.57% equity interest in Aztecsoft
MindTree Ltd., a global IT and R&D Services Company, today announced that it has signed a definitive agreement with the largest shareholder of Aztecsoft Ltd. to acquire 32.57% at Rs 80 per share, which values the company at an equity valuation of USD 90 Million.
MindTree will also announce an open offer to Aztecsoft’s public shareholders to purchase up to an additional 20% equity ownership interest. These transactions are subject to customary regulatory filings, clearances and approvals. After the completion of these transactions, MindTree will initiate the process of merging Aztecsoft into itself.
Aztecsoft is a leader in the Outsourced Product Development (OPD) and Testing markets as a 2,100+ people strong software engineering services company. It provides full-lifecycle product engineering, independent testing, sustenance engineering and professional services to application and infrastructure software vendors, as well as to New Media and Internet-based companies. It has successfully completed over 1,600 product releases to date.
The product stack of OPD encompasses embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments. Through its R&D Services business, MindTree is well recognized in the hardware engineering, system platform and embedded software segments of the OPD market. With the addition of Aztecsoft, MindTree will offer customers a complete end-to-end OPD product stack encompassing embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments. Aztecsoft brings solid presence from platform all the way to the cloud computing segments. The combined entity will, thus, cover the entire product development stack. In addition, Aztecsoft also brings deep expertise in independent testing. Together, MindTree will have a 2,000+ Testing services team, making it one of the strongest in the market.
Aztecsoft FY08 PAT at Rs 17.38 cr
Aztecsoft has announced its FY08 results. The company's FY08 PAT was at Rs 17.38 crore.
The company's net sales were at Rs 253 crore.
The company's net sales were at Rs 253 crore.
Stocks Gives up Early Gains
Wall Street gave up sharp gains after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the economy.
@10PM IST
Dow 13,032.72 +22.72 +0.17%
Nasdaq 2,470.18 -10.53 -0.42%
S&P 500 1,412.24 +2.90 +0.21%
@10PM IST
Dow 13,032.72 +22.72 +0.17%
Nasdaq 2,470.18 -10.53 -0.42%
S&P 500 1,412.24 +2.90 +0.21%
Job Data, Fed Action Lift US Stocks
Wall Street extended its advance Friday after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy.
Dow 13,074.73 +64.73 +0.50%
Nasdaq 2,478.78 -1.93 -0.08%
S&P 500 1,417.01 +7.67 +0.54%
Dow 13,074.73 +64.73 +0.50%
Nasdaq 2,478.78 -1.93 -0.08%
S&P 500 1,417.01 +7.67 +0.54%
Gokul Refoils and Solvent Limited IPO
Incorporated in 1992, Gokul Refoils and Solvent Limited is engaged in the business of Solvent Extraction, refining of Edible oils and Vanaspati manufacturing. The business of refining vegetable oils including seed procurement, processing, solvent extraction and marketing of edible oils. The major edible oils processed in the plant are Soybean Oil, Sunflower Oil, Palm Oil, Mustard Oil, Groundnut Oil and Vanaspati.
Company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing. The units are situated at Sidhpur (Sidhpur unit, North Gujarat), Anjar (Gandhidham unit, Kutch), Navi Pardi (Surat unit, South Gujarat), Kutch (Wind mills). Company setup Solvent Extraction plant and an oil refinery at Sidhpur, Refinery of 800 TPD and Vanaspati plant of 100 TPD at Kutch, Four environment friendly wind mills of 1.25 MW each in Kutch, 100 TPD operational refinery in Surat and co-generation power plant of 500 KWH at our Gandhidham unit. Towards expanding the scale of operations company setup two wholly owned subsidiaries in Mauritius and Singapore.
The Company is in the following lines of business:
Seed processing and Solvent Extraction
Oil cake
Solvent extracted oil
De-oiled cake
Refining of crude Edible oil to produce refined
Mustard oil
Soyabean oil
Sunflower oil
Groundnut oil
Cottonseed oil
Palm oil
Hydrogenation of oil to produce
Vanaspati ghee
Captive power generation plant
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
Setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat;
Expansion of our existing edible oil refinery at Surat, Gujarat;
Investment in our wholly owned Singapore subsidiary;
Funding part of our long term working capital;
Brand building activities;
Investment in increasing warehousing capacities and continuous Capex for exising units;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;
General corporate purposes.
Gokul Refoils and Solvent Ltd IPO Information
»» Public Issue Open: May 08, 2008 to May 13, 2008
»» Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO)
»» Public Issue Size: 71,58,392 Equity Shares of Rs. 10/-
»» Face Value: Rs. 10/-
»» Public Issue Price: Rs 175/- to Rs 195/-
»» Maximum Subscription Amount for Retail Investor: Rs 100,000/-
»» Listing: BSE, NSE
»» Lead Manager: Anand Rathi Securities Ltd, Intensive Fiscal Services Private Ltd
»» Registrar: Intime Spectrum Registry Ltd (Ph: +91-22-25960320 Email: gokulipo@intimespectrum.com)
Company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing. The units are situated at Sidhpur (Sidhpur unit, North Gujarat), Anjar (Gandhidham unit, Kutch), Navi Pardi (Surat unit, South Gujarat), Kutch (Wind mills). Company setup Solvent Extraction plant and an oil refinery at Sidhpur, Refinery of 800 TPD and Vanaspati plant of 100 TPD at Kutch, Four environment friendly wind mills of 1.25 MW each in Kutch, 100 TPD operational refinery in Surat and co-generation power plant of 500 KWH at our Gandhidham unit. Towards expanding the scale of operations company setup two wholly owned subsidiaries in Mauritius and Singapore.
The Company is in the following lines of business:
Seed processing and Solvent Extraction
Oil cake
Solvent extracted oil
De-oiled cake
Refining of crude Edible oil to produce refined
Mustard oil
Soyabean oil
Sunflower oil
Groundnut oil
Cottonseed oil
Palm oil
Hydrogenation of oil to produce
Vanaspati ghee
Captive power generation plant
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
Setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat;
Expansion of our existing edible oil refinery at Surat, Gujarat;
Investment in our wholly owned Singapore subsidiary;
Funding part of our long term working capital;
Brand building activities;
Investment in increasing warehousing capacities and continuous Capex for exising units;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;
General corporate purposes.
Gokul Refoils and Solvent Ltd IPO Information
»» Public Issue Open: May 08, 2008 to May 13, 2008
»» Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO)
»» Public Issue Size: 71,58,392 Equity Shares of Rs. 10/-
»» Face Value: Rs. 10/-
»» Public Issue Price: Rs 175/- to Rs 195/-
»» Maximum Subscription Amount for Retail Investor: Rs 100,000/-
»» Listing: BSE, NSE
»» Lead Manager: Anand Rathi Securities Ltd, Intensive Fiscal Services Private Ltd
»» Registrar: Intime Spectrum Registry Ltd (Ph: +91-22-25960320 Email: gokulipo@intimespectrum.com)
Post Market Report 02.05.2008
The market surged in late trade to end close to the day’s high. It held firm despite the latest data showing a rise in inflation to highest level in more than three years. Firm global markets supported domestic bourses. The market had pared gains in mid-morning trade after a strong start ahead of the inflation data. It had surged in early trade on positive cues from global equities.
Gains in banking, realty, IT, capital goods, and auto stocks powered today's rally on the bourses. Except BSE Metal index all the sectoral indices on BSE were trading in green. Metal stocks declined as global base metal prices retreated. The market breadth was positive.
European markets which opened after Indian market, were strong. Asian markets which opened before Indian market, were firm. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
India's wholesale price index rose 7.57% in 12 months to 19 April 2008, accelerating from the previous week's annual rise of 7.33%, government data released today showed. The rate was the highest since a reading of 7.68% on 13 November 2004.
The 30-share BSE Sensex provisionally ended up 323.96 points or 1.87% at 17,611.27. Sensex was up 158.62 points at the day's low of 17,445.93 hit in mid-morning trade. Sensex hit a high of 17,621.24 in early trade, its highest level since 29 February 2008. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 59.5 points or 1.15% at 5,225.40.
The BSE clocked a turnover of Rs 6549 crore today compared to a turnover of Rs 6909.57 crore on Wednesday, 30 April 2008. The market was closed on Thursday, 1 May 2008, for a public holiday.
The market breadth was positive with 1,393 shares advancing as compared to 1306 that declined on BSE. 74 remained unchanged.
The BSE Mid-Cap index rose 1.36% to 7,236.14 and BSE Small-Cap index rose 0.47% to 8,814.64.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 2.49% to Rs 2,680.05 after the company said it had signed an agreement to buy a 90% stake in an exploration block in Peru.
Banking stocks rose across the board despite surge in inflation. HDFC Bank (up rose 1.33% to Rs 1,535), ICICI Bank (up 6.55% to Rs 937), edged higher.
India’s largest commercial bank State Bank of India rose 2.86% to Rs 1,827.10. The bank today reported 26% rise in net profit to Rs 1883 crore in Q4 March 2008 over Q4 March 2007. The results hit the market at the fag end of the trading session.
Bank of India rose 5.36% to Rs 361 after it posted 70% rise in net profit to Rs 757 crore in Q4 March 2008 over Q4 March 2007.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
Auto stock rose on strong monthly sales. India’s largest car maker by sales Maruti Suzuki India rose 6.6% to Rs 790.90. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 3.38% to Rs 733.15. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors declined 0.79% to Rs 844. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest tractor maker by sales Mahindra & Mahindra rose 2.95% to Rs 690.15 on reports the company is exploring buying stake in Pune-based two-wheeler maker Kinetic Motor. India’s largest truck maker by sales Tata Motors rose 3.68% to Rs 685.05.
Realty stocks rose. Housing Development and Infrastructure (up 10.8% to Rs 855.35), Indiabulls Real Estate (up 3.51% to Rs 567) and Unitech (up 3.03% to Rs 319.80) edged higher.
India’s largest real estate player by market capitalisation DLF rose 2.11% to Rs 720.15. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
Capital goods stocks rose. Larsen & Toubro (up 4.58% to Rs 3,141.05), Bharat Heavy Electricals (up 0.65% to Rs 1,909.25), Suzlon Energy (up 0.63% to Rs 288.95) edged higher.
IT stocks rose. Wipro (up 2.78% to Rs 502.20), Tata Consultancy Services (up 2.31% to Rs 940.75), Satyam Computer services (up 2.47% to Rs 494.10) and Infosys (up 2.04% t o Rs 1,789.50) edged higher.
Metal stocks declined as global base metal prices retreated. Sterlite Industries (down 4.24% to Rs 825.60), Hindalco Industries (down 4% to Rs 185.85) and Tata Steel (down 2.52% to Rs 797) National aluminium Company (down 2.42% to Rs 438.40) and Steel Authority of India (down 1% to Rs 183.20) edged lower.
Jaiprakash Associates (up 5.77% to Rs 286.95), ONGC (up 0.56% to Rs 1,039.20), ITC (up 0.43% to Rs 220.75) edged higher from Sensex pack.
HDFC (down 1.11% to Rs 2,773.75), ACC (down 0.67% to Rs 753.55), Ambuja Cement (down 0.88% to Rs 112.90) edged lower from Sensex pack.
India’s largest telecom services provider by sales Reliance Communications declined 3.2% to Rs 561.20. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
Indian Bank rose 2.23% to Rs 142.15. It has signed an agreement with Reliance Capital Asset Management to act as a corporate agent to sell the mutual fund products of Reliance Mutual Fund.
Adani Enterprises rose 2.7% to Rs 868. The company's subsidiary, Adani Power, has filed a draft red herring form (DRHF) on 2 May 2008 with the Securities & Exchange Board of India for offering 29.69 crore equity shares (including employee reservation) to the public on 100% book building basis.
Gains in banking, realty, IT, capital goods, and auto stocks powered today's rally on the bourses. Except BSE Metal index all the sectoral indices on BSE were trading in green. Metal stocks declined as global base metal prices retreated. The market breadth was positive.
European markets which opened after Indian market, were strong. Asian markets which opened before Indian market, were firm. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
India's wholesale price index rose 7.57% in 12 months to 19 April 2008, accelerating from the previous week's annual rise of 7.33%, government data released today showed. The rate was the highest since a reading of 7.68% on 13 November 2004.
The 30-share BSE Sensex provisionally ended up 323.96 points or 1.87% at 17,611.27. Sensex was up 158.62 points at the day's low of 17,445.93 hit in mid-morning trade. Sensex hit a high of 17,621.24 in early trade, its highest level since 29 February 2008. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 59.5 points or 1.15% at 5,225.40.
The BSE clocked a turnover of Rs 6549 crore today compared to a turnover of Rs 6909.57 crore on Wednesday, 30 April 2008. The market was closed on Thursday, 1 May 2008, for a public holiday.
The market breadth was positive with 1,393 shares advancing as compared to 1306 that declined on BSE. 74 remained unchanged.
The BSE Mid-Cap index rose 1.36% to 7,236.14 and BSE Small-Cap index rose 0.47% to 8,814.64.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 2.49% to Rs 2,680.05 after the company said it had signed an agreement to buy a 90% stake in an exploration block in Peru.
Banking stocks rose across the board despite surge in inflation. HDFC Bank (up rose 1.33% to Rs 1,535), ICICI Bank (up 6.55% to Rs 937), edged higher.
India’s largest commercial bank State Bank of India rose 2.86% to Rs 1,827.10. The bank today reported 26% rise in net profit to Rs 1883 crore in Q4 March 2008 over Q4 March 2007. The results hit the market at the fag end of the trading session.
Bank of India rose 5.36% to Rs 361 after it posted 70% rise in net profit to Rs 757 crore in Q4 March 2008 over Q4 March 2007.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
Auto stock rose on strong monthly sales. India’s largest car maker by sales Maruti Suzuki India rose 6.6% to Rs 790.90. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 3.38% to Rs 733.15. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors declined 0.79% to Rs 844. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest tractor maker by sales Mahindra & Mahindra rose 2.95% to Rs 690.15 on reports the company is exploring buying stake in Pune-based two-wheeler maker Kinetic Motor. India’s largest truck maker by sales Tata Motors rose 3.68% to Rs 685.05.
Realty stocks rose. Housing Development and Infrastructure (up 10.8% to Rs 855.35), Indiabulls Real Estate (up 3.51% to Rs 567) and Unitech (up 3.03% to Rs 319.80) edged higher.
India’s largest real estate player by market capitalisation DLF rose 2.11% to Rs 720.15. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
Capital goods stocks rose. Larsen & Toubro (up 4.58% to Rs 3,141.05), Bharat Heavy Electricals (up 0.65% to Rs 1,909.25), Suzlon Energy (up 0.63% to Rs 288.95) edged higher.
IT stocks rose. Wipro (up 2.78% to Rs 502.20), Tata Consultancy Services (up 2.31% to Rs 940.75), Satyam Computer services (up 2.47% to Rs 494.10) and Infosys (up 2.04% t o Rs 1,789.50) edged higher.
Metal stocks declined as global base metal prices retreated. Sterlite Industries (down 4.24% to Rs 825.60), Hindalco Industries (down 4% to Rs 185.85) and Tata Steel (down 2.52% to Rs 797) National aluminium Company (down 2.42% to Rs 438.40) and Steel Authority of India (down 1% to Rs 183.20) edged lower.
Jaiprakash Associates (up 5.77% to Rs 286.95), ONGC (up 0.56% to Rs 1,039.20), ITC (up 0.43% to Rs 220.75) edged higher from Sensex pack.
HDFC (down 1.11% to Rs 2,773.75), ACC (down 0.67% to Rs 753.55), Ambuja Cement (down 0.88% to Rs 112.90) edged lower from Sensex pack.
India’s largest telecom services provider by sales Reliance Communications declined 3.2% to Rs 561.20. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
Indian Bank rose 2.23% to Rs 142.15. It has signed an agreement with Reliance Capital Asset Management to act as a corporate agent to sell the mutual fund products of Reliance Mutual Fund.
Adani Enterprises rose 2.7% to Rs 868. The company's subsidiary, Adani Power, has filed a draft red herring form (DRHF) on 2 May 2008 with the Securities & Exchange Board of India for offering 29.69 crore equity shares (including employee reservation) to the public on 100% book building basis.
Mkts surge
Markets continue to maintain its upword momentum. Buying is witness in bank, auto, power; they are up over 2%. Buying is also seen in power, capital goods, IT, oil & gas and reality. However metal is down 1.5%.
At 13.50 hrs IST, the Sensex is up 231.09 points or 1.34% at 17518.40, and the Nifty up 50.90 points or 0.99% at 5216.80.
About 1581 shares have advanced, 1287 shares declined, and 214 shares are unchanged.
Maruti Suzuki, Reliance Infra, Jaiprakash Asso and ICICI Bank were the top gainer on the indices.
However the top loser includes Hindalco, Reliance Comm, Tata Steel, Sterlite Ind and Hindalco.
At 13.50 hrs IST, the Sensex is up 231.09 points or 1.34% at 17518.40, and the Nifty up 50.90 points or 0.99% at 5216.80.
About 1581 shares have advanced, 1287 shares declined, and 214 shares are unchanged.
Maruti Suzuki, Reliance Infra, Jaiprakash Asso and ICICI Bank were the top gainer on the indices.
However the top loser includes Hindalco, Reliance Comm, Tata Steel, Sterlite Ind and Hindalco.
Ruchi Soya Q4 net profit at Rs 37.7 cr
Ruchi Soya Industries has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 3480.6 crore versus Rs 2740.1 crore.
During the same quarter its net profit was at Rs 37.7 crore versus Rs 27.85 crore.
During the same quarter its net profit was at Rs 37.7 crore versus Rs 27.85 crore.
Rel Power to invest $1 bn in mine exploration, logistics
Reliance Power has acquired three coal mines in South Sumatra and Indonesia. It will invest USD 1 billion in mine exploration and logistics.
JP Chalsani, CEO, Reliance Power told CNBC-TV18 that payment for the acquisition is linked to actual production of coal and the three mines have total coal resources of 2 billion metric tonne.
Coal resources will be used for Krishnapatnam UMPP and Shahpur. Reliance Power can mine up to 40 mt per annum coal from these three mines.
JP Chalsani, CEO, Reliance Power told CNBC-TV18 that payment for the acquisition is linked to actual production of coal and the three mines have total coal resources of 2 billion metric tonne.
Coal resources will be used for Krishnapatnam UMPP and Shahpur. Reliance Power can mine up to 40 mt per annum coal from these three mines.
Markets continue to trade higher
Markets continue to trade higher and show no signs of weakness. Even inflation numbers have come out higher than market expectation. Inflation for week ended April 19 is at 7.57% versus 7.33%, at a 42-month high. The BSE bank, auto, IT and power indices are witnessing buying interest and are up over 2% each.
At 12.02 hrs IST, the Sensex is up 228.20 points or 1.32% at 17515.51, and the Nifty up 52.70 points or 1.02% at 5218.60.
About 1669 shares have advanced, 1186 shares declined, and 227 shares are unchanged.
Reliance Infra, Maruti Suzuki, Jaiprakash Asso and M&M are top gainers on the bourses.
However, top losers on the bourses are Hindalco, Reliance Comm, Tata Steel and Sterlite Ind.
At 12.02 hrs IST, the Sensex is up 228.20 points or 1.32% at 17515.51, and the Nifty up 52.70 points or 1.02% at 5218.60.
About 1669 shares have advanced, 1186 shares declined, and 227 shares are unchanged.
Reliance Infra, Maruti Suzuki, Jaiprakash Asso and M&M are top gainers on the bourses.
However, top losers on the bourses are Hindalco, Reliance Comm, Tata Steel and Sterlite Ind.
Indias Inflation for the week ended April 19 was at 7.57%, against expectation of 7.42%
Inflation for week-ended April is at 7.57% versus 7.33%. It is at a 42-month high.
The Wholesale Price Index (WPI) is up on rise in primary articles and manufactured goods.
Gilts have gone up despite rise in inflation as higher headline WPI has been priced in.
Reacting to inflation numbers, Finance Minister P Chidambaram provided hope by saying current inflation is likely to be contained. He said food prices will come down sooner than other prices. As a contingency, 154 lakh tonnes of wheat and 250 lakh tonnes of rice have been acquired.
The Wholesale Price Index (WPI) is up on rise in primary articles and manufactured goods.
Gilts have gone up despite rise in inflation as higher headline WPI has been priced in.
Reacting to inflation numbers, Finance Minister P Chidambaram provided hope by saying current inflation is likely to be contained. He said food prices will come down sooner than other prices. As a contingency, 154 lakh tonnes of wheat and 250 lakh tonnes of rice have been acquired.
Performance of Pre market tips 02.05.2008 @11.50AM
Buy RPL above 201.50 target 204/206/207 high 205.35
Buy RPOWER above 395 target 398/400/402 high 404.00
Buy RNRL above 123 target 124.5/125.75/128 high 126.00
Buy Voltas above 192 target 193/195/196 high 195.50
buy MRPL above 102 target 103/106/107 high 104
Buy Hindalco above 194 target 196/199/201 high 198
Buy RPOWER above 395 target 398/400/402 high 404.00
Buy RNRL above 123 target 124.5/125.75/128 high 126.00
Buy Voltas above 192 target 193/195/196 high 195.50
buy MRPL above 102 target 103/106/107 high 104
Buy Hindalco above 194 target 196/199/201 high 198
Mkts off day's high
Markets are trading in green but off the day's high.
At 10.42 am, the Sensex is up 195.45 points or 1.13% at 17482.76, and the Nifty up 47.80 points or 0.93% at 5213.70.
About 1816 shares have advanced, 1044 shares declined, and 222 shares are unchanged.
At 10.42 am, the Sensex is up 195.45 points or 1.13% at 17482.76, and the Nifty up 47.80 points or 0.93% at 5213.70.
About 1816 shares have advanced, 1044 shares declined, and 222 shares are unchanged.
Market surges on positive global cues
The key benchmark indices opened strong on positive cues from global equities. The market is now eying the weekly inflation data which is slated to hit the market at 12:00 IST. IT and banking stocks rose. The market breadth was strong.
Asian markets which opened before Indian markets were strong. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
At 10:22 IST, the 30-share BSE Sensex was up 234.87 points or 1.36% at 17,522.18. Sensex hit a high of 17,621.24 in early trade. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 60.05 points or 1.16% at 5,225.95.
The market breadth was strong on BSE with 1,398 shares advancing as compared to 345 that declined. 29 remained unchanged.
The BSE Mid-Cap index rose 1.6% to 7,252.87 and BSE Small-Cap index rose 1.24% to 8,882.43.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.85% to Rs 2,637.
Banking stocks rose across the board. Bank of India (up 7.22% to Rs 367.40), HDFC Bank (up rose 3.44% to Rs 1566), ICICI Bank (up 3.53% to Rs 910.40), State Bank of India (up up 2.89% to Rs 1,829) edged higher.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
IT stocks rose. Wipro (up 3.4% to Rs 505.20), Tata Consultancy Services (up 3% to Rs 947.10), Satyam Computer services (up 2.25% to Rs 493.05) and Infosys (up 2.01% t o Rs 1,789) edged higher.
Reliance Infrastructure (up 4.99% to Rs 1,496.80), Jaiprakash Associates (up 4.02% to Rs 281.70), Tata Motors (up 2.69% to Rs 680), Mahindra & Mahindra (up 2.33% to Rs 686), NTPC (up 1.32% to Rs 199.35) edged higher from Sensex pack.
Hindalco Industries (down 3.51% to Rs 186.80) and Tata Steel (down 0.32% to Rs 815) edged lower from Sensex pack.
India’s largest car maker by sales Maruti Suzuki India rose 4.19% to Rs 773. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 2.93% to Rs 730. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors rose 0.68% to Rs 856.50. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest real estate player by market capitalisation DLF rose 2.51% to Rs 722.95. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
India’s largest telecom services provider by sales Reliance Communications rose 0.3% to Rs 581.50. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
MindTree Consulting rose 3.88% to Rs 485. MindTree Consulting is reportedly set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore. The deal is expected to be concluded in a couple of days, the reports added.
Jet Airways rose 1.82% to Rs 563. Jet Airways will hike the cost of full-fare flights by 10% from 3 May 2008. On discounted fares it has announced an increase in the fuel surcharge.
Idea Cellular rose 1.9% to Rs 107.50. Idea Cellular will reportedly invest an additional $400 million (Rs 1,600 crore) for rolling out telecom services in four new circles - Mumbai, Bihar, Tamil Nadu and Orissa. The service provider will start operations in Mumbai and Bihar circles in the July-September 2008 quarter, and in Tamil Nadu and Orissa by the October-December 2008 quarter.
Videocon Industries rose 1.42% to Rs 379.50. Videocon Industries reported 8.6% rise in net profit to Rs 251.22 crore on a 16.8% increase in sales to Rs 2514.91 crore in Q2 March 2008 over Q2 March 2007.
Great Offshore rose 2.23% to Rs 668.50. Great Offshore reported 41.6% jump in net profit to Rs 42.39 crore on a 23.9% rise in sales to Rs 184.98 crore in Q4 March 2008 over Q4 March 2007
Asian markets which opened before Indian markets were strong. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
At 10:22 IST, the 30-share BSE Sensex was up 234.87 points or 1.36% at 17,522.18. Sensex hit a high of 17,621.24 in early trade. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 60.05 points or 1.16% at 5,225.95.
The market breadth was strong on BSE with 1,398 shares advancing as compared to 345 that declined. 29 remained unchanged.
The BSE Mid-Cap index rose 1.6% to 7,252.87 and BSE Small-Cap index rose 1.24% to 8,882.43.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.85% to Rs 2,637.
Banking stocks rose across the board. Bank of India (up 7.22% to Rs 367.40), HDFC Bank (up rose 3.44% to Rs 1566), ICICI Bank (up 3.53% to Rs 910.40), State Bank of India (up up 2.89% to Rs 1,829) edged higher.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
IT stocks rose. Wipro (up 3.4% to Rs 505.20), Tata Consultancy Services (up 3% to Rs 947.10), Satyam Computer services (up 2.25% to Rs 493.05) and Infosys (up 2.01% t o Rs 1,789) edged higher.
Reliance Infrastructure (up 4.99% to Rs 1,496.80), Jaiprakash Associates (up 4.02% to Rs 281.70), Tata Motors (up 2.69% to Rs 680), Mahindra & Mahindra (up 2.33% to Rs 686), NTPC (up 1.32% to Rs 199.35) edged higher from Sensex pack.
Hindalco Industries (down 3.51% to Rs 186.80) and Tata Steel (down 0.32% to Rs 815) edged lower from Sensex pack.
India’s largest car maker by sales Maruti Suzuki India rose 4.19% to Rs 773. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 2.93% to Rs 730. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors rose 0.68% to Rs 856.50. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest real estate player by market capitalisation DLF rose 2.51% to Rs 722.95. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
India’s largest telecom services provider by sales Reliance Communications rose 0.3% to Rs 581.50. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
MindTree Consulting rose 3.88% to Rs 485. MindTree Consulting is reportedly set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore. The deal is expected to be concluded in a couple of days, the reports added.
Jet Airways rose 1.82% to Rs 563. Jet Airways will hike the cost of full-fare flights by 10% from 3 May 2008. On discounted fares it has announced an increase in the fuel surcharge.
Idea Cellular rose 1.9% to Rs 107.50. Idea Cellular will reportedly invest an additional $400 million (Rs 1,600 crore) for rolling out telecom services in four new circles - Mumbai, Bihar, Tamil Nadu and Orissa. The service provider will start operations in Mumbai and Bihar circles in the July-September 2008 quarter, and in Tamil Nadu and Orissa by the October-December 2008 quarter.
Videocon Industries rose 1.42% to Rs 379.50. Videocon Industries reported 8.6% rise in net profit to Rs 251.22 crore on a 16.8% increase in sales to Rs 2514.91 crore in Q2 March 2008 over Q2 March 2007.
Great Offshore rose 2.23% to Rs 668.50. Great Offshore reported 41.6% jump in net profit to Rs 42.39 crore on a 23.9% rise in sales to Rs 184.98 crore in Q4 March 2008 over Q4 March 2007
Market opens higher
The markets have opened with smart gains mirrior global peers. Nifty breached 5200 mark. The BSE bankex, realty, power, IT stocks witnessing buying interest.
At 9.56 am, the Sensex is up 302 points at 17590, and the Nifty is up 85 points at 5259.
ICICI Bank, Satyam, DLF, Unitech, Tata Motors are among major gainers.
Fertiliser stocks like Chambal Fertilisers and Nagarjuna Fertilisers are trading with over 3% gain
At 9.56 am, the Sensex is up 302 points at 17590, and the Nifty is up 85 points at 5259.
ICICI Bank, Satyam, DLF, Unitech, Tata Motors are among major gainers.
Fertiliser stocks like Chambal Fertilisers and Nagarjuna Fertilisers are trading with over 3% gain
Sterling Biotech Q1 net profit at Rs 55 cr
Sterling Biotech has announced its results for the quarter ended March 2008 (Q1). The company's net sales stood at Rs 269 crore versus Rs 174 crore.
In the same quarter its net profit was at Rs 55 crore versus Rs 38 crore (Up 45%).
In the same quarter its net profit was at Rs 55 crore versus Rs 38 crore (Up 45%).
Great Offshore Q4 net profit at Rs 42.4 cr
Great Offshore has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 185 crore versus Rs 149 crore. Its other income was at Rs 20 crore versus Rs 2.65 crore.
In the same quarter its net profit was at Rs 42.4 crore versus Rs 29.9 crore. The company's OPM were at 25.7% versus 45.6%.
In the same quarter its net profit was at Rs 42.4 crore versus Rs 29.9 crore. The company's OPM were at 25.7% versus 45.6%.
Ballarpur Ind Q3 net profit at Rs 75.9 cr
Ballarpur Industries has announced its consolidated results for the quarter ended March 2008 (Q3). The company's net sales were at Rs 735 crore.
During the same quarter its operating profit was at Rs 128.7 crore. The company's net profit was at Rs 75.9 crore.
During the same quarter its operating profit was at Rs 128.7 crore. The company's net profit was at Rs 75.9 crore.
Jindal Stainless Q4 net profit at Rs 53.1 cr
Jindal Stainless has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 1496.3 crore versus Rs 1432.4 crore (Up 4%).
During the same quarter operating profit was at Rs 171 crore versus Rs 231.3 crore. The company's net profit was at Rs 53.1 crore versus Rs 92.1 crore.
During the same quarter operating profit was at Rs 171 crore versus Rs 231.3 crore. The company's net profit was at Rs 53.1 crore versus Rs 92.1 crore.
Pre Market Report 02.05.2008
The market which has witnessed a solid surge over the past few days is set to extend the rally on positive cues from global equities and with latest batch of corporate results coming in strong. Data showing top auto firms reporting strong sales in April 2008 may also lift sentiment. On Wednesday, 30 April 2008, Reliance Communications and HDFC reported strong Q4 March 2008 results. The results were announced during trading hours on that day.
US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares. The Dow Jones industrial average shot up 189.87 points, or 1.48 percent, to 13,010.00. The Standard & Poor's 500 Index surged 23.75 points, or 1.71 percent, to 1,409.34. The Nasdaq Composite Index climbed 67.91 points, or 2.81 percent, to 2,480.71.
All these three major indexes closed at the highest level since the first half of January 2008 as equities extended a rally started in mid-March 2008 on optimism that credit markets and the economy have begun to stabilize.
In Asia, key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.4% to 2.3%.
Earlier, the US Federal Reserve on Wednesday, 30 April 2008, cut Fed Funds rate by 25 basis points to 2% and hinted at a pause in its recent campaign to lower borrowing costs.
Back home, data on inflation for the year through 19 April 2008 will be released by the Indian government at 12:00 IST. Inflation which is running at over 7% is a currently a key concern for the stock market.
US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares. The Dow Jones industrial average shot up 189.87 points, or 1.48 percent, to 13,010.00. The Standard & Poor's 500 Index surged 23.75 points, or 1.71 percent, to 1,409.34. The Nasdaq Composite Index climbed 67.91 points, or 2.81 percent, to 2,480.71.
All these three major indexes closed at the highest level since the first half of January 2008 as equities extended a rally started in mid-March 2008 on optimism that credit markets and the economy have begun to stabilize.
In Asia, key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.4% to 2.3%.
Earlier, the US Federal Reserve on Wednesday, 30 April 2008, cut Fed Funds rate by 25 basis points to 2% and hinted at a pause in its recent campaign to lower borrowing costs.
Back home, data on inflation for the year through 19 April 2008 will be released by the Indian government at 12:00 IST. Inflation which is running at over 7% is a currently a key concern for the stock market.
Asian Markets stil trade high- Indain market's to open high
At 9.15AM IST asian markets were
Nikkei 225 14,014.40 +247.54 +1.80%
Hang Seng 26,348.77 +593.42 +2.30%
Straits Times 3,223.04 +75.25 +2.39%
Indian markets also to open high. Nifty will open atleast 50 points higher may go up till 100 points.
Nikkei 225 14,014.40 +247.54 +1.80%
Hang Seng 26,348.77 +593.42 +2.30%
Straits Times 3,223.04 +75.25 +2.39%
Indian markets also to open high. Nifty will open atleast 50 points higher may go up till 100 points.
Pre market tips for 02.05.2008
Buy RPL above 201.50 target 204/206/207
Buy RPOWER above 395 target 398/400/402
Buy RNRL above 123 target 124.5/125.75/128
Buy Voltas above 192 target 193/195/196
buy MRPL above 102 target 103/106/107
Buy Hindalco above 194 target 196/199/201
Buy RPOWER above 395 target 398/400/402
Buy RNRL above 123 target 124.5/125.75/128
Buy Voltas above 192 target 193/195/196
buy MRPL above 102 target 103/106/107
Buy Hindalco above 194 target 196/199/201
Asian markets opens high
After US markets closed more 1% up, Asian markets also showing good upward move opened up nearly 2% up..
At 8.15AM asian Markets
Nikkei 225 14,014.40 +247.54 +1.80%
Hang Seng 26,325.08 +569.73 +2.21%
Straits Times 3,222.99 +75.20 +2.39%
At 8.15AM asian Markets
Nikkei 225 14,014.40 +247.54 +1.80%
Hang Seng 26,325.08 +569.73 +2.21%
Straits Times 3,222.99 +75.20 +2.39%
Stocks rise and Dow crosses 13,000 as dollar advances
Wall Street shot higher Thursday as investors, while anticipating another dismal jobs report Friday, viewed the rising dollar and falling oil prices as promising signs for the economy.
US Market Closing
Dow 13,010.00 +189.87 +1.48%
Nasdaq 2,480.71 +67.91 +2.81%
S&P 500 1,409.34 +23.75 +1.71%
US Market Closing
Dow 13,010.00 +189.87 +1.48%
Nasdaq 2,480.71 +67.91 +2.81%
S&P 500 1,409.34 +23.75 +1.71%
Thursday, May 1, 2008
US markets close in red
Market showed good positive moove after fed rate cut but after given up all the gains and ended in red
Dow 12,820.13 -11.81 -0.09%
Nasdaq 2,412.80 -13.30 -0.55%
S&P 500 1,385.59 -5.35 -0.38%
Dow 12,820.13 -11.81 -0.09%
Nasdaq 2,412.80 -13.30 -0.55%
S&P 500 1,385.59 -5.35 -0.38%
Reliance Communication Q4 net up 47 pct, beats forcast
Reliance Communications, India's No. 2 mobile operator, beat forecasts with a 47 percent jump in quarterly net profit as it added more users in the world's fastest-growing wireless market, sending its shares up 2 percent.
India overtook the United States as the biggest market for wireless services after China, with a record 10.2 million people signing up for mobile phones in March.
Local call tariff of as low as U.S. 1 cent a minute and availability of cheaper handsets has seen India's mobile phone users soaring 25 times between 2002 and 2007.
Yet, only 22 percent of India's more than a billion people own mobile phones and operators have started expanding to smaller towns and to rural areas where 70 percent of the people live.
Reliance Communications, part of the Anil Dhirubhai Ambani Group, added 4.8 million mobile users between January and March taking its total to 45.8 million subscribers.
The company, which lags leader Bharti Airtel, said on Wednesday net profit rose to 15.03 billion rupees ($372 million) in the fiscal fourth quarter ended March 31 from 10.24 billion reported a year earlier.
"We are confident of improved performance in the future," Chairman Anil Ambani said in a statement.
Earnings before interest, tax, depreciation and amortization (EBITDA), a key performance gauge, rose 41.7 percent to 23.16 billion rupees, while EBITDA margins rose to 43.6 percent from 41.5 percent in the year-ago quarter.
Revenue rose to 53.11 billion rupees from 39.37 billion.
A Reuters poll of 10 analysts had forecast net profit of 13.31 billion rupees on sales of 52.58 billion.
Most of Reliance's users are on CDMA platform and Reliance is expanding the popular GSM-based services to all 23 service areas from the current 8 circles.
Ambani said in January the company would spend about $6 billion in the year to March 2009 as it expands its GSM network and builds mobile phone towers, on the top of a $5.3 billion investment in fiscal 2008.
For the full year ended March, profit rose 70.8 percent to 54.01 billion rupees on revenue of 190.68 billion, the company said.
Bharti Airtel last week reported a forecast-beating 37 percent rise in quarterly net profit to 18.53 billion rupees. Bharti had almost 62 million mobile users at end-March, a third more than Reliance's.
Shares in Reliance Communications were up 2.1 percent at 586.60 rupees by 0751 GMT in a Mumbai market that was down 0.1 percent. Bharti was up 1 percent at 910.70 rupees.
Reliance Communications shares lost 32 percent between January and March, underperforming the main index that fell 23 percent.
India overtook the United States as the biggest market for wireless services after China, with a record 10.2 million people signing up for mobile phones in March.
Local call tariff of as low as U.S. 1 cent a minute and availability of cheaper handsets has seen India's mobile phone users soaring 25 times between 2002 and 2007.
Yet, only 22 percent of India's more than a billion people own mobile phones and operators have started expanding to smaller towns and to rural areas where 70 percent of the people live.
Reliance Communications, part of the Anil Dhirubhai Ambani Group, added 4.8 million mobile users between January and March taking its total to 45.8 million subscribers.
The company, which lags leader Bharti Airtel, said on Wednesday net profit rose to 15.03 billion rupees ($372 million) in the fiscal fourth quarter ended March 31 from 10.24 billion reported a year earlier.
"We are confident of improved performance in the future," Chairman Anil Ambani said in a statement.
Earnings before interest, tax, depreciation and amortization (EBITDA), a key performance gauge, rose 41.7 percent to 23.16 billion rupees, while EBITDA margins rose to 43.6 percent from 41.5 percent in the year-ago quarter.
Revenue rose to 53.11 billion rupees from 39.37 billion.
A Reuters poll of 10 analysts had forecast net profit of 13.31 billion rupees on sales of 52.58 billion.
Most of Reliance's users are on CDMA platform and Reliance is expanding the popular GSM-based services to all 23 service areas from the current 8 circles.
Ambani said in January the company would spend about $6 billion in the year to March 2009 as it expands its GSM network and builds mobile phone towers, on the top of a $5.3 billion investment in fiscal 2008.
For the full year ended March, profit rose 70.8 percent to 54.01 billion rupees on revenue of 190.68 billion, the company said.
Bharti Airtel last week reported a forecast-beating 37 percent rise in quarterly net profit to 18.53 billion rupees. Bharti had almost 62 million mobile users at end-March, a third more than Reliance's.
Shares in Reliance Communications were up 2.1 percent at 586.60 rupees by 0751 GMT in a Mumbai market that was down 0.1 percent. Bharti was up 1 percent at 910.70 rupees.
Reliance Communications shares lost 32 percent between January and March, underperforming the main index that fell 23 percent.
Reliance buys stake to explore oil in Peru
Reliance Industries Ltd has signed an agreement to buy a 90 percent stake in an exploration block in Peru, a top company official said.
"It is a part of our international growth strategy. Our priority is that we are looking at heavy oil portfolio," the head of Reliance's petroleum business, P.M.S. Prasad, told reporters on Wednesday.
He said Reliance had agreed to acquire 90 percent of Block-141 in Peru from Pan Andean Resources Plc, a South-America-focused oil and gas explorer.
Prasad did not disclose the value of the deal.
In December, the president of Reliance's international oil business, Atul Chandra, said the company aimed to produce about 300,000 barrels per day of oil abroad and 100,000 bpd in India to ensure supply security for its refineries.
Reliance operates a 660,000 bpd refinery at Jamnagar in western India and its subsidiary, Reliance Petroleum, is building another 580,000 bpd plant adjacent to the existing one
"It is a part of our international growth strategy. Our priority is that we are looking at heavy oil portfolio," the head of Reliance's petroleum business, P.M.S. Prasad, told reporters on Wednesday.
He said Reliance had agreed to acquire 90 percent of Block-141 in Peru from Pan Andean Resources Plc, a South-America-focused oil and gas explorer.
Prasad did not disclose the value of the deal.
In December, the president of Reliance's international oil business, Atul Chandra, said the company aimed to produce about 300,000 barrels per day of oil abroad and 100,000 bpd in India to ensure supply security for its refineries.
Reliance operates a 660,000 bpd refinery at Jamnagar in western India and its subsidiary, Reliance Petroleum, is building another 580,000 bpd plant adjacent to the existing one
Fed cuts interest rates to lowest level in 4 years to prop up economy on edge of recession
Scrambling to shore up the faltering economy, the Federal Reserve cut interest rates to the lowest point in nearly four years Wednesday as the nation teetered on the edge of recession.
Wall Street rallied at first but then pulled back, concerned that the reduction might be the last for a while.
In fact, the Fed's trim was smaller than those of recent months amid indications the central bank might pause to see if months of powerful rate-cutting medicine and billions of dollars in stimulus checks will be enough to lift the country out of its slump.
Chairman Ben Bernanke led a divided Fed, in an 8-2 vote, in slicing its key rate by one-quarter percentage point to 2 percent.
In turn, the prime lending rate for millions of consumers and businesses fell by a corresponding amount, to 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans. Both rates are the lowest since late 2004.
The Federal Reserve, which has been dropping rates since last September, turned much more forceful early this year when housing, credit and financial problems worsened. Rate reductions in January and March alone marked the most aggressive intervention in a quarter-century in an effort to re-energize consumers and businesses.
Wall Street rallied at first but then pulled back, concerned that the reduction might be the last for a while.
In fact, the Fed's trim was smaller than those of recent months amid indications the central bank might pause to see if months of powerful rate-cutting medicine and billions of dollars in stimulus checks will be enough to lift the country out of its slump.
Chairman Ben Bernanke led a divided Fed, in an 8-2 vote, in slicing its key rate by one-quarter percentage point to 2 percent.
In turn, the prime lending rate for millions of consumers and businesses fell by a corresponding amount, to 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans. Both rates are the lowest since late 2004.
The Federal Reserve, which has been dropping rates since last September, turned much more forceful early this year when housing, credit and financial problems worsened. Rate reductions in January and March alone marked the most aggressive intervention in a quarter-century in an effort to re-energize consumers and businesses.
Wednesday, April 30, 2008
Post Market Report 30.04.2008
Profit taking pulled the market lower in choppy trade today. Traders booked profit ahead of the outcome of the US Federal Reserve's policy meeting later in the day. The market breadth turned negative in late trade in contrast to strong breadth earlier in the day. Banking and realty stocks declined even as auto stocks rose. Consumer durables stocks fell. IT and FMCG stocks rose. Oil & gas majors declined. European markets which opened after Indian markets were in red.
The 30-share BSE Sensex provisionally ended down 120.84 points or 0.7% at 17,257.62. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17241.88 in late trade. At day’s low Sensex lost 136.58 points.
The broader based S&P CNX Nifty was down 37.05 points or 0.71% at 5,158.45 as per provisional figures.
The market breadth turned negative on BSE with 1284 shares advancing as compared to 1420 that declined. 76 remained unchanged.
The BSE Mid-Cap index down 0.17% to 7,134.79 and BSE Small-Cap index down 0.3% to 8,759.13.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.65% to Rs 2609.10.
Consumer Durables stocks declined. Titan Industries (down 5.6% to Rs 1,229.95), Lloyd Electric (down 0.13% to Rs 114) edged lower. Videocon Industries declined 2.25% to Rs 371.70. The company’s net profit rose 8.55% to Rs 251.22 crore on 15.69% rise in total income to Rs 2538.78 crore in Q4 March 2008 over Q4 March 2007.
Realty stocks declined. DLF (down 3.15% to Rs 703), Unitech (down 2.11% to Rs 310.80) and Indiabulls Real Estate (down 2.22% to Rs 545) edged lower.
Banking stocks declined. ICICI Bank (down 2.36 % to Rs 879.65), HDFC Bank (down 2.2% to Rs 1,513.50), State Bank of India (down 0.64% to Rs 1,776.35) edged lower.
FMCG stock rose. ITC (up 3.61% to Rs 219.80), Tata Tea (up 4.1% to Rs 916) edged higher. India’s largest FMCG major by sales Hindustan Unilever was flat at Rs 250.65. Nestle India jumped 9.15% to Rs 1774 on reporting 47.7% surge in net profit to Rs 160.15 crore in Q1 March 2008 over Q1 March 2007.
Auto stocks rose. Mahindra & Mahindra (up 4.31% to Rs 670.40), Maruti Suzuki India (up 1.45% to Rs 741.90), Tata Motors (up 3.48% to Rs 662.20) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.61% to Rs 848.
IT stocks rose. Wipro (up 1.96% to Rs 488.60), Infosys (up 0.17% to Rs 1,753.75), Tata Consultancy Services (up 0.96% to Rs 919.55) and Satyam Computer Services (up 0.59% to Rs 482.20) edged higher.
Jaiprakash Associates (up 1.95% to Rs 271.30), Bharat Heavy Electricals (up 0.27% to Rs 1,897) edged higher from Sensex pack.
Grasim Industries (down 2.81% to Rs 2,402.75), Hindalco Industries (down 2.32% to Rs 193.60), ACC (down 2.15% to Rs 758.65), Ranbaxy Laboratories (down 0.99% to Rs 480.085) edged lower from Sensex pack.
India’s largest dedicated housing finance firm by operating income HDFC declined 2.66% to Rs 2,804.80. The company’s net profit rose 39.64% to Rs 768.12 crore on 33.82% rise in total income to Rs 2,320.21 crore in Q4 March 2008 over Q4 March 2007.
India’s largest telecom services provider by sales Reliance Communications rose 0.88% to Rs 579.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.
NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.
Nicholas Piramal India rose 0.17% to Rs 346.40 after it signed product development & licensing agreement with DxTech for point-of-care diagnostic testing system.
Punj Lloyd declined 1.27% to Rs 364. PT Punj Lloyd Indonesia and Punj Lloyd, Singapore, the holly owned subsidiaries of the company have been awarded an engineering, procurement and construction project for 2x30 megawatt (MW) coal power plant in Kalimantan Island, Indonesia. The order is valued at Rs 330 crore.
The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure. Indian stock market remains closed tomorrow, 1 May 2008, on account of Maharashtra Day.
Inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram yesterday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.
Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. While the central bank has mentioned price stability as its key priority, the overall undertone of the policy is not as hawkish as market had feared. That in turn boosted the bourses with Sensex jumping 362.50 points or 2.13% on Tuesday to settle at 17,378.46. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.
Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market.
The structural growth drivers of the Indian economy remain intact – India’s economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
On Wall Street, stocks ended little changed on Tuesday, 29 April 2008, as setbacks for two drugs weighed down the pharmaceutical sector, offsetting the relief from a retreat in record high crude oil prices.
Asian markets were mixed today. Key benchmark indices in China, South Korea, and Taiwan were up by between 0.32% to 4.82%. Key benchmark indices from Hong Kong, Japan and Singapore was down between 0.3 to 0.6%.
European markets were in the red. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 fell between 0.38% to 0.73%.
The 30-share BSE Sensex provisionally ended down 120.84 points or 0.7% at 17,257.62. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17241.88 in late trade. At day’s low Sensex lost 136.58 points.
The broader based S&P CNX Nifty was down 37.05 points or 0.71% at 5,158.45 as per provisional figures.
The market breadth turned negative on BSE with 1284 shares advancing as compared to 1420 that declined. 76 remained unchanged.
The BSE Mid-Cap index down 0.17% to 7,134.79 and BSE Small-Cap index down 0.3% to 8,759.13.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.65% to Rs 2609.10.
Consumer Durables stocks declined. Titan Industries (down 5.6% to Rs 1,229.95), Lloyd Electric (down 0.13% to Rs 114) edged lower. Videocon Industries declined 2.25% to Rs 371.70. The company’s net profit rose 8.55% to Rs 251.22 crore on 15.69% rise in total income to Rs 2538.78 crore in Q4 March 2008 over Q4 March 2007.
Realty stocks declined. DLF (down 3.15% to Rs 703), Unitech (down 2.11% to Rs 310.80) and Indiabulls Real Estate (down 2.22% to Rs 545) edged lower.
Banking stocks declined. ICICI Bank (down 2.36 % to Rs 879.65), HDFC Bank (down 2.2% to Rs 1,513.50), State Bank of India (down 0.64% to Rs 1,776.35) edged lower.
FMCG stock rose. ITC (up 3.61% to Rs 219.80), Tata Tea (up 4.1% to Rs 916) edged higher. India’s largest FMCG major by sales Hindustan Unilever was flat at Rs 250.65. Nestle India jumped 9.15% to Rs 1774 on reporting 47.7% surge in net profit to Rs 160.15 crore in Q1 March 2008 over Q1 March 2007.
Auto stocks rose. Mahindra & Mahindra (up 4.31% to Rs 670.40), Maruti Suzuki India (up 1.45% to Rs 741.90), Tata Motors (up 3.48% to Rs 662.20) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.61% to Rs 848.
IT stocks rose. Wipro (up 1.96% to Rs 488.60), Infosys (up 0.17% to Rs 1,753.75), Tata Consultancy Services (up 0.96% to Rs 919.55) and Satyam Computer Services (up 0.59% to Rs 482.20) edged higher.
Jaiprakash Associates (up 1.95% to Rs 271.30), Bharat Heavy Electricals (up 0.27% to Rs 1,897) edged higher from Sensex pack.
Grasim Industries (down 2.81% to Rs 2,402.75), Hindalco Industries (down 2.32% to Rs 193.60), ACC (down 2.15% to Rs 758.65), Ranbaxy Laboratories (down 0.99% to Rs 480.085) edged lower from Sensex pack.
India’s largest dedicated housing finance firm by operating income HDFC declined 2.66% to Rs 2,804.80. The company’s net profit rose 39.64% to Rs 768.12 crore on 33.82% rise in total income to Rs 2,320.21 crore in Q4 March 2008 over Q4 March 2007.
India’s largest telecom services provider by sales Reliance Communications rose 0.88% to Rs 579.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.
NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.
Nicholas Piramal India rose 0.17% to Rs 346.40 after it signed product development & licensing agreement with DxTech for point-of-care diagnostic testing system.
Punj Lloyd declined 1.27% to Rs 364. PT Punj Lloyd Indonesia and Punj Lloyd, Singapore, the holly owned subsidiaries of the company have been awarded an engineering, procurement and construction project for 2x30 megawatt (MW) coal power plant in Kalimantan Island, Indonesia. The order is valued at Rs 330 crore.
The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure. Indian stock market remains closed tomorrow, 1 May 2008, on account of Maharashtra Day.
Inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram yesterday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.
Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. While the central bank has mentioned price stability as its key priority, the overall undertone of the policy is not as hawkish as market had feared. That in turn boosted the bourses with Sensex jumping 362.50 points or 2.13% on Tuesday to settle at 17,378.46. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.
Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market.
The structural growth drivers of the Indian economy remain intact – India’s economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
On Wall Street, stocks ended little changed on Tuesday, 29 April 2008, as setbacks for two drugs weighed down the pharmaceutical sector, offsetting the relief from a retreat in record high crude oil prices.
Asian markets were mixed today. Key benchmark indices in China, South Korea, and Taiwan were up by between 0.32% to 4.82%. Key benchmark indices from Hong Kong, Japan and Singapore was down between 0.3 to 0.6%.
European markets were in the red. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 fell between 0.38% to 0.73%.
Mkt trades weak: Bank, oil dowm; FMCG, IT up
The markets are trading weak with moderate losses on account of selling pressure in bank, oil & gas, realty stocks. However, FMCG and IT index has outperformed other sectoral indices. The BSE midcap and smallcap are trading with marginal gain.
On the global front, Asia markets ended mixed and Europe was also trading mixed.
At 1.48 hrs IST, the Sensex is up 6.02 points or 0.03% at 17384.48, and the Nifty down 14.05 points or 0.27% at 5181.45.
About 1485 shares have advanced, 1376 shares declined, and 221 shares are unchanged.
The BSE IT index was up nearly 2% at 4317 and FMCG index was up 1% at 2438.
Top losers on the bourses are HDFC, Grasim and ICICI Bank, Cairn India and NALCO.
Top gainers on the bourses are Infosys, Tata Motors, TCS, BPCL and SAIL are among major gainers
On the global front, Asia markets ended mixed and Europe was also trading mixed.
At 1.48 hrs IST, the Sensex is up 6.02 points or 0.03% at 17384.48, and the Nifty down 14.05 points or 0.27% at 5181.45.
About 1485 shares have advanced, 1376 shares declined, and 221 shares are unchanged.
The BSE IT index was up nearly 2% at 4317 and FMCG index was up 1% at 2438.
Top losers on the bourses are HDFC, Grasim and ICICI Bank, Cairn India and NALCO.
Top gainers on the bourses are Infosys, Tata Motors, TCS, BPCL and SAIL are among major gainers
Mkts trading near day's lows; Nifty below 5200 level
The markets are trading near day’s lows as bank, oil & gas, realty stocks witnessing selling pressure. However, IT index has outperformed other sectoral indices. The BSE midcap and smallcap are trading with marginal gain.
At 12.40 pm, the Sensex is down 62.96 points or 0.36% at 17315.50, and the Nifty down 28.85 points or 0.56% at 5166.65.
About 1553 shares have advanced, 1303 shares declined, and 226 shares are unchanged.
The BSE IT index was up nearly 2% at 4317 and FMCG index was up 1% at 2438.
Top losers on the bourses are HDFC, Grasim and ICICI Bank, Cairn India and NALCO.
Top gainers on the bourses are Infosys, Tata Motors, TCS, BPCL and SAIL are among major gainers
At 12.40 pm, the Sensex is down 62.96 points or 0.36% at 17315.50, and the Nifty down 28.85 points or 0.56% at 5166.65.
About 1553 shares have advanced, 1303 shares declined, and 226 shares are unchanged.
The BSE IT index was up nearly 2% at 4317 and FMCG index was up 1% at 2438.
Top losers on the bourses are HDFC, Grasim and ICICI Bank, Cairn India and NALCO.
Top gainers on the bourses are Infosys, Tata Motors, TCS, BPCL and SAIL are among major gainers
Market pares losses in choppy trade
The market recovered from its lows after it had declined sharply in afternoon trade. The market breadth was positive. Banking realty stocks declined while auto stocks extended gains. IT stocks rose. European markets which opened after Indian markets were in green.
At 12:23 IST, the 30-share BSE Sensex was down 58.74 points or 0.34% at 17,317.80. A bout of volatility was witnessed on the bourses in mid-morning trade when the market had recovered from lower level. Earlier market had opened firm but had pared gains later. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17269.65 in afternoon trade. At day’s low Sensex lost 108.81 points.
The broader based S&P CNX Nifty was down 14.7 points or 0.28% at 5,180.80.
The market breadth was positive on BSE with 1330 shares advancing as compared to 1226 that declined. 79 remained unchanged.
The BSE Mid-Cap index rose 0.33% to 7,170.38 and BSE Small-Cap index rose 0.23% to 8,805.70.
India’s largest telecom services provider by sales Reliance Communications rose 1.71% to Rs 584.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.
IT stocks rose. Wipro (up 2.01% to Rs 488.80), Infosys (up 2.18% to Rs 1,789.45), Tata Consultancy Services (up 2.01% to Rs 929.80) and Satyam Computer Services (up 1.14% to Rs 484.80) edged hihger.
Realty stocks declined. DLF (down 1.77% to Rs 713), Unitech (down 0.71% to Rs 315.25) and Indiabulls Real Estate (down 0.3% to Rs 555.70) edged lower.
Banking stocks declined. ICICI Bank (down 2.52% to Rs 878.50), HDFC Bank (down 1.8% to Rs 1519.60), State Bank of India (down 1.42% to Rs 1,768.05) edged lower.
Auto stocks rose. Mahindra & Mahindra (up 2.55% to Rs 659.10), Maruti Suzuki India (up 0.39% to Rs 734.15), Tata Motors (up 2.2% to Rs 654) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.38% to Rs 849.95.
Jaiprakash Associates (up 2.2% to Rs 271.70), ITC (up 2.52% to Rs 218), Bharti Airtel (up 0.78% to Rs 909.60) edged higher from Sensex pack.
HDFC (down 2.44% to Rs 2807), ONGC (down 1.72% to Rs 1,035), Grasim Industries (down 1.55% to Rs 2,431), Hindalco Industries (down 1.41% to Rs 195.40), ACC (down 1.46% to Rs 766.05), Ranbaxy Laboratories (down 1.06% to Rs 479.70) edged lower from Sensex pack.
NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.
National Mineral Development Corporation (NMDC) hit 5% upper circuit at Rs 1,416.25 after it fixed 22 May 2008 as the record date for the bonus issue of 2 equity shares for every one share held.
Sesa Goa rose 2.57% to Rs 4,275.10. It hit a 52-week high of Rs 4,361 today.
Nestle India rose 7.06% to Rs 1,739.95. It hit a 52-week high of Rs 1,875 today after the company reported 47.7% surge in net profit to Rs 160.15 crore on 26.4% rise in sales to Rs 1090.91 crore in Q1 March 2008 over Q1 March 2007.
Aro Granite Industries hit 10% upper circuit at Rs 99.90. The company said a board meet will be held on 9 May 2008 to consider bonus issue.
At 12:23 IST, the 30-share BSE Sensex was down 58.74 points or 0.34% at 17,317.80. A bout of volatility was witnessed on the bourses in mid-morning trade when the market had recovered from lower level. Earlier market had opened firm but had pared gains later. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17269.65 in afternoon trade. At day’s low Sensex lost 108.81 points.
The broader based S&P CNX Nifty was down 14.7 points or 0.28% at 5,180.80.
The market breadth was positive on BSE with 1330 shares advancing as compared to 1226 that declined. 79 remained unchanged.
The BSE Mid-Cap index rose 0.33% to 7,170.38 and BSE Small-Cap index rose 0.23% to 8,805.70.
India’s largest telecom services provider by sales Reliance Communications rose 1.71% to Rs 584.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.
IT stocks rose. Wipro (up 2.01% to Rs 488.80), Infosys (up 2.18% to Rs 1,789.45), Tata Consultancy Services (up 2.01% to Rs 929.80) and Satyam Computer Services (up 1.14% to Rs 484.80) edged hihger.
Realty stocks declined. DLF (down 1.77% to Rs 713), Unitech (down 0.71% to Rs 315.25) and Indiabulls Real Estate (down 0.3% to Rs 555.70) edged lower.
Banking stocks declined. ICICI Bank (down 2.52% to Rs 878.50), HDFC Bank (down 1.8% to Rs 1519.60), State Bank of India (down 1.42% to Rs 1,768.05) edged lower.
Auto stocks rose. Mahindra & Mahindra (up 2.55% to Rs 659.10), Maruti Suzuki India (up 0.39% to Rs 734.15), Tata Motors (up 2.2% to Rs 654) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.38% to Rs 849.95.
Jaiprakash Associates (up 2.2% to Rs 271.70), ITC (up 2.52% to Rs 218), Bharti Airtel (up 0.78% to Rs 909.60) edged higher from Sensex pack.
HDFC (down 2.44% to Rs 2807), ONGC (down 1.72% to Rs 1,035), Grasim Industries (down 1.55% to Rs 2,431), Hindalco Industries (down 1.41% to Rs 195.40), ACC (down 1.46% to Rs 766.05), Ranbaxy Laboratories (down 1.06% to Rs 479.70) edged lower from Sensex pack.
NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.
National Mineral Development Corporation (NMDC) hit 5% upper circuit at Rs 1,416.25 after it fixed 22 May 2008 as the record date for the bonus issue of 2 equity shares for every one share held.
Sesa Goa rose 2.57% to Rs 4,275.10. It hit a 52-week high of Rs 4,361 today.
Nestle India rose 7.06% to Rs 1,739.95. It hit a 52-week high of Rs 1,875 today after the company reported 47.7% surge in net profit to Rs 160.15 crore on 26.4% rise in sales to Rs 1090.91 crore in Q1 March 2008 over Q1 March 2007.
Aro Granite Industries hit 10% upper circuit at Rs 99.90. The company said a board meet will be held on 9 May 2008 to consider bonus issue.
Performance of tips of 30.04.2008 @11.38
Buy Reliance Petroleum buy above 203 target 205/206.5/208 high 206.40
buy RPOWER above 402 target 405/408/415 high 407.00
sell HINDALCO below 197 target 195/192/190 low 195.55
buy FCH above 606 target 608/612/620 high 624.90
buy FIEMIND above 70 target 70.5/72/74 high 80.50
buy RPOWER above 402 target 405/408/415 high 407.00
sell HINDALCO below 197 target 195/192/190 low 195.55
buy FCH above 606 target 608/612/620 high 624.90
buy FIEMIND above 70 target 70.5/72/74 high 80.50
Mkts choppy
Markets have given up its morning gains and are hovering around yesterday’s close. Buying interest is seen in realty, auto and power stocks. However, bank, IT and metal stocks are witnessing selling pressure.
At 10.48 am, the Sensex is up 4.99 points or 0.03% at 17383.45, and the Nifty up 8.50 points or 0.16% at 5204.00.
About 1708 shares have advanced, 1150 shares declined, and 224 shares are unchanged.
Top gainers on the bourses are Reliance Comm, Tata Motors, M&M, Idea Cellular and Maruti Suzuki.
Most active shares on BSE are Sesa Goa, Reliance Petro and Indiabulls Sec.
At 10.48 am, the Sensex is up 4.99 points or 0.03% at 17383.45, and the Nifty up 8.50 points or 0.16% at 5204.00.
About 1708 shares have advanced, 1150 shares declined, and 224 shares are unchanged.
Top gainers on the bourses are Reliance Comm, Tata Motors, M&M, Idea Cellular and Maruti Suzuki.
Most active shares on BSE are Sesa Goa, Reliance Petro and Indiabulls Sec.
Mkt opens with good gains
The markets have opened with good gain. Nifty trading above 5200 mark. DLF, Reliance Comm, JP Associate are witnessing buiyng interest ahead of their earnings.
At 9.56 am, the Sensex was up points 91 at 17468, and the Nifty was up 23 points at 5218.50.
Unitech, Hindalco, Sayam, Suzlon, Dr Reddy Labs are among major gainers.
IFCI, Nagarjuna Fertiliser are among major losers.
At 9.56 am, the Sensex was up points 91 at 17468, and the Nifty was up 23 points at 5218.50.
Unitech, Hindalco, Sayam, Suzlon, Dr Reddy Labs are among major gainers.
IFCI, Nagarjuna Fertiliser are among major losers.
Pre Market Report 30/04/2008
The market may move in a narrow range today as investors may stay on the sidelines ahead of a key event viz. the outcome of the policy meeting of the US Federal Reserve, later in the day. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure. Indian stock market remains closed tomorrow, 1 May 2008, on account of Maharashtra Day.
Inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram yesterday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.
Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. The policy stance of the central bank continues to be hawkish. The market shrugged off further monetary tightening by RBI as Sensex rose 362.50 points or 2.13% on Tuesday to settled at 17,378.46. The market took solace in the central bank keeping the key interest rates - repo rate, reverse repo rate and bank rate, unchanged. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.
Sensex is currently near a two-month high, having risen 2568.97 points or 17.34% from a low of 14809.49 on 17 March 2008. Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market.
The structural growth drivers of the Indian economy remain intact - India's economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable
As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 232.18 crore on Tuesday, 29 April 2008. Domestic funds bought shares worth a net Rs 403.27 crore.
FIIs were net buyers of Rs 802.65 crore in the futures & options segment on Tuesday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 548.61 crore and bought index options worth Rs 496.73 crore. They were net sellers of stock futures to the tune of Rs 228.72 crore and sold stock options worth Rs 13.97 crore.
On Wall Street, stocks ended little changed on Tuesday, 29 April 2008, as setbacks for two drugs weighed down the pharmaceutical sector, offsetting the relief from a retreat in record high crude oil prices.
Asian markets were mostly in the green today. Key benchmark indices in China, Japan, South Korea, Singapore and Taiwan were up by between 0.2% to 3.8%.
Inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram yesterday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.
Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. The policy stance of the central bank continues to be hawkish. The market shrugged off further monetary tightening by RBI as Sensex rose 362.50 points or 2.13% on Tuesday to settled at 17,378.46. The market took solace in the central bank keeping the key interest rates - repo rate, reverse repo rate and bank rate, unchanged. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.
Sensex is currently near a two-month high, having risen 2568.97 points or 17.34% from a low of 14809.49 on 17 March 2008. Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market.
The structural growth drivers of the Indian economy remain intact - India's economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable
As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 232.18 crore on Tuesday, 29 April 2008. Domestic funds bought shares worth a net Rs 403.27 crore.
FIIs were net buyers of Rs 802.65 crore in the futures & options segment on Tuesday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 548.61 crore and bought index options worth Rs 496.73 crore. They were net sellers of stock futures to the tune of Rs 228.72 crore and sold stock options worth Rs 13.97 crore.
On Wall Street, stocks ended little changed on Tuesday, 29 April 2008, as setbacks for two drugs weighed down the pharmaceutical sector, offsetting the relief from a retreat in record high crude oil prices.
Asian markets were mostly in the green today. Key benchmark indices in China, Japan, South Korea, Singapore and Taiwan were up by between 0.2% to 3.8%.
Stock tips for 30.04.2008
Buy Reliance Petroleum buy above 203 target 205/206.5/208
buy RPOWER above 402 target 405/408/415
sell HINDALCO below 197 target 195/192/190
buy FCH above 606 target 608/612/620
buy FIEMIND above 70 target 70.5/72/74
buy RPOWER above 402 target 405/408/415
sell HINDALCO below 197 target 195/192/190
buy FCH above 606 target 608/612/620
buy FIEMIND above 70 target 70.5/72/74
Asian markets flat opening
Asian market also opened in red but without much change and then slowly moving upwards
Nikkei 225 13,883.49 -10.88 -0.08%
Hang Seng 25,888.68 -25.47 -0.10%
Straits Times 3,179.93 +7.57 +0.24%
Nikkei 225 13,883.49 -10.88 -0.08%
Hang Seng 25,888.68 -25.47 -0.10%
Straits Times 3,179.93 +7.57 +0.24%
US Stocks mixed with investors wary before Fed's rate decision-
Wall Street turned in a mixed performance Tuesday as investors traded cautiously ahead of the Federal Reserve's Wednesday decision on interest rates.
Dow 12,831.94 -39.81 -0.31%
Nasdaq 2,426.10 +1.70 +0.07%
S&P 500 1,390.94 -5.43 -0.39%
Dow 12,831.94 -39.81 -0.31%
Nasdaq 2,426.10 +1.70 +0.07%
S&P 500 1,390.94 -5.43 -0.39%
Tuesday, April 29, 2008
Us markets looses further
After opening flat, US markets going further down
@9.45PM US markets were
Dow 12,824.12 -47.63 -0.37%
Nasdaq 2,413.91 -10.49 -0.43%
S&P 500 1,388.60 -7.77 -0.56%
@9.45PM US markets were
Dow 12,824.12 -47.63 -0.37%
Nasdaq 2,413.91 -10.49 -0.43%
S&P 500 1,388.60 -7.77 -0.56%
Post Market report 29.04.2008
The market which had declined yesterday ahead of the Reserve Bank
of India's annual monetary policy review, bounced back today after
the central bank kept interest rates unchanged. Rate sensitive
banking, auto and realty stocks surged. IT stocks surged after the
Finance Minister extended tax exemption for the IT sector by a
year. Metal stocks rose. The market breadth was strong.
The central bank raised the cash reserve ratio (CRR) by 25 basis
points and the stance of its monetary policy was hawkish. The
market had witnessed a bout of volatility earlier in the day ahead
of monetary policy announcement.
Asian markets which opened before Indian market were mixed.
European markets which opened after Indian markets were mixed.
The 30-share BSE Sensex jumped 362.50 points or 2.13% at 17,378.46.
Sensex hit a high of 17,424.94 in late trade, its highest level in
two months. At the day's high, Sensex rose 408.98 points. Sensex
hit a low of 17011.60 in mid-morning trade. At day's low Sensex
fell 4.36 points.
The broader based S&P CNX Nifty was up 105.85 points or 2.08% at
5,195.50
From a recent low of 16698.04 on 23 April 2008, Sensex has gained
680.42 points or 4.07% to 17378.46 on 29 April 2008. From a low of
14809.49 on 17 March 2008, Sensex has risen 2568.97 points or
17.34%. The barometer index is off 3828.31 points or 18.05% from a
all time high of 21206.77 struck on 10 January 2008.
The turnover on BSE stood at Rs 7262 crore as compared to a
turnover of Rs 5544.33 crore on Monday, 28 April 2008. Turnover in
NSE's futures & options (F&O) segment spurted to Rs 41,819.49
crore, as compared to Rs 25,459.22 crore on Monday, 28 April 2008.
Nifty May 2008 futures were at 5217.40, a premium of 21.90 points
as compared to spot closing of 5,195.50.
The CRR is the percentage of banks' deposits which they must keep
as cash with the central bank. It may be recalled that RBI had
earlier this month announced a two-stage rise in CRR to 8%.
The Reserve Bank of India (RBI) said managing liquidity would
continue to receive priority in its policy objectives and warned it
would act swiftly to curb any signs of adverse developments in
inflation expectations.
RBI has forecast economic growth of 8% to 8.5% in the fiscal year
that began this month, after an estimated 8.7% growth in 2007/08.
RBI said it aims for inflation of around 5.5% this fiscal year with
the goal of lowering it close to 5% as soon as possible.
The market breadth was strong on BSE with 1588 shares advancing as
compared to 1121 that declined. 61 remained unchanged.
The BSE Mid-Cap index rose 1.13% to 7146.95 and BSE Small-Cap index
rose 0.87% to 8,785.31.
BSE Realty index (up 5.9% to 8,650.24), BSE Metal index (up 3.64%
to 16192.97), BSE IT index (up 5.24% to 4237.81), BSE Consumer
Durables index (up 2.81% to 4585.97), outperformed Sensex.
BSE Oil & Gas index (up 2.02% to 11661.26), BSE Bankex (up 1.68% to
8,964.75), BSE PSU index (up 1.65% to 8008.99), BSE Auto index (up
1.52% to 4,646.62), BSE Capital Goods index (up 1.28% to 13931.17),
BSE HealthCare index (up 0.78% to 4,248.62), BSE Power index (up
0.96% to 3,336.34) and BSE FMCG index (up 0.52% to 2,412.61)
underperformed Sensex
As per the provisional figures, foreign institutional investors
(FII)s bought shares worth Rs 232.18 crore today 29 April 2008 and
domestic funds bought shares worth Rs 403.27 crore.
Realty stocks surged in late trade. Indiabulls Real Estate (up
3.06% to Rs 557.35), DLF (up 8.57% to Rs 725.85) and Unitech (up
8.18% to Rs 317.50) rose.
IT stocks surged. Satyam Computer Services (up 8.22% to Rs 479.35),
Infosys (up 5.15% to Rs 1,750.75), Wipro (up 4.7% to Rs 479.20) and
Tata Consultancy Services (up 3.15% to Rs 910.80) edged higher.
Finance Minister Palaniappan Chidambaram extended by a year a tax
holiday scheme for export-driven software companies as he outlined
some changes to the federal budget for 2008-09. The scheme for
facilities based in technology parks was set to expire in March
2009.
Metal stocks rose. Tata Steel (up 4.01% to Rs 808.90), National
Aluminium Company (up 4.37% to Rs 458.70), Hindalco Industries (up
6.44% to Rs 198.20), Steel Authority of India (up 2.08% to Rs
179.40), Sterlite Industries (up 4.77% to Rs 898.85) edged higher.
Finance Minister P Chidambaram today said government will impose
export tax on basmati rice and some steel products, and cut import
duties on key inputs like ferro alloys and metallurgical coke. He
said the measures were being taken to improve domestic supplies and
to moderate prices.
Banking stocks surged after the RBI's policy announcement. State
Bank of India (up 3.27% to Rs 1,793.50), HDFC Bank (up 1.95% to Rs
1,547.50) and ICICI Bank (up 0.71% to Rs 901.30) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.17% to Rs
642.70), Tata Motors (up 1% to Rs 639.95) Maruti Suzuki India (up
1.24% to Rs 731.30), Hero Honda Motors (up 5.34% to Rs 861.85),
rose.
HDFC (up 5.95% to Rs 2881.45), Larsen & Toubro (up 2.09% to Rs
3007.40) Jaiprakash Associates (up 5.95% to Rs 266.10), Ambuja
Cements (up 1.32% to Rs 114.85), Bharat Heavy Electricals (up 1.29%
to Rs 1891.85), Reliance Industries (up 2.35% to Rs 2,653) edged
higher from Sensex pack.
Hindustan Unilever rose 1.48% to Rs 250.85. Net profit of Hindustan
Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales
to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of
the company has approved the change in the financial year to
April-March.
Reliance Communications declined 1.73% to Rs 574.70 while Bharti
Airtel fell 2.67% to Rs 904.50. Reliance Communications said on
Monday, 28 April 2008, it would offer unlimited national long
distance calls within its network for a fixed rental with immediate
effect. Earlier yesterday, sector leader Bharti Airtel slashed long
distance and roaming tariffs by 43% effective 30 April 2008.
Reliance Natural Resources clocked the highest volume of 2.15 crore
shares on BSE. Ispat Industries (1.71 crore shares), IFCI (1.56
crore shares), Indiabulls Securities (1.51 crore shares) and
Reliance Petroleum (1.47 crore shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 317.11 crore on
BSE. Sesa Goa (Rs 309.43 crore), Reliance Petroleum (Rs 295.31
crore), Reliance Natural Resources (Rs 270.24 crore) and Reliance
Industries (Rs 231.64 crore) were the other turnover toppers in
that order.
It its latest report on macroeconomic and monetary developments in
2007/08 released on Monday, 28 April 2008, RBI has said that the
global food prices were likely to remain firm as supply side
pressures did not appear to be abating. The central bank said steps
takes by the government to rein in prices should help curb
inflation. It, however, said the inflation risks on account of oil
prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had
increased substantially since February 2007 alongside rising global
oil prices, while prices of petrol and diesel, which are
government-controlled, had partially adjusted. But prices of
kerosene and cooking gas had not been raised by the government for
several years.
RBI felt there were some demand-side pressures. Domestic iron and
steel prices saw a sharp increase in line with recent hardening in
international steel prices, it said, while cement price rises could
be attributed largely to strong demand from construction
domestically. A survey of professional forecasters by the central
bank showed that the Indian economy is expected to grow 8.1% in the
2008/09 fiscal year that began this month. In 2007/08, the gross
domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A
survey of 392 companies by Federation of Indian Chambers of
Commerce and Industry (FICCI), showed that concerns about an
economic slowdown, inflation and rising costs hurt business
confidence of Indian firms during October-December 2007 period. The
FICCI business confidence index declined to a new five-year low of
55.3 points in the third quarter of 2007/08, from 61.2 in the
previous quarter.
of India's annual monetary policy review, bounced back today after
the central bank kept interest rates unchanged. Rate sensitive
banking, auto and realty stocks surged. IT stocks surged after the
Finance Minister extended tax exemption for the IT sector by a
year. Metal stocks rose. The market breadth was strong.
The central bank raised the cash reserve ratio (CRR) by 25 basis
points and the stance of its monetary policy was hawkish. The
market had witnessed a bout of volatility earlier in the day ahead
of monetary policy announcement.
Asian markets which opened before Indian market were mixed.
European markets which opened after Indian markets were mixed.
The 30-share BSE Sensex jumped 362.50 points or 2.13% at 17,378.46.
Sensex hit a high of 17,424.94 in late trade, its highest level in
two months. At the day's high, Sensex rose 408.98 points. Sensex
hit a low of 17011.60 in mid-morning trade. At day's low Sensex
fell 4.36 points.
The broader based S&P CNX Nifty was up 105.85 points or 2.08% at
5,195.50
From a recent low of 16698.04 on 23 April 2008, Sensex has gained
680.42 points or 4.07% to 17378.46 on 29 April 2008. From a low of
14809.49 on 17 March 2008, Sensex has risen 2568.97 points or
17.34%. The barometer index is off 3828.31 points or 18.05% from a
all time high of 21206.77 struck on 10 January 2008.
The turnover on BSE stood at Rs 7262 crore as compared to a
turnover of Rs 5544.33 crore on Monday, 28 April 2008. Turnover in
NSE's futures & options (F&O) segment spurted to Rs 41,819.49
crore, as compared to Rs 25,459.22 crore on Monday, 28 April 2008.
Nifty May 2008 futures were at 5217.40, a premium of 21.90 points
as compared to spot closing of 5,195.50.
The CRR is the percentage of banks' deposits which they must keep
as cash with the central bank. It may be recalled that RBI had
earlier this month announced a two-stage rise in CRR to 8%.
The Reserve Bank of India (RBI) said managing liquidity would
continue to receive priority in its policy objectives and warned it
would act swiftly to curb any signs of adverse developments in
inflation expectations.
RBI has forecast economic growth of 8% to 8.5% in the fiscal year
that began this month, after an estimated 8.7% growth in 2007/08.
RBI said it aims for inflation of around 5.5% this fiscal year with
the goal of lowering it close to 5% as soon as possible.
The market breadth was strong on BSE with 1588 shares advancing as
compared to 1121 that declined. 61 remained unchanged.
The BSE Mid-Cap index rose 1.13% to 7146.95 and BSE Small-Cap index
rose 0.87% to 8,785.31.
BSE Realty index (up 5.9% to 8,650.24), BSE Metal index (up 3.64%
to 16192.97), BSE IT index (up 5.24% to 4237.81), BSE Consumer
Durables index (up 2.81% to 4585.97), outperformed Sensex.
BSE Oil & Gas index (up 2.02% to 11661.26), BSE Bankex (up 1.68% to
8,964.75), BSE PSU index (up 1.65% to 8008.99), BSE Auto index (up
1.52% to 4,646.62), BSE Capital Goods index (up 1.28% to 13931.17),
BSE HealthCare index (up 0.78% to 4,248.62), BSE Power index (up
0.96% to 3,336.34) and BSE FMCG index (up 0.52% to 2,412.61)
underperformed Sensex
As per the provisional figures, foreign institutional investors
(FII)s bought shares worth Rs 232.18 crore today 29 April 2008 and
domestic funds bought shares worth Rs 403.27 crore.
Realty stocks surged in late trade. Indiabulls Real Estate (up
3.06% to Rs 557.35), DLF (up 8.57% to Rs 725.85) and Unitech (up
8.18% to Rs 317.50) rose.
IT stocks surged. Satyam Computer Services (up 8.22% to Rs 479.35),
Infosys (up 5.15% to Rs 1,750.75), Wipro (up 4.7% to Rs 479.20) and
Tata Consultancy Services (up 3.15% to Rs 910.80) edged higher.
Finance Minister Palaniappan Chidambaram extended by a year a tax
holiday scheme for export-driven software companies as he outlined
some changes to the federal budget for 2008-09. The scheme for
facilities based in technology parks was set to expire in March
2009.
Metal stocks rose. Tata Steel (up 4.01% to Rs 808.90), National
Aluminium Company (up 4.37% to Rs 458.70), Hindalco Industries (up
6.44% to Rs 198.20), Steel Authority of India (up 2.08% to Rs
179.40), Sterlite Industries (up 4.77% to Rs 898.85) edged higher.
Finance Minister P Chidambaram today said government will impose
export tax on basmati rice and some steel products, and cut import
duties on key inputs like ferro alloys and metallurgical coke. He
said the measures were being taken to improve domestic supplies and
to moderate prices.
Banking stocks surged after the RBI's policy announcement. State
Bank of India (up 3.27% to Rs 1,793.50), HDFC Bank (up 1.95% to Rs
1,547.50) and ICICI Bank (up 0.71% to Rs 901.30) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.17% to Rs
642.70), Tata Motors (up 1% to Rs 639.95) Maruti Suzuki India (up
1.24% to Rs 731.30), Hero Honda Motors (up 5.34% to Rs 861.85),
rose.
HDFC (up 5.95% to Rs 2881.45), Larsen & Toubro (up 2.09% to Rs
3007.40) Jaiprakash Associates (up 5.95% to Rs 266.10), Ambuja
Cements (up 1.32% to Rs 114.85), Bharat Heavy Electricals (up 1.29%
to Rs 1891.85), Reliance Industries (up 2.35% to Rs 2,653) edged
higher from Sensex pack.
Hindustan Unilever rose 1.48% to Rs 250.85. Net profit of Hindustan
Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales
to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of
the company has approved the change in the financial year to
April-March.
Reliance Communications declined 1.73% to Rs 574.70 while Bharti
Airtel fell 2.67% to Rs 904.50. Reliance Communications said on
Monday, 28 April 2008, it would offer unlimited national long
distance calls within its network for a fixed rental with immediate
effect. Earlier yesterday, sector leader Bharti Airtel slashed long
distance and roaming tariffs by 43% effective 30 April 2008.
Reliance Natural Resources clocked the highest volume of 2.15 crore
shares on BSE. Ispat Industries (1.71 crore shares), IFCI (1.56
crore shares), Indiabulls Securities (1.51 crore shares) and
Reliance Petroleum (1.47 crore shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 317.11 crore on
BSE. Sesa Goa (Rs 309.43 crore), Reliance Petroleum (Rs 295.31
crore), Reliance Natural Resources (Rs 270.24 crore) and Reliance
Industries (Rs 231.64 crore) were the other turnover toppers in
that order.
It its latest report on macroeconomic and monetary developments in
2007/08 released on Monday, 28 April 2008, RBI has said that the
global food prices were likely to remain firm as supply side
pressures did not appear to be abating. The central bank said steps
takes by the government to rein in prices should help curb
inflation. It, however, said the inflation risks on account of oil
prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had
increased substantially since February 2007 alongside rising global
oil prices, while prices of petrol and diesel, which are
government-controlled, had partially adjusted. But prices of
kerosene and cooking gas had not been raised by the government for
several years.
RBI felt there were some demand-side pressures. Domestic iron and
steel prices saw a sharp increase in line with recent hardening in
international steel prices, it said, while cement price rises could
be attributed largely to strong demand from construction
domestically. A survey of professional forecasters by the central
bank showed that the Indian economy is expected to grow 8.1% in the
2008/09 fiscal year that began this month. In 2007/08, the gross
domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A
survey of 392 companies by Federation of Indian Chambers of
Commerce and Industry (FICCI), showed that concerns about an
economic slowdown, inflation and rising costs hurt business
confidence of Indian firms during October-December 2007 period. The
FICCI business confidence index declined to a new five-year low of
55.3 points in the third quarter of 2007/08, from 61.2 in the
previous quarter.
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