Relentless selling in realty, oil & gas and metal stocks spooked
sell-off in late trade, erasing early gains. Weak Asian and
European markets also played the spoilsport. The S&P CNX Nifty
settled below the physcological 5,000 mark, after closing above
that level for six consecutive sessions. The market breadth was
weak on BSE.
The 30-share BSE Sensex settled 257.47 points or 1.52% lower at
16,649.64 after registering 147.23 point gain at day's high of
17,054.34 and 281 point loss at day's low of 16,626.11. The day's
high and low were hit during early and late trade respectively.
The broader based S&P CNX Nifty was down 78.9 points or 1.57% at
4,946.55. Nifty May 2008 futures were at 4945.20, a marginal
discount of 1.35 points as compared to spot closing. Nifty May 2008
futures are set for expiry on Thursday, 29 May 2008.
The NSE's futures & options (F&O) segment turnover slipped to Rs
41,317.97 crore, as compared to Rs 45076.17 crore on Thursday, 22
May 2008.
The BSE Mid-Cap index declined 1.59% to 6,937.11 and BSE Small-Cap
index declined 1.69% to 8,517.43. Both these indices underperformed
Sensex.
The BSE clocked a turnover of Rs 5,358 crore today as compared to
Rs 6,106.27 crore on 22 May 2008.
Securities Exchange Board of India (Sebi)'s plan to keep in
abeyance the imposition of upfront margins for institutional trades
in the cash market. Securities & Exchange Board of India (Sebi) had
earlier asked institutional investors to pay upfront margins from
16 June 2008. In the light of difficulties expressed by the market
participants regarding implementation of upfront margining of
institutional trades in the cash market, it has been decided to
keep the same in abeyance, Sebi said in a circular issued to stock
exchanges.
Inflation based on the whole price index rose 7.82% in the year
through 10 May 2008, marginally lower than 7.83% rise in the
previous week, government data released today, 23 May 2008, showed.
Meanwhile, inflation for the year through 15 March 2008 was revised
upwards to 8.02% compared to provisional figure of 6.68%.
The market breadth, which was strong during first half of the day,
settled weak. On BSE, 795 shares advanced as compared to 1,924 that
declined and 71 remained unchanged.
Among the 30-member Sensex pack, 25 declined while the rest
advanced.
Among the sectoral indices, the BSE Realty index (down 2.38% at
7,510.14), BSE FMCG index (down 2.15% at 2,387.47), BSE Oil & Gas
index (down 2.15% to 10,975.26), BSE Metal index (down 2.08% to
16,795.80), BSE IT index (down 1.75% to 4,340.98), BSE Bankex (down
1.72% at 8,232.16), BSE PSU index (down 1.69% to 7,524.44)
underperformed Sensex.
While the BSE Auto index (down 1.39% at 4,619.90), BSE Capital
Goods index (down 1.12% at 13,192.42), BSE Consumer Durables index
(down 1.04% to 4,584.46), BSE TecK index (down 0.98% to 3,454.97),
BSE Power (down 0.93% to 3,202.79), BSE Health Care index (up 0.02%
at 4,229.03) outperformed Sensex.
Interest rate sensitive realty stocks declined, while banking
shares were mixed. Indiabulls Real Estate (down 4.3% to Rs 490.45),
DLF (down 1.76% to Rs 609.75) and Unitech (down 2.04% to Rs 268.25)
edged lower from real estate pack.
Banking stocks fell after inflation data. India's largest private
sector bank by net profit ICICI Bank (down 1.89% to Rs 863.75) and
State Bank of India (down 2.1% to Rs 1,573.25) edged lower. However
HDFC Bank rose 0.25% to Rs 1,383.35.
Oil & Gas stocks declined on profit booking after steady rally in
past few days. Cairn India (down 4.05% to Rs 306.45), ONGC (down
2.41% to Rs 902.05) and Reliance Industries (down 2.39% to Rs
2,554.80) edged lower.
Metal stocks were weak. Sterlite Industries (down 4.96% to Rs
903.20), Hindalco Industries (down 2.38% to Rs 192.95), Tata Steel
(down 1.32% to Rs 896.50) and Steel Authority of India (down 1.57%
to Rs 172.95) , National Aluminium Company (down 0.45% to Rs 528)
edged lower.
FMCG stocks fell. ITC declined 4.48% to Rs 213.05. The company
posted 13.05% rise in net profit to Rs 735.64 crore on 17.95% rise
in total income to Rs 4,098.07 crore in Q4 March 2008 over Q4 March
2007. Tata Tea (down 1.91% to Rs 899.95), Dabur India (down 1.61%
to Rs 94.75) edged lower.
Bharti Airtel (up 2.35% to Rs 836.80), HDFC (up 1.96% to Rs
2,678.30), Cipla (up 0.2% to Rs 203.50), Hindustan Unilever (up
0.32% to Rs 235.75) edged higher from the Sensex pack.
Tata Motors (down 3.57% to Rs 637.85), Jaiprakash Associates (down
3.43% to Rs 237.65), Reliance Infrastructure (down 2.42% to Rs
1,291), Reliance Communicatios (down 2.11% to Rs 572.30), edged
lower from Sensex pack.
India's largest IT exporter by sales Tata Consultancy Services
(TCS) declined 2.4% to Rs 933.70. It has reportedly won a contract,
estimated to be worth more than Rs 1000 crore, for processing
Indian passport applications.
India's largest tractor maker by sales Mahindra & Mahindra was down
0.07% to Rs 651.90. Private equity ICICI Venture is reportedly
partnering Mahindra & Mahindra in its bid to acquire Belgian gear
maker VCST Industrial Products in a deal valued around 250 million
euros.
Ispat Industries clocked the highest volume of 3.57 crore shares on
BSE. IFCI (1.67 crore shares), Aishwarya Telecom (1.11 crore
shares), Idea Cellular (92.15 lakh shares) and Reliance Natural
Resources (81.43 lakh shares) were other volume toppers in that
order.
Reliance Capital clocked the highest turnover of Rs 283.43 crore on
BSE. Cairn India (Rs 175.73 crore), Reliance Industries (Rs 151.06
crore), Reliance Power (Rs 138.29 crore) and Ispat Industries (Rs
126.68 crore) were other turnover toppers in that order.
European markets were weak. Key benchmark indices from France,
Germany and UK were down between 0.48% to 1.05%.
Most of the Asian markets were in red. Key benchmark indices in
Japan, rose by 0.24%. Key benchmark indices in Singapore, Hongkong,
Taiwan China and South Korea were down by between 0.36% to 1.92%.
US stocks rose modestly on Thursday, 22 May 2008, after two days of
steep declines as energy prices pulled back from record highs and a
proposed acquisition in the utilities sector buoyed optimism. The
Dow rose 24.43 points, or 0.19% to close at 12,625.62. The Standard
& Poor's 500 Index climbed 3.64 points, or 0.26%, to 1,394.35,
while the Nasdaq Composite Index was up 16.31 points, or 0.67%, at
2,464.58.
Earnings downgrade amid rising input and interest costs, high
inflation and drying up of global liquidity due to credit crisis
remain major concern for the Indian stock market. 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.
With parliamentary elections scheduled next year (May 2009), the
government may leave no stone unturned in its attempt to tame
inflation. This is bad news for commodity scrips such as cement and
steel. Cement maker ACC said earlier this months that its margins
will be hurt by a decision to hold its prices for 2 to 3 months
that was taken after the government asked cement firms to help
contain price pressures. The government recently imposed export tax
on basmati rice and some steel products, and cut import duties on
key inputs like ferro alloys and metallurgical coke. The government
had earlier banned export of cement and non-basmati rice. On 7 May
2008, the government ordered suspension in futures trading in
channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign
currency convertible bonds (FCCBs) issued by Indian companies are
coming up for redemption in the next 18-24 months. After recent
stock market volatility many FCCBs are at risk of not converting
i.e. if the stock market remains subdued, it will stop the bond
holders from opting for an equity conversion as it will be easier
for them to buy the stock from the open market instead of paying
the agreed premium.
When the FCCBs come for redemption, some of these companies may
have to take on more debt to redeem the FCCB, thereby raising
interest outgo. In the event FCCBs don't get converted, companies
have the option to lower the conversion price in line with the
market, leading to higher equity dilution. If companies decide to
issue fresh FCCBs to finance redemption of FCCBs, it will be at
lower premium than earlier.
With the rupee tumbling against the dollar in the last few days,
the government may ease restrictions on overseas corporate
borrowing when it, together with the RBI, reviews the external
commercial borrowing (ECB) policy later this month, reports
suggest. Last year, the government had imposed restrictions on ECBs
in a bid to check in surge in rupee against the dollar. There are
many Indian corporates who will eagerly seek cheap overseas funds
if the RBI re-opens the ECB tap, analysts reckon.
Friday, May 23, 2008
Market pares gains
The market pared gains in mid-morning trade as investors turned cautious ahead of inflation data. Market had surged in early trade after Securities Exchange Board of India, on Thursday, 22 May 2008, kept in abeyance a plan to impose upfront margins for institutional trades in the cash market.
Auto and metal stock declined while capital goods and consumer durables stocks rose. The market breadth was strong. Asian markets which opened before Indian markets were mixed.
Securities & Exchange Board of India (Sebi) on Thursday, 22 May 2008, said it has kept in abeyance a decision to impose upfront margins for institutional trades in the cash market. Sebi had earlier said that institutional investors will be required to pay upfront margins from 16 June 2008. In the light of difficulties expressed by the market participants regarding implementation of upfront margining of institutional trades in the cash market, it has been decided to keep the same in abeyance, Sebi said in a circular issued to stock exchanges.
At 11:27 IST, the 30-share BSE Sensex was up 50.68 points or 0.3% at 16,957.79. Sensex gained 147.23 points at day’s high of 17,054.34 touched in early trade.
The broader based S&P CNX Nifty was up 8.35 points or 0.17% at 5,033.88.
The market breadth was strong on BSE with 1,364 shares advancing as compared to 948 that declined. 80 remained unchanged.
Among the 30-member Sensex pack, 18 advanced while the rest declined.
The BSE Mid-Cap index rose 0.13% to 7,058.16 and BSE Small-Cap index gained 0.55% to 8,711.07.
Metal stocks declined. Sterlite Industries (down 2.25% to Rs 929), Hindalco Industries (down 2.1% to Rs 193.50), Tata Steel (down 0.65% to Rs 902.55) and Steel Authority of India (down 0.14% to Rs 175.45) edged lower. India's second largest aluminium maker by sales National Aluminium Company rose 2.14% to Rs 541.75.
Auto stocks declined. Maruti Suzuki India (down 2.19% to Rs 787), Tata Motors (down 1.88% to Rs 650), Hero Honda Motor (down 01.8% to Rs 787.05) edged lower.
India’s largest tractor maker by sales Mahindra & Mahindra was down 1.13% to Rs 645. Private equity ICICI Venture is reportedly partnering Mahindra & Mahindra in its bid to acquire Belgian gear maker VCST Industrial Products in a deal valued around 250 million euros.
Capital goods stocks rose. Larsen & Toubro (up 0.42% to Rs 2,927.70) and Suzlon Energy (up 0.86% to Rs 294.10) edged higher. However Bharat Heavy Electricals declined 0.16% to Rs 1,746.85.
Consumer Durables stocks rose. Videocon Industries (up 1.48% to Rs 407.40), Titan Industries (up 1.43% to Rs 1,215.05), Lloyd Electric (up 5.28% to Rs 120.70) edged higher.
Bharti Airtel (up 2.5% to Rs 838), HDFC (up 1.95% to Rs 2,678), HDFC Bank (up 1.17% to Rs 1,396), Jaiprakash Asssociates (up 0.71% to Rs 247.85), Reliance Infrastrucutre (up 1.06% to Rs 1,337) edged higher from the Sensex pack.
NTPC (down 1.06% to Rs 176.80), ICICI Bank (down 0.8% to Rs 873.35) edged lower from Sensex pack.
India’s largest IT exporter by sales Tata Consultancy Services (TCS) rose 0.64% to Rs 962.80. It has reportedly won a contract, estimated to be worth more than Rs 1000 crore, for processing Indian passport applications.
Asian markets were trading mixed. Key benchmark indices in Japan, China and South Korea were up between 0.24% to 0.44%. Key benchmark indices in Singapore, Hongkong and Taiwan were down by between 0.17% to 1.92%.
Auto and metal stock declined while capital goods and consumer durables stocks rose. The market breadth was strong. Asian markets which opened before Indian markets were mixed.
Securities & Exchange Board of India (Sebi) on Thursday, 22 May 2008, said it has kept in abeyance a decision to impose upfront margins for institutional trades in the cash market. Sebi had earlier said that institutional investors will be required to pay upfront margins from 16 June 2008. In the light of difficulties expressed by the market participants regarding implementation of upfront margining of institutional trades in the cash market, it has been decided to keep the same in abeyance, Sebi said in a circular issued to stock exchanges.
At 11:27 IST, the 30-share BSE Sensex was up 50.68 points or 0.3% at 16,957.79. Sensex gained 147.23 points at day’s high of 17,054.34 touched in early trade.
The broader based S&P CNX Nifty was up 8.35 points or 0.17% at 5,033.88.
The market breadth was strong on BSE with 1,364 shares advancing as compared to 948 that declined. 80 remained unchanged.
Among the 30-member Sensex pack, 18 advanced while the rest declined.
The BSE Mid-Cap index rose 0.13% to 7,058.16 and BSE Small-Cap index gained 0.55% to 8,711.07.
Metal stocks declined. Sterlite Industries (down 2.25% to Rs 929), Hindalco Industries (down 2.1% to Rs 193.50), Tata Steel (down 0.65% to Rs 902.55) and Steel Authority of India (down 0.14% to Rs 175.45) edged lower. India's second largest aluminium maker by sales National Aluminium Company rose 2.14% to Rs 541.75.
Auto stocks declined. Maruti Suzuki India (down 2.19% to Rs 787), Tata Motors (down 1.88% to Rs 650), Hero Honda Motor (down 01.8% to Rs 787.05) edged lower.
India’s largest tractor maker by sales Mahindra & Mahindra was down 1.13% to Rs 645. Private equity ICICI Venture is reportedly partnering Mahindra & Mahindra in its bid to acquire Belgian gear maker VCST Industrial Products in a deal valued around 250 million euros.
Capital goods stocks rose. Larsen & Toubro (up 0.42% to Rs 2,927.70) and Suzlon Energy (up 0.86% to Rs 294.10) edged higher. However Bharat Heavy Electricals declined 0.16% to Rs 1,746.85.
Consumer Durables stocks rose. Videocon Industries (up 1.48% to Rs 407.40), Titan Industries (up 1.43% to Rs 1,215.05), Lloyd Electric (up 5.28% to Rs 120.70) edged higher.
Bharti Airtel (up 2.5% to Rs 838), HDFC (up 1.95% to Rs 2,678), HDFC Bank (up 1.17% to Rs 1,396), Jaiprakash Asssociates (up 0.71% to Rs 247.85), Reliance Infrastrucutre (up 1.06% to Rs 1,337) edged higher from the Sensex pack.
NTPC (down 1.06% to Rs 176.80), ICICI Bank (down 0.8% to Rs 873.35) edged lower from Sensex pack.
India’s largest IT exporter by sales Tata Consultancy Services (TCS) rose 0.64% to Rs 962.80. It has reportedly won a contract, estimated to be worth more than Rs 1000 crore, for processing Indian passport applications.
Asian markets were trading mixed. Key benchmark indices in Japan, China and South Korea were up between 0.24% to 0.44%. Key benchmark indices in Singapore, Hongkong and Taiwan were down by between 0.17% to 1.92%.
Pre Market Report 23/05/2008
The market may edge higher after the market regulator Securities & Exchange Board of India (Sebi) on Thursday, 22 May 2008, said it has kept in abeyance a decision to impose upfront margins for institutional trades in the cash market. Sebi had earlier said that institutional investors will be required to pay upfront margins from 16 June 2008. In the light of difficulties expressed by the market participants regarding implementation of upfront margining of institutional trades in the cash market, it has been decided to keep the same in abeyance, Sebi said in a circular issued to stock exchanges.
US stocks rose modestly on Thursday, 22 May 2008, after two days of steep declines as energy prices pulled back from record highs and a proposed acquisition in the utilities sector buoyed optimism. The Dow rose 24.43 points, or 0.19% to close at 12,625.62. The Standard & Poor's 500 Index climbed 3.64 points, or 0.26%, to 1,394.35, while the Nasdaq Composite Index was up 16.31 points, or 0.67%, at 2,464.58.
Data on India's inflation for the year through 10 May 2008 will be released by the government at 12:00 IST today. Inflation had surged 7.83% in the year through 3 May 2008, its highest level more than three years. Analysts will also be watching the revision of the provisional inflation rate of 6.68% for the year through 15 March 2008, after sharp upward revisions to previous provisional readings. The upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, had come as a rude shock to marketmen.
According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation
A rise in retail fuel price, if any, will also raise the inflation rate further. RBI often says pass-through of high global oil prices is incomplete in India, complicating policy making. The government has not allowed oil firms to raise retail fuel prices despite a surge in crude oil prices in the past few weeks. Prime Minister Manmohan Singh on Thursday, 22 May 2008, denied reports that the government planned to raise retail fuel prices in the wake of a surge in global crude oil prices. Earlier this week, the Reserve Bank of India said inflation was unacceptable and pointed out that official data underestimated actual rate of inflation.
Earnings downgrade amid rising input and interest costs, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. 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.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures. The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign currency convertible bonds (FCCBs) issued by Indian companies are coming up for redemption in the next 18-24 months. After recent stock market volatility many FCCBs are at risk of not converting i.e. if the stock market remains subdued, it will stop the bond holders from opting for an equity conversion as it will be easier for them to buy the stock from the open market instead of paying the agreed premium.
When the FCCBs come for redemption, some of these companies may have to take on more debt to redeem the FCCB, thereby raising interest outgo. In the event FCCBs don't get converted, companies have the option to lower the conversion price in line with the market, leading to higher equity dilution. If companies decide to issue fresh FCCBs to finance redemption of FCCBs, it will be at lower premium than earlier.
With the rupee tumbling against the dollar in the last few days, the government may ease restrictions on overseas corporate borrowing when it, together with the RBI, reviews the external commercial borrowing (ECB) policy later this month, reports suggest. Last year, the government had imposed restrictions on ECBs in a bid to check in surge in rupee against the dollar. There are many Indian corporates who will eagerly seek cheap overseas funds if the RBI re-opens the ECB tap, analysts reckon.
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. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its 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.
US stocks rose modestly on Thursday, 22 May 2008, after two days of steep declines as energy prices pulled back from record highs and a proposed acquisition in the utilities sector buoyed optimism. The Dow rose 24.43 points, or 0.19% to close at 12,625.62. The Standard & Poor's 500 Index climbed 3.64 points, or 0.26%, to 1,394.35, while the Nasdaq Composite Index was up 16.31 points, or 0.67%, at 2,464.58.
Data on India's inflation for the year through 10 May 2008 will be released by the government at 12:00 IST today. Inflation had surged 7.83% in the year through 3 May 2008, its highest level more than three years. Analysts will also be watching the revision of the provisional inflation rate of 6.68% for the year through 15 March 2008, after sharp upward revisions to previous provisional readings. The upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, had come as a rude shock to marketmen.
According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation
A rise in retail fuel price, if any, will also raise the inflation rate further. RBI often says pass-through of high global oil prices is incomplete in India, complicating policy making. The government has not allowed oil firms to raise retail fuel prices despite a surge in crude oil prices in the past few weeks. Prime Minister Manmohan Singh on Thursday, 22 May 2008, denied reports that the government planned to raise retail fuel prices in the wake of a surge in global crude oil prices. Earlier this week, the Reserve Bank of India said inflation was unacceptable and pointed out that official data underestimated actual rate of inflation.
Earnings downgrade amid rising input and interest costs, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. 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.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures. The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign currency convertible bonds (FCCBs) issued by Indian companies are coming up for redemption in the next 18-24 months. After recent stock market volatility many FCCBs are at risk of not converting i.e. if the stock market remains subdued, it will stop the bond holders from opting for an equity conversion as it will be easier for them to buy the stock from the open market instead of paying the agreed premium.
When the FCCBs come for redemption, some of these companies may have to take on more debt to redeem the FCCB, thereby raising interest outgo. In the event FCCBs don't get converted, companies have the option to lower the conversion price in line with the market, leading to higher equity dilution. If companies decide to issue fresh FCCBs to finance redemption of FCCBs, it will be at lower premium than earlier.
With the rupee tumbling against the dollar in the last few days, the government may ease restrictions on overseas corporate borrowing when it, together with the RBI, reviews the external commercial borrowing (ECB) policy later this month, reports suggest. Last year, the government had imposed restrictions on ECBs in a bid to check in surge in rupee against the dollar. There are many Indian corporates who will eagerly seek cheap overseas funds if the RBI re-opens the ECB tap, analysts reckon.
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. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its 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.
Stock tips
Market wil open in green
Keep eye.. in after noon market may turn around.
Buy RPOWER 440 target 443/445/449
buy RPL 188 target 189.5/191/192
buy RCOM 586 target 590/596/602
Keep eye.. in after noon market may turn around.
Buy RPOWER 440 target 443/445/449
buy RPL 188 target 189.5/191/192
buy RCOM 586 target 590/596/602
Asian market too in Green
Asian market @8 AM
Nikkei 225 14,080.96 +102.50 +0.73%
Hang Seng 24,954.80 -88.32 -0.35%
Straits Times 3,161.33 +0.47 +0.01%
Nikkei 225 14,080.96 +102.50 +0.73%
Hang Seng 24,954.80 -88.32 -0.35%
Straits Times 3,161.33 +0.47 +0.01%
US Stocks advance after 2-day plunge; oil declines-
US closing
Dow 12,625.62 +24.43 +0.19%
Nasdaq 2,464.58 +16.31 +0.67%
S&P 500 1,394.35 +3.64 +0.26%
Dow 12,625.62 +24.43 +0.19%
Nasdaq 2,464.58 +16.31 +0.67%
S&P 500 1,394.35 +3.64 +0.26%
Post Market Report 22.05.2008
Sharp fall in US stocks overnight and surging crude oil prices
weighed on the market sentiment today, triggering a broad based
decline in blue chips. Asian markets which opened before Indian
markets were weak. European markets which opened after Indian
market were in red
Banking, capital goods, realty and auto stocks fell. All the
sectoral indices on BSE were in red. The market breadth was weak.
On Wednesday, 21 May 2008, the US Federal Reserve cut its 2008 US
economic growth forecast and signaled that mounting concerns over
inflation would make further interest rate cuts unlikely, driving
the three major US indexes down over 1.5%. Oil prices surged to a
record high above $135 per barrel on Thursday, 22 May 2008, stoking
fears of global inflation.
The 30-share BSE Sensex lost 336.05 points or 1.95% at 16,907.11.
Sensex lost 379.78 points at day's low of 16,863.38 touched in late
trade.
The broader based S&P CNX Nifty was down 92.2 points or 1.8% at
5,025.45. Nifty May 2008 futures were at 5024, at a discount of
1.45 points as compared to spot closing of 5025.45.
The BSE clocked a turnover of Rs 5,742 crore, lower than a turnover
of Rs 7,126.12 crore on Wednesday, 21 May 2008. NSE's futures &
options (F&O) segment turnover was Rs 45,076.17 crore, which was
higher than Rs 39,481.17 crore on Wednesday, 21 May 2008.
The market breadth was weak on BSE with 1,040 shares advancing as
compared to 1,684 that declined. 67 remained unchanged.
Among the 30-member Sensex pack, 29 declined while 1 advanced.
The BSE Mid-Cap index declined 98.80 points or 1.38% to 7,049.25
and BSE Small-Cap index declined 125.14 points or 1.42% to
8,663.84.
BSE Bankex (down 3.06% at 8,375.89), BSE Realty index (down 2.68%
at 7,693.34), BSE Capital Goods index (down 2.4% at 13,341.91), BSE
Power (down 2.12% to 3,232.82), BSE Auto index (down 2.05% at
4,684.83) underperformed Sensex.
BSE Oil & Gas index (down 1.89% to 11,216.54), BSE FMCG index (down
1.74% at 2,440.04), BSE Metal index (down 1.36% to 17,152.95), BSE
TecK index (down 1.23% to 3,489.01), BSE Consumer Durables index
(down 1.04% to 4,632.70), BSE PSU index (down 0.94% to 7,653.82),
BSE IT index (down 0.79% to 4,418.23), BSE Health Care index (down
0.41% at 4,228.08), outperformed Sensex.
Banking stocks declined. ICICI Bank (down 3.39% to Rs 880.40), HDFC
Bank (down 2.4% to Rs 1,379.90) and State Bank of India (down 3.28%
to Rs 1,607) edged lower.
Realty stocks fell. Indiabulls Real Estate (down 3.43% to Rs
512.50), Unitech (down 3.1% to Rs 273.85) and DLF (down 2.17% to Rs
620.70) edged lower.
Capital goods stocks declined. Larsen & Toubro (down 2.57% to Rs
2,916.80), Bharat Heavy Electricals (down 1.33% to Rs 1,748.05) and
Suzlon Energy (down 5.62% to Rs 291.60) edged lower.
Auto stocks declined. Tata Motors (down 3.98% to Rs 661.45), Maruti
Suzuki India (down 1.79% to Rs 800.50), Hero Honda Motors (down
0.03% to Rs 788.50) edged lower.
India's largest tractor maker by sales Mahindra & Mahindra (M&M)
declined 2.2% to Rs 652.35. It has reportedly signed a term sheet
with Kinetic Motors to acquire a majority stake in the company.
According to reports, M&M is looking to acquire 76% stake in
Kinetic Motors valued at about Rs 120 crore. A deal could fructify
in the next two months if the due diligence proceeds smoothly, the
reports added.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 1.89% to Rs 2,617.35.
India's largest state-run oil exploration firm in terms of revenue
Oil and Natural Gas Corporation (ONGC) declined 1.53% to Rs 924.35.
It is reportedly planning to sell 30% to 40% each in two blocks in
Vietnam to share the risks and drilling costs. ONGC owns 100% in
the two deepwater exploration blocks. The buyer has not yet been
finalised, the reports added.
India's largest drug maker by sales Ranbaxy Laboratories declined
1.14% to Rs 498.25. It has reportedly struck two deals with group
companies. Ranbaxy has sold some land and building for Rs 90 crore
to a group company. It has also picked up 24.91% stake in Shimal
Laboratories, another promoter family company, for Rs 93.4 crore,
the reports added.
Reliance Infrastructure (down 3.97% to Rs 1,322.95), Reliance
Communications (down 3.16% to Rs 584.65), Ambuja Cements (down
2.61% to Rs 104.30), Jaiprakash Associates (down 2.65% to Rs
246.10), ITC (down 2.36% to Rs 223.05), HDFC (down 2.29% to Rs
2,626.70) edged lower from the Sensex pack.
India's largest aluminium maker by sales Hindalco Industries rose
0.2% to Rs 197.65.
Ispat Industries clocked the highest volume of 4.32 crore shares on
BSE. IFCI (3.13 crore shares), Nagarjuna Fertilisers and Chemicals
(1.11 crore shsres), Reliance Natural Resources (1.09 crore shares)
and Cybermate Infotek (99.73 lakh shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 225.63 crore on
BSE. IFCI (Rs 201.77 crore), Cairn India (Rs 189.47 crore),
Reliance Power (Rs 180.57 crore) and Reliance Industries (Rs 176
crore) were the other turnover toppers in that order.
In Asia, key benchmark indices in Hong Kong, China, South Korea,
Singapore and Taiwan were down by between 0.08% to 1.89%. However
Japan's Nikkei was up 0.37%.
European markets were weak. Key benchmark indices in Frnace andd
Germany and UK were down between 0.04% to 0.49%.
Earnings downgrade amid rising input and interest costs, high
inflation and drying up of global liquidity due to credit crisis
remain major concern for the Indian stock market. Inflation based
on the wholesale price index rose 7.83% in 12 months to 3 May 2008,
higher than previous week's annual rise of 7.61%, government data
released on 16 May 2008, showed. It was the highest since an annual
reading of 7.93% on 6 November 2004.
Further, a steep increase in upward revision in inflation rate for
the week ended 8 March 2008, to 7.78% from the provisional 5.92%,
came as a rude shock to marketmen. According to retail brokerage
Sharekhan, the steep upward revision in inflation rate is a cause
for concern, as prices of many commodities have not been updated
for varied periods. Moreover, a sharp fall in the rupee against the
dollar in the past few days has heightened concerns about
inflation. This is because the fall in rupee will raise cost of
imports which in turn will result in further rise in inflation.
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.
With parliamentary elections scheduled next year (May 2009), the
government may leave no stone unturned in its attempt to tame
inflation. This is bad news for commodity scrips such as cement and
steel. Cement maker ACC said earlier this months that its margins
will be hurt by a decision to hold its prices for 2 to 3 months
that was taken after the government asked cement firms to help
contain price pressures. The government recently imposed export tax
on basmati rice and some steel products, and cut import duties on
key inputs like ferro alloys and metallurgical coke. The government
had earlier banned export of cement and non-basmati rice. On 7 May
2008, the government ordered suspension in futures trading in
channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign
currency convertible bonds (FCCBs) issued by Indian companies are
coming up for redemption in the next 18-24 months. After recent
stock market volatility many FCCBs are at risk of not converting
i.e. if the stock market remains subdued, it will stop the bond
holders from opting for an equity conversion as it will be easier
for them to buy the stock from the open market instead of paying
the agreed premium.
When the FCCBs come for redemption, some of these companies may
have to take on more debt to redeem the FCCB, thereby raising
interest outgo. In the event FCCBs don't get converted, companies
have the option to lower the conversion price in line with the
market, leading to higher equity dilution. If companies decide to
issue fresh FCCBs to finance redemption of FCCBs, it will be at
lower premium than earlier.
With the rupee tumbling against the dollar in the last few days,
the government may ease restrictions on overseas corporate
borrowing when it, together with the RBI, reviews the external
commercial borrowing (ECB) policy later this month, reports
suggest. Last year, the government had imposed restrictions on ECBs
in a bid to check in surge in rupee against the dollar. There are
many Indian corporates who will eagerly seek cheap overseas funds
if the RBI re-opens the ECB tap, analysts reckon.
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.
Acceleration in infrastructure creation will be another driver of
strong growth in India's economy. A CLSA report says India's
infrastructure development is set to accelerate, backed by greater
private sector participation and improved finances of government
and public sector enterprises. Rating agency Crisil in its 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.
Given the continued inflow to unit linked insurance plans (Ulips)
and equity linked savings schemes (ELSS) of mutual funds,
stock-specific buying will continue depending on fundamentals of
individual stocks. Insurance firms are now a major player in the
Indian stock market given the huge mop up in Ulips in recent years.
It was buying support from domestic funds which had aided the
recent recovery on the bourses.
weighed on the market sentiment today, triggering a broad based
decline in blue chips. Asian markets which opened before Indian
markets were weak. European markets which opened after Indian
market were in red
Banking, capital goods, realty and auto stocks fell. All the
sectoral indices on BSE were in red. The market breadth was weak.
On Wednesday, 21 May 2008, the US Federal Reserve cut its 2008 US
economic growth forecast and signaled that mounting concerns over
inflation would make further interest rate cuts unlikely, driving
the three major US indexes down over 1.5%. Oil prices surged to a
record high above $135 per barrel on Thursday, 22 May 2008, stoking
fears of global inflation.
The 30-share BSE Sensex lost 336.05 points or 1.95% at 16,907.11.
Sensex lost 379.78 points at day's low of 16,863.38 touched in late
trade.
The broader based S&P CNX Nifty was down 92.2 points or 1.8% at
5,025.45. Nifty May 2008 futures were at 5024, at a discount of
1.45 points as compared to spot closing of 5025.45.
The BSE clocked a turnover of Rs 5,742 crore, lower than a turnover
of Rs 7,126.12 crore on Wednesday, 21 May 2008. NSE's futures &
options (F&O) segment turnover was Rs 45,076.17 crore, which was
higher than Rs 39,481.17 crore on Wednesday, 21 May 2008.
The market breadth was weak on BSE with 1,040 shares advancing as
compared to 1,684 that declined. 67 remained unchanged.
Among the 30-member Sensex pack, 29 declined while 1 advanced.
The BSE Mid-Cap index declined 98.80 points or 1.38% to 7,049.25
and BSE Small-Cap index declined 125.14 points or 1.42% to
8,663.84.
BSE Bankex (down 3.06% at 8,375.89), BSE Realty index (down 2.68%
at 7,693.34), BSE Capital Goods index (down 2.4% at 13,341.91), BSE
Power (down 2.12% to 3,232.82), BSE Auto index (down 2.05% at
4,684.83) underperformed Sensex.
BSE Oil & Gas index (down 1.89% to 11,216.54), BSE FMCG index (down
1.74% at 2,440.04), BSE Metal index (down 1.36% to 17,152.95), BSE
TecK index (down 1.23% to 3,489.01), BSE Consumer Durables index
(down 1.04% to 4,632.70), BSE PSU index (down 0.94% to 7,653.82),
BSE IT index (down 0.79% to 4,418.23), BSE Health Care index (down
0.41% at 4,228.08), outperformed Sensex.
Banking stocks declined. ICICI Bank (down 3.39% to Rs 880.40), HDFC
Bank (down 2.4% to Rs 1,379.90) and State Bank of India (down 3.28%
to Rs 1,607) edged lower.
Realty stocks fell. Indiabulls Real Estate (down 3.43% to Rs
512.50), Unitech (down 3.1% to Rs 273.85) and DLF (down 2.17% to Rs
620.70) edged lower.
Capital goods stocks declined. Larsen & Toubro (down 2.57% to Rs
2,916.80), Bharat Heavy Electricals (down 1.33% to Rs 1,748.05) and
Suzlon Energy (down 5.62% to Rs 291.60) edged lower.
Auto stocks declined. Tata Motors (down 3.98% to Rs 661.45), Maruti
Suzuki India (down 1.79% to Rs 800.50), Hero Honda Motors (down
0.03% to Rs 788.50) edged lower.
India's largest tractor maker by sales Mahindra & Mahindra (M&M)
declined 2.2% to Rs 652.35. It has reportedly signed a term sheet
with Kinetic Motors to acquire a majority stake in the company.
According to reports, M&M is looking to acquire 76% stake in
Kinetic Motors valued at about Rs 120 crore. A deal could fructify
in the next two months if the due diligence proceeds smoothly, the
reports added.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 1.89% to Rs 2,617.35.
India's largest state-run oil exploration firm in terms of revenue
Oil and Natural Gas Corporation (ONGC) declined 1.53% to Rs 924.35.
It is reportedly planning to sell 30% to 40% each in two blocks in
Vietnam to share the risks and drilling costs. ONGC owns 100% in
the two deepwater exploration blocks. The buyer has not yet been
finalised, the reports added.
India's largest drug maker by sales Ranbaxy Laboratories declined
1.14% to Rs 498.25. It has reportedly struck two deals with group
companies. Ranbaxy has sold some land and building for Rs 90 crore
to a group company. It has also picked up 24.91% stake in Shimal
Laboratories, another promoter family company, for Rs 93.4 crore,
the reports added.
Reliance Infrastructure (down 3.97% to Rs 1,322.95), Reliance
Communications (down 3.16% to Rs 584.65), Ambuja Cements (down
2.61% to Rs 104.30), Jaiprakash Associates (down 2.65% to Rs
246.10), ITC (down 2.36% to Rs 223.05), HDFC (down 2.29% to Rs
2,626.70) edged lower from the Sensex pack.
India's largest aluminium maker by sales Hindalco Industries rose
0.2% to Rs 197.65.
Ispat Industries clocked the highest volume of 4.32 crore shares on
BSE. IFCI (3.13 crore shares), Nagarjuna Fertilisers and Chemicals
(1.11 crore shsres), Reliance Natural Resources (1.09 crore shares)
and Cybermate Infotek (99.73 lakh shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 225.63 crore on
BSE. IFCI (Rs 201.77 crore), Cairn India (Rs 189.47 crore),
Reliance Power (Rs 180.57 crore) and Reliance Industries (Rs 176
crore) were the other turnover toppers in that order.
In Asia, key benchmark indices in Hong Kong, China, South Korea,
Singapore and Taiwan were down by between 0.08% to 1.89%. However
Japan's Nikkei was up 0.37%.
European markets were weak. Key benchmark indices in Frnace andd
Germany and UK were down between 0.04% to 0.49%.
Earnings downgrade amid rising input and interest costs, high
inflation and drying up of global liquidity due to credit crisis
remain major concern for the Indian stock market. Inflation based
on the wholesale price index rose 7.83% in 12 months to 3 May 2008,
higher than previous week's annual rise of 7.61%, government data
released on 16 May 2008, showed. It was the highest since an annual
reading of 7.93% on 6 November 2004.
Further, a steep increase in upward revision in inflation rate for
the week ended 8 March 2008, to 7.78% from the provisional 5.92%,
came as a rude shock to marketmen. According to retail brokerage
Sharekhan, the steep upward revision in inflation rate is a cause
for concern, as prices of many commodities have not been updated
for varied periods. Moreover, a sharp fall in the rupee against the
dollar in the past few days has heightened concerns about
inflation. This is because the fall in rupee will raise cost of
imports which in turn will result in further rise in inflation.
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.
With parliamentary elections scheduled next year (May 2009), the
government may leave no stone unturned in its attempt to tame
inflation. This is bad news for commodity scrips such as cement and
steel. Cement maker ACC said earlier this months that its margins
will be hurt by a decision to hold its prices for 2 to 3 months
that was taken after the government asked cement firms to help
contain price pressures. The government recently imposed export tax
on basmati rice and some steel products, and cut import duties on
key inputs like ferro alloys and metallurgical coke. The government
had earlier banned export of cement and non-basmati rice. On 7 May
2008, the government ordered suspension in futures trading in
channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign
currency convertible bonds (FCCBs) issued by Indian companies are
coming up for redemption in the next 18-24 months. After recent
stock market volatility many FCCBs are at risk of not converting
i.e. if the stock market remains subdued, it will stop the bond
holders from opting for an equity conversion as it will be easier
for them to buy the stock from the open market instead of paying
the agreed premium.
When the FCCBs come for redemption, some of these companies may
have to take on more debt to redeem the FCCB, thereby raising
interest outgo. In the event FCCBs don't get converted, companies
have the option to lower the conversion price in line with the
market, leading to higher equity dilution. If companies decide to
issue fresh FCCBs to finance redemption of FCCBs, it will be at
lower premium than earlier.
With the rupee tumbling against the dollar in the last few days,
the government may ease restrictions on overseas corporate
borrowing when it, together with the RBI, reviews the external
commercial borrowing (ECB) policy later this month, reports
suggest. Last year, the government had imposed restrictions on ECBs
in a bid to check in surge in rupee against the dollar. There are
many Indian corporates who will eagerly seek cheap overseas funds
if the RBI re-opens the ECB tap, analysts reckon.
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.
Acceleration in infrastructure creation will be another driver of
strong growth in India's economy. A CLSA report says India's
infrastructure development is set to accelerate, backed by greater
private sector participation and improved finances of government
and public sector enterprises. Rating agency Crisil in its 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.
Given the continued inflow to unit linked insurance plans (Ulips)
and equity linked savings schemes (ELSS) of mutual funds,
stock-specific buying will continue depending on fundamentals of
individual stocks. Insurance firms are now a major player in the
Indian stock market given the huge mop up in Ulips in recent years.
It was buying support from domestic funds which had aided the
recent recovery on the bourses.
Thursday, May 22, 2008
Pre Market Report 22/05/2008
The market is expected to drift lower tracking weakness in global equities. On Wednesday, the US Federal Reserve cut its 2008 US economic growth forecast and signaled that mounting concerns over inflation would make further interest rate cuts unlikely, driving the three major US indexes down over 1.5%. Oil prices surged to a record high above $135 per barrel on Thursday, 22 May 2008, stoking fears of global inflation.
In Asia, key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.72% to 2.26%.
Earnings downgrade amid rising input and interest costs, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. Inflation based on the wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% on 6 November 2004.
Further, a steep increase in upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, came as a rude shock to marketmen. According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation.
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.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures.
The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign currency convertible bonds (FCCBs) issued by Indian companies are coming up for redemption in the next 18-24 months. After recent stock market volatility many FCCBs are at risk of not converting i.e. if the stock market remains subdued, it will stop the bond holders from opting for an equity conversion as it will be easier for them to buy the stock from the open market instead of paying the agreed premium.
When the FCCBs come for redemption, some of these companies may have to take on more debt to redeem the FCCB, thereby raising interest outgo. In the event FCCBs don't get converted, companies have the option to lower the conversion price in line with the market, leading to higher equity dilution. If companies decide to issue fresh FCCBs to finance redemption of FCCBs, it will be at lower premium than earlier.
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. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its 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.
In Asia, key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.72% to 2.26%.
Earnings downgrade amid rising input and interest costs, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. Inflation based on the wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% on 6 November 2004.
Further, a steep increase in upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, came as a rude shock to marketmen. According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation.
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.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures.
The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign currency convertible bonds (FCCBs) issued by Indian companies are coming up for redemption in the next 18-24 months. After recent stock market volatility many FCCBs are at risk of not converting i.e. if the stock market remains subdued, it will stop the bond holders from opting for an equity conversion as it will be easier for them to buy the stock from the open market instead of paying the agreed premium.
When the FCCBs come for redemption, some of these companies may have to take on more debt to redeem the FCCB, thereby raising interest outgo. In the event FCCBs don't get converted, companies have the option to lower the conversion price in line with the market, leading to higher equity dilution. If companies decide to issue fresh FCCBs to finance redemption of FCCBs, it will be at lower premium than earlier.
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. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its 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.
Wednesday, May 21, 2008
Tata Teleservices (Mah), Q4 net loss at Rs 20.6 cr
Tata Teleservices (Maharashtra), TTML has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 455.72 crore versus Rs 439.76 crore on QoQ basis.
The company's other income was at Rs 35.47 crore versus Rs 19.74 crore on QoQ basis. Its operating profit was at Rs 114.86 crore versus Rs 108.59 crore.
The company incurred a net loss of Rs 20.6 crore versus net loss of Rs 27.4 crore on QoQ basis. Its depreciation costs stood at Rs 117.8 crore versus Rs 113.7 crore on QoQ basis. Its interest costs were Rs 52.79 crore versus Rs 41.92 crore on QoQ basis.
The company's other income was at Rs 35.47 crore versus Rs 19.74 crore on QoQ basis. Its operating profit was at Rs 114.86 crore versus Rs 108.59 crore.
The company incurred a net loss of Rs 20.6 crore versus net loss of Rs 27.4 crore on QoQ basis. Its depreciation costs stood at Rs 117.8 crore versus Rs 113.7 crore on QoQ basis. Its interest costs were Rs 52.79 crore versus Rs 41.92 crore on QoQ basis.
JK Cement Q4 PAT at Rs 59.8 cr
JK Cement has declared its results for the quarter ended March 2008 (Q4). The company's net sales were up by 5% at Rs 385.6 crore versus Rs 366.6 crore. Its OPM were at 26.6% versus 30.5%.
During the same quarter the company's PAT was down by 2.6% at Rs 59.8 crore versus Rs 61.4 crore.
The company's FY08 net sales were at Rs 1458.3 crore versus Rs 1233.3 crore. FY08 OPM were at 28.5% versus 26.7%.
Its FY08 PAT was at Rs 265 crore versus Rs 178 crore.
During the same quarter the company's PAT was down by 2.6% at Rs 59.8 crore versus Rs 61.4 crore.
The company's FY08 net sales were at Rs 1458.3 crore versus Rs 1233.3 crore. FY08 OPM were at 28.5% versus 26.7%.
Its FY08 PAT was at Rs 265 crore versus Rs 178 crore.
GMR Infra Q4 cons net profit up at Rs 50 cr
GMR Infrastructure has announced its fourth quarter results. The company's net profit was up at Rs 50 crore versus Rs 21.9 crore.
Its net sales were up at 885.3 crore from Rs 620 crore.
Its other income Rs 19.9 crore.
Its net sales were up at 885.3 crore from Rs 620 crore.
Its other income Rs 19.9 crore.
HDIL FY08 cons net profit at Rs 1383 cr
HDIL has announced its FY08 and fourth quarter results. The company's Q4 standalone net profit at Rs 708 crore versus Rs 270 crore.
Its standalone net sales were at Rs 975 crore.
FY08
Its FY08 consolidated net profit was at Rs 1383 crore.
Its FY08 nets sales were at Rs 2 380 crore.
Its standalone net sales were at Rs 975 crore.
FY08
Its FY08 consolidated net profit was at Rs 1383 crore.
Its FY08 nets sales were at Rs 2 380 crore.
Bajaj Auto Fin Q4 net profit at Rs 4.6 cr
Bajaj Auto Finance has announced its fourth quarter results. The company's net profit was down at Rs 4.6 crore from Rs 21.2 crore.
Its income was at Rs 111 crore.
Its income was at Rs 111 crore.
US Stocks Fall as Oil Tops $132
Wall Street extended its sharp decline Wednesday as oil prices stubbornly climbed to new record levels, keeping investors' inflation jitters alive. The Dow Jones industrial average was down nearly 100 points.
@9.15PM
Dow 12,751.82 -76.86 -0.60%
Nasdaq 2,484.23 -8.03 -0.32%
S&P 500 1,410.02 -3.38 -0.24%
@9.15PM
Dow 12,751.82 -76.86 -0.60%
Nasdaq 2,484.23 -8.03 -0.32%
S&P 500 1,410.02 -3.38 -0.24%
Post Market Report 21.05.2008
The market ended with small gains in a choppy trading session. The
market came off lower level from an initial fall tracking recovery
in stocks in China and Hong Kong and firm European markets.
Oil & gas stocks rose, boosted by record crude oil prices. Banking
and consumer durables stocks declined. Metal stocks were mixed.
Oil prices continued their steady rise and surged to a record high
near $130 a barrel on Tuesday, 20 May 2008, stoking fears of global
inflation.
The 30-share BSE Sensex rose 12.98 points or 0.08% at 17,243.16.
Sensex gained 63.16 points at day's high of 17,293.34, hit in late
trade. The market had dropped in early trade tracking weak global
markets and record high oil prices. Sensex lost 188.55 points at
day's low of 17,041.63 touched in early trade.
The broader based S&P CNX Nifty was up 12.7 points or 0.25% at
5,117.65. Nifty May 2008 futures were at 5123.90, at a premium of
6.25 points as compared to spot closing of 5117.65.
The BSE clocked a turnover of Rs 7077 crore today as compared to a
turnover of Rs 5940.08 on Tuesday 20 May 2008. The NSE's futures &
options (F&O) segment turnover was Rs 39,481.17 crore which was
higher than Rs 33,290.93 crore on Tuesday, 20 May 2008.
The market breadth was strong on BSE with 1,710 shares advancing as
compared to 1,009 that declined. 76 remained unchanged.
Among the 30-member Sensex pack, 16 declined while the rest gained.
The BSE Mid-Cap index rose 41.99 points or 0.59% to 7,148.05 and
BSE Small-Cap index rose 130.37 points or 1.51% to 8,788.98. Both
these indices outperformed Sensex.
BSE Power (down 0.06% to 3,302.92), BSE TecK index (down 0.06% to
3,532.39), BSE FMCG index (down 0.07% at 2,483.31), BSE IT index
(down 0.31% to 4,453.35), BSE Consumer Durables index (down 0.53%
to 4,681.20), BSE Health Care index (down 0.57% at 4,245.69), BSE
Bankex (down 1.41% at 8,639.90) underperformed Sensex.
BSE Oil & Gas index (up 2.36% to 11,432.80), BSE Metal index (up
1.24% to 17,390.28), BSE PSU index (up 0.98% to 7,726.71), BSE
Capital Goods index (up 0.79% at 13,670.08), BSE Auto index (up
0.4% at 4,782.90), BSE Realty index (up 0.14% at 7,904.88),
outperformed Sensex.
Oil & gas stocks rose as crude rose to a record high near $130 a
barrel on Tuesday, 20 May 2008. BPCL (up 1.99% to Rs 356.05),
Indian Oil Corporation (up 0.63% to Rs 408.25), ONGC (up 0.26% to
Rs 938.70) edged higher.
India's largest private sectors firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 2.53% to Rs 2,667.90.
Reportedly, the government has confiscated the company's five
blocks in the Kerala-Konkan (KK) basin after it failed to meet the
minimum work programme.
Metal stocks were mixed. National Aluminium Company (up 4.62% to Rs
538), Tata Steel (up 3.09% to Rs 922.25), Sterlite Industries (up
0.55% to Rs 945.10) edged higher. Hindalco Industries (down 0.9% to
Rs 197.25), Steel Authority of India (down 0.71% to Rs 182.55)
edged lower.
Banking stocks declined. India's largest private sector bank in
terms of net profit ICICI Bank declined 1.77% to Rs 911.25.
HDFC Bank, India's second largest private sector bank in terms of
net profit, declined 3.46% to Rs 1,413.90. The Reserve Bank of
India has approved the Scheme of Amalgamation of Centurion Bank of
Punjab with HDFC Bank. The Scheme of Amalgamation will come into
effect from 23 May 2008.
India's largest commercial bank State Bank of India (SBI) rose
0.37% to Rs 1,661.55. The bank today said it would resume tractor
and farm equipment loans with immediate effect, having earlier
suspended new loans because of rising defaults.
Consumer durables stocks declined. Blue Star (down 2.22% to Rs
449), Titan Industries (down 0.97% to Rs 1,200.60), Videocon
Industries (down 0.07% to Rs 410.05) edged lower.
Mahindra & Mahindra (up 3.09% to Rs 670), Bharat Heavy Electricals
(up 2.03% to Rs 1,771.70), Grasim Industries (up 1.57% to Rs
2,323.10), Tata Motors (up 1.55% to Rs 688.85), Tata Consultancy
Services (up 1.18% to Rs 963.95), ITC (up 1.13% to Rs 228.45), ACC
(up 1.05% to Rs 689.60) edged higher from the Sensex pack.
HDFC (down 3.13% to Rs 2,688.20), Hindustan Unilever (down 2.34% to
Rs 236.10), NTPC (down 2.15% to Rs 182), Cipla (down 2.02% to Rs
204), Ambuja Cements (down 1.61% to Rs 107.10 edged lower from
Sensex pack.
India's largest telecom services provider by market share Bharti
Airtel declined 0.74% to Rs 822.65. As per reports Bharti Airtel
has forged an exclusive alliance with Indian Oil Corporation (IOC)
that will enable the telco to access 18,000 retail outlets and
5,500 Indane cooking gas distributors of the oil giant. The deal
also envisages that Airtel can use IOC outlets to sell its
products, collect bills, set up PCO facilities and even open Bharti
retail outlets on an exclusive basis.
IFCI clocked the highest volume of 2.15 crore shares on BSE.
Reliance Natural Resources (1.49 crore shares), Ispat Industries
(1.4 crore shares), Aishwarya Telecom (1.39 crore shares) and
Chambal Fertilisers and Chemicals (1.24 crore shares) were the
other volume toppers in that order.
Housing Development and Infrastructure clocked the highest turnover
of Rs 400.61 crore shares on BSE. Cairn India (Rs 321.86 crore),
Reliance Industries (Rs 266.57 crore), Reliance Petroleum (Rs
199.02 crore) and Mundra Port & Special Economic Zone (Rs 192.43
crore) were the other turnover toppers in that order.
European markets were mixed. Key benchmark indices in France,
Germany were down by between 0.53% to 0.58%. While UK's FTSE 100
rose 0.33% to 6,212.
market came off lower level from an initial fall tracking recovery
in stocks in China and Hong Kong and firm European markets.
Oil & gas stocks rose, boosted by record crude oil prices. Banking
and consumer durables stocks declined. Metal stocks were mixed.
Oil prices continued their steady rise and surged to a record high
near $130 a barrel on Tuesday, 20 May 2008, stoking fears of global
inflation.
The 30-share BSE Sensex rose 12.98 points or 0.08% at 17,243.16.
Sensex gained 63.16 points at day's high of 17,293.34, hit in late
trade. The market had dropped in early trade tracking weak global
markets and record high oil prices. Sensex lost 188.55 points at
day's low of 17,041.63 touched in early trade.
The broader based S&P CNX Nifty was up 12.7 points or 0.25% at
5,117.65. Nifty May 2008 futures were at 5123.90, at a premium of
6.25 points as compared to spot closing of 5117.65.
The BSE clocked a turnover of Rs 7077 crore today as compared to a
turnover of Rs 5940.08 on Tuesday 20 May 2008. The NSE's futures &
options (F&O) segment turnover was Rs 39,481.17 crore which was
higher than Rs 33,290.93 crore on Tuesday, 20 May 2008.
The market breadth was strong on BSE with 1,710 shares advancing as
compared to 1,009 that declined. 76 remained unchanged.
Among the 30-member Sensex pack, 16 declined while the rest gained.
The BSE Mid-Cap index rose 41.99 points or 0.59% to 7,148.05 and
BSE Small-Cap index rose 130.37 points or 1.51% to 8,788.98. Both
these indices outperformed Sensex.
BSE Power (down 0.06% to 3,302.92), BSE TecK index (down 0.06% to
3,532.39), BSE FMCG index (down 0.07% at 2,483.31), BSE IT index
(down 0.31% to 4,453.35), BSE Consumer Durables index (down 0.53%
to 4,681.20), BSE Health Care index (down 0.57% at 4,245.69), BSE
Bankex (down 1.41% at 8,639.90) underperformed Sensex.
BSE Oil & Gas index (up 2.36% to 11,432.80), BSE Metal index (up
1.24% to 17,390.28), BSE PSU index (up 0.98% to 7,726.71), BSE
Capital Goods index (up 0.79% at 13,670.08), BSE Auto index (up
0.4% at 4,782.90), BSE Realty index (up 0.14% at 7,904.88),
outperformed Sensex.
Oil & gas stocks rose as crude rose to a record high near $130 a
barrel on Tuesday, 20 May 2008. BPCL (up 1.99% to Rs 356.05),
Indian Oil Corporation (up 0.63% to Rs 408.25), ONGC (up 0.26% to
Rs 938.70) edged higher.
India's largest private sectors firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 2.53% to Rs 2,667.90.
Reportedly, the government has confiscated the company's five
blocks in the Kerala-Konkan (KK) basin after it failed to meet the
minimum work programme.
Metal stocks were mixed. National Aluminium Company (up 4.62% to Rs
538), Tata Steel (up 3.09% to Rs 922.25), Sterlite Industries (up
0.55% to Rs 945.10) edged higher. Hindalco Industries (down 0.9% to
Rs 197.25), Steel Authority of India (down 0.71% to Rs 182.55)
edged lower.
Banking stocks declined. India's largest private sector bank in
terms of net profit ICICI Bank declined 1.77% to Rs 911.25.
HDFC Bank, India's second largest private sector bank in terms of
net profit, declined 3.46% to Rs 1,413.90. The Reserve Bank of
India has approved the Scheme of Amalgamation of Centurion Bank of
Punjab with HDFC Bank. The Scheme of Amalgamation will come into
effect from 23 May 2008.
India's largest commercial bank State Bank of India (SBI) rose
0.37% to Rs 1,661.55. The bank today said it would resume tractor
and farm equipment loans with immediate effect, having earlier
suspended new loans because of rising defaults.
Consumer durables stocks declined. Blue Star (down 2.22% to Rs
449), Titan Industries (down 0.97% to Rs 1,200.60), Videocon
Industries (down 0.07% to Rs 410.05) edged lower.
Mahindra & Mahindra (up 3.09% to Rs 670), Bharat Heavy Electricals
(up 2.03% to Rs 1,771.70), Grasim Industries (up 1.57% to Rs
2,323.10), Tata Motors (up 1.55% to Rs 688.85), Tata Consultancy
Services (up 1.18% to Rs 963.95), ITC (up 1.13% to Rs 228.45), ACC
(up 1.05% to Rs 689.60) edged higher from the Sensex pack.
HDFC (down 3.13% to Rs 2,688.20), Hindustan Unilever (down 2.34% to
Rs 236.10), NTPC (down 2.15% to Rs 182), Cipla (down 2.02% to Rs
204), Ambuja Cements (down 1.61% to Rs 107.10 edged lower from
Sensex pack.
India's largest telecom services provider by market share Bharti
Airtel declined 0.74% to Rs 822.65. As per reports Bharti Airtel
has forged an exclusive alliance with Indian Oil Corporation (IOC)
that will enable the telco to access 18,000 retail outlets and
5,500 Indane cooking gas distributors of the oil giant. The deal
also envisages that Airtel can use IOC outlets to sell its
products, collect bills, set up PCO facilities and even open Bharti
retail outlets on an exclusive basis.
IFCI clocked the highest volume of 2.15 crore shares on BSE.
Reliance Natural Resources (1.49 crore shares), Ispat Industries
(1.4 crore shares), Aishwarya Telecom (1.39 crore shares) and
Chambal Fertilisers and Chemicals (1.24 crore shares) were the
other volume toppers in that order.
Housing Development and Infrastructure clocked the highest turnover
of Rs 400.61 crore shares on BSE. Cairn India (Rs 321.86 crore),
Reliance Industries (Rs 266.57 crore), Reliance Petroleum (Rs
199.02 crore) and Mundra Port & Special Economic Zone (Rs 192.43
crore) were the other turnover toppers in that order.
European markets were mixed. Key benchmark indices in France,
Germany were down by between 0.53% to 0.58%. While UK's FTSE 100
rose 0.33% to 6,212.
Market opens weak
The market extended yesterday’s fall tracking weak global markets and record high oil prices. The market breadth was weak. All the sectoral indices on BSE were in red. Banking, realty and healthcare stocks declined. ICICI Bank and DLF were major losers from Sensex pack. Oil prices continued their steady rise and surged to a record high near $130 a barrel on Tuesday, 20 May 2008.
At 10:23 IST, the 30-share BSE Sensex was down 101.85 points or 0.59% at 17,128.33. Sensex lost 188.55 points at day’s low of 17,041.63 touched in early trade.
The broader based S&P CNX Nifty was down 31.05 points or 0.61% at 5,073.90.
The market breadth was weak on BSE with 722 shares advancing as compared to 966 that declined. 51 remained unchanged.
Among the 30-member Sensex pack, 25 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.61% to Rs 2,618.
Banking stocks declined. India’s largest private sector bank in terms of net profit ICICI Bank declined 2.35% to Rs 905.85. HDFC Bank, India's second largest private sector bank in terms of net profit, declined 2.02% to Rs 1,435. The Reserve Bank of India has approved the Scheme of Amalgamation of Centurion Bank of Punjab with HDFC Bank. The Scheme of Amalgamation will come into effect from 23 May 2008.
India’s largest commercial bank State Bank of India (SBI) declined 0.42% to Rs 1,645.55. SBI said on Tuesday 20 May 2008 it had suspended giving loans to buy tractors and farm equipment because of rising defaults in the past year. "We have pockets in the country where there are large overdues in tractor loans," Chairman O.P. Bhatt said in a statement. Bhatt said SBI had set a 33% growth target for farm loans to Rs 13400 crore for the year ending in March 2009.
Realty stocks declined. DLF (down 1.68% to Rs 625.85),Unitech (down 1.72% to Rs 274.25) edged lower. Indiabulls Real Estate rose 2.5% to Rs 536.80.
Healthcare stocks declined. Dr Reddy’s Laboratories (down 0.99% to Rs 632.50), Cipla (down 1.15% to Rs 205.25) and Ranbaxy Laboratories (down 1.15% to Rs 505) edged lower.
Tata Steel (up 0.71% to Rs 901), Tata Consultancy Services (up 0.34% to Rs 956), Bharat Heavy Electricals (up 0.43% to Rs 1,744) and Hindalco Industries (up 0.98% to Rs 201) edged higher from Sensex pack.
Jaiprakash Associates (down 1.74% to Rs 251.65), Ambuja Cements (down 1.7% to Rs 107), ONGC (down 1.64% to Rs 920.90), Hindustan Unilever (down 1.34% to Rs 238.50) edged lower from Sensex pack.
Tata Teleservices (Maharashtra) declined 1.25% to Rs 35.50. The company on Tuesday, 20 May 2008, reported a net loss of Rs 20.59 crore in Q4 March 2008, as compared to net loss of Rs 45.90 crore in the quarter ended March 2007. Total income rose 25.6% to Rs 491.19 crore in Q4 March 2008 over Q4 March 2007.
GMR Infrastructure declined 1.85% to Rs 148.15. The board of GMR Infrastructure has approved the proposal of amalgamation of GMR Aviation with the company.
Sterlite Industries India declined 2% to Rs 921.10. It said on Tuesday 20 May 2008 its copper smelter at Tuticorin, will remain under planned maintenance shutdown for 22 days from 22 May 2008
Sun TV Network declined 1.14% to Rs 343.25. It has announced the launch of its FM radio station at Kochi under the brand 'S FM' from 21 May 2008 through its subsidiary Kal Radio. This station will cater to the audience of all age groups, Sun TV said in a statement.
Asian shares dropped today, 21 May 2008, as growing inflation worries and weak earnings from two top US retailers fuelled concerns about slowing consumer spending in the world's top economy, hitting US shares on Tuesday, 20 May 2008. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.44% to 1.98%. Oil prices hit a fresh record near $130 a barrel.
At 10:23 IST, the 30-share BSE Sensex was down 101.85 points or 0.59% at 17,128.33. Sensex lost 188.55 points at day’s low of 17,041.63 touched in early trade.
The broader based S&P CNX Nifty was down 31.05 points or 0.61% at 5,073.90.
The market breadth was weak on BSE with 722 shares advancing as compared to 966 that declined. 51 remained unchanged.
Among the 30-member Sensex pack, 25 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.61% to Rs 2,618.
Banking stocks declined. India’s largest private sector bank in terms of net profit ICICI Bank declined 2.35% to Rs 905.85. HDFC Bank, India's second largest private sector bank in terms of net profit, declined 2.02% to Rs 1,435. The Reserve Bank of India has approved the Scheme of Amalgamation of Centurion Bank of Punjab with HDFC Bank. The Scheme of Amalgamation will come into effect from 23 May 2008.
India’s largest commercial bank State Bank of India (SBI) declined 0.42% to Rs 1,645.55. SBI said on Tuesday 20 May 2008 it had suspended giving loans to buy tractors and farm equipment because of rising defaults in the past year. "We have pockets in the country where there are large overdues in tractor loans," Chairman O.P. Bhatt said in a statement. Bhatt said SBI had set a 33% growth target for farm loans to Rs 13400 crore for the year ending in March 2009.
Realty stocks declined. DLF (down 1.68% to Rs 625.85),Unitech (down 1.72% to Rs 274.25) edged lower. Indiabulls Real Estate rose 2.5% to Rs 536.80.
Healthcare stocks declined. Dr Reddy’s Laboratories (down 0.99% to Rs 632.50), Cipla (down 1.15% to Rs 205.25) and Ranbaxy Laboratories (down 1.15% to Rs 505) edged lower.
Tata Steel (up 0.71% to Rs 901), Tata Consultancy Services (up 0.34% to Rs 956), Bharat Heavy Electricals (up 0.43% to Rs 1,744) and Hindalco Industries (up 0.98% to Rs 201) edged higher from Sensex pack.
Jaiprakash Associates (down 1.74% to Rs 251.65), Ambuja Cements (down 1.7% to Rs 107), ONGC (down 1.64% to Rs 920.90), Hindustan Unilever (down 1.34% to Rs 238.50) edged lower from Sensex pack.
Tata Teleservices (Maharashtra) declined 1.25% to Rs 35.50. The company on Tuesday, 20 May 2008, reported a net loss of Rs 20.59 crore in Q4 March 2008, as compared to net loss of Rs 45.90 crore in the quarter ended March 2007. Total income rose 25.6% to Rs 491.19 crore in Q4 March 2008 over Q4 March 2007.
GMR Infrastructure declined 1.85% to Rs 148.15. The board of GMR Infrastructure has approved the proposal of amalgamation of GMR Aviation with the company.
Sterlite Industries India declined 2% to Rs 921.10. It said on Tuesday 20 May 2008 its copper smelter at Tuticorin, will remain under planned maintenance shutdown for 22 days from 22 May 2008
Sun TV Network declined 1.14% to Rs 343.25. It has announced the launch of its FM radio station at Kochi under the brand 'S FM' from 21 May 2008 through its subsidiary Kal Radio. This station will cater to the audience of all age groups, Sun TV said in a statement.
Asian shares dropped today, 21 May 2008, as growing inflation worries and weak earnings from two top US retailers fuelled concerns about slowing consumer spending in the world's top economy, hitting US shares on Tuesday, 20 May 2008. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.44% to 1.98%. Oil prices hit a fresh record near $130 a barrel.
Pre Market Report 21/05/2008
The market may edge lower extending Tuesday (20 May 2008)'s slide on negative cues from global markets. Asian shares dropped today, 21 May 2008, as growing inflation worries and weak earnings from two top US retailers fuelled concerns about slowing consumer spending in the world's top economy, hitting US shares on Tuesday, 20 May 2008. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.33% to 1.8%. Oil prices hit a fresh record near $130 a barrel.
Sensex shed 204.76 points or 1.17% at 17,230.18 on Tuesday, 20 May 2008, on concerns the Reserve Bank of India (RBI) may further tighten policy to fight high inflation after RBI governor Y V Reddy said inflation rate was totally unacceptable and the official data underestimates the actual rise. The wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% n 6 November 2004.
Further, a steep increase in upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, came as a rude shock to marketmen. According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation.
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.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said had said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures.
The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Earnings downgrade amid rising input and interest costs and drying up of global liquidity due to credit crisis, remain major concern for the Indian stock market.
Nonetheless, 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. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A recent CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its 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.
Given the continued inflow to unit linked insurance plans (Ulips) and equity linked savings schemes (ELSS) of mutual funds, stock-specific buying will continue depending on fundamentals of individual stocks. Insurance firms are now a major player in the Indian stock market given the huge mop up in Ulips in recent years. It was buying support from domestic funds which had aided the recent recovery on the bourses.
Meanwhile, as per recent reports, ELSS which offer tax benefit are catching the fancy of small savers. ELSS funds saw their collective assets jump more than nine times to about Rs 16000 crore in three years ending March 2008. In 2005 the investment limit eligible for income tax breaks was raised ten times to Rs 1,00,000 rupees for ELSS funds. Systematic investment plan (SIP) are said to be driving inflows into ELSS funds.
Sensex shed 204.76 points or 1.17% at 17,230.18 on Tuesday, 20 May 2008, on concerns the Reserve Bank of India (RBI) may further tighten policy to fight high inflation after RBI governor Y V Reddy said inflation rate was totally unacceptable and the official data underestimates the actual rise. The wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% n 6 November 2004.
Further, a steep increase in upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, came as a rude shock to marketmen. According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation.
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.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said had said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures.
The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Earnings downgrade amid rising input and interest costs and drying up of global liquidity due to credit crisis, remain major concern for the Indian stock market.
Nonetheless, 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. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A recent CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its 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.
Given the continued inflow to unit linked insurance plans (Ulips) and equity linked savings schemes (ELSS) of mutual funds, stock-specific buying will continue depending on fundamentals of individual stocks. Insurance firms are now a major player in the Indian stock market given the huge mop up in Ulips in recent years. It was buying support from domestic funds which had aided the recent recovery on the bourses.
Meanwhile, as per recent reports, ELSS which offer tax benefit are catching the fancy of small savers. ELSS funds saw their collective assets jump more than nine times to about Rs 16000 crore in three years ending March 2008. In 2005 the investment limit eligible for income tax breaks was raised ten times to Rs 1,00,000 rupees for ELSS funds. Systematic investment plan (SIP) are said to be driving inflows into ELSS funds.
21st may results
Today's results :- HDIL, Thermax, Gammon Infra, Rain Commoditie, Hercules Hoists, Mah Scooters, Surya Roshni, Gabriel India, Sirpur Paper
Stock tips 21st may
After yesterday's 1% correction, today we may see further down side in line with global cues.. Nifty might open nearly 1% down
Sell Rpower 434 target 430/425/421/414
Sell RCOM 597 target 595/592/589/575
Sell RNRL 108 target 107/106.5/105
Sell Hindalco 199 target 197/195
Sell Rpower 434 target 430/425/421/414
Sell RCOM 597 target 595/592/589/575
Sell RNRL 108 target 107/106.5/105
Sell Hindalco 199 target 197/195
Asian markets trading deep in red
After US market crash between 0.5 to 1% yesterday, Asian markets opened in red and continue to loose.
@8AM
Nikkei 225 13,880.88 -279.21 -1.97%
Hang Seng 24,903.20 -266.26 -1.06%
Straits Times 3,158.38 -41.50 -1.30%
@8AM
Nikkei 225 13,880.88 -279.21 -1.97%
Hang Seng 24,903.20 -266.26 -1.06%
Straits Times 3,158.38 -41.50 -1.30%
US Stocks stumble on record oil, inflation worries-
Wall Street stumbled Tuesday after oil prices spiked to a new record above $129 a barrel and a government report raised investors' concerns about the impact of inflation on consumer spending.
US closing
Dow 12,828.68 -199.48 -1.53%
Nasdaq 2,492.26 -23.83 -0.95%
S&P 500 1,413.40 -13.23 -0.93%
US closing
Dow 12,828.68 -199.48 -1.53%
Nasdaq 2,492.26 -23.83 -0.95%
S&P 500 1,413.40 -13.23 -0.93%
Tuesday, May 20, 2008
Tech Mahindra Q4 loss at Rs 223 cr
Tech Mahindra has announced its Q4 numbers. It has posted loss of Rs 223 crore as against profit of Rs 196 crore. Revenues stood at Rs 990.7 crore versus Rs 911.6 crore. Margins declined at 22.4% from 23%.
Karnataka Bank Q4 PAT at Rs 60.78 cr
Karnataka Bank has declared its results for the quarter ended March 2008 (Q4). The bank's net interest income was down by 8.2% to Rs 118.29 crore from Rs 128.86 crore.
During the same quarter its PAT was up by 127% to Rs 60.78 crore from Rs 26.76 crore. The provisions were down to Rs 25.29 crore from Rs 60.78 crore. Its Q4FY08 EPS was at Rs 4.99.
The bank's FY08 EPS was at Rs 19.85.
During the same quarter its PAT was up by 127% to Rs 60.78 crore from Rs 26.76 crore. The provisions were down to Rs 25.29 crore from Rs 60.78 crore. Its Q4FY08 EPS was at Rs 4.99.
The bank's FY08 EPS was at Rs 19.85.
Kolte-Patil Q4 net profit at Rs 40.09 cr
Kolte-Patil Developers has announced its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 135.68 crore versus Rs 44.05 crore.
During the same quarter its net profit was at Rs 40.09 crore versus Rs 14.28 crore.
The company's FY08 net sales were at Rs 428.81 crore versus Rs 230.28 crore. Its FY08 net profit was at Rs 132.83 crore versus Rs 83.21 crore.
The company's FY08 EPS was at Rs 21.08.
During the same quarter its net profit was at Rs 40.09 crore versus Rs 14.28 crore.
The company's FY08 net sales were at Rs 428.81 crore versus Rs 230.28 crore. Its FY08 net profit was at Rs 132.83 crore versus Rs 83.21 crore.
The company's FY08 EPS was at Rs 21.08.
Suzlon FY08 cons net profit up 19% at Rs 1030.10 cr
Suzlon Energy has declared its FY08 and fourth quarter results. Its FY08 consolidated net sales were up 71.29% at Rs 13,679.43 crore from Rs 7,985.73 crore, YoY.
Its FY08 consolidated net profit was up 19.22% at Rs 1,030.10 crore versus Rs 864.03 crore, YoY.
The company has order backlog at Rs 18000 crore.
Q4FY08
Its Q4FY08 consolidated net sales stood at Rs 4923.75 crore versus Rs 2915.94 crore. YoY.
Its Q4 consolidated net profit stood at Rs 464.8 crore from Rs 359 crore YoY.
The company's Q4 standalone net profit stood at Rs 483 crore.
Its other income was at Rs 96 crore versus Rs 46.3 crore.
Its FY08 consolidated net profit was up 19.22% at Rs 1,030.10 crore versus Rs 864.03 crore, YoY.
The company has order backlog at Rs 18000 crore.
Q4FY08
Its Q4FY08 consolidated net sales stood at Rs 4923.75 crore versus Rs 2915.94 crore. YoY.
Its Q4 consolidated net profit stood at Rs 464.8 crore from Rs 359 crore YoY.
The company's Q4 standalone net profit stood at Rs 483 crore.
Its other income was at Rs 96 crore versus Rs 46.3 crore.
Bank of Baroda Q4 net profit up 12.35% at Rs 276 cr
Bank of Baroda has announced its fourth quarter results. The company's Q4 net profit was at Rs 276 crore versus Rs 245.66 crore.
Its operating profit at Rs 814 crore.
Its net interest income was down 6.89% from Rs 1104.64 crore to Rs 1028.5 crore.
FY08
Its FY08 net profit was up 39.8% from Rs 1026.47 crore to Rs 1435.08 crore.
The company's net interest income was up 3.32% from Rs 3786.08 crore to Rs 3911.8 crore.
According to CNBC-TV18 estimates, the bank was expected to post net profit of Rs 346.42 crore as against Rs 245.66 crore in same quarter of last year, a growth of 41%.
Its net interest income was seen going down 2.15% to Rs 1080.9 crore from Rs 1104.64 crore.
Its operating profit at Rs 814 crore.
Its net interest income was down 6.89% from Rs 1104.64 crore to Rs 1028.5 crore.
FY08
Its FY08 net profit was up 39.8% from Rs 1026.47 crore to Rs 1435.08 crore.
The company's net interest income was up 3.32% from Rs 3786.08 crore to Rs 3911.8 crore.
According to CNBC-TV18 estimates, the bank was expected to post net profit of Rs 346.42 crore as against Rs 245.66 crore in same quarter of last year, a growth of 41%.
Its net interest income was seen going down 2.15% to Rs 1080.9 crore from Rs 1104.64 crore.
Dr Reddys Labs FY08 cons net profit at Rs 470 cr
Dr Reddys Laboratories has announced its fourth quarter results. The company's Q4 consolidated net profit was at Rs 103 crore versus 325.5 crore (US GAAP).
Its Q4 consolidated net sales were at Rs 1320 crore versus Rs 1557.3 crore(US GAAP).
The company's FY08 consolidated net profit stood at Rs 470 crore.
DRL Q4FY07 numbers included Zofran Exclusivity (Rs 270 crore).
Its Q4 consolidated net sales were at Rs 1320 crore versus Rs 1557.3 crore(US GAAP).
The company's FY08 consolidated net profit stood at Rs 470 crore.
DRL Q4FY07 numbers included Zofran Exclusivity (Rs 270 crore).
Bharat Forge FY08 PAT at Rs 290.8cr
Bharat Forge has announced it FY08 results. It’s consolidated net profit was at Rs 290.8 crore versus Rs 283.5 crore. It’s consolidated net sales was at Rs 4652.3 crore versus Rs 4178.3 crore.
Emkay Shares Q4 net profit at Rs 2.67 cr
Emkay Shares & Stock has announced its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 31.34 crore versus Rs 15.44 cr on YoY basis and versus Rs 41.87 on QoQ basis.
During the quarter its operating profit was at Rs 4.46 crore versus loss of Rs 1.07 crore on YoY basis and versus a profit of Rs 14.82 on QoQ basis.
In the same quarter the company's net profit was at Rs 2.67 crore versus Rs 22 lakh on YoY basis and versus Rs 9.45 crore on QoQ basis.
During the quarter its other income was at Rs 2.8 crore versus Rs 2.71 crore on QoQ basis.
During the quarter its operating profit was at Rs 4.46 crore versus loss of Rs 1.07 crore on YoY basis and versus a profit of Rs 14.82 on QoQ basis.
In the same quarter the company's net profit was at Rs 2.67 crore versus Rs 22 lakh on YoY basis and versus Rs 9.45 crore on QoQ basis.
During the quarter its other income was at Rs 2.8 crore versus Rs 2.71 crore on QoQ basis.
HT Media Q4 net profit at Rs 41.5 cr
HT Media has declared its standalone results for the quarter ended March 2008 (Q4). The company's standalone sales were at Rs 313 crore versus Rs 319 crore on QoQ basis and versus Rs 275 crore on YoY basis.
The company's Q4 standalone net profit was at Rs 41.5 crore versus Rs 36.8 crore on QoQ basis and versus Rs 24 crore on YoY basis. Its standalone other income was at Rs 12 crore versus Rs 8.7 crore on QoQ basis and versus Rs 9 crore on YoY basis.
The OPM was at 19% versus 18.6% on QoQ basis and versus 15% on YoY basis.
The company's Q4 standalone net profit was at Rs 41.5 crore versus Rs 36.8 crore on QoQ basis and versus Rs 24 crore on YoY basis. Its standalone other income was at Rs 12 crore versus Rs 8.7 crore on QoQ basis and versus Rs 9 crore on YoY basis.
The OPM was at 19% versus 18.6% on QoQ basis and versus 15% on YoY basis.
Post Market Report 20.05.2008
The market could not hold on to the last week's gains as weak
global markets and record high oil prices weighed on the market
sentiment today. Concerns about a further monetary tightening by
the Reserve Bank of India (RBI) heightened after RBI governor Y V
Reddy today said inflation rate was totally unacceptable and the
official data underestimates the actual rise.
The wholesale price index rose 7.83% in 12 months to 3 May 2008,
higher than previous week's annual rise of 7.61%, government data
released on Friday, 16 May 2008, showed. It was the highest since
an annual reading of 7.93% on 6 November 2004.
Crude-oil futures marked their first close above $127 a barrel
Monday 19 May 2008, with the market extending last week's strength
on growing concerns about energy supply and demand from China.
The 30-share BSE Sensex lost 204.76 points or 1.17% at 17,230.18.
Sensex lost 298.68 points at day's low of 17,136.26 touched in late
trade.
The broader based S&P CNX Nifty was down 52.75 points or 1.02% at
5,104.95. Nifty May 2008 futures were at 5102, at a discount of
2.95 points as compared to spot closing of 5104.95.
However, the market breadth was positive. Consumer durables stocks
were mixed. Banking, healthcare and realty stocks declined.
The NSE's futures & options (F&O) segment turnover was Rs 33,290.93
crore, which was lower than Rs 37,876.68 crore on Friday, 16 May
2008.
The BSE Mid-Cap index was down 0.33% to 7,106.06 while the BSE
Small-Cap index rose 0.44% to 8,658.61. Both these indices
outperformed the Sensex
BSE Health Care index (down 1.19% at 4,269.84), BSE PSU index (down
1.82% to 7,651.74), BSE Realty index (down 1.87% at 7,894.10), BSE
Bankex (down 1.98% at 8,763.85) underperformed Sensex.
BSE Consumer Durables index (up 2.7% to 4,706.29), BSE Metal index
(up 0.7% to 15,176.97), BSE Auto index (up 0.13% at 4,763.69), BSE
IT index (down 0.01% to 4,467.15), BSE TecK index (down 0.57% to
3,534.49), BSE Power (down 0.83% to 3,304.79), BSE FMCG index (down
0.93% at 2,484.94), BSE Capital Goods index (down 0.97% at
13,563.48), BSE Oil & Gas index (down 1.06% to 11,169.61)
outperformed Sensex.
European markets were in the red. Key benchmark indices in France,
Germany and UK were down by between 0.93% to 1.3%. Asian markets
were trading lower today, 20 May 2008. Key benchmark indices in
China, Hong Kong, Japan, Singapore South Korean and Taiwan were
down by between 0.24% to 4.48%.
The market breadth was positive on BSE with 1,431 shares advancing
as compared to 1,292 that declined. 66 remained unchanged.
Among the 30-member Sensex pack, 23 declined while the rest gained.
Aa per the provisional figures on NSE, the foreign institutional
investors (FII)'s sold shares worth Rs 320.5 crore while domestic
funds bought shares worth Rs 0.39 crore today 20 May 2008.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 1.26% to Rs 2,602. It has
reportedly formed a $1 billion joint venture with New York-based
Vornado Realty Trust to set up a real estate fund.
Consumer durables stocks were mixed. Titan Industries (down 4.79%
to Rs 1,212.40), Gitanjali Gems (down 2.92% to Rs 297.05) edged
lower. However, Videocon Industries (up 16.94% to Rs 410.35) and
Asian Star Company (up 0.08% to Rs 1,266) edged higher.
Banking stocks declined. ICICI Bank (down 1.43% to Rs 927.65) and
HDFC Bank (down 2.51% to Rs 1,464.65) edged lower.
India's largest commercial bank State Bank of India declined 2.85%
to Rs 1,655.45. It has reportedly decided to stop giving loans for
the purchase of tractors and other farm equipment. Due to mounting
non-performing assets in the farm equipment loan segment, the bank
has decided to temporarily put on hold all future advances for farm
equipment like tractors, power tillers and combined harvesters, the
reports suggested.
Realty stocks declined. Indiabulls Real Estate (down 2.52% to Rs
523.70), DLF (down 1.95% to Rs 636.55) and Unitech (down 2.67% to
Rs 279.05) edged lower.
HealthCare stocks declined. Sun Pharmaceuticals Industries (down
2.22% to Rs 1,353.60) and Cipla (down 2.02% to Rs 208.20) edged
lower.
Dr Reddys Laboratories declined 1.75% to Rs 638.85. The company's
net profit fell 39.65% to Rs 162.26 crore on 9.78% slide in total
income to Rs 1038.47 crore in Q4 March 2008 over Q4 March 2007. The
company announced the result during market hours today
India's largest tractor maker by sales Mahindra & Mahindra declined
1.31% to Rs 653.50. It is reportedly eyeing Italian motorcycle
marque brands -- Cagiva and MV Agusta. The Castiglioni family, which
owns flagship MV Agusta and Cagiva motorcycle brands, has been
facing financial troubles for some time and has been on the look
out for a potential acquirer, the reports added.
India's largest car maker by sales Maruti Suzuki India was down
1.06% to Rs 810.25. It has reportedly increased prices of cars by
up to Rs 18,000 because of higher raw material costs.
India's largest engineering and construction firm by sales Larsen &
Toubro declined 0.83% to Rs 2,971.50. The company announced today
it had received electrical project orders worth Rs 640 crore in the
Gulf region.
Satyam Computer Services (up 1.32% to Rs 494.60), Tata Motors (up
1.28% to Rs 678.35), Infosys (up 0.86% to Rs 1,887.20), Tata Steel
(up 0.42% to Rs 894.65), ACC (up 0.35% to Rs 682.45), Ranbaxy
Laboratories (up 0.04% to Rs 510.90), edged higher from the Sensex
pack.
Jaiprakash Associates (down 5,22% to Rs 256), Reliance
Infrastructure (down 4.53% to Rs 1,394.40), Bharat Heavy
Electricals (down 3.28% to Rs 1,736.50), Bharti Airtel (down 2.65%
to Rs 828.75), NTPC (down 2.64% to Rs 186), Tata Consultancy
Services (down 2.4% to Rs 952.75) edged lower from Sensex pack.
Aishwarya Telecom clocked the highest volume of 1.46 crore shares
on BSE. IFCI (1.4 crore shares), Ispat Industries (1.14 crore
shares), Cairn India (91.4 lakh shares), Nagarjuna Fertilisers and
Chemicals (89.36 lakh shares), were the other volume toppers in
that order.
Cairn India clocked the highest turnover of Rs 290.82 crore on BSE.
Mundra Port and Special Economic Zone (Rs 263.59 crore), Housing
Development and Infrastructure (Rs 256.23 crore), Aishwarya Telecom
(Rs 171.34 crore) and Suzlon Energy (Rs 168.38 crore), were the
other turnover toppers in that order.
US markets ended mixed on Monday 19 May 2008 after a late-day
sell-off. Weakness in techs, retail and housing prompted traders to
lock in some profits. The Dow gained 41.36 points, or 0.32%, to
13,028.16. The S&P 500 rose 1.28 points, or 0.09%, to 1,426.63. The
Nasdaq composite index was down 12.76 points, or 0.50%, to
2,516.09.
Back home on Friday 16 May 2008, the 30-share BSE Sensex rose 81.40
points or 0.47% at 17,434.94. The broader based S&P CNX Nifty
advanced 42.45 points or 0.83% at 5,157.70. The market was closed
on Monday, 19 May 2008, for a public holiday.
The BSE Sensex had risen 697.87 points or 4.17% to 17,434.94 in the
week ended Friday, 16 May 2008. The S&P CNX Nifty rose 175.10
points or 3.51% to 5157.70 in the week.
global markets and record high oil prices weighed on the market
sentiment today. Concerns about a further monetary tightening by
the Reserve Bank of India (RBI) heightened after RBI governor Y V
Reddy today said inflation rate was totally unacceptable and the
official data underestimates the actual rise.
The wholesale price index rose 7.83% in 12 months to 3 May 2008,
higher than previous week's annual rise of 7.61%, government data
released on Friday, 16 May 2008, showed. It was the highest since
an annual reading of 7.93% on 6 November 2004.
Crude-oil futures marked their first close above $127 a barrel
Monday 19 May 2008, with the market extending last week's strength
on growing concerns about energy supply and demand from China.
The 30-share BSE Sensex lost 204.76 points or 1.17% at 17,230.18.
Sensex lost 298.68 points at day's low of 17,136.26 touched in late
trade.
The broader based S&P CNX Nifty was down 52.75 points or 1.02% at
5,104.95. Nifty May 2008 futures were at 5102, at a discount of
2.95 points as compared to spot closing of 5104.95.
However, the market breadth was positive. Consumer durables stocks
were mixed. Banking, healthcare and realty stocks declined.
The NSE's futures & options (F&O) segment turnover was Rs 33,290.93
crore, which was lower than Rs 37,876.68 crore on Friday, 16 May
2008.
The BSE Mid-Cap index was down 0.33% to 7,106.06 while the BSE
Small-Cap index rose 0.44% to 8,658.61. Both these indices
outperformed the Sensex
BSE Health Care index (down 1.19% at 4,269.84), BSE PSU index (down
1.82% to 7,651.74), BSE Realty index (down 1.87% at 7,894.10), BSE
Bankex (down 1.98% at 8,763.85) underperformed Sensex.
BSE Consumer Durables index (up 2.7% to 4,706.29), BSE Metal index
(up 0.7% to 15,176.97), BSE Auto index (up 0.13% at 4,763.69), BSE
IT index (down 0.01% to 4,467.15), BSE TecK index (down 0.57% to
3,534.49), BSE Power (down 0.83% to 3,304.79), BSE FMCG index (down
0.93% at 2,484.94), BSE Capital Goods index (down 0.97% at
13,563.48), BSE Oil & Gas index (down 1.06% to 11,169.61)
outperformed Sensex.
European markets were in the red. Key benchmark indices in France,
Germany and UK were down by between 0.93% to 1.3%. Asian markets
were trading lower today, 20 May 2008. Key benchmark indices in
China, Hong Kong, Japan, Singapore South Korean and Taiwan were
down by between 0.24% to 4.48%.
The market breadth was positive on BSE with 1,431 shares advancing
as compared to 1,292 that declined. 66 remained unchanged.
Among the 30-member Sensex pack, 23 declined while the rest gained.
Aa per the provisional figures on NSE, the foreign institutional
investors (FII)'s sold shares worth Rs 320.5 crore while domestic
funds bought shares worth Rs 0.39 crore today 20 May 2008.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 1.26% to Rs 2,602. It has
reportedly formed a $1 billion joint venture with New York-based
Vornado Realty Trust to set up a real estate fund.
Consumer durables stocks were mixed. Titan Industries (down 4.79%
to Rs 1,212.40), Gitanjali Gems (down 2.92% to Rs 297.05) edged
lower. However, Videocon Industries (up 16.94% to Rs 410.35) and
Asian Star Company (up 0.08% to Rs 1,266) edged higher.
Banking stocks declined. ICICI Bank (down 1.43% to Rs 927.65) and
HDFC Bank (down 2.51% to Rs 1,464.65) edged lower.
India's largest commercial bank State Bank of India declined 2.85%
to Rs 1,655.45. It has reportedly decided to stop giving loans for
the purchase of tractors and other farm equipment. Due to mounting
non-performing assets in the farm equipment loan segment, the bank
has decided to temporarily put on hold all future advances for farm
equipment like tractors, power tillers and combined harvesters, the
reports suggested.
Realty stocks declined. Indiabulls Real Estate (down 2.52% to Rs
523.70), DLF (down 1.95% to Rs 636.55) and Unitech (down 2.67% to
Rs 279.05) edged lower.
HealthCare stocks declined. Sun Pharmaceuticals Industries (down
2.22% to Rs 1,353.60) and Cipla (down 2.02% to Rs 208.20) edged
lower.
Dr Reddys Laboratories declined 1.75% to Rs 638.85. The company's
net profit fell 39.65% to Rs 162.26 crore on 9.78% slide in total
income to Rs 1038.47 crore in Q4 March 2008 over Q4 March 2007. The
company announced the result during market hours today
India's largest tractor maker by sales Mahindra & Mahindra declined
1.31% to Rs 653.50. It is reportedly eyeing Italian motorcycle
marque brands -- Cagiva and MV Agusta. The Castiglioni family, which
owns flagship MV Agusta and Cagiva motorcycle brands, has been
facing financial troubles for some time and has been on the look
out for a potential acquirer, the reports added.
India's largest car maker by sales Maruti Suzuki India was down
1.06% to Rs 810.25. It has reportedly increased prices of cars by
up to Rs 18,000 because of higher raw material costs.
India's largest engineering and construction firm by sales Larsen &
Toubro declined 0.83% to Rs 2,971.50. The company announced today
it had received electrical project orders worth Rs 640 crore in the
Gulf region.
Satyam Computer Services (up 1.32% to Rs 494.60), Tata Motors (up
1.28% to Rs 678.35), Infosys (up 0.86% to Rs 1,887.20), Tata Steel
(up 0.42% to Rs 894.65), ACC (up 0.35% to Rs 682.45), Ranbaxy
Laboratories (up 0.04% to Rs 510.90), edged higher from the Sensex
pack.
Jaiprakash Associates (down 5,22% to Rs 256), Reliance
Infrastructure (down 4.53% to Rs 1,394.40), Bharat Heavy
Electricals (down 3.28% to Rs 1,736.50), Bharti Airtel (down 2.65%
to Rs 828.75), NTPC (down 2.64% to Rs 186), Tata Consultancy
Services (down 2.4% to Rs 952.75) edged lower from Sensex pack.
Aishwarya Telecom clocked the highest volume of 1.46 crore shares
on BSE. IFCI (1.4 crore shares), Ispat Industries (1.14 crore
shares), Cairn India (91.4 lakh shares), Nagarjuna Fertilisers and
Chemicals (89.36 lakh shares), were the other volume toppers in
that order.
Cairn India clocked the highest turnover of Rs 290.82 crore on BSE.
Mundra Port and Special Economic Zone (Rs 263.59 crore), Housing
Development and Infrastructure (Rs 256.23 crore), Aishwarya Telecom
(Rs 171.34 crore) and Suzlon Energy (Rs 168.38 crore), were the
other turnover toppers in that order.
US markets ended mixed on Monday 19 May 2008 after a late-day
sell-off. Weakness in techs, retail and housing prompted traders to
lock in some profits. The Dow gained 41.36 points, or 0.32%, to
13,028.16. The S&P 500 rose 1.28 points, or 0.09%, to 1,426.63. The
Nasdaq composite index was down 12.76 points, or 0.50%, to
2,516.09.
Back home on Friday 16 May 2008, the 30-share BSE Sensex rose 81.40
points or 0.47% at 17,434.94. The broader based S&P CNX Nifty
advanced 42.45 points or 0.83% at 5,157.70. The market was closed
on Monday, 19 May 2008, for a public holiday.
The BSE Sensex had risen 697.87 points or 4.17% to 17,434.94 in the
week ended Friday, 16 May 2008. The S&P CNX Nifty rose 175.10
points or 3.51% to 5157.70 in the week.
Market extends losses
The market extended losses in afternoon trade with the key benchmark indices drifting to lowest level of the day. The market had witnessed a recovery from lower level in mid-morning trade after weak Asian markets and record high oil prices had pulled it down in early trade. The market breadth was positive. Banking, capital goods, power and realty stocks declined. European markets which opened after Indian market were weak.
At 13:24 IST, the 30-share BSE Sensex was down 220.72 points or 1.27% at 17,214.22. Sensex lost 245.49 points at day’s low of 17,189.45 touched in afternoon trade.
The broader based S&P CNX Nifty was down 65.25 points or 1.27% at 5,092.45.
The market breadth was positive on BSE with 1,322 shares advancing as compared to 1,263 that declined. 84 remained unchanged.
Among the 30-member Sensex pack, 24 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.39% to Rs 2,599.20. It has reportedly formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund.
Power stocks were mixed. Tata Power Company (up 2.14% to Rs 1,482.10) and Reliance Power (up 2.1% to Rs 426) edged higher. However, PowerGrid Corporation of India (down 0.53% to Rs 102.50), Reliance Infrastructure (down 4.49% to Rs 1,395) and NTPC (down 2.7% to Rs 185.80) edged lower.
Capital goods stocks declined. Bharat Heavy Electricals, India's biggest power equipment maker in terms of revenue, declined 3.02% to Rs 1,741.
However, Suzlon Energy rose 1.23% to Rs 311.60. The company’s net profit rose 10.21% to Rs 482.55 crore on 32.86% rise in total income to Rs 2786.83 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during trading hours today.
India’s largest engineering and construction firm by sales Larsen & Toubro declined 1.54% to Rs 2,950.30. The company announced today it had received electrical project orders worth Rs 640 crore in the Gulf region.
Banking stocks declined. ICICI Bank (down 2.15% to Rs 920.90) and HDFC Bank (down 2.02% to Rs 1,472) edged lower.
India’s largest commercial bank State Bank of India declined 2% to Rs 1,670. It has reportedly decided to stop giving loans for the purchase of tractors and other farm equipment. Due to mounting non-performing assets in the farm equipment loan segment, the bank has decided to temporarily put on hold all future advances for farm equipment like tractors, power tillers and combined harvesters, the reports suggested.
Realty stocks declined. Indiabulls Real Estate (down 3.24% to Rs 519.85), DLF (down 2.13% to Rs 635.40) and Unitech (down 3.31% to Rs 277.20) edged lower.
India’s largest tractor maker by sales Mahindra & Mahindra declined 1.39% to Rs 653. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.
India’s largest car maker by sales Maruti Suzuki India rose 0.1% to Rs 819.80. It has reportedly increased prices of cars by up to Rs 18,000 because of higher raw material costs.
ACC (up 0.67% to Rs 686), Infosys (up1.22% to Rs 1,894), Satyam Computer Services (up 0.72% to Rs 491.65), Tata Steel (up 0.68% to Rs 896.95) Ranbaxy Laboratories (up 0.25% to Rs 512) edged higher from the Sensex pack.
Jaiprakash Associates (down 4.04% to Rs 259.15), Bharti Airtel (down 3.93% to Rs 817.80), Hindalco Industries (down 3.19% to Rs 197.20), Tat Consultancy Services (down 2.17% to Rs 955) edged lower from Sensex pack.
Deep Industries rose 2.64% to Rs 163, after it won an exploration licence for a coal-bed methane block in Madhya Pradesh.
European markets opened weak. Indices in France, Germany and UK were down by between 0.79% to 1.02%
At 13:24 IST, the 30-share BSE Sensex was down 220.72 points or 1.27% at 17,214.22. Sensex lost 245.49 points at day’s low of 17,189.45 touched in afternoon trade.
The broader based S&P CNX Nifty was down 65.25 points or 1.27% at 5,092.45.
The market breadth was positive on BSE with 1,322 shares advancing as compared to 1,263 that declined. 84 remained unchanged.
Among the 30-member Sensex pack, 24 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.39% to Rs 2,599.20. It has reportedly formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund.
Power stocks were mixed. Tata Power Company (up 2.14% to Rs 1,482.10) and Reliance Power (up 2.1% to Rs 426) edged higher. However, PowerGrid Corporation of India (down 0.53% to Rs 102.50), Reliance Infrastructure (down 4.49% to Rs 1,395) and NTPC (down 2.7% to Rs 185.80) edged lower.
Capital goods stocks declined. Bharat Heavy Electricals, India's biggest power equipment maker in terms of revenue, declined 3.02% to Rs 1,741.
However, Suzlon Energy rose 1.23% to Rs 311.60. The company’s net profit rose 10.21% to Rs 482.55 crore on 32.86% rise in total income to Rs 2786.83 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during trading hours today.
India’s largest engineering and construction firm by sales Larsen & Toubro declined 1.54% to Rs 2,950.30. The company announced today it had received electrical project orders worth Rs 640 crore in the Gulf region.
Banking stocks declined. ICICI Bank (down 2.15% to Rs 920.90) and HDFC Bank (down 2.02% to Rs 1,472) edged lower.
India’s largest commercial bank State Bank of India declined 2% to Rs 1,670. It has reportedly decided to stop giving loans for the purchase of tractors and other farm equipment. Due to mounting non-performing assets in the farm equipment loan segment, the bank has decided to temporarily put on hold all future advances for farm equipment like tractors, power tillers and combined harvesters, the reports suggested.
Realty stocks declined. Indiabulls Real Estate (down 3.24% to Rs 519.85), DLF (down 2.13% to Rs 635.40) and Unitech (down 3.31% to Rs 277.20) edged lower.
India’s largest tractor maker by sales Mahindra & Mahindra declined 1.39% to Rs 653. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.
India’s largest car maker by sales Maruti Suzuki India rose 0.1% to Rs 819.80. It has reportedly increased prices of cars by up to Rs 18,000 because of higher raw material costs.
ACC (up 0.67% to Rs 686), Infosys (up1.22% to Rs 1,894), Satyam Computer Services (up 0.72% to Rs 491.65), Tata Steel (up 0.68% to Rs 896.95) Ranbaxy Laboratories (up 0.25% to Rs 512) edged higher from the Sensex pack.
Jaiprakash Associates (down 4.04% to Rs 259.15), Bharti Airtel (down 3.93% to Rs 817.80), Hindalco Industries (down 3.19% to Rs 197.20), Tat Consultancy Services (down 2.17% to Rs 955) edged lower from Sensex pack.
Deep Industries rose 2.64% to Rs 163, after it won an exploration licence for a coal-bed methane block in Madhya Pradesh.
European markets opened weak. Indices in France, Germany and UK were down by between 0.79% to 1.02%
Market fails to sustain higher level
The market plunged in early afternoon trade to touch new intra-day low. The market had witnessed a recovery from lower level in mid-morning trade after weak Asian markets and record high oil prices had pulled it down in early trade. The market breadth was strong. IT stocks were mixed. Banking, capital goods and realty stocks declined.
At 12:22 IST, the 30-share BSE Sensex was down 159.69 points or 0.93% at 17,272.45. Sensex lost 193.44 points at day’s low of 17,241.50 touched in early afternoon trade.
The broader based S&P CNX Nifty was down 54.05 points or 1.05% at 5,103.65.
The market breadth was strong on BSE with 1,427 shares advancing as compared to 1,076 that declined. 84 remained unchanged.
Among the 30-member Sensex pack, 22 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.1% to Rs 2,608. It has reportedly formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund.
IT stocks were mixed. Infosys (up 1.83% to Rs 1,905.40) and Satyam Computer Services (up 1.2% to Rs 493) edged higher. Wipro (down 1.71% to Rs 497.50) and Tata Consultancy Services (down 1.67% to Rs 959.80) edged lower.
Banking stocks declined. ICICI Bank (down 1.44% to Rs 928) and HDFC Bank (down 1.48% to Rs 1,480.75) edged lower.
India’s largest commercial bank State Bank of India declined 2% to Rs 1,670. It has reportedly decided to stop giving loans for the purchase of tractors and other farm equipment. Due to mounting non-performing assets in the farm equipment loan segment, the bank has decided to temporarily put on hold all future advances for farm equipment like tractors, power tillers and combined harvesters, the reports suggested.
Realty stocks declined. Indiabulls Real Estate (down 1.27% to Rs 530.45), DLF (down 0.85% to Rs 643.70) and Unitech (down 2.16% to Rs 280.45) edged lower.
Capital goods stocks declined. Larsen & Toubro (down 1.11% to Rs 2,963.05) and Bharat Heavy Electricals (down 2.3% to Rs 1,754) edged lower. However Suzlon Energy rose 0.89% to Rs 310.70.
India’s largest tractor maker by sales Mahindra & Mahindra declined 1.54% to Rs 652. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.
India’s largest car maker by sales Maruti Suzuki India rose 0.22% to Rs 820.75. It has reportedly increased prices of cars by up to Rs 18,000 because of higher raw material costs.
ACC (up 0.93% to Rs 686.50), Tata Steel (up 0.6% to Rs 896.25) Ranbaxy Laboratories (up 0.32% to Rs 512.35), Reliance Communications (up 0.17% to Rs 602.90) edged higher from the Sensex pack.
Reliance Infrastructure (down 3.53% to Rs 1,409), Jaiprakash Associates (down 3.18% to Rs 261.40), Hindalco Industries (down 3.04% to Rs 197.15), Bharti Airtel (down 2.16% to Rs 832), NTPC (down 2.02% to Rs 187.20)edged lower from Sensex pack.
Educomp Solutions declined 0.31% to Rs 4,072.20. The company has acquired a 51% stake in Learning.com.for $ 25 million which includes the purchase of existing shares as well as infudsion of new capital into the company.
Bank of Baroda rose 1.2% to Rs 299. The bank's net profit rose 12.52% to Rs 276.44 crore on 26.57% rise in total income to Rs 3885.7 crore in Q4 March 2008 over Q4 March 2007.
At 12:22 IST, the 30-share BSE Sensex was down 159.69 points or 0.93% at 17,272.45. Sensex lost 193.44 points at day’s low of 17,241.50 touched in early afternoon trade.
The broader based S&P CNX Nifty was down 54.05 points or 1.05% at 5,103.65.
The market breadth was strong on BSE with 1,427 shares advancing as compared to 1,076 that declined. 84 remained unchanged.
Among the 30-member Sensex pack, 22 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 1.1% to Rs 2,608. It has reportedly formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund.
IT stocks were mixed. Infosys (up 1.83% to Rs 1,905.40) and Satyam Computer Services (up 1.2% to Rs 493) edged higher. Wipro (down 1.71% to Rs 497.50) and Tata Consultancy Services (down 1.67% to Rs 959.80) edged lower.
Banking stocks declined. ICICI Bank (down 1.44% to Rs 928) and HDFC Bank (down 1.48% to Rs 1,480.75) edged lower.
India’s largest commercial bank State Bank of India declined 2% to Rs 1,670. It has reportedly decided to stop giving loans for the purchase of tractors and other farm equipment. Due to mounting non-performing assets in the farm equipment loan segment, the bank has decided to temporarily put on hold all future advances for farm equipment like tractors, power tillers and combined harvesters, the reports suggested.
Realty stocks declined. Indiabulls Real Estate (down 1.27% to Rs 530.45), DLF (down 0.85% to Rs 643.70) and Unitech (down 2.16% to Rs 280.45) edged lower.
Capital goods stocks declined. Larsen & Toubro (down 1.11% to Rs 2,963.05) and Bharat Heavy Electricals (down 2.3% to Rs 1,754) edged lower. However Suzlon Energy rose 0.89% to Rs 310.70.
India’s largest tractor maker by sales Mahindra & Mahindra declined 1.54% to Rs 652. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.
India’s largest car maker by sales Maruti Suzuki India rose 0.22% to Rs 820.75. It has reportedly increased prices of cars by up to Rs 18,000 because of higher raw material costs.
ACC (up 0.93% to Rs 686.50), Tata Steel (up 0.6% to Rs 896.25) Ranbaxy Laboratories (up 0.32% to Rs 512.35), Reliance Communications (up 0.17% to Rs 602.90) edged higher from the Sensex pack.
Reliance Infrastructure (down 3.53% to Rs 1,409), Jaiprakash Associates (down 3.18% to Rs 261.40), Hindalco Industries (down 3.04% to Rs 197.15), Bharti Airtel (down 2.16% to Rs 832), NTPC (down 2.02% to Rs 187.20)edged lower from Sensex pack.
Educomp Solutions declined 0.31% to Rs 4,072.20. The company has acquired a 51% stake in Learning.com.for $ 25 million which includes the purchase of existing shares as well as infudsion of new capital into the company.
Bank of Baroda rose 1.2% to Rs 299. The bank's net profit rose 12.52% to Rs 276.44 crore on 26.57% rise in total income to Rs 3885.7 crore in Q4 March 2008 over Q4 March 2007.
Market opens lower
Weak Asian markets pulled the domestic markets down in early trade. US crude closed at a record above $127 a barrel on Monday, 19 May 2009, raising concerns about its impact on consumer spending and corporate profits. However, market breadth was strong. Metal stocks rose while capital goods stocks declined.
At 10:21 IST, the 30-share BSE Sensex was down 150.60 points or 0.86% at 17,284.34. Sensex lost 163.41 points at day’s low of 17271.53 touched in early trade.
The broader based S&P CNX Nifty was down 33.7 points or 0.65% at 5,124.
The market breadth was strong on BSE with 1016 shares advancing as compared to 604 that declined. 54 remained unchanged.
Among the 30-member Sensex pack, 25 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.84% to Rs 2,613. It has reportedly formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund.
Metal stocks rose. Sterlite Industries (up 5.52% to Rs 945), Steel Authority of India (up 2.53% to Rs 190.60), Tata Steel (up 1.48% to Rs 905.25) edged higher. However, India’s largest aluminium manufacturer in terms of sales Hindalco Industries declined 0.1% to Rs 203.50.
India’s largest state-run aluminium maker by sales National Aluminium Company rose 0.42% to Rs 525.95. It has raised prices of the metal by 5.8% a tonne to about Rs 1.44 lakh a tonne to match a rise in prices in the global markets.
Capital goods stocks declined. Larsen & Toubro (down 0.81% to Rs 2,972), Suzlon Energy (down 0.54% to Rs 306.30) and Bharat Heavy Electricals (down 1.41% to Rs 1,770) edged lower.
India’s largest commercial bank State Bank of India declined 1.53% to Rs 1,678. It has reportedly decided to stop giving loans for the purchase of tractors and other farm equipment. Due to mounting non-performing assets in the farm equipment loan segment, the bank has decided to put on hold all future advances for farm equipment like tractors, power tillers and combined harvesters, the reports suggested.
India’s largest tractor maker by sales Mahindra & Mahindra declined 0.33% to Rs 660. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.
India’s largest car maker by sales Maruti Suzuki India rose 0.73% to Rs 824.90. It has reportedly increased prices of its cars by as much as Rs 18,000 because of higher raw material costs.
ACC (up 1.73% to Rs 691.80), Ranbaxy Laboratories (up 1% to Rs 515.50), and Tata Motors (up 0.61% to Rs 673.85) edged higher from the Sensex pack.
Wipro (down 2.39% to Rs 494.05), Bharti Airtel (down 2.04% to Rs 834), Jaiprakash Associates (down 2.15% to Rs 264.30), Reliance Communications (down 1.47% to Rs 593) and Reliance Infrastructure (down 1.77% to Rs 1,434.75) edged lower from Sensex pack.
IL&FS Investsmart declined 1.33% to Rs 196.20. Global financial giant HSBC reportedly plans to acquire 73.21% stake in the domestic brokerage firm for a consideration of around Rs 1,002.5 crore. HSBC will acquire 43.85% from a Mauritius-based unit of E*Trade Financial Corporation and the rest from the Indian brokerage's founder, Infrastructure Leasing & Financial Services, for Rs 200 a share, the reports added. HSBC will also make an offer to buy an additional 20% from other shareholders, the reports suggested.
Asian markets were trading lower today, 20 May 2008. Key benchmark indices in China, Hong Kong, Japan, Singapore, South Korean and Taiwan were down by between 0.27% to 2.07%.
At 10:21 IST, the 30-share BSE Sensex was down 150.60 points or 0.86% at 17,284.34. Sensex lost 163.41 points at day’s low of 17271.53 touched in early trade.
The broader based S&P CNX Nifty was down 33.7 points or 0.65% at 5,124.
The market breadth was strong on BSE with 1016 shares advancing as compared to 604 that declined. 54 remained unchanged.
Among the 30-member Sensex pack, 25 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.84% to Rs 2,613. It has reportedly formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund.
Metal stocks rose. Sterlite Industries (up 5.52% to Rs 945), Steel Authority of India (up 2.53% to Rs 190.60), Tata Steel (up 1.48% to Rs 905.25) edged higher. However, India’s largest aluminium manufacturer in terms of sales Hindalco Industries declined 0.1% to Rs 203.50.
India’s largest state-run aluminium maker by sales National Aluminium Company rose 0.42% to Rs 525.95. It has raised prices of the metal by 5.8% a tonne to about Rs 1.44 lakh a tonne to match a rise in prices in the global markets.
Capital goods stocks declined. Larsen & Toubro (down 0.81% to Rs 2,972), Suzlon Energy (down 0.54% to Rs 306.30) and Bharat Heavy Electricals (down 1.41% to Rs 1,770) edged lower.
India’s largest commercial bank State Bank of India declined 1.53% to Rs 1,678. It has reportedly decided to stop giving loans for the purchase of tractors and other farm equipment. Due to mounting non-performing assets in the farm equipment loan segment, the bank has decided to put on hold all future advances for farm equipment like tractors, power tillers and combined harvesters, the reports suggested.
India’s largest tractor maker by sales Mahindra & Mahindra declined 0.33% to Rs 660. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.
India’s largest car maker by sales Maruti Suzuki India rose 0.73% to Rs 824.90. It has reportedly increased prices of its cars by as much as Rs 18,000 because of higher raw material costs.
ACC (up 1.73% to Rs 691.80), Ranbaxy Laboratories (up 1% to Rs 515.50), and Tata Motors (up 0.61% to Rs 673.85) edged higher from the Sensex pack.
Wipro (down 2.39% to Rs 494.05), Bharti Airtel (down 2.04% to Rs 834), Jaiprakash Associates (down 2.15% to Rs 264.30), Reliance Communications (down 1.47% to Rs 593) and Reliance Infrastructure (down 1.77% to Rs 1,434.75) edged lower from Sensex pack.
IL&FS Investsmart declined 1.33% to Rs 196.20. Global financial giant HSBC reportedly plans to acquire 73.21% stake in the domestic brokerage firm for a consideration of around Rs 1,002.5 crore. HSBC will acquire 43.85% from a Mauritius-based unit of E*Trade Financial Corporation and the rest from the Indian brokerage's founder, Infrastructure Leasing & Financial Services, for Rs 200 a share, the reports added. HSBC will also make an offer to buy an additional 20% from other shareholders, the reports suggested.
Asian markets were trading lower today, 20 May 2008. Key benchmark indices in China, Hong Kong, Japan, Singapore, South Korean and Taiwan were down by between 0.27% to 2.07%.
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