Asian market also opened in red but without much change and then slowly moving upwards
Nikkei 225 13,883.49 -10.88 -0.08%
Hang Seng 25,888.68 -25.47 -0.10%
Straits Times 3,179.93 +7.57 +0.24%
Wednesday, April 30, 2008
US Stocks mixed with investors wary before Fed's rate decision-
Wall Street turned in a mixed performance Tuesday as investors traded cautiously ahead of the Federal Reserve's Wednesday decision on interest rates.
Dow 12,831.94 -39.81 -0.31%
Nasdaq 2,426.10 +1.70 +0.07%
S&P 500 1,390.94 -5.43 -0.39%
Dow 12,831.94 -39.81 -0.31%
Nasdaq 2,426.10 +1.70 +0.07%
S&P 500 1,390.94 -5.43 -0.39%
Tuesday, April 29, 2008
Us markets looses further
After opening flat, US markets going further down
@9.45PM US markets were
Dow 12,824.12 -47.63 -0.37%
Nasdaq 2,413.91 -10.49 -0.43%
S&P 500 1,388.60 -7.77 -0.56%
@9.45PM US markets were
Dow 12,824.12 -47.63 -0.37%
Nasdaq 2,413.91 -10.49 -0.43%
S&P 500 1,388.60 -7.77 -0.56%
Post Market report 29.04.2008
The market which had declined yesterday ahead of the Reserve Bank
of India's annual monetary policy review, bounced back today after
the central bank kept interest rates unchanged. Rate sensitive
banking, auto and realty stocks surged. IT stocks surged after the
Finance Minister extended tax exemption for the IT sector by a
year. Metal stocks rose. The market breadth was strong.
The central bank raised the cash reserve ratio (CRR) by 25 basis
points and the stance of its monetary policy was hawkish. The
market had witnessed a bout of volatility earlier in the day ahead
of monetary policy announcement.
Asian markets which opened before Indian market were mixed.
European markets which opened after Indian markets were mixed.
The 30-share BSE Sensex jumped 362.50 points or 2.13% at 17,378.46.
Sensex hit a high of 17,424.94 in late trade, its highest level in
two months. At the day's high, Sensex rose 408.98 points. Sensex
hit a low of 17011.60 in mid-morning trade. At day's low Sensex
fell 4.36 points.
The broader based S&P CNX Nifty was up 105.85 points or 2.08% at
5,195.50
From a recent low of 16698.04 on 23 April 2008, Sensex has gained
680.42 points or 4.07% to 17378.46 on 29 April 2008. From a low of
14809.49 on 17 March 2008, Sensex has risen 2568.97 points or
17.34%. The barometer index is off 3828.31 points or 18.05% from a
all time high of 21206.77 struck on 10 January 2008.
The turnover on BSE stood at Rs 7262 crore as compared to a
turnover of Rs 5544.33 crore on Monday, 28 April 2008. Turnover in
NSE's futures & options (F&O) segment spurted to Rs 41,819.49
crore, as compared to Rs 25,459.22 crore on Monday, 28 April 2008.
Nifty May 2008 futures were at 5217.40, a premium of 21.90 points
as compared to spot closing of 5,195.50.
The CRR is the percentage of banks' deposits which they must keep
as cash with the central bank. It may be recalled that RBI had
earlier this month announced a two-stage rise in CRR to 8%.
The Reserve Bank of India (RBI) said managing liquidity would
continue to receive priority in its policy objectives and warned it
would act swiftly to curb any signs of adverse developments in
inflation expectations.
RBI has forecast economic growth of 8% to 8.5% in the fiscal year
that began this month, after an estimated 8.7% growth in 2007/08.
RBI said it aims for inflation of around 5.5% this fiscal year with
the goal of lowering it close to 5% as soon as possible.
The market breadth was strong on BSE with 1588 shares advancing as
compared to 1121 that declined. 61 remained unchanged.
The BSE Mid-Cap index rose 1.13% to 7146.95 and BSE Small-Cap index
rose 0.87% to 8,785.31.
BSE Realty index (up 5.9% to 8,650.24), BSE Metal index (up 3.64%
to 16192.97), BSE IT index (up 5.24% to 4237.81), BSE Consumer
Durables index (up 2.81% to 4585.97), outperformed Sensex.
BSE Oil & Gas index (up 2.02% to 11661.26), BSE Bankex (up 1.68% to
8,964.75), BSE PSU index (up 1.65% to 8008.99), BSE Auto index (up
1.52% to 4,646.62), BSE Capital Goods index (up 1.28% to 13931.17),
BSE HealthCare index (up 0.78% to 4,248.62), BSE Power index (up
0.96% to 3,336.34) and BSE FMCG index (up 0.52% to 2,412.61)
underperformed Sensex
As per the provisional figures, foreign institutional investors
(FII)s bought shares worth Rs 232.18 crore today 29 April 2008 and
domestic funds bought shares worth Rs 403.27 crore.
Realty stocks surged in late trade. Indiabulls Real Estate (up
3.06% to Rs 557.35), DLF (up 8.57% to Rs 725.85) and Unitech (up
8.18% to Rs 317.50) rose.
IT stocks surged. Satyam Computer Services (up 8.22% to Rs 479.35),
Infosys (up 5.15% to Rs 1,750.75), Wipro (up 4.7% to Rs 479.20) and
Tata Consultancy Services (up 3.15% to Rs 910.80) edged higher.
Finance Minister Palaniappan Chidambaram extended by a year a tax
holiday scheme for export-driven software companies as he outlined
some changes to the federal budget for 2008-09. The scheme for
facilities based in technology parks was set to expire in March
2009.
Metal stocks rose. Tata Steel (up 4.01% to Rs 808.90), National
Aluminium Company (up 4.37% to Rs 458.70), Hindalco Industries (up
6.44% to Rs 198.20), Steel Authority of India (up 2.08% to Rs
179.40), Sterlite Industries (up 4.77% to Rs 898.85) edged higher.
Finance Minister P Chidambaram today said government will impose
export tax on basmati rice and some steel products, and cut import
duties on key inputs like ferro alloys and metallurgical coke. He
said the measures were being taken to improve domestic supplies and
to moderate prices.
Banking stocks surged after the RBI's policy announcement. State
Bank of India (up 3.27% to Rs 1,793.50), HDFC Bank (up 1.95% to Rs
1,547.50) and ICICI Bank (up 0.71% to Rs 901.30) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.17% to Rs
642.70), Tata Motors (up 1% to Rs 639.95) Maruti Suzuki India (up
1.24% to Rs 731.30), Hero Honda Motors (up 5.34% to Rs 861.85),
rose.
HDFC (up 5.95% to Rs 2881.45), Larsen & Toubro (up 2.09% to Rs
3007.40) Jaiprakash Associates (up 5.95% to Rs 266.10), Ambuja
Cements (up 1.32% to Rs 114.85), Bharat Heavy Electricals (up 1.29%
to Rs 1891.85), Reliance Industries (up 2.35% to Rs 2,653) edged
higher from Sensex pack.
Hindustan Unilever rose 1.48% to Rs 250.85. Net profit of Hindustan
Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales
to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of
the company has approved the change in the financial year to
April-March.
Reliance Communications declined 1.73% to Rs 574.70 while Bharti
Airtel fell 2.67% to Rs 904.50. Reliance Communications said on
Monday, 28 April 2008, it would offer unlimited national long
distance calls within its network for a fixed rental with immediate
effect. Earlier yesterday, sector leader Bharti Airtel slashed long
distance and roaming tariffs by 43% effective 30 April 2008.
Reliance Natural Resources clocked the highest volume of 2.15 crore
shares on BSE. Ispat Industries (1.71 crore shares), IFCI (1.56
crore shares), Indiabulls Securities (1.51 crore shares) and
Reliance Petroleum (1.47 crore shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 317.11 crore on
BSE. Sesa Goa (Rs 309.43 crore), Reliance Petroleum (Rs 295.31
crore), Reliance Natural Resources (Rs 270.24 crore) and Reliance
Industries (Rs 231.64 crore) were the other turnover toppers in
that order.
It its latest report on macroeconomic and monetary developments in
2007/08 released on Monday, 28 April 2008, RBI has said that the
global food prices were likely to remain firm as supply side
pressures did not appear to be abating. The central bank said steps
takes by the government to rein in prices should help curb
inflation. It, however, said the inflation risks on account of oil
prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had
increased substantially since February 2007 alongside rising global
oil prices, while prices of petrol and diesel, which are
government-controlled, had partially adjusted. But prices of
kerosene and cooking gas had not been raised by the government for
several years.
RBI felt there were some demand-side pressures. Domestic iron and
steel prices saw a sharp increase in line with recent hardening in
international steel prices, it said, while cement price rises could
be attributed largely to strong demand from construction
domestically. A survey of professional forecasters by the central
bank showed that the Indian economy is expected to grow 8.1% in the
2008/09 fiscal year that began this month. In 2007/08, the gross
domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A
survey of 392 companies by Federation of Indian Chambers of
Commerce and Industry (FICCI), showed that concerns about an
economic slowdown, inflation and rising costs hurt business
confidence of Indian firms during October-December 2007 period. The
FICCI business confidence index declined to a new five-year low of
55.3 points in the third quarter of 2007/08, from 61.2 in the
previous quarter.
of India's annual monetary policy review, bounced back today after
the central bank kept interest rates unchanged. Rate sensitive
banking, auto and realty stocks surged. IT stocks surged after the
Finance Minister extended tax exemption for the IT sector by a
year. Metal stocks rose. The market breadth was strong.
The central bank raised the cash reserve ratio (CRR) by 25 basis
points and the stance of its monetary policy was hawkish. The
market had witnessed a bout of volatility earlier in the day ahead
of monetary policy announcement.
Asian markets which opened before Indian market were mixed.
European markets which opened after Indian markets were mixed.
The 30-share BSE Sensex jumped 362.50 points or 2.13% at 17,378.46.
Sensex hit a high of 17,424.94 in late trade, its highest level in
two months. At the day's high, Sensex rose 408.98 points. Sensex
hit a low of 17011.60 in mid-morning trade. At day's low Sensex
fell 4.36 points.
The broader based S&P CNX Nifty was up 105.85 points or 2.08% at
5,195.50
From a recent low of 16698.04 on 23 April 2008, Sensex has gained
680.42 points or 4.07% to 17378.46 on 29 April 2008. From a low of
14809.49 on 17 March 2008, Sensex has risen 2568.97 points or
17.34%. The barometer index is off 3828.31 points or 18.05% from a
all time high of 21206.77 struck on 10 January 2008.
The turnover on BSE stood at Rs 7262 crore as compared to a
turnover of Rs 5544.33 crore on Monday, 28 April 2008. Turnover in
NSE's futures & options (F&O) segment spurted to Rs 41,819.49
crore, as compared to Rs 25,459.22 crore on Monday, 28 April 2008.
Nifty May 2008 futures were at 5217.40, a premium of 21.90 points
as compared to spot closing of 5,195.50.
The CRR is the percentage of banks' deposits which they must keep
as cash with the central bank. It may be recalled that RBI had
earlier this month announced a two-stage rise in CRR to 8%.
The Reserve Bank of India (RBI) said managing liquidity would
continue to receive priority in its policy objectives and warned it
would act swiftly to curb any signs of adverse developments in
inflation expectations.
RBI has forecast economic growth of 8% to 8.5% in the fiscal year
that began this month, after an estimated 8.7% growth in 2007/08.
RBI said it aims for inflation of around 5.5% this fiscal year with
the goal of lowering it close to 5% as soon as possible.
The market breadth was strong on BSE with 1588 shares advancing as
compared to 1121 that declined. 61 remained unchanged.
The BSE Mid-Cap index rose 1.13% to 7146.95 and BSE Small-Cap index
rose 0.87% to 8,785.31.
BSE Realty index (up 5.9% to 8,650.24), BSE Metal index (up 3.64%
to 16192.97), BSE IT index (up 5.24% to 4237.81), BSE Consumer
Durables index (up 2.81% to 4585.97), outperformed Sensex.
BSE Oil & Gas index (up 2.02% to 11661.26), BSE Bankex (up 1.68% to
8,964.75), BSE PSU index (up 1.65% to 8008.99), BSE Auto index (up
1.52% to 4,646.62), BSE Capital Goods index (up 1.28% to 13931.17),
BSE HealthCare index (up 0.78% to 4,248.62), BSE Power index (up
0.96% to 3,336.34) and BSE FMCG index (up 0.52% to 2,412.61)
underperformed Sensex
As per the provisional figures, foreign institutional investors
(FII)s bought shares worth Rs 232.18 crore today 29 April 2008 and
domestic funds bought shares worth Rs 403.27 crore.
Realty stocks surged in late trade. Indiabulls Real Estate (up
3.06% to Rs 557.35), DLF (up 8.57% to Rs 725.85) and Unitech (up
8.18% to Rs 317.50) rose.
IT stocks surged. Satyam Computer Services (up 8.22% to Rs 479.35),
Infosys (up 5.15% to Rs 1,750.75), Wipro (up 4.7% to Rs 479.20) and
Tata Consultancy Services (up 3.15% to Rs 910.80) edged higher.
Finance Minister Palaniappan Chidambaram extended by a year a tax
holiday scheme for export-driven software companies as he outlined
some changes to the federal budget for 2008-09. The scheme for
facilities based in technology parks was set to expire in March
2009.
Metal stocks rose. Tata Steel (up 4.01% to Rs 808.90), National
Aluminium Company (up 4.37% to Rs 458.70), Hindalco Industries (up
6.44% to Rs 198.20), Steel Authority of India (up 2.08% to Rs
179.40), Sterlite Industries (up 4.77% to Rs 898.85) edged higher.
Finance Minister P Chidambaram today said government will impose
export tax on basmati rice and some steel products, and cut import
duties on key inputs like ferro alloys and metallurgical coke. He
said the measures were being taken to improve domestic supplies and
to moderate prices.
Banking stocks surged after the RBI's policy announcement. State
Bank of India (up 3.27% to Rs 1,793.50), HDFC Bank (up 1.95% to Rs
1,547.50) and ICICI Bank (up 0.71% to Rs 901.30) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.17% to Rs
642.70), Tata Motors (up 1% to Rs 639.95) Maruti Suzuki India (up
1.24% to Rs 731.30), Hero Honda Motors (up 5.34% to Rs 861.85),
rose.
HDFC (up 5.95% to Rs 2881.45), Larsen & Toubro (up 2.09% to Rs
3007.40) Jaiprakash Associates (up 5.95% to Rs 266.10), Ambuja
Cements (up 1.32% to Rs 114.85), Bharat Heavy Electricals (up 1.29%
to Rs 1891.85), Reliance Industries (up 2.35% to Rs 2,653) edged
higher from Sensex pack.
Hindustan Unilever rose 1.48% to Rs 250.85. Net profit of Hindustan
Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales
to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of
the company has approved the change in the financial year to
April-March.
Reliance Communications declined 1.73% to Rs 574.70 while Bharti
Airtel fell 2.67% to Rs 904.50. Reliance Communications said on
Monday, 28 April 2008, it would offer unlimited national long
distance calls within its network for a fixed rental with immediate
effect. Earlier yesterday, sector leader Bharti Airtel slashed long
distance and roaming tariffs by 43% effective 30 April 2008.
Reliance Natural Resources clocked the highest volume of 2.15 crore
shares on BSE. Ispat Industries (1.71 crore shares), IFCI (1.56
crore shares), Indiabulls Securities (1.51 crore shares) and
Reliance Petroleum (1.47 crore shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 317.11 crore on
BSE. Sesa Goa (Rs 309.43 crore), Reliance Petroleum (Rs 295.31
crore), Reliance Natural Resources (Rs 270.24 crore) and Reliance
Industries (Rs 231.64 crore) were the other turnover toppers in
that order.
It its latest report on macroeconomic and monetary developments in
2007/08 released on Monday, 28 April 2008, RBI has said that the
global food prices were likely to remain firm as supply side
pressures did not appear to be abating. The central bank said steps
takes by the government to rein in prices should help curb
inflation. It, however, said the inflation risks on account of oil
prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had
increased substantially since February 2007 alongside rising global
oil prices, while prices of petrol and diesel, which are
government-controlled, had partially adjusted. But prices of
kerosene and cooking gas had not been raised by the government for
several years.
RBI felt there were some demand-side pressures. Domestic iron and
steel prices saw a sharp increase in line with recent hardening in
international steel prices, it said, while cement price rises could
be attributed largely to strong demand from construction
domestically. A survey of professional forecasters by the central
bank showed that the Indian economy is expected to grow 8.1% in the
2008/09 fiscal year that began this month. In 2007/08, the gross
domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A
survey of 392 companies by Federation of Indian Chambers of
Commerce and Industry (FICCI), showed that concerns about an
economic slowdown, inflation and rising costs hurt business
confidence of Indian firms during October-December 2007 period. The
FICCI business confidence index declined to a new five-year low of
55.3 points in the third quarter of 2007/08, from 61.2 in the
previous quarter.
Market extends gains
The market extended gains in afternoon trade as IT firms galloped after Finance Minister extended tax exemption for firms in the sector by a year. Market had surged earlier after Reserve Bank of India (RBI) kept interest rates unchanged at its annual monetary policy review announced today afternoon. Rate sensitive banking, auto and realty stocks surged. Metal stocks rose. The market breadth was strong.
The central bank raised the cash reserve ratio (CRR) by 25 basis points and the stance of its monetary policy was hawkish.
The market had witnessed a bout of volatility earlier in the day ahead of monetary policy announcement. Asian markets which opened before Indian market were mixed. European markets which opened after Indian markets were mixed.
At 13:25 IST, the 30-share BSE Sensex was up 368.52 points or 2.17% at 17,390.73. Sensex hit a high of 17,424.35 in afternoon trade. At the day’s high, Sensex rose 408.39 points. Sensex hit a low of 17011.60 in mid-morning trade. At day's low Sensex fell 4.36 points.
The broader based S&P CNX Nifty was up 95.25 points or 1.87% at 5,184.90.
The market breadth was strong on BSE with 1549 shares advancing as compared to 983 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 1.05% to 7141.45 and BSE Small-Cap index rose 0.87% to 8,785.46.
IT stocks surged. Satyam Computer Services (up 6.115 to Rs 470), Infosys (up 4.81% to Rs 1,745), Wipro (up 3.64% to Rs 474.35) and Tata Consultancy Services (up 2.49% to Rs 905.10),
Realty stocks edged higher. Indiabulls Real Estate (up 1.66% to Rs 549.80), DLF (up 6.5% to Rs 712.50) and Unitech (down 3.75% to Rs 304.55), rose.
Metal stocks rose. Tata Steel (up 3.69% to Rs 806.40), National Alluminium Company (up 3.99% to Rs 457.05), Hindalco Industries (up 3.01% to Rs 191.20), Steel Authority of India (up 1.22% to Rs 177.90), Sterlite Industries (up 2.77% to Rs 881.70) edged higher.
Banking stocks surged after the RBI's policy announcement. Punjab National Bank (up 4.25% to Rs 577), Federal Bank (up 3.81% to Rs 250.50), Bank of Baroda (up 3.45% to Rs 317.65), State Bank of India (up 2.91% to Rs 1,787.20), HDFC Bank (up 1.12% to Rs 1,534.95) and ICICI Bank (up 2.34% to Rs 915.85) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.22% to Rs 643), Tata Motors (up 1.8% to Rs 645) Maruti Suzuki India (up 1.06% to Rs 730), Hero Honda Motors (up 3.65% to Rs 848.05), rose.
HDFC (up 5.19% to Rs 2861), Larsen & Toubro (up 2.83% to Rs 3029) Jaiprakash Associates (up 3.19% to Rs 259.10), Ranbaxy Laboratories (up 2.04% to Rs 488), Reliance Industries (up 1.97% to Rs 2,643.15) edged higher from Sensex pack.
Hindustan Unilever rose 1.46% to Rs 250.80. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March.
Reliance Communications declined 0.31% to Rs 583 while Bharti Airtel fell 2.25% to Rs 906.50. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Sita Shree Food Products rose 3.42% to Rs 62.20. It hit a all-time high of Rs 62.70 today.
The central bank raised the cash reserve ratio (CRR) by 25 basis points and the stance of its monetary policy was hawkish.
The market had witnessed a bout of volatility earlier in the day ahead of monetary policy announcement. Asian markets which opened before Indian market were mixed. European markets which opened after Indian markets were mixed.
At 13:25 IST, the 30-share BSE Sensex was up 368.52 points or 2.17% at 17,390.73. Sensex hit a high of 17,424.35 in afternoon trade. At the day’s high, Sensex rose 408.39 points. Sensex hit a low of 17011.60 in mid-morning trade. At day's low Sensex fell 4.36 points.
The broader based S&P CNX Nifty was up 95.25 points or 1.87% at 5,184.90.
The market breadth was strong on BSE with 1549 shares advancing as compared to 983 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 1.05% to 7141.45 and BSE Small-Cap index rose 0.87% to 8,785.46.
IT stocks surged. Satyam Computer Services (up 6.115 to Rs 470), Infosys (up 4.81% to Rs 1,745), Wipro (up 3.64% to Rs 474.35) and Tata Consultancy Services (up 2.49% to Rs 905.10),
Realty stocks edged higher. Indiabulls Real Estate (up 1.66% to Rs 549.80), DLF (up 6.5% to Rs 712.50) and Unitech (down 3.75% to Rs 304.55), rose.
Metal stocks rose. Tata Steel (up 3.69% to Rs 806.40), National Alluminium Company (up 3.99% to Rs 457.05), Hindalco Industries (up 3.01% to Rs 191.20), Steel Authority of India (up 1.22% to Rs 177.90), Sterlite Industries (up 2.77% to Rs 881.70) edged higher.
Banking stocks surged after the RBI's policy announcement. Punjab National Bank (up 4.25% to Rs 577), Federal Bank (up 3.81% to Rs 250.50), Bank of Baroda (up 3.45% to Rs 317.65), State Bank of India (up 2.91% to Rs 1,787.20), HDFC Bank (up 1.12% to Rs 1,534.95) and ICICI Bank (up 2.34% to Rs 915.85) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.22% to Rs 643), Tata Motors (up 1.8% to Rs 645) Maruti Suzuki India (up 1.06% to Rs 730), Hero Honda Motors (up 3.65% to Rs 848.05), rose.
HDFC (up 5.19% to Rs 2861), Larsen & Toubro (up 2.83% to Rs 3029) Jaiprakash Associates (up 3.19% to Rs 259.10), Ranbaxy Laboratories (up 2.04% to Rs 488), Reliance Industries (up 1.97% to Rs 2,643.15) edged higher from Sensex pack.
Hindustan Unilever rose 1.46% to Rs 250.80. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March.
Reliance Communications declined 0.31% to Rs 583 while Bharti Airtel fell 2.25% to Rs 906.50. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Sita Shree Food Products rose 3.42% to Rs 62.20. It hit a all-time high of Rs 62.70 today.
Performance of tips of 29.04.2008 @1.30PM
buy FCH above 629 target 640/648/652 high 636
buy RCOM above 586 target 592/596/609 high 598.80
buy APOLLOTYRE above 46 target 47/47.5/48 high 46.40
buy IDBI above 105 target 106/107/109 high 107.40
buy RCOM above 586 target 592/596/609 high 598.80
buy APOLLOTYRE above 46 target 47/47.5/48 high 46.40
buy IDBI above 105 target 106/107/109 high 107.40
RBI hikes CRR by 25 bps; repo, reverse repo rates intact
In its Credit Policy, the RBI has hiked the CRR by 25 bps to 8.25%. It has left the repo, reverse repo rates unchanged. The RBI aims at 4-4.5% inflation going forward. It is attempting to bring down the inflation to 5.5% in FY09.
The RBI has set the FY09 GDP growth target at 8-8.5%. It is aiming at a credit growth of 20% in FY09. The central bank has upped its home loan limit of 50% risk weight to Rs 30 lakhs from Rs 20 lakhs. The local factors would remain dominant for policy setting, The RBI said. It will continue emphasising on anchoring inflation expectations. It will also ensure a rate environment with high priority to price stability, it said.
The RBI plans to respond swiftly on a continuing basis to evolving situations. Its emphasis would be on credit quality and delivery for sensitive sectors.
The RBI has set the FY09 GDP growth target at 8-8.5%. It is aiming at a credit growth of 20% in FY09. The central bank has upped its home loan limit of 50% risk weight to Rs 30 lakhs from Rs 20 lakhs. The local factors would remain dominant for policy setting, The RBI said. It will continue emphasising on anchoring inflation expectations. It will also ensure a rate environment with high priority to price stability, it said.
The RBI plans to respond swiftly on a continuing basis to evolving situations. Its emphasis would be on credit quality and delivery for sensitive sectors.
Market opens on a firm note
At 10:21 IST, the 30-share BSE Sensex was up 76.06 points or 0.43% at 17,089.17. Sensex hit a high of 17,114.56 in early trade. At the day’s high, Sensex rose 98.6 points.
The broader based S&P CNX Nifty was up 16.05 points or 0.32% at 5,105.70.
The market breadth was strong on BSE with 1030 shares advancing as compared to 551 that declined. 44 remained unchanged.
The BSE Mid-Cap index rose 0.54% to 7105.49 and BSE Small-Cap index rose 0.58% to 8,760.41.
Banking stocks rose. State Bank of India (up 1.29% to Rs 1,759) and HDFC Bank (up 0.66% to Rs 1,527.95) edged higher. India’s largest private sector bank by assets ICICI Bank rose 0.53% to Rs 899.95.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra (up 0.73% to Rs 639.90), Maruti Suzuki India (up 0.87% to Rs 729.70), Hero Honda Motors (up 0.23% to Rs 820), Tata Motors (up 1.01% to Rs 640) edged higher.
Relaty stocks were mixed. Indiabulls Real Estate (down 0.91% to Rs 535.90) and Unitech (down 1.01% to Rs 290.55) edged lower. Lanco Infratech (up 1.76% to Rs 496.70) and DLF (up 0.61% to Rs 672.60) edged higher.
Tata Steel (up 3.51% to Rs 805), Hindalco Industries (up 1.5% to Rs 189), Jaiprakash Associates (up 1.51% to Rs 254.95), ACC (up 0.74% to Rs 772.50) edged higher from Sensex pack.
Hindustan Unilever declined 0.32% to Rs 246.75. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March
Reliance Communications declined 0.48% to Rs 582 while Bharti Airtel fell 1.12% to Rs 918. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Alok Industries advanced 2.31% to Rs 71. The company’s board has approved issue and allotment of 98 lakh equity shares of the face value of Rs 10 each for cash at a premium of Rs 92 per share, to Jiwrajka Associates, a part of the promoter group. It also approved hiving-off its retail business to the company's wholly subsidiary company Alok Homes & Apparels.
Sesa Goa rose 3.75% to Rs 3,860.20. Sesa Goa said on Monday, 28 April 2008 it would split its shares giving shareholders 10 shares for each existing share, and after the split would make a one-for-one bonus issue of shares. Sesa Goa reported 216.37% surge in net profit to Rs 798.30 crore on 116.21% increase in sales to Rs 1669.97 crore in Q4 March 2008 over Q4 March 2007.
State Trading Corporation of India rose 1.27% to Rs 417. Net profit of State Trading Corporation of India rose 125.04% to Rs 44.67 crore on 14.28% rise in sales to Rs 4255.98 crore in Q4 March 2008 over Q4 March 2007.
Titagarh Wagons rose 0.7% to Rs 680. Titagarh Wagons reported net profit of Rs 60.57 crore on sales of Rs 559.64 crore in the year ended March 2008.
Finolex Cables rose 0.95% to Rs 69.05. Net profit of Finolex Cables rose 13.14% to Rs 9.99 crore on 44.83% increase in sales to Rs 423.21 crore in Q4 March 2008 Q4 March 2007.
Celestial Labs rose 5.72% to Rs 43.45. Net profit of Celestial Labs rose 222.78% to Rs 2.55 crore on 56.33% rise in sales to Rs 4.94 crore in Q4 March 2008 Q4 March 2007.
Shiv-Vani Oil & Gas Exploration Services rose 4% to Rs 591. Net profit of Shiv-Vani Oil & Gas Exploration Services rose 109.25% to Rs 19.23 crore on 118.42% rise in sales to Rs 137.19 crore in Q4 March 2008 over March 2007.
The broader based S&P CNX Nifty was up 16.05 points or 0.32% at 5,105.70.
The market breadth was strong on BSE with 1030 shares advancing as compared to 551 that declined. 44 remained unchanged.
The BSE Mid-Cap index rose 0.54% to 7105.49 and BSE Small-Cap index rose 0.58% to 8,760.41.
Banking stocks rose. State Bank of India (up 1.29% to Rs 1,759) and HDFC Bank (up 0.66% to Rs 1,527.95) edged higher. India’s largest private sector bank by assets ICICI Bank rose 0.53% to Rs 899.95.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra (up 0.73% to Rs 639.90), Maruti Suzuki India (up 0.87% to Rs 729.70), Hero Honda Motors (up 0.23% to Rs 820), Tata Motors (up 1.01% to Rs 640) edged higher.
Relaty stocks were mixed. Indiabulls Real Estate (down 0.91% to Rs 535.90) and Unitech (down 1.01% to Rs 290.55) edged lower. Lanco Infratech (up 1.76% to Rs 496.70) and DLF (up 0.61% to Rs 672.60) edged higher.
Tata Steel (up 3.51% to Rs 805), Hindalco Industries (up 1.5% to Rs 189), Jaiprakash Associates (up 1.51% to Rs 254.95), ACC (up 0.74% to Rs 772.50) edged higher from Sensex pack.
Hindustan Unilever declined 0.32% to Rs 246.75. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March
Reliance Communications declined 0.48% to Rs 582 while Bharti Airtel fell 1.12% to Rs 918. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Alok Industries advanced 2.31% to Rs 71. The company’s board has approved issue and allotment of 98 lakh equity shares of the face value of Rs 10 each for cash at a premium of Rs 92 per share, to Jiwrajka Associates, a part of the promoter group. It also approved hiving-off its retail business to the company's wholly subsidiary company Alok Homes & Apparels.
Sesa Goa rose 3.75% to Rs 3,860.20. Sesa Goa said on Monday, 28 April 2008 it would split its shares giving shareholders 10 shares for each existing share, and after the split would make a one-for-one bonus issue of shares. Sesa Goa reported 216.37% surge in net profit to Rs 798.30 crore on 116.21% increase in sales to Rs 1669.97 crore in Q4 March 2008 over Q4 March 2007.
State Trading Corporation of India rose 1.27% to Rs 417. Net profit of State Trading Corporation of India rose 125.04% to Rs 44.67 crore on 14.28% rise in sales to Rs 4255.98 crore in Q4 March 2008 over Q4 March 2007.
Titagarh Wagons rose 0.7% to Rs 680. Titagarh Wagons reported net profit of Rs 60.57 crore on sales of Rs 559.64 crore in the year ended March 2008.
Finolex Cables rose 0.95% to Rs 69.05. Net profit of Finolex Cables rose 13.14% to Rs 9.99 crore on 44.83% increase in sales to Rs 423.21 crore in Q4 March 2008 Q4 March 2007.
Celestial Labs rose 5.72% to Rs 43.45. Net profit of Celestial Labs rose 222.78% to Rs 2.55 crore on 56.33% rise in sales to Rs 4.94 crore in Q4 March 2008 Q4 March 2007.
Shiv-Vani Oil & Gas Exploration Services rose 4% to Rs 591. Net profit of Shiv-Vani Oil & Gas Exploration Services rose 109.25% to Rs 19.23 crore on 118.42% rise in sales to Rs 137.19 crore in Q4 March 2008 over March 2007.
Markets open flat but positive
Markets opens in positive but flat. at 10AM NSE up by 15 points.
The outcome of the decision of the Reserve Bank of India (RBI)'s annual policy review at 12:00 IST will set direction for the bourses which have witnessed a solid rebound over the past few days on the back of good Q4 March 2008 results and on the back of firm global markets. Given the high inflation, the central bank may hike key rates..
be cautious at around 12. Market may move in either direction
The outcome of the decision of the Reserve Bank of India (RBI)'s annual policy review at 12:00 IST will set direction for the bourses which have witnessed a solid rebound over the past few days on the back of good Q4 March 2008 results and on the back of firm global markets. Given the high inflation, the central bank may hike key rates..
be cautious at around 12. Market may move in either direction
Pre Market Report 29.04.2008
The outcome of the decision of the Reserve Bank of India (RBI)'s annual policy review at 12:00 IST will set direction for the bourses which have witnessed a solid rebound over the past few days on the back of good Q4 March 2008 results and on the back of firm global markets. Given the high inflation, the central bank may hike key rates.
It its latest report on macroeconomic and monetary developments in 2007/08 released on Monday, 28 April 2008, RBI has said that the global food prices were likely to remain firm as supply side pressures did not appear to be abating. The central bank said steps takes by the government to rein in prices should help curb inflation. It, however, said the inflation risks on account of oil prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had increased substantially since February 2007 alongside rising global oil prices, while prices of petrol and diesel, which are government-controlled, had partially adjusted. But prices of kerosene and cooking gas had not been raised by the government for several years.
RBI felt there were some demand-side pressures. Domestic iron and steel prices saw a sharp increase in line with recent hardening in international steel prices, it said, while cement price rises could be attributed largely to strong demand from construction domestically
A survey of professional forecasters by the central bank showed that the Indian economy is expected to grow 8.1% in the 2008/09 fiscal year that began this month. In 2007/08, the gross domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A survey of 392 companies by Federation of Indian Chambers of Commerce and Industry (FICCI), showed that concerns about an economic slowdown, inflation and rising costs hurt business confidence of Indian firms during October-December 2007 period. The FICCI business confidence index declined to a new five-year low of 55.3 points in the third quarter of 2007/08, from 61.2 in the previous quarter.
On the flip side, a pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS).
Meanwhile, the Lok Sabha is slated to pass the Finance Bill 2008-09 today, 29 April 2008.
The two-day US Federal Reserve policy meeting ends on Wednesday, 30 April 2008. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure.
As per provisional data, FIIs sold shares worth a net Rs 38.33 crore on Monday, 28 April 2008. Domestic funds sold shares worth a net Rs 166.61 crore on Monday.
FIIs were net buyers of Rs 455.13 crore in the futures & options segment on Monday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 214.86 crore and bought index options worth Rs 137.14 crore. They were net buyers of stock futures to the tune of Rs 24.42 crore and bought stock options worth Rs 78.72 crore
US stocks ended flat on Monday, 28 April 2008, as a $23 billion takeover of Wm Wrigley Jr Co, the world's largest chewing gum maker, by Mars Inc, the maker of M&Ms candy, helped offset downbeat comments by influential investor Warren Buffett about the economy. Buffett said US could be mired in a longer and deeper recession than most people think.
Asian stocks were mixed today. Key benchmark indices in Hong Kong and China were up by between 1.36% to 1.39%. Key benchmark indices in Singapore, Taiwan and South Korea were down by between 0.6% to 0.7%. Japanese markets were closed for a national holiday.
It its latest report on macroeconomic and monetary developments in 2007/08 released on Monday, 28 April 2008, RBI has said that the global food prices were likely to remain firm as supply side pressures did not appear to be abating. The central bank said steps takes by the government to rein in prices should help curb inflation. It, however, said the inflation risks on account of oil prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had increased substantially since February 2007 alongside rising global oil prices, while prices of petrol and diesel, which are government-controlled, had partially adjusted. But prices of kerosene and cooking gas had not been raised by the government for several years.
RBI felt there were some demand-side pressures. Domestic iron and steel prices saw a sharp increase in line with recent hardening in international steel prices, it said, while cement price rises could be attributed largely to strong demand from construction domestically
A survey of professional forecasters by the central bank showed that the Indian economy is expected to grow 8.1% in the 2008/09 fiscal year that began this month. In 2007/08, the gross domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A survey of 392 companies by Federation of Indian Chambers of Commerce and Industry (FICCI), showed that concerns about an economic slowdown, inflation and rising costs hurt business confidence of Indian firms during October-December 2007 period. The FICCI business confidence index declined to a new five-year low of 55.3 points in the third quarter of 2007/08, from 61.2 in the previous quarter.
On the flip side, a pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS).
Meanwhile, the Lok Sabha is slated to pass the Finance Bill 2008-09 today, 29 April 2008.
The two-day US Federal Reserve policy meeting ends on Wednesday, 30 April 2008. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure.
As per provisional data, FIIs sold shares worth a net Rs 38.33 crore on Monday, 28 April 2008. Domestic funds sold shares worth a net Rs 166.61 crore on Monday.
FIIs were net buyers of Rs 455.13 crore in the futures & options segment on Monday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 214.86 crore and bought index options worth Rs 137.14 crore. They were net buyers of stock futures to the tune of Rs 24.42 crore and bought stock options worth Rs 78.72 crore
US stocks ended flat on Monday, 28 April 2008, as a $23 billion takeover of Wm Wrigley Jr Co, the world's largest chewing gum maker, by Mars Inc, the maker of M&Ms candy, helped offset downbeat comments by influential investor Warren Buffett about the economy. Buffett said US could be mired in a longer and deeper recession than most people think.
Asian stocks were mixed today. Key benchmark indices in Hong Kong and China were up by between 1.36% to 1.39%. Key benchmark indices in Singapore, Taiwan and South Korea were down by between 0.6% to 0.7%. Japanese markets were closed for a national holiday.
Stock tips 29.04.2008
buy FCH above 629 target 640/648/652
buy RCOM above 586 target 592/596/609
buy APOLLOTYRE above 46 target 47/47.5/48
buy IDBI above 105 target 106/107/109
buy RCOM above 586 target 592/596/609
buy APOLLOTYRE above 46 target 47/47.5/48
buy IDBI above 105 target 106/107/109
Asian market opens flat
After US market closed almost flat, Asian markets also opened flat.
Hang Seng 25,667.65 +1.36 +0.01%
Straits Times 3,174.61 -27.02 -0.84%
Hang Seng 25,667.65 +1.36 +0.01%
Straits Times 3,174.61 -27.02 -0.84%
Wall Street finishes little changed as investors position ahead of Federal Reserve meeting
Wall Street finished little changed Monday as investors turned cautious ahead of the Federal Reserve's two-day policy meeting, which starts Tuesday.
Stocks advanced for most of the session, then pulled back modestly in the final minutes of trading.
Investors' appeared to be waiting for the Fed to make the next move. Policymakers are widely expected to cut interest rates by a quarter point on Wednesday, then leave them steady for the balance of the year to help ward off inflation.
The session's modest moves came despite one of the most active days for acquisitions in almost three months. The biggest deal was the Warren Buffett and candy maker Mars Inc. offer to buy Wm. Wrigley Jr. Co. for about $23 billion in cash. Meanwhile, billionaire Kirk Kerkorian plans to make an offer that would expand his stake in Ford Motor Co. to 5.6 percent, saying he sees signs the automaker's turnaround plan is working.
This helped to offset disappointment in the market that struggling Continental Airlines Inc. said it would not pursue a combination with another carrier right away. It was a surprising move after weeks of speculation it would join with United Airlines to create the world's biggest carrier.
But investors appeared focused on the Fed.
The Dow Jones industrial average fell 20.11, or 0.16 percent, to 12,871.75.
Broader indexes were mixed. The Standard & Poor's 500 index slipped 1.47, or 0.11 percent, to 1,396.37, and the Nasdaq composite index rose 1.47, or 0.06 percent, to 2,424.40.
Stocks advanced for most of the session, then pulled back modestly in the final minutes of trading.
Investors' appeared to be waiting for the Fed to make the next move. Policymakers are widely expected to cut interest rates by a quarter point on Wednesday, then leave them steady for the balance of the year to help ward off inflation.
The session's modest moves came despite one of the most active days for acquisitions in almost three months. The biggest deal was the Warren Buffett and candy maker Mars Inc. offer to buy Wm. Wrigley Jr. Co. for about $23 billion in cash. Meanwhile, billionaire Kirk Kerkorian plans to make an offer that would expand his stake in Ford Motor Co. to 5.6 percent, saying he sees signs the automaker's turnaround plan is working.
This helped to offset disappointment in the market that struggling Continental Airlines Inc. said it would not pursue a combination with another carrier right away. It was a surprising move after weeks of speculation it would join with United Airlines to create the world's biggest carrier.
But investors appeared focused on the Fed.
The Dow Jones industrial average fell 20.11, or 0.16 percent, to 12,871.75.
Broader indexes were mixed. The Standard & Poor's 500 index slipped 1.47, or 0.11 percent, to 1,396.37, and the Nasdaq composite index rose 1.47, or 0.06 percent, to 2,424.40.
Monday, April 28, 2008
Post Market report 28/04/2008
The market snapped last two day’s rally to end in the red. The 30-share BSE Sensex fell below 17,000 level in late trading before once again regaining that level shortly. Investors were cautious ahead of central bank’s monetary policy meet tomorrow, 29 April 2008. Capital goods, IT and oil & gas stocks slipped. European markets which opened after Indian market were in the green.
Among interest rate sensitive stocks, while banking shares edged lower, realty and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was negative.
The 30-share BSE Sensex provisionally ended down 102.62 points or 0.6% to 17,023.36. The market had moved in a narrow range, moving between positive and negative zone in early afternoon trade. A bout of volatility was witnessed earlier in the day. The market had opened on a firm note extending last week's rally. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 16,978.89 in late trade. At day’s low Sensex fell 147.09 points.
The BSE clocked a turnover of Rs 5511 crore as compared to Rs 6060.58 crore on Friday, 25 April 2008.
The broader based S&P CNX Nifty was down 15.80 points or 0.31% at 5,095.90 as per provisional figures.
The market breadth was negative on BSE with 1283 shares advancing as compared to 1389 that declined. 68 remained unchanged.
The BSE Mid-Cap index rose 0.13% to 7065.52 while BSE Small-Cap index declined 0.22% to 8,708.59.
Capital Goods stocks declined. Larsen & Toubro (down 0.98% to Rs 2,942.15), and Suzlon Energy (down 3.91% to Rs 278) edged lower. India’s largest electric equipment maker by sales Bharat Heavy Electricals was flat at Rs 1,867.
Oil & gas stocks were mostly in the red. Reliance Industries (down 1.32% to Rs 2,589.80), ONGC (down 0.45% to Rs 1,050.20), Reliance Petroleum (down 0.49% to Rs 193.80), BPCL (down 0.38% to Rs 391.10) and GAIL India (down 1.92% to Rs 436.50) edged lower. However, Indian Oil (up 1.88% to Rs 445) and HPCL (up 1.8% to Rs 252.05) edged higher.
Oil marketing firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are making losses on retail sale of petrol and diesel as they are not allowed to pass on the rise in oil prices to retail consumers.
Consumer durables stocks rose. Titan Industries (up 6.75% to Rs 1,195), Lloyd Electric (up 3.47% to Rs 113.30), Videocon Industries (up 0.58% to Rs 378.90) edged higher.
IT stocks declined. Wipro (down 1.35% to Rs 459.90), Infosys (down 1.27% to Rs 1,664.95), Satyam Computer Services (down 0.37% to Rs 442.95) and Tata Consultancy Services (down 0.76% to Rs 883) edged lower.
Realty stocks rose. Unitech rose 1.61% to Rs 293.50. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 8.01% to Rs 296.10) and DLF (up 0.06% to Rs 668.55) edged higher. However, Indiabulls Real Estate declined 2.56% to Rs 540.80. If the interest rates move up further, the cost of capital for new as well as ongoing realty projects will increase. The real estate market is already witnessing a slowdown and this will compound the problem.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 2.31% to Rs 894.95. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.38% to Rs 1517.95. However India’s largest commercial bank State Bank of India declined 0.77% to Rs 1,736.65.
India’s largest tractor maker by sales Mahindra & Mahindra declined 0.08% to Rs 635.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities.
India’s largest car maker by sales Maruti Suzuki India declined 1.68% to Rs 724.90 while largest motorcycle maker by sales Hero Honda Motors rose 1.34% to Rs 818.15.
India' s largest truck maker by sales Tata Motors declined 0.86% to Rs 633.60.
Metal stocks were mixed. Sesa Goa surged 5.91% to Rs 3,707. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. But Tata Steel (down 3.19 % to Rs 777.70), Steel Authority of India (down 0.82% to Rs 175.75), Hindalco Industries (down 1.48% to Rs 186.20) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.52% to Rs 439.50. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.63% to Rs 857.90. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Jaiprakash Associates (up 3.11% to Rs 253.35), Reliance Communications (up 2.12% to Rs 589.30), HDFC (up 1.04% to Rs 2725), Ranbaxy Laboratoies (up 0.28% to Rs 480.15), ITC (up 1.06% to Rs 215) edged higher from Sensex pack.
Cipla (down 3.41% to Rs 216.65), Ambuja Cement (down 1.05% to Rs 113.60), ACC (down 1.03% to Rs 774.70), Grasim Industries (down 0.56% to Rs 2634) edged lower from Sensex pack.
India’s second largest power utility firm by sales Reliance Energy rose 2.43% to Rs 1391.95. The company’s net profit rose 35.33% to Rs 1084.63 crore on 14.08% rise in total income to Rs 7501.2 crore in FY 2008 over FY 2007.
Refex Refrigerant declined 1.14% to Rs 230. It hit a 52 week high of Rs 238.80 today. From the recent low of Rs 166.65 on 8 April 2008 the stock rose 39.6% to Rs 232.65 on 25 April 2008.
Reliance Natural Resources remained flat at Rs 123.90. The company’s net profit rose 137.62% to Rs 68.59 crore on 51.1% rise in total income to Rs 367.3 crore in FY 2008 over FY 2007.
Among interest rate sensitive stocks, while banking shares edged lower, realty and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was negative.
The 30-share BSE Sensex provisionally ended down 102.62 points or 0.6% to 17,023.36. The market had moved in a narrow range, moving between positive and negative zone in early afternoon trade. A bout of volatility was witnessed earlier in the day. The market had opened on a firm note extending last week's rally. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 16,978.89 in late trade. At day’s low Sensex fell 147.09 points.
The BSE clocked a turnover of Rs 5511 crore as compared to Rs 6060.58 crore on Friday, 25 April 2008.
The broader based S&P CNX Nifty was down 15.80 points or 0.31% at 5,095.90 as per provisional figures.
The market breadth was negative on BSE with 1283 shares advancing as compared to 1389 that declined. 68 remained unchanged.
The BSE Mid-Cap index rose 0.13% to 7065.52 while BSE Small-Cap index declined 0.22% to 8,708.59.
Capital Goods stocks declined. Larsen & Toubro (down 0.98% to Rs 2,942.15), and Suzlon Energy (down 3.91% to Rs 278) edged lower. India’s largest electric equipment maker by sales Bharat Heavy Electricals was flat at Rs 1,867.
Oil & gas stocks were mostly in the red. Reliance Industries (down 1.32% to Rs 2,589.80), ONGC (down 0.45% to Rs 1,050.20), Reliance Petroleum (down 0.49% to Rs 193.80), BPCL (down 0.38% to Rs 391.10) and GAIL India (down 1.92% to Rs 436.50) edged lower. However, Indian Oil (up 1.88% to Rs 445) and HPCL (up 1.8% to Rs 252.05) edged higher.
Oil marketing firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are making losses on retail sale of petrol and diesel as they are not allowed to pass on the rise in oil prices to retail consumers.
Consumer durables stocks rose. Titan Industries (up 6.75% to Rs 1,195), Lloyd Electric (up 3.47% to Rs 113.30), Videocon Industries (up 0.58% to Rs 378.90) edged higher.
IT stocks declined. Wipro (down 1.35% to Rs 459.90), Infosys (down 1.27% to Rs 1,664.95), Satyam Computer Services (down 0.37% to Rs 442.95) and Tata Consultancy Services (down 0.76% to Rs 883) edged lower.
Realty stocks rose. Unitech rose 1.61% to Rs 293.50. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 8.01% to Rs 296.10) and DLF (up 0.06% to Rs 668.55) edged higher. However, Indiabulls Real Estate declined 2.56% to Rs 540.80. If the interest rates move up further, the cost of capital for new as well as ongoing realty projects will increase. The real estate market is already witnessing a slowdown and this will compound the problem.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 2.31% to Rs 894.95. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.38% to Rs 1517.95. However India’s largest commercial bank State Bank of India declined 0.77% to Rs 1,736.65.
India’s largest tractor maker by sales Mahindra & Mahindra declined 0.08% to Rs 635.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities.
India’s largest car maker by sales Maruti Suzuki India declined 1.68% to Rs 724.90 while largest motorcycle maker by sales Hero Honda Motors rose 1.34% to Rs 818.15.
India' s largest truck maker by sales Tata Motors declined 0.86% to Rs 633.60.
Metal stocks were mixed. Sesa Goa surged 5.91% to Rs 3,707. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. But Tata Steel (down 3.19 % to Rs 777.70), Steel Authority of India (down 0.82% to Rs 175.75), Hindalco Industries (down 1.48% to Rs 186.20) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.52% to Rs 439.50. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.63% to Rs 857.90. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Jaiprakash Associates (up 3.11% to Rs 253.35), Reliance Communications (up 2.12% to Rs 589.30), HDFC (up 1.04% to Rs 2725), Ranbaxy Laboratoies (up 0.28% to Rs 480.15), ITC (up 1.06% to Rs 215) edged higher from Sensex pack.
Cipla (down 3.41% to Rs 216.65), Ambuja Cement (down 1.05% to Rs 113.60), ACC (down 1.03% to Rs 774.70), Grasim Industries (down 0.56% to Rs 2634) edged lower from Sensex pack.
India’s second largest power utility firm by sales Reliance Energy rose 2.43% to Rs 1391.95. The company’s net profit rose 35.33% to Rs 1084.63 crore on 14.08% rise in total income to Rs 7501.2 crore in FY 2008 over FY 2007.
Refex Refrigerant declined 1.14% to Rs 230. It hit a 52 week high of Rs 238.80 today. From the recent low of Rs 166.65 on 8 April 2008 the stock rose 39.6% to Rs 232.65 on 25 April 2008.
Reliance Natural Resources remained flat at Rs 123.90. The company’s net profit rose 137.62% to Rs 68.59 crore on 51.1% rise in total income to Rs 367.3 crore in FY 2008 over FY 2007.
Mkt ends weak
The markets ended in red with moderate losses on account of buying interest in index pivitols. Capital goods, power, IT and oil & gas stocks were witnessing selling pressure. However, consumer durable, realty, pharma stocks witnessing are buying interest. Broader markets showed relative strength and closed flat. In the global front, Asia closed mixed and Europe was trading firm.
Shashun, Orchid Chemicals, Bombay Dyeing, Sesa Goa, Bajaj Hindustan closed firm.
After weak results Siemens has been languishing lower, it was down over 9%.
Jaiprakash Asso, Reliance Energy, HDFC Bank, Sterlite Ind, Tata Comm Sun Pharma and Bharti Airtel were among the top gainers on the bourses.
Cipla, Tata Steel, Wipro, ABB and Cipla were top losers on the bourses.
Shashun, Orchid Chemicals, Bombay Dyeing, Sesa Goa, Bajaj Hindustan closed firm.
After weak results Siemens has been languishing lower, it was down over 9%.
Jaiprakash Asso, Reliance Energy, HDFC Bank, Sterlite Ind, Tata Comm Sun Pharma and Bharti Airtel were among the top gainers on the bourses.
Cipla, Tata Steel, Wipro, ABB and Cipla were top losers on the bourses.
performance of tips given on 28/04/2008 @12:00PM
Buy RPOWER BUY ABOVE 402 target 408/412/416/420 opens @405.00 high 414.80 2 targets met
Buy RCOM ABOVE 578 target 591/595/600 Opens@580.00 high 597.90 2 targets met
Calls open
buy RNRL above 125 target 127/128/130 opens@125.00 high 126.50
buy PETRONET above 80.5 target 82/83 opens@80.00 high 81.00
Buy RCOM ABOVE 578 target 591/595/600 Opens@580.00 high 597.90 2 targets met
Calls open
buy RNRL above 125 target 127/128/130 opens@125.00 high 126.50
buy PETRONET above 80.5 target 82/83 opens@80.00 high 81.00
Market turns volatile
The market traded between positive and negative zone in choppy mid-morning trade. The market had opened on a firm note extending last week's rally. It had soon declined into the red, amid mixed Asian markets. Among interest rate sensitive stocks, while banking shares edged lower, realty and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was strong.
At 11:25 IST, the 30-share BSE Sensex was almost unchanged at 17,125.06. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 17,042.97 in early trade. At day’s low sensex fell 83.01 points.
The broader based S&P CNX Nifty was up 1.95 points or 0.03% at 5,113.65.
The market breadth was strong on BSE with 1363 shares advancing as compared to 917 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 0.69% to 7104.92 and BSE Small-Cap index rose 0.58% to 8,778.65.
Realty stocks rose. Unitech rose 1.23% to Rs 292.40. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 10.2% to Rs 302.10) and DLF (up 0.8% to Rs 673.50) edged higher. However, Indiabulls Real Estate declined 1.08% to Rs 548.80.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 0.74% to Rs 908.65. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 2.06% to Rs 1528. However India’s largest commercial bank State Bank of India declined 0.03% to Rs 1,749.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra declined 0.38% to Rs 633.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. India’s largest car maker by sales Maruti Suzuki India declined 0.36% to Rs 733.20 while larget motorcycle maker by sales Hero Honda Motors rose 0.95% to Rs 815.
India' s largest truck maker by sales Tata Motors declined 0.09% to Rs 638.55.
Metal stocks were mixed. Sesa Goa surged 6% to Rs 3,710. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Steel Authority of India (up 0.68% to Rs 178.40) edged higher. But Tata Steel (down 1.69% to Rs 789.75), Hindalco Industries (down 0.69% to Rs 187.70) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.19% to Rs 441. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.76% to Rs 859. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Jaiprakash Associates (up 3.28% to Rs 253.75), Ranbaxy Laboratoies (up 1.29% to Rs 485), Bharti Airtel (up 1.37% to Rs 938), Reliance Communications (up 1.52% to Rs 585.80), edged higher from Sensex pack.
Cipla (down 2.59% to Rs 218.50), Wipro (down 1.74% to Rs 458.10), Infosys (down 1.03% to Rs 1,669.05), Tata Consultancy Services (down 0.82% to Rs 882.50) and Larsen & Youbro (down 0.98% to Rs 2942.20) edged lower from Sensex pack.
Motilal Oswal Financial Services rose 3.92% to Rs 785. Motilal Oswal Financial Services, whose asset management subsidiary awaits clearance from Securities and Exchange Board of India (SEBI) for launching mutual funds, is reportedly open to the idea of strategic partners for the Asset Management Company (AMC)
Essar Oil declined 2.67% to Rs 273.05. Essar Oil reported net loss of Rs 8.48 crore in Q4 March 2008 as against net profit of Rs 0.99 crore in Q4 March 2007. Sales declined 82.1% to Rs 47.46 crore in Q4 March 2008 over Q4 March 2007. Th company announced the result on 26 April 2008.
Goldiam International hit 5% upper circuit at Rs 56.45. The board approved on 25 April 2008 a buy-back of upto 5.5% of the equity share capital of the company at a price not exceeding Rs 85.
At 11:25 IST, the 30-share BSE Sensex was almost unchanged at 17,125.06. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 17,042.97 in early trade. At day’s low sensex fell 83.01 points.
The broader based S&P CNX Nifty was up 1.95 points or 0.03% at 5,113.65.
The market breadth was strong on BSE with 1363 shares advancing as compared to 917 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 0.69% to 7104.92 and BSE Small-Cap index rose 0.58% to 8,778.65.
Realty stocks rose. Unitech rose 1.23% to Rs 292.40. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 10.2% to Rs 302.10) and DLF (up 0.8% to Rs 673.50) edged higher. However, Indiabulls Real Estate declined 1.08% to Rs 548.80.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 0.74% to Rs 908.65. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 2.06% to Rs 1528. However India’s largest commercial bank State Bank of India declined 0.03% to Rs 1,749.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra declined 0.38% to Rs 633.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. India’s largest car maker by sales Maruti Suzuki India declined 0.36% to Rs 733.20 while larget motorcycle maker by sales Hero Honda Motors rose 0.95% to Rs 815.
India' s largest truck maker by sales Tata Motors declined 0.09% to Rs 638.55.
Metal stocks were mixed. Sesa Goa surged 6% to Rs 3,710. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Steel Authority of India (up 0.68% to Rs 178.40) edged higher. But Tata Steel (down 1.69% to Rs 789.75), Hindalco Industries (down 0.69% to Rs 187.70) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.19% to Rs 441. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.76% to Rs 859. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Jaiprakash Associates (up 3.28% to Rs 253.75), Ranbaxy Laboratoies (up 1.29% to Rs 485), Bharti Airtel (up 1.37% to Rs 938), Reliance Communications (up 1.52% to Rs 585.80), edged higher from Sensex pack.
Cipla (down 2.59% to Rs 218.50), Wipro (down 1.74% to Rs 458.10), Infosys (down 1.03% to Rs 1,669.05), Tata Consultancy Services (down 0.82% to Rs 882.50) and Larsen & Youbro (down 0.98% to Rs 2942.20) edged lower from Sensex pack.
Motilal Oswal Financial Services rose 3.92% to Rs 785. Motilal Oswal Financial Services, whose asset management subsidiary awaits clearance from Securities and Exchange Board of India (SEBI) for launching mutual funds, is reportedly open to the idea of strategic partners for the Asset Management Company (AMC)
Essar Oil declined 2.67% to Rs 273.05. Essar Oil reported net loss of Rs 8.48 crore in Q4 March 2008 as against net profit of Rs 0.99 crore in Q4 March 2007. Sales declined 82.1% to Rs 47.46 crore in Q4 March 2008 over Q4 March 2007. Th company announced the result on 26 April 2008.
Goldiam International hit 5% upper circuit at Rs 56.45. The board approved on 25 April 2008 a buy-back of upto 5.5% of the equity share capital of the company at a price not exceeding Rs 85.
Market slips into the red after firm start
The market opened on a firm note extending last week's rally. It soon declined into the red, amid mixed Asian markets. Banking and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was positive.
At 10:22 IST, the 30-share BSE Sensex was down 37.80 points or 0.23% at 17,086.17. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. It soon declined to hit a low of 17,042.97. At day’s low sensex fell 83.01 points in early trade.
The broader based S&P CNX Nifty was down 6.85 points or 0.13% at 5,104.85.
The market breadth was positive on BSE with 921 shares advancing as compared to 716 that declined. 45 remained unchanged.
The BSE Mid-Cap index rose 0.24% to 7073.30 and BSE Small-Cap index rose 0.29% to 8,752.89.
Banking stocks rose. India’s largest private sector bank by assets ICICI Bank rose 0.74% to Rs 924.90. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.79% to Rs 1509.90. However India’s largest commercial bank State Bank of India declined 0.98% to Rs 1,732.90.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra rose 0.38% to Rs 638.15. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. Maruti Suzuki India (up 0.5% to Rs 740.90), Hero Honda Motors (up 1.37% to Rs 818.40) edged higher.
India' s largest truck maker by sales Tata Motors declined 0.25% to Rs 637.50.
Metal stocks were mixed. Sesa Goa surged 8.34% to Rs 3,791.85. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Sterlite Industries (up 4.08% to Rs 871.30), Steel Authority of India (up 1.44% to Rs 180) edged higher. But Tata Steel (down 0.64% to Rs 798.15), Hindalco Industries (down 0.56% to Rs 187.95) and National Aluminium Company (down 0.52% to Rs 444) edged lower.
Reportedly, the government is planning duty rejig to cool steel prices. Government is set to remove import duty on pig iron, mild steel, metcoke and levy 10% export duty on bars, rods, HR coils, HR sheets, HSM plates, CR coils, CR sheets, galvanised steel products, pipes and tubes. Besides, export duty of 10% is likely to be imposed on semi-finished products like pig iron, sponge iron, steel and iron scraps, reports suggest.
Bharti Airtel (up 1.99% to Rs 943.70), HDFC (up 0.78% to Rs 2,714.90), NTPC (up 0.39% to Rs 193.35) edged higher from Sensex pack.
Wipro (down 1.33% to Rs 460), Infosys (down 1.03% to Rs 1,669.05), Satyam Computer Services (down 0.55% to Rs 442) and Tata Consultancy Services (down 0.82% to Rs 882.50) edged lower from Sensex pack.
Satra Properties India rose 1.2% to Rs 84. The board of Satra Properties India has approved investing up to Rs 5 crore in a real estate partnership firm.
Fedders Lloyd Corporation rose 3.23% to Rs 64 after its board approved diversification into steel fabrication, design and erection and expansion of business activities of the company in the area of district cooling.
India Infoline rose 0.44% to Rs 992.The board of India Infoline approved splitting each share of Rs 10 each into five shares of Rs 2 each. Further, the board also recommended a dividend of Rs 6 per share of Rs 10 each.
At 10:22 IST, the 30-share BSE Sensex was down 37.80 points or 0.23% at 17,086.17. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. It soon declined to hit a low of 17,042.97. At day’s low sensex fell 83.01 points in early trade.
The broader based S&P CNX Nifty was down 6.85 points or 0.13% at 5,104.85.
The market breadth was positive on BSE with 921 shares advancing as compared to 716 that declined. 45 remained unchanged.
The BSE Mid-Cap index rose 0.24% to 7073.30 and BSE Small-Cap index rose 0.29% to 8,752.89.
Banking stocks rose. India’s largest private sector bank by assets ICICI Bank rose 0.74% to Rs 924.90. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.79% to Rs 1509.90. However India’s largest commercial bank State Bank of India declined 0.98% to Rs 1,732.90.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra rose 0.38% to Rs 638.15. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. Maruti Suzuki India (up 0.5% to Rs 740.90), Hero Honda Motors (up 1.37% to Rs 818.40) edged higher.
India' s largest truck maker by sales Tata Motors declined 0.25% to Rs 637.50.
Metal stocks were mixed. Sesa Goa surged 8.34% to Rs 3,791.85. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Sterlite Industries (up 4.08% to Rs 871.30), Steel Authority of India (up 1.44% to Rs 180) edged higher. But Tata Steel (down 0.64% to Rs 798.15), Hindalco Industries (down 0.56% to Rs 187.95) and National Aluminium Company (down 0.52% to Rs 444) edged lower.
Reportedly, the government is planning duty rejig to cool steel prices. Government is set to remove import duty on pig iron, mild steel, metcoke and levy 10% export duty on bars, rods, HR coils, HR sheets, HSM plates, CR coils, CR sheets, galvanised steel products, pipes and tubes. Besides, export duty of 10% is likely to be imposed on semi-finished products like pig iron, sponge iron, steel and iron scraps, reports suggest.
Bharti Airtel (up 1.99% to Rs 943.70), HDFC (up 0.78% to Rs 2,714.90), NTPC (up 0.39% to Rs 193.35) edged higher from Sensex pack.
Wipro (down 1.33% to Rs 460), Infosys (down 1.03% to Rs 1,669.05), Satyam Computer Services (down 0.55% to Rs 442) and Tata Consultancy Services (down 0.82% to Rs 882.50) edged lower from Sensex pack.
Satra Properties India rose 1.2% to Rs 84. The board of Satra Properties India has approved investing up to Rs 5 crore in a real estate partnership firm.
Fedders Lloyd Corporation rose 3.23% to Rs 64 after its board approved diversification into steel fabrication, design and erection and expansion of business activities of the company in the area of district cooling.
India Infoline rose 0.44% to Rs 992.The board of India Infoline approved splitting each share of Rs 10 each into five shares of Rs 2 each. Further, the board also recommended a dividend of Rs 6 per share of Rs 10 each.
Mkt opens strong; Bank, metal surge
The markets have opened with strong gain and trading with modest gain. Bank, Teck, metal, stocks witnessing buying interest. ICICI Bank was up 8%.
At 09.56, the Sensex was up 145.58 points or 0.85% at 17271.56, and the Nifty was up 9.15 points or 0.18% at 5120.85.
About 1482 shares have advanced, 1388 shares declined, and 208 shares are unchanged.
Reliance Petroleum, Idea Cellular, HCL Technolofies, HDFC Bank were among major gainers.
Siemens, Sun Pharma were among major losers.
At 09.56, the Sensex was up 145.58 points or 0.85% at 17271.56, and the Nifty was up 9.15 points or 0.18% at 5120.85.
About 1482 shares have advanced, 1388 shares declined, and 208 shares are unchanged.
Reliance Petroleum, Idea Cellular, HCL Technolofies, HDFC Bank were among major gainers.
Siemens, Sun Pharma were among major losers.
Tips for 28/04/2008
Market to open in green..
Buy RPOWER BUY ABOVE 402 target 408/412/416/420
Buy RCOM ABOVE 578 target 591/595/600
buy RNRL above 125 target 127/128/130
buy PETRONET above 80.5 target 82/83
Buy RPOWER BUY ABOVE 402 target 408/412/416/420
Buy RCOM ABOVE 578 target 591/595/600
buy RNRL above 125 target 127/128/130
buy PETRONET above 80.5 target 82/83
Pre Market Report 28/04/2008
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS). ICICI Bank on Saturday, 26 April 2008, reported 39% growth in net profit to Rs 1149.84 crore on 22.3% growth in total income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
The next two days may see the market remain in a wait and watch mode because of important events. RBI is set to unveil annual monetary policy review on Tuesday, 29 April 2008. Given that the high inflation, the central bank may hike key rates. The stock market has factored in a 25 basis points hike in short term rates by RBI.
Meanwhile, the two-day discussion on Finance Bill 2008-09 begins in Lok Sabha today. The Finance Bill will be passed in Lok Sabha tomorrow, 29 April 2008.
Meanwhile, good news for India is that as per the latest 2008 US-India Business Council (USIBC) survey, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable. USIBC, formed in 1975 at the request of the Government of India and the US Government to advance US-India commercial ties, is hosted under the aegis of the US Chamber of Commerce. The US Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
The Dow Jones Industrial Average and S&P 500 rose on Friday, 25 April 2008, after signs that American Express Co was holding its own amid the economic slowdown, but Microsoft Corp's weak profit forecast pulled down the Nasdaq. American Express said its quarterly profit fell, but the results beat expectations and the company affirmed its full-year earnings forecast, lifting its shares 5.7% and helping to boost the Dow. Higher oil prices underpinned the market's rise by lifting shares of oil services companies nearly 2% after a cargo ship chartered by the US military fired warning shots at two small boats in the Gulf.
The Dow Jones industrial average rose 42.91 points, or 0.33%, to end at 12,891.86. The Standard & Poor's 500 Index gained 9.02 points, or 0.65%, to 1,397.84. But the Nasdaq Composite Index fell 5.99 points, or 0.25%, to 2,422.93.
Asian stocks were mostly in green today.
The next two days may see the market remain in a wait and watch mode because of important events. RBI is set to unveil annual monetary policy review on Tuesday, 29 April 2008. Given that the high inflation, the central bank may hike key rates. The stock market has factored in a 25 basis points hike in short term rates by RBI.
Meanwhile, the two-day discussion on Finance Bill 2008-09 begins in Lok Sabha today. The Finance Bill will be passed in Lok Sabha tomorrow, 29 April 2008.
Meanwhile, good news for India is that as per the latest 2008 US-India Business Council (USIBC) survey, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable. USIBC, formed in 1975 at the request of the Government of India and the US Government to advance US-India commercial ties, is hosted under the aegis of the US Chamber of Commerce. The US Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
The Dow Jones Industrial Average and S&P 500 rose on Friday, 25 April 2008, after signs that American Express Co was holding its own amid the economic slowdown, but Microsoft Corp's weak profit forecast pulled down the Nasdaq. American Express said its quarterly profit fell, but the results beat expectations and the company affirmed its full-year earnings forecast, lifting its shares 5.7% and helping to boost the Dow. Higher oil prices underpinned the market's rise by lifting shares of oil services companies nearly 2% after a cargo ship chartered by the US military fired warning shots at two small boats in the Gulf.
The Dow Jones industrial average rose 42.91 points, or 0.33%, to end at 12,891.86. The Standard & Poor's 500 Index gained 9.02 points, or 0.65%, to 1,397.84. But the Nasdaq Composite Index fell 5.99 points, or 0.25%, to 2,422.93.
Asian stocks were mostly in green today.
Wednesday, April 23, 2008
Mkts choppy
The markets have opened marginally higher but turned into choppy mode in the first half an hour of trade. Selling pressure has seen in metal and banking stocks. Buying was seen in realty, capital goods, power, technology, oil and auto stocks. Market breadth is positive. Midcap and small cap stocks moved up. On the global front, Asian market were trading higher.
At 10:18 am, the Sensex was up 7.49 points at 16,791 and the Nifty up 9.9 points at 5059.
Midcap and small cap stocks were trading higher, indices were up 0.5-1%. About 1716 shares have advanced, 1115 shares declined, and 247 shares are unchanged.
Top gainers were DLF, Wipro, L&T, Unitech, Tata Power and Cairn India while losers - HDFC Bank, Tata Steel and Satyam.
Metal stocks have taken a knock back approach today, are the draggers to some extent. Major steel companies agreed to hold steel prices for next two three months following PM's request. Tata Steel was down over 3% and SAIL slipped nearly 5%. The BSE Metal Index was down 1.6%.
Banking stocks also taken a dip as major banking stocks are down. The Bankex fell 0.86%.
RNRL, IFCI, Orchid Chem, Reliance and Satyam were most active shares on the bourses.
However, realty stocks have outperformed the other indices, index up 2.74%. Auto, Healthcare, Capital Goods and IT indices were up over 0.5%.
At 10:18 am, the Sensex was up 7.49 points at 16,791 and the Nifty up 9.9 points at 5059.
Midcap and small cap stocks were trading higher, indices were up 0.5-1%. About 1716 shares have advanced, 1115 shares declined, and 247 shares are unchanged.
Top gainers were DLF, Wipro, L&T, Unitech, Tata Power and Cairn India while losers - HDFC Bank, Tata Steel and Satyam.
Metal stocks have taken a knock back approach today, are the draggers to some extent. Major steel companies agreed to hold steel prices for next two three months following PM's request. Tata Steel was down over 3% and SAIL slipped nearly 5%. The BSE Metal Index was down 1.6%.
Banking stocks also taken a dip as major banking stocks are down. The Bankex fell 0.86%.
RNRL, IFCI, Orchid Chem, Reliance and Satyam were most active shares on the bourses.
However, realty stocks have outperformed the other indices, index up 2.74%. Auto, Healthcare, Capital Goods and IT indices were up over 0.5%.
Market opens high
The markets have opened higher mirroring marginally higher Asian cues and buying interest in power, capital goods, oil and realty stocks. Midcap and small cap stocks also are trading higher. Market breadth is positive, 409 shares advanced while 107 shares declined. However, metal, banking and some technology stocks are under selling pressure.
At 9:56 am, the Sensex was up 74 points at 16,857 and the Nifty up 31 points at 5,080.
Gainers were BHEL, L&T, Rel Petro, Rel Industries, Unitech, Idea, NTPC, Siemens, DLF, Infosys, Cairn and ONGC while losers - HDFC Bank, TCS, Satyam, Wipro, HUL, SAIL and Tata Steel.
Polaris was up 5% on likely buy back offer, today it is going to announce Q4 results.
On the primary market front, recently listed Titagarh Wagons and Kiri Dyes were down over 1% and 2%, respectively in early trade.
At 9:56 am, the Sensex was up 74 points at 16,857 and the Nifty up 31 points at 5,080.
Gainers were BHEL, L&T, Rel Petro, Rel Industries, Unitech, Idea, NTPC, Siemens, DLF, Infosys, Cairn and ONGC while losers - HDFC Bank, TCS, Satyam, Wipro, HUL, SAIL and Tata Steel.
Polaris was up 5% on likely buy back offer, today it is going to announce Q4 results.
On the primary market front, recently listed Titagarh Wagons and Kiri Dyes were down over 1% and 2%, respectively in early trade.
Short term calls
Buy IDFC with a stop loss of Rs 160 for target of Rs 208.
Buy RNRL around Rs 117.40. Stop Loss of Rs 114.40. target 120/122
Buy Unitech with a stop loss below Rs 272.50 for targets of Rs 291 and Rs 294
Pre Market Report 23/04/2008
Market may see volatile swings ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 40% while marketwide rollover was 25%, as on Tuesday, 22 April 2008.
The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days. Important corporate numbers due today, 23 April 2008, are ACC, HDFC Bank and Maruti Suzuki India. Aggregate results of 204 companies showed 20.80% rise in net profit on 33.40% rise in net sales in Q4 March 2008 over Q4 March 2007. On year on year basis, there was 38.80% rise in net profit on 22.40% rise in net sales in FY March 2008 over FY March 2007.
US markets settled lower yesterday, 22 April 2008, on record crude oil prices and disappointing earnings from technology, health-care and consumer companies. The Dow Jones industrial average was down 0.82% at 12,720.23. The Nasdaq was down 1.29% to 2376.94. The S&P 500 index lost 0.88%, at 1,375.
Asian markets were trading firm today, 23 April 2008. Nikkei (up 0.69% at 13,640.65), Hong Kong's Hang Seng (up 0.58% at 25,085.01), Singapore's Straits Times (up 0.44% at 3,201.26), South Korea's Seoul Composite (up 0.94% at 1,804.21) and Taiwan's Taiwan Weighted (up 0.03% to 9,038.25) edged higher.
The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and strong ongoing Asian markets in mornings trades may further confuse the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 5139 and the downside cap at 4924, while the Sensex could test higher levels of 16882 and has a likely support at 16682.
Among the major results, Aventis Pharma, Bajaj Hindustan Ltd, Contain Corporation, Crisil, Educomp, Indian Bank, Kisloskar Oil, OBC, Polaris and SKF India are expected to announce their quarterly numbers.
US indices registered losses on Tuesday. While the Dow Jones dropped 105 points to close at 12720, the Nasdaq fell 31 points at 2377.
Except HDFC Bank, which was marginally up by 0.49%, all the Indian ADRs on US bourses ended in the red. Satyam Computer was the biggest looser and dropped 8.24% while Patni Computer was down by 6.20%, Rediff was down 5.60%, Wipro, Infosys, MTNL, ICICI Bank, VSNL and Tata Motors lost over 1.4% each.
Crude oil prices in the US market gained on Tuesday, with the Nymex light crude oil for May delivery gaining by $1.89 to close at $119.50 a barrel in the commodity space, the Comex gold for June series gained $7.60 to settle at $925.20 a troy ounce.
The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days. Important corporate numbers due today, 23 April 2008, are ACC, HDFC Bank and Maruti Suzuki India. Aggregate results of 204 companies showed 20.80% rise in net profit on 33.40% rise in net sales in Q4 March 2008 over Q4 March 2007. On year on year basis, there was 38.80% rise in net profit on 22.40% rise in net sales in FY March 2008 over FY March 2007.
US markets settled lower yesterday, 22 April 2008, on record crude oil prices and disappointing earnings from technology, health-care and consumer companies. The Dow Jones industrial average was down 0.82% at 12,720.23. The Nasdaq was down 1.29% to 2376.94. The S&P 500 index lost 0.88%, at 1,375.
Asian markets were trading firm today, 23 April 2008. Nikkei (up 0.69% at 13,640.65), Hong Kong's Hang Seng (up 0.58% at 25,085.01), Singapore's Straits Times (up 0.44% at 3,201.26), South Korea's Seoul Composite (up 0.94% at 1,804.21) and Taiwan's Taiwan Weighted (up 0.03% to 9,038.25) edged higher.
The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and strong ongoing Asian markets in mornings trades may further confuse the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 5139 and the downside cap at 4924, while the Sensex could test higher levels of 16882 and has a likely support at 16682.
Among the major results, Aventis Pharma, Bajaj Hindustan Ltd, Contain Corporation, Crisil, Educomp, Indian Bank, Kisloskar Oil, OBC, Polaris and SKF India are expected to announce their quarterly numbers.
US indices registered losses on Tuesday. While the Dow Jones dropped 105 points to close at 12720, the Nasdaq fell 31 points at 2377.
Except HDFC Bank, which was marginally up by 0.49%, all the Indian ADRs on US bourses ended in the red. Satyam Computer was the biggest looser and dropped 8.24% while Patni Computer was down by 6.20%, Rediff was down 5.60%, Wipro, Infosys, MTNL, ICICI Bank, VSNL and Tata Motors lost over 1.4% each.
Crude oil prices in the US market gained on Tuesday, with the Nymex light crude oil for May delivery gaining by $1.89 to close at $119.50 a barrel in the commodity space, the Comex gold for June series gained $7.60 to settle at $925.20 a troy ounce.
Tuesday, April 22, 2008
R-Power gets shareholders nod for bonus issue
Reliance Power, a part of the Reliance ADAG group company, today said
it has received shareholders approval for issue of bonus shares to its
shareholders, barring Anil D Ambani and other promoters.
"Shareholders through postal ballot have approved the proposals
entailing that no allotment of bonus shares will be made to Anil
Ambani and other promoters who waived their entitlement to such
shares," Reliance Power said in a statement.
Further the shareholders have accorded their approval for issue of
bonus shares in 3:5 ratio, wherein three new equity shares would be
alloted for every five existing equity shares held, the company
added.
The company had recommended the issue of 13.68 crore bonus shares in
the ratio of three new equity shares of Rs 10 each for every five
existing equity shares of Rs 10 held by the shareholders of the
company in the public category (excluding the promoters). The
promoters of Reliance Power are -- AAA Project Ventures Pvt Ltd, an
entity fully owned and controlled by Anil Ambani and promoter of
Reliance Energy Ltd (REL) and REL.
it has received shareholders approval for issue of bonus shares to its
shareholders, barring Anil D Ambani and other promoters.
"Shareholders through postal ballot have approved the proposals
entailing that no allotment of bonus shares will be made to Anil
Ambani and other promoters who waived their entitlement to such
shares," Reliance Power said in a statement.
Further the shareholders have accorded their approval for issue of
bonus shares in 3:5 ratio, wherein three new equity shares would be
alloted for every five existing equity shares held, the company
added.
The company had recommended the issue of 13.68 crore bonus shares in
the ratio of three new equity shares of Rs 10 each for every five
existing equity shares of Rs 10 held by the shareholders of the
company in the public category (excluding the promoters). The
promoters of Reliance Power are -- AAA Project Ventures Pvt Ltd, an
entity fully owned and controlled by Anil Ambani and promoter of
Reliance Energy Ltd (REL) and REL.
Yahoo 1Q profit rises, but Microsoft bid likely to stand pat
Yahoo Inc. delivered first-quarter results that eclipsed analysts' modest expectations, but the performance did little to support the Internet pioneer's demands for software maker Microsoft Corp. to raise its takeover bid above $45 billion.
The Sunnyvale-based company said Tuesday that it earned $542.2 million, or 37 cents per share, more than triple its profit of $142.4 million, or 10 cents per share, at the same time last year.
Most of the first-quarter improvement stemmed from a non-cash gain of $401 million recorded to recognize Yahoo's stake in the parent company of Alibaba.com, a leading e-commerce site in China that went public last year.
If not for the Alibaba windfall, Yahoo would have earned 11 cents per share -- comparable to its profit at the same time last year, on an apples-to-apples basis.
The earnings were two cents above the average estimate on the same basis among analysts surveyed by Thomson Financial.
Perhaps even more importantly, Yahoo provided the same full-year revenue outlook that it made in late January -- just two days before Microsoft made its unsolicited bid.
"This doesn't change the picture much at all," Susquehanna Financial Group analyst Marianne Wolk said.
Yahoo's first-quarter revenue climbed 9 percent to $1.82 billion.
After subtracting commissions Yahoo paid its advertising partners, its revenue totaled $1.35 billion -- just $30 million ahead of analysts' average projection.
Investors didn't seem to be impressed as Yahoo shares shed 15 cents in extended trading after dipping a penny to finish the regular session at $28.54.
The first-quarter numbers provided a reminder of the ever-widening gap separating Yahoo from Google, whose profit during the same period climbed 30 percent to $1.3 billion on revenue that rose 42 percent to $5.2 billion.
Now it appears more likely the standoff between Yahoo and Microsoft will be resolved in a divisive battle that could drag on into the summer, opening the door for Google to grow even stronger while its two rivals are distracted by their duel.
Microsoft has threatened to oust Yahoo's board if the 10 directors don't accept the current offer Saturday. That risky course of action, known as a proxy contest, probably wouldn't be settled until Yahoo's shareholder meeting, which doesn't have to be held until July.
The cash-and-stock bid -- valued at $44.6 billion, or $31 per share, when it was first made -- is now worth about $43 billion, or $29.88 per share.
Without specifying a precise price, Yahoo has maintained it's worth more to Microsoft even though its shares had fallen below $20 before the bid.
Yahoo gained a little more credibility to its argument by topping analysts' estimates, said Canaccord Adams analyst Collin Gillis. "They cleared another hurdle," he said. "You can't take a strong stance on your value and then not deliver the earnings."
Steve Ballmer, Microsoft's chief executive officer, reiterated the software maker has no plans to sweeten its offer. "We think we can accelerate our strategy by buying Yahoo and will pay what makes sense for our shareholders," Ballmer said in remarks made before Yahoo's first-quarter report came out.
Jerry Yang, Yahoo's co-founder, CEO and a board member, made it clear the company won't sell to Microsoft unless the bid is raised. "Our ability to execute on multiple fronts is clearly improving," he told analysts during a Tuesday conference call.
Yahoo expects its revenue to increase more dramatically in 2009 and 2010 as the benefits from its expanded Internet advertising network start to kick in. "We feel we are on the verge of fundamentally changing the game," Sue Decker, Yahoo's president, said in Tuesday's conference call.
An experimental advertising partnership with Google also could help boost Yahoo's profit.
Yang and Decker to declined to discuss the Google tests, which began two weeks ago. Analysts believe a long-term partnership between Yahoo and Google would be difficult to pull off because of the antitrust concerns that would raised, given the two companies control more than 80 percent of the U.S. search market.
Yahoo also has been exploring a possible merger with the Internet operations of Time Warner Inc.'s AOL, which has been struggling in recent years.
"We will not enter into any transaction that doesn't recognize the full value of this company," Yang said.
The confident tone of Yahoo's management on Tuesday contrasted with a more glum attitude in late January when Yang warned economic "headwinds" might complicate the company's turnaround efforts.
Given the Microsoft bid, Global Crown Capital analyst Martin Pyykkonen said the company's optimism should be taken with a grain of salt. "You almost have to discount anything positive management has to say because they are just trying to get the (sale) price up," he said.
Microsoft's bid conceivably could rise above its original value without management upping the ante. It might happen if Microsoft's own quarterly earnings report -- due out Thursday -- pushes its shares above $32.60. Microsoft's stock price finished Tuesday at $30.25, down 17 cents.
Many analysts believe Microsoft will raise its offer to between $32 and $35 per share, or about $46 billion to $50 billion, to prevent its prickly courtship of Yahoo from becoming even more acrimonious.
Microsoft stands a better chance of making the complex deal work if it has Yahoo's cooperation during the daunting process of melding the two companies' disparate cultures and technologies.
Yahoo ended March with 13,800 employees, down from 14,300 workers at the end of 2007. The company jettisoned more than 1,000 workers during the first quarter, but offset some of the purge by hiring about 600 new employees.
AP Business Writer Rachel Metz contributed to this report from New York.
The Sunnyvale-based company said Tuesday that it earned $542.2 million, or 37 cents per share, more than triple its profit of $142.4 million, or 10 cents per share, at the same time last year.
Most of the first-quarter improvement stemmed from a non-cash gain of $401 million recorded to recognize Yahoo's stake in the parent company of Alibaba.com, a leading e-commerce site in China that went public last year.
If not for the Alibaba windfall, Yahoo would have earned 11 cents per share -- comparable to its profit at the same time last year, on an apples-to-apples basis.
The earnings were two cents above the average estimate on the same basis among analysts surveyed by Thomson Financial.
Perhaps even more importantly, Yahoo provided the same full-year revenue outlook that it made in late January -- just two days before Microsoft made its unsolicited bid.
"This doesn't change the picture much at all," Susquehanna Financial Group analyst Marianne Wolk said.
Yahoo's first-quarter revenue climbed 9 percent to $1.82 billion.
After subtracting commissions Yahoo paid its advertising partners, its revenue totaled $1.35 billion -- just $30 million ahead of analysts' average projection.
Investors didn't seem to be impressed as Yahoo shares shed 15 cents in extended trading after dipping a penny to finish the regular session at $28.54.
The first-quarter numbers provided a reminder of the ever-widening gap separating Yahoo from Google, whose profit during the same period climbed 30 percent to $1.3 billion on revenue that rose 42 percent to $5.2 billion.
Now it appears more likely the standoff between Yahoo and Microsoft will be resolved in a divisive battle that could drag on into the summer, opening the door for Google to grow even stronger while its two rivals are distracted by their duel.
Microsoft has threatened to oust Yahoo's board if the 10 directors don't accept the current offer Saturday. That risky course of action, known as a proxy contest, probably wouldn't be settled until Yahoo's shareholder meeting, which doesn't have to be held until July.
The cash-and-stock bid -- valued at $44.6 billion, or $31 per share, when it was first made -- is now worth about $43 billion, or $29.88 per share.
Without specifying a precise price, Yahoo has maintained it's worth more to Microsoft even though its shares had fallen below $20 before the bid.
Yahoo gained a little more credibility to its argument by topping analysts' estimates, said Canaccord Adams analyst Collin Gillis. "They cleared another hurdle," he said. "You can't take a strong stance on your value and then not deliver the earnings."
Steve Ballmer, Microsoft's chief executive officer, reiterated the software maker has no plans to sweeten its offer. "We think we can accelerate our strategy by buying Yahoo and will pay what makes sense for our shareholders," Ballmer said in remarks made before Yahoo's first-quarter report came out.
Jerry Yang, Yahoo's co-founder, CEO and a board member, made it clear the company won't sell to Microsoft unless the bid is raised. "Our ability to execute on multiple fronts is clearly improving," he told analysts during a Tuesday conference call.
Yahoo expects its revenue to increase more dramatically in 2009 and 2010 as the benefits from its expanded Internet advertising network start to kick in. "We feel we are on the verge of fundamentally changing the game," Sue Decker, Yahoo's president, said in Tuesday's conference call.
An experimental advertising partnership with Google also could help boost Yahoo's profit.
Yang and Decker to declined to discuss the Google tests, which began two weeks ago. Analysts believe a long-term partnership between Yahoo and Google would be difficult to pull off because of the antitrust concerns that would raised, given the two companies control more than 80 percent of the U.S. search market.
Yahoo also has been exploring a possible merger with the Internet operations of Time Warner Inc.'s AOL, which has been struggling in recent years.
"We will not enter into any transaction that doesn't recognize the full value of this company," Yang said.
The confident tone of Yahoo's management on Tuesday contrasted with a more glum attitude in late January when Yang warned economic "headwinds" might complicate the company's turnaround efforts.
Given the Microsoft bid, Global Crown Capital analyst Martin Pyykkonen said the company's optimism should be taken with a grain of salt. "You almost have to discount anything positive management has to say because they are just trying to get the (sale) price up," he said.
Microsoft's bid conceivably could rise above its original value without management upping the ante. It might happen if Microsoft's own quarterly earnings report -- due out Thursday -- pushes its shares above $32.60. Microsoft's stock price finished Tuesday at $30.25, down 17 cents.
Many analysts believe Microsoft will raise its offer to between $32 and $35 per share, or about $46 billion to $50 billion, to prevent its prickly courtship of Yahoo from becoming even more acrimonious.
Microsoft stands a better chance of making the complex deal work if it has Yahoo's cooperation during the daunting process of melding the two companies' disparate cultures and technologies.
Yahoo ended March with 13,800 employees, down from 14,300 workers at the end of 2007. The company jettisoned more than 1,000 workers during the first quarter, but offset some of the purge by hiring about 600 new employees.
AP Business Writer Rachel Metz contributed to this report from New York.
Market moves between positive and negative zone
The market moved between positive and negative zone in mid-morning trade. Earlier, the market had bounced back from early slide caused by negative cues from the global markets. IT pivotals declined for the second straight day as India’s top software services exporter TCS was downgraded by foreign brokerages after its earnings disappointed. The market breadth was positive
Asian markets were trading lower today, 22 April 2008, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive.
At 11:25 IST, the 30-share BSE Sensex was down 60.79 points or 0.36% at 16,678.54. It opened with 52.78 points lower at 16,686.55 and slipped further to touch a low of 16,597.53 in early trade. At the day’s low, the Sensex lost 141.80 points. Sensex gained 23.42 points at day’s high of 16,762.75 hit in morning trade.
The broader based S&P CNX Nifty was down 21.75 points or 0.43% at 5,015.25.
The BSE Mid-Cap index was up 0.46% to 7,015.42 and the BSE Small-Cap index advanced 0.70% to 8,813.90. Both these indices outperformed the Sensex
The market breadth was positive on BSE with 1333 shares advancing as compared to 1005 that declined. 70 remained unchanged.
Among the Sensex pack, 17 advanced while the rest declined.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries slipped 0.39% of Rs 2631.80 despite posting 24% rise in net profit to Rs 3912 crore on 36.27growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Reliance Industries (RIL)’s gross refining margin (GRM) increased to $15.5 per barrel in Q4 March 2008 as compared to $13 a barrel in Q4 March 2007. The company announced the results after trading hours on Monday, 21 April 2008.
India’s largest software services exporter TCS slumped 8.37% to Rs 909.50 after the company reported 5.95% fall in net profit to Rs 1108.81 crore on 2.23% rise in net sales to Rs 4942.49 crore in Q4 March 2008 over Q3 December 2007. The results were announced after trading hours on Monday, 21 April 2008. It was the top loser from Sensex pack.
Infosys (down 3.37% to Rs 1,589.40), Wipro (down 4.38% to Rs 433.80), and Satyam Computer Services (down 4.25% to Rs 439.45), slipped
ACC, the country’s second largest cement maker in terms of sales, gained 1.72% to Rs 814.10 and was the top gainer from Sensex pack.
Bhel (up 1.44% to Rs 1799), and ICICI Bank (up 1.45% to Rs 876.10) were the other gainers from Sensex pack.
Geometric gained 1.62% to Rs 65.70 after the company said it has sold one of its properties located in Pune, for Rs 29.50 crore. The company made this announcement before trading hours today, 22 April 2008.
Biocon jumped 4.19% to Rs 526 after its board recommended bonus issue in the ratio of 1:1 during market hours today, 22 April 2008.
The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days.
Market may turn volatile in coming days ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 34% while marketwide rollover was 15%.
In Asia, Japan's Nikkei (down 1.12% at 13,542.81), Hong Kong's Hang Seng (down 0.80% at 24,523.07), Shanghai Composite (down 3.21% to 3,016.87), Taiwan's Taiwan Weighted (down 0.51% at 9,037.25), Singapore's Straits Times (down 0.39% at 3,157.98) and South Korea's Seoul Composite (down 0.69% at 1,788.06), edged lower.
US markets ended mixed yesterday, 21 April 2008, as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained. The Dow Jones industrial average slipped 24.34 points, or 0.19%, to 12,825.02. The Standard & Poor's 500 index fell 2.16 points, or 0.16%, to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21%, to 2,408.04.
Back home, the Indian stock market posted gains for the fifth straight session yesterday, 21 April 2008, shrugging off a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late on Thursday, 17 April 2008. The 30-share BSE Sensex was up 258.13 points or 1.57% at 16,739.33 and the S&P CNX Nifty advanced 78.60 points or 1.59% at 5,037 on that day.
As per provisional data, foreign institutional investors (FIIs) yesterday , 21 April 2008 bought shares worth a net Rs 169.66 crore. Domestic funds purchased stocks worth a net Rs 111.58 crore on that day.
FIIs were net buyers of Rs 1,078.11 crore in the futures & options segment on Monday, 21 April 2008. They were net buyers of index futures to the tune of Rs 394.02 crore and bought index options worth Rs 609.09 crore. They were net buyers of stock futures to the tune of Rs 82.74 crore and sold stock options worth Rs 7.74 crore.
New York's main crude oil futures contract, light sweet crude, fell 5 cents to $117.43 per barrel in Asian trading today, 22 April 2008. The benchmark contract had struck a new peak in intraday trading of $117.76 before closing at a record $117.48 on Monday, 21 April 2008 at the New York Mercantile Exchange.
Asian markets were trading lower today, 22 April 2008, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive.
At 11:25 IST, the 30-share BSE Sensex was down 60.79 points or 0.36% at 16,678.54. It opened with 52.78 points lower at 16,686.55 and slipped further to touch a low of 16,597.53 in early trade. At the day’s low, the Sensex lost 141.80 points. Sensex gained 23.42 points at day’s high of 16,762.75 hit in morning trade.
The broader based S&P CNX Nifty was down 21.75 points or 0.43% at 5,015.25.
The BSE Mid-Cap index was up 0.46% to 7,015.42 and the BSE Small-Cap index advanced 0.70% to 8,813.90. Both these indices outperformed the Sensex
The market breadth was positive on BSE with 1333 shares advancing as compared to 1005 that declined. 70 remained unchanged.
Among the Sensex pack, 17 advanced while the rest declined.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries slipped 0.39% of Rs 2631.80 despite posting 24% rise in net profit to Rs 3912 crore on 36.27growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Reliance Industries (RIL)’s gross refining margin (GRM) increased to $15.5 per barrel in Q4 March 2008 as compared to $13 a barrel in Q4 March 2007. The company announced the results after trading hours on Monday, 21 April 2008.
India’s largest software services exporter TCS slumped 8.37% to Rs 909.50 after the company reported 5.95% fall in net profit to Rs 1108.81 crore on 2.23% rise in net sales to Rs 4942.49 crore in Q4 March 2008 over Q3 December 2007. The results were announced after trading hours on Monday, 21 April 2008. It was the top loser from Sensex pack.
Infosys (down 3.37% to Rs 1,589.40), Wipro (down 4.38% to Rs 433.80), and Satyam Computer Services (down 4.25% to Rs 439.45), slipped
ACC, the country’s second largest cement maker in terms of sales, gained 1.72% to Rs 814.10 and was the top gainer from Sensex pack.
Bhel (up 1.44% to Rs 1799), and ICICI Bank (up 1.45% to Rs 876.10) were the other gainers from Sensex pack.
Geometric gained 1.62% to Rs 65.70 after the company said it has sold one of its properties located in Pune, for Rs 29.50 crore. The company made this announcement before trading hours today, 22 April 2008.
Biocon jumped 4.19% to Rs 526 after its board recommended bonus issue in the ratio of 1:1 during market hours today, 22 April 2008.
The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days.
Market may turn volatile in coming days ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 34% while marketwide rollover was 15%.
In Asia, Japan's Nikkei (down 1.12% at 13,542.81), Hong Kong's Hang Seng (down 0.80% at 24,523.07), Shanghai Composite (down 3.21% to 3,016.87), Taiwan's Taiwan Weighted (down 0.51% at 9,037.25), Singapore's Straits Times (down 0.39% at 3,157.98) and South Korea's Seoul Composite (down 0.69% at 1,788.06), edged lower.
US markets ended mixed yesterday, 21 April 2008, as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained. The Dow Jones industrial average slipped 24.34 points, or 0.19%, to 12,825.02. The Standard & Poor's 500 index fell 2.16 points, or 0.16%, to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21%, to 2,408.04.
Back home, the Indian stock market posted gains for the fifth straight session yesterday, 21 April 2008, shrugging off a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late on Thursday, 17 April 2008. The 30-share BSE Sensex was up 258.13 points or 1.57% at 16,739.33 and the S&P CNX Nifty advanced 78.60 points or 1.59% at 5,037 on that day.
As per provisional data, foreign institutional investors (FIIs) yesterday , 21 April 2008 bought shares worth a net Rs 169.66 crore. Domestic funds purchased stocks worth a net Rs 111.58 crore on that day.
FIIs were net buyers of Rs 1,078.11 crore in the futures & options segment on Monday, 21 April 2008. They were net buyers of index futures to the tune of Rs 394.02 crore and bought index options worth Rs 609.09 crore. They were net buyers of stock futures to the tune of Rs 82.74 crore and sold stock options worth Rs 7.74 crore.
New York's main crude oil futures contract, light sweet crude, fell 5 cents to $117.43 per barrel in Asian trading today, 22 April 2008. The benchmark contract had struck a new peak in intraday trading of $117.76 before closing at a record $117.48 on Monday, 21 April 2008 at the New York Mercantile Exchange.
Market opens on a subdued note; TCS tumbles after Q4 results
The market opened on a subdued note tracking decline in Asian markets. Nevertheless, the market recovered from lower level. IT stocks were battered after TCS' Q4 March 2008 results fell short of market expectations. Reliance Industries declined despite good Q4 numbers. The market breadth was strong.
Asian markets were trading lower today, 22 April 2008, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive. Japan's Nikkei (Hong Kong's Hang Seng,Taiwan's Taiwan Weighted,Singapore's Straits Times and South Korea's Seoul Composite were down by between 0.37% to 3.03%.
At 10:24 IST, the 30-share BSE Sensex was down 33.59 points or 0.17% at 16,711.43. At day’s low of 16597.53 Sensex lost 141.8 points in early trade.
The market breadth was strong. 1239 stocks advanced while 834 stocks declined. 40 stocks remained unchanged.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.41% to Rs 2,630.25. After trading hours on Monday, 21 April 2008, Reliance Industries (RIL) reported 24% growth in net profit to Rs 3912 crore on 36.2 % growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Higher refining margins offset fall in margins in the petrochemicals business. The gross refining margin stood at $15.5 a barrel compared to $13 a barrel in Q4 March 2007.
With the commercial production of gas slated to being in the next quarter, RIL expects oil & gas to account for higher share of revenues going forward.
TCS declined 7.41% to Rs 920. After trading hours on Monday, 21 April 2008, TCS reported 7% growth in net profit as per US GAAP at Rs 1256 crore on 18.4% growth in revenue at Rs 6095 crore in Q4 March 2008 over Q4 March 2007. The company’s management sounded positive on growth prospects despite worries that a weak US economy would hurt outsourcing deals.
The company said the deal pipeline is encouraging and client ramp-ups have started happening
Jaiprakash Associates (up 2.17% to Rs 238.10), NTPC (up 1.83% to Rs 197.75), Bharat Heavy Electricals (up 1.44% to Rs 1,799), Cipla (up 1.46% to Rs 229) edged higher.
Satyam Computer Services (down 4.4% to Rs 438.75), Wipro (down 3.12% to Rs 439.50) and Infosys (down 2.8% to Rs 1599) edged lower.
In the near-term the quality of earnings rolled out by corporate India in Q4 March 2008 will dictate the trend on the bourses. Important corporate numbers due today, 22 April 2008, are Ranbaxy Laboratories, UltraTech Cement and Biocon.
Market may turn volatile in coming days ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 34% while marketwide rollover was 15%.
US markets ended mixed yesterday, 21 April 2008, as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained. The Dow Jones industrial average slipped 24.34 points, or 0.19%, to 12,825.02. The Standard & Poor's 500 index fell 2.16 points, or 0.16%, to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21%, to 2,408.04.
Back home, the Indian stock market posted fgains for the fifth straight session yesterday, 21 April 2008, shrugging off a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late on Thursday, 17 April 2008. The 30-share BSE Sensex was up 258.13 points or 1.57% at 16,739.33 and the S&P CNX Nifty advanced 78.60 points or 1.59% at 5,037 on that day.
The BSE Sensex has now gained 1,044.23 points or 6.65% in five straight sessions from 15,695.10 on 10 April 2008.
Asian markets were trading lower today, 22 April 2008, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive. Japan's Nikkei (Hong Kong's Hang Seng,Taiwan's Taiwan Weighted,Singapore's Straits Times and South Korea's Seoul Composite were down by between 0.37% to 3.03%.
At 10:24 IST, the 30-share BSE Sensex was down 33.59 points or 0.17% at 16,711.43. At day’s low of 16597.53 Sensex lost 141.8 points in early trade.
The market breadth was strong. 1239 stocks advanced while 834 stocks declined. 40 stocks remained unchanged.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.41% to Rs 2,630.25. After trading hours on Monday, 21 April 2008, Reliance Industries (RIL) reported 24% growth in net profit to Rs 3912 crore on 36.2 % growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Higher refining margins offset fall in margins in the petrochemicals business. The gross refining margin stood at $15.5 a barrel compared to $13 a barrel in Q4 March 2007.
With the commercial production of gas slated to being in the next quarter, RIL expects oil & gas to account for higher share of revenues going forward.
TCS declined 7.41% to Rs 920. After trading hours on Monday, 21 April 2008, TCS reported 7% growth in net profit as per US GAAP at Rs 1256 crore on 18.4% growth in revenue at Rs 6095 crore in Q4 March 2008 over Q4 March 2007. The company’s management sounded positive on growth prospects despite worries that a weak US economy would hurt outsourcing deals.
The company said the deal pipeline is encouraging and client ramp-ups have started happening
Jaiprakash Associates (up 2.17% to Rs 238.10), NTPC (up 1.83% to Rs 197.75), Bharat Heavy Electricals (up 1.44% to Rs 1,799), Cipla (up 1.46% to Rs 229) edged higher.
Satyam Computer Services (down 4.4% to Rs 438.75), Wipro (down 3.12% to Rs 439.50) and Infosys (down 2.8% to Rs 1599) edged lower.
In the near-term the quality of earnings rolled out by corporate India in Q4 March 2008 will dictate the trend on the bourses. Important corporate numbers due today, 22 April 2008, are Ranbaxy Laboratories, UltraTech Cement and Biocon.
Market may turn volatile in coming days ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 34% while marketwide rollover was 15%.
US markets ended mixed yesterday, 21 April 2008, as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained. The Dow Jones industrial average slipped 24.34 points, or 0.19%, to 12,825.02. The Standard & Poor's 500 index fell 2.16 points, or 0.16%, to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21%, to 2,408.04.
Back home, the Indian stock market posted fgains for the fifth straight session yesterday, 21 April 2008, shrugging off a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late on Thursday, 17 April 2008. The 30-share BSE Sensex was up 258.13 points or 1.57% at 16,739.33 and the S&P CNX Nifty advanced 78.60 points or 1.59% at 5,037 on that day.
The BSE Sensex has now gained 1,044.23 points or 6.65% in five straight sessions from 15,695.10 on 10 April 2008.
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