Frenzied buying in software and metal stocks in late trade
propelled market higher after a nervous start. Asian markets, which
opened before Indian market, saw steady recovery throughout the day
after a shaky start. European markets, which opened after Indian
market, were mixed. IT pivotals gained as rupee weakened to
13-month low against the dollar. Metal stocks gained on fresh
buying. The S&P CNX Nifty settled above physcological level of
5,000. However the BSE Sensex failed to close above 17,000 level.
The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35.
Sensex advanced 262.08 points at day's high of 17,014.94 in
mid-afternoon trade. The barometer index had opened 61.56 points
lower at 16,691.30 and slipped further to touch a low of 16,626.35
in early trade. At the day's low, Sensex had lost 126.51 points.
The broader based S&P CNX Nifty gained 53.95 points or 1.09% at
5,011.75. Nifty May 2008 futures were at 5011.80, near the spot
price.
The market breadth was positive on BSE, with 1393 shares advancing
as compared to 1269 that declined. 85 remained unchanged.
The BSE Mid-Cap index rose 0.41% to 6,989.81 while the BSE
Small-Cap index gained 0.44% to 8,434.49. Both these indices
underperformed the Sensex.
The total turnover on BSE amounted to Rs 6164 crore as compared to
Rs 6,623.42 crore yesterday, 13 May 2008. Turnover in NSE's futures
& options segment amounted to Rs 32919.78 crore as compared to Rs
38107.72 crore yesterday, 13 May 2008
Among the 30-member Sensex pack, 21 advanced while the rest
slipped.
Hindalco Industries, the country's largest private sector aluminium
company in terms of sales, galloped 7.59% to Rs 193.60 on 17.22
lakh shares. It was the top gainer from Sensex pack.
Other metal counters, Tata Steel (up 4.52% to Rs 889.80), Hindustan
Zinc (up 17.93% to Rs 738.80), Sterlite Industries (up 4.77% to Rs
857.25), JSW Steel (up 4.23% to Rs 1000.10), advanced.
IT stocks rallied as rupee weakened to 13-month low above 42
against the dollar. TCS (up 7.07% to Rs 969.70), Infosys
Technologies (up 4.73% to Rs 1829.90), and Wipro (up 1.61% to Rs
502.15), surged. A depreciating rupee augurs well for IT companies
as they derive over 50% of their revenues from exports to US.
However India's fourth largest software services exporter Satyam
Computer Services tumbled from day's high of Rs 515.75 hit in late
trade to settle 1.15% lower at Rs 490.25.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) rebounded
from early low of Rs 2484 to settle 1.02% higher at Rs 2527. 5.44
lakh shares were traded on the counter on BSE.
Bharti Airtel, the country's top cellular services provider in
terms of market capitalisation advanced 3.50% to Rs 850. Bharti
Airtel on Tuesday, 13 May 2008, said its talks for South Africa's
MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that
Bharti was considering raising its offer to around 175 South
African rand ($22.84) a share for control of MTN. It said an
official bid could come this week. MTN's market value has risen to
$38.8 billion, after an 8.8% increase in its share prices since 2
May 2008, the trading day before the company said it was in talks
with Bharti.
Reliance Infrastructure (up 3.96% to Rs 1436), Jaiprakash
Associates (up 2.63% to Rs 259.90), and Maruti Suzuki India (up
3.46% to Rs 796.80), edged higher from Sensex pack.
Oil & Natural Gas Corporation, the country's largest state run oil
exploration company in terms of sales, slumped 6.13% to Rs 936 on
10.13 lakh shares, on fears the company may forced to offer higher
discounts to state-run refiners as crude hit a record high. It was
the top loser from Sensex pack
Shares of cement producers declined following reports that they are
reducing prices despite increase in input costs, mainly due to
higher supply on account of new installed capacities and the
government's ban on export. Ambuja Cement (down 2.20% to Rs 109.10)
and ACC (down 2.32% to Rs 667.15) declined.
Mahindra & Mahindra (down 1.60% to Rs 656), and HDFC Bank (down
1.23% to Rs 1464), edged lower from the Sensex pack.
Recently listed Aishwarya Telecom jumped 14.82% to Rs 123.95 on
huge volumes of 7.85 crore shares. Other volume toppers on BSE were
IFCI (1.72 crore shares), Idea Cellular (1.53 crore shares), Ispat
Industries (1.49 crore shares), and Reliance Petroleum (1.32 crore
shares).
Aishwarya Telecom was the top traded counter on BSE with turnover
of Rs 929.97 crore followed by Reliance Petroleum (Rs 238.27
crore), Reliance Capital (Rs 168.58 crore), Tata Steel (Rs 167.74
crore) and Idea Cellular (Rs 161.68 crore), in that order.
Shares of oil marketing firms were mixed following reports that the
Union government will issue bonds worth Rs 15000 crore to state oil
refiners for the quarter ended on March 2008. Bharat Petroleum
Corporation (down 2.73% to Rs 339), and Indian Oil Corporation
(down 4.85% to Rs 398.10), declined. However Hindustan Petroleum
Corporation rose 0.47% to Rs 236.10.
The oil bonds will be issued to oil marketing firms so as to
compensate half the revenue loss incurred for selling fuel at
state-set low prices. During 2006/07, the government had
compensated 42.7% of the revenue losses of state oil refiners.
Omnitech InfoSolutions jumped 18.35% to Rs 193.50 after its board
approved raising funds upto $35 million by way of qualified
institutional placement, American or global depository receipts or
foreign currency convertible bonds. The company made this
announcement after market hours on 13 May 2008.
Shanthi Gears surged 5.87% to Rs 70.35 after posting 5.37% rise in
net profit to Rs 11.89 crore on 7.22% increase in total income to
Rs 67.80 crore in Q4 March 2008 over Q4 March 2007. The company
announced the results during trading hours today, 14 May 2008.
BEML gained 2.37% to Rs 1146.1 after the company said it has
entered into a memorandum of understanding with Steel Authority of
India for supply of earth moving equipments and spares. The company
made this announcement after trading hours on Tuesday, 13 May 2008.
KEC International slipped 2.27% to Rs 582.10 even as the company
said it has secured a contract worth Rs 111.41 crore from Power
Grid Corporation of India for supply and construction of 400
kilovolt transmission lines. The company made this announcement
during trading hours on Tuesday, 13 May 2008,
Lloyd Electric & Engineering rose 5.64% to Rs 119.85 after it
announced acquisition of Luvata Czech s.r.o. in Prague, Czech
republic through its special purpose vehicle Lioyd Coils Czech
s.r.o. The company made this announcement before market hours
today, 14 May 2008.
Wockhardt declined 1.38% to Rs 303.10 on reports the Securities
Appellate Tribunal has upheld the Securities & Exchange Board of
India order against the chief financial officer of Wockhardt and
relatives guilty of insider trading
European markets, which opened after Indian market, were mixed. Key
benchmark indices in United Kingdom (up 0.03% to 6,213.70), and
France (up 0.45% to 5,021.50) advanced. However Germany's DAX index
was down 0.18% to 7,047.57
Asian markets were off early lows, still trading mixed today, 14
May 2008. Shanghai Composite (up 2.73% at 3,657.23), Seoul
Composite (up 0.05% at 1,843.75), Nikkei 225 Average (up 1.18% at
14,118.55), Taiwan Weighted (up 0.32% at 9,018.42), advanced.
However, Hang Seng (down 0.08% at 25,533.88) and Straits Times
(down 0.15% at 3,198.51) edged lower.
Thursday, May 15, 2008
Wednesday, May 14, 2008
Gail India Q4 net profit up 6% at Rs 722 cr
Gail India has announced its fourth quarter results. The company's Q4 net profit was up 6% at Rs 722 crore from 681 crore.
Its net sales were up 27% at Rs 4935 crore as against Rs 3883 crore.
Its net sales were up 27% at Rs 4935 crore as against Rs 3883 crore.
MRO-TEK Q4 PAT was at Rs 15.6 cr
MRO-TEK has announced its Q4 FY08 results. Its net profit was at Rs 15.6 crore versus Rs 10 crore. Its net sales was at Rs 134.2 crore versus Rs 110.7 Cr.
Syndicate Bk Q4 net profit up 21.05% at Rs 126.26 cr
Syndicate Bank has announced its fourth quarter results. The company's Q4FY08 net profit was up 21.05% from Rs 104.3 crore to Rs 126.26 crore.
Its net interest income was down 6.79% from Rs 603.66 crore to Rs 562.62 crore.
Its net interest income was down 6.79% from Rs 603.66 crore to Rs 562.62 crore.
Bharti partners Cisco for network services
India's top mobile operator, Bharti Airtel Ltd, said on Wednesday it would partner Cisco Systems to provide managed network services that include handling communication networks for other companies.
David Nishball, president for enterprise services at Bharti Airtel, said in a statement the venture would start with multi-protocol label switching services, which is used to speed up the flow of traffic on a network.
Earlier this week, Bharti's smaller rival Reliance Communications announced a joint venture with French American firm Alcatel-Lucent for network management services and expected the joint venture's revenue to touch $500 million in five to seven years.
David Nishball, president for enterprise services at Bharti Airtel, said in a statement the venture would start with multi-protocol label switching services, which is used to speed up the flow of traffic on a network.
Earlier this week, Bharti's smaller rival Reliance Communications announced a joint venture with French American firm Alcatel-Lucent for network management services and expected the joint venture's revenue to touch $500 million in five to seven years.
IT stocks lead rally as Sensex eyes 17,000
The market extended gains in afternoon trade as firm European markets, which opened after Indian market, bolstered sentiment. Asian markets, which opened before Indian market, firmed up after shaky start. IT pivotals gained as rupee weakened to 13-month low against the dollar. The Sensex is now eyeing 17,000 while the S&P CNX Nifty is eyeing 5,000 level.
At 13:29 IST, the 30-share BSE Sensex was up 195.60 points or 1.17% at 16,948.86. Sensex gained 195.67 points at day’s high of 16948.53 hit in afternoon trade. The barometer index had opened 61.56 points lower at 16,691.30 and slipped further to touch a low of 16,626.35 in early trade. At the day’s low, Sensex lost 126.51 points.
The broader based S&P CNX Nifty advanced 41 points or 0.83% at 4,998.85
The market breadth turned negative after firm start. On BSE, 1265 shares declined as compared to 1228 that advanced. 82 remained unchanged.
Among the 30-member Sensex pack, 21 advanced while the rest slipped.
IT stocks advanced as rupee weakened to 13-month low above 42 against the dollar. India’s largest software services exporter TCS jumped 6.16% to Rs 961.45 and was the top gainer from Sensex pack.
Infosys Technologies (up 3.51% to Rs 1808.50), Satyam Computer Services (up 2.39% to Rs 507.80) and Wipro (up 1.83% to Rs 503.25), advanced. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rebounded from early low of Rs 2484 and was now up 1.16% to Rs 2,530.50
Shares of cement producers declined following reports that they are reducing prices despite increase in input costs, mainly due to higher supply on account of new installed capacities and the government’s ban on export. Ambuja Cement (down 1.57% to Rs 109.80) an ACC (down 2.04% to Rs 669.05) edged lower.
Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slumped 5.32% to Rs 944.10, on fears the company may forced to offer higher discounts to state-run refiners as crude hit a record high. It was the top loser from Sensex pack
Mahindra & Mahindra (down 2.50% to Rs 650), and NTPC (down 1.85% to Rs 188.75), edged lower from the Sensex pack.
India’s top private sector aluminium company in terms of sales, Hindalco Industries eased from day’s high of Rs 188.50 in early trade. It was now up 2.86% to Rs 185.10.
Bharti Airtel, the country’s top cellular services provider in terms of market capitalisation advanced 1.78% to Rs 835.90. Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.
Housing Development Finance Corporation (up 2.21% to Rs 2717), Tata Steel (up 1.84% to Rs 867), and Maruti Suzuki India (up 3.46% to Rs 796.80), edged higher from Sensex pack.
European markets, which opened after Indian market, were firm in opening trade. Key benchmark indices in United Kingdom (up 0.02% to 6,213.10), Germany (up 0.33% to 7,083.66), and France (up 0.87% to 5,042.24), logged gains.
Asian markets were off early lows, still trading mixed today, 14 May 2008. Sanghai Composite (up 2.73% at 3,657.23), Seoul Composite (up 0.11% at 1,844.77), Nikkei 225 Average (up 1.18% at 14,118.55), Taiwan Weighted (up 0.32% at 9,018.42), advanced. However, Hang Seng (down 0.40% at 25,446.86) and Straits Times (down 0.10% at 3,200.75) edged lower.
At 13:29 IST, the 30-share BSE Sensex was up 195.60 points or 1.17% at 16,948.86. Sensex gained 195.67 points at day’s high of 16948.53 hit in afternoon trade. The barometer index had opened 61.56 points lower at 16,691.30 and slipped further to touch a low of 16,626.35 in early trade. At the day’s low, Sensex lost 126.51 points.
The broader based S&P CNX Nifty advanced 41 points or 0.83% at 4,998.85
The market breadth turned negative after firm start. On BSE, 1265 shares declined as compared to 1228 that advanced. 82 remained unchanged.
Among the 30-member Sensex pack, 21 advanced while the rest slipped.
IT stocks advanced as rupee weakened to 13-month low above 42 against the dollar. India’s largest software services exporter TCS jumped 6.16% to Rs 961.45 and was the top gainer from Sensex pack.
Infosys Technologies (up 3.51% to Rs 1808.50), Satyam Computer Services (up 2.39% to Rs 507.80) and Wipro (up 1.83% to Rs 503.25), advanced. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rebounded from early low of Rs 2484 and was now up 1.16% to Rs 2,530.50
Shares of cement producers declined following reports that they are reducing prices despite increase in input costs, mainly due to higher supply on account of new installed capacities and the government’s ban on export. Ambuja Cement (down 1.57% to Rs 109.80) an ACC (down 2.04% to Rs 669.05) edged lower.
Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slumped 5.32% to Rs 944.10, on fears the company may forced to offer higher discounts to state-run refiners as crude hit a record high. It was the top loser from Sensex pack
Mahindra & Mahindra (down 2.50% to Rs 650), and NTPC (down 1.85% to Rs 188.75), edged lower from the Sensex pack.
India’s top private sector aluminium company in terms of sales, Hindalco Industries eased from day’s high of Rs 188.50 in early trade. It was now up 2.86% to Rs 185.10.
Bharti Airtel, the country’s top cellular services provider in terms of market capitalisation advanced 1.78% to Rs 835.90. Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.
Housing Development Finance Corporation (up 2.21% to Rs 2717), Tata Steel (up 1.84% to Rs 867), and Maruti Suzuki India (up 3.46% to Rs 796.80), edged higher from Sensex pack.
European markets, which opened after Indian market, were firm in opening trade. Key benchmark indices in United Kingdom (up 0.02% to 6,213.10), Germany (up 0.33% to 7,083.66), and France (up 0.87% to 5,042.24), logged gains.
Asian markets were off early lows, still trading mixed today, 14 May 2008. Sanghai Composite (up 2.73% at 3,657.23), Seoul Composite (up 0.11% at 1,844.77), Nikkei 225 Average (up 1.18% at 14,118.55), Taiwan Weighted (up 0.32% at 9,018.42), advanced. However, Hang Seng (down 0.40% at 25,446.86) and Straits Times (down 0.10% at 3,200.75) edged lower.
Market firms up amid recovery in some Asian markets
Indian equities opened slightly lower tracking mixed global markets. However, they rebounded from early lows to register decent gains mirroring recovery in some Asian markets. However trading was choppy. The market breadth was positive.
At 11:28 IST, the 30-share BSE Sensex was up 92.81 points or 0.58% at 16,849.39. Sensex rose 96.50 points at day’s high of 16,849.36 hit in mid-morning trade. The barometer index had opened 61.56 points lower at 16,691.30 and slipped further to touch a low of 16,626.35 in early trade. At the day’s low, Sensex lost 126.51 points.
The broader based S&P CNX Nifty gained 16.65 points or 0.34% at 4,974.55
The market breadth was positive on BSE with 1232 shares advancing as compared to 933 that declined. 69 remained unchanged.
Among the 30-member Sensex pack, 20 advanced while the rest slipped.
Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slumped 4.57% to Rs 950.50. It was the top loser from Sensex pack
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rebounded from early low of Rs 2484 and was now up 0.86% to Rs 2522.90. 1.82 lakh shares were traded on the counter.
Ambuja Cement (down 1.57% to Rs 109.80), NTPC (down 2.34% to Rs 187.80), and HDFC Bank (down 1.46% to Rs 1460.50), edged lower from the Sensex pack.
India’s top private sector aluminium company in terms of sales, Hindalco Industries surged 4.20% to Rs 187.50 on 5.79 lakh shares. It was the top gainer from Sensex pack.
Bharti Airtel, the country’s top cellular services provider in terms of market capitalisation advanced 1.55% to Rs 834. Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.
Housing Development Finance Corporation (up 2.51% to Rs 2725), Jaiprakash Associates (up 1.56% to Rs 257.20), Tata Steel (up 2.34% to Rs 871.25), and Maruti Suzuki India (up 2.86% to Rs 792.15), were the other gainers from Sensex pack.
Shares of oil marketing firms were subdued following reports that the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008. Hindustan Petroleum Corporation (down 0.13% to Rs 234.70), Bharat Petroleum Corporation (down 0.59% to Rs 346.45), and Indian Oil Corporation (down 2.12% to Rs 409.55), declined.
The oil bonds will be issued to oil marketing firms so as to compensate half the revenue loss incurred for selling fuel at state-set low prices. During 2006/07, the government had compensated 42.7% of the revenue losses of state oil refiners.
PSL was down 0.14% to Rs 339.85 despite its subsidiary PSL FZE, Sharjah, UAE winning an order worth $45 million for supply of steel pipes. The company made this announcement after trading hours on Tuesday, 13 May 2008.
KEC International slipped 1.53% to Rs 586.50 even as the company said it has secured a contract worth Rs 111.41 crore from Power Grid Corporation of India for supply and construction of 400 kilovolt transmission lines. The company made this announcement during trading hours on Tuesday, 13 May 2008,
Apollo Sindhoori Capital Investments hit 5% upper circuit at Rs 418.75 after the company said it will consider splitting its shares in the board meeting scheduled on 22 May 2008. The company made this announcement during market hours today, 14 May 2008.
Jyoti rose 0.24% to Rs 84.45 after the company said it has received an order worth Rs 27.24 crore from Aravali Power Co for 600 megawatt Indira Gandhi super thermal power plant - Jhajjar. The company made this announcement after trading hours on Tuesday, 13 May 2008.
Asian markets were off early lows, still trading mixed today, 14 May 2008. Sanghai Composite (up 2.17% at 3,637.43), Seoul Composite (up 0.11% at 1,844.77), Nikkei 225 Average (up 0.67% at 14,047.61), Taiwan Weighted (up 0.32% at 9,018.42), advanced. However, Hang Seng (down 1.37% at 25,203.86) and Straits Times (down 0.51% at 3,186.98) edged lower.
At 11:28 IST, the 30-share BSE Sensex was up 92.81 points or 0.58% at 16,849.39. Sensex rose 96.50 points at day’s high of 16,849.36 hit in mid-morning trade. The barometer index had opened 61.56 points lower at 16,691.30 and slipped further to touch a low of 16,626.35 in early trade. At the day’s low, Sensex lost 126.51 points.
The broader based S&P CNX Nifty gained 16.65 points or 0.34% at 4,974.55
The market breadth was positive on BSE with 1232 shares advancing as compared to 933 that declined. 69 remained unchanged.
Among the 30-member Sensex pack, 20 advanced while the rest slipped.
Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slumped 4.57% to Rs 950.50. It was the top loser from Sensex pack
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rebounded from early low of Rs 2484 and was now up 0.86% to Rs 2522.90. 1.82 lakh shares were traded on the counter.
Ambuja Cement (down 1.57% to Rs 109.80), NTPC (down 2.34% to Rs 187.80), and HDFC Bank (down 1.46% to Rs 1460.50), edged lower from the Sensex pack.
India’s top private sector aluminium company in terms of sales, Hindalco Industries surged 4.20% to Rs 187.50 on 5.79 lakh shares. It was the top gainer from Sensex pack.
Bharti Airtel, the country’s top cellular services provider in terms of market capitalisation advanced 1.55% to Rs 834. Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.
Housing Development Finance Corporation (up 2.51% to Rs 2725), Jaiprakash Associates (up 1.56% to Rs 257.20), Tata Steel (up 2.34% to Rs 871.25), and Maruti Suzuki India (up 2.86% to Rs 792.15), were the other gainers from Sensex pack.
Shares of oil marketing firms were subdued following reports that the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008. Hindustan Petroleum Corporation (down 0.13% to Rs 234.70), Bharat Petroleum Corporation (down 0.59% to Rs 346.45), and Indian Oil Corporation (down 2.12% to Rs 409.55), declined.
The oil bonds will be issued to oil marketing firms so as to compensate half the revenue loss incurred for selling fuel at state-set low prices. During 2006/07, the government had compensated 42.7% of the revenue losses of state oil refiners.
PSL was down 0.14% to Rs 339.85 despite its subsidiary PSL FZE, Sharjah, UAE winning an order worth $45 million for supply of steel pipes. The company made this announcement after trading hours on Tuesday, 13 May 2008.
KEC International slipped 1.53% to Rs 586.50 even as the company said it has secured a contract worth Rs 111.41 crore from Power Grid Corporation of India for supply and construction of 400 kilovolt transmission lines. The company made this announcement during trading hours on Tuesday, 13 May 2008,
Apollo Sindhoori Capital Investments hit 5% upper circuit at Rs 418.75 after the company said it will consider splitting its shares in the board meeting scheduled on 22 May 2008. The company made this announcement during market hours today, 14 May 2008.
Jyoti rose 0.24% to Rs 84.45 after the company said it has received an order worth Rs 27.24 crore from Aravali Power Co for 600 megawatt Indira Gandhi super thermal power plant - Jhajjar. The company made this announcement after trading hours on Tuesday, 13 May 2008.
Asian markets were off early lows, still trading mixed today, 14 May 2008. Sanghai Composite (up 2.17% at 3,637.43), Seoul Composite (up 0.11% at 1,844.77), Nikkei 225 Average (up 0.67% at 14,047.61), Taiwan Weighted (up 0.32% at 9,018.42), advanced. However, Hang Seng (down 1.37% at 25,203.86) and Straits Times (down 0.51% at 3,186.98) edged lower.
Market slightly higher in volatile trade
The market opened slightly lower tracking mixed global markets. However, it soon moved into positive zone in choppy trade. The market breadth was positive
At 10:28 IST, the 30-share BSE Sensex was up 30.48 points or 0.18% at 16,783.34. It opened 61.56 points lower at 16,691.30 and slipped further to touch a low of 16,626.35 in early trade. At the day’s low, Sensex lost 126.51 points. Sensex rose 40.05 points at day’s high of 16,792.91 hit in early trade
The broader based S&P CNX Nifty was down 5.70 points or 0.11% at 4,952.10
The market breadth was positive on BSE with 943 shares advancing as compared to 681 that declined. 56 remained unchanged.
Among the 30-member Sensex pack, 16 advanced while the rest slipped.
Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slumped 3.02% to Rs 967. It was the top loser from Sensex pack
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was down 0.39% to Rs 2491.80.
Reliance Infrastructure (down 1.32% to Rs 1363), NTPC (down 2.34% to Rs 187.80), and HDFC Bank (down 1.73% to Rs 1456.60), were the other losers from Sensex pack.
Bharti Airtel, the country’s top cellular services provider in terms of market capitalisation advanced 1.55% to Rs 834. It was the top gainer from Sensex pack. Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.
DLF (up 0.81% to Rs 620), Hindalco Industries (up 1.17% to Rs 182.05), and Mahindra & Mahindra (up 1.03% to Rs 673.60), were the other gainers from Sensex pack
Shares of oil marketing firms were subdued following reports that the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008. Hindustan Petroleum Corporation (down 0.64% to Rs 233.50), Bharat Petroleum Corporation (down 1.58% to Rs 343), and Indian Oil Corporation (down 2.72% to Rs 407), declined.
The oil bonds will be issued to oil marketing firms so as to compensate half the revenue loss incurred for selling fuel at state-set low prices. During 2006/07, the government had compensated 42.7% of the revenue losses of state oil refiners.
Lloyd Electric & Engineering rose 3.13% to Rs 117 at 10:03 IST on BSE after it announced acquisition of Luvata Czech s.r.o. in Prague, Czech republic through its special purpose vehicle Lioyd Coils Czech s.r.o. The company made this announcement before market hours today, 14 May 2008.
Asian markets were trading mixed today, 14 May 2008. Sanghai Composite (up 1.76% at 3,623.03), Taiwan Weighted (up 0.20% at 9,007.64), advanced. However, Hang Seng (down 1.37% at 25,203.86), Nikkei 225 Average (up 0.39% at 13,951.53), Straits Times (down 0.71% at 3,180.63) and Seoul Composite (down 0.56% at 1,832.42) edged lower.
At 10:28 IST, the 30-share BSE Sensex was up 30.48 points or 0.18% at 16,783.34. It opened 61.56 points lower at 16,691.30 and slipped further to touch a low of 16,626.35 in early trade. At the day’s low, Sensex lost 126.51 points. Sensex rose 40.05 points at day’s high of 16,792.91 hit in early trade
The broader based S&P CNX Nifty was down 5.70 points or 0.11% at 4,952.10
The market breadth was positive on BSE with 943 shares advancing as compared to 681 that declined. 56 remained unchanged.
Among the 30-member Sensex pack, 16 advanced while the rest slipped.
Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slumped 3.02% to Rs 967. It was the top loser from Sensex pack
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was down 0.39% to Rs 2491.80.
Reliance Infrastructure (down 1.32% to Rs 1363), NTPC (down 2.34% to Rs 187.80), and HDFC Bank (down 1.73% to Rs 1456.60), were the other losers from Sensex pack.
Bharti Airtel, the country’s top cellular services provider in terms of market capitalisation advanced 1.55% to Rs 834. It was the top gainer from Sensex pack. Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.
DLF (up 0.81% to Rs 620), Hindalco Industries (up 1.17% to Rs 182.05), and Mahindra & Mahindra (up 1.03% to Rs 673.60), were the other gainers from Sensex pack
Shares of oil marketing firms were subdued following reports that the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008. Hindustan Petroleum Corporation (down 0.64% to Rs 233.50), Bharat Petroleum Corporation (down 1.58% to Rs 343), and Indian Oil Corporation (down 2.72% to Rs 407), declined.
The oil bonds will be issued to oil marketing firms so as to compensate half the revenue loss incurred for selling fuel at state-set low prices. During 2006/07, the government had compensated 42.7% of the revenue losses of state oil refiners.
Lloyd Electric & Engineering rose 3.13% to Rs 117 at 10:03 IST on BSE after it announced acquisition of Luvata Czech s.r.o. in Prague, Czech republic through its special purpose vehicle Lioyd Coils Czech s.r.o. The company made this announcement before market hours today, 14 May 2008.
Asian markets were trading mixed today, 14 May 2008. Sanghai Composite (up 1.76% at 3,623.03), Taiwan Weighted (up 0.20% at 9,007.64), advanced. However, Hang Seng (down 1.37% at 25,203.86), Nikkei 225 Average (up 0.39% at 13,951.53), Straits Times (down 0.71% at 3,180.63) and Seoul Composite (down 0.56% at 1,832.42) edged lower.
Pre Market Report 14/05/2008
The market is expected to stay sideways reacting to mixed global cues. With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1721 companies showed 18% rise in net profit on 22.90% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.80% rise in net profit on 23.30% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading mixed today, 14 May 2008. Sanghai Composite (up 1.76% at 3,623.03), Taiwan Weighted (up 0.20% at 9,007.64), advanced. However, Hang Seng (down 1.24% at 25,236.42), Nikkei 225 Average (down 0.02% at 13,951.53), Straits Times (down 0.71% at 3,180.63) and Seoul Composite (down 0.27% at 1,837.84) edged lower.
US markets settled mixed yesterday, 13 May 2008 as investors juggled a mixed bag of news. A tepid outlook from Yahoo, HP's bid for EDS and a surprising resilience in retail sales led to mixed reactions. The Dow Jones fell 44.13 points, or 0.34%, to 12,832.18. The Nasdaq Composite index rose 6.63 points, or 0.27%, to 2,495.12.
On 13 May 2008, Indian equities reversed early gains in choppy trade to settle lower closely mirroring European markets. The 30-share BSE Sensex slipped 108.04 points or 0.64% at 16,752.86 and the broader based S&P CNX Nifty shed 54.85 points or 1.09% at 4,957.80, on that day.
As per provisional data, foreign funds purchased shares worth a net Rs 73.93 crore yesterday, 13 May 2008. Domestic funds bought shares worth a net Rs 266.50 crore on that day.
U.S. light crude for June delivery was down 1 cent at $125.79 a barrel today, 14 May 2008, with traders awaiting an expected rebound in weekly U.S. distillate stocks and still on edge over the previous day's report that Iran was considering a proposal to cut output. It had surged to record high of $126.98 a barrel yesterday, 13 May 2008.
Meanwhile, the board of the Securities and Exchange Board of India (SEBI) in its meeting held yesterday, 13 May 2008, gave an in principle approval to the concept of marking lien on bank account as an alternative mode of payment in public and rights issues. The concept will enable the application money to remain in the bank account of the applicant till such time the allotment is finalized and thus eliminate the refund process.
Aggregate results of 1721 companies showed 18% rise in net profit on 22.90% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.80% rise in net profit on 23.30% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading mixed today, 14 May 2008. Sanghai Composite (up 1.76% at 3,623.03), Taiwan Weighted (up 0.20% at 9,007.64), advanced. However, Hang Seng (down 1.24% at 25,236.42), Nikkei 225 Average (down 0.02% at 13,951.53), Straits Times (down 0.71% at 3,180.63) and Seoul Composite (down 0.27% at 1,837.84) edged lower.
US markets settled mixed yesterday, 13 May 2008 as investors juggled a mixed bag of news. A tepid outlook from Yahoo, HP's bid for EDS and a surprising resilience in retail sales led to mixed reactions. The Dow Jones fell 44.13 points, or 0.34%, to 12,832.18. The Nasdaq Composite index rose 6.63 points, or 0.27%, to 2,495.12.
On 13 May 2008, Indian equities reversed early gains in choppy trade to settle lower closely mirroring European markets. The 30-share BSE Sensex slipped 108.04 points or 0.64% at 16,752.86 and the broader based S&P CNX Nifty shed 54.85 points or 1.09% at 4,957.80, on that day.
As per provisional data, foreign funds purchased shares worth a net Rs 73.93 crore yesterday, 13 May 2008. Domestic funds bought shares worth a net Rs 266.50 crore on that day.
U.S. light crude for June delivery was down 1 cent at $125.79 a barrel today, 14 May 2008, with traders awaiting an expected rebound in weekly U.S. distillate stocks and still on edge over the previous day's report that Iran was considering a proposal to cut output. It had surged to record high of $126.98 a barrel yesterday, 13 May 2008.
Meanwhile, the board of the Securities and Exchange Board of India (SEBI) in its meeting held yesterday, 13 May 2008, gave an in principle approval to the concept of marking lien on bank account as an alternative mode of payment in public and rights issues. The concept will enable the application money to remain in the bank account of the applicant till such time the allotment is finalized and thus eliminate the refund process.
Tuesday, May 13, 2008
Post Market Report 13.05.2008
Indian equities reversed early gains in choppy trade to settle
lower closely mirroring European markets which opened after Indian
market. Latest data showing higher than expected UK inflation
figures pulled European markets lower after firm start. The S&P CNX
Nifty slipped below 5,000 mark.
The market had opened higher tracking firm global markets with the
Sensex surging past 17,000 mark in opening trade. It failed to
sustain higher levels. The market breadth was just about positive,
after staying strong throughout the day.
The 30-share BSE Sensex slipped 108.04 points or 0.64% at
16,752.86. Sensex lost 163.43 points at day's low of 16,697.47
touched in late trade. Sensex had opened 147.13 points higher at
17,008.03. The barometer index hit a high of 17,085.63 in early
afternoon trade. At the day's high, Sensex gained 224.73 points.
The broader based S&P CNX Nifty shed 54.85 points or 1.09% at
4,957.80. Nifty May 2008 futures were at 4954, a discount of 3.80
points as compared to spot closing
The market breadth was just about positive, after staying strong
throughout the day. On BSE 1366 shares advanced as compared to 1341
that declined. 76 remained unchanged.
The BSE Mid-Cap index was up 0.16% to 6,956.81 while the BSE
Small-Cap index declined 0.07% to 8,397.71. Both these indices
outperformed the Sensex.
The total turnover on BSE amounted to Rs 6596 crore as compared to
Rs 6,007.51 crore yesterday, 12 May 2008. Turnover in NSE's futures
& options segment amounted to Rs 38107.72 crore as compared to Rs
41000.8 crore yesterday, 12 May 2008.
Sectoral indices on BSE displayed mixed trend. The BSE FMCG index
(up 0.57% to 2,500.33), BSE PSU index (down 0.32% to 7,713.53), BSE
Bankex (up 0.43% at 8,601.84), BSE Auto (down 0.39% at 4,669.95),
BSE Health Care index (up 0.02% at 4,178.25), BSE Metal index (up
0.64% to 15,747.88), BSE Realty index (up 0.13% at 7,747.12), BSE
Power (down 0.18% to 3,213.24), BSE Capital Goods index (down 0.46%
at 13,060.97), and BSE Consumer Durables index (up 1.39% to
4,401.45), outperformed the Sensex.
The BSE Oil & Gas index (down 2.56% at 10,907.37), BSE TecK index
(down 0.88% to 3,379.07), BSE IT index (down 0.76% to 4,265.14),
underperformed the Sensex.
Among the 30-member Sensex pack, 21 declined while the rest
advanced.
Metal stocks gained on renewed buying. India's largest private
sector aluminium company in terms of sales Hindalco Industries
advanced 2.97% to Rs 180.20 on 8.84 lakh shares. It was the top
gainer from Sensex pack.
Tata Steel (up 1.21% to Rs 853), JSW Steel (up 3.46% to Rs 959.90)
and National Aluminium Company (up 7.26% to Rs 487) advanced.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) slumped
2.13% to Rs 2500.05 on 7.52 lakh shares.
Jaiprakash Associates (up 1.97% to Rs 251.25), and ICICI Bank (up
0.42% to Rs 882), edged higher from Sensex pack.
IT stocks pared gains. India's fourth largest software services
exporter Satyam Computer Services rose 1.22% to Rs 495.50, off
session's high of Rs 505.70.
India's largest software services exporter TCS slumped 3.16% to Rs
898, off sharply from day's high of Rs 945. It was the top loser
from Sensex pack.
Infosys Technologies (down 1.83% to Rs 1740, off day's high of Rs
1813) and Wipro (down 3.08% to Rs 492.05, off day's high of Rs
510.95), dropped.
India's largest commercial bank in terms of total assets State Bank
of India rose 0.40% to Rs 1670 after is signed a memorandum of
understanding with Insurance Australia Group for a general
insurance venture to tap the fast-growing Indian market.
Oil exploration heavyweights corrected today, as soaring crude oil
prices took a pause after recent rally. Oil & Natural Gas
Corporation, the country's largest state run oil exploration
company in terms of sales, slipped 2.60% to Rs 1002.
Cairn India, the country's largest private sector oil exploration
company tumbled 8.90% to Rs 276 on high volumes of 86.38 lakh
shares.
Bharti Airtel, the country's largest telecom services provider in
terms of market capitalisation shed 2.05% to Rs 821.10. UAE's
Emirates Telecommunications Corp said on Monday, 12 May 2008, it
was evaluating a bid for South African telecom firm MTN. This may
compel Bharti Airtel to raise its indicative offer, which media
reports said valued MTN at about $37 billion.
Engineering heavyweights Bharat Heavy Electricals (down 0.58% to Rs
1738), and Larsen & Toubro (down 1.69% to Rs 2787), declined
DLF, the country's largest real estate developer in terms of market
capitalisation shed 1.25% to Rs 614.10. As per reports, the company
will file papers for $2 billion real estate investment trust (REIT)
with the Singapore authorities next month.
Reliance Communications, the country's second largest telecom
services provider in terms of market capitalisation lost 0.90% to
Rs 545. The company has formed a joint venture with French-US
equipment firm Alcatel-Lucent to offer managed network services to
domestic as well as international telecom operators.
Tata Motors (down 2.48% to Rs 652), Ranbaxy Laboratories (down
2.06% to Rs 484) and ACC (down 2.94% to Rs 681), edged lower from
Sensex pack.
Recently listed Aishwarya Telecom jumped 5.81% to Rs 104.80. It was
the top traded counter on BSE with turnover of Rs 592.02 crore.
Cairn India (Rs 247.16 crore), Reliance Petroleum (Rs 216.72
crore), IFCI (Rs 212.81 crore) and Reliance Industries (Rs 190.77
crore) were the other turnover toppers.
Aishwarya Telecom, also, topped the volume chart clocking volumes
of 7.26 crore shares on BSE followed by IFCI (3.50 crore shares),
Ispat Industries (1.47 crore shares), Reliance Petroleum (1.19
crore shares) and Reliance Natural Resources (1.17 crore shares),
in that order
Among the other side counters, Rallis India plunged 6.19% to Rs
422.25 after it went Rs 16 per share ex-dividend from today.
MphasiS jumped 8.32% to Rs 239 on reports Hewlett-Packard was in
talks to buy outsourcing firm Electronic Data Systems, which owns a
majority stake in the Indian software firm. If the deal fructifies,
it will trigger the mandatory open offer for 20% stake in Mphasis,
as per the Securities & Exchange Board of India (Sebi) takeover
regulation. EDS holds 60.89% stake in MphasiS.
Thermax shed 1.13% to Rs 459 despite reports the company plans to
invest over Rs 200 crore in this financial year for expansion
purpose.
GAIL India dropped 2.20% to Rs 406 after posting a marginal 6.12%
rise in net profit to Rs 722.38 crore on 25.99% increase in total
income to Rs 5034.95 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results during trading hours today, 13 May
2008.
Phillips Carbon Black fell 3.84% to Rs 181.35. The company said on
Monday, 12 May 2008, it has signed a joint venture agreement with
subsidiaries of Vietnam National Chemical Corp to set up a carbon
black facility in Vietnam.
Indiabulls Real Estate surged 3.30% to Rs 535 after reporting
362.9% surge in net profit to Rs 27.82 crore on 765.20% increase in
net sales to Rs 28.81 crore in Q4 March 2008 over Q4 March 2007.
The company announced the results after trading hours on Monday, 12
May 2008.
Bajaj Holdings & Investments slipped 0.90% to Rs 676. As per
reports Bajaj Auto plans to sign a joint venture with European car
maker Renault and Japanese giant Nissan to manufacture a small car
in India with a price tag of $2500.
European markets, which opened after Indian markets, reversed early
gains after UK's consumer price inflation rose to an annual rate of
3% in April 2008, which dampened expectations of near-term interest
rate cuts. Key benchmark indices in Germany (down 0.30% to
7,015.05), France (down 0.41% to 4,955.47), and United Kingdom
(down 0.79% to 6,171.50) edged lower.
Asian markets were trading higher barring China's Shanghai
Composite which fell 1.84% at 3,560.62 led on uncertainty following
a deadly earthquake in southwest China on Monday, 12 May 2008 and
the central bank's announcement of the fourth bank reserve ratio
hike this year.
Hang Seng (up 1.95% at 25,552.77), Nikkei 225 Average (up 1.53% at
13,953.73), Straits Times (up 0.73% at 3,203.42), Seoul Composite
(up 1.05% at 1,842.80), Taiwan Weighted (up 1.81% at 8,989.15)
advanced.
lower closely mirroring European markets which opened after Indian
market. Latest data showing higher than expected UK inflation
figures pulled European markets lower after firm start. The S&P CNX
Nifty slipped below 5,000 mark.
The market had opened higher tracking firm global markets with the
Sensex surging past 17,000 mark in opening trade. It failed to
sustain higher levels. The market breadth was just about positive,
after staying strong throughout the day.
The 30-share BSE Sensex slipped 108.04 points or 0.64% at
16,752.86. Sensex lost 163.43 points at day's low of 16,697.47
touched in late trade. Sensex had opened 147.13 points higher at
17,008.03. The barometer index hit a high of 17,085.63 in early
afternoon trade. At the day's high, Sensex gained 224.73 points.
The broader based S&P CNX Nifty shed 54.85 points or 1.09% at
4,957.80. Nifty May 2008 futures were at 4954, a discount of 3.80
points as compared to spot closing
The market breadth was just about positive, after staying strong
throughout the day. On BSE 1366 shares advanced as compared to 1341
that declined. 76 remained unchanged.
The BSE Mid-Cap index was up 0.16% to 6,956.81 while the BSE
Small-Cap index declined 0.07% to 8,397.71. Both these indices
outperformed the Sensex.
The total turnover on BSE amounted to Rs 6596 crore as compared to
Rs 6,007.51 crore yesterday, 12 May 2008. Turnover in NSE's futures
& options segment amounted to Rs 38107.72 crore as compared to Rs
41000.8 crore yesterday, 12 May 2008.
Sectoral indices on BSE displayed mixed trend. The BSE FMCG index
(up 0.57% to 2,500.33), BSE PSU index (down 0.32% to 7,713.53), BSE
Bankex (up 0.43% at 8,601.84), BSE Auto (down 0.39% at 4,669.95),
BSE Health Care index (up 0.02% at 4,178.25), BSE Metal index (up
0.64% to 15,747.88), BSE Realty index (up 0.13% at 7,747.12), BSE
Power (down 0.18% to 3,213.24), BSE Capital Goods index (down 0.46%
at 13,060.97), and BSE Consumer Durables index (up 1.39% to
4,401.45), outperformed the Sensex.
The BSE Oil & Gas index (down 2.56% at 10,907.37), BSE TecK index
(down 0.88% to 3,379.07), BSE IT index (down 0.76% to 4,265.14),
underperformed the Sensex.
Among the 30-member Sensex pack, 21 declined while the rest
advanced.
Metal stocks gained on renewed buying. India's largest private
sector aluminium company in terms of sales Hindalco Industries
advanced 2.97% to Rs 180.20 on 8.84 lakh shares. It was the top
gainer from Sensex pack.
Tata Steel (up 1.21% to Rs 853), JSW Steel (up 3.46% to Rs 959.90)
and National Aluminium Company (up 7.26% to Rs 487) advanced.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) slumped
2.13% to Rs 2500.05 on 7.52 lakh shares.
Jaiprakash Associates (up 1.97% to Rs 251.25), and ICICI Bank (up
0.42% to Rs 882), edged higher from Sensex pack.
IT stocks pared gains. India's fourth largest software services
exporter Satyam Computer Services rose 1.22% to Rs 495.50, off
session's high of Rs 505.70.
India's largest software services exporter TCS slumped 3.16% to Rs
898, off sharply from day's high of Rs 945. It was the top loser
from Sensex pack.
Infosys Technologies (down 1.83% to Rs 1740, off day's high of Rs
1813) and Wipro (down 3.08% to Rs 492.05, off day's high of Rs
510.95), dropped.
India's largest commercial bank in terms of total assets State Bank
of India rose 0.40% to Rs 1670 after is signed a memorandum of
understanding with Insurance Australia Group for a general
insurance venture to tap the fast-growing Indian market.
Oil exploration heavyweights corrected today, as soaring crude oil
prices took a pause after recent rally. Oil & Natural Gas
Corporation, the country's largest state run oil exploration
company in terms of sales, slipped 2.60% to Rs 1002.
Cairn India, the country's largest private sector oil exploration
company tumbled 8.90% to Rs 276 on high volumes of 86.38 lakh
shares.
Bharti Airtel, the country's largest telecom services provider in
terms of market capitalisation shed 2.05% to Rs 821.10. UAE's
Emirates Telecommunications Corp said on Monday, 12 May 2008, it
was evaluating a bid for South African telecom firm MTN. This may
compel Bharti Airtel to raise its indicative offer, which media
reports said valued MTN at about $37 billion.
Engineering heavyweights Bharat Heavy Electricals (down 0.58% to Rs
1738), and Larsen & Toubro (down 1.69% to Rs 2787), declined
DLF, the country's largest real estate developer in terms of market
capitalisation shed 1.25% to Rs 614.10. As per reports, the company
will file papers for $2 billion real estate investment trust (REIT)
with the Singapore authorities next month.
Reliance Communications, the country's second largest telecom
services provider in terms of market capitalisation lost 0.90% to
Rs 545. The company has formed a joint venture with French-US
equipment firm Alcatel-Lucent to offer managed network services to
domestic as well as international telecom operators.
Tata Motors (down 2.48% to Rs 652), Ranbaxy Laboratories (down
2.06% to Rs 484) and ACC (down 2.94% to Rs 681), edged lower from
Sensex pack.
Recently listed Aishwarya Telecom jumped 5.81% to Rs 104.80. It was
the top traded counter on BSE with turnover of Rs 592.02 crore.
Cairn India (Rs 247.16 crore), Reliance Petroleum (Rs 216.72
crore), IFCI (Rs 212.81 crore) and Reliance Industries (Rs 190.77
crore) were the other turnover toppers.
Aishwarya Telecom, also, topped the volume chart clocking volumes
of 7.26 crore shares on BSE followed by IFCI (3.50 crore shares),
Ispat Industries (1.47 crore shares), Reliance Petroleum (1.19
crore shares) and Reliance Natural Resources (1.17 crore shares),
in that order
Among the other side counters, Rallis India plunged 6.19% to Rs
422.25 after it went Rs 16 per share ex-dividend from today.
MphasiS jumped 8.32% to Rs 239 on reports Hewlett-Packard was in
talks to buy outsourcing firm Electronic Data Systems, which owns a
majority stake in the Indian software firm. If the deal fructifies,
it will trigger the mandatory open offer for 20% stake in Mphasis,
as per the Securities & Exchange Board of India (Sebi) takeover
regulation. EDS holds 60.89% stake in MphasiS.
Thermax shed 1.13% to Rs 459 despite reports the company plans to
invest over Rs 200 crore in this financial year for expansion
purpose.
GAIL India dropped 2.20% to Rs 406 after posting a marginal 6.12%
rise in net profit to Rs 722.38 crore on 25.99% increase in total
income to Rs 5034.95 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results during trading hours today, 13 May
2008.
Phillips Carbon Black fell 3.84% to Rs 181.35. The company said on
Monday, 12 May 2008, it has signed a joint venture agreement with
subsidiaries of Vietnam National Chemical Corp to set up a carbon
black facility in Vietnam.
Indiabulls Real Estate surged 3.30% to Rs 535 after reporting
362.9% surge in net profit to Rs 27.82 crore on 765.20% increase in
net sales to Rs 28.81 crore in Q4 March 2008 over Q4 March 2007.
The company announced the results after trading hours on Monday, 12
May 2008.
Bajaj Holdings & Investments slipped 0.90% to Rs 676. As per
reports Bajaj Auto plans to sign a joint venture with European car
maker Renault and Japanese giant Nissan to manufacture a small car
in India with a price tag of $2500.
European markets, which opened after Indian markets, reversed early
gains after UK's consumer price inflation rose to an annual rate of
3% in April 2008, which dampened expectations of near-term interest
rate cuts. Key benchmark indices in Germany (down 0.30% to
7,015.05), France (down 0.41% to 4,955.47), and United Kingdom
(down 0.79% to 6,171.50) edged lower.
Asian markets were trading higher barring China's Shanghai
Composite which fell 1.84% at 3,560.62 led on uncertainty following
a deadly earthquake in southwest China on Monday, 12 May 2008 and
the central bank's announcement of the fourth bank reserve ratio
hike this year.
Hang Seng (up 1.95% at 25,552.77), Nikkei 225 Average (up 1.53% at
13,953.73), Straits Times (up 0.73% at 3,203.42), Seoul Composite
(up 1.05% at 1,842.80), Taiwan Weighted (up 1.81% at 8,989.15)
advanced.
Market holds firm; IT pivotals advance
The market held firm in early afternoon tracking firm global markets. The Sensex had surged past 17,000 mark in opening trade. The market breadth was strong. Fall in crude oil prices from record high also lifted the sentiment. IT pivotals gained as rupee weakened to 13- month low against the dollar.
At 12:28 IST, the 30-share BSE Sensex was up 174.01 points or 1.04% at 17,036.36. It opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,065.95 in mid-morning trade. At the day’s high, Sensex gained 205.05 points. Sensex rose 90.05 points at day’s low of 16,951.95 touched in early trade
The broader based S&P CNX Nifty was up 37.65 points or 0.77% at 5,051.20
The market breadth was strong on BSE with 1886 shares advancing as compared to 604 that declined. 57 remained unchanged.
The BSE Mid-Cap index rose 1.89% to 7,076.85 while the BSE Small-Cap index advanced 1.82% to 8,556.20. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2915 crore at 12:30 IST as compared to Rs 2015 crore by 11:30 IST
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India's largest private sector aluminium manufacturer in terms of sales Hindalco Industries surged 4.97% to Rs 183.70 on 4.61 lakh shares. It was the top gainer from Sensex pack.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 2.67% to Rs 502.60), TCS (up 0.75% to Rs 934.30), Wipro (up 0.27% to Rs 507.95), and Infosys Technologies (up 1.27% to Rs 1795), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
DLF, the country’s largest real estate developer in terms of market capitalisation rose 1.95% to Rs 633.90 on reports that the company will file papers for $2 billion real estate investment trust (REIT) with the Singapore authorities next month.
Jaiprakash Associates (up 4.30% to Rs 257), Reliance Infrastructure (up 4.60% to Rs 1419.50), and Tata Steel (up 2.75% to Rs 865.55), edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 0.26% to Rs 2561.10 on 2.53 lakh shares. The stock moved in a range of Rs 2544 and Rs 2570 so far during the day.
Oil exploration heavyweights corrected today, as soaring crude oil prices took a pause after recent rally. Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slipped 1% to Rs 1018.50 on 1.64 lakh shares. It was the top loser from Sensex pack.
Cairn India, the country’s largest private sector oil exploration company lost 4.93% to Rs 288.
Bharti Airtel, the country’s largest telecom services provider in terms of market capitalisation slipped 0.91% to Rs 830.60. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.
Ranbaxy Laboratories (down 0.25% to Rs 492.65), and Hindustan Unilever (down 0.65% to Rs 245.50), edged lower from Sensex pack.
Recently listed Aishwarya Telecom jumped 6.71% to Rs 105.50 on huge volume of 3.70 crore shares.
Among the other side counters, Rallis India slipped 2.92% to Rs 436.95 after it went Rs 16 per share ex-dividend from today.
Everest Kanto Cylinder rose 1.15% to Rs 334 after the company said EKC Industries (Tianjin), a wholly owned subsidiary of the company in China, has successfully completed the trial production phase.
MphasiS jumped 9.45% to Rs 241.50 on reports Hewlett-Packard was in talks to buy outsourcing firm Electronic Data Systems, which owns a majority stake in the Indian software firm. If the deal fructifies, it will trigger the mandatory open offer for 20% stake in Mphasis, as per the Securities & Exchange Board of India (Sebi) takeover regulation. EDS holds 60.89% stake in MphasiS.
Thermax gained 1.23% to Rs 469.95 on reports the company plans to invest over Rs 200 crore in this financial year for expansion purpose.
Asian markets were trading higher barring China’s Shanghai Composite which fell 2.02% at 3,553.87 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.69% at 25,237.25), Nikkei 225 Average (up 1.53% at 13,953.73), Straits Times (up 0.98% at 3,211.24), Seoul Composite (up 1.05% at 1,842.80), Taiwan Weighted (up 1.81% at 8,989.15) advanced.
At 12:28 IST, the 30-share BSE Sensex was up 174.01 points or 1.04% at 17,036.36. It opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,065.95 in mid-morning trade. At the day’s high, Sensex gained 205.05 points. Sensex rose 90.05 points at day’s low of 16,951.95 touched in early trade
The broader based S&P CNX Nifty was up 37.65 points or 0.77% at 5,051.20
The market breadth was strong on BSE with 1886 shares advancing as compared to 604 that declined. 57 remained unchanged.
The BSE Mid-Cap index rose 1.89% to 7,076.85 while the BSE Small-Cap index advanced 1.82% to 8,556.20. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2915 crore at 12:30 IST as compared to Rs 2015 crore by 11:30 IST
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India's largest private sector aluminium manufacturer in terms of sales Hindalco Industries surged 4.97% to Rs 183.70 on 4.61 lakh shares. It was the top gainer from Sensex pack.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 2.67% to Rs 502.60), TCS (up 0.75% to Rs 934.30), Wipro (up 0.27% to Rs 507.95), and Infosys Technologies (up 1.27% to Rs 1795), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
DLF, the country’s largest real estate developer in terms of market capitalisation rose 1.95% to Rs 633.90 on reports that the company will file papers for $2 billion real estate investment trust (REIT) with the Singapore authorities next month.
Jaiprakash Associates (up 4.30% to Rs 257), Reliance Infrastructure (up 4.60% to Rs 1419.50), and Tata Steel (up 2.75% to Rs 865.55), edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 0.26% to Rs 2561.10 on 2.53 lakh shares. The stock moved in a range of Rs 2544 and Rs 2570 so far during the day.
Oil exploration heavyweights corrected today, as soaring crude oil prices took a pause after recent rally. Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slipped 1% to Rs 1018.50 on 1.64 lakh shares. It was the top loser from Sensex pack.
Cairn India, the country’s largest private sector oil exploration company lost 4.93% to Rs 288.
Bharti Airtel, the country’s largest telecom services provider in terms of market capitalisation slipped 0.91% to Rs 830.60. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.
Ranbaxy Laboratories (down 0.25% to Rs 492.65), and Hindustan Unilever (down 0.65% to Rs 245.50), edged lower from Sensex pack.
Recently listed Aishwarya Telecom jumped 6.71% to Rs 105.50 on huge volume of 3.70 crore shares.
Among the other side counters, Rallis India slipped 2.92% to Rs 436.95 after it went Rs 16 per share ex-dividend from today.
Everest Kanto Cylinder rose 1.15% to Rs 334 after the company said EKC Industries (Tianjin), a wholly owned subsidiary of the company in China, has successfully completed the trial production phase.
MphasiS jumped 9.45% to Rs 241.50 on reports Hewlett-Packard was in talks to buy outsourcing firm Electronic Data Systems, which owns a majority stake in the Indian software firm. If the deal fructifies, it will trigger the mandatory open offer for 20% stake in Mphasis, as per the Securities & Exchange Board of India (Sebi) takeover regulation. EDS holds 60.89% stake in MphasiS.
Thermax gained 1.23% to Rs 469.95 on reports the company plans to invest over Rs 200 crore in this financial year for expansion purpose.
Asian markets were trading higher barring China’s Shanghai Composite which fell 2.02% at 3,553.87 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.69% at 25,237.25), Nikkei 225 Average (up 1.53% at 13,953.73), Straits Times (up 0.98% at 3,211.24), Seoul Composite (up 1.05% at 1,842.80), Taiwan Weighted (up 1.81% at 8,989.15) advanced.
Sensex breaches 17,000
The market opened on a firm note on positive cues from global markets, with the Sensex surging past 17,000 mark in opening trade. Fall in crude oil prices from record high also lifted the sentiment.
At 10:28 IST, the 30-share BSE Sensex was up 157.50 points or 0.93% at 17,013.18. It opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,033.83 in early trade. At the day’s high, Sensex 172.93 gained points. Sensex rose 90.05 points at day’s low of 16,951.95 touched in early trade
The broader based S&P CNX Nifty gained 36.75 points or 0.73% at 5,049.20
The market breadth was strong on BSE with 1302 shares advancing as compared to 315 that declined. 27 remained unchanged.
The total turnover on BSE amounted to Rs 912 crore
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India's largest private sector aluminium manufacturer in terms of sales Hindalco Industries surged 4% to Rs 182 on 1.50 lakh shares. It was the top gainer from Sensex pack.
Jaiprakash Associates (up 3.69% to Rs 255.50), Reliance Infrastructure (up 3.30% to Rs 1401.90), and DLF (up 2.27% to Rs 636), edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up marginally by 0.06% to Rs 2556 on 81,402 shares.
India’s largest cigarette manufacturer in terms of sales ITC declined 1.35% to Rs 220.80 on 40,109 shares. It was the top loser from Sensex pack.
Bharti Airtel, the country’s largest telecom services provider in terms of market capitalisation slipped 0.91% to Rs 830.60. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.
ONGC (down 0.47% to Rs 1024), and Mahindra & Mahindra (down 0.22% to Rs 661), edged lower from Sensex pack.
Recently listed Aishwarya Telecom jumped 4.09% to Rs 103.10 on high volumes of 86.20 lakh shares.
Among the side counters, MphasiS (up 10% to Rs 242.75), Futura Polyester (up 9.98% to Rs 33.60), and UCO Bank (up 8.84% to Rs 48.15), surged
Asian markets were trading higher barring China’s Shanghai Composite which fell 2.58% at 3,533.54 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.66% at 25,227.91), Nikkei 225 Average (up 1.36% at 13,930.77), Straits Times (up 0.28% at 3,189.10), Seoul Composite (up 0.52% at 1,833.21), Taiwan Weighted (up 1.43% at 8,955.96) advanced.
At 10:28 IST, the 30-share BSE Sensex was up 157.50 points or 0.93% at 17,013.18. It opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,033.83 in early trade. At the day’s high, Sensex 172.93 gained points. Sensex rose 90.05 points at day’s low of 16,951.95 touched in early trade
The broader based S&P CNX Nifty gained 36.75 points or 0.73% at 5,049.20
The market breadth was strong on BSE with 1302 shares advancing as compared to 315 that declined. 27 remained unchanged.
The total turnover on BSE amounted to Rs 912 crore
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India's largest private sector aluminium manufacturer in terms of sales Hindalco Industries surged 4% to Rs 182 on 1.50 lakh shares. It was the top gainer from Sensex pack.
Jaiprakash Associates (up 3.69% to Rs 255.50), Reliance Infrastructure (up 3.30% to Rs 1401.90), and DLF (up 2.27% to Rs 636), edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up marginally by 0.06% to Rs 2556 on 81,402 shares.
India’s largest cigarette manufacturer in terms of sales ITC declined 1.35% to Rs 220.80 on 40,109 shares. It was the top loser from Sensex pack.
Bharti Airtel, the country’s largest telecom services provider in terms of market capitalisation slipped 0.91% to Rs 830.60. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.
ONGC (down 0.47% to Rs 1024), and Mahindra & Mahindra (down 0.22% to Rs 661), edged lower from Sensex pack.
Recently listed Aishwarya Telecom jumped 4.09% to Rs 103.10 on high volumes of 86.20 lakh shares.
Among the side counters, MphasiS (up 10% to Rs 242.75), Futura Polyester (up 9.98% to Rs 33.60), and UCO Bank (up 8.84% to Rs 48.15), surged
Asian markets were trading higher barring China’s Shanghai Composite which fell 2.58% at 3,533.54 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.66% at 25,227.91), Nikkei 225 Average (up 1.36% at 13,930.77), Straits Times (up 0.28% at 3,189.10), Seoul Composite (up 0.52% at 1,833.21), Taiwan Weighted (up 1.43% at 8,955.96) advanced.
Pre Market Report 13/05/2008
Indian equities are geared for higher opening today, 13 May 2008 following firm cues from global markets. Retreating crude oil prices from record high may also lift the sentiment.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1680 companies showed 18.40% rise in net profit on 22.80% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.80% rise in net profit on 23.60% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading higher barring China's Shanghai Composite which fell 49.42 points or 1.36% at 3,577.56 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.03% at 25,071.43), Nikkei 225 Average (up 0.64% at 13,831.85), Straits Times (up 0.28% at 3,189.10), Seoul Composite (up 0.05% at 1,824.60), Taiwan Weighted (up 1.43% at 8,955.96) advanced.
US markets rallied yesterday, 12 May 2008 led by financials and technology stocks after the world's largest bond insurer MBIA said it has enough cash to cover claims. Also the drop in oil prices helped ease investors` worries about inflation`s impact on consumer spending.
The Dow Jones industrial average rose 130.43 points, or 1.02%, to 12,876.31. The Nasdaq Composite index rose 42.97 points, or 1.76%, to 2,488.49.
Back home, frenzied buying in late trade helped market snap its five-day slide yesterday, 12 May 2008. The 30-share BSE Sensex rose 123.83 points or 0.74% to 16,860.90 and the broader based S&P CNX Nifty was up 30.05 points or 0.60% at 5,012.65, on that day.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1680 companies showed 18.40% rise in net profit on 22.80% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.80% rise in net profit on 23.60% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading higher barring China's Shanghai Composite which fell 49.42 points or 1.36% at 3,577.56 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.03% at 25,071.43), Nikkei 225 Average (up 0.64% at 13,831.85), Straits Times (up 0.28% at 3,189.10), Seoul Composite (up 0.05% at 1,824.60), Taiwan Weighted (up 1.43% at 8,955.96) advanced.
US markets rallied yesterday, 12 May 2008 led by financials and technology stocks after the world's largest bond insurer MBIA said it has enough cash to cover claims. Also the drop in oil prices helped ease investors` worries about inflation`s impact on consumer spending.
The Dow Jones industrial average rose 130.43 points, or 1.02%, to 12,876.31. The Nasdaq Composite index rose 42.97 points, or 1.76%, to 2,488.49.
Back home, frenzied buying in late trade helped market snap its five-day slide yesterday, 12 May 2008. The 30-share BSE Sensex rose 123.83 points or 0.74% to 16,860.90 and the broader based S&P CNX Nifty was up 30.05 points or 0.60% at 5,012.65, on that day.
Asian markets trading with marginal gain
After US markets closed on high node, Asian markets opens in green but not gaining significantly
Nikkei 225 13,831.85 +88.49 +0.64%
Hang Seng 25,044.91 -18.26 -0.07%
Straits Times 3,193.46 +13.30 +0.42%
Nikkei 225 13,831.85 +88.49 +0.64%
Hang Seng 25,044.91 -18.26 -0.07%
Straits Times 3,193.46 +13.30 +0.42%
US closes in Green
All us markets closed more than 1% up in green.
Dow 12,876.31 +130.43 +1.02%
Nasdaq 2,488.49 +42.97 +1.76%
S&P 500 1,403.58 +15.30 +1.10%
Dow 12,876.31 +130.43 +1.02%
Nasdaq 2,488.49 +42.97 +1.76%
S&P 500 1,403.58 +15.30 +1.10%
Monday, May 12, 2008
Post Market Report 12.08.2008
Frenzied buying in late trade helped market snap its five-day loosing streak. Firm European and Asian markets boosted the sentiment further. However the gains came on the back of series of gyrations in choppy trade. The market, which had opened lower tracking weak US markets on Friday, 9 May 2008, accentuated fall in afternoon trade triggered by dismal industrial production data. Both the niche indices – BSE Sensex and S&P CNX Nifty galloped past key levels of 16,800 and 5,000 respectively.
The 30-share BSE Sensex was up 139.85 points or 0.84% to 16,876.92, as per provisional closing. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 160.29 points at the day's high of 16,897.36 hit in late trade.
The broader based S&P CNX Nifty was up 38.70 points or 0.78% at 5,021.30, as per provisional closing.
The industrial production growth dropped sharply to 3% in March 2008. Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
Despite the rally, the market breadth remained weak indicating limited participation. On BSE, 1746 shares declined as compared to 951 that advanced. 51 remained unchanged.
The BSE Mid-Cap index was down 0.67% to 6,945.91 while the BSE Small-Cap index shed 1.20% to 8,403.56, as per provisional closing. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 5971 crore as compared to Rs 4414 crore by 14:30 IST
Among the 30-member Sensex pack, 22 gained while the rest slipped.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 5.44% to Rs 495 on 6.10 lakh shares. It was the top gainer from Sensex pack. Ranbaxy Laboratories signed a deal to develop new anti-infective drugs for U.S.-based Merck & Co Inc. As per the deal, Ranbaxy will carry out drug discovery and clinical development through Phase IIa clinical trials, while Merck will be responsible for the development and commercialisation.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 3.72% to Rs 491), TCS (up 1.08% to Rs 927.40), Wipro (up 1.60% to Rs 509.20), and Infosys Technologies (up 1% to Rs 1768), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2480 and settled 1.08% higher to Rs 2555 on 8.44 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India settled 1% lower at Rs 1659, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank rose 0.22% to Rs 876, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.72% to Rs 1476.90 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC gained 0.34% to Rs 192.50 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.76% to Rs 2252 on 44,431 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 1.77% to Rs 246.85, off day’s low of Rs 235), ACC (down 1.26% to Rs 703, off day’s low of Rs 690), and Hindustan Unilever (down 1.40% to Rs 246.95, off day’s low of Rs 242.25), though in the red were off their day’s low.
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 4.51% to Rs 358), Hindustan Petroleum Corporation (down 2.08% to Rs 237.25), and Indian Oil Corporation (down 4.71% to Rs 421.80), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India galloped 11.63% to Rs 305.80, also its all time high buoyed by anticipation that higher crude oil prices will boost realisations.
Recently listed Aishwarya Telecom spurted 13.79% to Rs 98.20 on huge volumes of 6.07 crore shares on momentum buying.
The 30-share BSE Sensex was up 139.85 points or 0.84% to 16,876.92, as per provisional closing. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 160.29 points at the day's high of 16,897.36 hit in late trade.
The broader based S&P CNX Nifty was up 38.70 points or 0.78% at 5,021.30, as per provisional closing.
The industrial production growth dropped sharply to 3% in March 2008. Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
Despite the rally, the market breadth remained weak indicating limited participation. On BSE, 1746 shares declined as compared to 951 that advanced. 51 remained unchanged.
The BSE Mid-Cap index was down 0.67% to 6,945.91 while the BSE Small-Cap index shed 1.20% to 8,403.56, as per provisional closing. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 5971 crore as compared to Rs 4414 crore by 14:30 IST
Among the 30-member Sensex pack, 22 gained while the rest slipped.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 5.44% to Rs 495 on 6.10 lakh shares. It was the top gainer from Sensex pack. Ranbaxy Laboratories signed a deal to develop new anti-infective drugs for U.S.-based Merck & Co Inc. As per the deal, Ranbaxy will carry out drug discovery and clinical development through Phase IIa clinical trials, while Merck will be responsible for the development and commercialisation.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 3.72% to Rs 491), TCS (up 1.08% to Rs 927.40), Wipro (up 1.60% to Rs 509.20), and Infosys Technologies (up 1% to Rs 1768), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2480 and settled 1.08% higher to Rs 2555 on 8.44 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India settled 1% lower at Rs 1659, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank rose 0.22% to Rs 876, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.72% to Rs 1476.90 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC gained 0.34% to Rs 192.50 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.76% to Rs 2252 on 44,431 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 1.77% to Rs 246.85, off day’s low of Rs 235), ACC (down 1.26% to Rs 703, off day’s low of Rs 690), and Hindustan Unilever (down 1.40% to Rs 246.95, off day’s low of Rs 242.25), though in the red were off their day’s low.
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 4.51% to Rs 358), Hindustan Petroleum Corporation (down 2.08% to Rs 237.25), and Indian Oil Corporation (down 4.71% to Rs 421.80), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India galloped 11.63% to Rs 305.80, also its all time high buoyed by anticipation that higher crude oil prices will boost realisations.
Recently listed Aishwarya Telecom spurted 13.79% to Rs 98.20 on huge volumes of 6.07 crore shares on momentum buying.
State run oil marketing companies bleed as crude hovers near record high
The market gyrated in a narrow range in mid-afternoon trade after suffering sharp losses in earlier part of the day triggered by dismal industrial production data. The industrial production growth dropped sharply to 3% in March 2008. Weak US markets on Friday, 9 May 2008 had dampened sentiment in early trade. However firm European and Asian markets, helped market reverse early losses
At 14:28 IST, the 30-share BSE Sensex was down 2.78 points or 0.02% to 16,734.29. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 45.55 points at the day's high of 16,782.62 struck in afternoon trade.
The broader based S&P CNX Nifty was down 13.90 points or 0.28% at 4,968.70.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1972 shares declining as compared to 661 that advanced. 48 remained unchanged.
The BSE Mid-Cap index was down 1.76% to 6,869.64 while the BSE Small-Cap index shed 1.84% to 8,349.22. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 4414 crore by 14:30 IST as compared to Rs 3418 crore by 13:30 IST
Among the 30-member Sensex pack, 17 declined while the rest gained.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 4.38% to Rs 490 on 2.88 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 0.95% to Rs 1767.10), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) retraced from day’s low of Rs 2480 and was now up 0.16% to Rs 2531.70 on 6.70 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.41% to Rs 1652, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.52% to Rs 1459.55 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC declined 0.34% to Rs 191.15 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.64% to Rs 2254.80 on 23,286 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.15% to Rs 243.40, off day’s low of Rs 235), ACC (down 2.36% to Rs 695.20, off day’s low of Rs 690), and DLF (down 2.10% to Rs 617.20, off day’s low of Rs 607.75), though in the red were off their day’s low.
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.85% to Rs 353), Hindustan Petroleum Corporation (down 2.60% to Rs 236), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 9.03% to Rs 298.70 after striking an all time high of Rs 302.10 buoyed by anticipation that higher crude oil prices will boost realisations.
Novartis India declined 1.40% to Rs 303 on reporting 10% fall in net profit to Rs 21.53 crore on 5.4% growth in net sales to Rs 130.56 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during after trading hours on Friday, 9 May 2008.
JBM Auto surged 2.69% to Rs 45.80 after the company said it has signed a joint venture with Ashok Leyland to supply sheet metal components. The company made this announcement during trading hours today, 12 May 2008
At 14:28 IST, the 30-share BSE Sensex was down 2.78 points or 0.02% to 16,734.29. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 45.55 points at the day's high of 16,782.62 struck in afternoon trade.
The broader based S&P CNX Nifty was down 13.90 points or 0.28% at 4,968.70.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1972 shares declining as compared to 661 that advanced. 48 remained unchanged.
The BSE Mid-Cap index was down 1.76% to 6,869.64 while the BSE Small-Cap index shed 1.84% to 8,349.22. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 4414 crore by 14:30 IST as compared to Rs 3418 crore by 13:30 IST
Among the 30-member Sensex pack, 17 declined while the rest gained.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 4.38% to Rs 490 on 2.88 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 0.95% to Rs 1767.10), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) retraced from day’s low of Rs 2480 and was now up 0.16% to Rs 2531.70 on 6.70 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.41% to Rs 1652, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.52% to Rs 1459.55 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC declined 0.34% to Rs 191.15 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.64% to Rs 2254.80 on 23,286 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.15% to Rs 243.40, off day’s low of Rs 235), ACC (down 2.36% to Rs 695.20, off day’s low of Rs 690), and DLF (down 2.10% to Rs 617.20, off day’s low of Rs 607.75), though in the red were off their day’s low.
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.85% to Rs 353), Hindustan Petroleum Corporation (down 2.60% to Rs 236), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 9.03% to Rs 298.70 after striking an all time high of Rs 302.10 buoyed by anticipation that higher crude oil prices will boost realisations.
Novartis India declined 1.40% to Rs 303 on reporting 10% fall in net profit to Rs 21.53 crore on 5.4% growth in net sales to Rs 130.56 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during after trading hours on Friday, 9 May 2008.
JBM Auto surged 2.69% to Rs 45.80 after the company said it has signed a joint venture with Ashok Leyland to supply sheet metal components. The company made this announcement during trading hours today, 12 May 2008
Firm European markets trigger recovery
Firm opening of European markets, which opened after Indian market, lifted sentiment in afternoon trade. The market had suffered a sharp fall in early afternoon trade triggered by dismal industrial production data. The industrial production growth dropped sharply to 3% in March 2008.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 13:28 IST, the 30-share BSE Sensex was almost unchanged at 16,737.51. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 10.70 points or 0.21% at 4,971.90.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1998 shares declining as compared to 555 that advanced. 44 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.17% to 8,321.08. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 3418 crore by 13:30 IST as compared to Rs 2746 crore by 12:30 IST
Among the 30-member Sensex pack, 18 declined while the rest gained.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 18,559 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 1.55% to Rs 1311.50, off day’s low of Rs 1275.10), and DLF (down 2.15% to Rs 616.90, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.74% to Rs 2509 on 5.10 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.12% to Rs 1657, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.20% to Rs 1455 recovering from session's low of Rs 1430.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories advanced 2.89% to Rs 482.55 on 1.79 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 1.97% to Rs 1784.90), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 290.01 crore followed by Reliance Petroleum (Rs 193.03 crore), Reliance Capital (Rs 169.93 crore), Reliance Industries (Rs 129.51 crore), and Cairn India (Rs 111.48 crore), in that order
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.14% to Rs 355.65), Hindustan Petroleum Corporation (down 3.65% to Rs 233.45), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 5.88% to Rs 290.05 after striking an all time high of Rs 292.10 buoyed by anticipation that higher crude oil prices will boost realisations.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 13:28 IST, the 30-share BSE Sensex was almost unchanged at 16,737.51. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 10.70 points or 0.21% at 4,971.90.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1998 shares declining as compared to 555 that advanced. 44 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.17% to 8,321.08. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 3418 crore by 13:30 IST as compared to Rs 2746 crore by 12:30 IST
Among the 30-member Sensex pack, 18 declined while the rest gained.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 18,559 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 1.55% to Rs 1311.50, off day’s low of Rs 1275.10), and DLF (down 2.15% to Rs 616.90, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.74% to Rs 2509 on 5.10 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.12% to Rs 1657, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.20% to Rs 1455 recovering from session's low of Rs 1430.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories advanced 2.89% to Rs 482.55 on 1.79 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 1.97% to Rs 1784.90), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 290.01 crore followed by Reliance Petroleum (Rs 193.03 crore), Reliance Capital (Rs 169.93 crore), Reliance Industries (Rs 129.51 crore), and Cairn India (Rs 111.48 crore), in that order
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.14% to Rs 355.65), Hindustan Petroleum Corporation (down 3.65% to Rs 233.45), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 5.88% to Rs 290.05 after striking an all time high of Rs 292.10 buoyed by anticipation that higher crude oil prices will boost realisations.
Market slides after dismal industrial production data
The market which had recouped its earlier entire losses to post gains dropped once agian in early afternoon trade as industrial production data hit market at about 12:00 IST. The industrial production growth dropped sharply to 3% in March 2008.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 12:28 IST, the 30-share BSE Sensex was down 132.45 points or 0.79% at 16,607.92. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 49.25 points or 0.99% at 4,933.25.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1977 shares declining as compared to 487 that advanced. 39 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.28% to 8,312.09. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 2746 crore by 12:30 IST as compared to Rs 1616 crore by 11:30 IST
Among the 30-member Sensex pack, 23 declined while the rest gained.
Banking stocks were trading lower. State bank of India (down 1.72% to Rs 1646.80), ICICI Bank (down 0.60% to Rs 868.80), and HDFC Bank (down 0.15% to Rs 1450.50), declined.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 11213 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and DLF (down 2.51% to Rs 614.55, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.05% to Rs 2501 on 4.26 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.08% to Rs 658.25. The company said on Friday, 9 May 2008, it is hiking vehicle prices in the range of 1.5% to 2.5% due to rise in input costs. The price hikes will come into effect from 19 May 2008.
IT stocks retraced after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.13% to Rs 483.50, off day’s high of Rs 490.70. 4.56 lakh shares changed hands on the counter on BSE. It was the top gainer from Sensex pack.
TCS (down 0.19% to Rs 915.70, off day’s high of Rs 934) and Wipro (down 0.05% to Rs 500.95, off day’s high of Rs 495.50) and Infosys Technologies (down 1.16% to Rs 1730.20, off day’s high of Rs 1779.70) declined.
Ranbaxy Laboratories (up 1.60% to Rs 476.95), and ITC (up 0.37% to Rs 219.10), edged higher from Sensex pack.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 238.97 crore followed by Reliance Petroleum (Rs 163.36 crore), Reliance Capital (Rs 142.66 crore), Reliance Industries (Rs 111.67 crore), and Reliance Natural Resources (Rs 89.79 crore), in that order
Indiabulls Real Estate slumped 6.38% to Rs 506 despite reports that the company is planning to invest Rs 1000 crore to expand its retail business in the next 2-½ years.
Tata Metaliks declined 2.65% to Rs 170.65 following reports the company is planning to invest Rs 1000 crore to build a 0.8 million tonnes plant for manufacturing long products in the state Karnataka.
Mysore Cements rose 4.35% to Rs 38.20 after the company’s board gave its approval to amalgamation of Indorama Cement and Heidelberg Cement India with the company. The company announced this after market hours on Friday 9 May 2008.
Asian Paints slipped 1.57% to Rs 1200 despite posting 22.8% rise in net profit to Rs 84.84 crore on 18.84% increase in total income to Rs 879.71 crore in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Friday, 9 May 2008.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 12:28 IST, the 30-share BSE Sensex was down 132.45 points or 0.79% at 16,607.92. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 49.25 points or 0.99% at 4,933.25.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1977 shares declining as compared to 487 that advanced. 39 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.28% to 8,312.09. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 2746 crore by 12:30 IST as compared to Rs 1616 crore by 11:30 IST
Among the 30-member Sensex pack, 23 declined while the rest gained.
Banking stocks were trading lower. State bank of India (down 1.72% to Rs 1646.80), ICICI Bank (down 0.60% to Rs 868.80), and HDFC Bank (down 0.15% to Rs 1450.50), declined.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 11213 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and DLF (down 2.51% to Rs 614.55, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.05% to Rs 2501 on 4.26 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.08% to Rs 658.25. The company said on Friday, 9 May 2008, it is hiking vehicle prices in the range of 1.5% to 2.5% due to rise in input costs. The price hikes will come into effect from 19 May 2008.
IT stocks retraced after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.13% to Rs 483.50, off day’s high of Rs 490.70. 4.56 lakh shares changed hands on the counter on BSE. It was the top gainer from Sensex pack.
TCS (down 0.19% to Rs 915.70, off day’s high of Rs 934) and Wipro (down 0.05% to Rs 500.95, off day’s high of Rs 495.50) and Infosys Technologies (down 1.16% to Rs 1730.20, off day’s high of Rs 1779.70) declined.
Ranbaxy Laboratories (up 1.60% to Rs 476.95), and ITC (up 0.37% to Rs 219.10), edged higher from Sensex pack.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 238.97 crore followed by Reliance Petroleum (Rs 163.36 crore), Reliance Capital (Rs 142.66 crore), Reliance Industries (Rs 111.67 crore), and Reliance Natural Resources (Rs 89.79 crore), in that order
Indiabulls Real Estate slumped 6.38% to Rs 506 despite reports that the company is planning to invest Rs 1000 crore to expand its retail business in the next 2-½ years.
Tata Metaliks declined 2.65% to Rs 170.65 following reports the company is planning to invest Rs 1000 crore to build a 0.8 million tonnes plant for manufacturing long products in the state Karnataka.
Mysore Cements rose 4.35% to Rs 38.20 after the company’s board gave its approval to amalgamation of Indorama Cement and Heidelberg Cement India with the company. The company announced this after market hours on Friday 9 May 2008.
Asian Paints slipped 1.57% to Rs 1200 despite posting 22.8% rise in net profit to Rs 84.84 crore on 18.84% increase in total income to Rs 879.71 crore in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Friday, 9 May 2008.
Market recovers ahead of industrial production data
The market rebounded from early lows as pivotals staged a comeback ahead of the industrial production data which will be released by noon today, 12 May 2008. The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 11:28 IST, the 30-share BSE Sensex was down 45.27 points or 0.27% at 16,691.80. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 18.20 points or 0.37% at 4,964.40.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1889 shares declining as compared to 419 that advanced. 37 remained unchanged.
The BSE Mid-Cap index was down 2.32% to 6,830.52 while the BSE Small-Cap index shed 2.47% to 8,295.18. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 1616 crore by 11:30 IST as compared to Rs 869 crore by 10:30 IST
Among the 30-member Sensex pack, 19 declined while the rest gained.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.86% to Rs 653.05 on 14,789 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.10% to Rs 243.50, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and ACC (down 2.53% to Rs 694, off day’s low of Rs 690.15), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.75% to Rs 2508.80 on 1.94 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
IT stocks turned mixed after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.78% to Rs 486.75 on 3.65 lakh shares. It was the top gainer from Sensex pack.
TCS (up 0.74% to Rs 924.25) and Wipro (up 0.56% to Rs 504), also logged gains
However India’s second largest software services exporter Infosys Technologies shed 0.80% to Rs 1736.90, off day’s high of Rs 1779.70.
IT pivotals advanced after Indian rupee fell to the lowest level in almost 13 months. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest state run engineering company in terms of outstanding order book position Bharat Heavy Electricals gained 0.43% to Rs 1732 after the company said it has signed a memorandum of understanding with Andhra Pradesh Power Generation Corp for setting up a 125 megawatt coal-based power plant.
Ranbaxy Laboratories (up 1.41% to Rs 476.05), and ITC (up 1.37% to Rs 221.30), edged higher from Sensex pack.
Power Finance Corporation declined 2.11% to Rs 160.40 on reporting 19.9% fall in net profit to Rs 295.4 crore on 10.39% increase in net sales to Rs 1366.86 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday, 10 May 2008.
Arvind Mills fell 4.7% to Rs 47.60 on posting 0.6% decline in net profit to Rs 5.37 crore on 35.4% rise in sales to Rs 658.37 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday 10 May 2008
At 11:28 IST, the 30-share BSE Sensex was down 45.27 points or 0.27% at 16,691.80. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 18.20 points or 0.37% at 4,964.40.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1889 shares declining as compared to 419 that advanced. 37 remained unchanged.
The BSE Mid-Cap index was down 2.32% to 6,830.52 while the BSE Small-Cap index shed 2.47% to 8,295.18. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 1616 crore by 11:30 IST as compared to Rs 869 crore by 10:30 IST
Among the 30-member Sensex pack, 19 declined while the rest gained.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.86% to Rs 653.05 on 14,789 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.10% to Rs 243.50, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and ACC (down 2.53% to Rs 694, off day’s low of Rs 690.15), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.75% to Rs 2508.80 on 1.94 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
IT stocks turned mixed after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.78% to Rs 486.75 on 3.65 lakh shares. It was the top gainer from Sensex pack.
TCS (up 0.74% to Rs 924.25) and Wipro (up 0.56% to Rs 504), also logged gains
However India’s second largest software services exporter Infosys Technologies shed 0.80% to Rs 1736.90, off day’s high of Rs 1779.70.
IT pivotals advanced after Indian rupee fell to the lowest level in almost 13 months. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest state run engineering company in terms of outstanding order book position Bharat Heavy Electricals gained 0.43% to Rs 1732 after the company said it has signed a memorandum of understanding with Andhra Pradesh Power Generation Corp for setting up a 125 megawatt coal-based power plant.
Ranbaxy Laboratories (up 1.41% to Rs 476.05), and ITC (up 1.37% to Rs 221.30), edged higher from Sensex pack.
Power Finance Corporation declined 2.11% to Rs 160.40 on reporting 19.9% fall in net profit to Rs 295.4 crore on 10.39% increase in net sales to Rs 1366.86 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday, 10 May 2008.
Arvind Mills fell 4.7% to Rs 47.60 on posting 0.6% decline in net profit to Rs 5.37 crore on 35.4% rise in sales to Rs 658.37 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday 10 May 2008
Market drops in early trade
The market opened lower tracking fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green. IT stocks gained as the rupee weakened against the dollar. The market breadth was extremely weak.
At 10:28 IST, the 30-share BSE Sensex was down 112.44 points or 0.67% at 16,624.63. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 51.65 points or 0.92% at 4,936.70.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1448 shares declining as compared to 349 that advanced. 25 remained unchanged.
The total turnover on BSE amounted to Rs 869 crore
Among the 30-member Sensex pack, 22 declined while the rest gained.
India’s largest dam builder Jaiprakash Associates tumbled 5.57% to Rs 237.30 on 6.21 lakh shares. It was the top loser from Sensex pack.
Reliance Energy (down 3.68% to Rs 1283), DLF (down 3% to Rs 611.50), and State Bank of India (down 2.20% to Rs 1638.90), were the other losers from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.72% to Rs 2484.10 on 98,827 shares.
IT stocks gained as the rupee weakened against the dollar. India’s fourth largest software services exporter Satyam Computer Services advanced 2.14% to Rs 483.55 on 1.41 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, TCS (up 1.38% to Rs 930), Wipro (up 0.83% to Rs 505.60), and Infosys Technologies (up 0.14% to Rs 1753), also logged gains
Maruti Suzuki India (up 0.67% to Rs 770), and HDFC (up 1.52% to Rs 2685), edged higher from Sensex pack.
At 10:28 IST, the 30-share BSE Sensex was down 112.44 points or 0.67% at 16,624.63. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 51.65 points or 0.92% at 4,936.70.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1448 shares declining as compared to 349 that advanced. 25 remained unchanged.
The total turnover on BSE amounted to Rs 869 crore
Among the 30-member Sensex pack, 22 declined while the rest gained.
India’s largest dam builder Jaiprakash Associates tumbled 5.57% to Rs 237.30 on 6.21 lakh shares. It was the top loser from Sensex pack.
Reliance Energy (down 3.68% to Rs 1283), DLF (down 3% to Rs 611.50), and State Bank of India (down 2.20% to Rs 1638.90), were the other losers from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.72% to Rs 2484.10 on 98,827 shares.
IT stocks gained as the rupee weakened against the dollar. India’s fourth largest software services exporter Satyam Computer Services advanced 2.14% to Rs 483.55 on 1.41 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, TCS (up 1.38% to Rs 930), Wipro (up 0.83% to Rs 505.60), and Infosys Technologies (up 0.14% to Rs 1753), also logged gains
Maruti Suzuki India (up 0.67% to Rs 770), and HDFC (up 1.52% to Rs 2685), edged higher from Sensex pack.
Markets open weak
The markets have opened weak following negative global cues and selling pressure in metal and banking space.
Anu’s Laboratories Limited IPO
Issue Summary
BID/ISSUE Opens On: MONDAY, MAY 12, 2008
BID/ISSUE Closes On: THURSDAY, MAY 15, 2008
Price Band - Upper Band: Rs 210
Price Band - Lower Band: Rs 200
Face Value: Rs 10 per equity share
Issue Size: 3,820,000 Equity Shares
Issue Size in at Upper Band: Rs 80.22 Cr.
Issue Size in at lower band: Rs 76.40 Cr.
Issue as % of post issue share capital: 27.14
Equity Shares outstanding prior to the Issue: 8,256,000 Equity Shares
Equity Shares outstanding post the issue: 12,076,000 Equity Shares
Listing on: BSE
Market Capitalization at upper band: Rs 253.60 Cr.
Company Background
Anu Laboratory was incorporated in the year 1996 for manufacture of Bulk Active Pharma Ingredients and Intermediates for drug molecules.
Group Companies
Anu's Laboratories Limited has three Group companies: Nitya Laboratories Limited (NLL), Zen Chemi Consultech Private Limited (ZCPL), and Zen Absorptions Private Limited (ZAPL). NLL is a contract manufacturer for Anu's, while ZCPL and ZAPL are unrelated to Anu's. All the three Group companies have incurred losses during the last three financial years.
Company Business
The company started its own manufacturing facilities in the year 1998 from Chilakamarri Village, Shadnagar, Mahboobnagar, District, Andhra Pradesh with manufacturing of 2,4 Dichloro 5 Fluoro Acetophenone (DCFA).
Further with a view to add more products in its product profile Anu entered into contracts in 2004 with Nitya Laboratories Limited for conversion jobs for manufacture of Sodium Methoxide and CIS (+) Hydroxide Lactam.
The Products of Anu's can be divided in three categories
a) Basic Intermediates
b) Advanced Intermediates
c) Fine Chemicals
Anu's supplies these to various drug manufacturers.
Anu's had started export of its products in the year 2002 to Israel followed by exports to other countries like Italy, Japan, France, USA and Singapore. Currently, exports comprise of 19.97% of its total turnover.
The Company has a team of 25 chemists who are engaged in research and development.
IPO Grading / Rating
ICRA has assigned an IPO Grade 2 on a scale of 5, indicating below average fundamentals.
we recommend to avoid the issue
BID/ISSUE Opens On: MONDAY, MAY 12, 2008
BID/ISSUE Closes On: THURSDAY, MAY 15, 2008
Price Band - Upper Band: Rs 210
Price Band - Lower Band: Rs 200
Face Value: Rs 10 per equity share
Issue Size: 3,820,000 Equity Shares
Issue Size in at Upper Band: Rs 80.22 Cr.
Issue Size in at lower band: Rs 76.40 Cr.
Issue as % of post issue share capital: 27.14
Equity Shares outstanding prior to the Issue: 8,256,000 Equity Shares
Equity Shares outstanding post the issue: 12,076,000 Equity Shares
Listing on: BSE
Market Capitalization at upper band: Rs 253.60 Cr.
Company Background
Anu Laboratory was incorporated in the year 1996 for manufacture of Bulk Active Pharma Ingredients and Intermediates for drug molecules.
Group Companies
Anu's Laboratories Limited has three Group companies: Nitya Laboratories Limited (NLL), Zen Chemi Consultech Private Limited (ZCPL), and Zen Absorptions Private Limited (ZAPL). NLL is a contract manufacturer for Anu's, while ZCPL and ZAPL are unrelated to Anu's. All the three Group companies have incurred losses during the last three financial years.
Company Business
The company started its own manufacturing facilities in the year 1998 from Chilakamarri Village, Shadnagar, Mahboobnagar, District, Andhra Pradesh with manufacturing of 2,4 Dichloro 5 Fluoro Acetophenone (DCFA).
Further with a view to add more products in its product profile Anu entered into contracts in 2004 with Nitya Laboratories Limited for conversion jobs for manufacture of Sodium Methoxide and CIS (+) Hydroxide Lactam.
The Products of Anu's can be divided in three categories
a) Basic Intermediates
b) Advanced Intermediates
c) Fine Chemicals
Anu's supplies these to various drug manufacturers.
Anu's had started export of its products in the year 2002 to Israel followed by exports to other countries like Italy, Japan, France, USA and Singapore. Currently, exports comprise of 19.97% of its total turnover.
The Company has a team of 25 chemists who are engaged in research and development.
IPO Grading / Rating
ICRA has assigned an IPO Grade 2 on a scale of 5, indicating below average fundamentals.
we recommend to avoid the issue
Pre Market Report 12/05/2008
Indian equities are braced for weak opening today, following negative global market cues. The record-breaking rally in crude oil may also continue to weigh on investor sentiment. However the key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The spiraling inflation has been a major cause of concern for Indian equities market. The wholesale price index rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week's annual rise of 7.57%, government data showed on Friday, 9 May 2008. The rate was the highest since an annual reading of 7.68% on 13 November 2004. The WPI remained above the 7%-mark (significantly above RBI's revised target of 5.5% for the year) for the past four weeks.
Meanwhile, the Left parties may reportedly issue another warning soon to the ruling United Progressive Alliance (UPA) following the failure of the government to stem burgeoning prices and its efforts to operationalise the Indo-US nuclear deal. The Left parties are slated to meet on 23 May 2008, six days ahead of their ninth round of deliberations with the UPA on the nuclear issue.
The recent rally in crude oil may also continue to weigh on investor sentiment as higher crude prices would result in economy slowing down a bit. U.S. light crude for June delivery rose 18 cents to $126.14 a barrel today, 12 May 2008, as violence in the Middle East heightened worries of supply disruptions in the world's largest crude producing region. It had struck a record high of $126.27 in late trade on Friday, 9 May 2008.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1642 companies showed 18.20% rise in net profit on 22.70% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.40% rise in net profit on 23.50% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading lower today, 12 May 2008. Sanghai Composite index (down 0.63% at 3,590.68), Nikkei 225 Average (down 0.17% at 13,632.04), Straits Times index (down 0.03% at 3,161.14), and Taiwan Weighted index (down 0.27% at 8,768.56) declined.
US markets slumped on Friday, 9 May 2008, as American International Group Inc (AIG), the world's largest insurer, reported huge losses while crude oil surged to a new high. The Dow Jones industrial average slipped 120.90 points at 12745.88 and the Nasdaq Composite declined 5.72 points at 2445.52. The S&P 500 index shed 9.40 points to 1,388.28.
Back home, the market tumbled on Friday, 9 May 2008, hit by a series of bad news on the domestic and global front. The 30-share BSE Sensex lost 343.58 points or 2.01% at 16,737.07 while the broader based S&P CNX Nifty lost 99.10 points or 1.95% at 4982.60, on that day.
After four successive weeks of gains, the market went tumbling down on all five sessions of the week ended 9 May 2008, as the bears kept hammering down stocks cutting across sectors almost right through the week. The BSE Sensex plunged 863.05 points or 4.9% to 16,737.07 and the S&P CNX Nifty fell 245.6 points or 4.69% to 4,982.60 in the week ended 9 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 619.34 crore on Friday 9 May 2008. Domestic funds bought shares worth a net Rs 180.16 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 122.49 crore in the futures & options segment on Friday, 9 May 2008. They were net sellers of index futures to the tune of Rs 484.85 crore and bought index options worth Rs 725.67 crore. They were net sellers of stock futures to the tune of Rs 85.18 crore and sold stock options worth Rs 33.15 crore.
The spiraling inflation has been a major cause of concern for Indian equities market. The wholesale price index rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week's annual rise of 7.57%, government data showed on Friday, 9 May 2008. The rate was the highest since an annual reading of 7.68% on 13 November 2004. The WPI remained above the 7%-mark (significantly above RBI's revised target of 5.5% for the year) for the past four weeks.
Meanwhile, the Left parties may reportedly issue another warning soon to the ruling United Progressive Alliance (UPA) following the failure of the government to stem burgeoning prices and its efforts to operationalise the Indo-US nuclear deal. The Left parties are slated to meet on 23 May 2008, six days ahead of their ninth round of deliberations with the UPA on the nuclear issue.
The recent rally in crude oil may also continue to weigh on investor sentiment as higher crude prices would result in economy slowing down a bit. U.S. light crude for June delivery rose 18 cents to $126.14 a barrel today, 12 May 2008, as violence in the Middle East heightened worries of supply disruptions in the world's largest crude producing region. It had struck a record high of $126.27 in late trade on Friday, 9 May 2008.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1642 companies showed 18.20% rise in net profit on 22.70% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.40% rise in net profit on 23.50% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading lower today, 12 May 2008. Sanghai Composite index (down 0.63% at 3,590.68), Nikkei 225 Average (down 0.17% at 13,632.04), Straits Times index (down 0.03% at 3,161.14), and Taiwan Weighted index (down 0.27% at 8,768.56) declined.
US markets slumped on Friday, 9 May 2008, as American International Group Inc (AIG), the world's largest insurer, reported huge losses while crude oil surged to a new high. The Dow Jones industrial average slipped 120.90 points at 12745.88 and the Nasdaq Composite declined 5.72 points at 2445.52. The S&P 500 index shed 9.40 points to 1,388.28.
Back home, the market tumbled on Friday, 9 May 2008, hit by a series of bad news on the domestic and global front. The 30-share BSE Sensex lost 343.58 points or 2.01% at 16,737.07 while the broader based S&P CNX Nifty lost 99.10 points or 1.95% at 4982.60, on that day.
After four successive weeks of gains, the market went tumbling down on all five sessions of the week ended 9 May 2008, as the bears kept hammering down stocks cutting across sectors almost right through the week. The BSE Sensex plunged 863.05 points or 4.9% to 16,737.07 and the S&P CNX Nifty fell 245.6 points or 4.69% to 4,982.60 in the week ended 9 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 619.34 crore on Friday 9 May 2008. Domestic funds bought shares worth a net Rs 180.16 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 122.49 crore in the futures & options segment on Friday, 9 May 2008. They were net sellers of index futures to the tune of Rs 484.85 crore and bought index options worth Rs 725.67 crore. They were net sellers of stock futures to the tune of Rs 85.18 crore and sold stock options worth Rs 33.15 crore.
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