Reliance Communications has got approval from the market regulator for an initial public offer of 10 percent of its telecom tower unit, two people familiar with the development said on Thursday.
One source said the IPO could raise up to $1.4 billion.
"The comments have come from the SEBI," a banking source with direct knowledge of the deal said. "That means the company can go ahead with the IPO, taking into account the comments."
He did not give details of the comments from the Securities and Exchange Board of India (SEBI).
A spokesman for SEBI could not be reached immediately.
Reliance Communications, part of the Anil Dhirubhai Ambani Group, has said it planned to sell 89.2 million shares in Reliance Infratel, or 10.05 percent of the post-issue capital, in the IPO.
Reliance Infratel owns mobile towers and other infrastructure.
"SEBI has approved the prospectus. Now it will go to the Registrar of Companies," said a second source, who also had direct knowledge of the issue.
"Plans are to raise 50-60 billion rupees ($1.2-$1.4 billion)," he said.
Friday, May 16, 2008
Results on 16th May 2008
SAIL, Bank of India, Edelweiss Cap, HT Media, Redington, Tata Inv Corp, Texmaco, Bongaigaon Ref, Shriram EPC
Torrent Power Q4 PAT at Rs 50.46 cr
Torrent Power has announced its Q4 FY08 results. Its net profit was at Rs 50.46 crore versus 44.32 crore. Its total income was at Rs 948 crore versus Rs 776.2 crore.
Asia trading in positive range
After US closed high, Asian markets also opened high but could not sustain higher levels
@8.00AM IST
Nikkei 225 14,273.71 +21.97 +0.15%
Hang Seng 25,591.94 +78.23 +0.31%
Straits Times 3,225.58 +18.15 +0.57%
@8.00AM IST
Nikkei 225 14,273.71 +21.97 +0.15%
Hang Seng 25,591.94 +78.23 +0.31%
Straits Times 3,225.58 +18.15 +0.57%
US markets end high
US markets surged after a weak opening. Ended in a high note
Dow 12,992.66 +94.28 +0.73%
Nasdaq 2,533.73 +37.03 +1.48%
S&P 500 1,423.57 +14.91 +1.06%
Dow 12,992.66 +94.28 +0.73%
Nasdaq 2,533.73 +37.03 +1.48%
S&P 500 1,423.57 +14.91 +1.06%
Thursday, May 15, 2008
Nelco Q4 net profit up at Rs 9.2 cr
Nelco has decalred its fourth quarter results. The company's Q4 net profit was up at Rs 9.2 crore from Rs 4.3 crore.
Its sales were up at Rs 95.7 crore from Rs 35 crore.
Its sales were up at Rs 95.7 crore from Rs 35 crore.
Chennai Petroleum Q4 net profit at Rs 343.9 cr
Chennai Petroleum Corporation, CPCL has declared its results for the quarter ended March 2008 (Q4). The company's net sales was at Rs 8399.5 crore versus Rs 5725.2 crore on YoY basis.
During the same quarter it net profit was at Rs 343.9 crore versus Rs 189 crore on YoY basis.
During the same quarter it net profit was at Rs 343.9 crore versus Rs 189 crore on YoY basis.
Voltas FY08 cons net profit at Rs 207.68 cr
Voltas has announced its FY08 results. The company has reported consolidated net profit of Rs 207.68 crore as against Rs 201.58 crore in FY07 and net sales of Rs 3,202.93 crore versus Rs 2,526.74 crore (YoY).
Post Market Report 15.05.2008
The market settled near day's highs helped by late buying frenzy in
index pivotals. Shares from real estate, software and capital goods
were at the forefront of the rally. Total turnover surged. A
cooling off of crude oil prices, which had soared to record high
near $127 a barrel earlier in the week, and firm Asian markets,
supported the market sentiment. European markets, which opened
after Indian markets, recovered after shaky start and were trading
flat.
The 30-share BSE Sensex surged 375.19 points or 2.21% at 17,353.54.
It opened 137.84 points higher at 17,116.19. The barometer index
hit a high of 17,366.19 in late trade. At the day's high, Sensex
gained 387.84 points. Sensex rose 121.03 points at day's low of
17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 103.50 points or 2.07% at
5,115.25. Nifty May 2008 futures were at 5113, a discount of 2.25
points as compared to spot closing.
The barometer index - BSE Sensex has recovered 2544.05 points or
17.17 from recent low of 14,809.49 touched on 17 March 2008.
However the Sensex is still 3853.23 points or 18.16% away from its
all time high of 21206.77 hit on 10 January 2008.
The market breadth was strong on BSE with 1737 shares advancing as
compared to 941 that declined. 78 remained unchanged.
The BSE Mid-Cap index rose 1.29% to 7,079.89 while the BSE
Small-Cap index gained 1.33% to 8,546.41. Both these indices
underperformed the Sensex.
Turnover on BSE surged amounted to Rs 6439 crore as compared to Rs
6,219.35 crore yesterday, 14 May 2008.
Turnover in NSE's futures & options segment amounted to Rs 38196.16
crore as compared to Rs 32919.78 crore yesterday, 14 May 2008.
All sectoral indices on BSE logged gains barring the BSE FMCG index
which shed 0.21% to 2,494.54.
The BSE Oil & Gas index (up 2.65% to 11,205.76), BSE Bankex (up
2.44% at 8,806.01), BSE Capital Goods index (up 3.46% at
13,600.80), BSE Realty index (up 3.41% at 8,042.52), outperformed
the Sensex.
The BSE TecK index (up 1.89% to 3,552.76), BSE IT index (up 1.33%
to 4,486.36), The BSE PSU index (up 1.60% to 7,762.62), BSE Auto
(up 0.25% at 4,730.24), BSE Health Care index (up 0.79% at
4,285.99), BSE Metal index (up 1.86% to 16,740.37), BSE Power (up
2.13% to 3,303.13), and BSE Consumer Durables index (up 0.91% to
4,548.75), underperformed the Sensex.
Among the 30-member Sensex pack, 24 advanced while the rest
slipped.
India's largest private sector engineering company Larsen & Toubro
galloped 5.42% to Rs 2983.90 after French cement producer Lafarge
said on Wednesday it had acquired L&T Concrete at an enterprise
value of 226 million euros ($349.5 million). The deal involves
L&T's 66 concrete plants across India with an estimated volume of
41 lakh cubic meters in 2008. It was the top gainer from Sensex
pack. A total of 4.06 lakh shares changed hands on the counter
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
3.52% to Rs 2619 on 6.88 lakh shares. The stock moved in a range of
Rs 2535 and Rs 2633.15 during the day. As per recent reports, RIL
plans to convert its fuel retail outlets into malls and
multiplexes, and is holding talks with its dealers in Uttar Pradesh
for the same.
Shares from real estate pack advanced, on fresh buying. DLF (up
3.23% to Rs 643.10), Unitech (up 4.63% to Rs 287), Omaxe (up 6.44%
to Rs 228), and Parsvnath Developers (up 4.46% to Rs 219.90),
surged on fresh buying.
India's second largest cellular services provider Reliance
Communications (RCom) jumped 5.40% to Rs 589.50 on reports its
infrastructure arm Reliance Infratel has recieved Securities &
exchange board of India (Sebi)'s approval for public issue.
IT pivotals advanced on fresh buying as the rupee held near
13-month lows against the dollar. India's second largest software
services exporter Infosys Technologies gained 3.46% to Rs 1889.40
after striking an intra-day high of Rs 1908. Infosys has 7.63%
weightage in Sensex and 3.46% weightage in Nifty.
Other IT pivotals, Wipro (up 0.91% to Rs 508.20), and TCS (up 2.02%
to Rs 989.55), also logged gains. The partially convertible rupee
was at 42.35/36 per dollar, stronger than yesterday's close of
42.45/46.
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, recovered from early low of Rs 465.10, to settle
3.61% lower at Rs 483. The counter clocked high volumes of 32.90
lakh shares. It was the top loser from Sensex pack. As per reports
Satyam Computer Services could have to pay penalties in excess of
$1 billion if it loses a case to one of its former customers, Upaid
Systems, in the US federal Court in Texas.
ICICI Bank (up 3.93% to Rs 931.50), Hindalco Industries (up 5.30%
to Rs 202.50) and Maruti Suzuki India (up 3.05% to Rs 821.50) edged
higher from Sensex pack.
However, Tata Motors (down 1.14% to Rs 664.90), Hindustan Unilever
(down 1.05% to Rs 240.55), and Tata Steel (down 0.49% to Rs 882.05)
edged lower from Sensex pack.
Recently listed Aishwarya Telecom was up 0.28% to Rs 124.80 after
seeing volatile swings between day's low and high of Rs 118.20 and
Rs 135.50 respectively. The counter clocked high volumes of 7.02
crore shares.
Other volume toppers were IFCI (2.19 crore shares), Ispat
Industries (1.09 crore shares), Cybermate Infotec (1.08 crore
shares) and Reliance Natural Resources (1.03 crore shares) in that
order.
Aishwarya Telecom was also the top traded counter on BSE with
turnover of Rs 883.06 crore followed by Reliance Communications (Rs
258.56 crore), Reliance Industries (Rs 178.51 crore), Reliance
Petroleum (Rs 161.90 crore), and Satyam Computer Services (Rs
158.28 crore) in that order.
Among the side counters, Jhagadia Copper (up 20% to Rs 12.14),
National Oxygen (up 20% to Rs 57.70), Lumax Industries (up 16.09%
to Rs 188), Alfa Transformer (up 10% to Rs 62), and Indag Rubber
(up 14.78% to Rs 80), surged
However Smruti Organics (down 10.87% to Rs 61.50), JMA Industries
(down 10.09% to Rs 196), and Jumbo Bag (down 9.87% to Rs 30.15),
slipped.
Shares of oil marketing firms were mixed following recent 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 slipped down 0.59% to Rs 337. Hindustan
Petroleum Corporation (up 0.57% to Rs 238.90) and Indian Oil
Corporation (up 0.72% to Rs 400) rose.
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
Industrial and power systems company Crompton Greaves jumped 8.44%
to Rs 246 on reports that the company is expected to take over the
distribution and billing rights for electricity supply to Nagpur
city by end July 2008. The contract has been awarded to the company
for a period of 15 years by the Maharashtra Electricity Regulatory
Commission (MERC).
Kinetic Motor Company hit 5% upper circuit at Rs 29.30 on BSE
despite the company terming recent media reports of Mahindra &
Mahindra planning to acquire the company, as speculative.
Kirloskar Brothers surged 4.20% to Rs 250.30 after the company said
its joint venture firm has received an order worth Rs 933.76 crore
from the Andhra Pradesh state government's Irrigation & CAD
Department for building a pump house. The company made this
announcement after trading hours on Wednesday, 14 May 2008.
Syndicate Bank rose 3.38% to Rs 77.55 after reporting 21% growth in
net profit to Rs 126.26 crore on 22.85% growth in operating income
to Rs 2134 crore in Q4 March 2008 over Q4 March 2007. The bank
announced the result after market hours on 14 May 2008.
Power Finance Corporation was down 0.30% to Rs 155.50 after the
company said it has signed a loan agreement with Exim Bank of US
for $800 million under the latter's India infrastructure facility.
Mercator Lines soared 14.69% to Rs 115.15 after posting 351.7%
surge in net profit to Rs 74.04 crore on 31% growth in net sales to
Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company
announced the results after trading hours on Wednesday, 14 May
2008.
i-flex Solutions dropped 1.80% to Rs 1360 even as the company said
Kotak Mahindra Bank has selected i-flex's wealth management
solution - Flexcube Private Banking to manage relationships with
high net worth individuals. The company made this announcement
during trading hours today, 15 May 2008.
Lanco Infratech rose 0.23% to Rs 515 after the company said on
Wednesday its consortium with Malaysia's Pembinan Radzai had won
rights to build the Vizhinjam Container Port project in Kerala,
estimated to cost Rs 8000 crore. The company made this announcement
after trading hours on Wednesday, 14 May 2008.
BASF India rose 1.22% to Rs 245 after its promoter BASF SE
announced a voluntary open offer to the shareholders of BASF India
to purchase up to 62.9 lakh shares at Rs 274 each. The company made
the announcement before market hours today, 15 May 2008.
Neyveli Lignite Corporation rose 4.45% to Rs 142.10 after the Union
government gave approval to the company for development of 1000
megawatt coal based thermal power project at Tuticorin in Tamil
Nadu. The company made this announcement during market hours today
15 May 2008.
The South-West monsoon is likely to hit Kerala on 29 May 2008, the
Indian Meteorological Department (IMD), yesterday, 14 May 2008,
said. Initial forecast by the Indian Meteorological Department
(IMD) suggest that the crucial South-West monsoon (June-September)
this year will be near normal. Now IMD's second forecast in June
2008 which may also indicate spatial rainfall distribution in the
main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in
turn will help rein in inflation which is currently ruling at a
three-year high. Surging global food prices has been a key driver
of soaring inflation in India in recent weeks. Agricultural output
in India depends on good rains.
European markets, which opened after Indian markets, staged a
comeback after a shaky start and were trading with little change.
Key benchmark indices in United Kingdom (down 0.01% to 6,215.60),
Germany (down 0.13% to 7,074.26) and France (down 0.01% to
5,055.10) declined.
index pivotals. Shares from real estate, software and capital goods
were at the forefront of the rally. Total turnover surged. A
cooling off of crude oil prices, which had soared to record high
near $127 a barrel earlier in the week, and firm Asian markets,
supported the market sentiment. European markets, which opened
after Indian markets, recovered after shaky start and were trading
flat.
The 30-share BSE Sensex surged 375.19 points or 2.21% at 17,353.54.
It opened 137.84 points higher at 17,116.19. The barometer index
hit a high of 17,366.19 in late trade. At the day's high, Sensex
gained 387.84 points. Sensex rose 121.03 points at day's low of
17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 103.50 points or 2.07% at
5,115.25. Nifty May 2008 futures were at 5113, a discount of 2.25
points as compared to spot closing.
The barometer index - BSE Sensex has recovered 2544.05 points or
17.17 from recent low of 14,809.49 touched on 17 March 2008.
However the Sensex is still 3853.23 points or 18.16% away from its
all time high of 21206.77 hit on 10 January 2008.
The market breadth was strong on BSE with 1737 shares advancing as
compared to 941 that declined. 78 remained unchanged.
The BSE Mid-Cap index rose 1.29% to 7,079.89 while the BSE
Small-Cap index gained 1.33% to 8,546.41. Both these indices
underperformed the Sensex.
Turnover on BSE surged amounted to Rs 6439 crore as compared to Rs
6,219.35 crore yesterday, 14 May 2008.
Turnover in NSE's futures & options segment amounted to Rs 38196.16
crore as compared to Rs 32919.78 crore yesterday, 14 May 2008.
All sectoral indices on BSE logged gains barring the BSE FMCG index
which shed 0.21% to 2,494.54.
The BSE Oil & Gas index (up 2.65% to 11,205.76), BSE Bankex (up
2.44% at 8,806.01), BSE Capital Goods index (up 3.46% at
13,600.80), BSE Realty index (up 3.41% at 8,042.52), outperformed
the Sensex.
The BSE TecK index (up 1.89% to 3,552.76), BSE IT index (up 1.33%
to 4,486.36), The BSE PSU index (up 1.60% to 7,762.62), BSE Auto
(up 0.25% at 4,730.24), BSE Health Care index (up 0.79% at
4,285.99), BSE Metal index (up 1.86% to 16,740.37), BSE Power (up
2.13% to 3,303.13), and BSE Consumer Durables index (up 0.91% to
4,548.75), underperformed the Sensex.
Among the 30-member Sensex pack, 24 advanced while the rest
slipped.
India's largest private sector engineering company Larsen & Toubro
galloped 5.42% to Rs 2983.90 after French cement producer Lafarge
said on Wednesday it had acquired L&T Concrete at an enterprise
value of 226 million euros ($349.5 million). The deal involves
L&T's 66 concrete plants across India with an estimated volume of
41 lakh cubic meters in 2008. It was the top gainer from Sensex
pack. A total of 4.06 lakh shares changed hands on the counter
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
3.52% to Rs 2619 on 6.88 lakh shares. The stock moved in a range of
Rs 2535 and Rs 2633.15 during the day. As per recent reports, RIL
plans to convert its fuel retail outlets into malls and
multiplexes, and is holding talks with its dealers in Uttar Pradesh
for the same.
Shares from real estate pack advanced, on fresh buying. DLF (up
3.23% to Rs 643.10), Unitech (up 4.63% to Rs 287), Omaxe (up 6.44%
to Rs 228), and Parsvnath Developers (up 4.46% to Rs 219.90),
surged on fresh buying.
India's second largest cellular services provider Reliance
Communications (RCom) jumped 5.40% to Rs 589.50 on reports its
infrastructure arm Reliance Infratel has recieved Securities &
exchange board of India (Sebi)'s approval for public issue.
IT pivotals advanced on fresh buying as the rupee held near
13-month lows against the dollar. India's second largest software
services exporter Infosys Technologies gained 3.46% to Rs 1889.40
after striking an intra-day high of Rs 1908. Infosys has 7.63%
weightage in Sensex and 3.46% weightage in Nifty.
Other IT pivotals, Wipro (up 0.91% to Rs 508.20), and TCS (up 2.02%
to Rs 989.55), also logged gains. The partially convertible rupee
was at 42.35/36 per dollar, stronger than yesterday's close of
42.45/46.
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, recovered from early low of Rs 465.10, to settle
3.61% lower at Rs 483. The counter clocked high volumes of 32.90
lakh shares. It was the top loser from Sensex pack. As per reports
Satyam Computer Services could have to pay penalties in excess of
$1 billion if it loses a case to one of its former customers, Upaid
Systems, in the US federal Court in Texas.
ICICI Bank (up 3.93% to Rs 931.50), Hindalco Industries (up 5.30%
to Rs 202.50) and Maruti Suzuki India (up 3.05% to Rs 821.50) edged
higher from Sensex pack.
However, Tata Motors (down 1.14% to Rs 664.90), Hindustan Unilever
(down 1.05% to Rs 240.55), and Tata Steel (down 0.49% to Rs 882.05)
edged lower from Sensex pack.
Recently listed Aishwarya Telecom was up 0.28% to Rs 124.80 after
seeing volatile swings between day's low and high of Rs 118.20 and
Rs 135.50 respectively. The counter clocked high volumes of 7.02
crore shares.
Other volume toppers were IFCI (2.19 crore shares), Ispat
Industries (1.09 crore shares), Cybermate Infotec (1.08 crore
shares) and Reliance Natural Resources (1.03 crore shares) in that
order.
Aishwarya Telecom was also the top traded counter on BSE with
turnover of Rs 883.06 crore followed by Reliance Communications (Rs
258.56 crore), Reliance Industries (Rs 178.51 crore), Reliance
Petroleum (Rs 161.90 crore), and Satyam Computer Services (Rs
158.28 crore) in that order.
Among the side counters, Jhagadia Copper (up 20% to Rs 12.14),
National Oxygen (up 20% to Rs 57.70), Lumax Industries (up 16.09%
to Rs 188), Alfa Transformer (up 10% to Rs 62), and Indag Rubber
(up 14.78% to Rs 80), surged
However Smruti Organics (down 10.87% to Rs 61.50), JMA Industries
(down 10.09% to Rs 196), and Jumbo Bag (down 9.87% to Rs 30.15),
slipped.
Shares of oil marketing firms were mixed following recent 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 slipped down 0.59% to Rs 337. Hindustan
Petroleum Corporation (up 0.57% to Rs 238.90) and Indian Oil
Corporation (up 0.72% to Rs 400) rose.
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
Industrial and power systems company Crompton Greaves jumped 8.44%
to Rs 246 on reports that the company is expected to take over the
distribution and billing rights for electricity supply to Nagpur
city by end July 2008. The contract has been awarded to the company
for a period of 15 years by the Maharashtra Electricity Regulatory
Commission (MERC).
Kinetic Motor Company hit 5% upper circuit at Rs 29.30 on BSE
despite the company terming recent media reports of Mahindra &
Mahindra planning to acquire the company, as speculative.
Kirloskar Brothers surged 4.20% to Rs 250.30 after the company said
its joint venture firm has received an order worth Rs 933.76 crore
from the Andhra Pradesh state government's Irrigation & CAD
Department for building a pump house. The company made this
announcement after trading hours on Wednesday, 14 May 2008.
Syndicate Bank rose 3.38% to Rs 77.55 after reporting 21% growth in
net profit to Rs 126.26 crore on 22.85% growth in operating income
to Rs 2134 crore in Q4 March 2008 over Q4 March 2007. The bank
announced the result after market hours on 14 May 2008.
Power Finance Corporation was down 0.30% to Rs 155.50 after the
company said it has signed a loan agreement with Exim Bank of US
for $800 million under the latter's India infrastructure facility.
Mercator Lines soared 14.69% to Rs 115.15 after posting 351.7%
surge in net profit to Rs 74.04 crore on 31% growth in net sales to
Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company
announced the results after trading hours on Wednesday, 14 May
2008.
i-flex Solutions dropped 1.80% to Rs 1360 even as the company said
Kotak Mahindra Bank has selected i-flex's wealth management
solution - Flexcube Private Banking to manage relationships with
high net worth individuals. The company made this announcement
during trading hours today, 15 May 2008.
Lanco Infratech rose 0.23% to Rs 515 after the company said on
Wednesday its consortium with Malaysia's Pembinan Radzai had won
rights to build the Vizhinjam Container Port project in Kerala,
estimated to cost Rs 8000 crore. The company made this announcement
after trading hours on Wednesday, 14 May 2008.
BASF India rose 1.22% to Rs 245 after its promoter BASF SE
announced a voluntary open offer to the shareholders of BASF India
to purchase up to 62.9 lakh shares at Rs 274 each. The company made
the announcement before market hours today, 15 May 2008.
Neyveli Lignite Corporation rose 4.45% to Rs 142.10 after the Union
government gave approval to the company for development of 1000
megawatt coal based thermal power project at Tuticorin in Tamil
Nadu. The company made this announcement during market hours today
15 May 2008.
The South-West monsoon is likely to hit Kerala on 29 May 2008, the
Indian Meteorological Department (IMD), yesterday, 14 May 2008,
said. Initial forecast by the Indian Meteorological Department
(IMD) suggest that the crucial South-West monsoon (June-September)
this year will be near normal. Now IMD's second forecast in June
2008 which may also indicate spatial rainfall distribution in the
main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in
turn will help rein in inflation which is currently ruling at a
three-year high. Surging global food prices has been a key driver
of soaring inflation in India in recent weeks. Agricultural output
in India depends on good rains.
European markets, which opened after Indian markets, staged a
comeback after a shaky start and were trading with little change.
Key benchmark indices in United Kingdom (down 0.01% to 6,215.60),
Germany (down 0.13% to 7,074.26) and France (down 0.01% to
5,055.10) declined.
Market pares gains; RCom spurts
The market pared gains early afternoon trade. A cooling off of crude oil prices, which had soared to record high near $127 a barrel earlier in the week, and firm Asian markets, supported the market sentiment. Asian markets which opened before Indian market, were firm. The market breadth was strong.
At 12:28 IST, the 30-share BSE Sensex was up 231.77 points or 1.37% at 17,210.66. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,277.12 in mid-morning trade. At the day’s high, Sensex gained 298.77 points. Sensex rose 121.03 points at day’s low of 17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 65.10 points or 1.30% at 5,076.85
The market breadth was strong on BSE with 1681 shares advancing as compared to 741 that declined. 78 remained unchanged.
The BSE Mid-Cap index rose 1.07% to 7,064.80 while the BSE Small-Cap index gained 1.29% to 8,543.68. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2936 crore at 12:30 IST as compared to Rs 2019 crore by 11:30 IST
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India’s second largest cellular services provider Reliance Communications (RCom) surged 5.20% to Rs 588.40 on 22.77 lakh shares on reports that its infrastructure arm Reliance Infratel has recieved Securities & exchange board of India (Sebi)’s approval for public issue. It was the top gainer from Sensex pack.
IT pivotals advanced on fresh buying as the rupee held near 13-month lows against the dollar. India’s second largest software services exporter Infosys Technologies jumped 3.10% to Rs 1883 on 3.91 lakh shares. The stock hit an intra-day high of Rs 1908. Infosys has 7.63% weightage in Sensex and 3.46% weightage in Nifty.
Other IT pivotals, Wipro (up 1.34% to Rs 510.35), and TCS (up 0.30% to Rs 972.30), gained. The partially convertible rupee was at 42.38/39 per dollar, stronger than yesterday's close of 42.45/46. 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, which had slumped to as low as Rs 465.10 in early trade, was now down 3.24% to Rs 484.85. The counter clocked high volumes of 27.32 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) advanced 1.62% to Rs 2571 on 2.11 lakh shares. As per recent reports, RIL plans to convert its fuel retail outlets into malls and multiplexes, and is holding talks with its dealers in Uttar Pradesh for the same.
ICICI Bank (up 3.04% to Rs 923.50), Jaiprakash Associates (up 2.19% to Rs 265.45) and DLF (up 2.34% to Rs 637.50) edged higher from Sensex pack.
Tata Motors (down 1.76% to Rs 660.70), and ITC (down 0.80% to Rs 846), edged lower from Sensex pack.
Recently listed Aishwarya Telecom slipped 1.41% to Rs 122.70, after hitting day’s high of Rs 135.50. The counter clocked high volumes of 3.92 crore shares.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 497.23 crore followed by Reliance Communications (Rs 161.08 crore), Satyam Computer Services (Rs 133.12 crore), Cairn India (Rs 90.21 crore) and IFCI (Rs 84.37 crore), in that order.
Shares of oil marketing firms were mixed following recent 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 0.03% to Rs 338.90), and Hindustan Petroleum Corporation (down 0.17% to Rs 237.15) declined. However Indian Oil Corporation rose 1.57% to Rs 403.40
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
Industrial and power systems company Crompton Greaves jumped 6.38% to Rs 241.20 on reports that the company is expected to take over the distribution and billing rights for electricity supply to Nagpur city by end July 2008. The contract has been awarded to the company for a period of 15 years by the Maharashtra Electricity Regulatory Commission (MERC).
Kinetic Motor Company hit 5% upper circuit at Rs 29.30 on BSE despite the company terming recent media reports of Mahindra & Mahindra planning to acquire the company, as speculative.
Kirloskar Brothers surged 5.75% to Rs 254 after the company said its joint venture firm has received an order worth Rs 933.76 crore from the Andhra Pradesh state government's Irrigation & CAD Department for building a pump house. The company made this announcement after trading hours on Wednesday, 14 May 2008.
At 12:28 IST, the 30-share BSE Sensex was up 231.77 points or 1.37% at 17,210.66. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,277.12 in mid-morning trade. At the day’s high, Sensex gained 298.77 points. Sensex rose 121.03 points at day’s low of 17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 65.10 points or 1.30% at 5,076.85
The market breadth was strong on BSE with 1681 shares advancing as compared to 741 that declined. 78 remained unchanged.
The BSE Mid-Cap index rose 1.07% to 7,064.80 while the BSE Small-Cap index gained 1.29% to 8,543.68. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2936 crore at 12:30 IST as compared to Rs 2019 crore by 11:30 IST
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India’s second largest cellular services provider Reliance Communications (RCom) surged 5.20% to Rs 588.40 on 22.77 lakh shares on reports that its infrastructure arm Reliance Infratel has recieved Securities & exchange board of India (Sebi)’s approval for public issue. It was the top gainer from Sensex pack.
IT pivotals advanced on fresh buying as the rupee held near 13-month lows against the dollar. India’s second largest software services exporter Infosys Technologies jumped 3.10% to Rs 1883 on 3.91 lakh shares. The stock hit an intra-day high of Rs 1908. Infosys has 7.63% weightage in Sensex and 3.46% weightage in Nifty.
Other IT pivotals, Wipro (up 1.34% to Rs 510.35), and TCS (up 0.30% to Rs 972.30), gained. The partially convertible rupee was at 42.38/39 per dollar, stronger than yesterday's close of 42.45/46. 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, which had slumped to as low as Rs 465.10 in early trade, was now down 3.24% to Rs 484.85. The counter clocked high volumes of 27.32 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) advanced 1.62% to Rs 2571 on 2.11 lakh shares. As per recent reports, RIL plans to convert its fuel retail outlets into malls and multiplexes, and is holding talks with its dealers in Uttar Pradesh for the same.
ICICI Bank (up 3.04% to Rs 923.50), Jaiprakash Associates (up 2.19% to Rs 265.45) and DLF (up 2.34% to Rs 637.50) edged higher from Sensex pack.
Tata Motors (down 1.76% to Rs 660.70), and ITC (down 0.80% to Rs 846), edged lower from Sensex pack.
Recently listed Aishwarya Telecom slipped 1.41% to Rs 122.70, after hitting day’s high of Rs 135.50. The counter clocked high volumes of 3.92 crore shares.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 497.23 crore followed by Reliance Communications (Rs 161.08 crore), Satyam Computer Services (Rs 133.12 crore), Cairn India (Rs 90.21 crore) and IFCI (Rs 84.37 crore), in that order.
Shares of oil marketing firms were mixed following recent 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 0.03% to Rs 338.90), and Hindustan Petroleum Corporation (down 0.17% to Rs 237.15) declined. However Indian Oil Corporation rose 1.57% to Rs 403.40
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
Industrial and power systems company Crompton Greaves jumped 6.38% to Rs 241.20 on reports that the company is expected to take over the distribution and billing rights for electricity supply to Nagpur city by end July 2008. The contract has been awarded to the company for a period of 15 years by the Maharashtra Electricity Regulatory Commission (MERC).
Kinetic Motor Company hit 5% upper circuit at Rs 29.30 on BSE despite the company terming recent media reports of Mahindra & Mahindra planning to acquire the company, as speculative.
Kirloskar Brothers surged 5.75% to Rs 254 after the company said its joint venture firm has received an order worth Rs 933.76 crore from the Andhra Pradesh state government's Irrigation & CAD Department for building a pump house. The company made this announcement after trading hours on Wednesday, 14 May 2008.
Performance of tips of 15th May 2008 @ 12.15PM
buy RELIANCE POWER above 410 target 415/418/421 high 418.40
buy Reliance Communications Limited 560 target 571/585 high 581.00
buy HINDALCO above 194 for a target 196/199 high 197.45
ISPATIND BUY 33.3 Tgt 34.5, 36.6 high 33.40
buy Reliance Communications Limited 560 target 571/585 high 581.00
buy HINDALCO above 194 for a target 196/199 high 197.45
ISPATIND BUY 33.3 Tgt 34.5, 36.6 high 33.40
Market extends gains as Infosys spurts
Key benchmark indices extended early gains led by software stocks, after opening on an upbeat note tracking positive global cues. Asian markets which opened before Indian market, were firm.A cooling off of crude oil prices, which had soared to record high near $127 a barrel earlier in the week, also boosted the sentiment. The market breadth was strong.
At 11:28 IST, the 30-share BSE Sensex was up 269.92 points or 1.58% at 17,247.29. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,277.12 in mid-morning trade. At the day’s high, Sensex gained 298.77 points. Sensex rose 121.03 points at day’s low of 17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 74.80 points or 1.49% at 5,086.55
The market breadth was strong on BSE with 1605 shares advancing as compared to 606 that declined. 65 remained unchanged.
The BSE Mid-Cap index rose 1.15% to 7,070.22 while the BSE Small-Cap index gained 1.27% to 8,541.47. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2019 crore at 11:30 IST as compared to Rs 943 crore by 10:30 IST
Among the 30-member Sensex pack, 25 advanced while the rest slipped.
IT pivotals advanced on fresh buying as the rupee held near 13-month lows against the dollar. India’s second largest software services exporter Infosys Technologies jumped 4.04% to Rs 1901 on 3.45 lakh shares. It was the top gainer from Sensex pack. Infosys has 7.63% weightage in Sensex and 3.46% weightage in Nifty.
Other IT pivotals, Wipro (up 2.05% to Rs 513.90), and TCS (up 1.90% to Rs 988.35), gained. The partially convertible rupee was at 42.38/39 per dollar, stronger than yesterday's close of 42.45/46. 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, which had slumped to as low as Rs 465.10 in early trade, was now down 1.84% to Rs 491.90. The counter clocked high volumes of 24.62 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) advanced 1.86% to Rs 2577 on 1.86 lakh shares.
Banking shares gained on fresh buying. India’s largest private sector bank in terms of net profit ICICI Bank vaulted 3.77% to Rs 930.05. State Bank of India (up 1.56% to Rs 1687), and HDFC Bank (up 0.44% to Rs 1471.45), also logged gains.
India’s largest private sector engineering company Larsen & Toubro gained 3.18% to Rs 2920.05 after French cement producer Lafarge said on Wednesday it had acquired L&T Concrete at an enterprise value of 226 million euros ($349.5 million). The deal involves L&T’s 66 concrete plants across India with an estimated volume of 41 lakh cubic meters in 2008.
Reliance Communications (up 2.71% to Rs 574.45), and DLF (up 2.10% to Rs 636.05), edged higher from Sensex pack.
India’s top drug maker in terms of sales, Ranbaxy Laboratories was down 0.55% to Rs 492.65. The company has received approval from the US Food and Drug Administration for muscle relaxant cyclobenzaprine hydrochloride tablets.
Tata Motors (down 0.96% to Rs 667), and ITC (down 0.80% to Rs 846), edged lower from Sensex pack.
Recently listed Aishwarya Telecom slipped 1.41% to Rs 122.70, after hitting day’s high of Rs 135.50. The counter clocked high volumes of 2.78 crore shares.
Syndicate Bank rose 1.2% to Rs 75.95 after reporting 21% growth in net profit to Rs 126.26 crore on 22.85% growth in operating income to Rs 2134 crore in Q4 March 2008 over Q4 March 2007. The bank announced the result after market hours on 14 May 2008.
Power Finance Corporation gained 0.67% to Rs 157 after the company said it has signed a loan agreement with Exim Bank of US for $800 million under the latter's India infrastructure facility.
Mercator Lines soared 4.28% to Rs 104.80 after posting 351.7% surge in net profit to Rs 74.04 crore on 31% growth in net sales to Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Wednesday, 14 May 2008.
Among the side counters, Jhagadia Copper (up 20% to Rs 12.14), Indag Rubber (up 10.33% to Rs 76.90), and Alfa Transformers (up 10% to Rs 62), surged
The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.
Most Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Shanghai Composite (up 0.54% at 3,677.07), Nikkei 225 Average (up 1.41% at 14,318.07), Straits Times (up 0.43% at 3,212.15), Seoul Composite (up 1.96% at 1,879.80), Taiwan Weighted (up 1.28% at 9,134.03) edged higher.
However Hong Kong’s Hang Seng index slipped 0.50% at 25,404.76.
At 11:28 IST, the 30-share BSE Sensex was up 269.92 points or 1.58% at 17,247.29. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,277.12 in mid-morning trade. At the day’s high, Sensex gained 298.77 points. Sensex rose 121.03 points at day’s low of 17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 74.80 points or 1.49% at 5,086.55
The market breadth was strong on BSE with 1605 shares advancing as compared to 606 that declined. 65 remained unchanged.
The BSE Mid-Cap index rose 1.15% to 7,070.22 while the BSE Small-Cap index gained 1.27% to 8,541.47. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2019 crore at 11:30 IST as compared to Rs 943 crore by 10:30 IST
Among the 30-member Sensex pack, 25 advanced while the rest slipped.
IT pivotals advanced on fresh buying as the rupee held near 13-month lows against the dollar. India’s second largest software services exporter Infosys Technologies jumped 4.04% to Rs 1901 on 3.45 lakh shares. It was the top gainer from Sensex pack. Infosys has 7.63% weightage in Sensex and 3.46% weightage in Nifty.
Other IT pivotals, Wipro (up 2.05% to Rs 513.90), and TCS (up 1.90% to Rs 988.35), gained. The partially convertible rupee was at 42.38/39 per dollar, stronger than yesterday's close of 42.45/46. 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, which had slumped to as low as Rs 465.10 in early trade, was now down 1.84% to Rs 491.90. The counter clocked high volumes of 24.62 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) advanced 1.86% to Rs 2577 on 1.86 lakh shares.
Banking shares gained on fresh buying. India’s largest private sector bank in terms of net profit ICICI Bank vaulted 3.77% to Rs 930.05. State Bank of India (up 1.56% to Rs 1687), and HDFC Bank (up 0.44% to Rs 1471.45), also logged gains.
India’s largest private sector engineering company Larsen & Toubro gained 3.18% to Rs 2920.05 after French cement producer Lafarge said on Wednesday it had acquired L&T Concrete at an enterprise value of 226 million euros ($349.5 million). The deal involves L&T’s 66 concrete plants across India with an estimated volume of 41 lakh cubic meters in 2008.
Reliance Communications (up 2.71% to Rs 574.45), and DLF (up 2.10% to Rs 636.05), edged higher from Sensex pack.
India’s top drug maker in terms of sales, Ranbaxy Laboratories was down 0.55% to Rs 492.65. The company has received approval from the US Food and Drug Administration for muscle relaxant cyclobenzaprine hydrochloride tablets.
Tata Motors (down 0.96% to Rs 667), and ITC (down 0.80% to Rs 846), edged lower from Sensex pack.
Recently listed Aishwarya Telecom slipped 1.41% to Rs 122.70, after hitting day’s high of Rs 135.50. The counter clocked high volumes of 2.78 crore shares.
Syndicate Bank rose 1.2% to Rs 75.95 after reporting 21% growth in net profit to Rs 126.26 crore on 22.85% growth in operating income to Rs 2134 crore in Q4 March 2008 over Q4 March 2007. The bank announced the result after market hours on 14 May 2008.
Power Finance Corporation gained 0.67% to Rs 157 after the company said it has signed a loan agreement with Exim Bank of US for $800 million under the latter's India infrastructure facility.
Mercator Lines soared 4.28% to Rs 104.80 after posting 351.7% surge in net profit to Rs 74.04 crore on 31% growth in net sales to Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Wednesday, 14 May 2008.
Among the side counters, Jhagadia Copper (up 20% to Rs 12.14), Indag Rubber (up 10.33% to Rs 76.90), and Alfa Transformers (up 10% to Rs 62), surged
The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.
Most Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Shanghai Composite (up 0.54% at 3,677.07), Nikkei 225 Average (up 1.41% at 14,318.07), Straits Times (up 0.43% at 3,212.15), Seoul Composite (up 1.96% at 1,879.80), Taiwan Weighted (up 1.28% at 9,134.03) edged higher.
However Hong Kong’s Hang Seng index slipped 0.50% at 25,404.76.
Market spurts in opening trade
Key benchmark indices opened on an upbeat note following positive global cues. Asian markets which opened before Indian market, were firm. The cooling of crude oil prices, which had soared to record high near $127 a barrel, also boosted the sentiment. The market breadth was strong.
At 10:28 IST, the 30-share BSE Sensex was up 235.82 points or 1.39% at 17,214.10. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,219.94 in early trade. At the day’s high, Sensex gained 241.59 points. Sensex rose 121.03 points at day’s low of 17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 64.80 points or 1.29% at 5,076.55
The market breadth was strong on BSE with 1276 shares advancing as compared to 324 that declined. 40 remained unchanged.
The total turnover on BSE amounted to Rs 943 crore
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India’s largest private sector bank in terms of net profit ICICI Bank vaulted 3% to Rs 923.15 on 1.02 lakh shares. It was the top gainer from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 1.32% to Rs 2563.10 on 72,326 shares.
India’s largest private sector engineering company Larsen & Toubro advanced 2.58% to Rs 2907 after French cement producer Lafarge said on Wednesday it had acquired L&T Concrete at an enterprise value of 226 million euros ($349.5 million). The deal involves L&T’s 66 concrete plants across India with an estimated volume of 41 lakh cubic meters in 2008.
IT pivotals advanced on fresh buying. Infosys (up 2.96% to Rs 1881), Wipro (up 1.27% to Rs 510), and TCS (up 1.34% to Rs 982.95), gained.
However India’s fourth largest software services exporter Satyam Computer Services which had slumped to as low as Rs 465.10 in early trade was now down 3.01% to Rs 486. The counter clocked high early volumes of 16.71 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.
Ranbaxy laboratories (down 0.65% to Rs 492.05), and Bahrti Airtel (down 0.28% to Rs 846), were the other losers from Sensex pack.
Recently listed Aishwarya Telecom jumped 3.46% to Rs 128.75 on high volumes of 1.58 crore shares.
The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.
Most Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Shanghai Composite (up 0.54% at 3,677.07), Nikkei 225 Average (up 1.41% at 14,318.07), Straits Times (up 0.43% at 3,212.15), Seoul Composite (up 1.96% at 1,879.80), Taiwan Weighted (up 1.28% at 9,134.03) edged higher.
However Hong Kong’s Hang Seng index slipped 0.50% at 25,404.76.
At 10:28 IST, the 30-share BSE Sensex was up 235.82 points or 1.39% at 17,214.10. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,219.94 in early trade. At the day’s high, Sensex gained 241.59 points. Sensex rose 121.03 points at day’s low of 17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 64.80 points or 1.29% at 5,076.55
The market breadth was strong on BSE with 1276 shares advancing as compared to 324 that declined. 40 remained unchanged.
The total turnover on BSE amounted to Rs 943 crore
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India’s largest private sector bank in terms of net profit ICICI Bank vaulted 3% to Rs 923.15 on 1.02 lakh shares. It was the top gainer from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 1.32% to Rs 2563.10 on 72,326 shares.
India’s largest private sector engineering company Larsen & Toubro advanced 2.58% to Rs 2907 after French cement producer Lafarge said on Wednesday it had acquired L&T Concrete at an enterprise value of 226 million euros ($349.5 million). The deal involves L&T’s 66 concrete plants across India with an estimated volume of 41 lakh cubic meters in 2008.
IT pivotals advanced on fresh buying. Infosys (up 2.96% to Rs 1881), Wipro (up 1.27% to Rs 510), and TCS (up 1.34% to Rs 982.95), gained.
However India’s fourth largest software services exporter Satyam Computer Services which had slumped to as low as Rs 465.10 in early trade was now down 3.01% to Rs 486. The counter clocked high early volumes of 16.71 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.
Ranbaxy laboratories (down 0.65% to Rs 492.05), and Bahrti Airtel (down 0.28% to Rs 846), were the other losers from Sensex pack.
Recently listed Aishwarya Telecom jumped 3.46% to Rs 128.75 on high volumes of 1.58 crore shares.
The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.
Most Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Shanghai Composite (up 0.54% at 3,677.07), Nikkei 225 Average (up 1.41% at 14,318.07), Straits Times (up 0.43% at 3,212.15), Seoul Composite (up 1.96% at 1,879.80), Taiwan Weighted (up 1.28% at 9,134.03) edged higher.
However Hong Kong’s Hang Seng index slipped 0.50% at 25,404.76.
Pre Market Report 15/05/2008
Local equities are geared for firm start following positive global cues. The cooling of crude oil prices, which had soared to record high near $126 a barrel, will also boost the sentiment further.
The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.
Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Shanghai Composite (up 0.74% at 3,684.45), Hang Seng (up 0.34% at 25,621.09), Nikkei 225 Average (up 1.03% at 14,263.41), Straits Times (up 0.43% at 3,212.15), Seoul Composite (up 1.58% at 1,872.80), Taiwan Weighted (up 0.94% at 9,102.84) edged higher.
US stocks climbed on Wednesday, 14 May 2008, after a better-than-expected report on consumer prices eased some of the market`s concerns about inflation. The Dow Jones industrial average rose 66.20 points, or 0.51, to 12,898.38. The Nasdaq Composite index rose 1.58 points, or 0.06%, to 2,496.70.
Back home, frenzied buying in software and metal stocks in late trade propelled market higher after a nervous start yesterday, 14 May 2008. The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35 while the broader based S&P CNX Nifty gained 53.95 points or 1.09% at 5,011.75, on that day.
As per provisional data, foreign funds purchased shares worth a net Rs 85.12 crore yesterday, 14 May 2008. Domestic funds bought shares worth a net Rs 310.41 crore on that day.
Meanwhile, excise duty collection by the government fell by 3.9% to Rs 6,410 crore in the April 2008 against Rs 6,673 crore in April 2007. However, customs duty collection grew 24.9% to Rs 9,018 crore in April 2008 as against Rs 7,221 crore in April 2007, because of high growth in imports.
U.S. light crude for June delivery was down 48 cents a barrel at $123.74 today, 15 May 2008, as rising U.S. distillates stocks and Iran's reassurances that it would not cut crude exports added to a strengthening U.S. dollar to limit the upside.
The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.
Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Shanghai Composite (up 0.74% at 3,684.45), Hang Seng (up 0.34% at 25,621.09), Nikkei 225 Average (up 1.03% at 14,263.41), Straits Times (up 0.43% at 3,212.15), Seoul Composite (up 1.58% at 1,872.80), Taiwan Weighted (up 0.94% at 9,102.84) edged higher.
US stocks climbed on Wednesday, 14 May 2008, after a better-than-expected report on consumer prices eased some of the market`s concerns about inflation. The Dow Jones industrial average rose 66.20 points, or 0.51, to 12,898.38. The Nasdaq Composite index rose 1.58 points, or 0.06%, to 2,496.70.
Back home, frenzied buying in software and metal stocks in late trade propelled market higher after a nervous start yesterday, 14 May 2008. The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35 while the broader based S&P CNX Nifty gained 53.95 points or 1.09% at 5,011.75, on that day.
As per provisional data, foreign funds purchased shares worth a net Rs 85.12 crore yesterday, 14 May 2008. Domestic funds bought shares worth a net Rs 310.41 crore on that day.
Meanwhile, excise duty collection by the government fell by 3.9% to Rs 6,410 crore in the April 2008 against Rs 6,673 crore in April 2007. However, customs duty collection grew 24.9% to Rs 9,018 crore in April 2008 as against Rs 7,221 crore in April 2007, because of high growth in imports.
U.S. light crude for June delivery was down 48 cents a barrel at $123.74 today, 15 May 2008, as rising U.S. distillates stocks and Iran's reassurances that it would not cut crude exports added to a strengthening U.S. dollar to limit the upside.
Reults that will be announced on 15th May 2008
PNB, Torrent Power, Voltas, Chennai Petro, Chambal Fert, Monsanto India, Zuari Inds, Vardhman Text, OCL India
Stocktips for 14th May 2008
buy RELIANCE POWER above 410 target 415/418/421
buy Reliance Communications Limited 560 target 571/585
buy HINDALCO above 194 for a target 196/199 be cautious in this stock at 200 strong resistance is there.
ISPATIND BUY 33.3 Tgt 34.5, 36.6
buy Reliance Communications Limited 560 target 571/585
buy HINDALCO above 194 for a target 196/199 be cautious in this stock at 200 strong resistance is there.
ISPATIND BUY 33.3 Tgt 34.5, 36.6
Performance of Stock tips for 13th May 2008
on 13th we gave
buy RPOWER@407 for a target of 410 in a day, 415/421 in a week and Rpower call rocked made high of 411.50. Total gain 4.50 rs per share :) .. This call was given in SMSGUPSHUP
Rcom call given also rocked.. Buy given at 530 AND now trading at 561.50. 31.50rs gain in half day!!!!
Hindalco buy given at 180 and now it is 193.35.. 13.35rs gain per share in intraday.. :) 17
buy RPOWER@407 for a target of 410 in a day, 415/421 in a week and Rpower call rocked made high of 411.50. Total gain 4.50 rs per share :) .. This call was given in SMSGUPSHUP
Rcom call given also rocked.. Buy given at 530 AND now trading at 561.50. 31.50rs gain in half day!!!!
Hindalco buy given at 180 and now it is 193.35.. 13.35rs gain per share in intraday.. :) 17
Asian markets Trading high
After US markets closed high, today Asian markets are trading high
At 8.00AM IST
Nikkei 225 14,263.41 +144.86 +1.03%
Hang Seng 25,647.64 +114.16 +0.45%
Straits Times 3,215.80 +17.29 +0.54%
At 8.00AM IST
Nikkei 225 14,263.41 +144.86 +1.03%
Hang Seng 25,647.64 +114.16 +0.45%
Straits Times 3,215.80 +17.29 +0.54%
US markets close in Green
US Stocks advance after lower inflation reading
Wall Street advanced Wednesday after a better-than-expected report on consumer prices tempered some of the market's concerns about inflation.
Dow 12,898.38 +66.20 +0.52%
Nasdaq 2,496.70 +1.58 +0.06%
S&P 500 1,408.66 +5.62 +0.40%
Wall Street advanced Wednesday after a better-than-expected report on consumer prices tempered some of the market's concerns about inflation.
Dow 12,898.38 +66.20 +0.52%
Nasdaq 2,496.70 +1.58 +0.06%
S&P 500 1,408.66 +5.62 +0.40%
US markets close in Green
US Stocks advance after lower inflation reading
Wall Street advanced Wednesday after a better-than-expected report on consumer prices tempered some of the market's concerns about inflation.
Dow 12,898.38 +66.20 +0.52%
Nasdaq 2,496.70 +1.58 +0.06%
S&P 500 1,408.66 +5.62 +0.40%
Wall Street advanced Wednesday after a better-than-expected report on consumer prices tempered some of the market's concerns about inflation.
Dow 12,898.38 +66.20 +0.52%
Nasdaq 2,496.70 +1.58 +0.06%
S&P 500 1,408.66 +5.62 +0.40%
Post Market Report 14.05.2008
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.
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.
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.
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