The market is likely to open higher as Friday's rally may spill over in opening trade today. Firm global markets and good Q4 March 2008 results have led both the benchmark indices - BSE Sensex and S&P CNX Nifty settled above key levels of 17,600 and 5,200.
The 30-share BSE Sensex advanced 312.81 points or 1.81% at 17,600.12 while the broader based S&P CNX Nifty garnered 62.3 points or 1.21% at 5,228.20 on 2 May 2008 tracking firm global markets.
The market clocked gains for a fourth straight week in the week ended Friday, 2 May 2008, tracking firm global markets and on the back of good Q4 March 2008 results. Both the benchmark indices - BSE Sensex and S&P CNX Nifty settled above key levels of 17,600 and 5,200. The 30-share BSE Sensex gained 474.14 points or 2.76% to 17,600.12, in the week ended Friday, 2 May 2008. The S&P CNX Nifty rose 116.50 points or 2.27% to 5228.20, in the week.
Asian markets were trading mixed today, 5 May 2008. Straits Times (up 0.64% at 3,256.88) and Shanghai Composite (up 0.66% to 3,717.43), gained.
However, Taiwan's Taiwan Weighted (down 0.84% at 8,888.24) and Hong Kong's Hang Seng (down 0.20% at 26,187.96), slipped.
On Friday, 2 May 2008, Dow Jones Industrial Average gained 48.2 points or 0.4% at 13,058.20 after the latest non-farm payroll data showed 20,000 jobs were lost in April, a far better result than an expected loss of 75,000 jobs. The Nasdaq Composite index fell 3.72 or 0.2%, to 2,476.99. The S&P 500 was up 4.56 points to 1,413.90
Monday, May 5, 2008
Asian markets continue flat
There is no major change. The markets continue to trade flat. @9.10AM
Hang Seng 26,240.47 -0.55 0.00%
Straits Times 3,258.76 +22.66 +0.70%
Hang Seng 26,240.47 -0.55 0.00%
Straits Times 3,258.76 +22.66 +0.70%
Stock tips for 05.05.2008
Today Market will open positive. We might see some profit booking later in the day.
Nifty may find some Resistance at 5240/5270/5300 be careful at these levels
Buy ASHOKLEY @43.25 target 44/44.50/45.25
Buy IFCI@60.50 target 61/61.75/62.15/64
Buy PETRONET @ 83 target 84/84.75/86
Buy RNRL@126 target 127.5/128
Buy FCH@628 target 630/635/638/650
Buy RPL@203 target 205/206/208/210
Buy RCOM@562 target 570/572/584
Buy TVSMOTOR@ 46 rgt 47.4, 49
Nifty may find some Resistance at 5240/5270/5300 be careful at these levels
Buy ASHOKLEY @43.25 target 44/44.50/45.25
Buy IFCI@60.50 target 61/61.75/62.15/64
Buy PETRONET @ 83 target 84/84.75/86
Buy RNRL@126 target 127.5/128
Buy FCH@628 target 630/635/638/650
Buy RPL@203 target 205/206/208/210
Buy RCOM@562 target 570/572/584
Buy TVSMOTOR@ 46 rgt 47.4, 49
Asian Markets Open Flat
Asian Markets opened flat but in green. At 8AM
Hang Seng 26,254.68 +13.66 +0.05%
Straits Times 3,253.77 +17.67 +0.55%
Hang Seng 26,254.68 +13.66 +0.05%
Straits Times 3,253.77 +17.67 +0.55%
Saturday, May 3, 2008
Reliance Industries announces construction LOI with NOVA Chemicals
Reliance Industries Limited today announced that the company has signed a letter of intent with NOVA Chemicals to form a joint venture in the area of building and construction.
This proposed new joint venture between RIL and NOVA Chemicals, with RIL having 51% shareholding and NOVA Chemicals 49%, would be a technological partnership for deploying green building and construction technologies to design, engineer, fabricate and build a range of high-efficiency structures for the Indian sub-continent.
The LOI between RIL and NOVA envisages providing turnkey facilities to build structures for RIL needs as per its requirements, and for other customers initially within the Indian Subcontinent. “India has a $60 billion construction market that is growing at about 20% per year. The potential for energy efficient buildings in India is very exciting and these systems are an excellent fit for Reliance Retail’s strategy.” said Mr. Kamal Nanavaty, President. Reliance Industries Limited.
“This new venture will enable us to work with Reliance to build a large, profitable business based on our proprietary Performance Styrenics building and construction systems,” said Chris Pappas, NOVA Chemicals President and COO.
These unique building and construction systems and component parts, based on expandable polystyrene, minimize resource consumption while decreasing on-going energy demand by as much as a third. The components of the system include structural and non-structural roof, decking and wall panels.
The new venture is expected to be operational soon following finalization of formal agreements. Initial steps necessary to fabricate components in India are underway. The first activity of the venture will be the construction of buildings for Reliance Retail in India.
This proposed new joint venture between RIL and NOVA Chemicals, with RIL having 51% shareholding and NOVA Chemicals 49%, would be a technological partnership for deploying green building and construction technologies to design, engineer, fabricate and build a range of high-efficiency structures for the Indian sub-continent.
The LOI between RIL and NOVA envisages providing turnkey facilities to build structures for RIL needs as per its requirements, and for other customers initially within the Indian Subcontinent. “India has a $60 billion construction market that is growing at about 20% per year. The potential for energy efficient buildings in India is very exciting and these systems are an excellent fit for Reliance Retail’s strategy.” said Mr. Kamal Nanavaty, President. Reliance Industries Limited.
“This new venture will enable us to work with Reliance to build a large, profitable business based on our proprietary Performance Styrenics building and construction systems,” said Chris Pappas, NOVA Chemicals President and COO.
These unique building and construction systems and component parts, based on expandable polystyrene, minimize resource consumption while decreasing on-going energy demand by as much as a third. The components of the system include structural and non-structural roof, decking and wall panels.
The new venture is expected to be operational soon following finalization of formal agreements. Initial steps necessary to fabricate components in India are underway. The first activity of the venture will be the construction of buildings for Reliance Retail in India.
Tricom Board approves acquisition of Godrej Global Solns
Tricom India Ltd. (BSE Code: 531675 NSE: TRICOM,) a non-voice ITES service provider for global businesses has announced that its Board of Directors has approved acquisition of Godrej Global Solutions Ltd.(GGSL), a subsidiary of Godrej Industries Ltd. The acquisition will be completed in due course subject to approval from the shareholders.
Tricom will be acquiring 100% equity of GGSL valued at Rs 19.63 crore. While a part payment will be made through cash, the remaining will be through optionally fully convertible debentures. Tricom will be funding this deal entirely through internal accruals.
Since 2002, GGSL has been offering unique and customized business process outsourcing solutions and services for enhancing the effectiveness of business operations and thereby providing valuable leverage to business. Their work specializes in three main domains: Healthcare, Data Capture and Data Conversion. The company showed a top line of Rs 16.50 crores in FY 07-08 and has shown immense potential for growth which, the management feels, will get stronger in the coming years.
“Acquisitions were a part of the growth strategy for Tricom and we hope to grow organically and inorganically.” says Chetan Kothari, Managing Director of Tricom India Limited. He further stated, “Post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities.”
Commenting on the deal, Mr. Sanjay Tipnis, Managing Director of GGSL said, “We are looking forward to exploring synergies as both the companies are focused in similar areas of business. We believe that using the additional infrastructure that Tricom will provide, we will be able to grow faster and service our clients more efficiently.”
GGSL currently employs nearly 650 people and has two facilities; one at Belapur in Navi Mumbai and the other in Chennai.
Stock Split:
To facilitate the liquidity in the market the Board also recommended sub-division of the equity shares with the face value of Rs 10 each to the face value of Rs 2 each (i.e.: One share of Rs 10 each will become 5 shares of Rs 2 each). This subdivision is also subject to necessary approvals.
Tricom will be acquiring 100% equity of GGSL valued at Rs 19.63 crore. While a part payment will be made through cash, the remaining will be through optionally fully convertible debentures. Tricom will be funding this deal entirely through internal accruals.
Since 2002, GGSL has been offering unique and customized business process outsourcing solutions and services for enhancing the effectiveness of business operations and thereby providing valuable leverage to business. Their work specializes in three main domains: Healthcare, Data Capture and Data Conversion. The company showed a top line of Rs 16.50 crores in FY 07-08 and has shown immense potential for growth which, the management feels, will get stronger in the coming years.
“Acquisitions were a part of the growth strategy for Tricom and we hope to grow organically and inorganically.” says Chetan Kothari, Managing Director of Tricom India Limited. He further stated, “Post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities.”
Commenting on the deal, Mr. Sanjay Tipnis, Managing Director of GGSL said, “We are looking forward to exploring synergies as both the companies are focused in similar areas of business. We believe that using the additional infrastructure that Tricom will provide, we will be able to grow faster and service our clients more efficiently.”
GGSL currently employs nearly 650 people and has two facilities; one at Belapur in Navi Mumbai and the other in Chennai.
Stock Split:
To facilitate the liquidity in the market the Board also recommended sub-division of the equity shares with the face value of Rs 10 each to the face value of Rs 2 each (i.e.: One share of Rs 10 each will become 5 shares of Rs 2 each). This subdivision is also subject to necessary approvals.
Union Bk Q4FY08 net profit seen up at Rs 280.52cr
Union Bank Of India to announce its Q4FY08 results. According to CNBC-TV18 estimates, the company's Q4FY08 net profit is seen up 22.72% from Rs 228.58 crore to Rs 280.52 crore.
Its Q4FY08 Net Interest Income seen down 1.74 % from Rs 842.35 crore to Rs 827.68 crore.
Its Q4FY08 Net Interest Income seen down 1.74 % from Rs 842.35 crore to Rs 827.68 crore.
Wall St ends mixed: Dow up 48 points
Market extended Thursday's gains. Early buying was encouraged by favorable employment data. The unemployment rate for April fell to 5.0% from 5.1% in March. Non-farm payrolls for April slipped by 20,000, which is less than the march numbers & market expectations. Continuing to act in a proactive manner, the US fed announced intentions to increase its term auction facility to 150 billion USD from 100 billion dollar, and also allow triple a asset-backed securities to be pledged as collateral.
Crude rose more than 3 USD a barrel, the most in month, after a report showed that the US lost fewer jobs than forecast in april and as turkey renewed its military offensive against Kurdish rebels in Iraq.
The Dow Jones industrial average rose almost 48.20 points, half a percent to 13,058.2. The Nasdaq composite index decreased 3.72 or 0.2%, to 2,476.99. The S&P 500 marginally up at 1,413.9.
Crude rose more than 3 USD a barrel, the most in month, after a report showed that the US lost fewer jobs than forecast in april and as turkey renewed its military offensive against Kurdish rebels in Iraq.
The Dow Jones industrial average rose almost 48.20 points, half a percent to 13,058.2. The Nasdaq composite index decreased 3.72 or 0.2%, to 2,476.99. The S&P 500 marginally up at 1,413.9.
Friday, May 2, 2008
DLF’s revenue up 258%, Net profit up 306%
DLF Limited, India’s largest real estate company, announced its unaudited annual results for FY08. It recorded consolidated revenues of Rs 14,494 crore for the year ended March 31, 2008, an increase of 258% from Rs 4,053 crore in FY07. EBIDTA stood at Rs 10,017 crore, an increase of 245% as compared to Rs 2906 crore in the corresponding period last year. Net profit was at Rs 7856 crore, up by 306% from Rs 1934 crore. The EPS for FY08 stood at Rs 47.16 as compared to Rs 12.75 for FY07, a significant growth of 270%.
For Q4 FY08, DLF recorded consolidated revenues of Rs 4,372 crore, an increase of 20% from Rs 3,651 crore in Q3 FY08. EBIDTA stood at Rs 2,849 crore, an increase of 12% from Rs 2,554 crore in the third quarter of FY08. The net profit for the period was Rs 2177 crore. The non annualized EPS for the quarter was Rs 12.75.
Commenting on the company’s performance, Mr. Rajiv Singh, Vice Chairman, DLF Limited said, “For an economy growing at the rate of 8-8.5% p.a., the demand for premium real estate continues to be buoyant. DLF being a leader in the industry continues to grow and strengthen its competitive position. The annual results reflect this reality.”
For Q4 FY08, DLF recorded consolidated revenues of Rs 4,372 crore, an increase of 20% from Rs 3,651 crore in Q3 FY08. EBIDTA stood at Rs 2,849 crore, an increase of 12% from Rs 2,554 crore in the third quarter of FY08. The net profit for the period was Rs 2177 crore. The non annualized EPS for the quarter was Rs 12.75.
Commenting on the company’s performance, Mr. Rajiv Singh, Vice Chairman, DLF Limited said, “For an economy growing at the rate of 8-8.5% p.a., the demand for premium real estate continues to be buoyant. DLF being a leader in the industry continues to grow and strengthen its competitive position. The annual results reflect this reality.”
MphasiS FY08 revenues up 38%, Net profits up 42%
For the year ended 31 March 2008, the MphasiS Group recorded revenues of Rs 2,423 crores a growth of Rs 662 crores, which is 38% over the previous year. Net profit increased by 42% from Rs 180 crores to Rs 255 crores during the year ended 31 March 2008.
The Board of Directors has recommended a final dividend of Rs. 3.30 per share for the year 2007-08.
Consolidated revenues at Rs 658 crores in the current quarter have increased by 31% over the same quarter last year. During the same period net profit increased by 14% from Rs 63 crores to Rs 71 crores.
The Group recorded a consolidated net profit of Rs 71 crores for the quarter ended 31 March 2008, compared to a net profit of Rs 66 crores in the quarter ended 31 December 2007, representing an increase of 8%. Revenues grew by 4% from Rs 632 crores in the quarter ended 31 December 2007 to Rs 658 crores in the quarter ended 31 March 2008.
Commenting on the results Jeya Kumar, CEO, said “This fiscal has been one of change & transformation. With EDS as a strong business partner, the Company has been building a solid foundation for development of capability and capacity. Our leadership team is coming to shape and our employee strength continues to grow with over 27,000 people currently.
We are expanding aggressively and we continue to add new domain specific services to our portfolio to map the demands of the customer”.
During the quarter, the Group added 17 new clients. These include a US based manufacturing company, a technology company in Europe and a US based retail company in Application services and a banking company in Asia Pacific region in BPO services.
This quarter the Group recorded a net headcount increase of 811 to take the total manpower numbers to 27,047. Overall debtors days have marginally increased to 43 days and the Group had a cash reserve of Rs 95 crores as at 31 March 2008. Blended billing rates remained steady
The Board of Directors has recommended a final dividend of Rs. 3.30 per share for the year 2007-08.
Consolidated revenues at Rs 658 crores in the current quarter have increased by 31% over the same quarter last year. During the same period net profit increased by 14% from Rs 63 crores to Rs 71 crores.
The Group recorded a consolidated net profit of Rs 71 crores for the quarter ended 31 March 2008, compared to a net profit of Rs 66 crores in the quarter ended 31 December 2007, representing an increase of 8%. Revenues grew by 4% from Rs 632 crores in the quarter ended 31 December 2007 to Rs 658 crores in the quarter ended 31 March 2008.
Commenting on the results Jeya Kumar, CEO, said “This fiscal has been one of change & transformation. With EDS as a strong business partner, the Company has been building a solid foundation for development of capability and capacity. Our leadership team is coming to shape and our employee strength continues to grow with over 27,000 people currently.
We are expanding aggressively and we continue to add new domain specific services to our portfolio to map the demands of the customer”.
During the quarter, the Group added 17 new clients. These include a US based manufacturing company, a technology company in Europe and a US based retail company in Application services and a banking company in Asia Pacific region in BPO services.
This quarter the Group recorded a net headcount increase of 811 to take the total manpower numbers to 27,047. Overall debtors days have marginally increased to 43 days and the Group had a cash reserve of Rs 95 crores as at 31 March 2008. Blended billing rates remained steady
GE Shipping Q4 FY08 PAT at Rs 299.4 cr
GE Shipping has announced its Q4 FY08 reults. Its net profit was at Rs 299.4 crore versus Rs 240.9 crore.
The total income was at Rs 592.7 crore versus Rs 783.4 crore.
The total income was at Rs 592.7 crore versus Rs 783.4 crore.
SBI Q4 standalone net profit at Rs 1883 cr
SBI has announced its fourth quarter results. The company's Q4 standalone net profit was up 26.10% at Rs 1883 crore versus 1493.2 crore.
MindTree to acquire 32.57% equity interest in Aztecsoft
MindTree Ltd., a global IT and R&D Services Company, today announced that it has signed a definitive agreement with the largest shareholder of Aztecsoft Ltd. to acquire 32.57% at Rs 80 per share, which values the company at an equity valuation of USD 90 Million.
MindTree will also announce an open offer to Aztecsoft’s public shareholders to purchase up to an additional 20% equity ownership interest. These transactions are subject to customary regulatory filings, clearances and approvals. After the completion of these transactions, MindTree will initiate the process of merging Aztecsoft into itself.
Aztecsoft is a leader in the Outsourced Product Development (OPD) and Testing markets as a 2,100+ people strong software engineering services company. It provides full-lifecycle product engineering, independent testing, sustenance engineering and professional services to application and infrastructure software vendors, as well as to New Media and Internet-based companies. It has successfully completed over 1,600 product releases to date.
The product stack of OPD encompasses embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments. Through its R&D Services business, MindTree is well recognized in the hardware engineering, system platform and embedded software segments of the OPD market. With the addition of Aztecsoft, MindTree will offer customers a complete end-to-end OPD product stack encompassing embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments. Aztecsoft brings solid presence from platform all the way to the cloud computing segments. The combined entity will, thus, cover the entire product development stack. In addition, Aztecsoft also brings deep expertise in independent testing. Together, MindTree will have a 2,000+ Testing services team, making it one of the strongest in the market.
Aztecsoft FY08 PAT at Rs 17.38 cr
Aztecsoft has announced its FY08 results. The company's FY08 PAT was at Rs 17.38 crore.
The company's net sales were at Rs 253 crore.
The company's net sales were at Rs 253 crore.
Stocks Gives up Early Gains
Wall Street gave up sharp gains after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the economy.
@10PM IST
Dow 13,032.72 +22.72 +0.17%
Nasdaq 2,470.18 -10.53 -0.42%
S&P 500 1,412.24 +2.90 +0.21%
@10PM IST
Dow 13,032.72 +22.72 +0.17%
Nasdaq 2,470.18 -10.53 -0.42%
S&P 500 1,412.24 +2.90 +0.21%
Job Data, Fed Action Lift US Stocks
Wall Street extended its advance Friday after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy.
Dow 13,074.73 +64.73 +0.50%
Nasdaq 2,478.78 -1.93 -0.08%
S&P 500 1,417.01 +7.67 +0.54%
Dow 13,074.73 +64.73 +0.50%
Nasdaq 2,478.78 -1.93 -0.08%
S&P 500 1,417.01 +7.67 +0.54%
Gokul Refoils and Solvent Limited IPO
Incorporated in 1992, Gokul Refoils and Solvent Limited is engaged in the business of Solvent Extraction, refining of Edible oils and Vanaspati manufacturing. The business of refining vegetable oils including seed procurement, processing, solvent extraction and marketing of edible oils. The major edible oils processed in the plant are Soybean Oil, Sunflower Oil, Palm Oil, Mustard Oil, Groundnut Oil and Vanaspati.
Company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing. The units are situated at Sidhpur (Sidhpur unit, North Gujarat), Anjar (Gandhidham unit, Kutch), Navi Pardi (Surat unit, South Gujarat), Kutch (Wind mills). Company setup Solvent Extraction plant and an oil refinery at Sidhpur, Refinery of 800 TPD and Vanaspati plant of 100 TPD at Kutch, Four environment friendly wind mills of 1.25 MW each in Kutch, 100 TPD operational refinery in Surat and co-generation power plant of 500 KWH at our Gandhidham unit. Towards expanding the scale of operations company setup two wholly owned subsidiaries in Mauritius and Singapore.
The Company is in the following lines of business:
Seed processing and Solvent Extraction
Oil cake
Solvent extracted oil
De-oiled cake
Refining of crude Edible oil to produce refined
Mustard oil
Soyabean oil
Sunflower oil
Groundnut oil
Cottonseed oil
Palm oil
Hydrogenation of oil to produce
Vanaspati ghee
Captive power generation plant
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
Setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat;
Expansion of our existing edible oil refinery at Surat, Gujarat;
Investment in our wholly owned Singapore subsidiary;
Funding part of our long term working capital;
Brand building activities;
Investment in increasing warehousing capacities and continuous Capex for exising units;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;
General corporate purposes.
Gokul Refoils and Solvent Ltd IPO Information
»» Public Issue Open: May 08, 2008 to May 13, 2008
»» Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO)
»» Public Issue Size: 71,58,392 Equity Shares of Rs. 10/-
»» Face Value: Rs. 10/-
»» Public Issue Price: Rs 175/- to Rs 195/-
»» Maximum Subscription Amount for Retail Investor: Rs 100,000/-
»» Listing: BSE, NSE
»» Lead Manager: Anand Rathi Securities Ltd, Intensive Fiscal Services Private Ltd
»» Registrar: Intime Spectrum Registry Ltd (Ph: +91-22-25960320 Email: gokulipo@intimespectrum.com)
Company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing. The units are situated at Sidhpur (Sidhpur unit, North Gujarat), Anjar (Gandhidham unit, Kutch), Navi Pardi (Surat unit, South Gujarat), Kutch (Wind mills). Company setup Solvent Extraction plant and an oil refinery at Sidhpur, Refinery of 800 TPD and Vanaspati plant of 100 TPD at Kutch, Four environment friendly wind mills of 1.25 MW each in Kutch, 100 TPD operational refinery in Surat and co-generation power plant of 500 KWH at our Gandhidham unit. Towards expanding the scale of operations company setup two wholly owned subsidiaries in Mauritius and Singapore.
The Company is in the following lines of business:
Seed processing and Solvent Extraction
Oil cake
Solvent extracted oil
De-oiled cake
Refining of crude Edible oil to produce refined
Mustard oil
Soyabean oil
Sunflower oil
Groundnut oil
Cottonseed oil
Palm oil
Hydrogenation of oil to produce
Vanaspati ghee
Captive power generation plant
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
Setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat;
Expansion of our existing edible oil refinery at Surat, Gujarat;
Investment in our wholly owned Singapore subsidiary;
Funding part of our long term working capital;
Brand building activities;
Investment in increasing warehousing capacities and continuous Capex for exising units;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;
General corporate purposes.
Gokul Refoils and Solvent Ltd IPO Information
»» Public Issue Open: May 08, 2008 to May 13, 2008
»» Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO)
»» Public Issue Size: 71,58,392 Equity Shares of Rs. 10/-
»» Face Value: Rs. 10/-
»» Public Issue Price: Rs 175/- to Rs 195/-
»» Maximum Subscription Amount for Retail Investor: Rs 100,000/-
»» Listing: BSE, NSE
»» Lead Manager: Anand Rathi Securities Ltd, Intensive Fiscal Services Private Ltd
»» Registrar: Intime Spectrum Registry Ltd (Ph: +91-22-25960320 Email: gokulipo@intimespectrum.com)
Post Market Report 02.05.2008
The market surged in late trade to end close to the day’s high. It held firm despite the latest data showing a rise in inflation to highest level in more than three years. Firm global markets supported domestic bourses. The market had pared gains in mid-morning trade after a strong start ahead of the inflation data. It had surged in early trade on positive cues from global equities.
Gains in banking, realty, IT, capital goods, and auto stocks powered today's rally on the bourses. Except BSE Metal index all the sectoral indices on BSE were trading in green. Metal stocks declined as global base metal prices retreated. The market breadth was positive.
European markets which opened after Indian market, were strong. Asian markets which opened before Indian market, were firm. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
India's wholesale price index rose 7.57% in 12 months to 19 April 2008, accelerating from the previous week's annual rise of 7.33%, government data released today showed. The rate was the highest since a reading of 7.68% on 13 November 2004.
The 30-share BSE Sensex provisionally ended up 323.96 points or 1.87% at 17,611.27. Sensex was up 158.62 points at the day's low of 17,445.93 hit in mid-morning trade. Sensex hit a high of 17,621.24 in early trade, its highest level since 29 February 2008. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 59.5 points or 1.15% at 5,225.40.
The BSE clocked a turnover of Rs 6549 crore today compared to a turnover of Rs 6909.57 crore on Wednesday, 30 April 2008. The market was closed on Thursday, 1 May 2008, for a public holiday.
The market breadth was positive with 1,393 shares advancing as compared to 1306 that declined on BSE. 74 remained unchanged.
The BSE Mid-Cap index rose 1.36% to 7,236.14 and BSE Small-Cap index rose 0.47% to 8,814.64.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 2.49% to Rs 2,680.05 after the company said it had signed an agreement to buy a 90% stake in an exploration block in Peru.
Banking stocks rose across the board despite surge in inflation. HDFC Bank (up rose 1.33% to Rs 1,535), ICICI Bank (up 6.55% to Rs 937), edged higher.
India’s largest commercial bank State Bank of India rose 2.86% to Rs 1,827.10. The bank today reported 26% rise in net profit to Rs 1883 crore in Q4 March 2008 over Q4 March 2007. The results hit the market at the fag end of the trading session.
Bank of India rose 5.36% to Rs 361 after it posted 70% rise in net profit to Rs 757 crore in Q4 March 2008 over Q4 March 2007.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
Auto stock rose on strong monthly sales. India’s largest car maker by sales Maruti Suzuki India rose 6.6% to Rs 790.90. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 3.38% to Rs 733.15. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors declined 0.79% to Rs 844. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest tractor maker by sales Mahindra & Mahindra rose 2.95% to Rs 690.15 on reports the company is exploring buying stake in Pune-based two-wheeler maker Kinetic Motor. India’s largest truck maker by sales Tata Motors rose 3.68% to Rs 685.05.
Realty stocks rose. Housing Development and Infrastructure (up 10.8% to Rs 855.35), Indiabulls Real Estate (up 3.51% to Rs 567) and Unitech (up 3.03% to Rs 319.80) edged higher.
India’s largest real estate player by market capitalisation DLF rose 2.11% to Rs 720.15. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
Capital goods stocks rose. Larsen & Toubro (up 4.58% to Rs 3,141.05), Bharat Heavy Electricals (up 0.65% to Rs 1,909.25), Suzlon Energy (up 0.63% to Rs 288.95) edged higher.
IT stocks rose. Wipro (up 2.78% to Rs 502.20), Tata Consultancy Services (up 2.31% to Rs 940.75), Satyam Computer services (up 2.47% to Rs 494.10) and Infosys (up 2.04% t o Rs 1,789.50) edged higher.
Metal stocks declined as global base metal prices retreated. Sterlite Industries (down 4.24% to Rs 825.60), Hindalco Industries (down 4% to Rs 185.85) and Tata Steel (down 2.52% to Rs 797) National aluminium Company (down 2.42% to Rs 438.40) and Steel Authority of India (down 1% to Rs 183.20) edged lower.
Jaiprakash Associates (up 5.77% to Rs 286.95), ONGC (up 0.56% to Rs 1,039.20), ITC (up 0.43% to Rs 220.75) edged higher from Sensex pack.
HDFC (down 1.11% to Rs 2,773.75), ACC (down 0.67% to Rs 753.55), Ambuja Cement (down 0.88% to Rs 112.90) edged lower from Sensex pack.
India’s largest telecom services provider by sales Reliance Communications declined 3.2% to Rs 561.20. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
Indian Bank rose 2.23% to Rs 142.15. It has signed an agreement with Reliance Capital Asset Management to act as a corporate agent to sell the mutual fund products of Reliance Mutual Fund.
Adani Enterprises rose 2.7% to Rs 868. The company's subsidiary, Adani Power, has filed a draft red herring form (DRHF) on 2 May 2008 with the Securities & Exchange Board of India for offering 29.69 crore equity shares (including employee reservation) to the public on 100% book building basis.
Gains in banking, realty, IT, capital goods, and auto stocks powered today's rally on the bourses. Except BSE Metal index all the sectoral indices on BSE were trading in green. Metal stocks declined as global base metal prices retreated. The market breadth was positive.
European markets which opened after Indian market, were strong. Asian markets which opened before Indian market, were firm. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
India's wholesale price index rose 7.57% in 12 months to 19 April 2008, accelerating from the previous week's annual rise of 7.33%, government data released today showed. The rate was the highest since a reading of 7.68% on 13 November 2004.
The 30-share BSE Sensex provisionally ended up 323.96 points or 1.87% at 17,611.27. Sensex was up 158.62 points at the day's low of 17,445.93 hit in mid-morning trade. Sensex hit a high of 17,621.24 in early trade, its highest level since 29 February 2008. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 59.5 points or 1.15% at 5,225.40.
The BSE clocked a turnover of Rs 6549 crore today compared to a turnover of Rs 6909.57 crore on Wednesday, 30 April 2008. The market was closed on Thursday, 1 May 2008, for a public holiday.
The market breadth was positive with 1,393 shares advancing as compared to 1306 that declined on BSE. 74 remained unchanged.
The BSE Mid-Cap index rose 1.36% to 7,236.14 and BSE Small-Cap index rose 0.47% to 8,814.64.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 2.49% to Rs 2,680.05 after the company said it had signed an agreement to buy a 90% stake in an exploration block in Peru.
Banking stocks rose across the board despite surge in inflation. HDFC Bank (up rose 1.33% to Rs 1,535), ICICI Bank (up 6.55% to Rs 937), edged higher.
India’s largest commercial bank State Bank of India rose 2.86% to Rs 1,827.10. The bank today reported 26% rise in net profit to Rs 1883 crore in Q4 March 2008 over Q4 March 2007. The results hit the market at the fag end of the trading session.
Bank of India rose 5.36% to Rs 361 after it posted 70% rise in net profit to Rs 757 crore in Q4 March 2008 over Q4 March 2007.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
Auto stock rose on strong monthly sales. India’s largest car maker by sales Maruti Suzuki India rose 6.6% to Rs 790.90. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 3.38% to Rs 733.15. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors declined 0.79% to Rs 844. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest tractor maker by sales Mahindra & Mahindra rose 2.95% to Rs 690.15 on reports the company is exploring buying stake in Pune-based two-wheeler maker Kinetic Motor. India’s largest truck maker by sales Tata Motors rose 3.68% to Rs 685.05.
Realty stocks rose. Housing Development and Infrastructure (up 10.8% to Rs 855.35), Indiabulls Real Estate (up 3.51% to Rs 567) and Unitech (up 3.03% to Rs 319.80) edged higher.
India’s largest real estate player by market capitalisation DLF rose 2.11% to Rs 720.15. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
Capital goods stocks rose. Larsen & Toubro (up 4.58% to Rs 3,141.05), Bharat Heavy Electricals (up 0.65% to Rs 1,909.25), Suzlon Energy (up 0.63% to Rs 288.95) edged higher.
IT stocks rose. Wipro (up 2.78% to Rs 502.20), Tata Consultancy Services (up 2.31% to Rs 940.75), Satyam Computer services (up 2.47% to Rs 494.10) and Infosys (up 2.04% t o Rs 1,789.50) edged higher.
Metal stocks declined as global base metal prices retreated. Sterlite Industries (down 4.24% to Rs 825.60), Hindalco Industries (down 4% to Rs 185.85) and Tata Steel (down 2.52% to Rs 797) National aluminium Company (down 2.42% to Rs 438.40) and Steel Authority of India (down 1% to Rs 183.20) edged lower.
Jaiprakash Associates (up 5.77% to Rs 286.95), ONGC (up 0.56% to Rs 1,039.20), ITC (up 0.43% to Rs 220.75) edged higher from Sensex pack.
HDFC (down 1.11% to Rs 2,773.75), ACC (down 0.67% to Rs 753.55), Ambuja Cement (down 0.88% to Rs 112.90) edged lower from Sensex pack.
India’s largest telecom services provider by sales Reliance Communications declined 3.2% to Rs 561.20. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
Indian Bank rose 2.23% to Rs 142.15. It has signed an agreement with Reliance Capital Asset Management to act as a corporate agent to sell the mutual fund products of Reliance Mutual Fund.
Adani Enterprises rose 2.7% to Rs 868. The company's subsidiary, Adani Power, has filed a draft red herring form (DRHF) on 2 May 2008 with the Securities & Exchange Board of India for offering 29.69 crore equity shares (including employee reservation) to the public on 100% book building basis.
Mkts surge
Markets continue to maintain its upword momentum. Buying is witness in bank, auto, power; they are up over 2%. Buying is also seen in power, capital goods, IT, oil & gas and reality. However metal is down 1.5%.
At 13.50 hrs IST, the Sensex is up 231.09 points or 1.34% at 17518.40, and the Nifty up 50.90 points or 0.99% at 5216.80.
About 1581 shares have advanced, 1287 shares declined, and 214 shares are unchanged.
Maruti Suzuki, Reliance Infra, Jaiprakash Asso and ICICI Bank were the top gainer on the indices.
However the top loser includes Hindalco, Reliance Comm, Tata Steel, Sterlite Ind and Hindalco.
At 13.50 hrs IST, the Sensex is up 231.09 points or 1.34% at 17518.40, and the Nifty up 50.90 points or 0.99% at 5216.80.
About 1581 shares have advanced, 1287 shares declined, and 214 shares are unchanged.
Maruti Suzuki, Reliance Infra, Jaiprakash Asso and ICICI Bank were the top gainer on the indices.
However the top loser includes Hindalco, Reliance Comm, Tata Steel, Sterlite Ind and Hindalco.
Ruchi Soya Q4 net profit at Rs 37.7 cr
Ruchi Soya Industries has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 3480.6 crore versus Rs 2740.1 crore.
During the same quarter its net profit was at Rs 37.7 crore versus Rs 27.85 crore.
During the same quarter its net profit was at Rs 37.7 crore versus Rs 27.85 crore.
Rel Power to invest $1 bn in mine exploration, logistics
Reliance Power has acquired three coal mines in South Sumatra and Indonesia. It will invest USD 1 billion in mine exploration and logistics.
JP Chalsani, CEO, Reliance Power told CNBC-TV18 that payment for the acquisition is linked to actual production of coal and the three mines have total coal resources of 2 billion metric tonne.
Coal resources will be used for Krishnapatnam UMPP and Shahpur. Reliance Power can mine up to 40 mt per annum coal from these three mines.
JP Chalsani, CEO, Reliance Power told CNBC-TV18 that payment for the acquisition is linked to actual production of coal and the three mines have total coal resources of 2 billion metric tonne.
Coal resources will be used for Krishnapatnam UMPP and Shahpur. Reliance Power can mine up to 40 mt per annum coal from these three mines.
Markets continue to trade higher
Markets continue to trade higher and show no signs of weakness. Even inflation numbers have come out higher than market expectation. Inflation for week ended April 19 is at 7.57% versus 7.33%, at a 42-month high. The BSE bank, auto, IT and power indices are witnessing buying interest and are up over 2% each.
At 12.02 hrs IST, the Sensex is up 228.20 points or 1.32% at 17515.51, and the Nifty up 52.70 points or 1.02% at 5218.60.
About 1669 shares have advanced, 1186 shares declined, and 227 shares are unchanged.
Reliance Infra, Maruti Suzuki, Jaiprakash Asso and M&M are top gainers on the bourses.
However, top losers on the bourses are Hindalco, Reliance Comm, Tata Steel and Sterlite Ind.
At 12.02 hrs IST, the Sensex is up 228.20 points or 1.32% at 17515.51, and the Nifty up 52.70 points or 1.02% at 5218.60.
About 1669 shares have advanced, 1186 shares declined, and 227 shares are unchanged.
Reliance Infra, Maruti Suzuki, Jaiprakash Asso and M&M are top gainers on the bourses.
However, top losers on the bourses are Hindalco, Reliance Comm, Tata Steel and Sterlite Ind.
Indias Inflation for the week ended April 19 was at 7.57%, against expectation of 7.42%
Inflation for week-ended April is at 7.57% versus 7.33%. It is at a 42-month high.
The Wholesale Price Index (WPI) is up on rise in primary articles and manufactured goods.
Gilts have gone up despite rise in inflation as higher headline WPI has been priced in.
Reacting to inflation numbers, Finance Minister P Chidambaram provided hope by saying current inflation is likely to be contained. He said food prices will come down sooner than other prices. As a contingency, 154 lakh tonnes of wheat and 250 lakh tonnes of rice have been acquired.
The Wholesale Price Index (WPI) is up on rise in primary articles and manufactured goods.
Gilts have gone up despite rise in inflation as higher headline WPI has been priced in.
Reacting to inflation numbers, Finance Minister P Chidambaram provided hope by saying current inflation is likely to be contained. He said food prices will come down sooner than other prices. As a contingency, 154 lakh tonnes of wheat and 250 lakh tonnes of rice have been acquired.
Performance of Pre market tips 02.05.2008 @11.50AM
Buy RPL above 201.50 target 204/206/207 high 205.35
Buy RPOWER above 395 target 398/400/402 high 404.00
Buy RNRL above 123 target 124.5/125.75/128 high 126.00
Buy Voltas above 192 target 193/195/196 high 195.50
buy MRPL above 102 target 103/106/107 high 104
Buy Hindalco above 194 target 196/199/201 high 198
Buy RPOWER above 395 target 398/400/402 high 404.00
Buy RNRL above 123 target 124.5/125.75/128 high 126.00
Buy Voltas above 192 target 193/195/196 high 195.50
buy MRPL above 102 target 103/106/107 high 104
Buy Hindalco above 194 target 196/199/201 high 198
Mkts off day's high
Markets are trading in green but off the day's high.
At 10.42 am, the Sensex is up 195.45 points or 1.13% at 17482.76, and the Nifty up 47.80 points or 0.93% at 5213.70.
About 1816 shares have advanced, 1044 shares declined, and 222 shares are unchanged.
At 10.42 am, the Sensex is up 195.45 points or 1.13% at 17482.76, and the Nifty up 47.80 points or 0.93% at 5213.70.
About 1816 shares have advanced, 1044 shares declined, and 222 shares are unchanged.
Market surges on positive global cues
The key benchmark indices opened strong on positive cues from global equities. The market is now eying the weekly inflation data which is slated to hit the market at 12:00 IST. IT and banking stocks rose. The market breadth was strong.
Asian markets which opened before Indian markets were strong. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
At 10:22 IST, the 30-share BSE Sensex was up 234.87 points or 1.36% at 17,522.18. Sensex hit a high of 17,621.24 in early trade. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 60.05 points or 1.16% at 5,225.95.
The market breadth was strong on BSE with 1,398 shares advancing as compared to 345 that declined. 29 remained unchanged.
The BSE Mid-Cap index rose 1.6% to 7,252.87 and BSE Small-Cap index rose 1.24% to 8,882.43.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.85% to Rs 2,637.
Banking stocks rose across the board. Bank of India (up 7.22% to Rs 367.40), HDFC Bank (up rose 3.44% to Rs 1566), ICICI Bank (up 3.53% to Rs 910.40), State Bank of India (up up 2.89% to Rs 1,829) edged higher.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
IT stocks rose. Wipro (up 3.4% to Rs 505.20), Tata Consultancy Services (up 3% to Rs 947.10), Satyam Computer services (up 2.25% to Rs 493.05) and Infosys (up 2.01% t o Rs 1,789) edged higher.
Reliance Infrastructure (up 4.99% to Rs 1,496.80), Jaiprakash Associates (up 4.02% to Rs 281.70), Tata Motors (up 2.69% to Rs 680), Mahindra & Mahindra (up 2.33% to Rs 686), NTPC (up 1.32% to Rs 199.35) edged higher from Sensex pack.
Hindalco Industries (down 3.51% to Rs 186.80) and Tata Steel (down 0.32% to Rs 815) edged lower from Sensex pack.
India’s largest car maker by sales Maruti Suzuki India rose 4.19% to Rs 773. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 2.93% to Rs 730. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors rose 0.68% to Rs 856.50. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest real estate player by market capitalisation DLF rose 2.51% to Rs 722.95. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
India’s largest telecom services provider by sales Reliance Communications rose 0.3% to Rs 581.50. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
MindTree Consulting rose 3.88% to Rs 485. MindTree Consulting is reportedly set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore. The deal is expected to be concluded in a couple of days, the reports added.
Jet Airways rose 1.82% to Rs 563. Jet Airways will hike the cost of full-fare flights by 10% from 3 May 2008. On discounted fares it has announced an increase in the fuel surcharge.
Idea Cellular rose 1.9% to Rs 107.50. Idea Cellular will reportedly invest an additional $400 million (Rs 1,600 crore) for rolling out telecom services in four new circles - Mumbai, Bihar, Tamil Nadu and Orissa. The service provider will start operations in Mumbai and Bihar circles in the July-September 2008 quarter, and in Tamil Nadu and Orissa by the October-December 2008 quarter.
Videocon Industries rose 1.42% to Rs 379.50. Videocon Industries reported 8.6% rise in net profit to Rs 251.22 crore on a 16.8% increase in sales to Rs 2514.91 crore in Q2 March 2008 over Q2 March 2007.
Great Offshore rose 2.23% to Rs 668.50. Great Offshore reported 41.6% jump in net profit to Rs 42.39 crore on a 23.9% rise in sales to Rs 184.98 crore in Q4 March 2008 over Q4 March 2007
Asian markets which opened before Indian markets were strong. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
At 10:22 IST, the 30-share BSE Sensex was up 234.87 points or 1.36% at 17,522.18. Sensex hit a high of 17,621.24 in early trade. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 60.05 points or 1.16% at 5,225.95.
The market breadth was strong on BSE with 1,398 shares advancing as compared to 345 that declined. 29 remained unchanged.
The BSE Mid-Cap index rose 1.6% to 7,252.87 and BSE Small-Cap index rose 1.24% to 8,882.43.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.85% to Rs 2,637.
Banking stocks rose across the board. Bank of India (up 7.22% to Rs 367.40), HDFC Bank (up rose 3.44% to Rs 1566), ICICI Bank (up 3.53% to Rs 910.40), State Bank of India (up up 2.89% to Rs 1,829) edged higher.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
IT stocks rose. Wipro (up 3.4% to Rs 505.20), Tata Consultancy Services (up 3% to Rs 947.10), Satyam Computer services (up 2.25% to Rs 493.05) and Infosys (up 2.01% t o Rs 1,789) edged higher.
Reliance Infrastructure (up 4.99% to Rs 1,496.80), Jaiprakash Associates (up 4.02% to Rs 281.70), Tata Motors (up 2.69% to Rs 680), Mahindra & Mahindra (up 2.33% to Rs 686), NTPC (up 1.32% to Rs 199.35) edged higher from Sensex pack.
Hindalco Industries (down 3.51% to Rs 186.80) and Tata Steel (down 0.32% to Rs 815) edged lower from Sensex pack.
India’s largest car maker by sales Maruti Suzuki India rose 4.19% to Rs 773. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 2.93% to Rs 730. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors rose 0.68% to Rs 856.50. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest real estate player by market capitalisation DLF rose 2.51% to Rs 722.95. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
India’s largest telecom services provider by sales Reliance Communications rose 0.3% to Rs 581.50. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
MindTree Consulting rose 3.88% to Rs 485. MindTree Consulting is reportedly set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore. The deal is expected to be concluded in a couple of days, the reports added.
Jet Airways rose 1.82% to Rs 563. Jet Airways will hike the cost of full-fare flights by 10% from 3 May 2008. On discounted fares it has announced an increase in the fuel surcharge.
Idea Cellular rose 1.9% to Rs 107.50. Idea Cellular will reportedly invest an additional $400 million (Rs 1,600 crore) for rolling out telecom services in four new circles - Mumbai, Bihar, Tamil Nadu and Orissa. The service provider will start operations in Mumbai and Bihar circles in the July-September 2008 quarter, and in Tamil Nadu and Orissa by the October-December 2008 quarter.
Videocon Industries rose 1.42% to Rs 379.50. Videocon Industries reported 8.6% rise in net profit to Rs 251.22 crore on a 16.8% increase in sales to Rs 2514.91 crore in Q2 March 2008 over Q2 March 2007.
Great Offshore rose 2.23% to Rs 668.50. Great Offshore reported 41.6% jump in net profit to Rs 42.39 crore on a 23.9% rise in sales to Rs 184.98 crore in Q4 March 2008 over Q4 March 2007
Market opens higher
The markets have opened with smart gains mirrior global peers. Nifty breached 5200 mark. The BSE bankex, realty, power, IT stocks witnessing buying interest.
At 9.56 am, the Sensex is up 302 points at 17590, and the Nifty is up 85 points at 5259.
ICICI Bank, Satyam, DLF, Unitech, Tata Motors are among major gainers.
Fertiliser stocks like Chambal Fertilisers and Nagarjuna Fertilisers are trading with over 3% gain
At 9.56 am, the Sensex is up 302 points at 17590, and the Nifty is up 85 points at 5259.
ICICI Bank, Satyam, DLF, Unitech, Tata Motors are among major gainers.
Fertiliser stocks like Chambal Fertilisers and Nagarjuna Fertilisers are trading with over 3% gain
Sterling Biotech Q1 net profit at Rs 55 cr
Sterling Biotech has announced its results for the quarter ended March 2008 (Q1). The company's net sales stood at Rs 269 crore versus Rs 174 crore.
In the same quarter its net profit was at Rs 55 crore versus Rs 38 crore (Up 45%).
In the same quarter its net profit was at Rs 55 crore versus Rs 38 crore (Up 45%).
Great Offshore Q4 net profit at Rs 42.4 cr
Great Offshore has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 185 crore versus Rs 149 crore. Its other income was at Rs 20 crore versus Rs 2.65 crore.
In the same quarter its net profit was at Rs 42.4 crore versus Rs 29.9 crore. The company's OPM were at 25.7% versus 45.6%.
In the same quarter its net profit was at Rs 42.4 crore versus Rs 29.9 crore. The company's OPM were at 25.7% versus 45.6%.
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