A recovery from lower level was witnessed on the bourses in mid-morning trade. Earlier, weak Asian markets and record high oil prices had pulled the domestic markets down in early trade. The market breadth was strong. Metal stocks rose while banking, capital goods and realty stocks declined.
At 10:23 IST, the 30-share BSE Sensex was down 88.63 points or 0.55% at 17,339.13. Sensex lost 178.65 points at day’s low of 17,256.29 touched in mid-morning trade.
The broader based S&P CNX Nifty was down 24.3 points or 0.47% at 5,133.40.
The market breadth was strong on BSE with 1333 shares advancing as compared to 998 that declined. 83 remained unchanged.
Among the 30-member Sensex pack, 22 declined while the rest gained.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.61% to Rs 2,619. It has reportedly formed a $1 billion joint venture with New York-based Vornado Realty Trust to set up a real estate fund.
Banking stocks declined. ICICI Bank (down 1.4% to Rs 928) and HDFC Bank (down 1.49% to Rs 1,479) edged lower.
India’s largest commercial bank State Bank of India declined 1.98% to Rs 1,670.30. It has reportedly decided to stop giving loans for the purchase of tractors and other farm equipment. Due to mounting non-performing assets in the farm equipment loan segment, the bank has decided to temporarily put on hold all future advances for farm equipment like tractors, power tillers and combined harvesters, the reports suggested.
Capital goods stocks declined. Larsen & Toubro (down 1.05% to Rs 2,966) and Bharat Heavy Electricals (down 2.24% to Rs 1,756) edged lower. However Suzlon Energy rose 0.39% to Rs 309.15.
Realty stocks declined. Indiabulls Real Estate (down 0.38% to Rs 535.20), DLF (down 0.72% to Rs 644.50) and Unitech (down 1.94% to Rs 281.15) edged lower.
Metal stocks were mixed. Sterlite Industries (up 4.95% to Rs 939.50), Tata Steel (up 1.54% to Rs 905.25) edged higher. However, Hindalco Industries (down 1.82% to Rs 200) and Steel Authority of India (down 0.38% to Rs 185.20) edged lower.
India’s second largest aluminium maker by sales National Aluminium Company declined 1.27% to Rs 517.15. It has raised prices of the metal by 5.8% a metric ton to about Rs 1.44 lakh to match a rise in prices in the global markets.
India’s largest tractor maker by sales Mahindra & Mahindra declined 1.39% to Rs 653. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.
India’s largest car maker by sales Maruti Suzuki India declined 0.1% to Rs 818.10. It has reportedly increased prices of cars by as much as Rs 18,000 because of higher raw material costs.
ACC (up 1.62% to Rs 691.10), Infosys (up 1.54% to Rs 1,900), Satyam Computer Services (up 1.01% to Rs 493.10), Ranbaxy Laboratories (up 1% to Rs 515.50), Tata Motors (up 0.63% to Rs 673.85) edged higher from the Sensex pack.
Jaiprakash Associates (down 2.7% to Rs 262.80), Reliance Infrastructure (down 2.29% to Rs 1,427.15), Bharti Airtel (down 2.04% to Rs 834), ONGC (down 1.46% to Rs 937), Wipro (down 1.37% to Rs 499.50), NTPC (down 1.15% to Rs 188.80) edged lower from Sensex pack.
HT Media rose 1.38% to Rs 143.05. The company’s net profit rose 73.6% to Rs 41.59 crore on 13.9% rise in sales to Rs 313.35 crore in Q4 March 2008 over Q4 March 2007. The company announced the result on Friday, 16 May 2008.
Kolte Patil Developers rose 7.15% to Rs 128.80. The company reported a net profit of Rs 40.09 crore on sales of Rs 118.82 crore in Q4 March 2008. Figures for the corresponding previous year period were not available. The company announced the result on 19 May 2008.
Karnataka Bank rose 0.41% to Rs 207. The company’s net profit rose 127.1% to Rs 60.78 crore on 20.5% rise in opearating income to Rs 475.18 crore in Q4 March 2008 over Q4 March 2007. The company announced the result on 19 May 2008.
Redington India rose 1.77% to Rs 376.30. The company’s net profit rose 68.5% to Rs 26.04 crore on 17.8% rise in sales to Rs 1,659.22 crore in Q4 March 2008 over Q4 March 2007. The company announced the result on 16 May 2008.
Tuesday, May 20, 2008
Pre Market Report 20/05/2008
The market may edge lower on weak Asian markets. The market had shown some resistance last week despite higher inflation data and spiraling crude prices.
Market had remained closed on Monday, 19 May 2008, on account of Buddha Purnima.
The wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% n 6 November 2004. The annual inflation rate was 5.74% during the corresponding week of the previous year.
Asian markets were trading lower today, 20 May 2008. Indices in China, Hongkong, Japan, Singapore and Taiwan were down by between 0.8% to 1.91%. While South Korea's Strait Times rose 0.24% to 3,215.25.
US markets ended the day on Monday 19 May 2008 nearly unchanged following a late-day sell-off. Weakness in techs, retail and housing prompted traders to lock in some profits.
The Dow gained 41.36 points, or 0.32%, to 13,028.16. The S&P 500 rose 1.28 points, or 0.09%, to 1,426.63, and Nasdaq composite index was down 12.76 points, or 0.50%, to 2,516.09.
Back home on Friday 16 May 2008, The 30-share BSE Sensex rose 81.40 points or 0.47% at 17,434.94. The broader based S&P CNX Nifty advanced 42.45 points or 0.83% at 5,157.70.
The BSE Sensex had risen 697.87 points or 4.17% to 17,434.94 in the week ended Friday, 16 May 2008. The S&P CNX Nifty rose 175.10 points or 3.51% to 5157.70 in the week.
As per provisional data, foreign funds purchased shares worth a net Rs 475.87 crore on 16 May 2008. Domestic funds bought shares worth a net Rs 392.1 crore on that day.
Crude-oil futures had marked their first close above $127 a barrel Monday 19 May 2008, with the market extending last week's strength on growing concerns about energy supply and demand from China.
Meanwhile , polling began from 16 May 2008, in 66 Assembly constituencies in ten districts of Karnataka in the second phase of election. Third and final phase of election will be held on 22 May 2008 in 69 constituencies spread across eight districts. Counting of votes for all the 224 segments will be held on 25 May 2008.
Market had remained closed on Monday, 19 May 2008, on account of Buddha Purnima.
The wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% n 6 November 2004. The annual inflation rate was 5.74% during the corresponding week of the previous year.
Asian markets were trading lower today, 20 May 2008. Indices in China, Hongkong, Japan, Singapore and Taiwan were down by between 0.8% to 1.91%. While South Korea's Strait Times rose 0.24% to 3,215.25.
US markets ended the day on Monday 19 May 2008 nearly unchanged following a late-day sell-off. Weakness in techs, retail and housing prompted traders to lock in some profits.
The Dow gained 41.36 points, or 0.32%, to 13,028.16. The S&P 500 rose 1.28 points, or 0.09%, to 1,426.63, and Nasdaq composite index was down 12.76 points, or 0.50%, to 2,516.09.
Back home on Friday 16 May 2008, The 30-share BSE Sensex rose 81.40 points or 0.47% at 17,434.94. The broader based S&P CNX Nifty advanced 42.45 points or 0.83% at 5,157.70.
The BSE Sensex had risen 697.87 points or 4.17% to 17,434.94 in the week ended Friday, 16 May 2008. The S&P CNX Nifty rose 175.10 points or 3.51% to 5157.70 in the week.
As per provisional data, foreign funds purchased shares worth a net Rs 475.87 crore on 16 May 2008. Domestic funds bought shares worth a net Rs 392.1 crore on that day.
Crude-oil futures had marked their first close above $127 a barrel Monday 19 May 2008, with the market extending last week's strength on growing concerns about energy supply and demand from China.
Meanwhile , polling began from 16 May 2008, in 66 Assembly constituencies in ten districts of Karnataka in the second phase of election. Third and final phase of election will be held on 22 May 2008 in 69 constituencies spread across eight districts. Counting of votes for all the 224 segments will be held on 25 May 2008.
world market at 8.30 AM IST
STI 3,218.29 +10.86 (+0.34%)
SESDAQ 206.88 +206.88 (0.00%)
BT-SRI 1,788.37 1,788.37 (0.00%)
KLSE Comp 1,300.67 +6.52 (+0.50%)
Nikkei 225 14,224.12 -45.49 (-0.32%)
Hang Seng 25,295.37 -446.86 (-1.74%)
Dow 13,028.16 +41.36 (+0.32%)
Nasdaq 2,516.09 -12.76 (-0.50%)
SESDAQ 206.88 +206.88 (0.00%)
BT-SRI 1,788.37 1,788.37 (0.00%)
KLSE Comp 1,300.67 +6.52 (+0.50%)
Nikkei 225 14,224.12 -45.49 (-0.32%)
Hang Seng 25,295.37 -446.86 (-1.74%)
Dow 13,028.16 +41.36 (+0.32%)
Nasdaq 2,516.09 -12.76 (-0.50%)
Asian trading in negative
Nikkei 225 14,224.12 -45.49 -0.32%
Hang Seng 25,235.28 -506.95 -1.97%
Straits Times 3,219.75 +12.32 +0.38%
Hang Seng 25,235.28 -506.95 -1.97%
Straits Times 3,219.75 +12.32 +0.38%
US Stocks finish mixed following tech pullback
Wall Street ended mixed Monday after weakness in the technology sector punctured some of the market's enthusiasm over a report that suggested the economy could still be growing.
US closing
Dow 13,028.16 +41.36 +0.32%
Nasdaq 2,516.09 -12.76 -0.50%
S&P 500 1,426.63 +1.28 +0.09%
US closing
Dow 13,028.16 +41.36 +0.32%
Nasdaq 2,516.09 -12.76 -0.50%
S&P 500 1,426.63 +1.28 +0.09%
Monday, May 19, 2008
Bafna Pharmaceuticals Limited IPO
Incorporated in 1995, Bafna Pharmaceuticals Limited is engaged in the business of manufacturing pharmaceutical formulations of Betalactum and Non Betalactum products.
In 2006, Bafna has set up an 100% EOU unit at Madhavaram for the production of tablets and capsule with a capacity of 6973.20 lacs and 2462.40 lacs. The unit has been WHO GMP certified and also ISO 9000 certified. The products manufactured in this factory caters to the markets of Srilanka, Ghana and Ukraine. Bafna was involved in the execution of contracts for the generic division of M/s. Croslands from the period 1994 to 2001. Bafna was awarded the WHO GMP certification during the year 1995. Presently around 57 products of the company are registered in Srilanka, 4 products in Ukraine, 1 product in Ghana. The company received the Best Supplier award from the Srilankan Government during 2005.
Bafna Pharmaceuticals Ltd IPO Information
»» Public Issue Open: May 27, 2008 to May 30, 2008
»» Public Issue Type: Fixed price
»» Public Issue Size: 64,00,000 Equity Shares of Rs. 10/-
»» Face Value: Rs. 10/-
»» Public Issue Price: Rs 40/-
»» Maximum Subscription Amount for Retail Investor: Rs 100,000/-
»» Listing: BSE
»» Lead Manager: Keynote Corporate Services Ltd, Ashika Capital Ltd
»» Registrar: Cameo Corporate Services Ltd (Ph: +91-44-28460390 Email: cameo@cameoindia.com)
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
To undertake Brand Building exercise in domestic & international markets;
To part finance the cost of obtaining MHRA approval for Grantlyon unit;
To set up a Research & Development unit at Grantlyon;
To repay high cost debt;
To meet the working capital requirement;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;
General corporate purposes
In 2006, Bafna has set up an 100% EOU unit at Madhavaram for the production of tablets and capsule with a capacity of 6973.20 lacs and 2462.40 lacs. The unit has been WHO GMP certified and also ISO 9000 certified. The products manufactured in this factory caters to the markets of Srilanka, Ghana and Ukraine. Bafna was involved in the execution of contracts for the generic division of M/s. Croslands from the period 1994 to 2001. Bafna was awarded the WHO GMP certification during the year 1995. Presently around 57 products of the company are registered in Srilanka, 4 products in Ukraine, 1 product in Ghana. The company received the Best Supplier award from the Srilankan Government during 2005.
Bafna Pharmaceuticals Ltd IPO Information
»» Public Issue Open: May 27, 2008 to May 30, 2008
»» Public Issue Type: Fixed price
»» Public Issue Size: 64,00,000 Equity Shares of Rs. 10/-
»» Face Value: Rs. 10/-
»» Public Issue Price: Rs 40/-
»» Maximum Subscription Amount for Retail Investor: Rs 100,000/-
»» Listing: BSE
»» Lead Manager: Keynote Corporate Services Ltd, Ashika Capital Ltd
»» Registrar: Cameo Corporate Services Ltd (Ph: +91-44-28460390 Email: cameo@cameoindia.com)
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
To undertake Brand Building exercise in domestic & international markets;
To part finance the cost of obtaining MHRA approval for Grantlyon unit;
To set up a Research & Development unit at Grantlyon;
To repay high cost debt;
To meet the working capital requirement;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;
General corporate purposes
Results on 19th May
Tech Mahindra, Karnataka Bank, S Kumars Nation, Lakshmi Machine, MIC Electronics, Magma Leasing, Kolte-Patil, Action Const, Gemini Comm
Anu's Laboratories Ltd IPO - Option to withdraw application
Anu's Lab IPO has got some trouble due to some legal issues. Company published a letter to its investors giving the option to withdraw from the public issue because company failed to disclose a pending law suit in its Red herring prospectus. The law suit was files by Sunmoon Chemicals Pvt. Ltd in Nov 2007 and this case is still pending. Anu's lab failed to disclose this in its offer document.
Due to define rules by SEBI, Company has given an option to its investors to withdraw the application with in 10 days from May 16, 2008.
This may cause some delay in share allotment and refund for Anu's lab IPO. Investors who do not want to block their money may withdraw their IPO application in next 10 days.
Due to define rules by SEBI, Company has given an option to its investors to withdraw the application with in 10 days from May 16, 2008.
This may cause some delay in share allotment and refund for Anu's lab IPO. Investors who do not want to block their money may withdraw their IPO application in next 10 days.
Sunday, May 18, 2008
Edelweiss Capital Q4 net profit at Rs 82.6 cr
Edelweiss Capital it has announced its Q4 numbers. It has posted Q4 net profit of Rs 82.6 crore versus Rs 37.4 crore on YoY basis and versus Rs 96.4 crore on QoQ basis.
During the same quarter its net sales were at Rs 405.8 versus Rs 135.9 crore on YoY basis and versus Rs 323.2 crore on QoQ basis.
Its FY08 net profit stood was at Rs 273.2 crore versus Rs 109.9 crore. Its FY08 sales were at Rs 1,088.9 crore versus Rs 371.8 crore.
The company's FY08 diluted EPS was at Rs 39.99 versus Rs 20.76.
During the same quarter its net sales were at Rs 405.8 versus Rs 135.9 crore on YoY basis and versus Rs 323.2 crore on QoQ basis.
Its FY08 net profit stood was at Rs 273.2 crore versus Rs 109.9 crore. Its FY08 sales were at Rs 1,088.9 crore versus Rs 371.8 crore.
The company's FY08 diluted EPS was at Rs 39.99 versus Rs 20.76.
SAIL Q4 net profit up 25% at Rs 2376.8 cr
Steel Authority of India has announced its fourth quarter results. The company's Q4 net profit up 25% at Rs 2376.8 crore versus Rs 1901.8 crore.
Its net sales were up at Rs 13350 crore from 10385 crore.
Its Q4 other income was up at Rs 618 crore from Rs 640 crore.
For FY08, the company's net profit stood at Rs 7536.8 crore as against Rs 6202.3 crore
Its FY08 net sales at Rs 39508 crore versus Rs 33923 .
According to CNBC-TV18 estimates, its Q4FY08 net sales were seen up 20.34% at Rs 12497.53 crore from Rs 10385 crore.
The company's Q4FY08 PAT was expected to go up 37% at Rs 2606.1 crore from Rs 1901.8 crore.
Its net sales were up at Rs 13350 crore from 10385 crore.
Its Q4 other income was up at Rs 618 crore from Rs 640 crore.
For FY08, the company's net profit stood at Rs 7536.8 crore as against Rs 6202.3 crore
Its FY08 net sales at Rs 39508 crore versus Rs 33923 .
According to CNBC-TV18 estimates, its Q4FY08 net sales were seen up 20.34% at Rs 12497.53 crore from Rs 10385 crore.
The company's Q4FY08 PAT was expected to go up 37% at Rs 2606.1 crore from Rs 1901.8 crore.
BRPL FY08 net profit at Rs 294.3 cr
Bongaigaon Refineries and Petrochemicals has announced its Q4 and FY08 results. The company's FY08 standalone net profit stood at Rs 30.4 crore from Rs 18.1 crore.
Its net sales stood at Rs 1,839.9 crore versus Rs 1,195.6 crore.
For FY08, net profit stood at Rs 294.3 crore Vs Rs 185 crore while net sales stood at Rs 6,029.8 crore Vs Rs 5,788.4 crore.
Its net sales stood at Rs 1,839.9 crore versus Rs 1,195.6 crore.
For FY08, net profit stood at Rs 294.3 crore Vs Rs 185 crore while net sales stood at Rs 6,029.8 crore Vs Rs 5,788.4 crore.
Redington FY08 cons net profit up at Rs 136.07 cr
Redington has announced its FY08 results. The company's consolidated net profit was up at Rs 136.07 crore.
The company's net sales were at Rs 10870 crore.
The company's net sales were at Rs 10870 crore.
DCW Q4 net profit at Rs 2.9 cr
DCW has announced its Q4 and FY08 numbers. It has posted Q4 net profit of Rs 2.9 crore as against Rs 5 crore YoY.
For FY08, the company reported net profit of Rs 35.8 crore and net sales of Rs 748 crore.
For FY08, the company reported net profit of Rs 35.8 crore and net sales of Rs 748 crore.
Niraj Cement IPO opens on May 22; price band Rs 175-190
Niraj Cement Structurals, an engineering and construction company, will enter the capital market with an initial public offering, IPO of 32,50,000 equity shares of face value Rs 10 each on on May 22, 2008. The price band has been fixed at Rs 175-Rs 190 per equity share. The issue will close for subscription on May 28, 2008.
The issue price is 17.5 times the face value at the lower end of the price band and 19 times the face value at the higher end of the price band.
The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The equity shares offered through this issue are proposed to be listed on the BSE. The issue has been graded by CARE and has been assigned the ‘CARE IPO GRADE 1’.
The book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.
The issue price is 17.5 times the face value at the lower end of the price band and 19 times the face value at the higher end of the price band.
The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The equity shares offered through this issue are proposed to be listed on the BSE. The issue has been graded by CARE and has been assigned the ‘CARE IPO GRADE 1’.
The book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.
Post Market Report 16.05.2008
Rally in Asian and European markets, and firm US stock futures
indicating higher opening of US stocks today helped Indian market
shrug off a surge in inflation to highest level in more than three
years. Shares from banking and metal advanced on renewed buying.
The Dow Jones Industrial Average futures were up 25 points to 13017
while Nasdaq futures were up 4.25 points to 2040.
The 30-share BSE Sensex rose 81.40 points or 0.47% at 17,434.94.
The barometer index opened with an upward gap of 122.87 points at
17,476.41. It struck a high of 17,497.36 in early trade. At the
day's high, Sensex gained 143.82 points. Sensex lost 38.02 points
at day's low of 17,315.52 touched in early afternoon trade.
The broader based S&P CNX Nifty advanced 42.45 points or 0.83% at
5,157.70. Nifty May 2008 futures were at 5148 a discount of 9.70
points as compared to spot closing
As per provisional data, foreign funds bought shares worth a net Rs
475.87 crore today, 16 May 2008. Domestic funds bought shares worth
Rs 392.10 crore.
The BSE Sensex has gained 682.08 points or 4.07% in three trading
sessions from 16752.86 on 13 May 2008, on firm global markets and
due to depreciation of the rupee against the dollar which has
lifted export driven IT shares.
The wholesale price index rose 7.83% in 12 months to 3 May 2008,
higher than previous week's annual rise of 7.61%, government data
released today, 16 May 2008, showed. It was the highest since an
annual reading of 7.93% n 6 November 2004. Meanwhile, the
government also revised inflation for the week ended 8 March 2008
sharply upwards to 7.78% as compared to 5.92% reported earlier.
The market breadth was strong on BSE with 1521 shares advancing as
compared to 1160 that declined. 86 remained unchanged.
The BSE Mid-Cap index was up 0.70% to 7,129.70 while the BSE
Small-Cap index gained 0.86% to 8,620.26. Both these indices
outperformed the Sensex.
The total turnover on BSE amounted to Rs 6085 crore as compared to
Rs 6,484.97 crore yesterday, 15 May 2008. Turnover in NSE's futures
& options segment amounted to Rs 37876.68 crore as compared to Rs
38196.16 crore yesterday, 15 May 2008
All sectoral indices on BSE logged gains barring the BSE IT index
which shed 0.42% to 4,467.55.
The BSE Oil & Gas index (up 0.75% to 11,289.58), BSE Bankex (up
1.54% at 8,941.28), BSE Capital Goods index (up 0.71% at
13,696.75), BSE FMCG index (up 0.55% to 2,508.25), BSE Auto (up
0.57% at 4,757.30), BSE Health Care index (up 0.83% at 4,321.48),
BSE Metal index (up 1.90% to 17,058.01), BSE Power (up 0.89% to
3,332.49), and BSE Consumer Durables index (up 0.75% to 4,582.72s),
outperformed the Sensex.
The BSE Realty index (up 0.02% at 8,044.25), BSE TecK index (up
0.06% to 3,555.01), BSE PSU index (up 0.40% to 7,793.86),
underperformed the Sensex.
Among the 30-member Sensex pack, 16 gained while the rest slipped
India's largest bulk drug maker in terms of sales, Ranbaxy
Laboratories advanced 3.04% to Rs 509.50 on 7.61 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
0.72% to Rs 2641.45 on 6.52 lakh shares. The stock moved in a range
of Rs 2601 and Rs 2646 so far during the day.
Metal shares rose on fresh buying. Sterlite Industries (up 2.08% to
Rs 891.10), Tata Steel (up 0.98% to Rs 890.50), and Sesa Goa (up
0.55% to Rs 4280) gained.
Steel Authority of India jumped 7.97% to Rs 187 on reporting 24.97%
rise in net profit to Rs 2376.76 crore on 30.42% increase in total
income to Rs 13855.25 crore in Q4 March 2008 over Q4 March 2007.
The company announced the results during trading hours today, 16
May 2008.
India's largest cellular services provider in terms of market
capitalisation Reliance Communications gained 2.73% to Rs 605.10
after its 95% infrastructure subsidiary Reliance Infratel
reportedly secured the Securities and Exchange Board of India
(Sebi)'s nod for public issue. The Anil Ambani group company may
offload a 10.05% stake in Reliance Infratel to raise Rs 5,000-6,000
crore through the IPO.
India's largest cellular services provider in terms of market
capitalisation Bharti Airtel shed 1.13% to Rs 846.50. The company's
plan for taking over South African telecom major MTN has reportedly
entered into a crucial negotiation phase. While Bharti Airtel is
ready to acquire 51% stake, MTN's management wants it to buyout the
entire company.
Banking shares shrugged off data showing a surge in inflation. HDFC
Bank (up 1.61% to Rs 1500), and State Bank of India (up 1.31% to Rs
1701) advanced
ICICI Bank, the country's largest private sector bank in terms of
net profit was up 1.22% to Rs 940. As per reports, the bank's the
private equity arm ICICI Venture Fund Management, will raise as
much as $3 billion for an infrastructure and a real estate fund.
IT pivotals slipped after firm start on profit taking. Infosys
(down 1.28% to Rs 1867.10, off day's high of Rs 1918.40), Wipro
(down 0.66% to Rs 505.50, off day's high of Rs 515), and TCS (down
1.05% to Rs 975.10, off day's high of Rs 1000.15), declined.
However India's fourth largest software services exporter Satyam
Computer Services rose 0.64% to Rs 487.
The Indian rupee fell to a 13-month low against the dollar today,
16 May 2008. 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 engineering company in terms of
outstanding order book position Larsen & Toubro slipped from day's
high of Rs 3033. It closed with gain of 0.56% to Rs 2997. The
company said it had entered into a partnership agreement with GE
Energy, a unit of General Electric, for power plant control systems
in India.
Hindustan Unilever (up 1.47% to Rs 242.10) and Jaiprakash
Associates (up 1.67% to Rs 270.05), edged higher from Sensex pack.
India's largest dedicated housing finance company in terms of total
income Housing Development Finance Corporation fell 1.55% to Rs
2750 on 63,625 shares. It was the top loser from Sensex pack.
NTPC, the country's largest power generation company in terms of
sales, slipped 0.16% to Rs 191.35 on reports the Finance Ministry
has turned down its proposal for selling 4.75% stake through
follow-on public offer. The Government holds 89.5% in the utility
(as at end March 2008).
Ambuja Cements (down 1.07% to Rs 110.90), and Cipla (down 1.12% to
Rs 211.30) edged lower from Sensex pack.
Aishwarya Telecom was the top traded counter on BSE with turnover
of Rs 357.30 crore followed by Housing Development Infrastructure
(Rs 177.66 crore), Steel Authority of India (Rs 171.22 crore),
Reliance Industries (Rs 171.20 crore), and Reliance Communications
(Rs 169.78 crore), in that order.
Bank of India vaulted 5.66% to Rs 358.20 on reporting 76.87% rise
in net profit to Rs 1959.84 crore on 38.26% rise in total income to
Rs 14528.41 crore, on a consolidated basis, in the year ended March
2008 over year ended March 2007
Zylog Systems declined 4.62% to Rs 282.85 on reporting 21.67% fall
in net profit to Rs 18.36 crore on 1.37% rise in net sales to Rs
162.08 crore in Q4 March 2008 over Q3 December 2007. The company
announced the results after trading hours on Thursday, 15 May 2008.
Voltas dropped 2.71% to Rs 163.20 on reporting 53.8% fall in net
profit to Rs 55.41 crore on 16.7% rise in net sales to Rs 842.11
crore in Q4 March 2008 over Q4 March 2007.
Chennai Petroleum Corporation rose 0.26% to Rs 351 on reporting
81.9% surge in net profit to Rs 343.92 crore on 48% increase in net
sales to Rs 8367.89 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results after trading hours on Thursday, 15
May 2008.
Edelweiss Capital declined 2.08% to Rs 793 despite reporting 88.51%
rise in net profit to Rs 10.01 crore on 252.64% rise in total
income to Rs 71.2 crore in Q4 March 2008 over Q4 March 2007.
Tata Investment Corporation surged 5.35% to Rs 577.50 after the
company said its board will raise Rs 448 crore through rights issue
of zero-coupon convertible bonds in the ratio of 1:5.
Tech Mahindra gained 2% to Rs 952 on reports the company has bagged
a $700-million contract from BT Group to improve its IT
infrastructure.
Kinetic Motor Company jumped 5% to Rs 30.75 on reports Sanyang
Industry Company, a Taiwan-based two-wheeler maker, has expressed
keen interest in acquiring controlling stake in the Pune-based
company.
Bongaigaon Refinery & Petrochemicals galloped 9.54% to Rs 62 after
the company today, 16 May 2008, announced a divided of Rs 5 per
share for the year ended March 2008
In a development that can boost the stock market, the government is
reportedly set to review the restrictions imposed on participatory
notes (P-notes), as foreign institutional investor (FII) have
pressed substantial sales from Indian markets in calendar year
2008. In October 2007, FIIs were barred from issuing P-notes in the
derivatives market. The finance ministry has asked the Securities &
Exchange Board of India (Sebi) to examine whether those
restrictions have hindered investments by FIIs.
Meanwhile, polling began for the second phase from today, 16 May
2008, in 66 Assembly constituencies in ten districts of Karnataka.
Third and final phase of election will be held on 22 May 2008 in 69
constituencies spread across eight districts. Counting of votes for
all the 224 segments will be held on 25 May 2008.
European markets which opened after Indian markets, extended early
gains. Key benchmark indices in United Kingdom (up 1.47% to
6,342.80), Germany (up 1.32% to 7,174.62), and France (up 0.87% to
5,101.36), edged higher.
Asian markets settled mixed today, 16 May 2008. Hang Seng (up 0.41%
at 25,618.86), Straits Times (up 0.91% at 3,236.56), Seoul
Composite (up 0.14% at 1,888.43) and Taiwan Weighted (up 0.44% at
9,197.41) edged higher.
However China's Shanghai Composite (down 0.36% at 3,624.33) and
Nikkei 225 Average (down 0.23% at 14,219.48), declined.
indicating higher opening of US stocks today helped Indian market
shrug off a surge in inflation to highest level in more than three
years. Shares from banking and metal advanced on renewed buying.
The Dow Jones Industrial Average futures were up 25 points to 13017
while Nasdaq futures were up 4.25 points to 2040.
The 30-share BSE Sensex rose 81.40 points or 0.47% at 17,434.94.
The barometer index opened with an upward gap of 122.87 points at
17,476.41. It struck a high of 17,497.36 in early trade. At the
day's high, Sensex gained 143.82 points. Sensex lost 38.02 points
at day's low of 17,315.52 touched in early afternoon trade.
The broader based S&P CNX Nifty advanced 42.45 points or 0.83% at
5,157.70. Nifty May 2008 futures were at 5148 a discount of 9.70
points as compared to spot closing
As per provisional data, foreign funds bought shares worth a net Rs
475.87 crore today, 16 May 2008. Domestic funds bought shares worth
Rs 392.10 crore.
The BSE Sensex has gained 682.08 points or 4.07% in three trading
sessions from 16752.86 on 13 May 2008, on firm global markets and
due to depreciation of the rupee against the dollar which has
lifted export driven IT shares.
The wholesale price index rose 7.83% in 12 months to 3 May 2008,
higher than previous week's annual rise of 7.61%, government data
released today, 16 May 2008, showed. It was the highest since an
annual reading of 7.93% n 6 November 2004. Meanwhile, the
government also revised inflation for the week ended 8 March 2008
sharply upwards to 7.78% as compared to 5.92% reported earlier.
The market breadth was strong on BSE with 1521 shares advancing as
compared to 1160 that declined. 86 remained unchanged.
The BSE Mid-Cap index was up 0.70% to 7,129.70 while the BSE
Small-Cap index gained 0.86% to 8,620.26. Both these indices
outperformed the Sensex.
The total turnover on BSE amounted to Rs 6085 crore as compared to
Rs 6,484.97 crore yesterday, 15 May 2008. Turnover in NSE's futures
& options segment amounted to Rs 37876.68 crore as compared to Rs
38196.16 crore yesterday, 15 May 2008
All sectoral indices on BSE logged gains barring the BSE IT index
which shed 0.42% to 4,467.55.
The BSE Oil & Gas index (up 0.75% to 11,289.58), BSE Bankex (up
1.54% at 8,941.28), BSE Capital Goods index (up 0.71% at
13,696.75), BSE FMCG index (up 0.55% to 2,508.25), BSE Auto (up
0.57% at 4,757.30), BSE Health Care index (up 0.83% at 4,321.48),
BSE Metal index (up 1.90% to 17,058.01), BSE Power (up 0.89% to
3,332.49), and BSE Consumer Durables index (up 0.75% to 4,582.72s),
outperformed the Sensex.
The BSE Realty index (up 0.02% at 8,044.25), BSE TecK index (up
0.06% to 3,555.01), BSE PSU index (up 0.40% to 7,793.86),
underperformed the Sensex.
Among the 30-member Sensex pack, 16 gained while the rest slipped
India's largest bulk drug maker in terms of sales, Ranbaxy
Laboratories advanced 3.04% to Rs 509.50 on 7.61 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
0.72% to Rs 2641.45 on 6.52 lakh shares. The stock moved in a range
of Rs 2601 and Rs 2646 so far during the day.
Metal shares rose on fresh buying. Sterlite Industries (up 2.08% to
Rs 891.10), Tata Steel (up 0.98% to Rs 890.50), and Sesa Goa (up
0.55% to Rs 4280) gained.
Steel Authority of India jumped 7.97% to Rs 187 on reporting 24.97%
rise in net profit to Rs 2376.76 crore on 30.42% increase in total
income to Rs 13855.25 crore in Q4 March 2008 over Q4 March 2007.
The company announced the results during trading hours today, 16
May 2008.
India's largest cellular services provider in terms of market
capitalisation Reliance Communications gained 2.73% to Rs 605.10
after its 95% infrastructure subsidiary Reliance Infratel
reportedly secured the Securities and Exchange Board of India
(Sebi)'s nod for public issue. The Anil Ambani group company may
offload a 10.05% stake in Reliance Infratel to raise Rs 5,000-6,000
crore through the IPO.
India's largest cellular services provider in terms of market
capitalisation Bharti Airtel shed 1.13% to Rs 846.50. The company's
plan for taking over South African telecom major MTN has reportedly
entered into a crucial negotiation phase. While Bharti Airtel is
ready to acquire 51% stake, MTN's management wants it to buyout the
entire company.
Banking shares shrugged off data showing a surge in inflation. HDFC
Bank (up 1.61% to Rs 1500), and State Bank of India (up 1.31% to Rs
1701) advanced
ICICI Bank, the country's largest private sector bank in terms of
net profit was up 1.22% to Rs 940. As per reports, the bank's the
private equity arm ICICI Venture Fund Management, will raise as
much as $3 billion for an infrastructure and a real estate fund.
IT pivotals slipped after firm start on profit taking. Infosys
(down 1.28% to Rs 1867.10, off day's high of Rs 1918.40), Wipro
(down 0.66% to Rs 505.50, off day's high of Rs 515), and TCS (down
1.05% to Rs 975.10, off day's high of Rs 1000.15), declined.
However India's fourth largest software services exporter Satyam
Computer Services rose 0.64% to Rs 487.
The Indian rupee fell to a 13-month low against the dollar today,
16 May 2008. 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 engineering company in terms of
outstanding order book position Larsen & Toubro slipped from day's
high of Rs 3033. It closed with gain of 0.56% to Rs 2997. The
company said it had entered into a partnership agreement with GE
Energy, a unit of General Electric, for power plant control systems
in India.
Hindustan Unilever (up 1.47% to Rs 242.10) and Jaiprakash
Associates (up 1.67% to Rs 270.05), edged higher from Sensex pack.
India's largest dedicated housing finance company in terms of total
income Housing Development Finance Corporation fell 1.55% to Rs
2750 on 63,625 shares. It was the top loser from Sensex pack.
NTPC, the country's largest power generation company in terms of
sales, slipped 0.16% to Rs 191.35 on reports the Finance Ministry
has turned down its proposal for selling 4.75% stake through
follow-on public offer. The Government holds 89.5% in the utility
(as at end March 2008).
Ambuja Cements (down 1.07% to Rs 110.90), and Cipla (down 1.12% to
Rs 211.30) edged lower from Sensex pack.
Aishwarya Telecom was the top traded counter on BSE with turnover
of Rs 357.30 crore followed by Housing Development Infrastructure
(Rs 177.66 crore), Steel Authority of India (Rs 171.22 crore),
Reliance Industries (Rs 171.20 crore), and Reliance Communications
(Rs 169.78 crore), in that order.
Bank of India vaulted 5.66% to Rs 358.20 on reporting 76.87% rise
in net profit to Rs 1959.84 crore on 38.26% rise in total income to
Rs 14528.41 crore, on a consolidated basis, in the year ended March
2008 over year ended March 2007
Zylog Systems declined 4.62% to Rs 282.85 on reporting 21.67% fall
in net profit to Rs 18.36 crore on 1.37% rise in net sales to Rs
162.08 crore in Q4 March 2008 over Q3 December 2007. The company
announced the results after trading hours on Thursday, 15 May 2008.
Voltas dropped 2.71% to Rs 163.20 on reporting 53.8% fall in net
profit to Rs 55.41 crore on 16.7% rise in net sales to Rs 842.11
crore in Q4 March 2008 over Q4 March 2007.
Chennai Petroleum Corporation rose 0.26% to Rs 351 on reporting
81.9% surge in net profit to Rs 343.92 crore on 48% increase in net
sales to Rs 8367.89 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results after trading hours on Thursday, 15
May 2008.
Edelweiss Capital declined 2.08% to Rs 793 despite reporting 88.51%
rise in net profit to Rs 10.01 crore on 252.64% rise in total
income to Rs 71.2 crore in Q4 March 2008 over Q4 March 2007.
Tata Investment Corporation surged 5.35% to Rs 577.50 after the
company said its board will raise Rs 448 crore through rights issue
of zero-coupon convertible bonds in the ratio of 1:5.
Tech Mahindra gained 2% to Rs 952 on reports the company has bagged
a $700-million contract from BT Group to improve its IT
infrastructure.
Kinetic Motor Company jumped 5% to Rs 30.75 on reports Sanyang
Industry Company, a Taiwan-based two-wheeler maker, has expressed
keen interest in acquiring controlling stake in the Pune-based
company.
Bongaigaon Refinery & Petrochemicals galloped 9.54% to Rs 62 after
the company today, 16 May 2008, announced a divided of Rs 5 per
share for the year ended March 2008
In a development that can boost the stock market, the government is
reportedly set to review the restrictions imposed on participatory
notes (P-notes), as foreign institutional investor (FII) have
pressed substantial sales from Indian markets in calendar year
2008. In October 2007, FIIs were barred from issuing P-notes in the
derivatives market. The finance ministry has asked the Securities &
Exchange Board of India (Sebi) to examine whether those
restrictions have hindered investments by FIIs.
Meanwhile, polling began for the second phase from today, 16 May
2008, in 66 Assembly constituencies in ten districts of Karnataka.
Third and final phase of election will be held on 22 May 2008 in 69
constituencies spread across eight districts. Counting of votes for
all the 224 segments will be held on 25 May 2008.
European markets which opened after Indian markets, extended early
gains. Key benchmark indices in United Kingdom (up 1.47% to
6,342.80), Germany (up 1.32% to 7,174.62), and France (up 0.87% to
5,101.36), edged higher.
Asian markets settled mixed today, 16 May 2008. Hang Seng (up 0.41%
at 25,618.86), Straits Times (up 0.91% at 3,236.56), Seoul
Composite (up 0.14% at 1,888.43) and Taiwan Weighted (up 0.44% at
9,197.41) edged higher.
However China's Shanghai Composite (down 0.36% at 3,624.33) and
Nikkei 225 Average (down 0.23% at 14,219.48), declined.
Friday, May 16, 2008
Market recovers in choppy trade after inflation data
The market witnessed volatile swings in early afternoon trade after latest data showed surge in inflation to highest level in more than three years. The market managed to regain positive zone on buying support at lower level. Banking shares were firm. Asian market, which opened before Indian market, were trading mixed.
At 12:29 IST, the 30-share BSE Sensex was up 69.42 points or 0.41% at 17,424.87. Sensex lost 38.02 points at day’s low of 17,315.52 touched in early afternoon trade. The barometer index opened with an upward gap of 122.87 points at 17,476.41. It struck a high of 17,497.36 in early trade. At the day’s high, Sensex gained 143.82 points.
The broader based S&P CNX Nifty was up 29.70 points or 0.58% at 5,144.95
The market breadth was strong on BSE with 1406 shares advancing as compared to 1030 that declined. 84 remained unchanged.
The BSE Mid-Cap index was up 0.44% to 7,111.58 while the BSE Small-Cap index gained 0.54% to 8,592.75. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2741 crore at 12:30 IST as compared to Rs 1972 crore by 11:30 IST
Among the 30-member Sensex pack, 16 gained while the rest slipped
Banking shares were firm post inflation data. India’s largest second largest private sector bank in terms of net profit HDFC Bank gained 2.83% to Rs 1518 on 43,883 shares. It was the top gainer from Sensex pack.
ICICI Bank, the country's largest private sector bank in terms of net profit was up 0.41% to Rs 932.50. As per reports, the bank’s the private equity arm ICICI Venture Fund Management, will raise as much as $3 billion for an infrastructure and a real estate fund.
India’s largest state run bank in terms of total assets State Bank of India rose 1.28% to Rs 1702.25
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was down 0.06% to Rs 2621.05 on 2.98 lakh shares. The stock moved in a range of Rs 2602.70 and Rs 2646 so far during the day.
India’s largest cellular services provider in terms of market capitalisation Reliance Communications gained 1.15% to Rs 595.50 after its 95% infrastructure subsidiary Reliance Infratel reportedly secured the Securities and Exchange Board of India (Sebi)’s nod for public issue. The Anil Ambani group company may offload a 10.05% stake in Reliance Infratel to raise Rs 5,000-6,000 crore through the IPO.
However India’s largest cellular services provider in terms of market capitalisation Bharti Airtel shed 0.32% to Rs 853.50. The company’s plan for taking over South African telecom major MTN has reportedly entered into a crucial negotiation phase. While Bharti Airtel is ready to acquire 51% stake, MTN’s management wants it to buyout the entire company.
Hindustan Unilever (up 2.40% to Rs 244.30) and Larsen & Toubro (up 1.74% to Rs 3014.10), edged higher from Sensex pack.
India’s largest aluminium company in terms of sales, Hindalco Industries fell 1.33% to Rs 201.25 on 7.22 lakh shares. It was the top loser from Sensex pack.
HDFC (down 1.21% to Rs 2756), Infosys (down 0.85% to Rs 1876), edged lower from Sensex pack.
NTPC, the country’s largest power generation company in terms of sales, slipped 0.10% to Rs 191.45 on reports the Finance Ministry has turned down its proposal for selling 4.75% stake through follow-on public offer. The Government holds 89.5% in the utility (as at end March 2008).
Recently listed Aishwarya Telecom was down 0.81% to Rs 122.20 on high volumes of 1.34 crore shares.
Morepen Laboratories gained 2.75% to Rs 13.81 after posting a lower net loss of Rs 0.76 crore in Q4 March 2008 as compared to net loss of Rs 12.28 crore in Q4 March 2007. Morepen Laboratories’ total income rose 5.56% to Rs 34.50 crore in Q4 March 2008 over Q4 March 2007. The company announced the results before trading hours today, 16 May 2008.
Phoenix Mills declined 2.78% to Rs 383.10 despite reports it plans to invest Rs 100 crore to set up a luxury mall as part of a Rs 800-crore hotel project in central Mumbai.
Edelweiss Capital declined 0.49% to Rs 805.90 despite reporting 88.51% rise in net profit to Rs 10.01 crore on 252.64% rise in total income to Rs 71.2 crore in Q4 March 2008 over Q4 March 2007.
Ankit Metal & Power rose 4.45% to Rs 96.30 on reports it plans to invest Rs 1000 crore in three years to expand capacity to 5,00,000 tonnes per annum.
Meanwhile, in a development that can boost the market, the government is reportedly set to review the restrictions imposed on participatory notes (P-notes), as foreign institutional investor (FII) have pressed substantial sales from Indian markets in calendar year 2008. In October 2007, FIIs were barred from issuing P-notes in the derivatives market. The finance ministry has asked the Securities & Exchange Board of India (Sebi) to examine whether those restrictions have hindered investments by FIIs.
Meanwhile, polling began for the second phase from today, 16 May 2008, in 66 Assembly constituencies in ten districts of Karnataka. Third and final phase of election will be held on 22 May 2008 in 69 constituencies spread across eight districts. Counting of votes for all the 224 segments will be held on 25 May 2008.
Asian markets were trading mixed today, 16 May 2008. Hang Seng (up 0.63% at 25,675.71), Straits Times (up 0.91% at 3,236.56), Seoul Composite (up 0.14% at 1,888.43) and Taiwan Weighted (up 0.44% at 9,197.41) edged higher.
However China’s Shanghai Composite (down 0.90% at 3,604.75) and Nikkei 225 Average (down 0.23% at 14,219.48), declined.
At 12:29 IST, the 30-share BSE Sensex was up 69.42 points or 0.41% at 17,424.87. Sensex lost 38.02 points at day’s low of 17,315.52 touched in early afternoon trade. The barometer index opened with an upward gap of 122.87 points at 17,476.41. It struck a high of 17,497.36 in early trade. At the day’s high, Sensex gained 143.82 points.
The broader based S&P CNX Nifty was up 29.70 points or 0.58% at 5,144.95
The market breadth was strong on BSE with 1406 shares advancing as compared to 1030 that declined. 84 remained unchanged.
The BSE Mid-Cap index was up 0.44% to 7,111.58 while the BSE Small-Cap index gained 0.54% to 8,592.75. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2741 crore at 12:30 IST as compared to Rs 1972 crore by 11:30 IST
Among the 30-member Sensex pack, 16 gained while the rest slipped
Banking shares were firm post inflation data. India’s largest second largest private sector bank in terms of net profit HDFC Bank gained 2.83% to Rs 1518 on 43,883 shares. It was the top gainer from Sensex pack.
ICICI Bank, the country's largest private sector bank in terms of net profit was up 0.41% to Rs 932.50. As per reports, the bank’s the private equity arm ICICI Venture Fund Management, will raise as much as $3 billion for an infrastructure and a real estate fund.
India’s largest state run bank in terms of total assets State Bank of India rose 1.28% to Rs 1702.25
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was down 0.06% to Rs 2621.05 on 2.98 lakh shares. The stock moved in a range of Rs 2602.70 and Rs 2646 so far during the day.
India’s largest cellular services provider in terms of market capitalisation Reliance Communications gained 1.15% to Rs 595.50 after its 95% infrastructure subsidiary Reliance Infratel reportedly secured the Securities and Exchange Board of India (Sebi)’s nod for public issue. The Anil Ambani group company may offload a 10.05% stake in Reliance Infratel to raise Rs 5,000-6,000 crore through the IPO.
However India’s largest cellular services provider in terms of market capitalisation Bharti Airtel shed 0.32% to Rs 853.50. The company’s plan for taking over South African telecom major MTN has reportedly entered into a crucial negotiation phase. While Bharti Airtel is ready to acquire 51% stake, MTN’s management wants it to buyout the entire company.
Hindustan Unilever (up 2.40% to Rs 244.30) and Larsen & Toubro (up 1.74% to Rs 3014.10), edged higher from Sensex pack.
India’s largest aluminium company in terms of sales, Hindalco Industries fell 1.33% to Rs 201.25 on 7.22 lakh shares. It was the top loser from Sensex pack.
HDFC (down 1.21% to Rs 2756), Infosys (down 0.85% to Rs 1876), edged lower from Sensex pack.
NTPC, the country’s largest power generation company in terms of sales, slipped 0.10% to Rs 191.45 on reports the Finance Ministry has turned down its proposal for selling 4.75% stake through follow-on public offer. The Government holds 89.5% in the utility (as at end March 2008).
Recently listed Aishwarya Telecom was down 0.81% to Rs 122.20 on high volumes of 1.34 crore shares.
Morepen Laboratories gained 2.75% to Rs 13.81 after posting a lower net loss of Rs 0.76 crore in Q4 March 2008 as compared to net loss of Rs 12.28 crore in Q4 March 2007. Morepen Laboratories’ total income rose 5.56% to Rs 34.50 crore in Q4 March 2008 over Q4 March 2007. The company announced the results before trading hours today, 16 May 2008.
Phoenix Mills declined 2.78% to Rs 383.10 despite reports it plans to invest Rs 100 crore to set up a luxury mall as part of a Rs 800-crore hotel project in central Mumbai.
Edelweiss Capital declined 0.49% to Rs 805.90 despite reporting 88.51% rise in net profit to Rs 10.01 crore on 252.64% rise in total income to Rs 71.2 crore in Q4 March 2008 over Q4 March 2007.
Ankit Metal & Power rose 4.45% to Rs 96.30 on reports it plans to invest Rs 1000 crore in three years to expand capacity to 5,00,000 tonnes per annum.
Meanwhile, in a development that can boost the market, the government is reportedly set to review the restrictions imposed on participatory notes (P-notes), as foreign institutional investor (FII) have pressed substantial sales from Indian markets in calendar year 2008. In October 2007, FIIs were barred from issuing P-notes in the derivatives market. The finance ministry has asked the Securities & Exchange Board of India (Sebi) to examine whether those restrictions have hindered investments by FIIs.
Meanwhile, polling began for the second phase from today, 16 May 2008, in 66 Assembly constituencies in ten districts of Karnataka. Third and final phase of election will be held on 22 May 2008 in 69 constituencies spread across eight districts. Counting of votes for all the 224 segments will be held on 25 May 2008.
Asian markets were trading mixed today, 16 May 2008. Hang Seng (up 0.63% at 25,675.71), Straits Times (up 0.91% at 3,236.56), Seoul Composite (up 0.14% at 1,888.43) and Taiwan Weighted (up 0.44% at 9,197.41) edged higher.
However China’s Shanghai Composite (down 0.90% at 3,604.75) and Nikkei 225 Average (down 0.23% at 14,219.48), declined.
Pre Market Report 16/05/2008
Local equities are geared for firm start today 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. However the market may turn cautious ahead of inflation data to be released for the week ended 3 May 2008 by noon today. The spiralling inflation has been the biggest cause of concern for Indian equities market off late.
However in a development which can have major implications on the market, the government is reportedly set to review the restrictions imposed on participatory notes (P-notes), as till date nearly $2.8 billion of foreign institutional investor (FII) money is flowing out of Indian Markets in 2008. In October 2007, FIIs were barred from issuing P-notes in the derivatives market. The finance ministry has asked the Securities & Exchange Board of India (Sebi) to examine whether those restrictions have hindered investments by FIIs.
Asian markets were trading higher today, 16 May 2008. Shanghai Composite (up 0.17% at 3,643.63), Hang Seng (up 0.90% at 25,742.97), Nikkei 225 Average (up 0.15% at 14,273.71), Straits Times (up 0.83% at 3,233.98), Seoul Composite (up 0.30% at 1,891.29) and Taiwan Weighted (up 0.71% at 9,222.43) edged higher.
US markets rallied yesterday, 15 May 2008, as traders found cause for optimism and technology stocks blazed the trail. The Dow Jones advanced 94 points at 12992, the Nasdaq Composite shut shop at 2534, up 37 points while the S&P 500 index gained 15 points at 1,424.
Back home, the 30-share BSE Sensex surged 375.19 points or 2.21% at 17,353.54 and the broader based S&P CNX Nifty gained 103.50 points or 2.07% at 5,115.25, yesterday 16 May 2008.
The barometer index - BSE Sensex has risen 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.
As per provisional data, foreign funds purchased shares worth a net Rs 706.88 crore yesterday, 15 May 2008. Domestic funds bought shares worth a net Rs 363.11 crore on that day.
However in a development which can have major implications on the market, the government is reportedly set to review the restrictions imposed on participatory notes (P-notes), as till date nearly $2.8 billion of foreign institutional investor (FII) money is flowing out of Indian Markets in 2008. In October 2007, FIIs were barred from issuing P-notes in the derivatives market. The finance ministry has asked the Securities & Exchange Board of India (Sebi) to examine whether those restrictions have hindered investments by FIIs.
Asian markets were trading higher today, 16 May 2008. Shanghai Composite (up 0.17% at 3,643.63), Hang Seng (up 0.90% at 25,742.97), Nikkei 225 Average (up 0.15% at 14,273.71), Straits Times (up 0.83% at 3,233.98), Seoul Composite (up 0.30% at 1,891.29) and Taiwan Weighted (up 0.71% at 9,222.43) edged higher.
US markets rallied yesterday, 15 May 2008, as traders found cause for optimism and technology stocks blazed the trail. The Dow Jones advanced 94 points at 12992, the Nasdaq Composite shut shop at 2534, up 37 points while the S&P 500 index gained 15 points at 1,424.
Back home, the 30-share BSE Sensex surged 375.19 points or 2.21% at 17,353.54 and the broader based S&P CNX Nifty gained 103.50 points or 2.07% at 5,115.25, yesterday 16 May 2008.
The barometer index - BSE Sensex has risen 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.
As per provisional data, foreign funds purchased shares worth a net Rs 706.88 crore yesterday, 15 May 2008. Domestic funds bought shares worth a net Rs 363.11 crore on that day.
Stock tips 16th May 2008
Market will open gap up. Today Inflation rate wil be announced so keep eye on it..
Buy Reliance Communications Limited above 590 target 600/615
buy RPOWER above 416 target 418/420
buy RPL above 187.5 target 189/191
Buy Reliance Communications Limited above 590 target 600/615
buy RPOWER above 416 target 418/420
buy RPL above 187.5 target 189/191
SEBI approves Rel Comm unit IPO - sources
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.
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.
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.
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