Mar 06, 2013, 10.08 AM IST
Upward move to continue in Nifty above 5790: Magnum
Magnum Research has come out with its report on Nifty. The research firm says on technical front Nifty has shown smart pullback on its daily chart yesterday and is indicating that if it is moves above 5790 then it is likely to continue its upward momentum again today.
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Indian market posted on Tuesday its biggest daily percentage gains this year on growing hopes the Reserve Bank of India will cut interest rates later this month, which boosted rate-sensitive stocks such as ICICI Bank and Tata Motors. BSE Sensex rose 1.4 percent, or 265.21 points, to end at 19,143.17, posting their biggest single daily gains since November 29. Gains come a day after indices end near the lowest close since November, hit on last Thursday. The broader Nifty rose 1.5 percent, or 85.75 points, to end at 5,784.25.
The gains were in line with global shares that rebounded sharply, reclaiming most of the previous day's steep losses, as investors bet major central banks would decide to keepNSE TIPS monetary policy loose at meetings this week. However, India's record-high current account deficit remains a key worry as it is increasing the dependence on foreign investments, making the country vulnerable to a sudden stop and reversal in fund inflows. On technical front Nifty has shown smart pullback on its daily chart yesterday and is indicating that if it is moves above 5790 then it is likely to continue its upward momentum again today.
STOCK MARKET FREE TIPS
Europe's top equity indexes bounced up to multi-year highs on Tuesday, buoyed by the breach of key technical levels, a crop of upbeat corporate outlooks and prospects of continued stimulus from global central banks. Almost four years after the bear-market low, the Dow Jones Industrial Average pierced through levels last seen in 2007 to close at a record high of above 14,200 on Tuesday.
Global cues are positive today with them SGX Nifty is showing 26 points up move in morning trade indicating that Indian market would open positive today and Nifty is expected to trade between 5840 and 5750 with positive biasness.
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Mar 04, 2013, 09.51 AM IST
Nifty may trade in 5760-5660 range: Magnum
According to report on Nifty by Magnum Research, Nifty is expected to trade between 5760-5660 with downward biasness.
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Indian markets rose on Friday, rebounding from three-month lows as blue chips such as HDFC seen as oversold rose, and after the finance ministry clarified it would not question the validity of tax residency certificates held by foreign investors. The budget is raising concerns about whether the Reserve Bank of India will have scope to cut interest rates, given signs of fiscal consolidation had been seen as a key criteria for the central bank. Sensexrose 0.3 percent, or 56.98 points, to end at 18,918.52, recovering after hitting its lowest close since November, 2012 on Thursday. The index fell 2.1 percent for the week, falling for a fifth week in a row. The broader Nifty rose 0.47 percent, or 26.55 points, to end at 5,719.70, ending down 2.2 percent for the week.STOCK MARKET TRADING TIPS
The indexes, however, ended lower for a fifth consecutive week after the budget on Thursday disappointed investors by financing increased revenues in part by raising taxes on some companies and high-earners. On technical front Nifty has just paused its downward move on Friday but is still looking weak on its daily charts. It’s indicating that if Nifty moves below 5679 then it may again start its downward journey in coming days European shares edged lower on Friday, impacted by weaker bank and mining stocks, and traders expected equities to stay trapped in a tight range this month with uncertainty over Italian elections denting sentiment.
US Stocks finished in positive territory on the first trading day of March, with the Dow within 100 points of hitting an all-time closing high. Global cues are mixed today, with them SGX Nifty is showing 31 points cut in morning trade indicating that Indian market would open little soft today and Nifty is expected to trade between 5760 and 5660 with downward biasness.
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Wed, Feb 27, 2013 at 09:53
Nifty may face stiff resistance at 5840-5930: Aditya Birla
Aditya Birla Money has come out with its derivative report. According to the research firm, India VIX moved up 4percent at 17.36, at a new 6 mth high, still well above 15 levels, we have to watch this level carefully if it remains above 14.5‐15.5 levels, Bears will have upper hand and Nifty may face stiff resistance at 5840-5930.
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Nifty PCR_OI decline at 0.83, with 5800 and 5900 CE saw addition of 22 and unwinding of 10 lakh shares; total OI 41 and 79 lakh shares. On other hand 5800 PE saw unwinding of 7.4 lakh shares with total OI at 63 lakh shares (PCR‐OI of 5800 still above1 at 1.7) implying immediate short term Nifty range shifted south in band of 5735-5840.
India VIX moved up 4percent at 17.36, at a new 6 mth high, still well above 15 levels, we have to watch this level carefully if it remains above 14.5‐15.5 levels, Bears will have upper hand and Nifty may face stiff resistance at 5840-5930.
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FIIs continue to be sellers in Nifty Fut. Rs 1271 Cr. (selling intensify in Index Fut. last three sessions 2355 Cr., some fresh shorts seen); buying resumes in INDEX Options 685 Cr ( 1182 Cr. sold in last 2 sessions, hedging starts again), stock futures continue to be buyers 408 Cr; continue to be buyers in cash to the tune of 74 Cr. volumes and participation coming down in cash front, on F & O front hedging starts again, implies VIX expected to rise again from six month highs, implying Nifty will face stiff resistance in range 5850-5930 levels. over all CE writers continue to form aggressive positions, Index will find resistance 5880-5930 levels.
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Wed, Feb 27, 2013 at 09:42
Nifty to trade weak towards 5700-5650: Aditya Birla Money
According to technical report on Nifty by Aditya Birla Money, resistance is seen near 5820 in Nifty, it could continue to trade weak towards 5700-5650 in the short-run.
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Nifty opened on a weak note and sold off steadily thereafter to settle at 5761, with a loss of 94 points last session. • As the index breached the key support level of 5820 decisively yesterday, it could continue to trade weak and drift further lower towards the next major support (200-day EMA) near 5650 in the short-run. • Momentum in the 14-day RSI and MACD (12/26/9) is weak and would be supportive for the same. •On the higher side, break down zone of 5820/5840 will act as immediate resistance. •Only an immediate close above it could turn the sentiment mixed to positive negating further weakness.
Outlook and strategy:
Resistance is seen near 5820, Nifty could continue to trade weak towards 5700-5650 in the short-run.
NSE BSE TIPS
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Tue, Feb 26, 2013 at 10:11
See Nifty between 5700-5900 if Budget a non-event: Dalton
According to UR Bhat, managing director of Dalton Captial Advisors, the market may experience some turbulence ahead, mainly due to global pressures.
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In an interview to CNBC-TV18, Bhat explained that the market could trend lower for the next few weeks due to global concerns. With the Eurozone crisis rearing its head again, and a possible pullback of the US Federal Reserve’s quantitative easing program, investors are opting to pull out their money and stay on the sidelines. “Market could correct sharply in case of a risk-off trade on EU issues,” he added.
However, Bhat believes there is no reduction in the foreign institutional inflows (FIIs) into India.
Speaking about the upcoming Union Budget 2014, Bhat says that the market is likely to experience a bounce back in case the Budget surprises positively. “Otherwise, if the Budget is a non-event, the Nifty will consolidate between 5,700-5,900,” he said.
Below is an edited transcript of his interview with Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying video.
Q: Rough cues globally over the last couple of days. Do you think we are setting into a global correction?
A: In the short term, maybe, because I think the position in the US on the debt ceiling negotiation between the Republicans and Democrats is sort of hardening. News from Europe continues to be quite bad, with the Italian election results causing more confusion and the downgrading of UK. All these seem to suggest that there are volatile times ahead at least for the next few weeks.
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But at the same time, it is not as if the quantitative easing stance that developed markets have will be withdrawn anytime soon. So money would probably keep coming, but there would certainly be some trepidation because of all the events in the US, UK and the rest of Europe.
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Tue, Feb 26, 2013 at 09:41
Nifty has strong resistance at 5900-6000: Way2Wealth
Way2Wealth has come out with its derivative report. According to the research firm, on lower side put writing at 5800 levels will act as strong support for Nifty whereas on higher side call writing has been seen at 5900-6000 levels and that will continue to be a stiff resistance for indices in short term.
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Indian bourses started the weak on flat note but thereafter were quite volatile through out the session. Selling pressure was seen at higher levels that dragged nifty in negative zone but in second half of session selected short covering helped indices to recover all the losses and finally it closed around 5855 levels up by 4 points.
On back of weak global indices, today STOCK MARKET FREE TIPS domestic markets are expected to open on negative note and will continue to see selling pressure at higher levels. On lower side put writing at 5800 levels will act as strong support for indices whereas on higher side call writing has been seen at 5900 and 6000 levels and that will continue to be a stiff resistance for indices in short term.
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Mon, Feb 11, 2013 at 09:52
Nifty subdued; Dr Reddy's up 1.5%, Gillette loses 10%
At 09.21 AM, the Sensex was down 2.38 points at 19482.39, and the Nifty was trading down 6 points at 5897.50.
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MCX-SX, India's third full-fledged equity bourse after BSE and NSE, will also commence trading today with its 40-stock Index named SX40.
At 09.21 AM, the Sensex was down 2.38 points at 19482.39, and the Nifty was trading down 6 points at 5897.50.
Dr Reddy's, Tata Motors, Sun Pharma, Wipro, Cipla, Axis Bank and Infosys helped bourses but Bharti, ITC, Coal India, Tata Steel were pulling down the market. The entire cement pack too remained under pressure.
IT sector continues to trade in the green buoyed by Hexaware results which opened up 2.4 percent. Infosys and Wipro were the top gainers on the Sensex with sub 1 percent gains; TCS was trading marginally in the red.STOCK MARKET TIPS
In the midcap segment, Gillette India lost 10.17 percent. Bharat Forge was down 4 percent followed by Page Industries, BGR Energy and Birla Copr — all of which were down over 2 percent.
Tue, Feb 05, 2013 at 08:41
See negative opening: Sharekhan
According to a report by Sharekhan, the opening on the Dalal Street is likely to be on a negative note led by negative global cues and also SGX Nifty trading 23.50 points lower.
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On Monday (February 04, 2013), the Sensex shed 30.00 points to close at 19751.19 while the Nifty slipped 11.65 points to end at 5987.25.
Asian markets are trading lower today (February 05, 2013) as investors booked profits from recent strong rallies in the face of weak US data and worries that a potential political shake-up could disrupt the Eurozone's efforts to resolve its debt crisis.
European stock markets and the euro declined on Monday (February 04, 2013) as Spain's prime minister was enveloped in a corruption scandal and as worries grew over the Italian general election this month, reviving fears for the region's stability after a period of relative calm.
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US stocks turned in their worst day of the year on Monday, dragged about 1% lower as investors used a reprise of European debt fears to cash out of a market that recently touched five-year highs.
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Tue, Feb 05, 2013 at 09:23
Nifty may decline to 5966-5945: Angel Broking
According to report by Angel Broking, if Nifty trades below 6002 levels for the first half-an-hour of trade then it may correct up to 5966-5945 levels.
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The Indian market is expected to open in the red today, mirroring SGX Nifty which is trading lower by ~0.4%. Most of the Asian markets are trading in the negative zone with losses in the range of 0.1% to 1.6%. US markets fell on Monday as traders booked profit post the impressive rally over the past few weeks. Dow Jones had closed above 14,000 for the first time since October 2007.
Uncertainty about the political situation in Europe also weighed on stocks after opposition leaders called on Spanish Prime Minister Mariano Rajoy to resign amid allegations of corruption. European markets too fell on Monday due to concerns about the political situation in Spain and Italy. India’s Key benchmark indices closed lower on Monday for the third consecutive session in a row. The markets reversed intra-day gains in late trade as European stocks fell.
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Markets Today
The trend deciding level for the day is 19,794/6,002 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,86019,968/6,0236,060 levels. However, if Nifty trades below 19,794/6,002 levels for the first half-an-hour of trade then it may correct up to 19,68519,620/ 5,966 5,945 levels.
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Fri, Feb 01, 2013 at 08:35
Cues that may help Nifty start Feb series on better note
The US stocks fell in trade after a batch of disappointing corporate earnings and a rise in initial jobless claims eventually overtook investors' impulse to buy.
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All eyes would be on the key jobs data from US today - the non-farm payrolls data for January. The unemployment rate is seen declining marginally to 7.7% from 7.8%. The January consumer sentiment might show a slight up tick to 71.5 from 71.3. Meanwhile P-M-I manufacturing index is seen rising to 55.5 from 54 levels last month.
European stocks on Thursday ended the last day of January on a downbeat note, as stronger-than-expected US. Business-activity data failed to offset a mixed bag of earnings and downbeat comments a day earlier from the Federal Reserve.
Asian markets begin trade on a soft note. Back home, the BSE Sensex fell on Thursday as ICICI Bank was hit by profit-booking after beating forecasts with its quarterly earnings, while the expiry of January derivatives kept trading volatile towards the end of the session. The Nifty closed at 6,034, lost 21 points and the Sensex was down 110 points to end below 19,990.
Currency
The dollar index continues below 80 levels as the euro gained further ground to 14-month highs. It is firm at 1.36.
Commodities
Brent crude continued its firm run. It is trading above USD 115 per barrel and Nymex crude above the 97 levels.
Earnings Central
It will be a busy day on the earnings calendar. A CNBC-TV18 poll sees Bharti posting 3% revenue growth driven by seasonally strong quarter, but its margins may remain flat. From the capital goods space- BHEL's profit may decline 4% amidst a declining order backlog and paucity of incremental orders. IDFC, Marico and Jet are among other key numbers to watch.
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Stocks in news
Wire reports suggest that JSPL has made a over USD 230 million bid to acquire Gujarat NRE coking coal. It is the Australian subsidiary of Gujarat NRE coke.
The government has set a reserve price of Rs 510 per share for the Oil India offer for sale. The issue opens today and the government hopes to rake in Rs 3000 crore from the stake sale.
Auto sales
January auto sales numbers will be declared today. CNBC-TV18 estimates indicate a slow start to 2013 with car industry volumes declining 8-10%. Two wheelers may see marginal 4% volume growth.
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Thu, Jan 31, 2013 at 16:56
Oil India share auction base price set at 5.6% discount
The base price for state-run Oil India Ltd's share sale, to take place on Friday, has been set at a 5.6 percent discount to its share price, the company said, in a deal that will raise about USD 575 million.
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The government will sell a 10 percent stake in Oil India through the auction, as part of its drive to raise Rs 30,000 core by selling shares in some state enterprises in the 2012-13 fiscal year to March.
Vedanta's core earnings jump on oil and gas boost
The floor price for the Oil India auction will be Rs 510 a share, as compared to its Thursday closing price of Rs 540. At the floor price, the government could raise about USD 575 million through the stake sale.
Thu, Jan 31, 2013 at 09:45
Sticky start for Nifty, ICICI Bank down, Suzlon up 8%
Largecaps begun the day on a sticky note, with ICICI Bank gojng down quarter of a percent ahead of its results. The Sensex started down 22 points down at 19982.99, and the Nifty dropped 4.50 points in the first trade at 6051.25.
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Largecaps begun the day on a sticky note, with ICICI Bank gojng down quarter of a percent ahead of its results. Stocks which begun their day in the green include Lupin, Bajaj Auto, HCL Tech, Infosys, BPCL, HDFC, Bharti and Ambuja Cements.
Midcaps opened almost static, with more losers than gainers. Suzlon Energy rose 8% on news of it bagging a 350 mega tonne RE power project; the stock was the biggest gainer on the index. Other gainers include Gujarat NRE Coke, which rose on news that Jindal steel has offered to buy its Austarlian arm. NHPC up, Network 18, PFC and Balrampur Chini were others gainers. A CCI meeting to form a sugar policy may move sugar stocks today.
STOCK MARKET TIPS
L&T Finance is a major underperformer , falling 4 percent post it disappointing results. The stock has corrected 20 percent in last few sessions.
From around the globe, GDP of the world's largets economy — the US — dropped at a 0.1 percent annual rate.
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Thu, Jan 31, 2013 at 09:49
Rupee at three and half month high
The rupee hit a three-and-a-half month high of 53.22 in opening deals and is currently trading at 53.25/26 versus its Wednesday's close of 53.30/31 as expectations of dollar inflows for stake sales in state-run firms keep sentiment bearish.
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The rupee's close below 53.34 support exposes 53.06, 61.8 percent of Oct-Nov rally.
Traders, however, say month-end dollar demand from oil firms is likely to limit a very sharp fall in the pair with losses in most other Asian currencies also boosting the dollar.
Dealers will monitor moves in domestic shares for cues on the direction of foreign fund flows.
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Wed, Jan 30, 2013 at 09:38
ICICI Bank, Reliance drive Sensex; Crompton tanks 6.5%
At 09.24 AM, the Sensex was up 43.95 points at 20034.85, and the Nifty rose 17.10 points to 6067.00
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At 09.24 AM, the Sensex was up 43.95 points at 20034.85, and the Nifty rose 17.10 points to 6067.00.
Glenmark Pharma reacted well to its results and opened up over 1 percent. Crompton Greaves positioned itself as a big laggard post its muted numbers. The stock tanked 6.5 percent. IVRCL picked up 2 percent after yesterday's carnage.
Top gainers on the Nifty were DLF (up 1.65 percent), Axis Bank (1.59 percent), Maruti Suzuki (1.30 percent), Ambuja Cements (1.24 percent).
STOCK MARKET TRADING TIPS
Banking stocks which slipped after initial spike, regained investor interest. SBI, PNB and Bank of Baroda were trading with near 1 percent gains.
Nalco, PFC, IOB, Titan Inds, Essar Shipping, Godrej Properties, Balrampur Chini, Central Bank and Dena Bank will announce their results today.
Globall cues have been good with US markets trended higher ahead FOMC decision. The S&P 500 is on track to post its best monthly performance since October 2011 and its best January since 1997 as investors poured USD 55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record. The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007.
Wed, Jan 30, 2013 at 08:55
Chidambaram sees end to Vodafone tax dispute: FT
Finance minister, Palaniappan Chidambaram, said he is confident that a USD 2.6 billion tax dispute with Vodafone would be settled, telling the Financial Times that a third round of talks will be held this week.
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"Vodafone has formally written to the government offering to engage senior government officials to find a way out of the problem," he said in an interview with the FT.
"I'm confident we will resolve issue," he told the newspaper.
Also Read: Govt working on Vodafone tax issue resolution: FM
Chidambaram said he was seeking to resolve the outstanding tax matter within the month.
Vodafone was unavailable for immediate comment when contacted by Reuters.
An unnamed figure close to the company told the FT that the finance minister was playing up the possibility of a deal.
On January 14, India's finance minister announced they would delay by two years implementation of controversial rules on tax avoidance to 2016 seen as a move partly designed to help solve the dispute with Vodafone.
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Tue, Jan 29, 2013 at 09:39
Nifty flat; banks subdued, Maruti up 1.24%
At 09.17 AM, the Sensex was down 11.68 points or 0.10% at 20091.67, and the Nifty slipped 3.00 points at 6071.80.
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At 09.17 AM, the Sensex was down 11.68 points or 0.10% at 20091.67, and the Nifty slipped 3.00 points at 6071.80.
Frontline banks opened subdued. State Bank, ICICI Bank, HDFC Bank and HDFC were mildly negative. Axis Bank gained 1.7 percent after it launched its QIP book yesterday.
Sterlite Industries, Glenmark Pharma, Crompton Greaves, Reliance Capital and IDEA Cellular will be announcing their quarterly result. These were trading at Rs 113.85 (down 0.18 percent), Rs 14 (up 2.80 percent), Rs 479 (up 0.6 percent), and Rs 113 (up 0.18 percent).
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Maruti Suzuli remained the top trading Sensex stock, rising 1.24 percent, followed by Bajaj Auto which rose a tad less than one percent. ONGC and Tata Motors were the top losers on the Sensex with 1.06 percent and 0.68 percent cuts.
Globally, Wall Street consolidated on mixed eco data while Nasdaq got supported from Apple, which rebound 2.3% yesterday. In a major move, Fitch scaled down possibility of a US downgrade in near term and hoped Congress now has the space to focus on substantive fiscal policy choices.
Europe too closed mixed and was impacted by issues related to Spanish bank restructuring.
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Mon, Jan 28, 2013 at 19:30
AI puts Dreamliner planes for sale, leaseback
Air India has put all its newly- acquired Boeing 787-8 Dreamliner planes for sale and leaseback and invited bids from prospective lessors by February first week, even as all of these aircraft remained grounded across the world.
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Air India and other Dreamliner operators across the world have grounded their entire fleet of 50 B-787s delivered so far following a directive from the US Federal Aviation Authority after a fire risk reportedly caused by a battery problem.
In spite of this, the national carrier has gone ahead with its plan of sale and leaseback, which has already been approved by the government as part of its turnaround and financial restructuring plans.
Sale-leaseback is an arrangement in which an owner sells an asset to a leasing firm and, at the same time, leases it (as a lessee) on a long-term basis to retain exclusive possession and use. This frees capital tied up in a fixed asset, while the lender obtains a guaranteed lease.
The airline can also claim tax deductions as the asset was no longer owned but leased, which would help it in streamlining its operations and cut costs.
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Air India has invited quotations from lessors on or before February 5 on a Request for Proposal (RFP) which said it "would sell the aircraft to the lessor and immediately leaseback them under an operating lease for a period of 12 years, with an option to extend."
Though the Indian flag carrier has received six Dreamliners between September and December last and is expected to get one this month, it announced in the RFP the sale and leaseback of seven of them. However, delivery of the seventh plane could be deferred due to the prevailing problem.
Air India plans to sell all its 27 Dreamliner aircraft to a lessor and lease them back to operate by paying monthly rentals, a common fund-raising practice among airlines.
Mon, Jan 28, 2013 at 09:36
Nifty stable; Maruti up 1.9%, banks gain, midcaps steady
At 09.21 hrs IST, the Sensex was trading up 25.27 points at 20128.80, and the Nifty up 6.30 points at 6080.95.
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At 09.21 AM, the Sensex was trading up 25.27 points at 20128.80, and the Nifty up 6.30 points at 6080.95.
Maruti continued its run from Friday and was up 1.89 percent in the first trade. Other gainers include DLF (1.81 percent), Ranbaxy (1.33 percent) and Lupin (1.06 percent). The banking bunch too were trading in the green dominated by PNB, State Bank of India, Kotak Mahindra and IDFC.
Index heavyweight Hindustan Lever was trading at Rs 472.20 down 0.62% from its previous close of Rs 475.15. Other losers include NTPC, Reliance and ONGC.
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After the recent carnage, midcap index held up in the morning tyrade and was up over 1 percent. Jet Airways and sundry banking stocks were trading in the green. HDIL and Persistent were down around 3 percent.
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Mon, Jan 28, 2013 at 08:15
Support for Japan's Abe govt rises to two-thirds: Poll
Support for Japanese Prime Minister Shinzo Abe's government rose by 4.7 percentage points to two-thirds of voters in the month since his Liberal Democratic Party (LDP) returned to power, a poll by the Kyodo news agency showed on Sunday.
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The poll, conducted on Saturday and Sunday, showed that support for the government rose to 66.7 percent, an apparent sign of approval for his efforts to boost the economy with a mix of easy monetary policy and fiscal spending.
The rise came after the Bank of Japan announced on Tuesday its most determined effort yet to end years of economic stagnation, saying it would switch to an open-ended commitment to buying assets next year and double its inflation target to 2 percent under pressure from Abe.
Ahead of an election to the upper house in summer, 37.2 percent of respondents said they would vote for the LDP, followed by 12.1 percent for the nationalist Japan Restoration Party (JRP) led by a former Tokyo governor. The Democratic Party of Japan (DPJ), ousted in last month's lower house election, stood at 8.8 percent.
The poll showed 62.0 percent supporting the Bank of Japan's 2 percent inflation target and 63.3 percent backing the government's handling of the Algeria hostage crisis, in which 10 Japanese nationals were killed.
Abe has made clear he hopes to become Japan's first long-term leader since Junichiro Koizumi's rare 2001-2006 term. The country was led by five different prime ministers in the five years up to the defeat last month of the DPJ's Yoshihiko Noda.
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Fri, Jan 25, 2013 at 09:35
Sensex flat, midcap stocks continue to bleed
The market opened on a flat note. The Sensex was up 34.33 points or 0.17% at 19958.11 while the Nifty gained 3.60 points or 0.06% at 6022.95. Incremental damage continued in the midcap stocks.
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BSE Midcap index opened on a weak note but recovered quickly with a loss of 0.9%. Most of the midcap stocks like HDIL (down 3.6%), IVRCL, Hexaware (down 4.3%) and Polaris (down 3.6%) were on a losing spree.
Tata Power (down 1.1%), Coal India (1.2%), M&M, Hero Moto Corp and RIL are the major losers.
Some of the lead gainers were Bharti Airtel, Maruti Suzuki, Tata Motors, TCS and Dr Reddy’s Lab. Maruti Suzuki is expected to announce a strong third quarter results .
The India's largest passenger vehicle maker by sales is expected to report a net profit of Rs 466 crore, more than double year-on-year, while total income from operations is seen at Rs 11,025.4 crore, up 40 percent, according to a CNBC Awaaz poll.
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Gaining 1.3%, Biocon recovered yesterday’s losses. The biotechnology major reported 15.78 per cent decline in consolidated net profit at Rs. 84.85 crore for the quarter ended December 31, 2011.
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Fri, Jan 25, 2013 at 09:16
Biocon Q3 net down 15% to Rs 84 crore
Biotechnology major Biocon on Wednesday reported 15.78 per cent decline in consolidated net profit at Rs. 84.85 crore for the quarter ended December 31, 2011.
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For the quarter ended December 31, 2010, the consolidated net profit of the group stood at Rs. 100.76 crore, the company said in a regulatory filing. The total income of the group increased to Rs. 532.18 crore for the quarter ended December 31, 2011, from Rs. 518.44 crore a year ago, the company added.
Commenting on the results, Chairman and Managing Director Kiran Mazumdar-Shaw said : "Our performance in the first three quarters of FY12 has been good on the manufacturing and services fronts where profits were up nearly 29 per cent (excluding licensing income)."
Licensing income, however, was sharply down from the exceptional levels recorded last fiscal which resulted in flat earnings overall, she said.
On a standalone basis, the company posted a net profit of Rs. 64.73 crore for the quarter ended December 31, 2011 as compared to Rs. 211.59 crore in the year ago period. Total Income of the company decreased from Rs. 515.94 crore for the quarter ended December 31, 2010 to Rs. 396.30 crore for the quarter ended December 31, 2011.
"We have seen exceptional growth in our Research Services business," Shaw said adding that "Our focus on Emerging Markets is also enabling us to realise a greater potential for our APIs and Insulins portfolios."
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Wed, Jan 23, 2013 at 10:00
HUL dips on poor Q3, new royalty pact; brokers cut rating
Hindustan Unilever shares extended losses and tumbled 5 percent in morning trade on Wednesday after several brokerages cut their rating on the stock following disappointing third quarter earnings and a new pact with its Anglo-Dutch parent Unilever Plc, which will see its royalty payments more than double over next few years.
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HUL on Tuesday reported a lower-than-expected 16 percent year-on-year rise in third quarter net profit at Rs 871 crore.
Net sales of the largest FMCG company in India rose 12 percent year-on-year to Rs 6,655 crore in Oct-Dec.
What's surprising is that volume growth came in at just 5 percent, compared with 9 percent a year ago and analysts expectation of at least 7 percent. CFO R Sridhar said that there was a slowdown in discretionary spends by customers, which had hurt sales.
In comparision, ITC had reported third quarter results ahead of street expectations. Contrary to HUL, ITC saw strong sales growth in its non-cigarettes FMCG business, and losses in that segment also reduced further.
HUL has also announced a new royalty agreement with Unilever, as per which, the royalty that it pays will increase to 3.15 percent of turnover by March 2018, compared with 1.4 percent now.
CLSA cut its rating on HUL to "sell" from "outperform," Nomura downgraded it to "reduce" from "neutral" and Credit Suisse cut its rating to "neutral."
"The increase in FY14 (royalty payment) alone is 50bps, and the rate will keep increasing progressively over the next few years. HUL's tax rate is also moving higher over the next couple of years, which will impact profit growth," said Nomura analysts Manish Jain and Anup Sudhendranath.
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The analysts cut their earnings estimates for FY2013-15 by 5-12 percent and said valuation multiples are likely to correct over next few months given HUL's slowest earnings growth in their coverage universe.
"Over the next few quarters, volume growth is likely to remain subdued, in our view, while advertising and promotion spend is likely to keep increasing. This will lead to further pressure on profitability, which we believe will drive down valuation multiples," Jain and Sudhendranath said.
Also Read: Analysts maintain 'buy' as ITC beats street in Q3
"HUL has delivered a disappointing set of numbers for Q3. 5 percent underlying volume growth for domestic consumer business is the lowest in the last three years...We expect the increase in royalty to have an impact of 0.50 paise a share on FY2014 earnings per share," Angel Broking said, maintaining a "neutural" rating on the stock.
At 9:45 hrs, HUL shares were down near 5 percent at Rs 457.15 on NSE.
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Tue, Jan 22, 2013 at 22:30
Serious negotiations on with investors: Kingfisher tells SC
The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned Kingfisher Airlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crore with the income tax department as tax deducted at source (TDS) from its employees' wages.
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A bench headed by Justice DK Jain deferred the hearing for four weeks after senior advocate Harish Salve, appearing for the airlines, submitted that "serious negotiations are going on between the company and investors".
The airlines has challenged the order of the High Court issued on December 5 directing it to deposit 50 percent of the Rs 371 crore to the I-T department. It had also asked the company to furnish bank guarantee for the remaining amount within six weeks. The company contended in its petition that the amount due is much less than the demand made by the I-T department and the department had not given it a proper opportunity to hear its case.
It said the department had issued notices without providing the company reasonable and sufficient opportunity of being heard. The department had claimed that the company had illegally withheld the revenue even after deducting the said amount from various sources, including by way of TDS.
The department, in December 2011, had demanded payment of about Rs 372 crore as TDS from the company for the assessment years 2010-11 and 2011-12 following analysis of records.
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Tue, Jan 22, 2013 at 09:56
Sensex, Nifty flat in early trade; Pantaloon Retail up 9%
Key indices were flat in early trade, awaiting fresh triggers to build on the recent rally. Brokers said strong third quarter earnings that have been reported so far, has been discounted and the focus is now on the RBI monetary policy review meeting next Tuesday.
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The Sensex was at 20115, up 13 points and the Nifty was at 6091, up 9 points.
Pantaloon Retail led gainers, with the stock up over 9 percent to Rs 265.10. Metal, power and banking shares were steady in early trade, while IT, FMCG and capital goods shares were subdued.
Brokers said a 25 basis point-cut in interest rate by the RBI has already been discounted, and shares would rally only if the cut was more than that.
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But chances of a 50 basis point-cut appear slim after RBI governor D Subbarao last week said inflation was still high and tackling it would be the central bank’s priority.
Among other gainers, Asian Paints, Sun Pharma, Havells India and NTPC were up around 2 percent each.
Laggards included Opto Circuits, Max India HCL Tech and Bharti Airtel, which were down between 1-2 percent.
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Tue, Jan 22, 2013 at 10:00
Dish TV Q3: Analysts expect net loss at Rs 20.6 cr
Dish TV is set to announce its results for the third quarter of FY13 on Tuesday. Analysts on an average expect the company to report standalone net loss at Rs 20.6 crore as against net profit at Rs 55 crore in previous quarter.
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In second quarter of financial year 2012-13, the company had reported a profit of Rs 55 crore led by exceptional gain at Rs 76.4 crore; otherwise it would have been a loss of Rs 21.3 crore.
Total income from operations is likely to increase to Rs 559 crore from Rs 533.5 crore during the same period.
Earnings before interest, tax, depreciation and amortisation (EBITDA) are seen going up to Rs 161 crore in the October-December quarter from Rs 155 crore in July-September quarter.
Margin is expected to decline 30 basis points quarter-on-quarter to 28.8 percent for the quarter.
Analysts feel the Dish TV will see uptick led by digitization.
Subscriber addition is expected be around 8 lakh as against 5 lakh QoQ. Subscriber addition below 10 lakh signifies limited benefit of digitization.
Average revenue per user is seen growing by around 2 percent to Rs 162 in the third quarter from Rs 159 in Q2FY13, led by hike of Rs 20 in base pack and Rs 17-18 in higher packs.
Analysts feel content costs numbers can go up on telecast of India Pakistan series.
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Mon, Jan 21, 2013 at 09:46
Sensex extends gains on strong Q3; RIL leads gainers, up 4%
Key indices continued their climb in early trade Monday, as the third quarter earnings season so far has turned out to be better-than-expected. Reliance Industries shares were up over 4 percent to Rs 938 after the company’s quarterly numbers announced post-market hours Friday beat analyst estimates by a wide margin.
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The Sensex was at a fresh two-year high of 20,101, up 62.72 points and the Nifty was at 6079, up 15 points.
Key earnings announcements later today include HDFC, Cairn India, NTPC and SpiceJet. IT, banking and auto shares were subdued, while shares from the oil & gas, capital goods and power sectors were firm.
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Mon, Jan 21, 2013 at 09:16
Increased railway fares effective from today
If you are travelling by train, get ready to pay more as the increased railway fares have come into effect starting Monday.
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The proposals will rake in an additional Rs 1200 crore between January 21 and March 31 this year, Railway Minister Pawan Kumar Bansal had said while announcing the decision and did not rule out a hike in the freight tariff.
Breaking away from the populism of his predecessors, including Lalu Prasad and Mamata Banerjee, Bansal, who was made the Railway Minister in October 2012, told a press conference that the decision to hike the fares was "imperative" as lack of revision in the last 10 years has had a "telling effect" on the railway finances.
The fare hike also covered services like Rajdhani, Shatabdi and Duronto type trains. However, it exempted platform tickets from any hike. Bansal also proposed to do away with the practice of levying development charge on passenger tickets and all the chargeable fares will in future be in multiples of five.
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As a result of the proposed hike, ordinary Second Class suburban fares for a distance of 35 km will go up by Rs 2 from Rs 8 to Rs 10, while in the non-suburban trains it will go up by Rs 5 for an average distance of 135 km.
In Sleeper Class, the increase would mean a hike of Rs 50 for a distance of 770 km from Rs 270 to Rs 320. In the case of AC Chair Car, for a distance of 387 km, the increase would be Rs 40 from Rs 345 to Rs 385. In the case of AC Three Tier, for a distance of 717 km, the fare will go up from Rs 724 to Rs 800, an increase of Rs 76.
Similarly, in the case of AC Two Tier, the increase would mean a hike of Rs 48 for a distance of 721 km, while for AC First Class it will be Rs 56 for a distance of 547 km.
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Thu, Jan 17, 2013 at 09:25
Sensex, Nifty flat as buyers cautious; HCL leads gainers
After near 200-point crash, BSE benchmark Sensex opened at 19833.36 up 15.73 points supported by oil and gas stocks. The Nifty was up 4.40 points or 0.07% at 6006.25.
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HCL Tech shares were up around 4 percent to Rs 704 after the company reported better than expected numbers for the December quarter, beating expectations on revenues and net profit.
HCL Tech's strong numbers boosted sentiment for peers like Wipro and Tech Mahindra, which are yet to report their earnings. Both Wipro and Tech Mahindra were up over 2 percent. Auto and IT shares were among the key gainers in early trade, while FMCG and metal were among the major laggards.
Hopes of a 50 basis point cut have receded somewhat after RBI Governor D Subba Rao said that inflation was still high and controlling it would the central bank’s priority.
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Many fund managers feel the big upmove in the market is behind and that gains would be stock-specific here on. DLF shares were up around 3 percent on a report in The Economic Times that the company was selling its wind energy arm for Rs 900 crore, as it tries to pare debt.
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Thu, Jan 17, 2013 at 08:40
HCL Tech surprises market with strong Q2; shares up 3%
HCL Technologies rose over 4 percent early Thursday to a 52-week high of Rs 709 on NSE after the company surprised the market with better-than-expected earnings for the December quarter, beating analyst estimates at the revenue and net profit levels.
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HCL reported quarterly revenues of Rs 6,274 crore; up 19.6 percent year-on-year and 3 percent sequentially. A CNBC-TV18 poll had estimated revenues at Rs 6210 crore. Net profit was Rs 965 crore (poll estimated: Rs 830 crore), up 68.5 percent over last year and 9 percent more than the preceding quarter. Earnings before interest and taxes (EBIT) was Rs 1,244 crore, up 49.8 percent over last year, and up 5.3 percent quarter-on-quarter.
Vice-chairman Vineet Nayar said the company's operating margins improved 400 basis points year-on-year to 19.8 percent and net margin improved for the fifth straight quarter to 15.4 percent.
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"Our growth this quarter was driven by infrastructure and financial services, both growing in excess of 10 percent sequentially," new CEO Anant Gupta said in the press release, adding, "six large transformational deals have once again given us a billion dollar booking quarter."
The company’s revenues from the European and American markets rose 4.2 percent and 3.4 percent respectively.
The company reported a volume growth of 3.0 percent sequentially.
After Infosys ( earnings ) and TCS ( Q3 results ), HCL Tech is the third frontline company to have exceeded market expectations on earnings, raising hopes that the sector in general is due for a re-rating.
The company added 3,291 employees at the gross level, but lost 395 employees at the net level.
The company announced a dividend of Rs 2 per share, the fortieth consecutive quarter of dividends.
At 9:40 hrs, HCL Tech was up 3.8 percent at Rs 699.05 on NSE.
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Wed, Jan 16, 2013 at 08:28
Govt hikes petrol prices by 35 paise per litre
Petrol price was on Tuesday evening hiked by about 35 paise per litre in line with firming raw material cost. Petrol will cost Rs 67.56 per litre in Delhi with effect from midnight Tuesday, industry sources said.
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Prices vary from city to city due to differential local sales tax or VAT rates. This is the first revision in rates of petrol, which was deregulated by the government, since November.
Petrol price was cut twice in October and November - first by 56 paise and then by 95 paise per litre.
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Wed, Jan 16, 2013 at 09:45
Sensex, Nifty open mix, Dr Reddy's up 2.05%
After Tuesday's rally, BSE benchmark Sensex and NSE benchmark Nifty opened Wednesday's session mixed. At 9.15 a.m., the Sensex was trading mildly up 0.02 percent at 19991.77, while the Nifty fell 0.13 per cent to 6048.90.
After Tuesday's rally, BSE benchmark Sensex and NSE benchmark Nifty
opened Wednesday's session mixed. At 9.15 a.m., the Sensex was trading
mildly up 0.02 percent at 19991.77, while the Nifty fell 0.13 per cent
to 6048.90. On Tuesday the indices closed at a 2-year high, with Sensex
breaching the 20,000 markSentiments were hit due to poor show in Asia as Nikkei fell from a 32-month high on yen's seconf consecutive day rise. Although Kospi was trading in the Green, Hang Seng was down ahead of a policy announcement.
Top gainers on the Sensex were Dr Reddy's (up 2.05 percent), Reliance (1.55 percent), Bajaj Auto (1.48 percent), Sterlite (1.46 percent), and GAIL (0.93 percent). Bajaj Auto, Yes Bank, TTK Prestige and others will announce their quartely numbers today.
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Tue, Jan 15, 2013 at 09:36
Sensex pulls back after touching 20,000; TCS leads gainers
The Sensex briefly touched the psychological 20,000-mark in the first minute of trade, but pulled back immediately, tracking the weak trend in global markets. The Sensex was at 19936, up 29 points after touching 20,007.09 on opening. The Nifty was at 6030, up 6 points.
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Brokers said any upside in the market here on would be gradual, as there are no fundamental triggers to support valuations.
TCS led gainers among large cap stocks, climbing over 3 percent to Rs 1379 on better-than-expected third quarter numbers announced post-market yesterday. Overall, most IT shares are doing well in early trade, after better than expected quarterly numbers from Infosys and TCS.
"We believe concerns around demand environment for India IT vendors appear to be overdone," brokerage Morgan Stanley said in its earnings review of TCS.
FMCG shares continued to struggle as investors are shuffling their portfolio in favour of stocks which are available at reasonable. Asian Paints and ITC were down around 1 percent each.
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A slight easing in December inflation has strengthened the case for a rate cut by the RBI at its January 29 meeting. But many economists are not convinced that this could mark the beginning of a broad-based downtrend in interest rates. Also, the market appears to have priced in a 25 basis-point cut in repo rate.
Tue, Jan 15, 2013 at 01:35
Obama refuses to negotiate debt ceiling raise
President Barack Obama on Monday rejected any negotiation with Republicans over the most pressing US fiscal issue, refusing to trade cuts in government spending in exchange for raising the borrowing limit.
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"If the goal is to make sure that we are being responsible about our debt and our deficit - if that's the conversation we're having, I'm happy to have that conversation," Obama said. "What I will not do is to have that negotiation with a gun at the head of the American people," he told a news conference.
Republican leaders quickly reiterated their demand that increasing the debt limit must be accompanied by spending cuts.
With an agreement to prevent the so-called fiscal cliff of sharp spending cuts and tax increases barely two weeks old, Obama faces another fiscal showdown with congressional Republicans.
A trio of deadlines looms around the end of February: the need to raise the debt ceiling, automatic deep spending cuts temporarily put off in the fiscal cliff deal, and the end of a stopgap government funding measure.
The United States could default on its debt if the borrowing limit is not increased.
Some Republicans have said they would require dollar-for-dollar spending cuts to match any increase in the debt limit. Obama's unexpected news conference could have been a pre-emptive strike aimed at influencing strategy sessions among Republican lawmakers scheduled for later this week.
A number of Republicans have said they would be willing to allow a US debt default or a government shutdown to force the Obama administration to accept deeper spending cuts than the White House would like.
Obama said he would agree to talk about steps to trim the US budget deficit, but made clear he wants to keep that discussion separate from the debt ceiling increase. He held to his position that deficit reduction should include measures to raise revenue and not come from spending cuts alone.
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Republicans have rejected that approach, saying the fiscal cliff deal, which raised taxes for the wealthy while maintaining low tax rates for most Americans, should have put to rest the discussion over tax increases.
Obama must get "serious about spending and the debt limit is the perfect time for it," Senate Republican leader Mitch McConnell said in a statement just moments after Obama's news conference ended.
Republican John Boehner, the House of Representatives speaker, said: "The American people do not support raising the debt ceiling without reducing government spending at the same time."
If Congress fails to raise the US debt limit, the Treasury Department will become unable to borrow money to pay for government spending obligations, leading to a debt default that would damage US credit and have wide repercussions in financial markets around the world.
Protracted haggling over raising the debt ceiling in 2011 brought the nation close to default and resulted in a credit rating downgrade and financial market turmoil that slowed economic recovery.
Fiscal issues loomed large during the final news conference of Obama's first term, which came a week before a gala inauguration ceremony that will launch his next four years. Fights with Congress over taxes and spending have overshadowed much of his domestic agenda over most of the last two years with the president facing legislative gridlock that shows little sign of abating.
Obama raised the specter of a severe setback to the US economy if congressional Republicans persist with the threat of a debt default.
"It would be a self-inflicted wound on the economy," he said. "Even entertaining the idea of this happening, of the United States of America not paying its bills, is irresponsible. It's absurd."
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Fri, Jan 11, 2013 at 09:30
Sensex opens with a bang on strong Infosys nos; Stk up 12%
Sensex opened with a huge gap up led by technology stocks that were celebrating Infosys' third quarter numbers. Infosys opened with a 12 percent gain. At 09.21 AM, the Sensex was up 149.05 points or 0.76% at 19812.60, and the Nifty up 32.60 points or 0.55% at 6001.25.
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It has been a remarkable turnaround for Infosys, which had been one of the poorest performers on the 50-share NSE benchmark Nifty. With conditions improving in the US, experts say the stock has shown sufficient symptoms to get re-rated. However, besides CNX IT (up 7 percent), rest all were trading flat.
Midcaps continue to bleed for the third consecutive day. Bajaj Holdings, Shobha Developer Amtek Auto etc were trading with a loss ranging from 2 percent to 3.5 percent.
Fri, Jan 11, 2013 at 09:05
Nov-IIP at -0.64% on poor core index number: CNBC-TV18 Poll
CNBC-TV18’s banking editor Latha Venkatesh explains that the CNBC-TV18 poll estimate of the November IIP at minus-0.64 percent was primarily due to poor core index numbers
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CNBC-TV18's banking editor Latha Venkatesh explains that the estimate of the November output at a minus-0.64 percent is paints an ugly picture compared to the 8.2-percent growth in October which was the highest since June largely because of a combination of base effect and festival season.
In 2011, the important festival of Diwali occurred in October and in 2012, it occurred in November. So October had a low base in 2011 while the IIP (Index of Industrial Production) data for October 2012 was good because people were still producing a lot for the festival season in the following month of November.
Now for the same reason STOCK, SHARE MARKET TREADING FREE TIPSNovember is going to be bad because the number of working days were fewer and people had considerably stocked up before Diwali and therefore the output was not much in November because stockists reported that they had adequate supplies. So November was always expected to be a bad month and the industrial output it is likely to come in at sub-1 percent.
With November 2011 posting good industrial output, the benefit of a base advantage has not accrued to November 2012. A precursor to the IIP data, in the form of the core index or infrastructure data, came in at a very poor 1.8-percent compared to 6.5 percent in the previous month and almost 7.5 percent a year ago.
This indicates that infrastructure growth, which comprises about 38 percent of the IIP, is at a very sluggish 1.8 percent. There is not much to expect from consumer goods which already faces a bit of a glut in a post-Diwali month.
For all these reasons, the IIP data for November 2012 is going to be negative. Investors need to also watch out for capital goods which posted a growth in October at 7.5 percent but it was entirely because of the base effect. So, it will be not surprising if there is negative capital goods growth indicating a contraction in November in the IIP data that is released today. And it is unlikely that this negative data will urge the Reserve Bank of India to cut rates on January 29.
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Thu, Jan 10, 2013 at 09:35
Sensex up 100; rail fare hike lifts mood, fuel hike next?
Key indices were firm in early trade as the hike in rail fares ahead of the Railway Budget has raised hopes of more bold measures by the government, as it tries to narrow fiscal deficit.
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The Sensex was up 86 points at 19752, and the Nifty was up 24 points at 5996.
While the mood remains positive, brokers said buyers were reluctant to take up big positions at higher levels till there is some better clarity both on the economy and corporate earnings fronts. Earlier this week, Fitch retained its negative outlook on India and warned of a ratings downgrade unless the government fixed the fiscal mess.
ONGC and BPCL rose about 3 percent each on hopes that the government will raise diesel and LPG prices shortly.
Other gainers included Suzlon Energy, Sutlej Jal Vikas and Pipavav Defence, up between 2-4 percent.
Among laggards, Lupin, Bharti Airtel, Glenmark Pharma and Idea were down between 1-2 percent.
Auto shares were firm even as auto sales are seen slowing to a 9-year low according to a report in the Mint newspaper.
Investors continue to shun defensives like FMCG and pharma as they feel these stocks will be unable to sustain their pricey valuations.
Brokerage house HSBC has retained its neutral view on the Indian market with a Sensex target of 21,700 for this calendar.
“India has seen a raft of reforms since Sep-2012. Direct transfer of subsidies could be transformational long term. Reforms positive for banks and energy, marginally so for telecom & media, real estate; need tweaking for other sectors,” the HSBC note said.
“We remain neutral on India within an Asian context. We reiterate our Sensex target of 21,700 for CY13, which assumes a target 12-month forward PE multiple of 14.5 times,” the note said.
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Thu, Jan 10, 2013 at 05:22
Punj Lloyd chases Australia's Macmahon construction unit
Punj Lloyd Ltd, stepped up its offer for the construction business of Macmahon Holdings Ltd on Thursday, looking to trump a current deal with Leighton Holdings Ltd.
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Punj Lloyd unit Sembawang Australia said it would offer australian dollar 38 million for Macmahon's construction businesses, including its rail business. Alternatively, it is offering to beat Macmahon's existing australian dollar 20 million agreement with Leighton for the construction assets, minus the rail business, by australian dollar 5 million.
Macmahon, which is shedding its construction arm to become a full service mining contractor, said its board was considering the proposal.
Macmahon last week distanced itself from Punj Lloyd's original approach, which did not include a dollar figure, saying it could not offer the Indian firm due diligence due to exclusivity arrangements with Leighton.
Macmahon said in December it planned to exit construction and announced a deal to transfer the majority of its construction assets to Leighton. Construction group Leighton owns 24 percent of Macmahon, according to Thomson Reuters data.
Macmahon shares jumped as much as 5.5 percent in morning trade on news of the revised offer and were last trading up 3.6 percent at australian dollar 0.285.
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Tue, Jan 08, 2013 at 05:34
Samsung sees Q4 profit at $8.3 bn on Note sales, parts
Samsung Electronics, the world leader in mobiles and memory chips, said it likely earned a quarterly profit of USD 8.3 billion, as it sold close to 500 handsets every minute and as demand picked up for the flat screens it makes for mobile devices, including those for rival Apple Inc products
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Tue, Jan 08, 2013 at 09:53
Nifty drifts lower, may struggle to hold 6000; Jet down 3%
Key equity indices drifted lower in early trade Tuesday, as the market tries to consolidate its recent gains.
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Jet Air, GMR Infra, Thermax and HPCL were down 2-3 percent, while Marico, Glenmark Pharma, Exide and Reliance Communications were up by a similar margin.
Broadly, healthcare and automobile shares were up, while capital goods, metal and IT shares were under pressure. Brokers said mood has turned a bit cautious as the market is now seen to be lacking in fundmental triggers, both global and domestic. The run-up in prices over the last month has stocks discounting most of the positives, they said.
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Vibhav Kapoor of IL&FS said the market was close to a temporary peak, and advised clients to book profits above 6000 on the Nifty. He expects third quarter earnings to be average, and even though there could be a few mild surprises, he does not see it impacting stock prices much.
The next key event market is keenly awaiting is the RBI policy review on January 29. And while an overwhelming majority of majority of market participants are hopeful of the central bank cutting the benchmark repo rate, this too has been discounted by the market to a large extent.
"We expect the Reserve Bank to cut the repo rate at its 29 January meeting, probably by 50 basis points to 7.5%," said a Credit Suisse report on Monday.
"In our view, the move would be best described as a belated pat on the government’s back following its September reform announcements. We doubt that a January cut requires inflation to drop further from here," the report said.
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Fri, Jan 04, 2013 at 09:17
Sensex slips on profit booking; financials, metals decline
Key benchmarks were down in early trade due to profit booking following gains in previous two consecutive sessions and the Nifty hitting an important psychological 6000 mark after two years.
The 30-share BSE Sensex was down 23 points to 19,741.68. Meanwhile, the 50-share NSE Nifty was struggling at 6000 level, down 11.30 points to 5998.20.
The Indian rupee too was under pressure, slipping towards 55 level, down by 32 paise to 54.82 against US dollar.
Financials, auto and metals were under pressure whereas gains in oil & gas and technology limited the fall.
Tata Power, one of the largest power companies in private sector in India, fell over 1 percent as the company stopped power supply to three Rajasthan distributions companies.
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Realty major DLF was down 1.5 percent after the Competition Commission of India modified apartment buyer’s agreement in company's case.
Manappuram Finance gained another 10 percent following yesterday's 20 percent rally after the Reserve Bank of India released draft report on gold and gold financing NBFC yesterday. Muthoot Finance rose 3.6 percent.
Jet Airways moved up another 2 percent on hopes of deal with Etihad.
Suzlon, Lakshmi Vilas Bank, South Indian Bank were up over 1 percent.
Hindustan Dorr-Oliver rallied 5 percent as the company has received two orders worth Rs 277 crore from GSFC.
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Fri, Jan 04, 2013 at 10:13
DRL gains for sixth day, Morgan Stanley says overweight
Healthcare firm Dr Reddy's Laboratories gained for the sixth consecutive session on Friday, rising more than four percent in six days.
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The foreign research firm Morgan Stanley has put an overweight rating on the stock with a target price of Rs 2,039. "Generic Propecia seems to be a USD 20 million opportunity for the company and could boost FY13 earnings per share by 3 percent," the firm reasoned.
Dr Reddy's Laboratories had launched it's generic Finasteride tablets used for treating male pattern hair loss in the American market on January 2. The tablets are bioequivalent generic version of Merck Sharp & Dohme Corp, a subsidiary of Merck & Co Inc's Propecia tablets.
The Propecia tablets brand has US sales of approximately USD 136 million for the most recent twelve months ending in October 2012 according to IMS Health," Dr Reddy's said in its release.
At 10:03 hours IST, the stock was up 0.22 percent to Rs 1,885.15 on the Bombay Stock Exchange.
Thu, Jan 03, 2013 at 09:44
Sensex gains 27 points in early trade
The BSE benchmark Sensex rose for the third straight day by adding over 27 points in early trade today on sustained buying by funds amid a firm trend in the Asian region.
The 30-share barometer rose by 27.16 points, or 0.14 percent, to 19,741.40, with metal, oil and gas and capital goods sectors leading the rise. The index had gained nearly 288 points in the previous two sessions.
Similarly, the wide-based National Stock Exchange index Nifty inched up by 2.85 points , or 0.05 per cent, to 5,996.10. Brokers said sustained buying by funds and retail investors amid a firm trend in the Asian region following strong overnight gains at the US market mainly influenced the trading sentiment.
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Meanwhile in the Asian region, Hong Kong's Hang Seng rose by 0.06 per cent in early trade today. The US Dow Jones Industrial Average ended 2.35 per cent higher in yesterday's trade.
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Thu, Jan 03, 2013 at 08:50
China Dec official services PMI rises to 56.1 from 55.6
China's official purchasing managers' index (PMI) for the non-manufacturing sector rose to a four-month high of 56.1 in December from 55.6 in November, the National Bureau of Statistics (NBS) said on Thursday, adding to signs of a revival in the world's second-largest economy.
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The services sector index follows twin manufacturing PMI surveys that showed China's growth reviving in December, although signs persist that such growth still depends primarily on state-led investment.
The official manufacturing PMI survey in December matched November's seven-month high of 50.6, the NBS said on Tuesday, while a complementary survey with a greater focus on the private sector reached 51.5, its highest since May 2011.
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A reading above 50 indicates growth is accelerating, while one below 50 indicates it is slowing.
The greatest driver was a jump in a sub-index measuring construction services, to 61.9 from 61.3 last month, while industries including transport slumped, the NBS said in an accompanying statement.
The construction services strength is consistent with other indicators, including rising land prices, that point to a revival in China's property markets, which support about 40 other industries. The signs of strength come despite central government protestations that it will not relax credit and purchasing curbs that have stifled the sector for the past two years.
The slowdown in the transport sector is also consistent with poor external markets for China's exports.
SERVICES GROW IN IMPORTANCE
China's fast-growing services industry has so far weathered the global slowdown much better than the factory sector, with the PMI consistently signalling healthy expansion and hitting a 10-month high of 58.0 in March.
That's partly due to a maturing economy as well as a historic shift over the last decade to the majority of Chinese living and working in cities rather than the countryside.
China's service sector generated 43 percent of China's GDP in 2010 and by 2011 provided nearly 36 percent of new jobs, exceeding the agricultural sector for the first time.
"Expanding domestic demand will be a major stimulus for China's economic growth, and the greatest potential will come from the service sector," Xia Nong, deputy director-general of the Department of Industry under the National Development and Reform Commission, said on Friday, according to the China Daily.
Xia pledged to open the services sector to more foreign competition as well as encouraging Chinese service firms to go overseas.
Foreign investment into the service sector of $47.57 billion in the first 11 months of 2012 surpassed that directed to the manufacturing industry, which slumped by 7.1 percent, the China Daily said over the weekend, citing Ministry of Commerce data.
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The growing services sector has taken up some of the slack from the property sector, which has struggled with investment and purchasing restrictions as well as a credit crunch.
Overseas company investment into China's urban transportation surged 24-fold in the first 11 months from a year ago, followed by a 12-fold rise in telecommunications and other information services, and a sevenfold increase in pipeline transportation industries, at sevenfold, the China Daily said, again citing Ministry of Commerce figures.
The sector, formerly the bastion of smaller private businesses, is now important enough to have its own five-year plan, issued in September
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Tue, Jan 01, 2013 at 09:49
Market begins 2013 upbeat; realty, metals lift Sensex 137
Equities began New Year on a buoyant note, with the Sensex rallying 150 points in early trade.
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The Sensex climbed 137 to 19564, and the Nifty was up 39 points at 5944 .
SBI, Bharti Airtel, HDFC and BHEL were among the notable gainers, climbing around 1 percent each.
There was good interest in mid and small cap shares as well.
Brokers say traders are taking up bullish positions in the hopes that foreign funds will continue to be big buyers of Indian equities. In 2012, foreign institutional investors net bought over USD 22 billion of Indian shares despite the economic downturn. Latest data shows that a recovery could still be some way off.
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Data released Monday shows the country’s current account deficit at a whopping 5.4 percent of GDP during the second quarter. Fiscal deficit till November is now 80 percent of the Budget estimate, and in all probability looks set to exceed its target, notwithstanding the Finance Minister’s assurances. Core sector growth declined to 1.8 percent in November from 6.5 percent in October.
BPCL and rating agency CRISIL figured among the laggards, down around a percent each.
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Tue, Jan 01, 2013 at 09:40
Direct cash transfer in 20 districts from today
UPA's much hyped scheme of direct cash transfer of subsidy to bank accounts of beneficiaries begins on Tuesday across 20 districts of the country with Finance Minister P Chidambaram describing the move as a "game-changer".
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The programme, will cover a select 26 schemes like educational scholarship for SC/ST and OBC and widow pension. Food, fertilisers, diesel and kerosene have already been kept out.
"Please don't call this scheme failure or success by 5pm tomorrow," Chidambaram said.
This reflects the worry within the Congress and the government that the much hyped programme may not be such a game-changer. Many worry whether this will be a repeat of the NDA's India shining days. The response within the party, Sonia-led NAC and even the government has been a bit critical. Sources say that many ministers opposed the scheme, fearing that the hiccups in the scheme could hurt the party in the upcoming general election in 2014.
The UPA government on Monday scaled down the launch of its ambitious direct cash transfer scheme to 20 districts instead of 43 as planned earlier, keeping LPG also out of its ambit for now.
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Among the reasons why the launch was scaled down were all beneficiaries not having bank account to receive cash and inadequate Aadhaar enrolment.
The government had originally identified 51 districts across 16 states to be covered by the programme under which cash subsidy benefit will directly go to the bank account of beneficiaries with mandatory requirement of Aadhaar number.
Subsequently, four districts each of Himachal Pradesh and Gujarat were exempted from the roll out tomorrow because of Assembly elections.
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The States to be covered in the initial phase are Karnataka, Andhra Pradesh, Delhi, Rajasthan, Madhya Pradesh and Punjab and UTs of Puducherry, Chandigarh and Daman and Diu.
This will be extended to 11 more districts from February 1 in states including Kerala, Haryana, Sikkim, Goa, Maharashtra and Jharkhand and 12 more districts in states including Tripura from March 1.
Despite the government's assurances and euphoria, there are several examples to show how the scheme may fail to click. For example, the scheme launched in Kot Kasim, in Rajasthan in 2011 faced failure with payments yet to reach those it was meant for.
Many also fear that this scheme too could throw up stories similar to MNREGA which has failed to deliver what it has promised. And if this scheme is successful, the credit could go to state government's rather than to the UPA. In which case it may not be the game-changer for the Congress in the next Lok Sabha election.
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Mon, Dec 31, 2012 at 09:25
Sensex choppy in early trade; oil & gas, auto lead gainers
Key benchmarks were flat in early trade on Monday following mixed Asian cues. Shanghai and Nikkei gained around 0.7-1 percent whereas Hang Seng was flat to negative.
Meanwhile, the Nifty remained above the 5900 despite one percent fall in US markets on Friday due to concerns over fiscal cliff deal. The index rose 3.5 points to 5,911.80.
Index heavyweight Reliance Industries gained another 0.9 percent following Friday's gains.
Software services exporter Wipro topped the buying list, rising 1.6 percent whereas its rivals TCS and Infosys were marginally down.
Auto stocks like Tata Motors, Bajaj Auto, Mahindra and Mahindra, Hero Motocorp and Maruti were up 0.4 percent ahead of monthly sales numbers tomorrow.
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However, cigarette major ITC fell 0.7 percent. Private sector lenders ICICI Bank and HDFC Bank too were under pressure with marginall losses.
In the second line shares, Shriram Transport Finance was up 2 percent as The Economic Times reported that Piramal Group is in advanced talks to buy TPG’s 20.27 percent stake in the company.
Suzlon Energy lost 1.5 percent on profit booking while Piramal Life Sciences surged 4 percent.
Pipavav Defence gained 2 percent on receiving order worth Rs 400 crore from ONGC.
Chettinad Cement rallied 4 percent on delisting offer.
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Mon, Dec 31, 2012 at 08:40
Immigration, economic boost top Obama's 2nd term checklist
President Barack Obama is pledging to focus in his second term on immigration reform, boosting economic growth through infrastructure repair and energy policies that nod to environmental protection.
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The President is mired in a difficult fight with Congressional Republicans to avoid sharp spending cuts and steep tax-increases collectively referred to as the "fiscal cliff." However, he still has a longer-term to-do list for his remaining four years in office, he said in an interview on NBC's "Meet the Press" that was broadcast on Sunday.
Obama, who won re-election in November after a campaign in which he succeeded in painting himself as a strong advocate for the middle class and those aspiring to join it, also promised in the interview to make a run at passing gun control legislation in the first year of his second term.
"Fixing our broken immigration system is a top priority," he said. He renewed a pledge to introduce legislation in the first year of his second term to get it done.
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Immigration reform is a sensitive subject for the president, who failed to fulfill his promise to revamp the system during his first term. Latino voters were a critical part of the coalition that helped get him re-elected, a fact that may soften political opposition from Republicans, who are eager to bolster their support with that demographic group.
Immigration reform supporters on the Left believe that the 11 million undocumented foreigners in the United States should be allowed a path to work toward citizenship. But opponents believe that this approach would reward people who broke the law by coming to the United States illegally.
Republicans have sought stronger measures to keep illegal immigrants from entering the United States from Mexico. Advocates on both sides of the debate want to more effectively verify legal workers in an economy in which businesses want to hire non-US workers ranging from low-paid farm hands to technology-savvy professionals.
While negotiations to avoid the fiscal cliff have hogged the spotlight in the first weeks after the election, Obama said he wants to take steps to ensure the sluggish recovery gains steam.
Many observers had believed a persistently high level of unemployment would thwart Obama's chances of winning a second term. The US unemployment rate peaked at 10 percent in 2009 after the harshest recession since the Great Depression but has been falling and dipped to 7.7 percent in November.
The president said rebuilding crumbling roads, bridges and schools could put people back to work and put the economy on a sounder footing. He said he would pair those steps - which would likely involve government spending - with deficit reduction measures to tame the nation's budget deficit.
The President also said energy policy would be a leading emphasis. He said he would focus on how the country can produce more energy and export energy, while also dealing with environmental challenges. He did not specify how he would do that. The President's effort to fight climate change with a broad emissions trading system failed during his first term.
When pressed, Obama added gun control to his list of priorities, reiterating his support for a ban on assault rifles and high capacity clips, as well as background checks.
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Fri, Dec 28, 2012 at 08:55
Ratan Tata to retire today, Cyrus Mistry to succeed him
Ratan Tata, who led the transformation of the Tata group from a conventional corporate house into a USD 100 billion global conglomerate with high-profile acquisitions abroad, will retire on Friday ending 50-year run in one of India's oldest business empires.
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Marking a generational change, Tata, who turns 75 on Friday, will hand over the reins of the group to 44 year-old Cyrus Mistry, who was chosen his successor in 2011 and formally appointed Chairman earlier in December.
Tata is hanging up his boots after steering the group for 21 years as its Chairman, when he succeeded the legendary JRD Tata. While JRD made Tata the Chairman out of the blue in 1991 RPT 1991, Mistry of the Shapoorji Pallonji group and whose family owns 18 percent stake in Tata Sons, was chosen by a five-member selection committee.
When he took over in 1991 the group just had a revenue of about 14,000 crore, today its revenue is over 4,75,000 crore. Ratan Tata was born as Ratan Naval Tata in December 1937 and is the adopted great-grandson of Tata group founder Jamshedji Tata.
He was the force behind the acquisition of global brands like Tetly, the Anglo-Dutch steel maker Corus and Jaguar-Rover. His vision to transform the group into a multinational giant resulted in high profile acquisitions such as Tata Tea's takeover of UK brand Tetley for USD 450 million in 2000.
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Fri, Dec 28, 2012 at 09:58
Sensex up 80 pts; HPCL, BPCL lead gainers in early trade
Key equity indices were firm early trade, as traders are betting that the US 'fiscal cliff' issue will be resolved, which in turn could boost sentiment in global markets. The Sensex was up 80 points at 19403, and the Nifty was up 26 points at 5896.
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After huge gains late November-early December, equities have been consolidating for the last couple of weeks on a combination of technical and fundamental factors. Foreign fund flows have eased because of the holiday season, and domestic fund houses continue to face redemption pressures.
Oil marketing majors HPCL and BPCL are up 3-4 percent to Rs 359 and Rs 289 respectively after as the petroleum ministry proposed a gradual rise in diesel prices by Re 1 per litre every month over a 10-month period.
Suzlon shares were up 6 percent at Rs 19, after a partial stake sale by the promoters earlier this week as part of the debt restructuring process.
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Dr Reddy's shares were flat at Rs 1835, unmoved by news of Bristol Myers suing the company in the US for infringing the patent of its cancer drug.
Among early gainers, shares of oil marketing, power, metal and IT shares were firm, while bank shares were under pressure.
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Thu, Dec 27, 2012 at 10:36
Outsourcing biz booming, but foreign cos winning: JP Morgan
An analysis by brokerage house JP Morgan shows that IT Services industry still produces market-beating returns (with the exception of 2012), contrary to the widely-held view that the outsourcing business model is no longer as profitable as it once used to be.
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The report also seeks to dispels some myths among investors, about the IT services industry.
Perception 1. The Indian IT industry as a group has failed to beat the broader market in recent times (last 18 months).
Reality 1. True but the prolonged, severe woes of Infosys (a disappointing run that extends now to over 2 years) arguably distorts the data a bit.
Perception 2. The offshore IT Services industry is incapable of producing market-beating returns.
Reality 2. The offshore IT Services industry goes beyond Indian IT players and includes Accenture and Cognizant as these companies compete with their Indian. Using this inclusive set, barring 2012, the offshore IT industry has outperformed the broader Indian markets every year since 2008.
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Perception 3. This is a zero-sum industry where one gains at the expense of the others.
Reality 3. A zero-sum situation would have been an accurate categorization if say; Accenture wins an existing book of Infosys's business from Infosys. What we tend to ignore is the huge internal (captive) IT cost trimming which is an incrementally stronger driver for the industry.
According to JP Morgan, quarter-on-quarter revenue growth will bottom out in this quarter. "Our counter-consensus view is that CY13/FY14 could be a better year than CY12/FY13, barring hard-to-estimate effects of certain events such as the US fiscal cliff. A discretionary spending comeback, legacy deals opening up in 2013, and the stability of client budgets could be triggers," says the report.
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Thu, Dec 27, 2012 at 09:59
Key equity benchmarks were trading slightly higher
early Thursday as markets across the world continued to be gripped by a
holiday mood.
The BSE Sensex was up 5 points at 5911, and the Sensex was up 23 points at 19441.
Dealers expect a volatile trend as the day progresses because of unwinding of derivatives positions for expiry.
M&M Finance shares were up around 3 percent to Rs 1147. According to a report in The Economic Times, more than two-thirds of non-banking finance companies will be out of business if the Usha Thorat panel recommendation on minimum asset size of Rs 25 crore is implemented.Share market free tips Such a development could benefit the larger and more established NBFC players by way of reduced competition. Bajaj Finserv was the other notable gainer in the NBFC space, up around 2 percent to Rs 920.
Tata Motors shares were up 2 percent to Rs 312 on a report in the Mint that Tata Nano was among the top 10 best selling cars of 2012.
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Key indices were slightly up in thin trade early
Wednesday. Metal and realty shares were firm, while IT shares were
sluggish. Brokers said activity was low because of the holiday season.
The 30-share Sensex was up 37 points at 19292, and the Nifty was up 8 points 5863.
Key gainers among frontline shares included Hindalco, Sterlite and Tata Steel, all up around 1 percent each. Among the prominent laggards were Wipro, HUL, and Hero Motocorp, down around 1 percent each.
Dealers said foreign fund flows had eased over the last couple of weeks, and local traders too were treading cautiously.
The next key trigger for the market is the third quarter corporate earnings season, which will start in a couple of weeks time.
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The probability of the Reserve Bank of India cutting policy rates at its January review has improved, but brokers say it has already been discounted by the market.
And while sentiment remains positive, resolution of the ‘fiscal cliff’ issue in the US and renewed foreign fund flows will determine the extent of the uptrend, say brokers.
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It's the last trading week of the year and three new IPO listings are due on the exchanges this week. The first of these - CARE Ratings debut on the bourses today in a while. The offering was subscribed 41 times.
Analysts are expecting the stock to list at a roughly 20% premium to its issue price of Rs750.
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Mon, Dec 24, 2012 at 09:45
Sensex up a bit; M&M Finance, Tata Motors lead gainers
Key equity benchmarks were trading slightly higher early Thursday as markets across the world continued to be gripped by a holiday mood.
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The BSE Sensex was up 5 points at 5911, and the Sensex was up 23 points at 19441.
Dealers expect a volatile trend as the day progresses because of unwinding of derivatives positions for expiry.
M&M Finance shares were up around 3 percent to Rs 1147. According to a report in The Economic Times, more than two-thirds of non-banking finance companies will be out of business if the Usha Thorat panel recommendation on minimum asset size of Rs 25 crore is implemented.Share market free tips Such a development could benefit the larger and more established NBFC players by way of reduced competition. Bajaj Finserv was the other notable gainer in the NBFC space, up around 2 percent to Rs 920.
Tata Motors shares were up 2 percent to Rs 312 on a report in the Mint that Tata Nano was among the top 10 best selling cars of 2012.
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Wed, Dec 26, 2012 at 09:45
Sensex, Nifty slightly up; Hindalco leads metal gainers
Key indices were slightly up in thin trade early Wednesday. Metal and realty shares were firm, while IT shares were sluggish. Brokers said activity was low because of the holiday season.
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The 30-share Sensex was up 37 points at 19292, and the Nifty was up 8 points 5863.
Key gainers among frontline shares included Hindalco, Sterlite and Tata Steel, all up around 1 percent each. Among the prominent laggards were Wipro, HUL, and Hero Motocorp, down around 1 percent each.
Dealers said foreign fund flows had eased over the last couple of weeks, and local traders too were treading cautiously.
The next key trigger for the market is the third quarter corporate earnings season, which will start in a couple of weeks time.
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The probability of the Reserve Bank of India cutting policy rates at its January review has improved, but brokers say it has already been discounted by the market.
And while sentiment remains positive, resolution of the ‘fiscal cliff’ issue in the US and renewed foreign fund flows will determine the extent of the uptrend, say brokers.
http://shristocktips.com/freetrail.html
It's the last trading week of the year and three new IPO listings are due on the exchanges this week. The first of these - CARE Ratings debut on the bourses today in a while. The offering was subscribed 41 times.
Analysts are expecting the stock to list at a roughly 20% premium to its issue price of Rs750.
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Mon, Dec 24, 2012 at 09:45
Sensex up 50; Sun Pharma, Infosys lead early gainers
Key equity indices were firm, but in thin trade because of the ongoing holiday season. The 30-share Sensex was up 58 points at 19300, and the Nifty was up 15 points at 5862.
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Sun Pharma, Infosys and Bajaj Auto led early gainers in the Sensex, up 1-2 percent. Madras Cements, DB realty and India Infoline were the midcap leaders, rising 3-5 percent.
Lanco Infratech shares were up 7 percent on a report in The Economic Times that the company was talks with JSW Energy and Adani Power to sell a power plant in Karnataka to raise cash and ease its debt burden.
With a 25 percent rise in key indices so far this calendar, India has been among the best performing markets globally.
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Sentiment has improved considerably over the last couple of months, but brokers feel liquidity more than fundamentals will be the driving force near term.
Mon, Dec 24, 2012 at 08:38
Why one gold bull thinks the selloff won't last
With gold hovering near a four-month low, even some of the yellow metal's most ardent fans have begun to sweat.
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Just don't count Euro Pacific Capital's Peter Schiff among the Nervous Nellys.
The perpetual bullion bull and sworn enemy of central bankers everywhere told CNBC's "Futures Now" this past week that gold's recent sell-off is only temporary and that investors should be "patient enough to ride this thing out."
Gold, he said, is one of the few avenues available to investors as a store of value in a world where major central banks are determined to fight economic weakness with ultra-accommodative monetary policy.
"What are you going to do? You're going to hold dollars at zero percent with (Fed Chairman) Ben Bernanke promising to print until infinity?" the fierce Fed critic asked. "There's no currency that you can hold and be confident inits future purchasing power. But you can hold gold, you can hold silver."
Schiff added that people "could make a lot of money in gold and gold stocks if they are patient. But unfortunately there's money on Wall Street that's not patient, and I advise other people who understand the fundamentals" to stay put, he said.
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Earlier in the week, noted gold bug Jim Rogers sounded a rare note of caution as gold suffered its deepest weekly loss since June.
Meanwhile, well-known investor John Paulson whose flagship investment funds have had a brutal year saw falling bullion take a toll on his gold fund, which has fallen 21 percent year to date.
Schiff said people originally invested with Paulson because he once had a "hot hand." Now, impatient investors are heading for the exits "because they don't understand the dynamics behind the market," he said.
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Fri, Dec 21, 2012 at 09:20
Sensex slips 100 pts on weak Asian cues; Rupee below 55/USD
Indian key benchmarks fell in early trade following downtrend in Asian markets as uncertainty increased over US fiscal cliff. The Indian rupee too weakened, losing 30 paise to fall below 55 against the US dollar at 55.15.
Asian shares slid after a Republican proposal to fend off a US fiscal crunch failed to get enough support, deepening uncertainty over prospects for the negotiations to avert automatic spending cuts and tax increases set to start in January. Major markets like Shanghai, Hang Seng and Nikkei were down 0.6 percent while Kospi and Taiwan went down over 1 percent.
Back home, country's largest lenders State Bank of India, ICICI Bank and HDFC Bank were down 0.4-0.9 percent, while housing finance company HDFC declined 0.54 percent.
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Private oil & gas producer Reliance Industries and software services exporter TCS declined 0.7 percent each.
Cigarette major ITC, commercial vehicle maker Tata Motors, top telecom operator Bharti Airtel and state-controlled oil & gas producer ONGC moved down over 1 percent.
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Metals stocks, which rallied quite smartly yesterday, lost ground. Hindalco, Sterlite, Jindal Steel and Tata Steel were down around 1 percent.
Meanwhile, Bajaj Auto and Sun Pharma outperformed, rising marginally.
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Fri, Dec 21, 2012 at 08:50
Wall Street rebounds on some 'cliff' progress
US stocks rebounded from early losses on Thursday, as stocks caught a bit of buying action after Republican House Speaker John Boehner said he would keep working on a solution to the "fiscal cliff" while also slamming President Barack Obama's approach to budget talks.
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The Dow Jones industrial average was up 59.75 points, or 0.45 percent, to end unofficially at 13,311.72. The Standard & Poor's 500 Index was up 7.88 points, or 0.55 percent, to finish unofficially at 1,443.69. The Nasdaq Composite Index was up 6.02 points, or 0.20 percent, to close unofficially at 3,050.39.
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Thu, Dec 20, 2012 at 09:50
Sensex, Nifty sluggish; Airtel, Bhel among laggards
Key equity indices were slightly down in early trade, with brokers saying the market was now awaiting fresh triggers to build on recent gains.
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The 30-share Sensex was down 35 points at 19440, and the 50-share Nifty was down 13 points at 5915.
Pharma shares were firm, with Cipla and Sun Pharma leading gainers on the Sensex with a 1-2 percent rise. Metal and capital goods shares were down slightly with Sesa , Sterlite , Hindalco and Bhel down about a percent each. Airtel too figured among the laggards, down around 1 percent.
In the midcap space, Adani group shares were down 1-3% on profit booking. These stocks had rallied over the last month in anticipation of BJP returning to power in the state. Early trends show the BJP heading for a clear majority.
Karnataka Bank shares were down around 3% on a report in the Business Standard that Sebi was probing for possible manipulation in the stock by a section on traders. The stock was among the best performers in the private bank space, more than doubling in less than a couple of months.
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DLF shares were down around 1 percent, after modest gains Wednesday on news of its selling Aman Resorts for Rs 1600 crore and using the proceeds to repay debt.
"The debt-reduction becomes crucial for sustained (DLF’s) stock performance. The closure of the deal would bring total divestments in FY13 to Rs 4750 crore as against its guidance of Rs 5000 crore for FY13. Further divestment in wind power business, which is in advance stages of negotiations, is expected to generate another Rs 9000 crore for the company," brokerage house Edelweiss wrote in a note to clients.
Thu, Dec 20, 2012 at 08:10
US will seek extradition of two former UBS traders
The United States will seek the extradition of two former senior UBS traders criminally charged as part of a probe into the bank's rigging of the Libor interest rate benchmark, a top US official said.
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"We're going to seek their extradition and our investigation continues," Lanny Breuer, assistant attorney general for the criminal division at the US Justice Department, told a news conference on Wednesday.
The criminal complaints are against former traders Tom Hayes and Roger Darin. "We believe that one of them is in England. The other one is in Switzerland," Breuer said.
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Wed, Dec 19, 2012 at 09:48
Sensex gains 122 points in early trade
The BSE benchmark Sensex extended gain for the second straight day by adding nearly 122 points in early trade on sustained buying on optimism of RBI easing monetary policy next month amid a firming global trend.
The wide-based National Stock Exchange index Nifty traded above crucial 5,900 level higher by gaining 34.15 points, or 0.58 per cent, to 5,930.95.
Brokers said the sentiment remained firm on sustained buying by funds and retail investors on optimism of RBI easing monetary policy next month.
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They said a firming trend in the Asian region, tracking overnight Wall Street's gains where optimism was growing that a deal to avert the fiscal cliff was in sight also influenced the sentiment.
In the Asian region, Hong Kong's Hang Seng rose by 0.71 percent, while the Japan's Nikkei by 1.01 percent in early trade today. The US Dow Jones Industrial Average ended 0.87percent higher yesterday.
Wed, Dec 19, 2012 at 08:45
S&P upgrades Greece's rating from selective default
Rating agency Standard & Poor's on Tuesday raised Greece's sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe's efforts to keep the country part of the euro.
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"The upgrade reflects our view of the strong determination of European Economic and Monetary Union (eurozone) member states to preserve Greek membership in the eurozone," S&P said.
"The outlook on the long-term rating is stable, balancing our view of the government's commitment to a fiscal and structural adjustment against the economic and political challenges of doing so," the agency added.
Greece's finance minister, Yannis Stournaras, said the move was encouraging but that the country has more work to do.
"This was a very important decision for Greece but we won't rest," Stournaras said. "It creates a sentiment of optimism but the way ahead is long and steep."
Standard and Poor's had cut the rating to selective default earlier this month after the Greek government invited private sector bondholders to participate in a debt buyback meant to help lower the country's debt burden.
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The rating agency said at the time that the consummation of the debt buyback would likely see the selective default cured.
Greece's major lenders - EU paymaster Germany and the International Monetary Fund - both endorsed the result of the bond buyback.
The debt buyback helped convince euro zone partners and the International Monetary Fund to unlock 49.1 billion euros in aid by the end of March.
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The Greek economy is expected to slump for a sixth straight year in 2013 but might begin to recover in 2014, Stournaras said earlier this week.
Moody's Investors Service rates the country C; Fitch rates Greece CCC. The ratings from all three agencies are speculative.
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Adding further, Goldman Sachs expects the RBI to cut its key interest rate by 25 basis points at its policy review which is schedule to held today (December 18, 2012) after last week's inflation data came well below expectations, and as economic growth remains sluggish.
On the global front, Asian stocks are trading higher today after signs of progress on multi-billion dollar US budget talks, with Japanese shares extending multi-month highs.
Among the 30-Sensex stock the gainers are - BHEL up by 2.17%, Bharti Airtel up by 2.01% and Sun Pharma up by 1.54%. Losers - ONGC down by 0.27%, HDFC Bank down by 0.26% and Wipro down by 0.20%.
Key equity indices were up slightly ahead of the
Reserve Bank of India monetary policy review. It is widely expected that
the central bank will keep policy rates unchanged and cut cash reserve
ratio by 25 basis points to ease liquidity in the system.
The Sensex was up 66 points at 19,310 and the Nifty was up 18 points at 5876.
There was not much activity in small and midcap shares in early trade.
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Brokers said the market is consolidating its gains, and that near term outlook remains positive on hopes that the government will be able to keep up the pace of reforms.
Jet Airways and BHEL figure among the key gainers, up around 2 percent each. JP Power was the top loser, down 6 percent. Other laggards included IPCA Lab, Oriental Bank, Union Bank and IRB Infra, all down about 1 percent each.
In sectorwise trends, capital goods and realty shares were the outperformers in early trade, while banking and IT shares lagged.
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Lack of domestic economic triggers and mixed global cues
saw the Indian equity markets open flat for the week as investors await
the RBI mid-quarter policy review tomorrow.
The Sensex opened at 19,299, down 0.09 percent and the Nifty opened at 5,872, down 0.13 percent.
The rupee opened higher at 54.5 against the dollar.
Japan’s Nikkei stock average touched an 8-1/2-month high on
expectations of much better export earnings after the Liberal Democratic
Party won the country’s elections pulling down the yen to a 20-month
low against the dollar.
But MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent, after ending last week near 16-month highs which it had hit successively since December 5.
Among the sectoral indices, metal and healthcare stocks edged up.
Stocks in news
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Fortis opened up 7 percent after the company sold stake in Australian firm Dental Corporation to Bupa.
Infosys opened up half a percent after the company settled suit with former employees in the US over visa fraud case.
Kingfisher Airlines opened down 2 percent ahead of lenders’ meet today.
Suzlon Energy, Jet Airways and Madras Cements were among gainers while TTK Prestige, Bharti Airtel, RIL and ITC were losers on the Sensex in the morning trade.
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Mon, Dec 17, 2012 at 09:55
Markets nudge higher ahead of RBI Policy
Indian markets surge following positive global cues and ahead of RBI monetary policy review. Majority of the sectors are in buyer's radar except banking stocks.Adding further, Goldman Sachs expects the RBI to cut its key interest rate by 25 basis points at its policy review which is schedule to held today (December 18, 2012) after last week's inflation data came well below expectations, and as economic growth remains sluggish.
On the global front, Asian stocks are trading higher today after signs of progress on multi-billion dollar US budget talks, with Japanese shares extending multi-month highs.
Among the 30-Sensex stock the gainers are - BHEL up by 2.17%, Bharti Airtel up by 2.01% and Sun Pharma up by 1.54%. Losers - ONGC down by 0.27%, HDFC Bank down by 0.26% and Wipro down by 0.20%.
Tue, Dec 18, 2012 at 09:42
Sensex, Nifty steady before RBI policy; BHEL leads gainers
Key equity indices were up slightly ahead of the Reserve Bank of India monetary policy review. It is widely expected that the central bank will keep policy rates unchanged and cut cash reserve ratio by 25 basis points to ease liquidity in the system.
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The Sensex was up 66 points at 19,310 and the Nifty was up 18 points at 5876.
There was not much activity in small and midcap shares in early trade.
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Brokers said the market is consolidating its gains, and that near term outlook remains positive on hopes that the government will be able to keep up the pace of reforms.
Jet Airways and BHEL figure among the key gainers, up around 2 percent each. JP Power was the top loser, down 6 percent. Other laggards included IPCA Lab, Oriental Bank, Union Bank and IRB Infra, all down about 1 percent each.
In sectorwise trends, capital goods and realty shares were the outperformers in early trade, while banking and IT shares lagged.
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Sensex flat ahead of RBI review; Fortis up 6% on stake sale
Lack of domestic economic triggers and mixed global cues
saw the Indian equity markets open flat for the week as investors await
the RBI mid-quarter policy review tomorrow.The Sensex opened at 19,299, down 0.09 percent and the Nifty opened at 5,872, down 0.13 percent.
The rupee opened higher at 54.5 against the dollar.
Finance Minister P Chidambaram will table a copy of mid-year economic analysis 2012-13 today. Reuters
But MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent, after ending last week near 16-month highs which it had hit successively since December 5.
Additionally, overseas investors have made net investments of $2.44
billion in the Indian equity market in just a fortnight, taking the
total inflow for 2012 so far to a staggering level of over $22 billion.
Finance Minister P Chidambaram will table a copy of mid-year economic analysis 2012-13 today.Among the sectoral indices, metal and healthcare stocks edged up.
Stocks in news
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Fortis opened up 7 percent after the company sold stake in Australian firm Dental Corporation to Bupa.
Infosys opened up half a percent after the company settled suit with former employees in the US over visa fraud case.
Kingfisher Airlines opened down 2 percent ahead of lenders’ meet today.
Suzlon Energy, Jet Airways and Madras Cements were among gainers while TTK Prestige, Bharti Airtel, RIL and ITC were losers on the Sensex in the morning trade.
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Mon, Dec 17, 2012 at 09:55
Jet Air, Fortis Health surge in early trade; Nifty steady
Shares of Jet Airways and Fortis Healthcare surged in early trade Monday, while key equity benchmarks Nifty and Sensex were almost flat.
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According to media reports, Jet is close to finalizing the deal for a stake sale to Gulf carrier Etihad, providing it with the much-needed equity infusion. Jet shares were up 3% to Rs 627.
Shares of Fortis Healthcare climbed over 6% following the company’s decision to sell a majority stake in its Australian dental Care firm to UK’s Bupa for Rs 1,555 crore. The proceeds from the sale will be used to lower the debt on Fortis’ books.
The Sensex was up 13 points at 19,330 and the Nifty was up 3 points at 5882.
In sectoral trends, metal, healthcare and reality shares were among the better performers. Capital goods and IT shares were under pressure as the near term outlook for both sectors continues to be gloomy.
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The widely held view is that the Reserve Bank of India will not cut benchmark rates at its policy review meeting tomorrow. But, the market is betting on a cut in cash reserve ratio.
“We continue to expect the RBI to cut CRR 25 basis points on December 18 to pull down lending rates to support growth. After all, India is the only BRIC where lending rates are almost at their 2008 peak. Just-released RBI data shows that deposit growth has plummeted to 12.8% y-o-y on November 30, while loan demand still remains relatively robust at 16.8%,” said the Merrill note.
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deadly bear
Fri, Dec 14, 2012 at 01:12
S&P revises UK credit rating outlook down to negative
Standard & Poor's revised its outlook for Britain's AAA credit rating to negative on Thursday, raising the chances of a downgrade that would be politically embarrassing for finance minister George Osborne.
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S&P was the last of the three major credit rating agencies to maintain a stable outlook for Britain, and the move comes just over a week after finance minister George Osborne said he would no longer be able to cut Britain's net debt by 2015.
"The outlook revision reflects our view that we could lower the ratings on the UK within the next two years if fiscal performance weakens beyond our current expectations, S&P said in a statement.
"We believe this could occur in particular as a result of a delayed and uneven economic recovery, or a weakening of political commitment to consolidation," it added.
Britain's finance ministry stressed that S&P backed the country's current deficit-reduction plan.
"Standard & Poor's endorse the Government's 'strong commitment to implementing the fiscal mandate' and specifically warn against slowing 'the pace and extent of fiscal consolidation'. It is because we have stuck to that commitment that the deficit is down," a spokesman said.
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British government bond trading had largely finished for the day when S&P made its announcement.
Alan Clarke, UK economist at Scotiabank, said that Britain was at risk of a downgrade from one of the major ratings agencies if the economy does not perform better than the government currently forecasts.
"The UK hasn't been downgraded yet, but it is getting closer," he said. "The UK needs to stop disappointing on growth and the public finances. However, the UK has suffered persistent slippage since mid-2010 so the odds are skewed towards a downgrade."
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Fri, Dec 14, 2012 at 09:55
Fertiliser shares rally even as Sensex, Nifty struggle
Fertiliser shares were up in morning trade Friday even as key equity benchmarks Sensex and Nifty struggled for direction.
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Brokers attributed the rally in fertiliser shares to news of the government clearing the urea investment policy, which could attract much need investments in the sector.
The 30-share Sensex was flat at 19, 228 and the 50-share Nifty flat at 5851.
Fertilisers and Chemicals Travancore led gainers in fertiliser space, rallying over 15 percent to Rs 31.80. Other notable gainers included Rashtriya Chemicals and Fertilisers, Liberty Phosphate, SPIC, National Fertilisers and GNFC, all of which were up 3-4 per cent.
However, the broader market was listless, as investors appear to have discounted the major policy announcements by the government yesterday.
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Among other things, the Cabinet has approved the Land Bill, which will be placed in Parliament for approval next week. To speed-up execution of infrastructure projects above Rs 1000 crore, a cabinet panel headed by the Prime Minister will be set up.
Realty and capital goods shares were up slightly on this development, but brokers said upsides could be limited.
FMCG and banking shares were the major laggards, with stocks like Titan Industries, Canara Bank and J&K Bank down 1-2 percent.
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So, what’s the difference between NRE and NRO accounts?
NRE deposits are emerging as an attractive investment option, according a report in the Business Standard today. “With global interest rates continuing to remain low, non-resident Indians (NRIs) can use the non-resident (external) rupee account (NRE) as an attractive option to park their funds,” said the report quoting experts. For those who can’t tell an NRE account from an Non resident ordinary rupee account, here’s a quick guide.As an NRI you can open two kinds of savings accounts in India— non-resident rupee accounts (NRE), and non resident ordinary rupee accounts.
In an NRE account, you can keep your funds in rupee denomination. Reuters
Features: In an NRE account, you can keep your funds in rupee denomination. With this account, the principal and interest earned are fully repatriated. Simply put, it will allow you to transfer funds from India to foreign country seamlessly.
Such accounts can be jointly held with NRIs. You are allowed to make nominations as well. The interest that you earn is exempt from tax, that is it’s tax- free.
Why: This account is meant for foreign exchange earned outside India and transferred to India. So, if you want to park your overseas savings remitted to India after converting to Indian rupee, this account will work for you.
NRO accounts:
Features: You can keep your funds in rupee denomination here as well. Unlike an NRE account, with an NRO account your repatriation is allowed only under specific conditions. As the RBI’s guidelines you are permitted to repatriate only up to $1 million per financial year (April to March) for purposes like education, medical expenses and current income. As per the RBI, you can hold an NRO account jointly with residents or non-resident Indians. You are allowed to make nominations on the account as well. The interest you earn is taxable as per Indian income tax laws.
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Why: This account is meant to keep the money you earn in India before or after becoming an NRI. So, if you are someone who has Indian earnings like rent, salary or dividends you can use this account to park those funds.
Also, you are permitted to transfer funds from NRO to NRE accounts and vice-versa.
Keep in mind that there are various types on NRE and NRO accounts. Those mentioned above are savings accounts. Keep tracking this space to know more about NRE and NRO -current, recurring and Fixed Deposits accounts.
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Thu, Dec 13, 2012 at 09:50
Sensex, Nifty flat; M&M Fin, Tata Motors lead early gainers
Key equity benchmarks were flat in early trade Thursday, as the market appears to be consolidating in a narrow band.
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The 30-share Sensex was down 2 points at 19,352 and the 50-share Nifty was up 2 points at 5890.
Brokers said while the IIP reading for October at 8.2% was way above market estimate, the economy may be still some time away from a meaningful recovery.
"As the current industrial slowdown is both well entrenched and broad based, it will take a while for industrial growth to recover. Therefore, we expect industrial output growth to remain at muted levels during the remaining months of this fiscal,” rating agency Crisil said in a note to clients on the IIP number.
Dealers said liquidity continued to remain strong, and once the refunds from the recent IPOs came in, shares would rally again.
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Motherson Sumi, M&M Financial Services, Tata Motors and Ashok Leyland led early gainers, rising 2-3%.
Broadly, shares from the auto and realty sectors were in demand, while IT shares failed to build on Wednesday gains and were under pressure.
And while key indices have been fluctuating over the last couple of weeks, Nifty December futures have been consistently trading at a 30-plus point premium to spot, indicating a bullish outlook on the market.
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Tata Motors' arm to start car production in Saudi Arabia
Tata Motors' wholly owned subsidiary Jaguar Land Rover (JLR) is planning to start car production in Saudi Arabia, as part of its strategy to forge international partnerships. The luxury car-maker is in preliminary discussions with the Saudi Arabia Government, and that a feasibility study was now under way to assess the country's potential as a location for an automotive facility. The company is looking at a number of options including production and assembly of vehicles, to the manufacture of automobile parts.Recently, JLR has rolled out its all new version of sports utility vehicle - Range Rover - with price starting from Rs 1.72 crore. The new Range Rover will be available in both petrol and diesel options, while depending on specifications and variants the price of the new Range Rover can up to Rs 1.9 crore.
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