The big fear last week turned into big cheer yesterday. A conference call with FIIs, closed door meetings with brokers and worries get wiped out as if they never existed. Last Wednesday we had the indices crashing to circuit levels and today the markets are set to follow their northward journey at least in the early session. Choppiness will continue a day ahead of the expiry.
The Dow Jones rose 109 points to 13,676. The Nasdaq added 45 points to close at 2799.
The Indian ADRs higher. Satyam gained 12% to $30.23 on the back of good results. Sterlite, Wipro, ICICI Bank, HDFC Bank, MTNL, VSNL, Tata Motors and Dr.Reddy's rose 4-8% each to $22.05, $15.80, $59.88, $117.08, $9.25, $27.13, $20.17 and $16.43, respectively. Infosys was up 1.7% at $50.49
Asian stocks gained led by Japanese drugmakers and mining companies, after Chugai
Pharmaceutical Co. reported higher profit and metals prices rose, says a report Japan's Nikkei 225 Stock Average rose 0.8 percent to 16,578.59, while South Korea's Kospi Index advanced 2.6 percent, the biggest gain in the region.
Reliance Telecom Ltd (RTL), a subsidiary of Reliance Communications, has applied for CDMA spectrum in North East and Assam.
Suzlon to list its Belgium based group company Hansen Transmission International NV on LSE.
Expect buying in NTPC as it plans to enter in a power and coal JV with an Indonesian company.
Siemens won Rs3.3bn order for power distribution network solutions from Tata Steel for its greenfield steel plant at Kalinganagar, Orissa.
But read what the Finance Minister Palaniappan Chidambaram said in Norway - "The initial reaction (to measures on capital flows) was negative but investors and FIIs absorbed what we have done and broadly agree that it is good for the market, and good for investors in the long term. We are not imposing capital controls, we are not against any kinds of inflows, or discriminating between one flow or the other."
Anil Ambani's Reliance Power will be valued nearly two times its holding company, Reliance Energy, after the mega initial public offer, says a report. Also read No threat to Reliance Power IPO: ADAG
The IMF has said the fall in inflation rate and slowdown in credit growth were positive signs but the RBI must remain vigilant to prevent overheating of the India economy. "At this point I don't see or I would not assess the economy as overheating," Kalpana Kochhar, the senior Advisor in the Asia Pacific Department said.
UP sugar mills informs the state government that they would not start crushing till the sugarcane prices are rationalized or linked to sugar prices. (BS)
The Drug Controller General of India (DCGI) has asked for fresh trial of 11 drugs in therapeutic segment covering about 90 brands. (BS)
COAI has filed a suit against DoT for its decision to allow crossover spectrum allocation for both GSM and CDMA players. (BS)
Stocks like Allied Digital and Nitco Tiles may be in action today as they announce their results. The other results include: Dabur India , Hind.Motors , M U S C O , STI India , 3i Infotech , Areva T&D , Guj. Ambuja Exp , Castrol India , Aroni Commercial , Saraswati Commer , Cholamandalam DB , Inv.& Prec.Cast. , Yash Papers , Guj. Gas Company , Bihar Caustic , Hydro S&S Inds. , Shilpa Medicare , MRO-TEK , Neuland Labs. , M M Forgings , Tudor India , Dai-ichi Karkari , Subhash Silk , Indo Asian Finan , Page Industries , Lupin , Dr Reddy`s Labs. , DCW , Mysore Cement , Kovilpatti Laksh , Guj. JHM Hotels , GIC Housing Fin , Mukand Engineers , Pushpsons Inds , Macmillan India , Entertainment Nt , Sun TV Network , Navneet Publicat , Blue Star , Fulford (India) , Revathi Equipmnt , DCM Shriram Cons , Prem. Explosives , Nalin Lease Fin , Minda Inds. , Rane Engine Val. , TVS Motor Co. , Marico , Union Bank (I) , Vijaya Bank , Guj. Inds. Power , JK Lakshmi , Binny , Sakthi Sugars , Swaraj Engines , Viceroy Hotels , Pitti Lamination , Keynote Corp. , Shakti Press , Bank of Mah. , Excel Crop Care , Tele Data Infor. , Dishman Pharm. , Vikas Wsp , Cipla , Rajapalayam Mill , Diamines & Chem. , OCL India , JBF Inds. , Vybra Automet , Anant Raj Inds. , Mercator Lines , Krebs Biochem , Tanu Health Care , Advanced Micron. , Marg Constn. , Akar Tools , DMC Internationa , Kushagra Softwar , Opto Circuits(I) , F A C T , Hotel Leela Ven. , Premier , NRC , Unimers India , Himadri Chemical , Sarda Papers , Innovative Foods , Gem Spinners , Relaxo Footwear , Indian Infotech , Cyber Media Ind , S S Organics , Sadbhav Engg. , Glodyne Tech , Perfect Circle I , Tak Mach. & Lea. , Geodesic Inform. , Genesys Intl. , Jaybharat Text , P I Inds. , ESI , ASM Technologies , Ocean Agro (I) , Yenkey Drugs , Phoenix Mills , Mediaone Global , Sh. Jagdamba Pol , Axon Infotech,
Benchmark Sensex registered its biggest gains in more than a year as key bulls enjoyed a triumphant Tuesday. Markets opened with a positive gap following overnight gains from the
The rally was witnessed a day after market regulator stated that it would speed up the registration process for foreign institutional investors and would permit proprietary sub-accounts of FIIs to register for investments in India.
The IT index was the only under performing index even in such a record breaking session as traders preferred to book some profits in the IT counters. The heavyweights like Infosys, TCS and Wipro ended in negative territory.
Finally, 30-share Sensex rallied 878 points to close at 18,469. NSE Nifty rose 289 points to close at 5,473.
Suzlon spurred by over 9% to Rs1732 after the board of Directors of the company recommended 5:1 stock split also announced that they would list Hansen on LSE and also plans to raise Rs5,000cr via equity/quasi equity. The scrip touched an intra-day high of Rs1810 and a low of Rs1632 and recorded volumes of over 16,00,000 shares on NSE.
Satyam Computer gained by 3% to Rs461 after the company reported a consolidated net profit of Rs4.09bn for the fiscal second quarter versus Rs3.78bn in the same quarter of the previous fiscal year. This translates into a sequential growth of 8.14%. Net sales for the July-September 2007 quarter stood at Rs20.32bn as against Rs18.3bn in the year-ago quarter, reflecting a quarter on quarter growth of 11%. The scrip touched an intra-day high of Rs475 and a low of Rs458 and recorded volumes of over 34,00,000 shares on NSE.
LIC Housing Finance surged by over 19% to Rs269 after the company announced its plans to raise Rs6bn by selling shares to fund more loans to homebuyers. The scrip touched an intra-day high of Rs274 and a low of Rs233 and recorded volumes of over 13,00,000 shares on NSE.
Reliance Industries surged by over 7.5% to Rs2599 as the company announced that they are in talks with
BILT jumped by over 9% to Rs141 after reports stated that the company announced they would raise uncoated paper prices by Rs500 per ton in October and Star Paper, West Coast Paper and JK Paper mills are also expected to follow the suit. The scrip touched an intra-day high of Rs144 and a low of Rs131 and recorded volumes of over 8,00,000 shares on NSE.
Patni Computer slipped by 2% to Rs448. The company announced that they have entered into an accord with Birla Institute of Technology. The scrip touched an intra-day high of Rs464 and a low of Rs446 and recorded volumes of over 3,00,000 shares on NSE.
Things now appear more or less fine. The bulls may hope to extend Tuesday's recovery following the clarifications from SEBI chief over the P-note issue. Sentiments improved on
Stocks in News:
Reliance Communications is likely to sell additional 10% in its tower arm RTIL through an IPO. (ET)
BSNL announces an investment of Rs600bn over next three years to expand GSM, broadband and WLL services. (BS)
Dhanus Technologies plans to acquire two US-based communications companies and a Chinese telecom services provider by raising Rs8bn. (ET)
Godrej Consumer Products Ltd (GCPL) is planning to raise Rs4bn through rights issue or QIP for funding acquisitions in Africa, Asia and Latin America. (FE)
Ballarpur Industries Ltd has earmarked Rs9bn to increase its capacity to 3,15,000 tpa. (BL)
Finolex Cables plans to expand its capacity to 30mn CFLs per annum with an investment of Rs300mn. Company further intends to expand capacity to 100mn CFLs in the medium term. (FE)
Arvind Mills has earmarked Rs6bn over the next three years to set up a chain of lifestyle superstores catering to different cross sections of the retail business. (FE)
Sun Pharma has been granted US FDA approval to market its generic version of Novartis Exelon, rivastigmine tartrate capsules. (FE)
M&M and International Truck and Engine Corp of the US will get possession of land from the state government for its upcoming truck plant at Chakan near Pune by Diwali. (BL)
Tata Chemicals biofuel manufacturing unit in Nanded, Maharashtra to be operational within next 12-18 months. (BL)
Suven Life Sceinces Ltd has secured three Indian product patents for its new chemical entities for treatment of disorders associated with neuro degenerative diseases. (BL)
Apollo Health Street, the BPO arm of Apollo Group, is planning an IPO to payoff the debt taken to fund its recent US$170mn acquisition of US-based Zavata. (ET)
GM India would be setting up a new facility in India to manufacture engine and transmission parts for its powertrain products. (BL)
Balmer Lawrie & Co Ltd plans to acquire medium-sized tour operating companies in India. (BL)
Fund Activity:
FIIs were net buyers of Rs3.90bn (provisional) in the cash segment on Tuesday and the local institutions bought Rs370mn.
In the F&O segment, foreign funds were net buyers of Rs21.3bn.
Major Bulk Deals:
Upper Circuit:
Morepen Labs, Hind Oil Exploration, HFCL, Bombay Burmah, Gremac Infrastructure, Bag Film, Prime Focus, Bartronics, Kothari products, Radha Madhav, Carol Info, Jain Studious, Tourism Finance, Karuturi Networks, Silverline, Goldstone Tele, IID Forgings, Prakash Industries, Adani Enterprise and BF Utilities
Lower Circuit:
Jai Corp, RIIL and Marathon Nextgen
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