Technofab Engg fixes IPO price band at Rs 230-240

Technofab Engineering, a power, oil and gas and industrial projects contractor, today said it plans to raise around Rs 69 crore through its IPO, the price band for which has been fixed at Rs 230-240.

The initial public offer (IPO) will open for subscription on June 29 and close on July 2.”We plan to raise around Rs 69 crore from the IPO to meet our long-term working capital requirements and to purchase construction equipments. The price band has been fixed at Rs 230-240,” Technofab Engineering’s Chairman and Managing Director Avinash C Gupta told reporters here.

The company would raise Rs 68.77 crore at the lower end of the price band and Rs 71.76 crore at its upper end.

The firm needs long-term working capital of at least Rs 30 crore and Rs 16 crore to purchase construction equipments, he said.

The issue comprises of a reservation of 50,000 equity shares of Rs 10 each for eligible employees. The issue will constitute 28.50 per cent of the issue paid-up equity capital of the company.

Technofab is engaged in the business of providing engineering procurement and construction (EPC) services, executing a wide-range of balance-of-plant (BoP) and electro-mechanical projects.

source: Business-Standard

JBF Industries

Investors with short-term trading perspective can consider investing in the stock of JBF Industries. It is apparent from the charts of the stock that since December 2008 low of Rs 26 it has been on a long-term uptrend, forming higher perks and higher bottoms. However, following a short-term corrective decline from the stock's 52-week high of Rs 168 recorded on April 22, the stock found support at it's key medium-term support level of Rs 125 in late May this year. Taking support the stock bounced up subsequently and it appears to have resumed its long-term uptrend. On Tuesday, the stock managed to close above its 50-day moving average by gaining almost 2 per cent with above average volume. The daily relative strength index (RSI) is on the brink of entering in to the bullish zone from the neutral region whereas the weekly RSI has re-entered in to this zone. Daily moving average convergence-divergence indicator is entering into the positive territory, reinforcing the bullish momentum. Moreover, the medium-term up trendline is intact. We are bullish on the stock from a short-term horizon. We expect it to move up further until it hits our price targets of Rs 148 or Rs 155 in the upcoming trading sessions. Short-term traders can buy the stock with stop-loss at Rs 137.
via BL

Asian stocks fade after magical Monday

Sentiments was nervous as traders eye US Fed meet amid lack of major data
Asian stocks slipped after yesterday's gains as wary investors sold their holdings following firm undertone in the US dollar and selling pressure in commodities. The sentiments was nervous as traders eyed the US Fed meet, which is starting later on today and lack of major economic data on the global front kept the downside pressure on throughout the session. This made stocks gave up yesterday's gains when the buying spree in the Asian markets as China signaled an end to the yuan's fixed rate to the dollar, boosting confidence in the global economic recovery and lifting the outlook for world exports.

The DOW futures steadied in positive territory after China upped the Yuan's daily mid-point against the dollar at the highest level since the July 2005 revaluation, making traders think that the People's Bank in China is effectively pushing for a stronger Yuan, as expected widely after the central bank said so in a statement over the weekends. However, the DOW futures slumped thereafter, as the dollar rose under 1.2300 and were last seen holding down 37 points.
The Japanese stocks ended in red as traders opted to lock in gains following recent rally that lifted the market to a 1-month high. The benchmark Nikkei 225 Index lost 125.12 points, or 1.22%, to 10,113, while the broader Topix index of all First Section issues was down 7.93 points, or 0.88%, to 895.
On the economic front, a statement released by the Cabinet Office revealed that it expects the Japanese economy to grow much faster than initially estimated in the current fiscal year. As per the statement, growth is now seen at 2.6% in the year to March 2011, up from the previous projection of 1.4%. For the fiscal 2011/12, the government estimate 2% growth. The upward projection was driven by rise in exports, especially to Asia. A recovery in capital spending as well as improving corporate profits also supported the revision.
The Australian stocks ended in negative territory as enthusiasm about China's move to let its yuan trade freely against the US dollar faded following weak closing on Wall Street in the previous session, making the market come off its five week highs. The benchmark S&P/ASX200 Index dropped 54.30 points, or 1.18% and closed at 4,558, while the All-Ordinaries Index ended at 4,581, representing a loss of 51.40 points, or 1.11%.
On the economic front, a statement released by the Australian Bureau of Agricultural and Resource Economics, or ABARE, revealed that commodity export earnings for the country are set to rise by 23.4% in 2010/11 to A$202.5 billion. "Reflecting continued recovery in the world economy, we are expecting growth in export earnings from the farm sector as well as the minerals and energy sector in 2010/11." said ABARE deputy executive director Paul Morris.
In China, markets reversed earlier losses as expectations for a stronger Yuan continued to drive investor demand. Stocks eked out small gains as selling pressure on resources and materials had a trigger effect, making Shanghai Composite add just 0.1% by the close.
In Mumbai, the key benchmark indices slumped to fresh intraday lows in late trade as European stocks extended losses and US index futures turned negative. Index heavyweight Reliance Industries (RIL) edged lower in volatile trade. Metal, banking and IT stocks fell. The BSE 30-share Sensex was provisionally down 127.95 points or 0.72%, up close to 20 points from the day's low. FMCG stocks rose. The market breadth was negative in contrast to a positive breadth earlier in the day.
In other markets, South Korea's Kospi shed 0.5%, Taiwan's Taiex slipped 0.3%, Hong Kong's Hang Seng Index lost 0.5%, New Zealand's NZX 50 pared 0.5% and Philippine shares slid lower by 0.2%.
In overnight trades, the US stocks were unable to sustain initial gains and turned lower over the course of the trading day on Monday, as news of China easing its currency policy raised concerns about increased costs for U.S. corporations and consumers. The major averages closed in red. The Dow edged down by 8.23 points or 0.1% to 10,442, the Nasdaq declined by 20.71 points or 0.9% to 2,289 and the S&P 500 slid by 4.31 points or 0.4% to 1,113.

BSE Bulk Deals to Watch - June 22 2010

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
22/6/2010 526955 ABL Biotech SILVER GOLDEN PROPERTY DEVELOP FIN INVESTMENT LIMITED S 90000 20.01
22/6/2010 513401 Ashiana Ispat SATYA NARAYANA YADAV M S 38545 13.83
22/6/2010 522005 Austin Engr ALFA FISCAL SERVICES PVT LTD B 18303 100.56
22/6/2010 522005 Austin Engr ALFA FISCAL SERVICES PVT LTD S 18303 100.66

22/6/2010 531591 Bampsl Sec PRAKASHCHAND GUPTA B 450000 1.16
22/6/2010 531591 Bampsl Sec SUNILKUMAR GUPTA S 500000 1.16
22/6/2010 524663 Bharat Immun IFCI LIMITED S 200000 22.24
22/6/2010 511607 Birla Shloka SAAKSHI SHARES PVT LTD B 102056 80.64
22/6/2010 511607 Birla Shloka RAJ FINVEST B 154195 80.46
22/6/2010 511607 Birla Shloka SAAKSHI SHARES PVT LTD S 203432 79.77
22/6/2010 511607 Birla Shloka RAJ FINVEST S 154195 80.51
22/6/2010 500069 BNK Cap Markets BRIJNATH KHANDELWAL AND CO. B 37970 40.20
22/6/2010 531194 Brahmaputra Infra GAURAV AGRAWAL S 41140 112.10
22/6/2010 520115 Brakes Auto KAMALKANT TRIPATHI B 21778 8.57
22/6/2010 520115 Brakes Auto KUMAR GUPTA GAURAV S 20578 8.57
22/6/2010 531337 Channel Guide AMEE BHUPENDRA ZAVERI B 40000 15.69
22/6/2010 531270 Dazzel Conf DHARMESH KUMAR JAIN B 33000 29.45
22/6/2010 531270 Dazzel Conf RAJESH NAVLANI B 30000 29.95
22/6/2010 533104 GLOBUS SPR SMART EQUITY BROKERS PRIVATE LIMITED B 111125 161.62
22/6/2010 533104 GLOBUS SPR OPG SECURITIES P LTD B 191603 163.58
22/6/2010 533104 GLOBUS SPR WASATCH GLOBAL OPPORTUNI TIES FUND B 107102 161.38
22/6/2010 533104 GLOBUS SPR SMART EQUITY BROKERS PRIVATE LIMITED S 111125 161.68
22/6/2010 533104 GLOBUS SPR OPG SECURITIES P LTD S 191603 163.63
22/6/2010 531601 Gujarat Capital BHARAT G VAGHELA B 75000 68.40
22/6/2010 531601 Gujarat Capital RUSHIL CHETANBHAI TAMBOLI S 95000 68.40
22/6/2010 532770 Hanung Toys ELIA CONSTRUCTION PVT LTD B 133916 235.39
22/6/2010 532770 Hanung Toys ELIA CONSTRUCTION PVT LTD S 133916 234.70
22/6/2010 511682 IFL Promoters VEENA GUPTA B 35399 18.78
22/6/2010 511682 IFL Promoters LALESHWAR KUMAR RAUT B 35709 18.77
22/6/2010 511682 IFL Promoters OURS TRADING AND HOLDINGS PRIVATE LIMITED B 41901 18.79
22/6/2010 511682 IFL Promoters HITESH SHASHIKANT JHAVERI B 31161 18.80
22/6/2010 511682 IFL Promoters DMC INTERNATIONAL LTD B 30000 18.80
22/6/2010 511682 IFL Promoters CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 18554 18.80
22/6/2010 511682 IFL Promoters VEENA GUPTA S 35399 18.80
22/6/2010 511682 IFL Promoters CHETAN DOGRA HUF S 17000 18.80
22/6/2010 511682 IFL Promoters OURS TRADING AND HOLDINGS PRIVATE LIMITED S 48901 18.80
22/6/2010 511682 IFL Promoters HITESH SHASHIKANT JHAVERI S 29362 18.77
22/6/2010 511682 IFL Promoters DMC INTERNATIONAL LIMITED S 25000 18.80
22/6/2010 511682 IFL Promoters SHARK COMMUNICATION PVT LIMITED S 30000 18.80
22/6/2010 526512 Interlink Petro INFRALINE TECHNOLIGES INDIA PRIVATE LIMITED S 43600 59.94
22/6/2010 520051 Jamna Auto AARKEN ADVISORS PRIVATE LIMITED S 220000 86.04
22/6/2010 530255 KAY Power BAMPSL SECURITIES LTD B 98972 18.08
22/6/2010 530255 KAY Power PRAKASHCHAND GUPTA B 73030 18.14
22/6/2010 530255 KAY Power PRAKASHCHAND GUPTA S 121641 17.96
22/6/2010 532967 Kiri Dyes WELL PROSPERING LIMITED (FDI) S 150000 530.07
22/6/2010 502250 Marathwada Refrac KUMAR SURENDER SARAF B 6000 459.83
22/6/2010 502250 Marathwada Refrac RAGHUHARI DALMIA S 6450 459.68
22/6/2010 590111 MASTER NARASIMHA RAO MANDAVALLI B 35500 34.07
22/6/2010 590111 MASTER GARIKIPATYS V B 29506 34.13
22/6/2010 590111 MASTER MALLIKHAR JUNARAO V B 51310 33.99
22/6/2010 590111 MASTER VENKATESH VADDEPALLY B 45478 33.90
22/6/2010 590111 MASTER MEDEPUDI NAGENDRA BABU S 36459 34.05
22/6/2010 590111 MASTER PABBATHIBADARI NARAYANA MURTHY S 39516 34.07
22/6/2010 590111 MASTER GOPALA KRISHNA BONAM S 49000 33.90
22/6/2010 590060 MK Exim MAHESHKUMAR HADVANIKARAN B 17350 50.31
22/6/2010 590060 MK Exim MAHESHKUMAR HADVANIKARAN S 17350 50.23
22/6/2010 531453 Mohit Inds HITESH SHASHIKANT JHAVERI B 37030 39.54
22/6/2010 531453 Mohit Inds HASMUKHLAL SHAH B 25700 39.09
22/6/2010 531453 Mohit Inds HITESH SHASHIKANT JHAVERI S 37044 39.72
22/6/2010 531453 Mohit Inds BP FINTRADE PRIVATE LIMITED S 26475 38.77
22/6/2010 532045 Nexxoft Info PRASAD AGENTS PVT LTD B 30000 44.13
22/6/2010 532045 Nexxoft Info HITESH SHASHIKANT JHAVERI B 40714 44.25
22/6/2010 532045 Nexxoft Info BP FINTRADE PRIVATE LIMITED B 37587 44.25
22/6/2010 532045 Nexxoft Info PRASAD AGENTS PVT LTD S 30000 44.25
22/6/2010 532045 Nexxoft Info HITESH SHASHIKANT JHAVERI S 35281 44.25
22/6/2010 532045 Nexxoft Info BP FINTRADE PRIVATE LIMITED S 44595 44.25
22/6/2010 531496 Omkar Overseas BHAVESH SHANTILAL TRIVEDI B 25700 84.61
22/6/2010 531496 Omkar Overseas OMPARKASH GUPTA B 29330 84.00
22/6/2010 531496 Omkar Overseas OMPARKASH GUPTA S 29330 83.87
22/6/2010 512097 Oregon Comm NILESH SURESHBHAI SHAH B 10000 387.15
22/6/2010 512097 Oregon Comm DARSHANKUMAR MUKUNDRAI DESAI S 8500 386.65
22/6/2010 531467 Polypro Fibrils AJAY RAVINDRA SHAH B 30605 38.61
22/6/2010 531467 Polypro Fibrils PRASHANT MAHADEV KAMBLE S 63779 38.55
22/6/2010 531467 Polypro Fibrils AJAY RAVINDRA SHAH S 31673 38.43
22/6/2010 503873 Priyadarshini Spn KAILASH JINDAL B 62500 38.30
22/6/2010 503873 Priyadarshini Spn JAG PAR SECURITIES LTD B 87740 39.44
22/6/2010 503873 Priyadarshini Spn PRADEEP KUMAR AGGARWAL S 105001 38.77
22/6/2010 532647 Provogue India NAILSFIELD LIMITED B 588600 53.40
22/6/2010 532647 Provogue India BENNETT COLEMAN & CO LTD S 587500 53.40
22/6/2010 590077 Ranklin Sol MALLIKHAR JUNARAO V B 30907 88.13
22/6/2010 590077 Ranklin Sol PULAVARTHI ANIL SEKHAR B 61020 90.67
22/6/2010 590077 Ranklin Sol ANJAIAH CHAKALI B 32000 83.84
22/6/2010 590077 Ranklin Sol PULAVARTHI ANIL SEKHAR S 74495 86.38
22/6/2010 526723 RDB Inds BIRMI DEVI B 60446 79.92
22/6/2010 526723 RDB Inds VORA BHAVIKPRAFUL CHANDRA B 170000 80.80
22/6/2010 526723 RDB Inds AAP INVESTMENTS B 154396 80.16
22/6/2010 526723 RDB Inds BIRMI DEVI S 60446 81.63
22/6/2010 526723 RDB Inds VORA BHAVIKPRAFUL CHANDRA S 170000 89.07
22/6/2010 526723 RDB Inds AAP INVESTMENTS S 154396 79.37
22/6/2010 531869 Sacheta Metals NILPA K PATEL B 50000 42.33
22/6/2010 531869 Sacheta Metals SANJAY POPATLAL SHAH S 40200 42.03
22/6/2010 526843 Seax Global NARENDRA VALLABHAJI BAHUVA B 115255 52.94
22/6/2010 526843 Seax Global NARENDRA VALLABHAJI BAHUVA S 115559 52.99
22/6/2010 519031 Shah Foods VISHAL AGARWAL B 15017 33.62
22/6/2010 531693 Shri Ganesh Spi CHANDRAKANT B SHAH B 310937 8.83
22/6/2010 590046 Smruthi Org BHARTIBEN R PATEL B 54340 105.45
22/6/2010 590046 Smruthi Org BHARTIBEN R PATEL S 54340 114.92
22/6/2010 531373 Suave Hotels HINDUSTAN CONTINENTAL LIMITED S 74788 28.30
22/6/2010 505978 Triton Valves KAMAL KUMAR DUGAR AND CO B 2325 2799.26
22/6/2010 505978 Triton Valves KAMAL KUMAR DUGAR AND CO S 2325 2841.90
22/6/2010 507880 VIP Inds GENUINE STOCK BROKERS PVT. LTD. B 147586 326.97
22/6/2010 507880 VIP Inds SMART EQUITY BROKERS PRIVATE LIMITED B 347337 326.73
22/6/2010 507880 VIP Inds CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 355016 317.82
22/6/2010 507880 VIP Inds OPG SECURITIES P LTD B 521217 327.04
22/6/2010 507880 VIP Inds GENUINE STOCK BROKERS PVT. LTD. S 147586 327.22
22/6/2010 507880 VIP Inds SMART EQUITY BROKERS PRIVATE LIMITED S 347337 327.10
22/6/2010 507880 VIP Inds CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 355016 319.08
22/6/2010 507880 VIP Inds OPG SECURITIES P LTD S 521217 327.40
22/6/2010 532867 Vishal Retl ALOK TANDON B 220100 68.60
22/6/2010 514348 Winsome Yarns SATYAM COMBINES PVT LTD S 3000000 1.95
22/6/2010 532648 Yes Bank LIFE INSURANCE CORPORATION OF INDIA B 6250000 263.00
22/6/2010 532648 Yes Bank CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED B 3064952 263.00
22/6/2010 532648 Yes Bank RABOBANK INTERNATIONAL HOLDING B V S 31050000 263.33

NSE Bulk Deals to Watch - June 22 2010

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
22-JUN-2010,EMMBI,Emmbi Polyarns Ltd,INVENTURE GROWTH & SECURITIES LIMITED,BUY,86716,18.75,-
22-JUN-2010,GLOBUSSPR,Globus Spirits Limited,WASATCH GLOBAL OPPORTUNI TIES FUND,BUY,197135,158.40,-

22-JUN-2010,LUMAXIND,Lumax Industries Ltd,ACCORD CAPITAL MARKETS LTD,BUY,60000,269.45,-
22-JUN-2010,PROVOGUE,Provogue (India) Limited,NAILSFIELD LIMITED,BUY,651400,53.40,-
22-JUN-2010,RADAAN,Radaan Mediaworks (I) Ltd,ARORA FARMS PVT.LTD.,BUY,218500,3.15,-
22-JUN-2010,SELMCL,SEL Manufacturing Company,AKASH SECURITIES PRIVATE LTD,BUY,406748,71.83,-
22-JUN-2010,SELMCL,SEL Manufacturing Company,SAFFRON FINANCE LIMITED,BUY,795401,71.88,-
22-JUN-2010,STARPAPER,Star Paper Mills Ltd,VINOD SHARES LTD.,BUY,85516,46.93,-
22-JUN-2010,VIPIND,VIP Industries Ltd.,BP FINTRADE PRIVATE LIMITED,BUY,266869,327.07,-
22-JUN-2010,VIPIND,VIP Industries Ltd.,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,354593,319.28,-
22-JUN-2010,VIPIND,VIP Industries Ltd.,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,183952,332.81,-
22-JUN-2010,VIPIND,VIP Industries Ltd.,MANIPUT INVESTMENTS PVT. LTD.,BUY,372245,331.74,-
22-JUN-2010,VISHALRET,Vishal Retail Limited,ALOK TANDON,BUY,423991,69.79,-
22-JUN-2010,VISHALRET,Vishal Retail Limited,IDEAL MOTOR FINANCE (P) LTD,BUY,21902,66.91,-
22-JUN-2010,EMMBI,Emmbi Polyarns Ltd,INVENTURE GROWTH & SECURITIES LIMITED,SELL,78716,18.64,-
22-JUN-2010,KIRIDYES,Kiri Dyes and Chemicals L,WELL PROSPERING LIMITED (FDI),SELL,150000,530.09,-
22-JUN-2010,PROVOGUE,Provogue (India) Limited,BENNETT COLEMAN & CO LTD,SELL,587500,53.40,-
22-JUN-2010,SELMCL,SEL Manufacturing Company,SAFFRON FINANCE LIMITED,SELL,795401,71.65,-
22-JUN-2010,STARPAPER,Star Paper Mills Ltd,VINOD SHARES LTD.,SELL,85516,46.96,-
22-JUN-2010,VIPIND,VIP Industries Ltd.,BP FINTRADE PRIVATE LIMITED,SELL,268669,327.49,-
22-JUN-2010,VIPIND,VIP Industries Ltd.,CROSSEAS CAPITAL SERVICES PVT. LTD.,SELL,354593,318.41,-
22-JUN-2010,VIPIND,VIP Industries Ltd.,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,183952,332.94,-
22-JUN-2010,VIPIND,VIP Industries Ltd.,MANIPUT INVESTMENTS PVT. LTD.,SELL,372245,331.86,-
22-JUN-2010,VISHALRET,Vishal Retail Limited,IDEAL MOTOR FINANCE (P) LTD,SELL,144628,71.64,-
22-JUN-2010,YESBANK,Yes Bank Limited,RABOBANK INTERNATIONAL HOLDING B V,SELL,6250000,263.40,-

Nifty holds 5300

Today's major news
Larsen & Toubro arm bags Rs827-crore orders; the stock closes 0.83% down
Bharti Airtel to invest $100 million in Uganda; the stock ends 1.04% lower
Sun Pharmaceuticals gets USFDA nod for generic Optivar; the stock closes 0.28% higher

Global signals
The European shares fell on Tuesday (June 22, 2010), led by commodity and banking stocks, as investors became skeptical that China would allow its currency to rise quickly.
All the major Asian markets ended the session on a negative note except China’s Shanghai Composite index. SGX Nifty closed 35.50 points lower.
The US stock index futures pointed lower opening on the Wall Street ahead of the data relating to existing home sales for May, home price index for April, and Federal Reserve Bank of Richmond's June indexes on area manufacturing and service sectors. Investors may remain cautious as they eye on the Federal Open Market Committee (FOMC), which begins a two-day meeting on interest rate policy on Tuesday.
Indian indices
Bulls took a pause after yesterday’s enormous rally as the Indian market witnessed profit booking in today’s session. The selling was not only seen in India but also across the globe as euphoria over China's proposed currency reform faded. The euro zone concern resurfaced after Fitch Ratings slashed French bank BNP Paribas’ long-term rating to AA-minus from AA on deteriorating asset quality. This news also led to weak market sentiments. The main draggers in today’s trade were the metal and information technology (IT) sectors. The domestic market ended the session in the red on account of unsupportive global cues.
Tracking subdued global cues, the Sensex opened mere eight points lower at 17868 making such levels its day’s high. The Sensex remained volatile all through the session as traders rolled over positions in the derivatives segment from the June 2010 contracts to July 2010 contracts ahead of the F&O expiry of the June series on Thursday (June 24, 2010). The Sensex extended its losses in the morning session. The index traded weak throughout the day. Post lunch, the Sensex slumped and hit the day’s low of 17726 following a sharp correction in Europe.
At closing, the Sensex finished the day in the red, declining 127 points at 17750. The Nifty held the 5300 mark to close at 5317, sheding 37 points.
Market sentiment
The market breadth was negative. Of the 2,982 stocks traded on the BSE, 1,543 stocks declined, whereas 1,323 stocks advanced. Hundred and sixteen stocks closed unchanged.
Sectoral & stock screening
Previous session’s top gainer was the today’s top loser — BSE Metal slid by 1.90%. BSE IT fell by 1.24%. On the other hand, defensive sectors like BSE consumer durables (CD) and BSE fast moving consumer goods (FMCG) surged 1.01% and 0.71% respectively.
Among ‘A’ group stocks, Bharat Petroleum Corporation Ltd (BPCL) gained the most, up by 4.36%, followed by Dabur India that surged by 3.90% and Hindustan Petroleum Corporation Ltd (HPCL) that advanced by 3.64%. On the flip side, Yes Bank slid the most, down by 3.51% after Rabo Bank sold its 11% shares, followed by Sesa Goa that declined by 2.98% and India Cements that was down by 2.82%.
Viewing volumes
Private sector bank — Yes Bank saw highest trading with over 4.19 crore shares changing hands on the BSE on the back of block deal, Anil Dhirubhai Ambani Group (ADAG) firm – Reliance Natural Resources (1.12 crore shares), industrial finance company - IFCI (0.75 crore shares), India’s second largest developer - Unitech (0.61 crore shares) and iron ore mining firm – Sesa Goa (0.25 crore share).

IT, metal shares lead decline

Weakness in global stocks triggered profit taking on the domestic bourses, with metal and IT stocks leading the decline. Bank stocks also fell. Index heavyweight Reliance Industries (RIL) edged lower in volatile trade. The BSE 30-share Sensex fell 126.86 points or 0.71%. The Sensex had jumped 1,259.45 points or 7.5% in nine trading sessions to settle at 2-1/2 month closing high of 17,876.55 on Monday, 21 June 2010, from a recent low of 16,617.10 on 8 June 2010.

FMCG stocks rose. The market breadth was negative in contrast to a positive breadth earlier in the day.
Intraday volatility was high as traders rolled over positions in the derivatives segment from the near-month June 2010 contracts to July 2010 contracts ahead of the expiry of the near-month June 2010 derivatives contracts on Thursday, 24 June 2010. The market dropped in early trade as most Asian stocks fell. It trimmed losses before weakening once again in morning trade.
The market hit a fresh intraday low in mid-morning trade. The Sensex extended losses later. The market came off the lower level in afternoon trade. Recovery gathered steam in mid-afternoon trade. The market slumped to hit fresh intraday low in late trade.
Rollover in Nifty futures was a little over 27% at the end of Monday's (21 June 2010) trade. Rollover in Mini Nifty futures was about 38%
NSE's volatility index, India VIX, which is a gauge of traders' perception of near-term risks in the market based on options prices, jumped 6.34% to 20.64. The index had declined sharply in the preceding three trading sessions. India VIX is calculated based on the S&P CNX Nifty options prices. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days.
European shares extended losses in thin trade on Tuesday, led lower by commodity stocks and banks, as investors became skeptical that China would allow its currency to rise quickly. The key benchmark indices in France, Germany and UK fell by between 0.93% to 1.55%.
The Ifo Institute's German business climate index rose to 101.8 in June from a reading of 101.5 in May, according to media reports on Tuesday.
Asian stocks fell on Tuesday on renewed concern over Europe's economic crisis after Fitch Ratings cut its debt rating on French bank BNP Paribas SA. Fitch slashed BNP's long-term rating to AA-minus, the fourth-highest investment grade, from AA on deteriorating asset quality. The key benchmark indices in Japan, South Korea, Singapore, Indonesia, Hong Kong and Taiwan fell by between 0.25% to 1.22%.
But, Chinese stocks reversed earlier losses as expectations for a stronger yuan continued to drive investor-demand. The Shanghai Composite rose 0.1%. China said over the weekend that it will allow its currency more freedom to move against the US dollar, which should spur its economic growth.
Trading in US index futures indicated that the Dow could fall 33 points at the opening bell on Tuesday, 22 June 2010. US index futures moved between positive and negative terrain.
US stocks closed lower on Monday, 21 June 2010, after investors lost some of their enthusiasm about China's decision to let its currency appreciate against the US dollar. The Dow Jones industrial average fell 8.23 points or 0.08% at 10,442.41. The Standard & Poor's 500 Index was down 4.30 points, or 0.38% at 1,113.21. The Nasdaq Composite Index was down 20.71 points or 0.90% at 2,289.09.
Back home, most Indian firms including Reliance Industries, L&T, Tata Steel and Tata Motors, have paid higher advance tax in Q1 June 2010 over Q1 June 2009. Higher advance tax payment normally indicates higher profits for the period under review. Advance tax payments by companies during the April-June quarter account for 15% of the total advance tax payable in the fiscal year.
Investors will closely watch the progress of the monsoon rains. Between June 1-16, rains were 5% deficient due to super cyclone Phet over the Arabian sea. The cyclone slowed the initial progress of the monsoon which had hit the Kerala coast a day ahead of schedule on 31 May 2010. The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The south-west monsoon usually covers the entire country by mid-July. The weather office late April 2010 said rainfall is likely to be 98% of the long-term average. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation.
Meanwhile, in a major development, the government has ended the row over Ulip by promulgating an ordinance on Friday, 18 June 2010, stating that unit linked insurance policies with investment component are insurance products which will come under the regulatory jurisdiction of the Insurance Regulatory & Development Authority (Irda) and not the Securities & Exchange Board of India (Sebi). It amended four Acts to make it clear that Ulips are not securities and they did not form part of collective investment schemes or mutual funds.
Foreign funds have made heavy purchases of Indian stocks over the past few days. The net inflow totaled Rs 4504.96 crore in June 2010 in this month so far (till 21 June 2010) compared to a massive outflow of Rs 12071.13 crore in May 2010.
Domestic funds, which had absorbed some of the heavy selling from foreign funds last month, offloaded stocks worth a net Rs 2013.11 crore this month so far. Domestic funds had mopped up equities worth a net Rs 6361.17 crore in May 2010.
The BSE 30-share Sensex fell 126.86 points or 0.71% at 17,749.69. The Sensex fell 8.43 points at the day's high of 17,868.12 in early trade. The Sensex fell 150.92 points at the day's low of 17,725.63 in late trade.
The S&P CNX Nifty declined 36.75 points or 0.69% to 5,316.55.
The BSE Mid-Cap index was down 0.02%. The BSE Small-Cap index was up 0.07%. Both the indices outperformed the Sensex.
Most sectoral indices on BSE declined. The BSE Metal index (down 1.9%), IT index (down 1.24%), banking sector index Bankex (down 0.81%) and Capital Goods index (down 0.72%), underperformed the Sensex. The BSE Power index fell 0.71%, matching the fall in the Sensex. The BSE Auto index (down 0.43%), BSE PSU index (down 0.36%), BSE Oil & Gas index (up 0.02%), Healthcare index (up 0.06%), FMCG index (up 0.71%) and Capital Goods index (up 1.01%), outperformed the Sensex. The BSE Realty index was unchanged for the day, thereby outperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1566 shares declined while 1317 shares advanced. A total of 101 shares remained unchanged.
From the 30-share Sensex, 27 stocks fell and the rest rose.
BSE clocked turnover of Rs 4835 crore, higher than Rs 4112.46 crore on Monday, 21 June 2010.
Index heavyweight Reliance Industries (RIL) fell 0.15% to Rs 10643.65. The stock was volatile. It hit a high of Rs 1074.80 and a low of Rs 1057.55. As per reports RIL is close to announcing a deal to pay $1.35 billion for a stake in a Texas shale gas field controlled by Pioneer Natural Resources. Reliance, will buy a 45% stake in the Eagle Ford shale gas field in south Texas, reports suggest.
RIL chairman Mukesh Ambani said on Friday, 18 June 2010, at the company's AGM that RIL aims to build a significant position in the shale gas business and that RIL will commit capital to accelerate development of shale gas.
Banking stocks fell on profit taking. India's largest private sector bank by market capitalisation ICICI Bank fell 0.87%. India's second largest private sector bank by operating income HDFC Bank fell 0.59%. PSU banking major State Bank of India declined 1.34%. Among the other PSU stocks, Bank of Baroda and Punjab National Bank fell by between 0.37% to 0.58%. But, Bank of India rose 0.26%. India's largest mortgage lender by market capitalisation HDFC fell 0.08%.
Yes Bank dropped 3.5% after Dutch lender Rabobank sold about 11% in the private-sector bank through multiple block deals. Institutional investors were buyers in the bulk deals. After the latest sale, Rabobank's holding in Yes Bank has declined to 4.9% from 15.9%.
Rabobank aims to set up its own banking unit in India following 12 years of operations in Asia's third-largest economy and therefore it cut the stake in Yes Bank to meet the regulatory requirements. Rabobank plans to keep the remaining 4.9% stake in Yes Bank.
India's largest FMCG maker by sales Hindustan Unilever rose 1.2% and was the top gainer from the Sensex pack.
India's largest cigarette maker by sales ITC rose 1.04%. The stock hit a record high of Rs 303.65 today. The company's board of directors recently recommended liberal 1:1 bonus issue.
High-beta realty stocks fell in volatile trade. Housing Development & Infrastructure (HDIL), Ackruti City, Omaxe and DLF fell by between 0.46% to 1.36%.
IT stocks fell on fresh economic worries in Europe, the second biggest market for the Indian IT firms. A recent surge in rupee against dollar also weighed on IT stocks. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports. India's largest IT exporter by sales Tata Consultancy Services fell 0.96%. India's second largest IT exporter by sales Infosys fell 1.19%. India's third largest IT exporter by sales Wipro declined 1.8%.
Metal and mining stocks fell on profit taking after Monday's sharp surge. Sesa Goa, Sterlite Industries, NMDC, Steel Authority of India, Tata Steel and Hindalco Industries fell by between 0.69% to 2.98%. LMEX, a gauge of six metals traded on the London Metal Exchange, rose 2.16% on Monday, 21 June 2010.
Oil exploration firms fell as crude oil declined for the first time in three days as optimism faded that China's plan to add more flexibility in the yuan's fixed exchange rate would strengthen the global economic recovery. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) declined 0.53%. Cairn India lost 1.44%. But, India's second biggest oil and gas exploration firm by revenue, Oil India, rose 1.34%. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms. Crude for July delivery dropped as much as 85 cents, or 1.3% to $76.80 a barrel in Asian electronic trading.
But, PSU OMCs rose after Oil Minister Murli Deora said an empowered group of ministers (EGoM) will hold a meeting on 25 June 2010 to decide on fuel prices. HPCL, BPCL and Indian Oil Corporation rose by between 3.58% to 4.36%.
The Indian government early this month deferred a decision on raising fuel prices, the second time in a year it has tripped on pushing politically-sensitive reform measures that could help trim a budget deficit. An empowered group of ministers (EGoM) was to discuss on 7 June 2010 a report by an experts' committee headed by Planing Commission member Kirit Parikh, which had recommended freeing petrol and diesel prices and a steep Rs 100 per cylinder hike in LPG rates and a Rs 6 per litre increase in kerosene prices.
India's largest engineering and construction company by revenue Larsen & Toubro fell 0.83% to Rs 1821.20. The stock recovered from the day's low of Rs 1806 after the company announced during market hours today that it bagged Rs 827 crore orders for thermal power plant construction. The stock on Monday, 21 June 2010 hit a 52-week high of Rs 1,843.75.
Consumer durables stocks rose on bargain hunting. Gitanjali Gems, Blue Star, Titan Industries, Videocon Industries, Blue Star and Rajesh Exports rose by between 0.41% to 4.01%.
Sun Pharmaceutical Industries rose 0.28% after the company announced during market hours today that the US Food & Drugs Administration has granted an approval for an abbreviated new drug application to market a generic version of optivar, which is used to treat itching of the eyes. The company also announced that it settled litigation over generics Stalevo and Comtan with Orion.
Among other healthcare stocks, Lupin, Biocon and Ranbaxy Laboratories rose by between 0.14% to 3.34%.
Auto shares fell on profit taking. Auto stocks had surged recently on expectations of strong Q1 June 2010 results as most auto firms paid higher advance taxes in Q1 June 2010 over Q1 June 2009. India's largest tractor maker by sales Mahindra & Mahindra fell 0.64%. The stock hit a record high of Rs 644.90 today. Among other auto stocks, Maruti Suzuki India, Hero Honda Motors and Tata Motors fell by between 0.19% to 1.27%.
According to a monthly report released by auto industry body the Society of Indian Automobile Manufacturers (Siam) on 9 June 2010, car sales in India rose 30.4% to 1.48 lakh units in May 2010 over May 2009. Auto sales rose despite recent price increases and a partial withdrawal of government stimulus measures in February 2010. The auto industry expects consumer demand to sustain following the overall economic expansion.
Yes Bank clocked the highest volume of 4.19 crore shares on BSE. Sanraa Media (1.73 crore shares), Cals Refineries (1.44 crore shares), Reliance Natural Resources (1.12 crore shares) and Hindustan Motors (89.87 lakh shares) were the other volume toppers in that order.
Yes Bank clocked the highest turnover of Rs 1139.91 crore on BSE. VIP Industries (Rs 172.63 crore), Tata Steel (Rs 98.97 crore), Sesa Goa (Rs 96.80 crore) and Reliance Natural Resources (Rs 72.23 crore) were the other turnover toppers in that order.