Thoughts from the Market 28 March 2008

Last trading day: Friday, 28 March

4:12 PM - And it's not only the day, but also the week that one can cheer about! With the financial year's last F&O expiry, it was quite a volatile week, but it still turned out to be the biggest weekly gain for the Sensex in 2008! The BSE 30-share index gained 9.5%, while the Nifty added 8% over the week. Sectoral indices also saw huge gains over the past five trading sessions: BSE Realty index, up 12.7%, BSE IT index, up 11.5%, BSE Capital Goods index, up 10.4% and BSE Bankex up 9.4%. These are followed by BSE FMCG index, up 8.2%, BSE Metal index, up 8.6% and BSE Oil & Gas index, up 7.7%. 

 

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3:55 PM - It will surely be a happy weekend this time! Positive global cues and significant buying interest at lower levels almost nullified the effect of shockingly high inflation numbers today. But it was the last hour of trade that bought in heavy buying and pushed the Nifty above 4900. Sensex closed at 16,371, up 355 points from the previous close. Nifty shut shop at 4942, up 111 points. Midcaps and smallcaps had an equally good day; CNX Midcap index gained 3.5% and BSE Smallcap index, a good 5%. Metal, capital goods, IT, consumer durables and realty stocks attracted significant buying. Top Sensex gainers for the day include Tata Steel, L&T, Infosys, Wipro and BHEL, while losers include HDFC, HDFC Bank and ONGC among others. 

 

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3:46 PM - The market is showing strength now and buying is coming in on declines, says Ashwani Gujral, technical analyst, on CNBC-TV18. The Nifty can touch 5050-5100 next week, he adds. 

 

3:39 PM - The tech pack seems to be bottoming out, says Ashwani Gujral, technical analyst, on CNBC-TV18. Infosys can now go up to Rs 1,700-1,750, he adds. The stock is at Rs 1,508, up 4.7% on the BSE. 

 

3:33 PM - It was another good day for the market! There was some volatility during the day, but it gained towards the end of the session. Sensex ended at 16,401, up 386 points (provisional) from the previous close. Nifty shut shop at 4951, up 121 points (provisional). CNX Midcap index gained 3.6%. 

 

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3:27 PM - Suzlon has a target of Rs 280-282 now, says Anu Jain, technical advisor, on CNBC Awaaz. Above this, Rs 300-301 will be attempted,she adds. The stock is currently trading at Rs 267.70, up 11.6% on the BSE. 

 

3:21 PM - Tata Steel has support at Rs 650 and a likely target here would be Rs 800, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 716, up 9.4% on the BSE. 

 

3:13 PM - HDFC Bank is the best among private banks and will see the fastest recovery, when the market starts moving up, says Anu Jain, technical advisor, on CNBC Awaaz. It has supports at Rs 1,325 and Rs 1,250, she adds. It might face resistance at Rs 1,465, but once this is crossed, then trend will turn positive, she says. The stock is currently trading at Rs 1,407, down 1.9% on the BSE. 

 

3:07 PM - Areva T&D has a target price of Rs 2,400, says Gaurang Shah of Geojit Financial Services, on CNBC-TV18. It is a great opportunity due to the massive upgradation of T&D projects in India, he says. The stock is currently trading at Rs 1,570, up 1.8% on the BSE. 

 

3:00 PM - The next target for DLF is Rs 725, says Anu Jain, technical advisor, on CNBC Awaaz. The stock is currently trading at Rs 688.20, up 2.1% on the BSE. 

 

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2:52 PM - Tulip IT has a very important support at Rs 800, and if it falls below this, then its long term trend could also turn negative, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. On the upside, it needs to trade above Rs 975-1,000 for further upmove, he adds. Exit the counter on rallies, he suggests. The stock is currently trading at Rs 868.10, down 7.5% on the BSE. 

 

2:45 PM - Torrent Power can go up to Rs 125-128, but it will face strong resistance there, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 113.50, up 8.5% on the BSE. 

 

2:38 PM - Dealers expect sideways movement with negative bias in the market, reports NDTV Profit. Long only funds continue to be net buyers in the market today. They expect intensity of sell-off to reduce compared to other markets. Market participants believe the bottom has been tested. On the F&O side, Nifty is seeing short build-up and Nifty 5000 call is the most active. 

 

2:31 PM - PL Research has put a 'buy' rating on XL Telecom with a target price of Rs 400, reports Zee Business. The stock is currently trading at Rs 204, up 1.2% on the BSE. 

 

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2:24 PM - Jindal Saw has a 12-month target price of Rs 1,350, says Gaurang Shah of Geojit Financial Services, on CNBC-TV18. The company has current order book of Rs 4,000 crore, which is to be executed by January 2009, he says. The stock is currently trading at Rs 640, up 2.4% on the BSE. 

 

2:17 PM - Matrix Labs has support at Rs 140 and might face resistance at Rs 185-190, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. Unless it crosses the resistance, it will be under pressure, he adds. The stock is currently trading at Rs 160.10, up 11.6% on the BSE. 

 

2:09 PM - ITD Cementation has a target price of Rs 380, says Gaurang Shah of Geojit Financial Services, on CNBC-TV18. The company has a strong order book of over Rs 3,000 crore and is well equipped on the tech front to execure projects in a short time, he adds. The stock is currently trading at Rs 339.50, up 10% on the BSE. 

 

2:02 PM - The market is managing to stay in the positive terrain. Sensex is currently trading at 16,045, up 30 points from the previous close. Nifty is at 4844, up 13 points. Consumer durables, IT, metal and power stocks are popular today, while banking stocks are being beaten up. Market breadth is extremely strong, with 1,040 advances against 194 declines on the NSE. 

 

1:54 PM - In the short term, the market may consolidate here, says Mahesh Bhagwat, Head of Equity at MAPE ADMISI Securities, on CNBC-TV18. But 4800-4790 is an imporatnt level for the Nifty and if it falls below this, then there are chances that it might slip further, he adds. 

 

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1:47 PM - Alembic has long term support at Rs 42 and will face resistance at Rs 74, says a technical analyst, on Zee Business. Since its immediate trend is down, one should exit the counter at higher levels, he suggests. The stock is currently trading at Rs 50.75, up 10.7% on the BSE. 

 

1:40 PM - Era Infra Engineering has secured a contract from Delhi Metro Rail Corporation (DMRC)worth Rs 148.40 crore. The stock is currently trading at Rs 597.75, up over 1% on the BSE. 

 

1:33 PM - Spicejet has a medium to long term support at Rs 38-39, says a technical anlayst, on Zee Business. If it falls below this level, then one should exit this counter, he suggests. On the upside, one can look at booking profits at Rs 44-50, he adds. The stock is currently trading at Rs 38.70, up 1.3% on the BSE. 

 

1:24 PM - Indiabulls Financial Services has a short to medium term target of Rs 480, says a technical analyst, on Zee Business. In the long term, it can also go up to Rs 580-600, he adds. The stock is currently trading at Rs 465.15, up 6.1% on the BSE. 

 

1:16 PM - Yes Bank has resistance at Rs 200-205 and support at Rs 145-165, says Bharat Dalal, technical analyst of Dawnay Day AV Financial Services, on NDTV Profit. The stock is currently trading at Rs 182, down 2.02% on the BSE. 

 

1:10 PM - Gitanjali Gems has resistance at Rs 265 and support at Rs 215, says Bharat Dalal, technical analyst of Dawnay Day AV Financial Services, on NDTV Profit. One can exit at higher levels, he says. The stock is currently trading at Rs 238, down 2.21% on the BSE. 

 

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1:02 PM - Positive cues from Asian markets are keeping the Indian market buoyant after inflation numbers disappointed. Sensex is currently trading at 16,065, up 49 points from the previous close. Nifty is at 4847, up 17 points. CNX Midcap index is up 1% and BSE Smallcap index, up 2.9%. 

 

12:58 PM - JP Hydro has resistance at Rs 68-70, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 54, up 2.5% on the BSE. 

 

12:54 PM - Hindustan Unilever has a target price of Rs 275-280, says Bharat Dalal, technical analyst of Dawnay Day AV Financial Services, on NDTV Profit. The stock has support at Rs 210-225 and one can accumulate it at lower levels for the long term, he says. The stock is currently trading at Rs 240, down 1.54% on the BSE. 

 

12:49 PM - Gujarat NRE Coke is a buy on dips and if it sees a breakout at Rs 155 it can go to Rs 200 and more, says Rahul Mohinder, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 149, up 1.97% on the BSE. 

 

12:44 PM - Geojit Financial Services has resistance at Rs 60-70 where there will be temptation to book profits but the stock is a good long-term story, says Sajeev Dhavan of JV Capital Services, on CNBC TV18. The stock is currently trading at Rs 46, up 1.74% on the BSE. 

 

12:36 PM - Gammon India has a target price of Rs 700-800 in 9-12 months, says Rajesh Tambe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 396, down 0.59% on the BSE. Gammon Infrastructure from the same pedigree will also give good returns in the long term and can be accumulated at current levels, he adds. 

 

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12:30 PM - The market seems to have digested the bad inflation numbers but just moved on. No negative impact. Sensex is trading at 16025, up 6 points and Nifty is at 4836, up 6 points from the previous close. The CNX Midcaps index is up 0.71% and BSE Smallcaps index is up 2.32%. The market breadth is positive with advances at 963 against declines of 238 on the NSE. 

 

12:22 PM - SCI has resistance at Rs 205-223 and support at Rs 180, says Bharat Dalal, technical analyst of Dawnay Day AV Financial Services, on NDTV Profit. One can exit at higher levels, he says. The stock is currently trading at Rs 198, up 1.22% on the BSE. 

 

12:16 PM - Inflation is at 6.68% vs 5.9% for the week ended March 15, reports NDTV Profit. Inflation is at a 59-week high. The inflation numbers are really ugly and this would warrant fiscal and monetary measures, says Shubhada Rao, chief economist with Yes Bank. Inflation is well past the comfort zone and this is cause for critical concern for the government, she adds. The BSE Bankex index is down 2.95%. 

 

12:08 PM - Gujarat NRE Coke has resistance at Rs 210, says Ashwani Gujral, technical analyst, on CNBC Awaaz. One can book partial profits at these levels, he says. The stock is currently trading at Rs 150, up 2.86% on the BSE. 

 

12:02 PM - DLF has resistance at Rs 680-685 and of it is able to cross that it can go up to Rs 792-800, says Manas Jaiswal, technical analyst with Emkay Shares and Stock Brokers, on NDTV Profit. The stock is currently trading at Rs 673, down 0.02% on the BSE. 

 

11:52 AM - Edelweiss Capital has resistance at Rs 970-980 and support at Rs 680, says Ashwani Gujral, technical analyst, on CNBC Awaaz. One can book partial profits at these levels, he says. The stock is currently trading at Rs 812, down 4.52% on the BSE. 

 

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11:44 AM - ITC has resistance at Rs 220 and support at Rs 180, says PK Agarwal of Bonanza Portfolio, on Zee Business. The stock gives sure but limited returns so one can book partial profits, he says. The stock is currently trading at Rs 204, up 2.32% on the BSE. 

 

11:37 AM - The market gives up its morning gains and is trading weak. Sensex is trading at 15929, down 86 points and Nifty is at 4810, down 20 points from the previous close. The CNX Midcaps index is up 0.43% and BSE Smallcaps index is up 2.15%. The market breadth is positive with advances at 955 against declines of 228 on the NSE. 

 

11:29 AM - Orbit Corporation has been beaten down like all the stock in the realty space, it has resistance at Rs 611 and support at Rs 460, says Ashwani Gujral, technical analyst, on CNBC Awaaz. One can book partial profits at these levels, he says. The stock is currently trading at Rs 563, up 4.86% on the BSE. 

 

11:22 AM - The government withdraws DEPB (Duty Entitlement Passbook Scheme) on cement, ferrous metals, manganese and chrome in a bid to curb inflation, reports NDTV Profit. The government suspends DEPB benefits on steel exports in a bid to curtail exports. The move to impact bottomline by Rs 600 crore on integrated steel companies who do not import raw materials. India Cements is down 1.7% and UltraTech Cement is down 0.04% on the BSE. 

 

11:12 AM - Kotak Mahindra Bank is likely to be a multi-bagger stock with a 2-3 year horizon, says Sajeev Dhavan of JV Capital Services, on CNBC TV18. The stock has a limited downside and is a great buy at current levels, he says. The stock is currently trading at Rs 652, down 5.25% on the BSE. 

 

11:03 AM - Adlabs is the second best play in the media space and the stock is a great buy at current levels for an investment perspective of 2-3 years, says Rajesh Jain of Pranav Securities, on CNBC TV18. The stock is currently trading at Rs 636, up 2.71% on the BSE. 

 

10:55 AM - Reliance Energy has resistance at Rs 1370 and support at Rs 1100, says PK Agarwal of Bonanza Portfolio, on Zee Business. If the stock crosses Rs 1370, it can go to Rs 1400-1600, he says. The stock is currently trading at Rs 1315, up 2.22% on the BSE. 

 

10:45 AM - Merrill Lynch has a target price of Rs 923 for Tata Motors, reports Zee Business. The stock is currently trading at Rs 644, down 1.71% on the BSE. 

 

10:38 AM - Tata Motors has been an underperformer and will continue to be so, it has a target of Rs 800-850 in 12-15 months, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock has support at Rs 575-600, he says.The stock is currently trading at Rs 644, down 1.71% on the BSE. 

 

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10:30 AM - The market is cooling off. Sensex is trading at 16023, up 7 points and Nifty is at 4836, up 6 points from the previous close. The CNX Midcaps index is up 1.29% and BSE Smallcaps index is up 2.18%. BSE Metal index is shining, up 3.11% and BSE Realty index up 1.62%. The market breadth is positive with advances at 927 against declines of 164 on the NSE. 

 

10:25 AM - Tata Motors continues to look weak and may fall to Rs 597, says Manas Jaiswal, technical analyst with Emkay Shares and Stock Brokers, on NDTV Profit. If the stock breaks Rs 597 it can even go down to Rs 520, so one should maintain a stop loss of Rs 576, he says. The stock is currently trading at Rs 644, down 1.71% on the BSE. 

 

10:15 AM - Suzlon has resistance at Rs 313 and support at Rs 215-220, says Ashwani Gujral, technical analyst, on CNBC Awaaz. But the stock is unlikely to sustain the higher levels and it's difficult to give a long term call, he says. The stock is currently trading at Rs 251, up 4.67% on the BSE. 

 

10:04 AM - The market is likely to see consolidation, says Hitendra Vasudev, technical analyst, on CNBC Awaaz. Nifty has resistance at 4910 and support at 4770, he says. The pharmaceutical and IT sector are expected to show activity today, he adds. 

 

9:57 AM - The Asian markets are trading positive. The Indian market sees a flattish opening and quickly moves up. Sensex is currently trading at 16156, up 140 points. Nifty is trading at 4883, up 52 points from the previous close. The CNX Midcaps index is up 0.52% and BSE Smallcaps index is up 0.98%. 

 

9:47 AM - The NDTV Opinion Poll expects to see a flattish opening for the market with an early smart recovery soon. Nifty range is expected to be 4800-4950. Stocks to watch out for are Aurobindo Pharma, Indus Fila and ACC. 

 

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Thoughts from the Markets

UB ready to buyback Heineken stake

from rediff Business

"They have beer business in India, which has a conflict of interest as Kingfisher is the largest beer brand in the country. I am ready to buy back," Mallya said in Baramati while opening United Spirits' Baramati Four Seasons winery. Earlier in January, a consortium of Carlsberg and Heineken had acquired S & N for 7.5 billion pounds. S & N had 37.5 per cent stake in the UB Group. As per the takeover agreement, Heineken was supposed to continue to hold S & N's business in the UK.

           

2:30 PM (1 minute ago)

'Clean energy' revenue to touch $254 bn: Survey

from rediff Business

All the growth, it says, has meant that investment capital has poured into the sector with clean energy stocks easily outpacing the broader markets. The NASDAQ's 'Clean Edge' index was up 66.67 per cent last year, compared to just 3.53 per cent for the S & P 500 and 9.81 per cent for the NASDAQ Composite. Overall clean energy index returns particularly for wind and solar companies have fared even better.

 

2:30 PM (1 minute ago)

Pashmina shawl trade to be badly hit

from rediff Business

Kashmir's hand-woven Pashmina shawls, which are made of the warmest and the softest wool in the world, may soon become a rarity following the mass deaths of Ladakh's Changthangi goats caused by the recent heavy snowfall and damage of pastures as a result of the invasion of locusts.

 

1:30 PM (1 hour ago)

The threat of Board examinations

from rediff Business

In the coming decades, India will see an unprecedented diversity of job opportunities, reflecting the expanded basket of consumption in India and a more multi-faceted economy as a whole. Further, the needs and the priorities of society will undergo a fundamental change in the years to come, thereby making many new categories of jobs more attractive than the current more traditional ones

 

12:30 PM (2 hours ago)

Ratan Tata's M & A gamble falling into place

from rediff Business

Many in corporate India would be envious of the Tata Group's M & A strategy. Over the last eight years, the Tata Group had made 35 overseas acquisitions. The group has been able to make an impact in most of its acquisitions -- be that Tetley, which helped Tata Tea make a transition from a largely plantation company to a branded player with a global footprint, or Daewoo's commercial vehicles business, which has regained its lost ground.

           

12:30 PM (2 hours ago)

'We will supply engines for both brands'

from rediff Business

Just hours after returning to Mumbai, Ravi Kant, managing director, and C Ramakrishnan, CFO of Tata Motors addressed the press on a conference call. Excerpts from the call.

 

12:30 PM (2 hours ago)

Don't kill commodity derivatives

from rediff Business

The previous fiscal year proved to be quite a contrast in some ways. While the year started with the banning of a few commodity futures contracts from the national bourses, it ended with the allowing of FDI/FII investment in the commodities sector and the amendment of the archaic Forward Contracts Regulation Act. Proactive measures were also undertaken by the government to give autonomy to the Forward Markets Commission

 

11:30 AM (3 hours ago)

Are index funds and ETFs better options?

from rediff Business

With a steep fall in the markets since January this year, mutual funds have suffered heavily. Sample this: the year-to-date (January 1 to March 24) category average return from equity diversified mutual funds is down by 32.36 per cent, and index funds, including exchange traded funds (ETFs), have slipped by 26.41 per cent.

 

11:30 AM (3 hours ago)

Steep hike for regulators may attract more talent

from rediff Business

The Rs 200,000 plus perks hike for regulators proposed in the Sixth Pay Commission is likely to attract good talent. It would be sufficient incentive for both private sector executives and serving bureaucrats to join as watchdogs. The Commission has recommended that the remuneration of chairpersons of regulatory agencies like the Sebi, Irda, Trai, CERC as well as the Competition Commission of India be hiked to Rs 300,000 if they do not avail of perks like cars and housing.

 

11:30 AM (3 hours ago)

Pensioners angry at 2006 'divide'

from rediff Business

Those who retired prior to January 2006 will get only a 15 per cent hike. The commission's recommendations come into effect from January 2006. For instance, an officer who retired in the higher administrative grade-1 (equivalent to an additional secretary in the central government) prior to January

 

11:30 AM (3 hours ago)

Pay revision to swell tax coffers

from rediff Business

The pay hike proposed by the Sixth Central Pay Commission will boost income tax collections in the coming years despite the Rs 40,000 increase in the basic exemption limit for personal income tax announced in the Budget. The commission has proposed an effective salary hike of 28 per cent. The recommendations, if implemented in entirety, are likely to generate around Rs 6,000 crore tax revenue or around 20% of the immediate additional outgo of Rs 30,621 crore including arrears

 

11:30 AM (3 hours ago)

Pay hike: No direct impact on IITs, IIMs

from rediff Business

Faculty of top academic institutions like the Indian Institutes of Technology (IITs), the Indian Institutes of Management (IIMs), and central universities say the Sixth Pay Commission's recommendations do not have a direct bearing on their compensation levels. The new pay structure of assistant professors, associate professors and professors will be finalised by an internal committee of the Ministry of Human Resource Development, which would take a couple of months at least.

 

11:30 AM (3 hours ago)

Term plans to become cheaper

from rediff Business

To reduce the solvency margins on term products and make these products cheaper & popular, The Insurance Regulatory and Development Authority has decided to reduce the solvency margins on term products. Since the term insurance policies provide pure life cover with no maturity/survival benefits they haven't gained popularity with the customers. Insurers currently maintain a solvency margin of 150%. Solvency margin requirements are the prudential norms of capital requirements.

 

10:30 AM (4 hours ago)

Stock picks for today

from rediff Business

Check out what you can do int he stock market today.

 

10:30 AM (4 hours ago)

Realty tops savings tool for Indian households

from rediff Business

The household sector's savings in physical assets increased by 16.12 per cent to Rs 5,17,837 crore (Rs 5.17 trillion) in 2006-07 compared to Rs 4,45,915 crore (Rs 4.45 trillion) in 2005-06. While savings in financial assets have gone up by 11.20 per cent to Rs 4,67,985 crore in 2006-07 compared with Rs 4,20,841 crore in 2005-06. This data shows that Indian households are increasingly opting for physical assets as instruments of savings rather than relying on financial tools.

 

10:30 AM (4 hours ago)

Trai may cap DTH channel prices

from rediff Business

Trai has announced that it may fix prices of pay channels on the direct-to-home (DTH) platform in line with the Rs 5 per channel cap on conditional access system (CAS) services in Delhi, Mumbai and Kolkata. This move will lower the fees but hit the income of broadcasters from DTH companies. However, new DTH entrants will benefit from the move as their cost of content will decrease. For the 2 existing DTH companies, Dish TV & Tata Sky, the current rates are likely to continue.

 

10:30 AM (4 hours ago)

Are product patents anti-consumer?

from rediff Business

There is no doubt that patients are the ultimate beneficiaries of pharmaceutical research and development. Thousands of public health needs go unmet each day simply because there is still a cure out there waiting to be found. Product patents serve as encouragement to innovation, providing impetus to both investors and innovators. It has been argued that by denying product patents, India will encourage domestic generic production and, therefore, access to medicines.

 

10:30 AM (4 hours ago)

More power to electricity commission

from rediff Business

It has the discretion to adjudicate disputes by itself or send it to an arbitrator. The use of 'and' posed such a difficulty for the Supreme Court in a recent case and it ruled that 'and' is an equivalent of 'or' in a clause in the Electricity Act and 'or' could mean 'and' in some cases. The judges traversed the English decisions and the Mimamsa principles in Sanskrit texts to harmonise provisions in the Electricity Act and the Arbitration & Conciliation Act.

 

10:30 AM (4 hours ago)

Fewer holidays, bigger challenge

from rediff Business

If you add to this 52 Saturdays and 52 Sundays every year, when government offices are closed, the total number of holidays a central government employee can enjoy is 171days. That is close to half the number of days in a year. This context has to be kept in mind before judging what may well turn out to be the Sixth Pay Commission's most controversial recommendation. To be sure, the Pay Commission does not favour a reduction in the number of earned or casual leave.

 

10:30 AM (4 hours ago)

Which stocks to buy, hold and sell

from rediff Business

The markets could correct a bit more. One should not get euphoric over the rise in the last couple of days. You still have to tread carefully and pick quality stocks with high growth rates in profit. I still maintain that you could look at buy small parts on days of large corrections in the index, says market expert Pranav Sanghavi.

 

4:30 AM (10 hours ago)

'Tata's JLR deal a sign of things to come'

from rediff Business

The takeover by Tata Motors of Land Rover and Jaguar in a $2.3-billion deal is a precursor of things to come and a sign of the times we are headed into, says Kam Rathee, President of Canada-India Business Council. "The river has started flowing upstream as India is now flexing its muscles. The economy of the world is turning on its head. India, once a business pariah is coming out to rule the roost," he says.

 

3:30 AM (11 hours ago)

Tata's awesome threesome

from rediff Business

While Ratan Tata looked into all the details, his handpicked team to make the acquisition of Jaguar and Land Rover possible comprised Tata Motors Managing Director Ravi Kant, the company's low profile CFO C Ramakrishnan (who recently replaced Praveen Kadle, now the boss of Tata Capital), and his merger and acquisition specialist Arunkumar Ramanlal Gandhi, executive director of Tata Sons and the man who also played an important role in getting the ambitious Corus deal through.

 

3:30 AM (11 hours ago)

Neo to reap Rs 70 crore from India-South Africa test series

from rediff Business

With Doordarshan opting out of the simultaneous coverage of the India-South Africa three-test match series, sports channel Neo Sports – the exclusive telecast rights holder for the series – hopes to rake in Rs 70 crore in advertising revenue. Neo Sports has eight on-air sponsors (two co-sponsors and six associate sponsors). Coca-Cola, Airtel, Hero Honda, Pidilite and Asian Paints are putting about Rs 26-28 crore, while the remaining amount will come from spot selling.

 

3:30 AM (11 hours ago)

Indians among top three brand conscious: Nielsen

from rediff Business

An improving economy and the rapid opening-up of the Indian market has given rise to a group of affluent consumers who are more than eager to adopt the latest fashion trends. According to the latest Nielsen Global Luxury Brands study, nearly 35 per cent Indians, who participated in the survey, confirmed buying luxury brands. This is the third highest percentage globally. Greece leads the pack with 46 per cent, followed by Hong Kong at 38 per cent.

 

3:30 AM (11 hours ago)

Tatas' eco-car project may get Thai go-ahead soon

from rediff Business

Tata Motors is likely to have one more achievement to cheer about as it gets into the new financial year, when Thailand's Board of Investment (BoI) approves the company's proposal to make an eco-car. A BoI official in Bangkok told Business Standard that the internal approval meeting, scheduled for April 2, 2008, was likely to give its nod to India's third largest passenger car maker to manufacture the eco-car.

 

3:30 AM (11 hours ago)

PSU pay panel for 50-60% revision

from rediff Business

Over 1.6 million employees working in the estimated 240 central public sector undertakings (PSUs) are likely to receive a 50 to 60 per cent salary increase, possibly with retrospective effect from January 2006. The second PSU pay revision committee, headed by former Supreme Court Justice M Jagannadha Rao, is in advanced stages of finalising its award due April-end and plans to submit its report to the government soon after.

 

Mar 26, 2008 (17 hours ago)

India Inc hails Tatas' JLR takeover

from rediff Business

The historic buyout of Ford Motor Co's global iconic brands Jaguar and Land Rover by Tata Motors for $2.3 billion has been hailed by domestic industry, including Tata's competitors in the sector.

 

Mar 26, 2008 (18 hours ago)

ICICI Bank rapped; asked to pay Rs 50,000 fine

from rediff Business

ICICI Bank has been directed by a consumer court to pay Rs 50,000 compensation to a customer and return his Indica car forcibly repossessed by its employees in violation of SC guidelines. The West Delhi District Consumer Forum president J P Sharma said: "The conduct of the bank in taking forcible possession of car without intervention of the civil court was illegal in view of what has been observed by the SC and the National Consumer Commission."

 

Mar 26, 2008 (18 hours ago)

In Coimbatore? Pay tax online by cards

from rediff Business

Later talking to reporters, Mayor R Venkatachalam said the new simplified system would be a boon to the people, as it worked 24-hours and they can pay taxes sitting in their homes. The corporation has tied up with ICICI Bank for the system and 1.85 per cent service tax would be charged for those paying by credit cards. On tax collection, Venkatachalam said the corporation has collected Rs 105 crore (Rs 1.05 billion), which was about 75 per cent of total taxes.

 

Mar 26, 2008 (18 hours ago)

Tatas: Biggest buyer of global entities

from rediff Business

For years, critics termed Tata's vehicle business as a millstone around the neck. But Group chairman Ratan Tata on Wednesday flattened their theory by taking the automobile venture to a new plane with the acquisition of British luxury brands Jaguar and Land Rover.

 

Mar 26, 2008 (19 hours ago)

Tatas to fund JLR deal through cash reserves, new debt

from rediff Business

"We will fund the deal through existing cash reserves and new debt facilities which will be raised at the company's level," Tata Motors spokesperson told PTI. He, however, declined to comment on the quantum of debt to be raised from the market to part finance the $2.3-billion requirement. Recently, Tata Motors had announced that its Board has approved raising of Rs 4,000 crore (about $1billion) from either overseas or domestic markets through issuance of securities.

 

Mar 26, 2008 (19 hours ago)

Raghu Menon takes over as Air India chief

from rediff Business

Raghu Menon, special secretary and financial advisor in the civil aviation ministry, has been appointed the chairman and managing director of Air India, ending weeks of speculation over the issue.The Appointments Committee of the Cabinet approved the name of Menon, a 1974 batch IAS officer of the Assam-Nagaland cadre, after a keen race for the top job in the National Aviation Company of India Limited (NACIL), which runs the merged national carrier.

 

Mar 26, 2008 (19 hours ago)

JLR employees welcome deal with Tatas

from rediff Business

Thousands of employees of Land Rover and Jaguar in the UK on Wednesday wholeheartedly welcomed the sale of the two British car marquees of American automobile giant Ford to India's Tata Motors.Roger Maddison, Unite National Officer for the automotive industry, said: "Today's deal is really good news for the UK automotive industry and the thousands of people who work for Land Rover Jaguar and its supply chain.

 

Mar 26, 2008 (19 hours ago)

Religare to buy UK firm Hichens for Rs 440 cr

from rediff Business

"We are in talks to acquire the 210 year old broking firm Hichens Harrison and have offered Rs 285 per share. At this price the deal value will be about $110 million or about Rs 440 crore," Group Chief Operating Officer Religare Enterprises Shachidra Nath told PTI. The deal would broaden the global distribution base of the company. Besides the acquisition would also add up to the bottomline of the firm, Nath added.

 

Mar 26, 2008 (19 hours ago)

Tata cars: From Rs 1 lakh to Rs 1 crore!

from rediff Business

Tata Motors on Wednesday became the world's only vehicle maker that offers a choice of cars ranging from Rs 1 lakh (Nano) to over Rs 1 crore following the acquisition of Ford's luxury car brand Jaguar, along with Land Rover.

 

Mar 26, 2008 (20 hours ago)

Rs 2.2-trillion plan for Mumbai makeover

from rediff Business

Mumbai's makeover plan has inched forward. The Rs 2.25 lakh crore plan for development of Mumbai Metropolitan Region is awaiting approval of the state government. The government will approve of this once the Mumbai Metropolitan Region Development Authority (MMRDA) okays it. The plan includes infrastructure such as road transport, Metro rail, skybus, Brimstowad storm water drainage project & water transport development. The plan covers entire Mumbai as well as Thane district.

 

Mar 26, 2008 (20 hours ago)

Sensex ends down 131 points, Tata Steel gains 4%

from rediff Business

The Sensex opened with a positive gap of 53 points at 16270. After the initial volatility the index advanced to a high of 16310 in early morning trades. The Sensex finally ended with a loss of 131 points at 16,087. The NSE Nifty slipped 49 points to end at 4,829. Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Communications, Cipla, Ambuja Cements, DLF, Jaiprakash Associates and BHEL, SBI, NTPC and ONGC were major losers. Tata Steel, HDFC and ITC were major losers.

 

Mar 26, 2008 (21 hours ago)

FM blames US for foodgrain price rise

from rediff Business

Finance Minister P Chidambaram has blamed the US' biofuel policy of diverting food grains such as corn for producing bio-fuels for the spurt in food grain prices globally. He also said that lack of adequate regulations in the US sub-prime market has led to global financial uncertainties. He said the demand for staple food was on the rise, leading to higher prices, but diverting food for fuel had also contributed to increase in food prices. He called US' priorities lopsided.

 

Mar 26, 2008 (21 hours ago)

S & P launches 10 stock India index

from rediff Business

The 'S & P India 10 index' is designed to address this accessibility challenge. It offers investors liquidity and investability, and can also serve as a basis upon which to create investment products," Vice President of Portfolio Services for S & P Steven Goldin said.

 

Mar 26, 2008 (21 hours ago)

Meet the gold medalists from IIM-B

from rediff Business

All work and no play makes jack a dull boy. But IIM-B makes its students work hard and also play hard, making them all-rounders was the unanimous opinion expressed by its medalists for the year 2007-08.

 

Mar 26, 2008 (21 hours ago)

RIL to close petrol pumps: Govt in a fix

from rediff Business

Reliance plans to shut two-third of its 1,400 petrol pumps in the country by next month as it is unable to match the fuel price offered by state-run retailers, who get compensated by the government for selling fuel below the cost. Reliance and Essar make huge losses on selling petrol and diesel at prices higher than Indian Oil, Bharat Petroleum and Hindustan Petroleum. On an average, fuel at private outlets is costlier by Rs 4 to 5 a litre than the PSU pumps.

 

Mar 26, 2008 (21 hours ago)

ONGC, Hindujas may ink pact to dev oil, gas fields in Iran

from rediff Business

The ONGC-Hinduja combine would meet Iranian the authorities around mid-April to finalise 'participating agreement' for the development of Phase-12 of the giant South Pars gas field and South Azadegan oilfield, ONGC Chairman and Managing Director R S Sharma told reporters in New Delhi on Wednesday. The consortia was in Tehran earlier this month to do technical due diligence for the two fields but ended up being shown old data for the Phase-12 and no data of South Azadegan.

 

Mar 26, 2008 (23 hours ago)

FDI cap in DTH to go up to 74%

from rediff Business

Currently, we are planning to construct one animation centre in Pune. We have asked PwC to prepare a detailed report for the same; it should be ready in the next four months.

 

Mar 26, 2008 (23 hours ago)

Leeway for banks in loan recovery

from rediff Business

The Reserve Bank of India (RBI), in its second draft guidelines on banks' recovery agents, said, "If a customer has filed a complaint, the bank should not forward the case to recovery agents till it has disposed the complaint. However, in cases where the bank has appropriate proof that the borrower is making frivolous/vexatious complaints, it may continue with the recovery proceedings despite the pending complaint."

 

Mar 26, 2008 (23 hours ago)

ECB policy likely to be relaxed

from rediff Business

The government has initiated a comprehensive review of external commercial borrowings (ECB) policy. While the details are yet to be thrashed out, the government and the Reserve Bank of India are set to raise the ceiling for the current financial year from $22 billion to $28-30 billion. Sources said the move was prompted due to a breach in the existing ceiling.

 

Mar 26, 2008 (yesterday)

R-Power to spend Rs 3,000 cr to fuel Sasan project

from rediff Business

Reliance Power Limited, the flagship company of the Reliance Anil Dhirubhai Ambani Group (ADAG), plans to invest about Rs 2,500-3,000 crore (Rs 25-30 billion) over a period of three years, to develop three coal mines to fuel its Sasan Ultra Mega Power Project in Madhya Pradesh. Reliance Power currently has access to coal reserves of about one billion tonnes in India and abroad, including a coal mine in Indonesia, which it acquired recently.

 

Mar 26, 2008 (yesterday)

Maruti Swift DZire @ Rs 4.49 lakh

from rediff Business

"It has a special place in our product strategy. Millions of Indians own compact cars. With growing incomes and better lifestyle, many of them want to upgrade to a sedan. But on Wednesday, they are not able to find an entry level sedan that offers style, features and performance. The DZire offers all this, and at an attractive price," Maruti Suzuki India Managing Director S Nakanishi said.

 

Thoughts from the Market - Top Headlines

Hindalco Ind top gainer on the Sensex

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Hindalco Industries is top gainer on the Sensex. At 12:33 pm, the share was quoting at Rs 170.90, up Rs 9.10, or 5.62%. It has touched an intraday high of Rs 173.70 and an intraday low of Rs 159.75. It was trading with volumes of 726,362 shares. Yesterday the share closed down 0.83% or Rs 1.35 at Rs 161.80.

 

Accumulate bank stocks: R Agarwal

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Raamdeo Agrawal of Motilal Oswal Securities is of the view that one can accumulate bank stocks. If somebody is willing to see 1015% fluctuation from the current price, these are the opportunities to buy into HDFC Bank or ICICI Bank and these things have fallen 3040% from top. So the future for banking is very good.

 

12:55 PM (1 hour ago)

Edelweiss Capital shoots up smartly

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

At 12:12 pm, Edelweiss Capital was quoting at Rs 836, up Rs 99.25, or 13.47%. It has touched an intraday high of Rs 849 and an intraday low of Rs 710. It was trading with volumes of 360,981 shares, compared to its fiveday average of 91,721 shares, an increase of 293.56%. Yesterday the share closed up 1.42% or Rs 10.30 at Rs 736.75.

 

12:55 PM (1 hour ago)

Block deal in Suzlon Energy, stock down

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

At 12:04 pm, Suzlon Energy was quoting at Rs 224, down Rs 4.35, or 1.9%. It has touched an intraday high of Rs 228.35 and an intraday low of Rs 221.20. There was a block deal of 34 lakh Suzlon Energy shares on NSE at Rs 223 per share. It was trading with volumes of 1,496,688 shares.

           

12:55 PM (1 hour ago)

NALCO among major gainers

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

National Aluminium Company, NALCO is among major gainers on the Nifty. At 12:04 pm, the share was quoting at Rs 478.25, up Rs 16.15, or 3.49%. It has touched an intraday high of Rs 480.80 and an intraday low of Rs 459. It was trading with volumes of 316,069 shares. Yesterday the share closed down 5.55% or Rs 27.15 at Rs 462.10.                      

           

12:55 PM (1 hour ago)

India Infoline slips on profit booking

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

At 11:50 am, India Infoline was quoting at Rs 814.10, down Rs 47.2, or 5.48%. It has touched an intraday high of Rs 883 and an intraday low of Rs 811. It was trading with volumes of 105,711 shares. Yesterday the share closed up 9.03% or Rs 71.30 at Rs 861.30.

           

12:55 PM (1 hour ago)

Gitanjali Gems acquires Modali Jewels; stock down

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

At 11:41 am, Gitanjali Gems was quoting at Rs 244.20, down Rs 8.15, or 3.23%. It has touched an intraday high of Rs 252.05 and an intraday low of Rs 243.45. The company has acquired 100% stake in Modali Jewels, reports CNBCTV18. Yesterday the share closed down 2.72% or Rs 7.05 at Rs 252.35.

           

12:55 PM (1 hour ago)

Bank of India has to consolidate: Bose

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Technical Analyst, Rajat K Bose is of the view that Bank of India has to consolidate at current levels. Once it crosses the Rs 265 mark, one will see good move on the upside, otherwise it may fall below Rs 256.                

           

12:55 PM (1 hour ago)

Maruti would not have entered in deal like JLR: Khattar

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Tata Motors has finally closed the deal with Ford USD 2.3 billion. As soon as the announcement was made, reactions from across the auto industry flowed in. Jagdish Khattar of Maruti Suzuki said that his company would not have entered in a deal like JLR

           

11:55 AM (2 hours ago)

Orbit Corporation continues to gain

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

At 11:36 am, Orbit Corporation was quoting at Rs 500.10, up Rs 37.20, or 8.04%. It has touched an intraday high of Rs 519.55 and an intr day low of Rs 452. It was trading with volumes of 422,473 shares, compared to its fiveday average of 194,458 shares, an increase of 117.26%.

 

11:55 AM (2 hours ago)

IDFCSSKI prefers HDFC Bank, Axis Bank over ICICI Bank

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Pathik Gandotra of IDFC SSKI said bank stocks are unlikely to outperform till fears of interest rates hardening further exist. He added that they prefer private bands with no foreign exposure, no equity insurance subsidiaries like HDFC Bank, Axis Bank over ICICI Bank and that Reliance Capital may bounce back only if equity markets stabilize.

 

11:55 AM (2 hours ago)

KS Oils up on buying palm plantation

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

At 11:25 am, the share was quoting at Rs 65.50, up Rs 0.65, or 1%. It has touched an intraday high of Rs 66.85 and an intraday low of Rs 64.

 

11:55 AM (2 hours ago)

Aftek marches ahead

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

At 11:18 am, Aftek was quoting at Rs 44, up Rs 3.95, or 9.86%. It has touched an intraday high of Rs 44.90 and an intraday low of Rs 39. It was trading with volumes of 326,699 shares. Yesterday the share closed up 1.01% at Rs 40.05.

 

11:55 AM (2 hours ago)

Expect rally in Puravankara: Bose

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Technical Analyst, Rajat K Bose feels that Puravankara may give a little bit of rally in the shortterm. DLF would have to sustain above Rs 656, which is about a couple of percentage points away from the current level. If it were to do so then expect some recovery, otherwise it's better to stay away from DLF, he added.

 

11:55 AM (2 hours ago)

Orbit can test Rs 540550: Bose

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Technical Analyst, Rajat K Bose is of the view that if Orbit trades above Rs 460470 zone, then one will see move upto Rs 540550. The nearterm outlook is positive but the level between the Rs 550 and Rs 600 would be a supply zone for the stock.

 

11:55 AM (2 hours ago)

HUL, Tata Motors may move up on Nifty today: MF Global

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Vineet Bhatnagar, MD of MF Global feels that HUL, Tata Motors could move up in the last 30 minutes of trade. He estimates that the Nifty could move up by 3035 points in the last thirty minutes. He thinks that Nifty may close above 4800.

 

11:55 AM (2 hours ago)

Will ask iron ore producers to cut prices: Comm Sec

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

The Commerce Secretary has said that they will ask iron ore producers to cut prices, reports Newswire 18. He added that raising iron ore export duty was the government\'s last resort.

 

11:55 AM (2 hours ago)

IndusInd Bank can test Rs 9395: Bose

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Technical Analyst, Rajat K Bose is of the view that IndusInd Bank can test Rs 9395 in the short run, may be today if the market is positive. If Yes Bank doesn't get past Rs 200, then one will see going down to test Rs 185. It will test or consolidate between Rs 190180 before really crossing successfully the Rs 200 mark.

 

11:55 AM (2 hours ago)

Tata Motors may underperform in nearterm: Raamdeo Agrawal

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Raamdeo Agrawal, Director and Cofounder of Motilal Oswal Securities says of the JLR deal, that the Tatas may find it tough to fund the deal and he expects the stock to underperform in the nerterm. On the other hand, he said the inflation situation is uncomfortable and would put pressure on growth.

 

11:55 AM (2 hours ago)

KPIT may touch Rs 9093: Bose

from Moneycontrol Top Headlines by Moneycontrol.com editor@moneycontrol.com

Technical Analyst, Rajat K Bose is of the view that if the markets supports then KPIT might hit around the level between Rs 9093, there would be some kind of supply. But if it overcomes that, then there will be a good move up to Rs 105.