Daily Newsletter - October 5, 2011

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  • 1. Oct 5, 2011Volume: 1 | Issue: 389| November 1, 2010INDIAN MARKET 4-Oct 3-Oct % Change COMMENTARYBSE Sensex 15,865 16,151 (1.77) INDIANSE Nifty 4,772 4,849 (1.58) Indian equity benchmarks plunged for the third consecutive session. Falling more than 800 points inBSE Midcap 5,936 6,013 (1.28) the three days, the Sensex ended below the 16,000 level - at more than one-month low. There were severalBSE Smallcap 6,705 6,779 (1.09) dampeners including inconclusive meet of European Union officials and Moodys downgrade of SBI whichNifty Junior 9,435 9,614 (1.86) punctured investors sentiment. The 30-share BSE Sensex fell 286 points or 1.77%, to close at 15,865 led byCNX Midcap 6,877 6,961 (1.21) fall in 23 stocks. The 50-share NSE Nifty dropped 77 points or 1.60%, to end at 4,772. Bankex crashed after Moodys Investors Service has downgraded State Bank of Indias (SBI) bank financial strength rating (BFSR), or stand-alone rating, to D+ from C-. The downgrade comes a day after Fitch Ratings cut its estimate for India’sGLOBAL MARKETS 4-Oct 3-Oct % Change economic growth from 7.7% to 7.5% for 2011-2012. Broader markets too were under pressure. The BSEDow Jones Ind (USA) 10,809 10,655 1.44 Midcap and Smallcap indices dropped 1% each. About 408 shares advanced as against 1,015 declines on NSE. Total traded turnover was more than Rs 1.25 lakh crore and FIIs net sold Rs 9.7bn in the day’s trade.Nasdaq Composite(USA) 2,405 2,336 2.95S&P 500 (USA) 1,124 1,099 2.25 GLOBAL MARKETSFTSE 100 (UK) 4,944 5,076 (2.58) A late surge prevented the S&P 500 stock index from entering a bear market. Stocks jumped on reports thatDAX (Germany) 5,217 5,377 (2.98) European officials were working to prop up the regions struggling banks. Indices opened sharply lower asNikkei 225 (Tokyo) 8,456 8,545 (1.04) traders worried that the government of Greece could be closer to defaulting on its debt. They pared theirHang Seng (Hong Kong) 16,250 16,822 (3.40) losses at midday, after Federal Reserve Chairman Ben Bernanke told a Congressional panel that the centralShanghai Comp (China)* 2,360 2,360 0.00 bank could take more steps to stimulate the economy, and after news outlets reported that EuropeanKOSPI (South Korea) 1,706 1,769 (3.57) financial ministers were working on a way to coordinate their efforts to support European banks. The DowSTI (Singapore) 2,531 2,621 (3.44) closed with a gain of 153, or 1.4 percent, to 10,809. The Standard and Poors 500 rose 25 points, or 2.2MSCI Emerging Market 332 341 (2.64) percent, to 1,124. Asian stocks are trading mixed amid speculation that Europe will recapitalize its banks to tame the region’sMSCI Frontier Market 471 477 (1.26) debt crisis. Nikkei has slipped into negative (0.9 percent) after opening positive; Strait Times is up 0.8 percent, Kospi is down over a percent.BOND MARKETS 4-Oct 3-Oct Change10yr G-Sec Yield 8.54 8.51 0.03 CORPORATE/ ECONOMY NEWS1yr G-Sec Yield 8.54 8.45 0.09 Hinduja Group flagship company Ashok Leyland reported 17.24% decline in commercial vehicle salesLIBOR (6m) 0.21 0.21 0.00 at 8,576 units in September compared to that in the same month of the previous year.The company hadLIBOR (1m) 0.16 0.16 0.00 sold 10,362 units in the same month of 2010, Ashok Leyland said in a statement. Domestic sales stood atInterbank Call rate 8.25 8.21 0.04 7,456 units in September against 9,512 units in the same month of the previous year, down 21.62%, it added. Exports, however, increased by 31.76% to 1,120 units last month from 850 units in the year-ago period. BSE Turnover Rs Cr(000) Sensex Diversified Essar Group is planning to list its infrastructure business in London next year, a move that 16800 2.6 could raise about Rs 3,700 crore for the Ruias-led conglomerate. Group company Essar Energy got listed 16600 2.5 in London last year, raising 1.3 billion pounds, the largest ever initial public offering by an Indian company in that city. Sources said Essar is mulling the possibility of listing infrastructure business that 16400 2.4 includes ports and shipping assets. The listing, likely to happen next year, is expected to mop up around 16200 2.3 Rs 3,700 crore. 16000 2.2 15800 2.1 Liquor maker Tilaknagar Industries said it had acquired Punjab Expo Breveries for an undisclosed sum. Tilaknagar Industries manufactures Indian Made Foreign Liquor and its products includes Mansion 15600 2.0 House whisky, Senate Royale whisky and Royal Choice whisky. 15400 1.9 28-Sep 29-Sep 30-Sep 3-Oct 4-Oct Close on the heels of acquiring 50% stake in Australias Legacy Iron, state-run iron ore miner NMDC yesterday said it may close three more overseas buys in the current fiscal. Shipping Corporation of India (SCI) has been impacted due to a slowdown attributable to the global NSE Turnover Rs Cr(000) Nifty economic crisis, but it has the financial capacity to overcome the problem, Shipping Secretary K 5050 14 Mohandas said. 5000 12 4950 10 Dishman Pharmaceuticals and Chemicals (DPCL) on Tuesday said its Switzerland-based wholly 4900 88.38 #DIV/0! owned subsidiary, Carbogen Amcis AG, has successfully completed USFDA Pre Approval Inspection 8 4850 (PAI) for a new high potency drug for a US multinational. 6 4800 4750 4 Mozambique gave the green signal on Tuesday to Jindal Steel & Power to build a 2,640 megawatt 2 coal-fired power plant in the northern province of Tete, home to some of the worlds largest untapped 4700 coal reserves. The energy ministry said the plant, estimated to cost $3 billion, would start operating in 4650 0 2015. The power will be sold domestically and to the rest of southern Africa. 28-Sep 29-Sep 30-Sep 3-Oct 4-Oct
  • 2. Oct 5, 2011 Volume: 1 | Issue: 389| November 1, 2010SECTOR 4-Oct 3-Oct % Change CORPORATE NEWSCG 10,533 10,473 0.57% Film exhibitor and distributor PVR said it will invest Rs 100 crore through a mix of internalPOWER 2,080 2,093 -0.59% accruals and debt in the next fiscal to expand its movie screening network across India.REALTY 1,669 1,682 -0.78% The company, which had earmarked Rs 100 crore for this fiscal, said it has invested up toIT 5,154 5,196 -0.81% Rs 40 crore till now. The firm plans to add 60 screens during 2012-13.HC 5,767 5,832 -1.10% -1.19% Breakfast cereal maker Bagrrys said it is looking at acquiring companies or brands worthTECk 3,178 3,216 up to Rs 50 crore as it plans to enter new categories like natural food. TheCD 6,178 6,258 -1.28% company, which is gearing up to enter packaged Indian breakfast range, also said it willFMCG 3,800 3,852 -1.34% invest Rs 15 crore on expanding the production capacity, which includes setting up a newMETAL 10,399 10,556 -1.48% plant, and marketing activities. It is also looking at expanding its portfolio by introducingOIL&GAS 8,282 8,428 -1.74% a range of packaged Indian breakfast food in the next six months. The firm sells fourPSU 7,208 7,338 -1.77% products in the breakfast cereal category - oats, muesli, wheat bran and cornflakes.AUTO 8,301 8,465 -1.94%BANKEX 10,219 10,545 -3.09% Vowing to restore Oil and Natural Gas Corps (ONGC) lost glory, the state-owned firms new boss Sudhir Vasudeva today said development of new oil and gas fields will be put on the fast-track to raise sagging output and regain the status of the worlds numero uno oil explorer. Indias National Aluminium Company Ltd (Nalco) signed an agreement for setting up a half-a-million tonnes per annum aluminium smelter and a 1,250-MW coal-based powerBSE Upper Circuit Breakers plant in Indonesias East Kalimantan province at an investment of $4.5 billion.Company Name 4-Oct 3-Oct % ChangeAsian Star 958 912 5.00 DLF Foundation, the corporate social responsibility arm of the countrys largest realtyGK Consultants 17.9 17.0 5.00 firm DLF, said it will invest Rs 200 crore to establish 250 centres for skill training of oneINTEGRA IND 178.5 170.0 5.00 million unemployed youth. These centres would come up under flagship programme DLF LIFE (Learning Initiatives For Employment). The first centre was inaugurated at Okhla, inIOL Netcom 6.1 5.8 5.00 0 the national capital, yesterday.Sharp Trading 241.5 230.0 5.00 Moodys Investors Service has downgraded State Bank of Indias (SBI) bank financial strength rating based on the banking entitys capital situation and deteriorating asset quality. According to a release, Moodys has downgraded SBIs financial strength rating (BFSR), or stand-alone rating, to D+ from C-. The revised rating maps to a baseline credit assessment (BCA) of Baa3.BSE Lower Circuit BreakersCompany Name 4-Oct 3-Oct % Change Reliance Retail is in talks with international frozen food retailer Dairy Queen Inc, owned by Warren Buffetts Berkshire Hathway, for a joint venture in India, a newspaper reported.Firstobject Tech 54.20 57 (5.00)Gemini Comm 22.8 24.0 (5.00) SpiceJet promoter Kalanidhi Maran may take even more stake in the company, if flightsSAH Petroleums 28.5 30.0 (5.00) between tier-2 cities such as Bhopal, Indore, Lucknow and Jaipur turn viable for the low-Swiss Glasscoat 33.3 35.0 (5.00) cost carrier. The company’s shareholders recently okayed a move to raise Maran’s stakeJOSTS ENGINEERING CO 405.7 427.0 (5.00) from 38 per cent to 43 per cent. Direct-to-home (DTH) services provider, Dish TV India Limited, will be offering 19 regional channels, across news, entertainment, movies and music genres, in Andhra Pradesh from Tuesday. Karuturi Global Limited, the Bangalore-based publicly-held agri-commodities player, has said it has incurred a loss of $15 million due to flash floods in Ethiopia.COMMODITY 4-Oct 3-Oct % Change COMMODITY / CURRENCY NEWSBrent Crude Oil (USD/bbl) 100 101 (1.38)Gold (Rs/10gm) 26,030 26,500 (1.77) Brent Crude Oil ended down by 1.38% at $100 per barrel. Gold ended lower by 1.77% at Rs 26,030 and Silver closed down by 3.78% at Rs 50,100.Silver (Rs/kg) 50,100 52,070 (3.78)CURRENCY 4-Oct 3-Oct % Change The Indian Rupee closed lower against the dollar at Rs 49.40 as the Indian equityINR / USD 49.40 49.19 0.43 benchmarks ended on a negative note.USD / Euro 1.31 1.33 (1.50)Yen / USD 76.81 76.86 (0.07)
  • 3. Oct 5, 2011 Volume: 1 | Issue: 389| November 1, 2010FUTURES PREMIUM/DISC Cash Futures P/D% ECONOMY / POLICY / GLOBAL NEWSGITANJALI 343.9 353.0 2.65 India Inc raised over $3.7 billion from overseas markets in August through externalPATNI 270.1 274.2 1.54 commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs). AroundADANIENT 506.0 512.7 1.32 70 companies raised over $2.68 billion for various projects through the automaticFEDERALBNK 357.0 361.0 1.11 route, which does not require RBIs or the government approval. Another $1.02 billionGLAXO 2104.0 2,127.0 1.09 were raised through the approval route, according to latest Reserve Bank data.TATACOMM 183.6 185.4 0.98ABAN 348.0 331.0 (4.89) Indian insurance companies will spend $1.8 billion (approximately Rs 9,000 crore) on ITBHUSANSTL 326.8 313.0 (4.22) products and services in 2012, an increase of 11.7% over 2011 revenue of $1.6S&P500 1184.5 1,145.0 (3.33) billion, according to Gartner, Inc. This forecast includes spending by insurers on internalDJIA 11355.0 10,992.5 (3.19) IT (including personnel), hardware, software, external IT services and telecommunications. Telecommunications represents the biggest spendingMOSERBAER 20.9 20.3 (2.87) category, and it is forecast to reach $566 million in 2012, up from $512 million in 2011.DLF 199.7 196.2 (1.75) However, spending on IT services is expected to grow the fastest in 2012, with revenue totaling $447 million in 2012, up 15.8% over 2011 revenue of $386 million, according toINSTITUTIONAL ACTIVITY (Rs Cr) 23-Sep 22-Sep YTD the study.FII Cash Net -1189.5 -1234.5 3,986FII Stock Futures -89.33 -395.85 (329)FII Index Futures -446.8 -1813.5 14,380Mutual Fund 8.6 -41 5,462VALUATIONS P/E P/B DIV YLDBSE 17.7 3.2 1.6NSE 17.6 3.1 1.6BSE500 Mcap/GDP Ratio 0.59 MOVERS & SHAKERS 4.91TOP 5 FRONTLINE GAINERS TOP 5 MIDCAP GAINERS TOP 5 SMALLCAP GAINERS Name Rs % Name Rs % Name Rs %Maruti Suzuki 1106.55 2.73 Patni Computer 287.4 4.57 PSL 63.3 7.20L&T 1337 1.42 Himadri Chem 49.6 2.69 PRADIPOVERS 64.8 7.02Wipro 334.3 1.00 Wockhardt 400.3 2.68 BS Transcomm 93.0 6.72Tata Steel 397.25 0.65 S Mobility 102.0 2.15 Jagatjit Inds 57.0 6.25BHEL 322.7 0.45 Areva T&D 218.8 1.96 Unisys Soft 68.0 5.92TOP 5 FRONTLINE LOSERS TOP 5 MIDCAP LOSERS TOP 5 SMALLCAP LOSERS Name Rs % Name Rs % Name Rs %Coal India 319.8 -4.98 JUBL FOOD 668.1 -11.39 Electrotherm 127.7 -8.29ICICI Bank 800.7 -4.59 Network18 Media 68.3 -9.30 Zenith Info 165.2 -8.12Tata Motors 147.25 -4.35 PIPAVAVDOC 71.4 -7.21 Lloyds Metals 23.0 -7.82SBI 1786.7 -4.08 Amtek Auto 112.2 -6.97 Karuturi Glob 6.9 -7.63Mahindra & Mahindra 777.9 -3.89 Page Inds 2386.1 -6.03 PVR 116.2 -7.26 BULK DEALSSCRIP NAME CLIENT NAME TYPE QTY % PRICENSEGitanjali Gems Limited JAIWANTI MERCANTILES PRIVATE LIMITED BUY 1.53% 346.3Hexaware Technologies Lim ELDER VENTURE LLP BUY 2.53% 74.7Rushil Decor Limited PRAKASHBHAI ISHWARBHAI RANA BUY 1.27% 185.0Gravita India Limited CROSSEAS CAPITAL SERVICES PVT SELL 0.63% 442.7Savera Industries Ltd MANOJ KUMAR GOEL BUY 1.23% 40.5BSEBeryl Drugs GLOBALWORTH SECURITIES LIMITED BUY 0.80% 12.8Bloom Dekor SUNIL SITARAM GUPTA BUY 1.20% 14.7Eastern Sugar INDO AUSTRO CORPORATION PVT LTD SELL 1.52% 17.3Gemstone Invest KIRAN BHIKU BHANAES BUY 2.50% 8.8Vertex Sec MANISH RAMESHBHAI VYAS SELL 0.63% 206.9