1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Tuesday, May 08, 2012
Domestic Markets Snapshot Views on markets today
Name of Index May 4 May 7 Change (%) • Indian markets snapped three-day losing streak and
closed on positive note yesterday after the Finance
Sensex 16,831.08 16,912.71 0.48%
Minister Pranab Mukherjee told parliament the General
CNX Nifty 5,086.85 5,114.15 0.54%
Anti-Avoidance Rule (GAAR) would be delayed until
BSE Mid-cap 6,100.80 6,132.58 0.52% fiscal 2013/14 and added the burden of proving tax
BSE IT 5,733.26 5,709.56 -0.41% evasion will lie with the authorities rather than with
BSE Banks 11,284.03 11,374.31 0.80% overseas investors. Indian markets opened on
FII Activity (`Cr) negative note tracking a steep global risk-off trade
following elections in Greece and France that sent the
Date Buy Sell Net MSCI index of Asia Pacific shares outside Japan down
4-May 3,503 2,991 513 2%. But the markets recovered and closed positive
3-May 2,365 2,274 91 after the news that the finance minister has deferred
Total May 8,106 7,258 848 the provisions on taxation for foreign investors by a
2012 YTD 244,484 200,176 44310 year. The upward movement was led by buying
activities in capital goods, power, metal and consumer
MF Activity (`Cr) durable stocks while FMCG, oil & gas, IT and pharma
Date Buy Sell Net stocks witnessed some selling pressure. State-run
4-May 472 675 -204 Indian oil companies rallied on hopes for a hike in
3-May 351 585 -234 diesel prices and the slump in Brent crude prices. Gold
jewellery retainer Titan Industries jumped 3.51% after
Total May 1,176 1,676 -501
the Finance Minister Pranab Mukherjee said in
2012 YTD 46,170 52,770 -6601
parliament that the government will withdraw the
Volume & Advances / Declines excise duty on all jewellery effective March 17, the
NSE BSE date it was introduced. Kitchenware maker TTK
Prestige slumped 13.7% after the fourth quarter
Trading Volume (Cr) 72.24 29.47
results announced by the company on Friday missed
Turnover (`Cr) 11,678 2,629
analyst estimates. IRB Infrastructure dropped 7.11%,
Advances 259 1,440 extending a two day slide, after Goldman Sachs
Declines 1,230 1,270 downgraded the stock to "neutral" from "buy."
Unchanged 57 136 • Market breadth was higher at ~1.13x as investors
Total 1,546 2,846 bought large cap stocks. On provisional basis, FIIs sold
Global Markets equity of `6.31bn while domestic institutions bought
equity of `2.74bn in cash segment.
Index Latest Values Change (%)
• Asia stocks rose early Tuesday, staging a partial
DJIA 13,008.53 -0.23%
recovery from sharp previous session losses, in spite
NASDAQ 2,957.76 0.05% of political uncertainties in eurozone.
Nikkei * 9,172.09 0.58%
• Indian markets are expected to post a positive
Hang Seng * 20,602.60 0.32% opening, as global cues are encouraging. Further, the
* as of 8.25AM IST investors may cash in after the government declared
Currencies / Commodities Snapshot that GAAR proposals deferred for 1 year.
Latest Previous Economic and Corporate Developments
Quote Close • India slashed the tax on long-term capital gains for
Indian Rupee per $ 52.91 53.47 private-equity investors to 10% from 20%. India will
Indian Rupee per € 68.95 69.96 also exempt long-term capital gains on the sale of
NYMEX Crude Oil($/bbl) 97.84 97.94 unlisted securities in initial public offerings from tax.
Gold ($/oz) 1,637.90 1,639.10 • The gap between projected demand and supply of coal
Silver ($/oz) 30.01 30.09 has increased to 161.5 MT in 2011-12 from 132.8 MT
in 2010-11.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • Ramky Infrastructure, an integrated infrastructure
Previous Current Change development and management company, has
Company Name
Close(`) Price(`) (%) bagged orders aggregating `1,248.95Cr from across
JSW Steel 668.25 721.30 7.94 the states under the roads, industrial, water and
BHEL 214.10 227.20 6.12 waste water verticals.
Lanco Infra 12.90 13.64 5.74 • Ashok Leyland has invested around $17mn (around
Reliance Power 96.55 101.75 5.39 `90Cr) in its foreign subsidiaries Avia, Optare and AL
BPCL 652.00 684.65 5.01 Bonair. Of this, $10mn is equity in Avia, coming as it
(BSE Mid-Cap) is when the Czech Republic subsidiary has joined
hands with entrepreneurs to launch its models in the
Previous Current Change UK market and is planning to set up an assembling
Company Name
Close(`) Price(`) (%)
facility.
FAG Bearings 1478.40 1599.00 8.16
S Mobility 60.60 65.40 7.92 • Elder Pharmaceuticals is exploring options to sell its
Jet Air India 306.95 328.40 6.99 nutrition products business, two sources with direct
BAJFINANCE 843.85 900.55 6.72 knowledge of the development said. One of the
Lanco Infra 12.90 13.64 5.74
sources said Elder is looking for a valuation of
roughly $60-75mn for the business, which includes
TOP LOSERS about 20 brands, and that discussions are at a very
early stage.
(BSE A-Group)
• The Directorate General of Civil Aviation on Monday
Previous Current Change suspended the operating permit of private helicopter
Company Name
Close(`) Price(`) (%)
firm Global Vectra Helicorp Ltd whose promoter Ravi
TTK Prestige 3508.40 3026.90 -13.72
Rishi is under the CBI scanner in the controversial
IRB Infra 128.75 119.70 -7.03
Tatra truck deal with the Army.
Unitech 24.35 22.90 -5.95
• Tata Motors successfully tested vehicles running on
Central Bank 92.50 88.30 -4.54
compressed air on two of its products.
Allahabad Bank 169.95 162.45 -4.41
US markets
(BSE Mid-Cap)
US stocks ended with modest gains, as investors
Previous Current Change reflected on voting results over the weekend in which
Company Name
Close(`) Price(`) (%)
Greece and France rejected pro-austerity candidates.
TTK Prestige 3508.40 3026.90 -13.72
IRB Infra 128.75 119.70 -7.03 The Dow Jones Industrial Average lost 29.74 points, or
Unitech 24.35 22.90 -5.95 0.2%, at 13,008.53. The S&P 500 Index added 0.48
Himadri Chem 33.00 31.10 -5.76
points, or 0.04%, to 1,369.58. The Nasdaq Composite
Index gained 1.42 points, or 0.1%, to 2,957.76.
MAH HOLIDAY 292.20 276.55 -5.36
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3. K E Y N O T E
INSTIT UT IONAL R ES EAR C H
India and Global Economic Calendar
Countries / Tuesday Wednesday Thursday Friday
Regions 8/May 9/May 10/May 11/May
India Forex Reserves Data
Weekly Supplement
of RBI
Cumulative
Industrial Output,
Industrial Output &
Manufacturing
Output
US NFIB Small Business wholesale Continuing & Initial Producer Price Index
Optimism Index inventories Jobless Claims (YoY)
ICSC-Goldman Store Trade balance Reuters/ Michigan
Sales Consumer
Sentiment Index
Import Price Index
Global UK's RICS Housing Germany trade China Trade Balance China Producer Price
Price Balance balance data Index (YoY) &
Consumer Price
Index (YoY)
Germany's Industrial UK Industrial China Industrial
Production s.a. productions Production (YoY) &
(MoM) Retail Slaes (YoY)
UK Producer Price
Index - Input (YoY &
MoM) n.s.a
UK Producer Price
Index - Output (YoY
& MoM) n.s.a
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