Key points from the document:
1) Indian stock indices fell to their lowest levels in over 3 months as global stocks slumped due to tensions in Korea, concerns over global debt, and fears of sovereign defaults. The Sensex and Nifty closed down 2.7% and 2.8% respectively.
2) Grasim will demerge its cement business into a subsidiary called Samruddhi. Grasim shareholders will receive a 35% stake in Samruddhi.
3) Cadila received a milestone payment of Rs. 47.4 crore from Abbott as part of a strategic alliance to supply 24 branded generic drugs in 15 emerging markets.
The document provides a market outlook and summary of key Indian indices and stocks from May 24, 2010. It includes:
1) A daily analysis of index performance and key stock movements.
2) A outlook for the next day's trading ranges.
3) Summaries of company results and deals, including RIL-ADAG group ending their non-compete agreement, Piramal Healthcare selling their domestic formulation business to Abbott, and results from Great Eastern Shipping, Inox Leisure, ITC, Jyoti Structures, and Sadbhav Engineering.
The key Indian stock indices slumped by around 0.7% as European and US stocks declined. Metal, banking and IT stocks fell the most. Intraday volatility was high as traders rolled over positions. The markets may see further gains if the indices remain above certain support levels, but may correct otherwise. Piramal Healthcare acquired assets from BioSyntech, a medical device company, while Rabobank sold an 11% stake in YES Bank for Rs. 1,000 crore.
The document summarizes key points from Reliance Industries' annual general meeting, including plans to expand refining, petrochemical, and retail operations. RIL announced capacity additions in polyester, new plants for paraxylene and other petrochemical products, and aims to grow retail sales to $10 billion within five years. RIL also discussed priorities in upstream oil and gas exploration and developing a shale gas business, as well as investing in coal, hydro, and nuclear power plants.
The document discusses market performance and outlook for India on July 21, 2010. Key Indian indices closed down 0.3% as markets reversed early gains. The document provides technical analysis targets and support/resistance levels for the indices. It also summarizes recent quarterly results from Automotive Axles and Sesa Goa, and previews results for several other companies. Market volumes and FII flows are also summarized.
The document provides an analysis of the Indian stock market indices on April 29, 2010. It summarizes that the indices witnessed a major fall of 1.8% in line with global markets due to credit rating downgrades in Europe. Most sectors declined, with metals falling the most. Reliance Industries and Tata Steel were among the biggest decliners. The outlook expects further declines if indices trade below certain levels in the first half hour, but sees potential for a rally if they trade above those levels. The document also provides brief summaries of company and market news.
- The key Indian indices (Sensex and Nifty) declined by 0.4% and 0.5% respectively, tracking subdued European markets and concerns over rising food inflation in India.
- Banking, realty and oil & gas stocks led the declines, while HUL, ONGC and ITC gained 1-2%. Midcap stocks like Dalmia Cement rose 5-9% while losses were seen in Blue Star and Indusind Bank.
- The article provides analysis on recent company news and IPOs, and recommends a neutral view on the Ashoka Buildcon IPO and subscribe view on the Tecpro Systems IPO.
- The Ministry of Environment and Forests rejected Vedanta Aluminium's application for Stage-II forest license for its Niyamgiri mining project in Odisha.
- This comes after a government panel recommended rejecting the project as Vedanta violated several laws including the Forest Conservation Act and Forest Rights Act.
- The denial of mining is a setback to Vedanta's expansion plans, but the company may seek other bauxite sources as captive reserves are important.
The key Indian stock market indices edged higher in early trade but then reversed gains and slumped later in the day. The Sensex and Nifty closed down 0.8% and 0.7% respectively due to weak global cues. Tata Motors gained on strong quarterly results while other frontline stocks like Tata Steel and HDFC declined. Midcap stocks like Tata Investment and United Breweries rose over 5% while Educomp and IVRCL Infra lost over 5%. The RBI released a discussion paper proposing higher capital requirements and foreign investment caps for new private banks. Dishman Pharma and Indraprastha Gas are expected to report quarterly growth while results for Ranbaxy, SBI and Tata
The document provides a market outlook and summary of key Indian indices and stocks from May 24, 2010. It includes:
1) A daily analysis of index performance and key stock movements.
2) A outlook for the next day's trading ranges.
3) Summaries of company results and deals, including RIL-ADAG group ending their non-compete agreement, Piramal Healthcare selling their domestic formulation business to Abbott, and results from Great Eastern Shipping, Inox Leisure, ITC, Jyoti Structures, and Sadbhav Engineering.
The key Indian stock indices slumped by around 0.7% as European and US stocks declined. Metal, banking and IT stocks fell the most. Intraday volatility was high as traders rolled over positions. The markets may see further gains if the indices remain above certain support levels, but may correct otherwise. Piramal Healthcare acquired assets from BioSyntech, a medical device company, while Rabobank sold an 11% stake in YES Bank for Rs. 1,000 crore.
The document summarizes key points from Reliance Industries' annual general meeting, including plans to expand refining, petrochemical, and retail operations. RIL announced capacity additions in polyester, new plants for paraxylene and other petrochemical products, and aims to grow retail sales to $10 billion within five years. RIL also discussed priorities in upstream oil and gas exploration and developing a shale gas business, as well as investing in coal, hydro, and nuclear power plants.
The document discusses market performance and outlook for India on July 21, 2010. Key Indian indices closed down 0.3% as markets reversed early gains. The document provides technical analysis targets and support/resistance levels for the indices. It also summarizes recent quarterly results from Automotive Axles and Sesa Goa, and previews results for several other companies. Market volumes and FII flows are also summarized.
The document provides an analysis of the Indian stock market indices on April 29, 2010. It summarizes that the indices witnessed a major fall of 1.8% in line with global markets due to credit rating downgrades in Europe. Most sectors declined, with metals falling the most. Reliance Industries and Tata Steel were among the biggest decliners. The outlook expects further declines if indices trade below certain levels in the first half hour, but sees potential for a rally if they trade above those levels. The document also provides brief summaries of company and market news.
- The key Indian indices (Sensex and Nifty) declined by 0.4% and 0.5% respectively, tracking subdued European markets and concerns over rising food inflation in India.
- Banking, realty and oil & gas stocks led the declines, while HUL, ONGC and ITC gained 1-2%. Midcap stocks like Dalmia Cement rose 5-9% while losses were seen in Blue Star and Indusind Bank.
- The article provides analysis on recent company news and IPOs, and recommends a neutral view on the Ashoka Buildcon IPO and subscribe view on the Tecpro Systems IPO.
- The Ministry of Environment and Forests rejected Vedanta Aluminium's application for Stage-II forest license for its Niyamgiri mining project in Odisha.
- This comes after a government panel recommended rejecting the project as Vedanta violated several laws including the Forest Conservation Act and Forest Rights Act.
- The denial of mining is a setback to Vedanta's expansion plans, but the company may seek other bauxite sources as captive reserves are important.
The key Indian stock market indices edged higher in early trade but then reversed gains and slumped later in the day. The Sensex and Nifty closed down 0.8% and 0.7% respectively due to weak global cues. Tata Motors gained on strong quarterly results while other frontline stocks like Tata Steel and HDFC declined. Midcap stocks like Tata Investment and United Breweries rose over 5% while Educomp and IVRCL Infra lost over 5%. The RBI released a discussion paper proposing higher capital requirements and foreign investment caps for new private banks. Dishman Pharma and Indraprastha Gas are expected to report quarterly growth while results for Ranbaxy, SBI and Tata
- The key Indian stock market indices opened higher but later closed down slightly as profit-taking occurred in the last leg of trading.
- The indices hit intraday highs in early afternoon as Asian stocks and US futures rose, but reversed gains later in the session. Mid-cap and small-cap stocks outperformed frontline indices.
- The document provides analysis of results for Prakash Industries, noting a rise in revenue but dip in margins, and maintains a buy recommendation on the stock.
The document summarizes the performance of Indian stock market indices on June 24, 2010. It notes that market volatility was high as traders rolled over positions in the derivatives segment, though the market recovered from an initial slide and closed marginally higher. Several indices such as BSE mid-cap and small-cap closed up 0.8% and 0.7% respectively. Top gainers included Amtek Auto and Anant Raj, while top losers included L&T and Indus Ind. The document provides an outlook for the next day's market and notes recent news about companies such as Sun TV Network and Concor.
The key Indian stock indices declined on October 20, 2010, with the Sensex and Nifty falling 0.9% and 0.8% respectively, as IT stocks weakened due to concerns over Apple's iPad sales. Banking stocks also declined amid volatility. However, mid and small cap indices gained 0.2%. In company news, Larsen & Toubro won a Rs. 1,449 crore order, and HDFC Bank reported a 32.7% rise in Q2 profit in line with estimates.
- The Indian stock market indices declined on June 2, 2010, with the Sensex and Nifty closing down 2.2% and 2.3% respectively, due to weak global cues from a slowdown in Chinese manufacturing growth.
- The report provides analysis of movements in various industry indices and stocks, with some gaining up to 14% while others fell up to 6%.
- United Phosphorus is initiated with a Buy rating based on opportunities for growth in the global $40 billion agricultural chemicals industry as patents expire on large products and the company's attractive valuation compared to peers.
- The key Indian stock indices opened higher but later fell into negative territory as Asian and US stocks declined. However, indices surged to fresh 32-month highs after the RBI signaled it may pause rate hikes. The indices eventually closed lower by 0.4-1.5%.
- The RBI raised its repo and reverse repo rates by 25bps and 50bps respectively, citing concerns over inflation. It maintained its cash reserve ratio at 6%.
- GSM subscriber additions in August reached a strong 13.5 million, with Idea and Airtel adding the most customers. SBI is seeking approval to raise Rs. 20,000 crore for growth via a rights issue or FPO.
The market edged higher in early trade but later declined, with the Sensex and Nifty closing down 0.1%. Mid-cap and small-cap indices closed up slightly. Reliance Industries agreed to pay $1.3 billion for a stake in Pioneer Natural Resources' shale gas assets in Texas. This adds 4.5 trillion cubic feet of gas to RIL's reserves. McNally Bharat Engineering won an order worth Rs41.4 crore from NTPC.
- The key Indian stock indices ended the day with moderate losses of around 0.3% as the markets traded volatile and saw weakness on the back of mixed global cues.
- Among sectoral indices, metals and auto saw the sharpest declines of around 1.5% and 1.3% respectively, while healthcare gained 0.8%.
- In company news, L&T was awarded construction orders totaling Rs. 1,585 crore while Punj Lloyd bagged a Rs. 539 crore pipeline project from GAIL.
The key Indian stock indices turned negative late in the trading session as European stocks gave up gains and US futures fell. Banking, metals, auto and realty stocks reversed early gains. Two Indian companies reported acquisitions in line with their growth strategies, while one company secured an annuity road project. Analyst reviews of company results were provided.
The document provides a market outlook and summary of activity in Indian markets on June 10, 2010. Key points include:
- Domestic indices opened positive on gains in US markets and positive monsoon sentiments but pared gains to close lower. Mid and small cap indices outperformed.
- On sectoral performance, metals, oil and gas and realty saw buying while IT saw declines.
- The Bombay High Court approved the merger of Fem Care Pharma with Dabur India. NMDC's iron ore output was down 36% due to suspension of night freight trains in Chhattisgarh.
The market opened on a firm note on Monday but gains were pared later in the day. The Sensex and Nifty closed with gains of 0.7% and 0.6% respectively, though mid and small cap indices ended lower. Stocks like Wipro, Jaiprakash Associates and Tata Motors gained 3-4% while Hindalco, ACC and Tata Steel lost 1-2%. The report provides technical analysis suggesting the key support and resistance levels for the market and also summarizes some corporate news items including acquisitions by ABB India and HDIL raising funds through a QIP.
The Indian stock market ended the day on a weak note, with the Sensex and Nifty down 1.1%. Mid and small cap indices also closed lower. Select power, FMCG and healthcare stocks gained, while metals, real estate and banking stocks declined. Steel consumption in India rose 9.8% in the first half of the fiscal year. BHEL secured a Rs. 3,700 crore contract to set up a 700 MW power plant in Karnataka. Food inflation dipped marginally but is expected to ease further with the arrival of new crops.
The document provides an analysis of the Indian stock market indices and various company news items from September 9, 2010. It notes that the key indices closed with marginal gains of 0.1% despite weak global cues and volatility in the domestic markets. Specific company news included Sun Pharma receiving a favorable judgment in its tender offer for Taro Pharmaceutical, allowing its offer to proceed, and SpiceJet announcing plans to expand internationally. Sector performances were mixed with IT and real estate reversing losses while autos and capital goods declined.
The key Indian indices surged by around 1.7% after China announced it would allow more flexibility in its currency. Metals and realty stocks rallied. The RBI directed banks to make NPA compromises in a transparent manner and express concerns about differing settlement amounts. Bharti Airtel plans to invest $100 million in expanding its network in Uganda over the next two years following its acquisition of Zain's Africa assets.
The key Indian stock indices slumped over 1% due to weak global markets and concerns over the Greek economic situation. Metal and banking stocks declined, while some IT stocks like Infosys rose slightly. The market breadth turned weak. Mphasis agreed to acquire Fortify Infrastructure Services to enhance its infrastructure business. The government approved the divestment of 10% of its stake in Steel Authority of India Ltd.
The key points from the document are:
1) Indian stock markets opened lower but recovered most losses to end the day with modest gains, as buying was seen in metal and banking stocks.
2) Gateway Distriparks won a tender for a 2.58 hectare plot that will help expand its container handling capacity.
3) The document provides analysis and commentary on recent company news, market trends, and investment recommendations.
The document provides an analysis of the Indian stock market on May 21, 2010. It summarizes that the benchmark indices rebounded after two days of losses but came off highs, and closed up 0.7% and 0.6% respectively. Mid and small cap indices closed down. Oil and gas stocks rose after a gas price increase while telecom stocks were mixed following a 3G spectrum auction. Global indices also declined on the day with Dow Jones down 3.6%. The document then provides commentary on factors that could influence if the market rises or falls that day and lists the top gainers and losers. It also initiates coverage on Elecon Engineering and recommends it as a buy.
The Indian markets opened weak following declines in overnight US and Asian markets, and continued drifting lower through the day. Data showed a slowdown in the Chinese economy stalled recent global market rallies. Most major Indian indices closed down around 1%, though mid and small-cap indices outperformed. Cement companies reported lackluster June dispatch numbers due to weak infrastructure demand and the arrival of the monsoon season. Auto sales numbers for June were also reported.
Marico reported mixed financial results for the second quarter of fiscal year 2011. While overall volume growth was strong at 15%, price cuts taken in core brands constrained top-line growth to 12.5% year-over-year. Earnings grew 14.8% driven by lower taxes and other income, but operating profit rose only 4.5% as gross margins contracted sharply due to rising input costs. The company's international business and hair oils portfolio posted robust growth, but margins are expected to recover only gradually as further price hikes are implemented.
The market indices closed lower, with the Nifty down 2.28% and Sensex down 2.20%. Metals and realty sectors saw the largest losses of around 3-3%. Maruti, Sun Pharma, and Cipla were the top gainers, while JP Associates, Sterlite, and Unitech saw the largest declines of around 5%. The report notes the markets opened lower and momentum moved downward, closing near the day's lows. It expects further declines if indices close below 16540/4960 support levels. Upside bounce to 16690-16743/5013-5029 is also possible.
Career Point Infosystems is one of India's leading tutorial companies providing training for competitive exams. It has seen strong revenue growth in recent years due to rising demand for its services driven by India's demographics and economic development. However, the company's plans to develop an integrated campus facility will negatively impact profitability in the near term. The IPO is recommended for moderate listing gains.
The document provides a summary of India's derivative market activity for March 25, 2010. It notes that open interest for Nifty futures increased by 9.33% while open interest for Minifity futures decreased by 0.28%. Rollover levels for Nifty futures was 52% and for Minifity futures was 44%. The total open interest in the market was Rs1,35,077cr, with stock futures open interest being Rs36,003cr. Top gainers in open interest included MCLEODRUSS, AREVAT&D, and SIEMENS, while top losers included TATACHEM, CROMPGREAV, and LICHSGFIN.
The market indices ended flat, with the Nifty closing at 5366 and Sensex at 17941. Top gainers during the day were RPOWER, RCOM and SUZLON, while top losers were HCLTECH, CIPLA and M&M. Most sectors closed positive with REALTY and POWER gaining over 1% and 0.7% respectively, while IT and AUTO lost around 1%. The document provides analysis of support and resistance levels for the indices and various stocks. It suggests the market may trade with a positive bias if indices remain above key resistance levels.
- The key Indian stock market indices opened higher but later closed down slightly as profit-taking occurred in the last leg of trading.
- The indices hit intraday highs in early afternoon as Asian stocks and US futures rose, but reversed gains later in the session. Mid-cap and small-cap stocks outperformed frontline indices.
- The document provides analysis of results for Prakash Industries, noting a rise in revenue but dip in margins, and maintains a buy recommendation on the stock.
The document summarizes the performance of Indian stock market indices on June 24, 2010. It notes that market volatility was high as traders rolled over positions in the derivatives segment, though the market recovered from an initial slide and closed marginally higher. Several indices such as BSE mid-cap and small-cap closed up 0.8% and 0.7% respectively. Top gainers included Amtek Auto and Anant Raj, while top losers included L&T and Indus Ind. The document provides an outlook for the next day's market and notes recent news about companies such as Sun TV Network and Concor.
The key Indian stock indices declined on October 20, 2010, with the Sensex and Nifty falling 0.9% and 0.8% respectively, as IT stocks weakened due to concerns over Apple's iPad sales. Banking stocks also declined amid volatility. However, mid and small cap indices gained 0.2%. In company news, Larsen & Toubro won a Rs. 1,449 crore order, and HDFC Bank reported a 32.7% rise in Q2 profit in line with estimates.
- The Indian stock market indices declined on June 2, 2010, with the Sensex and Nifty closing down 2.2% and 2.3% respectively, due to weak global cues from a slowdown in Chinese manufacturing growth.
- The report provides analysis of movements in various industry indices and stocks, with some gaining up to 14% while others fell up to 6%.
- United Phosphorus is initiated with a Buy rating based on opportunities for growth in the global $40 billion agricultural chemicals industry as patents expire on large products and the company's attractive valuation compared to peers.
- The key Indian stock indices opened higher but later fell into negative territory as Asian and US stocks declined. However, indices surged to fresh 32-month highs after the RBI signaled it may pause rate hikes. The indices eventually closed lower by 0.4-1.5%.
- The RBI raised its repo and reverse repo rates by 25bps and 50bps respectively, citing concerns over inflation. It maintained its cash reserve ratio at 6%.
- GSM subscriber additions in August reached a strong 13.5 million, with Idea and Airtel adding the most customers. SBI is seeking approval to raise Rs. 20,000 crore for growth via a rights issue or FPO.
The market edged higher in early trade but later declined, with the Sensex and Nifty closing down 0.1%. Mid-cap and small-cap indices closed up slightly. Reliance Industries agreed to pay $1.3 billion for a stake in Pioneer Natural Resources' shale gas assets in Texas. This adds 4.5 trillion cubic feet of gas to RIL's reserves. McNally Bharat Engineering won an order worth Rs41.4 crore from NTPC.
- The key Indian stock indices ended the day with moderate losses of around 0.3% as the markets traded volatile and saw weakness on the back of mixed global cues.
- Among sectoral indices, metals and auto saw the sharpest declines of around 1.5% and 1.3% respectively, while healthcare gained 0.8%.
- In company news, L&T was awarded construction orders totaling Rs. 1,585 crore while Punj Lloyd bagged a Rs. 539 crore pipeline project from GAIL.
The key Indian stock indices turned negative late in the trading session as European stocks gave up gains and US futures fell. Banking, metals, auto and realty stocks reversed early gains. Two Indian companies reported acquisitions in line with their growth strategies, while one company secured an annuity road project. Analyst reviews of company results were provided.
The document provides a market outlook and summary of activity in Indian markets on June 10, 2010. Key points include:
- Domestic indices opened positive on gains in US markets and positive monsoon sentiments but pared gains to close lower. Mid and small cap indices outperformed.
- On sectoral performance, metals, oil and gas and realty saw buying while IT saw declines.
- The Bombay High Court approved the merger of Fem Care Pharma with Dabur India. NMDC's iron ore output was down 36% due to suspension of night freight trains in Chhattisgarh.
The market opened on a firm note on Monday but gains were pared later in the day. The Sensex and Nifty closed with gains of 0.7% and 0.6% respectively, though mid and small cap indices ended lower. Stocks like Wipro, Jaiprakash Associates and Tata Motors gained 3-4% while Hindalco, ACC and Tata Steel lost 1-2%. The report provides technical analysis suggesting the key support and resistance levels for the market and also summarizes some corporate news items including acquisitions by ABB India and HDIL raising funds through a QIP.
The Indian stock market ended the day on a weak note, with the Sensex and Nifty down 1.1%. Mid and small cap indices also closed lower. Select power, FMCG and healthcare stocks gained, while metals, real estate and banking stocks declined. Steel consumption in India rose 9.8% in the first half of the fiscal year. BHEL secured a Rs. 3,700 crore contract to set up a 700 MW power plant in Karnataka. Food inflation dipped marginally but is expected to ease further with the arrival of new crops.
The document provides an analysis of the Indian stock market indices and various company news items from September 9, 2010. It notes that the key indices closed with marginal gains of 0.1% despite weak global cues and volatility in the domestic markets. Specific company news included Sun Pharma receiving a favorable judgment in its tender offer for Taro Pharmaceutical, allowing its offer to proceed, and SpiceJet announcing plans to expand internationally. Sector performances were mixed with IT and real estate reversing losses while autos and capital goods declined.
The key Indian indices surged by around 1.7% after China announced it would allow more flexibility in its currency. Metals and realty stocks rallied. The RBI directed banks to make NPA compromises in a transparent manner and express concerns about differing settlement amounts. Bharti Airtel plans to invest $100 million in expanding its network in Uganda over the next two years following its acquisition of Zain's Africa assets.
The key Indian stock indices slumped over 1% due to weak global markets and concerns over the Greek economic situation. Metal and banking stocks declined, while some IT stocks like Infosys rose slightly. The market breadth turned weak. Mphasis agreed to acquire Fortify Infrastructure Services to enhance its infrastructure business. The government approved the divestment of 10% of its stake in Steel Authority of India Ltd.
The key points from the document are:
1) Indian stock markets opened lower but recovered most losses to end the day with modest gains, as buying was seen in metal and banking stocks.
2) Gateway Distriparks won a tender for a 2.58 hectare plot that will help expand its container handling capacity.
3) The document provides analysis and commentary on recent company news, market trends, and investment recommendations.
The document provides an analysis of the Indian stock market on May 21, 2010. It summarizes that the benchmark indices rebounded after two days of losses but came off highs, and closed up 0.7% and 0.6% respectively. Mid and small cap indices closed down. Oil and gas stocks rose after a gas price increase while telecom stocks were mixed following a 3G spectrum auction. Global indices also declined on the day with Dow Jones down 3.6%. The document then provides commentary on factors that could influence if the market rises or falls that day and lists the top gainers and losers. It also initiates coverage on Elecon Engineering and recommends it as a buy.
The Indian markets opened weak following declines in overnight US and Asian markets, and continued drifting lower through the day. Data showed a slowdown in the Chinese economy stalled recent global market rallies. Most major Indian indices closed down around 1%, though mid and small-cap indices outperformed. Cement companies reported lackluster June dispatch numbers due to weak infrastructure demand and the arrival of the monsoon season. Auto sales numbers for June were also reported.
Marico reported mixed financial results for the second quarter of fiscal year 2011. While overall volume growth was strong at 15%, price cuts taken in core brands constrained top-line growth to 12.5% year-over-year. Earnings grew 14.8% driven by lower taxes and other income, but operating profit rose only 4.5% as gross margins contracted sharply due to rising input costs. The company's international business and hair oils portfolio posted robust growth, but margins are expected to recover only gradually as further price hikes are implemented.
The market indices closed lower, with the Nifty down 2.28% and Sensex down 2.20%. Metals and realty sectors saw the largest losses of around 3-3%. Maruti, Sun Pharma, and Cipla were the top gainers, while JP Associates, Sterlite, and Unitech saw the largest declines of around 5%. The report notes the markets opened lower and momentum moved downward, closing near the day's lows. It expects further declines if indices close below 16540/4960 support levels. Upside bounce to 16690-16743/5013-5029 is also possible.
Career Point Infosystems is one of India's leading tutorial companies providing training for competitive exams. It has seen strong revenue growth in recent years due to rising demand for its services driven by India's demographics and economic development. However, the company's plans to develop an integrated campus facility will negatively impact profitability in the near term. The IPO is recommended for moderate listing gains.
The document provides a summary of India's derivative market activity for March 25, 2010. It notes that open interest for Nifty futures increased by 9.33% while open interest for Minifity futures decreased by 0.28%. Rollover levels for Nifty futures was 52% and for Minifity futures was 44%. The total open interest in the market was Rs1,35,077cr, with stock futures open interest being Rs36,003cr. Top gainers in open interest included MCLEODRUSS, AREVAT&D, and SIEMENS, while top losers included TATACHEM, CROMPGREAV, and LICHSGFIN.
The market indices ended flat, with the Nifty closing at 5366 and Sensex at 17941. Top gainers during the day were RPOWER, RCOM and SUZLON, while top losers were HCLTECH, CIPLA and M&M. Most sectors closed positive with REALTY and POWER gaining over 1% and 0.7% respectively, while IT and AUTO lost around 1%. The document provides analysis of support and resistance levels for the indices and various stocks. It suggests the market may trade with a positive bias if indices remain above key resistance levels.
Balaji Telefilms posted disappointing quarterly results, with its top-line declining 32% year-over-year and 14% quarter-over-quarter due to a decrease in total programming hours as three shows went off air. While average programming rates increased sequentially, the company reported an operating loss for the quarter. Going forward, the company expects financial performance to remain under pressure due to low visibility in its programming slate and reduced programming hours.
Sun Pharmaceuticals reported quarterly results that were below estimates, with net sales of Rs 1,109cr, down 2.2% year-over-year. However, operating margin came in at a healthy 37.7% driven by lower other expenses. Net profit for the quarter was flat year-over-year at Rs 394.3cr. For the full fiscal year, net sales were Rs 4,103cr, down 4% year-over-year, with an operating margin of 33.2% and net profit of Rs 1,351cr, down 25.7% year-over-year. The company has guided for 18-20% revenue growth and operating margins in the historical range for fiscal
The document provides a summary of derivative market activity in India as of September 13, 2010. Key points include:
- Open interest in Nifty and Mini Nifty futures increased between 3-5% as the markets closed at 5640.05.
- Nifty September futures closed at a discount of 8.20 points while October futures closed at a discount of 3.15 points.
- Total open interest in the market was Rs. 1,90,183 crore with stock futures open interest at Rs. 50,452 crore.
- Voltas, Ashok Leyland, and BankIndia saw open interest increases over 15% while Opto Circuits, Ultratech C
- Godrej Consumer Products (GCPL) has acquired the remaining 51% stake in Godrej Sara Lee (GSL) for Rs1,050cr, valuing GSL at Rs2,065cr.
- The acquisition makes GCPL the second largest household insecticide player in Asia (outside Japan) and is expected to help GCPL become one of the strongest performers in the home and personal care space in India.
- The acquisition is priced attractively at 15x FY2010 earnings and 2.1x price-to-sales for GSL and is estimated to be earnings per share accretive for GCPL by 8-10%, despite being funded fully by equity dilution.
The derivative report summarizes developments in the derivatives market in India on April 21, 2010. Open interest in Nifty futures increased by 4.12% while open interest in mini Nifty futures rose by a smaller 0.95%. Several stocks saw significant changes in open interest levels over the past few trading sessions including increases in Glaxo, Canbk, and TCS and decreases in GSPL, Adanient, and Infosystch. The report also provides analysis of specific trades and strategies as well as notes on historical volatility and FII activity in the market.
Rallis India reported a 14.7% increase in revenue to Rs. 368 crore for the second quarter of FY2011, which was below Angel Research's estimate. EBITDA margin was 24.3%, higher than estimated due to lower other expenses. Net profit increased 28.4% to Rs. 59 crore, in line with estimates. Domestic sales grew 18% by volume due to good monsoons. Management expects the domestic agrochemical industry to grow 12-15% for the quarter. Rallis maintained its FY2011-12 estimates of 21% sales and 36% profit CAGR. The stock trades at 15x estimated FY2012 EPS.
Nestle held its first analyst meet in 2010 to discuss first half performance and outlook. Volume growth was strong at 19% driven by 17.9% domestic and 29.3% export growth. However, price hikes were limited affecting margins. Input costs rose 10% hurting margins further. Maggi growth continued at 26% and competition is manageable. Chocolates regained 25% volume growth with portfolio focus. Management expects input costs to moderate and guide for higher capex.
Bosch reported strong financial results for the third quarter of 2010 that were better than expected. Net sales grew 31.9% year-over-year due to recovery in the commercial vehicle cycle and pre-buying before new emission norms. EBITDA margins expanded due to improved operating leverage, despite rising input costs. Net profit grew 21.2% year-over-year, ahead of estimates. The company maintained its Accumulate rating based on anticipated good automotive demand growth and technology-intensive industry position.
Sintex Industries reported strong revenue and profit growth of 29.0% and 54.0% respectively for the second quarter of FY2011, significantly above analyst estimates. Growth was led by the high margin monolithic segment and international subsidiaries. The working capital cycle remained stretched during the quarter due to higher billing from the monolithic segment. Management reiterated its positive outlook for domestic plastic demand and guided potential acquisition in the monolithic segment for the second half of FY2011. Analysts maintain an 'Accumulate' rating on the stock with a revised target price of Rs. 458.
The key Indian stock indices surged for the second straight day due to expectations of strong quarterly results, an upward revision to India's GDP growth forecast, and a cut in stock derivatives margins. The Sensex and Nifty gained around 1%. Mid and small cap stocks also saw gains. Analysts recommend accumulating shares of certain mid-cap steel companies like Prakash Industries and Godawari Power due to their captive mineral assets and attractive valuations. They maintain positive views and buy recommendations on these companies.
Polyplex Corporation reported higher-than-estimated quarterly and annual results. Net sales grew 19.4% year-over-year for the quarter and 9.1% for the full year. Quarterly net profit jumped 50.2% year-over-year due to a substantial increase in other income. For the full year, net profit declined 14.9% but was above estimates. The company trades at a discount to its peers and its Thailand subsidiary, despite an estimated 26% earnings CAGR over the next two years. The analyst maintains a "Buy" rating with a target price of Rs418.
The market indices opened lower due to weak global cues but closed down around 2% each. The top gainers were RCOM up 4.27% and top losers were DLF down 6.25%. Most sectors closed in the red with Metal down 3.99% and Realty down 3.89%. The document provides analysis on the market movement and support and resistance levels for various stocks.
- Alembic reported strong revenue growth of 27.8% YoY driven by its domestic formulation business, which grew 27.3% YoY. However, operating margins remained flat at 11.9% due to higher contribution from the lower margin domestic API business.
- Net profit grew 64.3% YoY to Rs. 22 cr, helped by revenue growth and lower interest costs.
- The analyst maintains a Neutral rating and has valued Alembic on a sum-of-the-parts basis, arriving at a target price of Rs. 74 per share.
- The Indian stock market opened flat but gained momentum and moved into positive territory, though selling pressure limited gains. The Sensex and Nifty closed down 0.3% and 0.2% respectively.
- Mid and small cap indices outperformed, gaining 0.8% and 1.1%. Select frontline stocks like RCOM and M&M rose 2-4% while HDFC and HUL fell 1-3%.
- Axis Bank plans to raise $200 million in commercial paper to fund its overseas branches. GSK Consumer is looking to expand into new food and beverage categories like health foods.
TCS reported strong double-digit revenue growth of 13% quarter-over-quarter for the second quarter of fiscal year 2011. Revenue growth was broad-based across all verticals and services, with discretionary services and infrastructure management seeing particularly robust growth above 15%. Margins also expanded significantly by 86 basis points due to favorable currency movements, productivity gains, and SG&A efficiencies. Hiring continued at a rapid pace, though utilization rates remained high. The company's client base further strengthened with the addition of large clients.
Indian markets opened higher on positive global cues but pared gains later in the day. The Sensex and Nifty ended the day up 0.2% and 0.3% respectively, with mid and small cap indices outperforming. Auto and realty stocks provided support, while IT and metal stocks declined. Tata Motors increased its QIP issue size to raise funds to reduce debt levels. IVRCL bagged construction orders worth Rs. 1,120 crore. Cement dispatches in September were affected by monsoons with most major players reporting lower volumes except JP Associates.
The document provides a market outlook and summary of recent news for India. It discusses volatility in domestic indices, previews upcoming company earnings results, and reviews recent company earnings. Key points covered include the Supreme Court extending a stay on the closure of Sterlite Industries' copper plant, Surya Roshni promoters proposing a warrant conversion triggering an open offer, and earnings results and previews for companies like L&T, Sesa Goa, Rallis India, HDFC Bank, and others.
The key Indian stock market indices closed flat, erasing early gains as European markets turned negative. The mid-cap and small-cap indices gained 0.3% each. Select companies like M&M, Wipro and Bharti Airtel rose up to 1%, while RCOM, Hindalco and ONGC declined 1-3%. Two companies announced news - construction firm CCCL bagged orders worth Rs. 1,218 crore and auto parts maker TACO plans to exit a joint venture to raise funds for parent Tata Motors. The markets may see further gains if indices trade above key support levels in early trade, but may correct if trading below those levels.
The key Indian stock market indices closed flat, erasing early gains as European markets turned negative. The mid-cap and small-cap indices gained 0.3% each. Select companies like M&M, Wipro and Bharti Airtel rose up to 1%, while RCOM, Hindalco and ONGC declined 1-3%. Two companies announced news - construction firm CCCL bagged orders worth Rs. 1,218 crore and auto parts maker TACO plans to exit a joint venture to raise funds for parent Tata Motors. The markets may see further gains if indices trade above key support levels in early trade, but may correct if trading below those levels.
The key Indian stock market indices opened lower taking cues from weak global markets but recovered later in the day. The Sensex and Nifty ended the session up 0.3% each. Several companies are scheduled to announce quarterly results today including Aventis Pharma, Container Corp, Crompton Greaves, HDFC Bank, and Sesa Goa. The report provides expectations for the results and stock price forecasts for some of these companies. It also summarizes recent corporate deals and economic news in India.
The document provides a market outlook and summary of key events from India on May 6, 2010. It includes the following:
1) Domestic indices closed lower as metal stocks fell with slumping metal prices, while banking stocks declined on fears of further monetary tightening.
2) Preliminary discussions were held between Bank of Rajasthan promoters and banks like ICICI and HDFC about a potential merger.
3) Jagran Prakashan acquired the print media business of Mid-Day Multimedia via a share swap deal valued at around Rs. 175 crore.
4) The government agreed to provide additional Rs. 14,000 crore to oil marketing companies to compensate most of their losses
The document provides an analysis of the Indian stock market and various companies. It includes:
1) A summary of the performance of key Indian indices on May 27, 2010, with the Sensex and Nifty closing with gains of 2.3% each.
2) Previews of expected financial results for several companies reporting that day and maintaining ratings on stocks like Mphasis and Cairn India.
3) Reviews of actual 4QFY2010 financial results reported by companies like Bajaj Electricals, BHEL, Cinemax, and Tata Steel.
4) Details of deals like Mahindra & Mahindra's acquisition of a majority stake in electric car company Re
The market indices in India declined slightly on September 23, 2010. The Sensex and Nifty fell by 0.3% each, closing below 20,000 and 6,000 levels respectively, as European stocks also declined. Some frontline stocks like Maruti Suzuki and HDFC gained 1-4% while others like JP Associates and RCOM lost 2-3%. Midcap stocks like JSL Ltd. and Triveni Engg. rose 5-17% but others like Geekay Finance fell 4-5%. The trends for the day will depend on whether the Nifty trades above 5,992 levels in the first half hour.
- The Indian stock market declined on June 30, 2010 as the Sensex and Nifty closed down 1.4% and 1.5% respectively, taking cues from weak Asian markets and concerns about slowing Chinese economic growth.
- Four public sector banks, including SBI, announced their new base lending rates which analysts believe may increase corporate borrowing costs but market competition will ultimately determine effective rates.
- Drug maker Alembic announced plans to separate its pharmaceutical business into a new subsidiary through a demerger of the pharma business.
- The Indian stock market declined on June 30, 2010 as the Sensex and Nifty closed down 1.4% and 1.5% respectively, taking cues from weak Asian markets and concerns about slowing Chinese economic growth.
- Four public sector banks, including SBI, announced their new base lending rates which analysts believe may increase corporate borrowing costs but market competition will ultimately determine effective rates.
- Drug maker Alembic announced plans to separate its pharmaceutical business into a new subsidiary through a demerger of the pharma business.
The key Indian stock market indices surged on the first day of the new financial year, snapping a two-day slide due to broad-based buying. IT stocks rallied after recent declines while banking stocks gained on fresh buying. However, manufacturing growth slowed in the previous month. The Sensex and Nifty ended lower by 0.9% and 0.8% respectively, while mid-cap and small-cap indices closed higher.
- The key Indian stock market indices declined on October 18, 2010, with the Sensex falling 1.8% and the Nifty declining 1.9%. Mid-cap and small-cap indices fell less at 1.2% and 0.7%, respectively.
- Tata Motors' global sales grew 19% in September 2010, led by strong growth in commercial and passenger vehicle sales. Infosys reported a 12.1% rise in quarterly revenue.
- Dr. Reddy's received US FDA approval for its generic version of Prevacid, which it plans to launch shortly. ABG Shipyard won orders worth 370 crore rupees.
The document provides an overview of the Indian stock market indices on August 23, 2010. It reports that the key indices, Sensex and Nifty, closed down 0.3% and 0.2% respectively amid volatility. Most sectoral indices also closed lower, except for oil & gas which rose 0.8%. The document also provides analysis of factors that could influence market movement over the next trading sessions and highlights some top gaining and losing stocks.
The key Indian indices logged gains for the third straight session led by foreign institutional buying and strong quarterly tax payments from companies. The Sensex and Nifty closed with gains of 0.5% each, reaching their highest levels in 32 months, while mid and small cap indices fell 1%. Software shares rose on improving US economic sentiment, while FMCG shares declined on profit taking. The document also provides analysis on Amara Raja Batteries, Orient Green Power's IPO, and market trends for the day.
- The Indian stock market indices opened higher but ended the day lower, with the Sensex and Nifty falling 1% each. Mid-cap and small-cap indices fell less at 0.6% each.
- Consolidated Construction Consortium secured a Rs. 200 crore order from Airports Authority of India. Sadbhav Engineering set a record date of June 17 for its rights issue to raise Rs. 125 crore.
- The report provides analysis of factors impacting the market and recommendations on specific stocks.
The key points from the document are:
1) The Sensex closed slightly lower while mid and small cap indices gained, and state-run banks and capital goods stocks rose while IT and metals declined.
2) The market is expected to continue its upward momentum if the Nifty trades above 6,024 but could see a correction if it falls below that level.
3) News briefs highlighted the government capping fuel subsidies, forecasts of higher GDP growth for India, and corporate news about Hind Copper's share issue.
The key Indian stock market indices opened weak but gained through the day, closing flat, as positive results from State Bank of India helped contain losses. NCC secured several new construction orders worth 673 million rupees. Indraprastha Gas reported quarterly results above expectations for revenue but slightly below for profits due to higher raw material costs. The document provides an analysis of market performance and notable company news and results.
The key Indian stock indices ended lower, extending losses for the second straight day. The BSE Sensex lost 0.4% and the Nifty fell 0.3% while the mid-cap and small-cap indices rose by 0.3% and 0.5% respectively. Bharti Airtel extended its partnership with Ericsson with a $1.3 billion network expansion contract. IRB Infrastructure achieved financial closure for the remaining two of its road projects worth Rs. 775 crores.
The Indian markets are expected to open higher, tracking gains in most Asian markets. Spain has asked for a bailout of up to €100 billion for its banking system. Chinese exports grew more than expected in May. In India, shares extended gains for a fifth session despite weak global cues as major central banks held off on additional stimulus. The key support and resistance levels for the Nifty are 5,023 and 5,114 respectively. L&T has bagged orders worth Rs. 483 crore to build commercial vessels in Qatar. Vedanta Resources has acquired a 24.5% stake in Raykal Aluminium for Rs. 201 crore.
Axis Bank reported a 27.0% year-over-year increase in net profit to Rs. 942 crore for the first quarter of fiscal year 2012, in line with analyst estimates. Business growth momentum slowed as advances declined 7.4% quarter-over-quarter and deposits fell 3.0% quarter-over-quarter, moderating the bank's cash-deposit ratio to 40.5% from 41.1% last quarter. However, asset quality remained healthy with slippage ratio declining to 0.8% and gross and net NPA ratios stable.
1) For 1QFY2012, Electrosteel Castings reported 16.4% sales growth but margins declined due to higher raw material costs. EBITDA fell 18.2% and net profit declined 7.2%.
2) While sales volumes grew, costs increased more due to a rise in raw material costs as a percentage of sales.
3) The company maintains a buy recommendation due to initiatives in steelmaking and backward integration that should lower costs starting in FY2013 and valuation remains attractive.
1) For 1QFY2012, Persistent Systems reported revenues of ₹224 crore, up 5.2% over the previous quarter and 23.6% over the same period last year.
2) EBITDA was ₹40 crore, up 5.3% over the previous quarter but margins declined.
3) PAT was ₹28 crore, down 16.8% over the previous quarter due to higher taxes.
4) Management maintained revenue guidance of 29% growth for FY2012 and expects PAT to remain flat despite higher tax rates.
HT Media reported a 22.7% year-over-year increase in revenue to ₹494 crore for the first quarter of FY2012. Revenue was also up 5.8% quarter-over-quarter. Advertising revenue grew 17% year-over-year, with 18% growth in English and 15% growth in Hindi. Operating profit rose 11.8% year-over-year to ₹87.8 crore due to higher other income and lower tax rates, although operating margins contracted by 174 basis points. The company maintained its Accumulate rating based on expectations of continued revenue growth and margin expansion.
The summary is:
1) The derivative report analyzes the performance of the Nifty futures, options, and key stocks from the previous trading session on July 18, 2011.
2) It provides details on changes in open interest, premium levels, volatility, and turnover for various derivatives contracts.
3) Trading strategies and technical analysis is also given for some stocks along with risk-reward profiles of sample spreads trades for the Nifty.
The market ended lower, with the Sensex and Nifty closing down 0.3%. Mid- and small-cap indices closed higher. Select heavyweights like Hindalco Industries and BHEL gained 1-3%, while TCS and Tata Motors lost 1-2%. In corporate news, Motherson Sumi Systems agreed to acquire an 80% stake in Peguform for €141.5 million. HDFC Bank, Cadila Healthcare, Crompton Greaves, and Ashok Leyland are scheduled to announce their quarterly results. The trend for the day will be decided by whether Nifty trades above or below the levels of 18,533/5,572 in early trade.
- GSM subscriber additions in India continued their declining trend in June 2011, with net additions of 9.6 million, down 10% from the previous month.
- All major operators except BSNL reported a drop in subscriber additions. Bharti and Vodafone each added 2.1 million subscribers.
- The total GSM subscriber base reached 598.8 million in June 2011, with Bharti, Vodafone, Idea and BSNL maintaining their major market shares.
The document provides a technical analysis of the Indian stock market indices Sensex and Nifty for the week of July 16, 2011. It summarizes that the indices declined over 1.5% for the week and are currently trading in a range between 18,326/5496 on the downside and 19,132/5740 on the upside. It notes that a break above or below this range would dictate the direction of the upcoming trend. The analysis also lists pivot levels for 50 Nifty stocks to watch in the coming week.
The document provides a summary of derivative market activity in India for July 18, 2011. Key points include:
- Nifty futures open interest increased 0.67% while Mini Nifty increased 3.48% as the market closed at 5581.10
- Nifty July futures closed at a premium of 5.85 points and August futures at a premium of 22.60 points
- Implied volatility of at-the-money options decreased from 18% to 17.3%
- Total open interest in the market was Rs. 135,158 crore with stock futures open interest at Rs. 34,675 crore.
The indices opened flat but traded choppily throughout the day. Metal, auto and realty stocks declined while IT stocks gained. The indices are currently trading in a range between 18,326-18,810/5496-5653 on the downside and 19,132-19,094/5740-5700 on the upside. A break above these resistance levels could lead to further gains while a break below support could result in losses extending to 17,805-17,950/5350-5400. Pivot levels for 50 Nifty stocks are provided.
- The key Indian stock indices declined slightly, with the Sensex and Nifty closing down 0.3%.
- GSM subscriber additions in India continued their declining trend in June across most major operators such as Idea, Bharti Airtel, and Vodafone. Total GSM subscriber addition was 9.6 million, down 10% from the previous month.
- Tata Motors reported flat annual global sales growth in June 2011 compared to the previous year.
- South Indian Bank reported a 41.2% year-over-year increase in net profit to Rs. 82 crores for the first quarter of fiscal year 2012, slightly below analyst estimates.
- Business growth remained strong, with advances growth of 31.2% and deposits growth of 35.5% year-over-year. However, net interest margins compressed by 29 basis points sequentially to 2.8% due to a sharp rise in the bank's cost of deposits.
- Non-interest income was boosted by treasury gains, but fee income growth was modest. Asset quality was stable with gross and net NPAs rising marginally, and provision coverage at a comfortable 73.1%.
Bajaj Auto reported marginally lower-than-expected results for the first quarter of fiscal year 2012, with net sales growth of 22.8% year-over-year driven by a 17.7% increase in volumes. However, operating margins contracted by 145 basis points quarter-over-quarter to 19.1% due to a 150 basis point increase in raw material costs. As a result, net profit grew by 20.5% year-over-year to ₹711 crore, which was slightly below analyst estimates. Going forward, the analyst expects further margin pressure and has revised downward its earnings estimates for fiscal years 2012 and 2013 to factor in higher raw material costs and changes to export incentives.
1) Tata Consultancy Services (TCS) reported strong results for the first quarter of fiscal year 2012, outperforming expectations with revenue growth of 6.3% over the previous quarter and 31.4% over the same quarter of the previous fiscal year.
2) A key highlight was 7.4% quarter-over-quarter growth in business volumes. While profit margins declined due to wage hikes, net profit remained flat due to foreign exchange gains.
3) Management maintained a positive outlook, highlighting strong demand environment and deal pipeline, and expects pricing increases later in the fiscal year.
The document summarizes the Indian stock market outlook and performance on July 15, 2011. It reports that domestic indices closed with modest gains of 0.1-0.4%, while global indices declined. Wholesale price inflation in India rose to 9.44% in June 2011, above estimates and persisting above 9% for seven months, driven by increases in primary articles and fuel costs. Key benchmark levels are identified for determining if the market may continue rallying or correct in the near term.
The summary is:
1) The derivative report analyzes the movement in Nifty futures, options, and individual stocks between July 14-15, 2011.
2) Nifty futures open interest decreased while mini Nifty open interest increased as the market closed at 5599.80.
3) Implied volatility of at-the-money options increased from 17.6% to 18%.
The Sensex and Nifty indices opened lower and traded with volatility, closing marginally lower. On the sectoral front, Realty, Banks and Healthcare gained while IT and FMCG fell. The advance-decline ratio favored advancing stocks. On the daily chart, prices tested but did not close above the downward gap area of 18,679-18,589/5,601-5,580 levels. Immediate resistance is seen at 18,735/5,633, while 18,449/5,541 is crucial support.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and cut the target price to INR 3,200 due to macro concerns and muted guidance.
This document summarizes a derivative report from India Research dated July 13, 2011. Some key points:
- The Nifty futures open interest increased 0.51% while Minifty futures open interest rose 8.2% as the market closed at 5526.15.
- Implied volatility of at-the-money options increased from 18% to 19.75%. PCR-OI decreased from 1.20 to 1.15.
- Total open interest of the market is Rs. 125,816 crore and stock futures open interest is Rs. 33,500 crore.
- FII were net sellers of Rs. 969 crore in the cash market segment. Put-call
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
1. Market Outlook
India Research
May 26, 2010
Dealer’s Diary Domestic Indices Chg (%) (Pts) (Close)
Key benchmark indices fell to their lowest level in over 3 months as world stocks
BSE Sensex -2.7% (447.1) 16,022
slumped amid tensions in Korea, anxiety over global debt levels and sovereign
default fears. The market opened on a weak note, tracking lower Asian stocks Nifty -2.8% (134.1) 4,944
and extended losses with the Sensex dropping to its lowest level in 3 months in MID CAP -3.0% (200.8) 6,489
mid-morning trade. The market slipped to its fresh 3-month low in early SMALL CAP -3.4% (290.7) 8,176
afternoon trade. The market extended losses in mid-afternoon trade to finally BSE HC -0.9% (46.9) 5,224
close the trade in red. Sensex and Nifty closed down by 2.7% and 2.8%, BSE PSU -2.4% (210.7) 8,603
respectively. BSE mid cap and small cap also ended the trade in red, down 3% BANKEX -2.6% (270.9) 10,066
and 3.4%, respectively. Among the front-liners, only Cipla was up 0.1%, while AUTO -2.5% (185.5) 7,152
Reliance Comm., Hindalco, Tata Motors, Sterlite and Tata Steel were down 4- METAL -5.1% (750.5) 13,972
6%. In the mid-cap segment, GCPL, IL&FS Transport, IGL, Redington India and OIL & GAS -2.6% (253.9) 9,585
Brigade Enterprises were up 2-5%, while Shree Global Tradefin, Rajesh Exports, BSE IT -2.5% (129.1) 4,935
Hotel Leela Venture, REI Six Ten Retail and IVRCL Infra were down 8-14%.
Global Indices Chg (%) (Pts) (Close)
Markets Today Dow Jones -0.2% (22.8) 10,044
The trend deciding level for the day is 16142/4847 levels. If NIFTY trades NASDAQ -0.1% (2.6) 2,211
above this level during the first half-an-hour of trade then we may witness a FTSE -2.5% (129) 4941
further rally up to 16325– 627/4907– 5007 levels. However, if NIFTY trades Nikkei -3.0% (299) 9,460
below 16142/4847 levels for the first half-an-hour of trade then it may correct Hang Seng -3.5% (682.3) 18,986
up to 15840 – 15658/4747 – 4686 levels. Straits Times -2.7% (73.3) 2,651
Shanghai Com -1.9% (50.8) 2,623
Indices S2 S1 R1 R2
SENSEX 15,658 15,840 16,325 16,627 Indian ADRs Chg (%) (Pts) (Close)
NIFTY 4,686 4,747 4,907 5,007 Infosys -0.1% (0.1) $55.6
Wipro -0.0% (0.0) $20.3
News Analysis Satyam 0.6% 0.0 $5.0
Grasim to go ex-Samruddhi today ICICI Bank -0.8% (0.3) $35.1
HDFC Bank -0.6% (0.8) $133.0
Cadila receives milestone payment from Abbott
Marico acquires aesthetic skin care business in Singapore
Advances / Declines BSE NSE
Results Reviews: GIPCL, HUL, JK Tyres, NCC
Advances 433 114
Results Previews: BHEL, Tata Steel Declines 2,396 1,225
Refer detailed news analysis on the following page. Unchanged 52 50
Net Inflows (May 24, 2010)
Rs cr Purch Sales Net MTD YTD Volumes (Rs cr)
FII 2,272 3,183 (911) (9,057) 20,654 BSE 3,606
MFs 1,072 784 288 (498) (7,727) NSE 12,586
FII Derivatives (May 25, 2010)
Open
Rs cr Purch Sales Net
Interest
Index Futures 8,510 9,078 (568) 19,385
Stock Futures 7,774 7,614 159 28,539
Gainers / Losers
Gainers Losers
Price Price
Company Chg (%) Company Chg (%)
(Rs) (Rs)
Godrej Cons 326 4.5 Sesa Goa 310 (8.4)
Sun Pharma 1,589 2.4 IVRCL Infra 145 (8.0)
Piramal Health 500 1.3 WELCORP 215 (7.7)
NHPC 28 0.9 Engineers India 314 (7.1)
Bosch 4,932 0.7 Hindustan Const 102 (7.1)
Please refer to important disclosures at the end of this report Sebi Registration No: INB 0109965391
2. Market Outlook | India Research
Grasim to go ex-Samruddhi today
Grasim had decided to demerge its cement business to its subsidiary, Samruddhi Cement
(Samruddhi), as part of a restructuring plan made in October 2010. As a result of the
demerger, Grasim’s shareholders will directly hold 35% in Samruddhi, while Grasim's
stake would get diluted to 65% in the company. Grasim is set to become ex-Samruddhi
from today, as a result of which every shareholder of Grasim got an additional share
Samruddhi on May 25, 2010. On completion of the demerger, Samruddhi would be listed
on the bourses in June 2010 to provide an exit opportunity to investors, as eventually
Samruddhi would be merged with Ultra Tech, wherein its shareholders will get four shares
of Ultra Tech (face value of Rs10) for every seven shares (face value of Rs5). The merger is
expected to be completed in July 2010. We have valued the company’s 60.3% stake in
Ultra Tech (after the demerger of Samruddhi) at an average EV/tonne of US $105/tonne
and 6.5x FY2012E EV/EBITDA after providing a 20% holding company discount to arrive
at a value of Rs1,569/share. We have valued the VSF business at 4x EV/EBITDA, implying
a P/BV of 1.75x on FY2012E estimates. Our SOTP Target Price for Grasim works out to
Rs2,837, without considering the demerger (Rs2,216 post merger). We maintain an
Accumulate on the stock.
Cadila receives milestone payment from Abbott
Cadila has announced that it has received Rs47.4cr from Abbott as a milestone payment
under the strategic alliance entered between the two companies earlier in May 2010 for
the supply of 24 branded generics products to Abbott for 15 emerging markets. The
agreement also has an option for additional 40 products to be included over the term of
the collaboration. The deal is likely to commercialise in FY2012. We expect the deal to be
positive as it will enable Cadila to leverage its strong product pipeline and manufacturing
capabilities. At Rs605, the stock is trading at 19.7x FY2011E and 15.2x FY2012E earnings.
We recommend Accumulate on the stock with a Target Price of Rs634.
Marico acquires aesthetic skin care business in Singapore
Marico (through Kaya Ltd.) has acquired the aesthetic business of the Singapore-based
Derma Rx Asia Pacific Pte. Ltd. (Derma Rx), through its newly incorporated subsidiary
Derma Rx International Aesthetics Pte. Ltd. The deal includes the acquisition of all IPR’s
relating to Derma Rx’s business and the shares in the wholly owned subsidiaries of Derma
Rx (The DRx Clinic, The DRx Medispa, The DRx Meditech and DRx Research Pte.). Derma
Rx, led by internationally respected Dr. SK Tan, operates three centres in Singapore and
one in Kuala Lumpur. With a customer base of 37,000, Derma Rx has generated a
turnover of Rs50cr in 2009. While the deal size has not been disclosed, the acquisition is
expected to be EPS accretive in the first year of its operations itself. We estimate the deal
size at nearly 1.5-2x sales for Rs75cr-100cr.
We believe the acquisition is in line with Marico’s strategy of growing its Kaya franchise, as
it will provide Kaya with an access to an advanced range of skincare products and strong
sourcing networks, including suppliers of products from developed nations. Moreover,
management has indicated that over time Derma Rx products will be introduced into
Kaya’s range of offerings in India and the Middle East. This will enable Kaya to increase its
revenue share, from sale of products, from the current level of about 13% to over 20%.
Due to lack of financial details, we have not factored this acquisition in our numbers. We
maintain our Neutral rating on the stock
May 26, 2010 2
3. Market Outlook | India Research
Bharti raises Rs8,500cr loan for 3G
Bharti Airtel has raised nearly Rs8,500cr from a consortium of financial institutions,
including SBI, to pay for the 3G mobile spectrum. HDFC and HDFC Bank are the other
banks in the consortium to partly finance the amount that Bharti has to pay to the
government. Bharti won the bids for 13 circles, including Delhi and Mumbai, for
Rs12,295cr. The loan is spread over six years and carries an interest rate in the 8-9%
range, said sources. Increased debt in the books would lead to higher interest outgo in
1QFY2010; however, the full impact would be seen 2QFY2010 onwards. We maintain
Buy with a Target Price of Rs360.
4QFY2010 Result Reviews
GIPCL
GIPCL's net sales declined by 12.4% yoy to Rs254cr, as against our estimates of a 9.8%
yoy increase in top line. The decrease in top line was primarily on account of decreased
fuel prices, which is a pass on. Reduction in fuel prices is attributed to increased gas
availability in the KG Basin. Fuel cost of the company declined by 15.5% yoy to Rs166cr.
However, staff costs and other expenses increased by 16.7% and 22.0%, respectively, on a
yoy basis during the quarter. Operating profits declined by 13.9% on a yoy basis to Rs62cr
on account of increased expenses. The company's bottom line for the quarter stood at
Rs36cr, up 22.8% on a yoy basis and in line with our estimates. We maintain Buy on the
stock with a Target Price of Rs135.
HUL
HUL posted top-line growth of 8.2% yoy to Rs4,316cr (Rs3,988cr) in 4QFY2010, which
was in line with our estimates of 7.3%. Growth was largely driven by volume growth of
11% (low base of 4.5% decline yoy). We note that the price war between P&G and HUL
started only in early February 2010 and the current quarter, hence, it does not reflect the
complete competitive pressure. However, a 4% decline (due to price cuts/promotional
offers largely in the detergents category) dragged topline growth. In terms of segments, the
soaps and detergents (S&D) segment posted a 1.9% yoy decline to Rs1,978cr (Rs2,016cr)
due to price cuts and intense competition in the detergents category. Nevertheless,
management has indicated of positive volume growth in soaps. Amongst other segments,
personal segments posted 18.9% yoy growth, beverages posted 15.3% yoy growth and
foods posted strong yoy growth of 22.7%. Overall FMCG sales grew 7.8%, with 5.5%
growth in HPC and 17.9% growth in the foods business.
At the operating level, HUL posted a weak performance, despite drops in input costs (down
78bp yoy), staff costs (down 36bp yoy) and overheads (down 116bp yoy), largely due to a
significant increase in advertising spends (up 39% yoy in absolute terms, 322bp yoy) due
to intense competitive pressures. Hence, EBITDA for the quarter remained flat at Rs531cr
(Rs527cr).
In terms of reported earnings, HUL posted 47% yoy growth to Rs581cr (Rs395cr), despite
muted top-line growth and margin contraction. This was largely boosted by one-off items
to the tune of Rs196cr, which include profit on sale of long-term investments (Capgemini)
amounting to Rs91cr; reduction in provision for retirement benefits of Rs53cr; and write-
back of provision against advances and diminution in value of investments in Bon Ltd vis-
à-vis loss of Rs107cr yoy due to provision for retirement benefit amounting to Rs60cr and
provision for remediation of site amounting to Rs25cr. However, on a recurring basis, HUL
reported a sharp 23% yoy decline to Rs386cr (Rs502cr) impacted by a 2,035bp yoy spike-
up in tax rate to 32.7% (12.4%) attributed to high extraordinary gains in this quarter and
rise in MAT rate. We maintain our Neutral rating on the stock.
May 26, 2010 3
4. Market Outlook | India Research
JK Tyres
JK Tyres reported its 4QFY2010 results, which were below our expectations. The company
reported net sales of Rs1,044cr, up 22.2%, on back of high base. On the operating profit
margin (OPM) front, the company reported margin of 7.2%, lower than our expectations,
due to higher raw material cost. The company reported net profit of Rs26.8cr, up 96% yoy.
For FY2010, the company recorded net sales of Rs3,678cr, up 3.4% yoy, with OPM of 11%
and net profit of Rs164cr. The stock is under review and the rating would be updated post
the conference call.
Nagarjuna Construction Company
Nagarjuna Construction Company (NCC) posted 4QFY2010 results, which were above
our estimates. The company registered top-line growth of 38.7% to Rs1,523cr against our
expectations of Rs1,355cr. Operating margin for the quarter was reported at 10%, in line
with our estimates. Bottom line reported a 168.6% increase to Rs103cr. The surge in
bottom line came primarily on account of exceptional gains booked by NCC (at Rs49.6cr)
on account of sale of investments in Gautami Power Ltd., excluding which it was in line
with our estimates. The stock is under review.
4QFY2010 Result Previews
BHEL
For 4QFY2010, we expect the company to post sales and net profit of Rs13,367cr and
Rs1,886cr, registering yoy growth of 26.8% and 40.0%, respectively. On the operating
front, the company is expected to register a 491bp expansion in operating margin, which
is expected to be around 21.0%. We remain Neutral on the stock.
Tata Steel
Tata Steel is slated to announce its 4QFY2010 standalone results. The company is
expected to deliver 7.4% yoy growth in its topline to Rs6,976cr. On the operating front, the
company is expected to report a 1,705bp expansion in its operating margin to 39.3%,
primarily on account of higher realisations. Thus, net profit is expected to increase by
113% yoy to Rs1,457cr. We maintain Buy on the stock with a Target Price of Rs697.
Economic and Political News
Finmin rejects DOT’s call to draw landline licence fee
Foreign NBFCs may get back flexibility in setting up arms
Govt. plans to keep deficit targets off FRBM, wants leeway in times of crisis
Corporate News
Hotel Leela plans to raise Rs375cr through FCCB
GMR Infra plans to raise Rs5,000cr to fund its expansion plans
Lupin gets USFDA nod for high blood pressure tablets
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
May 26, 2010 4
5. Market Outlook | India Research
Events for the day
Asian Hotels Results
Bank of India Results
BHEL Results
Godrej Industries Results
Gujarat Alkalies Results
GMDC Results
GNFC Results
HPCL Results
Indian Hotels Results
Mphasis Results
Oil India Ltd Results
REI Agro Results
Tata Steel Results
May 26, 2010 5
6. Market Outlook | India Research
Research Team Tel: 022-4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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