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HC issues notice to Gammon India in Delhi Metro mishap case
The Delhi High Court today issued notice to Gammon India, a contractor in Delhi Metro Rail project, on a petition filed by the family members of victims of the July 12 mishap, seeking compensation.
Justice Rewa Khetrapal directed the company to file its response by August 20 when the matter will be taken up for further hearing.
The Court passed the order on a joint petition filed by family members of four persons who lost their lives in the mishap.
Six persons, including an engineer, were killed and over a dozen others injured when an under-construction over-bridge of the Delhi Metro collapsed on July 12 in south Delhi.
The petitioners pleaded before the court that the family of the deceased should get a compensation of Rs 50 lakh each while injured persons should be given Rs 25 lakh each.
Justice Rewa Khetrapal directed the company to file its response by August 20 when the matter will be taken up for further hearing.
The Court passed the order on a joint petition filed by family members of four persons who lost their lives in the mishap.
Six persons, including an engineer, were killed and over a dozen others injured when an under-construction over-bridge of the Delhi Metro collapsed on July 12 in south Delhi.
The petitioners pleaded before the court that the family of the deceased should get a compensation of Rs 50 lakh each while injured persons should be given Rs 25 lakh each.
CAG pulls up SEBI for Rs 11.5 cr wasteful expenditure
The country's official auditor, CAG, has pulled up the market regulator, SEBI, for awarding database preparation work to NSDL without competitive bidding and before seeking comments from the stakeholders, resulting in wasteful expenditure of Rs 11.54 crore.
"Due to award of the MAPIN database work without competitive bidding and without waiting for the feedback from the market participants...SEBI incurred an unfruitful
expenditure of Rs 11.54 crore," the Comptroller and Auditor
General of India said in its report tabled in the Parliament
today.
On November 20 2003, SEBI had notified setting up of a
Central Database of Securities Market Participants and
Investors Identification Numbers (MAPIN) for the registration of all market participants and investors through allotment of unique identification numbers (UIN) to them.
It involved collection and maintenance of data in respect
of the participants such as demographic details, biometric
impressions and digital photographs.
SEBI awarded the work of MAPIN to the National Securities
Depository Ltd (NSDL) in May 2003 through a Memorandum of
Understanding (MoU) without competitive bidding.
As per the MoU, market participants were required to
deposit registration fees of Rs 300 each with SEBI, which was to be passed on to NSDL at periodic intervals based on the number of cards issued by it.
Four months after awarding the work to NSDL, SEBI asked
the participants for feedback.
"Several representations were received from intermediaries,
market participants, companies etc. expressing apprehensions
about the database," the report said.
The database was launched in November 2003 and till June
2005, only about three lakh MAPIN UINs had been issued
compared to over 70 lakh demat accounts.
SEBI had set up a committee in March 2005 to reexamine the
issues relating to MAPIN which concluded that the present
system should not be continued due to investors' concerns to
fingerprints, multiple IDs, the high cost of obtaining the
UINs and the inadequate reach of the system.
In light of these recommendations, in July 2005, SEBI
suspended all fresh registrations and the requirement of UIN
under the MAPIN regulations and made a total payment of Rs
11.54 crore from the participants to NSDL.
"Due to award of the MAPIN database work without competitive bidding and without waiting for the feedback from the market participants...SEBI incurred an unfruitful
expenditure of Rs 11.54 crore," the Comptroller and Auditor
General of India said in its report tabled in the Parliament
today.
On November 20 2003, SEBI had notified setting up of a
Central Database of Securities Market Participants and
Investors Identification Numbers (MAPIN) for the registration of all market participants and investors through allotment of unique identification numbers (UIN) to them.
It involved collection and maintenance of data in respect
of the participants such as demographic details, biometric
impressions and digital photographs.
SEBI awarded the work of MAPIN to the National Securities
Depository Ltd (NSDL) in May 2003 through a Memorandum of
Understanding (MoU) without competitive bidding.
As per the MoU, market participants were required to
deposit registration fees of Rs 300 each with SEBI, which was to be passed on to NSDL at periodic intervals based on the number of cards issued by it.
Four months after awarding the work to NSDL, SEBI asked
the participants for feedback.
"Several representations were received from intermediaries,
market participants, companies etc. expressing apprehensions
about the database," the report said.
The database was launched in November 2003 and till June
2005, only about three lakh MAPIN UINs had been issued
compared to over 70 lakh demat accounts.
SEBI had set up a committee in March 2005 to reexamine the
issues relating to MAPIN which concluded that the present
system should not be continued due to investors' concerns to
fingerprints, multiple IDs, the high cost of obtaining the
UINs and the inadequate reach of the system.
In light of these recommendations, in July 2005, SEBI
suspended all fresh registrations and the requirement of UIN
under the MAPIN regulations and made a total payment of Rs
11.54 crore from the participants to NSDL.
ICICI Bank accused for violating RBI guidelines: Pranab
New Delhi: ICICI Bank was twice issued letter of warning or advisory note in last two years for violating Reserve Bank of India guidelines, Lok Sabha was informed Friday.
In 2007-08, ICICI Bank was accused for violating RBI guidelines/directives relating to opening of deposit accounts, which led to a fictitious accounts being opened by fraudsters at the bank’s Patna branch.
The bank was issued ‘Advisory Note’ in December 2007 and a letter of warning in April 2008 for its irregular dealings in securities in Hong Kong, finance minister Pranab Mukherjee said in a written reply.
Besides ICICI Bank, some other banks including Bank of Baroda, Dena Bank, HSBC Bank and Centurion Bank of Punjab Ltd were issued letters of displeasure by the RBI for violating FEMA guidelines or with regard to opening of deposit accounts, the minister said.
In another written reply, he said RBI performs various functions which, inter-alia, include monetary management of the country, management of foreign exchange and domestic debt of the government, regulation and supervision of banks, financial institutions and non-banking finance companies.
These functions are derived from the provisions of various statutes such as the RBI Act, 1934, The Indian Coinage Act, 1906, The Banking Regulation Act, 1949 and others.
Mukherjee said the objective of assigning these responsibilities to RBI is to have a coordinated approach towards orderly growth of banking and other financial services, strengthening financial system of the country, promoting synchronised development and maintenance of foreign exchange market in the country.
He, however, said that “as and when any such issue of conflict of interest come to the fore, appropriate remedial measure is taken to remove the conflict, depending upon the state of preparedness of the system.”
In 2007-08, ICICI Bank was accused for violating RBI guidelines/directives relating to opening of deposit accounts, which led to a fictitious accounts being opened by fraudsters at the bank’s Patna branch.
The bank was issued ‘Advisory Note’ in December 2007 and a letter of warning in April 2008 for its irregular dealings in securities in Hong Kong, finance minister Pranab Mukherjee said in a written reply.
Besides ICICI Bank, some other banks including Bank of Baroda, Dena Bank, HSBC Bank and Centurion Bank of Punjab Ltd were issued letters of displeasure by the RBI for violating FEMA guidelines or with regard to opening of deposit accounts, the minister said.
In another written reply, he said RBI performs various functions which, inter-alia, include monetary management of the country, management of foreign exchange and domestic debt of the government, regulation and supervision of banks, financial institutions and non-banking finance companies.
These functions are derived from the provisions of various statutes such as the RBI Act, 1934, The Indian Coinage Act, 1906, The Banking Regulation Act, 1949 and others.
Mukherjee said the objective of assigning these responsibilities to RBI is to have a coordinated approach towards orderly growth of banking and other financial services, strengthening financial system of the country, promoting synchronised development and maintenance of foreign exchange market in the country.
He, however, said that “as and when any such issue of conflict of interest come to the fore, appropriate remedial measure is taken to remove the conflict, depending upon the state of preparedness of the system.”
No plans to change NIF guidelines: Finmin
Ruling out any plans to restructure the National Investment Fund (NIF), the government today said the proceeds from disinvestment of the NHPC and Oil India (OIL) will be credited to the NIF.
"The process of initial public offerings in NHPC and Oil India are already in progress. The receipts from the disinvestment would be channelised into NIF," Minister of State for Finance S S Palanimanickam said in a written reply in the Lok Sabha.
The IPOs of the NHPC and OIL were expected to hit the capital market in August and September respectively, while the disinvestment of other PSUs would be decided on a case by case basis.
Asked whether the government was proposing to amend the NIF guidelines, the Minister in a separate reply said, "no".
Under the existing guidelines, the disinvestment proceeds are deposited in the NIF, which is managed by three public sector mutual funds — UTI Asset Management Company, SBI Funds Management and LIC Mutual Fund Asset Management Company.
The NIF currently has a corpus of Rs 1,815 crore. It generated an income of Rs 85 crore in the first year, Palanimanickam said.
"The process of initial public offerings in NHPC and Oil India are already in progress. The receipts from the disinvestment would be channelised into NIF," Minister of State for Finance S S Palanimanickam said in a written reply in the Lok Sabha.
The IPOs of the NHPC and OIL were expected to hit the capital market in August and September respectively, while the disinvestment of other PSUs would be decided on a case by case basis.
Asked whether the government was proposing to amend the NIF guidelines, the Minister in a separate reply said, "no".
Under the existing guidelines, the disinvestment proceeds are deposited in the NIF, which is managed by three public sector mutual funds — UTI Asset Management Company, SBI Funds Management and LIC Mutual Fund Asset Management Company.
The NIF currently has a corpus of Rs 1,815 crore. It generated an income of Rs 85 crore in the first year, Palanimanickam said.
Obama stokes racial passions, police anger
BOSTON (Reuters) - President Barack Obama plunged his presidency into a charged racial debate and set off a firestorm with police officers nationwide by siding with a prominent black scholar who accuses police of racism.
Saying he was unaware of "all the facts" but that police in Cambridge, Massachusetts, "acted stupidly" in their arrest of Harvard's Henry Louis Gates, Obama whipped up emotions on both sides of an issue that threatens to open old wounds.
"The President has alienated public safety officers across the country by his comments," said David Holway, president of the International Brotherhood of Police Officers, which represents 15,000 public security officials.
In a letter to Obama, he sought an apology. "You not only used poor judgment in your choice of words, you indicted all members of the Cambridge police department and public safety officers across the country."
Obama's comments, made at a news conference on Wednesday evening, marked his biggest foray into the hot-button issue of race since taking office in January and underline how racial issues remain very much alive despite advances embodied by his election as the first black U.S. president.
"Unfortunately, the racial divide is still there. It's still very raw. I think he was trying to let the majority of non-minority Americans have a sense of what it is like to a black or Latino," said Boston University professor of politics Thomas Whalen.
CROSSED A LINE?
But many in Massachusetts said he crossed a line by passing judgment on police while acknowledging he did not have all the facts. Online polls in Massachusetts show strong support for the white arresting officer. A police union and his department's chief also came out strongly in his defense.
"Based on what I have seen and heard from the other officers, he maintained a professional decorum during the course of the entire situation," Cambridge Police Department Commissioner Robert Haas told a news conference.
Obama's comment stunned his policemen, Haas added. "They were very much deflated," he said. "It deeply hurts the pride of this agency." He is forming a panel to review the arrest.
Others questioned whether Obama should have so strongly backed Gates, a friend for many years, over the police without knowing fully what took place.
"He should steer clear of it if he doesn't know all the facts," said Patricia Lynch, 49, a consultant and graduate of Harvard's Kennedy School of Government, as she emerged from a Boston cafe. "For any specific case, you have to go only by the facts of that particular case."
Gates, 58, director of Harvard's W.E.B. Du Bois Institute for African & African American Research, is a potent cultural force, listed as one of Time magazine's "25 Most Influential Americans" in 1997 and friend of talk-show star Oprah Winfrey.
His arrest on the porch of his home on Thursday prompted a moment of national soul-searching, but the facts of the case are far from clear. Gates says the incident underlines the persistence of stereotyping, or racial profiling, even in liberal America.
Police say Gates was arrested for disorderly conduct, accusing him of being uncooperative, refusing to initially provide identification and "exhibiting loud and tumultuous behavior" by repeatedly shouting at a policeman in front of people gathered on the street in front of his house.
The incident began when a woman caller reported a man trying to force his way into a home. Gates said he was unable to enter his damaged front door after returning from a week in China. His home had been broken into while he was away, Haas said. Sgt. James Crowley arrived to investigate.
The charge was dropped on Tuesday but Gates is demanding an apology from Crowley, who has refused, saying he did nothing wrong. Gates has threatened to sue the police.
"I support the president to a point," Crowley, who taught a police academy class on racial profiling, said after Obama's comment. "I think it's disappointing that he waded into what should be a local issue," he added on WEEI radio.
Obama commented on the issue again on Thursday, telling ABC News he was "surprised by the controversy surrounding" his remark. "I think it was a pretty straightforward commentary that you probably don't need to handcuff a guy, a middle-aged man who uses a cane, who's in his own home," Obama said.
"I think that I have extraordinary respect for the difficulties of the job that police officers do," Obama said. "And my suspicion is that words were exchanged between the police officer and Mr. Gates and that everybody should have just settled down and cooler heads should have prevailed. That's my suspicion."
Saying he was unaware of "all the facts" but that police in Cambridge, Massachusetts, "acted stupidly" in their arrest of Harvard's Henry Louis Gates, Obama whipped up emotions on both sides of an issue that threatens to open old wounds.
"The President has alienated public safety officers across the country by his comments," said David Holway, president of the International Brotherhood of Police Officers, which represents 15,000 public security officials.
In a letter to Obama, he sought an apology. "You not only used poor judgment in your choice of words, you indicted all members of the Cambridge police department and public safety officers across the country."
Obama's comments, made at a news conference on Wednesday evening, marked his biggest foray into the hot-button issue of race since taking office in January and underline how racial issues remain very much alive despite advances embodied by his election as the first black U.S. president.
"Unfortunately, the racial divide is still there. It's still very raw. I think he was trying to let the majority of non-minority Americans have a sense of what it is like to a black or Latino," said Boston University professor of politics Thomas Whalen.
CROSSED A LINE?
But many in Massachusetts said he crossed a line by passing judgment on police while acknowledging he did not have all the facts. Online polls in Massachusetts show strong support for the white arresting officer. A police union and his department's chief also came out strongly in his defense.
"Based on what I have seen and heard from the other officers, he maintained a professional decorum during the course of the entire situation," Cambridge Police Department Commissioner Robert Haas told a news conference.
Obama's comment stunned his policemen, Haas added. "They were very much deflated," he said. "It deeply hurts the pride of this agency." He is forming a panel to review the arrest.
Others questioned whether Obama should have so strongly backed Gates, a friend for many years, over the police without knowing fully what took place.
"He should steer clear of it if he doesn't know all the facts," said Patricia Lynch, 49, a consultant and graduate of Harvard's Kennedy School of Government, as she emerged from a Boston cafe. "For any specific case, you have to go only by the facts of that particular case."
Gates, 58, director of Harvard's W.E.B. Du Bois Institute for African & African American Research, is a potent cultural force, listed as one of Time magazine's "25 Most Influential Americans" in 1997 and friend of talk-show star Oprah Winfrey.
His arrest on the porch of his home on Thursday prompted a moment of national soul-searching, but the facts of the case are far from clear. Gates says the incident underlines the persistence of stereotyping, or racial profiling, even in liberal America.
Police say Gates was arrested for disorderly conduct, accusing him of being uncooperative, refusing to initially provide identification and "exhibiting loud and tumultuous behavior" by repeatedly shouting at a policeman in front of people gathered on the street in front of his house.
The incident began when a woman caller reported a man trying to force his way into a home. Gates said he was unable to enter his damaged front door after returning from a week in China. His home had been broken into while he was away, Haas said. Sgt. James Crowley arrived to investigate.
The charge was dropped on Tuesday but Gates is demanding an apology from Crowley, who has refused, saying he did nothing wrong. Gates has threatened to sue the police.
"I support the president to a point," Crowley, who taught a police academy class on racial profiling, said after Obama's comment. "I think it's disappointing that he waded into what should be a local issue," he added on WEEI radio.
Obama commented on the issue again on Thursday, telling ABC News he was "surprised by the controversy surrounding" his remark. "I think it was a pretty straightforward commentary that you probably don't need to handcuff a guy, a middle-aged man who uses a cane, who's in his own home," Obama said.
"I think that I have extraordinary respect for the difficulties of the job that police officers do," Obama said. "And my suspicion is that words were exchanged between the police officer and Mr. Gates and that everybody should have just settled down and cooler heads should have prevailed. That's my suspicion."
Rediff.com moves HC over obscenity charge
Search engine's director moves HC over obscenity charge
A director of the Web site 'Rediff.com' has moved the Bombay High Court, seeking to quash a criminal complaint which alleges that the Web site, through the search engine linked to it, disseminates obscene material.
The lower court had issued process against Rediff and its directors in this case, despite experts' report that for a search engine, it would be impossible to censor results of any search.
The High Court is scheduled to hear the case after two weeks.
Petitioner Mr Sunil N Phatarphekar is one of the non-executive directors of Rediff.
One Abhinav Bhatt, a law student based in Pune, filed a complaint with the magistrate's court in June 2000, saying that Rediff has committed offence under section 292 of IPC (selling, distributing obscene material).
His contention was that if one was to type words such as ‘sexual intercourse’ in the search window on rediff's home-page, it threw up links of pornographic Web sites.
The judicial magistrate in Pune sought opinion of Videsh Sanchar Nigam Ltd's (VSNL) internet experts in this case.
According to the petitioner, the VSNL's report clearly said that Rediff itself did not host any pornographic material. - PTI
Prev: United Breweries June quarter net up 57% at Rs 35 cr
A director of the Web site 'Rediff.com' has moved the Bombay High Court, seeking to quash a criminal complaint which alleges that the Web site, through the search engine linked to it, disseminates obscene material.
The lower court had issued process against Rediff and its directors in this case, despite experts' report that for a search engine, it would be impossible to censor results of any search.
The High Court is scheduled to hear the case after two weeks.
Petitioner Mr Sunil N Phatarphekar is one of the non-executive directors of Rediff.
One Abhinav Bhatt, a law student based in Pune, filed a complaint with the magistrate's court in June 2000, saying that Rediff has committed offence under section 292 of IPC (selling, distributing obscene material).
His contention was that if one was to type words such as ‘sexual intercourse’ in the search window on rediff's home-page, it threw up links of pornographic Web sites.
The judicial magistrate in Pune sought opinion of Videsh Sanchar Nigam Ltd's (VSNL) internet experts in this case.
According to the petitioner, the VSNL's report clearly said that Rediff itself did not host any pornographic material. - PTI
Prev: United Breweries June quarter net up 57% at Rs 35 cr
Mkts see second weekly gain; auto, realty, metal, IT rally
The benchmark indices ended higher and continued their run-up for the second straight day. Huge upsurge in auto, realty and metal stocks helped the Nifty to end the week above the 4550 level. Power, telecom, technology and capital goods stocks were the other gainers. The markets rallied for the second straight week post the budget week.
Over 2-2.5% surge in US markets late Thursday night due to good earnings and economic data, more than 0.5% upside in European markets and 0.4-2% gains in Asian markets also helped our markets to remain on the higher side in the second half of the trade. They were volatile in the first half of the trade.
The 30-share BSE Sensex closed 15,378.96, up 147.92 points or 0.97% and the 50-share NSE Nifty rose 0.99% or 44.80 points, to settle at 4568.55. The former index gained 4.3% and later one up 4.43% this week. The broader indices outperformed the benchmark indices; the BSE Midcap went up 1.7% and Smallcap Index gained 1.8%.
Technical Analyst, Rajat K Bose said the chances were that next target for the Nifty would be 4,609 and after that it would be 4,641 to about 4,654. "I think the Nifty is actually moving into the higher trajectory in which we will conquer that 4,650 kind of level from there to about 4,680 and once we get a close above 4,680 you will see real upward momentum ushering in"
Auto space was the real star of the day led by Maruti Suzuki, which has seen an all-time high of 1,397.50. It closed at 1,377.85, up 6.35% on the BSE. The company reported strong growth in Q1FY10 numbers on Thursday. The auto space continued its run-up for the second day and the index gained 5.14%.
Bharat Forge surged 14.06%. The company bagged USD 25 million order from General Motors. Chairman and Managing Director, Baba Kalyani said 2011 would see real impact of the GM order. Its Q1FY10 net sales increased 23% on QoQ basis.
Amtek Auto, Tata Motors, MRF, Ashok Leyland and Exide Industries were up 6-11%. Hero Honda, M&M, Bosch, Cummins and Bajaj Auto were up 1-4%
On the earnings front, Amit Dalal, Amit Nalin Securities said the results have been definitely better-than-expected in many segments - for instance, in banking, in auto definitely, cement. "It is a very creditable thing for our companies that we have done better. Secondly, there have been huge cost savings exercises, which have started paying off and are visible in the bottomline, which also was not taken into account by analysts."
Bharti Airtel went ex-split today. The company split the face value from Rs 10 to Rs 5 a share. It has gone into non-delivery period and would be out on July 31. The stock was up nearly 2%.
Anus Laboratories stock has gone ex-bonus with ratio of 1:1 (the company issued one share for every one share held). The stock shot up 19.7%.
All the BSE sectoral indices ended in the green barring the Bankex. The BSE Realty Index surged 4.3%, as Parsvnath, DLF, Omaxe, Orbit Corporation, HDIL, Ackruti City and Unitech gained 3-7.9%. Indiabulls Real was up 1.42%.
In the metal space, Tata Steel and Jindal Saw were up nearly 6% each. Hindalco and Sterlite were up 3% each. Jindal Steel, JSW Steel and Gujarat NRE Coke gained 1-2.7%.
Technology stocks like HCL Tech, Mphasis, Infosys, Tech Mahindra and TCS went up 1-4%. Wipro was up 0.69%.
In the telecom space, Idea Cellular surged 4.82% on good numbers for Q1FY10. MTNL, Bharti Airtel and Tata Teleservices were up 1.5-3.7%. Reliance Communication rose 0.58%.
In the power space, Suzlon Energy, Lanco Infratech, Reliance Power, Tata Power and NTPC were up 1.4-7%.
Capital goods stocks like ABB, Punj Lloyd and BHEL gained 1.6-3.4%. L&T was up 0.68%.
In the FMCG space, Godrej Consumer, Nestle, United Spirits, HUL and Britannia were up 2-5.7%. Tata Tea and ITC moved up just 0.7%.
Banking stocks like Union Bank was up 5%. PNB, SBI and ICICI Bank (Q1FY10 numbers to be announced on July 25) lost 1-2.5%. HDFC Bank and Axis Bank fell marginally.
Oil & gas stocks like Cairn India and ONGC went up 3% each. HPCL was up 1.27%.
On the losing side, Reliance Industries, HDFC, SAIL, Sun Pharma, Ambuja Cements and ACC were down 1-2%.
The market breadth was positive; about 1839 shares advanced while 951 shares declined on the BSE. Nearly 375 shares remained unchanged.
Total traded turnover was at Rs 99,910.90 crore as against Rs 1,01,981.66 crore on Thursday. This included Rs 20,496.03 crore from the NSE cash segment, Rs 72,581.23 crore from the NSE F&O and the balance Rs 6,833.64 crore from the BSE cash segment.
Nifty trades above 4550; Maruti at all-time high
At 14:55 hours IST, the markets were trading higher led by buying in metal, auto, technology, power, capital goods, realty and telecom stocks. ONGC was the leading player in the Nifty, rose 3%.
Bharti Airtel went ex-split today. The company split the face value from Rs 10 to Rs 5 a share. It has gone into non-delivery period and will be out on July 31. The stock was up nearly 3%.
Anus Laboratories stock has gone ex-bonus with ratio of 1:1 (the company issued one share for every one share held). The stock shot up 19.7%.
However, Reliance Industries, SBI, HDFC, SAIL, HDFC Bank, Sun Pharma, PNB, ICICI Bank, Ambuja Cements, Cipla, ACC and Siemens were under pressure, which was putting pressure at higher levels.
The Nifty rose 41 points, to 4,565 and the Sensex gained 135 points at 15,366. The broader indices were up 1.6%. About 1768 shares advanced while 1005 shares declined on the BSE. Nearly 392 shares were unchanged.
On the sectoral front, Auto Index surged 4.5%. Realty Index rose 3.5% and Metal up 2.4%. TECk, IT, Capital Goods, Power and FMCG indices were up 1.4-1.9%.
In the auto space, Maruti Suzuki shot up 6% and touched a new 52-week high at Rs 1397.50. Bharat Forge surged 11.24%, as its sales went up 23% on QoQ basis while saw sharp decline on YoY basis.
Tata Motors was up 8.93%. Ashok Leyland, Amtek Auto, Exide Industries, Hero Honda, Escorts, Bosch and M&M were up 2.5-7%.
Metals, auto lead mkts higher; Maruti at all-time high
At 13:45 hours IST - the markets gained strength, after seeing consolidation since early trade. Metal, telecom, capital goods, power, realty, technology and auto stocks were seeing buying interest. ONGC, ICICI Bank and Axis Bank were also supporting the markets. The broader indices extended their gains, up 1.7% each. There was a bit of volatility.
However, Reliance Industries, HDFC, SAIL, SBI, HDFC Bank, PNB, Ambuja Cements and Sun Pharma were losers.
The Nifty surged over 4550 levels and was trading at 4,569, up 46 points. The Sensex rose 147 points, to 15,378. The Nifty July future was trading with 5-8 points premium.
On the sectoral front, Auto, Realty, TECk, IT and Metal indices gained 2-3.4%. Power and Capital Goods indices rose 1.7% each. All sectoral indices were almost in the green.
Maruti Suzuki has touched a 52-week high of Rs 1,371.70. It has touched an intraday high of Rs 1,371.70 and an intraday low of Rs 1,295.
In the laregcaps, Tata Motors was up 7% and Suzlon up 6%. ONGC, Bharti, Infosys, DLF, BHEL, Maruti, Cairn, Tata Steel, Idea and Hero Honda were up 2-4.7%. NTPC and TCS rose 1.5% each.
The market breadth was positive; about 1764 shares advanced while 982 shares declined on the BSE. Nearly 419 shares were unchanged.
Mkts choppy; midcap, smallcap indices outperform
At 12:54 hours IST, the benchmark indices were extremely volatile in trade. Reliance Industries and HDFC lost over 2%. SBI, SAIL, HDFC Bank, PNB, ITC, HUL, Ambuja Cements, Reliance Infrastructure, Siemens, Cipla, Grasim and ACC were the losers among largecaps.
However, buying in auto, metal, realty, technology and telecom stocks was helping the markets. Bharti Airtel shot up 4%; the company reduced its face value to Rs 5 from Rs 10. F&O lot size for the stock now is 500.
The Sensex was up 12 points, to 15,243 and the Nifty rose 5 points, to 4,529. About 824 shares advanced while 389 shares declined on the NSE. The broader indices were up 1% each.
On the sectoral front, the BSE Auto Index rose 2.7%. TECk, Realty, Metal, IT and Capital Goods indices went up 1-1.7%. However, Oil & Gas and Bank indices fell 0.7-1.2%.
In the midcap space, Havells India, Phoenix Mills, Tulip Telecom, TV18 and Amtek Auto were up 6-8%. In the smallcap space, Rico Auto, Shoppers Stop, Whirlpool, Premier and eClerx Services advanced 10-20%.
In the metal space, Jindal Saw, Sterlite, Tata Steel, Hindalco and JSW Steel gained 1-4%. Hindustan Zinc and Jindal Steel gained 0.5% each.
Auto stocks like Tata Motors surged 6.7%. Bharat Forge went up 6%. Maruti Suzuki, Ashok Leyland, Hero Honda and M&M moved up 1-3.7%. Bajaj Auto was up 0.52%.
In the technology space, Tech Mahindra, Infosys and TCS were up 0.9-1.5%. HCL Tech and Wipro were flat. In the realty space, Orbit Corporation, Parsvnath, DLF, HDIL, Omaxe and Unitech gained 1.8-5%.
Telecom stocks like Idea Cellular was up 3%. MTNL and Reliance Communication were up marginally.
However, Union Bank, PNB, Kotak Mahindra, SBI and HDFC Bank slipped 1-4%. ICICI Bank was down just 0.33%.
In the FMCG space, Dabur India, United Breweries and Ruchi Soya declined 1.6-2%. ITC, HUL and Colgate were down 0.4-0.7%.
Mkts consolidate; banks, FMCG, cement dip, auto, metals up
At 11:48 hours IST, the markets were consolidating at current levels after seeing a rally of over 2.5% on Thursday. Realty, auto, metal and technology stocks along with BHEL, Bharti, Idea, ABB and Ranbaxy Labs (the company likely to report good earnings on forex gains) were seeing buying interest.
However, selling in banking, FMCG and cement stocks along with Reliance Communication, SAIL, Reliance Industries, ONGC, Cipla and Siemens capped the gains.
The Sensex was down 27 points, to 15,203 and the Nifty fell 8 points, to 4,515. However, the broader indices were up 0.7% each. The market breadth was positive; about 1591 shares advanced while 1088 shares declined on the BSE. Nearly 486 shares were unchanged.
Satyam, Suzlon Energy, Unitech, DLF, Tata Steel, ICICI Bank and Reliance Industries were the most active shares on the bourses.
Top percentage gainers - Rico Auto, Wendt, Hyderabad Industries, Shoppers Stop, Munjal Auto, GKW and Bhartiya International gained 11-20%.
Top percentage losers - Sarup Tanneries, Alfred Herbert, Sanwaria Agro, Money Matters, Voith Paper, Hitech Plast, Unichem Labs and AI Champdany lost 5-9%.
Mkts volatile with positive bias; auto, telecom, realty up
At 10:30 hours IST, the benchmark indices were trading marginally higher but they were seeing some volatility. FMCG, cement and select oil & gas stocks along with HDFC Bank, HDFC and SAIL were witnessing selling pressure. Reliance Industries was volatile in trade.
However, capital goods, telecom, metal, auto, realty and private power counters were seeing buying interest along with Infosys and TCS.
The Nifty was trading at 4,547, up 23 points and the Sensex rose 82 points, to 15,313. About 807 shares advanced while 276 shares declined on the NSE.
BHEL, Bharti Airtel, Infosys, Sterlite, DLF, Maruti, Idea (good set of numbers), TCS, Tata Steel, Tata Motors and Tata Power were leading counters.
In the midcap space, Havells India, HT Media, Amtek Auto, Gujarat State Petronet (on strong earnings) and KEC International gained 5-9% while Thomas Cook, United Breweries, Novartis India, Madras Cements and Allcargo Global fell 1.5-3%.
In the smallcap space, Rico Auto, Shoppers Stop, Ahmednagar Forgings, MIC Electronics and Vipul were up 9-20% while Panyam Cements, HSIL, Kwality Dairy, Sanwaria Agro and WABCO-TVS slipped 3.5-7%.
Mkts open positive on good global cues; Infy, ICICI Bank up
The markets opened positive on strong global cues especially led by the US markets. The Nifty tested the 4550, but both the indices turned into consolidation, as they rallied smartly on Thursday. Metal, telecom, realty and select infrastructure stocks were the gainers.
At 9:56 am, the Nifty was up 31 points, to 4,555 and the Sensex gained 103 points, at 15,334. The CNX Midcap rose 61 points, to 5,737 and the Nifty Junior went up 81 points, to 8,196. About 600 shares advanced while 73 shares declined on the NSE.
Among the frontliners, Suzlon Energy, Idea Cellular, Nalco, Reliance Power, Unitech, Infosys, ICICI Bank (ahead of numbers on July 25). Bharti Airtel, Tata Steel, Cairn, Jindal Steel & Power, L&T and DLF were the gainers.
Infosys Technologies was trading above Rs 2000 mark.
However, Ambuja Cements was down 3.6%, as its bottomline declined sharply. ONGC was down 1.5% on weak earnings.
ITC, GAIL and HUL were the other losers.
Midcap space:
Bhart Forge slipped 1.5% as its Q1 bottomline as well as topline performance was weak.
GSPL surged 4.5% and PNB Gilts up 8.5% on good Q1 earnings.
Alston Projects was up 2.6%. Mahindra Satyam rose 3.8%. Aban Offshore went up 2.4%. Maytas Infra shot up 5%.
However, Hexaware Tech was down 2.5%.
Global cues:
Asian markets were trading higher. Shanghai, Jakarta and Straits Times were up 1.3% each. Hang Seng, Nikkei and Kospi were up 0.3-0.7%. Taiwan was flat. SGX Nifty was up 0.7%.
US markets rallied on Thursday. The S&P 500 Index closed at 2009 highs and broke past the 960 mark. It was at highest level since November. The Dow Jones closed above 9000 for the first time since Jan 2009. The Nasdaq clocked 12th straight day of gain.
The Dow gained 188.03 points, or 2.1%, to 9,069.29. The S&P 500 index rose 22.22 points, or 2.3%, to 976.29. The Nasdaq Composite Index rose 47.22 points, or 2.5%, to 1,973.60.
Triggers were good results and existing home sales data. Higher home sales offset weak jobless claims data.
Commodity watch:
Reuters CRB gained nearly 2%.
Crude was trading at 3-week highs. It was up 2.7% to $67/bbl level. US fuel demand was down 4.8% (YoY).
Base metals headed for second weekly gain. Copper gained 1% to $5545/tonne.
Sugar was up 2% to 3-year high.
Gold went up over 1 dollar to $954.80/ounce.
Market cues:
-Numbers today: RIL, numbers tomorrow: ICICI Bank
-FIIs net buy USD 30.1 million in equity on July 22
-MFs net sell Rs 284.9 crore in equity on July 22
-NSE F&O Open Int up by Rs 4643 crore at Rs 90697 crore
-FIIs net buy Rs 512 crore in cash markets on July 23 (Prov)
-DIIs net sell Rs 34 crore in cash markets on July 23 (Prov)
-FIIs net buy Rs 292 crore in F&O on July 23
F&O cues:
-Stock Futures add 6 cr shares in Open Int
-Futures Open Int up Rs 3974 crore and Options Open Int up Rs 669 crore
-Nifty July Futures add 8 lakh shares in Open Int
-Nifty Aug Futures add 21 lakh shares in Open Int
-Nifty Jul at 11-point premium, Aug at 12-point premium
-Nifty Open Int PCR at 1.29 versus 1.22
-Nifty Puts add 21 lakh shares in Open Int
-Nifty Calls shed 9 lakh shares in Open Int
-Nifty 4400 Put adds 5 lakh shares in Open Int
-Nifty 4500 Put adds 5 lakh shares in Open Int
-Nifty 4600 Put adds 5 lakh shares in Open Int
-Nifty 4400 Call sheds 5 lakh shares in Open Int
-Nifty 4300 Call sheds 5 lakh shares in Open Int
Over 2-2.5% surge in US markets late Thursday night due to good earnings and economic data, more than 0.5% upside in European markets and 0.4-2% gains in Asian markets also helped our markets to remain on the higher side in the second half of the trade. They were volatile in the first half of the trade.
The 30-share BSE Sensex closed 15,378.96, up 147.92 points or 0.97% and the 50-share NSE Nifty rose 0.99% or 44.80 points, to settle at 4568.55. The former index gained 4.3% and later one up 4.43% this week. The broader indices outperformed the benchmark indices; the BSE Midcap went up 1.7% and Smallcap Index gained 1.8%.
Technical Analyst, Rajat K Bose said the chances were that next target for the Nifty would be 4,609 and after that it would be 4,641 to about 4,654. "I think the Nifty is actually moving into the higher trajectory in which we will conquer that 4,650 kind of level from there to about 4,680 and once we get a close above 4,680 you will see real upward momentum ushering in"
Auto space was the real star of the day led by Maruti Suzuki, which has seen an all-time high of 1,397.50. It closed at 1,377.85, up 6.35% on the BSE. The company reported strong growth in Q1FY10 numbers on Thursday. The auto space continued its run-up for the second day and the index gained 5.14%.
Bharat Forge surged 14.06%. The company bagged USD 25 million order from General Motors. Chairman and Managing Director, Baba Kalyani said 2011 would see real impact of the GM order. Its Q1FY10 net sales increased 23% on QoQ basis.
Amtek Auto, Tata Motors, MRF, Ashok Leyland and Exide Industries were up 6-11%. Hero Honda, M&M, Bosch, Cummins and Bajaj Auto were up 1-4%
On the earnings front, Amit Dalal, Amit Nalin Securities said the results have been definitely better-than-expected in many segments - for instance, in banking, in auto definitely, cement. "It is a very creditable thing for our companies that we have done better. Secondly, there have been huge cost savings exercises, which have started paying off and are visible in the bottomline, which also was not taken into account by analysts."
Bharti Airtel went ex-split today. The company split the face value from Rs 10 to Rs 5 a share. It has gone into non-delivery period and would be out on July 31. The stock was up nearly 2%.
Anus Laboratories stock has gone ex-bonus with ratio of 1:1 (the company issued one share for every one share held). The stock shot up 19.7%.
All the BSE sectoral indices ended in the green barring the Bankex. The BSE Realty Index surged 4.3%, as Parsvnath, DLF, Omaxe, Orbit Corporation, HDIL, Ackruti City and Unitech gained 3-7.9%. Indiabulls Real was up 1.42%.
In the metal space, Tata Steel and Jindal Saw were up nearly 6% each. Hindalco and Sterlite were up 3% each. Jindal Steel, JSW Steel and Gujarat NRE Coke gained 1-2.7%.
Technology stocks like HCL Tech, Mphasis, Infosys, Tech Mahindra and TCS went up 1-4%. Wipro was up 0.69%.
In the telecom space, Idea Cellular surged 4.82% on good numbers for Q1FY10. MTNL, Bharti Airtel and Tata Teleservices were up 1.5-3.7%. Reliance Communication rose 0.58%.
In the power space, Suzlon Energy, Lanco Infratech, Reliance Power, Tata Power and NTPC were up 1.4-7%.
Capital goods stocks like ABB, Punj Lloyd and BHEL gained 1.6-3.4%. L&T was up 0.68%.
In the FMCG space, Godrej Consumer, Nestle, United Spirits, HUL and Britannia were up 2-5.7%. Tata Tea and ITC moved up just 0.7%.
Banking stocks like Union Bank was up 5%. PNB, SBI and ICICI Bank (Q1FY10 numbers to be announced on July 25) lost 1-2.5%. HDFC Bank and Axis Bank fell marginally.
Oil & gas stocks like Cairn India and ONGC went up 3% each. HPCL was up 1.27%.
On the losing side, Reliance Industries, HDFC, SAIL, Sun Pharma, Ambuja Cements and ACC were down 1-2%.
The market breadth was positive; about 1839 shares advanced while 951 shares declined on the BSE. Nearly 375 shares remained unchanged.
Total traded turnover was at Rs 99,910.90 crore as against Rs 1,01,981.66 crore on Thursday. This included Rs 20,496.03 crore from the NSE cash segment, Rs 72,581.23 crore from the NSE F&O and the balance Rs 6,833.64 crore from the BSE cash segment.
Nifty trades above 4550; Maruti at all-time high
At 14:55 hours IST, the markets were trading higher led by buying in metal, auto, technology, power, capital goods, realty and telecom stocks. ONGC was the leading player in the Nifty, rose 3%.
Bharti Airtel went ex-split today. The company split the face value from Rs 10 to Rs 5 a share. It has gone into non-delivery period and will be out on July 31. The stock was up nearly 3%.
Anus Laboratories stock has gone ex-bonus with ratio of 1:1 (the company issued one share for every one share held). The stock shot up 19.7%.
However, Reliance Industries, SBI, HDFC, SAIL, HDFC Bank, Sun Pharma, PNB, ICICI Bank, Ambuja Cements, Cipla, ACC and Siemens were under pressure, which was putting pressure at higher levels.
The Nifty rose 41 points, to 4,565 and the Sensex gained 135 points at 15,366. The broader indices were up 1.6%. About 1768 shares advanced while 1005 shares declined on the BSE. Nearly 392 shares were unchanged.
On the sectoral front, Auto Index surged 4.5%. Realty Index rose 3.5% and Metal up 2.4%. TECk, IT, Capital Goods, Power and FMCG indices were up 1.4-1.9%.
In the auto space, Maruti Suzuki shot up 6% and touched a new 52-week high at Rs 1397.50. Bharat Forge surged 11.24%, as its sales went up 23% on QoQ basis while saw sharp decline on YoY basis.
Tata Motors was up 8.93%. Ashok Leyland, Amtek Auto, Exide Industries, Hero Honda, Escorts, Bosch and M&M were up 2.5-7%.
Metals, auto lead mkts higher; Maruti at all-time high
At 13:45 hours IST - the markets gained strength, after seeing consolidation since early trade. Metal, telecom, capital goods, power, realty, technology and auto stocks were seeing buying interest. ONGC, ICICI Bank and Axis Bank were also supporting the markets. The broader indices extended their gains, up 1.7% each. There was a bit of volatility.
However, Reliance Industries, HDFC, SAIL, SBI, HDFC Bank, PNB, Ambuja Cements and Sun Pharma were losers.
The Nifty surged over 4550 levels and was trading at 4,569, up 46 points. The Sensex rose 147 points, to 15,378. The Nifty July future was trading with 5-8 points premium.
On the sectoral front, Auto, Realty, TECk, IT and Metal indices gained 2-3.4%. Power and Capital Goods indices rose 1.7% each. All sectoral indices were almost in the green.
Maruti Suzuki has touched a 52-week high of Rs 1,371.70. It has touched an intraday high of Rs 1,371.70 and an intraday low of Rs 1,295.
In the laregcaps, Tata Motors was up 7% and Suzlon up 6%. ONGC, Bharti, Infosys, DLF, BHEL, Maruti, Cairn, Tata Steel, Idea and Hero Honda were up 2-4.7%. NTPC and TCS rose 1.5% each.
The market breadth was positive; about 1764 shares advanced while 982 shares declined on the BSE. Nearly 419 shares were unchanged.
Mkts choppy; midcap, smallcap indices outperform
At 12:54 hours IST, the benchmark indices were extremely volatile in trade. Reliance Industries and HDFC lost over 2%. SBI, SAIL, HDFC Bank, PNB, ITC, HUL, Ambuja Cements, Reliance Infrastructure, Siemens, Cipla, Grasim and ACC were the losers among largecaps.
However, buying in auto, metal, realty, technology and telecom stocks was helping the markets. Bharti Airtel shot up 4%; the company reduced its face value to Rs 5 from Rs 10. F&O lot size for the stock now is 500.
The Sensex was up 12 points, to 15,243 and the Nifty rose 5 points, to 4,529. About 824 shares advanced while 389 shares declined on the NSE. The broader indices were up 1% each.
On the sectoral front, the BSE Auto Index rose 2.7%. TECk, Realty, Metal, IT and Capital Goods indices went up 1-1.7%. However, Oil & Gas and Bank indices fell 0.7-1.2%.
In the midcap space, Havells India, Phoenix Mills, Tulip Telecom, TV18 and Amtek Auto were up 6-8%. In the smallcap space, Rico Auto, Shoppers Stop, Whirlpool, Premier and eClerx Services advanced 10-20%.
In the metal space, Jindal Saw, Sterlite, Tata Steel, Hindalco and JSW Steel gained 1-4%. Hindustan Zinc and Jindal Steel gained 0.5% each.
Auto stocks like Tata Motors surged 6.7%. Bharat Forge went up 6%. Maruti Suzuki, Ashok Leyland, Hero Honda and M&M moved up 1-3.7%. Bajaj Auto was up 0.52%.
In the technology space, Tech Mahindra, Infosys and TCS were up 0.9-1.5%. HCL Tech and Wipro were flat. In the realty space, Orbit Corporation, Parsvnath, DLF, HDIL, Omaxe and Unitech gained 1.8-5%.
Telecom stocks like Idea Cellular was up 3%. MTNL and Reliance Communication were up marginally.
However, Union Bank, PNB, Kotak Mahindra, SBI and HDFC Bank slipped 1-4%. ICICI Bank was down just 0.33%.
In the FMCG space, Dabur India, United Breweries and Ruchi Soya declined 1.6-2%. ITC, HUL and Colgate were down 0.4-0.7%.
Mkts consolidate; banks, FMCG, cement dip, auto, metals up
At 11:48 hours IST, the markets were consolidating at current levels after seeing a rally of over 2.5% on Thursday. Realty, auto, metal and technology stocks along with BHEL, Bharti, Idea, ABB and Ranbaxy Labs (the company likely to report good earnings on forex gains) were seeing buying interest.
However, selling in banking, FMCG and cement stocks along with Reliance Communication, SAIL, Reliance Industries, ONGC, Cipla and Siemens capped the gains.
The Sensex was down 27 points, to 15,203 and the Nifty fell 8 points, to 4,515. However, the broader indices were up 0.7% each. The market breadth was positive; about 1591 shares advanced while 1088 shares declined on the BSE. Nearly 486 shares were unchanged.
Satyam, Suzlon Energy, Unitech, DLF, Tata Steel, ICICI Bank and Reliance Industries were the most active shares on the bourses.
Top percentage gainers - Rico Auto, Wendt, Hyderabad Industries, Shoppers Stop, Munjal Auto, GKW and Bhartiya International gained 11-20%.
Top percentage losers - Sarup Tanneries, Alfred Herbert, Sanwaria Agro, Money Matters, Voith Paper, Hitech Plast, Unichem Labs and AI Champdany lost 5-9%.
Mkts volatile with positive bias; auto, telecom, realty up
At 10:30 hours IST, the benchmark indices were trading marginally higher but they were seeing some volatility. FMCG, cement and select oil & gas stocks along with HDFC Bank, HDFC and SAIL were witnessing selling pressure. Reliance Industries was volatile in trade.
However, capital goods, telecom, metal, auto, realty and private power counters were seeing buying interest along with Infosys and TCS.
The Nifty was trading at 4,547, up 23 points and the Sensex rose 82 points, to 15,313. About 807 shares advanced while 276 shares declined on the NSE.
BHEL, Bharti Airtel, Infosys, Sterlite, DLF, Maruti, Idea (good set of numbers), TCS, Tata Steel, Tata Motors and Tata Power were leading counters.
In the midcap space, Havells India, HT Media, Amtek Auto, Gujarat State Petronet (on strong earnings) and KEC International gained 5-9% while Thomas Cook, United Breweries, Novartis India, Madras Cements and Allcargo Global fell 1.5-3%.
In the smallcap space, Rico Auto, Shoppers Stop, Ahmednagar Forgings, MIC Electronics and Vipul were up 9-20% while Panyam Cements, HSIL, Kwality Dairy, Sanwaria Agro and WABCO-TVS slipped 3.5-7%.
Mkts open positive on good global cues; Infy, ICICI Bank up
The markets opened positive on strong global cues especially led by the US markets. The Nifty tested the 4550, but both the indices turned into consolidation, as they rallied smartly on Thursday. Metal, telecom, realty and select infrastructure stocks were the gainers.
At 9:56 am, the Nifty was up 31 points, to 4,555 and the Sensex gained 103 points, at 15,334. The CNX Midcap rose 61 points, to 5,737 and the Nifty Junior went up 81 points, to 8,196. About 600 shares advanced while 73 shares declined on the NSE.
Among the frontliners, Suzlon Energy, Idea Cellular, Nalco, Reliance Power, Unitech, Infosys, ICICI Bank (ahead of numbers on July 25). Bharti Airtel, Tata Steel, Cairn, Jindal Steel & Power, L&T and DLF were the gainers.
Infosys Technologies was trading above Rs 2000 mark.
However, Ambuja Cements was down 3.6%, as its bottomline declined sharply. ONGC was down 1.5% on weak earnings.
ITC, GAIL and HUL were the other losers.
Midcap space:
Bhart Forge slipped 1.5% as its Q1 bottomline as well as topline performance was weak.
GSPL surged 4.5% and PNB Gilts up 8.5% on good Q1 earnings.
Alston Projects was up 2.6%. Mahindra Satyam rose 3.8%. Aban Offshore went up 2.4%. Maytas Infra shot up 5%.
However, Hexaware Tech was down 2.5%.
Global cues:
Asian markets were trading higher. Shanghai, Jakarta and Straits Times were up 1.3% each. Hang Seng, Nikkei and Kospi were up 0.3-0.7%. Taiwan was flat. SGX Nifty was up 0.7%.
US markets rallied on Thursday. The S&P 500 Index closed at 2009 highs and broke past the 960 mark. It was at highest level since November. The Dow Jones closed above 9000 for the first time since Jan 2009. The Nasdaq clocked 12th straight day of gain.
The Dow gained 188.03 points, or 2.1%, to 9,069.29. The S&P 500 index rose 22.22 points, or 2.3%, to 976.29. The Nasdaq Composite Index rose 47.22 points, or 2.5%, to 1,973.60.
Triggers were good results and existing home sales data. Higher home sales offset weak jobless claims data.
Commodity watch:
Reuters CRB gained nearly 2%.
Crude was trading at 3-week highs. It was up 2.7% to $67/bbl level. US fuel demand was down 4.8% (YoY).
Base metals headed for second weekly gain. Copper gained 1% to $5545/tonne.
Sugar was up 2% to 3-year high.
Gold went up over 1 dollar to $954.80/ounce.
Market cues:
-Numbers today: RIL, numbers tomorrow: ICICI Bank
-FIIs net buy USD 30.1 million in equity on July 22
-MFs net sell Rs 284.9 crore in equity on July 22
-NSE F&O Open Int up by Rs 4643 crore at Rs 90697 crore
-FIIs net buy Rs 512 crore in cash markets on July 23 (Prov)
-DIIs net sell Rs 34 crore in cash markets on July 23 (Prov)
-FIIs net buy Rs 292 crore in F&O on July 23
F&O cues:
-Stock Futures add 6 cr shares in Open Int
-Futures Open Int up Rs 3974 crore and Options Open Int up Rs 669 crore
-Nifty July Futures add 8 lakh shares in Open Int
-Nifty Aug Futures add 21 lakh shares in Open Int
-Nifty Jul at 11-point premium, Aug at 12-point premium
-Nifty Open Int PCR at 1.29 versus 1.22
-Nifty Puts add 21 lakh shares in Open Int
-Nifty Calls shed 9 lakh shares in Open Int
-Nifty 4400 Put adds 5 lakh shares in Open Int
-Nifty 4500 Put adds 5 lakh shares in Open Int
-Nifty 4600 Put adds 5 lakh shares in Open Int
-Nifty 4400 Call sheds 5 lakh shares in Open Int
-Nifty 4300 Call sheds 5 lakh shares in Open Int
RIL disappoints street; Q1 net down 11.5% at Rs 3636 cr
Mukesh Ambani's flagship company and index heavyweight, Reliance Industries (RIL) has announced its Q1FY10 numbers. Its standalone net profit declined 11.5% to Rs 3,636 crore from Rs 4,110 crore in the same period of last year.
The company's standalone net sales slipped 22.9% to Rs 32,055 crore versus Rs 41,579 crore, YoY. Its EBITDA (earning before interest, tax, depreciation and amortisation) also fell 3.3% to Rs 5,921 crore from Rs 6,121 crore.
Its sales were marginally lower-than-expected. The bottomline got hit due to higher depreciation and higher tax rate and refining which was a disappointment. Refining operations disappointed the street. However, operating profit margin (OPM) expansion was due to lower other expenses and higher depreciation. A poll suggested the net profit at Rs 3,981.7 crore, net sales at Rs 32,752.7 crore and EBITDA at Rs 6,202.3 crore.
Depreciation was up 41% at Rs 1,628 crore versus Rs 1,151 crore and other expenses were down 37% at Rs 2,080 crore from Rs 3,297 crore.
Tax rate was roughly about 21% of PAT versus about 14% of PAT (profit after tax). The reason might be the hike in MAT (minimum alternate tax).
Operating profit stood at Rs 4,293 crore and standalone Petchem revenues declined 22.4% to Rs 11,540 crore from Rs 14,871 crore.
Standalone refining revenues slipped 22.73% to Rs 25,180 crore as against Rs 32,587 crore, YoY.
Petchem EBIT margin improved to 18% versus 10.6% while refining margin declined to 4.4% from 9.3%.
PBIT (profit before interest and tax) margin improved to 13.2% from 12.3%.
The company reported GRM (gross refining margin) at $7.50 a barrel while street expected at $ 8-8.5 a barrel.
EPS (earning per share) declined to Rs 23.10 versus 28.30.
The company's standalone net sales slipped 22.9% to Rs 32,055 crore versus Rs 41,579 crore, YoY. Its EBITDA (earning before interest, tax, depreciation and amortisation) also fell 3.3% to Rs 5,921 crore from Rs 6,121 crore.
Its sales were marginally lower-than-expected. The bottomline got hit due to higher depreciation and higher tax rate and refining which was a disappointment. Refining operations disappointed the street. However, operating profit margin (OPM) expansion was due to lower other expenses and higher depreciation. A poll suggested the net profit at Rs 3,981.7 crore, net sales at Rs 32,752.7 crore and EBITDA at Rs 6,202.3 crore.
Depreciation was up 41% at Rs 1,628 crore versus Rs 1,151 crore and other expenses were down 37% at Rs 2,080 crore from Rs 3,297 crore.
Tax rate was roughly about 21% of PAT versus about 14% of PAT (profit after tax). The reason might be the hike in MAT (minimum alternate tax).
Operating profit stood at Rs 4,293 crore and standalone Petchem revenues declined 22.4% to Rs 11,540 crore from Rs 14,871 crore.
Standalone refining revenues slipped 22.73% to Rs 25,180 crore as against Rs 32,587 crore, YoY.
Petchem EBIT margin improved to 18% versus 10.6% while refining margin declined to 4.4% from 9.3%.
PBIT (profit before interest and tax) margin improved to 13.2% from 12.3%.
The company reported GRM (gross refining margin) at $7.50 a barrel while street expected at $ 8-8.5 a barrel.
EPS (earning per share) declined to Rs 23.10 versus 28.30.
RIL margins may be under pressure; don't buy: Sanju Verma
Sanju Verma, CEO - Institution Biz, Proactive Universal Group, said even as inventory gains—due to a fall in crude prices in March—may prop up numbers of companies like Reliance Industries and other petchem majors, an investor must wait and watch before buying the stock. The company's EBITDA and refining margins will be under pressure, she said.
"However, it is more about the huge barrage of news that seems to be seeping in every now and then. Their spat with NTPC and RNRL, the fact that at some point there might be a renegotiation of the profit petroleum that they are likely to share with the government," she said.
"However, it is more about the huge barrage of news that seems to be seeping in every now and then. Their spat with NTPC and RNRL, the fact that at some point there might be a renegotiation of the profit petroleum that they are likely to share with the government," she said.
Targeting order book of Rs 20000cr by FY10: HCC
Hindustan Construction Company (HCC) has announced its Q1FY10 numbers. Its net profit declined to Rs 18.2 crore from Rs 30.8 crore year on year.
Its net sales went up at Rs 964.1 crore from Rs 865.9 crore and EBITDA (earning before interest, tax, depreciation and amortisation) margins stood at 12.8%
The company’s CMD Ajit Gulabchand, speaking on the results, said it would be difficult to sustain 30% year-on-year growth. He added that he saw FY10 turnover at Rs 3,500–4500 crore.
“Margins have improved on account of higher contribution from power,” he said, adding that the company was looking to reduce its net working capital by Rs 900 crore.
The company was targeting an order of Rs 20,000 crore by end FY10, Gulabchand said.
Its net sales went up at Rs 964.1 crore from Rs 865.9 crore and EBITDA (earning before interest, tax, depreciation and amortisation) margins stood at 12.8%
The company’s CMD Ajit Gulabchand, speaking on the results, said it would be difficult to sustain 30% year-on-year growth. He added that he saw FY10 turnover at Rs 3,500–4500 crore.
“Margins have improved on account of higher contribution from power,” he said, adding that the company was looking to reduce its net working capital by Rs 900 crore.
The company was targeting an order of Rs 20,000 crore by end FY10, Gulabchand said.
WHO issues notice to Matrix Labs, may suspend products
Some disturbing news for Matrix Laboratories. The World Health Organisation (WHO) is considering suspension of its products at one of its manufacturing facility. It has also issued a Notice of Concern to Matrix Laboratories. The notice was issued following inspections at Vizianagaram manufacturing site.
Speaking on the issue, Vikas Dandekar of pharmasianews.com stated that a WHO inspection has pointed at major deviations from WHO GMP standards at the site.
Speaking on the issue, Vikas Dandekar of pharmasianews.com stated that a WHO inspection has pointed at major deviations from WHO GMP standards at the site.
Global revival slow but India earnings a positive: Baer Cap
The current rally seen in global markets is more liquidity-driven than recovery-driven, Alok Sama, President and Founder of Baer Capital Partners, believes, as a result of which the S&P 500 could go to as much as 1,100. “However, I don’t buy the global recovery story,” Sama said, in an exclusive interview “The de-leveraging taking place in the West will last three-five years,” he added.
Recoverythat for the global economy would be L-shaped or, at best, U-shaped with a long base, Sama said, adding that earnings growth in countries like India remained a positive. “I’m beginning to subscribe to the decoupling theory again. Results like that of Maruti show that,” he said, adding he was positive on infrastructure and power themes in the country
Recoverythat for the global economy would be L-shaped or, at best, U-shaped with a long base, Sama said, adding that earnings growth in countries like India remained a positive. “I’m beginning to subscribe to the decoupling theory again. Results like that of Maruti show that,” he said, adding he was positive on infrastructure and power themes in the country
Mah Satyam back among top-5 IT cos; expert says still cheap
Mahindra Satyam, formerly Satyam Computer Services, continues to shine in the stock market. The stock, which has rallied more than 30% in the last seven days, crossed Rs 100 on July 23, and is now back among the top-five Indian IT companies’ list in terms of market capitalisation (with market cap of about Rs 12,000 crore) after Infosys, TCS, Wipro and HCL Tech.As of today, Mahindra Satyam’s market cap is greater than that of its parent company, Tech Mahindra.
Attributing the recent move up in its stock price to a bridge-up, Sanju Verma, CEO - Institution Biz, Proactive Universal Group, said the stock was still trading at a discount. “A lot of analysts are still not factoring in the 1100-1200 acres of land that Satyam holds. If they assume the company has Rs 300 crore of liabilities outstanding against that, even then, the land is still valued at something like close to Rs 11 per share. If you add this Rs 11 per share to the Rs 7 EPS you are talking of purely on the back of earnings momentum, the stock is still available at dirt cheap multiples,” she said.
In fact, the stock in back in the good books of mutual fund managers.
Mutual funds had invested Rs 90 crore in Mahindra Satyam as on June 30.
Says Madhusudan Kela, Equity Head at Reliance Mutual Fund, "After Mahindra has taken over, the confidence in Satyam has increased and obviously it is not an untouchable story anymore."
Tech Mahindra too has been making all the right noises for its new acquisition. In an AGM on July 23, the company said Mahindra Satyam would see a turnaround in four-five years and that it was looking at making Satyam a global entity competing with the likes of IBM in that time.
This bounceback of the Satyam Mahindra price marks the staging of a classic comeback for what was only a few years ago one of India’s premier IT companies before it was rocked by a multi-thousand crore scam in January this year and was written off a close to dead.
It’s been a roller-coaster journey for Satyam! The stock crashed to an all-time low of Rs 11.5 from Rs 200 levels on that one January day, when its erstwhile chairman, Ramalinga Raju, admitted to inflating the company’s balance sheet for several years. With 50,000 jobs at stake, the government took control of the management and soon initiated a bidding process in which Tech Mahindra emerged as the top bidder for Satyam with bid price of Rs 58/share and picked up controlling stake in the company.
Attributing the recent move up in its stock price to a bridge-up, Sanju Verma, CEO - Institution Biz, Proactive Universal Group, said the stock was still trading at a discount. “A lot of analysts are still not factoring in the 1100-1200 acres of land that Satyam holds. If they assume the company has Rs 300 crore of liabilities outstanding against that, even then, the land is still valued at something like close to Rs 11 per share. If you add this Rs 11 per share to the Rs 7 EPS you are talking of purely on the back of earnings momentum, the stock is still available at dirt cheap multiples,” she said.
In fact, the stock in back in the good books of mutual fund managers.
Mutual funds had invested Rs 90 crore in Mahindra Satyam as on June 30.
Says Madhusudan Kela, Equity Head at Reliance Mutual Fund, "After Mahindra has taken over, the confidence in Satyam has increased and obviously it is not an untouchable story anymore."
Tech Mahindra too has been making all the right noises for its new acquisition. In an AGM on July 23, the company said Mahindra Satyam would see a turnaround in four-five years and that it was looking at making Satyam a global entity competing with the likes of IBM in that time.
This bounceback of the Satyam Mahindra price marks the staging of a classic comeback for what was only a few years ago one of India’s premier IT companies before it was rocked by a multi-thousand crore scam in January this year and was written off a close to dead.
It’s been a roller-coaster journey for Satyam! The stock crashed to an all-time low of Rs 11.5 from Rs 200 levels on that one January day, when its erstwhile chairman, Ramalinga Raju, admitted to inflating the company’s balance sheet for several years. With 50,000 jobs at stake, the government took control of the management and soon initiated a bidding process in which Tech Mahindra emerged as the top bidder for Satyam with bid price of Rs 58/share and picked up controlling stake in the company.
daily calls for 24th july
RESEARCH: MARKET OUTLOOK: The daily historical volatility numbers (HV) of NIFTY has declined by 0.81 percent. The Implied Volatility (IV) of INDEX both call and put options declined to 33.89% and 33.95% respectively. This indicates traders are becoming more bullish and expect option prices to fall, hence being a call buyer may be a better alternative than being a put seller. Technically NIFTY is in bullish trend and the rally may be expected to test to 4910 levels in short term. For the day, NIFTY may open with an upside gap and it can be expected to trade at higher levels. NIFTY has immediate resistance at 4557 and 4601. If NIFTY breaks 4600 levels,it may rally upto 4693 levels. On the downside, the support for NIFTY is seen at 4463 and 4405 levels. Profit booking at higher levels cannot
9:37 AM 7/24 RESEARCH-Global Market (in %): DOW JONES (+2.12%), S&P 500 (+2.33%), NASDAQ (+2.45%), FTSE (+1.47%), DAX (+2.45%), NIKKEI(+0.83%), HANG SENG (+0.35%) & SGX NIFTY (+25 POINTS)
10:58 AM 7/24 RESEARCH: INTRADAY CALL (CASH): BUY SUZLON ABOVE 100.50 TGT 106 SL 99
12:38 PM 7/24 RESEARCH: EUROPEAN MARKET UPDATE : FTSE(-0.03%), DAX (-0.04%), CAC (-0.06%)
1:03 PM 7/24 RESEARCH: INTRADAY CALL (CASH): BUY CAIRN ABOVE 246 TGT 257 SL 241
1:30 PM 7/24 RESEARCH: INTRADAY CALL (FUTURES): BUY NIFTY ABOVE 4550 TGT 4600 SL 4520
2:06 PM 7/24 RESEARCH: INTRADAY CALL (CASH): TATASTEEL TGT ACHIEVED.
(7/24/2009 3:25:22 PM): RESEARCH: INTRADAY CALL (FUTURES): BOOK PROFITS IN NIFTY FUTURES @ 4575
9:37 AM 7/24 RESEARCH-Global Market (in %): DOW JONES (+2.12%), S&P 500 (+2.33%), NASDAQ (+2.45%), FTSE (+1.47%), DAX (+2.45%), NIKKEI(+0.83%), HANG SENG (+0.35%) & SGX NIFTY (+25 POINTS)
10:58 AM 7/24 RESEARCH: INTRADAY CALL (CASH): BUY SUZLON ABOVE 100.50 TGT 106 SL 99
12:38 PM 7/24 RESEARCH: EUROPEAN MARKET UPDATE : FTSE(-0.03%), DAX (-0.04%), CAC (-0.06%)
1:03 PM 7/24 RESEARCH: INTRADAY CALL (CASH): BUY CAIRN ABOVE 246 TGT 257 SL 241
1:30 PM 7/24 RESEARCH: INTRADAY CALL (FUTURES): BUY NIFTY ABOVE 4550 TGT 4600 SL 4520
2:06 PM 7/24 RESEARCH: INTRADAY CALL (CASH): TATASTEEL TGT ACHIEVED.
(7/24/2009 3:25:22 PM): RESEARCH: INTRADAY CALL (FUTURES): BOOK PROFITS IN NIFTY FUTURES @ 4575