Live_wire's Info Thread

[live_wire]

Indian Oil Corporation leads gainers in 'A' group

State-run oil marketing company Indian Oil Corporation surged 10.96% at Rs 384.10 after chairman B.M. Bansal told the media the company is likely to sell shares via the follow on public offer at Rs 450 each. The stock topped the gainers in the BSE's 'A' group.

Bansal added that the follow on share sale was likely to happen in the third or fourth week of January 2011. The offer will comprise of divestment of 10% government equity and 10% issue of fresh capital by the company. The expected sale price of Rs 450 represents a premium of 17.15% over the ruling market price.

Construction company Punj Lloyd soared 10.05% to Rs 108.40. It was the second biggest gainer in 'A' group. Earlier this week, the company said it signed an agreement with Malaysia's Hopetech for providing automated electronic toll collection in India.

Secondary steel maker Bhushan Steel jumped 9.43% to Rs 473.65, in a broad-based rally in metal and mining stocks. The scrip was the third biggest gainer in 'A' group.

Infrastructure developer IVRCL Infrastructures & Projects flared up 9.31% to Rs 130.85. It was the fourth biggest gainer in 'A' group.

Shipbuilding company Pipavav Shipyard rose 8.62% to Rs 79.40. It was the fifth biggest gainer in 'A' group.

 

[principalbhupinder]

Re: Stocks in news: SCI, Patni Comp systems, Infosys...

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[live_wire]

Sensex crosses the psychological level of 20,000

At 11:20 IST, the BSE 30-share Sensex was up 121.18 points or 0.61% to 19971.18. The Sensex rose 234.25 points at the day's high of 20,084.25 in early trade. The index rose 67.77 points at the day's low of 19917.77 in morning trade.

The S&P CNX Nifty was up 37.30 points or 0.63% at 5,998.20. The Nifty hit a high of 6,029.50 in early trade.

The BSE Mid-Cap index rose 1.27% and the BSE Small-Cap index rose 1.62%. Both these indices outperformed the Sensex.

The market breadth, indicating the health of the market, was strong. On BSE, 1899 shares advanced while 694 shares declined. A total of 70 shares remained unchanged.

Among the 30-member Sensex pack, 20 gained while the rest slipped.

NTPC, Tata Power Company, Larsen & Toubro and ITC fell by between 0.76% to 1.34%.

Wipro, Reliance Communications, ONGC and Sterlite Industries rose by between 2.04% to 3.55%.

Index heavyweight Reliance Industries (RIL) rose 0.95% to Rs 999.50. The stock hit a high of Rs 1005.50 and low of Rs 996.15. As per recent reports, the natural gas production from RIL's East Coast block has dropped by about 15% to about 45-46 million standard cubic metres per day (mscmd) from 53-54 mscmd. The production from D-1 and D-3 gas fields in the KG-D6 block has dropped due to reservoir complexities

Hero Honda Motors fell 4.53% and was the top loser form the Sensex pack on reports the Hero Group agreed to increase royalty payments made to Japanese automaker Honda Motor Co. to 8% of overall annual sales in return for a technology makeover and a stake sale. As per reports, the company would make the increased payments until 2014, when the present technology sharing agreement will lapse and be renegotiated. Negotiations are at an advanced stage and a final decision will be made in the next few days, reports suggest.

Software stocks rose on a slew of recent better-than-expected US economic data. US is the key market for Indian IT firms. India's largest software company by sales TCS rose 0.95% after the company said on Thursday it opened a back office services centre in Manila, its first such facility in Southeast Asia. TCS said the centre would help it tap the large pool of skilled talent available in the Philippines, which it said was the second-largest back office services destination in the world after India. Back office services revenue was 11.5% of TCS' total revenue in the year to March 2010, the company said.

India's second largest software company by sales Infosys rose 0.79%. India's third largest software company by sales Wipro rose 2.16%.

Mastek soared 15.52% after the company said its US unit has acquired the assets of SEG Software for an undisclosed amount.

Consumer durables stocks rose on renewed buying. Videocon Industries, Titan Industries Rajesh Exports, Asian Star Company and Gitanjali Gems rose by between 0.13% to 2.96%.

Fertiliser shares rose as good monsoon rains this year may boost fertiliser sales. Nagarjuna Fertiliser & Chemicals, GNFC, GSFC, Rashtriya Chemicals & Fertiliser rose by between 1.79% to 8.95%.

IFCI rose 1.57% after the company picked up an additional 2.02% stake in Tourism Finance Corporation.

Jubilant Life Sciences rose 1.04% after the drugmaker said it spun off its agri and performance polymers businesses into an independent firm to be named Jubilant Industries, effective 15 November 2010.

 

[live_wire]

UltraTech Cement slides on fall in cement sales in November

UltraTech Cement fell 3.63% to Rs 1,104.05 at 11:40 IST after the company's cement shipments declined 9.25% to 2.66 million tonnes in November 2010 over November 2009.

Meanwhile, the BSE Sensex was up 143.47 points, or 0.76%, to 20,001.71.

On BSE, 13,000 shares were traded in the counter compared with average volume of 68,000 shares over the past two weeks.

The stock hit a high of Rs 1,148 and a low of Rs 1,096 so far during the day.

UltraTech Cement's cement production was down 8.16% to 2.67 million tonnes in November 2010 over November 2009.

Cement dispatches for November 2010 were affected due to a decline in construction activities across the country on account of Diwali. Construction activity declines during Diwali every year as construction workers go to their hometown to celebrate the festival, thus leadingto labour shortage.

UltraTech Cement's net profit fell 53.9% to Rs 115.77 crore on 109.3% increase in net sales to Rs 3214.70 crore in Q2 September 2010 over Q2 September 2009.

 

[live_wire]

Market extends initial gains; Metal surges 3%

At 10:20 IST, the BSE 30-share Sensex was up 183.59 points or 0.92% to 20,150.52. The Sensex rose 216.48 points at the day's high of 20,183.41 in morning trade. The index rose 71.32 points at the day's low of 20,038.25 in early trade.

The S&P CNX Nifty was up 54.15 points or 0.9% at 6,046.95.

The market breadth, indicating the health of the market, was strong. On BSE, 1766 shares rose while 560 shares fell. A total of 56 shares remained unchanged.

Among the 30-member Sensex pack, 28 rose while the rest fell.

The BSE Mid-Cap index rose 1.13% and the BSE Small-Cap index rose 1.29%. Both these indices outperformed the Sensex.

Index heavyweight Reliance Industries (RIL) rose 1.46%. As per recent reports, the natural gas production from RIL's East Coast block has dropped by about 15% to about 45-46 million standard cubic metres per day (mscmd) from 53-54 mscmd. The production from D-1 and D-3 gas fields in the KG-D6 block has dropped due to reservoir complexities.

Hero Honda Motors fell 2.23% and was the top loser from the Sensex pack on reports Honda Motor Co. has reached a basic agreement to dissolve its partnership in Hero Honda Motors. Honda will sell its entire stake in the motorcycle maker to the Hero Group's founding family -- the Munjals and investment funds by as early as March 2011, reports suggest.

An agreement whereby Honda provides technical to Hero Honda for development and production will not be renewed once the agreement ends in 2014, reports suggest. Honda and its Indian partner Hero Group will seek approval for the breakup from their respective boards of directors later this month, the report said. Honda will focus its resources on wholly owned subsidiary Honda Motorcycle & Scooter India (HMSI), reports suggest.

Software stocks extended recent gains. India's largest software company by sales TCS rose 0.96%, with the stock gaining for the third straight day. The company announced during market hours on Friday, 3 December 2010 that the Uttar Pradesh state government has selected the company for its State Data Center project.

India's second largest software company by sales Infosys rose 0.93%, with the stock gaining for the fourth straight day. Infosys Technologies is reportedly looking for an acquisition in the legal process outsourcing business and will consider domestic firms with a strong client base or US firms with technologies in the business. India's third largest software company by sales Wipro rose 1.04%, with the stock gaining for the third straight day.

Realty stocks rose shrugged off a hike in lending rates by on hosing loans by ICICI Bank and HDFC. Parsvnath Developers, Anant Raj Industries, HDIL, Indiabulls Real Estate, DLF and Unitech rose by between 1.09% to 2.65%.

Tata Steel rose 3.72% and was the top gainer from the Sensex pack after shares of coking coal miner Riversdale Mining surged in Sydney on Monday after the later said Rio Tinto Group has made a takeover proposal. Riversdale Mining, which is developing coal mines in Africa, said that Rio made an initial A$3.5 billion (US$3.47billion) takeover proposal. Rio offered A$15 per share, Sydney-based Riversdale said today in a statement. Tata Steel is the single largest shareholder in Riversdale, with a 21.15% stake.

R.P.P. Infra Projects was trading at Rs 76.35, a 1.8% premium over the initial public offer price of Rs 75.

 

[live_wire]

Siemens speeds up on new order of worth Rs.127 crore

Siemens jumped 3.02% to Rs 788.60 at 12:01 IST after the company won an order worth Rs 127 crore to install, design and engineer a special electronics package for India's first Formula 1 race track.

The announcement was made during trading hours today, 6 December 2010.

Meanwhile, the BSE Sensex was up 228.63 points, or 1.15%, to 20,195.56.

On BSE, 12,000 shares were traded in the counter compared with average volume of 49,000 shares over the past two weeks.

The stock hit a high of Rs 790 and a low of Rs 770.15 so far during the day.

The order was placed by Jaypee Sports International and will take 10 months to complete, Siemens said in a statement.

Siemens' net profit rose 65.9% to Rs 251.47 crore on 20.9% increase in net sales to Rs 3000.80 crore in Q4 September 2010 over Q4 September 2009.

 

[live_wire]

Sensex closes below the psychological level of 20k

After a sharp rally in the morning trade, bourses close near the base line as profit booking emerges after recent strong gains. Seven out of 13 sectoral Indices on BSE close in the red with Banking sector shedding over 2%. JSW Steel & Tata Motors are amongst the top gainers whereas Canara Bank, OBC, Indian Bank & Bank of India fall.

 

[live_wire]

Market volatile; Banking, Realty, FMCG slide

At 10:20 IST, the BSE 30-share Sensex was down 38.69 points or 0.19% to 19,942.62. The Sensex rose 27.05 points at the day's high of 20,008.36 in early trade. The index fell 96.48 points at the day's low of 19,884.83 in early trade.

The S&P CNX Nifty was down 13.25 points or 0.22% to 5,979. The Nifty hit high of 6,001 in early trade.

The BSE Mid-Cap index fell 0.64% and the BSE Small-Cap index fell 0.84%. Both these indices underperformed the Sensex.

The market breadth, indicating the health of the market, was weak. On BSE, 1,363 shares fell while 711 shares rose. A total of 84 shares remained unchanged.

Among the 30-member Sensex pack, 19 rose while the rest fell. Bharti Airtel, Hindalco Industries, M&M and Hero Honda Motors rose by between 0.94% to 1.84%.

ICICI Bank, State Bank of India and Jaiprakash Associates fell by between 1.87% to 3.44%.

Index heavyweight Reliance Industries (RIL) gained 1.12%, with the stock gaining for the second straight day. The stock shrugged off recent reports that the natural gas production from its East Coast block has dropped by about 15% to about 45-46 million standard cubic metres per day (mscmd) from 53-54 mscmd. The production from D-1 and D-3 gas fields in the KG-D6 block has dropped due to reservoir complexities, reports suggest

India's top small car maker by sales Maruti Suzuki India rose 1.79% on reports rising input costs have forced car companies to hike prices from 1 January 2011, which will help boost sales in December 2010. Customers normally postpone purchases in December every year to get better resale value.

Realty stocks fell as higher interest rates may affect demand for residential and commercial properties. DLF, Indiabulls Real Estate, Unitech, HDIL fell by between 0.24% to 2.12%.

Consumer durables stocks fell on profit taking. Gitanjali Gems, Blue Star, Titan Industries and Rajesh Exports fell by between 0.13% to 1.11%.

Tata Steel rose 0.48% after company said on Monday it viewed its stake in Africa-focused Riversdale Mining as a strategic investment and will take appropriate action as per the situation. The world's No. 7 steelmaker was responding to global miner Rio Tinto's $3.5 billion bid approach for Riversdale on Monday. Tata Steel is one of the major shareholders in Riversdale, owning about 24% in the company. Other major shareholders include Brazilian steelmaker CSN and U.S. investment firm Passport Capital.

Hindustan Construction Company rose 1.89% after the company signed two agreements with France's VINCI Construction Grands Projects to jointly work on infrastructure projects in India and other countries.

Jyoti Structures rose 1.38% after the company's board approved investing up to $12 million for setting up a unit for manufacturing lattice steel towers in the United States.

 

[live_wire]

Selling pressure in small-cap, mid-cap shares

Mid and small-caps stocks extended recent losses amid investor skepticism towards mid and small-cap firms on increasing scandals such as price rigging.

The BSE Mid-Cap index was down 1.18% at 7,761.72. The BSE Small-Cap index was down 1.58% at 9,615.98. Both these indices underperformed the Sensex, which was down 0.57% at 19,866.68.

Among the major losers from the BSE's Small-Cap index were, SVC Resources (down 20%), Midfield Industries (down 20%), Comfort Intech (down 20%), Parekh Aluminex (down 10%) and Sahara One Media & Entertainment (down 8.14%).

The BSE Small-Cap index had underperformed the market over the past one month till 6 December 2010, tumbling 11.53% compared with the Sensex's 4.87% fall. It had also underperformed the market in past one quarter, falling 3.21% as against 7.66% rise in the Sensex.

The BSE Mid-Cap index had underperformed the market over the past one month till 6 December 2010, falling 9.50% compared with the Sensex's 4.87% fall. It had also underperformed the market in past one quarter, declining 1.35% as against 7.66% rise in the Sensex.

Investors are taking refuge in large-cap stocks with high dividend yield on the perception that chances of corporate misgovernance issues are fewer than smaller players, where a few traders rig up stocks in collusion with promoters. Capital market regulator the Securities & Exchange Board of India (Sebi), last week, penalised four companies including real estate developer Ackruti City, Murli Industries and Welspun Corp for colluding with stock brokers to rig their share prices. Late last month, the Central Bureau of Investigations unearthed a bribe-for-loan scandal, involving some officials from state-run banks and two other financial firms.

 

[live_wire]

Sensex slides over 1% on inflation worries

As per provisional figures, the BSE 30-share Sensex was down 226.50 points or 1.14% to 19,708.14. The Sensex slumped 323.29 points at the day's low of 19,611.35 in late trade. The Sensex fell 59.13 points at the day's high of 19,875.51 in early trade.

The S&P CNX Nifty was down 69.65 points or 1.17% to 5,906.90 as per provisional figures.

Small-cap and mid-cap shares extended recent steep losses. The BSE Mid-Cap index fell 2.19% and the BSE Small-Cap index fell 3.26%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 2403 shares fell while 546 shares rose. A total of 78 shares remained unchanged.

Among the 30-member Sensex pack, 27 fell and two rose.

BSE clocked turnover of Rs 3497 crore, lower than Rs 3639.50 crore on Tuesday, 7 December 2010.

Index heavyweight Reliance Industries (RIL) fell 1.2% to Rs 1018.10, reversing two-day 2.39% gains. As per recent reports the natural gas production from its East Coast block has dropped by about 15% to about 45-46 million standard cubic metres per day (mscmd) from 53-54 mscmd. The production from D-1 and D-3 gas fields in the KG-D6 block has dropped due to reservoir complexities, reports suggest.

Realty stocks fell as higher interest rates may affect demand for residential and commercial properties. Omaxe, Unitech, Ackruti City, DLF, Indiabulls Real Estate, and HDIL fell by between 0.88% to 3.18%.

Consumer durables stocks also fell on profit taking. Titan Industries, Rajesh Exports, Videocon Industries, Blue Star and Gitanjali Gems fell by between 1.53% to 6.47%.

Banking stocks fell for the third in a row on worries higher cost of funds will hit net interest margins. India's second largest private sector bank by net profit HDFC Bank slumped 3.08%, extending two-day 1.67% decline.

India's largest private sector bank in terms of operating income ICICI Bank fell 0.13%, extending three-day 6.70% fall. The bank has hiked its benchmark prime-lending rate and Floating Reference Rate (FRR) for consumer loans (including home loans) by 50 basis points with effect from 6 December 2010.

India's largest bank by net profit and branch network State Bank of India (SBI) fell 2.14%, extending four-day 7.71% slide. SBI during trading hours on Monday, 6 December 2010, said it has raised deposit rates by 50 to 150 basis points across various maturities with effect from Tuesday, 7 December 2010. Among all slabs, the sharpest hike is in the 46 to 90-day slab, where the bank would offer 5.50% as against 4% earlier.

India's top mortgage lender by total income, Housing Development Finance Corporation (HDFC), fell 2.17%. On Friday, 3 December 2010 HDFC, hiked its benchmark lending rate by a steep 75 basis points, making home loan dearer for both existing and new borrowers. With this revision, the retail prime lending rate (RPLR) goes up from 14.25% to 15%.

Auto stocks declined on worries a possible hike fuel hike may dent demand for vehicles. India's top small car maker by sales Maruti Suzuki India fell 1.13%. India's largest tractor and utility vehicles maker Mahindra & Mahindra (M&M) fell 1.75%. The company, last week, announced strong sales in November 2010.

Bajaj Auto fell 2.44%. The company's total sales rose 8% to 2,99,231 units in November 2010 over November 2009. The figures were announced on Thursday, 2 December 2010.

Hero Honda Motors fell 2.03%, extending recent steep losses triggered by reports Honda Motor Co. has reached a basic agreement to dissolve its partnership in Hero Honda Motors. Honda will sell its entire stake in the motorcycle maker to the Hero Group's founding family -- the Munjals and investment funds by as early as March 2011, reports suggest.

But, India's largest truck maker by sales Tata Motors rose 0.74% to Rs 1341.80. The stock came off the day's low of Rs 1296. The stock had struck a record high of Rs 1381.40 on Monday, 6 December 2010. Tata Motors reportedly plans to set up a commercial vehicles and bus building facility either in Thailand or Indonesia at a cost of about Rs 1000-1500 crore. Tata Motors' total vehicle sales rose 1% to 54,622 units in November 2010 over November 2009. The figures were announced on Wednesday, 1 December 2010.

Metal stocks declined on profit taking. Hindalco Industries, National Aluminum Company, Jindal Steel & Power, Steel Authority of India, Sterlite Industries, JSW Steel fell by between 1.27% to 2.85%.

Tata Steel fell 2.42%. The company early this week said it viewed its stake in Africa-focused Riversdale Mining as a strategic investment and will take appropriate action as per the situation. The world's No. 7 steelmaker was responding to global miner Rio Tinto's $3.5 billion bid approach for Riversdale on Monday. Tata Steel is one of the major shareholders in Riversdale, owning about 24% in the company. Other major shareholders include Brazilian steelmaker CSN and U.S. investment firm Passport Capital.

LMEX, a gauge of six metals traded on the London Metal Exchange rose 1.11% on Tuesday, 7 December 2010.