Is Reliance Industries over-owned?: Moneycontrol.com

Is Reliance Industries over-owned?

Reliance has slipped below THE 2,000 mark for the first time since September 12, 2007. It fell 38.5% from its all-time high of Rs 3252.
What could be the key trigger for this event? Is RIL overowned? On a relative basis, Reliance Industries is held by 253 mutual fund schemes, while BHEL amounts to 207, Bharti Airtel is held by 197 MF schemes as is ICICI while L&T is at 190.
With Reliance MFs hold 2.72% stake in the company, out of which 137 schemes have more than 5% exposure and 26 schemes have exposure of more than 10%.
MAXIMUM EXPOSURE TO RIL
Fund Name Net Asset (%) Invst (Rs Cr)
ICICI Prudential 9.16 408.60
Rel Div Power 5.68 313.00
Rel Natural Resources 5.15 280.21
DSPML T.I.G.E.R. 6.56 264.91
Morgan Stanley Growth 7.95 263.63
Fidelity Equity 7.36 223.80
Reliance Equity 8.22 214.63
Sundaram Energy 9.45 211.28
Reliance Vision 5.52 206.95
ICICI Pru Dynamic 12.24 204.30

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Other MC stories:
Nifty ends below 4300; CG, power, realty...
Markets Snapshot
Markets slide on back of weak global cues from US market, rising crude prices
Nifty closes below 4,300 for 1st time since Aug 24, '07
Sensex ends down 278 pts at 14293.3; recovers nearly 130 pts from days low
Nifty ends down 81 pts at 4266.4; recovers nearly 40 pts from days low
Nifty takes support at 4225; faces resistance at 4320 during the day
Sell-off witnessed in broader marets; CNX Midcap Index down 4%,
BSE Small-cap Index down 3.5%
RIL ends down down 3.5% at 2025.7; slips below 2000 during the day
Cap Goods under pressure; index down 5.3%; L&T down 6.5%, ABB down 4%, BHEL down 3.2%
Index losers; HIndalco down 8%, Unitech down 7.2%, Tata Comm down 6.8%, Suzlon down 6.5%
Index gainers; ONGC, HDFC up nearly 2%, HCL Tech up 1.5%, Wipro, Infy, Satyam up nearly 1%
Losers; GHCL down 10%, BOI down 9.3%, Rel Cap down 9%, Ibulls Fin down 8%, JP Associates down 7.5%
NSE Advanve Decline at 1:10
Total market turnover at Rs 83165 cr Vs Rs 85088 cr on Friday
F&O turnover at Rs 66917 cr Vs Rs 58533 cr on Friday.
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Stocks at life-time low
Equity CMP Issue Price 52-week high
DLF 450 525 1225
Omaxe 155 310 612
Parsvnath 143.7 300 598
Sobha 330 640 1179
Brigade Ent 145 390 490
Kolte Patil 69.5 145 272

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Others stocks hittng life-time low
CBI Rel Power BPCL HPCL SpiceJet Indiabulls Sec Power Grid

F&O Snapshot
Nifty rollover at 27%, Market wide rollovber at 24%
Short covering seen on Nifty futures when index approached 4200
Nifty june futures ends at mild prem; July futures at 18 pts discount
Fresh short buildup seen in bank nifty and across most banking counters
4200 July Put add around 25% in OI; 4300 call seen most active in July series

F&O Stocks
RPL down 1.5%; add 51.5 lakh shares in OI
IFCI down 7.1%; add 49 lakh shares in July series
Suzlon down 5.7%; add 29 lakh shares in July series
JP Associates down 8.5%; add 29 lakh shares in July series
Unitech down 6.2%; add 22.5 lakh shares in July series
Ispat down 3.9%; add 45.5 lakh shares in OI
SAIL down 4%; add 20 lakh shares in OI

Rollover
Ultratech: 70% India Cement: 59% Grasim: 48%
Parsvnath: 40% HDFC Bank: 35% NTPC: 34%
DLF: 33% Unitech: 30%
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Results: Tata Power, Indian Hotels and etc

Tata Power Company net profit rises 24.84% in the year ended March 2008
Sales rise 25.46% to Rs 5915.91 crore
Net profit of Tata Power Company rose 24.84% to Rs 869.90 crore in the year ended March 2008 as against Rs 696.80 crore during the previous year ended March 2007. Sales rose 25.46% to Rs 5915.91 crore in the year ended March 2008 as against Rs 4715.32 crore during the previous year ended March 2007.

Indian Hotels Company net profit rises 17.08% in the year ended March 2008
Sales rise 14.39% to Rs 1764.51 crore
Net profit of Indian Hotels Company rose 17.08% to Rs 377.46 crore in the year ended March 2008 as against Rs 322.39 crore during the previous year ended March 2007. Sales rose 14.39% to Rs 1764.51 crore in the year ended March 2008 as against Rs 1542.52 crore during the previous year ended March 2007.

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Refoils and Solvent net profit rises 105.77% in the year ended March 2008
Sakuma Exports reports net loss of Rs 0.37 crore in the March 2008 quarter
Tata Power Company net profit rises 24.84% in the year ended March 2008
FCS Software Solutions net profit rises 17.96% in the March 2008 quarter
Electrosteel Castings reports net loss of Rs 20.60 crore in the March 2008 quarter

Allsec Technologies reports net loss of Rs 13.55 crore in the year ended March 2008
Banco Products India net profit rises 141.38% in the March 2008 quarter
Burnpur Cement net profit rises 24.56% in the year ended March 2008
D-Link India net profit rises 53.14% in the March 2008 quarter
MSP Steel & Power net profit rises 131.93% in the March 2008 quarter

More @ Capitalmarket.com

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Sensex, Nifty at 2008 New Low

Sensex tumbles once again, loses 278 pts as bears call the shots

Taking global cues, the market opened with a big negative gap and plunged deeper into the red this morning with stocks, with the exception of those from the information technology sector, recording sharp losses. And then, despite a couple of strong attempts to bounce back - it very nearly succeeded in wiping off its losses on one occasion - it ended the session on a dismal note today.

High oil prices, weak global markets, high inflation and the possibility of it resulting in some monetary tightening measures from the Reserve Bank of India, all contributed to the reluctance of investors to pick up stocks. The uncertainties on the political front also hit the sentiment to a marked extent.
The Sensex, which tanked to a low of 14,163.45 in morning trade, ended the session with a huge loss of 277.97 points or 1.91% at 14,293.32. The Nifty settled at 4266.40 with a loss of 1.87% or 81.15 points. In intra-day trades today, the Nifty hit a low of 4225.50.

Capital goods stocks were battered once again. Mirroring the sell-off in the capital goods space, the BSE CG went down by over 5% today. Heavy selling was seen in metal, power, realty, auto, pharma and bank stocks as well. Oil, PSU and FMCG scrips were not spared either. IT stocks bucked the trend and a few of them ended the session with sharp gains.

Jaiprakash Associates (down 7.95%), Hindalco (down 7.8%), Larsen & Toubro (down 6.5%), Mahindra & Mahindra (down 4.55%), Maruti Suzuki (down 5.4%), Ranbaxy Laboratories (down 5.35%), Reliance Infrastructure (down 4.75%), Reliance Industries (down 3.55%) and Tata Steel (down 4.1%) declined sharply due to heavy selling.

ACC, BHEL, DLF, Grasim Industries, ICICI Bank, ITC and State Bank of India also closed with sharp losses. ONGC, Wipro, HDFC, Hindustan Unilever, Infosys Technologies, Satyam Computer Services and Tata Motors closed with sharp gains on selective buying support. Bharti Airtel ended flat.

Tata Communications, Suzlon Energy, Unitech, Tata Power, Nalco, SAIL, ABB, Siemens, Hero Honda, Sun Pharmaceuticals, Idea Cellular, Punjab National Bank, Reliance Petroleum and Dr. Reddy's Laboratories ended sharply lower. HCL Technologies and Cairn India finished with smart gains.

Godrej Industries (down 14.4%) was the biggest loser among BSE 'A' Group stocks. Akruti City, Bank of India, Reliance Capital, Sobha Developers, United Breweries, Essar Shipping, India Bulls Financial Services, Alstom Projects, Nagarjuna Constructions, Reliance Power, HDIL, Indian Bank, Punjab Lloyd, EIH, Essar Oil, IFCI and Maytas Infra also ended with big losses. Mid and small cap stocks were mauled. So severe was the selling pressure in these segments that the Midcap and Smallcap barometers declined by around 3.5% today.

The market breadth remain extremely weak right through the session. When trade ended, out of a total of 2697 stocks that saw action on BSE, as many as 2219 stocks were down in the red. 430 stocks closed with gains and 48 stocks ended at their previous closing levels.

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Mukesh vs Anil: Next round of power play! /Small investors lose $50 b in market crash

RBI signals rate hike, but not yet /Saint Gobain to invest Rs 1,000 cr in Bhiwadi facility

Google is best reputed company in corporate America / Inflation for ‘aam aadmi’ is only 7.1%

MOre@ http://sify.com/finance/

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Week Ahead: Nifty may seek support at 4200 : BS

Week Ahead: Nifty may seek support at 4200


Inflation spiking to double-digits led to a market crash. The Nifty ended down 3.75 per cent, closing at 4347.5 points, which is a 10-month low. The Sensex was down 4.07 per cent closing at 14571. The Defty was down 3.83 per cent with the rupee dropping to 42.97.

The rupee fall was precipitated by the continuation of heavy sales from the FIIs. Domestic institutions were also sellers. Breadth signals were terrible with advances heavily outnumbered by declines. Volumes were low. The Junior was down 4.03 per cent while the BSE 500 lost 3.64 per cent.
Outlook: The Nifty is likely to seek support at around 4200 before it attempts a substantial recovery. The upside is likely to be capped by resistance at 4600-4650 level. Settlement considerations may cause extra volatility and lead to a temporary improvement on short-covering. Rationale: On Friday, the market broke key supports. This was a low-volume breakout but the minimum target projections would be about 4200. There is fairly good support at that level. Short-covering could cause some recovery during next week but the market is clearly in an intermediate downtrend (7 weeks and counting) that could get worse.
Counter-view: It would take a very strong trigger in the form of good news to lift the market now. Technically speaking, we would need a high-volume recovery that pushed the market beyond 4650 to break the pattern of an intermediate downtrend. Perhaps the nuclear deal would do it?
Bulls & Bears: Any bullishness next week is liable to arise on the basis of short covering and liable to terminate at around Thursday June 19th levels. Banks for example, have been very hard-hit and there could be candidates here.
IT is another possibility because of the falling rupee and the cushion it offers. Oil exploration is a third segment. But the vast majority of stocks have emulated the index in that they have made clear downside breakouts. Despite settlement considerations, the prudent trader would be advised to stay on the short side of the market or to stay out.
Among the most badly hit sectors are real estate, housing finance stocks, construction companies and automobiles. No surprises here since these are all rate-sensitive and driven by consumer sentiment.
Metals also did badly last week and telecom service providers also saw massive sell offs. The Reliance and ADAG groups both did badly – I suspect this is more due to excessively leveraged positions being sold off.
These are the places shorters should be focussed on. Due to settlement, you may need to carryover positions or to open them in July futures to start with.

MICRO TECHNICALS
Corporation Bank Current price: Rs 284Target price: Rs 300
The stock lost an extraordinary 10 per cent plus on Friday on very low volumes. It has pretty much fulfilled its target on a downside breakout in one freak session. There is a good possibility that it will recover on short covering till about Rs 300. keep a stop at Rs 280 and go long, cover at Rs 295-plus. If the Rs 280 stop is broken, the downside target would be Rs 270.

HOECCurrent price: Rs 127Target price: Rs 135
The stock is range-trading between Rs 125-135 and it hit the bottom end of the range on Friday before making a small recovery. It may be worth a long position on the expectation that it will go back towards the top of the range. Go long with a stop at Rs 125 and cover above Rs 134.

IFCICurrent price: Rs 50Target price: Rs 45
The stock finally made a downside breakout after several weeks of threatening to collapse. It has a target projection in the region of Rs 45 and it could exceed that given its previous history of developing powerful trends. Keep a stop at Rs 52 and go short. Cover at about Rs 46.

Naukri Current price: Rs 999Target price: Rs 1,055
One of very few stocks that held its own on Friday. In fact, it generated strong volumes along with a price-rise. There's a big resistance at the current level and all the way till Rs 1,015. However if it closes above Rs 1,015, it's likely to go till Rs 1,055. Keep a stop at Rs 990 and go long. Book partial profits at Rs 1,015.

Reliance Industries Current price: Rs 2,099Target price: Rs 2,025
RIL smashed a key support at Rs 2,150 and dropped on heavy volumes with a high delivery ratio of 44 per cent. There is reasonable support at Rs 2,070 but there is also a target of Rs 2,025. In the circumstances, that target is likely to be fulfilled. RIL may swing between Rs 2,025-2,150 in the next four sessions. Keep a stop at Rs 2,125 and go short, covering at Rs 2,025.

(The target price and projected movements given above are in terms of the next five trading sessions unless otherwise stated.)


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Market to remain under bear hug: Experts

Retail investors lose $50bn on sensex
Market to remain under bear hug: Experts


Dalal Street is likely to face another turbulent period this week amid inflationary concerns, negative global cues and fears of political uncertainty in the country, analysts say.
Market analysts believe that the surge in inflation to a 13-year high of 11.05 per cent could lead to a sharp selling bout at the bourses this week which could propel the benchmark index into a downward frenzy.
"With inflation hitting double-digit mark on Friday, investors will get enough time over the weekend to think and are most definitely going to be on a selling spree this week... be prepared for what I call a 'pre-meditated murder' on Monday," Arun Kejriwal director of Kejriwal Research and Investment Services (KRIS) said.
The benchmark index Sensex which had closed at its lowest level in 2008 at 14,571.29 on Friday, lost over 800 points during the week. Besides, the 50-share Nifty index had settled down 156 points at 4,347.55 on the National Stock Exchange.
Economists believe that it is unlikely that inflation would fall below the 8 per cent level till this year end.
"While 11 per cent headline WPI number were unexpectedly high, the market was well aware that inflation in June is likely to trend upwards and remain high for several weeks.
"A correction in global commodity prices as well as a good monsoon could bring relief over the next quarter, we do not expect inflation to fall too far below 8 per cent until end December," Reliance Capital Chief Economist Atsi Sheth said.
Monetary tightening as well as sporadic fiscal measures are likely to be announced over the coming weeks. It is important to remember that inflation currently is a global concern and that there is no magic bullet to deal with it, Sheth added.
The quarterly monetary policy review of RBI is scheduled on July 29, but analysts said that the Central Bank is expected to take a call much earlier with inflation hitting the roof.
Reserve Bank of India had on June 11, hiked repo rate by 25 basis points to 8 per cent with immediate effect in an effort to contain rising inflation.
However, concerns remain that a further hike in rates would impact bottom line of Indian companies, while high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Besides, analysts said that the sustained selling by foreign funds would further weigh heavily on the sentiment of the investors in the near term.
"Inflationary concerns and negative cues from the world markets are likely to keep the bourses under pressure this week. However, we expect some support to come in at lower levels by the middle of the week," domestic brokerage firm SMC Global Vice President Rajesh Jain said.
Foreign Institutional Investors have been net sellers in equities to the tune of Rs 7,125.20 crore so far in June, while in the 2008 till now they have made sales worth Rs 22,494.60 crore.
However, domestic mutual funds were net buyers of shares to the tune of Rs 1,919.90 crore in June so far.
Meanwhile, expectations of good first quarter results may trigger a recovery from lower level after the steep fall in share prices, marketmen said.



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