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19 July 2008

VC, PE updates

VCCircle.com

Citi In Talks With Oman Investment Corporation For HDFC Stake Sale: Report
RCOM, MTN Call Off Talks; Decision Mutual
Soma Networks Gets $51 Million From India Knowledge Fund, Others
Rabobank Announces First Closure Of $100-M Food & Agri Fund
Government May Quash Press Note 1; Will Help Foreign Partners

Essar Global To Invest Rs 590 Crore In Truck Maker Asia MotorWorks
Exit Time: Murugappa Sells 47% In Parryware To JV Partner For $176M
Siva Cries Foul Over Maxis’ Plans To Sell Aircel Stake
Forum Synergies To Raise $150 Million SME Fund
Khaleeji Commercial Bank Announces $430M Fund For Logistics City In Mumbai

Deepak Parekh Says Enough Takers For Citi Stake In HDFC
Unitech Raises $300 Million Real Estate Fund From Abroad
Avendus Gets Rs 100 Crore From Dubai’s Eastgate Capital
GE Commercial Finance Invests Rs 100 Crore In Controls & Switchgear
South Indian Franchisee Of Pizza Hut, KFC Topping Up A Deal With New Silk Route

Parsvnath Picks Up 38% In Sabeer Bhatia’s Nanocity In Haryana

PE Funding Plans: Warburg-CGH, Balaji Telefilms, Sona Autocomp, Microqual

After The Spice Sale, Modis Hit Capital Market With Cellebrum

Capt. Gopinath Seeks $50 Million For His Cargo Venture

The $52-Billion InBev-Anheuser-Busch Deal To Shake Up India’s Beer Duopoly

UK’s Imperial Energy Confirms ONGC’s $2B-Interest

Bupa Asia-Pacific Picks Up 26% In Health Insurance JV With Max

R-ADAG’s Cement Foray: Who Could Be Their Targets?

Tata’s PE Plans: $200-300 Million Fund Each For Tech, Mid-Caps

Can KP Singh Bring Back The Magic With DLF Share Buyback?

Source: Vccircle.com

Reliance Communications-MTN mutually end tie-up talks

Reliance Communications-MTN mutually end tie-up talks

Reliance Communications and South Africa's MTN on Friday mutually ended tie-up talks after Mukesh Ambani-owned Reliance Industries (RIL) on Thursday started arbitration proceedings against younger brother Anil's RCom to thwart the latter’s merger with Africa’s largest telco. RCom said that it is unable to presently conclude the deal due to regulatory issues. The No. 2 mobile carrier in the country has been in exclusive talks with MTN since late May to create a top-10 global telecoms group spanning about two dozen countries. But a claim by elder brother Mukesh of first right of refusal on Reliance Communications shares had complicated prospects for a deal.

The dispute took a fresh turn on Thursday when Mukesh, who runs RIL started arbitration proceedings on the share claim. However, Reliance Communications investors on Friday shrugged off the latest twist in a family squabble clouding the group. A 45-day exclusivity period between RCom and MTN expired earlier this month and an extension was due to end on Monday. The talks have been overshadowed by the dispute and whether MTN would risk striking a deal which could then be beholden to India's judicial system.

MTN Deal: Bharti may be open to fresh talks
Airtel rings in lowest capex
ADAG & Bharti gearing for massive on air war
MTN saga: Tale of Ambanis and Sunil Mittal

Source: ET

18 July 2008

Results: Satyam, Wipro, JPAsso, Cipla, IDFC, Guj.Nre.Coke, GEshipping, Chennai Petro, All.Bk etc

Market rejoices host of good news; Sensex up 4%

Market rejoices host of good news; Sensex up 4%

Investors had enough reasons to turn bullish on Friday and build on the gains of previous session. They not only covered short positions in interest sensitive sectors, but made fresh purchases in select blue chips.

After market hours on Thursday, government data showed India’s inflation for the week ended July 5 had risen to 11.91 per cent, higher from previous week's 11.89 per cent. The figure came as a surprise for the market which was expecting it around 12 per cent. Add to this, a statement from the Department of Economic Affairs that inflation had ‘stabilised’ was morale booster.
Mood in US financial market, which has been under pressure due to credit crisis, turned positive after lender JP Morgan Chase announced better than expected results.

US stocks rallied overnight also as oil prices dropped sharply. The Dow Jones Industrial Average surged 1.85 per cent, Standard & Poor's 500 Index rose 1.20 per cent, and Nasdaq Composite Index climbed 1.20 per cent.

Steep fall in crude oil prices, a major concern for global economies, further strengthened sentiment. Oil hovered above $130 per barrel on Friday, after correcting more than 10 per cent in just three days from the record high of $147.27 on July 11. Rally in European markets also gave investors a chance to build on. FTSE 100 was higher by 1 per cent, DAX 30 up 1.79 per cent and CAC 40 added 0.79 per cent.

“Oil prices have come down and inflation figures were on expected lines. So far companies have announced good quarterly results. Many market participants have discounted outcome of vote of confidence and feel that the government will be able to scrape through. These all factors led to rally in the market,” said Rahul Sanghvi, institutional sales, Kantilal Chhaganlal Securities.

Bombay Stock Exchange’s Sensex closed at 13635.40, up 523.55 points or 3.99 per cent. It touched a high of 13684.27 and low of 13093.34. National Stock Exchange’s Nifty ended at 4092.25, up 3.67 per cent or 145.05 points. The broader index touched a high of 4,110.55 and low of 3,926.30.

“Selling by FIIs has reduced a bit and local mutual funds have initiated buying in blue chips like Larsen & Toubro, Tata Steel, Reliance Industries and Infosys Technologies. Valuations of most stocks look attractive at current levels,” Sanghvi added. Tier II and III stocks under performed the benchmarks as BSE Midcap Index closed 1.63 per cent high at 5239.39 and BSE Smallcap Index ended 1.08 per cent up 6,455.89.

Biggest Sensex gainers were ICICI Bank (12.46%), HDFC (10.13%), Jaiprakash Associates (8.86%), HDFC Bank (7.54%), Bharti Airtel (7.5%) and DLF (6.51%). Losers comprised Satyam Computer (-7.5%), Wipro (-4.42%), Ranbaxy Laboratories (3.72%), Tata Steel (3.38%) and Infosys Technologies (1.51%). Market breadth on BSE showed 1,608 advances and 985 declines, while on NSE, there were 849 gainers and 349 losers.
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Market consolidates, though Nifty July discount widens
Sensex surges 523 points on heavy buying
Citi gives buy rating on Colgate Palmolive
JM Finnacial starts coverage on ITC
Wall St closes mixed on Citigroup

IDFC net up 20 pc at Rs 216.71 cr
Jaiprakash Associates Q1 net up 9% at Rs 127 cr
Gujarat NRE Coke Q1 net at Rs 94.4 cr
India's M3 growth at 20.5% in two weeks to July 4
India's forex reserves at $308.520 billion on July 11

MF AUM could account for 20% of GDP in 5 yrs

Oil Below $130, US stocks end higher

US stocks end higher on oil price fall

Index Value: 11,446.66
Change: + 207.38 (1.85%)
Prev Close: 11,239.28
Day's Range: 11209.56 - 11446.66
52wk Range: 10,732.00 - 14,280.00

Wall Street shot higher on Thursday, extending its rally into a second session as tumbling energy prices bolstered an already upbeat mood that followed stronger-than-expected quarterly reports from big names like JPMorgan Chase and United Technologies. The Dow Jones industrial average rose more than 200 points, bringing their two-day advance to more than 480. Investors got a double dose of good news after weeks of angst about the economy. Light, sweet crude fell $5.31 to settle at $129.29 a barrel; oil has dropped more than $15 in just the past three sessions. And early on Thursday, three components of the Dow industrials, JPMorgan Chase & Co, United Technologies Corp and Coca-Cola Co, issued comments that generally indicated that their businesses are holding up despite sometimes difficult economic conditions. The reports let investors put aside some of their worst fears about the economy. Still, Wall Street has had some up periods in the past few months as optimism grew, only to fall back into a downturn as worries about the financial sector and the economy have welled back up.

"The sentiment has just been so negative that even a whiff of positive news is driving the markets," said Kevin Dorwin, principal at wealth management firm Bingham, Osborn & Scarborough in San Francisco. "Oil the key factor right now because inflation has been on the top of investors' minds and a reduction in the price of oil signals that perhaps inflation will not get out of hand. That's very positive for both the stock and bond markets." Beyond oil, natural gas prices also fell sharply Thursday after the Energy Department said domestic stockpiles rose last week, signaling a drop in demand. While levels remain below those of recent years natural gas fell 86.1 cents to settle at $10.537 per 1,000 cubic feet. A sustained drop in energy costs would be welcome news for nearly all parts of the economy. Consumers have been hard-pressed by higher fuel and food costs. Wall Street is worried they will pare their spending on discretionary items to make room in their budgets for the higher-priced necessities.

A pullback could be troublesome as consumer spending accounts for more than two-thirds of US economic activity. But the declines in energy and profit reports from marquee names left investors in an acquisitive mood again Thursday. The Dow rose 207.38, or 1.85 percent, to 11,446.66. The Dow on Wednesday surged 276 points after oil fell and Wells Fargo & Co. posted better-than-expected earnings. The 4.4 percent advance over two days was the Dow's best two-day percentage gain since October 2002 and the point increase gave the blue chips their best back-to-back point gain since late November last year. Broader stock indicators also rose Thursday. The Standard & Poor's 500 index advanced 14.96, or 1.20 percent, to 1,260.32, and the Nasdaq composite index rose 27.45, or 1.20 percent, to 2,312.30. Advancing issues outpaced decliners by nearly 3 to 1 on the New York Stock Exchange, where volume came to 1.96 billion shares compared with 1.73 billion shares traded Wednesday. Bond prices showed steep declines as investors turned away from the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 4.01 percent from 3.94 percent late on Wednesday. The dollar was mixed against other major currencies, while gold prices rose. Continued...Next >>
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Dow Logs Best 2-Day Gain Since 2002
Oil Prices Settle Below $130 in Volatile Trading
Microsoft's $4.3 Billion Profit Falls Short; Shares Slide
Google Earnings Miss Expectations; Shares Drop
IBM Profit Rises 22%, Topping Expectations

Source: CNBC, ET

17 July 2008

Results: Biocon, Polaris, ICIIndia Etc

Sensex 556 pts up, Inflation Stays at 11.91

Inflation shoots up to 11.91%

The annual inflation rate climbed to 11.91 per cent for the first time in more than 13 years in early July, driven by higher costs of commodities and strong demand in the economy. This is a quarter per cent jump week on week. The fuel, power and light were up 0.9 per cent while primary articles were down 0.1 per cent. Fruit and vegetable prices were down 1 per cent with other food articles seeing a 0.2 per cent dip. It would be the 22nd consecutive week that the inflation rate has been above 5.5 per cent, the central bank's target for the end of the fiscal year in March 2009.

According to a research report by Standard & Poor's, world CPI inflation - which was 2.4 per cent in 2002 - rose to 3.3 per cent in 2007 and is now projected to hover around 5.2 per cent in 2008. Region-wise, CPI inflation is projected to remain 3.4 per cent this year in European Union and 3.2 per cent in Eurozone. In 2002, the inflation figures were 2.1 per cent for both the regions. Likewise, CPI inflation is projected to remain this year at 4.8 and 3.2 per cent in the US and the UK, respectively, and 8.8 per cent in the emerging markets. The highest inflation is projected at 15.3 per cent in the CIS counties and at 12.8 per cent in the Middle East & North Africa.
More :http://economictimes.indiatimes.com/Inflation_shoots_up_to_1191/articleshow/3246282.cms

Invest during inflation? Tips for investments World inflation
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Equities end higher on easing in crude oil

Bolstered by positive global cues and receding crude oil prices, equities in India snapped their week-long losing streak to end sharply higher om Thursday. Investors covered short positions and also made fresh purchase at lower levels.

National Stock Exchange’s Nifty settled 130.5 points or 3.42 per cent higher at 3947.20. The index touched a high of 3968.75 and a low of 3823.15 intra day. Bombay Stock Exchange’s Sensex ended up 536.05 points or 4.26 per cent at 13,111.85 after swinging in a range of 13,150.35 and 12,843.79.

The BSE Mid-cap Index ended up 1.39 per cent at 5,155.34 and the BSE Small-cap Index was 0.99 per cent higher at 6,387.12. “Market was in an oversold territory and we witnessed a technical bounce-back. Another factor that lifted the positive sentiment was cooling of crude oil prices,” said Arpit Agrawal, head of research, Arihant Capital Markets. Traders covered positions in over-beaten interest-sensitive sectors like banking and real estate. Buying was also seen in capital goods stocks. Steel counters sulked on fear of government initiative to cap prices. Market discounted inflation, which was expected to be above 12 per cent. “Market will remain volatile till vote of confidence is passed.

Otherwise, fundamentally things have not changed much,” Agrawal added. Biggest Sensex gainers were HDFC (9.78%), Maruti Suzuki (9.46%), Jaiprakash Associates (9.19%), DLF (8.44%), Larsen & Toubro (7.49%) and State Bank of India (7.75%). Losers comprised Ranbaxy Laboratories (-3.93%) and Tata Steel (-2.92%). Market breadth remained positive through the day. On BSE, 1,536 advances outnumbered 1,081 declines. In Europe, stocks were buoyant cheering crude’s fall. The FTSE 100 was up 2.34 per cent, DAX 30 rose 2.33 per cent and CAC 40 added 2.76 per cent.

Oil prices fell on concerns slowing US economic growth would hurt crude demand. Light sweet crude forAugust delivery, dipped 42 cents to $134.18 per barrel. Friday, market will cheer a marginal rise in domestic inflation to 11.91 per cent in the week to July 5 from 11.89 per cent in the previous week. Finance Ministry’s statement that inflation has stabilized will further lift investor sentiment.
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Other top news:
Biocon among world's top 20 biotechnology company
Unitech gets Rs 740 cr from Lehman
GSPC to invest $ 1 bn in KG basin
Oil slumps $6 to $134 on surprise rise in US inventories
Now, Shah Rukh, Aamir, Abhishek make it to Forbes list
Aviva plans foray into asset management business

Source: ET

16 July 2008

TCS Q1 net up 5 per cent, lags forecast

Country's top software exporter, Tata Consultancy Services (TCS), narrowly missed forecasts with a 5 per cent rise in quarterly profit, as a global credit turmoil crimped outsourcing deals from its big financial clients.

Tata Consultancy, which provides services such as consulting, system integration and back-office outsourcing, said on Wednesday net profit rose to Rs 1,244 crore ($289 million) in its first quarter ended June from Rs 1,186 crore reported a year ago under US accounting rules.

A poll had forecast a net profit of Rs 1,251 crore for Tata Consultancy, whose clients include General Electric, Lloyds TSB Group, French insurer AXA SA and Qantas Airways. Ahead of the result, shares in Tata Consultancy, which the market values at about $17 billion, ended nearly 3 per cent down at Rs 727.35 in BSE that fell 0.79 per cent.

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Other Qtr Results:

Container Corporation Of India net profit rises 7.88% in the June 2008 quarterSales rise 5.71% to Rs 822.84 crore

Mindtree reports net loss of Rs 12.96 crore in the June 2008 quarter

ABC Bearings net profit rises 33.01% in the June 2008 quarter

Chambal Fertilisers & Chemicals net profit declines 61.43% in the June 2008 quarter

State Bank of Mysore net profit declines 80.34% in the June 2008 quarter

Mysore Paper Mills net profit rises 9284.62% in the June 2008 quarter

SKF India net profit declines 10.04% in the June 2008 quarter

Timken India net profit rises 44.16% in the June 2008 quarter

Housing Development Finance Corporation net profit rises 25.56% in the June 2008 quarter

Power Finance Corporation net profit declines 4.00% in the June 2008 quarter

Tata Teleservices (Maharashtra) reports net loss of Rs 34.72 crore in the June 2008 quarter

S.Kumars Nationwide net profit declines 37.04% in the June 2008 quarter

Excel Crop Care net profit rises 105.14% in the June 2008 quarter

Bafna Spinning Mills & Exports net profit rises 16.67% in the June 2008 quarter

Sunflag Iron & Steel Company net profit rises 94.34% in the June 2008 quarter

Modern India net profit rises 23.01% in the June 2008 quarter

Tata Metaliks net profit rises 31.71% in the June 2008 quarter

Country Club India net profit rises 46.21% in the June 2008 quarter

Source: ET, Capitalmarket

Trillion Dollar Economies: World Bank Report

Rapid growth in the four quarters of calendar 2007 ensured India became a trillion-dollar economy in nominal terms at the end of last calendar , according to a World Bank report. According to the World Development Indicators released on July 1, India was a $1.17 trillion economy at the end of calendar 2007. The US retained its pole position as the largest economy with GDP of $13.8 trillion. Following are names of the largest countries in terms of GDP.

For more @ http://economictimes.indiatimes.com/quickiearticleshow/3234829.cms

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Other Top stories:
Sensex, Nifty end at new 15-month lows
'Indian Clinical trials biz will touch $546 b FY 11'
Tata Teleservices Q1 net loss at Rs 34.715 cr
World's best places to invest in realty

Source: ET, Sify

New 15 month Low for Sensex, Nifty: ET

Market slumps to 15-month low as inflation worries persist

It was a classic example of a 'dead cat bounce' that the market witnessed on Wednesday as benchmarks collapsed to a 15-month low after a promising start. Even as global equities tumbled overnight after Fed Chairman Ben Bernanke spelled out serious economic risks facing the US, crude oil's steep fall below $139 per barrel gave a ray of hope for Indian markets, especially after being severely beaten down in the last few sessions.

However, the relief rally was short-lived as political uncertainty ahead of next week's parliamentary trust vote and worsening global credit crisis took precedence. Also, fears of inflation topping 12 per cent weighed on sentiment. Starting this week, inflation data will be released every Thursday at 5 pm instead of midday on Friday. Interest rate sensitive sectors like realty, automobiles and banks were punished the most as investors expect interest rates to inch up further if inflation continued to spike. The first sign of weakness was seen in the mid- and small-cap space, but as the day progressed, it seeped into frontline stocks as well, crippling the Sensex and Nifty.

Bombay Stock Exchange's Sensex closed at 12,575.80, down 100.39 points or 0.79 per cent after rising to an intra-day high of 12,935.25. The index fell to a new 15-month low of 12,514.02 during the day. National Stock Exchange's Nifty ended at 3816.70, down 44.40 points or 1.15 per cent. It saw a low of 3790.20 and high of 3920.05 intraday.

“The market lacks confidence as macro-economic factors and political uncertainties weigh on sentiment. I would advise investors to remain short till the market shows a convincing upmove backed by heavy volumes,” said an analyst with a local brokerage. Second line stocks were the worst affected. BSE Midcap Index declined 1.14 per cent to 5,104.66 and BSE Smallcap Index ended at 6,340.48, down 1.41 per cent.

But the standout performer was Ranbaxy Laboratories. Shortly before the market opened, the pharmaceutical major's CEO Malvinder Singh clarified on the Daiichi Sankyo stake buy and USFDA allegations over adulteration. He said there was a lot of speculation in the market due to lack of clarity on the issues and that the stock price of Ranbaxy doesn't reflect the potential of the company. He tried to put to rest rumours that Daiichi Sankyo was seeking to opt out of the acquisition.

Singh said that Daiichi Sankyo was fully aware of the USFDA issue before the deal took place. He added that the Lipitor settlement was independent of Daiichi Sankyo and there will be no change in the settlement with Pfizer. The stock, which had tanked 23 per cent in the previous two sessions, rebounded 15.02 per cent, making it the biggest gainer on the Sensex.

Other gainers were Bharti Airtel (2.87%), ONGC (2.52%), Hindustan Unilever (1.77%), Ambuja Cement (1.37%) and ITC (1.25%). DLF (down 7.73%), Jaiprakash Associates (6.09%), Mahindra & Mahindra (5.42%), HDFC (4.43%), SBI (3.32), Tata Steel (3.29%) and Tata Consultancy Services (2.98%) were the biggest losers in the Sensex. Market breadth remained weak through the day. On BSE, there were 1,803 declines and 810 advances, while on NSE there were 300 gainers and 948 losers.

Meanwhile, European stocks also declined after UK unemployment jumped the most in June since the last recession in 1992 as the economic slowdown forced companies to cut jobs and stop hiring. Claims for jobless benefits climbed for a fifth month, increasing 15,500 from May, data showed on Wednesday. The FTSE 100 declined 1.69 per cent, DAX 30 lost 0.69 per cent and CAC 40 slumped 1.02 per cent.
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BGR Energy bags Rs 4,900 cr order, stock up 9%
Chambal Fertilisers Q1 falls to Rs 23.80 cr
Rel Retail to open 50-60 'i stores'
Inflation data to be out on Thursday
Ambani brothers' spat highlights India's coalition politics

Parsvnath to invest Rs 400 crore in Nanocity project
Goldman Sachs retains 'buy' on Sesa Goa

Source: ET

US STOCKS-Dow closes below 11,000 as bank fears mount

US STOCKS-Dow closes below 11,000 as bank fears mount

* Dow closes below 11,000 for first time in two years
* S&P 500 slides over 1 pct, Nasdaq nearly flat
* Oil plunges over $6 a barrel, hurting energy shares
* Fannie, Freddie shares fall on worries over rescue plan
* Financial shares end lower in choppy trading (Adds Intel, Sun Micro after-hours rise)
By Walter Brandimarte

NEW YORK, July 15 (Reuters) - The Dow industrials closed below 11,000 for the first time in two years on Tuesday as doubts about the U.S. plan to rescue mortgage finance companies Freddie Mac and Fannie Mae hurt financial stocks and tumbling oil prices hurt energy shares.
Freddie and Fannie shares plunged over 25 percent on fears that a government plan to stabilize the companies will dilute the value of their shares. U.S. Treasury Secretary Henry Paulson said the plan was designed to be a backstop.

The whole banking sector finished lower, with the KBW banking index .BKX sliding 3.08 percent in an extremely volatile session, as investors feared the ongoing credit crisis could spur more bank failures after regulators took over IndyMac last week. Federal Reserve Chairman Ben Bernanke said the banking system is well capitalized, but also said that financial markets remain under "considerable stress."

"The weakness was concentrated in financials and it seemed like, despite the testimony from Bernanke and Paulson, skepticism remains related to all the credit issues," said Alan Gayle, senior investment strategist at Trusco Capital Management in Atlanta.

The Nasdaq edged up as investors bet Microsoft Corp (MSFT.O: Quote, Profile, Research, Stock Buzz) would ease concerns about slower growth at its Windows business when it reports earnings later this week. Shares of the software maker jumped 4.0 percent to $26.15.

The technology sector may get another boost on Wednesday after Intel (INTC.O: Quote, Profile, Research, Stock Buzz), the world's biggest chip maker, reported stronger-than-expected results after the market close and Sun Microsystems (JAVA.O: Quote, Profile, Research, Stock Buzz) posted preliminary results that pleased investors. Shares of Intel gained as much as 2.4 percent in after-hours trade, while shares of Sun Micro rose as much as 12.6 percent.

The Dow Jones industrial average .DJI dropped 92.65 points, or 0.84 percent, at 10,962.54, and the Standard & Poor's 500 Index .SPX fell 13.39 points, or 1.09 percent, at 1,214.91. The Nasdaq Composite Index .IXIC was up 2.84 points, or 0.13 percent, at 2,215.71.
Shares of Freddie Mac slumped 26 percent to $5.26 while Fannie Mae shares lost 27.3 percent at $7.07.

Despite the slide in the bank sector, shares of Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research, Stock Buzz) surged 6.6 percent to $13.22 after a report that the investment bank was considering ways to go private. [ID:nN15304704]

Among energy shares, Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) slid 3.8 percent to $82.19 as the price of crude oil plunged. The S&P energy index shed 4.19 percent.
Trading volume was moderate on the New York Stock Exchange, with about 1.85 billion shares changing hands, below last year's estimated daily average of roughly 1.90 billion, while on Nasdaq, about 2.7 billion shares traded, above last year's daily average of 2.17 billion.
Declining stocks outnumbered advancing ones on the NYSE by 3 to 1, whole on the Nasdaq, about 3 stocks fell for every two that rose. (Additional reporting by Jennifer Ablan; Editing by Leslie Adler)
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Oil steady under $139, eyes on U.S. oil demand
Bank shares sink to 1996 levels on loss fears
Bernanke: Markets under stress, outlook uncertain

Source: Reuters.com

15 July 2008

Sensex slides 654 pts as stock prices plummet, 15month low

Sensex slides 654 pts as stock prices plummet

Equities, led by bank stocks, opened on a negative note on the major Indian bourses this morning on weak global cues and drifted lower and lower as the session progressed as selling continued unabated right till the end.

Stockometer Top gainers Worst losers

Huge credit losses suffered by a few US banks, high oil prices, political uncertainties, spiralling inflation and declining growth all contributed in good measure to the market's sharp slide today. So bearish was the sentiment that stocks found support hard to come by even at sharply lower levels.

Tips to book profits in a falling market! Click here

The Sensex, which had hit a historic high of 21,206.77 in intra-day trades on in early January this year, has tanked by around 8,500 points over a short span of six months.

The Sensex, which crashed to 12,605, its lowest since April 4, 2007, when it had touched a low of 12,691.24, ended the day with a massive loss of 654.32 points or 4.91% at 12,676.19. The Nifty, which plunged to 3835.50 in intra-day trades today, settled at 3861.10, netting a huge loss of 178.60 points or 4.42%.

Besides stocks from the banking sector, several stocks from capital goods, metal, realty, PSU, FMCG, oil and auto sectors too declined sharply and finished with big losses today. Mirroring the sell-off in bank stocks, the Bankex tumbled by 7.75%. BSE Realty (down 5.44%), CG (down 5.25%), Metal (down 5.21%), Power (down 4.91%), PSU (down 4.37%) and HC (down 4.18%) declined sharply. The Teck, Consumer Durables, Oil & Gas and FMCG indices went down by 3% - 4% and BSE Auto eased by 2.5%.

IT stocks, which bounced back in early trade after recent losses, lost their way around mid afternoon and posted sharp losses. Reflecting the losses posted by key stocks in that space, the BSE IT ended lower by 2.34%.

Due to heavy selling at side counters, the Midcap and Smallcap indices plunged by around 3.15% today. The market breadth remained weak right through the session. When trade ended, out of a total of 2696 stocks that were seen in action on BSE, as many as 2093 stocks were down in the red. 543 stocks posted gains and 60 stocks ended flat.

All the components of the benchmark indices Sensex and Nifty finished in the negative territory today. Infosys Technologies (down 0.77%) suffered the least damage. Satyam Computer Services, which stayed in the positive territory for a long time today, closed with a loss of 2.7%. Tata Consultancy Services lost 2.5% while Wipro dropped down by around 6.5%.
Ranbaxy Laboratories (down 14%) has another disastrous outing. Banking sector heavyweights HDFC Bank (down 11.26%), ICICI Bank (down 8.7%) and State Bank of India (down 6.35%) nosedived on sustained selling pressure.

Metal stocks Hindalco and Tata Steel lost 8.3% and 5.4% respectively. Reliance Industries (down 3.4%), Reliance Infrastructure (down 6.1%) and Reliance Communications (down 7.2%) posted sharp losses.

BHEL, HDFC, Jaiprakash Associates and DLF lost 6% - 7%. Mahindra & Mahindra, Larsen & Toubro, ITC, Ambuja Cements, Bharti Airtel, Cipla, Hindustan Unilever, Maruti Suzuki and ONGC lost 3% - 5%. NTPC closed with a loss of 2.75%. ACC, Grasim Industries and Tata Motors lost 1.25% - 1.75%.

Idea Cellular ended nearly 8% down. Unitech, Siemens, Sterlite Industries, HCL Technologies, ABB, Suzlon Energy, SAIL, Power Grid Corporation, Nalco and Reliance Petroleum lost 3% - 6.5%. Punjab National Bank, GAIL India, Tata Power, BPCL, Zee Entertainment, Sun Pharmaceuticals, Tata Communications, Cairn India, Dr. Reddy's Laboratories and Hero Honda also ended with sharp losses.

IVRCL Infrastructure, Tata Chemicals, Chambal Fertilizers, Century Textiles, IDFC, India Infoline, Financial Technologies, Yes Bank, IndusInd Bank, JSW Steel, Union Bank of India, Sun TV Network, Essar Shipping, Shree Precoated Steels, Alstom Projects, Mundra Port, Aditya Birla Nuvo, Adani Enterprises, Moser Baer, CMC, Lok Housing, Champagne Industries, Arshya International, Sterlite Technologies, Aptech, Advanta and Assam Company were among the major losers today.

IFCI, Tech Mahindra, ABG Shipyard, Bhushan Steel and Aban Offshore finished with marginal gains. BF Utilites, Walchandnagar Industries, Prithvi Infosystems, Zuari Industries, Allcargo Global, SKF India, SpiceJet, Cranes Software, ING Vysya Bank, Kesoram Industries, Marg, Ahluwalia and Consolidated Construction Consortium moved up sharply on selective buying support.
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Indian rupee falls to 1-wk low on Fitch downgrade
World's best places to invest in realty
Wanted! Regional language speakers for BPOs

Q1 2009 Results

Adinath Bio-Labs reports net profit of Rs 0.09 crore in the June 2008 quarter

Sales reported at Rs 4.69 crore

IKF Technologies net profit rises 64.29% in the June 2008 quarterSales rise 78.17% to Rs 15.18 crore

Uniply Industries reports net loss of Rs 1.01 crore in the June 2008 quarterSales decline 31.01% to Rs 20.78 crore

State Bank of Travancore net profit declines 52.89% in the June 2008 quarterOperating income rises 9.74% to Rs 923.99 crore

KIC Metaliks reports net loss of Rs 8.86 crore in the March 2008 quarterSales decline 23.52% to Rs 33.10 crore

Biofil Chemicals & Pharmaceuticals reports net loss of Rs 0.49 crore in the March 2008 quarter

Bambino Agro Industries reports net profit of Rs 8.61 crore in the March 2008 quarter

Novartis India net profit rises 29.77% in the June 2008 quarter

Dhruv Estates reports net loss of Rs 0.01 crore in the June 2008 quarter

Standard Capital Markets reports net profit of Rs 0.05 crore in the March 2008 quarter

Jubilant Organosys net profit declines 89.52% in the June 2008 quarter

Tata Investment Corporation net profit rises 8.41% in the June 2008 quarter

Odyssey Technologies reports net profit of Rs 0.14 crore in the June 2008 quarter

Chettinad Cement Corporation net profit rises 23.94% in the June 2008 quarter

BWL reports net loss of Rs 0.16 crore in the June 2008 quarter

Rallis India net profit rises 197.89% in the June 2008 quarter

Shyamal Holdings & Trading reports no net profit or loss in the June 2008 quarter

Manali Petrochemical net profit declines 74.79% in the June 2008 quarter

Bhagheeratha Engineering reports net loss of Rs 4.67 crore in the March 2008 quarter

Sanwaria Agro Oils net profit rises 139.20% in the June 2008 quarter

Patel Engineering net profit rises 17.94% in the June 2008 quarter

UT reports net loss of Rs 4.03 crore in the March 2008 quarter

PSL net profit rises 52.01% in the June 2008 quarter

Mahanivesh India reports net loss of Rs 3.39 crore in the March 2008 quarter

Sree Rayalaseema Alkalies & Allied Chemicals net profit rises 70.42% in the June 2008 quarter

Gillanders Arbuthnot & Company net profit rises 91.48% in the year ended March 2008

Orissa Sponge Iron and Steel reports net profit of Rs 8.15 crore in the March 2008 quarter

----------------------------------------------------

Source: capitalmarket

Deadpresident Blog updates

Eveninger - July 15 2008
Infy
Marico, Edelweiss Capital
India Property Sector

UTI Bank, Axis Bank, Sanghvi Movers
Bush lifts ban on oil drilling
Post Session Commentary - July 15 2008
Bears on a rampage as Sensex tanks 654 points

Adjust to the wind, avoid a windfall!
Axis Bank
Merger and Acquisitions dip

Source: deadpresident b.lo

14 July 2008

Q1 results: Axis Bk, Geojit, Tanla, TataSponge etc

Axis Bank net profit rises 88.67% in the June 2008 quarter

Net profit of Axis Bank rose 88.67% to Rs 330.14 crore in the quarter ended June 2008 as against Rs 174.98 crore during the previous quarter ended June 2007. Total operating income rose 47.46% to Rs 2266.44 crore in the quarter ended June 2008 as against Rs 1536.97 crore during the previous quarter ended June 2007.

-------------------------------------------------
Geojit Financial Services net profit declines 55.02% in the June 2008 quarter
CMC net profit rises 4.11% in the June 2008 quarter

Tata Sponge Iron net profit rises 77.43% in the June 2008 quarter
Net profit of Tata Sponge Iron rose 77.43% to Rs 29.33 crore in the quarter ended June 2008 as against Rs 16.53 crore during the previous quarter ended June 2007. Sales rose 8.82% to Rs 101.77 crore in the quarter ended June 2008 as against Rs 93.52 crore during the previous quarter ended June 2007.

Tanla Solutions net profit rises 28.71% in the June 2008 quarter
Net profit of Tanla Solutions rose 28.71% to Rs 25.06 crore in the quarter ended June 2008 as against Rs 19.47 crore during the previous quarter ended June 2007. Sales rose 58.54% to Rs 41.03 crore in the quarter ended June 2008 as against Rs 25.88 crore during the previous quarter ended June 2007.

Everonn Systems India net profit rises 403.28% in the June 2008 quarter
PSI Data Systems net profit rises 485.71% in the June 2008 quarter
Celestial Labs net profit rises 4.62% in the June 2008 quarter

Source: Capital Market

Closing Bell: Market consolidates, techs badly bruised

Closing Bell: Market consolidates, techs badly bruised

It was a choppy session for equities on Monday on account of mixed global cues, which finally saw key indices end with losses. Fears about corporate earnings with higher fuel charges, inflation and the likelihood of further monetary tightening also did not leave investors' minds.

"Though there is nothing positive for the market to go by, price wise, we have already seen a very sharp correction, and for the time being, I don't see the indices declining much further than current levels. I don't expect any sharp movement on either side. On the Nifty, 4000 is a strong support level, while resistance is faced around 4150," said Viral Doshi, independent technical and derivatives analyst.

National Stock Exchange's Nifty ended at 4,039.70, down 9.3 points or 0.23 per cent. It touched a high of 4,118.10 and low of 4,004.25. Bombay Stock Exchange's Sensex closed at 13,330.51, down 139.34 points or 1.03 per cent. It touched a high of 13,559.36 and low of 13,269.62.

Ranbaxy Laboratories (-10.45%), Satyam Computer (-7.92%), Infosys Technologies (7.18%), Tata Consultancy Services (3.79%) and HDFC (3.38%) were the major Sensex losers. The gainers comprised ONGC (3.24%), NTPC (3.15%), Mahindra & Mahindra (2.91%), State Bank of India (2.9%) and Tata Steel (2.69%).

BSE Mid-cap Index ended 0.64 per cent lower at 5,330.80 and BSE Small-cap Index closed down 1.1 per cent at 6,640.06. Market breadth remained negative through the day. On BSE, 1,576 shares declined and 1,009 advances. IT stocks were punished yet again, following a leading brokerage downgrade on industry major Infosys citing concerns demand from US customers may slow. The BSE IT Index lost 5.94 per cent.

On Friday, data showed industrial production rose 3.8 per cent in May 2008, much lower than the revised 6.2 per cent growth in April 2008. Inflation based on the wholesale price index rose 11.89 per cent in 12 months to June 28, above the previous week's annual rise of 11.63 per cent. It was the highest in more than 13 years. Elsewhere in Asia, markets were choppy on account of renewed concerns over the US mortgage market. High oil prices also continued to weigh, after touching a record $147 per barrel on Friday. Japan's Nikkei 225 lost 0.23 per cent, Hang Seng closed down 0.77 per cent in Hong Kong, Taiwan's TAIEX shed 1.21 per cent and Singapore's Straits Times dropped 0.78 per cent.
-------------------------------------------------
India ranks 41 in industrial competitiveness: UNIDO report
M&As continue to click, June sees 51 deals worth $5.35 bn
Tighten monetary policy
Usha Mittal, Tina Ambani in Forbes' rich wives list
Mukesh Ambani meets Prime Minister Manmohan Singh

ICICI, HDFC AMCs among 20 cos in race for managing EPFO funds
Ranbaxy slumps 11% on US probe; company says allegations baseless
Stocks to watch: Videocon, Shanthi Gears, Power Grid

Source: ET

Week Ahead: Crucial support at 3900: BS

Week Ahead: Crucial support at 3900

A small recovery was followed by another downturn in a very volatile market. The Nifty ended up 0.82 per cent at 4049 points after hitting highs of 4215. The Sensex was up an even more nominal 0.1 per cent at 13,469. The Defty gained 1.5 per cent as the rupee recovered from $43.40 to $42.70.

The FIIs continue to be net sellers while domestic funds are still buying, albeit in small quantities. Volumes remain low and declines slightly outnumbered advances.
Relatively smaller stocks did better than pivotals with the Junior jumping 3.6 per cent and the Midcaps up 1.6 per cent while the BSE 500 gained 1.26 per cent. However, really small stocks suffered from lack of liquidity Outlook: The market is likely to range-trade between 3900-4200 with fairly high daily volatility. A breakout in either direction would lead to a 200 point move. So a breakout could lead to a swing till either 3700 or 4400. Expect weakness early in the week.
Rationale: The intermediate trend, which turned bearish in early May could now be petering out. The long-term trend is clearly negative.

Daily high-low ranges of 200-plus points are likely. Support at 3850-3900 is strong while there is powerful resistance at 4200-plus. There could be a boost to sentiment if the UPA wins the confidence vote.

Counter-view: The test of support at 3900, which is likely to occur early this week, is crucial. If 3900 holds, the intermediate trend will reverse. This is a long F&O settlement and technical factors like short-covering will not come into play immediately. For the market to hold at 3900 and then break 4200 on the next bounce will require some genuine value-buying.

Bulls & bears: Q1 results have just started floating in and obviously that has a major impact. IT scrips lost ground this week after Infosys' results and guidance was released. There was massive volatility across the sector and end-Friday, majors such as HCL Tech, Wipro, I-Flex, Polaris, Satyam and TCS all looked bearish.

Much of the recovery came from banks and real estate stocks which had been beaten down severely and saw reversal this week. The BankNifty gained over 5 per cent with most banks spiking up. In real estate, DLF, Omaxe and Sobha looked most interesting in terms of potential bullishness.

However, Friday saw momentum being lost in both these sectors. Select cement stocks and capital goods and engineering construction outfits also made comebacks. Non-ferrous metal producers like Nalco, Hindalco and Sterlite saw lots of bull interest. If the SP shores up the UPA successfully, there may also be a bounce for ADAG scrips such as RCom, Reliance Infra, and RNRL. There was scattered interest in scrips such as Cairn, Dabur, Tata Chemicals and Voltas.
-------------------------------------------------
MICRO TECHNICALS

Aban Current Price: Rs 2,845.95 Target Price: Rs 3,000
The stock has risen off a support at 2550 and is likely to move till 2900 before it hits resistance. If it closes above 2900, the next resistance is at 3000. It looks quite likely to move above 2900 since volumes have built up. Keep a stop at 2820 and go long. Book a partial profit at 2900.

HDFC Bank Current Price: Rs 1,067.8 Target Price: Rs 1,125
HDFC Bank is amongst the most promising bank shares. It has maintained its recovery on Friday when other bank stocks saw a repeat sell off. The scrip has the potential to rise till around the 1125 mark and maybe even 1150. Keep a stop at 1050 and go long. Start closing out the position above 1125.

Nalco Current Price: Rs 380.70Target Price: Rs 410
The stock has shot up from 305 on strong volume expansion. It has just completed a bullish formation with a breakout above 370. The target projection would be around 410. Keep a stop at 375 and go long.

ONGCCurrent Price: Rs 849.5Target Price: Rs 820
The stock has seen a bearish engulfing pattern where prices on Friday moved between a high -low range of 845-927 and closed at the low end. The range was far more than in previous sessions. The target would be about 820. Keep a stop at 860 and go short.

TCS Current Price: Rs 798.60Target Price: Rs 770
A massively bearish engulfing pattern was visible in TCS where the price also made a downside breakout from a trading range but not on very high volumes. There could be a downside till around the 760 level. However this target may not be achieved due to lack of volume. More likely we will see range-trading between 770-830. Go short with a stop at 810 and be prepared for high volatility.

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

Source: Business Standard

Investor's Guide : ET

Investor's Guide

Have stock prices of PSU banks bottomed out?
Bull's eye: Where to invest
Conservative investors can put their money in PSU bank

Hawkins Cookers: Good defensive bet for investors
Inflation targets don't kill jobs, economies
MD speak: Trikona Capital

Good time to switch out of failing sectors
Domestic pharma industry is at the crossroads
Bears bailing out, rather than shorting

Declining liquidity is root cause of market meltdown
Interview: Oiling The Wheels
India Inc's Q4 results depict future trend
Dolphin Offshore: Growth opportunities for long-term
------------------------------------------------------
Stock/Sector Analysis:

Tata Power
Sintex Industries
Industrials, Construction, Insurance
Piramal Healthcare, Welspun Gujarat
India Strategy, Jaiprakash Associates, Jindal SAW, India Economy
Hindustan Unilever, Banks

Source: ET, Deadpresident blog

13 July 2008

Q1 2009 Results: IFCI, SouthIndian Bk, Edelweiss Etc

IFCI net profit declines 38.80% in the June 2008 quarter

Net profit of IFCI declined 38.80% to Rs 151.07 crore in the quarter ended June 2008 as against Rs 246.86 crore during the previous quarter ended June 2007. Sales declined 11.56% to Rs 309.48 crore in the quarter ended June 2008 as against Rs 349.95 crore during the previous quarter ended June 2007.

*****************************
Geojit reports 55% drop in net

Geojit Financial Services reported a 55 per cent drop in its standalone net profit at Rs 4.93 crore against Rs 10.96 crore in the same year ago quarter. Total income rose 12.5 per cent to Rs 39.52 crore (Rs 35.12 crore). Total expenditure however rose 36 per cent to Rs 32.71 crore from Rs 24.03 crore. Operational costs rose because of the company’s continuing expansion of its branch network, and this is expected to produce results over the next two quarters, said a company statement.
Geojit’s consolidated net profit fell by 41.3 per cent to Rs 7.1 crore (Rs 12.1 crore).
(The company had made a profit of Rs 4.74 crore from sale of non-trade investments during the same period last year.)“The fall in profit before tax after adjusting for the Exceptional Item is therefore only 22.6 per cent,” said the statement. The consolidated total income for the quarter rose 13.4 per cent to Rs 47.34 crore (Rs 41.75 crore).
The company’s income from other operations increased to Rs 43.82 crore from Rs 37.90 crore.
The diluted EPS of the company decreased to Rs 0.33 from Rs 0.56. Geojit’s joint venture with BNP Paribas for institutional broking will commence operations in the current quarter, said the statement.The shares of the company closed at Rs 39.6 on Friday, 0.88 per cent down from its previous close.
*************************
Edelweiss standalone net down 10%
Broking firm Edelweiss Capital reported a 10 per cent drop in standalone net profit at Rs 6.78 crore as against Rs 7.5 crore in the corresponding period of the previous year. The company’s total income stood at Rs 56.63 crore, up from Rs 30.69 crore in the year-ago period. The company got listed on the stock exchanges in December last year.
The consolidated net profit for the same period rose 52 per cent to Rs 63.78 crore (Rs 41.93 crore). The total income increased 87 per cent from Rs 143.74 crore to Rs 268.93 crore

********************************
South Indian Bank net profit rises 27.16% in the June 2008 quarter

Net profit of South Indian Bank rose 27.16% to Rs 38.62 crore in the quarter ended June 2008 as against Rs 30.37 crore during the previous quarter ended June 2007. Total operating income rose 24.82% to Rs 371.61 crore in the quarter ended June 2008 as against Rs 297.71 crore during the previous quarter ended June 2007.

***********************************
Garware-Wall Ropes net profit rises 23.23% in the June 2008 quarter

Source: BusinessLine, Capitalmarket.

Stock Analysis from BusinessLine, Deadpresident Blog

http://businessline.in

TECHNICAL ANALYSIS: Index Outlook
TECHNICAL ANALYSIS: Nifty futures likely to be rangebound

STOCKS: Welspun Gujarat Stahl: Buy
STOCKS: Tata Power: Buy
STOCKS: Grasim Industries: Buy

STOCKS: Glenmark Pharma: Hold
STOCKS: Bartronics: Buy
MUTUAL FUNDS: Magnum Contra: Invest

MUTUAL FUNDS: HDFC Growth: Hold
DERIVATIVES MARKETS: How to make money when you are only mildly bullish
INVESTMENTS: Play defensive in a volatile market

TECHNICAL ANALYSIS: Query Corner
PEOPLE: Investment Nuggets
HOUSING FINANCE: Home loan rates
STOCK MARKETS: Bull's Eye
STOCK MARKETS: Baskets of X
------------------------------------------------
http://www.deadpresident.blogspot.com

Crude Oil Update / Pyramid Saimira Theatre
Reliance Industries
Punj LLoyd
Quarterly Preview - April - June 2008
Q1 FY09 Preview

Investment Strategy
Reliance Communications /Deccan Chronicle
Q1 Earnings Preview / Balrampur Chini
Weekly Newsletter - July 11 2008
Infosys fails to boost market mood

PE firms invest US$2.8bn in Q2 CY08
Industrial output shrinks in May
Growth to fall below 8%
IIP plunges, may impact economic growth
Result Preview, Savita Chemicals, KS Oils, Indo US Nuclear Deal, Bajaj Auto, Patel Engineering

Kaveri Telecom / Power Sector
Earnings Preview - Apr - Jun 2008
Silly Brokers and Predictions

Source: Above sites.

12 July 2008

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