Monday, November 11, 2013

Chart of Allahabad Bank
SEL Manufacturing Company Ltd moved to Rs.4.43 before closing at Rs.4.13 with  a gain of  around 6.44%. The scrip as you remember was recommended around Rs.3.70-3.80. 
Tulip Telecom Ltd today closed flat at Rs.7.72. The company is tentative to declare its Q2FY14 results by 14th November, 2014. The results will be along the expected line, I just want to see, if the losses have increased or decreased speaking sequentially. There are rumours that the company has sacked a large number of employees who are refusing to come to work, because non-payment of salaries. This if happens will be a good move, for the shareholders as the company can recruit new staffs at new pay scales and at same time, can approach any court, to give it some time for the payment of pending salaries of the earlier employees. In any case the show should continue; as the absence of employees was creating problem for the daily functioning of the company. 
Chartically Allahabad Bank Ltd looks, that it might have made a bottom. Today it rose to Rs.94.50, before cooling down to close at Rs.90.45. Short term investors should keep on adding the scrip on all declines.
Power Finance Corporation Ltd was given a buy at Rs.143-5-144, T-Rs.148, SL-Rs.141.70. The scrip touched Rs.148.80 intra-day before closing at Rs.142.10 due to late selling in the bourses. The company came out with good set of numbers for the Q2FY14. The large-cap company has equity capital of Rs 1320.04 crore. Face value per share is Rs 10. Power Finance Corporation (PFC) had earlier last week said that its Rs.750-crore public issue of Tax Free Bonds 2013-14 was pre-closed on 5 November 2013 from its earlier scheduled close on 11 November 2013. The bond issue had been opened for subscription on 14 October 2013. The price of each bond is Rs.1000. The bonds carry a term of 10, 15 and 20 years which an investor can choose to invest based on one's requirement. All the three credit rating agencies, CRISIL, ICRA and CARE rated the issue as 'AAA', which is their highest rating to any debt issue. These bonds are 'Secured' in nature against certain assets of the company. The bonds will be listed on BSE.  PFC was incorporated with an objective to provide financial resources and encourage flow of investments to the power and associated sectors. The Government of India (GoI) holds 73.72% stake in PFC (as per the shareholding pattern as on 30 September 2013).