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Wednesday, February 04, 2015

MARKET MANTRA
C Mahendra Exports Ltd today touched the Upper Circuits at Rs.14.95 and is now trading at Rs.14.47 with good volumes.  Moreover, last year the company allotted 567,780 equity shares at Rs.234.95 per share to Bennett Coleman & Co. on preferential allotment basis. C Mahendra Exports Ltd, an integrated diamond and diamond jewellery company came out with an IPO in 2011 (The issue closed for subscription on January 06, 2011), with a price band of Rs.95 to Rs.110 per equity share. Now with INR around Rs.61 Vs USD, the company could rake in huge mullah in the coming days. Today, I am expecting it to hit the UC at the at the end of the day. 
Firstsource Solutions Ltd today touched Rs.33 and is now trading at Rs.31.70. The scrip should gradually move up before the Q3FY15 results. It is from the reputed R-P Goenka group and ace investor Rakesh Jhunjhunwala holds substantial stake in the company. 
Today, Unitech Ltd is moving up and is currently trading at Rs.19.65, up 4.80%. I have taken positions, for some of my friends, whose accounts, I manage from my end. I am expecting the scrip to reach Rs.27-29, in the next few trading sessions. Company's consolidated net debt was Rs.6,381 crore in Q2 of FY 2015 and net debt to equity ratio during this period, was also also not very alarming at 0.58. Strong demand for office space and the renewed optimism of the last few months is likely to translate into improvement in demands for the residential housing space, in the coming days. Also, RBI has given a clear indication that the interest rates are going down in the near future, fueling demands for the residential and commercial properties. Meanwhile, Unitech is continuing with its interim strategy of monetizing those land parcels for which there are no immediate development plans. Company is also working towards accelerating the delivery of completed property in its various projects.
Today my recommended Jindal Saw Ltd touched Rs.85.30 and is currently trading at around Rs.84.30. The traders can book some profits and can wait for the scrip to clear Rs.85-86 ranges before taking fresh entry. However, long term investors can continue to add the scrip in all declines, keeping a strong SL of Rs.79.
Rohit Ferro Tech Ltd (Rs.8.65) is currently consolidating at around Rs.8.60--8.90 ranges, after a swift rally. The government is coming up with a slew of measures to protect the domestic steel and ferro-alloys sector and hence in any case the scrip will move up, in the coming days. Besides, there are lot of positive developments taking place in the company including the sale of one of this plants in Odisa (Orissa) to reduce debt. When a person is getting gold at the price of brass, then he/she should purchase it, isn't it? 
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