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Wednesday, February 04, 2015
WINNING STROKES: THINK DIFFERENT
C Mahendra Exports Ltd, which was recommended to the Premium members, today hit the buyer freeze in the later afternoon trade at Rs.14.24 in the BSE. C.Mahendra Exports Ltd, a renowned and trusted name since 1974, is one of the leading diamantaire and jewelry company with a wide spread around the world. It fell from 52-week high of Rs.254.90, as the government of India put restrictions in the Gems and Jewelry Sector. C.Mahendra Exports has its presence in the diamond studded jewellery business. Ciemme Jewels Ltd., a subsidiary of the company, designs and manufactures, diamond studded jewellery which is retailed under the brand name "Ciemme" across the world. It has overseas sales and distribution associates in 6 countries:
Today the percentage of Deliverable Quantity to Traded Quantity was 42.83%, which is not at all bad. The scrip is expected to hit non-stop buyer freezes from here. Those who could not buy it today, can try tomorrow.
As expected Firstsource Solutions Ltd, a CESC Ltd group company spurted today touched Rs.31.25, before closing at Rs.30.50 in the BSE. The company is coming up with Q3FY15 results on 6th February, 2015. In this scrip too, the ace investor, Rakesh Jhunjhunwala holds stake.
Rohit Ferro Tech Ltd went in minor correction and the scrip closed at Rs.8.76 in the BSE. It is important to note that, Rohit Ferro-Tech, a smaller player in the ferro alloy and stainless steel segment, gained from the FY14 budget proposals when the GOI, hiked the custom duty from 5% to 7.5%. In the upcoming budget too, the government is expected to come up with a slew of measures to encourage demand for domestic products. Because of the lower demand and realizations, companies like Rohit Ferro are making losses. It has 274,000-tonne capacity to produce ferro alloys used in stainless steel making and 100,000-tonne stainless steel capacity. Rohit Ferro Tech Ltd acquired coal mines in Indonesia through its 100% subsidiary SKP Overseas Private Limited. It has both thermal, as well as, coking coal with the reserves of around 5 million metric tonne and 20 million metric tonne.
Nifty which today opened at 8823.15 gradually recovered and closed at 8756.55 down 40.85 points. Today also FIIs and DIIs net sold Indian equities worth Rs.264.35 Cr and Rs.137.31 Cr respectively. The Nifty would continue to get support around 8730 ranges. However, the action would now be seen in the small and mid cap space. Moreover, in the next few weeks as the EU starts to flood the globe with "Phantom Money", euphemistically called "Quantitative Easing" (QE), the naked swimmers in the emerging economies could get benefited. Also, the tangible impact of Bank of Japan's renewed benevolence in flooding the market with liquidity will also be positive for the EEs. Amid such bay watching, this is yet another opportunity for policymakers in emerging economies to assess, reliance and susceptibility of various sectors in their economy to foreign flows. Analysis of all factors such as gross domestic product (GDP) growth, interest rates, domestic institutional investor (DII) flows, foreign institutional investor flows (FII), corporate earnings and so on that typically move stock markets, reveals that FII flows alone was the single largest factor which gave mammoth movement in the BSE Sensex since 2000. The GOI should therefore, quickly find out the reasons for continuous FII selling in the Indian bourses, during the last few days.