Yesterday Heavyweights fuel Sensex's 122-point rally: My earlier recommended Balaji Telefilms hits the buyer freeze before ending a tad below. The Board had earlier recommended the interim dividend of Rs 3.50 per share (175% on par value of Rs 2 per share) on March 13, 2007, on fully paid-up equity shares of Rs 2 each, aggregating to Rs 307.67 million including dividend distribution tax, as the final dividend. The company also came up with superb results for FY-06-07. STAR Group Ltd (STAR) and Balaji telefilms Ltd on April 19, 2007, announced a joint venture to create a leading television network of regional language general entertainment channels initially targeted at the fast growing South India market. The joint venture, 51% owned by STAR and 49% by the Company, will be headquartered in Chennai.Under the joint venture, the two Companies will combine their resources to infuse VIJAY with the Company content. The joint venture also targets at launching a Telugu channel by the last quarter of the year. Channels in Kannada, Malayalam and other. The stock at this price is looking and hence keep holding with a Stop Losses of Rs.200, Rs.185 and Rs.170: Southern Online Bio Technologies Ltd went for a minor correction at the end of the day after long bullish period. The stock is nowhere near its target price of Rs.50. The company could any time declare the opening of the plant for commercial production: The stock which was abbrevited as Sa...Pa....and which was recommended yesterday at Rs.33, is Sanjivani Paranteral Ltd(BSE Code-->531569)to the special package group. The group as mentioned eariler was formed to fund some of my Research Expenses...The Scrips recommended here are mostly for delivery based trade though sometimes speculative stocks are also recommended,in this group; to make quick bucks. The stock(Sanjivani Parenteral Ltd) closed at Rs.37.60, with 16.59% gain. The company as mentioned earlier is into IV Fluids and is doing extremely well in the domestic as well as International markets: In the US Stocks Finish Mixed After Briefly Lifting S&P 500 Past Closing High for First Time Since 2000. Hence we can see large scale spurt in the Mid and Small Cap Space, today:Also, I have again started to post my views on www.bcozindia.com (Bcoz Money to be precise) and you can have a look at the brand new take on Premier Explosives Ltd, if you visit the URL:http://www.bcozindia.com/IP_analyst.asp:
The market was strong throughout the yesterday’s trading session on continued buying momentum in index pivotals. Oil & gas, metal and FMCG stocks were in high demand. However, selling was seen in IT and auto stocks.The market was boosted when reports indicated that India's June-September monsoon rains are expected to hit the coastline of southern Kerala state within the next three to four days.The 30-share benchmark index of BSE, which crossed the 14,400 level in the opening session, settled 122.69 points, or 0.86%, higher at 14,426.10, as per provisional closing. It opened higher at 14,415.44 and surged to strike an intra-day high of 14,451.30. Its intra-day low for the day was 14,384.61The S&P CNX Nifty, the benchmark index of the National Stock Exchange, ended 42.65 points, or 1.01% higher, at 4,257.15, as per provisional closing. It had surged to an all-time high of 4,269.35 yesterday, 21 May 2007, surpassing its previous all-time high of 4,245.30, which it had stuck on 8 February 2007.The market breadth, which indicates the overall health of the market, looked strong as small-cap and mid-cap stocks also participated in the rally. Though the breadth was positive in the late afternon session, it was weaker compared with the morning session when there were 4 gainers for every loser. The advance to decline ratio was pegged at 1.12 by the closing bell:1,380 shares advanced as compared to 1,225 that declined, while 81 remained unchanged.Firm global markets helped local bourses. All the Asian indices, except KLSE Composite of Malaysia, was trading lower. Hang Seng rose 0.11% and Nikkei 225 index gained 0.90%. European markets were trading mixed.The total turnover on BSE amounted to Rs 5,559 crore, boosted by a series of block deals. Prominent of them were three block deals of 44.10 lakh shares executed on the Reliance Energy (REL) counter at an average price of Rs 513 per share in opening trade.REL surged 8.53% to Rs 554.90 on huge volumes of 1.42 crore shares. It was the top traded counter on BSE, with turnover of Rs 736.27 crore. These block deals resulted in roughly around 5.44% of REL's equity changing hands.Other major block deal was executed on the Adlabs Films counter on BSE: 48.12 lakh shares at Rs 535 per share by 10:23 IST. The scrip was up 6.94% to Rs 562. It was the second top traded stock on BSE with a turnover of Rs 296.50 crore. This block deal amounted close to 11.5% equity of Adlabs changing hands.Index heavyweight Reliance Industries (RIL) advanced 4.45% to Rs 1,775 on 9.86 lakh shares. It struck an all-time high of Rs 1780, on market rumors that it is likely to come out with rights issue. The scrip shrugged off media reports it is likely to miss the June 2008 deadline for commercial production of gas from the Krishna Godavari basin. The delay is mainly due to late deliveries of deepwater drilling rigs by Transocean Inc. RIL is relying on these oil rigs to the start the commercial production of gas from the basin. It was the third most traded counter on BSE with turnover of Rs 134.51 crorePSU oil exploration major ONGC advanced 2.44% to Rs 931.50 after Brent crude oil rose 28 cents to $69.70 a barrel on Monday, 21 May 2007, while US benchmark crude gained 20 cents to $65.14, boosted by concerns over supplies from major exporters Iran and Nigeria.HDFC Bank (up 2.61% to Rs 1100), ITC (up 2.25% to Rs 170.75), and Maruti Udyog (up 1.91% to Rs 823.10), also gained.Tata Steel jumped 5.50% to Rs 623.55 on renewed buying following strong Q4 results announced late last week. Tata Steel had spurted over the past few weeks after the company last month announced attractively priced (Rs 300) rights issue in the ratio of 1:5, and also on expectation of strong fourth quarter results.ta Steel’s consolidated net profit had increased 41% to Rs 1103.50 crore in Q4 March 2007. Sales rose 21% to Rs 4980.44 crore in Q4 March 2007. Net profit jumped 20% to Rs 4222.15 crore in the year ended 31 March 2007. Sales increased 15% to Rs 17552.02 crore in FY 2007.Ranbaxy Laboratories was up 0.44% to Rs 398.50 after its wholly owned subsidiary, Ranbaxy Pharmaceuticals Canada Inc. (RPCI), received approval in Canada to manufacture and market Ran® - Pravastatin Tablets, 10 mg, 20 mg, and 40 mg, from Health Canada, Therapeutic Products Directorate (TPD). Total annual market sales for Pravastatin in Canada is CAD $72.9 million.Pravastatin is indicated as an adjunct to diet for the reduction of elevated total and low density lipoprotein cholesterol levels in patients with primary hypercholesterolemia.Tata Motors slumped 2.63% to Rs 723.20 as selling continued after its Q4 March 2007 OPM shrank to 11.69% from 12.9% in Q4 March 2006. During trading hours on 18 May 2007, Tata Motors reported a 25.57% increase in consolidated net profit to Rs 2,169.99 crore in the year ended March 2007 compared with Rs 1,728.09 crore in FY 2006. Total income moved up to Rs 32,579.59 crore (Rs 24,012.97 crore).The group posted a net profit of Rs 649.81 crore in Q4 March 2007 as against Rs 522.60 crore in Q4 FY 2006. Total income increased to Rs 9,790.09 crore (Rs 7,866.06 crore).IT pivotals attracted fresh selling as rising rupee, hardening interest rates and costly inputs are taking a toll on the profit margin of Indian exporters. The rupee had hit a nine-year peak of 40.53 on 9 May 2007. It has gained more than 8% against the dollar this year to be Asia's best-performing currency.TCS was down 1.34% to Rs 1235, Satyam Computers 1.93% to Rs 446.50, Wipro 1.63% to Rs 535.10, and Infosys Technologies 1.11% to Rs 1960. Infosys Technologies is to invest Rs 306 crore for setting up a development centre in Kerala.The fall in IT stocks intensified after Britain, on 19 March 2007, suspended its online visa application facility from India after personal data of thousands of Indians was compromised, prompting the government to order a probe into the security lapse. As many as 4,70,000 Indians had applied for visa to Britain last year and around 50,000 had applied online.TCS was down 1.34% to Rs 1235, Satyam Computers 1.93% to Rs 446.50, Wipro 1.63% to Rs 535.10, and Infosys Technologies 1.11% to Rs 1960. Infosys Technologies is to invest Rs 306 crore for setting up a development centre in Kerala.Bajaj Auto slipped for the third straight day by 1.91% to Rs 2243.10, as its demerger scheme, announced during trading hours on 17 May 2007, triggered a flurry of rating downgrades by brokerage houses. Disappointment about the post-demerger structure and a lack of clarity about future business plans have been cited as the main reasons for the downgrades.Bajaj Auto shares slumped 16% in the past two trading sessions after surprise revelation that Allianz — Bajaj’s partner in its two insurance ventures — has a ‘call option’ to buy up to 74% at a nominal price. This was the biggest disappointment in the demerger plan. Most analysts expected Bajaj Auto to remain the majority partner, while allowing Allianz to raise its stake up to 49%. They see a high possibility of the government raising foreign investment limit in insurance sector to 74% and Allianz exercising the option to hike the stake.The insurance business of Bajaj Auto was valued at around Rs 800 per share, but going by the new structure, the value has been trimmed to Rs 300 per share. So the fall was more of a realignment to its fair value of Rs 2,250, as per an analyst.Drug maker Dr. Reddy's Laboratories slipped 1.24% to Rs 657.50, despite posting strong March 2007 quarterly net profit on sales of generics, including a cheap version of GlaxoSmithKline Plc.'s anti-nausea blockbuster, Zofran, on 18 May, during market hours. The stock fell after the company said its profit would fall this year. The company expects core businesses to grow strongly in the year ahead but sees lower profit in FY 2008.The fiscal year that ended in March saw one-time gains from a 180-day exclusivity period for Zofran's generic equivalent, and authorised generics.Dr Reddy's Laboratories reported a total income of Rs 4,084.31 crore for the financial year ended March 2007 as against Rs 2,136.57 crore in the last year as per the Indian GAAP. It posted net profit of Rs 1,176.86 crore as against Rs 211.13 crore for the same period.India's National Stock Exchange (NSE) will offer futures and options trading on CNX Nifty Junior and CNX 100 from 1 June, the exchange said late on Friday. The exchange already offers futures and options trading in S&P CNX Nifty index, Bank Nifty and CNX IT index.Foreign institutional investors (FIIs) bought shares worth a massive Rs 1060.80 crore on Thursday, 17 May 2007. The large inflow came after they had pulled out Rs 470 crore in two trading sessions from Tuesday, 15 May 2007, to Wednesday, 16 May 2007. But their inflow was muted Rs 56.64 crore on Friday, 18 May 2007, as per provisional figures.Domestic institutions were net buyers of Rs 58-crore equities on Friday, 18 May 2007.Meanwhile, in a major development, the Indian government late on Friday, 18 May 2007, tightened overseas borrowing rules, making it harder for less creditworthy and smaller local companies to raise funds, a measure seen aimed at curbing soaring capital flows and calm the hot real-estate sector.The finance ministry said in a statement late on Friday that the ceiling has been lowered to 150 basis points (bps) over six-month Libor from the earlier 200 bps for overseas borrowings by Indian companies for maturities between three and five years.For maturities over five years the ceiling has been reduced to 250 bps over six-month Libor from 350 bps. It said the ceilings had been revised in view of the upgrading of the country's sovereign credit ratingsChina's stocks held steady on Monday, 21 May 2007, helping Asian markets react calmly to China's surprise move to widen the yuan's trading band and raise interest rates, while the yen slid to a record-low against the euro. Sentiment was underpinned by Wall Street, where US blue chip shares hit a record high on Friday, 18 May 2007China's shares initially slumped more than 3% in open trades in their first reaction to the flurry of monetary announcements late Friday, 18 May 2007. However, they pared back the losses to stand broadly steady later in the day. MSCI's measure of Asia Pacific stocks excluding Japan rose 0.53% to near a record high set last Thursday 17 May 2007.Wall Street was boosted on Friday, 18 May 2007, by fresh takeover activity and after a gauge of consumer sentiment rose more than expected in May 2007, reassuring investors about the strength of the US economy. Dow Jones Industrial Average gained 79.81 points, or 0.59%, to a record closing high of 13,556.53. The Nasdaq Composite Index gained 19.07 points, or 0.75%, to 2,558.45. [With inputs from the Internet]
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