Metalman Industries Ltd recommended at Rs.25, hits the 20 % buyer freeze today: H B Portfolio Ltd is expected to get the NBFC license soon. The company has Rs.75 Cr Porfolio and whose value is increasing everyday as the market is moving up. It will join the leagues of Reliance Capital Ltd after getting the NBFC license. The company has invested in the Tauras Mutual Fund heavily: Pioneer Embroideries Ltd at the CMP of Rs.126, should do well in future as it has manufacturing facilities situated at Mumbai, Sarigam, Naroli, Dadra, Karad, Coimbatore, Bangalore and Pune. The Company has surplus land at Mumbai, Pune, Coimbatore, Bangalore and Delhi. The Company has been contemplating the idea of exploiting these lands commercially and for this purpose the Company has floated a wholly subsidiary Company Pioneer Reality Ltd. This is also a turnaround case: Kanishk Steel Industries Ltd is also a good company in the Power production space along with the Steel Production. The company has massive expansion plans: Yesterday in the Sunday Report sent to SumanSpeaksPremium members, there was mention of BHEL, SAIL, RCOM etc. and all are doing well:
The market held firm in afternoon trade following a rally on Wall Street on Friday, 24 August 2007, triggered by surprisingly strong data on US home sales and durable goods. Buying was conspicuous in banking, metal, auto, and capital goods stocks.
All the sectoral/niche indices on BSE were in green. The BSE Bankex, BSE Consumer Durable, and BSE Realty indices were up by over 3%. The BSE Metal, BSE Capital Goods, and BSE Oil & Gas indices had gained over 2%.
At 13:37 IST, the BSE 30-share Sensex was up 320 points, or 2.2%, to 14,745. The Sensex had hit a high of 14,763.03 at 13:21 IST.
The broad market index has gained 581 points, or 4.1%, in the past two days from 14,163.98 on 23 August 2007.
The S&P CNX Nifty was up 85.25 points, or 2.03%, to 4,275.40
BSE clocked a turnover of Rs 2039 crore compared to Rs 1655 crore by 12:30 IST.
The BSE Small-Cap index was up 187.97 points, or 2.5%, to 7,710.22. BSE Mid-Cap index was up 135.96 points, or 2.2%, to 6,326.41.
Metal shares were boosted by Friday's (24 August 2007) surprisingly strong US economic data, which calmed worries about a slowdown in the world's largest economy. Copper producer Sterlite Industries rose almost 4% to Rs 599, India’s top aluminium maker Hindalco gained 4% to Rs 147.75 and world’s sixth largest steel maker Tata steel was up 2.3% to Rs 596.
India’s biggest private sector bank by net profit ICICI Bank rose 5% to Rs 877 after the Reserve Bank of India allowed foreign funds to buy shares as their holding in the bank had dropped below the 74% cap.
India’s largest lender State Bank of India jumped 5% to Rs 1544 on reports it plans to merge its wholly owned associate bank State Bank of Saurashtra (SBS) with it. The move is seen as a first step towards merging with all seven of its associate banks.
India’s biggest commercial vehicles maker Tata Motors climbed up 2.6% to Rs 675 after Tata Group chairman Ratan Tata said late on Friday, 24 August 2007, that the conglomerate was interested in acquiring Ford Motor Co's Jaguar and Land Rover brands.
Dr. Reddy's Laboratories, India’s only drug firm listed on the New York Stock Exchange, moved up 0.6% to Rs 632 on repots it is race to acquire US based Bradley Pharmaceuticals Inc to boost its presence in the dermatology drug segment.
India’s biggest private sector firm in terms of market capitalisation and oil refiner Reliance Industries gained 2.2% to Rs 1814 despite reports that its retail arm Reliance Retail has suspended plans to open stores in West Bengal.
India’s top engineering & construction firm by revenue Larsen & Toubro (L&T) had advanced 2.8% to Rs 2514. During trading hours on Friday, 24 August 2007, L&T got shareholders’ approval to raise $700 million to expand operations.
India’s top power generation firm in terms of revenue NTPC had moved up 2.5% to Rs 168 on reports government intends to offload its 4.7% stake in the company in a follow-on public offer.
Canara Bank gained nearly 4% to Rs 233.90 after the state-run bank said its board had approved the acquisition of shares to hold 51% stake in Can Fin Homes through an open offer. Can Fin Homes was up 13% to Rs 57
Advani Hotel & Resorts India rose 4% to Rs 250 after its board approved splitting each of its shares into five.
Albright & Wilson Chemicals moved up 3.7% to Rs 137.75 after the company said after trading hours on Friday, 24 August 2007, its board would meet on 3 September 2007 to consider disposing of its phosphate business.
Shaving products maker Gillette India was flat Rs 891, off the session’s high of Rs 903 after it reported a 630.4% surge in net profit to Rs 43.24 crore in April-June 2007 quarter over April-June 2006 quarter.
Fruit exporter Freshtrop Fruits was up 5% to Rs 108 after the firm said its board would meet on 3 September 2007 to consider a bonus issue.
Kothari Products climbed up 5% to Rs 725.25 after the company said during trading hours on Monday, 27 August 2007, its board has approved the spin-off of its pan masala, beverages and trading divisions into Pan Parag India.
Sun Pharmaceutical Industries rose 0.6% to Rs 903 after it said on Saturday, 25 August 2007, the US Food and Drug Administration had approved its generic drug for the treatment Parkinson's disease in tablet form.
Matrix Laboratories rose 2.5% to Rs 230.40 after it said after trading hours on Friday, 24 August 2007, it plans to buy the residual stake of Mark Gao, former promoter of MCHEM group of companies in China.
Punjab Chemicals & Crop Protection rose nearly 7% to Rs 126.90 after it said during trading hours on Monday, 27 August 3007, it has agreed to acquire 100% stake in Pegevo Beheer BV for an enterprise value of 39.5 million euros.
Real-estate firm Vipul rose 2% to Rs 637.35 after the company said on after trading hours on Friday, 24 August 2007, its board would meet on 30 August 2007 to consider splitting its shares.
Auto parts maker Omax Autos rose 4% to Rs 64 after it said during trading hours on Monday, 27 August 2007, its board would meet on 1 September 2007 to consider a rights issue.
State-run Vijay Bank rose 1.4% to Rs 52.75 on reports Life Insurance Corp of India has acquired about 1.49 million shares, or 0.35% stake in Vijay Bank, raising its holding to 5.32%.
Logistics firm Gati sacled up 4.4% to Rs 101 after it said during trading hours on Monday, 27 August 2007, it would acquire 52.96% in Kausar India at Rs 72.84 a share.
The Indian rupee was hovering at 40.97 against the dollar, stronger compared to Friday (24 August 2007)’s close of 41.0825/41.0925.
Asian markets which opened before Indian market, were firm. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.3% to 1.9%.
European markets, which opened after the Indian markets, edged higher. Key benchmark indices in Germany and France were up by between 0.4% to 0.5%. The UK stock market was closed on Monday, 27 August 2007, for a public holiday.
Minister for science and technology and senior Congress leader Kapil Sibal said on Saturday, 25 August 2007 that government would not fall due to opposition to the Indo-US nuclear pact from Left parties. Sibal said the government would address the concerns of Communists on the deal in a debate in parliament.
India's biggest communist party, Communists Party of India (Marxists), or CPM, on Thursday, 23 August 2007, said it does not want to topple the government over a nuclear deal with the United States. Though CPM softened its stand on withdrawing support to the ruling coalition government at the Centre, it reiterated the government should not go ahead with negotiations with the International Atomic Energy Agency and Nuclear Suppliers Group over a nuclear deal with the US.
The Left Front’s opposition to the nuclear deal with US had stoked concerns over the past few days that if the Communist allies of the ruling coalition government at the Centre decide to pull their support, the government will be reduced to a minority, triggering fresh elections
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