Power and Embedded Power Compaines to benefit:

Sensex recovers from early low; above 14,800: There are indications from the sources, that Power Companies may get tax holiday’s, custom duty waiver for over 25 MW projects. If this is to happen it’s a big positive for the power sector and companies and embedded power plays, like Reliance Energy, NTPC , Kanishk Steel Industries Ltd(it's 70 Mw power project is expected to be complete by June, 2008. It already have good power production capacity for commercial and for domestic purpose), Monnet Ispat(it already has 60 Mw of power capacity and planning some more), Tata Power etc. which are already in a expansion mode may be benefited hugely from this move. I have been the Premium Group members that there are some accumulations going on in Kanishk Steel Industries Ltd for some time. Yesterday Kanishk Steel hit the buyer freeze. Keep holding the scrip for some wonderful gains in future.

My Monday's recommended scrip Oscar Investments Ltd to the Premium Group, hit second buyer freeze. Pioneer Embroideries Ltd is doing well on the news of its huge land bank. Keep adding on all declines to get a target of Rs.250 plus:

The market recovered sharply from day’s low hit in early trade, on value buying coupled with short covering in derivatives market. Earlier today, it opened on subdued note following drop in US stocks overnight driven by credit concerns, US housing data and doubts about the sustainability of global economic growth. Asian markets were also trading on weak note. The market outperformed its global peers today, in terms of fall. At 11:34 IST, the BSE 30-share Sensex was down 86.74 points or 0.58% to 14,832.45. It had opened lower at 14,651.49 and slipped further to hit a low of 14,592.11. However it rebounded sharply from lower levels to hit a high of 14,842.93 At the day's low of 14,592.11, Sensex had declined 327.08 points. The S&P CNX Nifty was down 20.80 points or 0.48% to 4,300.20 The market breadth improved from early weakness. On BSE, with 1194 shares declined as compared to 1012 that advanced, while 59 remained unchanged. In opening session, 943 shares had declined as compared to 378 that advanced. The BSE Mid-Cap index was up 0.09% to 6,415.10, while the BSE Small-Cap index rose 0.16% to 7,821.16. Both these indices recovered from their low of 6,321.33 and 7,730.18 respectively The total turnover on BSE amounted to Rs 1412 crore by 11:30 IST as compared to Rs 676 crore by 10:30 IST Volatility is expected to remain high in the next two days ahead of the expiry of August 2007 derivatives contracts on Thursday, 30 August 2007. Among the 30-member Sensex pack, 26 slipped while the rest gained. India’s largest private sector steel maker, Tata Steel surged 6% to Rs 641.20 on high volumes 15.41 lakh shares. It was the top gainer from Sensex pack. The stock advanced from its low of Rs 591, hit in early trade. Tata Steel recorded a consolidated net turnover of Rs 31,155 crore for Q1 June 2007, an increase of 442% over the same period last year, on the back of Corus acquisition. Its consolidated operating profit surged 186% to Rs 4,904 crore. The results also include an extraordinary item of Rs 4,121 crore primarily representing actuarial gains due to increase in yield rates on bonds held by various pension funds of Corus. Other gainers from the Sensex pack were Hindalco Industries (up 0.80% to Rs 154.50), Bajaj Auto (up 0.41% to Rs 2305), and ONGC (up 0.60% to Rs 814). IT pivotals were the worst hit on fears of US economy slowdown and a possible recession. Infosys Technologies was the top loser from Sensex pack. It slipped 1.70% to Rs 1850.10 on 46,595 shares. It had slumped to a low of Rs 1828. As per reports, Infosys BPO has lost a prime client Green-Point Mortgage. Green Point Mortgage, a mortgage arm of Capital One (a financial services company) declared its bankruptcy on 20 August 2007 in the US. Other IT pivotals, Satyam Computers (down 0.24% to Rs 448.60), Wipro (down 1.42% to Rs 460.80), and TCS (down 0.65% to Rs 1021.90) also declined from IT pack. Reliance Industries recovered from early low of Rs 1848.25. It was now up 0.10% to Rs 1881 on 2.76 lakh shares. As per reports, the stalemate over the pricing of gas from its KG basin may come to an end soon. Reports say that pricing formula put forward by RIL is likely to be broadly approved by the empowered group of ministers (EGoM) within the next couple of days. Firstsource Solutions surged 8% to Rs 78 after it acquired US based MedAssist Holding Inc, a leading provider of revenue cycle management in the healthcare industry in the US. The acquisition is valued at $330 million. MedAssist had revenue of $99 million for year ended December 2006 Elder Pharmaceuticals rose 1.62% to Rs 391 on reports it had acquired 51% stake in Bulgaria's Biomeda group for euro 5 million in an all-cash deal. Biomeda Group is a leading pharma group in Bulgaria with a turnover of about 10-12 million euros. Among the side counters, Ispat Industries (up 11.87% to Rs 17.44), Abbott India (up 8.31% to Rs 570), Mawana Sugar (up 9.10% to Rs 28.80), Ugar Sugar (up 8.70% to Rs 12), and Uttam Galva (up 7.41% to Rs 33.35), surged The Communist Party of India (CPI) on Tuesday, 28 August 2007, said it had no intention of destabilising the government and force an immediate election on the contentious Indo-US nuclear deal issue. The party, however, wanted its concerns on the deal to be addressed by the ruling coalition by a mechanism, like a committee at the political level, to clarify all doubts on 123 agreement and allied matters like the Hyde Act. The UPA government and the Left parties, on Monday 27 August 2007, agreed to formalise a joint mechanism to address the latter's objections on the civil nuclear deal with the US. But the Left's main demand of not proceeding with International Atomic Energy Agency (IAEA) negotiations remained unresolved, even after a series of high-profile meetings between the two sides, reports suggest. In a meeting of government with the Left party leaders held on Monday, 27 August 2007, Left parties reiterated their that they would agree to participate in the mechanism, but the government shouldn't go ahead with next round of IAEA negotiations. The proposed mechanism in the form of a committee will also decide how long the government will stall IAEA negotiations. However, the government has refused to give any time frame for the committee to finish its work 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. In Asia, Hang Seng (down 2.33% at 22,819.57), Japan's Nikkei (down 2% at 15,954.14), Taiwan Weighted (down 0.97% at 8,643.22), Singapore's Straits Times (down 2.03% at 3,275.19) and South Korea's Seoul Composite (down 0.17% at 1,826.19), all slipped. US shares slumped yesterday, 28 August 2007 as investors grew more uneasy about the economy and whether the Federal Reserve will take the steps needed to prevent credit market problems from spreading further. The Dow Jones Industrial Average fell 280.28 points, or 2.10%, to 13,041.85. Broader stock indicators were also lower. The Standard & Poor's 500 index was down 34.43 points, or 2.35%, at 1,432.36, and the Nasdaq Composite index shed 60.61 points, or 2.37%, to 2,500.64. As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 390.20 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 79.32 crore on Tuesday, 28 August 2007. Crude oil prices were steady on Wednesday, 29 August 2007 as mounting concerns over the health of the US economy overshadowed worries that US refinery outages could drag down fuel inventories in the world's top consumer. US crude eased 7 cents to $71.66 a barrel while London Brent crude was unchanged at $70.55 The BSE 30-share Sensex gained 76.81 points or 0.52% at 14,919.19, on Tuesday, 28 August 2007. The S&P CNX Nifty rose 18.10 points or 0.42% at 4320.70, Tuesday, 28 August 2007. From the recent low of 13,989.11 on 21 August 2007, the Sensex had recovered 930 points or 6.65% to 14,919.19 on Monday, 28 August 2007.

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