Today's Recommendations

(i) Rotla India Ltd seems to have formed a temporary bottom around Rs.63. Its consolidated net profit has grown 64.4 per cent to Rs 59.21 crore for the quarter ended March 31, 2016. The company had posted a net profit of Rs 36.01 crore in the same quarter last year. 

However, Rolta's total income from operations dipped to Rs.846.04 crore in the reported quarter as against Rs 946.14 crore in the year-ago period. 

The stock is slowly moving up after the company gave progress report on the future defence project. Rolta India Ltd had informed the stock exchanges that it has done significant expenses “on a very prestigious and time-bound defence project”, which required considerable ongoing investment. Rolta management is diligently working on addressing the overall situation in a comprehensive manner in consultation with its bankers and strategic advisers. The aim is to arrive at an acceptable solution in the interest of all stakeholders and the Company will be informing all stakeholders at the earliest possible opportunity and is committed to finding a viable resolution. Moreover, since Rolta India Ltd derives most of its operations from the domestic operations, hence it will not get affected much due to Brexit (if any). 

Last month, the company announced that it has won seven year, multi-million pound contract from UK Power Networks to manage and update their spatially-enabled network asset information. UK Power Networks is a major utility company that delivers electricity to London, the South East and the East of England.

The company last year announced that it had won Smart City and 3D Mapping with city modelling projects in the West Asia, for a combined value of around US $ 15 million.

Last year, the exclusive consortium of Bharat Electronics Limited (BEL) and Rolta India Limited were selected as a development agency for a more than Rs 50,000 crore Battlefield Management System (BMS) project by the Defence Ministry.


The BMS project, categorised as a "Make" programme under the Defence Procurement Procedure (DPP), will be one of the largest solutions to be indigenously manufactured for the the country's defence, BEL, a Navaratna PSU, said.

Therefore, Buy Rolta Ltd at Rs.63.50, T: Rs.71, SL: Rs.61.40 (strict). There is not much downside in the counter. 

(ii) Unitech Ltd (Rs.6.25), should be added on intra-day declines. The stock is on an uptrend and soon we will see it touch Rs.12-13. The scrip recently came to the news more due to wrong reasons, though its fundamentals are improving. The Real Estate sector is also expected to see a turnaround in 2016-17. 

(iii) Today there was a block deal on the the stock of Jaiprakash Associates Ltd (Rs.7.83) at Rs.7.80. Yesterday. there was high delivery based buying (41.40%). The company is hiring a consultant to for a quick turnaround. Also, the company would be a major beneficiary of the RBI's new directive on stressed assets. At present there is not much negative news in the counter. One should accumulate, on intra-day dips.

(iv) Lanco Infratech Ltd (Rs.4.70) is one of the companies, who could also get benefited from the RBI's latest move regarding stressed assets. Besides this, the company itself is taking a lot of measures to streamline its debts. You should buy the scrip for a short term target of Rs.9.5-10. This scrip would make new 52-week high soon.

(v) The stock of Adani Power Ltd (Rs.30.50) is also on an uptrend in tune with my earlier recommended Adani Enterprise Ltd (Rs.83). Hold the scrip for a target of Rs.33-34, in the short term.   

(vi) Vedanta Ltd (Rs.127) has almost doubled from my recommended price of Rs.64.40. The stock is on an uptrend and one can hold the scrip with a SL of Rs.121. 

(vii) Union Bank Ltd (Rs.129), today made an intra-day high of Rs.129.50, and hit my 2nd target. One can book partial profits and hold the rest with a SL of Rs.127, for a target of Rs.131-132. 

WINNING STROKES: THINK DIFFERENT

Please Click on the Photo to Expand

Rolta India Ltd, recommended at around Rs.92.75 to the Premium Group members on 16 December 2015, touched Rs.99.30, intra-day and closed at Rs.98.65. Tell me how many of the Free Members also made money, because the stock was also recommended in this blog at Rs.95.50? Now what to do with the scrip? Confused? Join the Premium Service!!

The price of my Paid Package/s is/are expected to increase from 15 January, 2016. Those who will enroll before that will get the subscription not only at the earlier price tag, but will also get 3 months grace. Which means the price will be Rs.10, 000 per year, for 15 months. Moreover, those who will trade through my recommended brokerage house, with a minimum portfolio size of Rs.1 lakhs, will get the Premium Subscription Free of Charge, till he/she continues trading through this platform...Also, those who are willing to invest around Rs.10-15 lakhs in share market, do let me know; I have a scrip which could double in the next 12-18 months (or may be before that). We just need to buy this scrip and keep holding. The profit will be shared in a mutually agreed ratio, between you and my firm.

Vedanta Ltd, recommended on 19 December, 2015, at Rs.84.30, today touched Rs.87, intra-day and closed at Rs.86.55. The stock will break Rs.96-97, soon; remain invested. 

TV18 Broadcast Ltd recommended on 26 October 2016, at Rs.32.75 in this Free Blog, today touched Rs.46.25, intra-day (which is the new 52-week high) and closed at Rs.45.80. Congratulations to all those who made money in this scrip. Keep visiting this blog and make money. 

Pipavav Defence Ltd today touched Rs.82 and closed at Rs.79.10, on the BSE-kindly book profits and enter either Vedanta Ltd at Rs.86.55 or Hindalco Industries Ltd at Rs.81.20.

The Stock of Gitanjali Gems Ltd (Rs.42.95) has started to look good once again. Keep buying the scrip on all declines, for a short term target of Rs.48.

Market Pulse

The stock market continued to trade with small gains in afternoon trade. The BSE Sensex is now trading at 33,878.69 up 41.95 points or  0.12%, while the NSE Nifty is now seen at 10,473.55 up 10.35 points or 0.10%.

The market swung between gains and losses near the flat line in early trade. The Sensex and Nifty, both, hit record high at the onset of the session. Stocks soon slipped into the red and traded with small losses in morning trade. Indices turned positive in mid-morning trade and traded with small gains so far.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.47%. The S&P BSE Small-Cap index gained 1%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was strong. On the BSE, 1,652 shares rose and 893 shares fell. A total of 174 shares were unchanged.

IT stocks were mixed. Wipro (up 0.79%), Infosys (up 0.74%) and HCL Technologies (up 0.29%) gained. Persistent Systems (down 0.69%), Tech Mahindra (down 0.32%) and TCS (down 0.26%) dropped.

Metal and mining stocks nudged higher. National Aluminium Company (up 4.39%), Jindal Steel & Power (up 3.81%), Steel Authority of India (up 1.98%), Hindalco Industries (up 1.87%), Hindustan Zinc (up 0.61%), Hindustan Copper (up 0.49%), JSW Steel (up 0.53%) and Vedanta (up 0.17%) gained. Tata Steel (down 1.06%) and NMDC (down 0.26%) edged lower.

Strides Shasun rose 2.7% at Rs 816.75 after the company said that its wholly owned Singapore subsidiary has entered into definitive agreements with Trinity Pharma, South Africa (Trinity) for acquisition of controlling stake in Trinity. Under the terms of the agreement, Strides Pharma Asia, Singapore will acquire 55% stake in Trinity for a cash consideration of South African Rand 55 million (approximately Rs 27.50 crore).

The current management will stay as minority partner and will continue to run the business under the supervision of Strides. The transaction is subject to customary closing conditions including approval from the South African regulatory authority, Transaction Regulation Panel and expected to close on or before 5 January 2018. The announcement was made during trading hours today, 20 December 2017.

Meanwhile, the Companies (Amendment) Bill, 2017 which seeks to bring about major changes in the Companies Act, 2013, was passed by the Rajya Sabha yesterday, 19 December 2017 by a voice vote. The bill, which was adopted by the Lok Sabha in July, will now have to receive the assent of the President to become law. The amendment seeks to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business in the country.

Overseas, Asian stocks dropped after Senate passed Republican tax bill in 51-48 vote sending the tax cut package back to the House of Representatives for a final vote later in the day.

US stocks ended with modest losses yesterday, 19 December 2017, pulling back from all-time highs. Stocks remained lower as the House of Representatives, as expected, passed tax legislation that would slash corporate rates but will have to vote again today because the current draft doesn't comply with Senate rules.

Today's Calls:

#MBL Infrastructure Ltd today hit the Buyer Freeze in the morning trade, at Rs.25.45 in the NSE. I am expecting itss price to go above Rs.110, within a few months.  Hence keep adding as much as you can in all intraday dips. This is a multibagger stock from my arsenal and hence don't miss it.

#Suzlon Energy Ltd was recommended a buy at around Rs.13.60 in this blog, a couple of days back today toched Rs.14.10. You should keep a stop loss at Rs.13.50 and keep holding or accumulating in intra-day dips. 

#The stock of Reliance Communications Ltd which was recommended only a couple of days back to some of my clients at around Rs.12, today touched Rs.18,45 in the NSE, up more than 37% from yesterday's closing pricxe. I am suggesting all to book some profits and again enter at appropriate time. This is what happens if you join my Premium Service -- you get Jackpots.

#The stock of Orchid Pharma Ltd (formerly Orchid Chemicals and Fertilizers Ltd) made an intraday high of Rs.19.85 today. The non-risk taking investors should exit the scrip near the buy price. However, those who wants to apply high-risk-high-gain strategy can hold the counter with a strict SL of Rs.18.60. The short term targets could be Rs.22-23.

#I am looking for someone or a business concern who can invest around Rs.5-10 lakhs (or more if possible) in a well Researched Scrip. We would hold it for one year (no trading in the account only pure delivery based holding - this minimizes lot of risks) or less or more, depending upon the prevailing situations. The profits could be shared in the ratio of 75:25 between you and my firm. The returns could be mind-boggling and the risks will be minimum as there will be very little trading and exit will be done at stop losses; further minimizing the risks associated with too much volatility with the mid and small caps. 
Say if we get Rs.50 lakhs on an investment of Rs.10 lakhs then the profit to be shared will be Rs.10 lakhs only. So, your total investable capital becomes Rs.40 lakhs, and that too with minimum (read almost zero) trading. This money could be further invested in another strong delivery based counter, and the process could continue. 
Those who have lost money earlier can try this new formula with fresh funds at their disposals. This new method hereto  is going fine with most of my new clients. If anyone is interested please do send me a mail at: suman2005s@rediffmail.com or sumanm2007s@gmail.com. 

~~ with inputs from Capital Market - Live News...

Market Pulse

The Key benchmark indices are trading in the Green during the morning trade. At 11.16 am, the Sensex was seen at 33,905.22 up 92.96 points or 0.27%. The Nifty was trading at 10,477.75 up 35.55 points or 0.34%.

Among secondary barometers, the BSE Mid-Cap index was up 0.61%. The BSE Small-Cap index was up 1.06%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,798 shares rose and 563 shares fell. A total of 87 shares were unchanged.

Metal shares were in demand. Hindustan Copper (up 3.85%), Jindal Steel & Power (up 2.53%), JSW Steel (up 2.31%), Vedanta (up 1.83%), Steel Authority of India (up 1.80%), NMDC (up 1.48%), Hindalco Industries (up 1.42%), National Aluminium Company (up 1.23%), Hindustan Zinc (up 1.18%) and Tata Steel (up 0.85%), edged higher. Bhushan Steel was down 0.45%.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2018 delivery was currently down 0.47% at $3.2625 per pound on the COMEX.

Power generation stocks were in demand. Adani Power (up 1.85%), NHPC (up 1.26%), JSW Energy (up 1.17%), Jaiprakash Power Ventures (up 1.05%), Tata Power (up 0.70%), Torrent Power (up 0.68%), CESC (up 0.50%), Reliance Infrastructure (up 0.29%), NTPC (up 0.28%) and GMR Infrastructure (up 0.23%), edged higher. Reliance Power was down 2.28%.

State-run Coal India was up 0.18%. State-run Power Grid Corporation of India was up 0.80%.

Yash Papers jumped 10.61% after the company said that the commercial production of tableware unit (phase - 1) of the company started from 2 January 2018. The announcement was made after market hours yesterday, 2 January 2018.

Overseas, most Asian shares were trading higher, tracking positive cues from US market. Japanese market was shut.

US stocks jumped overnight, with major indexes rallying to record levels in a broad rally. The Dow Jones Industrial Average rose 0.4%. The S&P 500 rose 0.8%. The Nasdaq Composite Index gained 1.5%.

Today's Calls:

#Buy State Bank of India Ltd at around Rs.305, for short term targets of Rs.309--310. With the Indian Banking system bearing the brunt of huge NPAs, thanks to loan defaulters, the country's largest lender State Bank of India collected Rs 1,771 crore during April- November 2017 as penalty from customers who couldn't maintain a minimum monthly average  balance (MAB) in their accounts. The money thus collected as penalty charges is more than the bank’s July-September quarter net profit of Rs 1,581.55 crore and nearly half of the Rs 3,586 crore it earned as net profit April-September, reported The Indian Express. In October last year, the government of India had announced a Rs.2.1 lakh crore capital infusion plan for state-owned banks, of which Rs.1.35 lakh crore was to be raised through bonds.

#Those who are holding the shares of Dena Bank Ltd (Rs.25.50) can continue to hold with a SL of Rs.24.60. There was recent media report that the government is likely to immediately infuse about Rs 10,000 crore in six state-run lenders, including United Bank of India, Dena Bank and Bank of Maharashtra, over the next few weeks, a finance ministry official said. I am expecting the shares of PSB to rise, after the government of India passed the new Insolvency Code.

#Those who are holding the shares of Housing Development & Infrastructure Ltd can continue to do the same with a SL at Rs.61.40. I feel most of the investors have not understood the theory that HDIL has less debt and more land bank that Unitech Ltd or DLF Ltd, in the Mumbai Metropolitan Region. Moreover, its Face Value is Rs.10, unlike Rs.2 (in case of Unitech Ltd and DLF Ltd). Therefore, I feel it has a better chance of appreciation than the Unitech Ltd in the short term.

#The Shares of MBL Infrastructure Ltd (Rs.27) is preparing for the next round of upmove after

Photo: The Economic Times

changes took place in the Insolvency Code. Whether it is the promoter or a good strategic investor someone will soon take charge of the company. MBL Infrstructure Ltd has a good order book position -- only problem is the debt of Rs.1700 crore. The government of India, said last week, that loan defaulting promoters can take part in the bidding process provided they clear all the dues. The promoters of MBL Infrastructure Ltd has already expressed their desire to bring in Rs.120 crore and is in discussion with the lenders. I am sure soon, a positive outcome for the shareholders will come. Add the scrip in every market decline and keep holding.

#A Buy on Jet Airways Ltd was given at around Rs.Rs.522-534 in April last year (2017). The scrip made an intraday high of Rs.845 today, which is also its 8-year high. The investors could do well to book at least 85% of profits and wait for dips to re-enter.

#Those who are holding the shares of Reliance Infrastructure Ltd from around Rs.539 can book partial profit again  at Rs.572 and hold the rest with a SL at Rs.546. The next target for the scrip is Rs.593.

#Those who are holding the shares of Reliance Communications Ltd from Rs.12 onward, can book out complete profits at around Rs.31-32 and wait for the scrip to stabilize before thinking of fresh entry. I recommended the share of RCom to some of my BMA Wealth Creator Ltd's clients at above Rs.12.

#The long term investors who are still holding the shares of Orchid Pharma Ltd (Rs. 20.10), formerly Orchid Chemical and Pharmaceuticals Ltd, should book 15% of profits and hold the rest with a SL at Rs.17. 

~~ with inputs from  Capital Market - Live News...

"Muhurat" Picks and Other Stocks

First of all, let me wish you all a very happy Deepawali and Kali/Lakshmi Pooja. These days, I am too busy with some Bollywood (and other) Assignments, which calls for frequent change of locations and therefore,  I mostly update this blog from my mobile and Tab. The things at my end are likely to get streamlined from the 2nd week of next month -- till then please bear with me.

The Samvat 2072 was very challenging as the Nifty fell from around 8000 to 6900 during the first four months.

However, post budget day, it had a secular bull run with Nifty gaining around 8% during the whole of Sambar 2072; mid and small caps outperforming their larger peers.

The Indian markets at present are on a Bull Run inspite of the global headwinds like Brexit, talks of a rate hike in the US, Crude Oil meltdown and most importantly, a destabilizing northern frontiers; where the Indian defense forces are struggling to contain streams of terrorist inflow from across the border.

Meanwhile, we have seen a cut in fiscal and current account deficits, accompanied by low inflation and a somewhat stable INR. Moreover, the reversal of interest rate trajectories and good monsoon after a gap of couple of years, have raised hopes of further travel of Nifty towards the North. 

In Samvat 2073 too, I expect this bullish trend to continue as the NDA government continues with its reform agenda, which is likely to catapult a continuous money flow towards the Indian shores; both through FDI and FPI/FII. Recently there are market gossips that the FMO is examining the proposal to cut corporation tax by 1-2%.

Besides, with bond yields on the decline, there is an expectation that retail investors would gravitate towards stocks from fixed income instruments. This also has contributed to higher interest among investors to look for stocks that would deliver good returns over a 12-month horizon.

It is pertinent to mention that, India is among the few countries which has a GDP growth of above 7%; a figure which has led even the DIIs to keep their money taps pouring, on the Indian bourses.

In this condition, I continue to remain bullish in some of the beaten down sectors, like Telecommunications, Banking, Construction (not real estate), Engineering, Upstream Oil companies and Gems and Jewelry sector, apart from FMCG, Steel, Power and Auto. I am recommending two scrips as "Muharat" Picks:

1. Buy Texmaco Rail & Engineering Ltd at around Rs.110-111, for a short term target of Rs.139-141.

2. Buy Tata Coffee Ltd at Rs.127-128, for a target of Rs.145.

Tata Coffee has reported an 85-per cent growth in profit during July-September quarter at Rs 24 crore as against Rs 13 crore, a year ago. The Coffee production in India for 2016-17, post blossom, was estimated at about 320,000 metric tonne, lower by eight per cent, compared to 348,000 metric tonne in 2015-16 (final estimate).

Updates on my previous recommendations:

1. The investors can book some profits in Shrenuj & Co at around Rs.3.32 and complete profit in Prajay Engineers Syndicate Ltd at around Rs.14.50-15.50. Though the land prices in Hyderabad and especially in Vijayawada are showing some buoyancy, but Prajay Engineers Ltd like many Hyderabad based companies have a questionable management; so unless you are a too risk taker it is better to book short term profits and invest in better pedigree companies.

2. Those who are still holding my recommended J P Associates Ltd (Rs.11.15) and Unitech Ltd (Rs.6), should book complete profits and exit the counters, as the real estate markets in NCR and MMR are likely to collapse further due to over supply and high base prices. The unsold inventories continue to rise as the Builders are finding extremely difficult to come out of debt traps; as it seems the buyers are continuing to exit real estate space, in these two regions.

3. Those who are holding MBL Infrastructures Ltd (Rs.104.95) and RCom (Rs.46.80) can continue to add on declines for targets of Rs.150-170 and Rs.72, respectively.

MBL Infrastructures Ltd is engaged in execution of civil engineering projects across the country. The company has integrated business model for EPC and BOT projects. Photo: The Hindu Business Line.

4. Those are still holding my recommended Tata Steel Ltd from Rs.217 levels can look for target of Rs.425, where they can book complete profit and wait for dips to enter.

5. Those who are holding my recommended BHEL from Rs.92-106, can continue to add for the long term with a SL at Rs.131.

6. Those who are holding my recommended Vedanta Ltd from Rs.61-62, can look for short term targets of Rs.210-212.

Trend Electronics Ltd Recommended at Rs.60 and Rs.65, moved up with good volumes. Book some profits in the counter and again u enter at lower prices. The fact that it is from the Videocon Group makes it attractive: Pondy Oxides and Chemicals Ltd moved up with good volumes. The Unit IV and Unit V of the company has started operation. The Company's September, 2007 quarter results are excellent. The Scrip never moved after its was consolidated from Rs.2 face value to Rs.10. Now its face value is Rs.10 and not Rs.2 and hence the priced should be Rs.100 and not Rs.23. But many investors still think that it is a Rs.2 face value scrip and hence think overvalued. The scrip is expected to make news highs with the next 180 days: BNK Capital Markets Ltd should do well tomorrow due to rub-off effect of H B Stock Holding Ltd ( it is moving up because it is holding good number of shares of J P Associates Ltd). I have taken good position in the counter as I think at Rs.81 it is undervalued due to number of shares of CESC Ltd it is holding. Today it nearly hit the buyer freeze in the late trade. The company is holding huge number of shares of CESC Ltd (Calcutta Electric), in the now hot Power Sector along with the shares of other companies. The scrip is expected to cross Rs.300 soon: Precision Containeurs Ltd (BSE Code->523874) moved up with good volume today. It was the morning call to the Premium Group today. The interesting part is that Angel Broking Ltd, Vas Animations & Entertainments Ltd, Vasparr Trading Pvt Ltd, Yashraj Containeurs Ltd & Samruddhi Stock Brokers Ltd hold good number of shares of the company. The scrip never participated in the bull run and is ready to move up. The September, 2007 quarter results are excellent: Indo Borax and Chemicals Ltd is also looking excellent at the CMP of Rs.141. Just buy to see non-stop circuits within a short time. The company would gain from the appreciation of Indian Rupee as it imports Boron, a chief raw material for making of Boric Acid: Nagpur Power and Industries Ltd moved up to hit the circuits before cooling down a bit. It is a Ferro Alloys and Power story. The scrip will invaribly cross Rs.75 within a short time: Clutch Auot Ltd should be accumulated at the CMP for some wonderful gains in the next 180 days. The company is the largest producer of clutches in India:

Small-cap, mid-cap indices shine:

The market edged lower led by fall in index heavyweights Reliance Industries and ICICI Bank. Select IT stocks weakened. Tata Steel soared. Metal, consumer goods and auto stocks were in demand. The market breadth was strong. 19 out of 30 stocks from the Sensex pack were in red. Key Asian markets, except Singapore, were in green. European markets drifted lower as nervousness over the US economy and the credit crisis kept investors on the sidelines. Investors were also cautious ahead of the discussion on the Indo-US nuclear deal, which will take place in the Rajya Sabha today (4 December 2007) where the Left is expected to sharpen its attack on the issue. The 30-share BSE Sensex lost 73.91 points or 0.38% to 19,529.50. The Sensex hit a high of 19,707.86 in early trade. At day's high, the Sensex gained 104.45 points. The broader based S&P CNX Nifty shed 6.65 points or 0.11% to 5858.35. The BSE Mid-Cap index rose 1.60% to 8,904.54. The BSE Small-Cap index rose 1.58% to 10,956.51. Both these indices outperformed the Sensex. Market breadth was strong. On BSE, 1934 stocks advanced, 878 stocks declined and 52 stocks remained unchanged. BSE clocked a turnover of Rs 9111 crore compared to yesterday (3 December 2007)’s turnover of Rs 9,319.88 crore. Nifty December 2007 futures were at 5889, a premium of 30.65 points as compared to spot closing of 5858.35. NSE’s futures & options (F&O) segment turnover was Rs 56330.05 crore, which was higher than Rs 54816.50 crore on Monday, 3 December 2007 India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 2.33% to Rs 2863.85. The stock came off session's high of Rs 2960. The BSE Bankex fell 0.63% to 10,797.09. It underperformed the Sensex. India’s largest private sector bank by assets ICICI Bank fell 2.13% to Rs 1140.40. Federal Bank declined 1.46% to Rs 330.20, Bank of India fell 1.30% to Rs 350.25, Karnataka Bank fell 0.63% to Rs 211.70, and State Bank of India declined 0.32% to Rs 2317.40. Among gainers from the backing sector, Yes Bank spurted 7.37% to Rs 249.90, Punjab National Bank jumped 2.57% to Rs 643.55, Andhra Bank gained 1.90% to Rs 104.45 and Indian Overseas Bank rose 1.66% to Rs 175. The BSE Metal index gained 3.22% to 18,869.28. It outperformed the Sensex. The world's sixth-largest steel maker Tata Steel soared 4.08% to Rs 872.95 after the chief of its Corus unit said the firm was planning to lift prices next year. Vedanta group firm Sterlite Industries fell 1.45% to Rs 1066.65 on reports that Sterlite Energy (SEL), a subsidiary of the company, is in talks with private equity firms and financial investors to sell around 15% in the largest pre-IPO placement in the country. Citigroup Global Markets and DSP Merrill Lynch are advising Sterlite Energy on the transaction, which is expected to raise more than $1 billion from a clutch of investors. Maharastra Seamless surged 12.37% to Rs 574.10, Steel Authority of India (Sail) gained 8.53% to Rs 284.90, Jindal Stainless gained 5.44% to Rs 238.30, and Hindalco Industries gained 1.15% to Rs 193.75. The BSE Consumer Durables index jumped 6.12% to 6,083.04. It outperformed the Sensex. Videocon Industries surged 20% to Rs 590, Asian Star Company jumped 4.71% to Rs 1380, Rajesh Exports moved up 1.75% to Rs 921.05 and Titan Industries gained 1.16% to Rs 1568.90. The BSE Auto index rose 1.67% to 5,639.08. It outperformed the Sensex. MICO surged 16.92% to Rs 5438.55, Ashok Leyland spurted 7.86% to Rs 50.75, and Hindustan Motors gained 4.26% to Rs 42.85. India's top tractor maker by sales Mahindra & Mahindra rose 2.79% to Rs 771.85. The stock rose for the second day in a row after it reported on Monday, 3 December 2007, a 37% rise in vehicle sales in November 2007 over November 2006. However, Maruti Suzuki fell 0.39% to Rs 1028.15 and Bajaj Auto declined 0.26% to Rs 2768.70. Cement shares pared gains after the government today warned that it will crack down on the cement industry if it detects any cartelisation in the sector. ACC, India's largest cement maker in terms of capacity, fell 0.35% to Rs 1087.85, off day’s high of Rs 1117. The company said on Monday, 3 December 2007, its November 2007 cement shipments rose 3% to 1.58 million tonnes from 1.53 million tonnes a year earlier. North India's largest cement maker Ambuja Cements rose 1.22% to Rs 153.90, off day’s high of Rs 160.90. The company said on Monday its November 2007 cement shipments rose 3.8% to 1.36 million tonnes from 1.31 million a year earlier. JK Cements fell 1.19% to Rs 245.70, and Grasim Industries fell 0.68% to Rs 3813.50. Ultratech Cements declined 0.48% to Rs 994. The BSE IT index fell 0.15% to 4,240.13. It outperformed the Sensex. TCS fell 2.22% to Rs 1054, Satyam Computers fell 1.58% to Rs 440.90, and I-Flex Solutions fell 1.78% to Rs 1508.85. India’s third largest software exporter by sales Wipro gained 0.68% to Rs 496.75. India’s second largest software exporter Infosys Technologies rose 0.86% to Rs 1614.50. State run term lending institution Power Finance Corporation fell 0.40% to Rs 249.75 after its board approved to fix current exposure limit for lending purposes for government sector companies at 100% of its networth. Media and entertainment firm Zee Entertainment rose 0.05% to Rs 306.95, off day's high of Rs 312.45. Zee group reportedly sold the international broadcast rights for its Indian Cricket League (ICL) matches to three global distributors for an estimated $10 million. The three distributors are Astro PPV -– a leading direct-to-home distributor for the South-East Asia region, the Sri Lanka-based Derana and Gateway, which reaches countries in Europe and the US, among others, the report added. Media firm UTV Software Communications fell 2.77% to Rs 796.55 after the company decided to call off its association with Malaysian media company Astro Multimedia International. UTV Software and Astro had entered into a co-operation arrangement earlier this year via a company - GenX Entertainment - to to set up kids channels in Malaysia and Indonesia. Textiles firm Pearl Global was locked at upper limits of 20% to Rs 100.55 after the firm struck a deal to jointly develop its Gurgaon property with a unit of DLF. The firm cancelled a similar earlier pact with Ansal Properties & Infrastructure. Construction firm Hindustan Construction Company rose 3.36% to Rs 209.30 after its chairman and managing director said the firm is in talk with foreign players for airport development and float an infrastructure firm to invest in public private partnership. Software firm Logix Microsystems fell 0.69% to Rs 310.25, off day's high of Rs 340 after it acquired a majority stake in Add-on-Auto LLC of the US for an undisclosed amount. Media firm Dish TV India rose 0.81% to Rs 92.80, off day's high of Rs 97.25 after the direct-to-home satellite operator said its board will meet on Wednesday (5 December 2007) to consider equity capital infusion. Engineering firm Dynamatic Technologies rose 0.56% to Rs 1710, off day's high of Rs 1,850 after the company said it had signed a deal with Spirit Aerosystems (Europe) to set up metallic precision assembly for Airbus aircraft, in Bangalore. Jindal Steel & Power clocked the highest turnover of Rs 471.08 crore on BSE. Essar Oil (Rs 453.79 crore), Mundra Port & Special Economic Zone (Rs 331.86 crore), ONGC (Rs 242.72 crore) and IFCI (Rs 200.10 crore), were the other turnover toppers on BSE in that order. Ispat Industries registered highest volumes of 2.48 crore shares on BSE. Ashok Leyland (1.99 crore shares), IFCI (1.88 crore shares), Chanbal Fertiliser & Petrochemicals (1.70 crore shares) and Tata Teleservices (1.69 crore shares), were the other volume toppers on BSE in that order. European markets were weak in early trade. Key indices in France, Germany and UK were down by between 0.23% to 1.15%. Most of the Asian markets were in green. Key indices in China, Hong Kong, Singapore, South Korea and Taiwan were up by between 0.18% to 0.97%. However, Japan's Nikkei 225 was down 0.95%. US markets ended lower on profit booking on Monday, 3 December 2007. The Dow Jones industrial average slipped 57.15 points to 13,314.57. Broader stock indicators also settled lower. The S&P 500 index declined 8.72 points or 0.59% to 1,472.42, and the Nasdaq Composite index dropped 23.83 points or 0.90% to 2,637.13. Oil rose on Tuesday, 4 December 2007 following signs that Organization of the Petroleum Exporting Countries (OPEC) will probably resist consumer nations' calls to pump more oil. US crude rose 34 cents a barrel to $89.65. London Brent crude was up 24 cents at $90.04. [With Inputs from the Internet]

Market Pulse

Key benchmark indices hovered in positive zone in morning trade after an initial upmove triggered by positive Asian stocks. At 11:50 IST, the barometer index, the S&P BSE Sensex, was seen at 34,061.22 up 241.72 points while the Nifty was trading at 10,466.80 up 84.1 Metal and mining stocks gained across the board. Telecom stocks rose.

Domestic stocks edged higher in early trade tracking positive Asian stocks.

The S&P BSE Mid-Cap index was up 0.95%. The S&P BSE Small-Cap index was up 0.96%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,548 shares rose and 565 shares fell. A total of 84 shares were unchanged.

Overseas, Asian stocks were trading higher as investors continue to debate the outlook for central bank policy normalization and the impact of higher bond yields. Meanwhile, Japan's core consumer price index rose for a 13th straight month in January, increasing by 0.9% from a year earlier, matching December's rate of growth, data from the Ministry of Internal Affairs and Communications showed today, 23 February 2018.

In US, the Dow and the S&P 500 closed higher while the Nasdaq slipped yesterday, 22 February 2018 as investors grappled with the threat from higher interest rates. On the data front, initial US jobless claims fell by 7,000 to 222,000 in the seven days ended 17 February 2018, marking the second lowest level since the end of the 2007-2009 recession.

Back home, Sun Pharmaceutical Industries (up 4.16%), Yes Bank (up 2.39%) and ICICI Bank (up 1.16%) edged higher from the Sensex pack.

Metal and mining stocks gained across the board. Vedanta (up 2.03%), JSW Steel (up 2.42%), Tata Steel (up 3.35%), Steel Authority of India (Sail) (up 3.01%), National Aluminium Company (up 2.15%), Hindustan Zinc (up 2.1%), Jindal Steel & Power (up 3.98%), Hindalco Industries (up 1.77%), NMDC (up 1.46%), Hindustan Copper (up 1.84%) edged higher.

Telecom stocks rose. Bharti Airtel (up 1.81%), Idea Cellular (up 0.55%), Tata Teleservices (Maharashtra) (up 1.15%) and Reliance Communications (up 0.91%) rose. MTNL (down 1.86%) fell.

Shares of Bharti Infratel fell 0.57%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

KSB Pumps gained 1.89% after net profit rose 21.1% to Rs 27.35 crore on 30.9% growth in net sales to Rs 328.19 crore in Q4 December 2017 over Q4 December 2016. KSB Pumps' board recommended dividend of Rs 6 per share for the year ended 31 December 2017. The results were announced after market hours yesterday, 22 February 2018.

Today's Calls:

#How many of you bought the shares of Reliance Infrastructure Ltd today morning at around Rs.444 reading my blog inputs.. Book some profit at around Rs.457 and wait for dips to enter.

#Buy beaten down P C Jewelers Ltd Futures at around Rs.333.15 for a short term target of Rs.377, SL: Rs.326. This stock will give up super duper returns in the short term.

It is pertinent to mention here that the stock of P C Jewelers Ltd fell from around Rs.580 - plus which is made in late January, 2018. However, it will benefit from dilution of Nirav Modi brand, due to elimination one of its major competitors in the gems and jewelry segment.  Moreover, on January 25, 2018 Vakrangee bought 20,00,000 shares of PC Jeweller at Rs.561.71 on the NSE. Earlier, the Delhi-based jewelry retailer PC Jewellers Ltd, denied that there was any reason for having worries that the company may be linked with Vakrangee, another firm that is under the scanner for allegedly manipulating its own stock. Investors were worried because Vakrangee has a tiny stake in PC Jeweler. Also, the company’s finance head Sanjeev Bhatia came on TV at the beginning of this month and said: “We have no business agreement with Vakrangee and none of our promoters have sold any stake in the firm. Besides, With 60% of gold demand coming from rural India, the budget’s focus on boosting rural and farm incomes could benefit companies such as Titan Co Ltd., Tribhovandas Bhimji Zaveri Ltd., PC Jeweller Ltd.

#Those who are holding the shares of 3i Infotech Ltd (Rs.5.65) should wait for the scrip to give a closing above Rs.6.30 to take fresh positions. This is a wonderful company and long term investors would definitely get benefited.

#Those who are holding the shares of Housing Development & Infrastructure Ltd (HDIL, CMP: Rs.49.90) should add the scrip on every decline with a SL at Rs.47. It is good that it is out of the F&O basket, due to obvious reasons. Now we can look for targets of Rs.91-97-121 in the coming days. Remain invested and average on every dip.

~~with inputs from Capital Market - Live News...

Market Pulse

Key benchmark indices extended early gains and hit fresh intraday high in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 158.16 points or 0.47% at 34,127.80. The Nifty 50 index was up 46.25 points or 0.44% at 10,551.05. The Sensex was trading above the psychological 34,000 mark after opening above that level. Positive global cues boosted sentiment.

The Sensex and the Nifty, both, hit record high levels in morning trade. The Sensex rose 205.57 points, or 0.61% at the day's high of 34,175.21 in morning trade, its record high level. The index rose 51.20 points, or 0.15% at the day's low of 34,020.84 in early trade. The Nifty rose 58 points, or 0.55% at the day's high of 10,562.80 in morning trade, its record high level. The index rose 17.50 points, or 0.17% at the day's low of 10,522.30 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.61%. The BSE Small-Cap index was up 0.96%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,731 shares rose and 723 shares fell. A total of 109 shares were unchanged.

Most metal shares rose. Bhushan Steel (up 3.58%), JSW Steel (up 3.25%), NMDC (up 1.78%), Hindustan Copper (up 1.65%), Tata Steel (up 1.53%), Vedanta (up 1.39%), National Aluminium Company (up 1.14%), Hindalco Industries (up 1.04%), Hindustan Zinc (up 0.3%) and Steel Authority of India (up 0.15%), edged higher. Jindal Steel & Power was down 0.25%.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2018 delivery was currently up 0.21% at $3.27 per pound on the COMEX.

FMCG shares were mixed. Bajaj Corp (up 1.14%), Britannia Industries (up 0.84%), Tata Global Beverages (up 0.82%), Colgate Palmolive (India) (up 0.50%), Jyothy Laboratories (up 0.42%), Hindustan Unilever (up 0.32%) and GlaxoSmithKline Consumer Healthcare (up 0.31%), edged higher. Godrej Consumer Products (down 0.2%), Nestle India (down 0.26%), Procter & Gamble Hygiene & Health Care (down 0.28%), Dabur India (down 0.45%) and Marico (down 0.45%), edged lower.

Overseas, most Asian shares rose as US jobs data pointed to firm economic growth. US stock indices closed at all-time highs on Thursday, while the Dow topped the 25,000 milestone for the first time. The Dow Jones Industrial Average rose 0.6% to finish at 25,075.13. The S&P 500 rose 0.4%. The Nasdaq Composite Index gained 0.2%.

The US ADP National Employment Report on Thursday showed US private employers added 250,000 jobs in December, the biggest monthly increase since March. Meanwhile, initial jobless claims, a tool to measure layoffs, rose 3,000 to 250,000 in the seven days ended 30 December 2017, the Labor Department said Thursday. The number of people already collecting unemployment benefits, known as continuing claims, fell 37,000 to 1.91 million.

Today's Calls:

#Buy Pincon Spirit Ltd at around Rs.37-38, for short term targets of Rs.63-71. It's old name is Sarang Viniyog Ltd which it changed to Pincon Spirit Ltd on May 09, 2012. Most of the liquor stocks were seen rising during the last few months after the honourable Supreme Court of India found ‘no merit’ in a plea seeking a ban on liquor across the country claiming that it caused death, health problems, rise in crime graph and financial loss to the people. It is pertinent to mention here that the Supreme Court of India allowed sale of liquor in hotels and restaurants on the national and state highways within the municipal limits, around 3 - months back. The apex court on December 15, 2016 had imposed a ban on sale of liquor within 500 metre of the state and national highways from April 1. However, on August 23, 2017 it clarified that the ban is not applicable within the municipal limit.

#Those who are still holding the shares of Orchid Pharma Ltd (Rs.22.15), formerly Orchid Chemicals Ltd and Pharmaceuticals Ltd from around Rs.18, when it was first recommended in this blog, can continue to hold with a SL at Rs.19.50.

#I have spoken with the source of MBL Infrastructure Ltd (Rs.29.20) and the feedback I got is positive, as the company is open and the employees are working. We will get a more clearer picture by 15th January, 2018. The government has recently amended the IBA, and now we can look for positive verdict from the NCLT. However, even if a strategic investor takes over it, it will be positive for the shareholders.

~~with inputs from Capital Market - Live News

Market Pulse

The stock market extended intraday slide in mid-morning trade. After a positive start, key indices traded within a narrow range around the flat line till morning trade. Investors digested the US Federal Reserve's decision of raising interest rates for the third time this year, underlining the confidence that the United States remains on solid footing.

Higher interest rates in the US may drain liquidity from the emerging markets, including India, and redirect it to developed economies.

The S&P BSE Mid-Cap index fell 0.43%. The S&P BSE Small-Cap index declined 0.65%. Both the indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,448 shares declined and 831 shares rose. A total of 116 shares were unchanged.

Metal and mining stocks declined. SAIL (down 2.92%), Jindal Steel & Power (down 0.9%), NMDC (down 0.58%), Vedanta (down 0.58%), Hindustan Copper (down 0.49%), JSW Steel (down 0.25%) and Hindustan Zinc (down 0.12%) edged lower. Nalco (up 0.2%) and Hindalco Industries (up 0.02%) edged higher.

Tata Steel fell 0.54%. The company said that a meeting of its board of directors will be held on 18 December 2017 and will conclude on 19 December 2017, to consider a proposal for raising of funds by issue of equity shares or other securities including through qualified institutions placement, rights issue, preferential issue or through any other permissible mode or a combination thereof, subject to such regulatory/statutory approvals as may be required, including approval of shareholders of the company, if applicable. The announcement was made after market hours yesterday, 13 December 2017.

On the macro front, the government will announce inflation data based on wholesale price index (WPI) for November at 12:00 IST today, 14 December 2017. Wholesale prices rose 3.59% year-on-year in October, following a 2.6% increase in September.

Among other news, the second phase of polling in Gujarat is underway today, 14 December 2017 in 93 assembly constituencies. Counting of votes will take place on 18 December 2017. Gujarat recorded a polling of 68% in the first phase of assembly elections for 89 assembly constituencies held on 9 December 2017. The Gujarat assembly has 182 seats.

Overseas, Asian stocks were mixed. US stocks rose yesterday, 13 December 2017, with the Dow posting a record closing, after the Federal Reserve hiked interest rates. Investors also digested news of Congressional leaders reaching a tentative agreement on a tax overhaul plan.

The Fed raised interest rates by a quarter point after the conclusion of its two-day policy meeting yesterday, 13 December 2017, in a move that was widely expected by markets. That increased the central bank's target range to between 1.25% and 1.5%. The Fed also raised its GDP forecast from 2.1% to 2.5%. Its inflation forecast was raised from 1.6% to 1.7%.

In Europe, a meeting of the European Central Bank (ECB) is scheduled today, 14 December 2017, to announce its interest rate decision. The ECB held its benchmark refinancing rate at 0% on 26 October, as widely expected, and decided to reduce its quantitative easing programme to a monthly pace of €30 billion from January with the option of extending it in September 2018.

Today's Calls:

#In view of the uncertainty regarding Gujarat elections, I suggest you to EXIT all the Gujarat based companies, including my earlier recommended Suzlon Energy Ltd at the CMP of around Rs.13.45.

#The Stock of HDIL is looking good at the CMP of Rs.52.80. You can buy for the short term targets of Rs.55-56, keeping a Strict SL of Rs.51. HDIL has recently sought shareholders approval to issue up to 2 crore warrants on preferential basis to promoter Sarang Wadhawan in order to infuse long term capital into the company. The proceeds of the preferential issue of warrants will be utilised by the company to consolidate and infuse long term working capital.

#Those who are holding the shares of MBL Infrastructure Ltd (Rs.23.40) can continue to add on every decline, as the  company is almost through with the NCLT proceedings; according to some unconfirmed sources. It has a healthy  order book of around Rs.7000 crore against a debt of Rs.1700 crore. The promoter is  likely to bring in Rs.120 crore for an amicable settlement with the lenders. I am looking for targets of Rs.100 - plus (one hundred) in the next 6 to 9 months time frame. However, put a SL at Rs.21.60, if the the things do not proceed as expected. This could be the stock of FY19. Surprisingly, the stock of MBL Infrastructure Ltd has been placed in the T-group, when there is no volume in the counter. Hope the stock exchanges would soon review their decision, considering the current positive developments, surrounding the company.

~~ with inputs from Capital Market - Live New

Winning Strokes: Think Different

The market spurted on Wednesday led by rally in financial shares. Gains were triggered by value buying after recent steep fall in share prices. The central bank's decision to inject liquidity into the system through purchase of government bonds also improved sentiment.

The Sensex rose 461.42 points or 1.35% to settle at 34,760.89, its highest closing level since 4 October 2018. The index rose 558.88 points, or 1.63% at the day's high of 34,858.35. The index rose 47.03 points, or 0.14% at the day's low of 34,346.50.

The Nifty 50 index rose 159.05 points or 1.54% to settle at 10,460.10, its highest closing level since 4 October 2018. The index rose 181.30 points, or 1.76% at the day's high of 10,482.35. The index rose 17.20 points, or 0.17% at the day's low of 10,318.25.

Among secondary barometers, the BSE Mid-Cap index rose 4.23%. The BSE Small-Cap index rose 3.67%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 2060 shares rose and 606 shares fell. A total of 135 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (up 4.44%), the S&P BSE Consumer Durables index (up 3.77%), the S&P BSE Finance index (up 3.55%), the S&P BSE Bankex (up 3.53%), the S&P BSE Industrials index (up 3.44%), the S&P BSE Capital Goods index (up 3.40%), the S&P BSE Consumer Discretionary Goods & Services index (up 3.16%), the S&P BSE Auto index (up 2.82%), the S&P BSE Power index (up 2.69%), the S&P BSE Utilities index (up 2.54%), the S&P BSE Basic Materials index (up 2.29%), the S&P BSE Metal index (up 1.88%), the S&P BSE Healthcare index (up 1.80%), the S&P BSE Telecom index (up 1.77%), the S&P BSE Oil & Gas index (up 1.76%), the S&P BSE FMCG index (up 1.66%) and the S&P BSE Sensex index (up 1.35%), outperformed the Sensex. The S&P BSE Energy index (up 1.26%), the S&P BSE Teck index (down 1.07%) and the S&P BSE IT index (down 1.52%), underperformed the Sensex.

National Aluminium Company (Nalco) rose 9.34% after the company said that its board will meet on 12 October 2018 to consider the proposal for buyback of the fully paid-up equity shares of the company.

Shares of the non-banking finance companies (NBFCs) surged after State Bank of India (SBI) reportedly said that it will increase its planned purchase of portfolios from non-banking financial companies.

Among NBFC shares, Shriram Transport Finance Corporation (up 13.18%), Bajaj Finserv (up 10.06%), Edelweiss Financial Services (up 9.99%), Bajaj Finance (up 9.91%), Mahindra & Mahindra Financial Services (up 9.79%), Muthoot Finance (up 9.23%), Cholamandalam Investment and Finance Company (up 9.19%), Muthoot Capital Services (up 7.75%), Reliance Capital (up 6.85%), LIC Housing Finance (up 6.72%), Manappuram Finance (up 6.7%), IDFC (up 6.55%), IIFL Holdings (up 4.19%) and Indiabulls Housing Finance (up 3.61%), edged higher.

State-run SBI jumped 5.88%. SBI reportedly said it will increase its portfolio purchase of loans from non-banking finance companies (NBFCs) this year as it looks to provide the much needed liquidity to the funds-starved sector, and simultaneously fulfil its priority-sector obligations. The bank is looking for opportunities both in priority and non-priority sectors. The bank had initially planned for a growth of Rs 15,000 crore through portfolio purchase during the current year, which is now being enhanced. As per the bank's internal assessment, there may be an opportunity to buy an additional portfolio in the range of Rs 20,000 to Rs 30,000 crore.

Among other banks, Axis Bank (up 6.62%), Yes Bank (up 4.44%), ICICI Bank (up 4.18%), Vedanta (up 2.86%) and Kotak Mahindra Bank (up 2.66%), edged higher.

Shares of aviation companies rose after media reports suggested that the government has sought for Election Commission's nod for cutting excise duty on jet fuel. Jet Airways India (up 7.78%), Spicejet (up 4.37%) and Interglobe Aviation (up 2.98%), edged higher.

On the macro front, based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank of India (RBI) has decided to conduct purchase of the following Government securities under Open Market Operations for an aggregate amount of Rs 12000 crore on 11 October 2018 through multi-security auction using the multiple price method.

In the foreign exchange market, the rupee recovered against the dollar. The partially convertible rupee was hovering at 74.18, compared with its close of 74.39 during the previous trading session.

In the global commodities markets, Brent for December 2018 settlement was up 2 cents at $85.02 a barrel. The contract had risen $1.09 a barrel or 1.30% to settle at $85 a barrel during the previous trading session.

Asian shares ended mixed on Wednesday after a mixed finish on Wall Street overnight. US stocks closed mostly lower Tuesday after a volatile session as investors continued to fret over the implication of higher bond yields on equities. The Nasdaq, however, snapped a three-day losing streak in line with a rebound in technology shares.

US President Donald Trump said Tuesday that he did not like the Federal Reserve's decision to continue hiking interest rates. The US central bank last raised its benchmark interest rate by a quarter point in September, while raising its expectations for economic growth for this year and next.

On the US data front, the National Federation of Independent Business small-business optimism index fell 0.9 point in September, falling from a 45-year high to a seasonally adjusted level of 108.8.

#The shares of Punjab National Bank Ltd recommended around Rs.62.65 yesterday today touched Rs.67 and closed at Rs.66.35. The rising interest rate scenario and positive management commentary will take the scrip to Rs.72, within this week, if this rally continues. 

#The shares of State Bank of India today reached my 1st target of Rs.271 and touched Rs.280.45. It closed at Rs.278.65 up 5.97%. Higher interest rates boost bank profits as they increase the spread between what banks earn by funding longer-term assets, such as loans, with shorter-term liabilities.

#The stock of Global Offshore Services Ltd, the erstwhile Garware Shipping Corporation/Garware Offshore Services was recommended on Twitter and also to the Premium Members based on the crude oil price hike;  at around Rs.12. The scrip closed at Rs.13.1 today, having touched Rs.13.25, intraday. Incorporated on Sep. 20, 1976, Global Offshore Services Ltd belongs to Garware group of companies. It operates in one business segment, chartering of its fleets on hire basis. Average age of its fleet on a consolidated basis, stands at just over 6 years & could be considered to be one of the “younger” fleets in the sector.  One positive development regarding reducing the overcapacity in the sector is that Demolition of OSVs is increasing. Also, it is not expected that all such unemployed units will be reactivated. It is pertinent to mention that over-supply of vessels was caused by over-ordering during the previous boom and easy bank credit. 

It will not too much of an exaggeration to reiterate that Rise in Crude Oil prices is directly proportion to the OSV market, in which companies like Global Offshore Ltd work.  Offshore oil production is projected to increase at a CAGR of 2% from 2017 to 2027, to reach 31.1 m bpd (30% of global oil output). Already with the rise in oil prices, there is some momentum in oil exploration activities in the North Sea market. The year on year demand in 4000+DWT PSV category has increased by 15%. Charter rates in the spot market have also increased in North Sea. Therefore, there is a RAY of HOPE of the sector fundamentals improving in future as the Crude Oil Prices are moving North. The scrip fell from around Rs.850 to the current price of Rs.13.10. Therefore, if the things work as per plan, then this single piece could make you millionaire in the long term. However, there is always a high risk associated with this kind of stock.

#The scrip of Yes Bank Ltd recommended to the Premium Members at around Rs.185 today touched its 2nd target of Rs.237, before closing at Rs.233.90, up 4.12%. The 1st target of Rs.221 was reached a couple of days back. 

#The Nifty did get support along 10286 levels, as was mentioned a number of times to the Premium Members on their Whatsapp. For tomorrow's Nifty Values, one should subscribe to the Premium Membership. If you are really interested in making money you need to join a professional team. With reasonably accurate F&O predictions you can make good money out of Option Trading, with Small Capital. Just take into note how much money people would have made in Yes Bank Ltd and Punjab National Bank Ltd through OPTIONS.  Also, if you have lost money earlier, then bring some cash, I will help to recover that amount. Also, I'm generally active in Twitter during the market hours. You can join me there at: suman2009s.

~~With inputs from Capital Market Live News....

Tit - bits

Today when I'm writing this report, the  BSE Sensex was at 34,273.90 up 293.20 points (+0.86%) while NSE was trading at 10,141.60 up 112.50 points (+1.12%), taking cues from strong global markets, though there is nothing to cheer about in the Indian  economy; except those hackneyed talks of a gradual lifting of Lockdown and stimulus package -  sentiment boosters.

The market breadth was quite strong. On the BSE, shares 1,956 rose and 492 shares fell. A total of 132 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.

Meanwhile, my recommended SKM Egg Products Ltd (Rs.37.30) today hit the 1st target of Rs.39, as it touched Rs.39.75 intraday. Book some profits.

Granules India Ltd also made a high of Rs.187.80, almost near the 1st target of Rs.189.

The metals (commodity) basket is doing well today also. Vedanta Ltd recommended on 25 March, in this blog around Rs.89/90 made a high of Rs.106.25 today, while Hindalco Industries Ltd touched Rs.151 today. The scrip of SAIL recommended along with the other metal counters made a high of Rs.33.80.

With so much negativity around, including Moody's downgrade, it is surprising to see the Indian markets going up piggybacking only on sentimental push -- nothing on ground in the domestic front. People are job less, with their monetary  reserves almost empty. I wouldn't suggest any fresh buy except continue to be a little positive on Metals (commodity), Telecom, Media, Brewery and IT sectors. If you are willing to compulsorily play in the markets then stick to the leaders in the above  mentioned sectors and choose beaten down scrips, from this space.

In another significant development as SC considers petition for interest waiver in loan moratorium period, RBI says doing so would make a huge dent in stability of financial institutions.

Default in repayment of loans by companies (other than financial services) up to September-end and extendable by another six months will not be counted as default under IBC. This is net negative for the banks and FIs.

This market has no head or tail. Banking stocks rose yesterday, even when the government gave 3 months moratorium on paying EMIs. I don't foresee the Indian bourses too high from here. However, in the short term a stock market is always sentiment driven.

Winning Strokes: Think Different

Today JSW Energy Ltd gave good returns to the investors on intra-day basis. The stock touched Rs.84.20 in the BSE before closing near Rs.84, up 3.32%. The company is coming up with Q1FY17 results on 21st July, 2016. 

Adani Enterpises Ltd which is likely to get benefited due to the recent treaty with the Mozambique government today rose to Rs.83.60, intra-day before closing at Rs.82.80 in the BSE. The stock which has started to move up after consolidating around Rs.80-81, ranges should see its next target of Rs.91, very soon. I feel it would not be an exaggeration to mention here that Adani Group bought land in the African Continent some year back with the primary objective of growing pulses and oilseeds to meet the increasing demand - supply deficit in India. Though the efforts received lot of set backs earlier, but it seems with the patronage of the NDA government, this time, their project might see the light at the end of the tunnel.

The stock of Reliance Communications Ltd today rose to Rs.50.90 before closing at Rs.50.30 in the BSE. Reliance Communications Ltd today informed that it has incorporated an investment firm in the Netherlands in the name of Aircom Holdco BV.  Now, this comes before the official announcement of the merger deal with Aircel, hence we need to read between the lines. My estimation is that: the scrip is likely to see Rs.56-57-60, within a short time. 

Today, the stock of micro-cap pharma company, Syncom Formulations (India) Ltd was recommended to the Paid Group members at Rs.2.46 for short term targets of Rs.5.20-9. 

Syncom Formulations (India) Ltd is engaged in the business of pharmaceutical formulations. It manufactures range of products in various dosage forms and markets them in various countries. 

The company purchased a property situated in Mumbai worth Rs.11.00 crore on March 15, 2016.  

The rupee seems to be favouring the pharma sector and one is still going to see a net-net good growth for some of these companies, like Syncom Formulations Ltd, which has a market cap of only Rs.190.48 Cr at the CMP of Rs.2.44. In FY16, the company came out with a net profit of Rs.10.36 Cr on an equity of only Rs.78.07 Cr. The reserves of the company is Rs.30.63 crores.

Syncom Formulations (India) Ltd (Syncom) is a generic pharmaceutical company, since last two decades. It undertakes the discovery, development, manufacturing and marketing of pharmaceutical formulations. The company’s product portfolio includes alpha adrenoceptor agonist, analgesic, antipyretic, anti-inflammatory, anti-ulcer agents, antibiotics and stimulants, among others. 

It has been serving the demands of more than 20 countries globally with WHO GMP certified manufacturing unit, ISO: 9001-2008 certification and experienced team. It is a prime Exporter, Manufacturer and Supplier of a wide range of  Dry Injections, Dry Powder Injections, Dry Vial Injections, Tablets, Capsules, Liquids Orals, Liquid Vials And Ampoule Injections, Dry Syrups, Ointments, Inhalers, Herbals, etc. 

The company markets products worldwide, under brand names such as Ostocrat, Oxycrat, Raftus and Amoxytop. It has its operational presence in Canada, Peru, Panama, Mali, Ghana, Hong Kong, Cambodia, the Philippians, Malaysia, Sri Lanka, Congo, Yemen, China, Nepal, and Chutan, among others. Syncom is headquartered in Indore, Madhya Pradesh, India. It has more than 400 products registered. 

In addition, it has also ventured into the business of exporting of Surgical products, Agro & Confectionery products like Rice, Wheat Flour, Chickpeas, Soy DOC, Biscuits & Candies, Industrial products like Fasteners, Steel Bars, Roofing Sheets & Jute Bags, Metal Scrap, etc. 

Syncom Formulations India Ltd earlier informed the BSE that the Board of Directors of the Company at its meeting held on May 30, 2016, inter alia, has recommended a dividend of Re.0.02 (2%) per equity share of Re. 1 each for the year 2015-16; which will be paid to all the members/beneficiaries of the Company, subject to approval of member at the forth coming Annual General Meeting of the Company.

Today a buy call was initiated on Idea Cellular Ltd at Rs.105.30 for a short term target of Rs.111 -116. Recently, Idea Cellular Ltd announced up to 67% reduction in 4G and 3G mobile Internet rates to compete with rival Bharti Airtel and ward off threat from Reliance Jio. This is a right move at the right juncture.

The promoters holding in the company stood at 42.23%, while Institutions and Non-Institutions held 32.14% and 25.63% respectively.

Idea Cellular, one of the biggest cellular carrier of the country, has added 6.89 lakh new mobile subscribers in June, 2016. Following the addition, the company’s total subscriber count stood at 17.62 crore with a market share of 22.68%. Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.

Idea Cellular's management recently told analysts that it is not looking to bid for 700 MHz spectrum auction.  Idea management told analysts that it does not see a spectrum supply constraint anymore. Idea sees competition to intensity over two years but expects gains in revenue from increased market share. 

Some of my earlier recommended counter, which did well today are BHEL (CMP: Rs.144.25), Vedanta Ltd (Rs.161.75), Jaiprakash Associates Ltd (Rs.11.99), Unitech Ltd (Rs.8.34), Lanco Infratech Ltd (Rs.5.35), etc. 

WINNING STROKES: THINK DIFFERENT

Videocon Industries Ltd moves to Rs.184, which was also recommended on yesterday morning mail to the Paid Groups. 

On the other hand high beta stocks like Real Estates tanked as was suggested in the morning mail to the Paid Services. 

Meanwhile Allied Digital Services Ltd completed the Buy Back of its shares. The Average price at which the Shares were bought back is Rs.54.21 per Equity Share. The total amount utilized in the Buy back of Equity Shares is approximately Rs 3.24 Crores (which excludes brokerage and taxes), which Is 11.60% of Offer Size.

Key benchmark indices edged lower to reach their lowest closing level in more than a week as weakness in European stocks triggered profit booking on the domestic bourses after recent strong rally in share prices. The barometer index, BSE Sensex, and the 50-unit S&P CNX Nifty retracted after hitting 30-week highs at the onset of the trading session. The Sensex lost 283.36 points or 1.54%, off close to 380 points from the day's high and up about 50 points from the day's low. The market breadth was weak. Except BSE IT index, all the other 12 sectoral indices on BSE were in the red. BSE Small-Cap and Mid-Cap indices slumped more than 3% each.

Index heavyweight Reliance Industries (RIL) declined more than 1%. State Bank of India (SBI) tumbled nearly 8% on reports that the bank has committed around Rs 1200 crore to beleaguered Kingfisher Airlines. Shares of many other state-run banks slumped. Metal and realty stocks dropped.

The Sensex has jumped 951.70 points or 5.53% in February 2012 so far. The barometer index has surged 2,690.33 points or 17.4% in calendar 2012 so far. From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 3009.39 points or 19.88%. From a 52-week high of 19,811.14 on 6 April 2011, the Sensex has lost 1,665.89 points or 8.4%.

Coming back to today's trade, the market pared gains after hitting 30-week high at the onset of the trading session. The market reversed direction and slipped into the red to hit fresh intraday low in morning trade. The market trimmed losses after sliding to hit fresh intraday low in mid-morning trade. The market moved in a narrow range in the negative terrain in early afternoon trade. Key benchmark indices pared losses in afternoon trade. A bout of volatility was witnessed as key benchmark indices slumped to hit fresh intraday lows after moving into positive zone for a brief period in mid-afternoon trade. The market extended losses to hit fresh intraday low in late trade.

The market may remain volatile tomorrow, 23 February 2012, as traders roll over positions in futures & options (F&O) segment from the near-month February 2012 series to March 2012 series. The near-month February 2012 F&O contracts expire tomorrow, 23 February 2012.

The BSE Sensex lost 283.36 points or 1.54% to settle at 18,145.25, its lowest closing level since 14 February 2012. The index jumped 95.17 points at the day's high of 18,523.78 in early trade, its highest level since 27 July 2011. The index fell 332.80 points at the day's low of 18,095.81 in late trade.

The S&P CNX Nifty lost 101.80 points or 1.82% to settle at 5,505.35, its lowest closing level since 14 February 2012. Nifty hit a high of 5,629.95 in intraday trade, its highest level since 26 July 2011. The index hit a low of 5,491.35 in intraday trade.

The BSE Mid-Cap index tumbled 3.46% and the BSE Small-Cap index shed 3.24%. Both these indices underperformed the Sensex.

BSE clocked turnover of Rs 3839 crore, higher than Rs 3537.89 crore on Tuesday, 21 February 2012.

The market breadth, indicating the overall health of the market, was weak. On BSE, 2,208 shares fell and 769 shares rose. A total of 106 shares were unchanged. The market breadth was positive earlier in the day.

Among the 30-share Sensex pack, 24 fell while rest of them gained.

Index heavyweight Reliance Industries (RIL) fell 1.02% to Rs 833.20, off the day's high of Rs 855.70. The company said after market hours on Tuesday, 21 February 2012, that it has agreed to form a joint venture with Russian petrochemical company SIBUR to make 100,000 metric tonnes of butyl rubber a year in Jamnagar in Gujarat. The stock had surged nearly 3% ahead of the announcement on Tuesday, 21 February 2012. RIL will own a 74.9% stake in the joint venture, which will be named Reliance Sibur Elastomers. SIBUR will hold the remaining 25.1% stake. The joint venture will invest $450 million to build the facility, which is expected to be commissioned by the middle of 2014.

The JV will cater to the demand for synthetic rubber from the Indian automotive industry of over 75,000 tonnes per year, which is currently satisfied by imports. Investment in the JV is in line with RIL's vision of emerging as a significant player in the global synthetic rubber market, RIL said in a statement.

ONGC rose 0.19%, with the stock extending Tuesday's 3.7% jump. Last week, a ministerial panel approved auctioning a 5% stake in the state-run explorer.

PSU OMCs gained on recent reports the prices of auto and cooking fuels are likely to shoot up steeply in the first week of March 2012 once the assembly elections are over. BPCL, HPCL and Indian Oil Corporation rose by between 0.51% to 1.94%. The hike could be Rs 4 per litre for petrol, Rs 3 for diesel and Rs 50 per cylinder for cooking gas.

Oil marketing companies -- Indian Oil, Bharat Petroleum and Hindustan Petroleum -- are currently losing Rs 4 a litre on petrol, Rs 14 on diesel and Rs 390 on every cylinder of liquefied petroleum gas (LPG), report said. Oil marketing companies (PSU OMCs) incur under-recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol.

NTPC fell 1.91%. NTPC is set to place orders for 11 supercritical boilers and an equal number of turbines of 660 MW each with the Supreme Court ruling that Ansaldo Caldaie Boilers India, a unit of Italian boiler maker Ansaldo Caldaie SpA, had failed to technically qualify for the bidding process. The bidding process for the supercritical boilers was delayed by more than a year after Ansaldo Caldaie moved the Delhi High Court following its disqualification on technical grounds. The high court had upheld Ansaldo's plea that it was wrongly disqualified, against which NTPC moved the Supreme Court.

NTPC had floated tender in October 2009 for the supply of 11 supercritical boilers -- nine for its own projects and two for Damodar Valley Corporation (DVC). These projects are envisaged for implementation under the 12th Five-year capacity addition programme. Besides Ansaldo, three bidders -- Bharat Heavy Electricals (Bhel), a consortium of Larsen & Toubro Power and Mitsubishi Heavy Industries and a JV between BGR Energy and Hitachi Power Europe GmbH -- had qualified in the first phase of bidding. NTPC will now invite price bids for supercritical boilers from these three bidders.

Shares of power equipment maker fell on profit taking after recent strong gains. India's largest power equipment maker by sales Bhel slumped 3.57%. Among other capital goods stocks, Suzlon Energy, Praj Industries and Punj Lloyd dropped by between 7.19% to 8.45%.

India's biggest engineering & construction firm by order book, Larsen & Toubro, fell 1.5%. L&T said during trading hours on Tuesday, 21 February 2012, that its Metering & Protection Systems business has agreed to form a strategic partnership with UK-based Cyan Holdings to collaborate in the development, supply and delivery of advanced metering solutions comprising L&T electricity meters integrated with Cyan's wireless communication modules for AMI, Smart Metering and Smart Grid Pilot projects.

Shares of power equipment makers had surged recently as a favourable court ruling has paved the way for state-run power generation major NTPC to place bulk orders for boilers based on supercritical technology.

FMCG stocks dropped. United Spirits, Hindustan Unilever, Dabur India and Nestle India shed by between 0.25% to 14.26%. Cigarette maker ITC rose 0.6%.

Bank stocks edged lower on profit taking after recent strong gains. India's largest private sector bank by branch network ICICI Bank declined 3.42%.

State Bank of India (SBI) fell 7.91% on reports that the bank has committed around Rs 1200 crore to beleaguered Kingfisher Airlines, including working capital of Rs 400 crore, bank guarantee of Rs 500 crore and loan repayment extension worth Rs 250-300 crore.

Bank of India dropped 7.72%. The bank said that its board of directors has approved the raising of capital by issue of up to 7 crore fresh equity shares to Government of India (Promoters) and Life Insurance Corporation of India or to any other investors, as permitted on preferential basis, subject to the approval of the shareholders and regulatory authorities.

Shares of many other state-run banks fell. Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Vijaya Bank, Allahabad Bank, Dena Bank, Union Bank of India, Canara Bank, Bank of Baroda, and Punjab National Bank lost 4.62% to 8.53%

India's second largest bank by net profit HDFC Bank rose 0.12% to Rs 531.75. The stock hit a record high of Rs 538.85 in intraday trade today, 22 February 2012.

The BSE Bankex rose 7.11% in the preceding six sessions to 12,838.84 on 21 February 2012, from a recent low of 11,986.92 on 10 February 2012. The BSE Bankex had outperformed the market over the past one month until 21 February 2012, gaining 17.66% compared with the Sensex's 10.09% rise. The index had also outperformed the market in past one quarter, rising 30.58% as against 15.57% rise in the Sensex.

Infrastructure Development Finance Company fell 4.41%. The lender to the infrastrcuture sector said it has filed the Offering Circular with Singapore Exchange Securities Trading for listing of notes to be issued pursuant to the company's $1.5 billion (or its equivalent in other currencies) Medium Term Notes (MTN) programme.

Airline stocks tumbled as oil rose to a nine-month high on Tuesday on Greece's bailout. Jet Airways, Kingfisher Airlines and SpiceJet shed by between 6.53% to 9.05%. Jet fuel or aviation turbine fuel (ATF) typically makes up almost half of an airline's operating cost. Prices of jet fuel are directly linked to crude oil prices. State-run oil marketing companies--Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation revise jet fuel prices on the 1st and 16th of every month based on the average international crude price in the preceding fortnight.

Metal stocks reversed initial gains. Jindal Steel & Power, JSW Steel, Sail, Hindustan Zinc, Tata Steel, and Hindalco Industries fell by between 2.53% to 4.82%.

Sterlite Industries (India) slumped 6.62% and Sesa Goa fell 4.18% on media reports that the Vedanta Resources group may merge iron ore firm Sesa Goa with copper and aluminium maker Sterlite Industries to simplify and consolidate its corporate structure.

Bhushan Steel fell 1.6%. The company said its board approved a rights issue of 1.41 crore equity shares in the ratio of 1:15 (one equity share for every 15 equity shares held) at Rs 335 each. The announcement was made during trading hours today, 22 February 2012.

Realty stocks reversed initial gains on profit taking. DLF, HDIL and Unitech dropped by between 7.69% to 8.31%. From a recent low of 1370.23 on 2 January 2012, the BSE Realty index jumped 58.36% to 2169.96 on 21 February 2012.

IT stocks were mixed. India's second largest software services exporter by revenue Infosys rose 0.53%. India's third largest software services exporter by revenues Wipro shed 0.32%.

India's largest software services exporter by revenue, TCS rose 1.46% to Rs 1251.90. The stock scaled a record high of Rs 1,266 in intraday trade today, 22 February 2012. The company's chief executive N. Chandrasekaran said in a recent media interview that the company expects business momentum to strengthen next fiscal year as clients have started loosening their purse strings despite economic uncertainties.

Sun Pharmaceutical Industries rose 1.24% after the US drug regulator reached a limited, temporary arrangement to import Lipodox from the company and its distribution subsidiary, Caraco Pharmaceutical Laboratories. Lipodox is a generic of Johnson & Johnson's cancer drug Doxil. According to reports, Doxil has been in short supply since about mid-2011. Caraco, a generic-drug maker based in Detroit, will temporarily import the drug Lipodox from its India-based parent, Sun Pharmaceutical Industries, the FDA said.

Auto stocks fell across the board on profit taking. India's largest car maker by sales Maruti Suzuki India declined 0.23%. Commercial vehicles maker Ashok Leyland shed 4.29%.

India's largest motorcycle maker by sales Hero MotoCorp declined 0.14%.

India's second largest motorcycle maker by sales Bajaj Auto declined 0.55% to Rs 1800.85. The stock hit a record high of Rs 1,838.90 in intraday trade today, 22 February 2012.

India's largest truck maker by sales Tata Motors shed 1.27%, with the stock reversing initial gains. The company's chief financial officer said the company plans to double investments in its Jaguar Land Rover brands to 1.5 billion pounds a year to help launch new products and variants.

India's largest utility vehicles maker Mahindra & Mahindra (M&M) shed 2.39%. M&M's consolidated net profit, adjusted for extra-ordinary items, rose 13.2% to Rs 831.80 crore on 27.6% growth in gross revenue and other income to Rs 16488.40 crore in Q3 December 2011 over Q3 December 2010. Mahindra Satyam, Mahindra Finance and Mahindra Forgings led the improved performance of the Mahindra Group in Q3 December 2011. M&M announced the consolidated results during trading hours on Tuesday, 21 February 2012.

Lanco Infratech clocked highest volume of 2.32 crore shares on BSE. Cals Refineries (2.26 crore shares), Suzlon Energy (1.21 crore shares), Surya Chakra Power Corporation (1.17 crore shares) and Unitech (1.11 crore shares) were the other volume toppers in that order.

SBI clocked highest turnover of Rs 286.64 crore on BSE. United Spirits (Rs 105.85 crore), HDIL (Rs 76.29 crore), L&T (Rs 76.20 crore) and Reliance Capital (Rs 75.89 crore) were the other turnover toppers in that order.

The government is working with state governments for early implementation of a goods and services tax (GST), Finance Minister Pranab Mukherjee said on Wednesday, 22 February 2012.

India's economy is expected to grow an annual 7.1% in the current financial year that ends in March, and 7.5 to 8% in the next financial year, C. Rangarajan, chairman of Prime Minister Manmohan Singh's economic advisory council said. The economy has lost momentum as euro zone debt woes coupled with high interest rates and policy paralysis at home have hit capital investment. Rangarajan released the document 'Review of the Economy 2011-12' at a Press Conference in New Delhi today. He said a likely overshoot in fiscal deficit over the budgeted 4.6% of gross domestic product is a matter of concern and the government must lay out a roadmap for fiscal consolidation.

Meanwhile, the Multi Commodity Exchange (MCX) on Tuesday, 21 February 2012, raised Rs 95.62 crore from 12 anchor investors. MCX's initial public offer (IPO) opened for bidding today and will close on Friday, 24 February 2012.

Foreign institutional investors (FIIs) bought shares worth a net Rs 1400.17 crore on Tuesday, 21 February 2012, as per provisional data from the stock exchanges. FIIs have bought shares worth a net Rs 13549.43 crore in this month so far (21 February 2012), as per provisional data from the stock exchanges. The inflow this month comes on the top of heavy purchases last month. FIIs bought shares worth a net Rs 10357.70 crore in January 2012, as per data from Securities & Exchange Board of India (Sebi).

The government said on Tuesday that inflation based on the consumer price index (CPI) rose 7.65% in January 2012. The annual CPI data released for the first time on Tuesday measures retail prices in major food groups, fuel, clothing, housing and education across rural and urban India. The new CPI price series is gradually expected to displace wholesale price data as the primary indicator of inflationary trends.

Finance Minister Pranab Mukherjee will present the annual budget for 2012/13 on 16 March 2012, while the railways budget will be presented on 14 March 2012. The budget session of parliament will start on 12 March 2012. The government will present on March 15 the Economic Survey for 2011/12, a document on the state of economy prepared by the economic division in the ministry of finance. The annual budget is usually presented on the last working day of February. However, the budget has been delayed this time due to the ongoing assembly polls. Polling for assembly elections in five states concludes in early March 2012.

Reports indicate that the finance ministry is considering a proposal to increase excise duty from 10% to 12%, although still lower than the level before the 2008 financial crisis. The move is aimed at helping the government improve its fiscal situation but it is expected to push up the cost of almost all manufactured goods from food products to consumer durables and automobiles.

European stock markets drifted lower on Wednesday on weak economic data. Key benchmark indices in France, UK and Germany shed by between 0.35% to 0.85%.

Private-sector activity across the 17-nation euro zone contracted unexpectedly in February, according to the preliminary Markit purchasing managers index for the region released Wednesday. The index declined to 49.7 from 50.4 in January. A reading of less than 50 indicates a contraction in activity.

Asian markets were mixed on Wednesday amid concerns over Europe's Greek aid deal and higher oil prices. Key benchmark indices in Hong Kong, China, South Korea, Japan and Taiwan rose by between 0.22% to 1.01%. Key benchmark indices in Indonesia, and Singapore were down by between 0.2% to 0.97%.

China's manufacturing sector contracted in February for the fourth straight month as new export orders dropped sharply in the face of the euro-area debt crisis, the HSBC flash purchasing managers index showed on Wednesday. The PMI, the earliest indicator of China's industrial activity, rose to a four-month-high at 49.7 in February from 48.8 in January. The PMI has been below 50, which demarcates expansion from contraction, for most of the last eight months.

Trading in US index futures indicated a flat opening of US stocks on Wednesday, 22 February 2012. US stocks finished mostly higher on Tuesday after European officials agreed to another round of aid for Greece, pushing the Dow Jones Industrial Average briefly above 13,000 for the first time since 2008.

Powered by Capital Market - Live News