|
After yesterday's bounce back on low volumes, markets
could not make up their mind on the direction today. After
opening firm in the morning on positive news of declining
oil prices and firm US markets, the indices slipped early
in the afternoon. Though the markets managed a small rally
towards close, volumes continue to be low. Sensex closed
at 6468, up 3 points and the Nifty at 2025, up half a
point.
Among
index stocks Gujarat Ambuja, Dabur and Glaxo were the
biggest percentage gainers while Hero Honda, SAIL and
Tata Steel were the major losers.
After
trading weak till noon, US markets staged a smart come
back later in the day to close with gains yesterday. The
rally was triggered by an indication from the US Federal
Reserve that future interest rate hikes would be measured.
Investors are reading it as a continuation of the current
policy of increasing interest rates in small measures
and that there is no need to speed up the rate hikes.
Concerns about widening US trade deficit were brushed
aside. Dow and NASDAQ both gained over half a per cent
each.
After
trading firm in early trades, crude oil futures crashed
below $52 to a barrel in New York yesterday. Traders liquidated
their positions after the International Energy Agency
(IEA) said it expects demand growth to weaken in the current
year. It also said that demand for fuel during the month
of February was surprisingly low. An indication from OPEC
about increasing crude output further dampened the sentiment.
Indian
ADR's had a mixed day yesterday. The IT companies staged
a come back with Infosys gaining close to three per cent
while Satyam gained over two per cent. However, Wipro
closed marginally lower. Bank stocks had a good day with
ICICI Bank and HDFC Bank both closing with gains. Dr.
Reddy's, MTNL and VSNL closed with marginal losses.
Insurance
behemoth LIC would invest Rs120,000 crore in debt and
equities in the current year. Major part of this amount
would go into government securities. LIC says its equity
investments would increase by 20 per cent to over Rs10,000
crore.
HDFC
Bank, the country's second largest private bank, announced
its results for FY 2004-05 today. The bank continues to
deliver a steady performance and the results are in line
with expectations. The fourth quarter profits grew more
than 30 per cent over last year to touch Rs202 crore.
Net interest income has also shown steady growth backed
by better than expected growth in retail loans. The net
interest margin has improved to 3.9 per cent as against
3.8 per cent earlier. The bank has also announced a final
dividend of 45 per cent. The stock gained two per cent
after the announcement but cooled off later.
Gujarat
Ambuja Cements has called a board meeting on 20 April
to decide on a bonus issue and a stock split. The company
says it is confident of maintaining the current growth
momentum in the near future. The board would also consider
the results for the third quarter ended March 2005. The
stock shot up more than 5 per cent on this announcement.
Bank
of Baroda, Oriental Bank of Commerce and Bank of Maharashtra
are setting up a joint venture bank in Malaysia at a cost
of $100 million. Malaysia is a good market for Indian
banks considering the large non-resident Indian population
in that country and the volume of remittances into India.
Hero
Honda, which announced its results after the market closed
yesterday, slipped in today's trade. The results were
on expected lines and confirmed the increasing pressure
on margins.
FMCG
stocks gained ground probably after the release of a normal
monsoon outlook yesterday. Nirma led the rally with close
to 8 per cent gains. ITC, HLL and Gillette also gained
ground.
Capital
goods manufacturer Siemens India gained close to two per
cent in early trades on news of fresh orders worth Rs250
crore received by the company. The orders are from the
machinery suppliers to Neyveli Lignite Corporation's mines
expansion project.
Telecom
major VSNL received the approval of US government for
the takeover of the under sea cable network of Tyco Global
Networks. There were some objections to the takeover in
US on grounds of being harmful to its security interests.
The stock closed marginally lower.
Mid-cap
action
Television Eighteen, which runs the CNBC-TV18 channel,
is planning to raise funds up to $50 million for funding
expansion plans. The company says it's recently launched
Hindi channel, Awaaz, would break even faster than expected.
The stock gained over 10 per cent.
Small
engineering company Kilburn Engineering announced very
strong results for the half year ended March 2005. The
company has returned to profits with a net figure of close
to Rs4 crore as against a loss of over Rs11 crore for
the same period of last year. Total revenues increased
74 per cent to Rs25 crore. The stock shot up 10 per cent
on news of the results.
Branded
rice producer Satnam Overseas announced decent results
for the third quarter ended March 2005. Profits have jumped
43 per cent as compared to the same quarter of last year
on a marginal increase in total sales. The company achieved
very good growth rates in exports, especially export of
branded basmati rice.
Alstom
continued its strong rally by gaining close to 20 per
cent. French energy utility Areva is making an open offer
at a price of Rs75 per share. The stock has doubled after
this announcement and is quoting above Rs150 per share,
much above the offer price. Some domestic mutual funds
are reportedly buying into the counter. A block deal of
250,000 shares was reported on the BSE at Rs157 per share.
Subhash
Projects has received an order worth over Rs50 crore from
the West Bengal electricity board for construction of
sub-stations for electricity distribution and related
works.
Home
furnishing textile manufacturer Welspun India is planning
to expand its domestic retail presence. The company is
planning to set up a chain of exclusive stores in the
country and will spend Rs5 crore in promotions.
 Apcotex
Lattices, Mangalam Timber and Helios & Matheson were
the significant percentage gainers in the mid-cap space
today.
Among
the major percentage losers among mid-caps, Bata India,
Jindal Photo and Geodesic Info stood out.
*Disclaimer:
The author does not have any position in the stocks specifically
mentioned above at the time of writing this article. This
analysis / report is only for the purpose of information
and is not an investment advice. Readers are advised to
consult a certified financial advisor before taking any
investment decisions. While efforts have been made to
ensure the accuracy of the information provided in the
content the author or publisher shall not be held responsible
for any loss caused to any person whatsoever.
Other
articles by Rex Mathew
List
of general reports on markets List
of general reports on finance
Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
6,467.92
|
+3.31
|
| NIFTY
|
2,025.45
|
+0.50 |
Last
Update : 13 April, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| GUJARAT
AMBUJA CEMENTS LTD. |
413.95
|
439.70
|
413.95
|
425.25 |
| HOUSING
DEVELOPMENT FINANCE CO |
711.00
|
725.00
|
710.00
|
724.00 |
| HINDUSTAN
LEVER LTD. |
132.70
|
135.80
|
132.70
|
134.70 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
325.20
|
329.80
|
325.20
|
327.85 |
| BHEL
|
795.00
|
806.00
|
791.70
|
801.45 |
| ASSOCIATED
CEMENT COMPANIES LT |
364.00
|
369.05
|
364.00
|
367.00 |
| MARUTI
UDYOG |
409.50
|
414.80
|
407.35
|
412.45 |
| ICICI
BANK L |
410.00
|
415.50
|
409.50
|
412.15 |
| I
T C LTD |
1,404.90
|
1,429.00
|
1,402.50
|
1,415.50 |
| TATA
MOTORS |
422.10
|
426.85
|
416.05
|
424.55 |
| BAJAJ
AUTO |
1,074.00
|
1,092.00
|
1,070.00
|
1,090.00 |
| TATA
POWER |
351.50
|
352.75
|
348.20
|
350.10 |
| GRASIM
INDUSTRIES LTD. |
1,209.90
|
1,220.50
|
1,201.10
|
1,206.35 |
| WIPRO
LTD. |
647.00
|
654.00
|
640.15
|
645.95 |
| HDFC
BANK LT |
569.00
|
573.25
|
558.55
|
558.55 |
| HEROHONDA
M |
524.00
|
530.00
|
512.00
|
513.60 |
| TATA
IRON AND STEEL CO. LTD. |
390.50
|
392.20
|
379.20
|
380.90 |
| RELIANCE
ENR* |
529.90
|
529.90
|
512.15
|
513.55 |
| ZEE
TELEF LT |
138.75
|
141.90
|
134.90
|
136.00 |
| DR.REDDY'S
LABORATORIES LTD. |
746.05
|
746.05
|
735.05
|
736.95 |
| BHARTI
TELE |
210.00
|
212.00
|
206.00
|
206.50 |
| ONG
CORP LTD |
885.00
|
889.70
|
872.60
|
877.15 |
| HINDALCO
IN |
1,340.05
|
1,346.00
|
1,325.00
|
1,329.90 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,137.00
|
2,137.80
|
2,086.15
|
2,102.30 |
| RELIANCE*
|
550.00
|
552.90
|
543.10
|
545.45 |
| State
Bank Of India |
|
|
|
645.40 |
| Satyam
Computer Services |
|
|
|
407.55 |
| Ranbaxy
Labs |
|
|
|
985.80 |
| Larsen
& Toubro Limited |
|
|
|
965.40 |
| Cipla |
|
|
|
249.35 |
Last
Update : 13 April, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| INFOSYSTCH
|
2140.00
|
2140.00
|
2087.15
|
2101.50 |
| TISCO
|
394.00
|
394.00
|
379.10
|
381.00 |
| GUJAMBCEM
|
414.00
|
439.50
|
414.00
|
425.55 |
| TATAMOTORS
|
422.25
|
427.00
|
415.80
|
424.30 |
| SATYAMCOMP
|
412.00
|
414.00
|
402.85
|
406.70 |
| RELIANCE
|
551.00
|
552.80
|
543.00
|
545.55 |
| SBIN
|
655.00
|
655.00
|
642.35
|
645.70 |
| MARUTI
|
409.80
|
414.00
|
407.00
|
411.65 |
| TCS
|
1394.00
|
1407.00
|
1385.55
|
1401.60 |
| M&M
|
477.80
|
480.00
|
459.35
|
470.45 |
| SAIL
|
64.05
|
64.25
|
62.35
|
62.55 |
| ONGC |
884.10 |
888.90
|
873.50
|
878.95 |
| ITC
|
1409.80
|
1429.00
|
1401.00
|
1417.45 |
| WIPRO
|
650.00
|
654.00
|
640.00
|
645.45 |
| HDFCBANK
|
565.00
|
573.50
|
557.00
|
561.45 |
| ICICIBANK
|
412.00
|
415.85
|
409.25
|
412.00 |
| TATAPOWER
|
352.00
|
353.90
|
349.00
|
352.30 |
| LT
|
974.10
|
984.00
|
961.85
|
965.65 |
| HINDPETRO
|
324.00
|
329.75
|
324.00
|
327.40 |
| ZEETELE
|
138.70
|
141.40
|
135.00
|
136.30 |
| HINDLEVER
|
133.00
|
135.60
|
132.60
|
134.95 |
| REL
|
526.00
|
526.00
|
512.25
|
513.85 |
| PNB
|
394.00
|
396.20
|
390.10
|
391.20 |
| HCLTECH
|
372.00
|
378.00
|
368.70
|
376.15 |
| BHEL
|
795.50
|
806.00
|
790.05
|
801.65 |
| ORIENTBANK
|
309.90
|
312.55
|
305.05
|
306.30 |
| HEROHONDA
|
525.00
|
527.00
|
512.25
|
513.65 |
| BPCL
|
367.60
|
371.90
|
363.50
|
366.10 |
| ACC
|
362.60
|
369.95
|
362.60
|
366.30 |
| RANBAXY
|
990.00
|
992.00
|
980.20
|
986.15 |
| GRASIM
|
1250.00
|
1250.00
|
1205.10
|
1208.90 |
| HDFC
|
708.20
|
725.00
|
708.20
|
722.80 |
| IPCL
|
169.50
|
169.90
|
166.65
|
167.25 |
| CIPLA
|
255.00
|
255.00
|
248.70
|
249.50 |
| HINDALC0
|
1345.00
|
1347.95
|
1325.10
|
1329.60 |
| BHARTI
|
209.05
|
212.35
|
205.50
|
206.90 |
| BAJAJAUTO
|
1074.00
|
1090.00
|
1069.00
|
1085.50 |
| GAIL
|
216.40
|
216.85
|
212.05
|
213.25 |
| DRREDDY
|
746.75
|
750.00
|
734.00
|
737.30 |
| MTNL
|
117.85
|
119.55
|
116.85
|
118.15 |
| DABUR
|
116.40
|
120.50
|
116.00
|
119.60 |
| SCI
|
157.40
|
157.40
|
152.15
|
153.40 |
| NATIONALUM
|
171.00
|
171.90
|
167.70
|
168.85 |
| TATATEA
|
526.00
|
526.10
|
518.15
|
520.30 |
| VSNL
|
193.70
|
193.95
|
190.55
|
191.40 |
| ABB
|
1246.65
|
1267.50
|
1236.00
|
1243.40 |
| TATACHEM
|
154.00
|
156.90
|
153.00
|
153.70 |
| GLAXO
|
700.10
|
718.00
|
700.00
|
716.95 |
| SUNPHARMA
|
374.90
|
464.00
|
374.90
|
462.30 |
| COLGATE
|
192.05
|
193.00
|
188.25
|
189.65 |
Last
Update : 13 April, 2005, 16:04PM
| 
