|
The news flow in the morning was not all positive with worries about monsoons
getting louder, even though it is too early to start worrying about it. US
markets had closed on a flat note on Friday, but Indian tech stocks had lost
ground. Most traders were expecting the weak trend of the last two days of
the previous weak to continue.
After
a very brief spike at opening, the indices declined immediately and traders
braced themselves for another weak session. However, surprising many, the
markets found their bottom with an hour of opening and started to recover.
The
recovery gained strength by afternoon as more frontline stocks joined the
up trend. ICICI Bank was among the largest gainers among index stock with
gains of close to 4 per cent. The stock is trading close to its all time high.
HLL
continued its upward rally as many analysts are bullish on the FMCG sector
after almost a year of under performance. ONGC was the other significant gainer
with gains of close to 2 per cent, lending its huge weight to the Nifty.
Sensex
closed at 6833, up 51 points and the Nifty at 2103, up 12 points from Friday's
close. Nifty June futures discount to the spot widened to 19 points from Friday's
17 points.
Among
Nifty stocks, Larsen & Toubro, ICICI Bank and VSNL were the major percentage
gainers while SCI, Nalco and Tata Chemicals were the major losers.
The
broad US indices closed flat on Friday with the Dow closing with marginal
gains and S&P 500 closing flat. Technology stocks were weak despite Intel
raising its guidance and the NASDAQ lost more than half a per cent. Crude
oil futures for July delivery declined close to 2 per cent to close below
$54 to a barrel on Friday. The commodity declined after storms in the Atlantic
receded, clearing worries about supply disruptions from offshore oil rigs.
On
Friday, Indian technology ADR's declined and lost over a per cent each. Infosys,
Satyam and Wipro all closed with losses. ADR's of private banks, ICICI and
HDFC, closed on a flat note after three days of gains. Tata Motors lost over
a per cent while VSNL gained over a per cent.
CMIE
has revised its GDP forecast for the current financial year downwards to 6
per cent from the earlier 6.6 per cent. The think tank says weak monsoons
would prevent the agriculture sector from posting good growth rates though
a drought is not forecasted. Tata
Steel has signed it second major global deal after the acquisition of Natsteel
last year. The company has signed a joint venture agreement with an Iranian
company to set up 3 steel plants in Iran. The stock lost a per cent today.
Under
the agreement, Tata Steel would join the Iranian company in setting up a 1.5
million tonnes per annum steel billets plant and a steel slab plant of 1.5-million
tonnes capacity. Work on these projects has reportedly been started already.
Further, a 3-million tonnes per annum steel plant which will target export
markets is also planned. The companies would also undertake joint iron ore
exploration projects in Iran. Satyam
Computer Services has won a new multi-year, multi-million dollar contract
from a major global company. Under the contract, Satyam will offer application
maintenance on SAP ERP platform. The period of contract is 3 years which can
be extended. The
deal also involves help desk facilities to be offered by Satyam's BPO subsidiary,
Nipuna. The company expects to deploy over 70 employees on the project. The
stock gained over 2 per cent after the announcement. There
are reports that Infosys may go in for a stock split and return more cash
to shareholders. The company's chairman indicated that the company may return
cash by way of a special dividend, as done during the previous year, if the
return on capital falls below certain benchmarks. Further details are not
available. The stock closed with marginal gains. Shipping
Corporation declared its results for the quarter and year ended March 2005.
For the fourth quarter, profits have increased by over 135 per cent while
total revenues have grown by around 12 per cent. Full year profits more than
doubled on a revenue growth of over 20 per cent. Profits
for the last quarter include tax write backs as a result of the change to
tonnage tax regime. Adjusted for this, growth in quarterly profits is a modest
7 per cent. The company said it is looking at overseas acquisitions though
nothing has been finalised so far. The stock lost more than 5 per cent. The
country's largest passenger car manufacturer Maruti has cut prices of its
base model, Maruti 800 by Rs16,000. Sales of this model had seen a steady
decline over the last few months as more and more customers opted for more
expensive models. The stock closed with losses. Essar
Steel re-listed on the exchanges after its capital restructuring programme.
The company had issued new shares in the ratio of six shares for every 10
old shares held. Four old equity shares were cancelled and redeemable preference
shares of equal face value have been issued. The
company had recently acquired the stakes held by an overseas company in two
associate companies for a total cost of $450 million. The company is also
planning to issue further shares to promoters in the near future. The stock
closed at Rs54 on the NSE. Mid-Cap
Action Gains
in mid-cap stocks were limited as many of them went through a correction today.
CNX Mid-Cap 200 index closed at 3065, a gain of 1 point. IT
education major NIIT Limited was the star of the day, closing with gains of
20 per cent. The company had reported a 3 fold jump in fourth quarter profits
on Friday. There
are reports that NIIT Technologies is planning to acquire a BPO company with
revenues of close to $15 million. Further details are not available. Cybermedia,
which got listed on Friday, continued to attract heavy trading interest. The
stock closed 20 per cent higher. Rajesh
Exports, one of the largest jewellery exporters from the country, plans to
spend Rs450 crore to buy out around 100 jewellery retailers in southern India.
The company is also planning to enter the branded jewellery space. Geometric
Software tanked almost 10 per cent after the company lowered its revenue and
profit guidance for the first quarter of the current financial year. The company
cited delays in starting projects and delays in achieving milestones in fixed
price contracts for the bleak outlook. JBF
Industries will allot close to 1.2 crore shares to a Citibank associate company
and around 34 lakh shares to a private investment fund managed by IL&FS.
The stock had seen good appreciation in the recent past.
 Wimco
Limited, IVP Limited and Flex Engineering were among the best performing stocks
among mid-caps. Sesa
Goa, Williamson Magor and Times Guaranty were among the significant mid-cap
losers.
*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
|
6,832.68 |
+
50.69 |
| NIFTY
|
2,102.75 |
+
12.15 |
Last
Update : 13 June, 2005, 16:47 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| LARSEN
& TOUBRO LTD. |
1,104.90
|
1,155.00
|
1,102.00
|
1,149.35 |
| ICICI
BANK L |
411.70
|
426.90
|
402.15
|
423.90 |
| HINDUSTAN
LEVER LTD. |
146.90
|
150.00
|
145.00
|
149.60 |
| SATYAM
COMP |
463.80
|
474.35
|
460.15
|
472.80 |
| ONG
CORP LTD |
906.00
|
921.40
|
905.15
|
918.30 |
| BHARTI
TELE |
219.10
|
223.60
|
218.00
|
223.00 |
| GUJARAT
AMBUJA CEMENTS LTD. |
456.00
|
461.40
|
453.00
|
460.00 |
| HDFC
BANK LT |
577.00
|
585.00
|
567.25
|
582.70 |
| BHEL
|
877.10
|
883.90
|
867.25
|
881.70 |
| DR.REDDY'S
LABORATORIES LTD. |
716.85
|
721.90
|
710.15
|
717.50 |
| I
T C LTD |
1,567.90
|
1,577.00
|
1,563.00
|
1,569.85 |
| RELIANCE*
|
572.35
|
572.35
|
560.15
|
569.40 |
| TCS
LTD |
1,273.00
|
1,279.00
|
1,261.40
|
1,271.30 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,250.00
|
2,250.00
|
2,212.00
|
2,221.15 |
| STATE
BANK OF INDIA |
684.70
|
684.70
|
674.00
|
681.70 |
| TATA
MOTORS |
412.15
|
426.35
|
412.15
|
423.35 |
| HOUSING
DEVELOPMENT FINANCE CO |
847.00
|
847.00
|
827.00
|
830.40 |
| BAJAJ
AUTO |
1,248.00
|
1,250.00
|
1,212.15
|
1,222.70 |
| TATA
IRON AND STEEL CO. LTD. |
334.00
|
336.90
|
330.00
|
330.80 |
| HEROHONDA
M |
555.00
|
555.00
|
543.00
|
546.00 |
| MARUTI
UDYOG |
451.00
|
451.00
|
441.30
|
445.40 |
| NTPC
LTD |
85.90
|
86.20
|
84.70
|
85.00 |
| ASSOCIATED
CEMENT COMPANIES LT |
384.85
|
384.85
|
380.10
|
381.90 |
| CIPLA
LTD. |
289.00
|
291.90
|
285.65
|
289.75 |
| GRASIM
INDUSTRIES LTD. |
1,117.50
|
1,117.50
|
1,088.25
|
1,093.90 |
| WIPRO
LTD. |
725.00
|
727.00
|
715.25
|
722.00 |
| RANBAXY
LABORATORIES LTD. |
1,070.00
|
1,074.00
|
1,058.00
|
1,068.30 |
| HINDALCO
IN |
1,110.00
|
1,117.00
|
1,101.20
|
1,107.95 |
| RELIANCE
ENR |
573.00
|
575.50
|
566.80
|
571.80 |
| TATA
POWER |
381.00
|
382.00
|
376.25
|
378.95 |
Last
Update : 13 June, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
566.90
|
599.90
|
560.65
|
569.60 |
| SATYAMCOMP
|
464.10
|
474.70
|
460.00
|
472.70 |
| INFOSYSTCH
|
2215.35
|
2244.00
|
2215.35
|
2224.05 |
| TISCO |
336.45 |
336.90
|
330.00
|
330.80 |
| SBIN
|
681.00
|
683.90
|
673.65
|
681.85 |
| ONGC
|
906.05
|
920.00
|
901.20
|
917.75 |
| SCI
|
162.00
|
164.25
|
151.50
|
152.50 |
| TATAMOTORS
|
422.95
|
426.45
|
419.35
|
423.95 |
| MARUTI
|
450.00
|
451.90
|
441.50
|
445.20 |
| M&M
|
539.00
|
548.00
|
530.60
|
545.60 |
| TCS
|
1275.00
|
1283.00
|
1260.20
|
1271.65 |
| LT
|
1106.90
|
1155.00
|
1100.15
|
1149.85 |
| ICICIBANK
|
414.00
|
425.00
|
403.15
|
423.75 |
| HINDLEVER
|
146.40
|
150.00
|
145.55
|
149.70 |
| ITC
|
1568.00
|
1576.00
|
1561.95
|
1572.15 |
| PNB |
398.00 |
403.90
|
392.00
|
400.60 |
| SAIL
|
51.40
|
51.60
|
50.90
|
51.10 |
| RANBAXY
|
1072.00
|
1074.90
|
1057.10
|
1068.40 |
| IPCL
|
161.60
|
164.90
|
161.15
|
162.65 |
| VSNL
|
228.00
|
236.25
|
222.20
|
234.95 |
| GUJAMBCEM
|
456.00
|
461.50
|
453.00
|
460.05 |
| BHARTI
|
220.20
|
223.60
|
217.55
|
222.15 |
| WIPRO
|
724.00
|
727.90
|
716.00
|
721.90 |
| BAJAJAUTO
|
1250.00
|
1250.00
|
1214.00
|
1221.15 |
| REL
|
573.25
|
577.90
|
566.25
|
572.55 |
| ORIENTBANK
|
271.00
|
272.00
|
264.05
|
267.80 |
| HDFC |
837.10 |
844.50
|
825.10
|
831.50 |
| HDFCBANK
|
584.00
|
585.00
|
568.20
|
582.30 |
| HCLTECH
|
372.80
|
376.80
|
365.50
|
372.80 |
| HEROHONDA
|
553.25
|
556.90
|
542.65
|
545.60 |
| BHEL
|
876.30
|
884.00
|
869.05
|
881.00 |
| CIPLA |
292.00 |
292.00
|
285.80
|
290.10 |
| TATACHEM
|
183.90
|
183.90
|
178.25
|
178.95 |
| ACC
|
386.00
|
386.00
|
379.25
|
381.75 |
| TATATEA
|
594.00
|
594.00
|
575.00
|
581.85 |
| GAIL
|
211.90
|
213.40
|
210.10
|
211.80 |
| DRREDDY
|
712.00
|
721.20
|
709.00
|
715.40 |
| NATIONALUM
|
149.00
|
149.90
|
145.15
|
145.90 |
| HINDPETRO
|
322.05
|
324.40
|
321.15
|
322.45 |
| BPCL
|
381.00
|
381.00
|
373.75
|
373.90 |
| ZEETELE
|
149.60
|
150.60
|
147.25
|
149.25 |
| GRASIM
|
1099.05
|
1108.90
|
1088.00
|
1092.50 |
| HINDALC0
|
1120.00
|
1125.00
|
1102.05
|
1108.60 |
| TATAPOWER
|
380.70
|
383.90
|
375.60
|
379.65 |
| COLGATE
|
231.10
|
238.40
|
230.50
|
237.35 |
| DABUR
|
130.00
|
130.40
|
126.50
|
127.15 |
| MTNL
|
125.40
|
125.40
|
122.55
|
122.95 |
| SUNPHARMA
|
547.00
|
549.80
|
540.00
|
549.10 |
| ABB
|
1295.00
|
1321.90
|
1295.00
|
1310.55 |
| GLAXO
|
756.50
|
775.00
|
756.50
|
773.30 |
Last
Update : 13 June, 2005, 16:00PM
| 
