|
Indices opened the day marginally in the positive after
yesterday's large decline. The continuing weakness in
US markets and record oil prices kept the sentiment largely
negative.
The
markets dipped soon after, but recovered and maintained
a steady uptrend till early afternoon. Reports blaming
the confusion regarding imposition of higher margins on
select stocks by the BSE for yesterday's sharp decline
encouraged some traders to take fresh positions.
Indices
gave up all their gains later in the afternoon as fresh
buying failed to emerge. The last half hour saw some recovery,
which helped the indices to inch closer to yesterday's
closing levels.
Sensex
closed at 7696, a loss of 10 points, and the Nifty at
2319, a loss of 5 points. Nifty August futures discount
to the spot index narrowed marginally to 8 points from
yesterday's 9 points.
Gujarat
Ambuja, Grasim and Wipro were among the major gainers
among Nifty stocks while Cipla, Nalco and VSNL were the
major losers.
The
US markets closed lower yesterday as crude surged to record
highs and traders prepared for yet another short term
interest rate hike by the US Fed. The Dow and S&P
500 indices lost around a quarter of a per cent each.
NASDAQ continued its losing streak for the fourth day
and closed with losses of over half a per cent.
Crude
oil futures for September delivery surged to touch $64
to a barrel after reports of a security threat in Saudi
Arabia, the largest producer of crude. Traders have been
keenly watching the developments in Saudi Arabia ever
since the king's death last week. Crude closed the day
at an all time closing high of $63.94 yesterday.
Indian
ADR's had a disastrous day on the US exchanges yesterday
as most of them closed with substantial losses. Tata Motors
was the biggest loser, closing well over 5 per cent. VSNL
lost 4 per cent while Satyam and MTNL lost 3 per cent
each. Dr. Reddy's was down 2 per cent while HDFC Bank
and Wipro lost a per cent each. ICICI Bank managed to
close with marginal gains.
Reliance
Industries would invest Rs6,500 crore to set up two deep
water exploration rigs. The company has one of the most
extensive deep-water exploration programmes in the world.
Reliance had announced yet another gas find yesterday.
The stock lost half-a-per cent.
Tata
Tea is looking at more overseas acquisitions to expand
its reach in the North and South American markets. The
company is planning to expand the businesses of both Tata
Tea and Tetley divisions in the overseas markets especially
in the ready-to-drink and herbal tea categories.
Bharti
TeleVentures added 5.33 lakh new subscribers during July.
This subscriber additions during the month are much higher
than those reported for the months of May and June. Total
subscriber base of the company has grown to 1.28 crore
as of July end. The stock closed with marginal gains.
After
the launch of premium small car Swift, which has been
received well, Suzuki is reportedly developing a small-sized
SUV model for developing markets like India. Maruti officials
have declined to comment on its possible launch. The stock
closed 2 per cent lower.
A
consortium led by engineering major Larsen & Toubro
has won contracts worth over $110 million in the Middle
East. The stock closed a per cent higher.
Other
engineering stocks like BEML and Siemens had a good day.
The former gained over 8 per cent on reports of a planned
public issue and the latter closed with gains of 3 per
cent.
NTPC
has formed a subsidiary to enter the power distribution
business. The company is planning to bid for distribution
rights in the states of UP, Rajasthan and Orissa. NTPC
may also look at distribution in newly developed industrial
areas and special economic zones.
Shareholders
of Ranbaxy have approved the stock split in the ratio
of 5 shares of Rs2 each for every Rs10 share. The stock
closed flat.
Mid-Cap
Action
Mid-caps
also continued their correction into the second day. Losses
on the mid-cap index were higher than the frontline indices.
The CNX Mid-Cap 100 index closed the day at 3493, a loss
23 points.
Vashisti
Detergents, formerly Tata Vashisti, gained on reports
about a merger with Hindustan Lever. HLL has informed
the exchanges that its board would meet to approve the
merger.
Financial
advisors have recommended a merger ratio of 1 share of
HLL for every 10 shares of Vashisti. HLL holds a 33 per
cent stake in the company. The stock closed with gains
of over 9 per cent.
Lupin
is planning to acquire pharmaceutical brands in the US
to aid the company's inorganic growth. The company indicated
that each of these acquisitions would cost between $50
to $100 million. The company had announced a marketing
tie up for the Japanese markets yesterday.
KEC
International has won orders worth over Rs200 crore for
building power distribution infrastructure in the state
of UP. The stock gained 2 per cent.
UTI
Bank has started road shows for raising $120 million in
Yen denominated loans. The bank is planning to raise around
$100 million in 1-year loan and the balance in 3-year
loan.
Corporation
Bank has sought RBI permission to open representative
offices in Dubai and Hong Kong. The bank is also planning
to open 70 branches within the country besides expanding
its ATM network to an additional 200 locations.
Corporation
Bank may also come out with a public issue by next year
to fund its growth plans. The bank is targeting total
business of Rs55,000 crore by the end of this year. The
bank also has plans to merge its housing finance subsidiary
with itself.
Shipping
company Mercator Lines has taken delivery of a new Handymax
class bulk carrier, which takes the total number of vessels
to 12. The company would soon receive a Panamax class
bulk vessel.
Asian Electronics, manufacturers of electrical switchgear
and accessories, has signed an agreement to buy 50 per
cent of Westinghouse Lighting of US. At present the company
has a marketing agreement with Westinghouse.
Auto
ancillary Ramkrishna Forging gained over 5 per cent on
media reports that M&M is in negotiations to acquire
a majority stake in the company. Both companies had denied
such reports earlier.
Stock
brokerage India Infoline has signed an agreement with
the Times of India group of newspapers.
As per the agreement, the brokerage would spend Rs30 crore
on advertisements in various media owned by the Times
group over the next five years.
Cigarette
manufacturer GTC gained over 3 per cent in early trades
after the company informed that its board would meet to
consider a preferential issue to the promoters.
There
are reports that the first contract for supply of Indian
sugar has already been concluded by Pakistan. The government
of Pakistan had recently removed the ban on sugar imports
from India as the country is facing a shortage. Sugar
stocks had seen very active buying over the last 2 weeks
on these reports.
Venus
Remedies gained in early trades after the company reported
that it has developed a new technology to manufacture
anti-cancer formulations. The company is looking for partners
to market the medicines in overseas markets and had announced
a tie up with Merck Specialities of Germany earlier.
Geodesic
Info Systems has approved the issue of 54 lakh shares
on a preferential basis to foreign investors and mutual
funds at a price of Rs160 per share. The stock had seen
significant appreciation last week.
 Kamat
Hotel, Aftek Infosys and RS Software were among the best
performing stocks among mid-caps.
Rane
Madras, Tips Industries and GKW 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
|
7,595.57
|
-10.60
|
| NIFTY
|
2,318.70
|
-5.70 |
Last
Update : 9 August, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| GUJARAT
AMBUJA CEMENTS LTD. |
63.50
|
66.00
|
62.90
|
65.40 |
| GRASIM
INDUSTRIES LTD. |
1,230.00
|
1,275.00
|
1,230.00
|
1,258.30 |
| WIPRO
LTD. |
705.00
|
720.00
|
700.00
|
716.00 |
| NTPC
LTD |
96.50
|
98.50
|
96.50
|
97.80 |
| LARSEN
& TOUBRO LTD. |
1,314.70
|
1,327.00
|
1,305.15
|
1,324.35 |
| ICICI
BANK L |
484.90
|
494.00
|
475.00
|
482.60 |
| HINDALCO
IN |
1,341.00
|
1,355.45
|
1,326.05
|
1,340.20 |
| ONG
CORP LTD |
952.00
|
960.00
|
946.10
|
955.35 |
| TCS
LTD |
1,285.00
|
1,285.95
|
1,265.00
|
1,284.50 |
| HEROHONDA
M |
609.95
|
610.00
|
600.00
|
608.35 |
| HOUSING
DEVELOPMENT FINANCE CO |
893.00
|
904.00
|
890.00
|
895.80 |
| RANBAXY
LABORATORIES LTD. |
495.00
|
499.90
|
488.40
|
492.70 |
| BHARTI
TELE |
291.25
|
300.00
|
286.55
|
291.10 |
| BAJAJ
AUTO |
1,440.00
|
1,447.00
|
1,428.00
|
1,435.45 |
| TATA
IRON AND STEEL CO. LTD. |
395.00
|
399.00
|
383.85
|
388.15 |
| CIPLA
LTD. |
333.00
|
333.00
|
320.00
|
322.00 |
| RELIANCE
ENR |
630.05
|
635.00
|
611.25
|
614.35 |
| SATYAM
COMP |
514.25
|
521.90
|
494.05
|
497.55 |
| MARUTI
UDYOG |
499.00
|
499.00
|
483.00
|
485.85 |
| TATA
MOTORS |
478.00
|
482.70
|
467.40
|
471.80 |
| TATA
POWER |
421.95
|
424.80
|
407.00
|
411.95 |
| I
T C LTD |
1,725.00
|
1,738.00
|
1,690.00
|
1,702.00 |
| ASSOCIATED
CEMENT COMPANIES LT |
433.00
|
436.75
|
426.50
|
430.35 |
| HINDUSTAN
LEVER LTD. |
162.45
|
163.70
|
159.50
|
160.20 |
| HDFC
BANK LT |
664.50
|
664.50
|
650.00
|
654.40 |
| RELIANCE
|
715.00
|
724.50
|
702.50
|
707.30 |
| DR.REDDY'S
LABORATORIES LTD. |
814.00
|
814.00
|
790.00
|
801.05 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,280.00
|
2,288.00
|
2,251.00
|
2,263.50 |
| STATE
BANK OF INDIA |
780.00
|
788.00
|
766.25
|
776.45 |
| BHEL
|
1,055.00
|
1,085.00
|
1,036.15
|
1,050.00 |
Last
Update : 9 August, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
714.00
|
724.80
|
702.60
|
707.65 |
| VSNL
|
422.00
|
424.40
|
394.30
|
403.30 |
| SATYAMCOMP
|
512.00
|
521.70
|
494.15
|
497.70 |
| TISCO
|
386.80
|
398.65
|
383.65
|
388.05 |
| SBIN
|
780.00
|
788.50
|
767.00
|
777.05 |
| INFOSYSTCH
|
2250.25
|
2288.70
|
2250.25
|
2264.10 |
| SAIL
|
62.00
|
63.25
|
60.40
|
61.95 |
| ONGC |
939.00 |
965.90
|
890.65
|
959.15 |
| TATAMOTORS
|
479.00
|
482.30
|
467.15
|
471.45 |
| TCS
|
1275.00
|
1287.00
|
1264.00
|
1284.40 |
| MARUTI
|
498.00
|
498.00
|
483.10
|
485.80 |
| ACC
|
435.10
|
436.90
|
426.30
|
430.60 |
| ICICIBANK
|
482.50
|
494.65
|
476.30
|
482.60 |
| PNB |
408.00 |
409.95
|
397.50
|
404.90 |
| BHARTI
|
293.50
|
298.90
|
287.00
|
290.90 |
| IPCL
|
190.00
|
190.00
|
180.70
|
182.40 |
| ITC
|
1730.00
|
1738.80
|
1690.00
|
1699.95 |
| GUJAMBCEM
|
63.50
|
66.00
|
62.80
|
65.40 |
| ZEETELE
|
170.10
|
176.95
|
170.10
|
172.40 |
| RANBAXY
|
490.00
|
498.85
|
487.00
|
492.20 |
| WIPRO
|
714.70
|
720.00
|
700.40
|
716.05 |
| REL |
630.00 |
643.00
|
612.00
|
614.85 |
| HINDALC0
|
1340.00
|
1355.00
|
1320.00
|
1341.20 |
| TATAPOWER
|
420.00
|
424.60
|
406.25
|
411.95 |
| M&M
|
676.00
|
684.00
|
667.50
|
673.65 |
| HINDLEVER
|
161.50
|
163.80
|
159.55
|
160.55 |
| GAIL
|
237.50
|
239.00
|
231.95
|
232.45 |
| GRASIM
|
1239.40
|
1279.00
|
1231.00
|
1261.45 |
| BHEL
|
1048.00
|
1084.90
|
1037.10
|
1057.30 |
| LT |
1310.95 |
1330.00
|
1301.00
|
1325.45 |
| MTNL
|
129.55
|
130.90
|
126.00
|
126.75 |
| BAJAJAUTO
|
1438.00
|
1448.00
|
1425.00
|
1435.00 |
| HINDPETRO
|
295.00
|
297.30
|
290.45
|
293.25 |
| HDFCBANK
|
645.00
|
664.60
|
645.00
|
654.30 |
| CIPLA
|
328.00
|
333.90
|
320.05
|
321.40 |
| HDFC
|
899.00
|
903.75
|
888.75
|
898.50 |
| SCI
|
146.60
|
152.80
|
146.40
|
150.40 |
| NATIONALUM
|
166.00
|
166.00
|
158.80
|
159.90 |
| ORIENTBANK
|
268.60
|
274.50
|
266.30
|
269.30 |
| HCLTECH
|
431.50
|
432.95
|
423.30
|
425.15 |
| TATACHEM
|
186.30
|
187.75
|
182.00
|
183.70 |
| ABB
|
1535.00
|
1585.00
|
1516.30
|
1558.20 |
| DRREDDY
|
806.00
|
812.00
|
792.05
|
803.55 |
| TATATEA
|
735.00
|
735.00
|
719.00
|
727.00 |
| SUNPHARMA
|
609.00
|
611.00
|
597.00
|
600.10 |
| HEROHONDA
|
608.00
|
620.00
|
600.00
|
608.65 |
| COLGATE
|
239.00
|
242.00
|
237.50
|
241.45 |
| BPCL
|
356.00
|
360.00
|
351.05
|
352.25 |
| DABUR
|
150.00
|
150.00
|
145.25
|
146.10 |
| GLAXO
|
882.20
|
887.45
|
855.05
|
862.85 |
Last
Update : 9 August, 2005, 16:00PM
| 
