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Indian stock market morning report by Keynote Capitals (September 30, 2008, Tuesday, 6.00 a.m. GMT)
30 September 2008
Source: www.keynoteindia.net
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View information about , news and price targets.
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Economic and Corporate Developments
- The rupee hit 47.11 to the USD yesterday, the lowest since June 2003. The currency and bond markets are
closed today for half-yearly book-closing of banks.
- Chinese buyers of Indian iron ore are defaulting on import contracts and refusing to lift the ore unless the seller
offers a discount on contracted prices. China accounts for around 75% of India's annual iron ore exports of
about 100 tonnes. Chinese buyers are willing to pay 45% less than the prevailing rates in June. A slowdown in
Chinese demand is a negative for iron ore exporters Sesa Goa, Resurgere Mines & Minerals and MSPL.
- Infotech Enterprises is eyeing an acquisition worth $40mn in Germany for its design engineering business.
- Auto ancillary company Banco Products India has finalised contracts with three US-based auto wholesalers in
the July-September quarter, and expects sales of $1.5mn from the US market in FY09. The management has
given a revenue growth guidance of 25% in FY09, driven by exports and contribution from the domestic
industrial segment.
- One stock that stands out in the ongoing bloodbath is FMCG major Hindustan Unilever, which yesterday hit a
new 52-week high of Rs265 intra-day.
- Orchid Chemicals and Pharmaceuticals has entered into an arrangement with US drug maker Merck & Co.,
for the discovery and development of novel anti-infective drugs, which has a revenue potential of over $100mn.
- XL Telecom is investing ?35mn in its wholly-owned subsidiary Saptashva Solar S.L. It is also investing Rs28Cr
in another wholly-owned unit Khandoba Distilleries Ltd.
- Subex has signed a 3-year framework contract with BT Group Plc worth $50mn.
- Aksh Optifibre has entered into a 3-year agreement with Sony Pictures Entertainment to bring Hollywood
content for icontrol (Aksh's IPTV Service), a television connection allowing viewers to control television
programmes with over 130 channels, value added services like Video on Demand etc.
- IVRCL has won a Lift Irrigation Project worth Rs418.50Cr, to be completed in 36 months.
- Ballarpur Industries is raising paper prices from October 1.
US markets overnight
The US markets posted its worst one-day decline of 7.1% in the past 21 years, after the House of Representatives
rejected the Emergency Economic Stabilization Act (proposed $700bn financial relief plan). The worst performing
sector was financials that fell 15.9%. This spread fear that US economy will suffer if credit markets do not improve.
The Congress is expected to work on a new plan to ease financial market turmoil, though it is not clear how long it
may take.
US banks reluctant to lend
The TED Spread i.e. difference between what banks charge each other for 3-month dollar loans (3-month Libor)
and what US government pays for 3-month loans (3-month T-bill) rose to 3.55%, the highest level since 1984 and
indicates banks are reluctant to lend to each other.
US crisis warranted Europe bailout
The tremors from U.S. credit crisis reverberated around the world as European governments stepped in to bail out Fortis, Bradford & Bingley Plc, and Hypo Real Estate Holding AG.
Commodities and Crude prices fall
Commodities fell 5.9% and crude futures fell 10.7% to $95.48 per barrel on global economic concerns.
View on markets today
After the overnight blood bath in the US markets, Asian markets have opened weak this morning. However, after
the initial weakness they have recovered to some extent. Back home, India has signed a nuclear deal with France.
However, the nuclear deal with the US is still in the pipeline. No major events are expected today. We may see
initial weakness in the markets; however we expect a recovery, as markets seem to be oversold.
Technical view
The Sensex saw another sharp decline yesterday on continued concerns in the US. In our view, the Sensex has not
yet bottomed out. We expect the weakness to continue today in the initial trading sessions but a short recovery is
possible as the Sensex has been trading negative for last 4 sessions.
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USA stock market daily report by Millenium Traders (December 23, 2008, Tuesday, 10.30 p.m. GMT), 23 December 2008
USA stock market daily report by Millenium Traders (December 22, 2008, Monday, 10.30 p.m. GMT), 22 December 2008
USA stock market daily report by Millenium Traders (December 19, 2008, Friday, 10.30 p.m. GMT), 19 December 2008
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Verint Systems price target reduced, 7 December 2007
Thomas Weisel upgraded Intel to "overweight", 6 December 2007
UBS upgraded price target on Exxon Mobil to $96, 21 November 2007
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Indian stock market morning report by Keynote Capitals (December 31, 2008, Wednesday, 7.00 a.m. GMT), 31 December 2008
Indian stock market morning report by Keynote Capitals (December 30, 2008, Tuesday, 7.00 a.m. GMT), 30 December 2008
Indian stock market morning report by Keynote Capitals (December 29, 2008, Monday, 7.00 a.m. GMT), 29 December 2008
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Keynote Capitals recommends to buy Logix Microsystems Ltd., 4 November 2008
Keynote Capitals maintain "buy" recommendation on Pyramid Saimira Theatre, 5 February 2008
Keynote Capitals recommends to buy Euro Ceramics Ltd., 5 February 2008
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Russia's long-term rating has been cut by S&P, 9 December 2008
Russian stock market morning report by Veles Capital (October 8, 2008, Wednesday, 7.30 a.m. GMT), 8 October 2008
Russian stock market morning report by Veles Capital (October 7, 2008, Tuesday, 7.30 a.m. GMT), 7 October 2008
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Veles Capital upgraded price target on Rosneft from $14.31 to $15.11, recommendation "buy" unchanged, 18 September 2008
Veles Capital set price target of $5.75 on NLMK, recommenation - "buy", 17 September 2008
Veles Capital reduced price target on Lukoil from $138.44 to $129.63, recommendation "buy" unchanged, 15 September 2008
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