Indian stock market morning report by Keynote Capitals (November 21, 2008, Friday, 7.00 a.m. GMT)
Economic and Corporate Developments
- Inflation has declined further to 8.90% for the week ended November 8, 2008 from 8.98% for the previous
week, mainly on account of drop in prices of fuel, triggered by fall in international crude oil prices. The lower
inflation figure may give RBI the legroom to cut interest rates.
- The rupee opened near its record low this morning at 50.53 per USD but recovered slightly to 50.35/40,
though weaker than yesterday's close of 50.18/22.
- The Government is considering easing oversease borrowing norms. It mulls a Rs750bn refinance window to
provide concessional funds to Infra, housing and SMEs by leveraging the foreign reserves.
- Two industry associations have asked for a bailout package from the government of India. Assocham asked
the aid of $20-25bn to the core sectors while Automotive Component Manufacturers Association (ACMA) is
considering to ask government for similar package.
- The Indian Cabinet has rejected a proposal from the oil ministry to award a deepwater block off the west
coast to Cairn India, as apparently the company had not offered the government an attractive share of
potential production.
- As per the CEO of JSW Steel, domestic steel manufacturers are unlikely to further cut production in the near
term, in spite of a slowdown in demand for steel products in India.
- Titagarh Wagons is unlikely to achieve its revenue target of Rs1000Cr in FY09, on account of the economic
downturn, in spite of achieving 47% of its target for the first half of the year. However, its Rs100Cr capex
plans in FY09, on modernisation and introduction of new technology in its existing plants in West Bengal,
were on track.
- Undeterred by the economic slowdown, Future Group has plans to expand its FMCG, consumer durables,
apparels and electronics lines of businesses and targets revenues of Rs10,000Cr by 2012. The Group intends
to create Indian brands in FMCG, household consumer durables, electronics and apparel.
- Cummins India will hive off its power generation rental business along with equipment, inventories etc., for a
minimum of Rs29Cr to Aggreko Energy. Aggreko Energy rents generator sets across the country. The sale
will enable the company to focus its attention on growing its core business.
US markets
The US markets continued to slide yesterday. The S&P 500 recorded its 11year low, while the Dow Jones
Industrials closed at a five and half year low. Uncertainties about the aid to troubled auto makers and Citigroup's
fate dominated the negative sentiment in the trading session. Citigroup’s shares plunged by 26%. However, as per
media reports, it is considering various options to save itself including an option of the outright sale of company.
Crude oil prices which dipped below $50/barrel is yet another reason which cautioned the markets on the slowing
economy.
Views on markets today
- The Indian markets remained bearish yesterday, with the Sensex closed down 3.7%. Weak global cues and lack
of investor interest kept the markets depressed. This is the 8th straight intra-day loss by the Sensex. The
markets witnessed another day of weak volumes (BSE Rs29bn, NSE Rs78bn). Provisional data released by these
two stock exchanges shows that FIIs sold Rs7.6bn of shares while domestic institutions bought Rs4.3bn of
shares.
- The Asian markets opened weak this morning, following the US market cues. Exporters and energy stocks have
led the weakness due to the strengthening Yen and weakening crude oil prices.
- Sebi made it clear yesterday that short selling is not driving the markets.
- Buzzing stocks
-- Religare to sell AMC stake to Aegon. Newly acquired Lotus Mutual Fund to come Under Religare. Existing
AMC JV between Religare and Aegon to be controlled by Aegon.
-- Fitch downgrades long term credit rating of Ansal Properties to negative from stable.
-- ACC Concrete lays off 25% staff, puts expansion on hold.
-- Government awards 44 oil & gas exploration blocks with maximum going to ONGC & its partners BHP
Billiton-GVK Power.
-- Jet Airways, Jet-lite under MRTPC lens on cartelisation concerns.
-- GVK Power plans to raise Rs 240 cr for Punjab unit.
-- EGoM meeting today on gas pricing. The decision will be important for RIL-RNRL case.
-- Electrotherm to hive off/ demerge the engineer division and electric vehicle division
- Buy backs approved in the board meeting yesterday
- Eicher Motors @ Rs691.68 per share
- Selan Exploration @ Rs230 per share
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Indian stock market daily morning report (September 02, 2010, Thursday)
Indian markets ended positive to a one month high yesterday on fund buying across the sector after firm global markets, strong auto sales, rising exports and expansion in manufacturing sector. Positive European markets also aggravated buying in the markets. TCS gained ~1.5% as its UK subsidiary Diligenta bagged contracts worth 250mn pounds. All sectoral indices closed positive with metal, real estate, IT and oil & gas led the market to close positive. Metals stocks rallied as a rebound in manufacturing in China propelled base metals.
Indian stock market and companies daily report (September 02, 2010, Thursday)
The market extended gains in morning trade and turned range bound in mid-morning trade. Strong global cues pushed the market sharply higher in the second half of trade. The market spurted to the day's high in mid-afternoon trade and extended gains in late trade as European stocks and US index futures rose. Strong auto sales, expansion in the manufacturing sector in August 2010 and resumption of buying by foreign funds underpinned sentiments. All the sectoral indices on the BSE were in green and the market breadth was strong. The Sensex and Nifty closed up by 1.3% each. BSE mid-cap and the small-cap indices closed up by 1.7% and 1.8%, respectively. Among the front liners, RCOM, Hindalco Industries, Sterlite Industries, Bharti Airtel and Tata Steel gained 3–5%, while Hero Honda, HDFC and ONGC lost 0–2%. Among mid caps, STC, FDC, United Breweries, Dredging Corp. and State Bank of Mysore gained 10–14%, while Allcargo Global, Shree Global Tradefin, Jain Irrigation, Fresenius Kabi Oncology and GSK Consumer lost 2–4%.
Indian stock market daily closing report (September 02, 2010)
The markets traded within a tight range after the positive momentum witnessed for two days and ended with modest gains. All the major sectoral indices ended on a very flat note. Sugar counters witnessed a significant spike on decontrol reports. The Sensex closed at 18,238 up 34 points and the Nifty was at 5,486 up 14 points after making an intra-day high of 5,513. The Mid cap and Small cap indices were up by 0.78% and 1.11% respectively. The breadth of the market was positive and the total turnover recorded at Rs.1,02,680 Cr. The Sept future ended with 3 points discount
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Godrej Properties IPO review and analysis by Angel Broking, 9 December 2009
Godrej Properties Limited (GPL) intends to develop its projects through joint development agreements with land owners. Under this asset-light model, GPL will enter into revenue, profit or area-sharing agreements with land owners, instead of an outright purchase of the land. This model avoids direct land dealings for GPL and the locking-up of extensive capital in land. Around 80% of GPL's existing land bank will be executed through joint developments with partners. The Godrej brand name has been associated with quality and strong corporate governance. Both of its existing listed entities, Godrej Consumer Products and Godrej Industries have given CAGR Returns of 48% and 77%, respectively, to investors since 2001. We believe that GPL could leverage its parentage brand (with respect to access to the land at Vikhroli and a strong customer preference towards it), assuring a timely delivery of execution. More than 50% of GPL's existing land bank is exposed towards township projects and in one location (Ahmedabad), which will be executed over the next ten years. Any delay in this execution or a fall in property prices in Ahmedabad will impact our NAV estimates, as 50% of our NAV is derived from this project.
JSW Energy Ltd IPO review and analysis by Nirmal Bang, 8 December 2009
JSW Energy Ltd. (JSWEL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has two thermal power projects under operation, with a combined installed capacity of 860 MW. JSWEL is a part of the JSW Group, a leading business group in India. JSW Group has a presence in high growth sector like Steel, Energy, Aluminium, Cement, Infrastructure and Logistics. Post IPO holding of Promoter and Promoter Group would be 78.12%
JSW Energy IPO review and analysis by Angel Broking, 7 December 2009
JSW Energy (JSWEL) currently has operational capacity of 995MW and is in the process of executing projects with capacity of 2,655MW. In addition, the company has 7,740MW power generation projects at an early stage of development. A major portion (2,145MW) of JSWEL’s upcoming capacities is expected to be operational by FY2011E thereby providing near-term visibility. Out of the plants under construction, the company expects to commission 570MW by end FY2010E, while another 1,575MW is expected to get operational in FY2011E. Thus, a robust portfolio and near-term Revenue visibility is a major positive for the company.
| | Indian News |
Reliance Broadcast Network To Raise Over Rs. 400 Cr., 2 September 2010
Tata Power-Origin Energy-Supraco Consortium Wins Geothermal Bid In Indonesia, 2 September 2010
Cinemax Launches Three-screen Multiplex, 2 September 2010
Koutons Retail To Consider Fund Raising, 2 September 2010
Zylog Systems To Raise Up To Rs.250 Cr, 2 September 2010
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