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Indian stock market morning report by Keynote Capitals (September 25, 2008, Thursday, 7.00 a.m. GMT)
25 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 Finance Ministry has scrapped bid limits on road PPPs. This will widen the scope of Indian construction
companies to bid individually, in their own capacity without the involvement of any foreign player with a larger
net worth and experience. Such a move is likely to benefit leading Indian construction companies such as L&T,
Punj Lloyd, GMR and Nagarjuna Constructions and also mid-sized companies like Sadbhav Engineering,
Patel Engineering, PBA Infrastructure, Roman Tarmat, etc.
- L&T has bagged orders worth Rs5000Cr in the Building & Factory segment.
- Jet Airways expects to break even in FY10.
- Opto Circuits India’s 100% subsidiary, Eurocor GmbH, has received registration for its drug eluting balloon,
Dior in India.
- Gujarat Ambuja Exports (GAEL), a leading exporter of soymeal, is putting on hold the proposed expansion of
its crushing and processing capacities, due to turbulent markets. The company expects prices of the key raw
material to be stable at around Rs18,000-20,000 per tonne between Oct-March 2009. GAEL hopes to increase
soymeal exports from 0.45-0.50 mn tonnes in FY08, to around 0.7-0.8 million tonnes in y. e. September 2009.
- The name of Infomedia India has been changed to Infomedia 18 Ltd., effective September 16, 2008.
Stocks to watch today
- Suzlon Energy (to consider a rights issue to raise up to Rs1800Cr($390mn)
- Shriram EPC (awarded two orders worth Rs315Cr by SAIL for its Rourkela Steel Plant)
US markets overnight
The US markets closed flat, in spite of the news that Warren buffet would infuse $5bn into Goldman Sachs, as also
the government’s focus on stabilizing financial markets. AIG fell 15% after failing to secure private sector financing
and will borrow $85bn from the Fed. Morgan Stanley is likely to request regulatory approval to retain oil,
commodities and raw materials business. Tech stocks were saved on hopes for more buybacks and dividends
continued. The primary culprit undermining economic growth has been a weak housing market. August existing
home sales fell 2.2%.
View on markets today
Asian markets were dragged down by commodity and mining resource related stocks this morning, while banks
and financial stocks fell on indecision over US Government bailout plan for the financial sector. We expect Indian
markets to remain cautious and range-bound today ahead of today's inflation data announcement.
Technical view
Investors have to cope with high volatility in the Indian markets these days. One day bears dominate the market,
followed by bulls the next day. The short term trend of the Sensex is within the 12000-15000 levels, while the
medium and long term trend is yet to be established, in the absence of particular direction. Technically as well, the
Sensex is in a state of indifference. While MACD is weak, the short term indicator viz., Williams %R is moving
upward. We expect the same to be reflected in today’s Sensex movement, which is likely to remain cautious.
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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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