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Bharati Shipyard Q2 net doubles at Rs 25.75 cr
2007-11-05 16:53:00
Bharati Shipyard Ltd (BSL) on Monday said net profit nearly doubled at Rs 25.75 crore during the quarter ended September 30 compared to Rs 12.65 crore in the corresponding period last fiscal. Net sales for the quarter soared by 96.12 per cent at Rs 148.03 crore as against Rs 75.48 crore in the same period a year ago, the private shipyard said in a statement. The company reported a net profit of Rs 47.98 crore during the six month period ending September 30 compared to Rs 24.77 crore in the corresponding period last year. Net sales in the first six months of FY08 stood at Rs 295.19 crore compared to Rs 142.79 crore recorded in the same period of last fiscal. "The capital expansion at our yards and consequent increase in production has resulted into the growth of our turnover and profitability," BSL Managing Director P C Kapoor said. During the quarter, Bharati Shipyard signed a 50:50 joint venture agreement with Apeejay Shipping for setting up large modern shipbuilding...
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HC directs SEBI to decide complaint on Reliance Power IPO
2007-11-05 16:43:00
The Bombay High Court on November 1st , refused to intervene in a matter alleging fraud of more than Rs 9000 crore being committed by Anil Dhirubhai Ambani Group in the proposed IPO of their group company, Reliance Power Ltd. and disposed of the petition with direction to the Securities and Exchange Board of India(SEBI) to decide the concerned complaint as expeditiously as possible. An investors association, Rajkot Shahar/Jilla Grahak Suraksha Mandal, had filed the Public Interest Litigation alleging that the promoters of Reliance Power Ltd. had tried to subvert SEBI rules to evade more than Rs 9254 crore required to be invested by them towards promoters contribution under SEBI norms. When the matter came up before a division bench comprising Chief Justice Swatanter Kumar and Justice D Y Chandrachud, Mr K T S Tulsi, appearing for the petitioners, said that generally complaints are made after something happened and investigations are conducted after the frauds are comitted. In this c...
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EIH Associated Hotels Ltd - Multibagger
2007-11-04 09:56:00
Reco Price Rs. 128.40 CMP: Rs.141.85 (Gain 10.48%) With the current market cap at just Rs.250 crores and its current enterprise value; the valuation is at a significant discount to the intrinsic worth of the company.From a mere 2 hotel properties two years back, EIH Associate d Hotels now boasts of 8 hotel properties - thanks to the restructuring and reorganization which the Oberoi Group underwent over the last 2 year.EIH Associated Hotels is a part of the Oberoi group and owns 8 Hotel properties in the country. The company initially had two Hotel properties – Oberoi Rajvilas, Jaipur and Trident Hilton, Chennai. Pursuant to a scheme of arrangement between EIH Ltd. and EIH Associated Hotels Ltd., The Cecil at Simla and Trident Hilton, Bhubhneshwar were transferred to EIH Associated Hotels. The merger of Indus Hotels Corporation Ltd. with EIH Associated Hotels led to 4 more properties – Trident Hilton, Agra; Trident Hilton, Jaipur; Trident Hilton, Kochi and Oberoi Udaivilas, Ud...

Fund Action
2007-11-04 09:04:00
TCSHSBC Global buys 50.74 lakh shares @ Rs 1020/sh (0.52% stake)Tata Sons sells 82.51 lakh shares @ Rs 1020/sh (0.84% stake)DLFSonata Capital Private buys 50 lakh shares @ Rs 957/sh(NSE/BSE)Sonata Investments sells 50 lakh shares @ Rs 957/sh (NSE/BSE)LIC Housing FinanceGoldman Sachs Investment sells 4.53 lakh shares @ Rs 365.3/sh (0.5%)Man IndustriesGoldman Sachs-Mauritius buys 8.93 lakh shares @ Rs 122/sh (3.35% stake)Merril Lynch Capital Markets Espana sells 6.11 lakh shares @ Rs 122/shGenus PowerHeritage Asset Management buys 1.22 lakh shares @ Rs 630/sh (1% stake)Peninsula LandGoldman Sachs Trust sells 13 lakh shares @ Rs 135.85 (2.76% stake)Newdeal Multitrade buys 40.3 lakh shares @ Rs 135.85/shDharti Investment And Holding sells 40.3 lakh shares @ Rs 135.85/shMegasoftHDFC Capital sells 2.31 lakh shares @ Rs 125.26/shHDFC Trustee sells 3 lakh shares @ Rs 126/shArvind MillsRobeco Capital Growth sells 13.63 lakh shares @ Rs 73.13/sh (0.65% stake)GIC Housing FinanceCaledonia Inv b...
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NSE F&O Cues: Futures OI up Rs 1,540 Cr; Options OI up Rs 1,048 Cr; Cai
2007-11-04 09:01:00
Futures OI was up Rs 1,540 crore while Options OI was up Rs 1,048 crore. Nifty Futures shed 5 lakh shares in OI. Nifty OI Put-Call ratio stood at 1.16 Vs 1.20. Nifty Puts added 3.95 lakh shares in OI and Nifty Calls added 6.1 lakh shares in OI. Nifty 5900 Put added 2.12 lakh shares in OI and Nifty 6000 Call added 3 lakh shares in OI.On Oct 31, net buy by the FIIs in Nifty Futures were Rs 45 crore, net buy in Nifty Options were Rs 50 crore and net sell in Stock Futures were Rs 583 crore.NSE F&O Cues: OI Change % Change Lakh Shares Cairn India 30.4 41 Jindal Steel 10 0.35 IDBI 8.7 36 SAIL 8.3 19 Petronet LNG 6.3 19 Arvind Mills 6.8 15 Nagarjuna Fert 3 13 Sterlite Industries 33.1 12 IDFC 8.9 12 Balrampur Chini 6.8 11 RIL 8.8 11 MTNL 3.8 10 Central Bank 15.3 9 Punj Lloyd 14.4 8 Bombay Rayon 24.4 8 LIC Housing Fin 18.6 8 NIIT Tech 12 7 DLF 10.6 6 Maruti 34.5 6 India Cements 6.7 6 Bharat Forge -7.4 -5 Indian Hotel...
More About: Futures

Dow closed up 138 pts at 13,930; Nasdaq closed up 42 pts at 2,859; US Q3 GD
2007-11-04 09:00:00
On Oct 30, FIIs net sell in equity were $ 75.2 million while MFs net sell in equity were Rs 533.6 crore. NSE F&O OI was up Rs 2,589 crore at Rs 83,916 crore.On global front, Dow closed up 138 points at 13,930 while Nasdaq closed up 42 points at 2,859. Dow had initially slipped 70 points post Fed announcement. CBOE Volatility Index was down 12% at 18.53. US treasury declines as Fed indicates reluctance to trim rates further.US economic data:Q3 GDP rises to 3.9% Vs consensus of 3.1%.Residential construction took 1.1% off GDP growth.Consumer spending, business invest offset credit losses.Govt spend, inventories, net exports offset credit losses.In Asia, Asian stocks give subdued reaction to Fed rate cut. In emerging markets, Brazil was up 1.45% and Russia was up 0.7%. Crude shoots past $ 95/bbl after US inventories unexpectedly fell to 2-year low.
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Profit selling sees indices end in negative terrain
2007-11-01 14:25:00
Equities settled at the day’s low on Thursday as traders booked profits after indices scaled new highs early in the session. Investors were bullish at start expecting major inflows from foreign markets following the 25 bps Fed rate cut late Wednesday, even though it was in line with Street expectations. “Three major events--RBI’s credit policy, second quarter earnings, and the Fed--are done with. With no triggers in the near term to pull up the market, traders began booking profits,” said DD Sharma, senior vice president at AnandRathi Securities. “The Sensex is finding it difficult to sustain above 20,000 on a closing basis. It seems to have formed an intermediate top at 20,100, and there are more possibilities of downside from here,” he added. The Bombay Stock Exchange’s Sensex ended 114 points or 0.57 per cent lower at 19,724.35. The index swung from a high of 20,204.21 to a low of 19,634.47 intraday. National Stock Exchange’s Nifty closed down 34 point...
More About: Selling , Profit , Negative , Sees

US rate cut adds to India's worries
2007-11-01 14:24:00
Indian stocks hit a new intraday high and the rupee rose to its highest in nearly a decade on Thursday as investors bet that the US Federal Reserve's interest rate cut overnight will lure more investment money into emerging markets like India. But policy makers worry that more foreign funds flooding into the country could spur inflation and create asset bubbles. India's benchmark stock index has surged 43 per cent so far this year as foreign investors plowed more than $17 billion (euro12 billion) into the market, with nearly half of that money coming in after the Fed first cut its benchmark rate on September 18. Lower US interest rates have eased concerns about a credit crisis in the US, helping international investors to feel more confident about seeking higher returns in riskier assets overseas. On Thursday, the Bombay Stock Exchange's 30-share Sensex rose to as high as 20,157 points, a new intraday high, in reaction to the quarter-point rate cut by the Fed. In late...
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Mutual funds resume selling
2007-11-01 11:48:00
Mutual funds (MFs) sold shares worth a net Rs 533.60 crore on Tuesday, 30 October 2007, compared to their buying of Rs 421.10 crore on Monday, 29 October 2007. MFs' net outflow of Rs 533.60 crore on 29 October 2007 was a result of gross purchases of Rs 938.10 crore and gross sales Rs 1471.70 crore. The 30-shares BSE Sensex ended down 194.16 points or 0.97% to 19,783.51 on that day. MFs were net sellers of shares worth Rs 1704.20 crore in this month, till 30 October 2007.
More About: Selling , Resume , Mutual Funds , Funds , Mutual

Crude production at Baghewala field to commence soon
2007-11-01 08:01:00
Crude production at block RJ-ONJ-91/1 (Baghewala field) of Oil India Ltd in Rajasthan is expected to commence by the end of this month. Petroleos de Venezuela, South Africa, is providing technical assistance to OIL. Since the oil produced in this field is of high viscosity, OIL will employ cyclic steam injection system to produce oil from the field. The block has established almost 14.2 mmt of in-place heavy oil, of which 2.19 mmt is assessed to be recoverable. RJ-ONJ-91/1 is in Jaisalmer district and is spread over an area of 3,900 sq. km.In the meantime, the OIL-led consortium has decided to start work on its first exploratory well in the Rajasthan block RJ-ON-2001/1 from June this year. OIL will drill five exploratory wells, three in phase-I and two in phase-II. OIL, which is the operator of the block, has 70 per cent stake and ONGC holds the balance 30 per cent stake in the block.
More About: Production , Field , Wala

Tough steps to check foreign inflows likely
2007-11-01 06:49:00
The Reserve Bank of India and the finance ministry are working on a concept paper which will look at the feasibility of levying a sterilisation tax and auctioning the limited foreign loans quota to help moderate the inflow of funds through external commercial borrowings (ECBs). Foreign borrowings are currently over $25 billion a year. The finance minister had earlier hinted at some control measures if capital inflows became excessive and unmanageable. On the foreign borrowings front, the RBI had sought comments from the finance ministry on a suggestion to have a sterilisation tax on all ECBs. RBI, which has bought over $61 billion from the open market since January, has had to sterilise a lot of liquidity (local currency) released into the system. It loses about 3% on such sterilisation effort — the difference between what it earns on deploying reserves mainly in the US treasury and the interest it pays in the domestic market for sucking out liquidity by issuing government...
More About: Check , Tough , Reign , Steps

Nifty conquers 6000 after Fed rate cut
2007-11-01 06:45:00
Equities opened very strong on Thursday morning driving the benchmark Nifty past the 6000 milestone. Investor optimism was back again after a pause, following the US central bank’s interest rate cut of 25 basis points, inline with market expectations. At 10 am, the National Stock Exchange’s Nifty was up 87 points or 1.46 per cent at 5987.05. Biggest contributors to the rise were Reliance Petroleum (5.43%), Larsen and Toubro (2.87%) ONGC (2.54%), HDFC Bank (2.52%) and Hindalco Industries (2.42%). The Bombay Stock Exchange’s Sensex was up 257 points or 1.29 per cent at 20,094.86.
More About: Rate

Fed cuts rates by quarter point
2007-11-01 04:53:00
The Federal Reserve cut interest rates by a quarter-percentage point on Wednesday to buffer the economy from a housing downturn, but suggested further rate reductions were far from a sure bet. The decision by the central bank's Federal Open Market Committee to lower the overnight federal funds rate to 4.5 percent -- a move that followed a more aggressive half-point cut last month -- was widely expected. But the Fed offered a bit of a surprise by saying the risk of inflation was about equal with downside risks to growth. That statement, coupled with a dissent from Kansas City Federal Reserve Bank President Thomas Hoenig, who favored holding rates steady, threw cold water on expectations that additional reductions in borrowing costs are in store. "The Fed has no inclination to cut rates further unless the economic data suggest otherwise. Hence, barring another financial shock, the economic data will have to weaken for Fed easing to come back on the table," sai...
More About: Point , Rates , Cuts , Quarter

Oil smashes $94 barrier on Fed rate cut, tight US supply
2007-11-01 04:46:00
Oil prices hit fresh record highs on Wednesday, with New York crude topping $94, after the Federal Reserve lowered interest rates and news of a surprise decline in US crude stocks. New York's main futures contract, light sweet crude for delivery in December, soared $4.15 to a record closing high of $94.53 a barrel, demolishing Monday's record of $93.80. The New York contract earlier soared to a new intraday peak of $94.74. In London, Brent North Sea crude for December delivery jumped $3.19 to settle at $90.63 a barrel, also setting an intraday all-time high, at $90.94. Oil prices were boosted by the US Federal Reserve's decision to lower its base federal funds rate by a quarter of a percentage point to 4.50 per cent. The rate cut pushed the euro above $1.45 for the first time, hitting 1.4504 dollars nearly an hour after the Fed's announcement. It had traded at $1.4441 in New York late Tuesday. A weak US unit encourages oil demand because it makes dollar-priced commod...
More About: Rate , Barrier , Smash , Mash

Canara Bank Q2 net up 11% at Rs 401.55 cr
2007-10-31 12:51:00
Canara Bank has posted a net profit of Rs 401.57 crore for the second quarter ended September 2007 as compared to Rs 361.77 crore in the same period last year. Total income for the quarter has increased to Rs 4,054.66 crore from Rs 2,977.93 crore in the year-ago period.
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Religare Enterprises
2007-10-31 05:45:00
Promoted by promoters of Ranbaxy Laboratories, financial services and products company Religare Enterprises (REL) has 11 subsidiaries. The principal subsidiaries are Religare Securities.(RSL), Religare Finvest., Religare Commodities and Religare Insurance Broking. The financial services offered range from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, investment banking and institutional broking services. It has also promoted subsidiaries to enter venture capital, private equity, arts and real-estate infrastructure management of group companies. REL has a majority stake in the special purpose vehicle (SPV) Religare Insurance Holding Company (RIHCL). The 50:50 joint venture (JV) with leading global life insurance and pension company Aegon International NV is to foray into mutual funds. REL has infused about Rs 18.96 crore in RIHCL for a 75.39% stake in this start-up subsidiary. A JV with Macquarie Bank to expan...

US markets rise in anitcipation of Fed rate cut
2007-10-31 05:43:00
US markets picked up where they had left off last week and traded higher in the face of seemingly negative developments like weak dollar & high oil prices. Stocks closed broadly higher as expectations of a Fed rate cut offset those concerns. There are speculations that the Federal Reserve will knock down short-term interest rates a quarter point on Wednesday.Another round of earnings provided encouragement that the fallout from the subprime crisis wasn't widespread but analysts worried that rising commodity prices and a sagging dollar would eventually take their toll. The Dow added 0.5% to close at 13,870. The Nasdaq too gained 0.5% to 2,817. Meanwhile the S&P 500 increased 0.4% to 1,541.Indian ADRs end high; ICICI Bank spurts 6.5% Indian ADRs ended the day with good gains and on a day when the BSE Sensex crossed the 20,000 mark. In the technology pack, Infosys Technologies was up 3.51% at $ 50.95, Patni Computers was up 0.09% at $ 22.69, Satyam Computers was down 0.37...
More About: Markets , Rise , Rate

Watch out for follow-up buying on declines
2007-10-30 05:38:00
The markets continued on their ascent inspite of the weekend factor and the beginning of new F&O series. The traded volumes were marginally lower on the NSE as the upthrust was met with scepticism from the retail camp.The market breadth was positive as the combined exchanges advance decline ratio was 2510:1396. The capitalisation of breadth was also positive as the commensurate figures were Rs 24706 cr:Rs 4239 cr.The F&O data for Thursday indicated a routine paring of exposure on expiry day amidst higher implied volatility.The 5655 / 5480 range specified for Friday was overcome on the upside after the Nifty managed to stay above the 5555 threshold, advocated as a bullish pivot point for Friday.The positive market breadth inspires confidence, though the lower traded volumes are a cause for some concern.The Nifty spot attempted to test the previous high of 5737 and that confirms the “hound of baskerville” pattern advocated more than a week ago in this column. The gateway t...
More About: Watch , Buying

Nifty targets 6000 mark
2007-10-30 05:38:00
The Nifty has retraced all its losses. The weekly charts look strong and this bullishness will take the benchmark indices to new highs. However, the relative strength index (RSI) should be observed carefully because if does not mirror the market highs, there could be a sharp correction, according to Kamalesh Langote, vfmdirect.com.Almost two weeks prior to October expiry, the RSI diversion had led to correction of almost 2000 points on the Sensex and 700 points with regard to Nifty.Nifty has a target of 6,100, going by Fibonacci numbers, as it has retraced from 5737 to 5071 and back to 5,707 now. As the Nifty has retraced 636 points from its low and the Fibonacci number after 144 is 1.618, Nifty should rise by 1,030 points from its low of 5071 to a target of 6,100.The Fibonacci ratios are derived by dividing any number in the series by the next higher number. The ratio after 3 is always 0.625 and after 89, it is always 0.618. If you divide any Fibonacci number by the preceding numbe...
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Weekly Tech: Resistance around 20,550
2007-10-30 05:37:00
The markets ended last week on a high note as the major indices gained by over 9 per cent. The Sensex began the week on a weak note, as was expected, but the bulls came back strongly and took the index to a new high. It rallied to a fresh all-time intra-day high of 19,276, gaining by 2,105 points from the weekly low of 17,171.The Sensex finally ended the week at a record 19,243, registering a hefty gain of 9.6 per cent or 1,683 points.The low of 17,171 was significantly higher then the support level of 17,000 mentioned last week. Now that the markets are back into unchartered territory, it will be difficult to set upside targets.The positive trend should continue this week. The Sensex is likely to target 20,000 to 21,000 by the year-end. On the downside, the index has a near support at 19,000 and below this, it may drop to 17,870.The NSE Nifty came quite close to its peak of 5737 as it touched a high of 5717, up 646 points from the week’s low of 5071.The index settled with a gain ...
More About: Tech , Weekly , Resistance

Fund Action
2007-10-30 05:37:00
Tata SteelSAC Capital Advisors buys 31.5 lakh shares @ Rs 979.5/shMorgan Stanley-Mauritius sells 40 lakh shares @ Rs 979.8/shIndiabulls RealJPMSL Copthall Mauritius sells 33.16 lakh shares @ Rs 615.75/sh (1.4% stake)NIIT TechICICI MF buys 4.44 lakh shares @ Rs 353.76/shPrithvi Info SolutionsDeutsche Securities Mauritius sells 1 lakh @ Rs 245.25/shChampagne IndageLehman Brothers Asia LTD buys 1 lakh shares @ Rs 720/shCitigroup Global-Mauritius sells 1 lakh shares @ Rs 720/shDeep IndustriesSundaram MF buys 1.15 lakh shares @ Rs 151.35/shMather PumpsUBS Securities Asia sells 1.73 lakh shares @ Rs 160.2/shBear Sterns sells 48 thousand shares @ Rs 160/shSharyan ResoUBS Sec Asia sells 1 lakh shares @ Rs 350.6/sh
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Shriram Transport Finance - Multibagger
2007-10-30 05:35:00
Shriram Tran sport Finance Reco Price Rs. 248.00 The company has reported an EPS of 18.32 for the whole year 2007-08 based on annualized profits of the first half year. This works out to a P/E ratio of 12.8. We recommend this share with a target price of Rs 360 on a one-year horizon.Company:Shriram Transport Finance is a Chennai based finance company which has been in existence for over 27 years. It is the leader in financing of pre-owned cars in the country. It commands a huge market share of over 25% with asset size of Rs120bn. It has got a very good expertise in a highly profitable area where knowledge of the market is a key determinant for success.Financials:STFL has reported excellent numbers for the second quarter of 2007-08. It’s profits more than doubled to Rs 96 crores on revenue base of Rs 570 crores. The company is also having expansion plans for which it will approach global capital markets.Triggers:Unlocking of investments in insurance venture.Valuation:The company h...

FII inflow, RBI policy review outcome to dictate trend
2007-10-28 20:05:00
Trend in inflow from foreign funds will dictate the near term trend on the bourses. The market on Friday, 26 October 2007, shrugged off Securities & Exchange Board of India (Sebi) directive on restriction of participatory notes (PNs) that came into effect from 26 October 2007. Sebi has banned fresh issuance of PNs with derivatives as underlying and it has also ordered winding up such PNs in 18 months, besides putting curbs on such issue of PNs in the spot market.According to Citigroup, given the limited headroom available due to the 40% limit on issue of PNs, return to 'regulated' entities rule, and the time it might take for the entities to get FII registration, the new Sebi norms may significantly reduce near term foreign flows. Sebi has proposed an incremental rate of 5% for issue of PNs for FIIs with less than 40%t of assets under custody (AUC) in PNs. Those with over 40% of assets in PNs can issue PNs only against redemptions or cancellations.Kotak Institutional Equities, in ...
More About: Review , Policy , Trend

US markets rally on positive earnings news from Microsoft; Profit estimates
2007-10-28 20:01:00
US stocks rallied after sales from Microsoft topped analyst estimates by 1 billion dollars. Countrywide Financial forecast a profit, easing concerns the economy will slip into a recession.The report from Countrywide that it expects to return to profitability soon, despite a big third-quarter loss, rekindled investor hope that the problems in the housing market are contained and that US consumers still have spending power. Countrywide surged $ 4.23, or 32%, to $ 17.30. Strong report from Microsoft inspired buying throughout the technology sector. Microsoft rose $ 3.04 to $ 35.03, pushing software companies in the S&P 500 to a 4.1% gain, the steepest advance since April 2003.The S&P 500 climbed 20.88, or 1.4%, to 1,535.28, its steepest advance this month. The Dow Jones Industrial Average gained 134.78, or 1%, to 13,806.7. The Nasdaq Composite Index jumped 53.33, or 1.9%, to 2,804.19.For the week, the Dow rose 2.11%, the Nasdaq was up 2.90%, and the S&P 500 jumped 2.31%. The gains were...
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US mkts end marginall lower on rumours over subprime trouble, high energy p
2007-10-26 22:28:00
It was yet another topsy-turvy session for the US markets. Rumours about more subprime trouble and a Fed rate cut coupled with handful of economic and earnings reports resulted in another large sell-off early on only to see the stock market come barreling back in afternoon trading.In economic news, September durable orders was down 1.7%, larger than consensus while weekly inital jobless claims dropped to three lakh thirty one thousand, which was higher than expectations. September new home sales rose 4.8% in September after a sharply lower revision of the August reading. Investors also had to contend with higher energy prices as crude oil spiked to an all-time high of $ 90.60 a barrel before settling slightly lower.The Dow fell 3.33, or 0.02%, to 13,671.92 after changing direction several times. The blue chip index was briefly down more than 100 points. Broader stock indicators also fell. The Standard & Poor's 500 index fell 1.48, or 0.10%, to 1,514.40, while the Nasdaq composi...
More About: Energy , High , Lower , Subprime

TVS files Rs 250 Cr suit against Bajaj Auto- DNA Money
2007-10-26 22:28:00
TVS Motor Company has filed a Rs 250 crore defamation suit against Baja j Auto in the Bombay High Court, according to a DNA Money report. The suit is in reaction to Bajaj’s allegation that TVS had infringed the latter's patented DTSi (digital twin spark plug ignition) technology. The DNA Money quotes Shiraz Patodia of Dua Associates, the law firm which represents TVS Motor as saying, "The suit pertains to Bajaj Auto’s allegations regarding infringement of its patented engine technology by TVS Motor. The total amount we are claiming as damages is Rs 250 crore,” she added. The suit will come up for hearing in due course."Earlier there was trouble between the two auto majors when TVS Motor announced its intent to launch the 125cc Flame, which the Bajajs implied was an infringement of its own twin spark technology. The report goes on to add that Bajaj had stated in the past that it holds the global and Indian patents for the technology for small engines. It also claims to have rec...
More About: Files , Suit

Fund Action
2007-10-26 22:27:00
Maytas InfraABN Amro Bank buys 4.2 lakh shares @ Rs 578.7/shCitigroup Global Markets buys 12 lakh shares @ Rs 566/sh (NSE/BSE)Arvind MillsDSP Merrill Lynch Capital buys 12.43 lakh shares @ Rs 74.3/shRecent Fund Action :Robeco capital growth fund bought 13.63 lakh shares @ Rs 67.41/sh on Oct 12thBirla MF bought 17 lakh shares @ Rs 65.2/sh (0.81% stake) on 3 OctMorgan Stanley Dean Witter bought 12.47 lakh shares @ Rs 60.7/sh on 28 SeptMorgan Stanley Dean Witter bought 10.62 lakh shares @ Rs 59.7/sh on 27th SeptCitigroup Global bought 27 lakh shares @ Rs 52.7/sh (1.29% stake) on 4th SeptBalrampur ChiniUBS Sec buys 18 lakh shares @ Rs 83/shSubex AzureMerrill Lynch Capital Espana buys 10 lakh shares @ Rs 330/shMirae Asset Inv sells 9.95 lakh shares @ Rs 330/shRecent Fund Action:UBS Securities Asia buys 4.7 lakh shares @ Rs 383/sh on 23rd OctMercator LinesDeutsche Securities Mauritius buys 10.1 lakh shares @ Rs 124/shRecent Fund Action:Deutsche Securities buys 11.54 lakh shares @ Rs 111.1...

ITC’s second quarter profit up 13%
2007-10-26 17:51:00
Tobacco, hotels and FMCG major ITC Ltd on 26 October beat market forecasts with a 13% rise in quarterly net profit, helped by strong growth in its packaged foods and hotels businesses.ITC, in which British American Tobacco Plc has a 31.7% stake, also has interests in retail and information technology, and recently launched personal care products.The Kolkata-based company said net profit rose to Rs771 crore in the fiscal second quarter to end-September from Rs680 crore a year earlier.A value-added tax of 12.5% from April has slowed sales of cigarettes, which make up more than half its revenues, and ITC is also investing in increasing its paperboard capacity and expanding its agri-business network in rural areas.ITC shares gained 23% during the quarter, beating an 18% gain for Sensex
More About: Profit , Quarter

ABB Q3 net up 41% on strong orders
2007-10-26 17:50:00
Maker of equipment for power plants and electricity management, ABB Ltd, said profit rose 41% to Rs115.68 crore for the third quarter to September, as it got more orders from customers such as JSW Steel Ltd and state electricity boards.ABB said revenue rose to Rs1,393.3 crore in the three months between July and September, an annual growth of 27%. ABB had reported profit of Rs82.14 crore on sales of Rs1,093.6 crore in the third quarter in 2006.ABB, the Indian subsidiary of ABB Group in Zurich, Switzerland, sees busines opportunity in India’s increased spending on electricity distribution and setting up new power plants to fuel the country’s economy growing at more than 9%.“Our order book is getting stronger, helped by core business growth as well as new revenue streams and we continue to be positive on the market outlook,” said Biplab Majumder, country manager and managing director, ABB India, in a statement.In the nine months to September, ABB has got orders of Rs5,665 cror...
More About: Strong , Orders

Rupee climbs on record-breaking stock market
2007-10-26 17:42:00
Rupee climbed on Friday, tracking gains in the stock market, which hit a record high as investors brush off concerns about capital flows after regulator said it would tighten investment rules for unregistered foreigners.At 11:35 am the rupee was at 39.520/527 per dollar, moving up from Thursday’s close. Rupee had held steady against the US currency in late morning deals after a weak start on some dollar demand from oil refiners and the market regulator Sebi’s decision to regulate FII inflows into equity markets.In lacklustre trade at the Interbank Foreign Exchange (forex) market, the local currency resumed lower at 39.60/62 a dollar from yesterday’s close of 39.53/54 a dollar, but later recovered its losses and was quoted at 39.52/53 a dollar in late morning deals.Rupee came under pressure on fears of slow down in FII inflows as a result of Sebi’s new set of rules including consideration of the proposals to regulate excessive inflows through participatory notes.Meanwhile, th...
More About: Stock Market , Market , Stock , Rupee , Record