02nd May 2011 to 06th May 2011
02nd May 2011 to 06th May 2011
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 INDEX
THIS WEEK CLS
LAST WEEK CLS
% CHANGE
NIFTY SENSEX NSE MIDCAP NSE 500 NIFTY JUNIOR BSE SMALLCAP BSE 200
5551 18519 7965 4460 10994 8343 2285
5750 19136 8201 4615 11377 8715 2364
(3.44) (3.23) (2.87) (3.36) (3.37) (4.28) (3.31)
*DOW JONES *NASDAQ NIKKEI HANG SENG SHAHGHAI COMP
12584 2815 9859 23159 2864
12763 2873 9850 23721 2912
(1.40) (2.01) 0.10 (2.37) (1.64)
BSE IT BSE OIL & GAS BSE CAPITAL GOODS BSE TECH BSE HEALTHCARE BSE PSU BSE CONSUMER DURABLES BSE FMCG BSE BANK BSE AUTO BSE REALTY BSE METALS
6057 9815 12770 3611 6064 8818 6215 3643 12671 9219 2095 15363
6144 10008 13037 3708 6233 9070 6393 3755 13077 9560 2180 16191
(1.43) (1.93) (2.05) (2.62) (2.70) (2.78) (2.79) (3.00) (3.11) (3.57) (3.90) (5.11)
THIS WEEK CLS
LAST WEEK CLS
1765 2058 2299 2887 306 351 168 607 1319 90
1710 2001 2293 2906 309 379 181 657 1463 100
* DENOTES THURSDAY CLOSE
INDEX MOVERS HERO HONDA MOTORS LTD BHEL HDFC BANK LTD INFOSYS TECH LTD ONGC LTD BHARTI AIRTEL LTD STERLITE INDS INDIA LTD RELIANCE INFRA LTD BAJAJ AUTO LTD RELIANCE COMM LTD NON INDEX MOVERS SINTEX INDUSTRIES LTD UNITED BREWERIES LTD HPCL BPCL GODREJ CONS PRD LTD ESSAR SHP PRTS & LGS LTD HDIL ANANT RAJ INDS LTD LANCO INFRATECH LTD SHRIRAM TRN FIN CO LTD
THIS WEEK CLS 190 502 401 666 392 88 142 77 35 651
LAST WEEK CLS 173 462 372 627 376 99 161 88 40 775
% CHANGE 3.22 2.85 0.29 (0.66) (0.96) (7.40) (7.45) (7.66) (9.83) (10.02)
% CHANGE 9.47 8.65 7.77 6.11 4.20 (11.43) (12.08) (12.41) (13.00) (15.99)
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 WEEKLY OVERVEIW Indian Equity Markets ended this week in the red, the Sensex losing 3.23% and the Nifty losing 3.44% respectively. The Midcap Index outperformed the benchmark Indices by losing 2.87% while the Small cap index underperformed the indices by losing 4.28% respectively Global Equity markets were mostly in the red. Asian indices ended the week mixed with the Nikkei index marginally gaining. The Chinese index lost 1.64%. The Chinese manufacturing index declined in April on a monthly basis, indicating that growth may moderate in the economy, a sign that the fiscal measures announced by the central bank seemed to take effect to tame inflation. The Nikkei business index fell 6.6 points, the most since January 1973, a sign of the extent of downward pressure the natural disaster had onto the economy. European indices were trading in the red. Producer prices in the Euro zone continued to rise on account of higher energy prices. However, the European Central Bank maintained its interest rates hinting that it would keep a close watch on inflation. The Bank of England left key interest rates at record low on account of weak economic activity. German industrial orders dropped in March at the fastest pace in 2 years. US indices too traded in the red on the back of none to encouraging economic data. Planned job cuts in the US fell in the Month of April, a sign that the labor market was exhibiting signs of slow improvement even as first time unemployment claims increased. The Institute of Supply Managements index for non manufacturing companies declined as companies cut back on activities due to higher energy prices. US manufacturing activity too grew at a slower pace in April. Indian Equity markets ended the trading week in the negative, as concerns about the future growth of the economy that came to the fore as the Reserve Bank of India raised the repo and reverse repo rates by 50 bps points each, escalating its war against inflation, as it lowered growth projections. After witnessing an increase in the preceding two weeks, India's food inflation rate declined to 8.53 per cent for the week ended April 23, cent from 8.76 in the preceding week. Major Sectoral Losers were Metals (-5.11%), Realty (-3.9%), Auto (3.57%), Bank (-3.11%) and FMCG (-3%). Foreign Institutional Investors were net sellers of Indian Equities of INR 21.35 billion and Domestic Mutual Funds were net sellers to the tune of INR 2.71 billion for the week. WEEK ENDED 06.05.2011
Rs Crores
FII GROSS PUR
10257.00
FII GROSS SELL
12392.00
FII NET
(2135.00)
FII MTD NET
(1940.20)
MF GROSS PUR
2420.10
MF GROSS SELL
2691.70
MF NET
(271.60)
MF MTD NET
(78.40)
FII DATA TILL TRADE DATE WEDNESDAY
SENSEX WEEKLY
19200.00 19136 19000.00
18998
18800.00
18600.00 18535
18519
18469 18400.00 18211
18200.00
18000.00 4/ 29/ 2011
5/ 2/ 2011
5/ 3/ 2011
DATE
5/ 4/ 2011
5/ 5/ 2011
5/ 6/ 2011
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 KEY DEVELOPMENTS – INTERNATIONAL •
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Germany's manufacturing sector expanded at a faster-than-expected pace in April, results of survey by Markit Economics and BME showed. The purchasing managers' index for the manufacturing sector rose to 62 from 60.9 in March. The final reading, which is the secondhighest in the survey history, also exceeded the estimated score of 61.7. The rise in the PMI was supported by acceleration in output growth, which helped offset slightly slower rates of new order and employment growth, the survey said. (Source: RTT News) A Chinese manufacturing index declined in April from March, indicating that growth may moderate in the world’s second-biggest economy after the government raised interest rates and allowed faster gains in the yuan. The Purchasing Managers’ Index fell to 52.9 from 53.4, China’s logistics federation and the statistics bureau said in an e-mail. That was below a median forecast of 53.9 in a Bloomberg News survey of 20 economists. (Source: Bloomberg) U.S. manufacturing activity grew at a slightly slower pace in April, the second straight month of cooling, according to a closely followed index released. The Institute for Supply Management said its manufacturing gauge dipped to 60.4% last month from 61.2% in March, mostly because of slower growth in production and new orders. Economists surveyed by Marketwatch had forecast the index to dip to 59.5%. (Source: Market Watch) China is already in a rise phase of inflation, it is not only a short-time challenge to deal with the rising inflation, but also a longtime target for China’s policymaker, Zhu Min, special advisor to the managing director of the International Monetary Fund (IMF), said recently in a exclusive interview. Zhu Min said, the abundant currency supply in previous years is one of the main reasons caused the current inflation in China. Food price is another reason for the inflation. (Source: China Securities Journal) Japan's parliament passed a Y4 trillion disaster relief budget as ruling and opposition lawmakers put aside their differences and sought to quickly launch efforts to rebuild the country's quake-hit northeast. But the passage of the budget is likely to clear the way for the opposition to step up their campaign to oust unpopular Prime Minister Naoto Kan, who has drawn criticism over the government's response to the magnitude 9.0 earthquake and subsequent tsunami on March 11, including its handling of the crisis at the Fukushima Daiichi nuclear power plant. (Source: Nikkei.com) A U.K. manufacturing index fell to a seven-month low in April amid declining consumer confidence and falling construction orders. The gauge based on a survey by Markit Economics and the Chartered Institute of Purchasing and Supply fell to 54.6 from a revised 56.7 in March, according to a report published. (Source: Bloomberg) Producer prices in Eurozone continue to rise in March, led by higher energy costs, data from Eurostat showed. The increase was in line with economists' expectations. Industrial producer prices on the domestic market, excluding construction, rose 0.7 percent month-on-month in March, taking the annual rate of inflation to 6.7 percent. This was the fastest annual increase in producer prices since September 2008. (Source: RTT News)
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The Nikkei Business Index plummeted 6.6 points to 89.8 in March, marking its sharpest fall since the survey begun in January 1973. The index compiled by Nikkei Digital Media Inc., saw three of its four components deteriorate, indicating the extent of the downward pressure that the March 11 disaster has put on the economy. Industrial output plunged 15.3%, the steepest decline ever recorded, while overtime work dropped 3.6%. Commercial sales sank 10.7% due to slumping demand for automobiles and home electronics. Meanwhile, the ratio of job offers to seekers edged up 0.01 point to 0.63. (Source: Nikkei.com)
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Germany's plant and machinery orders continued to grow in March, data released by the German Engineering Federation (VDMA) revealed. Orders for plant and machinery rose 18 percent year-on-year, following February's 38 percent gain. Both domestic and export orders grew 18 percent each from last year, the industry lobby said. (Source: RTT News)
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Australia's central bank decided to retain its benchmark interest rate at 4.75 percent for a fifth consecutive rate-setting session as a record-high currency helped contain the temporary spike in consumer prices due to natural disasters. (Source: RTT News)
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 •
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Orders placed with U.S. factories rose more than forecast in March on increasing demand for machinery and computers that points to further gains in business spending. Bookings for manufacturers’ goods climbed 3 percent, a fifth consecutive increase, after a 0.7 percent February advance, the Commerce Department said today in Washington. The report also revised up estimates for capital equipment bookings issued last week. (Source: Bloomberg) Mortgage applications volume rose in the week ended April 29th, reflecting a decrease in the mortgage rates and a surge in refinance volumes. The results of the latest survey by the Mortgage Bankers' Association showed that the market composite index, a measure of mortgage loan application volume, rose a seasonlly 4 percent compared to the previous week. The refinance index climbed 6 percent and was augmented by a 0.3 percent increase in the purchase index. (Source: RTT News) A key survey showed that Eurozone private sector growth improved in April as expected boosted by manufacturing output, but official data revealed that retail sales decreased in March at the sharpest pace since November 2009, reflecting the impact of fiscal squeeze as well as rising inflation. The final composite Purchasing Managers' Index (PMI) rose to 57.8 in April, in line with flash estimate, from 57.6 in March, a survey from Markit Economics showed. (Source: RTT News)
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The US labor market is showing signs of slow improvement: private sector employers added 179,000 positions in April and the number of planned job cuts fell, according to two reports released. Payroll processing company ADP said private sector payrolls grew by 179,000 in April, after a upwardly revised 207,000 increase in March. Economists were expecting a gain of 200,000 private sector jobs, according to consensus estimates. The number of jobs cut fell 12% to 36,490 from March's 41,528, according to outplacement consulting firm Challenger, Gray & Christmas. Year over year, job cuts dropped 5% from 38,326 in April 2010. April's job cut number is the lowest so far this year, and the third lowest over the last 16 months. (Source: CNN Money)
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Service industries in the U.S. expanded in April at the slowest pace in eight months as companies cut back in response to higher energy costs. The Institute for Supply Management’s index of non- manufacturing companies declined to 52.8 last month, lower than the median forecast of economists surveyed by Bloomberg News, from 57.3 in March. (Source: Bloomberg) Growth of China's private sector eased in April due to weaker expansion in output, a survey by Markit Economics showed. The headline seasonally adjusted HSBC/Markit composite output index fell to 51.7 from 52.7 in March. A PMI reading above 50 indicates expansion of the sector. (Source: RTT News) Hong Kong's private sector expanded at a slower pace in April, data from a survey conducted by HSBC and Markit Economics showed. The HSBC Hong Kong purchasing managers index for private sector dropped to 52.9 in April from 54.9 in March. A reading above 50 suggests expansion of the sector, while one below indicates contraction. The sector expanded for the twenty-second consecutive month in April. The latest growth was the slowest in seven months. (Source: RTT News) The US Labor Department released a report showing that first-time claims for unemployment benefits in U.S. unexpectedly showed a notable increase in the week ended April 30th. The report showed that initial jobless claims rose by 43,000 to 474,000 from the previous week's revised figure of 431,000. With the increase, initial jobless claims rose to their highest level since August of 2010. The increase surprised economists, who had expected jobless claims to fall to 410,000 from the 429,000 originally reported for the previous week. (Source: RTT News)
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The European Central Bank (ECB) left its key interest rates unchanged in line with expectations. The Governing Council kept the main refi rate at 1.25 percent at the meeting held in Helsinki, Finland. In April, the central bank delivered its first rate hike in nearly three years amid spreading debt woes in the Eurozone periphery. (Source: RTT News)
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Taking into account weak economic activity and a slowdown in March inflation, policymakers of the Bank of England favored leaving the key rate unchanged at a record low. At the end of the two-day rate setting meeting, the nine-member Monetary Policy Committee, or MPC, decided to keep the rate steady at 0.5 percent. The interest rate has been at the current 0.5
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011
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percent level since March 2009, which is the lowest since the bank was established in 1694. (Source: RTT News) German industrial orders unexpectedly dropped in March at the fastest pace in more than two years, official data revealed. Factory orders plunged a seasonally adjusted 4 percent, after rising in previous two months, figures released by the Federal Ministry of Economy and Technology showed. The fall is the biggest since January 2009, when there was a 6.6 percent slump. (Source: RTT News) U.K. output prices rose more than expected in April, data from the Office for National Statistics revealed. Output price annual inflation came in at 5.3 percent in April, which was bigger than the expected rate of 5.1 percent. But the annual rate eased from March's 5.6 percent. Monthon-month, the increase was 0.8 percent compared to a monthly growth of 1.1 percent in the previous month and the consensus forecast of 0.7 percent. (Source: RTT News)
KEY DEVELOPMENTS – Domestics •
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India's Index of Six core industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) with base 1993-94 in March registered a growth of 7.4 percent, compared to 6.8% registered in March, led by growth in crude oil and finished steel. During April-March 2010-11, six core industries registered a growth of 5.9%, compared to 5.5% during the corresponding period of the previous year. According to provisional data released, crude oil production topped the table with growth of 12.1 percent in March, compared to 3.5 percent expansion in the corresponding year-ago period. (Source: RTT News) India’s manufacturing grew at the fastest pace in five months and exports climbed to a record. The Purchasing Managers’ Index rose to 58 in April from 57.9 in March, HSBC Holdings Plc and Markit Economics said. A number above 50 indicates expansion. (Source: Bloomberg) India's central bank raised its lending rate by 0.50 percentage point and announced a new monetary policy framework, escalating its fight against inflation even as it lowered its forecast for this year's economic growth. The Reserve Bank of India, which usually increases lending rates by 0.25 percentage point at a time, raised a key lending rate by an unexpected 0.50 percentage point to 7.25%, highlighting the urgency of taming price pressures that threaten to dampen the country's economic growth. (Source: WSJ.com) India's private sector activity grew at a faster pace in April, according to a survey released by the Markit Economics. The HSBC composite Purchasing Managers' Index rose to 60.7 in April from 60 in the previous month, data showed. A reading above 50 suggests expansion in the sector. The seasonally adjusted business activity index for services advanced to 59.2 from 58.8 in March. (Source: RTT News) After witnessing an increase in the preceding two weeks, India's food inflation rate declined to 8.53 per cent for the week ended April 23, due to a drop in the prices of cereals and wheat. It remained in single digit for the sixth consecutive week. Annual inflation rate of food article prices, as measured by the wholesale price index, or WPI, (with base year 2004-05) for the week ended April 23 fell to 8.53 per cent from 8.76 in the preceding week. Percentage of inflation for the corresponding week in the preceding year was 20.91 per cent. The 52-week average inflation for the week ended April 23 was 14.80 per cent, according to data released by the Ministry of Commerce & Industry. (Source: RTT News) Infosys Technologies Ltd , India's No. 2 software services exporter, is on the hunt for acquisitions in Europe and Japan and in industries including healthcare and public services, its chief executive said. (Source: Economic Times) The promoters of India's fourth-largest pharmaceuticals company Sun Pharma are planning a Rs 50 bn foray into the power sector, continuing the trend in which owners of cash-rich drugmanufacturing firms find other sectors more attractive to deploy surplus funds. (Source: Economic Times) Engine manufacturer Cummins India said it will spend up to Rs 5 bn in the current financial year on various purposes, including setting up a generator plant and expanding its existing capacity. (Source: Economic Times)
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 •
With the launch of its first 'Arvind Experience Store' in Gujarat at Vadodara, denim major Arvind Ltd. is eyeing 100 stores by the end of the financial year 2011-12. The store in Vadodara is the company's eighth in the country after seven stores in Andhra Pradesh. (Source: Business Standard)
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Bharat Heavy Electricals Ltd (BHEL) has bagged DPSC Ltd's greenfield 540-MW (270 MW x2) thermal power plant contract. "We have awarded the contract for greenfield 540-MW thermal power coming up at Raghunathpur to BHEL and its value will be around Rs 1,500 crore, out of total project value of Rs 3,200 crore," DPSC Chairman Hemant Kanoria told PTI. (Source: Business Standard) The oil ministry has directed Reliance Industries to drill 11 new wells in the current financial year to boost gas output from its KG-D6 block to 80 million standard cubic meters per day and submit a plan in later this month, the director general of hydrocarbons, SK Srivastava said. "For government (declining) gas production is main issue. We have asked operator (RIL) about drilling of wells. Operator will submit proposals for drilling wells in a week or two weeks, when we meet next." he told reporters after a meeting. (Source: Economic Times)
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State-run National Aluminium Company said it may buy a "minority" stake in an Indonesian coal mine to ensure long-term supply of dry fuel to its proposed $ 4 billion project in the South-Asian nation. "We intend to buy a minority stake in the coal firm with which, in the next four weeks, we will forge the contract for long-term supply of coal for getting around 8-10 million tonnes per annum," Nalco's acting Chairman B L Bagra told PTI. (Source: Economic Times)
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BEML Limited, the defence ministry undertaking manufacturing metro rail cars, earthmoving equipment among others, has received an order for Rs 9.25 bn from the Delhi Metro Rail Corporation Ltd (DMRCL) for the supply of 136 intermediate metro cars. (Source: Business Standard) Tata Consultancy Services Ltd , India's leading software services exporter, said on Tuesday ABM AMRO Clearing Bank NV had selected its banking software solution as part of the bank's modernization programme. (Source: Economic Times)
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Reliance Infrastructure Limited has commissioned another 400KV double circuit transmission line, part of the country's first 100 percent privately owned transmission project on the build, own and operate (BOO) basis, a company official said here. This line has been constructed in the western region between Limdi (Chorania) and Ranchodpura (Vadavi) passing through three important business districts of Gujarat - Surendernagar, Ahmedabad and Mehasana. (Source: Economic Times)
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Glenmark Pharmaceuticals said it has received final approval from the United States health regulator for its generic Fluticasone propionate lotion used in treating skin pain and itching caused by eczema. (Source: Economic Times) The Adani group’s Mundra Port and Special Economic Zone (MPSEZ) on Tuesday announced the acquisition of Abbot Point Port in Australia for A$ 1.8 billion (Rs 9,000 crore). Australia’s northeastern state of Queensland is selling the coal export terminal as part of an A$ 15 billion asset-sale programme. It will use the money for reconstruction following the devastation caused by floods and Cyclone Yasi. MPSEZ expects to close the all-cash deal by June. (Source: Business Standard)
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In a major reprieve to Ranbaxy, an American court has dismissed a petition from rival pharmaceutical firm Mylan to challenge the former’s exclusive marketing rights over the generic version of Pfizer’s Lipitor. (Source: Business Standard) ARSS Infrastructure Projects today said it has bagged two orders worth Rs 455.4 mn."The company has received two new work orders from the Executive Engineer (R&B) Division, Bhubaneswar aggregating to Rs 455.4 mn," it said in a regulatory filing. (Source: Business Standard) The Chennai-based Sundram Fasteners Ltd, part of the TVS Group, is for the first time entering a venture outside the automotive sector. The company is setting up a plant at an investment of Rs 500 mn to manufacture special fasteners for the wind energy sector. (Source: Business Line)
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 •
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BPO service provider Firstsource Solutions said it will acquire a 74% stake in Sri Lanka’s telecom service provider Dialog Axiata PLC’s BPO arm and the two firms will form a joint venture company called Firstsource-Dialog Solutions. (Source : Mint) Reliance Industries is drawing ambitious plans to be a world leader in rubber, and is investing up to $12 billion in the chemicals business to tap the rapidly-growing mark ET for hygiene and healthcare products. "We believe that hygiene will be a very big market in a rapidly prospering India where people's aspirations are rising. You look at diapers, female hygiene - most of the super absorbents come from our industry. So if we can integrate and really think about lowcost hygiene to improve the quality of life for the masses," he said. (Source: Economic Times) Sun Pharmaceutical Industries Ltd said its unit had received approval from the U.S. Food and Drug Administration for its cancer treatment Docefrez injection. (Source: Economic Times) The state-run Gujarat State Petroleum Corporation (GSPC), an integrated energy company, is likely to synchronise 700-MW power plants in Gujarat this fiscal through its two subsidiaries. (Source: Business Standard)
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Nine companies, including state-run NTPC, will lose coal blocks they failed to develop on time while 15 others will have to forgo bank guarantees for not starting production.
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The coal ministry decided to revoke licences of 15 coal and lignite blocks, the first time it will repossess so many blocks in one go. (Source: Economic Times)
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PVR has sold its multiplex property at Phoenix Mills , Mumbai, to JM Financial's newly-launched Real Estate Income Fund for Rs 100 crore. After the transaction is completed, PVR will continue to operate the multiplex property on a long-term lease arrangement basis. The company told BSE that the board of directors of PVR approved the sale of two crore equity shares of Rs 10 each of CR Retail Malls (India), its wholly-owned subsidiary, which owns the property, to the fund. (Source: Economic Times) Thermax is scouting overseas to buy a company worth up to $100 million in industrial waste water treatment space, said Managing Director MS Unnikrishnan. "Our target market for water treatment projects in India is worth 4,000-4,500 crore. Within this, the industrial waste water market would be worth around 1,500 crore. So we would like to acquire a company for technology," he said. (Source: Economic Times)
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Drug firm Strides Arcolab today said it had received approval from the US health regulator to market Midazolam injections, a general anaesthetic, in the American market. (Source: Business Standard)
L&T Finance Holdings Limited (indirect Holding Company of L&T Investment Management Limited) is proposing, subject to market conditions and other considerations, to make a public issue of securities and has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The DRHP is available on the website of SEBI at www.sebi.gov.in and the respective websites of the Book Running Lead Managers at www.jmfinancial.in, http://www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, global-investment-banking,
http://www.hsbc.co.in/1/2/corporate/equities-
http://www.barclayswealth.com/india-offerdocuments.htm,
http://www.credit-
suisse.com/in/ipo/ and www.equirus.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see ‘Risk Factors’ in the aforementioned DRHP.
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 INDEX
THIS WEEK CLS
LAST WEEK CLS
% CHANGE
NIFTY SENSEX NSE MIDCAP NSE 500 NIFTY JUNIOR BSE SMALLCAP BSE 200
5551 18519 7965 4460 10994 8343 2285
5750 19136 8201 4615 11377 8715 2364
(3.44) (3.23) (2.87) (3.36) (3.37) (4.28) (3.31)
*DOW JONES *NASDAQ NIKKEI HANG SENG SHAHGHAI COMP
12584 2815 9859 23159 2864
12763 2873 9850 23721 2912
(1.40) (2.01) 0.10 (2.37) (1.64)
BSE IT BSE OIL & GAS BSE CAPITAL GOODS BSE TECH BSE HEALTHCARE BSE PSU BSE CONSUMER DURABLES BSE FMCG BSE BANK BSE AUTO BSE REALTY BSE METALS
6057 9815 12770 3611 6064 8818 6215 3643 12671 9219 2095 15363
6144 10008 13037 3708 6233 9070 6393 3755 13077 9560 2180 16191
(1.43) (1.93) (2.05) (2.62) (2.70) (2.78) (2.79) (3.00) (3.11) (3.57) (3.90) (5.11)
THIS WEEK CLS
LAST WEEK CLS
1765 2058 2299 2887 306 351 168 607 1319 90
1710 2001 2293 2906 309 379 181 657 1463 100
* DENOTES THURSDAY CLOSE
INDEX MOVERS HERO HONDA MOTORS LTD BHEL HDFC BANK LTD INFOSYS TECH LTD ONGC LTD BHARTI AIRTEL LTD STERLITE INDS INDIA LTD RELIANCE INFRA LTD BAJAJ AUTO LTD RELIANCE COMM LTD NON INDEX MOVERS SINTEX INDUSTRIES LTD UNITED BREWERIES LTD HPCL BPCL GODREJ CONS PRD LTD ESSAR SHP PRTS & LGS LTD HDIL ANANT RAJ INDS LTD LANCO INFRATECH LTD SHRIRAM TRN FIN CO LTD
THIS WEEK CLS 190 502 401 666 392 88 142 77 35 651
LAST WEEK CLS 173 462 372 627 376 99 161 88 40 775
% CHANGE 3.22 2.85 0.29 (0.66) (0.96) (7.40) (7.45) (7.66) (9.83) (10.02)
% CHANGE 9.47 8.65 7.77 6.11 4.20 (11.43) (12.08) (12.41) (13.00) (15.99)
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 WEEKLY OVERVEIW Indian Equity Markets ended this week in the red, the Sensex losing 3.23% and the Nifty losing 3.44% respectively. The Midcap Index outperformed the benchmark Indices by losing 2.87% while the Small cap index underperformed the indices by losing 4.28% respectively Global Equity markets were mostly in the red. Asian indices ended the week mixed with the Nikkei index marginally gaining. The Chinese index lost 1.64%. The Chinese manufacturing index declined in April on a monthly basis, indicating that growth may moderate in the economy, a sign that the fiscal measures announced by the central bank seemed to take effect to tame inflation. The Nikkei business index fell 6.6 points, the most since January 1973, a sign of the extent of downward pressure the natural disaster had onto the economy. European indices were trading in the red. Producer prices in the Euro zone continued to rise on account of higher energy prices. However, the European Central Bank maintained its interest rates hinting that it would keep a close watch on inflation. The Bank of England left key interest rates at record low on account of weak economic activity. German industrial orders dropped in March at the fastest pace in 2 years. US indices too traded in the red on the back of none to encouraging economic data. Planned job cuts in the US fell in the Month of April, a sign that the labor market was exhibiting signs of slow improvement even as first time unemployment claims increased. The Institute of Supply Managements index for non manufacturing companies declined as companies cut back on activities due to higher energy prices. US manufacturing activity too grew at a slower pace in April. Indian Equity markets ended the trading week in the negative, as concerns about the future growth of the economy that came to the fore as the Reserve Bank of India raised the repo and reverse repo rates by 50 bps points each, escalating its war against inflation, as it lowered growth projections. After witnessing an increase in the preceding two weeks, India's food inflation rate declined to 8.53 per cent for the week ended April 23, cent from 8.76 in the preceding week. Major Sectoral Losers were Metals (-5.11%), Realty (-3.9%), Auto (3.57%), Bank (-3.11%) and FMCG (-3%). Foreign Institutional Investors were net sellers of Indian Equities of INR 21.35 billion and Domestic Mutual Funds were net sellers to the tune of INR 2.71 billion for the week. WEEK ENDED 06.05.2011
Rs Crores
FII GROSS PUR
10257.00
FII GROSS SELL
12392.00
FII NET
(2135.00)
FII MTD NET
(1940.20)
MF GROSS PUR
2420.10
MF GROSS SELL
2691.70
MF NET
(271.60)
MF MTD NET
(78.40)
FII DATA TILL TRADE DATE WEDNESDAY
SENSEX WEEKLY
19200.00 19136 19000.00
18998
18800.00
18600.00 18535
18519
18469 18400.00 18211
18200.00
18000.00 4/ 29/ 2011
5/ 2/ 2011
5/ 3/ 2011
DATE
5/ 4/ 2011
5/ 5/ 2011
5/ 6/ 2011
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 KEY DEVELOPMENTS – INTERNATIONAL •
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Germany's manufacturing sector expanded at a faster-than-expected pace in April, results of survey by Markit Economics and BME showed. The purchasing managers' index for the manufacturing sector rose to 62 from 60.9 in March. The final reading, which is the secondhighest in the survey history, also exceeded the estimated score of 61.7. The rise in the PMI was supported by acceleration in output growth, which helped offset slightly slower rates of new order and employment growth, the survey said. (Source: RTT News) A Chinese manufacturing index declined in April from March, indicating that growth may moderate in the world’s second-biggest economy after the government raised interest rates and allowed faster gains in the yuan. The Purchasing Managers’ Index fell to 52.9 from 53.4, China’s logistics federation and the statistics bureau said in an e-mail. That was below a median forecast of 53.9 in a Bloomberg News survey of 20 economists. (Source: Bloomberg) U.S. manufacturing activity grew at a slightly slower pace in April, the second straight month of cooling, according to a closely followed index released. The Institute for Supply Management said its manufacturing gauge dipped to 60.4% last month from 61.2% in March, mostly because of slower growth in production and new orders. Economists surveyed by Marketwatch had forecast the index to dip to 59.5%. (Source: Market Watch) China is already in a rise phase of inflation, it is not only a short-time challenge to deal with the rising inflation, but also a longtime target for China’s policymaker, Zhu Min, special advisor to the managing director of the International Monetary Fund (IMF), said recently in a exclusive interview. Zhu Min said, the abundant currency supply in previous years is one of the main reasons caused the current inflation in China. Food price is another reason for the inflation. (Source: China Securities Journal) Japan's parliament passed a Y4 trillion disaster relief budget as ruling and opposition lawmakers put aside their differences and sought to quickly launch efforts to rebuild the country's quake-hit northeast. But the passage of the budget is likely to clear the way for the opposition to step up their campaign to oust unpopular Prime Minister Naoto Kan, who has drawn criticism over the government's response to the magnitude 9.0 earthquake and subsequent tsunami on March 11, including its handling of the crisis at the Fukushima Daiichi nuclear power plant. (Source: Nikkei.com) A U.K. manufacturing index fell to a seven-month low in April amid declining consumer confidence and falling construction orders. The gauge based on a survey by Markit Economics and the Chartered Institute of Purchasing and Supply fell to 54.6 from a revised 56.7 in March, according to a report published. (Source: Bloomberg) Producer prices in Eurozone continue to rise in March, led by higher energy costs, data from Eurostat showed. The increase was in line with economists' expectations. Industrial producer prices on the domestic market, excluding construction, rose 0.7 percent month-on-month in March, taking the annual rate of inflation to 6.7 percent. This was the fastest annual increase in producer prices since September 2008. (Source: RTT News)
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The Nikkei Business Index plummeted 6.6 points to 89.8 in March, marking its sharpest fall since the survey begun in January 1973. The index compiled by Nikkei Digital Media Inc., saw three of its four components deteriorate, indicating the extent of the downward pressure that the March 11 disaster has put on the economy. Industrial output plunged 15.3%, the steepest decline ever recorded, while overtime work dropped 3.6%. Commercial sales sank 10.7% due to slumping demand for automobiles and home electronics. Meanwhile, the ratio of job offers to seekers edged up 0.01 point to 0.63. (Source: Nikkei.com)
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Germany's plant and machinery orders continued to grow in March, data released by the German Engineering Federation (VDMA) revealed. Orders for plant and machinery rose 18 percent year-on-year, following February's 38 percent gain. Both domestic and export orders grew 18 percent each from last year, the industry lobby said. (Source: RTT News)
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Australia's central bank decided to retain its benchmark interest rate at 4.75 percent for a fifth consecutive rate-setting session as a record-high currency helped contain the temporary spike in consumer prices due to natural disasters. (Source: RTT News)
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 •
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Orders placed with U.S. factories rose more than forecast in March on increasing demand for machinery and computers that points to further gains in business spending. Bookings for manufacturers’ goods climbed 3 percent, a fifth consecutive increase, after a 0.7 percent February advance, the Commerce Department said today in Washington. The report also revised up estimates for capital equipment bookings issued last week. (Source: Bloomberg) Mortgage applications volume rose in the week ended April 29th, reflecting a decrease in the mortgage rates and a surge in refinance volumes. The results of the latest survey by the Mortgage Bankers' Association showed that the market composite index, a measure of mortgage loan application volume, rose a seasonlly 4 percent compared to the previous week. The refinance index climbed 6 percent and was augmented by a 0.3 percent increase in the purchase index. (Source: RTT News) A key survey showed that Eurozone private sector growth improved in April as expected boosted by manufacturing output, but official data revealed that retail sales decreased in March at the sharpest pace since November 2009, reflecting the impact of fiscal squeeze as well as rising inflation. The final composite Purchasing Managers' Index (PMI) rose to 57.8 in April, in line with flash estimate, from 57.6 in March, a survey from Markit Economics showed. (Source: RTT News)
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The US labor market is showing signs of slow improvement: private sector employers added 179,000 positions in April and the number of planned job cuts fell, according to two reports released. Payroll processing company ADP said private sector payrolls grew by 179,000 in April, after a upwardly revised 207,000 increase in March. Economists were expecting a gain of 200,000 private sector jobs, according to consensus estimates. The number of jobs cut fell 12% to 36,490 from March's 41,528, according to outplacement consulting firm Challenger, Gray & Christmas. Year over year, job cuts dropped 5% from 38,326 in April 2010. April's job cut number is the lowest so far this year, and the third lowest over the last 16 months. (Source: CNN Money)
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Service industries in the U.S. expanded in April at the slowest pace in eight months as companies cut back in response to higher energy costs. The Institute for Supply Management’s index of non- manufacturing companies declined to 52.8 last month, lower than the median forecast of economists surveyed by Bloomberg News, from 57.3 in March. (Source: Bloomberg) Growth of China's private sector eased in April due to weaker expansion in output, a survey by Markit Economics showed. The headline seasonally adjusted HSBC/Markit composite output index fell to 51.7 from 52.7 in March. A PMI reading above 50 indicates expansion of the sector. (Source: RTT News) Hong Kong's private sector expanded at a slower pace in April, data from a survey conducted by HSBC and Markit Economics showed. The HSBC Hong Kong purchasing managers index for private sector dropped to 52.9 in April from 54.9 in March. A reading above 50 suggests expansion of the sector, while one below indicates contraction. The sector expanded for the twenty-second consecutive month in April. The latest growth was the slowest in seven months. (Source: RTT News) The US Labor Department released a report showing that first-time claims for unemployment benefits in U.S. unexpectedly showed a notable increase in the week ended April 30th. The report showed that initial jobless claims rose by 43,000 to 474,000 from the previous week's revised figure of 431,000. With the increase, initial jobless claims rose to their highest level since August of 2010. The increase surprised economists, who had expected jobless claims to fall to 410,000 from the 429,000 originally reported for the previous week. (Source: RTT News)
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The European Central Bank (ECB) left its key interest rates unchanged in line with expectations. The Governing Council kept the main refi rate at 1.25 percent at the meeting held in Helsinki, Finland. In April, the central bank delivered its first rate hike in nearly three years amid spreading debt woes in the Eurozone periphery. (Source: RTT News)
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Taking into account weak economic activity and a slowdown in March inflation, policymakers of the Bank of England favored leaving the key rate unchanged at a record low. At the end of the two-day rate setting meeting, the nine-member Monetary Policy Committee, or MPC, decided to keep the rate steady at 0.5 percent. The interest rate has been at the current 0.5
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011
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percent level since March 2009, which is the lowest since the bank was established in 1694. (Source: RTT News) German industrial orders unexpectedly dropped in March at the fastest pace in more than two years, official data revealed. Factory orders plunged a seasonally adjusted 4 percent, after rising in previous two months, figures released by the Federal Ministry of Economy and Technology showed. The fall is the biggest since January 2009, when there was a 6.6 percent slump. (Source: RTT News) U.K. output prices rose more than expected in April, data from the Office for National Statistics revealed. Output price annual inflation came in at 5.3 percent in April, which was bigger than the expected rate of 5.1 percent. But the annual rate eased from March's 5.6 percent. Monthon-month, the increase was 0.8 percent compared to a monthly growth of 1.1 percent in the previous month and the consensus forecast of 0.7 percent. (Source: RTT News)
KEY DEVELOPMENTS – Domestics •
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India's Index of Six core industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) with base 1993-94 in March registered a growth of 7.4 percent, compared to 6.8% registered in March, led by growth in crude oil and finished steel. During April-March 2010-11, six core industries registered a growth of 5.9%, compared to 5.5% during the corresponding period of the previous year. According to provisional data released, crude oil production topped the table with growth of 12.1 percent in March, compared to 3.5 percent expansion in the corresponding year-ago period. (Source: RTT News) India’s manufacturing grew at the fastest pace in five months and exports climbed to a record. The Purchasing Managers’ Index rose to 58 in April from 57.9 in March, HSBC Holdings Plc and Markit Economics said. A number above 50 indicates expansion. (Source: Bloomberg) India's central bank raised its lending rate by 0.50 percentage point and announced a new monetary policy framework, escalating its fight against inflation even as it lowered its forecast for this year's economic growth. The Reserve Bank of India, which usually increases lending rates by 0.25 percentage point at a time, raised a key lending rate by an unexpected 0.50 percentage point to 7.25%, highlighting the urgency of taming price pressures that threaten to dampen the country's economic growth. (Source: WSJ.com) India's private sector activity grew at a faster pace in April, according to a survey released by the Markit Economics. The HSBC composite Purchasing Managers' Index rose to 60.7 in April from 60 in the previous month, data showed. A reading above 50 suggests expansion in the sector. The seasonally adjusted business activity index for services advanced to 59.2 from 58.8 in March. (Source: RTT News) After witnessing an increase in the preceding two weeks, India's food inflation rate declined to 8.53 per cent for the week ended April 23, due to a drop in the prices of cereals and wheat. It remained in single digit for the sixth consecutive week. Annual inflation rate of food article prices, as measured by the wholesale price index, or WPI, (with base year 2004-05) for the week ended April 23 fell to 8.53 per cent from 8.76 in the preceding week. Percentage of inflation for the corresponding week in the preceding year was 20.91 per cent. The 52-week average inflation for the week ended April 23 was 14.80 per cent, according to data released by the Ministry of Commerce & Industry. (Source: RTT News) Infosys Technologies Ltd , India's No. 2 software services exporter, is on the hunt for acquisitions in Europe and Japan and in industries including healthcare and public services, its chief executive said. (Source: Economic Times) The promoters of India's fourth-largest pharmaceuticals company Sun Pharma are planning a Rs 50 bn foray into the power sector, continuing the trend in which owners of cash-rich drugmanufacturing firms find other sectors more attractive to deploy surplus funds. (Source: Economic Times) Engine manufacturer Cummins India said it will spend up to Rs 5 bn in the current financial year on various purposes, including setting up a generator plant and expanding its existing capacity. (Source: Economic Times)
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 •
With the launch of its first 'Arvind Experience Store' in Gujarat at Vadodara, denim major Arvind Ltd. is eyeing 100 stores by the end of the financial year 2011-12. The store in Vadodara is the company's eighth in the country after seven stores in Andhra Pradesh. (Source: Business Standard)
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Bharat Heavy Electricals Ltd (BHEL) has bagged DPSC Ltd's greenfield 540-MW (270 MW x2) thermal power plant contract. "We have awarded the contract for greenfield 540-MW thermal power coming up at Raghunathpur to BHEL and its value will be around Rs 1,500 crore, out of total project value of Rs 3,200 crore," DPSC Chairman Hemant Kanoria told PTI. (Source: Business Standard) The oil ministry has directed Reliance Industries to drill 11 new wells in the current financial year to boost gas output from its KG-D6 block to 80 million standard cubic meters per day and submit a plan in later this month, the director general of hydrocarbons, SK Srivastava said. "For government (declining) gas production is main issue. We have asked operator (RIL) about drilling of wells. Operator will submit proposals for drilling wells in a week or two weeks, when we meet next." he told reporters after a meeting. (Source: Economic Times)
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State-run National Aluminium Company said it may buy a "minority" stake in an Indonesian coal mine to ensure long-term supply of dry fuel to its proposed $ 4 billion project in the South-Asian nation. "We intend to buy a minority stake in the coal firm with which, in the next four weeks, we will forge the contract for long-term supply of coal for getting around 8-10 million tonnes per annum," Nalco's acting Chairman B L Bagra told PTI. (Source: Economic Times)
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BEML Limited, the defence ministry undertaking manufacturing metro rail cars, earthmoving equipment among others, has received an order for Rs 9.25 bn from the Delhi Metro Rail Corporation Ltd (DMRCL) for the supply of 136 intermediate metro cars. (Source: Business Standard) Tata Consultancy Services Ltd , India's leading software services exporter, said on Tuesday ABM AMRO Clearing Bank NV had selected its banking software solution as part of the bank's modernization programme. (Source: Economic Times)
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Reliance Infrastructure Limited has commissioned another 400KV double circuit transmission line, part of the country's first 100 percent privately owned transmission project on the build, own and operate (BOO) basis, a company official said here. This line has been constructed in the western region between Limdi (Chorania) and Ranchodpura (Vadavi) passing through three important business districts of Gujarat - Surendernagar, Ahmedabad and Mehasana. (Source: Economic Times)
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Glenmark Pharmaceuticals said it has received final approval from the United States health regulator for its generic Fluticasone propionate lotion used in treating skin pain and itching caused by eczema. (Source: Economic Times) The Adani group’s Mundra Port and Special Economic Zone (MPSEZ) on Tuesday announced the acquisition of Abbot Point Port in Australia for A$ 1.8 billion (Rs 9,000 crore). Australia’s northeastern state of Queensland is selling the coal export terminal as part of an A$ 15 billion asset-sale programme. It will use the money for reconstruction following the devastation caused by floods and Cyclone Yasi. MPSEZ expects to close the all-cash deal by June. (Source: Business Standard)
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In a major reprieve to Ranbaxy, an American court has dismissed a petition from rival pharmaceutical firm Mylan to challenge the former’s exclusive marketing rights over the generic version of Pfizer’s Lipitor. (Source: Business Standard) ARSS Infrastructure Projects today said it has bagged two orders worth Rs 455.4 mn."The company has received two new work orders from the Executive Engineer (R&B) Division, Bhubaneswar aggregating to Rs 455.4 mn," it said in a regulatory filing. (Source: Business Standard) The Chennai-based Sundram Fasteners Ltd, part of the TVS Group, is for the first time entering a venture outside the automotive sector. The company is setting up a plant at an investment of Rs 500 mn to manufacture special fasteners for the wind energy sector. (Source: Business Line)
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
02nd May 2011 to 06th May 2011 •
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BPO service provider Firstsource Solutions said it will acquire a 74% stake in Sri Lanka’s telecom service provider Dialog Axiata PLC’s BPO arm and the two firms will form a joint venture company called Firstsource-Dialog Solutions. (Source : Mint) Reliance Industries is drawing ambitious plans to be a world leader in rubber, and is investing up to $12 billion in the chemicals business to tap the rapidly-growing mark ET for hygiene and healthcare products. "We believe that hygiene will be a very big market in a rapidly prospering India where people's aspirations are rising. You look at diapers, female hygiene - most of the super absorbents come from our industry. So if we can integrate and really think about lowcost hygiene to improve the quality of life for the masses," he said. (Source: Economic Times) Sun Pharmaceutical Industries Ltd said its unit had received approval from the U.S. Food and Drug Administration for its cancer treatment Docefrez injection. (Source: Economic Times) The state-run Gujarat State Petroleum Corporation (GSPC), an integrated energy company, is likely to synchronise 700-MW power plants in Gujarat this fiscal through its two subsidiaries. (Source: Business Standard)
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Nine companies, including state-run NTPC, will lose coal blocks they failed to develop on time while 15 others will have to forgo bank guarantees for not starting production.
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The coal ministry decided to revoke licences of 15 coal and lignite blocks, the first time it will repossess so many blocks in one go. (Source: Economic Times)
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PVR has sold its multiplex property at Phoenix Mills , Mumbai, to JM Financial's newly-launched Real Estate Income Fund for Rs 100 crore. After the transaction is completed, PVR will continue to operate the multiplex property on a long-term lease arrangement basis. The company told BSE that the board of directors of PVR approved the sale of two crore equity shares of Rs 10 each of CR Retail Malls (India), its wholly-owned subsidiary, which owns the property, to the fund. (Source: Economic Times) Thermax is scouting overseas to buy a company worth up to $100 million in industrial waste water treatment space, said Managing Director MS Unnikrishnan. "Our target market for water treatment projects in India is worth 4,000-4,500 crore. Within this, the industrial waste water market would be worth around 1,500 crore. So we would like to acquire a company for technology," he said. (Source: Economic Times)
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Drug firm Strides Arcolab today said it had received approval from the US health regulator to market Midazolam injections, a general anaesthetic, in the American market. (Source: Business Standard)
L&T Finance Holdings Limited (indirect Holding Company of L&T Investment Management Limited) is proposing, subject to market conditions and other considerations, to make a public issue of securities and has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The DRHP is available on the website of SEBI at www.sebi.gov.in and the respective websites of the Book Running Lead Managers at www.jmfinancial.in, http://www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, global-investment-banking,
http://www.hsbc.co.in/1/2/corporate/equities-
http://www.barclayswealth.com/india-offerdocuments.htm,
http://www.credit-
suisse.com/in/ipo/ and www.equirus.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see ‘Risk Factors’ in the aforementioned DRHP.
Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up
