Wednesday, November 02, 2005

Cement scrips hardened in afternoon trade boosted by reports that cement makers have hiked prices in Mumbai - the key market


Grasim, which surged 3.3% to Rs 1,163, was the top gainer among cement
pivotals. ACC rose 2.5% to Rs 463.15, Gujarat Ambuja Cements (GACL) rose
2.4% to Rs 71.55 and UltraTech Cement gained 1% to Rs 415.

GACL rose on high volume of 10.9 lakh shares. 1.3 lakh shares changed hands
in ACC, 15,645 shares got traded in Grasim and 14,640 shares changed hands
in UltraTech Cement.

Cement shares had remained relatively firm in the past one month or so when
the market underwent a major correction with the Sensex tumbling over 1000
points. This was because cement makers had raised prices by about Rs 5 per
bag at the beginning of October 2005 to take advantage of a seasonal pick-up
in demand after the June-September monsoon season.

Following the latest price hike, the retail cement prices would rise to Rs
180 per 50-kg bag in Mumbai while those for institutional and bulk buyers
would be about Rs 165 per bag.

ACC, Gujarat Ambuja Cements, UltraTech Cement and Grasim Industries are the
major cement suppliers in Mumbai.

Analysts expect cement prices to remain firm over the next couple of years
or so as no major capacity expansion is expected to go on stream during that
period thereby restricting supply pressure.

3i Infotech jumped 4% to Rs 122 after the company said it had acquired US based software company FormulaWare


1.6 lakh shares changed hands in the counter on BSE by afternoon trade.

FormulaWare specialises in software aimed at the chemical and paint
industries. 3i Infotech did not indicate the cost of the acquisition, but
said it planned to expand its offerings to the lubcricants, paint, inks and
glues industries.

This is the second US acquisition announced by 3i Infotech in less than two
months. In late September 2005, 3i Infotech acquired Innovative Business
Solutions - a US based specialty IT solutions company - for $ 3.6 million.

Over the years, 3i Infotech (earlier ICICI Infotech) has transformed itself
from the back office of ICICI Bank to a software products-cum-services
company focused on the banking, financial services and insurance field.

Sensex moves past 8,000; L&T spurts


The market firmed up further in mid-afternoon trade with the Sensex moving
past the psychological 8,000 barrier. Firmness in most emerging markets in
Asia and the US supported domestic bourses after a small 25 basis points US
interest rate rise that pleased investors by allaying fears of bigger hikes
in future. The US Federal Reserve did not signal more aggressive hikes in
future, which could lure capital away from high-yielding but relatively
riskier emerging markets.

Steel shares bounced back from the lower levels after sliding in early trade
on reports that they had cut hot rolled coil prices by Rs 500 per tonne.
Select construction stocks surged in mid-afternoon trade.

PSU telecom services firm MTNL spurted. ITC edged higher for the third day
in a row. Software shares recovered from the lower level. Cement scrips held
firm on the back a latest price hike.

PSU banks recovered from the lower level.

Though market breadth was weak, it improved by mid-afternoon trade. 1,169
stocks declined on BSE as compared to 1,070 stocks that rose. 48 scrips were
unchanged. Losers outpaced gainers by a ratio of 1.09:1. This ratio was
about 1.4:1 in afternoon trade.

At 14:30 IST, the Sensex was up 79 points at 8,023. The Sensex hit a high of
8,033.80.

The Sensex bounced back from the day’s low of 7,891.23.

MTNL jumped 6% to Rs 119.25. 5.1 lakh shares changed hands in the counter on
BSE. As per reports in a section of the media, the Department of
Telecommunications (DoT) is exploring the option of a quasi merger of BSNL
and MTNL. The plan involves forming four regional wireline companies, a
mobile operator and an infrastructure company from BSNL. The four regional
wireline companies would be BSNL North, BSNL East, BSNL South and BSNL West.
Under the plan, MTNL’s wireline operations in Delhi would merged with BSNL
North and the Mumbai operations will be merged with BSNL West. The mobile
operations of BSNL, along with that of MTNL, would be transferred to a
separate company, BSNL Mobile thus giving the public sector units a
pan-India mobile footprint, reports suggest

Engineering and construction major L&T jumped 5.4% to Rs 1,496. 1.4 lakh
shares changed hands in the counter on BSE.

Cement shares were in demand. Grasim gained 3.5% to Rs 1,165, Gujarat Ambuja
Cements gained 2.7% to Rs 71.75 and ACC advanced 2.5% to Rs 463.50. As per
reports, cement firms have raised prices by Rs 5 per 50 kg bag in the key
Mumbai market. Following the latest price hike, retail cement prices would
rise to Rs 180 per 50-kg bag in Mumbai while those for institutional and
bulk buyers would be about Rs 165 per bag.

Housing finance major HDFC gained 3.5% to Rs 1,003. The stock recovered on
renewed buying interest after a steep recent fall in the counter.

Dr Reddy’s Lab gained nearly 3% to Rs 847. Dr Reddy’s Lab reported a
better-than-expected 72% growth in Q2 September 2005 net profit as per US
GAAP to Rs 89 crore (Rs 51.70 crore). Revenue rose 7% to Rs 580 crore.

Steel major Tisco rose 1.4% to Rs 345. The stock bounced back from the day’s
low of Rs 331.20. 9.4 lakh shares changed hands in the counter on BSE.

Index heavyweight Reliance Industries (RIL) advanced 0.8% to Rs 772.95. 12.3
lakh shares changed hands in the counter on BSE.

Hindustan Zinc surged 3.4% to Rs 225 on reports in a section of the media
that it has effected a steep hike in zinc prices

source:capitalmarket

Tuesday, November 01, 2005

Market remains subdued; HDFC surges


The market remained subdued in morning trade. Market breadth remained weak.

Steel scrips slipped on reports that steel makers have cut hot-rolled coil
prices by Rs 500 per tonne with effect from 1 November 2005. Profit taking
pulled down IT stocks and PSU banks.

Index heavyweight Reliance Industries was subdued. Two-wheeler makers Bajaj
Auto and Hero Honda edged higher on the back of strong sales in the month
just gone by even as car major Maruti Udyog (MUL) slipped ahead of the
announcement of October car sales.

Cement pivotals were steady to firm. Housing finance major HDFC was in
demand.

1,239 stocks declined on BSE as compared to 504 stocks that rose. 30 scrips
were unchanged. Losers outpaced gainers by a ratio of 2.4:1.

At 11:23 IST, the Sensex was down 16 points at 7,927. The Sensex moved 69.57
points between a low of 7,891.23 and a high of 7,960.80.

MUL lost 2.3% to Rs 538.30. 56,341 shares changed hands in the counter on
BSE.

Hero Honda rose 1.8% to Rs 719, and Bajaj Auto gained 1.2% to Rs 1,741. Hero
Honda reported a 23% hike in bike sales in October 2005 to 3.01 lakh units.
Exports rose 14% to 6,357 units. On a month on month basis, sales rose 13%
from 2.66 lakh units in September 2005.

Bajaj Auto on Tuesday said its total vehicle sales in October rose 37% to
241,808 units from 176,693 in October 2004. Motorcycle sales surged 43
percent to 205,012 units from 143,491 and sales of all two-wheelers rose 40
percent to 219,927 units from 157,631, it said. Sales of three-wheelers
climbed 15 percent to 21,881 units from 19,062 units a year earlier. The
company said exports surged 49 percent to 22,713 units from 15,262 units.

Housing finance major HDFC surged 3% to Rs 1,000, on renewed buying
interest. 22,017 shares changed hands in the counter on BSE.

Grasim rose 1.6% to Rs 1,144 and Gujarat Ambuja Cements gained 0.79% to Rs
70.40. But ACC lost 0.6% to Rs 449.05 and India Cements shed 4% to Rs 86.30.

Tisco lost 2% to Rs 332.75 and Sail shed 1.7% to Rs 51.10. JSW Steel shed
2.5% to Rs 207 and Ispat Industries shed 4.4% to Rs 13.40. Steel companies
have cut HR coil prices due to easing global prices and larger domestic
inventories, reports suggest. The average price of HR coils, the primary
steel used for making various grades of steel, would be about Rs 21,000 ($
465) per tonne following the latest price cut.

Software shares edged lower on weakness in US tech stocks. Wipro lost 1.1%
to Rs 360, TCS shed 1.2% to Rs 1,391, Infosys shed 1% to Rs 2,509 and Satyam
Computer shed 0.8% to Rs 607. US stocks fell on Tuesday, dragged lower by
technology shares after a disappointing outlook from Dell Inc. The
technology-laced Nasdaq Composite Index shed 6.25 points, or 0.29 percent,
at 2,114.05.

State Bank of India shed 1.8% to Rs 823. 2.7 lakh shares changed hands in
the counter on BSE.

National Aluminium Company jumped nearly 4% to Rs 168.60 on reports that the company has hiked aluminium prices by Rs 3,000 per tonne


The National Aluminium Company (Nalco) scrip had staged a rebound from the
lower level in the past two days ahead of the announcement. From a low of Rs
153.45 on 28 October 2005, the stock gained 5.7% in two trading sessions to
Rs 162.25 on 1 November 2005.

The latest price hike by Nalco is on the back of firm LME aluminium prices.
Domestic aluminium prices track LME prices. In the past one month or so,
LME's aluminium prices edged up to $ 1,980.50 per tonne from $ 1,857 per
tonne at end September 2005.

In the past six months, aluminium prices on the LME have gone up 10% from $
1,795 per tonne at the beginning of May 2005 to the current $ 1,980.50 per
tonne.

Hero Honda firms up after reporting strong monthly sales growth


The stock declined from the peak of Rs 762.75 on 04 October 2005 to close at
Rs 687.75 on 19 October 2005 on profit taking.

Hero Honda edged higher today after it reported a 23% rise in bike sales for
the month of October 2005 to 3.01 lakh units. Exports rose 14% to 6,357
units. On a month on month basis, sales rose 13% from 2.66 lakh units in
September 2005.

Hero Honda has recorded a 22% rise in motorcycles sales for the month of
September 2005 to 266,071 units (217,507 motorcycles sold in September
2004).

Hero Honda's net profit spiraled up 23% in Q2 ended September 2005 to Rs 238
crore (Rs 194 crore). Total turnover (net of excise) rose 22.8% to Rs
2,209.36 crore from Rs 1,798.23 crore, on the back of strong volume growth.

Hero Honda's strong performance came on the back of strong rural sales and a
good response to its newly launched 125cc motorcycle, Glamour.

Munjal Group two-wheeler and mopeds manufacturing company, Hero Honda's
latest paid-up equity share capital stands at Rs 39.94 crore of which FIIs
hold 27.07% while promoters control 54.95% stake (as of 30 September 2005).

Bajaj Auto rose for the second day in a row on the back of robust sales in the month just gone by


The stock gained 1.1% to Rs 1,740 by early trade. 6,721 shares changed hands
in the counter on BSE.

Bajaj Auto on Tuesday said its total vehicle sales in October rose 37% to
241,808 units from 176,693 in October 2004. Motorcycle sales surged 43
percent to 205,012 units from 143,491 and sales of all two-wheelers rose 40
percent to 219,927 units from 157,631, it said. Sales of three-wheelers
climbed 15 percent to 21,881 units from 19,062 units a year earlier. The
company said exports surged 49 percent to 22,713 units from 15,262 units.

On a month on month basis, Bajaj Auto’s bike sales rose 13.8% from 1.8 lakh
units in September 2005. Total two-wheeler sales rose 12.8% on a month on
month basis from 1.94 lakh units in September 2005. Three-wheeler sales
declined 5.3% on a month on month basis from 23,118 units in September 2005.
Exports declined 3.1% on a month on month basis from 23,463 units in
September 2005.

Bajaj Auto’s CT-100 model continues to rule the economy motorcycle segment.
Bajaj Auto is currently the market leader in the entry and premium segments
of motorcycles. However, its share in the mid-segment is low. To penetrate
the mid-segment, the company had launched Discover, which is a 125 cc bike.

Bajaj Auto reported a net profit of Rs 289.36 crore – a growth of 61%
compared to a net profit of Rs 179.45 crore for Q2 September 2004. Total
income (net of excise) rose 30.3% to Rs 2,003.15 crore from Rs 1,536.52
crore. The company unveiled Q2 results on Saturday (15 October 2005). One
key highlight of the Q2 results was the increase in core operating profit
margin to 16.9% from 16.5% in Q2 September 2004.

Steel makers lost ground today on reports that they have cut prices of hot-rolled (HR) coils by Rs 500 per tonne with effect from 1 November 2005.


Sail lost 2.6% to Rs 50.65, Ispat Industries shed 4% to Rs 13.44, Tisco shed
1.7% to Rs 334.45, Lloyd Steel lost 5.4% to Rs 11.85, Essar Steel shed 1.5%
to Rs 43.25, JSW Steel shed 2.5% to Rs 207 and Uttam Galva Steel lost 1.9%
to Rs 36.

4.4 lakh shares changed hands in Sail, 3.4 lakh shares got traded in Ispat
Industries, 1.6 lakh shares changed hands in Tisco, 34,845 shares got traded
in Lloyd Steel, and 26,611 shares changed hands in Essar Steel.

Steel companies, it is reported, will cut HR coil prices due to easing
global prices and larger domestic inventories, reports suggest.

The average price of HR coils, the primary steel used for making various
grades of steel, would be about Rs 21,000 ($ 465) per tonne following the
latest price cut.

Weak market breadth; Maruti Udyog slips


The Sensex moved between positive and negative territory in opening trade. A
mixed trend was witnessed in various Sensex constituents.

Cement shares edged slightly higher. Bajaj Auto firmed up in early trade.
Software shares were subdued.

Car major Maruti Udyog (MUL) slipped in early trade ahead of the
announcement of its October 2005 vehicle sales.

Blue chips like State Bank of India, ITC, Reliance Industries (RIL), Infosys
and TCS slipped in early trade.

MTNL moved up in opening trade on reports in a section of the media that the
Department of Telecommunications (DoT) is exploring the option of a quasi
merger of BSNL and MTNL.

Hindalco Industries edged higher for the second day in a row.

Bajaj Auto rose slightly on the back of strong October sales even as Hero
Honda moved between positive and negative territory.

Market breadth was quite weak in early trade. 828 stocks declined on BSE as
compared to 376 stocks that rose. 21 scrips were unchanged. Losers outpaced
gainers by a ratio of 2.2:1.

At 10:19 IST, the Sensex was down 16 points at 7,927. The Sensex moved 51.82
points in early trade between a low of 7,908.98 and a high of 7,960.80.

MUL shed 2% to Rs 540. 27,369 shares changed hands in the counter on BSE.

State Bank of India (SBI) lost 1.5% to Rs 826.60. As per reports in a
section of the media, SBI has zeroed in Pt Bank Indomonex of Indonesia for a
possible acquisition. SBI has embarked upon a series of international
acquisitions to establish itself as a global player.

Software shares were subdued. TCS lost nearly 1% to Rs 1,395, Infosys shed
0.8% to Rs 2,515 and Satyam Computer shed 0.6% to Rs 608.

RIL shed 0.6% to Rs 761. 1.6 lakh shares changed hands in the counter on
BSE.

Hero Honda was down 0.1% to Rs 705. Hero Honda reported a 23% hike in bike
sales in October 2005 to 3.01 lakh units. Exports rose 14% to 6,357 units.
On a month on month basis, sales rose 13% from 2.66 lakh units in September
2005.

Bajaj Auto rose 0.8% to Rs 1,735. Bajaj Auto on Tuesday its total vehicle
sales in October rose 37% to 241,808 units from 176,693 in October 2004.
Motorcycle sales surged 43 percent to 205,012 units from 143,491 and sales
of all two-wheelers rose 40 percent to 219,927 units from 157,631, it said.
Sales of three-wheelers climbed 15 percent to 21,881 units from 19,062 a
year earlier. The company said exports surged 49 percent to 22,713 units
from 15,262 units.

MTNL gained 1.1% to Rs 113.75. As per reports in a section of the media, the
Department of Telecommunications (DoT) is exploring the option of a quasi
merger of BSNL and MTNL. The plan involves forming four regional wireline
companies, a mobile operator and an infrastructure company from BSNL. The
four regional wireline companies would be BSNL North, BSNL East, BSNL South
and BSNL West. Under the plan, MTNL’s wireline operations in Delhi would
merged with BSNL North and Mumbai operations with BSNL West. The mobile
operations of BSNL, along with that of MTNL, would be transferred to a
separate company, BSNL Mobile thus giving the public sector units a
pan-India mobile footprint, reports suggest.

Assam Company surged for the third day in a row after the company said it has struck oil at Amguri in Assam.


The stock was up 4.6% in early trade to Rs 21.50. 1.4 lakh shares changed
hands in the counter on BSE.

From Rs 17.94 on 27 October 2005, the scrip rose 14.5% in three trading
sessions to Rs 20.55 on 1 November 2005.

Assam Company has been carrying out exploration activities in the area in
association with its Canadian partner Canoro Resources.

Assam Company’s oil & gas division is currently engaged in exploration and
production of hydrocarbons in the Assam region in a joint production sharing
agreement with Canora Resources and ONGC.

Thursday, October 27, 2005

Market breadth weakens further; Cipla loses ground


The market remained weak in morning trade. Cipla came under selling pressure
in the same period. Dr Reddy’s Laboratories slipped. Auto and IT stocks were
weak.

Cellular services major Bharti Tele-Ventures (BTL) surged on reports that
British telecoms firm Vodafone Group Plc may acquire a small stake in the
company.

State Bank of India (SBI) slipped for the second day in a row hit by
disappointing Q2 September 2005 results. A host of PSU banks edged lower.

i-flex surged following the announcement of Q2 September 2005 results.

Market breadth weakened further in morning trade. 1,537 stocks declined on
BSE as compared to 492 stocks that rose. 50 scrips were unchanged. Losers
outpaced gainers by a ratio of 3.1:1. In early trade, this ratio was at
2.1:1.

At 11:28 IST, the Sensex was down 74 points at 7,723.

Weakness in US and Asian stocks hurt market sentiment. Asian markets have
been hit by poor quarterly results and worries about regional and
export-oriented economies. US stocks dropped on Thursday for a third
straight day on a bigger-than-expected decline in durable goods orders. The
Dow Jones industrial average fell 115.03 points, or 1.11 percent, to end at
10,229.95. The Standard & Poor's 500 Index dropped 12.48 points, or 1.05
percent, to 1,178.90.

BTL jumped 5% to Rs 328.70. 5.2 lakh shares changed hands in the counter on
BSE.

Index heavyweight Reliance Industries (RIL) was up 0.2% to Rs 752.75. The
stock was volatile as it moved between positive and negative territory. 8.9
lakh shares changed hands in the counter on BSE.

Cipla plunged 4% to Rs 344.25. The stock came sharply off the day’s high of
Rs 362.90. 1.6 lakh shares changed hands in the counter on BSE. Cipla, on
Thursday, reported a 27.8% growth in Q2 September 2005 net profit to Rs
122.60 crore (Rs 95.87 crore). Net sales rose 15.5% to Rs 671.70 crore (Rs
581.37 crore).

Dr Reddy’s Laboratories lost 1.2% to Rs 793.

IT stocks tracked weakness on Nasdaq. Wipro lost 2.7% to Rs 362, TCS shed 2%
to Rs 1,377, Infosys lost 1.2% to Rs 2,436 and Satyam Computer shed 1.3% to
Rs 582. Weakness in semiconductor stocks, tied to worries about the US
economy and fourth-quarter holiday spending, helped push the
technology-laced Nasdaq lower on Thursday. The Nasdaq Composite Index slid
36.24 points, or 1.73 percent, to close at 2,063.81.

L&T slipped 2.7% to Rs 1,348 ahead of the announcement of Q2 results (the
results will be announced later today). 20,278 shares changed hands in the
counter on BSE. L&T said on Thursday that it received orders worth Rs 1,160
crore ($258 million) to build roads and airports.

Auto shares were on the lower side. Car major Maruti Udyog (MUL) (down 2.6%
to Rs 515.40), Bajaj Auto (down 2% to Rs 1,696), Tata Motors (down 2% to Rs
474.75) and Hero Honda (down 1.3% to Rs 6705.50) all eased. MUL announces Q2
results later in the day today.

State Bank of India (SBI) shed 1.3% to Rs 819.75. The stock declined on high
early volume of 8.9 lakh shares. SBI, on Thursday, reported a lower than
expected 12.3% growth in Q2 September 2005 net profit to Rs 1215.36 crore
(Rs 1081.89 crore). Total income rose 1.2% to Rs 9,856.04 crore from Rs
9,737.43 crore.

HDFC Bank shed 2% to Rs 609.45.

i-flex rose 2.7% to Rs 886. i-flex’s consolidated net profit as per Indian
GAAP declined 8.1% to Rs 38.40 crore from Rs 41.80 crore in Q2 September
2004. Revenue rose 36.7% to Rs Rs 349.70 crore from Rs 255.80 crore.

source:capitalmarket

Orchid Chemicals drops on pricing GDR issue at a discount


Orchid Chemicals & Pharmaceuticals lost 3.3% to Rs 203.95, extending the
sharp fall witnessed in the past two days.

The stock declined further today after the company announced that it has
priced its GDR issue at $ 4.34 each, which is equivalent to Rs 195 per
share – at a discount to Thursday (27 October 2005)’s closing price of Rs
211.05 on BSE.

In the past two days, the stock had plunged. From Rs 242.40 on 25 October
2005, the stock had lost 12.9% in just two trading sessions to Rs 211.05 on
27 October 2005. <> Orchid said it has raised $ 75 million (through issue of
GDRs aggregating $ 37.5 million and through the issue of convertible bonds
aggregating $ 37.5 million). In addition, there is a greenshoe of $ 5
million each on GDRs and convertible bonds. The zero-coupon convertible
bonds have a tenor of five years and are convertible into equity shares at a
premium of 25%. The GDRs and the convertible bonds will be listed on the
Luxembourg Stock Exchange.

Early this month, Orchid reported robust Q2 results. Orchid’s Q2 net profit
jumped 588% to Rs 27.21 crore (Rs 3.95 crore). Top line growth led bottom
line growth. Total income rose 46% to Rs 240.42 crore (Rs 164.37 crore).

TVS Motor dropped for the second day in a row after the company reported a fall in Q2 September 2005 net profit


The scrip lost 4% in morning trade to Rs 84.80. 38,610 shares changed hands
in the counter on BSE.

The stock lost 5% on Thursday (27 October 2005) to Rs 88.35.

TVS has reported a 7% fall in Q2 September 2005 net profit to Rs 31.95 crore
(Rs 34.24 crore). Net sales has risen 6.2% to Rs 789.23 crore (Rs 742.87
crore).

TVS Motor reported a 27% growth in bike sales in September 2005 to 75,310
units from 59,172 units in September 2004.

Recently, TVS launched two variants of the Star City and Victor brands to
pep up sales. Victor Edge is positioned in the executive segment and comes
in the price range of Rs 40,000-43,000. Star City, positioned in the economy
segment, is priced at Rs 33,900.

The motorcycle industry in the country hinges largely on the sales from the
economy and executive segments. TVS Motor's share in these two segments is
voluminous, at 23% of the economy segment and 13% of the executive segment.

TVS Motor also plans to launch a variant of the Fierro brand in the near
future.

Balaji Telefilms firmly in the picture on strong Q2 results


Balaji Telefilms rose 2.3% to Rs 125 boosted by strong Q2 September 2005
results.

175 shares changed hands in the counter on BSE by the first few minutes of
trade.

Balaji Telefilms’ net profit jumped 50.7% in Q2 September 2005 to Rs 17.01
crore (Rs 11.28 crore). Net sales rose 55% to Rs 70.13 crore (Rs 45.24
crore).

In the early part of the month, Balaji Telefilms stated that it had entered
into an agreement for upgrading rates, on the basis of the average
Television Rating Points (TRPs) of a few of its serials on Star Plus with
effect from July 2005.

L&T may move higher on major order win


L&T may rally after the company on Thursday said it had received orders
worth Rs 1,160 crore ($258 million) to build roads and airports. The orders
include highways projects in Tamil Nadu and erecting a passenger terminal
building at the Hyderabad airport in Andhra Pradesh. Ahead of the
announcement, L&T shares closed 2.2% higher at Rs 1,385.80 on BSE.

Cipla may edge higher after the company reported a 27.8% growth in Q2
September 2005 net profit to Rs 122.60 crore (Rs 95.87 crore). Net sales
rose 15.5% to Rs 671.70 crore (Rs 581.37 crore).

Balaji Telefilms may edge higher on the back of strong Q2 results. Net
profit jumped 50.7% in Q2 September 2005 to Rs 17.01 crore (Rs 11.28 crore).
Net sales rose 55% to Rs 70.13 crore (Rs 45.24 crore).

Indraprasth Gas may edge higher after the company reported 28.7% growth in
Q2 September 2005 net profit to Rs 27.03 crore (Rs 21 crore). Net sales rose
17% to Rs 134.10 crore (Rs 114.55 crore).

Trent may edge higher after the company reported a 55.5% growth in Q2
September 2005 net profit to Rs 5.74 crore (Rs 3.69 crore). Net sales rose
60% to Rs 86.63 crore (Rs 54.10 crore).

Upper Ganges Sugar may edge higher after the company reported a net profit
of Rs 4.41 crore for Q2 September 2005 as against a net loss of Rs 6 crore
for Q2 September 2004. Net sales jumped 30.5% to Rs 90.22 crore (Rs 69.11
crore).

Tube Investments of India may see action after the company reported a 156%
growth in Q2 September 2005 net profit to Rs 31.38 crore (Rs 12.22 crore).
Net sales rose 9.99% to Rs 354.75 crore (Rs 322.51 crore).

Mangalam Cement may rally on the back of robust Q4 September 2005 results.
The company reported a net profit of Rs 3.86 crore as against a net profit
of Rs 0.45 crore for Q4 September 2004. Net sales rose 7.3% to Rs 75.88
crore (Rs 70.66 crore).

GNFC and Narmada Chematur Petrochemicals may see action after the company
said they would consider merger of Narmada Chematur Petrochemicals in GNFC.
GNFC holds 56.4% stake in Narmada Chematur Petrochemicals

Bharat Gears may see action after the company said the company will come out
with a rights issue not exceeding Rs 8 crore.

Thermax may move higher after its Energy Systems Division bagged an order
valued at about Rs 50 crore from a company in the steel industry.

Orient Paper & Industries may see action after the company said it is
investing about Rs 42 crore for expansion of the cement manufacturing
capacity from 2.4 million tonnes to 3 million tonnes.

BASF India may edge higher after the company said its board has approved the
proposal concerning expansion of the company's polymer dispersions plant
capacity at Mangalore from the present 20000 tpa to 65000 tpa. The
state-of-the-art dispersions plant is expected to cost around Rs 41 crore
and will be financed by internal accruals and borrowings.

source:capitalmarket

Sensex tumbles to 2-month low, falls below 7,800


A major sell-off gripped the bourses today on the last day of the expiry of
October 2005 derivatives contracts. The near-month derivatives contracts
expire on the last Thursday of every month. Disappointing Q2 results from
the largest commercial bank State Bank of India (SBI), and lower than
expected Q2 results from cellular services major Bharti Tele-Ventures (BTL)
triggered the sharp fall. Sell-off gripped the bourses in the last one hour
or so of trading. Both BTL and SBI plunged following the results
announcement.

A subdued to weak trend in European markets and some Asian markets also hurt
market sentiment.

The 30-share BSE Sensex tanked 176.20 points or 2.1% to settle at 7,798.49 -
its lowest level in nearly two months since 30 August 2005. The S&P CNX
Nifty lost 55.60 points or 2.3% to 2,352.90.

Index heavyweight Reliance Industries (RIL) declined sharply in the last
half an hour or so of trading in a weak market even as the company reported
a surge in Q2 September 2005 net profit which also beat market expectation.

A host of PSU banks slipped following SBI’s disappointing Q2 outcome. ICICI
Bank declined sharply.

Turnover on BSE rose today. BSE clocked a turnover of Rs 2,778 crore
compared to Wednesday (26 October 2005) ’s Rs 2,391 crore. The last three
trading sessions had seen a fall in turnover ahead of the expiry of October
2005 derivatives contracts. BSE clocked a turnover of between Rs 2,391 crore
and Rs 2,437 crore in three trading sessions between 24 October 2005 and 26
October 2005.

FIIs have pressed heavy sales this month. The latest data showed that FIIs
sold shares worth a net Rs 453.60 crore on Wednesday (26 October 2005) – the
day when the Sensex shed 17 points in volatile trade. In the month of
October 2005, FIIs have sold shares worth a net Rs 2,721 crore (till 26
October 2005). The heavy FII selling has caused a major correction on the
bourses in the past few days with the Sensex tumbling to a 2-month low on
Thursday (27 October 2005). From a lifetime closing high of 8,799.96 on 4
October 2005, the Sensex has lost 1,001.47 points or 11.3% to the current
7,798.49.

Stocks like Cipla, Bhel, Reliance Energy, Satyam Computer, NTPC, Maruti
Udyog, Grasim, Tata Motors, and Tata Steel dropped between 3% to 4.3% today.

In an otherwise weak market, select small-cap and mid-cap stocks advanced.
Shares of select power equipment firms like Siemens, Thermax, KEC
International and Torrent Cables advanced. MNC pharma scrips like Aventis
Pharma, Glaxosmithkline Pharma and Pfizer moved higher.

Housing finance firms HDFC and LIC Housing Finance edged higher on
expectations of increase in home loan rates. LIC Housing Finance spurted
11.7% to Rs 207.

Market breadth was quite weak. 1,640 stocks declined on BSE as compared to
774 stocks that rose. 51 scrips were unchanged. Losers outpaced gainers by a
ratio of 2.1:1.

Shares of two shipping firms Essar Shipping and Meractor Lines plunged.

Bharti Tele-Ventures plunged 7.3% to Rs 312.15. The stock declined on high
volume of 15.9 lakh shares. Bharti Tele-Ventures' (BTL) consolidated net
profit, as per US accounting standards, jumped 43% to Rs 521 crore in Q2
September 2005 from Rs 364 crore in Q2 September 2004. The results fell
below market expectation. Analysts had forecast a net profit of around Rs
550 crore from the cellular services major.

BTL's consolidated revenues as per US GAAP rose 46% to Rs 2,709 crore from
Rs 1,851 crore, driven by strong subscription growth. The company said the
adverse movement of the rupee against the dollar during the second quarter
had impacted its results.

Disappointing Q2 results hit SBI. The stock lost 6% to Rs 830. The stock
declined on huge volume of 33.9 lakh shares on BSE. SBI today reported a
12.3% growth in Q2 September 2005 net profit to Rs 1215.36 crore (Rs 1081.89
crore). Total income rose 1.2% to Rs 9856.04 crore from Rs 9737.43 crore.

SBI’s net interest income rose 6.7% to Rs 3,607.95 crore from Rs 3,379.81
crore. There was a tax credit of Rs 49.98 crore in Q2 September 2005 as
against a tax provision of Rs 765.65 crore in Q2 September 2004.

A host of PSU banks lost ground. Andhra Bank plunged 7% to Rs 88.90, Bank of
Baroda lost 5.3% to Rs 214.90, Bank of India shed 5.2% to Rs 101.70, Vijaya
Bank lost 5% to Rs 51.80, Canara Bank shed 3% to Rs 199 and Oriental Bank of
Commerce shed nearly 3% to Rs 234.

ICICI Bank plunged 5.6% to Rs 482. 3.3 lakh shares changed hands in the
counter on BSE.

RIL dropped in volatile trade. The stock lost 2% to Rs 747.20. 40.5 lakh
shares changed hands in the counter on BSE. RIL’s net profit has jumped 42%
in Q2 September 2005 to Rs 2,481 crore (Rs 1,752 crore). Net sales have
risen 28% to Rs 20,717 crore (Rs 16,164 crore). A surge in net profit was
partly due to a sharp fall in interest cost to Rs 222 crore from Rs 434
crore in Q2 September 2004. The operating profit margin (OPM) declined to
17.9% in Q2 September 2005 from 19.6% in Q2 September 2004.

On a sequential (quarter on quarter) basis, net profit rose 7.4% from Rs
2,310 crore in Q1 June 2005. Sales rose 16.4% on a sequential basis from Rs
17,784 crore in Q1 June 2005. OPM declined to 17.9% in Q2 September 2005
from 20% in Q1 June 2005.

RIL said the increase in sales for the first six months, April-September
2005, reflected a 23% increase in product prices and a 4 percent rise in
volumes from the same period a year ago.

Hero Honda gained 3.7% to Rs 730 on expectation of a surge in festive Diwali
sales following a good monsoon this year. 2.55 lakh shares changed hands in
the counter on BSE.

Oil exploration major ONGC gained 1.1% to Rs 942 on the back of strong Q2
results. ONGC, on Wednesday, reported a 22.2% growth in Q2 September 2005
net profit to Rs 4138.25 crore (Rs 3383.87 crore). Total income (net of
excise) rose 10% to Rs 13543.31 crore (Rs 12289.29 crore).

L&T moved up 1% to Rs 1,370 after the company said on Wednesday that it had
sold its glass containers business to ACE Glass Containers Ltd. for an
undisclosed amount, thereby totally exiting the packaging business. L&T has
been exiting unrelated businesses as a part of its restructuring of
operations

Sail edged lower by 1.2% to Rs 49.80 after the company reported a 25.5% fall
in Q2 September 2005 net profit to Rs 1126.76 crore (Rs 1513.15 crore).
Total income (net of excise) rose 5.1% to Rs 7156.27 crore from Rs 6808.26
crore in Q2 September 2004.

Hinduja TMT flopped 8% to Rs 332.70 after the company reported 42.4% fall in
Q2 September 2005 net profit to Rs 12.10 crore from Rs 21.04 crore in Q2
September 2004. Income from operations declined 9.3% to Rs 41.03 crore (Rs
45.27 crore).

Patni Computer slumped 7% to Rs 419. 3.5 lakh shares changed hands in the
counter on BSE. Patni Computer today reported a 10% growth in Q3 September
2005 net profit to Rs 71.35 crore (Rs 67.60 crore). Revenue rose 37.9% to Rs
519.70 crore (Rs 376.66 crore).

Gail India dropped nearly 5% to Rs 238. Gail India reported a 69.7% growth
in Q2 September 2005 net profit to Rs 774 crore (Rs 456 crore). Net sales
rose 16.8% to Rs 3601 crore from Rs 3081 crore.

Mercator Lines plummeted 6.6% to Rs 102.10 after the company reported flat
Q2 September 2005 results. The company reported a net profit of Rs 31.59
crore as compared to a net profit of Rs 31.64 crore for Q2 September 2004.
Net sales rose 7.8% to Rs 134.65 crore (Rs 124.91 crore).

Essar Shipping tumbled 7.5% to Rs 28.20 after the company reported a 60%
fall in Q2 September 2005 net profit to Rs 12.34 crore (Rs 30.89 crore). Net
sales declined 31.4% to Rs 153.10 crore (Rs 223.11 crore).

Indian Rayon nudged up 1.6% to Rs 599.50 after the company reported a surge
in Q2 September 2005 net profit. Indian Rayon reported 56.4% growth in Q2
September 2005 net profit to Rs 38.59 crore (Rs 24.67 crore). Total income
rose 21.1% to Rs 569.94 crore (Rs 470.39 crore).

Gujarat Gas inched up 1.1% to Rs 1,096 after the company reported 53.5%
growth in Q3 September 2005 net profit to Rs 24.45 crore (Rs 15.92 crore).
Net sales rose 12.8% to Rs 160.48 crore (Rs 142.21 crore).

Engineers India spurted 6% to Rs 660 after the company reported a 28.8%
growth in Q2 September 2005 net profit to Rs 32.71 crore (Rs 26.80 crore). A
surge in other income by 30% to Rs 19.45 crore (Rs 14.88 crore) boosted Q2
bottom line. Net sales rose 12.3% to Rs 175.88 crore (Rs 156.58 crore).

Ciba Specialty Chemicals spiraled up 8.4% to Rs 414 on the back of robust Q2
September 2005 results. Ciba Specialty Chemicals (India) (CSCI) has reported
a 66.6% surge in Q2 September 2005 net profit to Rs 14 crore as against the
Rs 8.40 crore registered in Q2 September 2004. Net sales have spiraled up
13.9% to Rs 159.70 crore (Rs 140.20 crore).

Lumax Industries plunged 18.6% to Rs 106 after the company reported a sharp
fall in Q2 September 2005 net profit. Lumax Industries’ net profit declined
91.7% in Q2 September 2005 to Rs 0.22 crore (Rs 2.65 crore). Net sales rose
38% to Rs 98.07 crore (Rs 71.03 crore).

KEC International gained 4.4% to Rs 245 on the back of robust Q2 September
2005 results. For Q2 September 2005, KEC has registered a 67.6% growth in
net profit to Rs 15.49 crore compared to Rs 9.24 crore in Q2 September 2004.
Top line growth was behind the strong bottom line growth. Net sales jumped
55.2% to Rs 412.72 crore (Rs 265.78 crore).

TVS Motors lost 5% to Rs 88 after the company reported a 7% fall in Q2
September 2005 net profit to Rs 31.95 crore (Rs 34.24 crore). Net sales rose
6.2% to Rs 789.23 crore (Rs 742.87 crore).

EIH gained 2.5% to Rs 451.75 on the back of strong Q2 results. EIH has
reported a net profit of Rs 8.03 crore for Q2 September 2005 as compared to
a net loss of Rs 4.94 crore in Q2 September 2004. Total income has risen
27.2% to Rs 160.60 crore from Rs 126.19 crore.

source:capitalmarket

SBI drops on disappointing Q2 results


State Bank of India came under selling pressure after its Q2 results came in
below market expectations.

The scrip was down 2.6% in afternoon trade to Rs 860.90. 12.9 lakh shares
changed hands in the counter on BSE.

SBI today reported a 12.3% growth in Q2 September 2005 net profit to Rs
1,215.36 crore (Rs 1,081.89 crore). Total income rose 1.2% to Rs 9,856.04
crore from Rs 9,737.43 crore.

Net interest income climbed 6.7% to Rs 3,607.95 crore from Rs 3,379.81
crore. Net interest margin leaped up to 42.1% from 41.8% in Q2 September
2005.

There was a tax credit of Rs 49.98 crore in Q2 September 2005 as against a
tax provision of Rs 765.65 crore in Q2 September 2004.

Provisions and contingencies rose 7.9% to Rs 817.54 crore (Rs 757.39 crore).

Wednesday, October 26, 2005

Bharti Tele-Ventures turns volatile


After an initial fall following the announcement of Q2 results, the stock
staged a rebound from the lower level.

The stock was down 1.5% to Rs 331.60 in early afternoon trade. It had firmed
up on the eve of the results announcement, gaining nearly 1% to Rs 340 in
mid-morning trade.

The stock recovered sharply from a low of Rs 323.65 hit soon after the
results were made known in early afternoon trade.

6.6 lakh shares changed hands in the counter on BSE.

Bharti Tele-Ventures' (BTL) consolidated net profit as per US accounting
standards jumped 43% to Rs 521 crore in Q2 September 2005 from Rs 364 crore
in Q2 September 2004. Analysts had forecast a net profit of around Rs 550
crore from the cellular services major.

Consolidated revenues as per US GAAP rose 46% to Rs 2,709 crore from Rs
1,851 crore, driven by strong subscription growth.

Lumax Industries plunged 11.7% to Rs 115 after the company reported a sharp fall in Q2 September 2005 net profit


Lumax Industries' net profit declined 91.7% in Q2 September 2005 to Rs 0.22
crore (Rs 2.65 crore). Net sales rose 38% to Rs 98.07 crore (Rs 71.03
crore).

Lumax is a leading automotive lighting solution provider, enjoying a 60%
market share. It mainly caters to the passenger car and the two-wheeler
segments.

The company is planning to ramp up export sales during the next few years.

Rolta India gained nearly 3% to Rs 159.50 after the company reported a decent growth in Q1 September 2005 net profit


Rolta India reported a 26% growth in Q1 September 2005 net profit to Rs
31.68 crore (Rs 25.12 crore). Net sales rose 20.6% to Rs 90.51 crore (Rs
75.04 crore).

On a sequential quarter on quarter basis, net profit rose 28% from Rs 24.75
crore in Q4 June 2005. Net sales declined 11.3% on a sequential basis, from
Rs 102.05 crore in Q4 June 2005

About 96% of Rolta’s revenue is derived from its CAD/ CAM/ GIS business and
the balance from its e-Solutions services and Internet businesses. It
dominates (70%) the GeoSpatial market in India and expects to remain at the
cutting-edge of GeoSpatial technologies.

Rolta is also a leading provider of Plant Design Automation (PDA) solutions
in India, with an over 80% market share, and is the preferred partner for
plant Engineering Design Services (EDS) globally to international giants
including Dow Chemical Co.

Rolta has strong business partnerships with international technology
leaders.

Rolta has entered into a strategic partnership with Stone & Webster, Inc.,
USA, one of the world's foremost engineering-construction companies, to
provide high quality cost-effective engineering, design and procurement
services, related to power, refinery and petrochemical projects, worldwide.

Ciba Specialty Chemicals jumped 10% to Rs 420 boosted by robust Q2 September 2005 results


The stock lost 2.2% on Wednesday (26 October 2005) to Rs 381.60 on the eve
of the results announcement.

Ciba Specialty Chemicals (India) (CSCI) has reported a 66.6% surge in Q2
September 2005 net profit to Rs 14 crore as against the Rs 8.40 crore
registered in Q2 September 2004. Net sales have spiraled up 13.9% to Rs
159.70 crore (Rs 140.20 crore).

Both segments, specialty effects chemicals and specialty industrial chemical
division, performed impressively.

CSCI manufactures, sells and trades in a wide range of specialty chemicals
comprising effect chemicals, industrial chemicals and other specialty
chemicals dedicated to producing high value effects for customers' products.

The company caters mainly to a broad spectrum of industries, namely,
petrochemicals, gas, lubricants, oil, automobiles, textiles, mining and
extraction, paper, water treatment, industrial and waste water management,
paints, plastics, inks, electronics material, packing, and home and personal
care consumer products.

Glenmark Pharma rose 1.1% to Rs 301 after the company said on Wednesday its Swiss subsidiary had acquired Servycal SA, a drug marketing firm in Argentina


The stock rose 1.6% on Wednesday (26 October 2005) boosted by the
announcement.

Servycal has a portfolio focussed on oncology and it owns 17 approved
product registrations, with three more pending. Servycal is expected to earn
revenues of $4 million in the fiscal year 2005/06, Glenmark said.
Argentina's pharmaceutical market is valued at $1.6 billion and is growing
at more than 10 percent, Glenmark said.

Glenmark did not unveil the value of all cash acquisition deal. The
acquisition will be funded through internal accruals, Glenmark said in a
statement.

Glenmark Pharma’s key focus includes dermatology, gynecology, respiratory,
gastrointestinals and lifestyle diseases like diabetes and cardiology. The
drug maker's domestic business contributes to a majority of the revenues.

Last month, Glenmark Pharmaceuticals S.A [Switzerland], a wholly owned
subsidiary of the company filed for Phase I clinical trials for GRC 8200,
the coleading DPP-IV inhibitor compound, with the Medicines and Healthcare
Products Regulatory Agency [MHRA] in the U.K. The Phase I study will be
conducted by Parexel UK, a leading global CRO.

The market edged slightly lower in a volatile trading session as the barometer BSE Sensex moved between positive and negative territory


The market edged slightly lower in a volatile trading session as the
barometer BSE Sensex moved between positive and negative territory. The key
Q2 results announced today were mixed. While Grasim reported a fall in its
net profit, M&M recorded decent Q2 numbers. Tisco’s growth in net profit was
decent.

Volumes were low for the third day in a row ahead of expiry of October 2005
derivatives contracts on Thursday (27 October 2005). BSE clocked a turnover
of Rs 2,391 crore compared to Tuesday’s Rs 2,406 crore.

Last three trading sessions have seen a drop in volume, which is due to the
fall in FII activity. The daily gross FII turnover (total of gross purchases
and gross sales of the day) was between Rs 1,860 crore to Rs 1,934 crore in
two trading sessions between Monday (24 October 2005) and Tuesday (25
October 2005). The gross FII turnover stood at between Rs 2,200 crore to Rs
3,583 crore in 7 trading sessions between 13 October 2005 to 21 October
2005.

Grasim surged today after announcement of Q2 September 2005 results and
after the company said the future outlook for the company was bright.

Battered Ranbaxy recovered. Cellular services major Bharti Tele-Ventures
(BTL) rose for the second day in a row today. HDFC moved up in a volatile
trade on the back of a decent 20% growth in Q2 September 2005 net profit

Auto scrips slipped. Tata Motors came under selling pressure after the
company reported disappointing Q2 results on Tuesday and warned that profit
margins would be under pressure due to high input costs.

FMCG stocks such as Hindustan Lever (HLL) and ITC lost ground.

A host of small-cap and mid-cap stocks edged higher with select stocks
surging. Some of the side counters got a boost from decent to strong Q2
results.

Though market breadth was positive, it weakened when compared to mid-morning
trade when the breadth was strong. 1,284 stocks advanced on BSE as compared
to 1,138 stocks that declined. 62 scrips were unchanged. Gainers outpaced
losers by a ratio of 1.1:1. The advance decline ratio was at about 1.4:1 in
mid-morning trade.

The undercurrent was cautious as fears of avian flu spreading deepened on
Wednesday after China reported another outbreak in poultry.

The 30-share BSE Sensex lost 17 points to settle at 7,974.69. Sensex had
surged over 50 points at one point of time in mid-morning trade.

The S&P CNX Nifty shed 9.70 points or 0.4% to 2,408.50.

FIIs have resorted to profit taking in the past few days. The latest data
showed that FIIs sold shares worth a net Rs 232.70 crore on Tuesday – the
day when Sensex rose 71 points in volatile trade. In the month of October
2005, FIIs have sold shares worth a net Rs 2,267.50 crore (till 25 October
2005). The heavy FII selling caused a major correction on the bourses in the
past few days with the Sensex tumbling to a 1-½ month low on Monday.

In contrast to sustained selling by FIIs, local mutual funds have resorted
to heavy purchases in the past few days when the market witnessed major
correction. On Tuesday, local mutual funds bought shares worth a net Rs
285.54 crore. The net inflow of mutual funds in equities in October 2005 has
reached Rs 2,186.74 crore (till 25 October 2005). In the month of September
2005, local funds pumped in Rs 3,233 crore.

The Q2 results announced so far has been a mixed bag

Grasim surged 3.8% today Rs 1,155.90. 1.5 lakh shares changed hands in the
counter on BSE. Grasim’s consolidated net profit fell 6.6% in Q2 September
2005 to Rs 201 crore (Rs 210 crore). Consolidated sales rose to Rs 2330
crore from Rs 2230 crore

Grasim's strong fundamentals, its unrelenting focus on operational
excellence, cost optimization, effective financial management, continuous
restructuring of business processes, together with the expected improvement
in the cement sector, augur well for the company. The prospects for Grasim
continue to be bright, the company said in a statement regarding the future
business outlook. Grasim said it would invest $ 350 million over a period of
seven years in a viscose staple fibre plant and plantations.

Tata Steel dropped 1% to Rs 346.50 after the company reported Q2 September
2005 results at the fag end of the trading session which were in line with
market expectation. 19.6 lakh shares changed hands in the counter on BSE.
Tisco’s net profit rose 12.4% to Rs 1,045.42 crore (Rs 929.58 crore). Total
income (net of excise) rose 4.9% to Rs 3983.89 crore from Rs 3795.40 crore.

Tata Motors shed 4.4% to Rs 497.30 on disappointing Q2 September 2005
results and after the company warned that profit margins will remain under
pressure due to high input costs. 8.7 lakh shares changed hands in the
counter on BSE. Tata Motors, on Tuesday, reported a 9.4% growth in Q2
September 2005 net profit to Rs 338 crore (Rs 309 crore). Revenue rose 15.3%
to Rs 4,781 crore. The results are not comparable as the Q2 September 2005
results include the results of Tata Finance Ltd (TFL), Telco Dadajee
Dhackjee Ltd (TDDL) and Suryodaya Capital and Finance (Bombay) Ltd (SCFL)
which were merged with Tata Motors.

Maruti Udyog lost 2% to Rs 546, Bajaj Auto shed 1.9% to Rs 1,762.15, and
Hero Honda shed 1.3% to Rs 704.85.

Tata Power lost 3.4% to Rs 399.80, Reliance Energy shed 1.9% to Rs 520.10
and NTPC shed 2.7% to Rs 96.30.

HLL lost 1.2% to Rs 165.25 and ITC shed 1.4% to Rs 116.50.

Battered Ranbaxy recovered. The stock gained 3.6% to Rs 356.90. The stock
rose on high volume of 15.6 lakh shares on BSE. The stock had received a
battering in the past few days after it reported a sharp fall in Q3
September 2005 net profit.

Cipla gained 1.9% to Rs 374.10 whereas Dr Reddy’s Labs dropped 2.6% to Rs
821.90

Cellular services major Bharti Tele-Ventures (BTL) edged higher for the
second day in a row on expectation of strong Q2 results. The stock gained
2.5% to Rs 337.95.

HDFC gained 1.8% to Rs 930. HDFC’s net profit rose 20% in Q2 September 2005
to Rs 298.98 crore (Rs 248.13 crore). Income from operations rose 24.3% to
Rs 1045.20 crore compared to Rs 840.26 crore. HDFC today said it would team
up with US private equity firm WL Ross to set up a fund aimed at corporate
restructuring in India.

Reliance Industries (RIL) was volatile as the stock moved between positive
and negative territory. The stock shed 0.5% to Rs 763.60. 15.5 lakh shares
changed hands in the counter on BSE. RIL announces Q2 results tomorrow. RIL
is expected to report strong Q2 September 2005 results mainly on the back of
record refining margins.

Ispat Industries plunged 6% to Rs 14.85 after the company reported a net
loss of Rs 232.83 crore for Q2 September 2005 as compared to a net profit of
Rs 77.47 crore in Q2 September 2004. Total income (net of excise) declined
20.5% to Rs 1206.90 crore from Rs 1518.81 crore in Q2 September 2004.

ONGC gained 0.2% to Rs 932.50. ONGC reported 22.2% growth in Q2 September
2005 net profit to Rs 4138.25 crore (Rs 3383.87 crore). Total income (net of
excise) rose 10% to Rs 13543.31 crore (Rs 12289.29 crore). ONGC’s results
hit the market at the fag end of the trading session.

Indiabulls Financial Services plunged after the company said the Income Tax
department had visited 3 out of 129 offices of Indiabulls Securities under a
survey for the purpose of third party verifications. Indiabulls Securities
is subsidiary of Indiabulls Financial Services. The stock lost 12.4% to Rs
153.60. The scrip declined on heavy volume of 47.99 lakh shares.

M&M witnessed a bout of volatility after the announcement of Q2 results in
afternoon trade. The scrip ended flat at Rs 361.10. It moved between a low
of Rs 358 and a high of Rs 366.85. M&M reported 27% growth Q2 September 2005
net profit to Rs 157.20 crore (Rs 122.91 crore). M&M’s total income (net of
excise) rose 22% to Rs 1,944.24 crore (Rs 1,591.74 crore).

Phoenix Lamps jumped 20% to Rs 88.60 boosted by robust Q2 September 2005
results. Phoenix Lamps’ net profit has jumped 104% in Q2 September 2005 to
Rs 5.61 crore (Rs 2.75 crore). Net sales has risen 33% to Rs 61.25 crore (Rs
45.99 crore).

Tata Chemicals gained 1.2% to Rs 181.50 boosted by strong Q2 results. Tata
Chemicals’ net profit rose 44% in Q2 September 2005 to Rs 125.86 crore (Rs
87.19 crore). Top line growth led top line growth. Net sales rose 36.6% to
Rs 996.53 crore (Rs 729.02 crore).

Zuari Industries jumped 12.4% to Rs 112 on the back of robust Q2 results.
Zuari Industries’ net profit jumped 86% in Q2 September 2005 to Rs 33.70
crore (Rs 18.10 crore). Net sales rose 56% to Rs 644.25 crore (Rs 412.36
crore).

Aimco Pesticides jumped 5% to Rs 24.30 – the maximum permissible level of
the day after Excel Crop Care said it has decided to subscribe to 23 lakh
equity shares on preferential basis at a price of Rs 24.50 per share.

Micro Inks gained 2.5% to Rs 643 after Huber Group, the world's
fifth-largest printing ink maker, agreed to acquire up to 59.06% stake in
the company at Rs 675 per share from promoters – the Bilakhia family.

Paper Products jumped 9% to Rs 248.50 on the back of a decent growth in Q3
September 2005 net profit. Paper Products (PPL)’s net profit rose 28.7% in
Q3 September 2005 to Rs 6.58 crore (Rs 5.11 crore). Net sales rose 14.5% to
Rs 104.19 crore (Rs 90.97 crore).

Century Enka lost 3.4% to Rs 218.90 hit by dismal Q2 September 2005 results.
Century Enka’s net profit declined 24% in Q2 September 2005 to Rs 12.19
crore (Rs 16.06 crore). Net sales declined nearly 9% to Rs 242.39 crore (Rs
266.32 crore).
source:capitalmarket

Tata Motors skids


Tata Motors came under selling pressure following disappointing Q2 September
2005 results and after the company warned that margins would remain under
pressure due to high raw material costs.

The stock was down 4.1% on BSE in late trading to Rs 498.60. 7.6 lakh shares
changed hands in the counter on BSE.

On Tuesday (25 September 2005), the stock advanced after its Q2 results hit
the market in late trading. The scrip gained 0.5% on Tuesday to Rs 520.20.

Tata Motors reported a 9.4% growth in Q2 September 2005 net profit to Rs 338
crore (Rs 309 crore). Revenue rose 15.3% to Rs 4,781 crore. The results are
not comparable as the Q2 September 2005 results include the results of Tata
Finance Ltd (TFL), Telco Dadajee Dhackjee Ltd (TDDL) and Suryodaya Capital
and Finance (Bombay) Ltd (SCFL) which were merged with Tata Motors.

Tata Motors' sales of passenger and utility vehicles declined by 5 percent
in Q2 September 2005, but sales of commercial vehicles grew 14 percent, and
exports more than doubled.

Paper Products in demand on decent Q3 outcome


Paper Products jumped 7.5% to Rs 245 on the back of a decent growth in Q3
September 2005 net profit.

1,499 shares changed hands in the counter on BSE.

The stock had staged a rebound from lower level in the past two days ahead
of the results announcement. From a low of Rs 216.80 on 20 October 2005, the
stock rose 5.1% in two trading sessions to Rs 227.90 on 25 October 2005.

Paper Products (PPL)’s net profit rose 28.7% in Q3 September 2005 to Rs 6.58
crore (Rs 5.11 crore). Net sales rose 14.5% to Rs 104.19 crore (Rs 90.97
crore).

PPL manufactures consumer packaging products with its presence conspicuous
in the premium–end segment of the packaging industry. Huhtamaki Oyi, Finland
has a 59% stake in the equity capital of the company. PPL has recently been
more attuned to innovation and value addition through its programme of NASP
(New Application, Structures and Products).

HLL, Nestle, Eveready, GSK, Cadbury, P&G, Perfetti, Coca-Cola among others
figure among the many clients of PPL. The company's top 10 clients take up
80% of sales. HLL, proves dominant here, accounting for 25% of sales.

PPL has taken a decision to invest Rs 65 crore over a 2-year period in
setting up a production facility in North India.

Sensex recovers from lower level


The market recovered from lower in mid-afternoon trade in what was a
lacklustre trading session. The undercurrent was cautions as fears of avian
flu spreading deepened on Wednesday after China reported another outbreak in
poultry.

Grasim surged after announcement of Q2 September 2005 results and after the
company said the future outlook for the company was bright.

Tata Motors and NTPC weakened further even as Bharti Tele-Ventures firmed
up. Dr Reddy’s Laboratories weakened.

Select side counters held firm. Stocks like Zuari Industries, Archies
Greetings, Austin Engineering, Phoenix Lamps, Thiru Arooran Sugars, Amar
Remedies, Emami, Simplex Casting, Hikal, Hind Rectifiers, Ashapura, RPG Life
Sciences, Camlin, Asian Electronics, Manugraph Industries, Stone India,
International Hometex, Borosil Glass Works, Gokaldas Exports, BOC India,
Geometric Software, Avaya GlobalConnect, Paper Products, Jay Bharat Maruti,
McDowell edged higher.

At 14:35 IST, Sensex was up 7 points at 7,998 – off the day’s low of
7,951.05.

Grasim jumped 3.7% to Rs 1,155. 1.2 lakh shares changed hands in the counter
on BSE. Grasim's strong fundamentals, its unrelenting focus on operational
excellence, cost optimization, effective financial management, continuous
restructuring of business processes, together with the expected improvement
in the cement sector, augur well for the company. The prospects for Grasim
continue to be bright, the company said in a statement regarding the future
business outlook.

Grasim’s consolidated net profit fell 6.6% in Q2 September 2005 to Rs 201
crore (Rs 210 crore). Consolidated sales rose to Rs 2330 crore from Rs 2230
crore

Cellular services major Bharti Tele-Ventures (BTL) edged higher for the
second day in a row on expectation of strong Q2 results. The stock gained 2%
to Rs 336.35.

Battered Ranbaxy recovered. The stock gained 3.6% to Rs 357. The stock rose
on high volume of 12.8 lakh shares on BSE. The stock had received a
battering in the past few days after it reported a sharp fall in Q3
September 2005 net profit.

Cipla gained 1.8% to Rs 374 whereas Dr Reddy’s Labs dropped 1% to Rs 834.75.

Tata Motors shed 3.7% to Rs 500.60 on disappointing Q2 September 2005
results and after the company warned that profit margins will be under
pressure due to high input costs. 6 lakh shares changed hands in the counter
on BSE. Tata Motors, on Tuesday, reported a 9.4% growth in Q2 September 2005
net profit to Rs 338 crore (Rs 309 crore). Revenue rose 15.3% to Rs 4,781
crore. The results are not comparable as the Q2 September 2005 results
include the results of Tata Finance Ltd (TFL), Telco Dadajee Dhackjee Ltd
(TDDL) and Suryodaya Capital and Finance (Bombay) Ltd (SCFL) which were
merged with Tata Motors.

Bajaj Auto shed 1.8% to Rs 1,764, Maruti Udyog lost 1.3% to Rs 550 and Hero
Honda shed 1.3% to Rs 705.

Tata Power lost 3.4% to Rs 399.70 and NTPC shed 2% to Rs 96.90.

Ispat Industries plunged 7% to Rs 14.65 after the company reported a net
loss of Rs 232.83 crore for Q2 September 2005 as compared to a net profit of
Rs 77.47 crore in Q2 September 2004. Total income (net of excise) declined
20.5% to Rs 1206.90 crore from Rs 1518.81 crore in Q2 September 2004.

source:capitalmarket

Sensex slips into the red, falls below 8,000


The Sensex slipped into the red in afternoon trade. The undercurrent turned
cautions as fears of avian flu spreading deepened on Wednesday after China
reported another outbreak in poultry while India said it was testing blood
samples from 10 dead migratory birds.

Ranbaxy held firm. Sell-off was witnessed in Tata Power. Auto shares
slipped. FMCG major Hindustan Lever, ITC and NTPC weakened. State Bank of
India slipped into the red in volatile trade. Reliance Industries and
Infosys came off the higher level.

Though the market breadth was positive it weakened when compared to early
afternoon trade.

At 13:29 IST, Sensex was down 25 points at 7,965. Sensex came off the day’s
high of 8,047.86.

Tata Power lost 2.6% to Rs 403.15 and Reliance Energy shed 1.2% to Rs
523.55. NTPC shed 1.1% to Rs 97.90.

M&M was range bound after it reported 27% growth Q2 September 2005 net
profit to Rs 157.20 crore (Rs 122.91 crore). The stock was up 0.6% to Rs
363.30. M&M’s total income (net of excise) rose 22% to Rs 1,944.24 crore (Rs
1,591.74 crore).

Tata Motors shed 2.3% to Rs 508. 4.06 lakh shares changed hands in the
counter on BSE. Tata Motors, on Tuesday, reported a 9.4% growth in Q2
September 2005 net profit to Rs 338 crore (Rs 309 crore). Revenue rose 15.3%
to Rs 4,781 crore. The results are not comparable as the Q2 September 2005
results include the results of Tata Finance Ltd (TFL), Telco Dadajee
Dhackjee Ltd (TDDL) and Suryodaya Capital and Finance (Bombay) Ltd (SCFL)
which were merged with Tata Motors.

Bajaj Auto lost 1.6% to Rs 1,767, Maruti Udyog shed 0.8% to Rs 552.10 and
Hero Honda shed 0.5% to Rs 711.

ITC lost 1.6% to Rs 116.25. 10.3 lakh shares changed hands in the counter on
BSE. FCMG major Hindustan Lever shed 0.9% to Rs 165.85.

Battered Ranbaxy recovered. The stock gained 3.5% to Rs 356. The stock rose
on high volume of 11.6 lakh shares on BSE. The stock had received a
battering in the past few days after it reported a sharp fall in Q3
September 2005 net profit.

Grasim witnessed a bout of volatility after its Q2 results hit the market.
The stock was up 0.6% to Rs 1,120.50. 72,303 shares changed hands in the
counter on BSE. Grasim’s consolidated net profit fell 6.6% in Q2 September
2005 to Rs 201 crore (Rs 210 crore). Consolidated sales rose to Rs 2330
crore from Rs 2230 crore.

Phoenix Lamps spurted 8% to Rs 79.80 on the back of robust Q2 September 2005 results


Phoenix Lamps (PLL)’ net profit has jumped 104% in Q2 September 2005 to Rs
5.61 crore (Rs 2.75 crore). Net sales has risen 33% to Rs 61.25 crore (Rs
45.99 crore).

PLL exports halogen automotive lamps and compact fluorescent lamps, under
the brand name Halonix. The company has established its markets in the
European Union, Japan, South Korea, Brazil, Australia, South Africa, Middle
East, South-East Asia, North and South American, with about 50% of the total
revenue coming from exports. It is also engaged in private labeling for
several world-renowned lighting companies.

Micro Inks gains on acquisition of control by Huber Group


Micro Inks jumped nearly 4% to Rs 652 after Huber Group, the world's
fifth-largest printing ink maker, agreed to acquire up to 59.06% stake in
the company at Rs 675 per share from promoters – the Bilakhia family.

53,211 shares changed hands in the counter on BSE by early afternoon trade.

Following the acquisition of controlling stake, the Huber Group has
announced an open offer to acquire additional 20% stake (49.74 lakh shares)
of Micro Inks at Rs 675 per share.

Mirco Inks is the largest ink manufacturing company in India, commanding a
30% market share. In March 2004, the company changed its name from Hindustan
Inks & Resins to Micro Inks, which is the name of its 100% subsidiary in the
US. This move was made in a bid to improve recall amongst international
customers as a unified brand.

The main user industries for printing inks are the packaging, printing and
publishing sectors.

Indiabulls tanks


Indiabulls Financial Services plunged 9% to Rs 159.15 after the company said
the Income Tax department had visited 3 out of 129 offices of Indiabulls
Securities under a survey for the purpose of third party verifications.

Indiabulls Securities is subsidiary of Indiabulls Financial Services.

The stock, however, came off the lower level after it had declined as much
as 19.6% to hit a low of Rs 141 soon after the announcement which hit the
market in early trade today. Volumes in the stock were a huge 34.3 lakh
shares on BSE.

The Income Tax survey was related to collection of transactions and
verification details of clients of Indiabulls Securities who had dealt in
penny stocks. Most of such client accounts had been already shut down by
Indiabulls Securities as a part of its internal due diligence and compliance
process, the company said.

Indiabulls Financial Services said the purpose of the visit of Income Tax
department was not related to any inspection on account of any companies of
Indiabulls group and was limited to client details of Indiabulls Securities.
Indiabulls group has paid about Rs 36 crore in income tax for the first six
months of the current financial year, the company said

Amico Pesticides surges on acquisition of 25% stake by Excel Crop Care


Aimco Pesticides jumped 5% to Rs 24.30 – the maximum permissible level of
the day after Excel Crop Care said it has decided to subscribe to 23 lakh
equity shares on preferential basis at a price of Rs 24.50 per share.

2,737 shares changed hands in the counter on BSE.

Excel Crop Care gained 1.6% to Rs 205.30. 1,183 shares changed hands in the
counter on BSE.

Ahead of the announcement, Aimco Pesticides shares had staged a rebound from
lower level. From a low of Rs 21 on 21 October 2005, the stock rose 10.2% in
two trading sessions to Rs 23.15 on 25 October 2005.

Shares of Excel Crop Care lost 0.5% on Tuesday (25 October 2005) to Rs
201.90 ahead of the announcement.

Following the acquisition of 23 lakh shares of Amico Pesticides (APL), Excel
will hold 24.9% of the post preferential issue paid up share capital of APL
and it will acquire control management of APL, Excel said.

Excel will also make an open offer to acquire 18.5 lakh shares of APL.

Tuesday, October 25, 2005

Range bound market; Tata Motors drops


The market was range bound in morning trade. Auto scrips slipped. Tata
Motors came under selling pressure after the company reported disappointing
Q2 results on Tuesday and warned that profit margins would be under pressure
due to high input costs.

Housing finance major HDFC held firm on the back of a decent 20% growth in
Q2 September 2005 net profit.

Pharma shares were in demand but PSU banks failed to sustain higher level.

Though the market breadth was positive, it weakened when compared to early
trade when it was strong. 1,224 stocks advanced on BSE as compared to 849
stocks that declined. 48 scrips were unchanged. Gainers outpaced losers by a
ratio of 1.4:1.

Select side counter edged higher. Stocks like Amar Remedies, Archies
Greetings, Ansal Buildwell, Coats of India, DIC India, Jay Bharat Maruti,
Aftek Infosys, Hikal, Camlin, Rallis India, Geometric Software, Hind
Rectifiers, Simplex Casting, Hotel Leelaventure, DS Kulkarni Developers,
Birla Kennametal, BOC India, Phoenix Lamps, DCW, Alembic, Alps Industries
edged higher.

Stocks like Indiabulls and Punjab Alkalies plunged.

Zuari Industries spurted on the back of strong Q2 results.

At 11:28 IST, Sensex was up 34 points at 8,026.

Tata Motors dropped nearly 2% to Rs 510. 2.2 lakh shares changed hands in
the counter on BSE. Tata Motors reported a 9.4% growth in Q2 September 2005
net profit to Rs 338 crore (Rs 309 crore). Revenue rose 15.3% to Rs 4,781
crore. The results are not comparable as the Q2 September 2005 results
include the results of Tata Finance Ltd (TFL), Telco Dadajee Dhackjee Ltd
(TDDL) and Suryodaya Capital and Finance (Bombay) Ltd (SCFL) which were
merged with Tata Motors.

Bajaj Auto lost 0.9% to Rs 1,780, Maruti Udyog shed 0.4% to Rs 555 and Hero
Honda lost 0.4% to Rs 711.75.

Battered Ranbaxy recovered. The stock gained 3% to Rs 354.90. The stock rose
on high early volume of 6.4 lakh shares on BSE. The stock had received a
battering in the past few days after it reported a sharp fall in Q3
September 2005 net profit.

Cipla gained 1.8% to Rs 374 and Dr Reddy’s Laboratories rose 1.9% to Rs 860.

HDFC gained 1.2% to Rs 924.50. 9,832 shares changed hands in the counter on
BSE. HDFC’s net profit rose 20% in Q2 September 2005 to Rs 298.98 crore (Rs
248.13 crore). Income from operations rose 24.3% to Rs 1045.20 crore
compared to Rs 840.26 crore

ONGC and Tisco edged higher ahead of the announcement of Q2 September 2005
results later in the day today. ONGC rose 1.1% to Rs 941 and Tisco gained 1%
to Rs 353.75.

Cellular services major Bharti Tele-Venture edged higher for the second day
in a row. The stock gained 1.1% to Rs 333.25.

Index heavyweight Reliance Industries edged higher for the second day in a
row after the company said its shareholders had approved a scheme to hive
off the telecommunications, coal, power and financial businesses into
separate companies. The stock was up 0.7% to Rs 773.50. 3.7 lakh shares
changed hands in the counter on BSE.

Fertilizers major Zuari Industries jumped 15% to Rs 114.60 after the company
reported a sharp surge in Q2 September 2005 net profit. Zuari Industries’
net profit jumped 86% in Q2 September 2005 to Rs 33.70 crore (Rs 18.10
crore). Net sales rose 56% to Rs 644.25 crore

Century Enka dropped 5% to Rs 214.75. Century Enka’s net profit declined 24%
in Q2 September 2005 to Rs 12.19 crore (Rs 16.06 crore). Net sales declined
nearly 9% to Rs 242.39 crore (Rs 266.32 crore

source:capitalmarket

Firm opening; strong market breadth


The market edged higher in early trade as blue chips registered marginal to
small gains. Battered Ranbaxy recovered. ONGC and Tisco edged higher ahead
of the announcement of Q2 September 2005 results later in the day today.

PSU banks moved up for the second day in a row. Housing finance major HDFC
advanced after the company, on Tuesday, reported a decent 20% growth in Q2
September 2005 net profit.

Select stocks like Tata Chemicals, CCL Products, Phoenix Lamps and Zuari
Industries edged higher on the back of strong Q2 September 2005 results. The
market breadth was positive. 1,016 stocks advanced on BSE as compared to 551
stocks that declined. 32 scrips were unchanged. Gainers outpaced losers by a
ratio of 1.8:1.

At 10:23 IST, Sensex was up 34 points at 8,025. Sensex hit a high of
8,042.37.

The market sentiment was firm after RBI in its credit policy announced on
Tuesday allowed banks to invest more in equity markets by raising banks’
capital market exposure. RBI allowed banks to have capital market exposure
of up to 20% of their net worth, compared with 5% of previous year loans
now.

Ranbaxy surged 3.2% to Rs 355. The stock rose on high early volume of 3.6
lakh shares on BSE. The stock had received a battering in the past few days
after it reported a sharp fall in Q3 September 2005 net profit.

Cipla rose 1.5% to Rs 372.80.

ONGC gained 1.3% to Rs 942.60. 54,056 shares changed hands in the counter on
BSE.

HDFC gained 1.2% to Rs 924.50. 51,95 shares changed hands in the counter on
BSE. HDFC’s net profit rose 20% in Q2 September 2005 to Rs 298.98 crore (Rs
248.13 crore). Income from operations rose 24.3% to Rs 1045.20 crore
compared to Rs 840.26 crore.

Index heavyweight Reliance Industries edged higher for the second day in a
row after the company said its shareholders had approved a scheme to hive
off the telecommunications, coal, power and financial businesses into
separate companies. The stock was up 0.3% to Rs 770.

Punjab National Bank gained 0.5% to Rs 403, Bank of Baroda rose 1.6% to Rs
227.50, Union Bank of India gained 1.1% to Rs 111.90 and Corporation Bank
gained 0.6% to Rs 349.85.

Fertilizers major Zuari Industries jumped 9.4% to Rs 109 after the company
reported a sharp surge in Q2 September 2005 net profit. Zuari Industries’
net profit jumped 86% in Q2 September 2005 to Rs 33.70 crore (Rs 18.10
crore). Net sales rose 56% to Rs 644.25 crore

RIL, PSU banks lead recovery on bourses


The market staged a recovery today in a volatile trading session after RBI
raised short-term interest rates by a widely expected 25 basis points. The
volatility in the barometer index, the BSE Sensex, was partly due to
volatility in a host of Sensex constituents like Tata Motors, Wipro,
Infosys, ONGC, ITC, Gujarat Ambuja Cements, Hindustan Lever, HDFC and HDFC
Bank.

The market sentiment was boosted after RBI allowed banks to invest more in
equity markets by raising banks’ capital market exposure. RBI allowed banks
to have capital market exposure of up to 20% of their net worth, compared
with 5% of previous year loans now.

RBI raised reverse repo rate by 25 basis points to 5.25% effective from 26
October 2005. RBI also hiked the repo rate by 25 basis points to 6.25%. It
kept the bank rate unchanged at 6%. PSU bank stocks edged higher. Index
heavyweight Reliance Industries moved up after the company said its
shareholders had approved a scheme to hive off the telecommunications, coal,
power and financial businesses into separate companies.

Cellular services major Bharti Tele-Ventures advanced on renewed buying
interest at the lower level.

Tata Motors witnessed high volatility in the latter part of the trading
session after its Q2 results hit the market.

Ranbaxy Laboratories lost further ground extending a setback in the stock in
the past two days caused by the company's reporting to a sharp fall in Q3
September 2005 net profit.

Though market breadth was strong, it weakened in the latter part of trading
when compared to mid-afternoon trade when the breadth was even stronger.
1,385 stocks advanced on BSE as compared to 1,038 stocks that declined. 61
scrips were unchanged. Gainers outpaced losers by a ratio of 1.3:1. In
mid-afternoon trade, the advance decline ratio was over 1.5:1.

The 30-share BSE Sensex gained 70.94 points or 0.9% to settle at 7,991.74.
The barometer index came sharply off the higher level after it had surged as
much as 153.28 points in mid-afternoon trade to a high of 8,074.08 after the
credit policy announcement.

Volume was low for the second day in a row today. BSE clocked a turnover of
Rs 2,406 crore compared to Monday’s Rs 2,437.14 crore. The last two days
have seen a drop in volume, which is due to the fall in FII activity. Monday
’s gross FIIs turnover (total of gross purchases and gross sales of the day)
was Rs 1,861 crore compared to turnover of between Rs 2,200 crore to Rs
3,583 crore between 13 October 2005 to 21 October 2005.

On a net basis, FIIs sold shares worth Rs 132.10 crore on Monday. FIIs have
resorted to profit taking in the past few days. In the month of October
2005, FIIs have sold shares worth a net Rs 2,034.80 crore (till 24 October
2005). The heavy FII selling caused a major correction on the bourses with
the Sensex tumbling to a 1-½ month low on Monday.

A host of side counters edged higher today. Stocks like Sasken
Communication, Kinetic Motor, Loyal Textile Mills, Ansal Buildwell, Simplex
Casting, Infomedia India, Essar Steel, Elnet Technologies, HCL Infosystems,
RPG Transmission, JBM Auto, Nucleus Software, ABG Heavy Industries, Zuari
Industries, Kamat Hotels, SREI Infrastructure Finance, Century Textiles,
Yuken India, Greenply Industries, Balrampur Chini Mills, Hindustan Oil
Exploration, Rajesh Exports, Birla Corporation and Jindal Stainless rose
between 5% to 14% for the day.

PSU banks advanced. State Bank of India gained 2.5% to Rs 885.60, Dena Bank
rose 4.7% to Rs 34.10, Syndicate Bank advanced 4.6% to Rs 80.40, Oriental
Bank of Commerce rose 4% to Rs 250, Bank of Baroda gained 3.8% to Rs 225,
Punjab National Bank rose 3% to Rs 399.50, Bank of India rose 2.4% to Rs
106.80, and Union Bank of India advanced 2% to Rs 111.45.

Reliance Industries gained 1.2% to Rs 766. 27.4 lakh shares changed hands in
the counter on BSE.

L&T surged 5% to Rs 1,362, Dr Reddy’s Lab rose 4.7% to Rs 845 and Bhel
advanced 3% to Rs 1,162.

Tata Motors rose 0.6% to Rs 520.95. Tata Motors today reported a 9.4% growth
in Q2 September 2005 net profit to Rs 338 crore (Rs 309 crore). Revenue rose
15.3% to Rs 4,781 crore. The results are not comparable as the Q2 September
2005 results include the results of Tata Finance Ltd (TFL), Telco Dadajee
Dhackjee Ltd (TDDL) and Suryodaya Capital and Finance (Bombay) Ltd (SCFL)
which were merged with Tata Motors.

Housing finance major HDFC gained 0.3% to Rs 916.50 after the company
reported a decent growth in Q2 September 2005 net profit. HDFC’s net profit
rose 20% in Q2 September 2005 to Rs 298.98 crore (Rs 248.13 crore). Income
from operations rose 24.3% to Rs 1045.20 crore compared to Rs 840.26 crore.

HCL Tech jumped 4.6% to Rs 472 after the company reiterated strong growth
forecasts as it chased large deals. HCL Technologies’ Q1 July-September 2005
consolidated net profit excluding other income rose to $ 34.54 million from
$ 19.62 million in the same period last year. Gross revenue for the quarter
rose 30% to $ 220.57 million

HCL Tech said it won three new multi-year contracts worth more than $ 50
million each, including one worth $ 100 million-plus with a global telecom
company.

Ranbaxy lost 3.4% to Rs 343.10. The stock declined on high volume of 18.8
lakh shares on BSE.

Auto shares slipped on profit taking. Car major Maruti Udyog shed 2.3% to Rs
559, Hero Honda lost 1.4% to Rs 715.85 and Bajaj Auto shed 0.6% to Rs 1,787.

Century Textiles jumped 6% to Rs 284.95. The stock rose on high volume of
16.5 lakh shares. Century Textiles reported a 49.5% fall in Q2 September
2005 net profit to Rs 7.41 crore from Rs 14.68 crore in Q2 September 2004.
Net sales declined to Rs 582.95 crore (Rs 591.09 crore)

The floods resulted in loss of production and also expenditure for repairs
and re-commissioning of plants in Mumbai, which impacted the Q2 results,
Century Textiles said. The working of Rayon Tyre Cord (textiles segment) and
chemical plants was adversely affected due to the floods in Mumbai, it said.

VSNL gained 1.1% to Rs 320.55. The stock rose on high volume of 21 lakh
shares on BSE. VSNL’s net profit rose 3.3% in Q2 September 2005 to Rs 91
crore (Rs 88.10 crore). Total income rose 18.9% to Rs 961.20 crore (Rs
807.90 crore).

IPCL was highly volatile following the announcement of Q2 results. The stock
ended flat at Rs 222.50. The scrip moved between a low of Rs 219.55 and a
high of Rs 231.10. Volumes in the stock were a huge 39.8 lakh shares on BSE.

Praj Industries jumped 5% to Rs 90.25 after the company said it has
contracted projects worth over Rs 100 crore. Among these, major orders came
from Balarampur Chini Mills, a distillery expansion project in Swaziland
from a South African Company and many grain based distillery projects, Praj
Industries said.

HCL Infosystems leaped up 7.5% to Rs 256 on reports that it has entered into
a strategic alliance with Bull of France to provide open source software.

Nirma spurted nearly 5% to Rs 454 boosted by strong Q2 September 2005
results. Nirma reported a net profit of Rs 99.20 crore for Q2 September 2005
as compared to a net profit of Rs 45.46 crore for Q2 September 2004. Net
sales rose 10.9% to Rs 485.74 crore (Rs 437.91 crore).

ABB moved higher by 1% to Rs 1,688 on the back of impressive Q3 outcome. ABB
’s net profit jumped 47% in Q3 September 2005 to Rs 52.94 crore (Rs 35.97
crore). Total income rose 25% to Rs 719.92 crore (Rs 575.47 crore).

Finolex Cables flopped 4.7% to Rs 237.05. Finolex Cables today reported a
14% growth in Q2 September 2005 net profit to Rs 5.71 crore (Rs 5 crore).
Total income declined 7% to Rs 149.30 crore (Rs 160.60 crore).

Crew BOS Products made headway by 1.6% to Rs 166. The company today reported
a sharp surge in Q2 September 2005 net profit. Crew BOS Products reported a
net profit of Rs 4.01 crore as compared to Rs 2 crore in Q2 September 2004.
Net sales rose 71% to Rs 33.59 crore (Rs 19.62 crore).

Sterlite Optical Technologies slumped 7% to Rs 83.05 after the company
reported a sharp fall in Q2 September 2005 net profit. The company reported
a 76.7% fall in Q2 September 2005 net profit to Rs 1.17 crore (Rs 5.03
crore). Net sales surged 46.5% to Rs 137.68 crore (Rs 93.93 crore).

Kinetic Engineering marched up 5% to Rs 193.55 – the maximum permissible
level of the day. Reliance Capital said on Monday that it would buy 15% of
Kinetic Engineering and be in line for more equity as part of a Rs 38.40
crore ($8.5 million) investment in the two-wheeler maker. Kinetic
Engineering will issue 715,000 new shares, or 14.96 percent of the expanded
equity on a preferential issue basis, to Reliance Capital's private equity
arm at Rs 178 per share, a 3.6 percent discount to the closing price of Rs
184.35 on Monday (24 October 2005).

The news boosted another Kinetic group company Kinetic Motor, which spiraled
up 14% to Rs 67.

Birla Corporation moved upstream for the second day in a row on the back of
strong Q2 results. The stock gained 5% to Rs 235. Birla Corporation’s net
profit rose 36% in Q2 September 2005 to Rs 18.16 crore (Rs 13.38 crore). Net
sales declined 1.1% to Rs 264.53 crore (Rs 267.60 crore)

source:capitalmarket

Monday, October 24, 2005

Sensex down 148 points; some Auto Scrips move higher


The volatility on the bourses has become immense. A day after it jumped 134
points on Friday (21 October 2005), the barometer BSE Sensex tanked 148
points today.

Today’s fall on the bourses came amid concerns about a widely expected
interest rate increase when RBI reviews policy on Tuesday (25 October 2005).
Higher interest rates will raise the borrowing costs of companies. Market
men expect RBI to raise the short-term reverse repo rate -- the benchmark
for short-term money market rates -- by 25 basis points to 5.25%

Shares of Ranbaxy tanked after the company, on Friday (21 October 2005)
reported a sharp fall in Q3 September 2005 net profit. Sun Pharma and
biotech major Biocon tumbled. Dr Reddy’s Laboratories came under selling
pressure.

Stocks like Tata Power, Tisco, ITC, MTNL, Wipro, ONGC, State Bank of India,
Hero Honda, and Bhel lost between 3% to 5.9% for the day. Stocks like
Hindalco, Zee Telefilms, Bharti Tele-Ventures, Infosys Technologies, ICICI
Bank, and Hindustan Lever declined between 2% to 2.8% for the day.

Index heavyweight Reliance Industries lost 1.3% to Rs 760, and housing
finance major HDFC shed 1.3% to Rs 912.20.

Select side counters edged higher with some of them getting a boost from
strong Q2 results.

In an otherwise weak market, select auto and cement shares edged higher.
Auto shares moved up after Ashok Leyland joined two firms, Bajaj Auto and
Hero Honda, in reporting strong Q2 results.

The 30-share BSE Sensex plunged 148.15 points or 1.8% to 7,920.80 – its
lowest level in the past month-and-a-half (since 2 September 2005).

Market breadth was positive. However, breadth weakened substantially in the
latter part of the trading session. 1,328 stocks advanced on BSE as compared
to 1,112 stocks that declined. 43 scrips were unchanged. Gainers outpaced
losers by a ratio of 1.1:1.

Ranbaxy plunged 9.5% to Rs 352.50. The stock declined on high volume of 24.6
lakh shares on BSE. Ranbaxy’s net profit plunged 91% in Q3 September 2005 to
Rs 18.40 crore (Rs 200 crore). Its revenue fell 3% to Rs 1304 crore.

Sun Pharma lost 7% to Rs 600, Dr Reddy’s Laboratories lost 4% to Rs 804,
Divi’s Laboratories lost 5% to Rs 1,318, and Aurobindo Pharma shed 3.5% to
Rs 312.55.

Biotech major Biocon plunged 9% to Rs 480.55. 4.9 lakh shares changed hands
in the counter on BSE.

Tata Power shed 5.9% to Rs 406.15, Tisco lost 4% to Rs 352, ITC shed 3.7% to
Rs 116.75, MTNL shed 3.5% to Rs 116.50, and Wipro shed 3.5% to Rs 372.

Oil exploration major ONGC lost 3.4% to Rs 921.90. 3.09 lakh shares changed
hands in the counter on BSE.

State Bank of India shed 3.3% to Rs 857.25. 16.55 lakh shares changed hands
in the counter on BSE.

Software major Infosys shed 2.4% to Rs 2,493.15.

Ashok Leyland rose 3.3% to Rs 28.15 on the back of robust Q2 results. The
stock, however, came off the higher level in a weak market. The stock came
off the day’s peak of Rs 29.10. 23 lakh shares changed hands in the counter
on BSE. Ashok Leyland’s net profit jumped 74% in Q2 September 2005 to Rs
75.01 crore (Rs 43.06 crore). Net sales rose 36.6% to Rs 1,250.09 crore (Rs
914.76 crore).

Bajaj Auto rose 3.2% to Rs 1,795, and car major Maruti Udyog gained 2.2% to
Rs 570.05.

source:capitalmarket

Sensex down by more than 100 points


The market weakened in mid-afternoon trade. Ranbaxy plunged and Infosys
weakened. State Bank of India failed to sustain the higher levels. The stock
had bounced back in early afternoon trade. HDFC Bank weakened in
mid-afternoon trade.

Though market breath was strong it weakened when compared to early afternoon
trade. 1,414 stocks advanced on BSE as compared to 983 stocks that declined.
41 scrips were unchanged. Gainers outpaced losers by a ratio of 1.4:1. The
breadth had improved to 1.7:1 at about 13:25 IST from 1.5:1 at about 12:20
IST.

At 14:30 IST, the Sensex was down 113 points at 7,956 – close to the day’s
low of 7,944.59.

Ranbaxy plunged 8.5% to Rs 356. The stock declined on high volume of 16.7
lakh shares on BSE. The stock lost ground for the second day in a row after
the company reported a sharp fall in Q3 September 2005 net profit. Ranbaxy’s
net profit plunged 91% in Q3 September 2005 to Rs 18.40 crore (Rs 200
crore). Its revenue fell 3% to Rs 1304 crore.

Biotech major Biocon plunged 7% to Rs 492. 3.9 lakh shares changed hands in
the counter on BSE.

Infosys shed 1.1% to Rs 2,523, Reliance Industries lost nearly 1% to Rs
763.55 and State Bank of India shed 1.2% to Rs 875.

Tata Power lost 4% to Rs 414, Wirpo shed 3% to Rs 373, ITC shed 2.8% to Rs
117.80, Tisco shed 2.4% to Rs 358, FMCG major Hindustan Lever shed 2.3% to
Rs 167.50 and Bhel lost 2.5% to Rs 1,133.

ONGC shed 2% to Rs 934.50. 1.5 lakh shares changed hands in the counter on
BSE.

HDFC Bank lost 2.3% to Rs 632. 80.916 shares changed hands in the counter on
BSE. ICICI Bank shed 1.8% to Rs 497.70. 2.8 lakh shares changed hands in the
counter on BSE.

source: capital

Carborundum Universal jumped nearly 5% to Rs 115.30 on the back of strong Q2 September 2005 results


The stock jumped 4.5% on Friday (21 October 2005) to Rs 110 in a firm market
on the eve of the results announcement.

Carborundum Universal has reported 60.6% growth in Q2 September 2005 net
profit to Rs 13.49 crore compared to Rs 8.40 crore in Q2 September 2004. Net
sales have risen 24.1% to Rs 93.37 crore (Rs 75.21 crore).

Carborundum Universal caters to a cross-section of industries such as
engineering, construction, automobile and fabrication. The company has a 30%
share in the Rs 200-crore domestic abrasive market.

The company, which exports abrasive products to the US, Australia and Europe
is now eyeing newer markets such as China and West Asia.

The company's ceramics division manufactures wear-resistant and heat-
resistant products in the form of industrial consumables and capital
consumables. This division caters to the power sector, cement industries,
coal washeries and also provides high temperature applications for the
ceramic, non-ferrous, iron and steel, fertiliser, carbon black and chemical
processing industries.

Elecon Engineering jumped 5% to Rs 671.40, the maximum permissible level of the day, on the back of robust Q2 results


The stock had spurted ahead of the results announcement. From a low of Rs
597.35 on 19 October 2005, the stock rose 7% in two trading sessions to Rs
639.45 on Friday 21 October 2005.

Elecon Engineering’s net profit has jumped 418% to Rs 5.75 crore in Q2
September 2005 from Rs 1.46 crore in Q2 September 2004. Top line growth has
led bottom line growth. Net sales have risen 43.3% to Rs 94.67 crore (Rs
66.06 crore).

Elecon Engineering is into the manufacture of bulk material handling
equipment and industrial gears. It is one of the largest industrial gear box
manufacturers in the country, with the widest range of products.

On the material handling front, the company's product range includes design,
engineering manufacture, supply, erection and commissioning of conveying
equipments, wagon tipplers & dust trapping equipment, reduction gears &
geared motors, wagon marshalling equipment, EOT cranes & goliath cranes and
specialised conveying equipment, stacker reclaimers, blender reclaimers,
rotary disc loaders etc.

Tata Coffee jumped 11.3% to Rs 332.50 after the company reported a surge in Q2 September 2005 net profit


The strong Q2 results of Tata Coffee triggered expectation of strong Q2
results from CCL Products, which rose 4.3% to Rs 407.95. 2,204 shares
changed hands in the counter on BSE.

Tata Coffee’s net profit jumped 135.5% in Q2 September 2005 to Rs 6.62 crore
from Rs 2.54 crore in Q2 September 2004. Net sales rose 4.1% to Rs 52.83
crore (Rs 50.71 crore).

A leading exporter of coffee, Tata Coffee has targeted to reach the number
two position in the branded packaged filter coffee business through its
brand Mr Bean. This is to be done by significantly increasing its present
market share of 5% and inching closer to Brooke Bond's Bru Coffee, which
holds 29% of the current market share. Tata Coffee recently launched Tata Mr
Bean Coffee Junction (Coffee Junction), an outlet which blends retailing,
vending, and roasting and grounding of coffee under one roof, in Chennai.
The company hopes to open another 10 outlets in the city by 2005.

Tata Coffee is the largest integrated coffee company in Asia with a
production of 10 million kg of coffee from 7,000 hectares spread over 26
estates across Chickmagalur, Coorg, and Hassan in Karnataka.

Sunday, October 23, 2005

Early volatility on bourses; Ranbaxy loses further ground


After opening on a firm note, the Sensex soon lost ground and it slipped
into the red. Ranbaxy Laboratories dropped for the second day in a row after
the company reported a sharp fall in Q3 September 2005 net profit. Select
stocks edged higher on the back of strong Q2 results. Stocks like Ashok
Leyland, Shoppers Stop, and Jyoti Structures edged higher on the back of
strong Q2 results. UltraTech Cement dropped after it reported Q2 September
2005 results.

Auto shares firmed up. Gujarat Ambuja Cements (GACL) surged.

Market breadth was positive. 951 stocks advanced on BSE as compared to 636
stocks that declined. 38 scrips were unchanged. Gainers outpaced losers by a
ratio of 1.4:1.

At 10:19 IST, the Sensex was down 13 points to 8,055. The barometer index
moved 93.13 points in early trade, between a low of 8,033.14 and a high of
8,126.27.

Ranbaxy lost 3% to Rs 377. Ranbaxy’s net profit plunged 91% in Q3 September
2005 to Rs 18.40 crore (Rs 200 crore). Its revenue fell 3% to Rs 1304 crore.

Dr Reddy’s Laboratories shed 1.2% to Rs 829.

Housing finance major HDFC dropped for the second day in a row. The stock
shed 1.1% to Rs 914.

GACL rose nearly 3% to Rs 70.70. 1.6 lakh shares changed hands in the
counter on BSE.

Ashok Leyland jumped nearly 5% to Rs 28.50 boosted by strong Q2 September
2005 results. Ashok Leyland’s net profit jumped 74% in Q2 September 2005 to
Rs 75.01 crore (Rs 43.06 crore). Net sales rose 36.6% to Rs 1,250.09 crore
(Rs 914.76 crore).

Bajaj Auto advanced nearly 2% to Rs 1,774, car major Maruti Udyog gained
1.4% to Rs 565.70, and Tata Motors gained 0.78% to Rs 516.60.

Satyam Computer Services advanced for the third day in row on the back of
robust Q2 results and an upward revision in FY 2006 earnings and revenue
guidance. The stock gained 1.6% to Rs 603.70.

Index heavyweight Reliance Industries lost 0.7% to Rs 765. 4.3 lakh shares
changed hands in the counter on BSE.

source:capitalmarket

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