Friday, September 16, 2005

Market holds firm; ONGC at all time high


The market held firm in mid-afternoon trade on the back of gains in index
heavyweights like ONGC, Bharti Tele-Ventures (BTL), and ICICI Bank. Reliance
Industries recovered from the lower level. SREI Infrastructure Finance
leaped up on huge volumes. Profit taking pulled down stocks like HDFC Bank,
ITC and State Bank of India. Stocks like Hindustan Lever, Tisco, Bhel pared
gains. CRISIL and Sesa Goa surged in mid-afternoon trade.

Though the market breadth was strong, it weakened in mid-afternoon trade
when compared to early afternoon trade. The advance decline ratio on BSE was
1.3:1 compared to 1.7:1 in early afternoon trade.

At 14:35 IST, the Sensex was up 57 points at 8,341. The S&P CNX Nifty was up
18.15 points or 0.7% to 2,542.10.

The net foreign fund investment has exceeded $ 8 billion this year, compared
with $ 8.5 billion for all of 2004, and it is expected that concerns about
the strength of the US economy in the aftermath of Hurricane Katrina may see
more flows being diverted to emerging markets, including India.

BTL jumped 3.7% to an all time high of Rs 361.50. 5.5 lakh shares changed
hands in the counter on BSE. The stock has risen sharply in the past few
days boosted by robust cellular subscriptions in August 2005.

HDFC gained 3.9% to a lifetime high of Rs 1,040. 1.1 lakh shares changed
hands in the counter on BSE.

ICICI Bank gained 2.2% to Rs 543. 1.6 lakh shares changed hands in the
counter on BSE.

High global crude oil prices triggered renewed buying in ONGC. The stock was
up 2.5% to Rs 1,025. The stock hit a high of Rs 1,034 which is an all time
high.

NTPC gained 2.3% to Rs 104.65. 15.7 lakh shares changed hands in the counter
on BSE.

L&T gained 2% to Rs 1,347 as strong order flows and healthy order bookings
triggered renewed buying in the counter.

SREI Infrastructure Finance jumped 8.9% to Rs 79.30. 36.5 lakh shares
changed hands in the counter on BSE.

IPCL rose 3.4% to Rs 220.60. 28.6 lakh shares changed hands in the counter
on BSE.

Minda Industries jumped 10% to Rs 266.70.

source: capitalmarket

Market firms up further; Bharti Tele-Ventures, HDFC scale all time highs


The market held firm in early afternoon trade. State Bank of India recovered
from lower level. Bharti Tele-Ventures (BTL) and HDFC firmed up further, and
both these stocks scaled all time highs.

Ranbaxy edged higher after the company said it had received final approval
from the US Food and Drug Administration to market gabapentin tablets

High global crude oil prices triggered renewed buying in ONGC. Buying was
also witnessed in Bhel, and Tisco.

Auto pivotals like Maruti Udyog and Tata Motors inched ahead on expectations
of pick up in festive demand following a good monsoon in July – a crucial
month of sowing.

The market breadth was positive though it weakened when compared to early
trade when the breadth was much stronger with more than two gainers for
every loser. There were 1,599 gainers on BSE as compared to 946 losers. 53
scrips were unchanged.

Stock specific activity was robust with select stocks surging. SPIC spurted
20% to Rs 36.80. The stock rose on high volume of 20.7 lakh shares.

At 12:26 IST, Sensex was up 42 points at 8,326 – close to the day’s high of
8,328.95. The S&P CNX Nifty was up 12.55 points or 0.5% to 2,536.50

HDFC gained 2.4% to a lifetime high of Rs 1,025. 39,803 shares changed hands
in the counter on BSE.

BTL gained 2.2% to an all time high of Rs 350.65. The stock has risen
sharply in the past few days boosted by robust cellular subscriptions in
August 2005.

L&T gained 2% to Rs 1,349 as strong order flow and healthy order booking
triggered renewed buying in the counter.

Ranbaxy gained 1.4% to Rs 530.50.

ONGC gained 1.3% to Rs 1,013.

Bharati Shipyard gained 5.4% to Rs 335. 79,716 shares changed hands in the
counter on BSE.

McDowell jumped 7% to Rs 461. 8.6 lakh shares changed hands in the counter
on BSE.

IDBI surged 4.6% to Rs 121. The stock rose on high volume of 23.9 lakh
shares on BSE.

Paper major Ballarpur Industries rose 3.3% to Rs 132. The company had
earlier said that it would raise paper prices in October 2005. 4.2 lakh
shares changed hands in the counter on BSE

It has been observed that sets of stocks are surging every day (it is not
that specified sets of stocks rise every day). This has been the trend for a
while now.

Hike in FII limit sets NIIT Technologies racing to new record high


NIIT Technologies gained 4.25% to Rs 195.4 on volumes of 1.80 lakh shares.

The counter hit a new 52-week high of Rs 198.7 in early trades. Yesterday,
the stock gained 4.5% to close at Rs 187.45 on volumes of 3.07 lakh shares
following RBI's move allowing FIIs to buy up to 49% stake in the stock.

The stock spurted sharply since mid-August 2005. From a low of Rs 149.65 on
16 August 2005, the stock rose nearly 25% in a short while to Rs 187.45
yesterday.

FIIs, as on 30 June 2005, hold 17.81% or 68.84 lakh shares of the company.
The promoters hold 39.89% stake and the public holds 16.77% stake . The
lastest paid up equity capital of the company is Rs 38.65 crore.

With strong expansion plans and a robust order book position, NIIT
Technologies expects 7-8% sequential growth in revenues in the coming
quarter, Q2 September 2005.

But NIIT Technologies' financial performance proved weak for Q1 June 2005.
On a sequential basis, the consolidated net profit declined 17% to Rs 14
crore from Rs 16.90 crore in Q4 March 2005. Sales were flat at Rs 136.50
crore (Rs 137.10 crore in Q4 March 2005).

In software services, NIIT Technologies is focusing on three industry
verticals, financial services, transportation, and retail. The other areas
are the enterprise solutions space, mainly on package implementation around
SAP, and another niche product, which is in the GIS space.

In the BPO business, NIIT Technologies has been concentrating on the same
industry verticals as in the IT solutions business. So far BPO activities
have been mainly around insurance and collections.

Rajesh Exports is currently up 4.1% to Rs 159.1 on volumes of 41,378 shares


The day's range for the counter so far was Rs 154.10 and Rs 160.

The stock has seen decent appreciation, from Rs 135.69 on 25 August 2005 to
Rs 156.90 on 9 September 2005.

Rajesh Exports was propelled higher today after the company announced that
it had secured an order worth Rs 124 crore for the supply of 22-carat
designer jewellery from Gold Star Jewellery.

The order is to be executed by the company's manufacturing facility at
Bangalore. The company claims its Bangalore facility is the world's largest
jewellery manufacturing facility, and is spread over 12 acres of land with a
built up area of 5,00,000 square feet. The manufacturing facility has an
installed capacity to process 250 tonnes of jewellery per annum.

In April 2005, Rajesh Exports was the recipient of a Rs 126-crore export
order from Lazorde Jewellery of Kuwait, for export of 22 carat designer
jewellery. This order was to be executed over a period of four months.

Rajesh Exports is a leading gold jewellery exporter. The company has also
ventured into the diamond jewellery segment. It has begun R&D operations for
the design and production of branded diamond jewellery, with an initial
investment of Rs 4 crore.

For the quarter ended June 2005, the company reported 131% leap in net
profit to Rs 16.86 crore (Rs 7.30 crore). Net sales moved up 10% to Rs
1,172.32 crore (Rs 1,065.11 crore).

Pantaloon Retail lost 1.5% to Rs 1,975 after the company denied media reports that it is in talks with a large industrial house for a strategic tie-up.


The stock pared gains on Thursday following the company’s denial, which hit
the market in late trading on that day.

The stock had moved higher during the period late August 2005-early
September 2005, partly due to rumours that it may tie-up with the Anil
Ambani Group and partly because of its planned foray into the footwear
retailing segment.

From a low of Rs 1,558.15 on 31 August 2005, the stock marched up to Rs
1,998.30 in a short while.

Earlier, the stock had witnessed a sell-off after the company announced
plans, on 25 August 2005, to come out with a rights issue. From Rs 1,751.80
on 24 August 2005, the stock slipped to a low of Rs 1,558.15 by 31 August
2005. The company announced its rights issue plans during trading hours on
25 August 2005.

Early this month, Pantaloon formed a joint venture with Liberty Shoes for
footwear retailing. Pantaloon Retail will hold a majority 51% stake in the
new joint venture retailing firm and Liberty Shoes will have a 49% stake.
Pantaloon will infuse Rs 12.75 crore for a 51% stake and Liberty will put in
Rs 12.25 crore for a 49% stake.

Pantaloon’s focus is on value-for-money retailing products.

Pantaloon’s board has approved a rights issue of one equity share for every
five equity shares held at a price of Rs 500 per share (including a premium
of Rs 490 per share) aggregating Rs 224.06 crore. The price (Rs 500) of the
rights issue comes at a solid discount to the ruling market price.

New venture initiative makes Provogue a model of gains


Provogue is currently up 2.3% to Rs 200.5 on volumes of 54,592 shares,
extending yesterday’s buying support.

The day's range so far was Rs 199 and Rs 204.80.

The scrip has been on a sustained fall since 11 August 2005, when it closed
at Rs 241.60. By 29 August 2005, it had hit a low of Rs 176.65 following
news of its directors arrest in a narcotics case.

But it recovered from the lower level after his release on bail (on 6
September 2005).

Yesterday, Provogue jumped 4.55% to Rs 195.50 after the company yesterday
said that it is planning to foray into the business of providing mall
management services. The company may also invest in the upcoming mall
properties as and when the opportunity arises on case to case basis.

Provogue operates in two core segments: designing and manufacturing, and
selling of branded ready-made garments and accessories under the brand,
Provogue, which has been positioned as a fashion label in the Indian
domestic market. Provogue derives half of its sales and profits from branded
retailing.

Provogue came out with an IPO in mid June 2005 to finance the expansion of
the company's retail stores and its garment manufacturing and design
capabilities.

For the latest quarter ended 30 June 2005, Provogue earned a net profit of
Rs 2.08 crore on net sales of Rs 30.48 crore. The company earned a net
profit of Rs 7.21 crore on sales of Rs 115.02 crore in FY 2005 (year ended
31 March 2005).

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