Friday, September 30, 2005

Sensex ends lower

The Sensex proved flat after a choppy session of trading following the
expiry of derivative contracts (on Thursday) for the month of September
2005. Taking cues from the Dow Jones industrial average (which jumped 80
points higher to 10,553) and the Nasdaq composite index ( which rose 26
points to 2,142) overnight, the BSE Sensex started off on a positive note.

Inflows from FIIs and mutual funds are coming in at a sustained pace. This
has kept the liquidity strong in the markets.

The Sensex commenced 23 points higher at 8672.66 points, and moved up to
touch an early high of 8683.57 points.

However, in the afternoon, the Sensex struck a low of 8527.38 points on
heavy selling pressure in heavyweight counters.

The BSE Sensex then ended at 8634.48 points, down 15.69 points or 0.20% from
its previous close.

The NSE Nifty ended lower by 9.8 points to 2601.40 points.

The Sensex swung in a wide range of 155 points today, indicating much
volatility throughout.

Total turnover amounted to Rs 3,653 crore.

The advance-decline ratio recovered during late afternoon, but still
finished at a weak 1:5. 424 stocks made headway, while 2101 stocks slipped.
26 stocks were unchanged.

The BSE Midcap and the BSE Small cap indices staged some sort of recovery in
the day, in line with broader indices. At end, the BSE Midcap index moved a
tad lower, by 0.3% and the BSE Small cap index declined 1.6%. Both this
indices were sharply lower late afternoon following intense selling

The BSE Oil and Gas Index was down by 1.4% and the BSE FMCG index was down
by 1.11%. The BSE IT Index was up by 0.2% and the BSE Tech index was up by
0.06% probably because the Nasdaq ended strong overnight.

Among Sensex stocks, 16 stocks ended higher while 14 lower.

Reliance Energy was the biggest gainer in the Sensex, up 3.5% to Rs 580.80
on volumes of 1.85 lakh shares.

Tata Power followed with a gain of 2.6% to Rs 479.20 on volumes of 2.37 lakh

Dr Reddy’s ended firm by 1.72% to Rs 852.55. It announced tie-up with
Denmark-based Rheoscience A/S for joint development and commercialisation of
Balaglitazone. 1.84 lakh shares changed hands.

Tata Steel added 1.1% to Rs 423.20 after it announced plans to set up
2.4-million-tonne steel plant in Bangladesh. 22.76 lakh shares changed hands
in the day's trading session.

Saytam Computer gained 1.18% to Rs 558.058 after the company said its
subsidiary Nipuna Services which specialises in back-office work expects an
80% surge in revenue for the year 2005-2006.

Reliance Industries was the biggest loser in the Sensex, down by 1.9% to Rs
792.95. 29.45 lakh shares changed hands.

MTNL followed with a loss of 1.8% to Rs 127.15 with volumes of 2.99 lakh

HPCL declined by 1.68% to Rs 314 on volumes of 39146 shares

ONGC shed 1.2% to Rs 1060. The counter saw volumes of 2.60 lakh shares.

Reliance Capital topped the turnover charts, with a turnover of Rs 281.69
crore, followed by Reliance Industries with Rs 233.75 crore and ICICI Bank
with Rs 197.75 crore.

Counters like Bharat Electronics, Lakshmi Cotspyn, Veejay Lakshmi
Engineering, Rasoi, Geojit Financial, Indraprashtha Gas, Kanchan
International, Sterlite Industries, Thermax, Gmm Pfaudler, Gogia Capital,
TIL and Videocon International, all flared up in a range of 20% to 5% each.

Raj Tube, KIC Metallics, Ansal Buildwell, FCS Software, Priya ltd, IT
Microsyestems, Modern Dairies, Waterbase and Morgan Ventures all declined in
a range of 20% to 10% each.

Stocks like SBI Home Finance, Minal Engineering, Diamond Cables all slumped
5% each while IFSL plunged 10% after the market regulator banned the
promoters of such companies from entering the capital markets.

Color Chips announced yesterday that it has bagged a $2.5 million animation
deal from the US-based BKN International. However the stock was down 5% to
Rs 19.05.

Essar Oil declined 1.4% to Rs 38.70 after reports that its 100% power
subsidiary company, Vadinar Power Company (VPCL), is setting up a 77 MW
power plant in Jamnagar district.

Havells India flared 3.75% to Rs 356.90 after the company’s plans to merge
its 100% subsidary Crabtree with itself. After the merger, the company
expects 10% addition to its topline.

Mount Everest jumped 5% to Rs 73.75 ahead of its board meet to consider
raising funds, including preferential issue.

Bharat Forge jumped 5% to Rs 352 on renewed buying interest after the
company last week announced a major Swedish acquisition.

Mphasis BFL rose 2.73% to Rs 250 after the company’s shareholders gave nod
for the 1:1 bonus issue.

Radico Khaitan gained 1.5% to Rs 715 after it acquired Brihans brands for Rs
35 crore. It hit a high of Rs 728 earlier.

Amtek India was firm by 0.9% to Rs 92.50 ahead of its board meet today to
consider ADR/GDR/ FCCB issue.

KEC International ended higher by 0.5% to Rs 247.20 after the company
announced bagging a Rs 82 crore order from Power Grid Corporation of India.

Reliance Capital (RCL) received the Insurance Regulatory and Development
Authority's (IRDA) final approval for the takeover of AMP Sanmar Life
Insurance Company. However, the stock lost 5.25% to Rs 387.10.

Bharati Shipyard secured a contract worth $66 million from the
Netherlands-based MK Shipping BV for supply of 6 multipurpose carrier
vessels. The stock, however slipped 3% at Rs 348.

Britannia Industries slipped 3.73% to Rs 1275 after the company denied
reports that it is considering acquisition of a company. Yesterday, the
stock surged 8.5% on such rumours.

Surya Pharmaceutical lost 3.34% to Rs 138.95. The company announced
completion of its FCCB issue today.

McDowell and Company ended down by 1.9% to Rs 488.45. The company is
considering to offer various instruments like debentures/bonds/securities
linked to equity shares including but not limited to global depository
receipts (GDRs) and/or foreign currency convertible bonds and/or bonds with
share warrants to raise $250 million.

NTPC ended down by 1.3% to Rs 105.85 after a consortium led by the company
bagged an oil and gas exploration block in Arunachal Pradesh for extracting
oil from the block and selling it in the spot markets.

Gati ended lower by 3.4% to Rs 228. The company, providing logistics
solutions, is planning to invest Rs 50 crore next year in building
intelligent warehouses and setting up an overseas subsidiary.

HDFC Bank completed acquisition of HDFC Securities for Rs 20 crore. The
counter ended lower by 0.16% to Rs 690.90.

SPIC lost 3.2$% to Rs 32. It said that ONGC will begin due diligence for the
company soon.


KEC International gains on new order win

KEC International gained 1.2% to Rs 249.10 after the company announced
bagging a Rs 82 crore order from Power Grid Corporation of India.

79,870 shares changed hands in the counter on BSE by mid-morning trade.

KEC was one of the few gainers in the small-cap/mid-cap segment today. For
the second day in a row a host of small-cap, mid-cap and penny stocks lost

The KCC scrip declined 0.5% on Thursday (29 September 2005) to Rs 245.95. In
the preceding trading session on 28 September, the stock jumped 3.8% to Rs
247.30 after the company announced the bagging of a Rs 100-crore overseas

Earlier, the stock retreated during late August 2005 to late September 2005.
From a multi-year high of Rs 274.05 on 31 August 2005, the stock witnessed a
sustained fall to hit a low of Rs 221.10 on 23 September 2005.

On 28 September, KEC announced bagging a Rs 102-crore order from Algerian
power transmission company GRTE spa.

KEC has a healthy order book position of Rs 2,400 crore. The order size is
nearly two times its annual sales of Rs 1,230.30 crore (in FY 2005).

KEC figures among the largest power transmission, engineering, procurement
and construction companies in Asia, and has a presence in more than fifteen
countries. In the domestic market, the company is executing orders for
Powergrid, Powerlinks Transmission, WBSEB, and JKSPDC among others.

Surya Pharmaceutical gained 2.2% to Rs 147 after the company completed its FCCB issue.

3,282 shares changed hands in the counter on BSE

Ahead of the announcement, the stock lost 3.7% on Thursday (29 September
2005) to Rs 143.75 on BSE. Earlier, the stock had bounced back from lower
level. This followed a sharp fall on 22 September 2005 – the day when the
Sensex tanked 265 points.

Surya Pharmaceutical on Thursday said the board has allotted the entire
12,000 FCCBs (including greenshoe option of 2,000 FCCBs) at $ 1,000. Each
FCCB is convertible into equity shares at a price of Rs 170 per share.

Surya Pharmaceutical produces semi synthetic penicillin based products,
first generation cephalosporins, anti histamines, drug intermediaries and
formulations. The company is predominantly a bulk drug or Active
Pharmaceutical Ingredient (API) manufacturer. Currently, Surya is focussed
on the manufacture of tablets and capsules for Pencilling G based products,
where it has strong presence in the API segment.

The company has set up a new facility for manufacture of a new third
generation cephalosporin and the commercial production is expected to
commence shortly. According to the company this new expansion would further
improve profitability of the company.

Surya Pharmaceutical reported a 177% growth in Q1 June 2005 net profit to Rs
5.07 crore (Rs 1.83 crore). Net sales rose 46% to Rs 58.85 crore (Rs 40.20

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