Archive for February, 2008
Facing strong selling pressure @ 3.00pm - KRC Market Update
Facing strong selling
pressure @ 3.00pm
The key benchmark indices pared gains in mid-afternoon trade as European markets
which opened after Indian market, drifted lower in early trade. Reliance
Industries edged higher. IT stocks were weak. Reliance Energy declined. Grasim
Industries and Infosys were major losers from Sensex pack.
The BSE Sensex is trading at 18052 (up 63 points) while the NSE Nifty was
trading at 5275 (up 28 points). The rupee was trading at 39.19 to the dollar.
BSE Indices: Most of the key indices were
trading positive like the Realty (+1.09%), Power (+2.59%), Consumer Goods
(+3.24%), Consumer Durables (+0.75%), and Metal (+1.47%) indices. The Midcap and
Smallcap were trading positive at (+1.38%) and (+1.22%).
Sensex/Nifty: M&M (+4.74%), L&T (+3.24%),
BHEL (+4.12%), Ranbaxy (+3.54%), and HDFC (+4.16%) were amongst the top gainers
while Grasim (-2.98%), TCS (-1.25%), Infosys (-1.55%), and Nalco (-3.08%) were
amongst the top losers.
Shasun Chemicals soars on deal with US firm
Shasun Chemicals & Drugs soared 12.04% after it signed a non-exclusive deal with
Merck & Co to allow the US firm the use of its proprietary technology to make
bulk drugs. The current price of Rs 63.30 discounts its Q3 December 2007
annualized EPS of Rs 4.86, by a PE multiple of 13.03. Shasun Chemicals & Drugs’
net profit declined 41.5% to Rs 5.86 crore on 25.5% growth in net sales in Q3
December 2007 over Q3 December 2006.
For stock prices and recommendations, Krc
research report, India share market updates and more earning ideas log on to
www.krchoksey.com. K R Choksey is
the top share broker and stock broking firm in Mumbai and India.
KRC Stock Market Update: Paring Gains @ 1.00 pm
Paring Gains @ 1.00 pm
The key benchmark indices pared gains in early afternoon trade after strong opening triggered by firm Asian markets. Capital goods and metal stocks pared gains in early afternoon trade. IT stocks were weak. Healthcare stocks edged higher. Mahindra & Mahindra surged in early afternoon trade. Power stocks were in demand. The market breadth was strong.
The BSE Sensex is trading at 18032 (up 226 points) while the NSE Nifty was trading at 5330 (up 60 points). The rupee was trading at 39.91 to the dollar.
BSE Indices: Most of the key indices were trading positive like the Realty (+1.09%), Power (+2.59%), Consumer Goods (+3.24%), Consumer Durables (+0.75%), and Metal (+1.47%) indices. The Midcap and Smallcap were trading positive at (+1.38%) and (+1.22%).
Sensex/Nifty: M&M (+6.32%), L&T (+3.24%), BHEL (+2.41%), Ranbaxy (+2.37%), and HDFC (+3.99%) were amongst the top gainers while Grasim (-1.37%), Zee Entertainment (-1.25%), Infosys (-1.55%), and Ambuja Cements (-0.89%) were amongst the top losers.
Capital goods stocks see pre-budget rally
Some of the key expectation for capital goods sector from the Union Budget 2008-09 include reduction in exises duty on power equipments. Currently the duty is 16%. ix stocks from the capital goods sector rose between 3.11% to 4.34% on expectation that the government will lay thrust to infrastructure sector in Union Budget 2008-09 to be announced on Friday, 29 February 2008.. Reduction in custom duty on project imports is also expected so as to provide a boost to infrastructure investments. Currently the maximum duty is at 10%. The government may also likely to provide subsidy on shipbuilding. The previous subsidy of 30% had expired on August 2007.
Ispat Industries preferred on preferential issue to promoters
Ispat Industries jumped 3.73% after the company’s board approved issuing preferential warrants to promoters. The mid-cap steel maker has an equity capital of Rs 1222.44 crore. Face value per share is Rs 10. The company will hold an extraordinary general meeting on 29 March 2008 for obtaining shareholders’ approval for the proposed issue of preferential warrants to eligible promoters.
For stock prices and recommendations, Krc research report, share market updates and more earning ideas log on to www.krchoksey.com. K R Choksey is the top share broker and stock broking firm in Mumbai and India.
Vesuvius India Target Price 320- Angel Broking
Vesuvius delivered yoy Top-line growth of 16% for 4QCY2007 to Rs90cr. For CY2007, Vesuvius India Topline grew 18% yoy to Rs319cr. For 4QCY2007, Vesuvius clocked a substantial 253% increase in Net Profit to Rs9.9cr (Rs2.8cr). In 4QCY2006, Vesuvius India had extraordinary expenses to the tune of Rs6cr. At the CMP, Vesuvius India stock is trading at 9x CY2009 EPS. We maintain a Buy on the stock.
Click here to download the complete Angel Broking Report of Vesuvius India.
For more stock tips, information and online share trading help in Mumbai and India Log on to www.angeltrade.com or kindly contact sales@angeltrade.com / 022 – 40003630
KRC Market Update 10.30 AM 27 Feb 2008
Extending gains 10.30a.m.
The key benchmark indices surged in opening trade on the back of advances in Asian markets. Power and capital goods stocks were in demand. Bharat Heavy Electricals was the top gainer from the Sensex pack. The market breadth was extremely strong. All 30 stocks from the Sensex pack were in the green. The major thrust was positive reactions to the Railway Budget 2008. The next strong trigger for the market is the Union Budget 2008-09. With general elections due in 2009, Union Budget 2008-09 to be presented on 29 February 2008 will be the last full-fledged budget of the Congress-led United Progressive Alliance government and it is therefore likely to be a populist budget. Thus, the Finance Minister (FM) is likely to provide higher allocations to several social initiatives like rural upliftment, employment, education, agricultural growth and public health.
The BSE Sensex is trading at 18087 (up 281 points) while the NSE Nifty is trading at 5355 (up 85 points). The rupee is trading at 39.91 to the dollar.
BSE Indices: All of the key indices were trading positive like the Consumer Goods (+3.00%), Power (+2.94%), PSU (+2.26%), Realty (+1.9%), Metal (+1.86%), and Bankex (+1.74%) indices. The Midcap and Smallcap were trading positive at (+1.53%) and (+1.66%).
Sensex/Nifty: BHEL (+4.02%), Hindalco (+3.55%) L&T (+3.43%), HDFC (+3.22%), and ICICI Bank (+2.42%) were amongst the top gainers while Bajaj Auto (-0.84%), Infosys (-0.74%), Cipla (-0.30%), and Satyam (-0.18%) were amongst the top losers.
Inclusion in Nifty electrifies Power Grid Corporation
Power Grid Corporation of India spurted after the National Stock Exchange announced inclussion of the stock in the S&P CNX Nifty index from 14 March 2008 in place of Bajaj Auto. The state-run power transmission firm has an equity capital of Rs 4208.84 crore. Face value per share is Rs 10. The net profit of Power Grid Corporation of India rose 13.9% to Rs 384.28 crore on 17.6% rise in sales to Rs 1085.77 crore in Q3 December 2007 over Q3 December 2006. Power Grid Corporation of India owns and operates most of India’s interstate and inter-regional electric power transmission system.
Anant Raj Industries builds on nod for IT SEZ.
Anant Raj Industries rose 0.93%, after it got approval from the Ministry of Commerce, Government of India for developing an information technology special economic zone in 25 acres at Rai, Haryana The current price of Rs 326.40 discounts its Q3 December 2007 annualized EPS of Rs 17.64, by a PE multiple of 18.50. Anant Raj Industries’ net profit rose 186.6% to Rs 121.27 crore on 151.6% growth in net sales to Rs 182.75 crore on Q3 December 2007 over Q3 December 2006. The company constructs and invests in residential buildings, commercial complex and hospitality sector. It also manufactures and supplies plain and printed floor and wall tiles in various sizes.
What’s in F&O?
FII Investment:
EQ (+738.50Cr.)
Open Interest (OI) positions:
Market wide: up Rs. 1966 Cr at Rs 81211 Cr.
Index : up Rs. 1345 Cr at Rs. 43154
Stock : up Rs. 621 Cr at Rs. 38057
Nifty: +1.33 %
PCR (Nifty) 1.01(1.00)
Active Contracts - Nifty, Nifty March, REL, Ril, RNRL, RelCapital, Ril March
Top Gainers - NALCO, Cairn, Suzlon, HCL Tech, BHEL, REL, Sterlite Ind , BPCL, Grasim
Top Losers - Zee Ent, Bharti Airtel, SBI, CIPLA, HDFC, TCS, ITC, ACL, Tata Motors
Active Calls – 5200, 5300, 5400, 5500 March, 5100, 5500, 5400 March, 5250, 5600March, 5000
Active Puts - 5200, 5100, 5300, 5000, 4700March, 5000 March, 4800 March, 4900, 4600
|
Symbol |
% OI Chg |
|
Sugar |
4.07 |
|
Power |
3.27 |
|
Finance |
2.92 |
|
Others |
2.47 |
|
Media |
2.35 |
|
Index |
1.9 |
|
Textile |
1.23 |
|
Pharma |
0.78 |
|
Banking |
0.66 |
|
FMCG |
0.54 |
|
Telecom |
0.26 |
|
Metals |
-0.21 |
|
Technology |
-0.51 |
|
Capital Goods |
-0.56 |
|
Automobile |
-0.57 |
|
Fertilisers |
-0.66 |
|
Infrastructure |
-0.7 |
|
Hotels |
-0.99 |
|
Realty |
-1.22 |
|
Oil & Gas |
-1.31 |
|
Cement |
-1.91 |
|
Transport |
-2.65 |
|
OI Gainers |
|
OI Losers |
||||
|
SECTOR |
% OI Chg |
% Change in CM |
|
Symbol |
% OI Chg |
% Change in CM |
|
SHREECEM |
73.05 |
0.55% |
|
ROLTA |
-21.78 |
1.78% |
|
INDIANB |
18.75 |
-1.91% |
|
NFTYMCAP50 |
-17.27 |
0.00% |
|
RAJESHEXPO |
18.56 |
2.16% |
|
CUMMINSIND |
-11.62 |
2.71% |
|
TECHM |
17.34 |
0.48% |
|
BANKINDIA |
-11.49 |
4.86% |
|
SIEMENS |
14.09 |
0.85% |
|
GDL |
-9.34 |
5.94% |
|
SUZLON |
13.79 |
5.97% |
|
OMAXE |
-7.5 |
2.67% |
|
MATRIXLABS |
12.96 |
1.14% |
|
NICOLASPIR |
-7.37 |
0.92% |
|
symbol |
Rollover % |
|
ULTRACEMCO |
88.11 |
|
SKUMARSYNF |
85.43 |
|
BHARATFORG |
84.18 |
|
ABAN |
81.89 |
|
HINDALCO |
81.53 |
|
SUNPHARMA |
81.15 |
|
GTL |
81.15 |
|
INDIACEM |
78.27 |
Pre Opening 9.30a.m.
Key Indices:
Firm overnight close in the U.S. market and expectations of a people-friendly Railway Budget helped key share indices rise nearly 1%. In the mid session, indices were off highs, tracking the mixed trend in other Asian counterparts.
|
Indices |
Close |
Support |
Trigger |
Resistance |
Advance Decline% |
Direction |
|
Sensex |
17806 |
17703-17600 |
17782 |
17885-17963 |
48:52 |
volatile |
|
Nifty |
5270 |
5220-5170 |
5251 |
5301-5331 |
62:38 |
volatile |
|
Nifty (March) Future |
5232 |
5195-5157 |
5229 |
5266-5300 |
73:27 |
volatile |
Outlook:
- Markets are likely to be volatile
- Medium term accumulation and long term remains positive.
Key Indicators:
|
FII- Equity Rs Cr for 26th Feb |
Mutual Fund. Rs Cr for 25th Feb |
Crude Oil $ |
Rupee/$ |
Advance Decline Ratio |
US Markets |
Asian Markets |
|
738.50 |
(140.50) |
101.13 |
39.91 |
3:2 |
Up |
Up |
Market News:
- Pfizer launches smoking cessation drug Champix in India
- Maruti Suzuki likely to launch Swift sedan Mar third wk
- Rail Budget FY08 freight target raised by 5 mn tn to 790 mn tn
- Rail Budget 200 mn tn tariff seen from cement in 2011-12
- Rail Budget FY09 target 20,000 wagons to be made, highest ever
- Bharti Airtel consortium’s 10,000km optic cable to link Asia, US
- BHEL gets Rs 10.75 bn order for 350 MW Gujarat project
|
Sensex |
Positive |
|
Nifty |
Positive |
|
Mid Cap |
Positive |
|
Small Cap |
Positive |
|
Auto |
Positive |
|
Banking |
Positive |
|
Capital Goods |
Positive |
|
FMCG |
Positive |
|
Healthcare |
Positive |
|
I.T |
Positive |
|
Metals |
Positive |
|
Oil & Gas |
Positive |
|
PSU |
Positive |
|
Reality |
Positive |
For stock prices and recommendations, Krc research report, share market updates and more earning ideas log on to www.krchoksey.com. K R Choksey is the top share broker and stock broking firm in Mumbai and India.
Development Credit Bank (DCB) Ltd Research Report
Development Credit Bank (DCB) Ltd
Update: Q3FY08 Results
Key Data
CMP Rs 115
Date February 26th 2008
Sector Banking
Face Value Rs.10
BSE Code 532772
52 Week H/L Rs 162/ 53
Market Cap Rs 2004 Cr
Investment Rationale
Results of the bank were ahead of the market estimates, net profit of the bank showed whopping growth of 828 percent during the quarter to Rs25.7 crore. For the first nine months of current fiscal, net profit showed a growth of 491 percent growth to Rs45.9 crore. The main drivers of the profit were strong loan growth, higher fee income, increased income from treasury and also write back of investment depreciation provisions. Asset quality of the bank also improved, Gross NPAs declined from 12.7 percent in Q3FY07 to 3.9 percent in Q3FY08 and Net NPAs from 2.8 percent to 1.0 percent for the same period. Margins of the bank declined as the bank increased its advances towards priority sector which enjoy lower yields. At CMP of Rs115, the banks is trading at 43x TTM Dec’07 earnings and 3.1x TTM Dec’07 book value. After facing tough times until FY06, the bank has truly turned around. We believe the bank is at a very nascent stage of growth where Yes Bank and CBoP were two years ago. We believe the bank will command better valuations driven by improvement in the performance of the bank on the parameters like business growth, operational efficiency, margins, asset quality and ROE levels. Hence we maintain “STRONG BUY” recommendation on the stock.
Key Developments
Strong business growth
During the quarter, advances of the bank showed robust growth of 70 percent to Rs3650 crore and retail advances grew by 79 percent to Rs1799 crore, albeit on the lower base. Retail advances now comprises 49 percent of the total advances. Deposits also showed stronger growth of 44 percent to Rs5304 crore. Unsecured personal loans comprises of 45 percent of total retail advances, which bank is planning to reduce down to 40 percent by Mar’09 as chances of these assets turning bad are high.
Financial Performance
Net profit showed whopping growth of 828 percent in Q3FY08
In Q3FY08, net profit of the bank showed whopping growth of 828 percent to Rs25.7 crore on the back of stronger growth in loan book, higher fee income growth, increased income from treasury, decline in the cost/income ratio and write back of investments depreciation provisions. For 9MFY08, bank showed net profit growth of 490 percent to Rs45.9 crore.
Valuations
At CMP of Rs115, the banks is trading at 43x TTM Dec’07 earnings and 3.1x TTM Dec’07 book value. After facing tough times until FY06, the bank has truly turned around. We believe the bank is at a very nascent stage of growth where Yes Bank and CBoP were two years ago. We believe the bank will command better valuations driven by improvement in the performance of the bank on the parameters like business growth, operational efficiency, margins, asset quality and ROE levels. Hence we maintain “STRONG BUY” recommendation on the stock.
Click here for the complete K R Choksey research report on Development Credit Bank (DCB) Ltd or log on to http://www.krchoksey.com
Good Evening KRC - Post Market Analysis- 26th Feb 2008
Market Activity: Firm overnight close in the U.S. market and expectations of a people-friendly Railway Budget helped key share indices rise nearly 1%. However, gains were capped as most key Asian markets were off highs.
At 10.05AM, Sensex was at 17746.85, up 95.13 points or 0.5%. Nifty was at 5236.35, up 35.65 points or 0.7%. Reliance Energy rose over 3% after the company said it would mull a share buyback on Mar 5. The stock was the top Nifty gainer. Dr Reddy’s Laboratories and Cairn India gained nearly 3% each. Bharti Airtel and Satyam Computer Services, down around 1% each, were the worst hit on Nifty.
Click Here to read the complete report.
Kisan Ratilal Choksey Shares and Securities Pvt. Ltd. 1102,
Stock Exchange Tower, Dalal Street, Mumbai 400 001.
Phone : 91-22-56338050 Fax : 5633 8060
Members: BSE & NSE
www.krchoksey.com
Market Outlook Feb 26 2008
Market Outlook
|
Key Indices: Indices were up 0.4% amid choppy trade on firm overseas markets, but were off the 1% high touched at open on decline in bank shares. In the mid session, Short covering in the futures and options segment helped the market to recoup 1% loss suffered earlier in the session and register a gain. |
| Indices | Close | Support | Trigger | Resistance | Advance Decline% | Direction |
| Sensex | 17651 |
17301-16951 |
17488 |
17837-18024 |
83:17 |
volatile |
| Nifty |
5201 |
5100-4999 |
5156 |
5257-5313 |
87:13 |
volatile |
| Nifty (March) Future |
5178 |
5065-4953 |
5130 |
5242-5307 |
68:32 |
volatile |
Outlook:
Markets are likely to be volatile
Medium term accumulation and long term remains positive.
KEY Indicators:
|
FII- Equity Rs Cr for 25th Feb |
Mutual Fund. Rs Cr for 22nd Feb |
Crude Oil $ |
Rupee/$ |
Advance Decline Ratio |
US Markets |
Asian Markets |
|
(453.80) |
(163.60) |
99.30 |
40.05 |
4:1 |
Positive |
Positive |
Market News:
- L&T’s power equipment JV plant at Hazira to be completed in 24 mos
- Karnataka Power Corp’s long-term bank loans get ICRA’s LA
- HDFC to infuse Rs 39 bn to maintain stake at 23.2% in HDFC Bank
- L&T infra project development arm listing likely in 2009-10
|
Sensex |
Positive |
|
Nifty |
Positive |
|
Mid Cap |
Sideways |
|
Small Cap |
Sideways |
|
Auto |
Positive |
|
Banking |
Sideways |
|
Capital Goods |
Positive |
|
FMCG |
Positive |
|
Healthcare |
Positive |
|
I.T |
Positive |
|
Metals |
Positive |
|
Oil & Gas |
Positive |
|
PSU |
Positive |
|
Reality |
Positive |
Supreme Infrastructure India Ltd. (SIIL) Krc Research Report
|
||||||||||||||||
|
|
||||||||||||||||
|
Supreme Infrastructure India Ltd. (SIIL)
Initiating coverage
Key Data
Supreme Infrastructure India Ltd. (SIIL) is a medium sized construction company engaged in infrastructure projects of building roads, highways, rail over-bridges, fly-over, and tunnel-ways for various government, semi-government, private agencies and corporate houses. SIIL also operates wet mix, ready mix concrete (RMC), asphalt and crushing plants at various locations.
Investment Rationale
Strong order book position SIIL currently has a strong order-book position of Rs485.1 crore (5.94x FY07 sales) out of which the company has five orders in the contract segment and three orders under the RMC supply segment. Strong order book of the company ensures revenue visibility for the next 3-4 years.
Integrated Business Model SIIL has an integrated business model as it has four units of its own:
Through it’s above mentioned units the company manufactures the products for meeting in-house requirements and sale of concrete and asphalt to other parties. SIIL possesses and uses modern construction technology which is adapted to suit the requirements under different conditions in India. The company has engineers on its pay rolls having adequate experience in the line of construction. We believe integrated business units helps SIIL to have competitive advantages over others resulting in higher operating margins.
Robust financial performance SIIL has almost doubled its top-line in two years from Rs46.3 crores in FY05 to Rs81.7 crores in FY07, while net profit increased from Rs5.9 crores in FY05 to Rs12.7 crores with 275 bps improvement in margin to 12.7 percent. In addition, SIIL has also achieved Rs86.3 crores of sales in 1Q and 3Q FY08 which is more than FY07 revenues. Due to non-availability of 2Q FY08 results, we are unable to find 9M FY08 details of the company.
Therefore considering the infrastructure spend by the government, strong order book position and integrated business model, SIIL is well placed to post robust performance going forward.
Key Developments
Rs185 crore orders from Thane Municipal Corporation (TMC) SIIL has bagged two contracts from TMC totaling Rs185.22 crores. The company received Rs71.99 crore contracts in January 2008 for construction of RCC building at MMRDA, Tulshidham under BSUP. SIIL also bagged Rs113.23 crore orders in November 2007 for construction and strengthening of ‘nullas’ in Thane city which is a part of the integrated ‘nulla’ development project of the TMC. The contract will be executed in a period of 30 months.
Financial Performance
Sales increased 19 percent in 3Q FY08 compared to 1Q FY08 Sales for the company increased 19 percent to Rs46.9 crore in Dec’07 quarter compared to 1Q FY08. We believe the growth in top-line was due to increase in order book. Operating margin declined 297 bps in 3Q FY08 compared to 1Q FY08 due to increase in operating expenses. Net margin declined 131 bps in 3Q FY08 compared to 1Q FY08 as reduction at the operating level was partially offset by decline in interest and depreciation expenses.
Valuations At current market price of Rs100.65 the stock is quoting at EV/Sales and EV/EBITDA of 1.06x and 5.19x annualized earnings of 1Q and 3Q FY08 respectively. |
||||||||||||||||
|
|
|
Good Evening KRC - Post Market Analysis- 25th Feb 2008
| Market Commentary | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Activity: Key share indices were up 0.4% amid choppy trade on firm overseas markets, but were off the 1% high touched at open on decline in bank shares.
At 10.10AM, Sensex was at 17398.56, up 49.49 points or 0.3%. Nifty was at 5131.80, down 20.90 points or 0.4%.
HDFC Bank was down 1% and Centurion Bank of Punjab fell 9% after a swap ratio of one HDFC Bank share for every 29 Centurion Bank shares held was approved today. ICICI Bank, down 2%, was the worst hit on Nifty. Reliance Power gained 3% at Rs 431 after it Sunday approved issue of three bonus shares for five held by non-promoters. IRB Infrastructure was at Rs 174 after listing at Rs 194.90. Tulsi Extrusions was at Rs 107 after listing at Rs 99.
In the mid trading session, Short covering in the futures and options segment helped the market to recoup 1% loss suffered earlier in the session and register a gain. At 2PM, Sensex was at 17500.57, up 151.50 points, or 0.9% from Friday’s close. Nifty was at 5159.55, up 48.80 points, or 1%. Bank, automobile and metal shares were worst-hit, with HDFC Bank and Bajaj Auto shedding around 4% each. Reliance Power rose nearly 7% to Rs 445 on a 3-for-5 bonus share issue to non-promoters. Maruti Suzuki, up 4%, and Hero Honda, up 2%, however, bucked the weak trend in the automobile sector.
Key share indices gathered steam in the last hour of trade to rise nearly 2% on the back of short covering in the futures segment, and as firm overseas markets lent support. Sensex ended at 17650.57, up 301.50 points from Friday. Nifty closed at 5200.70, up 89.95 points. Reliance Power closed above its issue price of Rs 450 for the first time on news of 3-for-5 bonus share issue. The stock ended 8% up at Rs 450.75. ACC gained 6%, while Reliance Industries rose 5% on the back of short Covering. HDFC Bank ended nearly 4% down after a 1-for-29 share-swap ratio was approved for its merger with Centurion Bank of Punjab. Centurion Bank shares ended 15% down.
Sector Activity :
Tech stocks showed positivity with exception: Infosys closed up at Rs 1615.15 with volumes of Rs 152.29 crs, TCS closed up at Rs 900.75 with volumes of Rs 73.29 crs, Satyam closed up at Rs 450.60 with volumes of Rs 65.12 crs, and Rolta closed down at Rs 305.50 with volumes of Rs 21.18 crs. Pharma stocks ended up: Ranbaxy closed up at Rs 420.65 with volumes of Rs 39.11 crs, Sun Pharma closed up at Rs 1143.60 with volumes of Rs 19.87 crs, Cipla closed up at Rs 202.35 with volumes of Rs 16.02 crs, and Dr Reddy closed up at Rs 540.60 with volumes of Rs 13.66 crs. Banking stocks witnessed mixed trend: In the Public Sector SBI Bank closed up at Rs 2125.90 with volumes Rs 146.42 crs & Bank Of India closed down at Rs 340.75 with volumes Rs 65.72 crs. In the Private sector ICICI Bank closed up at Rs 1107.10 with volume of Rs 322.93 crs & HDFC Bank closed down at Rs 1421.75 with volumes of Rs 193.87 crs. Auto Stocks ended mixed: Tata Motors closed up at Rs 705.85 with volumes of Rs 33.81 crs & M&M closed down at Rs 627.80 with volumes of Rs 21.16 crs. While in the 2 wheeler segment stocks, Bajaj Auto closed down at Rs 2202.55 with volumes of Rs 52.59 crs & Hero Honda closed up at Rs 741.40 with volumes of Rs 52.42 crs. Cement Stocks hogged the limelight: ACC closed up at Rs 818.45 with volumes of Rs 35.11 crs, India Cement closed up at Rs 209.70 with volumes of Rs 13.51 crs, Ambuja Cement closed up at Rs 122.70 with volumes of Rs 4.79 crs and Birla Jute closed up at Rs 221.10 with volumes of Rs 2.40 crs.
Nifty ended at 5201 up by 90 points
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
| Disclaimer: This publication has been prepared solely for information purpose and does not constitute a solicitation to any person to buy or sell a security. While the information contained therein has been obtained from sources believed to be reliable, investors are advised to satisfy themselves before making any investments. Kisan Ratilal Choksey Shares & Sec Pvt Ltd., does not bear any responsibility for the authentication of the information contained in the reports and consequently, is not liable for any decisions taken based on the same. Further, KRC Research Reports only provide information updates and analysis. All opinion for buying and selling are available to investors when they are registered clients of KRC Investment Advisory Services. As a matter of practice, KRC refrains from publishing any individual names with its reports. As per SEBI requirements it is stated that,Kisan Ratilal Choksey Shares & Sec Pvt Ltd., and/or individuals thereof may have positions in securities referred herein and may make purchases or sale thereof while this report is in circulation. |
||||
|
Union Budget 2008-2009 - A Report By Angel Broking
The Indian economy has been in the thick of action in recent years. Robust GDP growth, healthy tax collections,strong savings and investment pattern and fiscal prudence have been the key drivers of India’s economic prosperity in the last few years.
We expect the Finance Minister to continue to support this and make the Policy environment more conducive for
the sustainability of these drivers. Also, the Budget would continue its social agenda and take measures to make
India’s growth more inclusive and balanced. We expect Agriculture, Rural Development, Employment generation,
Education, Public Health Services and Infrastructure improvement to be at the top of the FM’s priority list. While
some tinkering with tax proposals cannot be ruled out so that the effective tax burden is lowered considering that
Elections are due in 2009, we expect the FM to keep a close eye on the fiscal position of the country.
However, considering that the FM is expected to play a balancing act in this year’s Budget, we believe that not
much would change post the Budget in terms of the outlook towards India and its policies and expect the global
focus on India to continue in the medium-to-long term.
Click here to read the complete Union Budget 2008-2009 A Report By Angel Broking.
For more information about this report, stock market investment advice or for online share trading in India inquiry kindly contact sales@angeltrade.com / 022 – 40003630 or logon to www.angeltrade.com/
The article has
no responses yet