Market Commentary

Market Activity: Key share indices were up 0.5%, after having risen nearly 1% earlier on gains in power, metal and realty companies.

At 10.15AM, Sensex was 16075.07, up 59.51 points, or 0.5%, from Thursday. Nifty was at 4852.45, up 22.20 points, or 0.4%.

The biggest Nifty gainers were Suzlon Energy, up 5%, and Tata Steel, up over 6%. Among laggards, Hindustan Unilever fell 2% and ICICI Bank was down 3%. Tata Motors remained weak for the second straight session as its buy of Jaguar and Land Rover brands from Ford Motor Co at $2.3 bn will weigh on the company’s balance sheet in the short-term. CNX Mid-cap index rose 1.2% and BSE Small-cap was up nearly 2%. ONGC was down over 3% on reports the company is on the verge of reporting losses on every barrel it sells due to higher subsidy burden.

In the mid trading session, indices recouped losses after falling nearly 1% after inflation for the week to Mar 15 rose sharply above expectations to 6.68% from 5.92% a week ago. At 12.35PM, Sensex was at 16063.64, up 48.08 points, or 0.3%, from Thursday. Nifty was at 4847.10, up 17.15 points, or 0.3%. Bank shares fell amid concern high inflation thwarts the possibility of an interest rate cut by the Reserve Bank of India. ICICI Bank and HDFC Bank, down 3% and 4%, respectively, were the worst hit on Nifty. Gainers included Tata Steel and Suzlon Energy, up around 5% each.

Key share indices ended up over 2% on short covering in some counters and value buying in others. A positive trend in Asian and European shares also helped investors shrug off a rise in inflation rate to above 6%. Sensex ended at 16371.29, up 355.73 points or 2.2% from Thursday. Nifty ended at 4942, up 111.75 points or 2.3%. Investors lapped up shares of metal, capital goods and IT companies. All BSE sector indices gained. CNX Mid-cap index ended up 3.5% and BSE Small-cap rose 5%. Suzlon Energy, up 11.5%, was the biggest Nifty gainer on short covering. HDFC Bank dropped 2% and Tata Motors was down 2%.

Sector Activity :

Tech stocks showed up trend: Infosys closed up Rs 1521.20 with volumes of Rs 220.59 crs, Satyam closed up at Rs 408.65 with volumes of Rs 86.29 crs, TCS closed up at Rs 871.05 with volumes of Rs 78.63 crs, and Educomp closed up at Rs 3941.60 with volumes of Rs 68.81 crs.

Pharma stocks witnessed positivity with exception: Orchid Chemical closed up at Rs 144.40 with volumes of Rs 135.37 crs, Ranbaxy closed up at Rs 438.65 with volumes of Rs 62.72 crs, Dr Reddy closed up at Rs 592.60 with volumes of Rs 30.38 crs, and Sun Pharma closed down at Rs 1252.40 with volumes of Rs 20.86 crs.

Banking stocks ended up with exception: In the Public Sector SBI Bank closed up at Rs 1677.80 with volumes Rs 211.46 crs & PNB closed up at Rs 530.30 with volumes Rs 43.08 crs. In the Private sector ICICI Bank closed up at Rs 835.50 with volume of Rs 481.74 crs & Kotak Bank closed down at Rs 673.50 with volumes of Rs 101.61 crs.

Auto Stocks closed positive with exception: Tata Motors closed down at Rs 646.05 with volumes of Rs 148.20 crs & M&M closed up at Rs 692.50 with volumes of Rs 24.75 crs. While in the 2 wheeler segment stocks, Bajaj Holding closed up at Rs 687.50 with volumes of Rs 56.44 crs, Hero Honda closed up at Rs 700.30 with volumes of Rs 11.07 crs.

Cement Stocks showed up trend with exception: ACC closed up at Rs 838.55 with volumes of Rs 38.95 crs, India Cement closed down at Rs 194 with volumes of Rs 22.90 crs, Ambuja Cement closed up at Rs 123.70 with volumes of Rs 7.46 crs and Madras Cement closed up at Rs 3388.75 with volumes of Rs 3.04 crs.

Nifty ended at 4942 up by 112 points

Click here for A critical daily report from the Dealing Desk of the KRC Broking Division that provides our Investor Client with post-market analysis of the day with an action guide charted for the next day of trading. Good Evening KRC presents the technical viewpoint on the market and stocks and has been indexed into the following segments:
* Earning Idea: Technical calls for short term.
* Market Actions: News specific calls with expected action.
* F & O trading call: Derivative strategy for the day.
* Index Trend: Expected movement of the Sensex with range guidance.

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Market spurts in late trade

Mimicking the come back of India’s opening batsman Virendra Sehwag from a bad patch in the first test in Chennai against South Africa, the key benchmark stock indices surged today. Positive cues from Asian and European markets propelled the market higher. The market shrugged off a surge in inflation and overnight slide in US stocks. Capital goods stocks soared at the fag end of the session, followed by metal and IT stocks. For records, Sehwag was upbeat at 254 after tea on the third day of play.

Banking shares, which hovered in negative territory on surge in inflation, turned green at the fag end of the trading session. Mid-caps and small-caps surged with their barometer indices on BSE outperforming the Sensex.

In Europe, key indices in UK, France and Germany were up by 0.05% to 0.53%. In Asia, the key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were up by 0.20% to 4.94%.

India’s wholesale price index rose 6.68% in the 12 months to 15 March 2008, surging from the previous week’s rise of 5.92%, government data showed on Friday. The rate is highest since 27 January 2007, when inflation was 6.69%.

As per provisional closing, the 30-share BSE Sensex was up 386.07 points or 2.41% at 16,401.63. The index gained 436.52 points at session’s high of 16,452.08, hit at the fag end of the session. The Sensex lost 131.11 points at the day’s low of 15,884.45, hit in the early afternoon trade.

The broader CNX S&P Nifty was up 121.3 points or 2.51% at 4951.55, as per provisional closing.

The BSE Mid-cap index was up 4.06% at 6,531.30. The BSE small-cap index was up 4.97% at 7,900.76.

The market breadth was extremely strong. On BSE, 2328 stocks advanced, 374 declined and 38 stocks were unchanged.

BSE clocked a turnover of Rs 6368 crore as against Rs 6,399.95 crore on Thursday, 27 March 2008.

Low rollovers from March 2008 series to April 2008 series were witnessed on Thursday, 28 March 2008, when derivative contracts for March 2008 series expired. As per reports, the marketwide rollover of derivative positions series stood at 79% as compared to 84% in March 2008 series from February 2008. Similarly Nifty rollover stood at 63% as against 75% during in March 2008 series from February 2008.

India’s largest state-run oil explorer by market capitalisation ONGC fell 0.84% at Rs 1060.10 on reports the company may report losses on every barrel of crude oil that it sells due to the high subsidy burden that it has to bear. The company’s margin on oil sales is currently at an all-time low of around 15 cents per barrel, almost a tenth of what it was two years ago, the reports added.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 3.30% to Rs 2350.

India’s largest private sector bank by assets ICICI Bank rose 0.65% at Rs 840.

Top Sensex gainers were, Tata Steel (up 10% at Rs 720), Infosys Technologies (up 6.54% at Rs 1535), Wipro (up 6.02% at Rs 456), Larsen & Toubro (up 5.95% at Rs 3140.10), and Bharat heavy Electricals (up 5.25% at Rs 2090).

Top Sensex losers were, HDFC Bank (down 2.77% at Rs 1395.25), Housing Development Finance Corporation (down 0.96% at Rs 2636), Tata Motors (down 0.95% at Rs 649), Reliance Communication (up 0.92% at Rs 533.10) and Hindustan Unilever (down 0.78% at Rs 242.10).

Drug maker Alembic surged 20% to Rs 55 on reports that the company plans to set up its own special economic zone dedicated to the pharma sector.

India’s leading manufacturer of inorganic chemicals by sales Tata Chemicals soared 6.05% to Rs 288.50 after the company said it has successfully completed the acquisition of US-based General Chemical Industrial Products Inc.

Varun Shipping Company surged 6.84% to Rs 72.60 after the company said it has acquired India’s third largest anchor handling and towing supply vessel.

Biotechnologies firm Jupiter Bioscience soared 9.50% to Rs 149.25 after the company said on Thursday, 27 March 2008 it would acquire a manufacturing facility of Merck Life Sciences, Switzerland, for an undisclosed sum.

Display units maker MIC Electronics advanced 4.14% to Rs 700 after the company informed stock exchange about it and its subsidiaries receiving new orders.

Construction firm Era Infra Engineering rose 0.90% to Rs 597 after the company said its joint venture company with KMB has secured an order worth Rs 148.40 crore from Delhi Metro Rail Corporation.

US markets dropped yesterday, 28 March 2008, following Oracle’s weak sales outlook. Concerns about financial companies also continued. The Dow Jones industrial average slipped 120.40 points, or 0.97%, to 12,302.46. The Standard & Poor’s 500 index slipped 15.37 points, or 1.15%, to 1,325.76, and the Nasdaq Composite index was down 43.53 points, or 1.87%, to 2,280.83.

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Market volatile after inflation data:

The key indices declined in the early afternoon trade after data showed a surge in inflation. The market, however, quickly pared some losses after some buying emerged in some large caps including IT stocks.

The BSE Sensex is trading down at 16055 (up 52 points) while the NSE Nifty is trading at 4851 (up 21 points). The rupee is trading at 40.15 to the dollar.

BSE Indices: Most of the key indices were trading Positive like the Realty (5.81%), Metal (6.24%), Oil and Gas (10.01%), Power (7.10%), and BANKEX (5.68%) indices. The Midcap and Small cap were trading down at (19.85%) and (5.85%).

Sensex/Nifty: Tata Steel (+5.29%), Cipla (+2.65%), Infosys (+2.38%), ITC (+2.20%) and REL Energy (+1.94%) were amongst the top gainers while HDFC BANK (-3.86%), ICICI BANK (-3.28%), ONGC (-2.62%), and Tata Motors (-1.71%) were amongst the top losers.

BSE Mid-Cap, Small-Cap indices score gains

The BSE Mid-Cap index gained 1.24% to 6,353.86 and the BSE Small-Cap index advanced 2.34% to 6,353.86, with both the indices outperforming the Sensex.

Stocks in News

Jupiter Bioscience soars on overseas acquisition

Jupiter Bioscience soared 4.95% to Rs 143.05 at 11:53 IST on BSE after the company said on Thursday, 27 March 2008 it would acquire a manufacturing facility of Merck Life Sciences, Switzerland, for an undisclosed sum.

ETC Networks relists following scheme of arrangement

ETC Networks was trading at Rs 345.05 at 11:20 IST on BSE after the stock was relisted following a scheme of arrangement

Smooth sailing for Varun Shipping after vessel acquisition

Varun Shipping Company surged 8.24% to Rs 73.55 at 11:22 IST on BSE after the company said it has acquired India’s third largest anchor handling and towing supply vessel.

Steel makers shine

Shares of three steel makers rose between 0.95% to 5.67% on reports the Indian government has suspended export subsidy under the duty entitlement pass book scheme on some steel products temporarily to control inflation and boost domestic supplies

Tata Chemicals gains on overseas acquisition

Tata Chemicals gained 2% to Rs 277.50 at 10:45 IST on BSE after the company said it has successfully completed the acquisition of General Chemical Industrial Products Inc. USA.

Bharat Forge forges ahead on expansion buzz

Bharat Forge rose 1.33% to Rs 282 at 10:18 IST on BSE on reports the company has signed a memorandum of understanding with the Maharashtra government for its centre for advanced manufacturing at Baramati, Maharashtra.

SEZ plan boosts Alembic

Alembic rose 2.18% to Rs 46.85 at 9:56 IST on BSE on reports that the company plans to set up its own special economic zone dedicated to the pharma sector.

Pre Opening

Key Indices:

Market traded slightly lower tracking weak Asian markets, but had quickly entered into recovery mode. In spite of some volatility in early trade, select metal stocks recorded strong gains. In mid session, indices extended their decline, falling 2% as European markets slid after reports UBS posted a record loss on a $14 bn write-down from its U.S. mortgage exposure.

Outlook:

• Markets are likely to be volatile

• Medium term accumulation and long term remains positive.

Key indicators:

Market News:

• Credit Suisse gets SEBI OK for portfolio management services
• GSK Pharma launches vaccines for diphtheria, tetanus, pertussis
• ICSA India gets Rs 389.4 mn orders from Northern Power
• Sadbhav Engineering gets order worth Rs 475.6 mn
• DoT OKs Reliance Comm plan for CDMA svc in Assam, northeast

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Market Outlook

Key Indices:

Indices were down nearly 1% as investor’s unwound positions on March derivatives contracts expiry today. In the mid session, indices were trading mixed after recouping losses, helped by firm European markets.

Outlook:

Markets are likely to be volatile with upward bias with flattish to weak opening

Medium term sideways and long term remains positive.

KEY Indicators:

Market News:

• GSK Pharma gets notice from Mumbai civic body on Worli land sale
• Tata Motors launches 1-tn pickup truck in Thailand
• Govt allows NTPC to invest over Rs 10 bn in power unit JVs
• Maharashtra govt to sign investment pact with Bharat Forge
• Bharat Forge to set up Rs 5 bn forging unit in Baramati
• Power Finance signs MoU with RITES
• Hindustan Zinc cuts zinc price by Rs 5,200 a tn

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Dealer’s Diary

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Dealer’s Diary

The trend deciding level for the day is 4850 / 16136. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally upto 4891 / 16261. However, if NIFTY trades below 4850 / 16136 for the first half-an-hour of trade then it may correct upto 4788 –4746 / 15961 – 15836. Click Here to Read More

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Date March 27th 2008

Parsvnath Developers Ltd. (PDL) conducts its activities in 49 cities across 17 states in India The company has 210 mn. sq. ft. of land reserves, of which around 200 mn. sq. ft. (approximately 95 percent) are fully paid and have clear titles. For the balance 10 mn. sq.ft. around Rs700cr - Rs800cr of balance payment is to be made to various government authorities. The company’s average land cost is around Rs195 per sq. ft. The company is being conservative in acquiring additional land. It is focusing on its strategy of execution and sale of existing land reserves. It prefers to acquire additional land only when they are available at reasonable prices.

• Residential: PDL’s business model focuses on the development of large integrated townships (38% of land bank) where the average cost of houses range below Rs 40- 50 lakhs. Residential demand is largely intact with funding arrangements in place and corporate demand for houses is also high in this segment. In the Tier 2 / Tier 3 cities and the Delhi region, where the company has a major portion of its land bank, the demand exceeds supply. In the event of a slowdown due to economic factors, PDL expects demand drivers to be affected for high value properties, i.e. above Rs40-50 lakhs. It can be seen that PDL is playing safe and has a conservative model.

• Retail: In the metro regions, demand matches supply, while only in outskirts there could be a problem of excess supply. PDL has all of its properties in the city regions making it a safe play.

• Commercial: Demand in this segment is strong. The introduction of REITs is likely to have a positive impact on this segment.

• DMRC- Earnings would also be supported with rentals from Delhi Metro, which are expected to start from early FY09. The company expects the annual rentals from Delhi Metro to reach Rs 325 crore by FY11.

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Market Commentary

Activity: Key share indices were down nearly 1% as investor’s unwound positions on March derivatives contracts expiry today.

At 10.15AM, Sensex was 15945.96, down 140.87 points, or 0.9%, from previous close. Nifty was at 4822.70, down 18.40 points, or 0.4%.

Tata Motors fell 3% on concerns the company’s buy of Jaguar and Land Rover brands from Ford Motor Co for $2.3 bn will weigh on the company’s earnings for at least a couple of years. Among gainers, NALCO and Hindalco Industries gained 3% each. Suzlon Energy and HDFC Bank fell 3% each. CNX Mid-cap index fell 0.6%, while BSE Small-cap index was up 0.2%.

In the mid trading session, indices were trading mixed after recouping losses, helped by firm European markets. At 3PM, Sensex was at 16048.80, down 38.03 points, or 0.3%, from Wednesday after momentarily stepping into positive territory. Nifty was at 4835.55, up 6.70 points, or 0.1%. Real estate, metal, and FMCG shares led gains. Hindalco rose nearly 7%, while NALCO was up nearly 5%. Unitech and ITC rose 6% and 2%, respectively. Laggards included technology and auto shares. Tata Motors was down 4%, while HCL Technologies, down 6%, was the worst hit on Nifty.

Key share indices ended off lows on gains in heavyweights like Hindustan Unilever and Unitech up 4% each. Trade was volatile as investors rolled over outstanding positions to the April series on expiry of March derivatives contracts today. Sensex closed at 16015.56, down 71.27 points, from previous close. Nifty ended at 4830.25, up 1.40 points, or flat. HCL Technologies and Satyam Computer Services ended down 5% each. IT shares were the worst hit today. CNX Mid-cap index ended down 0.4%, while CNX Small-cap index bucked the weak trend, rising over 1%.

Sector Activity :

Tech stocks showed down trend with exception: Infosys closed down Rs 1441.75 with volumes of Rs 303.97 crs, TCS closed down at Rs 852.50 with volumes of Rs 132.05 crs, Satyam closed down at Rs 395.55 with volumes of Rs 123.34 crs, and Wipro closed up at Rs 429.45 with volumes of Rs 58.74 crs.

Pharma stocks witnessed positivity with exception: Sun Pharma closed up at Rs 1255.15 with volumes of Rs 171.99 crs, Ranbaxy closed down at Rs 433.45 with volumes of Rs 68.78 crs, Cipla closed up at Rs 212.75 with volumes of Rs 60.10 crs, and Orchid Chemical closed up at Rs 126.65 with volumes of Rs 48.83 crs.

Banking stocks ended in Red: In the Public Sector SBI Bank closed down at Rs 1646.60 with volumes Rs 356.11 crs & Bank Of India closed down at Rs 262.90 with volumes Rs 39.43 crs. In the Private sector ICICI Bank closed down at Rs 843.55 with volume of Rs 464.60 crs & HDFC Bank closed down at Rs 1433.20 with volumes of Rs 122.74 crs.

Auto Stocks closed mixed trend: Tata Motors closed down at Rs 655.35 with volumes of Rs 265.33 crs & M&M closed up at Rs 683.15 with volumes of Rs 46.10 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 686.05 with volumes of Rs 48.33 crs, Bajaj Holding closed down at Rs 617.85 with volumes of Rs 13.69 crs.

Cement Stocks witnessed positive trend with exception: ACC closed up at Rs 823.15 with volumes of Rs 47.30 crs, Ambuja Cement closed up at Rs 122.85 with volumes of Rs 31.14 crs, India Cement closed up at Rs 194.80 with volumes of Rs 18.41 crs and Dalmia Cement closed down at Rs 279.10 with volumes of Rs 17.71 crs.

Nifty ended at 4830 up by 1 point

Click here for A critical daily report from the Dealing Desk of the KRC Broking Division that provides our Investor Client with post-market analysis of the day with an action guide charted for the next day of trading. Good Evening KRC presents the technical viewpoint on the market and stocks and has been indexed into the following segments:
* Earning Idea: Technical calls for short term.
* Market Actions: News specific calls with expected action.
* F & O trading call: Derivative strategy for the day.
* Index Trend: Expected movement of the Sensex with range guidance.

Kisan Ratilal Choksey Shares and Securities Pvt. Ltd.
1102, Stock Exchange Tower, Dalal Street, Mumbai 400 001
Phone: 91-22-56338050 / 66965555. Fax: 5633 8060
Members: BSE & NSE
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Date March 26th 2008

Market Cap Rs 2642 Cr

Simplex infrastructure Ltd. (SIL) is one of the largest infrastructure solutions providers with presence in the diverse sectors of the economy including pilings, power plants, industrial projects, roads & railways, bridges, urban infrastructures, buildings & housings since last 6 decades. The company is the 5th largest piling contractors in Asia with large clientele base in domestic as well as in the international markets.

For In-depth Simplex Infrastructure Ltd (SIL) research report, company profile along with stock recommendations,  Simplex Infrastructure Ltd (SIL) target price and for making informed investment decisions Click Here.

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Members: BSE & NSE
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