Market Commentary

Market Activity: Key share indices slipped marginally and trade was choppy as Asian markets remained mixed and rolled over outstanding positions to the April derivatives series.

At 10.15AM, Sensex was 16180.15, down 37.34 points or 0.2% from Tuesday. Nifty was at 4861.90, down 15.60 points or 0.4%.

The biggest Nifty gainers were Sterlite Industries, up 5%, Hindalco Industries, up 3%, and GAIL India, up 2%. Bank shares were mixed with SBI rising 1% and ICICI Bank down 1.3%. BSE realty and metal indices rose 1% each. Sun Pharmaceutical Industries, down 2.5%, extended losses from Tuesday and SAIL was down 2%.

In the mid trading session, indices extended their fall, down 1%, as investors booked profits after the 6% rise in the previous session. Weak European indices also weighed on the market. At 2.18PM, Sensex was at 16068.83, down 148.66 points or 0.9% from Tuesday. Nifty was at 4827.45, down 50.05 points or 1%. Reliance Industries fell 2% while ICICI Bank and State Bank of India were down 4% and 1%, respectively. NALCO, down 6%, was the worst hit on Nifty. Tata Motors recouped losses and was up 0.4% ahead of a formal announcement on acquisition of Land Rover and Jaguar brands expected later today. PNB, up 2%, was the top Nifty gainer.

Key share indices ended down 1% today as investor’s unwound positions ahead of futures and options contracts expiry Thursday. A weak trend in Asian and European equities kept the mood cautious here. Sensex ended at 16086.83, down 130.66 points or 0.8% from Tuesday. Nifty ended at 4828.85, down 48.65 points or 1%. The biggest Nifty gainer was Tata Steel, up 4%, followed by Idea Cellular, up 3.4%, and HDFC, up 2.8%. Among Nifty laggards were NALCO, down 5%, and HCL Technologies, down 4.5%. Banks and oil and gas shares were the biggest laggards. However, mid-cap and small-cap share bucked the weak trend and the BSE mid-cap and small-cap indices rose 1-2%.

Sector Activity :

Tech stocks showed up trend with exception: Infosys closed up Rs 1499.50 with volumes of Rs 220.08 crs, Satyam closed up at Rs 414.15 with volumes of Rs 59.41 crs, TCS closed up at Rs 878.35 with volumes of Rs 47.62 crs, and Wipro closed down at Rs 428.70 with volumes of Rs 46.17 crs.

Pharma stocks witnessed negativity with exception: Orchid Chemical closed up at Rs 123.80 with volumes of Rs 77.14 crs, Sun Pharma closed down at Rs 1210.30 with volumes of Rs 61.72 crs, Ranbaxy closed down at Rs 449.15 with volumes of Rs 36.37 crs, and Dr Reddy closed down at Rs 575.30 with volumes of Rs 20.57 crs.

Banking stocks closed mixed: In the Public Sector SBI Bank closed down at Rs 1713.70 with volumes Rs 142.94 crs & Bank Of India closed up at Rs 267.25 with volumes Rs 56.77 crs. In the Private sector ICICI Bank closed down at Rs 843.95 with volume of Rs 361.41 crs & HDFC Bank closed up at Rs 1439.20 with volumes of Rs 177.09 crs.

Auto Stocks ended mixed: Tata Motors closed down at Rs 678.75 with volumes of Rs 119.84 crs & M&M closed down at Rs 679.55 with volumes of Rs 23.40 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 679.60 with volumes of Rs 26.63 crs, Bajaj Holding closed up at Rs 650.30 with volumes of Rs 11.29 crs.

Cement Stocks showed mixed activity: ACC closed up at Rs 817.45 with volumes of Rs 30.45 crs, India Cement closed up at Rs 194.20 with volumes of Rs 18.61 crs, Ambuja Cement closed down at Rs 122.55 with volumes of Rs 10.58 crs and Madras Cement closed down at Rs 3175 with volumes of Rs 1.36 crs.

Nifty ended at 4829 down by 49 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.

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
www.krchoksey.com
Email: customercare@krchoksey.com
eservices@krchoksey.com

Bombay Dyeing has chalked out long-term plans to turn-around its traditional Textile business , curb costs and improve Margins. It has forward-integrated its DMT plant to a PSF plant of 1,65,000 million tonne capacity and has shifted its Home Textile operations from Mumbai to Rajangaon to control operational costs. On the anvil are plans to foray into the Real Estate business also to drive its future revenues. For this, Bombay Dyeing proposes to utilise and capitalise on its historical land bank in Mumbai. We Initiate Coverage on the stock, with a Buy recommendation. Read More

Click Here to download the complete Bombay Dyeing research report, company profile, company background, price chart, investment argument by Angel Broking and to view Bombay Dyeing 12 months target price.

For more stock tips, share market information, demat account opening and online share trading help in Mumbai and India Log on to www.angeltrade.com (top retail broking house in India and Mumbai) or kindly contact sales@angeltrade.com / 022 – 40003630

Date March 25th 2008

Jain Irrigation (JISL) has grown its Earnings at a CAGR of 62% over the last three years on the back of strong growth being clocked by its Micro Irrigation, PVC Piping and Food Processing businesses. We believe JISL will maintain this momentum going ahead as well given the governments thrust on Irrigation and Infrastructure Development. We expect JISLs Consolidated Revenues to grow at a healthy CAGR of 43.7% over FY2007-10E, while expansion in OPMs is expected to aid Consolidated PAT to clock CAGR growth of 58.2% over FY2007-10E. We estimate Consolidated OPMs to expand by over 310bp to 17.6% in FY2010E from 14.5% in FY2007. We Initiate Coverage on the stock, with a Buy recommendation. Read More.

Click Here to download the complete Jain Irrigation (JISL)research report, company profile, company background, price chart, investment argument by Angel Broking and to view Jain Irrigation (JISL) 12 months target price.

For more stock tips, share market information, demat account opening and online share trading help in Mumbai and India Log on to www.angeltrade.com (top retail broking house in India and Mumbai) or kindly contact sales@angeltrade.com / 022 – 40003630

Date of Opening 24th March, 2008

Date of Closing 27th March, 2008

Titagarh Wagons Ltd. (TWL) is a private sector wagon manufacturer in India. primarily engaged in the business of manufacturing railway wagons, Bailey bridges, Heavy Earth Moving and Mining equipment, steel and SG iron castings of moderate to complex configuration etc. We recommend investors to subscribe the issue at cut-off price.

TWL has a strong track record in terms of projects delivery and also has an advantage of support of experienced promoters with long standing industry experience. TWL has been registered with Directorate General of Quality Assurance (DGQA) as an approved manufacturer of Bailey Bridges thus enabling it to capitalize the opportunities available in this segment. On obtaining the Uttarapara unit the company has entered into backward integration which is likely to improve the operational efficiency and thus lead to improvements in margins thereafter. The issue seems to be an attractive investment having a strong future growth.

As per the Railway Budget 2008-09, incremental loading expected for FY07 was about 600 lakh tones. The freight loading for FY08 has been pegged at 850 Million tonnes and by the terminal year of 11th five year plan the railways are targeting a freight loading of 1100 lakh tonnes. In order to achieve this target the railways are targeting to focus their investments in the freight segment and the wagon manufacturing industry. The market structure the industry enjoys is very much oligopoly which has shifted from monopoly. Here there are few sellers and few buyers hence the demand is actually showing a very elastic approach. The price change of one player will actually affect the price of other players and hence makes it more volatile as the approach of all the players is very much towards huge profit maximization. Now as the Indian Railways has started focusing on the private sector with the help of the above mentioned schemes and companies like Titagarh Wagons Ltd will definitely benefit more.

Market Commentary

Market Activity: Key share indices gained 2% led by bank, technology and FMCG shares. A positive trend is U.S. and Asian markets improved sentiment here.

At 10.24AM, Sensex was at 15281.21, up 286.38 points, or 1.9%, from Wednesday’s close. Nifty was at 4632.50, up 58.55 points, or 1.3%.

FMCG shares gained on reports companies may hike product prices. Heavyweights ICICI Bank and Reliance Industries recouped early losses and were up 6% and 0.1%, respectively. The biggest Nifty gainers were HDFC, up 6%, HCL Technologies, up 4%, and HDFC Bank, up 3%. Among the few laggards, Cairn India fell 5%, and Sterlite Industries was down over 2%.

In the mid trading session, indices had pared their early morning gains during the trade as participants resorted to profit booking at the higher levels. The overall market breadth was negative with losers outnumbering gainers by a ratio of 4.5 to 1 on the NSE. While software, banking and FMCG stocks were garnering investors’ interest, select auto, engineering, Pharma and metal stocks were reeling under selling pressure. At 1.00PM, Sensex was trading at 15,087, up 92 points while the Nifty was trading at 4,568, down 5 points. The rupee was trading at 39.88 to the dollar.

Key share indices ended up today amid choppy trade ahead of derivatives expiry Thursday. Shares of banks, software and FNCG companies were major gainers, while realty companies were worst affected. Sensex closed at 15289.40, up 294.57 points, or 1.9%, from Wednesday after moving between 15056.09 and 15351.31 intraday. Nifty ended at 4609.85, up 35.90 points, or 0.8%. It ranged between 4539.80 and 4649.45. HCL Technologies, up 9%, was the top Nifty gainer, which coupled with 6% and 3% rise in Wipro and Infosys Technologies, respectively, supported 1.8% rise in CNX IT Index. Shares of Cairn India and Tata Steel were worst hit on Nifty, down 8% and 7%, respectively.

Sector Activity :

Tech stocks ended positive with expection: Infosys closed up Rs 1360.45 with volumes of Rs 230.70 crs, TCS closed up at Rs 823.70 with volumes of Rs 68.15 crs, Satyam closed down at Rs 390.25 with volumes of Rs 62.08 crs, and Wipro closed up at Rs 398.70 with volumes of Rs 32.89 crs.

Pharma stocks witnessed down trend with exception: Sun Pharma closed up at Rs 1280.50 with volumes of Rs 82.76 crs, Orchid Chemical closed down at Rs 111.65 with volumes of Rs 69.58 crs, Ranbaxy closed down at Rs 446.45 with volumes of Rs 33.11 crs, and Cipla closed flat at Rs 206.30 with volumes of Rs 30.58 crs..

Banking stocks showed positive activity with exception: In the Public Sector SBI Bank closed up at Rs 1644.20 with volumes Rs 126.78 crs & Bank Of India closed up at Rs 244.75 with volumes Rs 24.69 crs. In the Private sector ICICI Bank closed up at Rs 802.20 with volume of Rs 595.63 crs & Axis Bank closed down at Rs 724.95 with volumes of Rs 93.53 crs.

Auto Stocks closed mixed: Tata Motors closed up at Rs 663.20 with volumes of Rs 70.83 crs & M&M closed up at Rs 667.80 with volumes of Rs 64.90 crs. While in the 2 wheeler segment stocks, Hero Honda closed down at Rs 647.70 with volumes of Rs 32.73 crs, Bajaj Holding closed down at Rs 593.40 with volumes of Rs 11.34 crs.

Cement Stocks showed buying opportunity: ACC closed up at Rs 804.65 with volumes of Rs 20.02 crs, India Cement closed up at Rs 171.90 with volumes of Rs 14.79 crs, Ambuja Cement closed up at Rs 124.45 with volumes of Rs 11.27 crs and Madras Cement closed up at Rs 3201 with volumes of Rs 1.91 crs.

Nifty ended at 4610 up by 36 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.

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
www.krchoksey.com

JSW Steel is one of the largest steel producers in India with a current capacity of 3.8mtpa and is also one of the largest exporters of galvanized products. We believe that significant capacity expansions, enriched product mix and backward integration initiatives into key inputs like coking coal and iron ore will be the key positives for JSW Steels growth going ahead. We expect JSW Steel to record a 28.9% CAGR in consolidated Bottomline over FY2007-10E. At CMP of Rs 935, on consolidated basis, JSW Steel is trading at an EV/EBIDTA of 4.7x on FY2010 EBIDTA and P/E of 6.8x on FY2010E consolidated fully diluted EPS. The company is trading at 20-30% discount to both its domestic and international peers, which we believe is not justified. We Initiate Coverage on the stock, with a Buy recommendation.

Click Here to download the complete JSW Steel research report, company profile, company background, price chart,  investment argument by Angel Broking and to view JSW Steel 12 months target price.

For more stock tips, share market information, demat account opening and online share trading help in Mumbai and India Log on to www.angeltrade.com  (top retail broking house in India and Mumbai) or kindly contact sales@angeltrade.com / 022 – 40003630

Date March 19th 2008

Dr Reddys Laboratories enters into drug discovery collaboration with 7TM Pharma Dr Reddy’s Laboratories and the Denmark-based biotech company, 7TM Pharma, have entered into drug discovery collaboration on select drug targets in the area of metabolic disorders. Under the terms of the agreement signed by both the companies, Dr Reddy’s and 7TM Pharma will collaborate to identify clinical candidates for pre-selected targets. They will jointly develop these candidates from the pre-clinical stage up to phase IIa (proof-of concept) stage. On successful completion of a phase IIa study, they may either license-out the candidate for further development and commercialization to a larger pharmaceutical company or continue further co-development and commercialization.

Market Commentary

Market Activity: Key share indices were up over 3% tracking overseas markets after U.S. Federal Reserve cut its federal funds rate by 75 basis points Tuesday. However, shares were trading slightly off highs touched at open, when Nifty even crossed the 4700 level as shares gained 4%.

At 10.10AM, Sensex was at 15358.01, up 524.55 points, or 3.5%, from previous close. Nifty was at 4684.30, up 151.30, or 3.3%.

All Sensex and Nifty shares rose, with bank, real estate, and power shares among top gainers. CNX Midcap and S&P CNX 500 indices were up over 3% each. ICICI Bank and State Bank of India rose around 6% each, while Reliance Energy was up 4%. Unitech, up 7%, was the top Nifty gainer.

In the mid trading session, indices recorded some paring of gains during the trade. The overall breadth however remained positive with gainers outnumbering losers by a ratio of 2 to 1 on the NSE. Broad based buying was seen in stocks from the software and telecom sectors. Pharma and engineering stocks were trading mixed.

At 1.00PM, Sensex was trading at 15,192, up 359 points while the Nifty was trading at 4,636, up 103 points. The rupee was trading at 40.44 to the dollar. Engineering stocks were trading mixed. While gains were seen in Punj Lloyd up 5%, L&T up 4% and ABB up 3%, selling pressure had marked trading in Bharat Electronics down 3%, Crompton Greaves down 2% and Suzlon down 2%. Suzlon has, in fact, been one of the major losers from the engineering pack over the past one month. The stock has been impacted not only by the broader market weakness, but also by a large provisioning announcement that the company made a couple of week’s back, which can impact its numbers for the fourth quarter of FY08.

Sensex ended below 15000 today, up 1%, but off highs touched earlier in the session, as investors booked profits ahead of an extended weekend. Weak European markets also weighed. The Indian stock market will remain closed on Thursday and Friday on account of Id-E-Milad and Good Friday holidays. Sensex ended at 14994.83, up 161.37 points or 1.1% from Tuesday. Nifty ended at 4573.95, up 40.95 points or 0.9%. Technology shares led gains, with Satyam Computer Services and Wipro up 5% each. SAIL, up nearly 6%, was the top Nifty gainer. Real estate shares, however, gave up gains, with Unitech ending down 4%. DLF fell 0.1%. Bharat Petroleum Corp, down 7%, was the worst hit on Nifty.

Sector Activity :

Tech stocks ended positive with expection: Infosys closed up Rs 1343.70 with volumes of Rs 261.75 crs, Satyam closed up at Rs 391.15 with volumes of Rs 169.69 crs, TCS closed down at Rs 811.45 with volumes of Rs 89.89 crs, and Wipro closed up at Rs 378.40 with volumes of Rs 45.87 crs.

Pharma stocks witnessed up trend with exception: Orchid Chemical closed up at Rs 116.25 with volumes of Rs 116.35 crs, Sun Pharma closed up at Rs 1259.90 with volumes of Rs 51.50 crs, Ranbaxy closed down at Rs 450.65 with volumes of Rs 40.99 crs, and Cipla closed up at Rs 206.30 with volumes of Rs 37.71 crs.

Banking stocks showed positive activity with exception: In the Public Sector SBI Bank closed up at Rs 1605.05 with volumes Rs 256.31 crs & Bank Of India closed down at Rs 238.10 with volumes Rs 47.74 crs. In the Private sector ICICI Bank closed flat at Rs 768.20 with volume of Rs 609.12 crs & HDFC Bank closed up at Rs 1272.60 with volumes of Rs 163.25 crs.

Auto Stocks ended up with exception: Tata Motors closed up at Rs 650.65 with volumes of Rs 71.98 crs & M&M closed up at Rs 661.20 with volumes of Rs 59.36 crs. While in the 2 wheeler segment stocks, Hero Honda closed down at Rs 650.35 with volumes of Rs 44.79 crs, Bajaj Holding closed up at Rs 644.30 with volumes of Rs 18.80 crs.

Cement Stocks closed positive trend with exception: Ambuja Cement closed up at Rs 122 with volumes of Rs 41.93 crs, ACC closed up at Rs 777.25 with volumes of Rs 27.03 crs, India Cement closed up at Rs 170 with volumes of Rs 21.95 crs and Madras Cement closed down at Rs 3200 with volumes of Rs 6.57 crs.

Nifty ended at 4574 up by 41 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.

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
www.krchoksey.com

Date March 18th 2008