Indian Stocks On 8th Mar 2013:
GLOBAL MARKETS:
* Nifty futures on the Exchange of Singapore gains 0.02%.The MSCI-Asia Pacific index,excluding Japan was up 0.29 %.
*In United State stock supported Asian shares on Friday 7th Mar 2013 but prices were covered ahead of key United State jobs and Chinese trade figures due later in the session,while the dollar waited near a three and half year high against the yen.
Watch these India's Stocks FACTORS :
* Finance Minister to address boards of RBI and SEBI
* India's Chief Economic Advisor Raghuram Rajan and Chairman of the Prime Minister's Economic Advisory Council C Rangarajan will address an industry meeting.
* The Indian government will sell a 12.5 % share in Rashtriya Chemicals and Fertilizers Ltd. through sale of shares to raise about 57 million dollar.
* India-foreign reserves bank lending data.
COMMODITIES INDIA:
* Petroleum minister M Veerappa Moily said that he long-drawn legal battle between the Comptroller &Auditor General and Reliance Industries Ltd. over
the analysis of the financial and physical performance of the
company's KG-D6 gas block has been resolved.
* India may avoid a drought for a fourth straight year as the El Nino weather system looks unlikely to impact monsoon rains a leading forecaster said on 6th Mar.
* A unit of Coal India Ltd has revived a proposal to set up a 1600 megawatt power plant in India's eastern Odisha state at a cost of 90 billion rupees.Marking the world's largest coal miner's foray into the power sector.
* Tata Steel Ltd will seek to form a group to finance construction of a railway line from its iron concessions in western Ivory Coast to the port of San Pedro.
* Jindal Steel & Power Ltd has extended its offer period for its proposed takeover bid of Gujarat NRE Coking Coal Ltd from March 15 to March 29.
At open Sensex flat with negative bias :
Indian equities flat with negative bias in early trade on Thursday 7th Mar 2013 erasing earlier gains. Today at 09.16 a.m. the Sensex was trading down around 7.77 points or 0.04 per cent at 19,244.84 with 15 components falling.The Nifty was trading lower by 17.30 points or 0.30 Per cent at 5801.30 with 28 components falling.
The 30 share benchmark index,BSE Sensex opened at 19222.05 with a decline of 30.56 points or 0.16 per cent ,while the broad based NSE Nifty started at 5,801.30 with a fall of 17.30 points or 0.30 per cent.
Sensex Movers:
ICICI Bank contributed fall of 6.99 points in the Sensex ,followed by Tata Motors at 6.77 points,Bharti Airtel at 5.77 points,Reliance Industries at 4.44 points and Mahindra & Mahindra at 3.26 points.
In the other side,Infosys contributed rise of 13.03 points in the Sen-sex ,followed by I T C at 9.68 points, Wipro at 4.99 points,Tata Consultancy Services at 3.89 points and Housing Development Finance Corporation at 2.4 points.
Biggest gainers in the 30-share index:
*Wipro at 1.61%
*Infosys at 0.77%
*Hero Motocorp at 0.69%
*Tata Power Company at 0.66%
*I T C at 0.50%
*Tata Steel at 0.41%
The major losers in the Sensex:
*Bharti Airtel at 1.17%
*Tata Motors at 1.03%
*Hindalco Industries at 0.84%
*Sterlite Industries of India 0.71%
*Mahindra & Mahindra at 0.67%
*Jindal Steel & Power at 0.60%
Market Breadth:
Market breadth was positive with 329 advances against 230 declines.
Value and Volume Toppers:
Adani Power topped the value chart on the BSE with a turnover of Rs.240.15 million,followed by Multi Commodity Exchange of India Rs. 30.85 million, MMTC Rs. 9.18 million and Infosys Rs. 8.96 million.
The volume chart was led by Adani Power with trades of over 5.00 million shares,followed by Birla Cotsyn India 1.08 million,Ballarpur Industries 0.28 million and FCS Software Solutions 0.14 million.
Indian Stocks On 6th Mar 2013-
GLOBAL MARKETS:
*Nifty futures on the Singapore Exchange rose 0.45
percent.The MSCI-Asia Pacific index, excluding Japan
was high 1.01 percent.
* Asian shares extended gains on 6th March as investors grew
more risk following Wall Street's record close,signs
of continuing United State economic recovery and globally accommodative
monetary conditions.
*The Dow Jones industrial average soared to a record
closing high on 5th Mar 2013 breaking through levels last seen in the year of
2007 and as investors rushed in to join the party in
anticipation of more gains.
Watch these India's Stocks FACTORS :
* India ministerial panel meet on airwaves auction.
* India aviation minister at event.
* Sony India media briefing to launch mobile phone.
FINANCIAL:
* The Dealer Said:India's one-month wholesale deposit rates were heading
towards 10 percent on 5th Mar 2013 as banks stepped up their efforts
to raise deposits to meet their end of the year targets in March,
*Now Cadbury Plc a part of Mondelez International Inc
used a nonexistent factory in India to avoid about 46 million dollar in taxes,the Wall Street Journal reported on Tuesday,
citing a report by the Indian tax authorities.
* The Comptroller and Auditor General in a report
tabled in Parliament on Tuesday, pointed out that several
ineligible farmers were favoured and a large number of deserving
small and marginal farmers left out in implementation of the
United Progressive Alliance's much-touted 520 billion rupees
farm loan waiver scheme.
* Companies have begun selling shares held in employee
welfare schemes in response to the Security and Exchange Board
of India's call to comply with the fresh guidelines by
June 30.
COMMODITIES OF INDIA:
* Aditya Birla Minerals, part of India's Aditya
Birla Group, is shutting the smaller of its two Australian
copper mines as it is struggling to make money at current copper
prices.
* Tata Steel has agreed to lenders' condition to
pay a higher interest rate for a proposed 228 billion rupees
loan if its credit rating slips.
* Rajasthan government and Hindustan Petroleum Corporation
Ltd. will sign a pact on March 13 for setting up an oil
refinery in the state.
* State-owned miner Coal India Ltd. has been
selling 18 percent of its annual 435 mt output at a price higher
than global benchmarks.
* Reliance Industries Ltd. has stopped supply
of gas to 25 power plants from last Friday, said an industry
source. (Business Standard)
* The $40 billion textile-to-telecom Aditya Birla group is
planning to buy a fertiliser plant in the US to benefit from
cheaper prices of shale gas to fuel factories.
* The West Bengal government has upped the ante against JSW
Steel and charged it with delaying the Salboni steel
and power project. At 350 billion rupees the investment for the
project is the largest in the state. (Business Standard)
* A few shareholders in Australian company Legacy Iron Ore,
acquired by NMDC in 2011, have sent it a notice,
asking it to either fulfill the promises made during the
acquisition or leave a source close to the development said.
Bet On Super Six stocks for 5th March 2013:
Vishal Kshatriya, Edelweiss
Buy HDFC Bank at current price levels for a target of Rs 660 with a stoploss below Rs 605
Short IDFC at current price levels for a target of Rs 140 with a stoploss above Rs 155
Rakesh Gandhi, FRR shares
Buy Ranbaxy with a target of Rs 415 with a stoploss of Rs 375
Buy Bata India with a target of Rs 830 with a stoploss of Rs 765
Shardul Kulkarni, Angel Broking
Buy L&T Finance Holdings at Rs 78-80 with a target of Rs 92 and keep a stoploss 76
Sell Exide Industries below Rs 125 with a stoploss of Rs 127.50 for a target of Rs 115
on Tuesday In NEW DELHI The Indian markets were moving in a positive range,led by gains in ICICI Bank,BSE-2.98 %,RILBSE-1.94 % and Tata Motors Ltd,BSE-3.35 %.
The latest recommendations by brokerages on select stocks today:
ZEE Entertainment Ltd: UBS Securities has demoted Zee from buy to sell and has also reduced its price target from Rs 245 to Rs 200. The brokerage firm feels that positives from digital representating and improving corporate governance are already price in.
UBS feels that losses arising out of Ten Sports and news channels may dampen near term earning momentum.
ZEE Entertainment,BSE -1.75 % was trading 2.2 percent lower at Rs 214.50. It has hit from Rs 214.50 to Rs 221.80 in trade today.
Petronet LNG: CLSA has upgraded Petronet LNG,BSE 1.37 % to 'buy' with the price target around at Rs 180.The brokerage says the recent correction makes the risk reward very attractive.
CLSA expects near doubling of volumes and EPS over FY14-17 and expects the stock to also double in the same period.
The stock was trading 0.6 per cent higher at Rs 142.85. It has hit from Rs 141.80 to Rs 145.80 in trade today.
Bajaj Auto Ltd:JPMorgan has downgraded Bajaj Auto,BSE -1.10 % from neutral to underweight. The brokerage has lowered its price target from Rs 2060 to Rs 1800. The growth outlook is weakening given the rising fuel prices and competition intensifying.
The investment bank has lowered earnings estimates by 4 per cent for FY14 & 15 to factor in uncertain growth outlook.
Bajaj Auto was trading 1.4 per cent lower at Rs 1959.It has hit from Rs 1944 to Rs 1997.60 in trade today.
NHPC: Credit Sussie has upgraded NHPC,BSE -3.32 % from low to high post sharp correction. The brokerage maintains the target price of Rs 23.
Credit Suisse expects the issue with J&K state government over NHPC's J&K projects to be resolved in favour of the company.A favourable resolution of the issue implies a 13 per cent upside in NHPC stock.
The stock was trading 0.5 per cent higher at Rs 19.70. It has hitfrom low Rs 19.50 to high Rs 20.80 in trade today.
Moody's Investors Service said on Monday,In MUMBAI India's budget of 2013-14 unveiled last week offers a "realistic" plan to meet the fiscal deficit target of country and should be a credit positive for its ratings.
India's fiscal consolidation plans could pave the way for monetary easing,thus helping revive economic growth.
Moody's investor said this report,This plan of modest fiscal consolidation is credit positive for the sovereign because against a backdrop of subdued GDP growth and upcoming elections, it is a realistic effort to correct India's macroeconomic imbalances.
Moody's is the only rating agency of the three major credit agencies to have maintained its "stable" outlook on India's ratings.Standard & Poor's and Fitch have the country with a negative outlook.
In MUMBAI The Sen sex gained momentum after a choppy start as traders bought shares at lower levels which were beaten down post budget speech last day.Power, metals, capital goods and technology stocks led the up move while realty and healthcare remained subdued. Analysts are advising traders to hold on to short positions as the trend on charts is still bearish.
At 11 a.m the 30-share index was at 18929.13,up 67.59 points or 0.36 %. It touched a high 18966.30 and a low 18820.90 in trade today.
The Nifty was at 5,719.35,up 26.30 points or 0.46 %. It touched high 5728.15 and low 5679.90 in trade today.
*Nirmal Bang:
Nifty declined below the crucial levels of 5720 and has closed below it. The index faces crucial hurdles at 5,750 levels on the upside, expect selling pressure to continue at higher levels.The index is likely to decline towards the 5650 & 5620 levels in the close term.
The BSE Mid cap Index was up 0.42 per cent and the BSE Small-cap Index was 0.15 per cent higher.
The BSE Power Index was up 1.36 per cent, the BSE Metal Index was 1.36 percent higher, the BSE Capital Goods Index gained 1.15 per cent and the BSE IT Index advanced 0.81 per cent. The BSE Realty Index was down 1.62 per cent and the BSE Healthcare Index edged 0.61 per cent lower.
The top Sensex gainers:
Jindal Steel- 4.84 per cent, MarutiBSE 2.80 % (2.61 per cent), Tata PowerBSE 2.59 % (2.54 per cent), ICICI BankBSE 1.66 % (2.07 per cent), and Wipro BSE 1.80 % (2.02 per cent)
The top losers:
Hero MotoCorpBSE-2.15 % (2.39 per cent), Dr Reddy's Laboratories (1.60 per cent), NTPC (1.16 per cent), Bajaj AutoBSE -0.70 % (0.90 per cent) and Bharti AirtelBSE -0.91 % (0.79 per cent).
The market breadth was flat on the BSE with 1078 gainers against 1080 losers.
The foreign institutional investors bought sold shares worth Rs 1317.79 crore while domestic institutional investors bought equities worth Rs 417.94 crore on Thursday as per the provisional data from the National Stock Exchange.
NEW DELHI: India must make tough spending choices,on Thursday finance minister P Chidambaram said, even as he revealed a bigger-than-expected outlay for the coming fiscal year in one of the most highly anticipated Indian budgets of current years.
Highlights of the Budget:
FISCAL DEFICIT:
* Faced with huge fiscal deficit, India had no choice but to rationalize expenditure.
GROWTH:
* India faces challenge of getting back to its potential growth rate of 8 pct
* India must unhesitatingly embrace growth as highest goal
SPENDING:
* Total budget expenditure seen at 16.65 trillion rupees in 2013/14
* India's 2013/14 plan expenditure seen at 5.55 trillion rupees
* Revised estimate for total expenditure is 14.3 trillion rupees in 2012/13, which is 96 pct of budget estimate
* Set aside 100 billion rupees towards spending on food subsidies in 2013/14
CURRENT ACCOUNT poverty:
* India's greater worry is the current account poverty will need more than $75 billion this year and next year to fund poverty
INFLATION:
* Food inflation is worrying, will take all steps to augment supply side
CORPORATE SECTOR AND MARKETS:
* Plans to issue inflation-indexed bonds
* Proposes capital allowance of 15 pct to companies on investments of more than 1 billion rupees
* Foreign institutional investors can use investments in corp, govt bonds as collateral to meet margin requirements
* To implement quickly recommendations of financial sector legislative reforms commission
* Stock exchange regulator will simplify know-your-customer norms for foreign portfolio investors
POWER AND ENERGY SECTOR:
* Proposes zero customs duty for electrical plants and machinery
* Proposes to move to revenue-sharing from profit-sharing policy in oil and gas sector
BANKING:
* To provide 140 billion rupees capital infusion in state-run banks in 2013/14
* To allocate 10 billion rupees for India's first women's bank
AGRICULTURE:
* To allocate 801.94 billion rupees to rural development in 2013/14
* Plan to allocate 270.49 billion rupees for agriculture in 2013/14
FINANCE MINISTER P Chidambaram COMMENTS* "Faced with a huge fiscal deficit, I have no choice but to rationalize expenditure. We took a dose of bitter medicine. It seems to be working."
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