|
After the over 100 point surge on the Sensex on Friday,
not many would have bargained for an encore today as well.
Proving all pessimists wrong, the Sensex was trading with
gains of over 100 points in intra-day trades crossing
the 7,500-mark conformably on the way.
Markets
opened with a positive gap as ONGC started the day strongly
after the high profile weekend deal with the Mittal group.
The stock closed with gains of close to 3 per cent. The
indices maintained a steady upward momentum throughout
the day as more frontline stock joined the party.
The
sector, which attracted the most attention today was banking,
as all round buying was seen in frontline banking stocks
ahead of an expected hike in short-term interest rates
by the RBI.
ICICI
Bank was the star of the day, closing over 8 per cent
higher at a new life-time high. HDFC Bank closed the day
with gains of 4 per cent while SBI closed 3 per cent higher.
Punjab National Bank closed 4 per cent higher.
Zee
Telefilms surged close to 10 per cent in early afternoon
trades, before giving up part of its gains and closing
over 8 per cent higher.
Sensex
closed at 7506, a gain of 82 points and the Nifty at 2292,
a gain of 26 points. Nifty July futures closed the day
at a discount of 6 points to the spot index as against
a premium of 2 points on Friday.
Zee
Tele, ICICI Bank and Punjab National Bank were among the
major gainers among Nifty stocks while Sun Pharma, Satyam
and Tata Chemicals were the major losers.
Reliance
Industries is understood to have agreed to maintain the
annual kerosene supplies to oil marketing PSU's at over
1.1-million tonnes, same as last year. The company is
also willing to offer discounts to the oil marketing companies,
to offset part of the subsidies on petroleum products.
The level of discounts is being worked out.
ONGC
finalised the joint ventures with the Mittal Steel group
over the weekend. Two joint ventures, one by ONGC and
another by its subsidiary ONGC Videsh, will be formed
with Mittal group. ONGC will hold 51 per cent stakes in
both the companies.
The
joint ventures would look at acquiring oil and gas assets
in the Central Asian region where Mittal Steel has a large
presence. Both companies refused to divulge the proposed
investments, which are expected to be quite large considering
the balance sheet size of both entities and their penchant
for large projects.
ONGC's
refining subsidiary, MRPL, is reportedly in talks to acquire
SPIC Petrochemicals. ONGC has also received the nod from
the government for its proposed petrochemical, LNG and
power investments in Mangalore, Karnataka. The government
has reportedly asked ONGC to route the proposed Rs25,000-crore
investments in Mangalore through MRPL.
MRPL
reported an over 90 per cent rise in first quarter profits
on a revenue growth of over 30 per cent for the quarter
ended June 2005 as compared to the same quarter of previous
year. The stock closed with gains of 7 per cent.
Maruti,
the market leader in passenger cars, reported a 32 per
cent rise in profits for the quarter ended June 2005 as
compared to the same quarter of last year. Revenues for
the quarter were higher by 6 per cent. The stock gained
over 2 per cent after the results were announced.
The
stock gave up most of its gains later in the day as a
closer scrutiny of the results showed a higher than expected
other income figure helping the surge in profits. Margins
for the quarter were down as were total volumes. The stock
closed half a per cent higher.
Reliance
Capital, of late a favourite among traders, closed the
day with losses even though the company reported a 40
per cent improvement in first quarter profits as compared
to the same quarter of last year. The company has reportedly
sold a part of its holdings in Financial Technologies.
BHEL
has reportedly won an order worth $100 million for a power
plant in Indonesia. The stock closed half-a-per cent higher.
Confirming
market rumours about an impending international acquisition,
Tata group company VSNL has reportedly finalised the acquisition
of a Bermuda-based telecom company for $240 million. The
target company, Teleglobe, is listed on the NASDAQ. VSNL
closed the day with gains of 4 per cent.
Ultratech
Cemco, earlier L&T Cement and now a part of Aditya
Birla group, reported a nearly six-fold jump in first
quarter profits on a revenue growth of 20 per cent as
compared to the same quarter of previous year. Close to
20 per cent of the revenues came from exports and the
capacity utilisation stood at 95 per cent. The stock closed
7 per cent higher.
Petronet
LNG reported a profit of Rs39 crore for the quarter ended
June 2005 as against a loss for the same quarter of last
year. Revenues more than doubled as compared to last year
as the company achieved better capacity utilization during
the quarter.
Petronet
will start work on its second terminal at Kochi shortly,
which is expected to be operational in three years. The
company expects total revenues to cross Rs4,000 crore
during the current year. The stock closed with gains of
over 2 per cent.
Canara
Bank reported a 44 per cent decline in first quarter profits
as compared to the same quarter of last year. Total income
increased marginally by 2 per cent. After opening lower
by 4 per cent, the stock recovered and closed the day
with gains of half a per cent.
Technology
stocks had a disappointing session even as the broader
markets sought record highs. Satyam was the biggest loser,
closing almost 2 per cent lower. Infosys, TCS and Wipro
closed with losses of half a per cent each.
Metal
stocks continued their strong showing, led by Tata Steel.
The Tata group stock closed the day with gains of 2 per
cent while SAIL gained well over a per cent.
Auto
stocks had a mixed day with some of the larger stocks
closing on a flat note. Tata Motors closed marginally
higher after reports that its Spanish JV has won an order
for 800 buses. M&M surged to close with gains of around
4 per cent. Among the two-wheeler stocks, Hero Honda lost
close to 2 per cent while Bajaj Auto closed higher.
Mid-Cap
Action
Gains
on mid-caps were much lower than the frontline stocks
as profit booking was seen in many of the traders' favourite
stocks. The neutral market breadth on a day when the frontline
indices surged over a per cent was indicative of the selective
profit booking in mid-caps. The CNX Mid-Cap 100 index
closed the day at 3455, a gain of 15 points at a new life-time
high.
Matrix
Laboratories and Strides Arcolab called off their proposed
merger as the companies could not agree on valuations.
Both stocks lost well over 5 per cent each in early trades.
There
are unconfirmed reports that global ERP major, Oracle,
is in talks with Citigroup to acquire the latter's stake
in I-Flex. Citigroup currently owns 44 per cent of I-Flex.
Both Oracle and Citigroup refused to comment on the reports.
The stock lost a per cent today.
I-Flex
is one of the few successful software product companies
in India. Its core banking software suite, Flexcube, is
one of the most popular packages globally. The acquisition
would help Oracle to expand its presence in the banking
software segment.
Federal
Bank has reportedly initiated talks to acquire Chennai-based
Bharat Overseas Bank and has approached the RBI for its
permission. Bharat Overseas Bank was planning to come
out with an IPO late in the year to shore up its capital
base.
Bharat
Overseas Bank is jointly owned by a group of banks, with
Indian Overseas Bank holding over 30 per cent stake. Federal
Bank currently owns over 10 per cent stake in Bharat Overseas.
If the proposal is accepted, Federal Bank would buy out
other stakeholders.
Astra
Microwave announced a bonus issue in the ratio of one
share for every share held. The company has also proposed
a stock split and will convert every Rs10 share into 5
shares of Rs2 each. The stock surged over 4 per cent in
intra-day trades to touch a new lifetime high.
Praj
Industries, a leading supplier of ethanol manufacturing
plants, reported an over 90 per cent jump in first quarter
profits on a revenue growth of over 130 per cent. The
stock surged over 4 per cent to a new lifetime high before
closing with gains of close to 2 per cent.
The
company has also announced a bonus issue in the ratio
of one share for every share held and also a stock split.
The company is planning to sub-divide every Rs10 share
into 5 shares of Rs2 each.
Kale
Consultants, a leading provider of software products and
BPO services to the airline industry, reported a 200 per
cent increase in first quarter profits as compared to
the same quarter of previous year. Total revenues were
higher by 38 per cent.
Apollo
Hospitals reported a growth of over 30 per cent in first
quarter profits as compared to the same quarter of previous
year on a revenue growth of 20 per cent.
 Precision
Wires, Sangam India and Pantaloon Retail were among the
best performing stocks among mid-caps.
Macmillan,
KPIT Cummins and Torrent Power were among the significant
mid-cap losers.
*Disclaimer:
The author does not have any position in the stocks specifically
mentioned
above at the time of writing this article. This analysis
/ report is only for the purpose of information and is
not an investment advice. Readers are advised to consult
a certified financial advisor before taking any investment
decisions. While efforts have been made to ensure the
accuracy of the information provided in the content the
author or publisher shall not be held responsible for
any loss caused to any person whatsoever.
Other
articles by Rex Mathew
List
of general reports on markets List
of general reports on finance
Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
7,511.14
|
+
87.89 |
| NIFTY
|
2,292.75
|
+
27.15 |
Last
Update : 25 July, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ICICI
BANK L |
449.00
|
498.00
|
449.00
|
489.75 |
| NTPC
LTD |
92.60
|
97.35
|
92.10
|
96.85 |
| HDFC
BANK LT |
651.10
|
690.00
|
651.00
|
674.60 |
| STATE
BANK OF INDIA |
728.50
|
748.40
|
726.00
|
743.05 |
| ONG
CORP LTD |
945.60
|
969.50
|
945.00
|
961.65 |
| BAJAJ
AUTO |
1,325.00
|
1,418.00
|
1,325.00
|
1,407.50 |
| GUJARAT
AMBUJA CEMENTS LTD. |
63.10
|
64.35
|
62.75
|
63.90 |
| HINDUSTAN
LEVER LTD. |
162.90
|
165.85
|
162.55
|
164.55 |
| TATA
IRON AND STEEL CO. LTD. |
381.00
|
387.45
|
380.45
|
385.35 |
| ASSOCIATED
CEMENTCOMPANIES LT |
443.50
|
452.10
|
440.25
|
450.25 |
| GRASIM
INDUSTRIES LTD. |
1,168.40
|
1,244.00
|
1,155.05
|
1,172.25 |
| I
T C LTD |
1,654.70
|
1,675.00
|
1,650.00
|
1,665.70 |
| HINDALCO
IN |
1,272.00
|
1,293.00
|
1,272.00
|
1,278.95 |
| HOUSING
DEVELOPMENT FINANCE CO |
899.90 |
916.00
|
890.00
|
904.95 |
| MARUTI
UDYOG |
465.00 |
476.50
|
462.15
|
464.65 |
| BHEL |
1,004.40 |
1,004.40
|
975.25
|
995.80 |
| CIPLA
LTD. |
342.00
|
347.00
|
340.30
|
342.10 |
| TATA
POWER |
402.40 |
404.75
|
397.25
|
402.00 |
| TATA
MOTORS |
462.90
|
477.00
|
462.90
|
472.65 |
| BHARTI
TELE |
267.00
|
270.80
|
261.10
|
267.25 |
| RANBAXY
LABORATORIES LTD. |
527.00
|
529.80
|
500.05
|
504.40 |
| SATYAM
COMP |
530.65 |
537.90
|
519.00
|
521.60 |
| HEROHONDA
M |
620.00 |
620.00
|
603.15
|
605.20 |
| LARSEN
& TOUBRO LTD. |
1,260.00 |
1,268.00
|
1,229.00
|
1,241.95 |
| TCS
LTD |
1,300.00
|
1,305.00
|
1,277.00
|
1,283.20 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,240.00
|
2,250.00
|
2,210.00
|
2,222.30 |
| RELIANCE
ENR |
652.00
|
652.75
|
639.00
|
641.85 |
| DR.REDDY'S
LABORATORIES LTD. |
762.05
|
769.70
|
762.05
|
766.00 |
| RELIANCE* |
688.00 |
695.60
|
685.05
|
687.45 |
| WIPRO
LTD. |
719.70 |
719.70
|
705.55 |
713.10 |
Last
Update : 25 July, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
691.40
|
695.70
|
684.60
|
687.55 |
| VSNL
|
373.95
|
397.40
|
366.00
|
389.00 |
| SBIN
|
722.95
|
748.00
|
722.95
|
743.20 |
| TISCO |
380.00 |
387.45
|
380.00
|
385.35 |
| SATYAMCOMP
|
535.90
|
537.75
|
519.40
|
521.90 |
| ONGC
|
942.00
|
970.00
|
942.00
|
965.35 |
| ICICIBANK
|
457.00
|
499.05
|
455.05
|
493.40 |
| INFOSYSTCH
|
2235.00
|
2258.70
|
2220.25
|
2228.90 |
| PNB
|
411.00
|
429.00
|
411.00
|
427.20 |
| ZEETELE
|
173.85
|
190.25
|
173.45
|
186.40 |
| MARUTI
|
464.90
|
476.00
|
462.00
|
465.25 |
| HDFCBANK
|
647.70
|
695.00
|
647.70
|
674.65 |
| TCS
|
1296.60
|
1302.35
|
1275.20
|
1284.35 |
| IPCL
|
193.50
|
198.40
|
193.50
|
196.65 |
| HINDLEVER
|
161.70
|
166.25
|
161.70
|
165.50 |
| TATAMOTORS
|
476.00
|
476.50
|
467.20
|
473.55 |
| ITC
|
1658.00
|
1674.00
|
1649.00
|
1665.80 |
| BHARTI
|
260.10
|
271.00
|
260.10
|
267.40 |
| M&M
|
615.00
|
648.50
|
615.00
|
645.45 |
| SAIL
|
54.50
|
55.75
|
54.40
|
54.95 |
| LT |
1262.00 |
1262.00
|
1226.25
|
1243.60 |
| WIPRO
|
719.45
|
719.90
|
705.00
|
713.25 |
| ORIENTBANK
|
287.00
|
287.00
|
265.10
|
277.80 |
| GUJAMBCEM
|
63.00
|
64.35
|
62.70
|
63.95 |
| ACC
|
450.00
|
452.25
|
440.20
|
450.40 |
| HDFC
|
883.00
|
915.10
|
883.00
|
905.05 |
| BHEL
|
986.00
|
1008.00
|
976.05
|
997.70 |
| MTNL
|
136.00
|
139.60
|
133.80
|
137.20 |
| DABUR
|
151.00
|
154.75
|
149.55
|
151.45 |
| RANBAXY
|
529.00
|
531.00
|
501.35
|
504.25 |
| GAIL |
222.20 |
230.00
|
222.20
|
229.45 |
| CIPLA
|
343.90
|
348.40
|
337.00
|
342.20 |
| HINDALC0
|
1270.00
|
1296.00
|
1268.00
|
1278.20 |
| DRREDDY
|
765.00
|
769.95
|
761.30
|
766.30 |
| REL
|
646.05
|
650.00
|
640.20
|
642.45 |
| BAJAJAUTO
|
1362.25
|
1420.00
|
1352.00
|
1395.65 |
| GRASIM
|
1158.10
|
1177.00
|
1155.00
|
1174.30 |
| HEROHONDA
|
618.00
|
618.00
|
605.00
|
605.60 |
| HCLTECH
|
395.00
|
400.00
|
388.00
|
390.10 |
| TATAPOWER
|
404.90
|
408.70
|
398.00
|
402.95 |
| TATACHEM
|
192.50
|
193.25
|
187.75
|
188.30 |
| ABB
|
1445.00
|
1525.05
|
1441.10
|
1516.90 |
| HINDPETRO
|
300.00
|
301.90
|
295.15
|
299.45 |
| SUNPHARMA
|
647.80
|
647.80
|
604.00
|
616.40 |
| NATIONALUM
|
159.00
|
159.70
|
156.25
|
158.90 |
| COLGATE
|
241.20
|
244.00
|
236.10
|
237.05 |
| TATATEA
|
668.00
|
674.90
|
657.10
|
669.25 |
| BPCL
|
354.90
|
355.00
|
352.00
|
353.95 |
| SCI
|
147.60
|
149.75
|
147.20
|
149.35 |
| GLAXO |
889.00 |
889.00
|
864.50
|
871.00 |
Last
Update : 25 July, 2005, 16:00PM
| 
