Post Session Market

The Indian Market closed with heavy losses for the third straight trading session. Though the market opened higher backed by favoring cues from the global market but was unable to sustain all its gains at higher levels and fell soon after the start of the session. The investors took calculated steps in booking their further positions, as the Federal Open Market Committee will be announcing its interest rates today as well as due to expiry of January derivatives contracts tomorrow. The Mid Caps and Small Caps also joined the rally of the benchmark indices as they also faced heavy profit booking. The BSE Sensex closed lower by 333.20 points at 17,758.64 while NSE Nifty fell by 113.2 points to close at 5,167.60. The BSE Mid Cap and Small Cap indices also closed lower by 192.18 points and 230.81 points at 7,829.06 and 10,146.86 respectively.

BSE Metal index dropped by 134.42 points to close at 15,406.33. Scrips that fell are Ispat Industries (6.57%), Jindal Steel (4.78%), Jindal Stainless (4.08%), NALCO (2.23%).

BSE Oil & Gas index slipped by 497.21 points to close at 10,684.56. Losers are RNRL (6.66%), BPCL (5.96%), Essar Oil (5.64%), ONGC (4.94%), IOCL (4.11%).

BSE Auto index closed down by 111.28 points at 4,812.46 as TVS Motors (5.03%), Bajaj Auto (4.62%), Tata Motors (2.74%), Maruti Suzuki (1.70%) closed in red.

BSE Capital Goods index closed lower by 336.15 points at 16,625.91. Losers are Elecon Eng (11.36%), Lakshmi Machine (6.96%), Jyoti Structures (5.28%) and ABB (4.31%).

BSE Bankex index fell by 220.56 points to close at 10,899.86. Scrips that fell are CentBOP (4.44%), Kotak bank (4.38%), IOB (4.20%), BOB (4.03%), BOI (3.56%).

BSE Realty index slipped by 252.88 points to close at 10,148.19. Scrips that lost are Mahindra Life (6.77%), Penland (6.19%), Ansal Infra (5.51%), Omaxe (4.72%).

BSE Power index dropped by 113.49 points to close at 3,822.67 as Suzlon Energy (6.40%), Reliance Energy (5.44%), Power Grid (4.97%), NTPC (4.70%) closed lower.

GMR Industries Board approves Rights Issue

GMR Industries Ltd has informed that that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, has approved the following:

1. Approved the proposal for a rights issue for Rs 250.00 Crores and appointed a committee for the same.

2. Approved Proposal for setting up a Medium Density Fiber Board Project and setting up of another Sugar Complex in Karnataka.

NTPC Board declares interim dividend

National Thermal Power Corporation Ltd (NTPC) has informed that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, had decided, to pay interim dividend for the financial year 2007-08. The interim dividend shall be paid at the rate of 27% on the face value of paid-up equity shares of Rs 10/- each.

Balmer Lawrie Board declares interim dividend

Balmer Lawrie Investments Ltd has informed that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, has approved the payment of an interim dividend of 30% i.e. Rs 3.00 per Equity Share of Rs 10/- each fully paid-up, out of the Available Profit for the nine months period ended on December 31, 2007.

Raymond announces Q3 results

Raymond Ltd has announced the following Unaudited Results for the quarter ended December 31, 2007: The Company has posted a net profit of Rs 93.60 million for the quarter ended December 31, 2007 where as the same was at Rs 383.70 million for the quarter ended December 31, 2006. Total Income is Rs 3528.40 million for the quarter ended December 31, 2007 where as the same was at Rs 3240.60 million for the quarter ended December 31, 2006. In view of the divestment of Denim business effective August 01, 2006, figures of the current period are not comparable with corresponding figures of previous period.

Power Grid Corporation announces Q3 results

Power Grid Corporation of India Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:

The Company has posted a profit after tax of Rs 3842.80 million for the quarter ended December 31, 2007 as compared to Rs 3372.70 million for the quarter ended December 31, 2006. Total Income has increased from Rs 10048.00 million for the quarter ended December 31, 2006 to Rs 11937.70 million for the quarter ended December 31, 2007.

The figures for the quarter ended December 31, 2006 are Audited.

Market remains firm

The market held firm in the afternoon trade. ICICI Bank moved higher. Banking and realty index moved up. However, the breadth was negative despite the market surge and the volumes were low.

Stocks rose in Asia today, 25 January 2008, buoyed up by several factors including strong corporate sentiment in Germany and a return of some confidence in the US economy after solid employment data and a congressional fiscal package. The Bush administration's fiscal package includes $150 billion of tax rebates and business incentives meant to prevent a slowdown in the country's economy.

India's wholesale price index rose 3.83% in the 12 months to 12 January 2008 marginally higher than the previous week's rise of 3.79%, government data showed on Friday, 25 January 2008. The annual inflation rate was 6.15% during the corresponding week of the previous year.

Meanwhile, all-India bank strike has prompted stock exchanges, BSE and NSE, to cancel clearing and settlement of trades, scheduled to be held today. Settlement of trades done on Wednesday, 23 January 2008, will be now done on Monday, 28 January 2008.

At 13:20 IST, the 30-share BSE Sensex was up 864.23 points or 5.01% to 18088.29. Sensex hit a high of 18,148.17 in early afternoon trade. At the day's high, Sensex rose 926.43 points.

BSE clocked a turnover of Rs 2877 crore.

The broader CNX S&P Nifty was up 259.60 points or 5.16% to 5293.05.

The market breadth was negative. On BSE, 1197 shares advanced as compared to 1417 that declined. 28 remained unchanged.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 2.92% to Rs 2563.35.

Among the Sensex gainers, Reliance Energy surged 9.81% to Rs 1994.20, ICICI Bank soared 9.46% to Rs 1240, ONGC flared up 8.87% to Rs 1028, HDFC Bank jumped 8.14% to Rs 1627.20, Ranbaxy Laboratories climbed 8.13% to Rs 375, Mahindra & Mahindra moved up 6.16% to Rs 664.20 and Bharat heavy Electricals rose 6.04% to Rs 2222.15.

Among the volume toppers on BSE, Ispat Industries rose 3.39% to Rs 44.20 on volume of 74.52 lakh shares. Indusind Bank soared 7.15% to Rs 92.90 on volume of 68.55 lakh shares. GMR Infrastructure jumped 7.46% to Rs 175.05 on volume of 68.08 lakh shares. Reliance Natural Resources climbed 4.10% to Rs 136.95 on volume of 63.56 lakh shares. Reliance Petroleum flared up 3.53% to Rs 167 on vulume of 47.30 lakh shares.

In Asia, key indices in Hong Kong, South Korea, Taiwan, Singapore, and Japan were up by 1.77% to 6.13%.

The US stocks finished higher overnight after the Bush administration and lawmakers announced details of an economic stimulus plan aimed at stemming mortgage market losses. Dow closed up 108.44 points or 0.88% at 12,378.61, the Nasdaq climbed 44.51 points or 1.92% to 2,360.92 and the S&P 500 added 13.47 points or 1.01% to 1,352.07.

As per provisional data, FIIs sold shares worth a net Rs 2254.93 crore on Thursday, 24 January 2008, the day when Sensex had lost 372 points. Domestic funds bought shares worth a net Rs 1117.03 crore on that day.

Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,541.52 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 341.18 crore and sold index options worth Rs 67.35 crore. They were net buyers of stock futures to the tune of Rs 2,270.27 crore and sold stock options worth Rs 2.58 crore.

Crude oil prices rose in Asian trade Friday as stock markets around the world firmed, China revealed strong growth and on expectations that OPEC will not increase crude output next week. In Asian deals Thursday, crude was trading at $89.77 a barrel. Light, sweet crude for March delivery jumped $2.42 to settle at $89.41 a barrel on the New York Mercantile Exchange on Thursday.

Record gain in Sensex

It proved as the most eventful week on the stock markets. What started as a bloodbath on the street ended with a solid recovery. Taking their cue from firm global markets, share prices surged today with the Sensex registering its biggest ever single day rise in absolute terms on a closing basis.

The 30-share BSE Sensex provisionally ended up 1158.85 points or 6.73% to 18380.59, its biggest percentage gain on a closing basis since 23 January 2008. It is also the first-ever, four-digit single day gain for the index.

Stocks across the globe were buoyed by several factors including strong corporate sentiment in Germany and a return of some confidence in the US economy after solid employment data and a congressional fiscal package. The Bush administration's fiscal package includes $150 billion of tax rebates and business incentives meant to prevent a slowdown in the country's economy.

Hindalco, Reliance Energy and ICICI Bank spurted. All the sectoral indices in BSE were in green. Realty stocks surged. Market breadth was strong. However, volumes were low. Asian markets, which opened before Indian markets, soared. European markets, which opened after Indian markets, were trading firm.

India's wholesale price index rose 3.83% in the 12 months to 12 January 2008 marginally higher than the previous week's rise of 3.79%, government data showed on Friday, 25 January 2008. The annual inflation rate was 6.15% during the corresponding week of the previous year.

Meanwhile, all-India bank strike has prompted stock exchanges, BSE and NSE, to cancel clearing and settlement of trades, scheduled to be held today. Settlement of trades done on Wednesday, 23 January 2008, will be now done on Monday, 28 January 2008.

The Sensex had opened with a positive gap of 262.26 points. Continual buying in index pivotals led the index gain 1184.51 points at the day's high of 18,406.25 touched at the fag end of the trading session.

The broader CNX S&P Nifty provisionally ended up 351 points or 6.97% to 5384.45.

BSE clocked a turnover of Rs 5199 crore compared to Rs 6,379.33 crore on Thursday, 24 January 2008.

The market breadth was strong. On BSE, 1573 shares advanced as compared to 1153 that declined. 32 remained unchanged.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 4.60% to Rs 2605.

India’s largest private sector bank by assets ICICI Bank surged 11.57% to Rs 1263.

India’s leading engineering and construction firm by revenue Larsen & Toubro jumped 9.95% to Rs 3890.40.

Among the Sensex gainers, Hindalco Industries surged 15.09% to Rs 175, Reliance Energy soared 11.74% to Rs 2029, NTPC spurted 9.67% to Rs 223.40, Bajaj Auto sprout 9.02% to Rs 2300 and Mahindra & Mahindra jumped 8.69% to Rs 680.

In Europe, key indices in UK, France and Germany were up by 0.52% to 1.52%.

In Asia, key indices in Hong Kong, South Korea, Taiwan, Singapore, and Japan were up by 0.93% to 6.73%.

The US stocks finished higher overnight after the Bush administration and lawmakers announced details of an economic stimulus plan aimed at stemming mortgage market losses. Dow closed up 108.44 points or 0.88% at 12,378.61, the Nasdaq climbed 44.51 points or 1.92% to 2,360.92 and the S&P 500 added 13.47 points or 1.01% to 1,352.07.

Crude oil prices rose in Asian trade Friday as stock markets around the world firmed, China revealed strong growth and on expectations that OPEC will not increase crude output next week. In Asian deals Thursday, crude was trading at $89.77 a barrel. Light, sweet crude for March delivery jumped $2.42 to settle at $89.41 a barrel on the New York Mercantile Exchange on Thursday.

The market rallied sharply and closed above the 18,300 mark on strong buying in realty, metal, and banking stocks.

The market displayed tremendous strength on firming global cues. The Sensex went into a major recovery mode after yesterday's fall and surged by
over 1,150 points during the intra-day trades. The rally in Asian markets cheered investors, and the Sensex had a gap-up opening at 175,04, up 282 points. Realty, metal and banking stocks led the rally and the respective indices posted over 8-10% gains on Bombay Stock Exchange (BSE). Firm close in major Asian indices and surge in European markets also helped the sentiment remain bullish, with Sensex crossing the 18,000 mark by the afternoon and maintaining upwards bias thereafter. Sustained buying in frontline stocks saw the Sensex surge past the 18,300 mark to touch the day's high of 18,406 towards close. The Sensex ended the session by gaining 1,140 points or 6.62% at 18,362, while the Nifty added 350 points or 6.95% at 5,383.

The breadth of the market was positive. Of the 2,758 stocks traded on the BSE 1,558 stocks advanced, 1,164 stocks declined and 36 stocks ended unchanged. Among the sectoral indices the BSE Realty Index flared up by 10.41%, the BSE Metal Index rose 9.73% and the BSE Bankex Index moved up by 7.53%. The other indices also ended with gains over 4-6% each.

All the Sensex stocks ended at higher levels. Hindalco flared up 14.01% at Rs173, Reliance energy shot up by 11.81% at Rs2,030, ICICI Bank zoomed 11.16% at Rs1,259, L&T moved up by 9.95% at Rs3,890, NTPC scaled up 9.11% at Rs222, Bajaj Auto surged by 9.02% at Rs2,300, M&M jumped by 7.76% at Rs674 and Tata Motors gained 7.70% at Rs712.

Over 1.42 crore RNRL shares changed hands on the BSE followed by Ispat Industries (1.41 crore shares), IFCI (1.08 crore shares), GMR Infrastructure (99.65 lakh shares) and Reliance Petroleum (99.05 lakh shares).

Valuewise, Reliance Capital clocked a turnover of Rs255 crore followed by Reliance Energy (Rs207 crore), RNRL (Rs199 crore), GMR Infrastructure (Rs179 crore) and Reliance Industries (Rs158 crore).

OnMobile Global IPO

Onmobile is one of the leading providers of telecommunications value added services (VAS) and products with an expanding international presence. Some of the products include ringback tones, voice portals, ringtones downloads, subscription manager, contest, music messaging, on-device client software, voice SMS and missed calls alerts.

Growing telecommunication VAS market
Indian cellular industry revenues from data services were estimated by Gartner to have more than 11 fold from US$73.9 million in 2002 to US$858 in 2006. These are expected to increase significantly faster than the cellular subscriber compounded annual growth rate of 26.6% at a CAGR of 45.7% to reach US$5.6 billion in 2011.

Significant market share in fast growing VAS market
In India, Onmobile’s customers include Bharti, BSNL, Reliance, Vodafone and TTSL which have a significant market share in India. As of March 2007, Onmobile has a market reach of more than 96% of India’s telecommunication wireless subscribers through their carrier customers.

Growing International Presence
The company intends to expand its geographical presence and market to newer carriers and markets. In 2007 Onmobile has entered into contracts with eight new wireless carriers in Indonesia, Malaysia, Pakistan, Bangladesh and Sri Lanka for licensing and management of VAS.

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Tech Mahindra equity shareholders to approve Scheme of Arrangement

Tech Mahindra Ltd has informed that pursuant to the Order made by the Honble High Court of Judicature at Bombay, a meeting of the Equity Shareholders of the Company will be held on January 29, 2008 for the purpose of considering and, if thought fit, approving with or without modification(s), the Scheme of Arrangement embodied in the Scheme of Amalgamation between iPolicy Networks Ltd and Tech Mahindra (R&D Services) Ltd, the Transferor Companies with the Tech Mahindra Ltd, the Applicant Company and their respective shareholders.

Post Session Market: Jan-04-2008 16:27

The Indian market closed on a strong note led by heavy buying across all the index heavyweights. The market opened firmly and keeps on marching forward throughout the trading session but pares some of its gains towards the end of the session. Most buying is seen from the CG, Metal, Bankex and Oil & Gas baskets. The Inflation based on the wholesale price index (WPI) rose to 3.50% for the week ended 22 December 2007 as compared to 3.45% in the week ended 15 December 2007. The BSE Sensex closed higher by 341.69 points at 20,686.39 and NSE Nifty closed up by 95.75 points at 6,274.30. The BSE Mid Cap index closed higher by 56.19 points at 10,113.06 while BSE Small Cap fell by 12.60 points to close at 13,884.11. BSE Bankex index surged 234.58 points to close at 11,905.06. Scrips that gained are CentBOP (6.83%), ICICI bank (4.67%), Kotak bank (2.07%), Axis bank (2.03%) and Andhra bank (0.73%). BSE Metal index increased by 299.34 points to close at 20,297.51. Scrips that advanced are Sterlite industries (5.12%), Hindalco (3.41%), Maharash Sea (2.41%), Hind Zinc (1.86%) and SAIL (1.26%). BSE Capital Goods index rose by 499.04 points to close at 20,029.24 as Praj industries (6.22%), SKF India (4.35%), Jyothi Structures (5.27%), Areva (5.13%), L&T (4.50%) and BHEL (1.35%) closed higher. BSE Realty index grew by 39.47 points to close at 13,285.29. Scrips that pushed up are Parsvnath (9.15%), Penland (3.52%), DLF (2.32%), Purvankara (1.92%), Ansal Infra (1.89%) and Omaxe (0.81%). BSE Oil & Gas index advanced by 314.78 points to close at 13,917.04 as Aban Offshore (5.61%), RPL (5.32%), RNRL (3.21%), ONGC (2.90%), Reliance industries (2.86%) and Cairn India (2.51%). BSE IT index dropped by 44.49 points to close at 4,319.14. Scrips that fell are Aptech (4.47%), NIIT Ltd (4.07%), TCS (1.27%), Infosys (1.06%) and Satyam (0.98%).