Stock Market Commentary dated 11/07/2007

The BSE Sensex ended the session on a negative note as it decreased by 99.26 points to close at 14,910.62 while Nifty slipped by 18.9 points to close at 4,387.15. Of the 2,693 stocks actively traded on BSE, 1,443 stocks advanced while 1,182 stocks declined. The BSE Mid cap and Small cap closed higher by 38.80 points and 65.20 points at 6,704.40 and 8,074.86 respectively.

BSE Auto Index decreased by 25.56 points to close at 4,920.28 as Tata Motors (1.69%), Maruti Udyog (0.87%), M&M (0.95%), and Hero Honda (0.14%) closed in red.

BSE Capital goods index slipped by 4.20 points to close at 12,755.97 as ABB (1.83%) and L&T (0.41%) closed lower while BEML (1.41%), BHEL (0.60%) and Siemens (0.37%) closed higher.

BSE bankex index decreased by 15.31 points to close at 8,088.78 as PNB (1.78%), ICICI bank (1%) and SBI (0.53%) closed in negative

BSE Metal index grew by 162.48 points to close at 11,104.86 as Tata Steel (3.40%), SAIL (1.73%) and Sterlite industries (1.73%) closed in positive

BSE IT index decreased by 168.22 points to close at 4,868.77 as Infosys (4.47%), TCS (3.34%), Satyam (3.28%), Wipro (2.02%) and HCL tech (0.76%) closed in red.

BSE Health Care Index decreased by 12.96 points to close at 3,830.79 Ranbaxy (1.44%), Sun pharma (0.85%) and Glaxosmithkline (0.69%) closed lower.

BSE FMCG index increased marginally by 4.92 points to close at 1,844 as HUL (1.96%) closed in green while Dabur (1.56%), ITC (0.59%) and Tata tea (0.22%) closed in red.

BSE oil & gas index increased by 5.58 points to close at 7,621.54 as Reliance Petroleum (1.24%), IPCL (0.63%) and ONGC (0.35%) closed higher

Stock Market News: KEC International Ltd has announced that the Company has bagged two contracts in Riyadh

KEC International Ltd has announced that the Company has bagged two contracts in Riyadh, Saudi Arabia and Abu Dhabi, UAE valued to the Company at Rs 176 crores.

The larger value contract comes from the Saudi Electricity Company based in Riyadh, Saudi Arabia and is worth USD 23.4 million (Rs 95 crores) to the Company. This work involves supply, erection, installation and commissioning of 380 KV transmission line comprising a total distance of 53 kms on the outskirts of Riyadh.

The Abu Dhabi project, worth USD 20 million of Rs 81 crores, is from the Abu Dhabi Transmission and Despatch Company (TRANSCO). This project, also won via competitive bidding process, involves the supply, erection, installation and commissioning of 400 KV transmission lines from Taweelah sub station to Yas Island and Bahia sub station to Yas Island - a total of 40 kms.

Stock Tips: Buy DLF with target price of Rs 674

DLF has touched an intra day high of Rs 590 and an intra day low of Rs 567. Currently, the share is quoting at Rs 589.20, up Rs 17.45, or 3.05%. It is trading with volumes of 79,07,598 shares. Yesterday the share closed down 0.51% or Rs 2.95 at Rs 571.75. The company has now entered the elite club of Rs 1 lakh crore mark and it is the 10th company to enter this club.

Motilal Oswal has recommended a buy rating on DLF with target price of Rs 674. Target price is at a 25% premium to estimated NAV of Rs 539 per share. The company's recent IPO was the biggest in the country so far.

The reports indicate that DLF, India's largest real estate company, is the best proxy for playing the promising domestic real estate opportunity. We are excited about DLF’s dominant presence in emerging segments of premium apartments, commercial offices and retail, which are highly profitable businesses with strong entry barriers.

Thus, DLF is relatively better placed to face the challenging macro environment, which, in our opinion, will encourage lower risk premiums going forward.

Adjustment in Futures and Options contracts of SUN TV Network Ltd. on account of sub division and bonus issue

The company SUN TV Ltd (Scrip code : 532733) has announced sub-division of equity share in the ratio of 2:1 (Two share for every existing one equity share ) and a bonus issue in the ratio of 1:1 (One share for every existing one equity share held) to the equity shareholders of the company. The book closure dates announced by the company for this purpose is Saturday, July 28, 2007 to Monday, August 06, 2007, based on which the Exchange has fixed Monday, July 23, 2007 as the ‘Ex-date’ and the scrip will be No Delivery from July 23, 2007 to July 27, 2007. In view of the above and in compliance with the aforementioned SEBI guidelines, the Exchange will make the necessary adjustments for all the available Futures & Options contracts on the underlying scrip SUN TV Network Ltd., at the end of the day on Friday, July 20, 2007, the ‘ex-date’ being Monday July 23, 2007. The members may please note that all pending orders in the system for the futures and options contracts on SUN TV Network Ltd, that are outstanding at the close of business hours on Friday, July 20, 2007 would consequently stand cancelled on that date.

Stock Market: Change in The circuit filters

The Circuit Filters of the following stocks has / have been changed from their existing levels in the below mentioned scrip/s with effect from July 09, 2007.

Sr.No	Scrip Code	Scrip Name	Circuit Filter % Revised
1	532329	Danlaw Technologies India Ltd.	10
2	506910	Jaysynth Dyestuff (India) Ltd.,	10
3	532799	Akrut Nirman Ltd.	10
4	532821	Indus Fila ltd.	10
5	500009	Ambalal Sarabhai Enterprise Ltd.,	10
6	512425	Nirav Commercials Ltd.,	5
7	513579	Foundry Fuel Products Ltd.	5
8	522163	Diamond Cables Ltd.	5
9	530323	Era Constructions (India) Ltd.	5
10	500030	Autoriders Finance Ltd.,	5
11	500389	Silverline Technologies Ltd.	5
12	509635	Hindustan Composites Ltd	5
13	530355	Asian Oilfield Services Ltd.	5
14	531091	United Credit ltd.	5
15	531939	Genus Commu-Trade Ltd.	5
16	532365	Dynacons Systems & Solutions Ltd.	5

Sagar Cement looking for a strategic partner?

Sagar Cement is looking for a strategic partner and currently, the company is in talks with Orascom for stake sale. Orascom is an Egyptian company which has cement capacity of over 25 mtpa. While, Sagar Cement has capacity of 0.5 mtpa.Management of Sagar Cement says that they are in talks with international players but they can't divulge details. Sagar cement promoters currently hold 52% stake after warrant conversion. The initial phase of talks with Orascom remained inconclusive. Orascom is a leading cement producer & telecom company active in Emerging Markets. The subsidiaries of Orascom are in Egypt, with capacity of 10 mtpa and Algeria, with capacity of 5 mtpa. The company is expecting total capacity to increase to 39 mtpa by 2009. Blackstone Group had bought 1 million shares of Sagar Cement at Rs 190 per share and is a big investor in the company. Carlyle, IFC had also shown interest in picking up the stake in Sagar Cement.

Hot stock : Balaji Telefilms Ltd

Balaji Telefilms Ltd's stock is very hot now a days in the in the stock market. Result are as per companies growth plan and will continue to be so during the 2007-08.
Balaji Telefilms Ltd had recommended the interim dividend of Rs 3.50 per share (175% on par value of Rs 2 per share).
The Company has posted a net profit of Rs 797.220 million for the year ended March 31, 2007 as compared to Rs 596.428 million for the year ended March 31, 2006. Total Income has increased from Rs 2890.657 million for the year ended March 31, 2006 to Rs 3268.774 million for the year ended March 31, 2007.