Market Watch 08.01
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Market Watch
MARKET WATCH
Outlook: Market to open positive and trade range bound amid volatility
08.01.2008 (Tuesday)
Market Outlook: Key share indices are likely to extend gains today on hopes of strong Oct-Dec corporate earnings. A slightly positive close in US shares overnight, and a firm opening in several Asian markets today are likely to support Indian indices. However, trade is likely to remain volatile on bouts of profit sales as local indices trade at new highs. Nifty is likely to find support at 6240, 6210 levels, resistance seen at 6320, 6365. INDICATORS (previous session) * Institutional net buy/(sale) in mln rupees, Jan 4: FIIs 5,088, MFs 6,166 * Sensex 20812.65, up 125.76 points; Nifty 6279.10, up 4.80 points * Other markets: Crude: $95.09/bbl; rupee: 39.28; gold: $861.58/ounce IPO WATCH * IRB Infra IPO gets grading of 4 on 5 from Fitch. * Listing of Manaksia on Bombay Sock Exchange and National Stock Exchange. * Future Capital to use IPO funds to boost consumer loans business. * ICICI Bank denies report on listing of ICICI Securities. * Mahindra Holidays may divest 2% in private placement ahead of IPO. SECTOR NEWS FERTILISERS: May get 190 bln rupees less subsidy in the 2008-09 budget. INFRASTRUCTURE: Government aide says Mumbai metro rail project construction work delayed. There may be tax sops on core fund investments. LIQUOR: Beer sales slump as prices rise. OIL AND GAS: Decision on hiking oil product prices is likely to be taken at a meeting of a ministerial group in New Delhi on Jan 17. Government to mull Maharashtra's demand to buy ethanol at 21.50 rupee per L. DLR/YEN: Bank of Japan Governor Toshihiko Fukui is due to speak in Paris today. --109.26 yen per $1 today, vs 109.23 Mon; 108.58 Fri. CRUDE OIL: --NYMEX February futures (a barrel): $95.09 Mon vs $97.91 Fri. US Mkts: Wall Street traded in a choppy and volatile manner as investors remained uncertain about the economic outlook. --DJIA: 12,827.49 Mon, up 27.31 points, or 0.21% vs Fri. --NASDAQ: 2,499.46 Mon, down 5.19 points, or 0.21% vs Fri. ASIA: Asian markets trading mixed. Hong Kong's Hang Seng rose 1.27% or 345.75 points at 27,525.24. Taiwan's Taiwan Weighted gained 1.49% or 117.69 points at 8,001.06. Singapore's Straits Times was up 0.46% or 15.50 points at 3,368.56. However, Japan's Nikkei slipped 0.29% or 41.81 points at 14,458.74. South Korea's Seoul Composite was flat at 1,829.77.
Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
Market Watch
Opportunity Calls: Buy Lupin (SL 628.5), Welspun Gujarat (SL 460), Hind Unilever (SL 234.4), Elecon Enng (SL 325) Securities in ban period for trade date January 08, 2008: The derivative contracts in the below mentioned securities have crossed 95% of the market-wide position limit and are currently in the ban period. It is hereby informed that all clients/ members shall trade in the derivative contracts of said securities only to decrease their positions through offsetting positions. Sr. No. 1 2 3 4 5 6 7 8
Symbol ADLABSFILM APTECHT ARVINDMILL BONGAIREFN GMRINFRA HINDOILEXP HOTELEELA IFCI
Sr. No. 9 10 11 12 13 14 15 16
Symbol ISPATIND IVRPRIME JPHYDRO NAGARFERT PARSVNATH RAJESHEXPO SRF TTML
F&O cues: • • • • • • • • • •
Futures Open Interest up by Rs 4,493 crore, Options Open Interest up by Rs 1,221 crore Stock Futures add 5.3 cr shares in Open Int Nifty Futures add 19 lakh shares in Open Int, at 9-point premium Nifty Open Int Put-Call ratio at 1.37 vs 1.40 Nifty Puts add 6.5 lakh shares in Open Interest Nifty Calls add 7 lakh shares in Open Interest Nifty 6200 Put adds 1.4 lakh shares in Open Interest Nifty 5700 Put adds 1.3 lakh shares in Open Interest Nifty 6200 Call adds 1.9 lakh shares in Open Interest Nifty 6300 Call adds 1.85 lakh shares in Open Interest
Stocks in news: • • • • • • • •
Results today: Patel Engineering, Prism Cements, Shree Cements, TVS Electronics and Kopran Board meetings: Pudumjee Agro on stock split Ex-dividend: Aegis Logistics Mahindra Holidays to sell 2% ahead of the IPO to an Indian Bank for Rs 80 cr, valuing the co at USD1bn TOI Uniform duty structure for Liquor across states likely - ET Tata Steel selling its prime properties in Kolkata Fertilizer cos may get Rs 19000 cr less subsidy, policy to be finalized by month end - ET Saregama to foray into magazine publishing, in talks with foreign players
Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
Market Watch • Indian ADRs: • • • • • •
• • •
•
•
•
• • • • •
ICICI Bank up 10%, HDFC Bank up 6.5% New listing: Manaksia New listing: Rollatainers to resume trading; base price Rs 14.40, circuit filter 20% Hindustan Composites board approves selling land at Ghatkopar, Mumbai Consolidated Construction bags orders worth Rs 252.39 cr in Dec 07 NSE F&O curb New in curb: Adlabs Films, GMR Infra, IFCI, Ispat, Parsvnath, SRF Already in curb: Aptech, Arvind Mills, Bongaigaon, HOEL, Hotel Leela, IVR Prime, JP Hydro, Nagar Fert, Rajesh Exports, TTML Out of curb: Essar Oil Gitanjali Gems acquires 100% in jewellery co Brightest Circle Jewellery for Rs 50 cr; also acquires Nakshatra brand In T2T from Jan 11: Heritage Foods, Kewal Kiran, Kinetic Motor, Nelco, Ramco Systems, Tamilnadu Petro, Webel SL, Western India Shipyard, Zodiac Clothing, Kalindee Rail Infosys SC rules in Infosys' favour in case relating to TDS taxation brought against it by Bangalore IT dept SC says benefit given to the staff under ESOPs before 2000, can't be considered taxable income, co not obliged to TDS SC rules co not bound to deduct tax on amount earned by employees from exercise of ESOPs granted through trust Infosys had created Technologies Employees Welfare Trust allotting 7.5 lakh@ Rs 1 each to employees in 97-98 Scheme had a 5-yr lock-in period after which employees could exercise warrants to buy Infosys' shares Omaxe Says promoters plan to dilute 5-10% via private placement In talks with US-based Starwood for hotel projects, to invest Rs 2,000 cr Plans up to Rs 3,000 cr Punjab realty project Crazy Infotech board approves GDR / FCCB issue up to $ 50 m Splitting FV of shares from Rs 10 to Re 1 Lok Housing board meet on Jan 14 to consider issue of warrants on preferential basis to promoters & strategic investors Everonn Systems board meet on Jan 18 to consider FCCB / ADR / GDR issue Twentyfirst Century Management board meet on Jan 14 on issue of shares / warrants on preferential basis to promoters Accel Frontline to acquire Network Programs India Chrysler Holds talks with M&M, but says no high level discussions yet Talks for possible alliance in India or abroad
Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
Market Watch
Fund Action IFCI Goldman Sachs Investments (Mauritius) buys 63.92 lakh shares at Rs 96.24/sh Recent Fund Action: Edelweiss commodities buys 50.11 lakh shares at Rs 92.55/sh on 31st Dec Goldman Sachs Funds sells 1.94 cr shares at Rs 77.3/sh (3% stake) (Reduces stake from 3.65 to 0.65%) on 23rd Dec Merill Lynch Capital Markets sells 41.65 lakh shares at Rs 78/sh (0.7% stake) (reduces stake from 2 to 1.31%) on 23rd Dec Goldman Sachs sells 32.8 lakh shares at Rs 85.4/sh on 11th Oct Lehman Brothers Asia sells 36.93 lakh shares at Rs 92.5/sh (0.6% stake) on 27th September KEI Industries Macquarie Bank sells 5 lakh shares at Rs 100/sh (0.8% stake) (Reduces stake from 1.69% to 0.89%) Gremac Infra Merrill Lynch Capital Markets Espana sells 2 lakh shares at Rs 475/sh Swiss Finance sells 1.30 lakh shares at Rs 415.65/sh on 3rd Jan Madhucon Projects Morgan Stanley Inv buys 3 lakh shares at Rs 623.8/sh (0.8% stake) Goldman Sachs Investments Mauritius sells 3.84 lakh shares at Rs 625/sh (1% stake) (Reduces stake from 2.66% to 1.66%) Sujana Metal Param Capital Research buys 3 lakh shares at Rs 45.44/sh (0.8% stake) Sanjay Jagdish Poddar buys 4.6 lakh shares at Rs 44.3/sh (1.2% stake) Bear Sterns sells 5 lakh shares at Rs 45/sh (1.3% stake) Goldman Sachs Investments Mauritius sells 6.27 lakh shares at Rs 43.8/sh (1.6% stake) Blackstone Asia Advisors sells 25 lakh shares at Rs 44.5/sh (6.4% stake) Merrill Lynch Capital Markets Espana sells 7.41 lakh shares at Rs 45/sh (1.9% stake) Minivet sells 4 lakh shares at Rs 44.2/sh (1% stake) Sujana Tower K S B Holdings buys 2.78 lakh shares at Rs 198.33/sh (0.7% stake) Sundaram BNP Paribas MF buys 8.26 lakh shares at Rs 210/sh (2.1% stake) UTI Bank buys 2 lakh shares at Rs 210.8/sh (0.5% stake) Blackstone Asia Advisors The India Fund sells 6.3 lakh shares at Rs 201.9/sh (1.6% stake) Live Star Marketing sells 13.24 lakh shares at Rs 208.8/sh (3.4% stake) Inca Finleas Global Film And Bord Casting buys 22 thousand shares at Rs 147.4/sh ISMT Indian Seamless Enterprises buys 8 lakh shares at Rs 130/sh (0.6% stake) Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
Market Watch
130/sh Klapa Investments sells 8 lakh shares at Rs 130/sh (0.6% stake) Kilburn Office Automation Industrial Development Bank Of India sells 35 thousand shares at Rs 17/sh Sayaj Hotels Ruane Cunniff Goldfarb buys 1.35 lakh shares at Rs 95/sh (1.1% stake) Clearwater Capital Partners Cyprus sells 2 lakh shares at Rs 95/sh (1.6% stake) Sirpur Pap Rare Enterprises buys 50 thousand shares at Rs 132.22/sh Atul Morgan Stanley sells 1.74 lakh shares at Rs 116.8/sh Terasoftware Melchior Indian Opportunities Fund sells 50 thousand shares at Rs 110.6/sh Stone Indi Bear Sterns sells 40 thousand shares at Rs 207.5/sh on 4th Jan EVENTS ======= Today: US Paulson to speak on capital markets and the economy; 12:30AM Today: US treasury strips for Dec; 1:30AM Today: UK Prime Minister, German Chancellor and French President meet to discuss financial stability Today: US pending home sales index for Nov; 8:30PM
DISCLAIMER: Equity market investments entail high risk. Investors are therefore advised to take into account their risk-appetite before investing. The company and its employees will not be liable for any loss arising from this report. The author(s) do not have any exposure in the scrips recommended in the report. Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
MARKET WATCH
Outlook: Market to open positive and trade range bound amid volatility
08.01.2008 (Tuesday)
Market Outlook: Key share indices are likely to extend gains today on hopes of strong Oct-Dec corporate earnings. A slightly positive close in US shares overnight, and a firm opening in several Asian markets today are likely to support Indian indices. However, trade is likely to remain volatile on bouts of profit sales as local indices trade at new highs. Nifty is likely to find support at 6240, 6210 levels, resistance seen at 6320, 6365. INDICATORS (previous session) * Institutional net buy/(sale) in mln rupees, Jan 4: FIIs 5,088, MFs 6,166 * Sensex 20812.65, up 125.76 points; Nifty 6279.10, up 4.80 points * Other markets: Crude: $95.09/bbl; rupee: 39.28; gold: $861.58/ounce IPO WATCH * IRB Infra IPO gets grading of 4 on 5 from Fitch. * Listing of Manaksia on Bombay Sock Exchange and National Stock Exchange. * Future Capital to use IPO funds to boost consumer loans business. * ICICI Bank denies report on listing of ICICI Securities. * Mahindra Holidays may divest 2% in private placement ahead of IPO. SECTOR NEWS FERTILISERS: May get 190 bln rupees less subsidy in the 2008-09 budget. INFRASTRUCTURE: Government aide says Mumbai metro rail project construction work delayed. There may be tax sops on core fund investments. LIQUOR: Beer sales slump as prices rise. OIL AND GAS: Decision on hiking oil product prices is likely to be taken at a meeting of a ministerial group in New Delhi on Jan 17. Government to mull Maharashtra's demand to buy ethanol at 21.50 rupee per L. DLR/YEN: Bank of Japan Governor Toshihiko Fukui is due to speak in Paris today. --109.26 yen per $1 today, vs 109.23 Mon; 108.58 Fri. CRUDE OIL: --NYMEX February futures (a barrel): $95.09 Mon vs $97.91 Fri. US Mkts: Wall Street traded in a choppy and volatile manner as investors remained uncertain about the economic outlook. --DJIA: 12,827.49 Mon, up 27.31 points, or 0.21% vs Fri. --NASDAQ: 2,499.46 Mon, down 5.19 points, or 0.21% vs Fri. ASIA: Asian markets trading mixed. Hong Kong's Hang Seng rose 1.27% or 345.75 points at 27,525.24. Taiwan's Taiwan Weighted gained 1.49% or 117.69 points at 8,001.06. Singapore's Straits Times was up 0.46% or 15.50 points at 3,368.56. However, Japan's Nikkei slipped 0.29% or 41.81 points at 14,458.74. South Korea's Seoul Composite was flat at 1,829.77.
Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
Market Watch
Opportunity Calls: Buy Lupin (SL 628.5), Welspun Gujarat (SL 460), Hind Unilever (SL 234.4), Elecon Enng (SL 325) Securities in ban period for trade date January 08, 2008: The derivative contracts in the below mentioned securities have crossed 95% of the market-wide position limit and are currently in the ban period. It is hereby informed that all clients/ members shall trade in the derivative contracts of said securities only to decrease their positions through offsetting positions. Sr. No. 1 2 3 4 5 6 7 8
Symbol ADLABSFILM APTECHT ARVINDMILL BONGAIREFN GMRINFRA HINDOILEXP HOTELEELA IFCI
Sr. No. 9 10 11 12 13 14 15 16
Symbol ISPATIND IVRPRIME JPHYDRO NAGARFERT PARSVNATH RAJESHEXPO SRF TTML
F&O cues: • • • • • • • • • •
Futures Open Interest up by Rs 4,493 crore, Options Open Interest up by Rs 1,221 crore Stock Futures add 5.3 cr shares in Open Int Nifty Futures add 19 lakh shares in Open Int, at 9-point premium Nifty Open Int Put-Call ratio at 1.37 vs 1.40 Nifty Puts add 6.5 lakh shares in Open Interest Nifty Calls add 7 lakh shares in Open Interest Nifty 6200 Put adds 1.4 lakh shares in Open Interest Nifty 5700 Put adds 1.3 lakh shares in Open Interest Nifty 6200 Call adds 1.9 lakh shares in Open Interest Nifty 6300 Call adds 1.85 lakh shares in Open Interest
Stocks in news: • • • • • • • •
Results today: Patel Engineering, Prism Cements, Shree Cements, TVS Electronics and Kopran Board meetings: Pudumjee Agro on stock split Ex-dividend: Aegis Logistics Mahindra Holidays to sell 2% ahead of the IPO to an Indian Bank for Rs 80 cr, valuing the co at USD1bn TOI Uniform duty structure for Liquor across states likely - ET Tata Steel selling its prime properties in Kolkata Fertilizer cos may get Rs 19000 cr less subsidy, policy to be finalized by month end - ET Saregama to foray into magazine publishing, in talks with foreign players
Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
Market Watch • Indian ADRs: • • • • • •
• • •
•
•
•
• • • • •
ICICI Bank up 10%, HDFC Bank up 6.5% New listing: Manaksia New listing: Rollatainers to resume trading; base price Rs 14.40, circuit filter 20% Hindustan Composites board approves selling land at Ghatkopar, Mumbai Consolidated Construction bags orders worth Rs 252.39 cr in Dec 07 NSE F&O curb New in curb: Adlabs Films, GMR Infra, IFCI, Ispat, Parsvnath, SRF Already in curb: Aptech, Arvind Mills, Bongaigaon, HOEL, Hotel Leela, IVR Prime, JP Hydro, Nagar Fert, Rajesh Exports, TTML Out of curb: Essar Oil Gitanjali Gems acquires 100% in jewellery co Brightest Circle Jewellery for Rs 50 cr; also acquires Nakshatra brand In T2T from Jan 11: Heritage Foods, Kewal Kiran, Kinetic Motor, Nelco, Ramco Systems, Tamilnadu Petro, Webel SL, Western India Shipyard, Zodiac Clothing, Kalindee Rail Infosys SC rules in Infosys' favour in case relating to TDS taxation brought against it by Bangalore IT dept SC says benefit given to the staff under ESOPs before 2000, can't be considered taxable income, co not obliged to TDS SC rules co not bound to deduct tax on amount earned by employees from exercise of ESOPs granted through trust Infosys had created Technologies Employees Welfare Trust allotting 7.5 lakh@ Rs 1 each to employees in 97-98 Scheme had a 5-yr lock-in period after which employees could exercise warrants to buy Infosys' shares Omaxe Says promoters plan to dilute 5-10% via private placement In talks with US-based Starwood for hotel projects, to invest Rs 2,000 cr Plans up to Rs 3,000 cr Punjab realty project Crazy Infotech board approves GDR / FCCB issue up to $ 50 m Splitting FV of shares from Rs 10 to Re 1 Lok Housing board meet on Jan 14 to consider issue of warrants on preferential basis to promoters & strategic investors Everonn Systems board meet on Jan 18 to consider FCCB / ADR / GDR issue Twentyfirst Century Management board meet on Jan 14 on issue of shares / warrants on preferential basis to promoters Accel Frontline to acquire Network Programs India Chrysler Holds talks with M&M, but says no high level discussions yet Talks for possible alliance in India or abroad
Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
Market Watch
Fund Action IFCI Goldman Sachs Investments (Mauritius) buys 63.92 lakh shares at Rs 96.24/sh Recent Fund Action: Edelweiss commodities buys 50.11 lakh shares at Rs 92.55/sh on 31st Dec Goldman Sachs Funds sells 1.94 cr shares at Rs 77.3/sh (3% stake) (Reduces stake from 3.65 to 0.65%) on 23rd Dec Merill Lynch Capital Markets sells 41.65 lakh shares at Rs 78/sh (0.7% stake) (reduces stake from 2 to 1.31%) on 23rd Dec Goldman Sachs sells 32.8 lakh shares at Rs 85.4/sh on 11th Oct Lehman Brothers Asia sells 36.93 lakh shares at Rs 92.5/sh (0.6% stake) on 27th September KEI Industries Macquarie Bank sells 5 lakh shares at Rs 100/sh (0.8% stake) (Reduces stake from 1.69% to 0.89%) Gremac Infra Merrill Lynch Capital Markets Espana sells 2 lakh shares at Rs 475/sh Swiss Finance sells 1.30 lakh shares at Rs 415.65/sh on 3rd Jan Madhucon Projects Morgan Stanley Inv buys 3 lakh shares at Rs 623.8/sh (0.8% stake) Goldman Sachs Investments Mauritius sells 3.84 lakh shares at Rs 625/sh (1% stake) (Reduces stake from 2.66% to 1.66%) Sujana Metal Param Capital Research buys 3 lakh shares at Rs 45.44/sh (0.8% stake) Sanjay Jagdish Poddar buys 4.6 lakh shares at Rs 44.3/sh (1.2% stake) Bear Sterns sells 5 lakh shares at Rs 45/sh (1.3% stake) Goldman Sachs Investments Mauritius sells 6.27 lakh shares at Rs 43.8/sh (1.6% stake) Blackstone Asia Advisors sells 25 lakh shares at Rs 44.5/sh (6.4% stake) Merrill Lynch Capital Markets Espana sells 7.41 lakh shares at Rs 45/sh (1.9% stake) Minivet sells 4 lakh shares at Rs 44.2/sh (1% stake) Sujana Tower K S B Holdings buys 2.78 lakh shares at Rs 198.33/sh (0.7% stake) Sundaram BNP Paribas MF buys 8.26 lakh shares at Rs 210/sh (2.1% stake) UTI Bank buys 2 lakh shares at Rs 210.8/sh (0.5% stake) Blackstone Asia Advisors The India Fund sells 6.3 lakh shares at Rs 201.9/sh (1.6% stake) Live Star Marketing sells 13.24 lakh shares at Rs 208.8/sh (3.4% stake) Inca Finleas Global Film And Bord Casting buys 22 thousand shares at Rs 147.4/sh ISMT Indian Seamless Enterprises buys 8 lakh shares at Rs 130/sh (0.6% stake) Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
Market Watch
130/sh Klapa Investments sells 8 lakh shares at Rs 130/sh (0.6% stake) Kilburn Office Automation Industrial Development Bank Of India sells 35 thousand shares at Rs 17/sh Sayaj Hotels Ruane Cunniff Goldfarb buys 1.35 lakh shares at Rs 95/sh (1.1% stake) Clearwater Capital Partners Cyprus sells 2 lakh shares at Rs 95/sh (1.6% stake) Sirpur Pap Rare Enterprises buys 50 thousand shares at Rs 132.22/sh Atul Morgan Stanley sells 1.74 lakh shares at Rs 116.8/sh Terasoftware Melchior Indian Opportunities Fund sells 50 thousand shares at Rs 110.6/sh Stone Indi Bear Sterns sells 40 thousand shares at Rs 207.5/sh on 4th Jan EVENTS ======= Today: US Paulson to speak on capital markets and the economy; 12:30AM Today: US treasury strips for Dec; 1:30AM Today: UK Prime Minister, German Chancellor and French President meet to discuss financial stability Today: US pending home sales index for Nov; 8:30PM
DISCLAIMER: Equity market investments entail high risk. Investors are therefore advised to take into account their risk-appetite before investing. The company and its employees will not be liable for any loss arising from this report. The author(s) do not have any exposure in the scrips recommended in the report. Peerless Securities Ltd. Peerless Mansion1, Chowringhee Square, 2nd Floor, Kolkata- 69
Indra Narayan Biswas
For Private Circulation Only
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