Friday, January 29, 2010

RBI Policy Unexpected

RBI Governer Dr.Subbarao has surprized by hiking CRR by 75 basis points to 5.75% from 5% and will be effective from Feb 13.
Reverse Repo kept unchanged at 3.25%

Monetary Measures
To absorb the excess liquidity nearly to Rs.36000 Cr and on the basis of the current assessment and in line with the policy stance as outlined in Section III, the Reserve Bank announces the following policy measures:
Bank Rate
The Bank Rate has been retained at 6.0 per cent.
Repo Rate
The repo rate under the Liquidity Adjustment Facility (LAF) has been retained at 4.75 per cent.
Reverse Repo Rate
The reverse repo rate under the LAF has been retained at 3.25 per cent.
Cash Reserve Ratio
It has been decided to:
  • increase the cash reserve ratio (CRR) of scheduled banks by 75 basis points from 5.0 per cent to 5.75 per cent of their net demand and time liabilities (NDTL) in two stages; the first stage of increase of 50 basis points will be effective the fortnight beginning February 13, 2010, followed by the next stage of increase of 25 basis points effective the fortnight beginning February 27, 2010.
As a result of the increase in the CRR, about Rs. 36,000 crore of excess liquidity will be absorbed from the system.
The Reserve Bank will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted.
Expected Outcomes
The expected outcomes of the actions are:
(i)      Reduction in excess liquidity will help anchor inflationary expectations.
(ii)     The recovery process will be supported without compromising price stability.
(iii)    The calibrated exit will align policy instruments with the current and evolving state of the economy.
Monetary Policy 2010-11
The Monetary Policy for 2010-11 will be announced on April 20, 2010.

About RBI Policy

Today Reserve Bank of India(RBI) will announce its monetory policy now.Many experts have different different opinions about CRR hike upto 50 basis points alongwith 25 basis points hike in Repo Rate and Reverse Repo Rate.Some of them were predicting no hike in CRR neither in Repo and Reverse Repo.We think there will be hike in CRR by 25 basis points.The sector will be affected are FMCG,Auto,Consumer goods,Capital Goods,Banking,etc.But all the related stocks are arleady down by maximum 20% to 5%.So the expectation of rate hike is already discounted upto some extent.Surprisingly today FMCG leaders are vary with today's trades.Hindustan Unilever is trading down by 4% and ITC is trading flat.Banking is also trading flat as BankNifty is at 8400 level just down by 23 points below yesterday's close.So, the market will definitely surprise us with high volatility after whatever outcome of the RBI policy.Lets cross our fingers and hope for the betterment for Indian Economy and best for Markets.We recommend hold non leverage positions at this levels and invest at these levels in any good stocks for the upside of 20-30% in medium term.
Here we are mentioning some concepts' clarifications.
CRR :
The Reserve Bank of India (Amendment) Bill, 2006 has been enacted and has come into force with its gazette notification. Consequent upon amendment to sub-Section 42(1), the Reserve Bank, having regard to the needs of securing the monetary stability in the country, can prescribe Cash Reserve Ratio (CRR) for scheduled banks without any floor rate or ceiling rate. [Before the enactment of this amendment, in terms of Section 42(1) of the RBI Act, the Reserve Bank could prescribe CRR for scheduled banks between 3 per cent and 20 per cent of total of their demand and time liabilities].
Banks in India are required to hold a certain proportion of their deposits in the form of cash. However, actually Banks don’t hold these as cash with themselves, but deposit such case with Reserve Bank of India (RBI) / currency chests, which is considered as equivlanet to holding cash with themselves.. This minimum ratio (that is the part of the total deposits to be held as cash) is stipulated by the RBI and is known as the CRR or Cash Reserve Ratio. Thus, When a bank’s deposits increase by Rs100, and if the cash reserve ratio is 9%, the banks will have to hold additional Rs 9 with RBI and Bank will be able to use only Rs 91 for investments and lending / credit purpose. Therefore, higher the ratio (i.e. CRR), the lower is the amount that banks will be able to use for lending and investment. This power of RBI to reduce the lendable amount by increasing the CRR, makes it an instrument in the hands of a central bank through which it can control the amount that banks lend. Thus, it is a tool used by RBI to control liquidity in the banking system.

RBI uses CRR either to drain excess liquidity or to release funds needed for the economy from time to time. Increase in CRR means that banks have less funds available and money is sucked out of circulation. Thus we can say that this serves duel purposes i.e. it not only ensures that a portion of bank deposits is totally risk-free, but also enables RBI to control liquidity in the system, and thereby, inflation by tying the hands of the banks in lending money.
SLR : Every bank is required to maintain at the close of business every day, a minimum proportion of their Net Demand and Time Liabilities as liquid assets in the form of cash, gold and un-encumbered approved securities. The ratio of liquid assets to demand and time liabilities is known as Statutory Liquidity Ratio (SLR). SLR stands for Statutory Liquidity Ratio. This term is used by bankers and indicates the minimum percentage of deposits that the bank has to maintain in form of gold, cash or other approved securities. Thus, we can say that it is ratio of cash and some other approved to liabilities (deposits) It regulates the credit growth in India.Presently, the SLR is 25% with effect from 7 November, 2009. It was raised from 24% in the RBI policy review on 27 October, 2009.
Repo & Reverse Repo :
Repo (Repurchase) rate is the rate at which the RBI lends shot-term money to the banks. When the repo rate increases borrowing from RBI becomes more expensive. Therefore, we can say that in case, RBI wants to make it more expensive for the banks to borrow money, it increases the repo rate; similarly, if it wants to make it cheaper for banks to borrow money, it reduces the repo rate

Reverse Repo rate is the rate at which banks park their short-term excess liquidity with the RBI. The RBI uses this tool when it feels there is too much money floating in the banking system. An increase in the reverse repo rate means that the RBI will borrow money from the banks at a higher rate of interest. As a result, banks would prefer to keep their money with the RBI

It's difficult to say how the stock markets will react; or for that matter to what extent the markets will react. In the last few trading sessions, there has already been a correction of about 4 per centSE Sensex. Any irrational fall in stock prices, in our view, should be seen as an opportunity to add to your exposure, in installments, to equities/equity funds, your planned asset allocation permitting. Your Personalfn consultant will be able to guide you in this regard.




It is impossible to predict near term movement in stock prices. And therefore any investment you consider should be made keeping in mind that in the near term you could be sitting on losses on fresh investments. From a 5 year perspective however we are reasonably confident that a well managed equity fund can deliver returns in the range of 12-15 per cent per year. This is not to say that you will make this return every year.



There will be years in which you may lose money, and others where you may make far more than what we have projected. Over the 5 year tenure, on a point to point basis, you will average a return of 12-15 per cent per annum, which in our view is a realistic estimate.



From a debt market perspective

If you are contemplating on investing monies in the debt market, you will benefit from higher interest rates on offer. However, existing investors in debt oriented funds may take a one time hit; but at the same time, since overall interest rates are higher, from here on, such funds will yield higher returns.



So what should you do now?

Although the interest rates have risen quite a bit, it may still not be the best time to lock in all your money in long term debt instruments (interest rates may still rise).



Go in for short term Fixed Maturity Plans, which yield attractive post tax returns (you could get an annualised return of about 8 per cent on a post tax basis for a three month deposit).



If you can take some risk, go in for well managed Monthly Income Plans (MIPs) that are offered by mutual funds. Go in for the low risk option (equity less than 20 per cent of assets) with a quarterly dividend option. With higher interest rates and possibly lower stock prices, MIPs could yield an attractive post tax return.



From the perspective of a borrower

As a prospective borrower, you are the worst hit. The cost of money i.e. interest rates will rise post the CRR hike. You will probably need to settle in for a lower loan amount given the EMI.



If you are an existing borrower, as long as the rate of interest on your loan is fixed, you are immune to any rise in interest rates. However, if you have a floating rate loan, then expect either the tenure of the loan or the EMI to jump soon.

29 Jan 2010 Morning Updates

As a habit, our market will open down and retest 4824 mark and afterwards will remain quiet and rangebound between 4820 and 4870.RBI policy will be announced today at 12 O'clock and definitely it will surprise market and later on market will surprise us for sure.Our expectations are RBI may hike CRR by 25 basis points.



Recommendations :
Buy in dips :

Ibrealest
Crompgreaves
Welguj
HDFC
Titan
Siemens
Sesagoa
Sell :
Axisbank
Lupin
ACC
Prajind
Aban
Results today:
Largecaps: Siemens, Tata Motors, Sun Pharma, NTPC, Glenmark Pharma, IOC, Lupin, MTNL, NHPC, Orchid Chem, PTC India, Rel Infra, RPOWER, Titan, Tata Comm
Midcaps: ABG Shipyard, Balramchini, Deccan Chronicle, Harrisons Mal, Kalpataru Power, Karur Vysya Bk, , Kolte Patil, Karnataka Bk, Moser baer, Sasken Comm, Sobha Dev, STC, RNRL, Tata chem, Purvanakra, RCF, Divis Lab, DS kulkarni, Educomp, Apollo tyres, Pipavav Ship Aditya Birla Nuvo, Alok Ind, Amtek Auto, Amtek India, Anant Raj Ind, Archies, Arvind, Ashapura Minechem, Assam Co, Astra Micro, BILT, BEML, Berger Paints, bilcare, Bombay rayon, Chennai Petro, Cinemax, Core projects, DCW, Dharani Sugars, Eastern Silk, Easun Reyrolle, Esse Propack, Euro Multivision, Fin tech, Gateway Distri, GHCL, EID Parry, GE Ship, Cotton Greaves, Gulf oil corp, HBL Power, HEG, Hitachi, ICSA, JaiBalalji, Info Edge, Karutri Global (also for fund raising), KNR Const, KS oils, Lok housing, LT foods, Man Aluminium, Marg, Max India, Mc Nally Bharat, Meghmani Org, MMTC, Nat fert, Nesco, NEPC Ind, Nitco, Omaxe, Panacea Biotech, Plethico Pharma, P&G, PSL, PVR, Raj oil, Rane Hldg, Rico Auto, Rel MediaWorld, Ruchi infra, Sejal Arch, Shopper Stop, Simplex Infra, Sterling Hot & Resorts,Sundaram Fast, Surana Tele, Taj GVK, tantia Const, thinksoft, Vakhrangee Soft , valecha, Varun Ship, Vishal Ret, Vivimeds labs, Voltamp Trans, Alkali Metals, GHCL, GNFC, onmobile global, uflex,


Lupin
Lupin gets US FDA nod to market Perindopril Erbumine Tablets
CNBC-TV18 Alert: Perindopril Erbumine used to treat Congestive Heart failure & hypertension
IPO cormer:
DB realty
Opens today to February 2nd; price band of Rs 468-486/share
Company sells 55.55 lakh shares to anchor investors at Rs 468/sh: srcs
Anchor Investors Including Janus, Reliance MF, Pru Insurance: srcs
Aqua Logistics (was to close yest – deferred closing to 2nd Feb)
Price band revised to Rs 200-220 from earlier 220-230
QIB at 0.1 times (X); NII at 0.72X, Retail at 1.41X
Thangamayil Jewellery (closes today)
QIB at 0.2X, NII at 0.81X, Retail at 0.59X, Employee at 0.19X
Syncom Healthcare (closes today)
QIB at 0.46X, NII at 1.13X, Retail at 0.97X
Vascon Engineers (closes today)
QIB at 0.93X, NII at 0.38X, Retail at 0.11X, Employee at 0.19X
HUL
HUL cuts detergent prices by 10-30%: EXCL
Rin Washing Powder price cut from Rs 70 to Rs 50; Surf Excel Blue prices cut from Rs91 to Rs82 for 500g
Cairn India Q3
Consolidated net sales at Rs 495.46 crore versus Rs 210.82 crore (YoY)
Cons net profit at Rs 290.96 crore versus Rs 236.42 crore (YoY)
Tata Steel Says:
Q3 margins boosted from high volumes, cost cutting efforts
Steel prices need to move up to maintain margins
Realisations low compared to last year:
Focussing on cost reduction via product mix improvement
Sitting on liquidity of over Rs 4,000 crore; to be used for capex & capital projects
Paid net debt of Rs 1,800 crore between September-December; paid another Rs 1,000 crore of debt in January
Corus Q3 capacity utilisation above 80%; expect q4 utilisation to increase
Still in talks with Teesside Union; will decide by February 16
To commission Jameshdpur plant by October-December 2011
Cipla Q3:
Net sales at Rs 1,344.2 crore versus Rs 1,264.3 crore (YoY)
Net profit at Rs 289 crore versus Rs 223.4 crore (YoY)
Cipla Says:
Margin at 26.2%
Q3 exports up 6%
Forex loss of Rs 24 crore in Q3
EU Inhaler launch on track; completely regulatory work
JSPL (Jindal Steel & Power) Q3:
Cons net sales at Rs 2,675.3 crore
Cons net profit at Rs 874.4 crore
Standalone net sales at Rs 1,757.57 crore versus Rs 1,780.01 crore (YoY)
Standalone net profit at Rs 325.62 crore versus Rs 325.17 crore (YoY)
Other stocks that are in news today :
Indian ADRs: MTNL down 5.4%, Sterlite down 4.5%, Infosys down 3.8%
UCO Bank board meet tommorrow to raise 6 crore shares via FPO/QIP
SREI Infra to merge with Quippo, post merger promoter holding to go up to 46% from current 30% -- merger ratio 3 shares of SREI for 2 shares held in Quippo – Mint
Pidilite Industries approves bonus of 1:1
REC follow-on offer on February 19
Asim Dasgupta says: GST not from April 1, 2010
Andhra Cements has been Discharge from the purview of SICA / BIFR
Bajaj Hindustan out of NSE F&O ban
Kaveri Seed board approves setting up wholly owned subsidiary to undertake business of Agriculture activities
FII can invest upto 74% of their total paid up capital
Rasoi Ltd open offer at Rs 315/share
F&O cues:
Nifty up 0.3%
Nifty Feb Futures trade at 5-pt prem
Nifty Open Int PCR at 1.13
Nifty Puts add 28.5 lakh, Calls add 40.2 lakh shares in Open Int
Nifty Feb 4900 Put adds 10.9 lakh shares in Open Int
Nifty Feb 4800 Put adds 8.9 lakh shares in Open Int
FIIs in F&O on January 28
Net buy Rs 1,590 crore in Nifty Futures
Net sell Rs 693 crore in Nifty Options
Net buy Rs 1,089 crore in Stock Futures
Net buy Rs 82 crore in Stock Futures
US Markets : US stocks dropped on Thursday as poor outlooks from Motorola and Qualcomm dented optimism in the technology sector while worries about Greece's fiscal health dragged on sentiment.
US stocks dropped on Thursday as poor outlooks from Motorola and Qualcomm dented optimism in the technology sector while worries about Greece's fiscal health dragged on sentiment.The Dow Jones industrial average fell 115.70 points, or 1.13%, to end at 10,120.46. The Standard & Poor's 500 Index lost 12.97 points, or 1.18%, to 1,084.53. The Nasdaq Composite Index declined 42.41 points, or 1.91%, to close at 2,179.00.
Disclaimer :
This document has been prepared by the Research Division of Integrity Financial Consultants Pvt. Ltd.,Pune, India and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of iNTEGRITY. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, iNTEGRITY has not independently verified the accuracy or completeness of the same. Neither iNTEGRITY nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein.
Recipients of this report should be aware that past performance is not necessarily a guide to future perrformance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either iNTEGRITY or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication.


Contact Details : email : info@integrity.org.in




























Thursday, January 28, 2010

Highest Turnover Ever in Indian Stock Markets 28 Jan 2010

28 Jan 2010
Highest Turnover ever in Market : 1.92 Trillion
As wrote in morning edition, market gave volatility as per Banking index.Those who had bet on 4900 call initially, the had pocketed nearly double.Market gained after consecutive 6 days fall.Nifty intraday high was 4929.90 but Inflation pulled indices down and closed 4867.25 gained 14.15 points.





After easing for three weeks in a row, food inflation inched up to 17.40 %. for the week ended January 16, a development that may prompt the Reserve Bank to hike key policy rates to tame the rising prices.
Food inflation, which was falling after touching the decade's high of about 20 per cent in December, has risen again, driven mainly by rising prices of eggs and vegetables. It stood at 16.81 per cent during the week ended January 9.
Rising food inflation, analysts said, could force the central bank to increase cash reserve ratio (CRR), the portion of deposits that banks keep with the RBI, by 50 basis points in the third quarterly review of credit policy tomorrow.
The realty gave smart recovery and rose 1.62% followed by Pharma Index(up by 1.32%) and metal.The Capital goods sector was dull and closed in negative loosing 0.31%.

India's largest steel company, Tata Steel reported better-than-expected numbers for Q3FY10. It has reported 155.47% jump in its standalone net profit of Rs 1191 crore and 33% rise in net sales of Rs 6,307 crore, street expectations were Rs 1,022 crore and net sales at Rs Rs 6,006 crore. The share surged 4.6%.

Aban Offshore plunged 8.4% post disappointing numbers and its traded volumes shot up 565% on five-day average basis. The company reported Q3FY10 consolidated net profit of Rs 89.4 crore and net sales of Rs 841 crore while markets were expecting at Rs 171 crore and Rs 928 crore, respectively.
Crompton Greaves Ltd has announced that the Board of Directors of the Company at its meeting held on January 28, 2010, inter alia, have declared an interim dividend of 70% i.e. Rs. 1.40 per share.
Crompton Greaves :The Board of Directors have recommended issue of Bonus Shares in the proportion of 3 (Three) new Equity Shares for every 4 (Four) Equity Shares, of Rs. 2/- each, subject to approval of Members in General Meeting and the Regulatory Authorities, as necessary.
The Extra-ordinary General Meeting of the Company, to seek Members' approval for issue of Bonus Shares has been convened on February 24, 2010.

Jain Irrigation Q3 net profit higher at Rs 57.36 crores.Jain Irrigation Systems Ltd has announced the unaudited financial results for the quarter ended December 31, 2009.
The Company has posted a net profit of Rs 573.60 million for the quarter ended December 31, 2009 where as the same was at Rs 556.40 million for the quarter ended December 31, 2008. Total Income is Rs 6409.70 million for the quarter ended December 31, 2009 where as the same was at Rs 5377.00 million for the quarter ended December 31, 2008.

28 Jan 2010 Morning Updates

28 Jan 2010 Morning Updates :
Asian Markets :
Hang Seng : +344.13(20377.20)
Nikkei : +133.91(10385.99)
Today market is in correction mode.A recovery upto 4900 to 4950 levels is quite possible.Major heavy weights will bounceback smartly.Banking will decide the trend for the next few sessions.Nifty will resist at 4900 and then 4950 mark.Realty major DLF results also gave a reason to worry for the sector.Risky traders can bet on 4900 Jan calls while opening.
Stocks in News :
Results today:

Largecaps: BPCL, Cairn, Cipla, Tata Steel, NHPC, Bk of India, Jindal Steel and Power
Midcaps: Aban, Ansal Hsg, Apollo hospitals, Bharati Shipyard, Britannia, canara Bk, Central Bk of India, Crompton Greaves, Dena Bk, Dishman Pharma, GIC Hsg, GMR Infra, havells, IRB Infra, Jain Irrigation, Motherson Sumi, Marico, United phos, Srei Infra, Tata Tea, OBC, IOB, Opto ckts,
Others: 20 Microns, Allied Digital, Alstom Projects, Andhra cem, Astec Lifesciences, Avaya Global, BF utilities, Chennai Petro, Colgate, Crew BOS, Dalmia Cem, den Networks, DPSC, Dredging, Eclerx, Engineers India, Gemini Comm, Goa Carbon, Godawari Power & Ispat, Guj Sidhee Cem, Hanung Toys, Himadri chem. Hind Rectifiers, HOV Serv, IG petro, Ind Swift Labs, IVR Prime, Jai Corp, JB Chem, JSL. K K sera sera, Kesoram Ind, Koutons retail, KRBL, Madras Cem, MRF, Mudra Port, Nippo Batteries, NUchem, OCL Iron, Pidilite, Prakash Ind, Pritish Nandy comm, Provogue, Ramco Systems, Rel Media world, Renaissance Jew, Seamec, Shrenuj, Sical Log, Sundaram Fin, Federal Bk, J&K bk, Phoneix Mills, STC, Torrent Power, uttam galva Steels, UTV Soft, Zandu Pharma, Zicom, Lloyd electrical
IPO Updates:
Aqua Logistics (closes today; price band 220-230)
QIB – nil; NII at 0.104 times (X), Retail at 0.26X
Thangamayil Jewellery (closes tom; price band 70-75)
QIB at 0.2X, NII – nil; Retail at 0.118X
Syncom Healthcare(closes tom; price band 65-75)
QIB at 0.264X, NII at 1.058X, Retail at 0.537X
Vascon Engineers (closes tom; price band 165-185)
QIB at 0.349X, NII at 0.024X, Retail at 0.078X, employee at 0.097X
Power Grid :
Power Grid board gives in-principle okay for follow-on issue; to issue 10% stake via follow-on issue
Also gives approval of 'Immediate evacuation System” for Nabinagar TPS' (1000 MW) at an estimated cost of Rs 215.86 crore
DLF Q3:
Consolidated net profit at Rs 468 crore versus Rs 671 crore
Consolidated net sales at Rs 2,026 crore versus Rs 1,367 crore
Realised about Rs 170 crore in Q3 from sale of non-core assets
Revise target of Rs 5,500 crore from non-core asset sale in FY10
New target Rs 2,500 crore from non-core asset sale in FY10
Will realise Rs 1,250 crore from non-asset sale this fiscal
FY10 divestment at Rs 1,234 crore versus target of Rs 5,500 crore
Net gearing at around 0.50
DLF-DAL integration closure expected by Q4 end
Estimated consolidated rental income post integration approximately Rs 1,500 crore
More than 550 luxury/high-end apartments (2 msf) sold in NCR
Indian Hotel Q3:

Net sales at Rs 422.3 crore versus Rs 381.3 crore (YoY)
Net profit at Rs 64.9 crore versus Rs 83.9 crore (YoY
-Have undertaken restructuring of Sea Rock property; put Sea Rock assets into SPV
-To hold 20% stake in SPV, rest transferred to Tata Group Cos
-SPV raised money from market to pay IHCL Rs 750 crore
-Expect debt to decline to Rs 4,000 crore by March; to hold Rs 600 crore in cash by March 2010
-To repay USD 95 million debt for US Properties & USD 90 million to Samsara Property
Vedanta :
-Vedanta's Q3 profit soars, meets forecast
-EBITDA increased to USD 662.5 million from USD 10.1 million
Air India Q3
-Increase of 24.8% in passenger carriage
-14.4% rise in load factor
-Carried 3.17 million passengers versus 2.54 million passengers (YoY)
-Load factor at 55.3% versus 69.7 % (YoY)
Satluj Jal Vidyut Nigam -
-Satluj Jal Vidyut Nigam mandates 4 banks for IPO
-SJVN mandates JM Fin, SBI Cap, IDFC-SSKI, IDBI Cap For IPO
-SJVN IPO likely in March-end
Other stocks that are in news today:
-BHEL to sign a JV agreement with Madhya Pradesh Power Generating Co today to set up 2x800MW supercritical Thermal Power Plant
-Bharti to outsource USD 1 billion cable business – ET
-Bajaj Hind in NSE F&O ban
-SK Bangur group buys out Ramsinghanis stake in Rama Newsprint – BL (Buys out 16.84% stake( listed co West Coast Paper)
-Uttam Galva de-activated in the six-lakh series w.e.f. January 27th
-HUL board approves a proposal to merge its wholly-owned subsidiary Bon Ltd with itself with effect from April 1, 2010
-Shakti Met-Dor open offer at Rs 180/sh
-Genus Power withdraws demerger of power unit
-Gitanjali Gems has strategically acquired the balance 50% stake in the Indian JV Company Morellato India
-LIC buys 3.55 lakh more shares of ONGC; stake in co tops 5%: NW18
-ONGC joins hands with Angola's Sonangol to bid together for future acreages
-Maruti starts exporting Ritz to South East Asia
-No circuit filter in Shree Rang Mark Travels
Other results
NALCO Q3: Bottomline Below Street Estimates
Net profit at Rs 155 crore versus Rs 219 crore (YoY)
Net sales at Rs 1,386 crore versus Rs 1,016 crore
Other income at Rs 61.7 crore versus Rs 113 crore
HPCL Q3 :
-Sales down 5.9% at Rs 27661.9 crore versus Rs 29386.7 crore
-OPM at 2.47% versus 1.52%
-Net profit of Rs 31.4 crore versus net loss of Rs 422 crore
F&O cues:

Total Futures Open Int up by Rs 126 crore
Total Options Open Int up by Rs 5585 crore
Stock Futures Shed 5.2 crore Shares shares in Open Int
Nifty Calls add 97.3 lakh shares, Nifty Puts adds 14.7 lakh shares in Open Int
Nifty PCR at 0.9 versus 1.01
Nifty Futures add 60.7 lakh shares, Futures at a 5point discount
Nifty 4900 Call Adds 36 lakh shares in Open Int
Nifty 4800 Call Adds 15.8 lakh shares in Open Int
Nifty 5000 Call Adds 13 lakh shares in Open Int
Nifty 5000 Put Sheds 19.4 lakh shares in Open Int
FIIs in F&O on January 27
FIIs net sell Rs 1,014 crore in Nifty Futures
Nifty Futures Open Int up by 1,88,838 contracts
FIIs net buy Rs 56 crore in Nifty Options
Nifty Options Open Int up by 96,360 contracts
FIIs net buy Rs 170.5 crore in Stock Futures
Stock Futures Open Int down by 10,113 contracts
Market cues:

FIIs net sell USD 195 million on January 26
Record F&O Turnover at Rs 158503 crore
Total F&O Open Interest up by Rs 5711 crore at Rs 1,31,874 crore
FIIs net sell Rs 2212 crore in cash on Jauary 27 (Prov)
DIIs net buy Rs 1475 crore in cash on Jauary 27 (Prov)
FIIs net sell Rs 750 crore in F&O on Jauary 27 (Prov)
Indian ADR :
Indian ADRs ended mostly lower on Wednesday. In the banking space, HDFC Bank was down 4% at $ 118.79 and ICICI Bank was down 0.75% at $ 34.3. In the telecom space, Tata Communication was down 3.51% at $ 13.76 and MTNL was down 2.64% at $ 3.32. Also Read - How US markets closed

In the IT space, Satyam Computers was down 3.39% at $ 4.85, Wipro was down 3.03% at $ 20.83, Patni Computers was down 4.64% at $ 19.32 while Infosys was up 0.68% at $ 54.43.
In other sectors, Tata Motors was down 5.45% at $ 15.28 while Sterlite Industries was up 1.39% at $ 16.8 and Dr Reddy’s Labs was up 0.59% at $ 23.74
US Markets :
U.S. stocks turn higher as market digests Fed :
Financial stocks led a late rebound in the broader market Wednesday, helped by the Federal Reserve's decision to leave interest rates near zero and a turnaround in American International Group following a House hearing looking back at the insurer's bailout. The Fed vowed to keep rates near zero for a while in an effort to continue an economic recovery held back by high unemployment, although it did adopt a somewhat brighter tone from its December meeting.The Dow Jones Industrial Average was in the red for most of the session but ended with a 46-point gain, up 0.5%, at 10,240.47. Its strongest component was Boeing , up 7.3% after the aircraft and defense company swung to a fourth-quarter profit that was bigger than analysts had projected. Read the roundup on Boeing and General Dynamics. But Caterpillar shares slid 4.3%, hurt by the equipment maker's report of a sharp decline in fourth-quarter earnings and forecast 2010 earnings below analysts' estimates.
AIG was down early in the session but ended 2.1% higher after Treasury Secretary Tim Geithner offered his most detailed remarks yet on the decision to bailout AIG at the height of the financial crisis, when he was president of the New York Fed.
Discalimer:This document has been prepared by the Research Division of Integrity Financial Consultants Pvt. Ltd.,Pune, India and is meant for use by the recipient only as information.This document is not to be reported or copied or made available to others without prior permission of iNTEGRITY. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, iNTEGRITY has not independently verified the accuracy or completeness of the same. Neither iNTEGRITY nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein.Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either iNTEGRITY or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication.
Contact Details : email : info@integrity.org.in

Wednesday, January 27, 2010

27 Jan 2010 Market Closing

27 Jan 2010  
Highest Turnover(Rs.1.8 Trillion) Ever in the Indian Stock Market History.
As we said in the morning blog,Nifty touched a low of 4833.05 and closed at 4853.10.A closing below this level is witnessed after 6th Nov 2009.
All round selling seen in the market since opening.All 50 stocks in broad based Nifty50 index closed in red.The A/D ratio was negative to 1:21.
BSE Realty hit worst, plunged 7.97%, followed by Metal(down by 5.82%),Auto down by 4.78% and Bankex by 4.19%. FMCG index was just down by .71% 
Punters' favorite Orbitcorp was the major looser, declined 14.28%(prov) while in Nifty50 stocks,DLF was down by 9.34%.



Stock Market Alert

Alert :
Proverb : A weak mind is like a microscope, which magnifies trifling things, but cannot receive great ones.


Wait for little clarity in direction before taking large positions.
Nifty major support : 4824 / 4740 Resistance : 5000 / 5165


The F&O expiry,RBI Policy and uncertainty all around will only add to the volatility.Even as a weak market overreacts to trifling things, don’t forget there is a big picture which we could confidently say remains intact for India. However, being brave is not among the bests strategies now. Wait for little clarity in direction before taking large positions.The events to keep an eye on for the coming days include today’s Fed announcement, the RBI policy meeting on Friday and of course the spate of earnings.
The Hangseng has major support at 19500 so more 2.5 to  3% downside.Similarly the investors may hold their non-leverage positions upto 4824 / 4740 levels for Nifty and should concentrate on Public sector stocks or Disinvestment related stocks as investors may grab this opportunity on attractive levels to enter. Heavyweights like HDFC, ITC, Rcom, Tatapower, SBI, LIC housing, M&M or steel stocks also one should re-invest.
Disclaimer : The views and recommendations mentioned on this blog are only opinions of our research team.The clients/investors/traders should decide their own strategy accordingly.Sole discretion is recommended before investing/trading.

Edelweiss to operate Anagram as 100% subsidiary

Stock Broking Industry Update :
Hot Deal ?

Edelweiss plans to operate Anagram as a 100% subsidiary with clear focus on continuity and building on the current business and people with investments in research, products, training and technology


Edelweiss today has entered into an agremeent to acquire Anagram Capital for Rs1.64bn in all cash transaction.
Edelweiss plans to operate Anagram as a 100% subsidiary with clear focus on continuity and building on the current business and people with investments in research, products, training and technology.
Sources...

27 Jan 2010 Morning Alert

27 Jan 2010
After yesterday's crash in major Asian Indices, today seeing some recovery in the opening session.Same will affect our market initially.Nifty may breach crucial support of 4950 at the time of opening.Next level to watch for Nifty is 4825 and 4740.Remember upto these levels also market will be Bull phase.
Asian Markets :
HangSeng : +198.13(20307)
Nikkei : +30.34(10355)
Recommendations :
Sell :
Infosys
Jpassociat
PNB
Rcom
Tatamotors
Tatasteel
US Markets :
After Monday's gains on US Markets, yesterday closed flat as news that the senate has scheduled a hearing on President Obama's bank proposal for next week rattled the market. Financials were the day's worst performers, with JP Morgan down 2%. The Dow was down 2.57, or less than 0.1%, to 10,194.29. The S&P 500 index was down 4.61 points, or 0.4%, to 1,092.17. The Nasdaq Composite Index was down 7.07 points, or 0.3%, to 2,203.73.



Discalimer:This document has been prepared by the Research Division of Integrity Financial Consultants Pvt. Ltd.,Pune, India and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of iNTEGRITY. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, iNTEGRITY has not independently verified the accuracy or completeness of the same. Neither iNTEGRITY nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever
nature for the information, statements and opinion given, made available or expressed herein or for any omission therein.Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either iNTEGRITY or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication.
Contact Details : email : info@integrity.org.in

Tuesday, January 26, 2010

Happy 61st Republic Day



Today we are celebrating 61st Republic Day of India.


The Republic Day of India is the day that marks the adoption of the Constitution of India and the transition of India from a British Dominion to a republic on January 26, 1950. It is one of the three national holidays in India.
Although India obtained its independence on August 15, 1947, it did not yet have a permanent constitution; instead, its laws were based on the modified colonial Government of India Act 1935, and the country was a Dominion, with George VI as head of state and Earl Mountbatten as Governor General. On August 29, 1947, the Drafting Committee was appointed to draft a permanent constitution, with Bhimrao Ramji Ambedkar as chairman.

A draft Constitution was prepared by the committee and submitted to the Assembly on November 4, 1947. The Assembly met, in sessions open to public, for 166 days, spread over a period of 2 years, 11 months and 18 days before adopting the Constitution. After many deliberations and some modifications, the 308 members of the Assembly signed two hand-written copies of the document (one each in Hindi and English) on January 24, 1950. Two days later, the Constitution of India became the law of all the Indian lands. The Constitution of India came into effect only on January 26, 1950. Following elections on January 21, 1950, Rajendra Prasad was elected as the president of India. The Indian National Congress and other parties had been celebrating January 26th as a symbol of Independence, even before India actually became independent. Thus, signing the constitution on January 26, to mark and respect January 26 and the freedom struggle and the freedom fighters.
Granville Austin has described the Indian Constitution drafted by Ambedkar as 'first and foremost a social document.' ... 'The majority of India's constitutional provisions are either directly arrived at furthering the aim of social revolution or attempt to foster this revolution by establishing conditions necessary for its achievement.'
The amending mechanism was lauded even at the time of introduction by Ambedkar in the following words: "We can therefore safely say that the Indian federation will not suffer from the faults of rigidity or legalism. Its distinguished feature is that it is a flexible federation.
What Sir Anthony Eden, the Prime Minister of Britain (April 1955 to January 1957), said at the time of the emergence of Indian Republic is relevant in this context. He said, ‘Of all the experiments in government, which have been attempted since the beginning of time, I believe that the Indian venture into parliamentary government is the most exciting. A vast subcontinent is attempting to apply to its tens and thousands of millions a system of free democracy... It is a brave thing to try to do so. The Indian venture is not a pale imitation of our practice at home, but a magnified and multiplied reproduction on a scale we have never dreamt of. If it succeeds, its influence on Asia is incalculable for good. Whatever the outcome we must honour those who attempt it.’
On the 61st Republic Day of the nation these are the Sixty One Facts that you should know about the constitution.
1. The first seeds of a republican nation were sowed at the Lahore session of the Indian National Congress at the midnight of 31st December 1929 under the presidentship of Jawaharlal Nehru.

2. In the Lahore Session it was decided that January 26, 1930 would be observed as the Purna Swaraj (complete Independence) Day. Hence later, this very day was chosen to bring the constitution into force.
3. The Constituent Assembly took almost three years (two years, eleven months and seventeen days to be precise) to complete its historic task of drafting the Constitution for Independent India.
4. It held eleven sessions covering a total of 165 days. Of these, 114 days were spent on the consideration of the Draft Constitution.
5. 292 members were elected through the Provincial Legislative Assemblies; (ii) 93 members represented the Indian Princely States; and (iii) 4 members represented the Chief Commissioners' Provinces.
6. The total membership of the Assembly initially was 389.
7. As a result of the partition under the Mountbatten Plan of 3 June, 1947, a separate Constituent Assembly was set up for Pakistan and representatives of some Provinces ceased to be members of the Assembly. As a result, the membership of the Assembly was reduced to 299.
8. On 13 December, 1946, Pandit Jawaharlal Nehru moved the Objectives Resolution that outlined the basics of the constitution. 9. Objective Resolution was unanimously adopted by the Constituent Assembly on 22 January 1947.
10. Late in the evening of 14 August, 1947 the Assembly met in the Constitution Hall and at the stroke of midnight, took over as the Legislative Assembly of an Independent India.
11. On 29 August, 1947, the Constituent Assembly set up a Drafting Committee under the Chairmanship of Dr. B.R. Ambedkar to prepare a Draft Constitution for India.
12. B N Rao was appointed the Constitutional Advisor of the Assembly.
13. The first meeting of the Constituent Assembly took place of Dec 9, 1946 with Dr. Sachidanand Sinha as its interim President. Dr. Rajendra Prasad was elected as its President n Dec 11, 1947.
14. The Assembly framing the Constitution.had 13 Committees.
15. The all-important Drafting Committee, which bore the responsibility of drafting the Constitutional document during the recess of the Constitutent Assembly, from July 1947 to September 1948, was formed on August 29, 1947. Its members were:

1. Dr. B. R. Ambedkar 
2. N. Gopalaswami Ayyar
3. K.M. Munshi
4. Syyed Mohd. Saadulla
5. N.Madhav Rao
6. D.P.Khaitan (T Krishnamachari, after Kahitan’s Death in 1948)
16. While deliberating upon the draft Constitution, the Assembly moved, discussed and disposed of as many as 2,473 amendments out of a total of 7,635 tabled.
17. The Constitution of India was adopted on 26 November, 1949 and the hon'ble members appended their signatures to it on 24 January, 1950.
18. In all, 284 members actually signed the Constitution.
19. On that day when the Constitution was being signed, it was drizzling outside and it was interpreted as a sign of a good omen.
20. The Constitution of India came into force on 26 January, 1950.
21. On that day, the Assembly ceased to exist, transforming itself into the Provisional Parliament of India until a new Parliament was constituted in1952.
22. Dr. Rajendra Prasad, took oath as the first President of India at the Durbar Hall in the Government House and this was followed by the Presidential drive along a five-mile route to the Irwin Stadium, where he unfurled the National Flag.
23. With 395 Articles and eight Schedules, the Indian Constitution is the largest written constitution in the world.
24. It was this day in history in 1965 when Hindi was declared as the official language of India.
25. To mark the importance of this occasion, a grand parade is held in the capital, New Delhi, from Raisina Hill near the Rashtrapati Bhavan (President's House), along the Rajpath, past India Gate and on to the historic Red Fort.
26. The event begins with the Prime Minister of India laying a wreath at the Amar Jawan Jyoti at India Gate, commemorating all the soldiers who sacrificed their lives for the country.
27. A 21 gun salute is presented, the President unfurls the National Flag and the National Anthem is played. This marks the beginning of the parade. 28. The President is accompanied by a notable foreign Head of State - who is the invited Chief Guest at the celebration.
29. The Parade begins with winners of gallantry awards passing the President in open jeeps.
30. President of India, who is the Commander-in-Chief of the Indian Armed Forces, takes the salute at the grand parade.
31. The Indian Military also showcases its latest acquisitions such as tanks, missiles, radars, etc.
32. Soon after, awards and medals of bravery are given by the President to the people from the armed forces for their exceptional courage in the field and also to those civilians who have distinguished themselves by their different acts of valour in different situations.
33. After this, helicopters from the armed forces fly past the parade area showering rose petals on the audience.
34. The military parade is followed by a colourful cultural parade. India's rich cultural heritage is depicted in the form of tableaus from various states.
35. Tableaus from various government department and ministries of India are also presented displaying their contribution towards the progress of the nation.
36. The most cheered section of the parade is when the children who have won National Bravery Awards ride past the dais on elephants.
37. School-children from all over the country also participate in the parade showcasing folk dances and singing to the tunes of patriotic songs.
38. The parade also includes displays of skilful motor-cycle rides, by the Armed Forces personnel. The most eagerly awaited part of the parade is the fly past, put on by the Indian Air Force.
39. The fly past marks the conclusion of the parade, when fighter planes of the IAF roar past the dais, symbolically saluting the President.
40. The Republic Day celebration is a three day extravaganza and post this celebration at India Gate.
41. On the 27th January, a Prime Minister's Rally is held by a crème of N.C.C cadets displaying various breath-taking performances and drill.
42. All important Government Buildings are beautifully decorated with lights every evening from 26th to 29th.
43. Beating The Retreat officially denotes the end of Republic Day festivities 44. Beating the Retreat ceremony is conducted on the evening of January 29, the third day after the Republic Day.
45. The ceremony starts by the massed bands of the three services marching in unison, playing popular marching tunes.
46. The drummers also give a solo performance (known as the Drummer's Call).
47. Followed by this the drummers play Abide With Me (which is also said to be Gandhi ji's favourite).

48. This is followed by the bugle call for Retreat, the band master then marches to the President and requests permission to take the bands away, and informs that the closing ceremony is now complete.
49. The bands march back playing a popular martial tune Saare Jahan Se Achcha.
50. At exactly 6 pm, the buglers sound the retreat and the National Flag is lowered, and the National Anthem is sung, bringing the Republic Day celebrations to a formal end.
51. Our constitution has a Preamble attached to it that highlights few fundamental values and guiding principles on which the Constitution of India is based. It serves as the guiding light for both, the Constitution as well as the judges who interpret the Constitution in its light.
52. Our constitution is often termed as a bag of borrowings.
53. Parliamentary form of government, single citizenship, Rule of law, institution of Speaker has been borrowed from the British Constitution.
54. Fundamental Rights, Federal structure of government, Power of Judicial Review and independence of the judiciary have been borrowed from the US.
55. We have taken the Directive Principles from the Irish constitution.
56. From French we have adopted the ideals of Liberty, Equality and Fraternity.
57. A quasi-federal form of government and idea of Residual Powers have been taken from the Canadian constitution.
58. Idea of the Concurrent list has been taken from the Australian constitution.
59. Planning Commission, Five-Year Plans and Fundamental Duties have been derived from the constitution of Soviet Union.
60. There were 15 women in the Constituent Assembly.
61. And the last but not the least We are proud of our Nation !


Jay Hind !






Monday, January 25, 2010

Evening Updates

25 Jan 2010   Evening Updates :
As we said in the Morning Blog, Nifty was rangebound between 4983.05 and 5035.70.Market opened at 5000 mark and traded lower but in mid session, Nifty covered all the losses and touched intraday high of 5035.70 but as tomorrow is holiday, on a cautious note profit booking pulled down the indices to 4983.05 with 28 points in negative.
Jaicorp shooted nearly 11% and made the high of 322 and closed at 299.80. The cal  was given by our research team on 5th Jan 2010 under Low Risk High Return category with the stop of 208.
In Nifty 50, ITC,Bhartiartl and Hindunilvr were closed gaining more than 2 % while M&M and Hcltech were the loosers more than 5 %.
Shree Renuka Sugars : Renuka Sugar Ltd has announced that the Board of Directors of the Company at its meeting held on January 25, 2010, inter alia, considered and approved, subject to approval of the shareholders, issue of 1 fully paid up equity shares of Re. 1/- each as bonus share for every 1 existing equity share of Re. 1/- each, held by shareholders of the Company as on Record Date to be fixed later for the purpose.
The Board will convene the 14th Annual General Meeting (AGM) of the Company on March 04, 2010.
LIC Housing Finance :
LIC Housing Finance net profit higher at Rs 153.57 crores in third quarter
LIC Housing Finance Ltd has announced the Unaudited financial results for the quarter ended December 31, 2009.
The Company has posted a net profit after tax of Rs 1535.789 million for the quarter ended December 31, 2009 as compared to Rs 1343.315 million for the quarter ended December 31, 2008. Total Income has increased from Rs 7666.849 million for the quarter ended December 31, 2008 to Rs 8804.612 million for the quarter ended December 31, 2009.
India Cement :
India Cements Ltd has announced the Unaudited financial results for the quarter ended December 31, 2009.
The Company has posted a net profit of Rs 348.00 million for the quarter ended December 31, 2009 as compared to Rs 619.10 million for the quarter ended December 31, 2008. Total Income has increased from Rs 7688.80 million for the quarter ended December 31, 2008 to Rs 8759.70 million for the quarter ended December 31, 2009.
Patni Computers :
Patni Computer Systems Ltd has announced that a meeting of the Board of Directors of the Company will be held on February 10, 2010 - February 11, 2010, inter alia, to consider and approve the audited standalone Financial Results of the Company as per Indian GAAP for the year ended December 31, 2009.
The Board will also approve audited consolidated Financial Results of the Company and its subsidiaries as per Indian GAAP for the year ended December 31, 2009 and the unaudited consolidated Financial Results of the Company and its subsidiaries as per US GAAP for the year ended December 31, 2009.
The Board will consider recommendation of dividend, if any, for the year ended December 31, 2009.
The Financial Results will be announced on February 11, 2010.
Crompton Greaves : The company is going to consider bonus issue on January 28.

FO Expiry Strategy

Jan Derivative Expiry Strategy :
Any consecutive closes below 4980 will lead further bearishness.
Buy Nifty Jan 4900 CE at 100 & Sell Nifty 5000 CE @ 44 considering a upward move upto 5050-5070 levels.


Disclaimer : The recommendation given here is considering the limited risk tolerance.Traders' or Investors' discretion is advisable.  

Morning Updates 25 Jan 2010

25 Jan 2010  09:57
Nifty will open around 5000 mark and trade between 4970 to 5040.The European market will decide the movement in the last session for our markets.
It is advisable to follow Buy recommendations in positive bias than the negative & v.v.
Recommendations :
Buy :
Idea sl 60  Trg 64
Auropharma sl 896  Trg 924 (positional)
TTML sl 25.5  Trg 32 (Med Term hold)
Jindalsaw sl 190  TRg 199
Bhel sl 2362  Trg 2424 (Abv 2387)
DLF 348  Trg 359
HDFC (Buy at declines)
Lupin sl 1417 Trg 1446 / 1455
Maruti sl 1442  Trg 1473
Petronet sl 77  Trg 82
Sell :
Abb sl 815  Trg 788
Ambuja sl 107.5  Trg 102
Axisbank sl 1046  Trg 987 
Cumminsind sl 439  Trg 433 
Finantech sl 1580  Trg 1533 
Rcom sl 184  Trg 177
Mcleodruss sl 259  Trg 249
Onmobile sl 433  Trg 379
Rolta sl 191  Trg 177(Positional)
Bajajhldng sl 601  Trg 577(Positional)
Ultracemco sl 923  Trg 880(Positional)
Essaroil sl 143  Trg 134
Aban sl 1351  Trg 1298 / 1248(Positional)
Sail sl 231  Trg 213
Lichsgfin sl 804  Trg 784
Yesbank sl 265  Trg 249(Positional)
Canbk sl 396  Trg 382(Positional)
Jisljaleqs sl 840  Trg 804
OFSS sl 2263  Trg 2204(Below 2250)
NTPC sl 226  Trg 215
Videoind sl 238  Trg 228
Stocks in News :
Results today: SBI, Hero Honda, M&M, Hindalco, Sterlite, HCL Tech, Power Grid,  Godrej Ind, Gujarat Alk, Jet, Voltas, Wockhardt, Aarti Drugs, Alembic, Allcargo, Andhra Bk, blue star, C&C Const, Cadila Health, Cummins, DB Corp, Deepak Fert, Electrotherm, GSK Cons, Himatsingka Seide, Hotel Leela, India Cem, IndiaBulls Fin, Indiabulls Sec, Jyoti Structures, KEC intl, Liberty Shoes, LIC Hsg fin, Mirza Intl, Nelco, Oriental Hotels, Pantaloon retail, Redington, Repro Ind, Shanthi gears, Shasun Cem, Shriram EPC, Supreme Petrochem, Tantia Const, Tata Coffee, Tata Teleserv, TV today , Zydus Wellness, GSPL, Kanoria Chem, Lloyds Steel, Nelco, SPIC,       
Indian Cell companies may levy call centre charge
Operators have sought TRAI for nod to levy charge: Srcs
Levy may begin soon, post TRAI nod: sources
Calls to help centres free till now
Call Centre charging followed by many telcos overseas



Grasim Q3: good quarter; higher cement, VSF volumes and lower input prices drive growth
Revenues up 4% at Rs 4788.35 crore versus Rs 4587.86 crore
PAT up 41% at Rs 795.70 crore versus Rs 565.30 crore
OPM at 29% versus 21%
Grasim Says:
Industry may see surplus scenario in 18-24 months; may put pressure on margins
Demand likely to grow over 10% on govt initiatives
Need to add 25 mt over 5 years to maintain market share
To focus on volumes, cost to partly offset margin pressure
Q3 VSF output up 58%, capacity utilisation at 98%
Cement operationss demerger to Samrudhhi to be complete by March
Aim to complete UltraTech, Samrudhhi Cement merger by July
Plan to set up 80,000 t VSF plant at Vilayat, Gujarat
New VSF Gujarat plant's estimated cost at Rs 1,000 crore; likely to be commissioned by FY13
China JV VSF capacity to double to 70,000 t/yr By March
Promoters hike stake in Grasim via creeping acquisition to 25.19% - TOI

Tech Mahindra Q3
Consolidated net profit at Rs 172.8 crore versus Rs 168.95 crore (QoQ)
Consolidated net sales at Rs 1187.3 crore versus Rs 1,141.80 crore (QoQ)
Topline includes Rs 150 crore of refund from BT
Seen pressure on BT side of biz; constitutes 46% of sales currently
Derived 30% of q3 revenue from North America; 56% from Europe
Got Rs 967 crore in q3 as contract recast fees; used recast fees to repay debt of Rs 450 crore
Company's debt at Rs 1,744 crore as of December 31
Q3 employee utilisation at 73%; like to operate at 75% utilisation
Attrition in Satyam stopped; in position to get into tiny biz

Essar Oil Q3: GRM’s lower than expectation
Revenue up 18.5% at Rs 9958 crore versus Rs 8405 crore
OPM at 2.22% versus EBITDA loss of Rs 748 crore
Net loss of Rs 226 crore versus loss of Rs 1230 crore
-Processed 3.51 m tonne crude in Oct-Dec; up 9.3%
-Oct-Dec gross refining margin at $ 2.21/bbl
-See refining margins firming up

Other stocks that are in news today:
Indian ADRs: Patni, Wipro dn 4.5%
December Infrastructure sector growth at 6% versus 0.7% (YoY)
India to receive USD 770 million World Bank loan - govt
DLF to exit their asset management JV with Pru Fin 
Jaiprakash Hydro board meet today to raise funds
Renuka board meet to consider bonus issue
Aban and Ispat in NSE F&O curb
Usha Martin raises Rs 468 crore Via QIP
Wockhardt sells 18 acres in Mumbai to Runwal for Rs 200 crore
DoT may ask
Bharti and Tata Communications to end their contract with Singtel which was alleged offering ILD without a licence – BS
Govt orders SFIO probe into
Austral Coke – BS
NMDC profit down 40% to Rs 860 crore – Agencies
Ceekay Daikin open offer at Rs 178.5/share
PVR-DT Cinema deal called off on differences over valuations – FE
HC refuses to stay CLB stay on
GTC, asked CLB to pass a Judgment by Feb 12 – DNA
JK Paper board approves investment of Rs. 1450-1500 Crores, for setting up of a new pulp mill of 2,00,000 tonnes per annum and paper capacity of 150,000 tonnes
Sintex to reopen 2 US plants – DNA
No circuit filter on Mudit Finlease Ltd


Disclaimer :




This document has been prepared by the Research Division of Integrity Financial Consultants Pvt. Ltd.,Pune, India and is meant for use by the recipient only as information.This document is not to be reported or copied or made available to others without prior permission of iNTEGRITY. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, iNTEGRITY has not independently verified the accuracy or completeness of the same. Neither iNTEGRITY nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein.Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either iNTEGRITY or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication.
Contact Details : email : info@integrity.org.in