29 Sept 2010 Recommendation

FYI

Today's Recommendations :
Note:Follow Buy recommendations in positive mkt bias & v.v.
Buy Jindalstel sl 703 T 722
Buy SAIL Abv 210 sl 206 T 217
Buy Bharatforg Abv 365 sl 361 T 371
Buy Concor Abv 1331 sl 1300 T 1400(P)
Buy HDIL Abv 275 sl 271 T 281
Buy IDBI sl 150 T 158
Buy Indhotel Abv 105 sl 103 T 109
Buy Patni Abv 450 sl 438 T 490(P)
Buy RNRL sl 37 T 46(P)
Sell BPCL Bel 773 sl 783 T 760
Sell Gail Bel 474 sl 478 T 470
Sell ICICIBank Bel 1096 sl 1105 T 1078
Hold Short Idea sl 75.75 T 73
Sell Relcapital Bel 806 sl 811 T 796
Sell SAIL Bel 203 sl 206 T 198
Sell TCS sl 927 T 916
Sell Andhrabank Bel 161 sl 164 T 155
Sell Crompgreav Bel 312 sl 316 T 306
Sell Drreddy sl 1464 T 1443
Sell Hindpetro Bel 535 sl 540 T 528
Stocks that are in news today:
Madras HC orders closure of Sterlite’s copper plant (Sterlite's copper division accounts for 9-10% of total PAT and the impact will depend on the outcome of the legal process)
Sterlite says 
Tuticorin Smelter been operating for more than 12 years
Tuticorin smelter has been in compliance with necessary rules, regulations
Tuticorin Smelter deploys technology considered environmentally friendly globally
Company is one the largest in Tamil Nadu;employs around 3000 people
Company Contributes about Rs 1600 crores to the exchequer annully
Sterlite ADR down 4.2%
Ashoka Buildcon
Total 15.94x
QIB 25.52x; HNI13.91x; Retail 3.46x; Employee 1.21x
Sea TV (closes today)
Total at 1.74X
QIB at 0.8X, HNI at 5.34X, retail at 1.54X
Bedmutha (closes Oct 1st)
Total 0.42X
QIB at 0X, retail at 0.17X, HNI at 2.39X
Tecpro (closed yest)
Total 24.47X
QIB at 27.99X, retail at 9.07X, HNI at 62.48X
New Banking Licenses:
Sources say RBI Deputy governor Usha Thorat to hold meeting with industry bodies
Sources say KV Kamath, Chanda Kochhar likely to represent IBA
Sources say OP Bhatt, MV Nair, Aditya Puri likely to represent IBA
Sources say September 30 last date to submit suggestions on bank licenses
Fin Secy :: Says:
RBI, SEBI, Fin Min Keeping Tight Watch On Inflows
Not Time For Any Drastic Steps To Control Inflows
Providing For OMCs' Subsidies Will Be Decided By Cabinet
No Decision On Deregulating Diesel As Of Now
No Active Thinking To Deregulate Diesel Prices Now
Sharad Pawar Says Duty-free Rice Import To Continue Till January
Murli Deora Invites Kuwait To Participate In NELP IX
Other stocks and sectors in the news
Indosolar listing today, issue price at Rs 29 (lower end of price band 29-32; total subscription at 1.55X)
Mahindra Satyam to declare audited numbers for FY09, FY10 numbers today
Shoppers Stop launches QIP for Rs 130 cr; to issue 20 lakh shares at Rs 649/sh
BL Kashyap - ex bonus 1:1 & ex split 5:1
ITC & EIH to combine hotel biz, become largest hospitality chain; RIL to stay clear of management – FE
L&T To make L&T Inra development wholly owned sub, to buy out IDFC PE and JP Morgan Stake for Rs 740 cr – ET
Global PE players eyes 25% stake in Welspun Maxsteel – ET (Its unlisted co of Weslpun group)
Global group owned by Manoj Tirodkar under IT lens for false billing – ET
Harrisons to invest in Asean, Africa plantations – BS
Bank of Mysore rights issue closes today
Voltaire Leasing open offer at Rs 14/sh
Surana Ventures plans to raise Rs 60 cr via QIP/PE – DNA
F&O cues:
Futures Open Int up Rs 626 crore
Options Open Int up Rs 724 crore
Nifty Sep Fut shed 41 lakh shares in Open Int
Nifty Sep Fut at 20-point premium
Nifty Oct Fut add 47 lakh shares in Open Int
Nifty Oct Fut at 34-point premium
Nifty Open Int PCR at 1.98 versus 1.94
Nifty Puts add 16 lakh shares in Open Int
Nifty Calls shed 6 lakh shares in Open Int
Nifty Sep 6100 Put adds 13 lakh shares in Open Int
Nifty Sep 6100 Call adds 3.5 lakh shares in Open Int
Nifty Sep 5900 Call sheds 5.8 lk shares in Open Int
Nifty Sep 6000 Call sheds 5.2 lk shares in Open Int
Stock Futures add 1.8 cr shares in Open Int
Marketwide rollver at 49% versus 45% on D-2 of August series
Nifty rollover at 47% versus 42% on D-2 of August series
FIIs in F&O on September 28
Net sell Rs 602 crore in Nifty Futures
Net buy Rs 182 crore in Nifty Options
Net sell Rs 477 crore in Stock Futures
Market cues:
US markets rally, Europe ends off lows
Asia opens in green

FIIs were net buyers of USD 290 million in equities on September 27
NSE F&O Open Int up by Rs 1350 crore at Rs 2.11 lakh crore
As per provisional data of September 28, FIIs were net buyers of Rs 573 crore; DIIs were net sellers of Rs 905 crore in cash markets. FIIs were net sellers of Rs 925 crore in F&O.
US Markets:
US consumer confidence fell to its lowest level in seven months in September, underscoring lingering worries about the strength of the economic recovery.

But in a sign of stabilization in the housing market, U.S. home prices hovered above multi-year lows without the help of the homebuyer tax credit that ended in April.
The day's data is the latest to give a mixed signal on the economy, with a 9.6 percent unemployment rate and still-tight access to credit among factors hurting consumers and keeping concerns about a double-dip recession alive.

"With unemployment at a 26-year high, confidence among consumers remains weak. This decline in sentiment will give the Fed a stronger reason to increase stimulus in November," said Kathy Lien, director of currency research at GFT in New York.
The Federal Reserve said last week it was prepared to put more money into the economy, if needed, to stimulate the recovery and avoid deflation.
The Conference Board's index of consumer attitudes fell to 48.5 in September from a revised 53.2 in August, pressured by a weak labor market and environment for companies.
That was below the median of forecasts from analysts polled by Reuters, which was for a September reading of 52.5. The August reading was revised down slightly from an original 53.5.
The report also showed inflation expectations eased slightly, even with the Fed's stance on the economy.
U.S. stocks initially extended declines following the confidence data, but ended the day higher as investors snapped up some of the month's better-performing sectors.
Though weak stock market prices weighed on consumer morale, the benchmark Standard & Poor's 500 index is on track to rise 9.4 percent in September after a 4.7 percent decline last month.
"Consumer confidence is being sapped by high unemployment, low equity prices and now a renewed decline in house prices. This all suggests that the outlook for consumption growth remains ominous," said Paul Dales, a U.S. economist at Capital Economics in Toronto.
The 30-year Treasury yield fell nearly 7 basis points to 3.66 percent, its lowest in about three weeks, while the dollar slumped against the euro.
At the same time, gold rose to a fresh record high as reports fueled views the central banks would stimulate the economy with new liquidity.
The Standard & Poor's/Case-Shiller data showed U.S. home prices declined in July.
The index of 20 metropolitan areas was down 0.1 percent in July from June on a seasonally adjusted basis, as expected in a Reuters poll. But it followed a 0.2 percent June rise, which was revised down from a 0.3 percent increase.
BUSINESS OUTLOOK WEAKENS
Last Friday the Thomson Reuters/University of Michigan's preliminary September reading on U.S. consumer sentiment was worse than expected and at the weakest level in more than a year.
In another sign of concerns over the outlook for the U.S. economy, a U.S. Business Roundtable survey found the number of CEOs who expect their companies' sales and U.S. headcount to rise over the six months declined in September.
The Business Roundtable's CEO Economic Outlook Index declined to 86 in September from 94.6 in June.
In contrast to U.S. sentiment indicators, overseas data Tuesday showed the consumer mood in Germany and Italy improved and French consumer spending rose during the summer.
President Barack Obama, who is travelling across the United States this week to try to drum up voter enthusiasm ahead of the November U.S. congressional elections, signed a $30 billion small business lending bill into law on Monday.
With worries about the economy in the forefront, opinion polls suggest the Nov. 2 mid-term elections could result in the Republicans wresting control of Congress from the Democratic Party.
HOME PRICES UP VERSUS YEAR AGO
S&P, which publishes the home price indexes, also said home prices in the 20 cities index rose 3.2 percent from July 2009, a slower annual pace than the 4.2 percent increased in June.
Data last week showed new home building rose in August and sales of previously owned houses crawled off a 13-year low.
Analysts have been watching for signs of stability in the housing market after declines seen with the end of a tax credit for home buyers in April.
"People are still waiting to get a set of numbers that has absolutely none of the government incentive in it for home buyers. From what I was able to gather, we are a couple of months away from that," said Peter Jankovskis, co-chief investment officer at Oakbrook Investments LLC in Lisle, Illinois.
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