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Industry Chemical - Inorganic
Exchange NSE Group
Current 119.8000 Prev Close 99.8000
Change 20 Change % 20.04
Todays Hi 119.80 Todays Low 104.00
52 Week Hi 114.20 52 Week Low 76.00
P/E Ratio 14.94 EPS 8.02
Volume 55364 Face Value 10.00
ISIN Code INE138C01016
After opening on a cautious note, the market moved up sharply into the positive territory in morning trade, and, despite turning a bit listless now and then, gained in strength as the session progressed and ended the session on a high note today.
Though global cues were somewhat mixed, participants shrugged off initial uncertain moves and lapped up several large, medium and small cap stocks today. Short-covering in the derivatives segement ahead of expiry of October contracts played a role as well in lifting stock prices up sharply in afternoon trade.
While the 30-share BSE sensitive index Sensex ended with a huge gain of 257.98 points or 1.39% at 18,770.89, the broader 50-stock Nifty index of the National Stock Exchange posted a gain of 1.32% or 72.80 points as it settled at 5568.95. In intra-day trades today, the Sensex hit a high of 18,900.10. The Nifty rose to a high of 5605.95.
Metal stocks, led by sector heavyweight Tata Steel (8.05%), moved up sharply on sustained buying in the sector. Hindalco shed most of its intra-day gains, but still ended the day with a sharp gain of 1.65% at Rs 192.15.
Banking sector heavyweights ICICI Bank (4.45%), State Bank of India (1.95%) and HDFC Bank (2.3%) contributed significantly to the market’s buoyant close today. Shares of Automobile majors Maruti Udyog (3.65%), Tata Motors (2.45%) and Mahindra & Mahindra (1.7%), telecom player Bharti Airtel (3.45%) and FMCG major Hindustan Unilever (2.45%) were in demand.
Wipro bounced back strongly in afternoon trade and finished with a handsome gain of 2.1%. Larsen & Toubro, which lost its way after a firm morning session, rebounded well to record a gain of 1.6%. Grasim Industries (1.5%), Ambuja Cements (1.25%), NTPC (0.85%), Reliance Industries (0.75%), BHEL (0.7%), Bajaj Auto (0.65%) and ONGC (0.55%) also finished on a firm note.
Reliance Communications ended with a modest gain at Rs 750.40. Tata Consultancy Services and Ranbaxy Laboratories closed with marginal gains at Rs 1050.25 and Rs 429.75 respectively.
Pharma stocks Cipla and Dr. Reddy’s Laboratories eased on disappointing results. While the former ended with a loss of around 5%, the latter lost 2.4%. ACC (down 1.55%), ITC (down 1%) and HDFC (down 0.65%) also finished with sharp losses. Reliance Energy, which hit a high of Rs 1714.95 in morning trade, closed with a loss of around a quarter per cent at Rs 1649.60. Infosys Technologies and Satyam Computer Services finished with small losses.
Nalco, VSNL, Sterlite Industries, GlaxoSmithKline Pharma, SAIL, HCL Technologies, Tata Power, Punjab National Bank, Sun Pharmaceuticals, Unitech, Suzlon Energy and Reliance Petroleum ended with impressive gains.
Finolex Cables, Asian Paints, Rolta India, Engineers India, IDFC, Bharat Electronics, Jindal Steel, Punjab Lloyd, Chennai Petroleum Corporation, Neyveli Lignite Corporation, Gujarat Minerals, Tata Chemicals and Alstom Projects were among the notable gainers from BSE ‘A’ Group.
Midcap stock Gulf Oil Corporation vaulted 17.55% today. GTL Infrastructure ended with a gain of 10.15%. Cranes Software moved up by over 10%. Bharat Bijlee ended stronger by around 9.2%. Amtek Auto, IFCI, Tube Investments, Gujarat NRE Coke, Godfrey Philips, Triveni Engineering, JK Cements, Jagran Prakashan, United Breweries, S Kumar’s Nationwide, Deccan Chronicle Holdings, Coromandel Fertilizers, Blue Star and Petronet LNG gained 6% - 9% today.
Maytas Infra made an impressive debut today. The stock, which opened at Rs 515.75, well off its IPO price of Rs 370, zoomed to a high of Rs 642 in intra-day trades and settled at Rs 630 today. Around 13.51 million shares were transacted at the Maytas Infra counter on NSE today.
The market breadth remained positive right through the session today. When trade ended, out of 2800 stocks seen in action on BSE, 1586 stocks were up in the positive territory. 1144 stocks closed with losses and 70 stocks ended unchanged from their previous closing levels.
No tag for this post.ABN Amro Asset Management Ltd said on Wednesday it will charge a 1per cent fee for redemption within six months from ABN Amro Equity Fund for initial investments of less than Rs 5 crore.
No fee would be levied if the initial investment was Rs 5 crore or more, it added.
The fund house managed assets worth about Rs 6600 crore at the end of August, data from Association of Mutual Funds in India showed.
No tag for this post.Excerpts from CNBC-TV18’s exclusive interview with Sameer Narayan:
Q: Would you say with the performance of the market today, they have put the P-Note issue behind them and are on their way to challenge the highs or perhaps surpass the highs they set for themselves the week before?
A: What happened yesterday evening, in terms of the communication from the regulator to market participants, was positive as it clarified a lot of doubts that people had.
Now, markets would need to look at the fine print post the October 25 meeting. Perhaps, there is a lot of significant events leading up to that and a lot of numbers today, tomorrow and the day after. In addition to that, there is the credit policy coming up and the Fed meeting.So, there are a lot of numbers and all those need to be priced in.
Q: Politics would be another important part of that entire equation. If we were to scale newer highs from here on, how much in terms of percentages could we go up? Conversely, if there was any negative news that came out, do you see a significant 5-10% downside from current levels?
A: If you are invested over at least 1.5-2 years time horizon, it doesn’t matter. Therefore, one should not be looking at the market as a whole. You have to look at selective pockets of value and sectors, where there is still a lot of secular growth seen playing.
Q: Which are the sectors that you would be placing your bets on, at this point of time?
A: The entire basic material space, energy and the banking space are sectors we like. These current valuations in IT would merit strong attention.
Q: Are you reasonably confident that the market can see new highs in 2007 itself?
A: Its difficult to say. There are a lot of factors that are going right for India as a country and as an investment destination. But you need to remember that in an integrated world, you need to take care of a lot of factors that emerge outside the economy. They also have a lot of bearing on the kind of fund flows, which are ultimately the people who will come and invest in your country. Therefore, one has to look at both the axis.
Q: Considering that the government has kind of been very clear or emphatic that the speed of capital flows are engendering a lot of discomfort for the government, do you think the investor psyche has been wounded to some extent?
A: Yesterday, the FM also made a statement that it is not restrictive in terms of capital inflows. So, there might perhaps be a lot of strong interpretation. But still I would say that the rules of the game are changing. And perhaps people need time to digest it.
No tag for this post.Indian shares climbed to a record high — their 17th in 18 sessions — on Monday, led by Reliance Industries and Oil & Natural Gas Corp.
At 12:06 p.m., the 30-share BSE index was up 2.35 percent, or 432.54 points, at 18,851.58. Its previous record of 18,844.62 was set on Friday.
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blast has been reported at the Ajmer dargah a short while ago. The reasons behind the blast and the scale of damage are yet unknown. There are uncorfirmed reports of eight people being injured.
Information about the blast was provided by some devotees who were present inside and it was not immediately clear whether the blast was caused by a bomb or something else.
The blast occurred at 6:20 PM during the Iftar fast breaking ceremony.
Police have already reached the site and cordoned off the area.
No tag for this post.The ICICI Bank, India’s largest private sector bank with assets worth over $88 billion, will open its first branch in Germany to bolster its operations in Europe.
“We will open our first branch in Germany in the next couple of months to expand ICICI’s banking operations in European countries. Currently, we are present in two countries in Europe - Britain and Belgium,” ICICI Bank’s global private banking head Anup Bagchi told reporters here Tuesday.
He said the ICICI Bank now has a presence in 18 countries, including its wholly owned subsidiaries in Britain with branches in Belgium, Canada and Russia. It has offshore banking units in Singapore and Bahrain.
“We are hoping that through Britain we would be able to increase our network in entire Europe. For this our Germany branch, which is going to be opened shortly, will help us in a big way,” said Bagchi.
The ICICI Bank set up an International Banking Group in 2002 to implement a focused strategy for its international banking business. Its private banking division also bagged the award of “Outstanding Regional Private Bank - Asia Pacific” at the 17th Private Banker International Wealth Management Summit this year.
Bagchi said the bank witnessed about 70 per cent growth in the private banking space in India over the past three years.
No tag for this post.Given the potential microfinance holds to lift the lives of the rural poor, Finance Minister P. Chidambaram on Tuesday said two funds would be set up to extend loans to the needy and provide them access to technology.
“We have decided to set up two funds, Financial Inclusion Fund and Financial Inclusion Technology Fund of Rs.500 crore each,” Chidambaram said at a conference on microfinance.
The decision has been taken based on suggestions of the Financial Inclusion Committee headed by C. Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, he said.
“I welcome a multi-pronged, diversified and multi-sourced approach to achieving financial inclusion.”
The finance minister said the exposure of microfinance sector in India has grown from Rs 48 crore to Rs 600 crore in a span of five years and that the challenge was to give it more depth and make its reach broader.
“In our quest to grapple with growth pangs in the sector, the government is keen on developing a vision for microfinance,” said Chidambaram.
No tag for this post.With a rise of over 100 per cent in the share price of Reliance Industries Ltd (RIL), his flagship in the oil, petrochemicals and retailing group, Ambani’s wealth has doubled to some $44 billion in the past year, the Financial Times reported.
The only businessman of Indian origin richer than him is Lakshmi N. Mittal, the London-based steel tycoon, whose 44.8 per cent stake in Arcelor Mittal alone is worth about $48 billion, and ranks him fifth on the rich list.
Ambani is currently 14th on the Forbes’ list of the world’s 20 top billionaires and his younger brother Anil, with whom he split the business empire two years ago, is at number 18.
But Mukesh Ambani’s wealth has more than doubled since the publication of the list, when he was valued at $20.1 billion.
After the high-profile feud with his brother, the 50-year-old Mukesh Ambani took over the petroleum refining and textile arms of the family business empire and his brother got the communications and energy generation businesses.
The bull run in Indian equities over the past few years on the back of investor interest in an emerging market growing at over nine per cent annually has turned him into one of the world’s richest men, the Financial Times reported.
In the past 12 months, the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) has risen nearly 50 per cent - touching the magical 18,000-point mark Tuesday - and pushed the market capitalisation of listed stocks to well over $1,000 billion.
The newspaper said the Indian stock market has benefited from the global credit squeeze as foreign investors continue to see Indian blue chips such as Reliance as attractive due to the economy’s continuing growth.
“If other markets start to look problematic, India benefits. It is seen as a safe haven because of its secular growth story,” said Vijai Mantri, chief executive officer of DWS Investments, part of Deutsche Asset Management.
RIL shares have risen at double the rate of the broader market.
Together with the rupee’s rise against the dollar, this has increased the value of Mukesh Ambani’s 47 per cent stake in the company to around $41 billion, while his other investments are worth about $3 billion.
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