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Market 16th July , 2008

By Abhishek on 6:19 PM

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Posted by Abhishek

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Market is unable to sustain Morning gain, after opening in Positive terrritory market slip in RED for 4th consecutive day. Sexsex was up by 259 points once a day but manage to close at 12575 sheding 100 points cut from previous day, making the lowest closing from April 2nd , 2007. while NSE Nifty closed down about 44 points at 3816 .

Telecom company TTML announced its Q1 results today which was in loss of Rs35 crores . The share prices of TTML shed 5 % on NSE.

Finance Major HDFC also announced its Q1 Result company made a profit of Rs468 crs whopping 26% rise on YoY basis. but it didnt fulfill the market expectation and finally close abt 4.4% down. 

Pharma Major Ranbaxy stock surged 15 % on clarification of Mr. Malvinder Singh , CEO of Ranbaxy , that the Deal with Japenese Pharma Daiichi Sankyo is still on road and the japenese firm still intrested to take stake in company even after US FDA questions.

In day trade Realties & Infra are the most beaten stock. They are really beaten up by market DLF was down abt 8 % , Unitech was 10%.. JP Assosiates was dwn 6% except BGR ENERGY this stock was up by 13 % on the news of winning  a Contract of Rs4900 crores.

 Flash News

҉–––•   BGR Energy bags Rs 4,900 cr order, stock up 13%

BGR Energy Systems has bagged EPC contract worth Rs 4,900 crore from Rajasthan Rajya Vidyut Utpadan Nigam for 2 x 600 MW Kalisindh Thermal Power Project.

In June, the company had secured a similar contract from Tamil Nadu Electricity Board for 1x600 MW project.

The order book of BGR Energy now stands over Rs 11,000 crore, which includes BoP contracts of 500 MW and two EPC contracts of 600 MW units and contracts of oil& gas equipment sector projects.

The company had a great listing in January this year. The scrip listed at Rs 840 on the NSE, a premium of Rs 360 or 75 per cent to the issue price of Rs 480 per share. But a steep correction in share prices of power companies has pressured the stock trade at 50 per cent discount to its issue price.
҉–––•   Tata Metaliks sees 15-20 pct revenue growth in FY09

  Tata Metaliks Ltd expectes in revenue in FY09 to grow 15-20 percent on firm pig iron prices and diversified products, a top official said on Wednesday. In 2007/08, the pig iron maker earned about 11.85 billion rupees in revenue, chairman H.M. Nerurkar told reporters after the annual shareholders meet. The company also plans to focus on making castings used by automotives and engineering industry


҉–––•    Tata Steel says India price hikes could be justified

 Tata Steel Ltd's managing director said on Wednesday there was every justification for raising steel prices in India. Earlier, B. Muthuraman had said prices of Indian steel were 15,000-20,000 rupees ($350-$450) per tonne lower than global rates. Tata Steel is the world's sixth-largest steel maker. In May, Indian steel firms said they would freeze prices for three months to help the government fight soaring inflation


҉–––•      POLL-India annual inflation seen at 12.05 pct on July 5

   India's annual inflation rate is expected to have climbed above 12 percent for the first time in more than 13 years in early July, driven by higher costs of commodities and strong demand in the economy, a Reuters poll
showed. The wholesale price index is forecast to have risen to 12.05 percent in the 12 months to July 5, which would be the highest since annual numbers in the current series became available in April 1995. It was at 11.89 percent a week earlier.   Read Full Story here


҉–––•       India profile tanks, FII pullout sinks Sensex

    
Foreign institutional investors (FIIS) pressed the panic button as global agency Fitch downgraded India’s credit profile to “negative”. Sensex, BSE’s 30-share benchmark index, dropped to lowest levels in 15 months as foreign funds sold shares worth Rs 702.50 crore on Tuesday alone.

ICICI Bank and HDFC Bank, two of India’s three largest banks, tumbled. Sensex fell 654.32 points, or 4.9 per cent, to 12,676.19. All stocks dropped on the index. NSE’s Nifty dropped 178.60 points, or 4.4 per cent, to 3,861.10.

“Money is flying out of emerging markets and inflows into India have been negative so far,” said Madhavi Vora of ULJK Securities, a broking firm. “There is a major liquidity crunch along with other external factors like political uncertainty that are ailing markets.”

This year, the FIIs have already pulled out more than a third of what they invested last year. As on July 15, 2008, FIIs were net sellers of Indian stocks worth Rs 28,048 crore.


҉–––•    Reliance Retail to open 50-60 'i stores', 150 Reliance digital

 Mukesh Ambani promoted Reliance Retail Ltd today announced to open 50-60 'i store' across the country within the next one and half years and 150 Reliance Digital stores by 2011-12.

"We have plans to open 50-60 i stores by next 15-18 months while first targeting top cities of the country and we also plan to open 150 Reliance Digital stores by 2011-12," Reliance Digital Chief Executive Officer Ajay Baijal told reporters here today.

Reliance Digital is a consumer durable and IT arm of Reliance Retail Ltd, which offers home appliance, consumer electronics, IT and telecom products. While i store is a Apple Premium Reseller store, which exclusively deals with Apple products.   READ Full Story here










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