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MARKETS TODAY
We expect markets to open weak today tracking global cues, markets will react to the fuel price hike which was announced post market hours on Friday. Resistance is seen at 5481 levels & support is seen at 5430 levels. Stock to watch: Oil cos, Ranbaxy, Adani Power. Data watch: Personal incomes and consumer spending.
24-Jun-11
% Chg. (0.9) (0.9) (1.0) (1.3) (1.0) 0.3
HDFC BANK 163.8 4.8 3.0 Wall Street dropped as worries about the Italian banking sector added to ICICI BANK 46.3 0.8 1.7 uncertainty about passage of a Greek austerity plan, and the S&P 500 again TATA MOTORS 21.3 0.1 0.4 tested a key technical level, fell closer to its 200-day moving average, a line WIPRO 12.9 (0.1) (0.7) which the bulls have hold since last Sept. However the downfall was limited TATA COMM. 8.2 (0.1) (0.6) due to the latest U.S. economic data which proved stronger than anticipated, * At 08:20 a .m. IST on 27-Jun-11 with durable-goods orders up by 1.9% in May, as the Commerce Dept. also MUST KNOW. revised up its estimate of eco growth to a 1.9% rate for the first quarter. The government raised price of diesel by Rs. 3 per ltr, kerosene by Rs. 2 per EQUITY 24-Jun-11 ltr and cooking gas by Rs. 50 per cylinder. It also cut customs duty on diesel Latest 1 Day P/E* P/B* and petrol to 2.5% from 7.5%, scrapped customs duty on crude oil from 5%, SENSEX 18,240.7 2.9 16.5 2.9 and reduced excise duty on diesel to Rs. 2 per ltr from Rs. 4.60. NIFTY 5,471.3 2.8 16.2 2.8 Larsen & Toubro Ltd's metallurgical and material handling division has CNXMIDCAP 7,799.1 2.0 12.1 1.8 *Source: Bloomberg received orders worth Rs. 16.10 bn from Tata Steel Ltd, India Bulls Power Ltd and other customers during Apr-Jun. L&T said the major part of the new COMMODITIES orders was for supplying four coke oven batteries, each with a capacity 0.75 Latest Points % Chg. mn tn/year, with a by-product plant for gas processing. GOLD 1502.7 (18.8) (1.2) Tata Consultancy Services Ltd has been given a Letter of Intent by the CRUDE OIL 91.2 0.1 0.2 Assam Power Distribution Co Ltd to implement a Rs. 3.88 bn energy FII ACTIVITIES IN DERIVATIVES 24-Jun-11 efficiency programme. The energy efficiency programme is part of the FII Net Buy (Rs. Open Ch. in Open Restructured Accelerated Power Development Reforms Programme for Crs) Interest Int. (DOD) North Eastern states. Index Futures 2787.0 16696.2 (1.9) Ispat Industries Limited has changed of name of the Company from "Ispat Index Options 1583.0 50121.2 3.4 Industries Limited" to "JSW ISPAT Steel Limited". Stock Futures 482.2 31241.9 3.9 Stock Options 17.5 682.1 4.2 Satyam Computer Services Ltd's merger with Tech Mahindra Ltd is on track and the process may start in October, Hari Thalapalli. There are regulatory NET INFLOWS (Rs. Crs.) 23-Jun-11 and accounting issues that remain and need to be resolved before starting NET MTD YTD the merger process. The company has a litigation pending with Aberdeen FII 483.6 (6448.0) (2547.1) Group in a US court, which it hopes to resolve soon. MF 233.7 953.0 3005.4 *YTD From January till date BASF India Ltd has approved the proposal to purchase the business of EXCHANGE RATE 24-Jun-11 Cognis Specialty Chemicals Private Ltd in India alongwith all its assets and Closing % Chg. liabilities on a going concern basis with effect from July 01, 2011 for a Rs. / $ 45.0 0.13 lumpsum consideration of Rs. 134 mn, subject to requisite approvals as Rs. / EURO 63.9 (1.00) may be necessary. Rs. / UK Sterling 71.8 (0.07) Two promoters of Indiabulls Real Estate Ltd have increased their stake in the company to 27.95% from 25.57% earlier via purchase of shares in the G.SEC. YEILD 24-Jun-11 open market. The two promoters, Yantra Energetics Pvt Ltd and Punarvasu Rate Yield (%) Builders and Developers Pvt Ltd, bought shares of the company from the GS CG2021 7.80% 97.0 8.2 open market between Apr 15 and Jun 21.
Sushil Financial Services Private Limited Office : 12, Homji Street, Fort, Mumbai 400 001.
1 Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : info@sushilfinance.com
CORPORATE ANNOUNCEMENTS
Bharti Airtel Ltd has made the final payment of of $700 mn to Mobile Telecommunications Co (Zain) for sale of its African assets. Bharti had acquired Zain's operations in 15 countries at an enterprise valuation of $10.7 bn. Steel Authority of India Ltd have recommended a final dividend @ Rs. 1.20 per share, in addition to the interim dividend @ Rs. 1.20 per share already paid, for the financial year 2010-11, thus taking the total dividend to Rs. 2.40 per share of face value of Rs. 10/- per share, subject to approval of shareholders in the AGM. Infosys Ltd considers cloud computing the next huge opportunity for the information technology companies, which can be nurtured provided a national-level policy framework is developed to reap the benefits from this emerging space. Cloud is a huge innovation. Some of the new models that the company had taken up in the recent times contributing 5-6% of the total revenues, of which revenues from the cloud computing alone would be around 3%. Tata Steel Ltd is unlikely to raise steel prices until July, and may even see steel prices declining if raw material rates fall. In the Apr-Jun quarter, steel prices on National Commodity and Derivatives Exchange Ltd traded in the Rs. 28,500 Rs. 30,120 per tn range. MRF Limited has informed that the lock out declared at the Company's Manufacturing Plant situated at Kottayam in Kerala with effect from 5.00 AM on June 22, 2011 on account of labour unrest in the factory, has been lifted with effect from 7.00 AM today i.e. June 24, 2011. City Union Bank Ltd has resolved to augment capital upto Rs. 3 bn (inclusive of premium) through a process of Qualified Institutional Placement (QIP) and approach the shareholders of the Bank for their approval at the ensuing Annual General Meeting as also subject to the applicable laws and regulations including the guidelines issued by RBI and SEBI. Kinetic Motor Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 25, 2011, inter alia, to consider the issue of shares on preferential allotment basis, to one or more promoter group entities. Opto Circuits (India) Ltd's subsidiary Cardiac Science Corporation has received regulatory clearance from the Japan Ministry of Health, Labor, and Welfare to market its Powerheart G3 Automated External Defibrillators (AED) in Japan. Redington (India) Limited has informed that subsequent to signing with Research-in-Motion Singapore Pte Limited (RIM) for distribution of their BlackBerry Handsets, Software Licenses and updates, RIM has further appointed the Company as National Distributor for their PlayBook. The BlackBerry PlayBook is an incredibly powerful and innovative product in the growing tablet market place. This new sign-up would enable the Company to improve its foothold in the Tablet business of the Consumer and Digital Lifestyle Products segment. IAG Company Ltd discussed the financial position of the company and after due consideration of the provisional balance sheet for the year ended March 31, 2011, observed that the net worth of the company has been completely eroded and has therefore opinioned to make an application to "BIFR" for declaring the company as a sick unit under the Sick Industrial Companies (Special Provisions ) Act 1985.
TTK Prestige Ltd has completed acquisition of over 60 Acres of land in Vadodara district and is in the process of necessary clearances and approvals for setting up manufacturing facilities. The proposed development of residential cum office complex at Dooravaninagar, Bangalore has just commenced. During the 2 months from April 01, 2011 to May 31, 2011 the growth in Turnover of the Company is more than 69% as compared to the corresponding previous year from Rs. 937.9 mn to Rs. 1.59 bn. Dishman Pharmaceuticals and Chemicals Ltd plans to leverage its expertise in bulk drug and active pharmaceutical ingredients to graduate to making speciality formulations. But, the initiative will be limited to meeting specific requirements of customers. The company will not market such formulation products on its own and will only look at contract research and manufacturing, as it does in its bulk drug business. Gujarat Alkalies and Chemicals Ltd has commissioned its new 14000 TPA Hydrogen Peroxide Plant (on 100% basis) at Dahej Complex on June 24, 2011, based on the technology supplied by M/s Chematur Engineering, Sweden, at a cost of Rs. 982.5 mn in addition to its existing Hydrogen Perodde production capacity of 25080 TPA. Jyoti Ltd has informed that the Company has received a prestigious order worth Rs. 430 mn for Balance of Plant (BOP) Package of 2 x 40 MW Koyna Left Bank Power Station from IVRCL Ltd., Hyderabad, who is the main contractor for Electro Mechanical Works of Koyna HEP for Maharashtra Water Resources Department (GOMWRD). This is a 40MW Reversible Pump Turbine. With this order, the Company has made entry into the large Hydro Sector and would be able to quote various tenders in large Hydro Sector in technical collaboration with CKD Blansko, Czech Republic. Moschip Semiconductor Technology Ltd has entered an agreement to sell the IPRs of the Company relating to its I/O product line and the assets relating to the said product line of MosChip Semiconductor Technology Limited, USA (100% Subsidiary of the Cornpany) to ASIX Electronics Corporation, Taiwan. PSL Ltd has recommended to Company's shareholders payment of Final Dividend of Rs. 2 per Equity share of Rs. 10 each fully paid in, in addition to an interim Dividend of Rs. 2 per equity share already paid to the members in March 31, 2011, after appoint the Annual Accounts for the year. Paraan Ltd has informed that the shareholders of the Company approved the Preferential Issue at the Annual General Meeting of the Company held on June 16, 2011. Now, the meeting of the Board of Directors of the Company will be held on June 28, 2011 to consider the allotment of Equity Shares and Convertible Warrants. Tricom India Ltd said Olive Software Inc has renewed its electronic data conversion and project management contract with Tricom's US-based arm Tricom Data Services for three years. The company did not mention at what value the contract was renewed. US-based Olive Software provides digital edition and digital archiving solutions that enable the publishing industry to cut its printing and distribution costs, boost online traffic, and create new markets and revenue streams. Tricom India provides information technology services such as enterprise resource planning, offshore software product development, business intelligence and data warehousing.
Rating Scale
This is a guide to the rating system used by our Equity Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating.
Risk Rating
Risk Description Low Risk Medium Risk High Risk Predictability of Earnings / Dividends; Price Volatility High predictability/ Low volatility Moderate predictability / volatility Low predictability/ High volatility
Low Risk
Over 15 % 10 % to 15 % 0% to 10 % Negative Returns Not Applicable Not Applicable
Medium Risk
Over 20% 15% to 20% 0% to 15% Negative Returns Not Applicable Not Applicable
High Risk
Over 25% 20% to 25% 0% to 20% Negative Returns Not Applicable Not Applicable