Posts filed under 'IT & ITes'
The SENSEX joined its global peers and ended the day in deep red. The Sensex closed the day 16501.74 losing 365.23 points or 2.17% today. NIFTY closed at 4946.80 losing 112.65 or 2.23%. CNX Midcap lost a bit more and closed the day at 7235.60 losing 177.90 or 2.4%. BSE Smallcap appears relatively spared today. The index closed at 7168.06 losing 135.96 or 1.86% today.
As expected, the markets had a gap down opening and kept constantly falling till about 1:30 noon after which there was a little bit of reversal only to settle back in the red.
Tata Consultancy Services (BSE: 532540; NSE: TCS; ISIN: INE467B01029) is once again back at sub-Rs. 1000 levels. The script closed at Rs. 988.80 losing Rs. 27.15 or 2.67% today. Experts believe that TCS has a better story over Infosys and suggest a switch at this time as a medium term investment.
Indian Minister for Power Sushilkumar Shinde, speaking to a media channel said that the country may miss the power capacity addition target by 10,000 MW by the end of 11th Five-Year Plan on March 31, 2012. The BSE Power Index is down by 2% today with 18 of the 19 scripts declining. Sans NHPC, all the scripts in the index are down with Thermax and Adani Power leading the charts with losses of over 5% in each.
Tata Power (BSE: 500570; NSE: TATAMOTORS; ISIN: INE155A01022) went ex-split today. The script was sub-divided the equity shares of the company from a face value of Rs 10 to the current face value of Rs 2 each. The record date has been fixed at September 13, 2011.
September 12th, 2011
The Indian stock markets continued their second day of movement in the green territory but it appears the positive conviction of a long term positive bias is still far away. The Indian stock markets followed its Asian pears in having making a positive closing however the Eurozone is trading mixed. FTSE (on 30 Aug) is in the green while CAC and DAX are marginally in the red indicating that the nervousness is not yet gone.
SENSEX closed the day at 16676.75 gaining 260.42 (1.59%) while NIFTY made several attempts and finally closed above the 5k mark at 5001.00 gaining 81.40 (1.65%). The broader CNX Midcap closed at 7294.75 adding 93.25 (1.29%) while BSE Smallcap has shut shop at 7131.48 adding 77.67 (1.1%) in trade today.
Market reports are out that Reliance Industries (BSE: 500325; NSE: RELIANCE; ISIN: INE002A01018) completed the sale of 30% of its 21 oil and gas blocks BP in a 7.2 bn deal. The stock closed at Rs. 781.50 up Rs. 27.45 or 3.64%.
ONGC is likely to hit markets on September 20. It is likely to file FPO documents with SEBI by September 8. With volumes of 7.22m traded today, the script closed the day at Rs. 263.30 down 11.65 (-4.24%).
Trouble in the Manesar plant of Maruti Suzuki India (BSE: 532500; NSE: MARUTI; ISIN: INE585B01010) is not yet over and this will show an impact in the roll out of the Swift. Waiting period for the delivery of the cars is expected to go up. The script managed to close the day in the green today after getting punished yesterday. Maruti closed the day at Rs. 1092.35 up 12.35 (1.14%).
Stock market numbers for the month of August 2011 are out. It was reported that FIIs have sold over Rs 10000 cr as the Sensex lost 1500 pts during the month.
The Indian economy grew a meagre 7.7% during the first quarter of fiscal year 2012 i.e from April to June. It was 9.3% during the same quarter last year. The markets tumbled a bit soon after the news came out but managed to recover later.
Reports are out that the debt starving Reliance ADAG is planning to sell upto 49% stake in DTH business.
Media reports are out that the Mahindra Satyam - Tech Mahindra merger will gain momentum. The companies will appoint bankers to finalize merger details, it is reported. Satyam closed the day in green at Rs. 66.90 up 1.45 (2.22%) with volumes of 3.5m shares traded today.
The Indian stock markets will have a two day holiday. August 31 being Ramzan ID and September 1 being Ganesh Chaturthi.
August 30th, 2011
The Indian stock markets closed the second day of the week in the green, thanks to the positive sentiments in the global equity markets. The US markets having closed marginally in the green and considering that there is no bad news around, the Asian markets closed the day in the green. Hang Seng added 388 points, Taiwan Index rallied and added 237.64 points in trading session today.
The Indian markets too followed its Asian peers. Though weakness was visible in the early hours of trade, the direction is firmly in the green territory after the Eurozone stock markets opened. The Sensex closed the day at 16498.47 up 156.77. Nifty is up 50.10 points at 4948.90.
Top gainers of the day include TCS (up over 6%), Bajaj Auto (up over 4%), Infosys and Axis Bank (both up over 3%), BHEL, HCL Tech and Bharti Airtel (up over 2%). On the losing end are ONGC and Cipla (both down over 2%), Power Grid Corp, NTPC, Ranbaxy Labs and Tata Motors (all down over 1%).
The 20-script CNX IT had 19 shares in the green and only one in the red. TCS (BSE: 532540; NSE: TCS; ISIN: INE467B01029) saw some buying interest, possibly more from the investor community considering that the script looked much better than its peer Infosys. TCS closed that day at 983.05 up 65.00 or 7.08%.
August 23rd, 2011
Stock markets around the globe took a relief after an almost a fortnight of turmoil due to global economic factors turning sour. The stock markets right from Asia Pacific to US have closed in the green albeit the relief is too small and too early to call it a U-turn.
The BSE Sensex closed the day at 16341.70 gaining 200.03 while Nifty closed the day at 4898.80 gaining 53.15 points in trades today. Almost all sectoral indices except for the Bankex and BSE IT have closed in the green. IT stock, some experts believe, have still some downside left considering there is no clear signs of order pull backs from US companies. Banks, of course, have their inherent problems and their stocks are showing the signs.
Top gainers include ADAG stocks Reliance Comm, Reliance Infra and SAIL (all three up over 6%), IDFC and Jaiprakash Asso (both up 5%) and ONGC, Bajaj Auto, Wipro, Rel Capital, Tata Power, Hindalco, Tata Motors, Reliance and Jindal Steel (all up over 3%). Market experts believe the upward pull back by Reliance Communications and Reliance Infra is largely because of short covering and that the inherent problems in ADAG stocks still are to be addressed so as to win investor confidence and hence the upward move is short term knee jerk reaction.
Top losers of the day include GAIL (down over 3%), DLF (down over 2%) and Axis Bank, HDFC Bank, Infosys, HCL Tech, TCS, PNB, Sesa Goa and Cairn India (all down 1%).
Gold touched a new record high of $1,912.09 an ounce.
The Indian Income Tax Department has served a draft tax demand of Rs 2,114 crore on Mahindra Satyam (BSE: 500376; NSE: SATYAMCOMP; ISIN: INE275A01028) after it has disallowed exemptions claimed by the company. The demand was for Rs 1,037.69 crore and Rs 1,075.73 crore for assessment years 2002-03 and 2007-08, respectively. The company said that the notice however does not exclude fictitious income wrongly offered to tax by the earlier management and hence the company is likely to challenge the same.
GVK Power and Infrastructure (BSE: 532708; NSE: GVKPIL; ISIN: INE251H01024) has increased its stake in Bangalore International Airport Ltd (BIAL) by acquiring an additional 14% share from Siemens Project Ventures. With this, the total stake of GVKPIL in BIAL increases to 43%. It may be recalled GVK, in 2009, had acquired 17% stake from Larsen and Toubro (L&T) for Rs 686 crore and 12% from Zurich Airport for Rs 484.6 crore. The script last traded at 17.40 up 0.30 or 1.75%.
SEBI has notifies its decision of transaction charges on Mutual Fund folios. There will be a charge of Rs 100 per subscription of over Rs 10,000 and charge of Rs 150 for a first time MF investor.
August 22nd, 2011
The last 36-hours have been one of the worst period in the world stock market history with a huge correction seen across the globe. It all started yesterday noon with first the European Banking stocks and later almost all sectors correcting before the fire spread to US and later to the Asian stock markets.
The Asian markets had seen some heavy correction today. Hang Seng lost 616 points. KOSPI lost 115 points. The Indian stock markets are of no difference. The European markets that opened few minutes ago have continued to show the weakness. Wall street stocks are worried about recession and it is most likely that they extend the 4.5% decline that was reported yesterday.
Back in India, the NSE Nifty has shed 98.50 points and close the day at 4845.65. BSE Sensex lost 328.12 points in trading session today and closed the day at 16141.67. The Sensex has lost near to 700 points during this week.
As usual, all sectorial indices on the NSE are in the red. IT, Banking, Sevices and Infra being the worst. Top Nifty losers of the day include Tata Motors, Infosys (both down over 5.4%), L&T, BHEL (both down over 4%), Dr Reddy, Axis Bank (both down over 3%), ICICI Bank, TCS, Sun Pharma and ITC (all down over 2%). Albeit short, the top gainers of the day are JP Associates (up 3%), DLF, Hero Motocrop, Hindalco (all up over 2%), Reliance Infra, Cipla, Tata Power, Maruti, BPCL and M&M (all up marginally).
JP Morgan says IT stocks still has some weakness less and are poised for a 5 - 10% correction. Kotak Institutional however maintains a cautious view on the FMCG sector. Kotak says markets can give 40 to 50% returns for long term investors. Citi says Indian markets look attractive for the first time since the September 2010.
Coal India and SBI are top long term buys considering they offer an attractive upside left.
Mahindra Satyam and Tech Mahindra corrected a bit but have attempted a good pull back. Mahindra Satyam (BSE: 500376; NSE: SATYAMCOMP; ISIN: INE275A01028) closed the day at Rs. 66.60. The script has swung between a low of Rs. 63.80 and a high of Rs. 67.30. Tech Mahindra (BSE: 532755; NSE: TECHM; ISIN: INE669C01028) however couldn’t recover well. The script saw an high/low of 666.00 and 622.75 and closed at 635.95 losing 3.96% in session today.
August 19th, 2011
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