Posts Tagged ‘Bharti Airtel’

Weekly Update 9th – 13th August

The last week saw good amount of buying in U.S and other markets as the companies reported better numbers than the expectations in the result season. However the concerns remain over the U.S. recovery as the consumer spending, pending home sales and factory orders were all weaker than projected in June indicating moderation in the second half of the calendar year.

.

In China, banking regulator has asked the lenders to conduct a stress test including worst case scenarios of prices dropping 50 percent to 60 percent in cities where they have risen excessively. The test highlights the government concern over the health of property market even after the regulator has tightened the real estate lending to crack down on speculation since mid April.

.

Huge foreign money inflow, strong auto sales and manufacturing data together with good monsoon especially in the fortnight ending 4th August 2010 kept the markets on upbeat note. Life Insurance Corporation said that it plans to invest `2 trillion stocks and bonds in the current fiscal year. So far the Insurance major has invested 390 billion in the first quarter including 100 billion in equities.

.

Approximately 2080 companies that have announced numbers have shown a mixed picture. The combined net profit of all companies fell 9.2% to 57,560 crore on 20.7% rise in sales to 7,07,925 crore in Q1 June 2010 over Q1 June 2009.

.

Stock specific movement in market is likely to continue as some of the major companies like Bharti Airtel, State Bank, Reliance Communication, Suzlon, etc. are coming out with the results in the coming week.

.

Pranab Mukherjee has already expressed concerns over the aggressive interest increase as it may moderate the economic growth. The Index of Industrial Production that saw some moderation in growth in May and also revised downward for the month of April is further expected to show some moderation in the month of June. Six core industries having weight of 26.68 percent in IIP have experienced a 3.4 percent expansion in June compared to 6.3 percent in the prior month. The data scheduled to be released on 12th August is likely to influence the markets and may help in gauging the central bank move in the coming months.

.

Overall trend of world markets is up. Volatility indicators near lows are a sign of concern as it reflects that investors are not worried at all in taking positions. But till the trend of stock market is up, one should be playing on the long side only. US dollar index fall in last 3 months has also contributed to the rise of various asset classes. Nifty has support between 5350-5300 levels and Sensex between 17800-17600 levels.

.

It appears that bulls are dominating bears in commodities. Market is looking very enthusiastic on the back of better results together with buoyant equity market. It is evident by the increased volume of commodity bourses across the globe. Noteworthy decline in dollar index has also supported buying in commodities.

.

However, 80 is very good support for dollar index. The week is full of event risk. Traders may refrain to take large position in bullions before FOMC rate decision meeting. CPI and advance retail sales data of US will provide further direction to the base metals. Ongoing hurricane season is likely to keep crude oil in upper range. Severe drought and the decision to halt the export from 15th August to 31st December have stimulated fresh buying in grains and they are continuously moving up. Oil seeds and edible oil complex is looking promising and investors should utilized every dip as buying opportunity.

.

OUR Websites:  http://www.smcindiaonline.com,http://www.smccapitals.com,http://www.smctradeonline.com,http://www.smcwealth.com

.

Bookmark and Share

Weekly Update 2nd – 6th August 2010

Asian markets saw buying as more than half of the companies that announced results in the MSCI Asia Pacific Index have exceeded the analyst’s estimates, boosting confidence about the strength of the recovery. U.S. economy expanded at a 2.4 percent annual pace in the second quarter less than forecast, indicating that the world largest economy will see a moderate recovery.

.

The jobless recovery is curbing household purchases as consumer spending that accounts for about 70 percent of the economy rose 1.6 percent in last quarter, compared with a 1.9 percent rate in the previous three months. U.S. financial system recovery is fragile and as per IMF stress tests banks may need as much as $76 billion in capital. In India, as per expectations RBI hiked the policy rates and indicated that monetary steps will continue in order to moderate inflationary pressures.

.

RBI chief said that despite of the monetary measures, monsoon rains would play a critical role in moderating food prices. Now RBI will release eight monetary policy statements in a year that will cut short the time of monetary policy adjustments. The central Bank also revised its estimates for inflation and economic growth to 6 percent and 8.5 percent from earlier estimates of 5 percent and 8 percent respectively.

.

The annual monsoon rains bounced back from a 17-percent deficit in the previous week to 38 percent above normal in the week to 28 July 2010.Heavy, well distributed showers in the past week helped total rainfall rise to normal during July have raised the farm sector prospects thereby indicating a pickup in rural demand.

.

Till now the results announced so far have shown a mixed picture with some disappointment coming from the large caps.The combined net profit of a total of 1,085 companies declined 12.6 percent to `47280 crore on 23.1 percent increase in sales to 609368 crore in Q1 June 2010 over Q1 June 2009. Going next week some of the top companies like SBI, Bharti Airtel, Tata Motors, Tata steel, etc will announce their quarterly numbers and would help in setting the undertone of the market.

.

Indian Stock Markets are holding on to the gains though the momentum for rise is lacking. But the world stock markets are slowly inching up with base metals commodities also showing strength. The rise in Rupee and the midcap stocks rally in the week gone by gives a hope of further rally. It seems the market would take a clearer direction in the coming week. Nifty has support between 5315-5250 levels and Sensex between 17700-17500 levels.

.

It is quite visible that good corporate earnings have propped up the sentiments of financial market and commodity is not an exception. Hence we have seen that capital inflow switched to riskier asset from safe asset like gold and dollar index.

.

Base metals are the major beneficiary and they are trading at multi months high whereas crude is reacting on stocks pile up in US and ignoring other positive cues. If positive outcome of economic indicators and earnings continue to come in near future then all base metals will trade in a range with upside bias and vice a versa.

.

Even in crude oil some lower level buying may occur this week. Expect further fall in gold and if it breaches the mark of 17500 then we may see some spurt in physical buying. In agro commodities, spices may trade in a range on mix fundamentals.

.

.

OUR Websites:  http://www.smcindiaonline.com,http://www.smccapitals.com,http://www.smctradeonline.com
,http://www.smcwealth.com

Bookmark and Share

Equity News Round UP

Economy

•The annual rate of inflation based on the wholesale price index of food articles shot up to 17.70 per cent during the week ended 27 March 2010 from 16.35 per cent during the previous week.

.

•India’s automobile industry reported a 26.41 per cent growth in sales in 2009-10 riding on the government’s stimulus packages that perked demand, making it the second fastest growing market in the world after China.

.

•India’s first-ever auction of spectrum for third generation (3G) telephony services began on a cautious note. For a pan-India licence, the highest offer was Rs 3,919 crore on the first day, just 12 per cent higher than the base price of Rs 3,500 crore. There are six companies in the race for a pan- India licence, which spans 22 circles. These are Bharti Airtel, Vodafone Essar, Reliance Communications, Idea Cellular, Tata Teleservices and Aircel.

.

Capital Goods

🙂


•Bharat Heavy Electricals Limited is setting up a centre of excellence for nanotechnology with an investment of Rs 8.27 crore to explore applications in power systems and products relevant to the company.

.

•Suzlon Energy said its subsidiary REpower Systems AG has bagged a contract from an Italian company for supplying 18 wind turbines. RE power has concluded a contract for the supply of 18 wind turbines to Daunia Savignano, a subsidiary of Italian Tozzi Group.

.

•Elecon Engineering Company has bagged an order worth Rs 49.90 crore from Sical Logistics for material handling equipment. The scope of the contract includes design, engineering and commissioning of material handling equipments for New Mangalore Iron Ore Terminal.

.

•BGR Energy Systems has entered into an agreement with the Orissa government for setting up a 1,320-MW power project at an investment of Rs 6,287 crore. The company has signed a MoU with Orissa government for setting up a 1,320 MW independent power producer at Bhapur in Nayagarh district of the state at an investment of about Rs 6,287 crore.

.

Pharmaceutical

🙂

•Aurobindo Pharma announced that it has received final approval for Venlafaxine Hydrochloride Tablets 25 mg, 37.5 mg, 50 mg, 75 mg and 100 mg from the US Food & Drug Administration (USFDA).

.

•Cipla Limited, among the largest pharmaceutical companies in the country, is understood to be closing in on a strategic investment in Bangalore-based Stempeutics Research, a stem cell company developing stem cell-based medicinal products. Stem cells are used to replace or initiate the production of other cells that are damaged or missing.

.

•Biocon has fully acquired the joint venture Biocon Biopharmaceuticals from its Cuban partner CIMAB. Under the business restructuring plan, Biocon will pick up CIMAB’s 49% stake and will make Biocon Biopharmaceuticals (BBPL) a wholly owned subsidiary of Biocon.

.

Media & Entertainment

🙂

•PVR Ltd, a retail entertainment company, has earmarked around Rs 120 crore for setting up 60 multiplex screens across the country. Of this, 14 are already operational and the remaining will be opened by the end of this fiscal.

.

Realty & Construction

🙂


•IVR Prime Urban Developers has raised Rs 63 crore by selling land near Pune and Chennai. The company has sold 87.52 acres of land near Loanavala and 28 acres of land near Chennai.

🙂

Oil & Gas

.


•Reliance Industries (RIL) has announced that its subsidiary, Reliance Marcellus LLC has executed definitive agreements to enter into a joint venture with United Sates based Atlas Energy, Inc, of Pittsburgh, Pennsylvania under which Reliance will acquire a 40% interest in Atlas’ Core Marcellus Shale acreage position.

.


•Aban Offshore has bagged a contract valued at $159 million (about Rs 716 crore) from Brunel Shell Petroleum Sendirian Berhad for the deployment of the jack-up rigs.

NEWS ROUND UP 29th March – 02nd April

Economy

🙂

·India’s annual food price index stood at 16.22% as on week ended March 13, slower than the 16.30% growth recorded last week. A year ago, food prices were up 7.46%. At the same time, primary articles inflation rose to 13.88% from 4.91% last year, while fuel, power, light & lubricants prices climbed to 12.68%.

.

Power

🙂

·NTPC, the state owned power generator, has evinced interest to set up solar and wind projects in Orissa with aggregate generation capacity of 500 Mw.

.

The company has sent a draft MoU for approval of the Orissa government in this regard.

.

·GMR Energy will soon raise over Rs 1,600 crore from a group of private equity players led by Singapore-based Temasek Holdings and banks to fund its expansion. The company is a subsidiary of the G M Rao-led GMR Infrastructure that has interests in highways, airports, agri-business and urban infrastructure.

.

Oil & Gas

🙂

.

·ONGC has approved investing Rs 3,240 crore ($712 million) for the first phase development of three marginal fields located in Mumbai offshore on the western coast.

.

Capital Goods

🙂

·L&T has been awarded a contract by the Ministry of Defense for the design and construction of 36 high speed interceptor boats for the Indian Coast Guard. The contract is valued at Rs 977 crore. The design is being carried out in house by the Company and its ship design center, that is a part of the Company’s Heavy Engineering division. The boats are planned to be constructed at the Company’s existing shipyard at Hazira and at its new shipyard coming up at Katupalli near Ennore.

.

·L&T bagged six orders worth Rs 1,181 crore for construction of power transmission line and sub-station works. Three of these six orders worth Rs 741 crore have been secured from the Gulf markets and the other orders worth Rs 440 crore are for domestic projects. These orders will be executed by electrical and gulf projects operating company, a part of L&T’s construction division.

.

Automobile

🙂

.

·Tata Motors, India’s largest vehicle manufacturer by revenue, is selling a third of its stake in the construction equipment-making subsidiary, Telcon, to its joint venture partner, Hitachi, for Rs 1,000 crore.

.

·Tata Motors had signed an agreement with the Myanmarese government for setting up a heavy truck plant in the South-East Asian nation, with an installed capacity of up to 5,000 units annually.

.

·TVS Motor Company has announced the launch of its new model TVS Jive, India’s first auto-clutch motorcycle, in Chandigarh. With this launch, the company expects that it sales in Punjab will grow significantly from 2,000 motorcycles to 3,600 motorcycles per month.

.

Realty/ Construction

🙂

.

·Patel Engineering has been awarded the contract to develop the largest waterfront project in the southern hemisphere. The project, an integrated township in Port Louis, the capital of Mauritius, is valued at $1 billion.

Spread over more than 24 hectares, the project involves residential, commercial, entertainment and real estate.

.

·Punj Lloyd plans to sell its 19.4 per cent stake in Pipavav Shipyard to co-promoter Skil Infrastructure through an inter se promoter transfer. The stake is valued at Rs 825 crore at the company’s current market
capitalisation of Rs 4,251 crore. The Nikhil Gandhi-promoted Skil Infrastructure has an 18.27 per cent stake in Pipavav Shipyard.

.

Telecommunication

🙂

.

·Kuwait-based Zain Telecom’s board cleared Bharti Airtel’s proposal to buy its African assets for $10.7 billion (around Rs 48,600 crore), marking the Indian company’s first successful attempt to acquire operations in Africa after two failures.

.

Cement

🙂

.

·Shree Cement has got the Central Electricity Regulatory Commission’s (CERC) approval to start inter-state trading business in power it produces at its merchant plant. The company has 260 MW installed captive power generation capacity and is in the process of putting up additional 300 MW merchant capacity, which is set to go on stream in a few days.

Morning News Capsules

Hello Friends, here, we bring you the latest updates from the Indian market and Industry.

.

SMC Morning News Capsules

.

NEWS CAPSULES

.

• Backed by government stimulus measures and a low base effect,  growth in industrial output touched a two-year high in November 2009.

.

The index of industrial production (IIP) grew 11.7 per cent, primarily due to growth in manufacturing (12.68 per cent in November as against 2.7 per cent last year),
fuelling a debate on withdrawal of fiscal and monetary stimulus measures.

——

•  Maruti Suzuki, India’s largest manufacturer of passenger cars, launched Eeco, a multipurpose vehicle (MPV) in Ahmedabad.

.

With Maruti Omni being largely used by the cargo segment, and the Versa failing to create a buzz in the market, the company needed to focus on the passenger side.

.

Introduced in three variants at a price range of Rs 2.58-2.89 lakh, Eeco aims at fulfilling this gap.

Currently the company sells 550 Omni each month.

——

•  Telecom major, Bharti Airtel, has announced that it has agreed to acquire 70% stake in Bangladesh-based, Warid Telecom.

.

Bharti plans to make $300 million fresh investment in the company, thus taking the overall investment to $1 billion.

.

The new funding will be for capacity expansion, coverage and innovative products.

——

• FMCG major Dabur said it has tied up with a Belgium firm for technical collaboration to reduce carbon emissions in its plants and has invested Rs 5 crore for the purpose.

.

The company said it is rolling out a host of initiatives at its various manufacturing facilities spread across India and Nepal to reduce carbon emissions and become more energy efficient.

——

• Central electricity distribution firm PowerGrid would sign an agreement with Bangladesh later next month for setting up a transmission link with the neighboring country.

——

Punj Lloyd has bagged orders worth Rs 947 crore from Ind-Barath Energy.

.

The company informed that it has won an order for partial balance of plant and civil work on a two 350 MW thermal power project by Ind-Barath Energy, Orissa.

——

• New Delhi Television (NDTV) has informed BSE that NDTV Worldwide, a NDTV Group company has entered into an agreement with Beximco Group, Bangladesh.

.

The company would be providing consultancy to set tip and assist in the business management and operations of a 24-hour news and current affairs channel proposed to be launched in Bangladesh by Beximco Group.

——

Infosys Technologies, India’s second-largest software services exporter, has reported a 3.6 per cent year-on-year (Y-o-Y) decline in net profit to Rs 1,582 crore for the third quarter ended December 31, 2009.

Total income, too, saw a decline of close to 1 per cent to Rs 5,741 crore.

——

• Two – wheeler giant Bajaj Auto reported a smashing 189.24 per cent increase in its net profit at Rs 475.14 crore for the third quarter ended December 31, 2009.

.

The company had a net profit of Rs 164.27 crore in the corresponding quarter a year ago.

——

•  IT firm Mastek reported a 24.8 per cent decline in its net profit at Rs 23.54 crore for the quarter ended December 31, 2009.

It had a net profit of Rs 31.33 crore in the same period previous fiscal.

——

🙂

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

FLASHBACK 2009


For India, 2009, been a great year with the return of a stable government at centre, good FII inflow, 80% increase in the Indian stock market and less terror attacks. But globally, H1N1 influenza and a series of bankruptcy by some big international giants are some events, which we never want to happen again.

.

.

Putting behind the worst annual performance ever, Indian equities were on a roll in 2009, catapulting a key index by more than 80 percent, to close the year with one of the best gains among emerging markets.

.

At closing bell Thursday, the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 17,464.81 points with an impressive gain of 7,817.5 points, or 81.03 percent, over the previous year’s close at 9,647.31 points.

.

This was the best annual performance since 1999 and was in sharp contrast to 2008, when the Sensex ended with a hefty loss of 10,639.68 points or 52.45 percent making it the third-worst performing equities index among emerging markets.

.

The story was no different at the National Stock Exchange (NSE), the other major bourse in the country, where the broader 50-scrip S&P CNX Nifty gained a hefty 2,241.9 points or 75.76 percent when it closed at 5,201.05 points Thursday.

.

The main factors that made key indices rise like a Phoenix was resilience of the Indian economy and impressive growth despite global slowdown that also reflected in corporate earnings and the return of the foreign institutional funds.

.

According to markets watchdog, the Securities and Exchange Board of India, such overseas funds pumped about $17.46 billion into the Indian stock markets in 2009, as opposed to a net sale worth $13.135 billion for the first time in over a decade..

.

‘The performance in 2009 surpassed the expectations of even the most optimistic person. There were not many places left for foreign funds to invest and India was among the few attractive destinations,’ said Jagannadham Thunuguntla, equity head at SMC Capitals.

.

Even as the Sensex gained 7,817.5 points, some of the 13 sector-specific indices stood out because of their performance — the metals index appreciated the most, up 233.68 percent, while auto followed with a gain of 204.16 points..

.

Similarly, the indices for information technology was up 132.78 percent, capital goods gained 104.26 percent, consumer durables rose 97.8 percent, banking gained 83.9 percent, state-run enterprises inflated 80.54 percent, power moved up by 74.3 percent.

.

On the whole, the year started on a promising note with the government unveiling a second dose of fiscal stimulus to help the economy weather the adverse impact of a slowdown in the global economy — touted as the worst in eight decades.

.

As a result, the Sensex rallied till Jan 6 and gained 7.13 percent in just three days of trading. But then came the confession of a multi-million dollar fraud by Satyam Computer founder B. Ramalinga Raju, triggering a 7.25 percent fall in just one session.

.

Till February, the barometer index was oscillating between 9,000-odd points and 10,300-levels. But as signs of a prolonged economic recession receded the world over, Indian equities found more takers and reflected in steady rise in the index.

.

By the beginning of May it was trading comfortably around the 12,000-point mark and gave a thumping welcome to the electoral victory of the Congress party-led United Progressive Alliance — that even saw suspension of trading as indices hit the upper circuit twice.

.

On that eventful day of May 18, the Sensex stood at 14,284.21 points, gaining 2,110.79 points, or 17.33 percent, over the previous close, while Nifty also rose 17.3 percent, or 636.4 points, to close at 4,308.05 points.

The remaining months of the year saw a steady rise in the index with interim corrections even as events like the presentation of an industry-friendly national budget and a high growth for the economy during the second quarter boosted investor sentiments.

.

Looking at individual stocks that go into the Sensex basket, the top five gainers during 2009 were Tata Motors, up 398.33 percent at Rs.792.60; Mahindra and Mahindra, up 293.23 percent at Rs.1,080.80; Sterlite Industries, up 230.45 percent at Rs.861.65; Hindalco, up 211.23 percent at Rs.160.75; and Maruti Suzuki, up 199.88 percent at Rs.1,559.65.

.

Only three stocks ended lower — Bharti Airtel was down 54.02 percent at Rs.328.80; Reliance Communications was down 23.92 percent at Rs.172.90; and Reliance Industries which ended lower since the company declared a 1:1 bonus.

.

Looking ahead, the markets expect some more action once the government’s divestment programme gets underway even as investors have their fingers crossed on when the Sensex will breach the magical 21,000 mark.

.

So, overall, the year 2009 has been one of the most significant chapters in the stock market growth with an increase of 80% in its value. Further, we keep our spirits high on FM’s comment that Indian economy can grow at 7.75% in FY10.

.


Fiscal deficit at $65.7 billon for Apr-Nov: Govt

The fiscal deficit of India for the period between April to November stood at Rs 3.06 trillion ($65.7 billion), or 76.4 percent of the full-year target, the government said in a statement on Thursday. The tax receipts stood at Rs 2.33 trillion and a total expenditure stood at Rs 6.22 trillion for the first eight months of the financial year 2009/10.

In July, the government had forecasted fiscal deficit of Rs 4 trillion, or 6.8 percent of gross domestic product (GDP), for 2009/10.

The finance minister Pranab Mukherjee earlier this month had said that the fiscal deficit would not cross the target of 6.8 per cent of the gross domestic product (GDP). With the prevailing trends in the receipts and expenditure, along with better than expected economy performance in the second quarter of the current fiscal, it is expected that the fiscal deficit will remain with the estimate of 6.8 per cent.

However, the direct tax collections by the government increased by a marginal 3.7% to Rs 1.83 lakh in the first 8 months of this fiscal. Further, in the personal income tax segment, the government collected Rs 70,262 crore, up 4.53% while in November, the tax collections were nearly similar to last year as the mop-up was Rs 10,375 crore.

Moreover, the corporate tax collections declined by about 30% to Rs 3,214 crore against Rs 4,561 crore last fiscal while in the April-November period, the collections by way of the Security Transaction Tax stood at Rs 4,349 crore, up 4.44%.

The Finance Minister, Mr. Pranab Mukherjee, yesterday stated that the Indian economy cannot sustain a high fiscal deficit for very long and it is, however, still too early to pull out of the fiscal stimulus.

“We shall have to strike a balance between the requirement of the economy and also the capacity of the economy to bear this level of fiscal deficit and borrowing,” the Finance Minister said on the sidelines of a Corporation Bank event.

Bharti Airtel’s Scrip Fell 6% Down !

 

 

Bharti Airtel’s scrip Friday fell 6.38 percent

Bharti Airtel’s scrip Friday fell 6.38 percent lower at the Bombay Stock Exchange (BSE)

Telecom major Bharti Airtel’s scrip Friday fell 6.38 percent lower than its previous close at the Bombay Stock Exchange (BSE) as investors dumped the stock because of disappointing second quarter results.

The scrip, which had fallen to an intra-day low of Rs. 290.30 from Thursday’s closing figure of Rs. 312.05, ended the day at Rs. 292.15.

Bharti Airtel said its net profit, according to US accounting rules, increased 13.4 percent to Rs. 2,321 crore (495 million) for the quarter ended Sep 30 from Rs. 2,046 crore in the like quarter of previous fiscal.

This was, however, a decline of 8 percent over the previous quarter of current fiscal.

Revenues were up 9 percent to Rs. 9,846 crore from Rs. 9,020 crore reported a year earlier.

“The industry is seeing entry of many players and this is bound to have a bearing on the fortunes of existing companies,” said Jagannadham Thunuguntla, equities head of brokerage and capital markets consultancy SMC Capital.

“In the short term, the stock could see some more pressure, though it is coming within range of a good buy, at least for the long term investor,” Thunuguntla added.

The Bharti scrip has lost as much as 30.2 percent over October and at current levels is the lowest in seven  months.

Telecom Stocks Continues To Plunge Down :(

Shares of telecom companies continued to decline amid the ongoing tariff war

Shares of telecom companies continued to decline amid the ongoing tariff war

Shares of telecom companies continued to decline amid the ongoing tariff war and the losses of market leaders like Bharti Airtel and Reliance Communications so far this month almost at par.

😦

Since the tariff war started, Bharti Airtel, which enjoys the largest market share, has declined over 23 per cent, while Anil Ambani led Reliance Communications has tanked nearly 31 per cent on the Bombay Stock Exchange.

Telecom stocks are continuously coming down.

The per second plan would act negatively for these companies and accordingly most of the brokerage houses have downgraded the sector.

Regarding RCom, experts said “the slide in the stock was more to do with the tariff war than the audit report and the fact that the company changed from CDMA to GSM also strained its balance sheet.”

Since October 5, shares of Idea Cellular has plunged 13.32 per cent, while the scrip of  Tata Teleservices Maharashtra was down 3.37 per cent.

😦

“In the midst of the tariff war, the face of telecom industry is changing, the telecom story is being re-looked by the investor community.

The winner in this case is customers and the losers are the companies.”

SMC Capitals head of equity Jagannadham Thunuguntla said.

🙂

Earlier this month, telecom regulator mooted the plan to ask all the operators to consider per-second pulse as a mandatory tariff option along with their other tariff plans.

Paying tariff based on usage per second instead of the current per minute pulse, would heavily impact the profitability of the telecom operators and on these concerns shares of all major telecom companies slipped into the red.

😦

As subscriber base numbers are also significantly down both in terms of pan India level and individual company wise, it would also affect the share price of the telecom operators significantly.

😦

Nifty, Sensex at New Peak Ahead of Diwali :)

Nifty, Sensex at New Peak Ahead of Diwali

Nifty, Sensex at New Peak Ahead of Diwali

As China’s economy showed more signs of revival and weak dollar raises commodity stocks,  Global Stock Markets increased while the Sensex Index gained 204 points to close at 17,231.

🙂

However, on the NSE, the Nifty advanced 64 points to end at 5,118, its highest level since 16 May 2008 when it closed at 5,157.

Moreover, the BSE metal index increased 5.2%  while Sesa Goa rose nearly 14% and JSPL rose 8%.

Additionally, the BSE capital goods index was up 2.4% and the BSE auto index gained 2.3%.

🙂

In the Capital goods space, Punj Lloyd advanced 7.3%, Praj Industries rose 5.7% and Themax ended 4% higher.

Similarly, among the auto stocks, M&M, Bharat Forge and Exide Ind gained over 5% each.

In the Sensex pack, 25 stocks increased while 5 counters decreased.

M&M surged 6.1% to Rs 971 and Sterlite Ind, Hindalco and JP Associates were up over 5% each.

🙂

Moreover, RCom emerged as the top loser while the stock declined 6.5% to Rs 231 in the midst of reports that special auditor has pointed out that the company inflated revenues by
Rs 2,915 crore
in 2007-08 financial year.

Further, Bharti Airtel shed 3.2% while Reliance Infra fell 2.6% and previously, in Asia, China’s Shanghai index jumped 1.2% enhancing more by expectations for better corporate earnings for Q3.

On the other hand, Hong Kong’s Hang Seng rose 2% while Japan’s market was the region’s only major laggard with the Nikkei 225 stock average shedding 0.2% to 10,060.21 in the midst of a stronger yen.

In the meantime, the dollar resumed its slide, falling to a 14-month low against the euro pushing prices for commodities like oil and gold ever higher.

🙂