Posts Tagged ‘merger’

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-MTN Deal May Hit Turbulent Weather with New Takeover Norms in Place!!

MTN-Bharti-Deal-in-Danger1

The $23-billion equity swap deal proposed by Bharti Airtel and South Africa’s MTN may hit turbulent weather with India’s capital markets watchdog amending the merger and takeover norms involving international transactions, experts said Tuesday.

😦

In a move that surprised the corporate sector, the Securities and Exchange Board of India (SEBI) Tuesday said the mandatory open offer norm will be triggered even if the overseas equity holdings, in the form of global depository receipts or American depository shares, exceed 15 percent of the total paid-up capital of the target company.

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Earlier, the open offer was mandatory only when the acquisition of shares in the target company exceeded 15 percent during transactions entered into within the country, either through stock market operations or through preferential deals.

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In the Bharti-MTN deal, the two sides proposed to exchange shares in addition to payout of cash that exceeds 15 percent.

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Bharti had proposed to buy 36 percent of the South African company by offering shareholders half a Bharti share, whereas MTN was to get a 25 percent stake in the Indian telecom major for $2.9 billion by issuing global depository receipts.

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“In its existing form, the Bharti-MTN deal will become more complicated because of this amendment. The dynamics have changed and both MTN and Bharti will have to go back to the drawing board to see the deal through,” said SMC Capitals equity head Jagannadham Thunuguntla.

🙂

As per the existing provisions of the SEBI takeover code, no acquirer can buy shares of 15 percent or more in a listed company without making an open offer to acquire a minimum of 20 percent of such listed company’s shares from the public shareholders.

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Announcing the changes in the takeover code, SEBI chairman C.B. Bhave also said that there would be no retrospective effect on earlier deals because of this amendment.

🙂

Nifty Hit the Level of 5,000 :)

nifty-climb-5000k

Nifty hit the significant level of 5,000, first time since May 23, 2008, taking 326 trading sessions while, the standard index prepared early gains to close flat after hitting 5,003 at its day’s high.

🙂

However, nifty closed slightly higher at 4,965, up 7 points whereas another standard Sensex also ended flat at 16,711, up 34 points, off its day’s high of 16,820 while both the indices were lower by over 4.4% decline in heavyweight RIL.

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Moreover, RIL stated that it has raised around Rs 3,188 crore through sale of 1.50 crore equity shares of the company and selling pressure in RIL weighed down on the oil & gas index, down 2.8%.

Additionally, the BSE realty index slid 0.9%, Unitech lost 3% and Phoenix Mills declined 2.4% while IT and auto stocks increased.

🙂

Similarly, the BSE IT index gained 1.9%, Patni Computer and HCL Tech rose over 6% while the auto index on the BSE was also up 1.5% and Amtek Auto increased 14.6%.

On the other hand, in the Sensex pack, ACC emerged as the biggest gainer while the stock advanced 3.6% to Rs 827 however, Hindalco, JP Associates, Bharti Airtel and Maruti Suzuki gained over 3% each.

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Further, RIL was declared the top loser in the group followed by Tata Steel and ITC.

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A correction is expected and likely to take place in markets at current levels. But it is unlikely to be a sharp one.

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European and Asian stock markets extended the week’s rally on Thursday, hitting new highs for the year, as investors became increasingly confident that the U.S. economy , the world’s largest , is growing again.

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

EQUITY UPDATE for 24th August,2009

Daily Equity Update

POST MARKET REPORT 🙂

The BSE Sensex closed higher by 387.92 points or (2.55%) at
15,628.75 and NSE Nifty ended up by 114 points or (2.52%) at
4,642.80.

BSE Mid Caps and Small Caps closed with gains of 145.06 and 182.89 points at 5,704.38 and 6,645.87 respectively.

🙂

The BSE Sensex touched intraday high of 15,676.35 and intraday low of 15,362.9.

Among the Sensex pack all 30 stocks ended in green territory.

The market breadth indicating the overall health of the market remained extremely positive as 2044 stocks closed in green while 715 stocks closed in red and 67 stocks remained unchanged in BSE.

🙂

The S&P CNX Nifty is up by 114.00 points or 1.65 % to 4642.80.

The NSE turnover was up Rs.15015.83 from last trading session’s Rs. 14697.33 crore.

🙂

NEWS UPDATES

-Austral Coke & Projects board will meet on 3 September 2009 to consider issuing bonus shares.

Indiabulls Real Estate emerged as the top financial bidder for redevelopment of Maharashtra government buildings at Mantralaya in Mumbai.

Bharat Heavy Electricals bagged an order worth Rs 2,630crore.

-Eleven metal stocks rose after LMEX, a gauge of six metals traded on the London Metal Exchange, rose 2.72% to 2,913.90 on 21 August 2009.

🙂

MARKET OUTLOOK

On the first trading day of the expiry week, index opened strongly on the positive note and sustained those gains throughout the session.

🙂

As we have seen in last trading session, it managed to close above 4490 levels that triggered buying spree across the board in today’s trade.

Market breadth remained strongly on the positive side with Realty, Capital good & FMCG pivots ended on the top.

Technically, we expect index to test higher levels in the days to come but it’ll volatile sessions ahead due to expiry week of F&O
contracts.

🙂

SENTIMENT INDICATOR

PCR of index options is at 1.18 from last trading session’s 0.96

PCR of Stock options is at 0.28 from last trading session’s 0.40.

PCR of total F&O is at 1.14 from last trading session’s 0.94.

The advances are 910; declines are 184 and unchanged are 22.

The implied volatility has decreased to 31.44 from last trading

session’s 35.41

🙂

TaBLES

1.

daily equity update economy data

2.

sector watch

Comment: Realty & Consumer Durables are the major gainers in day’s session

🙂

3

TRENDS OF INDIAN  MARKET INDICES

4.

TRENDS OF WORLD MARKETS INDICES

🙂


EQUITY UPDATE for 21st August,2009

Equity Update

POST MARKET REPORT 🙂

The BSE Sensex closed higher by 228.51 points or (1.52%) at 15,240.83 and NSE Nifty ended up by 75.35 points or (1.69%) at 4,528.8.

🙂

BSE Mid Caps and Small Caps closed with gains of 81.93 and 102.71 points at 5,559.32 and 6,462.98 respectively.

The BSE Sensex touched intraday high of 15,275.17 and intraday low of 14,835.08

🙂

Among the Sensex pack 28 stocks ended in green territory and 2 stock ended in red territory.

The market breadth indicating the overall health of the market remained positive as 1711 stocks closed in green while 958 stocks closed in red and 102 stocks remained unchanged in BSE.

🙂

The S&P CNX Nifty is up by 73.45 points or 1.65 % to 4526.90.

The NSE turnover was up Rs.14697.33 from last trading session’s Rs. 13245.55 crore.

🙂

NEWS UPDATES

– Shares of eight tea companies jumped on increase in tea prices

– Bharti Airtel rose after a newspaper report quoted Chairman Sunil Mittal as saying that the company is not looking to sweeten its deal to buy a stake in South Africa’s MTN.

– Bharat Heavy Electricals bagged an order worth Rs 2,630 crore.

– Flawless Diamond (India) s board approved a 10-for-1 stock split.

🙂

OUTLOOK

Index opened in red on the back of on mixed cues from the markets across the globe but rose steadily as the day progressed.

Technically, it managed to sustain to above 4350 levels, which triggered buying spree across the board on the last trading day of the week.

Realty & Auto counters were the major gainers in today’s trade with significant gain in Midcap & Small cap as well.

🙂

Market breadth also managed to close strongly in green resultant to spurt.

Technically, we expect that it’ll try to test higher levels in the next week but that will attract profit taking too.

🙂

Support – 4485-4450

Resistance – 4565-4600

🙂

SENTIMENT INDICATOR

PCR of index options is at 0.96 from last trading session’s 0.97

PCR of Stock options is at 0.40 from last trading session’s 0.31.

PCR of total F&O is at 0.94 from last trading session’s 0.94.

The advances are 750; declines are 336 and unchanged are 30.

The implied volatility has increased to 35.41 from last trading session’s 32.15

🙂

TABLES :

1.

Daily Equity Update

🙂

2.

sector watch


Comment: Realty & Auto are the major gainers in day’s session 🙂

🙂




POST MARKET

The BSE Sensex closed higher by 228.51 points or (1.52%) at 15,240.83 and NSE Nifty ended up by 75.35 points or (1.69%) at 4,528.8.

BSE Mid Caps and Small Caps closed with gains of 81.93 and 102.71 points at 5,559.32 and 6,462.98 respectively.

The BSE Sensex touched intraday high of 15,275.17 and intraday low of 14,835.08

Among the Sensex pack 28 stocks ended in green territory and 2 stock ended in red territory.

The market breadth indicating the overall health of the market remained positive as 1711 stocks closed in green while 958 stocks closed in red and 102 stocks remainedunchanged in BSE.

The S&P CNX Nifty is up by 73.45 points or 1.65 % to 4526.90.

The NSE turnover was up Rs.14697.33 from last trading session’s Rs. 13245.55 crore.

NEWS UPDATES

Shares of eight tea companies jumped on increase in tea prices

Bharti Airtel rose after a newspaper report quoted Chairman Sunil Mittal as saying that the company is not looking to sweeten its deal to buy a stake in South Africa’s MTN.

Bharat Heavy Electricals bagged an order worth Rs 2,630 crore.

Flawless Diamond (India) s board approved a 10-for-1 stock split.

OUTLOOK

Index opened in red on the back of on mixed cues from the markets across the globe but rose steadily as the day progressed.

Technically, it managed to sustain to above 4350 levels, which triggered buying spree across the board on the last trading day of the week.

Realty & Auto counters were the major gainers in today’s trade with significant gain in Midcap & Small cap as well.

Market breadth also managed to close strongly in green resultant to spurt.

Technically, we expect that it’ll try to test higher levels in the next week but that will attract profit taking too.

Support – 4485-4450 Resistance – 4565-4600

SENTIMENT INDICATOR

PCR of index options is at 0.96 from last trading session’s 0.97

PCR of Stock options is at 0.40 from last trading session’s 0.31.

PCR of total F&O is at 0.94 from last trading session’s 0.94.

The advances are 750; declines are 336 and unchanged are 30.

The implied volatility has increased to 35.41 from last trading session’s

32.15

EQUITY UPDATE for 20th August,2009

Stock Market update

POST MARKET REPORT :

The BSE Sensex closed higher by 202.68 points or (1.37%) at 15,012.32 and NSE Nifty ended up by 59.35 points or (1.35%) at 4,453.45.

🙂

BSE Mid Caps and Small Caps closed with gains of 43.33 and 51.88 points at 5,477.38 and 6,360.27 respectively.

🙂

The BSE Sensex touched intraday high of 15,145 and intraday low of 14,928.18.

Among the Sensex pack 29 stocks ended in green territory and 1 stock ended in red territory.

🙂

The market breadth indicating the overall health of the market remained positive as 1525 stocks closed in green while 1145 stocks closed in red and 77 stocks remained unchanged in BSE.

🙂

The S&P CNX Nifty is up by 59.35 points or 1.35 % to 4453.45.

The NSE turnover was down Rs.13245.55 from last trading session’s Rs. 15985.07 crore.

🙂

NEWS UPDATES


-Unichem Laboratories overseas unit has got approval from the US drug regulator for a generic drug.

-Allied Digital Services said its board would meet on 28 August 2009 to consider stock split.

-Four auto stocks rose on reports the annual monsoon deficit has narrowed.

-IVRCL Infrastructure & Projects emerged as the lowest bidder for the 25-kilometer Sion-Panvel expressway project.

🙂

OUTLOOK

Market surprised everyone with strong gap up opening after the yesterday’s decline.

Technically, index is in consolidation, which indeed important prior to either side move.

🙂

Incidentally, all major indices were managed to close in green with Auto & Banking stocks placed at the top resultant positive market breadth too.

🙂

On the other hand, it retraced half of the gain in the later half of the trading session so we expect that it may take couple of session for clarity in the direction ahead.

🙂

SENTIMENT INDICATOR

PCR of index options is at 0.97 from last trading session’s 1.00

PCR of Stock options is at 0.31 from last trading session’s 0.42.

PCR of total F&O is at 0.94 from last trading session’s 0.97.

The advances are 613; declines are 385 and unchanged are 42.

The implied volatility has decreased to 32.15 from last trading session’s 33.65

🙂

TABLES

1.

Daily Equity Update

2.

sector watch

Comment: Auto & Bankex are the major gainers in day’s session !

3.

TRENDS OF INDIAN  MARKET INDICES

4.TRENDS OF WORLD MARKETS INDICES

🙂

POST MARKET

The BSE Sensex closed higher by 202.68 points or (1.37%) at 15,012.32 and NSE Nifty ended up by 59.35 points or (1.35%) at 4,453.45.

BSE Mid Caps and Small Caps closed with gains of 43.33 and 51.88 points at 5,477.38 and 6,360.27 respectively.

The BSE Sensex touched intraday high of 15,145 and intraday low of 14,928.18.

Among the Sensex pack 29 stocks ended in green territory and 1 stock ended in red territory.

The market breadth indicating the overall health of the market remained positive as 1525 stocks closed in green while 1145 stocks closed in red and 77 stocks remained unchanged in BSE.

The S&P CNX Nifty is up by 59.35 points or 1.35 % to 4453.45.

The NSE turnover was down Rs.13245.55 from last trading session’s Rs. 15985.07 crore.

NEWS UPDATES

Unichem Laboratories overseas unit has got approval from the US drug regulator for a generic drug

Allied Digital Services said its board would meet on 28 August 2009 to consider stock split.

Four auto stocks rose on reports the annual monsoon deficit has narrowed.

IVRCL Infrastructure & Projects emerged as the lowest bidder for the 25-kilometer Sion-Panvel expressway project.

OUTLOOK

Market surprised everyone with strong gap up opening after the yesterday’s decline. Technically, index is in consolidation, which indeed important prior to either side move.

Incidentally, all major indices were managed to close in green with Auto & Banking stocks placed at the top resultant positive market breadth too.

On the other hand, it retraced half of the gain in the later half of the trading session so we expect that it may take couple of session for clarity in the direction ahead.

SENTIMENT INDICATOR

PCR of index options is at 0.97 from last trading session’s 1.00

PCR of Stock options is at 0.31 from last trading session’s 0.42.

PCR of total F&O is at 0.94 from last trading session’s 0.97.

The advances are 613; declines are 385 and unchanged are 42.

The implied volatility has decreased to 32.15 from last trading session’s 33.65

DAILY EQUITY UPDATE – 19th Aug 2009.

bonds risk

POST MARKET REPORT :

The BSE Sensex closed lower by 225.62 points or (1.50%) at 14,809.64 and NSE Nifty ended down by 64.80 points or (1.45%) at 4,394.10.

BSE Mid Caps and Small Caps closed with losses of 62.49 and 33.06 points at 5,434.06 and 6,308.69 respectively.

😦

The BSE Sensex touched intraday high of 15,096.94 and intraday low of 14,684.45.

Among the Sensex pack 27 stocks ended in red territory and 3 stocks ended in green territory.

🙂

The market breadth indicating the overall health of the market remained negative as 1490 stocks closed in green while 1134 stocks closed in red and 89 stocks remained unchanged in BSE.

🙂

The S&P CNX Nifty is down by 64.80 points or –1.45 % to 4394.10.

The NSE turnover was up Rs.15985.07 from last trading session’s Rs. 15795.70 crore.

🙂

NEWS UPDATES

Era Infra Engineering bagged an order worth Rs 46 crore.

Mega soft board approved selling its US-based Blue Ally division to Trianz Inc, USA for around $13-15 million

Apollo Tyres gained after a block deal of five lakh shares was executed on BSE at Rs 40.75 per piece.

Panacea Biotec bagged an order worth $222.37 million for supply of a vaccine.

🙂

OUTLOOK

Index opened on the flat note & retraced all the yesterday’s gains the day progressed.

It has strong resistance around 4480-4500 levels with the crucial support around 4340- 4320 levels & it almost tested both in today’s session.

🙂

Volatility remained very high throughout the session with market breadth ended strongly in red.

Keeping in view the intermarket perspective, global markets are also in the correction mood, which is likely to extend in the sessions to come, & accordingly our markets will follow through.

🙂

Support – 4350-4300

Resistance – 4450-4480

🙂

TABLES :

Daily Equity Update


sector watch

Comment- Metal & Oil &Gas are the major losers in the day’s session

😦

SENTIMENT INDICATOR

PCR of index options is at 1.00 from last trading session’s 0.93

PCR of Stock options is at 0.42 from last trading session’s 0.26.

PCR of total F&O is at 0.97 from last trading session’s 0.90.

The advances are 357; declines are 652 and unchanged are 30.

The implied volatility has decreased to 33.65 from last trading session’s 34.87

🙂

POST MARKET

The BSE Sensex closed lower by 225.62 points or (1.50%) at 14,809.64 and NSE Nifty ended down by 64.80 points or (1.45%) at 4,394.10. BSE Mid Caps and Small Caps closed with losses of 62.49 and 33.06 points at 5,434.06 and 6,308.69 respectively. The BSE Sensex touched intraday high of 15,096.94 and intraday low of 14,684.45. Among the Sensex pack 27 stocks ended in red territory and 3 stocks ended in green territory. The market breadth indicating the overall health of the market remained negative as 1490 stocks closed in green while 1134 stocks closed in red and 89 stocks remained unchanged in BSE. The S&P CNX Nifty is down by 64.80 points or –1.45 % to 4394.10.The NSE turnover was up Rs.15985.07 from last trading session’s Rs. 15795.70 crore.

NEWS UPDATES

Era Infra Engineering bagged an order worth Rs 46 crore.

Mega soft board approved selling its US-based Blue Ally division to Trianz Inc, USA for around $13-15 million

Apollo Tyres gained after a block deal of five lakh shares was executed on BSE at Rs 40.75 per piece.

Panacea Biotec bagged an order worth $222.37 million for supply of a vaccine.

OUTLOOK

Index opened on the flat note & retraced all the yesterday’s gains the day progressed. As we have mentioned in our last newsletters that it has strong resistance around 4480-4500 levels with the crucial support around 4340- 4320 levels & it almost tested both in today’s session. Volatility remained very high throughout the session with market breadth ended strongly in red. Keeping in view the intermarket perspective, global markets are also in the correction mood, which is likely to extend in the sessions to come, & accordingly our markets will follow through.

SENTIMENT INDICATOR

PCR of index options is at 1.00 from last trading session’s 0.93

PCR of Stock options is at 0.42 from last trading session’s 0.26.

PCR of total F&O is at 0.97 from last trading session’s 0.90.

The advances are 357; declines are 652 and unchanged are 30.

The implied volatility has decreased to 33.65 from last trading session’s 34.87