Owner: Quick Scrip URL:http://quickscrip.blogspot.com Join Date: Sun, 30 Mar 2008 11:03:52 -0500 Rating:0 Site Description: A quick post on the Indian stock markets with recommendations on buy/sell Site statistics:Click here
Hem Securities recommends `BUY` on Gujarat Mineral Dev Corp. 2008-03-29 07:55:00 From myiris.comHem Securities
recommended a `BUY` on Gujarat
Mineral Development Corporation (CMP: Rs 290) with a target price of Rs 443.The company has posted tremendous results for the quarter-ended December 07. The net sales of the company for Q3FY08 have virtually jumped to Rs 2,572.27 million against the figure of Rs 1,327.99 million posted in the corresponding quarter in the previous year, showing a robust growth of 93.69%.The company has been a pioneer in the mineral development arena. Being the only producer of lignite in the country, the company stands in a premier position in the industry. The analysts at Hem securities say that the ongoing capex plans and projects, which are scheduled to be completed by 2012, are all positioned to take the company to higher rungs of production a
Gold falls 2 percent in broad commodities selloff 2008-03-28 23:53:00 From ReutersGold fell more than 2 percent in a broad commodities
sell-off on Friday, with a rise in the dollar and softer oil prices dampening the metal's allure as an alternative investment. Other key precious metals, base metals and major soft commodities traded lower, with investors pocketing profits before the end of the quarter. Gold fell to $926.50 before rising to $933.30/934.20 an ounce at 11:40 a.m. EDT, against $951.80/952.60 in New York late on Thursday. Last week, it hit a record high of $1,030.80 an ounce before tumbling to a one-month low of $904.70. "The market is really correcting itself, but it's a general move out of commodities. It's not just gold," said Jeremy East, head of metals trading at Standard Chartered Bank. The market witne
IOC in talks with GAIL, RIL for city gas venture 2008-03-28 08:47:00 State-run Indian Oil Corporation (IOC) is in talks with Oil and Natural Gas Corporation (ONGC), Reliance Industries (RIL) and GAIL (India) to form a joint venture for city gas distribution. Through its first joint venture, Green Gas (GGL), the company along with GAIL is operating in Lucknow and Agra. B M Bansal, director business development, IOC, said: “We are in discussion with these companies to form a joint venture for city gas distribution. But we will be able to finalise it only after the Petroleum and Natural Gas Regulatory Board (PNGRB) comes out with its guidelines.” In November 2007, PNGRB had proposed a competitive bidding process to select public and private entities for developing city gas distribution networks in the country.
Indian Govt to dilute 5% stake in mini-ratna companies 2008-03-27 00:14:00 From the Economic TimesThe government plans to dilute its stake in about half-a-dozen listed mini-ratna companies including MMTC, STC, ConCOR and Shipping Corporation of India (SCI). It will divest 5% in these companies through follow-on public offers. A stake sale in MMTC alone is expected to bring in about Rs 5,000 crore. MMTC is currently trading at around Rs 19,452 on the Bombay Stock Exchange (BSE). MMTC’s market capitalisation is hovering at around Rs 1 lakh crore, the maximum among all listed mini-ratnas. The proposed stake sale in the mini-ratnas would fetch the government about Rs 7,000 crore. The money raised would be used to fund the government’s social sector programmes. Mini-ratnas have been identified for raising funds as allied Left parties are against dilution of the go
Oil falls on fresh demand concerns 2008-03-25 10:24:00 Oil handed back early gains to fall for the fourth straight day on Tuesday as freshconcerns
about weaker demand
in top oil consumer the United States tempted some players to cash in.U.S. crude fell 93 cents to $99.93 a barrel by 1417 GMT, off the day's high of $101.60 and sharply down from a record high of $111.80 touched on March 17.London Brent crude was down 17 cents at $99.69 a barrel.Data out of the United States showed consumer confidence sinking to a five-year low in March, rekindling uncertainty about the health of the U.S. economy and hitting the dollar and Wall Street.Other commodities, however, held up. Gold rebounded too after the dollar resumed its downward trend.A recovery in the dollar from recent lows against the euro ahead of the Easter break had helped pushed oil prices
Gold, Fixed Deposits - Investment Strategy 2008-03-24 08:25:00 OilOil peaked to $110 and is now near the $100 mark.In terms of 2007 inflation adjusted dollars, the price of oil peaked in March 2008 at over $110 a barrel. Before this period, the maximum inflation adjusted price was the equivalent of $95-100, in 1980. Crude oil prices in the last several years have steadily risen from about $25 a barrel in August of 2003 to over $110 a barrel in March of 2008. These prices are well above those which caused the energy crises of 1973 and 1979. This has contributed to fears of an economic recession similar to that of the early 1980sDemand pressures on oil have been strong. Global consumption of oil rose from 30 billion barrels in 2004 to 31 billion in 2005. These consumption rates are far above new discoveries for the period, which had fallen to only eight Read more:Fixed
, Strategy
GAIL wins Dun & Bradstreet Award 2008-03-24 07:47:00 From EquityBullsGail India Ltd has announced that the Company has been selected as the top Indian Company in the Gas-Processing, Transmission and Marketing Sector for the Dun & Bradstreet Corporate Award
s 2007. Dr. U D Choubey, Chairman and Managing Director, GAIL received the award on behalf of GAIL from Mr. Manoj Vaish, President & CEO, Dun & Bradstreet, India. This is the second time that GAIL has received this award.The corporate awards have been launched to recognize the twin virtues of size and growth in the top organizations of corporate India. The awards recognized the best organizations spread across various sectors such as Oil and Gas Exploration, Power Generation, Banks, Software and IT, Fertilizers, Cement, FMCG and others.GAIL is India's premier Natural Gas Company
OPEC sees oil at $80-$110 in '08 2008-03-23 09:32:00 From the TimesOfIndiaPetroleum prices will range between $80 and $110 per barrel for the rest of 2008, OPEC President Chakib Khelil said on Saturday. Khelil, who is also Algerian energy and mines minister, told Algerian television OPEC was under "big pressures" from consuming nations who liked to portray the group as responsible for high oil prices, when in fact the market was responding to US economic problems and the falling dollar. "Prices will continue to be high, and the prices for the rest of the year will be between $80 and $100," he said .
Bear Sterns - Impact on Asian Electronics, ICSA 2008-03-23 01:14:00 With the Bear Stearns issue having churned up the markets, bulk and block deals data from the two exchanges will continue to hold cues to further distress sales by troubled foreign investors. But with most of the big global names in i-banking circles under a financial cloud, it may be difficult to sift routine “sells” undertaken by FIIs, from the ones which signal big-ticket liquidation of “India” positions. Having said that, here’s an interesting flag for investors from the bulk deals data. LB India Holdings Cayman II — a Mauritius-based subsidiary of the fourth largest US investment bank Lehman Brothers, has also been a prominent seller in recent trading sessions. On March 17, it sold stocks such as Asian
Electronics, Logix Microsystems and S. Kumar’s Nationwide.This result
Experts forecast the tumble in gold futures may be short-lived 2008-03-22 10:54:00 From NewsOK.comGold prices tumbled to a one-month low Thursday, plunging after the dollar gained some muscle against the euro and hedge funds cashed in profits following the metal's record-setting rally above $1,000.Gold had staged a phenomenal run before this week's decline, gaining nearly 20 percent this year as investors snapped up the metal traditionally seen as a haven during economic uncertainty and rising inflation. Gold began losing steam after Tuesday's lower-than-expected Federal Reserve interest rate cut propped up the dollar, sparking a huge commodities sell-off from everything to copper to crude oil to grains. "People are reducing positions. It may be a quarter-end phenomenon, it may be a scaling back for leverage but the bottom line is, people are selling stuff, and gold and Read more:Experts
, futures
, lived
Outlook for the Indian stock market 2008-03-22 01:31:00 With the US banks still reeling and trying to contain the sub-prime fallout (Goldman, Lehman outlooks cut to negative), the effect on the Indian banks will be evident in the year end results. Already, banks like ICICI, SBI have admitted to losses and even companies like L&T have lost on hedging.Inflation has again reared it's head and threatens to sour the election chances of the ruling parties inspite of the budgetary largesse (dole-out) of Rs. 60,000 crores to the farmers. Inflation is now at nine month high on the back of high food prices and is now a cause of concern (Inflation little beyond comfort zone).The political scenario is uncertain and the industrial production has slipped to 5.5% with slowdown in the core sectors like power, infrastructure etc.With this backdrop, the outl Read more:Outlook
GAIL - Bonus in the offing 2008-03-21 23:41:00 From Financial ExpressThe petroleum and natural gas ministry has asked GAIL (India) Limited to furnish details of its proposed plans to issue bonus shares to its shareholders. In its performance review by the high level inter-ministerial committee of the Department of Public Enterprise (DPE) under the ministry of heavy industries had in August 2007, GAIL had assured the committee that it would consider the issue of bonus shares and would discuss the issue at the level of its board of directors. The petroleum ministry has asked GAIL to furnish comments on the issue. According to DPE guidelines, CPSEs having reserves and surplus more than three times of their paid-up capital are expected to declare bonus shares. GAIL has not issued any bonus shares in the recent past. On a paid-up capital of Read more:Bonus
Elecon Engineeering plans a Rs.400 crore buy abroad 2008-03-21 08:46:00 From sify.com Gujarat-based Elecon Engineering Company Ltd, a maker of material handling equipment, industrial gear and transmission products, is scouting for inorganic growth opportunities in the windmill gearbox manufacturing segment overseas. A source said the company is looking for an acquisition either in the US or Europe in the range of Rs300-400 crore
. The buyout would be funded through debt and equity dilution. According to the source, Elecon has also initiated talks with firms in ship fabrication for buyouts. Further, it plans
to increase its exposure to the steel sector by bidding for modernisation projects. Hemendra Shah, CFO, Elecon Engineering told DNA Money, "We are analysing differen
GAIL petrochem operations and revenues to be hit 2008-03-21 08:42:00 From plastemart.comState-run gas utility GAIL (India) Ltd could see a potential deficit in its Rs 2,200 crore annual revenue as well as a cessation in operations at a key petrochemical complex. This could happen because of a decision by supplier Petronet LNG Ltd to stop gas deliveries and divert them to ONGC. 5 mln tpa of liquefied natural gas (LNG) will be diverted to ONGC's proposed petrochemical complex at Dahej, Gujarat. GAIL's Pata petrochemical complex in Uttar Pradesh, built with an investment of Rs 3,350 crore, requires around 8mtpa of gas. Failure to tie up an alternative source would imply that GAIL runs the risk of letting its capacity remain idle. The stakes are high for both GAIL and ONGC as no supplier is willing to offer international long-term supply contracts and users ha
Asian Electronics Clarifies on dispute with Global Trade Finance Ltd 2008-03-21 08:38:00 From www.equitybulls.comAsian
Electronics Ltd (AEL) has clarified with reference to the news item / ticker in electronic media (mainly in CNBC TV18) stating that a winding-up petition is filled by GlobalTrade
Finance Ltd against Asian Electronics Ltd for alleged default of repayment of about Rs 2 crores.The Company has received a Notice Bearing No. Mum/9115/3241/2007 dated November 02, 2007 from the above party through their Advocates, M/s. Paras Kuhad Associates pursuant to the provisions of Section 433/434 of the Companies Act, 1956. The said Notice and other relevant papers were submitted to our Solicitors for taking suitable action.Since the matter is sub judice, we would not like to enter into any correspondence except saying that all the actions taken by the above Company are basele
Gold Advances in Asia on Inflation Concerns After Fed Statement 2008-03-21 03:49:00 From bloomberg.comGold gained for the first time in five days as some investors judged yesterday's decline to a one- month low had gone too far given prospects that inflation will accelerate, boosting demand for the metal as a haven. The Federal Reserve as of March 19 lent $28.8 billion to the biggest U.S. securities firms to try to stabilize capital markets, in its first extension of credit to non-banks since the Great Depression. Pumping more money into the banking system may fuel inflation and demand for precious metals and other commodities. ``Fundamentally, the charge forward is still there,'' Peter McGuire, managing director at Commodity Warrants Australia, said today in a Bloomberg Television interview. ``The time to buy is on the dips.'' Gold for Read more:Asia
, Inflation
L&T to add 4000 mw per annum capacity 2008-03-20 03:23:00 From myiris.com Larsen & Toubro (L&T), India`s biggest engineering company, is likely to ramp up its manufacturing capacity of super-critical boilers and super-critical turbine generators to 4000 mw per annum. The foundation stone for the upgraded facility was laid at Hazira on Mar. 19, 2008. L&T is the only private sector company in India to enter the space of super-critical boilers and steam turbine generators. The Company will be manufacturing and marketing these critical components of the large power plant through two separate joint ventures with Mitsubishi Heavy Industries (MHI) of Japan. MHI is a global leader in this business. L&T holds 51% in both the JVs with MHI holding 49%. The JVs will have an investment of Rs 15 billion. The JVs had already started
BSE curtails filters of 15% `B` stocks 2008-03-20 02:32:00 In what seems to be a damage control exercise, the Bombay Stock Exchange (BSE) curtailed the circuit breakers of nearly 15 per cent of the 1,900 actively traded counters in the ‘B’ group to 5 per cent from the existing 10 per cent for the past three days.Although the stock exchange declined to comment on the matter terming it as a routine surveillance and supervision issue, market participants are of the view that the move by BSE, under the current circumstances, could be aimed at extending support to markets in case of a further steep fall and avoiding panic among investors.A majority of ‘B’ group stocks fell in the range of 20 to 30 per cent last week as markets tested the August 2007 lows of 14,800 on the Sensex.The exchange, however, had removed a majority of stocks from the tr
Gold sinks as dollar inches higher 2008-03-19 11:13:00 Gold prices tumbled Wednesday as the dollar regained strength prompting an exodus of mostly speculative buyers from the market. COMEX gold for April delivery fell nearly $49 to $955.60 an ounce by mid-morning Wednesday after settling at a record high of $1,004.30 an ounce in floor trading Tuesday. "When you are operating in a heavily overbought market, corrections like the one we're seeing today are very easy to have," said Nicoals Kavalis, a senior analyst at precious metals consultancy GFMS. Kavalis notes that the recent run-up in gold prices has been supported by speculative buying and that, "it's not that hard for that 'hot money' to move out of market," when conditions change. Gold began to slide shortly after the Federal Reserve cut interest rates Tuesday by three-quarters of a perce Read more:inches
India Feb gold imports plummet 2008-03-19 03:23:00 India's gold imports
in February crashed to 10 tonnes from 59 tonnes in the same month a year ago due to soaring international prices and could fall further this month, a top industry official said on Tuesday."There is barely any demand. In February, the gold imports were just 10 tonnes against 59 tonnes last year," Suresh Hundia, president of the Bombay Bullion Association, told Reuters."We think the demand will be even less in March because of the record prices."International spot gold prices were still above $1,000 an ounce, though most other commodities were tumbling as investors sold assets ranging from oil to coffee to grains to cover deepening losses in stocks and bonds.Global gold prices have risen more than 20 percent this year alone, hitting successive record highs along the way. Read more:India
Goldman, Lehman profits more than halved 2008-03-18 08:14:00 From MarketWatchWall Street titans Lehman
Bros. and Goldman
Sachs, both at the center of a credit storm swirling through the global financial markets, said Tuesday that their fiscal first quarter profits
fell more than 50%, as investment banking business slowed and trading revenues declined. However, both firm's results were ahead of analyst expectations. Goldman Sachs said Tuesday its fiscal first-quarter profit was just about halved from year-ago levels as the firm lost $1 billion on mortgage and other securities investments as its proprietary trading business struggled and market conditions remained "clearly very weak." Lehman Brothers Holdings Inc.'s fiscal first-quarter net income dropped 57% as results were hurt by net mark-to-market adjustments of $1.8 billion. Goldman shares
L&T wins order of Rs.170 crores 2008-03-18 04:46:00 The Heavy Engineering Division of India`s largest engineering company Larsen & Toubro (L&T) bagged a contract valued at Euro 28 million (Rs 1.70 billion) for supply of the Coal Gasifier and Syngas Cooler assembly to Hebi Coal and Electricity Co.The complete Gasifier assembly & the structure, which is expected to weigh 1740 MT, is the world`s largest and heaviest Gasifier assembly, with a capacity to handle 3,400 tpd of coal.The assembly will be the heart of a Methanol Plant with a capacity of 600,000 tpa. The order was won through an international competitive bidding process.The equipment will be manufactured from advanced technology steels at L&T`s state-of-the-art manufacturing facilities at Powai & Hazira. The Hazira facilities are situated on the waterfront with eas
Buy BHEL 2008-03-17 10:31:00 From MoneyControl.com Sharekhan research has maintained buy rating on BHEL with target price of Rs 2845 in its March 14, 2008 research report. "According to media reports Bharat Heavy Electricals Ltd (BHEL) has been awarded the order to supply boiler package for National Thermal Power Corporation (NTPC)'s 1,320-megawatt (MW) Barh stage-II supercritical power project in Bihar. The value of the order has not been disclosed. The breakthrough in the supercritical space would help address the concerns over the company's capability to secure supercritical orders and beat competition. w BHEL has a healthy order book. It has already won orders worth Rs10,583 crore or 3,345MW in Q4FY2008 so far. We expect the order inflow to remain buoyant especially for the projects based on the supercritical tech
GAIL to benefit from higher availability of natural gas 2008-03-17 10:27:00 From The Economic TimesGAIL (India) is the country's largest natural gas company with annual revenue of around Rs 17,000 crore and market capitalisation (m-cap ) of around Rs 35,600 crore. The company owns and operates the largest natural gas pipeline network in India and handles over 75% of the total gas transported in the country. GAIL is investing heavily to lay more pipelines to widen its reach, and will be a major beneficiary of the likely jump in domestic production of natural gas. Gas production in India is likely to double in the next couple of years, which may boost GAIL’s gas transportation business. Investors can take exposure in GAIL with a two-year horizon.Click for complete story
Read more:benefit
BHEL wins a Rs.2030 crore order 2008-03-17 04:33:00 From capitalmarket.comBharat Heavy Electricals (BHEL) bagged orders worth around Rs 20.30 billion for the supply and installation of the main plant package at the upcoming 1,000 MW Nabinagar Thermal Power Project in Bihar, involving four units of 250 MW each.The orders have been placed on BHEL by Bhartiya Rail Bijlee Company, a joint venture company of NTPC and Indian Railways. Significantly, with this, BHEL has won all the thermal power plant orders finalised by NTPC and its Joint Ventures.BHEL`s scope of work in the present contract envisages design, engineering, manufacture, supply, erection and commissioning of Steam Generators with Electrostatic Precipitators and Associated Auxiliaries and Turbine Generators and Associated Auxiliaries with state of the art Controls and Instrumentation Read more:crore
ICSA plans US, European buys 2008-04-01 09:36:00 From Business StandardHyderabad-based ICSA, the pioneer of embedded technology-based solutions to detect and reduce power transmission and distribution (T&D) losses, will soon acquire two T&D sector companies with front-end marketing capabilities in the US and Europe. “We have entrusted a leading merchant banker to close the deals and hope to complete at least two deals in the near future,” said Chairman and Managing Director G Bala Reddy. ICSA plans
to takeover at least three companies in the next financial year in abroad. Exports contributed a meagre 5 per cent to the revenues of Rs 332 crore in FY07. The acquisitions would increase this share substantially, he said. ICSA plans to spend $20-30 million on each acquisition and has identified suitable targets in both the geog Read more:European
India spot gold falls 3.63 pct on global cues 2008-04-01 09:28:00 From afxnews.comIndia
n spot gold fell 3.63 percent on Tuesday, dragged down by a fall in the international bullion market and a strong dollar, and with dealers forecasting further falls. At 1.50 p.m. in London, gold traded $20.30 lower at $896 an ounce, down sharply as the U.S. dollar bounced up against the euro, and as oil prices continued to weaken on fears of a global slowdown. "Heavy buying was witnessed in the domestic market, particularly at $888 and $890 levels," said Prithviraj Kothari, managing director of RiddhiSiddhi Bullion Ltd. Dealers said they expect prices to fall further to $870 an ounce, tracking the fall in oil prices. Mumbai gold of 0.995 purity closed 440 rupees lower at 11,685 rupees per 10 grams, while gold of 0.999 purity closed 435 rupees lower at 11,750 rup
L&T wins new order of Rs.576 crore 2008-03-31 22:59:00 From myiris.comLarsen & Toubro (L&T) through its E&C division`s refinery projects business unit received Rs 5.76 billion order from Hindustan Petroleum (HPCL).HPCL has awarded L&T a project order of 200,000 tons per annum Lube Oil Base Stock (LOBS) Plant consisting of Raffinate Hydrotreating Unit (RHT), Mobil Selective Dewaxing Unit (MSDW) & Hydro Finishing Unit (HF). The scope of work, includes residual process design, detailed engineering, procurement, supply, transportation, storage, fabrication, construction, installation, testing etc.HPCL, which operates one of its biggest refineries located at Mahul, Mumbai in the state of Maharashtra, India, intends to set up this LOBS Plant as a part of their Quality Upgradation project.Shares of L&T declined Rs 109.2, or 3. Read more:crore
BHEL wins Rs.550 crore order 2008-03-31 22:54:00 From myiris.comBHEL, India`s biggest power equipments maker, has further enlarged its global footprint with a foray into a new market New Caledonia, with a prestigious export contract for environment friendly circulating fluidized bed combustion CFBC boilers. New Caledonia, an island in the south west Pacific Ocean, east of Australia, is an overseas territory of France. Valued at Rs 5.5 billion, the order for 2x135 MW CFBC boilers and auxiliaries has been received from Koniambo Nickel SAS, an overseas joint venture of the globally diversified mining group Xstrata PLC, Switzerland, with a local New Caledonian company.This is the first ever overseas order on BHEL for CFBC Boilers for utility application. With this, the company has made an entry in the European market for this environment fri Read more:crore
Recommended portfolio 2008-03-30 11:24:00 I recommend a portfolio composition as below:An ideal portfolio composition for the short term (till end-2008) would be:15% in gold: Buy at declines or invest in Gold ETF.25% in fixed deposits10% in government bonds or schemes like PPF etc.10% in ULIPStocks- Power generation, transmission (NTPC, BHEL, ICSA) : 5%- Infrastructure: 5%---- Ship-building (ABG Shipyard, Bharati Shipyard)---- Diversified construction (L&T)- Pharmaceuticals (Nectar LifeSciences, Ranbaxy, Dr.Reddy’s Labs ): 5%- Mining (GMDC, NMDC): 10%- Oil & Gas (Reliance, GAIL, ONGC): 10%- Communications (Airtel, RComm): 5%Complete story here
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