JSW Energy Trading just 2.5% above IPO Price – Powerless Listing
JSW Energy which raised money in the capital market last month listed on the bourses today and is trading at Rs 102.50, just 2% above the IPO issue price of Rs 100. Experts on Dalal Street had AVOIDED the issue since the price range during the IPO was Rs 100 to Rs 115 and had the management issued it at the upper band like all others did, then it would have been trading at 10% discount. Read more
Hindustan Construction bags order from Indian Strategic Petroleum Reserves
Hindustan Construction Company (HCC) has informed us in a message that the company just a while ago received a prestigious contract worth Rs 374.66 crore from Indian Strategic Petroleum Reserves (ISPRL), New Delhi.
The company has bagged the order for construction of civil works for an underground rock caverns for Strategic Storage of Crude Oil Project at Padur in Karnataka. The project will be completed in 3 years.
HCC is already constructing India’s first strategic crude oil storage of 1.33 million tonnes capacity in Vishakhapatnam, Andhra Pradesh.
Nifty closes below the 5000-mark; RIL slips 2.77%
Domestic equity markets witnessed heavy selling in the last hour of trade on Friday which resulted in the National Stock Exchange’s (NSE) 50-share Nifty shutting shop below the psychological mark of 5000. After spending most part of the day in a tight range markets came under pressure in late afternoon trades on concerns over likely monetary tightening measures by the Reserve Bank of India (RBI). Weak Asian markets also weighed on sentiments in trade. Investors opted to take some profit off the table ahead of the holiday season, which starts next week. Sell-off was led by realty, oil & gas and banking sector stocks while selective buying was witnessed in healthcare, consumer durables and auto shares. Read more
Massive Corruption by Petroleum Ministry under Congress Led Government
The Petroleum Ministry headed by Sri Murli Deora [Acting as an Agent of Reliance Industries] will betray to all Indians a sum of Rs 30,000 crore and help make on company RIL a super-normal profit of Rs 50,000 crore and th Government getting only Rs 500 cr of the KG Basin Gas.
All the elected representatives / MPs seem to be involved in this scam as they are quiet and none of them want to raise the issue. Send in your comments to FixGas@gmail.com
FIIs net sell of Rs 126 cr (prov) in the cash segment on Friday
Foreign institutional investors (FIIs) were net sellers of Rs 126.10 crore (provisional) in the cash segment on Friday, as per information posted on the BSE website. While FIIs made gross purchases of Rs 1,535.22 crore, their gross sales amounted to Rs 1,661.32 crore.
Domestic institutional investors (DIIs) were net buyers of Rs 443.74 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,220.88 crore, their gross sales stood at Rs 777.14 crore.
FIIs made gross purchases of Rs 2,954.80 crore and gross sales of Rs 2, 017.60 crore on Friday, August 14, 2009, as per SEBI data, to emerge as net buyers of Rs 937.20 crore on that day.
Falling consumer sentiment Pulls down American Markets & Indian GDRS
The US markets finally gave up on Friday after the Reuters/University of Michigan index of consumer sentiment fell significantly short of expectations for the first part of August. The weak consumer sentiment data fueled concerns about the strength of an economic recovery and the major indices declined by about 1%. Stocks fell across the board, with the biggest losses among financial, energy and material companies – industries that posted some of the biggest gains in recent days. Investors also sold off oil and other commodities and moved their money into the relative safety of the dollar and government bonds. Read more
Kotak Securities launches global trading platform
Kotak Securities has launched a global trading platform — Kotak Trader — for Indian investors in association with Saxo Capital Markets, a subsidiary of Denmark’s Saxo Bank.
The platform will provide direct access to equities, exchange traded funds and real estate investment trusts in 24 stock exchanges across USA, Europe, Asia and Australia.
Besides it will also provide the investor with transparent pricing, real-time streaming news, data analysis system, recommendations and research reports on sectors and stocks.
NSE + BSE Trading Halted – Rules & Regulations on Halt + Resume
After the domestic equity markets opened in circuit limits, markets have been halted for trade till 11:55 am, following the rule of circuit breakers of different variations as under:
The index-based market-wide circuit breaker system applies at three stages of the index movement, either way viz. at 10%, 15% and 20%. These circuit breakers when triggered bring about a coordinated trading halt in all equity and equity derivative markets nationwide. The market-wide circuit breakers are triggered by movement of either the BSE Sensex or the NSE S&P CNX Nifty, whichever is breached earlier.
In case of a 10% movement of either of these indices, there would be a one-hour market halt if the movement takes place before 1:00 p.m.
In case of a 15% movement of either index, there shall be a two-hour halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1:00 p.m., but before 2:00 p.m., there shall be a one-hour halt.
In case of a 20% movement of the index, trading shall be halted for the remainder of the day.
In the current case, the NSE Nifty surged 14.48%, which has led to a halt in trading for two hours.
India Equity Strategy – Post Elections
The incumbent Congress-led UPA alliance has achieved a near majority; an almost best-case scenario, and should translate into: a) Stable Government for next five years; b) More reform-oriented agenda, with greater policy making flexibility; and c) More economic/results-oriented governance.
A strong Government mandate should result in: a) Upward bias in growth expectations (maintain 5.5% FY10 expectations for now) – investment rather than consumption driven; b) Stronger currency – return of enhanced capital flows; c) Stable rate scenario, with a 50bps downward bias.
This should be a big bang for the market – we expect it to hold gains at the 13000-13500 index levels for now. The big question – is it a game changer? Can India get back to the high growth – high valuation of recent years? This event probably does open up meaningful possibilities, but there’s a lot to do, and there could be a lot in the way. We see capital/liquidity-driven and beta-plays as the bigger immediate beneficiaries – infrastructure, banks and stressed balance-sheets.
LIC parks Rs 40,000 cr in equity this fiscal
India’s largest insurer – Life Insurance Corporation of India (LIC) – has invested around Rs 40,000 crore in equity this fiscal, exceeding the total equity investments made in the last financial year.
Every year LIC invests around 8-9% of its total premium collection in the stock markets, majority being in the banking sector.
This year the state owned insurer picked up a 2.11% stake in State Bank of India (SBI) for Rs 1,484.12 crore, taking its total shareholding to 9.16% (4.94 crore shares).
The insurer hiked its stake in Indian Overseas Bank (IOB) by 2.86%, in Cummins India by 2.18% and increased its stake in ICICI Bank to 9.38%.
It also upped its stake in various other state-run banks like Union Bank of India (2.18 per cent), Oriental Bank of Commerce (2.60 per cent), Bank of India (1.63 per cent), Canara Bank (1.21 per cent) and Punjab National Bank (0.38 per cent).
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