Tata Steel makes a solid gain
May 29th, 2009
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Archive for May, 2009
See some profit booking around 4500: Quant Broking
May 29th, 2009
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Biju Samuel of Quant Broking said the Nifty had key support at 4100, it had turned around from there. He expected some profit booking around the 4500 levels. “Upside above the 4500 levels would depend on global cues. The Nifty is likely to hold 4,200-4,250 zone in the near-term. I would call it a bull market but not from a multiyear bull market perspective.”
See some profit booking around 4500: Quant Broking
May 29th, 2009
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Biju Samuel of Quant Broking said the Nifty had key support at 4100, it had turned around from there. He expected some profit booking around the 4500 levels. “Upside above the 4500 levels would depend on global cues. The Nifty is likely to hold 4,200-4,250 zone in the near-term. I would call it a bull market but not from a multiyear bull market perspective.”
Correction on anvil but don’t exit fully: Mark Mobius
May 29th, 2009
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Mark Mobius, Managing Director, Templeton Asset Management, said in an interview with CNBC-TV18, that he sees a correction in the markets soon but added that there was a lot of money waiting on the sidelines and so cautioned investors against booking entire profits. There were still lots of reasonably valued companies to invest,
Farm output, govt spend power FY09 GDP growth to 6.7%
May 29th, 2009
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The much-awaited gross domestic product (GDP) growth number for the full year, FY2008-09, came in at 6.7% versus a projection of 7.1%. The GDP growth for the last financial year, FY08, stood at 9%. The numbers for the fourth quarter of FY09 also came in at 5.8% versus 5.3% last quarter and 8.8% a year ago.
While the official estimate for the full year stood at 7.1%, most experts said the forecast was a little on the higher side and that it would come near the 6.5% range.
A CNBC-TV18 poll conducted earlier saw the fourth quarter GDP number at 5.24%. For the full year, FY09, the poll saw GDP to be at 6.52% as against 9% last year.
Commenting on the numbers, Sachchidanand Shukla, Chief Economist at Enam Securities said that the GDP numbers were not totally unexpected. “What has saved the day is agricultural performance and government spending which cannot continue through the year,”
Govt walks the reform talk, to fast-track oil deregulation
May 29th, 2009
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The Oil Ministry has said that deregulation of oil prices would be taken up by the Cabinet soon and added that tax breaks for gas production would also be taken up shortly. The Ministry said it planned to re-launch New Exploration Licensing Policy (NELP) VIII soon. The Ministry further stated that it would consider the decontrol of APM gas after the oil product deregulation.
Buy HDIL; target of Rs 365: PINC Research
May 28th, 2009
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PINC Research has recommended a buy rating on Housing Development and Infrastructure, (HDIL) with a price target of Rs 365 in its report dated May 25, 2009.
“Housing Development & Infrastructure Ltd’s (HDIL) Q4FY09 results were below our expectations. Its revenues declined 63.3% YoY to Rs 3.6 billion owing to a slowdown in the Mumbai property market. OPM for the period dipped by 3,158bps YoY to 57% owing to higher cost of construction & development (38% of net sales) incurred towards ongoing projects. Despite other income of Rs 309 million, net profits dropped by 91.3% YoY to Rs 619 million impacted by interest cost of Rs 1.4 billion.”
“We have estimated the NAV of HDIL’s projects (ongoing & proposed), including the SEZ land at Vasai/Virar at Rs 338/share. The airport project is expected to add another Rs 150/share, taking the company’s total NAV to Rs 487/share. Considering an up-tick in buyers’ response to its new offerings, infusion of equity, easing interest & debt repayment woes and an expected revival in the TDR market over the next few months, we upgrade our recommendation to ‘BUY’ on the stock, target Rs 365,” says PINC’s research report.
Tata Chemical FY09 cons net profit down at Rs 648 cr
May 28th, 2009
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Vijaya Bank adds 11 lakh shares in net
May 28th, 2009
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Banks still has 10% upside: A Jain
May 28th, 2009
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