At 10:38 hours IST, the Nifty was trading lower and struggling at the 4700 mark. Both the equity benchmarks were consolidating at current levels. Pharma stocks along with ONGC, Bharti, ITC, Infosys, BHEL, HDFC, ICICI Bank, Tata Power, Wipro, SAIL, Maruti, Grasim, Ambuja Cements and ABB were witnessing selling pressure.
However, in the metals space, Hindalco surged 5%; Sterlite and Nalco were up 2-2.5%. Tata Steel was up 0.6%, as base metals were trading at 2009 highs. Reliance Industries, NTPC, Tata Motors, M&M, Unitech, L&T, Suzlon and Idea were the other gainers.
Source
rupees News
Deven Choksey of KR Choksey Securities is of the view that IDFC has short term target of Rs 146-149.
Choksey told CNBC-TV18, “One can buy IDFC with long term investment. It has short term target of Rs 146-149.”
Source
rupees News
Mitesh Thacker, Technical Analyst, miteshthacker.com is of the view that Max India has target of Rs 216.
Thacker told CNBC-TV18, “Max India has day target of Rs 216. Above Rs 216 there is a more upside in the stocks. It can test Rs 240 in 2-3 weeks timeframe.”
Source
rupees News
At 11:57 am, Reliance Communications was top gainer on the Nifty. It touched an intraday high of Rs 285.95 and an intraday low of Rs 277.30. The share was quoting at Rs 284.70, up Rs 8.95, or 3.25%.
It was trading with volumes of 3,111,205 shares. On Friday the share closed down 2.18% or Rs 6.15 at Rs 275.75.
Source
rupees News
This year, Om Prakash Bhatt, Chairman, State Bank of India, was named the Best Banker of the Year for a good reason. Since he took charge at India’s largest public sector bank in 2006, he has raised the banks market share and loans from 15% to 16.5% and deposits from 15% to 17.5%. He has also regained the top slot for market capitalisation, a position it lost to ICICI in 2007. Indeed the turmoil in the banking sector has turned the tide in his favour.
Even as the aggressive ICICI, after breathless growth till 2008, is learning the virtues of a slowdown, SBI now is suddenly the darling of the customer. It is flooded with cash and is learning the culture of aggression. So, how has Bhatt managed this change and how will he use this wind behind him to steer his ship?
Source
rupees News
Aban Offshore board has approved raising up to USD 400 million via Foreign Currency Convertible Bonds (FCCBs), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) and Rs 2,500 crore via Qualified Institutional Placements (QIP).
Source
rupees News
In a press release, Bharti Airtel said that Bharti and MTN had entered into an exclusivity agreement regarding the potential transaction until July 31, 2009. As discussions between the parties regarding the potential transaction are continuing, both parties have agreed to extend the exclusivity period up to August 31, 2009.
Source
rupees News
South Africa’s MTN is keen on taking a firm plan on the Bharti Airtel deal on August 17, reports CNBC-TV18, quoting sources.
It is keen to take a firm plan on the Bharti deal by August 17 when the MTN board is scheduled to meet. MTN did not discuss the Bharti deal in its last four board meetings. Meanwhile, the period for exclusive talks between Bharti and MTN would most likely be extended by two weeks.
Source
rupees News
Anil Ambani has written to the Power Minister saying NTPC may lose Rs 20,000–30,000 crore if gas price is revised. Anil Ambani in a letter to the Power Minister has said that Reliance Natural Resource (RNRL) would be delighted if NTPC gets its rightful share of gas.
The ADAG Chairman has offered to extend all possible co-operation to NTPC to that end, citing both RNRL and NTPC as victims of RIL’s corporate greed.
Source
rupees News
Sanjeev Prasad, Executive Director and Co-Head, Kotak Institutional Equities, does not see significant re-rating of companies post the Q1 FY10 earnings. “We are looking at Sensex earnings per share of about Rs 1,075 for FY11.”
According to him, the market is trading at 17.7 and 15 times FY10 and FY11 earnings per share respectively. “We need serious upgrades for the market to sustain.”
Source
rupees News