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Sunday, October 18, 2009

Nifty Range in 2010 - 4200-6200 : Rakesh Jhunjhunwala

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Rakesh JhunjhunwalaIt is the homecoming of the victorious, and this is truly the story of the victory the market has struck out from last Diwali till now. Will the New Year usher in another bull run? Which sectors will shine? Kick start the New Year with strategies from Rakesh Jhunjhunwala, Samir Arora, and Ramesh Damani.

Commenting on the journey from Samvat 2065 to 2066, Udayan Mukherjee, Managing Editor, CNBC-TV18, says it has been an unbelievable one. "Last Diwali, there was a pawl of gloom around markets. At that point, it seemed as if India was in the midst of the most vicious bear markets that we have seen in our history. On October 28, the Nifty was at 2,685 while the Sensex stood at 9,008. Today, we have more or less doubled on the Sensex and Nifty. But this has not been a one year effort. It has actually been a six month effort. On March 6, the index plummeted to 2,500. From there, the Nifty have come to 5,100 today."

Investment Guru Rakesh Jhunjhunwala sees the Nifty trading in a 4,200-4,400 to 5,800-6,200 range next year. "It will be somewhere near its pervious top." However, he was quick to caution that breaking 6,100-6,200 on the Nifty and holding on to it is not going to be an easy task. "If you price in 2011-12 index earnings, which you would do by December 2010, then it could."

Samir Arora, Fund Manager, Helios Capital, says the new highs, if reached, will not be sustained in the next 5-6 months. "If all of us agree that we will not get to new highs, then theory would say that it might!"

Ramesh Damani. Member, BSE, says the bull run in markets is still on. "I would argue that what we saw from October to March or earlier was just a break in a bull market. The theory working in America now is that the falling dollar equals to a higher Dow. At some point it will stop, one cannot debase a currency and expect the market to keep going up."

When are markets likely to correct?

A number of market experts have been saying that the markets are currently overvalued and ripe for a correction. However, Jhunjhunwala sees the markets trending upwards. "They are not going to correct easily. Without that burst of a rise that correction is not going to set in."

How should you trade gold?

Damani advises investors to buy gold as it provides a safe haven if there is a global turmoil. "If there is a global turmoil, it is going to hit the Indian markets. The long-term trend lines are still intact, but it will hit the Indian market. So, gold gives you that insurance. I would keep a very close eye on gold over the next year or so."

Jhunjhunwala too is bullish on gold. He says it is the only asset class which has gone up for the last seven years and is now ready to go up for the eighth year. But he was quick to add that the investments in the stock market would give better returns. "We were in a kind of financial crisis in January and nobody knew when it will end. I don’t think there is that kind of crisis this year. Where you are going to store and keep the gold you buy. So, I guess it is better invested in equity."

The yellow metal also finds favour with Arora. However, he advises investors to stay away from the yellow metal. "It is like an alternative currency. But it may not be as interesting for Indians as you are already going to be in a strong currency."

Buy midcaps:

Damani sees panic buying in smallcap and midcap stocks: "If you see the first few midcap results, and if it is an indication of what is to come, there would be panic buying in smallcap and midcap stocks. One should by all means do bottoms up stock picking."

On power:

Arora says power is the most ridiculously priced sector now. "There is no question that utility companies are in an absolute bubble."

Here is a verbatim transcript of the exclusive interview with Rakesh Jhunjhunwala, Ramesh Damani, and Sameer Arora on CNBC-TV18. Also see the accompanying video.

Q: Wold you have dreamt that this could have happened last Diwali. Has it taken you completely by surprise?

Jhunjhunwala: If would have given me three slaps and asked me what are my thoughts were in March, I would have said markets will go upwards. But that it would have this kind of a ferrous rise, this kind of a breadth, and this kind of contempt, I wouldn’t have dreamt at all. It’s really taken everybody including me by surprise.

Q: Unbelievable performance?

Damani: It is. I was a fierce bear, but I now argue the case that I am a reformed bull. I argue the case that what we saw from October through March or earlier was just a break in a bull market. The intellectual strategy as Jhunjhunwals pointed out in 2003 is actually unfolding now. We are seeing a very severe correction within the bear market. The bull market is continuing. There is no other way to explain it. If that is true, this probably has more legs.

Q: What do you think? The last couple of times we have spoken, you have sounded a bit worried that it is all happening to fast. Are you alarmed at the pace or happy that we are back in a bull market?

Arora: We are back in a bull market but the pace is a bit staggering. We would rather have a longer duration of a bull run rather than have this massive upmoves in a few months but it is good in any case. But if you look at the past two years, actually it is not just last year, it was unbelievable. Even the year before was unbelievable because we never imagined in November 2007 what would happen next year. So, the best thing is to do different from what you think. It’s better to act bearish today and then have great bull run for the next one year.

Read More Q & A: moneycontrol.com

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Posted by Prajapati Vijay at 12:53 AM 0 comments

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Wednesday, October 07, 2009

Reliance Industries 1:1 Bonus for Diwali Festival

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Reliance Industries Board on Wednesday recommended a dividend of Rs.13 per share and a bonus issue of one new share for each existing one.

As the Diwali Festival is near by, Reliance Industries giving this nice gifts to their share holders.

The announcement came after the close of indian stock market. At the close Reliance Industries down by 1.5% (33 Rs) - Close at Rs 2099 on BSE.

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Posted by Prajapati Vijay at 7:28 PM 0 comments

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Upcoming IPO: Indiabulls Power Limited

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Indiabulls Power Limited IPO Details:

- Issue Open: Oct 12, 2009 - Oct 15, 2009
- Issue Size: 339,800,000 Equity Shares of Rs. 10
- Issue Size: Rs. 1,359.20 - 1,529.10 Crore
- Face Value: Rs. 10 Per Equity Share
- Issue Price: Rs. 40 - Rs. 45 Per Equity Share
- Market Lot: 150 Shares
- Listing At: BSE, NSE
- Registrar: Karvy Computershare Private Limited (http://karisma.karvy.com)

Indiabulls Power IPO Rating:
CRISIL has assigned an IPO Grade "3/5" (pronounced "three on five") to Indiabulls Power Ltd IPO.

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Posted by Prajapati Vijay at 7:28 PM 0 comments

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IPO Allotment Status: Euro Multivision Limited

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Euro Multivision Limited IPO Allotment status is now online.

To check Click Here
Or
Log on to: http://www.linkintime.co.in/site/ipo.asp

Euro Multivision Limited IPO Details:
- Issue Open: Sep 22, 2009 - Sep 24, 2009
- Issue Size: 8,800,000 Equity Shares of Rs. 10
- Issue Size: Rs. 61.60 - 66.00 Crore
- Face Value: Rs. 10 Per Equity Share
- Issue Price: Rs. 70 - Rs. 75 Per Equity Share
- Market Lot: 90 Shares
- Listing At: BSE, NSE

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Posted by Prajapati Vijay at 7:26 PM 0 comments

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Sunday, October 04, 2009

Diwali Muhurat Trading Timings for Samavat Year 2066

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BSE:
Timings of the Muhurat Trading Session for Samavat Year 2066 (Sett.No.137/2009-2010) for Cash Segment.

The trading members are advised that the timings of the Muhurat Trading Session for the Samavat Year 2066 for Cash Segment on Saturday, October 17, 2009 (Sett.No.137/2009-2010) would be as under:

Session -> Start Time -> End Time
Login -> 05 : 15 p.m. -> 06 : 15 p.m.
Continuous Trading -> 06 : 15 p.m. -> 07 : 15 p.m.
Closing -> 07 : 15 p.m. -> 07 : 25 p.m.
Post Closing -> 07 : 25 p.m. -> 07: 45 p.m.
Member Query and 6A / 7 A entries -> 07.45 p.m. -> 08.45 p.m.

The transactions done during the Muhurat Trading session are to be settled as a separate settlement (Settlement No.137/08-09 on October 21, 2009).

By: Sanjay Narvankar,
Manager – Clearing and Settlement
--------------------------------

Timings of the Muhurat Trading Session for Samavat Year 2066 (Sett.No.136/2008-2009) for SLB Segment.

The trading members are advised that the timings of the Muhurat Trading Session for the Samavat Year 2066 for SLB Segment on Saturday, October 17, 2009 (Sett.No.SL-136/2009-2010) would be as under:

Session -> Start Time -> End Time
SLB Session -> 06: 15 p.m. -> 07: 15 p.m.
6A / 7 A entries -> 07: 35 p.m. -> 08: 00 p.m.
Custodian Confirmation -> 08: 00 p.m. -> 08: 15 p.m.
Final Obligation -> 08:15 p.m. -> 08:30 p.m.

The transactions done during the Muhurat Trading session are to be settled as a separate settlement (Settlement No.136/2009-2010 on October 20, 2009).

By: S. M. Phadke
Company Secretary - BOISL
--------------------------------

NSE:
FUTURES & OPTIONS SEGMENT:

In pursuance of clause 2.3 and clause 2.4 of Regulations (F&O Segment) and circular no. NSE/F&O/131/2008 dated December 08, 2008 and without prejudice to the applicable provisions of the Securities Contracts (Regulation) Act, 1956 and other relevant statutes, the Exchange hereby notifies the special muhurat trading session on account of Diwali, on Saturday, October 17, 2009. The market timings for muhurat trading session will be as follows:

Normal Market open / Exercise Market Open time : 18:15 hrs.
Normal Market close : 19:15 hrs.
Set up cut off time for Position Limit / Collateral value : 19:45 hrs
Trade modification end time / Options Exercise Market Close time : 19:45 hrs

By: Suprabhat Lala
Asst. Vice President (Capital Market)
--------------------------------

CAPITAL MARKET OPERATIONS:
In pursuance of clause 2.3 and 2.4 of chapter 2 of part A of the Capital Market Trading Regulations and circular no.: NSE/CMO/054/2008 dated December 08, 2008 (Download No. NSE/CMTR/11733) and without prejudice to the applicable provisions of the Securities Contracts (Regulation) Act, 1956 and other relevant statutes, the Exchange hereby notifies the special trading session for muhurat trading on account of Diwali on Saturday, October 17, 2009. The market timings for muhurat trading session for Normal / RDM/ Odd Lot Market shall be as follows:

Normal / RDM/ Odd Lot Market Open : 18:15 hrs
Normal / RDM / Odd Lot Market Close : 19:15 hrs
Closing Session start : 19:35 hrs
Closing Session end : 19:45 hrs

By: Suprabhat Lala
Asst. Vice President (Capital Market)
--------------------------------

Source:
Bombay Stock Exchange Limited &
National Stock Exchange of India Ltd.

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Posted by Prajapati Vijay at 12:27 AM 0 comments

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IOC Offers 1:1 Bonus for Fresh Investments

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MUMBAI: Indian Oil Corporation (IOC), for the first time in six years, said it would give one free share to its shareholders for every one they held, pushing its shares up 3%.

IOC chairman Sarthak Behuria told ET: "The corporation has reserves of over Rs 43,900 crore and hence, we decided to reward our shareholders." Post issue, the company's paid-up equity capital will double to Rs 2,427.95 crore. The IOC stock gained 3% to close at Rs 636.72 in a weak Mumbai market. The stock has lost 5.49% in the past one week, but gained 12.24% in the past one month.

The company is implementing Rs 60,000 crore of projects, including capacity expansion at crude processing plants and building chemical units by 2012, Mr Behuria told shareholders at its 50th annual general meeting in Mumbai.

The proposed investment is part of the company's endeavour to continuously augment production capacities and technologies to meet energy demands of the nation, he explained. Post expansion, the company's annual refining capacity of 60 million tonnes will go up by 33%.

Of this, Rs 30,000 crore is envisaged for setting up mega refinery-cum-petrochemical complex at Paradip in Orissa, which is expected to begin commercial operations in three years. It plans to invest Rs 12,000 crore this fiscal in setting up of retail outlets and upgrading its refineries to make them compliant with Euro III and Euro IV auto fuel norms. This investment also includes building pipelines to transport naphtha and aviation turbine fuel.

IOC expects 15% of its revenues coming from petrochemical business in the next three years. "Petrochemicals will be a major driver of IOC's future growth, with stabilisation of production facilities and addition of new product lines and customers," he added. The contribution of the petrochem business is marginal.

IOC plans to buy one million tonnes of crude oil, amounting to half of Reliance Industries' production in KG basin, early next year. IOC will process this oil at Chennai Petroleum Corporation, its 51% subsidiary. IOC imports around 75% of its crude and sells fuels below cost to help the government limit the impact of inflation.

Source: economictimes.indiatimes.com

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Posted by Prajapati Vijay at 12:01 AM 0 comments

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Tuesday, September 15, 2009

Sensex & Nifty at 15 month High

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The benchmark indices notched new 52-week highs in noon trade, boosted by of higher advance tax numbers from a few corporates. This led to hopes of strong earnings for the September quarter.

Bajaj Auto paid an advance tax of Rs 170 crore for the July-September quarter vs Rs 50 crore in the previous quarter. Ambuja Cements paid an advance tax of Rs 150 crore for the July-September quarter vs Rs 70 crore in the previous quarter. SBI’s second quarter advance tax stood at Rs 1,832 crore.

PwC expects strong advance tax numbers from companies in the auto, PSU banks and power generation space.

The Sensex was up 223 points at 16,437, led by gains in metal and realty stocks. It had clocked a new 52-weak high when it hit 16,448. Nifty was up 79 points at 4,888 after clocking fresh 52-weak high of 4,890 in intraday trade today.

Among the Sensex stocks, DLF was up over 4 per cent to be the biggest gainer among the pack. Tata Steel, Sterlite Ind, and SBI were also up over 2 per cent.

Asian markets were mixed on Tuesday after Wall Street shrugged off trade tensions between the US and China to end at its highest point in nearly a year.

Source: profit.ndtv.com

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Posted by Prajapati Vijay at 9:27 AM 2 comments

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