Monday, January 31, 2011

Share market updates

The Indian rupee depreciated further against the US dollar on Friday with the USDINR Feb future contract reached 46.00 marks. In the interbank market, the spot USDINR reached 45.80 to close at 45.7475.

Symbol

Expiry

Open

High

Low

Close

Chg

% Chg

Volume

O.I.

USDINR

24-Feb-2011

45.8800

46.0650

45.8800

45.9925

0.1900

0.4148

3,501,120

677,620

EURINR

24-Feb-2011

62.7400

63.0875

62.7400

63.0500

0.1950

0.3102

99,803

41,189

GBPINR

24-Feb-2011

72.8000

73.0475

72.8000

72.9200

-0.0425

-0.0582

18,885

17,017

JPYINR

24-Feb-2011

55.4425

55.6500

55.4425

55.5500

0.2800

0.5066

13,088

10,080

The rupee depreciation has been attributed by rising current account deficit along with liquidation of foreign funds from the local stock market. Global funds sold $755 million more Indian equities than they bought this year through Jan. 25, exchange data show. Reserve Bank of India said on Jan. 25 that the current-account shortfall will equal 3.5 percent of gross domestic product in the fiscal year through March while the market participants expects the figure to be around 4% of GDP.

In cross pairs, the EURINR Feb contract closed up 19 paisa on gains in the EURUSD along with USDINR advances. It settled at 63.05, after posting a high of 63.08. The GBPINR closed almost flat, down by 4 paisa at 72.92.The Yen advanced against the Indian after falling on Thursday due to rating downgrade by the S&P. The Feb JPYINR contract closed at 55.55, up 28 paisa.

In the global market, the US dollar is witnessing safe haven buying following Egypt crisis. The euro fell as low as $1.3571 against the US dollar, having fallen about 0.2 percent from a New York close of $1.3608 on Friday, extending its decline further from a two-month high of $1.3760 marked last week.

USDINR Feb: The market is expected to take resistance at 46.25 levels and above that buying can be seen toward 46.35-46.40 levels. The support is seen at 46.02-46.05 levels. Buying at the support is ideal for the day.

EURINR Feb: The pair is expected to take resistance at 62.95-63.00 mark, below which upside should be limited. The opening suggests lower moves with support at 62.53 levels.

GBPINR Feb: The pair is expected to trade sideways for the session. The market is expected to see resistance at 73.21 levels and above that may see momentum buying. Support is seen at 72.98 and then 72.85.

Tuesday, January 25, 2011

EXCHANGE HOLIDAYS 2011

Holiday Date

Purpose

Day

26-Jan-11

Republic Day

Wednesday

2-Mar-11

Mahashivratri

Wednesday

12-Apr-11

Ram Navmi

Tuesday

14-Apr-11

Dr. Ambedkar Jayanti

Thursday

22-Apr-11

Good Friday

Friday

15-Aug-11

Independence Day

Monday

31-Aug-11

Ramzan Id

Wednesday

1-Sep-11

Ganesh Chaturthi

Thursday

6-Oct-11

Dasera

Thursday

26-Oct-11

Diwali Amavasya(Laxmi Puja)

Wednesday

27-Oct-11

Diwali (Balipratipada)

Thursday

7-Nov-11

Bakri Id

Monday

10-Nov-11

Gurunanak Jayanti

Thursday

6-Dec-11

Moharram

Tuesday

Thursday, January 20, 2011

Currency market update

The Indian rupee opened the day’s trade a bit higher against the US dollar, however, the momentum from the previous session’s gains faded away as the stock markets were pulled down. The lingering strength in the European currency against the US dollar following the European Financial Ministers meeting on Tuesday had put pressure on the US dollar against the rupee. In the spot currency market, the Indian unit ended at 45.46, lower by around 2 paise or 0.04% as compared to previous close at 45.44.

The European currency climbed over to towards an eight week high on Wednesday against the US dollar as the momentum after the Financial Ministers meeting and the better than expected economic numbers from the European Union kept the sentiments positive. However risks for the single currency remain as debt costs of the peripheral countries remain high. The Fitch rating agency had downgraded the rating of Greece to BB+ on 14th of January 2011.

Sintex Result Update

Sintex is one of the largest Private sector providers of Plastic & related products in India and has strong footing in 9 countries across Europe, America, Africa and Asia directly or through its subsidiaries. The company's acquisition of Durha Construction shall only strengthen its base in the high growth monolithic construction space in the country.
Over the past three months the stock has fallen more than 30% from its high of Rs 237 in Nov. Currently at the Trailing market price of Rs 165, the stock is trading at 11X and 9.3X its FY 11E and FY 12E, EPS of Rs 15 and 17.7 respectively which we feel attractive. We continue to value the company at 13X, FY 12E and maintain our “Accumulate” rating on the stock with a modified Target of Rs 230 in Twelve Months.

Share market updates : Nifty support levels

US stocks markets finished on a mixed note on Monday as renewed concerns about European debt coupled with a slew of corporate news pulled sentiment in opposite directions. Back in Asia, stock markets are trading mixed today morning.

Amongst the key indices in India, The NSE Nifty is expected to open with limited gains and move sideways between the first Support at 5740 and the Critical level 5816. The overall bearish mood may continue as long as the market stays below the Critical level 5816. However, an Intra-day trend change is possible if Nifty breaks the Critical level with conviction wherein we may see some short covering towards the first Major Resistance at 5878. If the index manages to sustain above this, we may see the rally strengthening towards the higher Target at 5915. However a fall below 5740 may pull the Index towards the Major Support at 5704.

Tuesday, January 18, 2011

Tata Steel Limited FPO Details

Tata Steel Limited FPO.

BRLM

Kotak / Citi/ Deutsche Equities/ HSBC Sec/ RBS Equities/ SBI Cap/ Standard chartered Sec.

Syndicate

Kotak Sec/ SBI Cap Sec

Issue Period

January 19, 2011– January 21, 2011

Price Band

Rs.594/- to Rs.610/- per equity share

Lot Size

10 Equity Shares and Multiple of 10 shares thereof

Registrar

Link Intime India Private Limited

Anchor Open / Close: January 18, 2011.

Retail Appl Size: Rs.2,00,000/-

Issue size: 5,70,00,000 Equity Shares of Face Value Rs.10 each.

Employee Reservation

15,00,000 Equity Shares for Eligible Employees

Net Issue

5,55,00,000 Equity Shares

QIB Book

2,77,50,000 Equity Shares (50% of Net issue size)

Retail Book

1,94,25,000 Equity Shares (35% of Net issue size)

HNI Book

83,25,000 Equity Shares (15% of Net issue size)


TATA STEEL LTD

ISSUE OPENS ON on 19/1/2011 & CLOSES ON 21/1/2011

PRICE BAND : Rs. 594/- to Rs. 610/-

BID LOT : 10 SHARES

NO OF SHARES

AMOUNT @ Rs. 610/-

10

6,100

20

12,200

30

18,300

40

24,400

50

30,500

60

36,600

70

42,700

80

48,800

90

54,900

100

61,000

110

67,100

120

73,200

130

79,300

140

85,400

150

91,500

160

97,600

170

103,700

180

109,800

190

115,900

200

122,000

210

128,100

220

134,200

230

140,300

240

146,400

250

152,500

260

158,600

270

164,700

280

170,800

290

176,900

300

183,000

310

189,100

320

195,200

Cheques/Demand Drafts to be drawn in favour of :

" Tata Steel - FPO - Escrow Account - R "