Himatsingka Seide Up On Buyout Plan

Himatsingka SeideTextile company, Himatsingka Seide came up 4.28% to Rs 122.95 in early trade on adopting 80% stake in US-based Divatex Home Fashions Inc.

The company’s share price hit an intraday peak of Rs 131.80 and an intraday low of Rs 123 during the day. The scrip touched its 52-week high of Rs 150 on 29 January 2007 and a 52-week low of Rs 86 on 24 July 2006.

Sensex Scales New Peaks

Bombay Stock ExchangeToday, the BSE Sensex opened healthily at 14,720, continuing its upward trend to touch a record high of 14,790.87. The stocks from banking, auto, and IT led the advances.
On the other hand, Asian markets also opened higher after a rise in the metal and crude prices. The increase was further affected by a report that mulled an upward drift in the constructing activity in USA and Europe.

Bankex Surges As Inflation Falls

BSE's banking share index ‘Bankex’ had surged 153.28 points, or 1.92%, to 8,143.76 in noon trades on anticipations that interest rates may diminish because of lower inflation.
The existing level is a record high for the Bankex. It also hit a low of 8,019.66 during the day. On 19 July 2006, the Bankex had touched a 52-week low of 4,032.39.
State Bank of India (SBI) boosted 3.21% to Rs 1580, ICICI Bank 1.64% to Rs 966.25, HDFC Bank 0.34% to Rs 1150, Bank of India 0.26% to Rs 228.20, Punjab National Bank (PNB) 2.55% to Rs 541.80.
On the other hand, ICICI Bank, State Bank of India and HDFC bank showed weightages of 40.36%, 17.12% and 13.83%, correspondingly, in the Bankex.

Flow Outlook Spurs Rupee To One-Month High

Mumbai: Today, the rupee climbed to its peak level within a month, driven by the viewpoint of soaring investment flows into Asia’s third- biggest economy.
In morning, the rupee was at 40.54/55 a dollar, which is its highest peak since June 6, and strengthening from Monday's 40.65/66.
The chief dealer with the foreign bank anticipating the rupee to trade in a 40.52-40.62 rannge today said, “The positive signals from Asian equities are leading the market to believe that the stock market will do well, and that the inflows will be good.”
He stated that the RBI was expected to get involved at around 40.52 to restrict the rupee’s advancements.

ABN Amro Indian Sector’s Profit Climbs 59%

ABN Amro BankOn the back of an increase in interest and fee-based income, ABN Amro Bank has recorded a growth of 59 per cent in its net earnings to Rs 385.35 crore in 2006-07, as compared to Rs 241.68 crore in the previous year.

The overall turnover of the bank increased by 36 per cent to Rs 32,077 crore as against Rs 23,539 crore in the corresponding period of the last year.

Govt may Hike Petrol, Diesel Rates

New Delhi: PetrolThe government is thinking over ways such as increasing petrol and diesel prices for coping with the surge in worldwide crude oil rates, which have resulted in oil companies losing Rs 170 crore a day.
According to the official sources that an increase of Rs 2 in petrol and a Re 1 in diesel prices is being mooted as Indian basket of crude oil passed over $69 a barrel mark.
Public sector oil companies are receding more than Rs 5.3 a litre on petrol and Rs 4.40 on diesel as Indian basket of crude oil has climbed 12 per cent since February 15, when petrol and diesel prices were down by Rs 2 and Re 1 a litre correspondingly.

BJP Looks For Fresh Guidelines

New Delhi: BJPAs the analysis of nomination papers finished on Monday, only Pratibha Patil and Bhairon Singh Shekhawat were left in the battle for the Presidential seat. The nomination papers of others were eliminated as they didn’t meet the obligatory conditions.

While battle by both gained momentum, allegations continued to pour in.

In a memorandum to the Election Commission, the Bharatiya Janata Party (BJP) urged it to direct the nominees, through fresh guidelines, to disclose their assets and criminal record, if any.

Banks Raise FCNR (B) Depository Rates

Mumbai: Union Bank of India (UBI), Bank of India (BOI) and State Bank of India (SBI) have altered the rate of interest on FCNR (B) and NRE (rupee) depository terms w.e.f July 1, 2007.
In case of FCNR (B) deposits, the rate of interest on dollar deposits of different tenure periods include; 4.68 per cent for one to less than two years from 4.64 per cent, 4.68 per cent for two to less than three years from 4.57 per cent, 4.71 per cent for three to less than four years from 4.55 per cent, 4.75 per cent for four to less than five years from 4.55 per cent and 4.79 Per cent for five years from 4.57 per cent.
The interest rate for NRE deposits are: 5.43 per cent for one to less than two years from 5.39 per cent, and 5.43 per cent for two to less than three years from 5.32 per cent.

July Print Edition Preview : First Edition for July

This July, Indian Stock Markets are offering very nice return compared to other Emerging markets. We take a look at the activity of Hedge Funds and FIIs in India Stock Markets. The prices of Petrol, Diesel may be raised due to High Oil Prices.

Editior's Picks of the week.

Accentia Technologies Climb On Two US Acquisitions

Accentia Technologies went up 2.87% to Rs 114.75 in afternoon trading after signing accords to get hold of US-based G. S. R. Physicians Billing Service Inc. and GSR Systems Inc.

The company made the declaration in trading hours today, 2 July 2007.

The scrip had touched a high of Rs 116.50 and a low of Rs 110.90 so far during the day. Today, there were 23,817 shares for trading.

In the past one quarter, the average daily volume of stock stood at 51,831 shares.

In the one month, the Accentia Technologies scrip benefited 3.82% to 29 June 2007 against the Sensex’s 0.73% return. In the past three months, it appended 70.44% against the Sensex’s 12.07% increase.

Impact Of Inflation Decelerates Under Study - RBI

Pune: Yesterday, Y V ReddyRBI Governor, Y V Reddy stated that the deceleration in inflation that dangled to a 14-month low of 4.03 per cent for the week ended June 16, and its impact were being studied.

Mr. Reddy made this announcement while addressing the fourth convocation of the National Institute of Banking and Management (NIBM).

For the week ended June 16, inflation dipped to 4.03 per cent from 4.28 per cent in the previous week as necessary food items and some manufactured products turned cheaper. Lower inflation will allay pressure on RBI to further increase interest rates.

Big Expectations From Reliance Energy - Gujral

Technical Analyst Ashwani GujralTechnical Analyst, Ashwani Gujral is of the view that Reliance Energy can touch Rs 720.

Mr. Gujral said that Tata Power and Reliance Energy are the strongest options. Reliance Energy beyond Rs 580 is poised to go up to Rs 720 and for Tata Power, Rs 620 is a key level that should probably be headed in the direction of Rs 750-760.

“I think some rub off from the capital goods space, those electrical equipment stocks is now rubbing off even to the energy stocks,” He added.

Congress Wins Madurai West Seat By 31,115 votes

CongressMadurai: Congress applicant K.S.K Rajendran won the Madurai West assemblage electorate by a margin of 31,115 votes over his closest AIADMK opponent Sellur K Raju.

The Congressional applicant, part of the DMK-led Democratic Progressive Alliance, was chairing since the vote counting process started at 8 am today.

The by-poll on June 26 was required because of the death of revolutionary AIADMK member S.V. Shanmugham.

HDFC To Reach Rs 2200 Shortly

Technical AnalystHDFC Bank, Ashwani Gujral is of the opinion that Housing Development Finance Corporation (HDFC) has aim of Rs 2200.

Gujral stated, “I think definitely financial space has a lot of strength, the PSU sector was lagging but now with inflation coming down, I think PSU banks will also catch up.”

One will see Rs 1350 shortly on HDFC Bank as it has made a fresh breakout, and HDFC is now hovering to attain a target of 2200.

C & C Constructions Shoot Up On New Order

C & C constructionsC & C constructions trading up 2.04% to Rs 209.60 after its combined deal secured a Rs 400-crore road pact in north India from the National Highways Authority of India.

The scrip touched a high of Rs 214 and a low of Rs 200.15 during the day. On BSE, 1.75 lakh shares of the scrip were traded. In the last one quarter, the stock had an average daily volume of 81,195 shares on BSE.

Torrent Pharma Top Gainer at BSE

Torrent PharmaTorrent Pharma ascended 6.61% to Rs 257.95 and topped gainers in BSE’s ‘A’ group shares. The other gainers in the list were ABB, LIC Housing Finance, Reliance Energy and GMR Infrastructure.
Freshly, Torrent Pharma Ahmedabad based healthcare company had instigated Rimonabant, which is an anti-obesity molecule, for the first time in India under the trade name Rimoslim. The drug aims many cardio-metabolic risk factors that can lead to obesity, type 2 diabetes or dyslipidaemia.

Red Fort Gets World Heritage Site Rank

Red FortNew Delhi: The UNESCO has given the world heritage status to the the 17th century Mughal wonder, Red Fort on Thursday.

Opposed against 45 other sites from all over the world, the 'Red Fort' is among the four cultural sites that were picked out by UNESCO's World Heritage Committee that is presently assembling in New Zealand to select the next heritage sites.

Glenmark Pharmaceuticals Soars High As USFDA Okays New Drug

Glenmark PharmaceuticalsGlenmark Pharmaceuticals climbed up 1.05% to Rs 430.50 after getting final approval from the US Food and Drug Administration for its abbreviated novel drug applications.

The scrip touched an intraday high of Rs 668 and an intraday low of Rs 648.10 during the day. On June 2007, it touched a 52-week high of Rs 735 and a 52-week low of Rs 265.50 on 28 June 2006.

There were over 1.14 lakh shares for trading on the BSE counter. In the last one quarter, the average daily volume in the stock was 2.03 lakh shares. The scrip turned down from Rs 680.60 on 15 June 2007 to Rs 650.70 on 28 June 2007.

Sun TV Shines Vibrantly On Strong Q4 Results

Sun TVIn early trades, Sun TV Network climbed 5.41% to Rs 1,610 on recording a 310.9% increase in net profit in Q4 March 2007. The results were declared after market hours on Thursday 28 June 2007.

The scrip touched a high of Rs 1,641 and a low of Rs 1,545 during the day. Its 52-week high was Rs 1,849 on 8 February 2007 and 52-week low Rs 950 on 28 June 2006. Strong Q4 results lets sun TV shines brightly.

Sun TV Network’s share price ascended from Rs 1,322.15 on 8 June 2007 to Rs 1,620.85 on 26 June 2007. The stock had slumped since then to Rs 1,527.35 on 28 June 2007.

Bajaj Auto Loses on Lack of Activity

Bajaj AutoAfter turning ex-dividend, Bajaj Auto lost 1.61% to Rs 2,095 in afternoon trading. The company announced a dividend of RS 40 a share of face value Rs 10 in May 2007.

During the day, the scrip touched an intraday high of Rs 2,133, and an intraday low of Rs 2,088. There were 37,418 shares on the counter. It had an average daily volume of 1.20 lakh shares on BSE in the last one quarter.

At the existing price of Rs 2,095, the scrip trades at a PE multiple of 17.13, which is based on year ended March 2007 earning per share of Rs 122.27.

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