Bonus Issue Peps Suraj Stainless Up

On its plansSuraj Stainless Ltd. to mull over bonus issue, Suraj Stainless climbed up 5% to Rs 337.50. The share price touched a high of Rs 337.50 and a low of Rs 333.20.

Nearly, 13,322 shares were traded on the BSE. The scrip clocked a standard daily volume of 15,571 shares in the past one quarter. On 5 June 2007, the company’s share price turned down from Rs 292.95 to Rs 276.30 on 7 June 2007. It rose since then to reach a high of Rs 321.45 on 19 June 2007.

After market hours on Tuesday, 19 June 2007, the company declared that it would think about bonus shares issue in a board meeting on 26 June 2007.

Reliance Industries Will Shortly Break 2000 Levels - Sudarshan Sukhani

Reliance IndustriesReliance Industries stock is attracting investment support for the value gains linked to its strong position. Technical Analyst, Sudarshan Sukhani has advised stock holders to hold Reliance Industries to see 2000 near the Q1 results time.

Indiabulls Denies Involvement In Fake ‘F&O’ Deals

IndiabullsBrokerage firm, Indiabulls Financial Services, denied media reports hinting their participation in any fake trading or price fixing in the futures & options (F&O) segment.

According to a company release that Indiabulls Securities or any of its group companies have not been concerned in any counterfeit trading or price fixing in F&O division and have not traded directly or indirectly on its own account in the 23 trades on the F&O segment as mentioned in the SEBI order.

Mudra Lifestyle is ready for another Upsurge

Mudra Lifestyle Ltd.Today, Mudra Lifestyle has touched an intraday high of Rs 73.60 and an intraday low of Rs 67.60. At 10:34 am, it is quoting at Rs 72.35, up Rs 4.85, or 7.19%.
The company’s trading volume is 1,77,264 shares. Yesterday, the share closed after achieving 3.05% or Rs 2 at Rs 67.50.
Started its operations in 1986, Mudra Group is in the textile industry having facilities for fabrics & garments manufacturing, processing, design development and sampling. The company makes up fabrics and garments for domestic as well as export market.

Wockhardt Shares Up On Drug Approval

WockhardtAfter annunciating that it had received USFDA nod for antibiotic Cefprozil tablets, Wockhardt shares climbed up to Rs 395.10.

The shares touched a high of Rs 399 and a low of Rs 391.85 during the day. About 50486 shares were traded on BSE. In the last one quarter, the scrip had an average daily volume of 33,390 shares.

Rico Auto Scales To New High

Today, in Rico Auto Industriesearly trade (10:23 am) Rico Auto is quoting at Rs 44.50, up Rs 4.45, or 11.11%. It has also touched an intraday high pressure of Rs 45.75 and an intraday low of Rs 41.45.

The company is trading with volumes of 73,235 shares. Yesterday, the company’s share closed weakly after losing 0.25% at Rs 40.05.

The Company's prime functioning is carried out through aluminum foundry and ferrous foundry. Its key products include automotive components, hubs, wheels, accessories, castors, brake, clutches and clutch parts, disc brake, drum brake and fluid fly wheel.

IFCI To Reach 70 Shortly : Sudarshan Sukhani

IFCI is IFCI Ltd.always an outperformer and a favourite stock. Technical analyst Sudarshan Sukhani said that it is a good time to buy the stock in order to make healthier gains in the coming days.

Mr. Sukhani narrated, “Reliance Capital is a dream again for those who held on. I sold off my shares in the last few days. IFCI all of us are saying will come down, that doesn’t mean anything the stock is not coming down, it is consolidating, building a base and it is now ripe for a big upmove. The final target, which people talk about Rs 70 or something could well, is in sight, so IFCI is a stock that people should be looking to buy.”

Indian Cricket Odyssey Begins: Team India Leaves For UK

Indian Cricket TeamMumbai - Wednesday, June 20, 2007
Steered by Skipper Rahul Dravid, the 15-member Indian squad left for London en route to Ireland for an 80-day cricket Odyssey early this morning.
The Team India is scheduled to play 4 ODIs in Ireland. The Maiden match will be played against the hosts on June 23 followed by 3 ODI clashes with South Africa.
On July 3, the Team India will cruise to Scotland to battle out with Pakistan in a one-off ODI clash at Glasgow. The proceeds of this match will go to the Prince Charles Charitable Trust.
Dravid’s Team will then move to take on England in a 3-Test series and 7 ODIs.

Jindal Saw at 52-Week High

Jindal Saw Ltd.Jindal Saw has reached a 52-week high of Rs 683. At 10:30 am, the share is quoting at Rs 673, up Rs 47.35, or 7.57%.

Today, the company is trading with volumes of 24,181 shares. The share price gained 3.58% or Rs 21.60 at Rs 625.65 on yesterday’s close.

Jindal Saw Ltd. is India’s first company to fabricate Submerged Arc Welded (SAW) pipes. It is among the main manufacturers of SAW pipes that find application in the energy segment for oil and gas transportation.

Cadila Healthcare Mounts On back of Fund Raising Plan

Cadila HealthcareZydus Cadila Healthcare’s stock jumped 4.76% to Rs 363.30 on the BSE on a plan to raise $100 million from foreign markets. The scrip had touched a high peak of Rs 364.50 and a low of Rs 345.

During the last month, the company’s share price had soared in the range of Rs 320-Rs 335. On 15 June 2007, it climbed from Rs 332.80 on 8 June 2007 to Rs 346.80.

The company's board has sanctioned a plan to issue foreign currency convertible bonds (FCCBs) or such other instruments with green shoe option for this purpose

SBH Boosts NRE Depository Rates

State Bank of HyderabadHyderabad: State Bank of Hyderabad (SBH) has augmented interest rates on non-resident external (NRE) term deposits with effect from June 1.

According to the bank release, the interest rate has been augmented to 5.39 per cent from 5.3 per cent on deposits from one year to less than two years, on the other hand, the rates for maturities from two to less than three years has been altered to 5.32 per cent (5.06 per cent) and from three to five years 5.3 per cent (5.01 per cent).

PNB Alters FCNR (B), NRE Rates

Punjab National BankPunjab National Bank (PNB) has increased the rates of interest offered on Non-Resident Indian deposits wef June 1.

The interest rate on dollar denominated deposits under the foreign currency non-resident (banks) scheme has been increased from 4.55 per cent to 4.64 per cent for maturity of 1 year to less than 2 years, from 4.31 per cent to 4.57 per cent for 2 to less than 3 years, from 4.26 per cent to 4.55 per cent for 3 to less than 4 years, from 4.26 per cent to 4.55 per cent for 4 to less than five years and from 4.29 per cent to 4.57 per cent for five years maturity only.

HDFC Bank Opens 19 Branches In A Day

HDFC BankHDFC Bank has opened 19 branches in a day in Delhi and the National Capital Region (NCR), outdoing its own record of 14 branches in a day in October 2005.

With the launch of 19 branches on Saturday (June 2), the total number of branches in Delhi and NCR has gone up to 116 and to 270 in North India. As on March 31, 2007 the bank had a network of 684 branches and 1,605 ATMs in 316 towns and cities.

HDFC Bank was established in August 1994 as HDFC Bank Limited. As of December 31, 2006, the bank had a India network of 684 branches in 316 cities in India and over 1663 ATM's. The Bank started its operations as a Scheduled Commercial Bank in January 1995.

UBI Cuts Home Loan Rates By 50 bps

United Bank of IndiaUBI has abbreviated interest rates on home loans up to Rs 20 lakh by 50 basis points wef May 7.

M V Nair, chairman and managing director of the bank told, “We have taken this step following the Reserve Bank of India's step in the monetary policy to reduce the risk weight on housing loans below Rs 20 lakh. This will be with immediate effect.”

Bank’s total exposure towards the housing segment is Rs 4,465 crore.

“We are targeting a growth of 25 per cent in home loans for the year,” Mr. Nair added.

Tata Tea In JV Deal With Zhejiang Tea

Tata TeaTata Tea has signed up a joint venture deal with Zhejiang Tea Import and Export Company of People’s Republic of China.

As per the reports issued by Tata Tea that the contract involves establishing a blended company at Economic Development Zone of Anji County, Zhejiang, PRC in order to fabricate and promote green tea polyphenols, other green tea extracts, cold and hot water soluble instant tea, liquid tea concentrates and other value added tea related products.

The 70 percent of the registered capital of the joint venture firm is possessed by Tata Tea. The estimates project cost is Rs 70 crore, which is funded by a mix of equity capital and borrowings.

CCL To Raise Output By Two Folds

As part of its development plan, Central Coalfields Ltd (CCL) is ready to increase the company’s production by two fold by the next couple of years. It also plans to raise the capacity of coal washeries.

The decision to increase output is taken in order to meet up increased demand in the power sector.

Mr. R.P. Rotolia, CCL’s Chairman and Managing Director stated that the company aspired to achieve a production aim of about 78 million tonnes (mt) by 2011-12 from the surviving intensity of about 44mt while the Coal Ministry is inviting 84 mt by final year of the Eleventh Plan.

Market Opens Positive, Continues To Trade Confidently

After opening optimistically at 13,886.71, the 30-share index
continues to trade in the positive zone. Select stocks from cement,
banking, automobile and pharmaceutical led the progressions while IT
stocks turned down.

According to Ashwin Gada, broker, Networth Stock Broking told that
the market is likely to be a little explosive for coming two three
days. He added that the share index may further reject 50--100 points
today and the Nifty may subsequently descend to 4080 level.

Sensex experienced 1,182 advancements as against 802 declinations whereas 77 remained unchanged.

Among the sectoral indices, BSE Bankex arose 0.76%, BSE Auto
ascended 0.41%, BSE IT rejected 0.33% and BSE Metal climbed up 1.35%.

Tech Mahindra Made Hefty Gains

Tech MahindraTech Mahindra has registered a jump of 160% in its net profit for the year ending on March 31, 2007, at Rs 612.6 crore from Rs 235.4 crore in the corresponding year.

The largest solution providers in the telecom space has posted 136% increase in its total revenues that reached Rs 2,929 crore, as against Rs 1,242.7 crore in the same corresponding period.

RIL Eyes CWC Storehouses

Reliance IndustriesReliance Industries (RIL) has started out bending its power to smarten up its retail back-end. The company is in talks with the government-owned Central Warehousing Corporation (CWC) for all its non-operated and the partly functioned warehousing capacity stretched within 15 cities.

A source said the company has already signed up a contract to lease 2 million sq ft on commercial terms from CWC. The agreement for the other 2 million sq ft is expected to be closed in the next few months.

Market Ends Week On Depressive Note

BSE SensexThe 30-share index opened flat at 14,129.89 and then lost its power and started trading negatively. In the mid-noon trades, the index continued to trade in a negative zone and closed lower. Stocks from oil & gas, automobile and metal led the declines.
In contrast, Asian stocks heaved after increase in metals prices that pushed metal stocks towards the upward direction and US productivity data exhibited better-than-expected growth.
The BSE Sensex ended the day at 13,934.27, after losing 143.94 points while Nifty closed at 4,117.35, down 33.5 points.
Out of the total 2,667 shares, 1,130 boosted, 1,453 turned down while 84 remained on their previous places.

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