Update 3
Market prunes gains; breadth turns negative
After being positive for the previous two sessions, the market-breadth turned negative on BSE as selling emerged for small-cap and mid-cap stocks. Meanwhile, the market had also eased a bit on selling.
At 13:26 IST the Sensex was up 47.60 points, at 13,665.31. It was off the higher level after hitting 13,745.16, the day's high, within minutes of commencement of trade. Its low for the day was 13,630.90. However, volatility is likely during the latter part of trading as investors square off their positions, or roll over the November 2006 derivative contracts to the December series. The November derivatives contracts are set to expire today. As per reports, NSE F&O Open Interest has shot up by Rs 1,008 crore, to Rs 60,719 crore.
The market-breadth turned negative, with 1262 shares declining on BSE, compared to 1,193 that advanced. As many as 65 shares were unchanged.The BSE clocked a turnover of Rs 2,550 crore.Among the 30-Sensex pack, 15 advanced while the rest declined.
Parsvnath lists at 83 pct premium to issue price
Shares in real estate firm Parsvnath Developers Ltd. listed at 550 rupees on the BSE on Thursday, a premium of 83 percent over the issue price of 300 rupees.
At 9:57 a.m. shares in the company were trading at 550.10 rupees.New Delhi-based Parsvnath had total income of 6.54 billion rupees for the year to March 2006, and a net profit of 1.07 billion rupees.Parsvnath said it has development rights for an estimated 102.11 million square feet of saleable area and is present in 37 cities across the country.
Bharti Airtel and Google join hands
Bharti Airtel and Google announced a strategic partnership that is expected to set new grounds in mobile search and help redefine mobile internet in India.
As a part of the agreement, Airtel will bring Google search to the Airtel Live mobile WAP portal. Google will also incorporate advertising through its Mobile Ads product on the Airtel Live mobile portal. The Google search engine on Airtel Live mobile portal will enable the Airtel users to use the Google search engine to easily access content. Google will power searches on Airtel Live in two areas - on net (rich content on Airtel Live) and off net (internet on mobile).
Airtel Live has over 50,000 exclusive pieces of content, including information like news, stock ticker and sports scores and downloadable content like games, music, video clips and wall papers. Google will also incorporate Mobile Ads, which are text advertisements based on search terms that are displayed alongside search results on the Airtel Live mobile portal. This new business model is a first for both consumers and businesses in India.
Commenting on the alliance, Manoj Kohli, President, of Bharti Airtel said ``By offering Google services to our customers, Airtel strengthens its commitment to innovation. With this service, World Wide Web has literally converged into the handheld device enabling anytime, anywhere access to information and entertainment for Airtel customers.``
Brokerage buy call invigorates Dr Reddy’s Lab
Dr Reddy’s Lab rose nearly 2% to Rs 748.70 after ICICI Securities reiterated its buying rating on the stock estimating its fair value at Rs 997.1.5 lakh shares changed hands in the counter on BSE.
In a report issued on Wednesday 29 November, ICICI Securities has revised upwards its FY 2007 EPS forecast for Dr Reddy’s by 33% to Rs 43.60. It has revised upwards its FY 2008 EPS forecast upwards by 6% to Rs 31.50. It expects strong earnings momentum to continue for Dr Reddy’s Lab over the next 3-4 quarters on the back of a likely win of 180-day exclusivity for generic Zofran and robust growth in core generics business.
ICICI Securities has factored in a 7.5% equity dilution in Dr Reddy’s Lab following the ADR issue. But there would be slightly higher equity dilution than that with Dr Reddy’s Lab (DRL) announcing on Wednesday 29 November that it issued 1.8 million additional American depositary shares to underwriters at $16 each. Earlier, it had announced raising $200 million from secondary offering of 12.5 million ADRs. Dr Reddy’s Lab ADR rose 2.4% on Wednesday to $16.44 following the announcement.
To Read MoreClick Here
After being positive for the previous two sessions, the market-breadth turned negative on BSE as selling emerged for small-cap and mid-cap stocks. Meanwhile, the market had also eased a bit on selling.
At 13:26 IST the Sensex was up 47.60 points, at 13,665.31. It was off the higher level after hitting 13,745.16, the day's high, within minutes of commencement of trade. Its low for the day was 13,630.90. However, volatility is likely during the latter part of trading as investors square off their positions, or roll over the November 2006 derivative contracts to the December series. The November derivatives contracts are set to expire today. As per reports, NSE F&O Open Interest has shot up by Rs 1,008 crore, to Rs 60,719 crore.
The market-breadth turned negative, with 1262 shares declining on BSE, compared to 1,193 that advanced. As many as 65 shares were unchanged.The BSE clocked a turnover of Rs 2,550 crore.Among the 30-Sensex pack, 15 advanced while the rest declined.
Parsvnath lists at 83 pct premium to issue price
Shares in real estate firm Parsvnath Developers Ltd. listed at 550 rupees on the BSE on Thursday, a premium of 83 percent over the issue price of 300 rupees.
At 9:57 a.m. shares in the company were trading at 550.10 rupees.New Delhi-based Parsvnath had total income of 6.54 billion rupees for the year to March 2006, and a net profit of 1.07 billion rupees.Parsvnath said it has development rights for an estimated 102.11 million square feet of saleable area and is present in 37 cities across the country.
Bharti Airtel and Google join hands
Bharti Airtel and Google announced a strategic partnership that is expected to set new grounds in mobile search and help redefine mobile internet in India.
As a part of the agreement, Airtel will bring Google search to the Airtel Live mobile WAP portal. Google will also incorporate advertising through its Mobile Ads product on the Airtel Live mobile portal. The Google search engine on Airtel Live mobile portal will enable the Airtel users to use the Google search engine to easily access content. Google will power searches on Airtel Live in two areas - on net (rich content on Airtel Live) and off net (internet on mobile).
Airtel Live has over 50,000 exclusive pieces of content, including information like news, stock ticker and sports scores and downloadable content like games, music, video clips and wall papers. Google will also incorporate Mobile Ads, which are text advertisements based on search terms that are displayed alongside search results on the Airtel Live mobile portal. This new business model is a first for both consumers and businesses in India.
Commenting on the alliance, Manoj Kohli, President, of Bharti Airtel said ``By offering Google services to our customers, Airtel strengthens its commitment to innovation. With this service, World Wide Web has literally converged into the handheld device enabling anytime, anywhere access to information and entertainment for Airtel customers.``
Brokerage buy call invigorates Dr Reddy’s Lab
Dr Reddy’s Lab rose nearly 2% to Rs 748.70 after ICICI Securities reiterated its buying rating on the stock estimating its fair value at Rs 997.1.5 lakh shares changed hands in the counter on BSE.
In a report issued on Wednesday 29 November, ICICI Securities has revised upwards its FY 2007 EPS forecast for Dr Reddy’s by 33% to Rs 43.60. It has revised upwards its FY 2008 EPS forecast upwards by 6% to Rs 31.50. It expects strong earnings momentum to continue for Dr Reddy’s Lab over the next 3-4 quarters on the back of a likely win of 180-day exclusivity for generic Zofran and robust growth in core generics business.
ICICI Securities has factored in a 7.5% equity dilution in Dr Reddy’s Lab following the ADR issue. But there would be slightly higher equity dilution than that with Dr Reddy’s Lab (DRL) announcing on Wednesday 29 November that it issued 1.8 million additional American depositary shares to underwriters at $16 each. Earlier, it had announced raising $200 million from secondary offering of 12.5 million ADRs. Dr Reddy’s Lab ADR rose 2.4% on Wednesday to $16.44 following the announcement.
To Read MoreClick Here
posted by SY at 1:58 PM
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