Update 1
Sensex recaptures 13,000 amid volatility
The market continued volatile in morning trade. A few stocks had recovered from their lower levels while banks moved into green on bargain-hunting.
At 11:21 IST the Sensex was up 75 points at 13,070. It was down from 12,918 of 10:54 IST.High volatility gripped the bourses in early today. The Sensex has swung 863 points so far between some of the vital intra-day tops and bottoms. The Sensex's high and low so far are 13,109.06 and 12,830.38, respectively.
The market-breadth was weak. For 1,211 shares that declined on BSE, 960 rose. Just 57 shares were unchanged. Losers outpaced gainers by a ratio of 1.26:1.The BSE clocked a turnover of Rs 1,386 crore.
Bank stocks edged higher on bargain-hunting. State Bank of India rose 2.4% to Rs 1,208, and ICICI Bank gained 1.5% to Rs 818. US short-term interest rate futures gained following US Fed's decision on Tuesday to keep interest rates unchanged. The market pegged the chance of a Fed rate cut in March at 28%, up from 24% before the Fed's announcement.
Govt nod brings relief to distraught RIL
Reliance Industries gained 0.6% to Rs 1,215.95, as the government has approved its plan for a $5.2 billion deep-sea gas field, which will pump 80 million cubic metres per day.As many as 73,296 shares changed hands in the counter on BSE.
"The development plan envisages commencement of delivery of gas by second half of 2008/09," the company said in a statement. RIL had earlier planned to produce only 40 million cubic metres a day, but in November doubled the estimated output saying new discoveries and expectations of a surge in demand had encouraged the revision.
Reliance is the operator of the KG-D6 block in the Bay of Bengal, where it discovered vast reserves of natural gas in 2002 along with its partner, Canada's Niko Resources, which holds 10% in the project.
RIL had lost 7.1% in the past three trading sessions to Rs 1,208.05, on 12 December from Rs 1,300.75 on 7 December, in a weak market. The Sensex plunged nearly 7% during the period.
BHEL keeps bears at bay
Bharat Heavy Electricals rose 0.46% to Rs 2,440, amid reports that it has readied Rs 10,000 crore for takeovers in the US and Europe.As many as 19,243 shares were traded in the counter on BSE. The stock moved in a range of Rs 2,402 – Rs 2,490.The stock suddenly plunged from Rs 2,649.30 on 7 December 2006, to Rs 2,428.85 on 12 December 2006, in line with the overall market slump.
Reports say, the company is talking to several players, and has set up a dedicated group to scout for such companies. BHEL is a debt-free company with a net worth of over Rs 7,000 crore. It is likely to partner Tata Power for a 300 Mw power plant in South Africa. The Tatas will bid for the project, while BHEL will provide EPC support.
BHEL had recently amended its Article of Association, enabling the public sector to acquire foreign companies of up to Rs 1,000 crore from Rs 250 crore, earlier.
Besides, it has signed an agreement with the Government of Sudan for a 500 Mw plant of about Rs 2,000 crore. At the home front also, BHEL is looking at acquiring small-to-medium companies. The company has also embarked upon a major expansion plan of the domestic facilities at an investment of Rs 1,200 crore. This would enhance its capacity to manufacture equipments of 10,000 Mw annually, from the present 6,000 Mw. The expansion is likely to come into effect by end of 2007.
Rel Comm advances
Reliance Communications advanced 3.36% to Rs 417, due to reports about the company's interest in Hutchison's India operations.
A leading financial daily says, the ADAG group company is in talks with three US private equity funds, who are attempting to buy the Indian mobile phone operations of Hutchison Telecommunications International in a deal worth more than $1.The counter clocked 12.57 lakh shares on BSE, despite being gripped by high volatility, moving in Rs 396.50 – Rs 424.The stock slipped sharply in the past few days from Rs 462.50 on 6 December to Rs 403.45 on 12 December 2006, in line with the market meltdown.
The company announced a record 1.35 million net subscriber additions on its wireless network, the highest across all telecom operators during November. Reliance Communications' subscriber list has crossed 3 million in Uttar Pradesh (East) and Uttar Pradesh (West).
RCL, which offers both CDMA and GSM-based mobile services, is said to have issued requests for proposals for 70-75 million GSM lines and 20-25 million wideband CDMA lines. At the moment, Reliance's CDMA business is much larger than its GSM services.
The market continued volatile in morning trade. A few stocks had recovered from their lower levels while banks moved into green on bargain-hunting.
At 11:21 IST the Sensex was up 75 points at 13,070. It was down from 12,918 of 10:54 IST.High volatility gripped the bourses in early today. The Sensex has swung 863 points so far between some of the vital intra-day tops and bottoms. The Sensex's high and low so far are 13,109.06 and 12,830.38, respectively.
The market-breadth was weak. For 1,211 shares that declined on BSE, 960 rose. Just 57 shares were unchanged. Losers outpaced gainers by a ratio of 1.26:1.The BSE clocked a turnover of Rs 1,386 crore.
Bank stocks edged higher on bargain-hunting. State Bank of India rose 2.4% to Rs 1,208, and ICICI Bank gained 1.5% to Rs 818. US short-term interest rate futures gained following US Fed's decision on Tuesday to keep interest rates unchanged. The market pegged the chance of a Fed rate cut in March at 28%, up from 24% before the Fed's announcement.
Govt nod brings relief to distraught RIL
Reliance Industries gained 0.6% to Rs 1,215.95, as the government has approved its plan for a $5.2 billion deep-sea gas field, which will pump 80 million cubic metres per day.As many as 73,296 shares changed hands in the counter on BSE.
"The development plan envisages commencement of delivery of gas by second half of 2008/09," the company said in a statement. RIL had earlier planned to produce only 40 million cubic metres a day, but in November doubled the estimated output saying new discoveries and expectations of a surge in demand had encouraged the revision.
Reliance is the operator of the KG-D6 block in the Bay of Bengal, where it discovered vast reserves of natural gas in 2002 along with its partner, Canada's Niko Resources, which holds 10% in the project.
RIL had lost 7.1% in the past three trading sessions to Rs 1,208.05, on 12 December from Rs 1,300.75 on 7 December, in a weak market. The Sensex plunged nearly 7% during the period.
BHEL keeps bears at bay
Bharat Heavy Electricals rose 0.46% to Rs 2,440, amid reports that it has readied Rs 10,000 crore for takeovers in the US and Europe.As many as 19,243 shares were traded in the counter on BSE. The stock moved in a range of Rs 2,402 – Rs 2,490.The stock suddenly plunged from Rs 2,649.30 on 7 December 2006, to Rs 2,428.85 on 12 December 2006, in line with the overall market slump.
Reports say, the company is talking to several players, and has set up a dedicated group to scout for such companies. BHEL is a debt-free company with a net worth of over Rs 7,000 crore. It is likely to partner Tata Power for a 300 Mw power plant in South Africa. The Tatas will bid for the project, while BHEL will provide EPC support.
BHEL had recently amended its Article of Association, enabling the public sector to acquire foreign companies of up to Rs 1,000 crore from Rs 250 crore, earlier.
Besides, it has signed an agreement with the Government of Sudan for a 500 Mw plant of about Rs 2,000 crore. At the home front also, BHEL is looking at acquiring small-to-medium companies. The company has also embarked upon a major expansion plan of the domestic facilities at an investment of Rs 1,200 crore. This would enhance its capacity to manufacture equipments of 10,000 Mw annually, from the present 6,000 Mw. The expansion is likely to come into effect by end of 2007.
Rel Comm advances
Reliance Communications advanced 3.36% to Rs 417, due to reports about the company's interest in Hutchison's India operations.
A leading financial daily says, the ADAG group company is in talks with three US private equity funds, who are attempting to buy the Indian mobile phone operations of Hutchison Telecommunications International in a deal worth more than $1.The counter clocked 12.57 lakh shares on BSE, despite being gripped by high volatility, moving in Rs 396.50 – Rs 424.The stock slipped sharply in the past few days from Rs 462.50 on 6 December to Rs 403.45 on 12 December 2006, in line with the market meltdown.
The company announced a record 1.35 million net subscriber additions on its wireless network, the highest across all telecom operators during November. Reliance Communications' subscriber list has crossed 3 million in Uttar Pradesh (East) and Uttar Pradesh (West).
RCL, which offers both CDMA and GSM-based mobile services, is said to have issued requests for proposals for 70-75 million GSM lines and 20-25 million wideband CDMA lines. At the moment, Reliance's CDMA business is much larger than its GSM services.
posted by SY at 12:07 PM
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