Update 3
Sensex hovers above 13,600
The market moved in a range in mid-afternoon trade. At 14:39 IST, Sensex was up 154 points at 13,641. Sensex moved between 13,584 to 13,650 since 13:45 IST.The S&P CNX Nifty was up 1.3% at 3,896.50. It had hit a high of 3,908.45 in mid-afternoon trade.The market remained in the green throughout the day today.The market breadth was strong. 1632 shares rose on BSE as compared to 875 shares that declined. 79 shares were unchanged. Gainers outpaced losers by a ratio of 1.8:1.BSE clocked a turnover of Rs 3329 crore.
Reliance Industries (RIL) (down 0.2% to Rs 1258.80) moved between positive and negative zone. But the stock remained off its low of Rs 1244 of early trade. Reports today suggest that RIL has paid an advance tax of Rs 444 crore in the third installment due 15 December. Meanwhile, CLSA, a brokerage, while issuing an outperform rating on the scrip with a 12-month price target of Rs 1,265, recently stated that RIL's scrip performance over the next year will hinge on news flow.
Gujarat Ambuja Cements (down 0.04% to Rs 138.50) slipped into the red soon after the reports filtered in about its major expansion plans. Gujarat Ambuja Cements said on Friday its board approved a capital expenditure plan of Rs 1520 crore to raise its cement capacity by three million tonnes per annum.
Block deals spice up RPG Transmission
RPG Transmission surged 8.81% to Rs 170.40, as two block deals were struck in the counter.Two block deals, of 2.25 and 3.75 lakh shares, were struck in the counter at Rs 159.05 and Rs 163.75, respectively, by 11:06 IST.The stock witnessed a cumulative volume of 7.51 lakh shares on BSE.The stock declined from Rs 171.95 on 8 December to Rs 151.40 on 12 December, in line with an overall market crash. Here, it found support and rose to Rs 156.60 by 14 December, as buying resumed.
In late March, RPG Transmission bagged a new order worth Rs 119 crore from Power Grid Corporation of India (PGCIL) for a transmission project funded by Asian Development Bank (ADB). The current order book of the company stands at around Rs 430 crore.
The company's scope of work was supply and construction of 35 km long 400 kv Multi Circuit Transmission Line from Tenakasi to Edamon, which is a part of Tirunelveli-Edamon Transmission Line associated with Grid strengthening of Kerala. The line, which involves two circuits of 400 KV Quad Bundle conductors on the same tower, is a first for the country and is scheduled to be completed by March 2008.
Block deal facilitates Hindalco upmove
Hindalco advanced 3.47% to Rs 177.50, helped by a block deal on BSE.The mass deal for 25.90 lakh shares was executed in the counter on BSE at Rs 176 per share, by 13:12 IST. It jumped after the block deal was struck.The counter clocked a cumulative volume of 34.43 lakh shares on BSE.It has firmed up in the past two sessions; from Rs 167.40 on 12 December 2006 to Rs 171.55 on 14 December 2006, as buying resumed after a sharp fall. The stock also got a fillip from firm metal prices on LME. Hindalco Industries has is into copper and aluminium businesses.
In late November, Hindalco Industries bid for rights to develop Afghanistan's Aynak copper deposits, with proven reserves of 240 million tonnes. The project, which will require investments of $1billion over five years, is part of the government's plan to revive the mining industry in post-Taliban Afghanistan.
Federal-Mogul Goetze (India) jumps as rights issue likely
Federal-Mogul Goetze (India) spurted 4.71% to Rs 418, after its board decided to meet on 21 Dec 2006 to consider a rights issue worth Rs 115 crore.The board will also fix a price band for the rights issue at the same meeting.The counter clocked 17,913 shares on BSE. The stock had also surged to an intra-day high of Rs 432 in opening trade.The stock rallied sharply in the past few weeks. From Rs 343.20 by 28 November 2006, it surged to Rs 401.70 by 13 December, on sustained buying. Here, it began sliding to Rs 399.20 by 14 December 2006, on profit-booking.
Recently, Federal-Mogul acquired the Indian promoters’ stake, raising its holding to 50.11%, to take control of the company. Federal Mogul is a leading auto-ancillary company with a very strong presence in the diesel vehicles segment. It supplies ancillaries to auto majors like General Motors and Daimler Chrysler.
The market moved in a range in mid-afternoon trade. At 14:39 IST, Sensex was up 154 points at 13,641. Sensex moved between 13,584 to 13,650 since 13:45 IST.The S&P CNX Nifty was up 1.3% at 3,896.50. It had hit a high of 3,908.45 in mid-afternoon trade.The market remained in the green throughout the day today.The market breadth was strong. 1632 shares rose on BSE as compared to 875 shares that declined. 79 shares were unchanged. Gainers outpaced losers by a ratio of 1.8:1.BSE clocked a turnover of Rs 3329 crore.
Reliance Industries (RIL) (down 0.2% to Rs 1258.80) moved between positive and negative zone. But the stock remained off its low of Rs 1244 of early trade. Reports today suggest that RIL has paid an advance tax of Rs 444 crore in the third installment due 15 December. Meanwhile, CLSA, a brokerage, while issuing an outperform rating on the scrip with a 12-month price target of Rs 1,265, recently stated that RIL's scrip performance over the next year will hinge on news flow.
Gujarat Ambuja Cements (down 0.04% to Rs 138.50) slipped into the red soon after the reports filtered in about its major expansion plans. Gujarat Ambuja Cements said on Friday its board approved a capital expenditure plan of Rs 1520 crore to raise its cement capacity by three million tonnes per annum.
Block deals spice up RPG Transmission
RPG Transmission surged 8.81% to Rs 170.40, as two block deals were struck in the counter.Two block deals, of 2.25 and 3.75 lakh shares, were struck in the counter at Rs 159.05 and Rs 163.75, respectively, by 11:06 IST.The stock witnessed a cumulative volume of 7.51 lakh shares on BSE.The stock declined from Rs 171.95 on 8 December to Rs 151.40 on 12 December, in line with an overall market crash. Here, it found support and rose to Rs 156.60 by 14 December, as buying resumed.
In late March, RPG Transmission bagged a new order worth Rs 119 crore from Power Grid Corporation of India (PGCIL) for a transmission project funded by Asian Development Bank (ADB). The current order book of the company stands at around Rs 430 crore.
The company's scope of work was supply and construction of 35 km long 400 kv Multi Circuit Transmission Line from Tenakasi to Edamon, which is a part of Tirunelveli-Edamon Transmission Line associated with Grid strengthening of Kerala. The line, which involves two circuits of 400 KV Quad Bundle conductors on the same tower, is a first for the country and is scheduled to be completed by March 2008.
Block deal facilitates Hindalco upmove
Hindalco advanced 3.47% to Rs 177.50, helped by a block deal on BSE.The mass deal for 25.90 lakh shares was executed in the counter on BSE at Rs 176 per share, by 13:12 IST. It jumped after the block deal was struck.The counter clocked a cumulative volume of 34.43 lakh shares on BSE.It has firmed up in the past two sessions; from Rs 167.40 on 12 December 2006 to Rs 171.55 on 14 December 2006, as buying resumed after a sharp fall. The stock also got a fillip from firm metal prices on LME. Hindalco Industries has is into copper and aluminium businesses.
In late November, Hindalco Industries bid for rights to develop Afghanistan's Aynak copper deposits, with proven reserves of 240 million tonnes. The project, which will require investments of $1billion over five years, is part of the government's plan to revive the mining industry in post-Taliban Afghanistan.
Federal-Mogul Goetze (India) jumps as rights issue likely
Federal-Mogul Goetze (India) spurted 4.71% to Rs 418, after its board decided to meet on 21 Dec 2006 to consider a rights issue worth Rs 115 crore.The board will also fix a price band for the rights issue at the same meeting.The counter clocked 17,913 shares on BSE. The stock had also surged to an intra-day high of Rs 432 in opening trade.The stock rallied sharply in the past few weeks. From Rs 343.20 by 28 November 2006, it surged to Rs 401.70 by 13 December, on sustained buying. Here, it began sliding to Rs 399.20 by 14 December 2006, on profit-booking.
Recently, Federal-Mogul acquired the Indian promoters’ stake, raising its holding to 50.11%, to take control of the company. Federal Mogul is a leading auto-ancillary company with a very strong presence in the diesel vehicles segment. It supplies ancillaries to auto majors like General Motors and Daimler Chrysler.
posted by SY at 3:03 PM
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