Sensex recovers on value-buying
The BSE Sensex, which had tumbled to a low of 12,800.91, in opening trade, managed to recover on bargain-hunting. The Sensex had even struck a fresh high of 13,166.10, just a little while ago.
With moments left before the finance minister presents the Union Budget 2007-08, investors chose to sit on the sidelines, overtly cautious.
The BSE Sensex tumbled in the opening session, led by a sharp fall across global markets. At 10:43 IST the 30-shares BSE Sensex was down 312.75 points, at 13,166.10. It had opened with a yawning downward gap, at 13,045.12, and tumbled to a low of 12,800.91, as selling intensified.The market-breadth was also quite weak. Against 1,1588 shares declining on BSE, just 398 rose. Just 47 shares were unchanged.The BSE clocked a turnover of Rs 1193 crore.
Cement scrips being sold ahead of Budget speech
Cement shares came under renewed selling pressure just a short while before the start of the Budget speech began.ACC was down 4.5% to Rs 917, Gujarat Ambuja Cements was down 3% to Rs 121.90 and Grasim was down nearly 3% at Rs 2264.
Cement shares had fallen sharply over the last few days amid concerns that the government may ban exports, and also on concerns that existing excise structure/excise duties may be tinkered with. From this low, the cement producers have recovered over the past two days on bargain-hunting, which was partly triggered by a cut in freight rates on limestone, a key input for cement, by 6%. However, analysts feel that the benefit of the freight cut on limestone may not be much given that cement units, anyway, are located in proximity to limestone deposits.
From Rs 915.65 on 23 February 2007, ACC had surged in two days to Rs 961.05 on 27 February 2007. Earlier, it had tumbled from a recent peak of Rs 1115.80 on 22 January 2007. Grasim had risen 3% to Rs 2341.15 on 26 February 2007 from Rs 2271.10 on 23 February 2007. It had slipped to Rs 2332.20 the next day. Earlier, Grasim had tumbled to Rs 2271.10 from a recent peak of Rs 2874.60 on 7 February 2007.
A ban of exports will hardly have any impact on domestic prices as exports account for but a small portion of the total production.In late-January 2007, the Centre scrapped 12.5% import duty on cement to rein in domestic prices.
Hindustan Motors firms up on property development plan
Hindustan Motor climbed 8.05% to Rs 41.60, after the company is expected to earn Rs 295 crore from an integrated IT township and auto park it is developing on its surplus land in West Bengal.The counter clocked a huge volume of 29.97 lakh shares in the counter on the BSE.
The Hindustan Motors scrip is on the decline since early-February 2007, after having surged from mid-December 2006. From Rs 33.20 on 13 December 2006, it surged to Rs 44.15 by 8 February 2007, only to slip back to Rs 38.50 by 27 February 2007.
Hindustan Motors has finalised an arrangement with Shriram Properties of Bangalore for the development of 'an integrated IT township and auto park' in 314 acres specifically identified for this purpose . The company expects to receive about Rs 295 crore in five tranches, spread over the next 10 quarters, as well as a non-compete fee equal to 4% of sale proceeds.
In September 2006, Hindustan Motors had said that it was planning to develop automotive forgings, automotive castings & automotive stampings business by cost effectively leveraging existing facilities & infrastructure. Hindustan Motors has been ramping up production of automobile components for other carmakers at its 63-year-old Uttarpara (Kolkata) factory using facilities like foundries, which had become a drag on it.
Meanwhile, Hindustan Motors has received clearance from the West Bengal Government to develop land at its plant near Kolkata. Hindustan Motors plans to develop a residential township, auto parts cluster and an information technology (IT) hub in 314 acres, of the 700 acres it owns near Kolkata.
Hindustan Motors (HM) makes Mitsubishi (Lancer) cars since 1998 under a tie-up with Mitsubishi Motor Corporation, Japan. Recently, the company launched premium sports utility, Montero, which is being imported as a completely built unit from Mitsubishi, Japan.
HM also plans to launch a range of Mitsubishi cars in India next year, and is entering into a special partnership for their exclusive marketing.
Punjab Tractors edges up as FM says agriculture a priority
Punjab Tractors rose almost 1% to Rs 324, in an otherwise weak market, after the finance minister announced a number of provisions to boost agriculture.
Agriculture must top the agenda of policy makers, the finance minister said. Farm supply imbalances can upset growth, he added. Additional irrigation potential of 24 lakh hectares will be implemented, including nine lakh hectares under Accelerated Irrigation Benefit Programme, the finance minister informed.
Farmers' credit likely to reach Rs 1,90,000 crore against the targeted Rs 175,000 crore during 2006-07, he said.
Currently private equity investor, Actis, is in the process of divesting its 29% stake in Punjab Tractors, the north-based tractor firm. As per reports, Ashok Leyland, the Tatas and Italian tractor major SAME Deutz-Fahr have emerged as major contenders for acquiring the stake.
With moments left before the finance minister presents the Union Budget 2007-08, investors chose to sit on the sidelines, overtly cautious.
The BSE Sensex tumbled in the opening session, led by a sharp fall across global markets. At 10:43 IST the 30-shares BSE Sensex was down 312.75 points, at 13,166.10. It had opened with a yawning downward gap, at 13,045.12, and tumbled to a low of 12,800.91, as selling intensified.The market-breadth was also quite weak. Against 1,1588 shares declining on BSE, just 398 rose. Just 47 shares were unchanged.The BSE clocked a turnover of Rs 1193 crore.
Cement scrips being sold ahead of Budget speech
Cement shares came under renewed selling pressure just a short while before the start of the Budget speech began.ACC was down 4.5% to Rs 917, Gujarat Ambuja Cements was down 3% to Rs 121.90 and Grasim was down nearly 3% at Rs 2264.
Cement shares had fallen sharply over the last few days amid concerns that the government may ban exports, and also on concerns that existing excise structure/excise duties may be tinkered with. From this low, the cement producers have recovered over the past two days on bargain-hunting, which was partly triggered by a cut in freight rates on limestone, a key input for cement, by 6%. However, analysts feel that the benefit of the freight cut on limestone may not be much given that cement units, anyway, are located in proximity to limestone deposits.
From Rs 915.65 on 23 February 2007, ACC had surged in two days to Rs 961.05 on 27 February 2007. Earlier, it had tumbled from a recent peak of Rs 1115.80 on 22 January 2007. Grasim had risen 3% to Rs 2341.15 on 26 February 2007 from Rs 2271.10 on 23 February 2007. It had slipped to Rs 2332.20 the next day. Earlier, Grasim had tumbled to Rs 2271.10 from a recent peak of Rs 2874.60 on 7 February 2007.
A ban of exports will hardly have any impact on domestic prices as exports account for but a small portion of the total production.In late-January 2007, the Centre scrapped 12.5% import duty on cement to rein in domestic prices.
Hindustan Motors firms up on property development plan
Hindustan Motor climbed 8.05% to Rs 41.60, after the company is expected to earn Rs 295 crore from an integrated IT township and auto park it is developing on its surplus land in West Bengal.The counter clocked a huge volume of 29.97 lakh shares in the counter on the BSE.
The Hindustan Motors scrip is on the decline since early-February 2007, after having surged from mid-December 2006. From Rs 33.20 on 13 December 2006, it surged to Rs 44.15 by 8 February 2007, only to slip back to Rs 38.50 by 27 February 2007.
Hindustan Motors has finalised an arrangement with Shriram Properties of Bangalore for the development of 'an integrated IT township and auto park' in 314 acres specifically identified for this purpose . The company expects to receive about Rs 295 crore in five tranches, spread over the next 10 quarters, as well as a non-compete fee equal to 4% of sale proceeds.
In September 2006, Hindustan Motors had said that it was planning to develop automotive forgings, automotive castings & automotive stampings business by cost effectively leveraging existing facilities & infrastructure. Hindustan Motors has been ramping up production of automobile components for other carmakers at its 63-year-old Uttarpara (Kolkata) factory using facilities like foundries, which had become a drag on it.
Meanwhile, Hindustan Motors has received clearance from the West Bengal Government to develop land at its plant near Kolkata. Hindustan Motors plans to develop a residential township, auto parts cluster and an information technology (IT) hub in 314 acres, of the 700 acres it owns near Kolkata.
Hindustan Motors (HM) makes Mitsubishi (Lancer) cars since 1998 under a tie-up with Mitsubishi Motor Corporation, Japan. Recently, the company launched premium sports utility, Montero, which is being imported as a completely built unit from Mitsubishi, Japan.
HM also plans to launch a range of Mitsubishi cars in India next year, and is entering into a special partnership for their exclusive marketing.
Punjab Tractors edges up as FM says agriculture a priority
Punjab Tractors rose almost 1% to Rs 324, in an otherwise weak market, after the finance minister announced a number of provisions to boost agriculture.
Agriculture must top the agenda of policy makers, the finance minister said. Farm supply imbalances can upset growth, he added. Additional irrigation potential of 24 lakh hectares will be implemented, including nine lakh hectares under Accelerated Irrigation Benefit Programme, the finance minister informed.
Farmers' credit likely to reach Rs 1,90,000 crore against the targeted Rs 175,000 crore during 2006-07, he said.
Currently private equity investor, Actis, is in the process of divesting its 29% stake in Punjab Tractors, the north-based tractor firm. As per reports, Ashok Leyland, the Tatas and Italian tractor major SAME Deutz-Fahr have emerged as major contenders for acquiring the stake.
Labels: Hindustan Motors
posted by SY at 12:31 PM
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