Sensex strikes new all-time high
The BSE Sensex struck a new all-time high of 14,444.04, on strong buying in index pivotals. At 13:34 IST the BSE Sensex was up 175.61 points, at 14,442.76. It had opened higher, at 14,293.11, and kept advancing as time progressed. The new found vigour on the bourses is because of firm global bourses after the US Federal Reserve’s decision to keep interest rates steady.
The market-breadth was strong, as buying momentum for small-cap and mid-cap stocks heightened. For 1,590 shares advanced, 978 declined. A total of 69 remained unchanged. Analysts expect the action to stay in this space, outperforming large-cap peers, on account of robust results.
The total turnover on BSE amounted to a healthy Rs 3646 crore.Among the 30-member Sensex pack, 25 advanced while the rest declined.
CRISIL continues the good work
Rating agency CRISIL rose 0.2% to Rs 3116, extending what has been a solid surge for the stock in the New Year.As many as 3,302 shares changed hands in the counter on BSE.From Rs 2,296.05 on 11 January 2007, the stock gained 35.7% to the current Rs 3116 in just a few trading sessions.
A bout of volatility was witnessed in the stock at the higher level, when after a 5% surge to Rs 3,240.80 on 25 January2007, the stock lost 4.85% the next trading day (29 Jan-07) to Rs 3083.30. On that day, when the stock lost nearly 5%, it also struck an all-time high of Rs 3379.40 in intra-day trade.
The scrip remains a thinly trade one. The average daily volume in the counter on BSE in the past one year was 1,800 shares.
Recently, there was a report in the media that US ratings agency Standard & Poor’s, which holds more than half of the stake in domestic rating agency, Crisil, is likely to make an open offer for the balance stake soon. There is no announcement from CRISIL in this regard thus far. Currently, S&P holds 55.08% stake in Crisil, while FIIs hold about 9.44%. High networth individuals and stock-brokers Rakesh Jhunjhunwala hold 8.14%.
In November 2006, CRSIL announced its decision to transfer the assets and staff of CRISIL MarketWire (CMW) to the TV18 group.
CRISIL reported a 62% jump to Rs 22.86 crore in its net profit on a consolidated basis in the September 2006 quarter. Operating revenue increased 57% to Rs 80.92 crore due to good growth witnessed in all its segments, specially the research and information services segment (RISS).
CRISIL is seen benefiting from its S&P’s parentage. CRISIL is playing an increasingly important part in S&P's global resource management strategy, providing S&P research operations around the world with a growing range of analytical, data management and publishing support.
Recently, International Finance Corporation awarded development of an environmental, social and corporate governance index for India to a consortium led by S&P and CRISIL.
Growth prospects spur Bharti Airtel, RComm
Cellphone service providers, Bharti Airtel and Reliance Communications, surged on renewed buying expecting a strong growth in new subscriptions.
Bharti Airtel (BAL) jumped 5% to Rs 770. The stock hit a high of Rs 773, which is a life high for the scrip. As many as 3.6 lakh shares changed hands in the counter on BSE.
Reliance Communications (RCL) was up 4% to Rs 493. The stock hit a high of Rs 495.40 which is also a life high for the scrip. As many as 18.7 lakh shares changed hands in the counter on BSE.
Both these scrips have been on a roll. BAL has surged from its recent low of Rs 613.10 on 10 January 2007. RCL bounced back from its low of Rs 407.25 on 10 January 2007.
Bharti has already overtaken software major, Infosys, to become the third largest company in India in terms of market-cap. Its current market-cap is Rs 145595.90 crore. Reliance Communications (RCL) is the seventh largest company in terms of market-cap ( Rs 99204.96 crore).
Subscriptions for mobile services are growing at a fast clip in India. The telecom industry grew 4.5% sequentially, with wireless net addition of 6.4 million in December 2006, taking the overall wireless subscriber base to 14.9 crore. The growth was driven by highest ever net adds by Bharti Airtel, Reliance Communications and Hutch.
Both Bharti and RCL reported robust Q3 December 2006 results. Bharti Airtel’s consolidated net profit as per US GAAP, jumped 122.8% to Rs 1215.13 crore (Rs 545.30 crore), beating market expectations. Consolidated revenue rose 62.3% to Rs 4913 crore (Rs 3025.60 crore).
RCL’s consolidated net profit jumped 198 % in Q3 December 2006 quarter to Rs 924.42 crore, on 26% growth in consolidated revenue to Rs 3755.30 crore.
Both the companies are separating their wireless towers business into separate companies.
S&P upgrade boosts UTI Bank
UTI Bank surged 9% to Rs 593, extending a recent surge triggered by S&P's ratings upgradation of the private sector bank.The stock hit a life high of Rs 615. As many as 4.9 lakh shares changed hands in the counter on BSE.
The scrip had surged in early January 2007 on the back of strong Q3 results. A correction took place for a while when it staged a solid rally. From Rs 503.90 on 29 January 2007, the stock has rallied 17.6% in the past three trading sessions.
On Tuesday (30 January 2007), rating agency Standard and Poors (S&P) lifted the country’s rating to investment grade. The improvement in ratings is likely to help banks raise funds more cheaply abroad to meet capital requirements. Just before S&P upgrade, UTI Bank raised $250 million from a three-year floating rate bond priced at 47 basis points above the three-month London Interbank Offered Rate (Libor).
S&P had raised its ratings on six Indian banks together with the sovereign upgrade. UTI Bank is one among them.
UTI Bank intends to use proceeds to fund its $250 million overseas bond issue for loan business in Singapore, where UTI Bank opened a branch in April last year.
Increase in net advances and higher interest margin enabled UTI Bank to post a 40% rise in net profit at Rs 184.61 crore for the third quarter ended 31 December 2006 against Rs 131.71 crore in the year ago period. Net interest income was up about 45% to Rs 415.84 crore (Rs 287.44 crore).
UTI bank is one of the fastest growing private sector banks.
FII holding in UTI Bank was 36.4% as on 31 December 2006. HSBC IRIS Investments Mauritius, Barclays Capital Mauritius and Citigroup Global Markets Mauritius each own over 4% stake in UTI Bank.
The market-breadth was strong, as buying momentum for small-cap and mid-cap stocks heightened. For 1,590 shares advanced, 978 declined. A total of 69 remained unchanged. Analysts expect the action to stay in this space, outperforming large-cap peers, on account of robust results.
The total turnover on BSE amounted to a healthy Rs 3646 crore.Among the 30-member Sensex pack, 25 advanced while the rest declined.
CRISIL continues the good work
Rating agency CRISIL rose 0.2% to Rs 3116, extending what has been a solid surge for the stock in the New Year.As many as 3,302 shares changed hands in the counter on BSE.From Rs 2,296.05 on 11 January 2007, the stock gained 35.7% to the current Rs 3116 in just a few trading sessions.
A bout of volatility was witnessed in the stock at the higher level, when after a 5% surge to Rs 3,240.80 on 25 January2007, the stock lost 4.85% the next trading day (29 Jan-07) to Rs 3083.30. On that day, when the stock lost nearly 5%, it also struck an all-time high of Rs 3379.40 in intra-day trade.
The scrip remains a thinly trade one. The average daily volume in the counter on BSE in the past one year was 1,800 shares.
Recently, there was a report in the media that US ratings agency Standard & Poor’s, which holds more than half of the stake in domestic rating agency, Crisil, is likely to make an open offer for the balance stake soon. There is no announcement from CRISIL in this regard thus far. Currently, S&P holds 55.08% stake in Crisil, while FIIs hold about 9.44%. High networth individuals and stock-brokers Rakesh Jhunjhunwala hold 8.14%.
In November 2006, CRSIL announced its decision to transfer the assets and staff of CRISIL MarketWire (CMW) to the TV18 group.
CRISIL reported a 62% jump to Rs 22.86 crore in its net profit on a consolidated basis in the September 2006 quarter. Operating revenue increased 57% to Rs 80.92 crore due to good growth witnessed in all its segments, specially the research and information services segment (RISS).
CRISIL is seen benefiting from its S&P’s parentage. CRISIL is playing an increasingly important part in S&P's global resource management strategy, providing S&P research operations around the world with a growing range of analytical, data management and publishing support.
Recently, International Finance Corporation awarded development of an environmental, social and corporate governance index for India to a consortium led by S&P and CRISIL.
Growth prospects spur Bharti Airtel, RComm
Cellphone service providers, Bharti Airtel and Reliance Communications, surged on renewed buying expecting a strong growth in new subscriptions.
Bharti Airtel (BAL) jumped 5% to Rs 770. The stock hit a high of Rs 773, which is a life high for the scrip. As many as 3.6 lakh shares changed hands in the counter on BSE.
Reliance Communications (RCL) was up 4% to Rs 493. The stock hit a high of Rs 495.40 which is also a life high for the scrip. As many as 18.7 lakh shares changed hands in the counter on BSE.
Both these scrips have been on a roll. BAL has surged from its recent low of Rs 613.10 on 10 January 2007. RCL bounced back from its low of Rs 407.25 on 10 January 2007.
Bharti has already overtaken software major, Infosys, to become the third largest company in India in terms of market-cap. Its current market-cap is Rs 145595.90 crore. Reliance Communications (RCL) is the seventh largest company in terms of market-cap ( Rs 99204.96 crore).
Subscriptions for mobile services are growing at a fast clip in India. The telecom industry grew 4.5% sequentially, with wireless net addition of 6.4 million in December 2006, taking the overall wireless subscriber base to 14.9 crore. The growth was driven by highest ever net adds by Bharti Airtel, Reliance Communications and Hutch.
Both Bharti and RCL reported robust Q3 December 2006 results. Bharti Airtel’s consolidated net profit as per US GAAP, jumped 122.8% to Rs 1215.13 crore (Rs 545.30 crore), beating market expectations. Consolidated revenue rose 62.3% to Rs 4913 crore (Rs 3025.60 crore).
RCL’s consolidated net profit jumped 198 % in Q3 December 2006 quarter to Rs 924.42 crore, on 26% growth in consolidated revenue to Rs 3755.30 crore.
Both the companies are separating their wireless towers business into separate companies.
S&P upgrade boosts UTI Bank
UTI Bank surged 9% to Rs 593, extending a recent surge triggered by S&P's ratings upgradation of the private sector bank.The stock hit a life high of Rs 615. As many as 4.9 lakh shares changed hands in the counter on BSE.
The scrip had surged in early January 2007 on the back of strong Q3 results. A correction took place for a while when it staged a solid rally. From Rs 503.90 on 29 January 2007, the stock has rallied 17.6% in the past three trading sessions.
On Tuesday (30 January 2007), rating agency Standard and Poors (S&P) lifted the country’s rating to investment grade. The improvement in ratings is likely to help banks raise funds more cheaply abroad to meet capital requirements. Just before S&P upgrade, UTI Bank raised $250 million from a three-year floating rate bond priced at 47 basis points above the three-month London Interbank Offered Rate (Libor).
S&P had raised its ratings on six Indian banks together with the sovereign upgrade. UTI Bank is one among them.
UTI Bank intends to use proceeds to fund its $250 million overseas bond issue for loan business in Singapore, where UTI Bank opened a branch in April last year.
Increase in net advances and higher interest margin enabled UTI Bank to post a 40% rise in net profit at Rs 184.61 crore for the third quarter ended 31 December 2006 against Rs 131.71 crore in the year ago period. Net interest income was up about 45% to Rs 415.84 crore (Rs 287.44 crore).
UTI bank is one of the fastest growing private sector banks.
FII holding in UTI Bank was 36.4% as on 31 December 2006. HSBC IRIS Investments Mauritius, Barclays Capital Mauritius and Citigroup Global Markets Mauritius each own over 4% stake in UTI Bank.
posted by SY at 4:48 PM
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