Market Khabar 11 Jan 2010

The first week of 2010 started off nicely for the markets with indices closing near 22-month-high.

On the BSE, the Sensex ended 0.43 per cent or 75 points higher at 17,540 and the Nifty on the NSE inched up by 0.84 per cent or 44 points to 5,245. However, the real action was in midcap and smallcap stocks, both the BSE Midcap and smallcap indices moved up by 3.4 per cent and 4.1 per cent.

Strong FII buying and positive comments from the Prime Minister that India will return to 9-10 per cent growth rate kept the sentiment positive. Whether the market can sustain and bui-ld on last year’s gains will depend on corporate earnings, the government’s willingness to keep reforms on fast track and no negative surprises from global markets. Near-term direction of markets will depend on third quarter earnings season. For the week ahead, chartists predict a trading band of 17,160-18,000 for the Sensex and 5,080-5500 for the Nifty. Immediate supports exist at 17,320 and 17,080 and 5,160 and 5,080.

Expect resistance to the indices on upside at 17,740 and 17,960 and 5,330 and 5,420. The directional movement could be negative in short term, if the indices fall below 17,200 and 5,175. The movement of indices in narrow range clearly indicates that individual stocks would do better than the indices.

Knowing what stocks to avoid can be as important as knowing what to buy. No stock is perfect; every stock will have some drawback.

FUTURES & OPTIONS

The January series has started on a quiet note marked by low volumes and low volatility. Sentiment indicators like implied volatility, put/call ratio, open interest and VIX indicate possible increase in volatility again.

Punters advice strangle strategy — Buy Nifty5300 strike call option and Nifty5200 strike put option to take advantage of directional breakout after the onset of results season.

A strong rupee triggered selling pressure in IT stocks. However, the results of Infosys will set the tone for the sector in the week ahead. Savvy players are buying into Wipro, OFSS, Tech Mahindra, Moser Baer and Mphasis. Buy Mphasis for a target price of Rs 825.

The profit booking in auto stocks likely to be short lived. Use sharp declines to accumulate Ashok Leyland and M&M. Metal and cement stocks are likely to continue their upward journey after a mild sell off.

Ahead of RBI’s credit policy review, heightened activity indicated in banking counters. Buy private banks like Axis Bank and Kotak Bank for short term gains. Realty stocks are beginning to show good strength. Hold Unitech, IBREL and DLF for gains.

Among the side counters, India Infoline, Petronet LNG, Sun TV, Nagarjuna Const. and HCC are good for a target of Rs 175, Rs 90, Rs 390, Rs 195 and Rs 185. Sebi’s plan to standardise lot sizes for F&O stocks would make it convenient for the traders to remember lot sizes and improve volumes in the derivative segment.

STOCK SCAN

Mundra Port and SEZ runs India’s largest private port, whose cargo traffic is gro-wing at four times the speed of other major ports. The real trump card is the 100 sq km industrial zone, where Mundra is attracting factories such as Alstom-Bharat Forge JV for power equipment and others that will provide the port’s future traffic. Buy on declines for a target price of Rs 900 in next few months.

Escorts is tur-ning out to be a good turnaround candidate after it focused on tractor and construction machinery segments. To tap good opportunities from railways, the company has introduced four new railway products for coaches and wagons. Buy for a target price of Rs 225.

Minda Industries designs, develops and manufactures switches and batteries for 2/3/4 wheelers and off-road vehicles. It enjoys more than 70 per cent market share for switches in the two- and three-wheeler segment and is amongst the top few globally. Buy only on declines to Rs 240 for a target price of Rs 400.

Autoline Industries supplies sheet metal components, sub-assemblies and assemblies for large OEMs in the automobile industry. Buy for target price of Rs 200.

ZF Steering manufactures, and assembles mechanical steering gears, hydraulic power steering gears and other gear assemblies. A sharp increase in exports and a robust demand from domestic original equipment manufacturers (OEMs) augur well for the company. Buy for a long term target price of Rs 500.

Shrewd market players are accumulating BGR Energy, Sunil Hitech, Ramkrishna Forgings, Solectron EM and Indian Hume Pipes. Sharp gains indicated from current levels in next few months.

C. Kutumba Rao is a Hyderabad-based stock market analyst. The views expressed and the recommendations made are those of the author. Readers are strongly recommended to consult their financial advisors before making any financial investments. This newspaper is not liable for investment decisions made on the basis of recommendations in these columns.

Source : deccan.com

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Weekly Review 31 Dec 2009

Sensex vaults 81% in 2009 on ample global liquidity, higher risk
appetite

The key benchmark indices attained their highest closing level in
nearly 20 months on the last trading day of calendar 2009 as Asian
stocks rose. Volatility surged in late trade as traders rolled over
positions in the derivatives segment, to January 2010 series from the
near-month December 2009 series. The December 2009 derivatives
contracts expired today, 31 December 2009. The BSE 30-share Sensex
rose 120.99 points or 0.7%, off close to 65 points from the day's
high.

The Sensex and S&P CNX Nifty today, 31 December 2009, scaled their
highest closing level in nearly 20 months. Reliance Industries rose.
Capital goods and auto stocks, also edged higher. But banking stocks
pared gains. Telecom stocks were mixed. The market breadth was strong.
Rollover in Nifty futures from December 2009 series to January 2010
stood at 58% at the end of Wednesday's (30 December 2009) trade.
Rollover in Mini Nifty futures stood at about 50% and the market wide
rollover was about 67%.

From 4 January 2010, trading will start at 9:00 IST and end at 15:30
IST compared to the current timing of 9:55 IST to 15:30 IST. The
market remains closed on Friday, 1 January 2010, for the New Year
holiday.

The Reserve Bank of India (RBI) will review interest rates at its next
policy review scheduled for 29 January 2010 and not before, K.C.
Chakrabarty,a deputy RBI governor said on Thursday. He further said
credit growth will rise to 17-18% when GDP growth reaches 8-9%.
The government is reportedly expected to sell shares in 17 to 18 state
firms in each of the next two fiscal years, with an issue happening
every two to three weeks. The ministry of disinvestment was consulting
with administrative ministries of more than 50 state-owned firms to
assess the preparedness for public offer, report said.

Meanwhile, the Thirteenth Finance Commission has suggested the path of
fiscal consolidation and sharing of tax revenues between the Centre
and the states, in its report submitted to President Pratibha Patil on
Wednesday. The report has assessed the impact of the proposed goods
and services tax (GST) on trade. It has also suggested steps to deal
with the growing off-Budget expenditure, especially, oil bonds, the
implications of environment and climate change, and ways to improve
outcomes and outputs of public expenditure.

The report of the Thirteenth Finance Commission, headed by former
finance secretary Vijay Kelkar, will be given by the President to the
finance ministry, which will take it up with the Cabinet.
Food price index rose 19.83% in the 12 months to 19 December 2009,
data released by the government today, 31 December 2009, showed. The
primary article index jumped 15.49% and the fuel price index rose
4.45%. The worst monsoon in nearly four decades and flooding in some
parts of the country have pushed up food prices.

Finance Minister Pranab Mukherjee said on Wednesday that the
government needs to strike a balance between economic growth and
cutting fiscal deficit. India's fiscal deficit is estimated at 6.8% of
gross domestic product for 2009/10 (April-March), higher than 6.2% in
the previous year as the government cut tax rates and boosted
spending.

Recently C. Rangarajan, Chairman of the Economic Advisory Council to
the Prime Minister, raised concern over the rising food inflation,
which is at an 11-month high now, stating that the task ahead was to
check food inflation. He indicated that the Reserve Bank of India
could look at raising the cash reserve ratio (CRR) to suck out excess
liquidity from the system, even though the central bank may watch the
price movements for some more time before taking any decision on rate
hike.

The focus of India's monetary policy is shifting to managing recovery
and containing inflation from one concentrated on fostering growth
after the global downturn, Reserve Bank of India deputy governor
Shyamala Gopinath said early this week. She said rising food prices
were fuelling concerns of broader price pressures in India and the
policy challenge was to address the supply-side constraints.

She said effective assessment of the inflation process and using
monetary policy actions at the right time would be critical.
Gopinath's comments follow those from fellow Deputy Governor Subir
Gokarn on Thursday, 24 December 2009, who said the January 2010 policy
review would focus both on growth and inflation, instead of the
previous policy focus on growth.

Finance Minister Pranab Mukherjee said last week that containing
inflation and cutting fiscal deficit are the major challenges for the
government in the short-to-medium term. The Indian economy can grow at
7.75% in the fiscal year ending March 2010, the Finance Minister said.
Data earlier this month showed that corporate advance tax payments for
the October-December 2009 quarter shot up sharply, suggesting a higher
profit growth in corporate sector in the third quarter (October-
December) of the current fiscal. Corporate advance tax payments for
the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in
April-June quarter and a 14.7% increase in July-September quarter. The
company-wise break-up of advance tax collection suggests a broad-based
recovery with automobiles, cement, metals and consumer goods, doing
well.

European shares gained on Thursday on the final day of the year, as
banks and commodity stocks gained ground amid firm risk appetite. The
key benchmark indices in France and UK rose by between 0.12% to 0.29%.
Stock markets in Germany were closed.

Asia stocks rose on Thursday, racking up a 68% gain for the year, as a
jump in US consumer confidence reinforced views that the world's
largest economy is gradually recovering. The key benchmark indices in
China, Hong Kong, Singapore and Taiwan rose by between 0.45% to 1.75%.
Markets in Japan, South Korea, Thailand, Indonesia and the Philippines
were closed. Most markets in the world will be closed on Friday for
the New Year day holiday.

Beijing will stick to its loose monetary stance, but will try to be
more flexible in implementing its policies, People's Bank of China
Governor Zhou Xiaochuan said on Thursday.

Trading in US index futures indicated the Dow could gain 15 points at
the opening bell on Thursday, 31 December 2009.

US stocks spent almost the entire session trading with moderate losses
until some late support helped the major indices improve their
position on Wednesday. Better-than-expected report on Midwest
manufacturing helped sentiment. The Dow Jones industrial average added
3.10 points, or 0.03%, at 10,548.51. The Standard & Poor's 500 Index
was up 0.22 point, or 0.02%, to finish at 1,126.42. The Nasdaq
Composite Index gained 2.88 points, or 0.13%, to close at 2,291.28.
The Chicago purchasing-manager's index jumped to 60 in December 2009
from 56.1 in November 2009, the highest since January 2006 and well
above expectations. The employment gauge also rose, hitting its
highest since November 2007.

With many of the major market players done for the year, prices were
moderately higher Wednesday for US interest rate futures even as data
revealed a significant pick-up in the economy. The July 2010 fed-funds
contract priced in a 76% chance for the Federal Open Market Committee
to raise the Fed funds rate to 0.5% at its meeting in late June 2010.
On Tuesday, the July 2010 contract had priced in a 78% chance for a
0.5% rate. The funds rate has stayed inside a record low range of 0%
to 0.25% for the past year, one of many Fed actions designed to
stimulate the economy.

Closer home, the BSE 30-share Sensex rose 120.99 points or 0.7% to
17,464.81 its highest closing since 5 May 2008. The Sensex gained
187.12 points at the day's high of 17,530.94 in afternoon trade. The
Sensex opened with an upward gap of 21.55 points at 17,365.37, also
the day's low.

The S&P CNX Nifty gained 31.60 points or 0.61% at 5201.05, its highest
closing since 2 May 2008. It hit a high of 5221.85 in intraday trade
BSE clocked a turnover of Rs 4618 crore, higher than Rs 4327.29 crore
on Wednesday, 30 December 2009.

The market breadth, indicating the overall health of the market was
positive. On BSE, 1672 shares advanced as compared with 1210 that
declined. A total of 83 shares remained unchanged.

Among the 30-member Sensex pack, 22 rose while rest declined.
A deluge of global liquidity boosted stocks across the globe this
year. Governments and central banks around the world have injected
trillions of dollars in the past one year to pull the world out of a
most severe recession since the 1930s Great Depression. The Sensex
rose 7817.50 points or 81.03% in calendar year 2009. From a 3-year
closing low of 8,160.40 on 9 March 2009, the Sensex was up 9304.41
points or 114.01% as on 31 December 2009. The S&P CNX Nifty rose
2241.90 points or 75.76% in calendar year 2009.

FII inflow in December 2009 totaled Rs 10,233.10 crore (till 30
December 2009). FII had bought equities worth Rs 5469 crore in
November 2009. FII inflow in the calendar year 2009 totaled Rs
83,423.90 crore (till 30 December 2009).

Coming back to today's trade, the BSE Mid-Cap index rose 0.31% and the
BSE Small-Cap index rose 0.6%. Both these indices underperformed the
Sensex.

Sectoral indices on BSE showed mixed trend. The BSE Power index (up
1.16%), the BSE Capital Goods index (up 1.1%), the BSE Consumer
Durables index (up 1.07%), the BSE Oil & Gas index (up 1%), the BSE
Auto index (up 0.96%), the BSE IT index (up 0.73%), the BSE PSU index
(up 0.71%), outperformed the Sensex.

The BSE FMCG index (down 0.19%), the BSE Healthcare index (down
0.14%), the BSE Realty index (down 0.09%), the BSE Bankex (up 0.19%),
the BSE Metal index (up 0.23%), the BSE Teck index (up 0.55%),
underperformed the Sensex.

India's largest private sector firm by market capitalisation Reliance
Industries (RIL) rose 1.34%. RIL has successfully tested the design
capacity of its massive eastern offshore Krishna-Godavari basin D6
field production facilities. A flow rate of 80 million standard cubic
meters was achieved through the KG-D6 facilities and delivered to the
pipeline, the company said in a statement recently.

Oil exploration firms rose, after the crude oil moved past $79 a
barrel. India's second biggest oil and gas exploration firm by
revenue, India's biggest state-run oil exploration firm by revenue Oil
& Natural Gas Corporation (ONGC) rose 0.23%. Cairn India advanced
1.19%. But, Oil India, fell 0.35%. Rise in crude oil prices would
result in higher realizations from crude sales for oil exploration
firms. Light, sweet crude oil gained 41 cents, or 0.52%, to $79.28 a
barrel on the New York Mercantile Exchange on Wednesday, 30 December
2009 after US government inventory data showed a draw down in
stockpiles last week.

Banking stocks pared early gains triggered by reports credit offtake
has picked up this month. According to the latest Reserve Bank of
India (RBI) figures, total loans, including food credit loans to Food
Corporation of India for foodgrain procurement and non-food credit
(all other loans) amounted to Rs 29,41,293.07 crore as on 19 December
2009. This represents a sequential growth of Rs 34,028 crore since 27
November 2009 compared to a growth of Rs 7,698 crore in the whole of
November 2009.

India's largest bank by net profit and branch network State Bank of
India rose 1.99% to Rs 2269.45. But the stock came off the day's high
of Rs 2283.80. The state-run bank paid advance tax of Rs 1795 crore
versus Rs 1700 crore. India's second largest private sector bank by
net profit HDFC Bank rose 0.55% to Rs 1700.40. The stock came off the
day's high of Rs 1708.70.

India's largest private sector bank by net profit ICICI Bank fell
0.49% to Rs 875.70. The stock came off the day's high of Rs 890. The
bank is reportedly raising up to Rs 1200 crore by selling bonds.
India's largest engineering & construction firm by sales Larsen &
Toubro rose 0.67% after it won two orders totaling Rs 580 crore.
Among other capital goods stocks, ABB, Bharat Heavy Electricals, BEML
and Praj Industries rose by between 1.47% to 4.91%.

Auto stocks extended recent gains on the back of strong sales in the
month of November 2009 and higher advance tax payment in the third
quarter.

India's largest tractor marker by sales Mahindra & Mahindra (M&M)
advanced 1.73%. After announcing its entry into the medium and heavy
commercial space, the company is reportedly making new inroads in the
mini truck segment. It is set to launch one tonner Maxximo at the
upcoming Auto Expo from its light commercial vehicle (LCV) space.
From two wheeler space, Hero Honda Motors and Bajaj Auto rose by
between 0.54% to 3.72%.

India's top truck maker by sales Tata Motors rose 0.61%. The company
has reportedly commenced trial production of the first batch of the
Nano at the new mother plant at the Sanand facility last week. The
company will start commercial production of the 'People's Car' from
March 2010 onwards.

Tata Motors had shifted its mother plant to Gujarat last year after
facing local protests in West Bengal spearheaded by Trinamool Congress
leader Mamata Banerjee.

But, India's top small car marker by sales Maruti Suzuki India fell
0.64%.

Telecom stocks were mixed after government said it will introduce
mobile number portability across the country by 31 March 2010, pushing
back its introduction by up to 3 months. India's largest mobile
services provider by sales Bharti Airtel rose 1.01%. India's second
largest mobile services provider by sales Reliance Communications fell
0.52%.
Mobile Number Portability (MNP), which allows users to retain their
number even if they switch operators, was to be introduced in metro
cities and the so-called Category A telecom zones from 31 December
2009 and in other areas by March 20, 2010.

India's largest thermal power generator by sales NTPC rose 1.2% on
reports the government plans to allow the firm to sell around 10% of
its power capacity at market-determined prices.

Among other power stocks, Tata Power Company, Torrent Powr and Power
Grid Corporation of India rose by between 1.19% to 2.72%.
Consumer durables stocks gained on hopes higher sales in the ongoing
festive season will boost profitability. Lloyd Electric, Videocon
Industries, and Gitanjali Gems gained by between 0.98% to 5.98%.
Some FMCG stocks fell on profit taking. Tata Tea, Hindustan Unilever
and United Spirits fell by between 0.26% to 1.57%.
Cement shares gained on speculation cement prices will increase in the
first quarter of calendar year 2010 on rise in infrastructure
activity. Ambuja Cement, UltraTech Cement, Birla Corporation ACC (up
1.17%), rose by between 0.07% to 2.92%.

Software pivotals rose on encouraging economic data in the United
States. US is the biggest market for Indian IT firms. India's second
largest software services exporter Infosys rose 1.01%. India's largest
software services exporter TCS rose 0.91%. But, India's third largest
software services exporter Wipro fell 0.26%.

Rate sensitive realty realty stocks fell on profit taking. India's
largest realty player by market capitalization DLF fell 1.27%. On 16
December 2009, the company's board approved merger of its commercial
realty arm DLF Assets (DAL) with itself, a move aimed at repaying some
of DAL's debt.

Among other realty stocks, Housing Development & Infrastructure,
Parsvanath Developers and Unitech fell by between 0.42% to 2.01%.
Metal stocks rose as the base metals traded on the Shanghai Futures
Exchange racing higher as the April 2010 copper, zinc, aluminum
contracts all hit new 2009 highs on fund buying. Steel makers rose as
steel companies are reportedly eyeing higher prices in 2010 as
stronger economic growth worldwide drives up demand for the critical
building material. Tata Steel, Steel Authority of India, JSW Steel
rose by between 0.01% to 1.18%.

Last week, Tata Steel raised prices by Rs 2,000 a tonne, while state-
owned Steel Authority of India (SAIL) withdrew the Rs 750-1,500 per
tonne rebate it had started offering in November 2009, following the
increase in raw material cost.

Among non ferrous stocks, National Aluminum Company, Stelite
Industries, Hindalco Industries rose by between 0.44% to 7.29%.
Cals Refineries clocked the highest volume of 2.64 crore shares on
BSE. Radhe Developers (1.42 crore shares), Triplate Company (1.32
crore shares), Gammon Infrastructure (1.18 crore shares) and Ispat
Industries (0.92 crore shares) were the other volume toppers in that
order.

State Bank of India clocked the highest turnover of Rs 153.01 crore on
BSE. Tata Steel (Rs 130.79 crore), Triplate Company (Rs 119.66 crore),
Reliance Industries (Rs 78.70 crore) and Larsen & Toubro (Rs 77.94
crore) were the other turnover toppers in that order.

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Market Khabar 04 Jan 2010

Buoyed by positive statements from the Prime Minister, Dr Manmohan Singh, and
the finance minister, Mr Pranab Mukherjee, that economic growth would
accelerate, markets bid farewell to year 2009 on optimistic note.

On the Bombay Stock Exchange (BSE), the Sensex rose 104 points to end at 17,465
and the Nifty on the NSE gained 23 points closing at 5,201. Midcap and smallcap
counters were in limelight on renewed speculative buying interest.

Analysts expect PSU firms to hog limelight in the first half of 2010 since the
government is expected to go ahead with disinvestment policy aggressively. Near
term focus will be on the third quarter earnings numbers of biggies. Events to
watch in the week ahead are new trading hours and listing of JSW Energy.

Chartists predict a trading range of 17,120-17,840 for the Sensex and
5,050-5,440 for the Nifty. Expect resistance to indices at 17.680 and 17,860 and
5,280 and 5,360. Last week's lows are good support levels for the near term. You
can go bearish only if the Sensex trades below 17,000-level on closing basis.

After the hyper volatility seen in last two years, even the most practiced
soothsayer will find it difficult to make detailed predictions for the next two
years.

Optimists hope that the Sensex will touch 25,000-level in its silver jubilee
year 2010. Buy good standard stocks that have stood the test of time. Buy
weakness and sell strength. Be just as willing to sell as you are to buy
.
Futures & Options
Reflecting the prevailing optimism, healthy rollovers were seen in the
derivatives segment.

Sentiment indicators like open interest, put/call ratio, implied volatility and
VIX indicate high volatility in the coming days. Protect profits with trailing
stops.

Stock futures looking good for positive gains are Ashok Leyland, Bharat Forge,
Biocon, Cairn, Cummins, Hindalco, Indian Hotels, Indusind Bank, India Cements,
Opto Circuits, Praj Inds, Tata Steel and Unitech. From the PSU pack BEL, BEML,
ONGC, NLC, Nalco and NMDC look good for short term. Expect spurt in metals and
cement stocks on reports of price increases. Stay invested for further gains.

Punters tip Tata Steel and Hindalco for Rs 700 and Rs 200 respectively. Ahead of
Q3 numbers IT stocks are expected to attract some buying. Concentrate on midcaps
advice industry watchers.
Use present weakness to buy smaller PSU banks such as Vijaya Bank, and Andhra
Bank.

Select FIIs are reportedly turning bullish on realty. Buy Unitech and DLF for
short-term targets of Rs 96 and Rs 395. Renewed buying indicated in capital
goods counters. Buy on declines BHEL, L&T, Voltas and Crompton Greaves. Don't
take advice from uninformed people, they know no more than you about the market.
Don't try to outguess the market.
Stock scan
Year 2009 was macro-issue based with indices swinging to news flow like IIP
numbers, revival in GDP growth, but Year 2010 will be stock specific.

Watch out for turnaround stories, companies associated with domestic consumption
and investment cycle and news on reforms in financial sector spot multibaggers.
Factors that can affect the markets negatively are any sudden or sharp
withdrawal of the stimulus packages, failure of Monsoon again and big bang
negative news from the US.

Some of the top picks from the frontline counters for Year 2010 are:
After the lau-nch of services by Uninor, the visibility of value in the telecom
business and debt restructuring could give Unitech a head start in execution
scale up, helping it to improve the balance sheet quickly. A new property cycle
may bring back demand for Unitech stock. Buy at current levels for a target
price of Rs 150.

Riding the new commodity cycle, Tata Steel Europe (Corus) may surprise
inv-estors in terms of capacity utilisation and profits. Turnaround of
operations and robust demand in India may see Tata Steel perform like Tata
Motors did in the past year. Buy on declines for a target price of Rs 1,250.

Bogged down by the court cases, Ambani companies were significant
underperformers in the year ended. Post Supreme Court judgment on gas dispute,
analysts expect RIL's GRMs to improve as global demand for oil rebounds, it
could see strong growth in E&P division.

Reliance Infrastructure's power distribution business may witness quantum jump,
Strong growth in EPC business and slated to be largest player in road projects
in next two years. Once the dispute was resolved, market players feel the Ambani
brothers may resume their old game for market capitalisation and drive the
indices to new highs.
Top picks from the mid cap segment are Pantaloon Retail, Titan Inds, Fortis
Healthcare, Bilcare, Jyothi Structures, Bajaj Finserve, Greaves Cotton, Godrej
Consumer, Gujarat Apollo, Ipca Labs, and NHPC.

Source - deccan.com

C. Kutumba Rao is a Hyderabad-based stock market analyst. The views expressed
and the recommendations made are those of the author. Readers are strongly
recommended to consult their financial advisors before making any financial
investments. This newspaper is not liable for investment decisions made on the
basis of recommendations in these columns.

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Equity Research Division

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Indian Stock Market Weekly review 24 Dec 2009

Bulls have reason to celebrate as last minute shopping before Christmas has taken the Nifty to a new high this week. The Finance Minister's comments on GDP growth coincided with the gains. Positive discussions about divestment programmes in Cabinet meeting, better cues from global markets also added to the upsurge. Finally, both the BSE 30-share Sensex and Nifty added 3.8% each. The BSE Sensex hit an intra-week high of 17,361 and low of 16,578 while NSE Nifty hit an intra-week high of 5798 and low of 4,943. The top gainers: The top gainers in the Sensex were NTPC (up 10.7%), Tata Motors (up 9.5%), Tata Steel (up 9.1%), Hindalco Inds (up 9%) and Reliance Infrastructure (up 6.7%). The Top Losers: The top losers in the Sensex were Cipla (down 2.5%), Hindustan Unilever (down 1.2%), Bharti Airtel (down 1%), Ranbaxy Labs (down 0.9%) and ACC (down 0.6%). The BSE IT Index (up 2.6%): The top gainers in the IT sector were Sasken Communication (up 11.1%), HCL Tech (up 4.7%), TCS (up 3.7%), Wipro (up 3.4%) and Mphasis (up 3%). The top losers were Oracle Financial (down 0.4%) and Financial Tech (down 0.2%). The BSE Consumer Index: The top gainers in the Consumer Durables sector were Whirlpool (up 8.5%), Titan (up 7%), Samtel Color (up 4.5%), Videocon Industries (up 2.5%) and Blue Star (up 0.6%). The BSE Healthcare Index (down 0.1%): The top gainer in the Pharma space was Glenmark Pharma. The stock rose over 8.8% during the week. Glenmark Generics received a tentative approval from the USFDA for two drugs. The estimated market size of one of the drugs Pramipexole Dihydrochloride, the generic version of Boehringer Ingelheim's Mirapex tablets, is estimated at US$487mn. Sun Pharma surged over 5% during the week. The company’s attempts to acquire Taro Pharma received a major boost with the Israeli company’s second-largest minority shareholder, Templeton Asset Management, asking the shareholders not to support the existing management, to vote against their decisions and to demand audited financial statements Panacea Biotec (up 4.6%), Glaxosmithkline (up 4.1%) and Strides Arcolab (up 3.7%) were among the other notable gainers. The top losers in were Suven Life Science (down 4%), Natco Pharma (down 3.5%), Piramal Healthcare (down 3%), Cipla (down 2.5%) and Orchid Chem (down 1.9%). The BSE Banking Index (up 4%): The top gainers in the banking space were Yes Bank (up 7.5%), Axis Bank (up 4.8%), Canara Bank (up 4.4%) and OBC (up 4.2%). ICICI Bank surged 5% during the week. According to reports, the bank plans to raise up to Rs12bn via bonds. The BSE Auto Index (up 2%): The top gainers in the auto space were Tata Motors (up 9.5%), Hero Honda (up 4.3%), Eicher Motors (up 3.4%), Hindustan Motors (up 2%) and Swaraj Mazda (up 1.6%). Bajaj Auto was the top loser. The stock fell 1.4% during the week. The BSE Oil & Gas Index (up 4.8%): The top gainers in the oil & gas space were Gujarat NRE Coke (up 15.8%), Great Offshore (up 13%), Essar Oil (up 4.9%) and HPCL (up 4%). Reliance Industries surged 4% during the week. The company made a gas discovery in one of its exploration blocks in the Krishna Godavari basin off the country's east coast. Great Offshore surged over 13% during the week. Bharati Shipyard concluded its open offer for an additional 20% shares in the company. Following the open offer, Bharati holds 43.17% in Great Offshore. The top losers in the oil & gas space were Hindustan Oil (down 1.1%) and ONGC (down 0.3%). The BSE Capital Goods Index (up 2.4%):The top gainers in the Capital Goods space were Dredging Corp (up 8.5%), BEML (up 8.4%), HEG (up 8.3%), Praj Industries (up 7%) and Jyoti Structures (up 6.6%). The top losers in the Capital Goods space were Gammon India (down 2.7%), ELGI Equipments (down 2.4%), SKF India (down 2.3%), Alfa Laval India (down 0.8%) and Carborundum Universal (down 0.3%). The Cement Sector: The top gainers in the cement sector were Mangalam Cement (up 16.1%), Binani Indus (up 7.3%), Dalmia Cement (up 4.8%), India Cements (up 3.6%) and Prism Cement (up 3%) The top losers were Kakatiya Cement (down 2.2%), Madras Cements (down 1.9%), Birla Corp (down 1.6%), Ultratech Cement (down 1.6%) and JK Cements (down 1.1%). Shares of Ambuja Cement gained 2.7% during the week. According to report released by IIFL during the week stated, “We retain our positive view on Ambuja Cements (ACL) post our recent management visit. We expect ACL’s realisation to be the least negatively affected in the months ahead among the large cement players in India, thanks to the company’s better regional sales mix. ACL’s capacity expansion projects are nearing completion, so we expect volume growth to accelerate in CY10. Benefits from the company stopping clinker purchase from 2QCY10, higher captive power generation and improved volume growth will negate the negative impact of decline in realisation, in our view. At a PER of 11x, EV/EBIDTA of 6x and EV/tonne of US$124 on CY10ii estimates, ACL is trading at reasonable valuations, in our view. We retain ADD on the stock”. The Telecom Sector: The top losers in the telecom were Gemini Comm (down 5.4%), Shyam Telecom (down 2.3%), WWIL (down 2.3%) and Bharti Airtel (down 1%). The top gainers in the telecom space were Himachal Futuristic (up 1.9%), Tata Comm (up 0.8%), MTNL (up 0.8%) and RCom (up 0.5%). The Realty Sector (up 4%): The top gainers in the real estate space were Akruti City (up 12.5%), Parsvnath (up 4.6%), HDIL (up 4.5%), Sobha Developers (up 4.2%) and Ansal Props (up 2.3%). The top losers were Anant Raj Indus (down 2.7%), Mahindra Lifespace (down 1.8%) and Unitech (down 0.7%). The Metals sector (up 6.8%): The top gainer in the metals sector was Adhunik Metaliks. The stock rose over 12% during the week. IDFC Project Equity Company will invest Rs2.5bn through its India Infrastructure Fund in a 540MW plant being built by Adhunik Power & Natural Resources in Jamshedpur. SAIL (up 11.3%), Tata Steel (up 9.1%), Tata Sponge (up 8.7%) and Tata Metaliks (up 8.6%) were among the other top gainers. The top losers were Monnet Ispat (down 2.2%) and Jindal Stainless (down 0.7%). Source : IIFL Bought to you by Ingenious Investor Equity Research Division Ravina Consulting No.429 Mahavir Tuscan Near Hoodi Circle, Whitefield Mahadevapura Post BANGALORE 560048 Read - www.ingeniousinvestor.blogspot.com Follow us - www.twitter.com/smartinvestor

Market Khabar 28 Dec 09

On the back of the Union finance minister's statement that the economy would
grow by eight per cent, the announcement of fast track divestment of some PSUs,
good advance tax numbers and positive global cues, markets bounced back during
the week ended.

On the BSE, the Sensex gained 641 points to close at 17,361 and the Nifty on the
NSE logged 191 points to end at 5,178. Market breadth was good indicating the
`return' of some retail buying interest. Renewed buying from foreign
institutional investors ahead of Christmas vacation surprised bears and
triggered short covering.

Barring major negative news, market performance in the week ahead is likely to
be similar to that of previous one due to only three trading sessions in the
week and F&O settlement.

Chartists predict a trading range of 17,090-17,800 for the Sensex and
5,080-5,360 for the Nifty. Short term supports for the indices are at 17,180 and
16,890 and 5,100 and 5,020. Expect indices to encounter resistance at 17,500 and
17,740 and 5,240 and 5,330. Hold longs if indices sustain above last week highs.
The week ahead will not only usher in a new year but also a new decade.

If present Nifty companies maintain 10.5 per cent CAGR of EPS through out the
next decade, Nifty — by 2020 — can either touch 17,600 in the bullish senario
with P/E of 28 or 6600 in the bearish case with P/E of 10.5. Nifty can touch
10,100 by 2020, even if present P/E of 18 is maintained in the next ten years.

The market is most dangerous when it looks best; it is most inviting when it
looks worst. Don't buy in a hurry-investigate each stock thoroughly before
buying.

Futures & Options
Despite the holidays, the derivative segment witnessed robust volumes during the
week ended. Overall open interest rose sharply by nine per cent to nearly Rs
1,30,000 crore reflecting the underlying bullish undertone.

Nifty OI PCR at 1.48 indicates that further bear squeeze is not ruled out and
that 5,050-5,100 band will be a good support zone.

Among the stock futures looking good for further gains in January series are
Ashok Leyland and Tata Motors from the autos; Hotel Leela and Indian Hotels from
hospitality; Ranbaxy, Biocon and Sun Pharma from pharma; BEML, BHEL, Crompton
Greaves and L&T from capital goods; HCC, IVRCL and Reliance Infra from
infrastructure; Tata Steel, Hindalco and SAIL from metals.

Side counters which are likely to attract heightened attention are EKC, Aditya
Birla Nuevo, Siemens, GTL, PTC and Opto Circuits. Cement stocks are witnessing
renewed buying. Buy ACC for a target price of Rs 950. Good long build up seen in
realty counters. Hold positions for further gains. Power and infrastructure
counters are witnessing good rollovers. Stay invested for present.
With the week ahead dotted with holidays and that many market participants are
on vacation, it can be an unpredictable week with stock specific moves amidst
low volumes.

Low trading volumes tend to compound small moves, causing high market
volatility. Take a break and enjoy holidays.

Stock scan
AIA Enginee-ring is the world's second largest manufacturer of high chro-me mill
internals and specialises in their design and installation in cement, mining and
thermal power ind-ustries. Powered by steady demand, the company has posted good
results for the first half of current fiscal. Buy on declines for a price target
of Rs 500.

Sterlite Technologies, formed out of the demerger of telecom division of
Sterlite Industries, in 2000 is one of the largest producers of optical fiber
and telecom cables and power transmission conductors. It has undertaken
aggressive expansion without any increase in debt-equity ratio leading to a
significant rise in operating margins.

Despite a rally in the stock price, it is trading at a discount to its three
year median P/E. Buy on declines for a target price of Rs 500.

FDC is a debt-free pharma firm with a presence in oral rehydration salts
(Electral brand), ophthalmic, anti-infectives, derma, respiratory and
hae-matinics segments. Sources said the company has bagged large contract
manufacturing orders. Buy at the current levels for target price of Rs 100.

Orbit Corp has raised funds through QIP route and is expected to launch four new
projects in one year. Focus on volume and visibility of earnings from existing
projects make the stock a good bet from realty space. Buy for target price of Rs
400 in medium term.

As we move into 2010, an important lesson learnt from 2009 is: "If you wait too
long to buy, until every uncertainty is removed at the bottom of a market cycle,
you may be left waiting forever. Any time is a good time to invest, so long as
you pick stock diligently.

Wishing our readers a very happy and prosperous new year.

C. Kutumba Rao is a Hyderabad-based stock market analyst. The views expressed
and the recommendations made are those of the author. Readers are strongly
recommended to consult their financial advisors before making any financial
investments. This newspaper is not liable for investment decisions made on the
basis of recommendations in these columns.

source : deccan.com

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BSE NSE Outlook for 21-24 Dec 09

Market will be extremely volatile with downward bias

As the market enters the expiry week the market looks extremely volatile, with clear down side movement

The S&P CNX Nifty closed below the psychological 5000 level during 18^th December 2009. All throughout the week the market was volatile with negative close on each day. For the full week ended 18^th December 2009 the nifty fell 129.60 points to close at 4987.70 on Friday. Speculation that the Reserve Bank may tighten monetary policy and the expectation of CRR hike further dented the market during the day. In the futures and option (F&O) front the market traded mix with rather mix signals although the overall trend was negative. The average volume in the F&O segment during the week under review stood higher at Rs 72936.35 crore. The nifty December future added 2.74 lakh shares in open interest (OI) to take the total OI to 2.45 crore shares while the nifty January future added 5.80 lakh shares in OI on Friday 18^th December 2009 to take the total OI to 34.89 lakh shares. All throughout the week the nifty December future shed OI to the tune of 25.93 lakh shares.

On the stock futures front most of the frontline stock futures shed December OI with simultaneous increase in OI in the January series. Most of the OI increase in January series was due to fresh short positions being created. December stock futures overall shed 2.04 crore shares in OI on Friday while 2.87 crore shares OI was added in the January stock futures. Reliance, Tata Steel and Tata Motors shed 4.58 lakh shares, 21.41 lakh shares and 27.37 lakh shares in OI during the week under review. ICICI Bank, Sail, Bharti, Rcom and Maruti also shed OI during the week.

Reliance January OI increased by 1.82 lakh shares to take the total OI to 7.96 lakh shares, January series Tata Steel and Tata Motors OI increased by 2.04 lakh shares and 6.42 lakh shares to 26.14 lakh shares and 28.15 lakh shares respectively. January series ICICI Bank OI increased by 5.40 lakh shares to 24.07 lakh shares, while Bharti OI increased by 1.77 lakh shares to 22.91 lakh shares.

In the nifty option front there were negative signals as fresh call writing was observed in the 4900 to 5200 strikes. Besides 4800 and 4900 strike puts witnessed fresh addition of OI.

Volume in the Futures & Options segment of the NSE (Turnover (Rs. Crore.)
Date	Index Futures	Stock Futures	Index Options	Stock Options	Total
27-Nov-09	24665	19895	49581	1934	96075
30-Nov-09	17464	17199	30912	1973	67548
1-Dec-09	12606	17793	28166	2091	60657
2-Dec-09	11866	19831	22893	2126	56715
3-Dec-09	14559	18200	25938	1964	60660
4-Dec-09	17412	17490	34873	1756	71531
7-Dec-09	14002	14780	27395	1864	58041
8-Dec-09	17641	17741	31994	2052	69429
9-Dec-09	15259	16937	27174	1945	61314
10-Dec-09	14415	15059	26852	1658	57983
11-Dec-09	17440	16121	35873	1898	71332
14-Dec-09	16342	15212	40475	1666	73694
15-Dec-09	15450	16638	35621	2013	69721
16-Dec-09	16824	17380	39950	1977	76131
17-Dec-09	16561	16550	38810	1777	73698
18-Dec-09	15397	15584	38544	1912	71437
Source: NSE

Overall the market wide OI on Friday stood at 192.97 crore shares, thus gaining by 1.86 crore shares as compared to the previous trading day, however OI increased by 9.76 crore shares as compared to the previous week. Increase in week-on-week OI was due to increased activity in Stock futures and option segment whose OI increased by 4.44 crore shares and 4.49 crore shares respectively on a week-on-week basis. (See table OI breakup).

Open Interest (OI) break-up as on 18th December 2009
	Open Interest (OI)*	Change**
Market wide	192.97	1.86
Index Future	3.13	0.12
Stock Future	145.77	0.85
Index Options	12.79	0.24
Stock options	31.28	0.66
* No of shares in crores ** Change is vis-à-vis previous day Source: NSE

Fresh aggressive call writing was witnessed in the 4900, 5000, 5100 and 5200 strike thus indicating bearish tone. The OI of these strikes increased by 2 lakh shares, 11.7 lakh shares, 7.53 lakh shares and 3.73 lakh shares respectively. However there was some put writing as well on 4800 and 4900 strikes. In the January series there was call writing at 5000 and 5100 and 5400 strikes, while there was aggressive put buying in the 4800, 4900 and 5000 strikes. (See most active Nifty options table).

Most active Nifty options (December series)
	OI
Call
Nifty 4900	1656700
Nifty 5000	4525150
Nifty 5100	7719150
Nifty 5200	7200250
Put
Nifty 4800	4730500
Nifty 4900	4937300
Nifty 5000	4780150
Nifty 5100	2197850
Source: NSE

Top 10 Open Interest (OI) gainers in December series stock futures on 18th December 2009

Scrip Name	OI*	Change*	% Change
ASIANPAINT	14800	4200	40
CROMPGREAV	489000	70000	17
DRREDDY	546000	60000	12
TITAN	89404	7416	9
MCDOWELL-N	901250	54250	6
LUPIN	418600	24500	6
RECLTD	2460900	142350	6
IDEA	31986900	1830600	6
BALRAMCHIN	18703200	1034400	6
BAJAJHIND	12749475	646950	5
* No of shares Source: NSE

Top 10 Open Interest (OI) losers in December series stock futures on 18th December 2009

Scrip Name	OI*	Change*	% Change
GLAXO	36900	-54900	-60
GTL	2845500	-701250	-20
APIL	534000	-79200	-13
PANTALOONR	2868750	-386750	-12
CAIRN	10205000	-1265000	-11
INFOSYSTCH	2638800	-319000	-11
ROLTA	2500200	-300600	-11
BHEL	1572300	-177600	-10
OFSS	420600	-47100	-10
CONCOR	6750	-750	-10
* No of shares Source: NSE

As the market enters the expiry week the market looks extremely volatile, with clear down side movement.

Source : CapitalMarket

Bought to you by

Ingenious Investor

Equity Research Division

Ravina Consulting

No.429 Mahavir Tuscan

Near Hoodi Circle, Whitefield

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BSE NSE Weekly Review 18 Dec 09

Sensex lost 2.3% to end at 17,720 while the Nifty fell 2.5% to shut shop at 4,988. Bears seem to tighten their grip over the Indian bourses, which was otherwise quite lackluster. The Nifty lost nearly 4% from its 52-week high, which it rose to during the previous week. Murky economic outlook, worry of soaring food prices and possible interest rates hike continued to weigh upon the sentiment. For the week, the BSE Sensex lost 2.3% to end at 17,720 while the NSE Nifty fell 2.5% to shut shop at 4,988. The BSE Sensex hit an intra-week high of 17,275 and low of 16,899 while the NSE Nifty hit an intra-week high of 5,156 and low of 4,979 The top gainers: The top gainers in the Sensex were Ranbaxy Labs (up 6.5%), ACC (up 5.5%), Cipla (up 4.7%), Wipro (up 4.7%) and Tata Motors (up 3.1%). The Top Losers: The top losers in the Sensex were HDFC Bank (down 6.8%), DLF (down 6.7%), ICICI Bank (down 6.4%), Reliance Industries (down 5.9%) and SBI (down 5.3%). The BSE IT Index (up 3%): The top gainer in the IT sector was HCL Tech. The stock rose over 5% during the week. A report released by IIFL during the week stated that, “HCL Tech’s US$ organic revenue growth in 2QFY10 was ~10ppt higher than that of its peers Infosys, TCS and Wipro, thanks to its aggressiveness in bidding for new deals in a tight demand environment. Margins, on the other hand, have been under pressure because of acquisitions, a struggling BPO business and deal ramp ups. However, we see relatively better margin tailwinds as large deal rampups stabilise and integration synergies come to the fore. Also, after a year of volatile hedging, the company’s new forex policy indicates stability. Valuations are at ~30% to 45% discount to peers against the historical average of ~17% to 25%. We upgrade our recommendation to ADD”. Wipro surged over 4.5% during the week after reports stated that the company entered into a partnership for an out-tasking of testing services with Telefonica, Germany. TCS gained 3% during the week. According to reports, the company has emerged as the sole bidder for the modernisation and outsourcing contract of UK government’s pension body. Sasken Communication (up 4.7%) and Mphasis (up 4%) were among the other notable gainers. The top losers were Mahindra Satyam (down 9.1%) and Financial Tech (down 3.3%). The BSE Consumer Index: The top losers in the Consumer Durables space were Samtel Color (down 7%), Su-Raj Diamonds (down 3.5%), Whirlpool (down 2.4%), Blue Star (down 2.2%) and Videocon Industries (down 0.6%). The BSE Healthcare Index (up 3.8%): The top gainer in the Pharma space was Dr Reddy's Labs. The stock rose over 9%. The company launched omeprazole, a generic version of AstraZeneca's Prilosec, in the United States. Ranbaxy Labs advanced 6.5% during the week. The company reportedly sold as many as 5 lakh shares of Orchid Chemicals through a bulk deal on Tuesday, well before the latter announced the sale of its generic injectables business to US firm Hospira. Lupin (up 5%), Cipla (up 4.7%) and Sun Pharma (up 4.3%) were among the other major gainers. The top losers were Marksans Pharma (down 4.6%), Astrazeneca Pharma (down 3.3%), Torrent Pharma (down 2.8%) and Pfizer (down 2.3%). Wockhardt shares fell 3.3% during the week. According to reports the tie-up between Kamineni Hospital and the company to run two hospitals seems to be heading for a split. Piramal Healthcare ended lower by 0.6% during the week. A report released by IIFL during the week stated that, “Piramal Healthcare, being one of the largest players open to inorganic growth, would be one of the prime beneficiaries from potential consolidation in the fragmented domestic pharma market. With problems in the CRAMS business easing off, we expect stable growth ahead. The global critical-care business, expanded through recent acquisitions, is strategically well-positioned to take off over the next 3-6 quarters, with increasing market share in existing markets and launches in new markets. The pathology laboratories business is a less well-known growth driver for the medium to long term. We initiate coverage on Piramal Healthcare with BUY rating and price target of Rs492”. The BSE Banking Index (down 5.6%): Disappointing advance tax numbers by banking heavyweights like ICICI Bank and SBI dampened the sentiment; both the stocks fell 2% and 1.6% respectively. The top losers in the banking space were Andhra Bank (down 10%), Allahabad Bank (down 8.2%), Bank of India (down 7.1%), Axis Bank (down 6.9%) and HDFC Bank (down 6.8%). The BSE Auto Index (up 0.2%): The top losers in the auto space were Ashok Leyland (down 4.8%), Maruti Suzuki (down 2.7%), Swaraj Mazda (down 2.4%), Hindustan Motors (down 2%) and Bajaj Auto (down 1.2%). The top gainers in the auto space were Tata Motors (up 3.1%), M&M (up 2.4%) and Hero Honda (up 0.2%). A report released by IIFL during the week stated that, “Most automakers’ margins peaked in 2QFY09. Going forward, increase in commodity prices will put pressure on margins. Furthermore, these cost increases will be difficult to pass on to customers, given: 1) the imminent increase in excise duty rates; and 2) the inevitable increase in costs due to adoption of new emission standards (two-wheelers are already compliant with the most stringent emission norms). On the other hand, a preliminary analysis of the GST code suggests that its adoption could offer auto companies some margin respite. As changes in excise duty and emission norms do not affect prices of tractors, Mahindra & Mahindra (M&M) is the best-placed in this respect. CV companies have already increased prices by ~6% in the past 12 months and hence could find it difficult to raise prices further. We continue to prefer consumption-led stories on the rural side—Hero Honda and Bajaj Auto”. The BSE Oil & Gas Index (down 4.1%): The top losers in the oil & gas space were IOC (down 7.2%), Reliance Industries (down 5.9%), HPCL (down 4.7%), BPCL (down 4.3%) and Jindal Drilling (down 2.1%). The top gainers in the oil & gas space were Gujarat NRE Coke (up 9.1%) and Essar Oil (up 0.4%). The BSE Capital Goods Index (down 1.4%): The top losers in the Capital Goods were Esab India (down 6.5%), Aban Offshore (down 5.4%), Astra Microwave (down 4.8%), Alfa Laval India (down 4.5%) and Alstom Projects (down 3.7%). The top gainers in the Capital Goods space were HEG (up 18.8%), Greaves Cotton (up 12.8%), Ingersoll Rand (up 10.6%), Jyoti Structures (up 5.5%) and Lakshmi Machine (up 2.7%). The Cement Sector: The top gainers in the cement sector were Mangalam Cement (up 15.5%), ACC (up 5.5%), Ultratech Cement (up 4.5%), Dalmia Cement (up 4.2%) and Gujarat Sidhee (up 1.5%). According to a report released by IIFL during the week, “All-India despatches increased 8.8% YoY in November 2009 (YTD growth at 10.7%). • Central region recorded 17% YoY despatch growth, with a rebound in infrastructure spends. South continues to lag. • All-India capacity utilisation declined 230bps YoY to 81%, primarily on account of sharp increase in capacities in the south. • We continue to be negative on south-based companies and positive on north-based companies.” The Telecom Sector: The top losers in the telecom space were Shyam Telecom (down 8.2%), RCom (down 6.3%), Gemini Comm (down 5.9%), Himachal Futuristic (down 5.4%) and MTNL (down 4.9%). Bharti Airtel lost 4.1% during the week. The company is reportedly looking to acquire a controlling stake in phone operator Warid Telecom, Bangladesh. The Realty Sector (down 5.5%): The top losers in the Realty index were Unitech (down 7.4%), DLF (down 6.7%), Mahindra Lifespace (down 6.4%), Ansal Props (down 5.4%) and Omaxe (down 4.2%). The Metals sector (down 1.2%): The top losers were Jindal Steel (down 5%), Lloyds Metals (down 4.1%), Bhuwalka Steel (down 3.5%), Ispat Industries (down 3%) and Tata Metaliks (down 1.4%). The top gainers were Tata Sponge (up 5.4%), Tata Steel (up 3.1%), SAIL (up 1%) and Sunflag Iron (up 1%). Bhushan Steel added 1% during the week. The company is reportedly planning to increase prices of its products by up to Rs1,500 a ton next month. Source IIFL Bought to you by Ingenious Investor Equity Research Division Ravina Consulting No.429 Mahavir Tuscan Near Hoodi Circle, Whitefield Mahadevapura Post BANGALORE 560048 Read - www.ingeniousinvestor.blogspot.com Follow us - www.twitter.com/smartinvestor