Thoughts from the Markets
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Pay for parents' health, get tax benefits
In his Budget speech, Finance Minister P Chidambaram said that individuals who pay for the medical health insurance of their parent or parents would be given further tax exemption. According to the proposal, an individual tax payer would be allowed an additional deduction of up to Rs 15,000 on any payment made for the health insurance for his or her parents.
Budget very positive for banking sector: HDFC
The Union Budget was presented in Parliament today. Deepak Parekh, Chairman, HDFC said the Budget was fair and balanced and is very positive for the banking sector. He told CNBCTV18 that the valuations of banks will go up, they will writeoff loans and get reimbursement from the government.
Mkts going through small uncertainty period: Envision
Nilesh Shah of Envision said a lot of price damage has already been done. "The markets during January and till midFebruary have corrected about 25% from their peak. That\'s broadly in line with among worst performing markets like China and Hang Seng," he said adding that it's a small period of uncertainty that Indian markets are going through.
Mkts quite undecided preBudget: Karvy Stock Broking
Speaking to CNBCTV18 Ambareesh Baliga of Karvy Stock Broking said it seems market is undecided before the Budget and people don't want to take any positions now nor are they keen to sellout either
Decoupling has begun to emerge globally: O(x)us Invst
Surjit Bhalla, Chairman of O(x)us Investments said the interest rates in India need to come down, reports CNBCTV18. Equity markets around the world have turned around, he said. Bhalla sees decoupling beginning to emerge globally. He is positive about global equity markets including India.
ICICI Sec has Sensex target of 25,500 by \'08 end
Girish Pai of ICICI Securities said they have a Sensex target of 25,500 by 08 end. According to him, the January lows should be the base for markets. Pai said that interest rates may come off post March and that a global slowdown may affected commodity prices with a lag effect. He likes domestic oriented sectors like banks and consumer staples.
Mkts to drift if Budget fails to provide cues: Brics Sec
Anand Tandon, Director Equities, Brics Securities told CNBCTV18 that the markets have not factored any expectations from the Budget as far as pricing is concerned. In case of no specific cues from the Budget, the markets would drift in fact, fall lower, Tandon feels.
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Budget unlikely to impact mkts much: Motilal Oswal Sec
Raamdeo Agrawal of Motilal Oswal Securities said the market might see strength after the Budget. \"The Budget is unlikely to have any major impact on the market. The government may focus on agricultural growth in the Budget this time,\" he told CNBCTV18.
Investors cautious before Budget
Markets are approaching the Budget and the FO expiry. There is still a lot of caution among the dealers because the larger investors are still on the sidelines though there is a buying coming in from the FIIs as well as the domestic mutual funds who have been net sellers in the last few.
Mkt sustainability is a big question: Stockmechanics.com
Hitendra Vasudeo of Stockmechanics.com said thought the markets may see some spurt, the sustainability is a big question mark. He added that gap up openings are not really ideal for trading. "So if you're a slightly broader timeframe investor or trader, then use this rally to actually get into cash at higher levels," he said.
Why is Power Grid replacing Bajaj Auto in Nifty?
Power Grid will replace Bajaj Auto in Nifty from March 14. Bajaj Auto may be going out due to the fall seen in the stock and the demerger which will take place in March. Power Grid is coming in the index is as it has a huge marquee name and a market cap close to Rs 46,000 crore, said CNBCTV18 Analyst Raja Rajeshwari.
Are mkts poised for a breakout?
According to CNBCTV18\'s Anichya Shah, feels that market internals are in a positive fray right now. But it is still not the whole lot; the way it was in the past breakouts, he said. According to Shah, it should be interesting considering volumes have builtup and the rollovers have picked up.
Rationalisation of excise duties likely in Budget: Religare
Sangeeta Purushottam of Religare Securities said we are likely to see some rationalisation of excise duties in the Budget. However, she doesn\'t see major negative surprises for markets. According to her, there is room for cutting excise duties in the auto sector and a reduction in dividend distribution tax and some relief in FBT may be seen.
Mkt momentum may continue postBudget: Edelweiss Cap
Naresh Kothari, Edelweiss Capital feels that the markets may rally around the Budget. He is not sure how the Budget would turn out to be a nonevent or a populist one. He feels that unless there is anything that the market senses as \'negative\', the markets may sustain its shortterm momentum, postBudget as well.
Mkts need timebased correction: Kotak Sec
Shashank Khade, Kotak Securities doesn't see the Budget really causing too much of positive surprise. He adds that the markets are clearly ahead of time, based on FY09 though the upsides are muted in the markets even at these levels.
Use every dip to buy for investment, not trading: Baliga
Ambareesh Baliga of Karvy Stock Broking feels the markets could move up from here. "Possibly about 400500 points form here in the next two days," he added. Baliga feels investors should buy midcaps only if they have a long term view on the stocks but otherwise stick to largecaps stocks which are available at very decent discounts.
KIM ENG Secs bullish on JMC Projects, 3i Infotech
Jigar Shah, Senior VPHOR, KIM ENG Securities said his top midcap picks are JMC Projects and 3i Infotech. Shah told CNBCTV18 that he is bullish on JMC Projects as it has done well over the last three years and is inching towards a turnover of Rs 1,000 crore. 3i Infotech is holding strong against the negative sentiment in the IT sector.
Interest rate cycle has peaked out: UBS
Manishi Raychaudhuri of UBS Securities said there's no conviction among investors due to global uncertainly and that markets are likely to be rangebound for next 12 months. He added that the interest rate cycle has peaked. According to him, markets are at 17.5 times 1year forward PE and that they see 2022% earnings growth in next 23 years.
UTI AMC, JSW, Rel Infratel IPOs in pipeline: ISec
Murugappan, Head of Equities of ICICI Securities believes Q4 earnings could be a trigger for market upswing. He expects to see new highs towards the end of the year, he told CNBCTV18. He is positive on capital goods at the current levels, and he doesn\'t see an earnings slowdown. UTI AMC, JSW, Reliance Infratel IPOs are in the pipeline, he said.
Even slight positive news may boost mkts: Dimensions Cons
Ajay Srivastava, Dimensions Consulting feels that there is currently a lack of investor interest in the markets. He has no expectations from the Budget. He feels even a small positive news at the moment is capable of providing a kick to the markets.
No signs of bear market yet: Edelweiss Capital
Rashesh Shah, MD and CEO, Edelweiss Capital, a bear market is not in sight till domestic GDP and corporate earnings growth slows significantly. Most negatives have been priced in, though one needs to watch out for global cues, he told CNBCTV18.
Geojit Fin Srvcs is bullish on Blue Dart, Abbott India
Gaurang Shah of Geojit Financial Services is bullish on Blue Dart and Abbott India from the midcap space. Blue Dart has launched a new surface express product in CY07 called Dart Surfline, which is expected to grow 4045% per annum, he told CNBCTV18. Abbott India\'s numbers are in line with expectation, he added.
Rel Power exbonus range to be Rs 440460: SP Tulsian
SP Tulsian, sptulsian.com feels that the basis of valuation for Reliance Power has to be purely on the earning basis and the book value method. According to Tulsian, till the share goes exbonus which is likely in the first week of April, it should rule anywhere between Rs 430475.
Rel Power\'s generous unusual offer surprising: PN Vijay
Portfolio Manager PN Vijay said that he has been surprised by the generous and unusual offer by Reliance Power. He feels that there may have been a slight bitterness about merchant bankers; the stock prices were valued by them. In a way, it\'s a good case study for all, he said.
Bullish on JP Associates, GMR Infra: Emkay Stock Brokers
Ajay Parmar, HoR, Emkay Stock Brokers, is bullish on JP Associates, GMR Infra, and Punj Lloyd. In the nearterm, he told CNBCTV18, there is a immense value to be unlocked in JP Associates. \"GMR Infra's Hyderabad Airport will begin operations by March. Punj Lloyd's Sembawang EC has been awarded a major turnkey contract worth Rs 17.7 billion.
Interest rates to soften in Q1 FY09: Edelweiss
Vikas Khemani of Edelweiss, said India would start seeing some sort of softening in rates in Q1 FY09. He is not bearish on the market. "After the recent debacle, interest is coming back. FIIs have been positive in February. Valuations are also looking reasonable. But confidence will come back slowly," he told CNBCTV18.
Mkts may consolidate further, won\'t correct now: Kotak Sec
Shashank Khade, VPPortfolio Management Services at Kotak Securities feels that one needs to go through these next threesix months probably in a range bound manner in the markets. If one can go through that, there are enough institutional investors who would probably take calls in the Indian stocks, he said.
India\'s GDP to grow at 7.58%: ICICI Pru Life
Puneet Nanda, CIO, ICICI Prudential Life Insurance expects a stable scenario in the market, amid global uncertainty. He told CNBCTV18 that further weakness should be expected if there is some bad news from Europe. He sees the GDP growth at 7.58%; adding that India would still be one of the fastest growing economies.
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Mutual fund NAVs end mixed with positive bias
Equity diversified NAVs ended mixed with positive bias as it was a very quiet day for the markets as not much excitement was witnessed through out the day despite it being the last day of FO expiry.
Quantum Gold Fund debuts at Rs 615.11
Quantum Gold Fund has debuted at Rs 615.1071 per unit as against a face value of Rs 100 per unit.
AIG Infrastructure Economic Reform debuts at Rs 10.117
AIG Infrastructure and Economic Reform Fund has debuted at Rs 10.117 per unit as against a face value of Rs 10 per unit.
Dalal Street brokers singing AM tune
Brokers on Dalal Street are now singing the asset management tune. Motilal Oswal manages a customer\'s entire wealth creation and management needs. Needs that have perhaps driven the company to now apply for its own asset management license.
Reliance Natural Resources Fund debuts at Rs 10.1462
Reliance Natural Resources Fund has debuted at Rs 10.1462 per unit as against a face value of Rs 10 per unit.
ING Vysya Domestic Opportunities declares 30% dividend
ING Vysya Domestic Opportunities Fund has declared a dividend of 30%, for which the record date is February 29, 2008.
DSPMLTax Saver declares maiden dividend of 36%
DSPML Tax Saver Fund has declared a maiden dividend of 36%, for which the record date has been fixed as February 29, 2008.
ABN AMRO Tax Advantage Plan declares 20% dividend
ABN AMRO Tax Advantage Plan (ELSS) has announced a dividend of 20%, for which the record date is February 29, 2008.
Fund Action witnessed in stocks in February
In February, significant fund action was witnessed in NIIT, OnMobile Global, Tube Investment, Bharati Shipyard, Navneet, and Emco.
Kotak 30 declares 30% dividend
Kotak 30 has declared a dividend of 30%, for which the record date is February 28, 2008.
Principal Personal Taxsaver declares 200% dividend
Principal Personal Taxsaver Fund has announced a dividend of 200%, for which the record date has been fixed as February 26, 2008.
Infosys Technologies dips further
Infosys Technologies has slipped further. At 12:48 pm, the share was quoting at Rs 1,545, down Rs 54.35, or 3.4%. It was trading with volumes of 440,280 shares. Yesterday the share closed down 1.21% or Rs 19.55 at Rs 1,599.35.
Bajaj Auto gears up
At 12:41 pm, Bajaj Auto was quoting at Rs 2,295.05, up Rs 75.45, or 3.40%. It has touched an intraday high of Rs 2,319 and an intraday low of Rs 2,175. It was trading with volumes of 19,594 shares. Yesterday the share closed up 1.98% or Rs 43.20 at Rs 2,219.60.
SBI slips further
At 11:51 am, State Bank of India, SBI was quoting at Rs 1,990, down Rs 48.7, or 2.39%. It was trading with volumes of 136,162 shares. Yesterday the share closed down 2.11% or Rs 43.85 at Rs 2,038.70.
Bank Of Baroda continues to down
At 11:49 am, Bank Of Baroda was quoting at Rs 345.30, down Rs 13.65, or 3.8% on the Nifty. It has touched an intraday high of Rs 361 and an intraday low of Rs 340. It was trading with volumes of 117,872 shares. Yesterday the share closed down 3.00% or Rs 11.10 at Rs 358.95.
Punjab National Bank continues to down
Punjab National Bank has continued to down. At 11:44 am, the share was quoting at Rs 567.55, down Rs 13.75, or 2.37%. It was trading with volumes of 21,837 shares. Yesterday the share closed down 2.77% or Rs 16.55 at Rs 581.30.
NIIT makes smart gain
At 11:01 am, NIIT was quoting at Rs 125.45, up Rs 4.55, or 3.76%. It was trading with volumes of 222,890 shares. Yesterday the share closed up 1.77% or Rs 2.10 at Rs 120.90.
Educomp Solutions moves up smartly
At 10:41 am, Educomp Solutions was quoting at Rs 4,498, up Rs 132.45, or 3.03% on the NSE. It was trading with volumes of 57,634 shares. Yesterday the share closed up at Rs 4,365.55.
Suzlon Energy plunges 4%
Suzlon Energy has slipped further. At 10:07 am, the share was quoting at Rs 286.50, down Rs 11.7, or 3.92%. It was trading with volumes of 269,121 shares. Yesterday the share closed down 1.81% or Rs 5.50 at Rs 298.20.
SAIL makes a solid gain
At 2:57 pm, Steel Authority of India, SAIl was quoting at Rs 251.30, up Rs 7.95, or 3.27%. It has touched an intraday high of Rs 252.95 and an intraday low of Rs 242. It was trading with volumes of 1,671,613 shares. Yesterday the share closed down 0.84% or Rs 2.05 at Rs 243.35.
SBI top loser on NIfty
State Bank of India, SBI top gainer on the Nifty. At 2:34 pm, the share was quoting at Rs 2,014.10, down Rs 73.8, or 3.53%. It has touched an intraday high of Rs 2,096 and an intraday low of Rs 2,013.30. It was trading with volumes of 672,073 shares. Yesterday the share closed down 1.72% or Rs 36.60 at Rs 2,087.90.
Hero Honda reduces prices on all models
Hero Honda reduces prices on all models, ranging from Rs 1000/ to Rs 2400/
Bajaj to focus on 125cc + motorcycles, exports
Epson introduces new wireless projector
Epson, the world leader* in data projectors, has unveiled the EPSON EMP1825 multimedia business projector. As an upgrade model, the latest business projector from Epson features significant improvements to its wireless and PCless features, while maintaining the same compact design
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TCS launches initiative to harness talent from North East
TCS, a leading IT services, business solutions and outsourcing organization, announced that the company had undertaken a major new initiative to harness and develop the intellectual capital available in the NorthEast of the country. TCS is the first Indian IT company to create a dedicated program to tap the talented professionals from this area.
JK Tyre reduces the prices by 2% on all categories
JK Tyre reduces the prices by 2% on all categories. This reduction is applicable for entire range of our products Viz. Truck Bias, Truck Radial, LCV Radial, LCV Bias, Car Radial, Car Bias and Farm Tyres..
BoB revises interest rates on FCNR (B),NRE term deposit
Bank of Baroda revises interest rates on FCNR (B) NRE Term Deposits effective from 03March2008
NetMagic enchant digital satellite radio network;WorldSpace
WorldSpace Inc., has chosen NetMagic's host of services to enhance the operational efficiency of their customer care and billing application. The company selected NetMagic as their partner in this endeavor due to NetMagic's quality services and professionalism
Gartner: IT Leaders must place IT modernization
Gartner says IT Leaders must place IT modernization at the core of their 2008 objectives
Symantec Sols offer infrastructure portfolio to Windows
Symantec Solutions offer complete infrastructure portfolio to secure and manage Windows
Bajaj Auto Feb total 2whlr sales at 1.59 lakh units
Bajaj Auto has announced its February sales numbers. It has sold a total 1.59 lakh 2wheelers in February 2008 as against 1.74 lakh units in February 2007. Its Bike sales stood at 1.58 lakh units versus 1.71 lakh units.
Pharma, auto, FMCG sectors positively impacted
The Finance Minister P Chidambaram unveiled his 5th for the UPA government. The major highlight of the budget was Rs 60,000 crore waiver of loans for small and marginal farmers. There were some positive steps taken in direct taxes front
Britain tightens immigration norms
It's being called the biggest overhaul in the British Immigration System. From Friday, the first stage of the new points based system came into force. Depending on the type of worker you are, your entry to the UK will be determined under five tiers.
RollsRoyce facility for trent engines will be Double First
RollsRoyce facility of the future for Trent Engines will be 'Double First' for Singapore Asia
Air Arabia net profit soars to AED 376mn with 272% gwth
Air Arabia achieved a net profit of AED 376 million for the financial year ending December 31, 2007 as against a net profit of AED 101 million in 2006, an increase of 272%.
BMC Software continues mainframe's integration into BSM
Building on more than two decades of mainframe innovation, BMC Software announced its support of IBM's new System z10 enterprise class mainframe as part of an ongoing drive to strengthen the integration of the mainframe within BMC's Business Service Management (BSM) offering.
Ramco Systems to invest Rs 90 cr in Chennai centre
Ramco Systems will invest around Rs 90 crore in a new software development centre in the heart of the city, reports Business Line. The centre (in 22 grounds) will be ready in the next 1824 months and can accommodate around 2,000 employees, Mr P.R. Venketrama Raja, Vice Chairman, Ramco, said.
IT companies put new campus recruits on bench
Leading IT companies that went on a campus hiring spree in 2007 are now left holding the baby. Sources in the recruitment industry told Business Line that all leading IT services companies have now delayed deployment of campus hires on projects by a 'few months.'
Virgin Group to launch new biz in 'communications'
This weekend, the UKbased Virgin Group is launching a new business venture that the group's Chairman Sir Richard Branson believes "will make a big difference to Indians", reports Business Line.
FM tells FIIs he\'s committed to lower tariffs in India
In his conference with FIIs post presenting the Budget for 200809, P Chidambaram said he is committed to bring down tariffs in India to ASEAN levels. On the farm loan waiver he said the government will provide the liquidity to banks. "There are many sources for the government. We will look at all the sources and come out with a plan," he added.
India growth story intact: FM
Finance Minister P Chidambaram in a postBudget press conference said that the India growth story was intact but not yet inclusive. He was confident of eliminating the revenue deficit, which currently had been brought down to 1%. He added that this deficit would require another year to be eliminated.
The budget will improve general standard of living
If you are thinking of buying your first dream car or 2wheeler, just go ahead.
Politics of economics is at play in Budget 08: Uday Kotak
Uday Kotak said the FM is trying to increase consumption demand by reducing excise duties on one hand and getting more money to the middle class by reducing taxes. Keeping in mind it's a preelection Budget, there hasn't been much of populism except for the farmer loan waiver, he said terming the Budget as politics of economics at play.
A good balance of economics & politics
First, from the fiscal perspective, the budget clearly took full advantage of the unanticipated revenue buoyancy to rein in the fiscal and revenue deficits while being quite expansive on expenditure and also reducing the basic rate of excise duty.
5-year tax holiday for setting up hospitals
Seeking to firm up the health sector in the country, Finance Minister P Chidambaran on Friday announced a five-year tax holiday for setting up hospitals anywhere in India.
Budget positive for investors: Analysts
"Overall it is a positive budget given the political compulsions. However, the increase in short-term capital gains tax and no reduction in corporate tax are sentimentally negative for capital markets," domestic brokerage firm Sharekhan Head Research Gaurav Dua said.
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