Buy sterlite industries @ CMP Target 660,680,700 |
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Gives Information about stock movements in Bombay stock Exchange(BseIndia) Bse ,National Stock Exchange (NseIndia Nse) and stock market tips.
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Buy sterlite industries @ CMP Target 660,680,700 |
Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. |
The shares, which started trading at 92 rupees, fell 10 percent to 91.8 rupees as of 2:37 p.m. local time. They touched 90 rupees earlier versus the offer price of 102 rupees apiece.
The Noida, Uttar Pradesh-based company sold 16.5 billion rupees ($352 million) worth of new shares and parent Jaiprakash Associates Ltd. sold 60 million shares. Retail investors got shares at 5 percent discount, according to Jaypee.
The builder of highways, industrial and residential complexes will use the proceeds to part finance an expressway by the river Yamuna that will connect the cities of Greater Noida and Agra and five townships along the way. The company will earn revenue from collecting toll for 36 years and developing real estate, Chairman Manoj Gaur said in Mumbai earlier this month.
Indian construction companies and property developers, including Reliance Infratel Ltd., Lodha Developers Ltd., Prestige Estates Projects Ltd., Sahara Prime City Ltd., Emmar MGF Land Ltd. and Ambience Ltd. have sought regulatory approval to sell shares for the first time.
To contact the reporter on this story: Paresh Jatakia in Mumbai at pareshj@bloomberg.
India's benchmark stock index fell, on course for its worst month since January, as Europe's sovereign debt crisis and rising U.S. jobless claims prompted investors to withdraw funds from riskier assets.
Sterlite Industries (India) Ltd., the largest copper producer, dropped 1.6 percent as metal prices tumbled. Wipro Ltd., India's third-largest software-services provider, declined to the lowest in two weeks. The nation's largest software exporters get more than a fifth of their sales in Europe.
"Global risk aversion has increased among investors," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services Ltd. in Kochi, southern India. "The global markets are under a lot of pressure. We have advised our clients to book profits in mid and small-cap stocks."
The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 74.07, or 0.5 percent, to 16,445.61, taking its loss this week to 3.2 percent. The gauge is poised for its worst monthly performance since January's 6.3 percent slide.
The S&P CNX Nifty Index on the National Stock Exchange lost 0.3 percent to 4,931.15. The BSE 200 Index retreated 0.6 percent to 2,089.54.
Prices Tumble
Sterlite declined 1.6 percent to 641.65 rupees. The stock has slid 22 percent since the end of April and is poised for its worst monthly performance since October 2008. Commodities, measured by the Reuters/Jefferies CRB Index of 19 raw materials, slumped to an eight-month low yesterday.
Wipro dropped 1.9 percent to 641.7 rupees. Tata Consultancy Services Ltd., the largest software services exporter, slid 1.6 percent to 718.7 rupees, its lowest close in more the four months.
India's rupee fell past 47 per dollar for the first time this year, set for the worst week since 1995.
"Economic-growth rates are coming under threat globally due to the European debt crisis and this has triggered an erosion of investor confidence," said R.V.S. Sridhar, senior vice president at Axis Bank Ltd. in Mumbai.
Overseas investors sold a net 14.7 billion rupees ($320.4 million) of Indian equities yesterday, reducing their total purchases of the stocks this year to 245.9 billion rupees, according to the nation's market regulator.
Inflows from overseas reached a record 834.2 billion rupees in 2009, exceeding the high set two years earlier in domestic currency terms, as the biggest rally in 18 years lured foreign funds. They sold a record 529.9 billion rupees of shares in 2008, triggering a record annual decline.
The following were among the most active on the exchange:
Abbott India Ltd. (BOOT IN), the local unit of Abbott Laboratories, advanced 3.4 percent to 1,095.8 rupees. Its parent agreed to buy Piramal Healthcare Limited's Healthcare Solutions unit for $3.72 billion. Piramal (PIHC IN) sank 12 percent to 502.75 rupees.
ITC Ltd. (ITC IN) added 3.4 percent to 271.3 rupees. India's biggest cigarette company said fourth-quarter profit rose 27 percent from a year earlier to 10.3 billion rupees on higher tobacco sales.
Jaypee Infratech Ltd. (JPIN IN) dropped 10 percent to 91.45 rupees as the unit of India's biggest builder of dams commenced trading. The company raised 22.6 billion rupees selling 60 million shares to the public at 102 rupees a piece.
Wockhardt Ltd. (WPL IN) sank 7.2 percent to 119.9 rupees after the drugmaker reported a net loss of 5.6 billion rupees in the fourth quarter.
To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.
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Most of the Gold ETF`s are in the process of forming double top which when confirmed can be a bearish sign
Holders should remain alert and watchful
Fresh buying should be strictly avoided till the price breaches earlier top
Personally I am getting out of my Gold ETF may be for a long time to come