02 March 2011
Petrol Prices rise by Rs 2/litre soon
A day after the budget failed to announce any measures to stem revenue losses of state oil firms, sources in the finance ministry that petrol prices might rise once again shortly.
On the back of raving inflation and rising input costs, the prices of petrol are likely to be hiked by Rs 2 per litre.
"I hope the (global crude oil) prices will come down," IOC finance director SV Narasimhan said. He refused to say by when the company could raise petrol prices. "IOC's daily revenue loss on fuel sales now stood at Rs 216 crore," he said.
Petrol prices in India are market-linked, but diesel, cooking gas and kerosene rates are set by the federal government, which partly compensates state oil firms for their losses when global crude oil prices increase.
"I hope the (global crude oil) prices will come down," IOC finance director SV Narasimhan said. He refused to say by when the company could raise petrol prices. "IOC's daily revenue loss on fuel sales now stood at Rs 216 crore," he said.
Petrol prices in India are market-linked, but diesel, cooking gas and kerosene rates are set by the federal government, which partly compensates state oil firms for their losses when global crude oil prices increase.
01 March 2011
Nifty Mark the 5500
Indian equity benchmarks continues their upward march with the Nifty testing the 5500 level, an important psychological level, on the back of value buying in most of the beaten down shares. Auto, financial, infrastructure, oil & gas and metal were on the buyers' radar with thier respective indices up 2% to 5%, adding more than 500 points on the Sensex at 13:58 hours.
Solid growth in auto sales numbers showed that the growth momentum is still on the upward path. Consensus on the street was that the budget 2011 was neutral to positive as there were low expectations. Ridham Desai of Morgan Stanley said budget was okay, there was nothing bad in the budget.
"I think there is a sigh of relief that there is nothing untoward in the budget. He (FM) has done a decent balancing act. There were a lot of constituencies to serve."
Ridham Desai, Managing Director, Morgan Stanley said that the government’s move to allow global investors in mutual funds is very positive. Expressing his views on the budget, Desai noted that infra spending going up 27% is a big positive booster. He is expecting positive impact of 50-60 bps on earnings. However, he is little concerned on the revenue and subsidy numbers.
Specifically on the market, Desai said that an upside of 20% is expected on the indices. He has turned neutral from underweight on banks as he thinks valuations of banks and NBFCs are very good.
The budget 2011 was focused mainly on country's growth, boost to infrastructure, reduction in fiscal deficit, increase in foreign inflow and spending on better education for rising young population. It seems that the markets cheered this budget by pushing up the Nifty 170 points to 5,503.
The 30-share BSE Sensex surged 554 points to 18,378. Breadth also improved - about 1058 shares advanced as against 234 shares declined on National Stock Exchange.
Auto stocks were completely on the buyers' radar; the respective index jumped 5%, especially on the back of auto sales numbers and could be because of unchanged in excise duty. Tata Motors, M&M, Bajaj Auto and Maruti shot up 5-8%; Hero Honda was up 2%.
India's largest commercial vehicle maker Tata Motors sold 77,543 units in the month of February as against 69,427 in same period the previous year. Maruti Suzuki sold 1.11 lakh units in the month of February as against 96,650 in same period the previous year.
TVS Motor sold 1.73 lakh total 2-wheelers in February versus 1.40 lakh (YoY). M&M has reported total sales at 33,378 units as against 27,894 units (YoY).
Heavyweights Reliance Industries, TCS, Infosys, BHEL and ITC rallied 2-3%. NTPC and L&T surged 5%.
Private banks like ICICI Bank, Axis Bank and HDFC Bank shot up 4-4.5%; SBI, HDFC, IDFC, PNB and Kotak Mahindra Bank gained 2-4%. DLF from realty segment jumped 4%.
Among others, Sun Pharma, Sterlite, SAIL, Tata Steel, Hindalco, Ranbaxy, JSPL, Dr Reddy's Labs, Ambuja Cements, Cipla, Suzlon and Sesa Goa gained 2-6%.
In midcap space, Stride Arcolab, United Breweries, Glenmark, GMDC and Gujarat Gas were up 9-17% while Kirloskar Brothers, Rei Agro, Godfrey Phillip, KGN Industries and EIH fell 2-5%.
In smallcap space, KRBL, Shasun Pharma, Force Motors, Hinduja Foundries and Federal-Mogul gained 10-14% whereas Surana Inds, EIH Associated Hotel, Parenteral Drug, Urja Global and Hinduja Venture lost 5-9%.
Solid growth in auto sales numbers showed that the growth momentum is still on the upward path. Consensus on the street was that the budget 2011 was neutral to positive as there were low expectations. Ridham Desai of Morgan Stanley said budget was okay, there was nothing bad in the budget.
"I think there is a sigh of relief that there is nothing untoward in the budget. He (FM) has done a decent balancing act. There were a lot of constituencies to serve."
Ridham Desai, Managing Director, Morgan Stanley said that the government’s move to allow global investors in mutual funds is very positive. Expressing his views on the budget, Desai noted that infra spending going up 27% is a big positive booster. He is expecting positive impact of 50-60 bps on earnings. However, he is little concerned on the revenue and subsidy numbers.
Specifically on the market, Desai said that an upside of 20% is expected on the indices. He has turned neutral from underweight on banks as he thinks valuations of banks and NBFCs are very good.
The budget 2011 was focused mainly on country's growth, boost to infrastructure, reduction in fiscal deficit, increase in foreign inflow and spending on better education for rising young population. It seems that the markets cheered this budget by pushing up the Nifty 170 points to 5,503.
The 30-share BSE Sensex surged 554 points to 18,378. Breadth also improved - about 1058 shares advanced as against 234 shares declined on National Stock Exchange.
Auto stocks were completely on the buyers' radar; the respective index jumped 5%, especially on the back of auto sales numbers and could be because of unchanged in excise duty. Tata Motors, M&M, Bajaj Auto and Maruti shot up 5-8%; Hero Honda was up 2%.
India's largest commercial vehicle maker Tata Motors sold 77,543 units in the month of February as against 69,427 in same period the previous year. Maruti Suzuki sold 1.11 lakh units in the month of February as against 96,650 in same period the previous year.
TVS Motor sold 1.73 lakh total 2-wheelers in February versus 1.40 lakh (YoY). M&M has reported total sales at 33,378 units as against 27,894 units (YoY).
Heavyweights Reliance Industries, TCS, Infosys, BHEL and ITC rallied 2-3%. NTPC and L&T surged 5%.
Private banks like ICICI Bank, Axis Bank and HDFC Bank shot up 4-4.5%; SBI, HDFC, IDFC, PNB and Kotak Mahindra Bank gained 2-4%. DLF from realty segment jumped 4%.
Among others, Sun Pharma, Sterlite, SAIL, Tata Steel, Hindalco, Ranbaxy, JSPL, Dr Reddy's Labs, Ambuja Cements, Cipla, Suzlon and Sesa Goa gained 2-6%.
In midcap space, Stride Arcolab, United Breweries, Glenmark, GMDC and Gujarat Gas were up 9-17% while Kirloskar Brothers, Rei Agro, Godfrey Phillip, KGN Industries and EIH fell 2-5%.
In smallcap space, KRBL, Shasun Pharma, Force Motors, Hinduja Foundries and Federal-Mogul gained 10-14% whereas Surana Inds, EIH Associated Hotel, Parenteral Drug, Urja Global and Hinduja Venture lost 5-9%.
Sensex Over 400 points
Buying across sectors strengthened the Sensex by 400 points at 12:46 hours, supported too by positive Asian cues. Auto, financials, infrastructure and metal companies' shares were leading the markets higher; the broader indices too were following the same trend.
NTPC was the leading stock with 5.5% rally followed by L&T and BHEL from infrastructure space with 3-4% gain. Heavyweights Reliance Industries, ITC and Infosys rallied 2% each.
Huge upside was seen in auto stocks, index jumped over 5%, especially on the back of auto sales numbers. Tata Motors, M&M, Bajaj Auto and Maruti shot up 5-9%; Hero Honda was up 2%.
India's largest commercial vehicle maker Tata Motors sold 77,543 units in the month of February as against 69,427 in same period the previous year. Maruti Suzuki sold 1.11 lakh units in the month of February as against 96,650 in same period the previous year
NTPC was the leading stock with 5.5% rally followed by L&T and BHEL from infrastructure space with 3-4% gain. Heavyweights Reliance Industries, ITC and Infosys rallied 2% each.
Huge upside was seen in auto stocks, index jumped over 5%, especially on the back of auto sales numbers. Tata Motors, M&M, Bajaj Auto and Maruti shot up 5-9%; Hero Honda was up 2%.
India's largest commercial vehicle maker Tata Motors sold 77,543 units in the month of February as against 69,427 in same period the previous year. Maruti Suzuki sold 1.11 lakh units in the month of February as against 96,650 in same period the previous year
Auto Stocks , Banks drive Sensex Up
Indian equity rallied further on the back of consistent buying almost in all sectors barring technology at 11:32 hours. The Sensex gained more than 300 points and the Nifty added around 100 points in trade today, which were outperforming the Asian markets.
Auto was the leading sector, climbing nearly 4% on the back of good monthly sales numbers. M&M, Bajaj Auto, Maruti, Hero Honda, TVS Motor and Tata Motors shot up 2-5%. Maruti Suzuki sold 1.11 lakh units in the month of February as against 96,650 in same period the previous year. TVS Motor sold 1.73 lakh total 2-wheelers in February versus 1.40 lakh (YoY).
The BSE Bankex and Capital Goods indices went up around 2.5%. Among other indices, Metal, FMCG, Realty, Power, Healthcare and Oil & Gas indices were up 1-1.5%.
The 30-share BSE Sensex surged 348 points to 18,172 and the 50-share NSE Nifty gained 107 points at 5,440.
In the financial space, SBI, HDFC Bank, ICICI Bank, Axis Bank, HDFC and PNB rallied 2-3%. DLF from realty pack moved up over 2%.
Heavyweights Reliance Industries and NTPC were up 2% & 3%, respectively. L&T and BHEL from capital goods space surged 2.5% each.
SAIL, Hindalco, Sterlite, Hindalco and Jindal Steel from metal segment were up 1-2%. HUL, Infosys and ITC jumped 1.5-2%. However, Bharti Airtel, Wipro, TCS and Dr Reddy's Labs were the only losers on Nifty.
The broader indices were up 1.3-1.7%. About 998 shares advanced as against 252 shares declined on National Stock Exchange.
In midcap space, Gujarat Gas, Havells India, Glenmark, TVS Motor and Triveni Engg were up 6-8% while Shoppers Stop, Godfrey Phillip, Sintex India, EIH and Bajaj Corp were down 1.6-3%.
In smallcap space, KRBL, Asian Hotel (W), Rohit Ferro, Smartlink Network and Indian Hume Pipes gained 9-14% whereas Surana Inds, Emami Paper, Parenteral Drug, Ontrack Systems and Bheema Cements lost 5-6%.
Asian markets too were trading higher - Nikkei, Straits Times and Taiwan went up 1-1.6%. Shanghai was up nearly 0.7%.
Auto was the leading sector, climbing nearly 4% on the back of good monthly sales numbers. M&M, Bajaj Auto, Maruti, Hero Honda, TVS Motor and Tata Motors shot up 2-5%. Maruti Suzuki sold 1.11 lakh units in the month of February as against 96,650 in same period the previous year. TVS Motor sold 1.73 lakh total 2-wheelers in February versus 1.40 lakh (YoY).
The BSE Bankex and Capital Goods indices went up around 2.5%. Among other indices, Metal, FMCG, Realty, Power, Healthcare and Oil & Gas indices were up 1-1.5%.
The 30-share BSE Sensex surged 348 points to 18,172 and the 50-share NSE Nifty gained 107 points at 5,440.
In the financial space, SBI, HDFC Bank, ICICI Bank, Axis Bank, HDFC and PNB rallied 2-3%. DLF from realty pack moved up over 2%.
Heavyweights Reliance Industries and NTPC were up 2% & 3%, respectively. L&T and BHEL from capital goods space surged 2.5% each.
SAIL, Hindalco, Sterlite, Hindalco and Jindal Steel from metal segment were up 1-2%. HUL, Infosys and ITC jumped 1.5-2%. However, Bharti Airtel, Wipro, TCS and Dr Reddy's Labs were the only losers on Nifty.
The broader indices were up 1.3-1.7%. About 998 shares advanced as against 252 shares declined on National Stock Exchange.
In midcap space, Gujarat Gas, Havells India, Glenmark, TVS Motor and Triveni Engg were up 6-8% while Shoppers Stop, Godfrey Phillip, Sintex India, EIH and Bajaj Corp were down 1.6-3%.
In smallcap space, KRBL, Asian Hotel (W), Rohit Ferro, Smartlink Network and Indian Hume Pipes gained 9-14% whereas Surana Inds, Emami Paper, Parenteral Drug, Ontrack Systems and Bheema Cements lost 5-6%.
Asian markets too were trading higher - Nikkei, Straits Times and Taiwan went up 1-1.6%. Shanghai was up nearly 0.7%.
Subscribe to:
Posts (Atom)
Custom Search