Jaishree Industries plans Rs 57 crore IPO

Granite tiles producer Jaishree Industries has filed draft red herring prospectus with the market regulator SEBI for initial public offering of Rs 56.86 crore worth of equity shares.

Jaishree Industries (erstwhile Jaishree Granites Private Limited) is engaged in the business of production of granite tiles and slabs in India with an annual installed capacity of 200,000 square meters. Company also manufactures counter tops for export purposes. Other products of company include cobbles and curb stones.

Company is also engaged in the trading of agri-commodities (food grains & pulses). It intends to expand operations by entering into manufacturing of refined oil from soybean seeds and other soybean products.

Issue proceeds (excluding general corporate and issue expenses) are proposed to be used for expanding the agri commodity business by setting up soybean solvent extraction plant & ancillary units (with the cost of Rs 28.65 crore) and working capital requirement for the proposed expansion project (marble & soybean oil extraction) (with Rs 20.96 crore).

For the period of six months ended on September 30, 2010, it has reported a profit after tax of Rs 1.97 crore and net sales of Rs 24.96 crore.

Sensex surges 450 points

Equity benchmarks extended gains in the afternoon trade - the Sensex added around 450 points and the Nifty was just shy of 5650 level at 14:48 hours. About 45 stocks out of Nifty 50 were in green - Infosys, TCS, NTPC, L&T, Reliance Industries, ICICI Bank, HDFC Bank, Wipro, ONGC, SBI, L&T, ITC and HDFC were the frontrunners, with gaining 1-5%.

The 50-share NSE Nifty added 125 points to 5,648 and the 30-share BSE Sensex surged 447 points to 18,798, outperforming the broader indices.

The BSE Midcap & Smallcap indices rose 1% each. Even the Nifty March futures were trading at 30 points premium ahead of expiry next week.

The BSE IT Index was heading the markets from front, with shooting up 4% followed by Realty, Bank, Capital Goods, FMCG, Power, Oil & Gas and Auto, which were up 1-2.5%.

Sensex Flow

The benchmark Sensex added nearly 200 points in trade today at 12 hours, supported by heavyweights like Infosys, TCS, Wipro, L&T, NTPC, ONGC, ITC, HDFC, HDFC Bank, ICICI Bank and Bharti Airtel. However, indices were seeing some profit booking at higher levels.

Most of the negatives were already there in the price, says Abhijit Chakraborty, Fortune Financial.

"The recent firmness in the market is because on ground the corporate earnings, for this quarter, are looking up for some of the sectors which have not done too well in the past. Large sectors like banking, which contributes about 23-24% of the Nifty weightage, are likely to see improvement in earnings because of high credit growth. The NIMs could be also maintained at this level," he explained.

However on the upside, he said, the cap would definitely be there because of the high oil prices and the fear of interest rate hikes as inflation is not showing signs of moderating soon. "RBI policies will be watched. There is a likelihood that interest rates would go up. Oil and interest rates are the reasons that could keep the market capped around 5,650-5,700."

The 30-share BSE Sensex gained 182 points at 18,532 and the 50-share NSE Nifty went up 52 points to 5,574. The Nifty April futures were trading at 15 points premium.

Asian markets remained in a positive terrain on rally in US markets yesterday, which was quite supportive for Indian markets. Shanghai, Hang Seng, Nikkei, Straits Times and Kospi were up around 1%. Taiwan gained just 0.4%.

Among largecaps, Infosys, Wipro, L&T, DLF, TCS and Axis Bank were the top gainers on exchanges, with gaining 2-3%.

However, Cipla, Maruti Suzuki, GAIL, Ranbaxy Labs, Power Grid Corp and Siemens were only top losers.

Lovable Lingerie, Tata Coffee, Fineotex Chemical, LIC Housing Finance, Infosys, ICICI Bank, L&T and SBI were the most active shares on exchanges.

Yuvraj powers India to dream semis

Australia shed sweat and even blood in a desperate bid to prolong their 12-year reign as world champions but Yuvraj Singh's Midas touch sustained India's billion dreams in Thursday's see-saw quarter-final.

The 29-year-old southpaw claimed 2-44 and returned to smash an unbeaten 57 to script India's five-wicket victory that set up a blockbuster World Cup semi-final against arch-rivals Pakistan on Wednesday.

He collected his fourth man-of-the-match trophy in the tournament and the left-hander reckoned he probably is going through the best phase of his career.

"I think so," Yuvraj told a news conference after receiving a standing ovation from the assembled media.

"Earlier, whatever I was touching was turning into mud. Definitely things have changed," he said, referring to his bad patch prior to the tournament.

Yuvraj said he was playing the tournament for a "special person".

"That I will tell you if we reach the final," he said, refusing to reveal the identity of the mystery person.

Ricky Ponting's 30th one-day international century in what was probably his last World Cup match powered the four-times champions to 260-6 and India initially produced a fumbling response despite half-centuries from Sachin Tendulkar (53) and Gautam Gambhir (50).

Brett Lee's dive to save a boundary that left him with a nasty cut near his eyebrow and a bloodied cheek symbolised Australia's desperation but Yuvraj's unbeaten 74-run partnership with Suresh Raina ended a glorious Australian era.

Ponting, however, disagreed.

"I don't think so. I think it's premature to say that it was an era in cricket. It was a brilliant game tonight... against a very good Indian side on their home soil," he said.

"We are still a very competitive side... we are probably a better game than we showed in the last two games."

Around 48,000 crowd that included India's richest man Mukesh Ambani had thronged the Sardar Patel Stadium to see Tendulkar score his 100th international century.

Instead, they witnessed the resurgence of a beleaguered Australian skipper who spent considerable time during his team's build-up to the match denying retirement rumours and ignoring demands for his removal.

Ponting added 70 runs with Brad Haddin (53) and 55 with David Hussey (38 not out) to defy the seven bowlers India used, including Tendulkar who last rolled his bowling arm back in 2009 against the same opponents.

India's reply got off to a strong start but Virender Sehwag fluffed his pull shot and Tendulkar reached one milestone -- of 18,000 ODI runs -- but fell short of another.

Gambhir (50) grafted his way to his 24th ODI fifty before running himself out and India looked in dire straits after Indian captain Mahendra Singh Dhoni's exit in the 38th over but Yuvraj batted till the end to see them through.

Lift Nifty above 5550

Indian equity benchmarks rallied smartly in opening trade, with the Nifty inching up gradually towards the 5600 level, supported by strong global cues. Infrastructure, banking, oil & gas, technology, realty and metal companies' shares were pushing up the markets.

Rahul Mohindar, viratechindia.com says that there would be lots conviction in the trading if the market manages to break its resistance at 5600. Mohindar is optimistic that the Nifty is likely to head to 5800.

Among frontliners, Infosys, Sun Pharma, ICICI Bank, Axis Bank, DLF, Wipro, L&T, BHEL, Jaiprakash Associates, ACC, HPCL, Dr Reddy's Labs, Ranbaxy Labs, Reliance Inds, TCS, SBI, Bharti and ONGC were leading the markets higher in early trade.


L&T is likely to be biggest gainer in infrastructure space, according to him. The stock gained over 1%.