Galaxy Surfactants IPO withdrawn

You may be aware that the IPO of Galaxy Surfactants has been withdrawn on the back of poor response. If you wanted to invest in this IPO, and could not, because of the development, then, we have some alternative choices.

At this point in time, it will make sense to invest in stocks with good fundamentals. Our research team, recommends 3 such alternatives. These are:-

1. Mundra Port &  SEZ Ltd  (CMP INR 148.65)
Mundra Port SEZ (MPSEZ), incorporated as Gujarat Adani Port on May 26, 1998, and began commercial operations in October 2001, post entering into concession agreement with GMB to build, operate and maintain the port for a period of 30 years till 2031 extendable by another 20 years. The port is into providing cargo handling services for bulk, crude and container cargo. The company has also received approval to develop the adjacent port land as a multi-product SEZ. Hence recommended for investing.

2. Aurobindo Pharma Ltd - (CMP INR 193.70)
We believe ARBP has long term growth visibility, led by expected ramp up from Pfizer deal to Europe and ROW markets. PFE deal is strategic in nature and adds medium term support to valuations. We believe ARBP valuations are cheap, and incremental ramp-up in Pfizer sales and margins upsides in medium term will help narrow the gap with other generic peers. Hence a good stock to invest in.

3. South Indian Bank  (CMP INR 23.25)
South Indian Bank is one of the best regional-based private banks in the country. We like the bank for its strong regional presence, and good technology network. SIB generates decent margins on the back of its structurally strong deposit franchise. Therefore, we recommend you to invest in it.

Sensex up 200 points

The Indian markets opened on a strong note. The benchmark index Nifty was marching towards 5500 mark. Larsen continues its dream run after surprising streets with margin picture. The broader indices too were trading marginally in green. Recent listings started to get whack in early trade. Ashok Leyland was big star of the morning.

At 09.33, the Sensex was up 177 points or 1% at 18318, and the Nifty up 56.70 points or 1.04% at 5484.80. About 872 shares have advanced, 445 shares declined, and 2324 shares remain unchanged. ITC Ltd, the country's top cigarette maker, will be on the radar as it reports quarterly results

India Gold Eases on Global Cues

India's gold futures eased on Thursday on a strong rupee and tailing losses in the overseas market, but the drop wasn't enough to lift local spot demand, which has been subdued for the past two days, dealers said.

The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was 0.39% lower at 21,893 rupees per 10 grams at 4:22 p.m.

"Jewellers were not buying. They have secured enough supplies to cater to their demand in short-term. For the past two days demand was weak," said a Mumbai-based dealer with a state-run bank dealing in bullion. Wedding season in India, the world's largest consumer of bullion, will continue through May.

International gold prices eased in Europe on Thursday as the euro surrendered early gains to soften against the dollar and oil prices retreated, but trade was muted as investors awaited firmer direction from the currency markets.

SEBI withholds listing

Market regulator Securities and Exchange Board of India (SEBI) has withheld the listing of sponge iron manufacturer Vaswani Industries, reports CNBC-TV18.

The SEBI move follows complaints over irregularities related to allotment of shares post its Initial Public Offering (IPO). The Vaswani IPO was open from April 29-May 3.

As per the plan, the company is looking to raise Rs 50 crore via IPO. Issue proceeds are proposed to be used for pre-payment of the term loan (Rs 24.38 crore) and long term working capital (Rs 17.47 crore).

Nifty Flat; L&T looks jittery ahead of results

The Indian markets opened in green echoing Asian markets move. The benchmark index Nifty was inching towards 5450 mark. Analysts suggest that the Nifty might bounce back 50-100 points on back of expiry next week. There are huge shorts in the market and rollover will start to pick up from tomorrow which may lift Nifty 50-100 points on profit booking and rollovers.

At 09.22 hrs, the Sensex was up 61.39 points or 0.34% at 18147.59, and the Nifty was up 15.80 points or 0.29% at 5436.40. About 636 shares advanced, 349 shares declined, and 2656 shares remain unchanged.

L&T is set to announce its fourth quarter results today. According to CNBC-TV18 poll, net sales may surge 18.5% at Rs 16100 crore versus Rs 13585.10 crore. Operating profit margins are seen at 14.22% Vs 15.09%.
Nifty gainers: GAIL, ITC, Sterlite Industries, Bajaj Auto and Reliance Capital were up 1-2%.