Angel Broking has advised traders to buy Indus Ind Bank with stoploss of Rs 73.30. "Indus Ind Bank has given a trend line breakout with rising volumes. Further, it has given a positive crossover on RSI and Stochastic oscillators. Traders can buy this stock above Rs 79 levels with stoploss of Rs 73.30 for target of Rs 95 in 3-5 trading sessions," said Angel Broking note.
Thursday, 11 June 2009
Satyam spike to spoil Tech Mahindra's public offer
A sharp surge in the shares of Satyam Computer Services means its new parent will likely need a second preferential issue to gain the majority stake in the company at the centre of India's biggest corporate fraud.
Tech Mahindra won a auction in April for control of Satyam. It bought a 31 per cent stake of new equity, and on Friday launches an open offer to buy up to 20 per cent of shares in the open market at Rs 58 a share to take its stake to 51 per cent.
But Satyam shares now stand at Rs 80.85, having risen by their daily 10 per cent limit on each of the three days since the firm released financial details on Tuesday that showed it remained profitable despite the fraud.
"Logically, people will not tender their shares for a price that is sharply lower than the current market price, even if we assume some correction in the days ahead," said Tejas Doshi, head of research at Mumbai brokerage Sushil Finance.
Tech Mahindra can revise the offer price till June 22, but analysts see little reason for it to do so.
If the offer is not fully subscribed, under the auction conditions Tech Mahindra can opt for a second preferential issue from Satyam to raise its stake to not more than 51 per cent of the further expanded share capital.
Monday, 8 June 2009
Sensex sees third-biggest fall of the year
The Bombay Stock Exchange benchmark Sensex on Monday suffered the third-biggest fall of the year and ended below the 15,000 level by losingnearly 438 points on weak Asian and European trends, as investors booked profits on an 88 per cent rally since early March.
The Sensex, after completing 13 successive weeks of gains, suffered a loss of 437.63 points to 14,665.92 as metal, banking and realty stocks suffered hefty losses. The fall was the third-highest after those of January 7 and March 30.
In a similar fashion, the 50-share National Stock Exchange index Nifty dropped by 157.00 points to 4,429.90, breaking a psychological 4,600 level. Only information technology stocks were in positive territory following a firming dollar, raising hopes of better revenue. Over 50 per cent of the country's software export revenue comes from the US markets.
Marketmen said the steep rise of 88 per cent in the market was overdone and attracted profit-selling by funds and retail investors. They said the selling was more confined to sectors which had recorded handsome gains in recent times.
The major puller to the market were heavy-weight stocks like Sterlite Industries, Reliance Industries, Tata Steel, Reliance Communications, Reliance Infra, Jaiprakash Associates, ICICI Bank and State Bank of India.
(Source: ET)
Friday, 5 June 2009
ABAN OFFSHORE LIMITED (FIRST GLOBAL)
The Story…
What all can change in a month!
Aban, written off for dead, is back. And if you think about it…what really is the problem with
company?
Sure, oil prices were down. But that was yesterday. Now oil prices are headed back up to the $80
levels and beyond, given the weakness of the US Dollar.
Aah…yes, the company has a bit of debt.
Excellent! That's precisely what we are looking for these days. We all loooooove companies with
loads of debt these days, don't we…Because we wanna give them moneys in QIPs, FCCBs, PE, off
balance sheet the way Ramalinga gave to Satyam…whatever…
Short point is: Aban's twin problems are receding fast, and before you know, they'll have
disappeared altogether. Let it get some equity, and a whole new company emerges from the
chrysalis.
Valuations are totally undemanding at 4-5x earnings. The stock had an all-time high 5.5x higher than its current price.
That's good news.
Because there is plenty of room for the stock to run before it hits the wall. Global peers in the form of oil services companies are also seeing their stocks do well. No reason for Aban to sit out the party.
Aban could so easily be a Rs.2000 stock…Buy it.
(See Full Report)
What all can change in a month!
Aban, written off for dead, is back. And if you think about it…what really is the problem with
company?
Sure, oil prices were down. But that was yesterday. Now oil prices are headed back up to the $80
levels and beyond, given the weakness of the US Dollar.
Aah…yes, the company has a bit of debt.
Excellent! That's precisely what we are looking for these days. We all loooooove companies with
loads of debt these days, don't we…Because we wanna give them moneys in QIPs, FCCBs, PE, off
balance sheet the way Ramalinga gave to Satyam…whatever…
Short point is: Aban's twin problems are receding fast, and before you know, they'll have
disappeared altogether. Let it get some equity, and a whole new company emerges from the
chrysalis.
Valuations are totally undemanding at 4-5x earnings. The stock had an all-time high 5.5x higher than its current price.
That's good news.
Because there is plenty of room for the stock to run before it hits the wall. Global peers in the form of oil services companies are also seeing their stocks do well. No reason for Aban to sit out the party.
Aban could so easily be a Rs.2000 stock…Buy it.
(See Full Report)
Buy GMR Infra with stoploss of Rs 165: Arihant
Arihant Capital Market is bullish on GMR Infra and has advised traders to buy the stock with stoploss of Rs 165. "On the daily charts, GMR Infra is in buy on RSI and its 14-days RSI is currently at 71 (above 50 is consider to be in strong hands). GMR Infra is looking strong on daily chart and has formed a Trend Reversal Pattern on EOD chart. One can buy it at Rs 178 with closing below stoploss of Rs 165 for a target price of Rs 210," said Arihant Capital Market report.
(Source : ET)
Subscribe to:
Posts (Atom)