VIP INDUSTRIES

VIP INDUSTRIES RECOMMENDED TO OUR PAID MEMBERS AROUND 370.00 LEVEL..NOW 429.00..ONE CAN BUY THIS STOCK AT CURRENT LEVEL WITH MEDIUM TO LONG TERM PROSPECTIVE...TARGET 800+.. NO STOPLOSS......

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FOLLOW UP:- INDOASIFU

WE RECOMMENDED INDOASIFU AT 100 LEVEL(SEE OUR POST 21 JULY,2010)...TOLD TO BUY SO MANY TIMES..SEE NOW 139.00 LOCKED IN UPPER CIRCUIT AGAIN...AROUND 40% GAIN IN 9 DAYS!!!!...NOW PLEASE EXIT FROM THIS STOCK.....CHEERS!!!

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HIDDEN GEM

OUR HIDDEN GEM FOR THE MONTH OF JULY 2010 LOCKED IN  UPPER CIRCUIT..EXPECTED TO HIT MORE AND MORE CIRCUITS!!.. ..WILL DISCLOSE THE NAME AFTER FEW DAYS ....


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HIDDEN GEM

ATTENTION TRADER & INVESTOR, AGAIN WE  ARE GOING TO RELEASE OUR JACKPOT CALL ....SCRIPT NAME IS ( S.................) GUESS WHAT???RETURN MINIMUM 600% WITHIN 3/4 MONTHS.........DONT MISS!!..MINT MONEY......FOR DETAILS CONTACT US AT ABOVE MENTIONED NUMBER.............

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FOLLOW UP:- MAHINDRA UGINE

JUST SEE MAHINDRA UGINE  .. TODAY ITS MADE A NEW HIGH AT 76.90....RECOMMENDED TO BUY AROUND 70.00  TO ALL FREE BLOG READERS...

INDOASIFU

WE RECOMMENDED  TO BUY INDOASIFU FROM 102 LEVEL.....THOSE ARE ADDED IN OUR YAHOO MESSENGER LIST HOPE ENJOYED A LOT....ALTHOUGH OUR PAID MEMBERS BOUGHT AT 80 AND AFTER THAT ITS DID HIGH OF 119.50 ON MONDAY(19.07.2010)...


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Mahindra Ugine Steel Company Ltd (BUY) 70-72 (SL) 65 (Targets) 75 / 78 ++

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OUR OPERATOR JACKPOT REVEALED : VISU INTERNATIONAL given to Paid Members at 5.30 now 7.00..yesterday locked in 20% Upper Circuit.. !! DID U MISS it ???

 

 

read the full report here...


VISU International Ltd 6.5/-; Education Business and Going QIP Issue Next Month. Target 10/- , 15/- , 35/- .This Small wonder stock VISU International Ltd Trading at 6.5/- in NSE and BSE (BSE code: 590038); It’ 10/- face Value, Book Value is 25/-; Doing EDUCATION Business. Company doing QIP issue Next Month for Expansion of Education Business, Already for QIP issue Approved by Share Holders recently. Company Recently Aquired Land also.

Business Plan for the next three years for all the four verticals i.e. K-12, Higher Education, Vocational Education and ICT. Proposal to acquire up higher Educational Institutions abroad preferably in UK and Europe.

Visu International Doing with profit making and company having Good Assets in Hyderabad Land with Buildings at Punjagutta Hyderabad. Company Having Good Corporate house in Hyderabad Business center and good Land Bank.

Watch This Visu International Ltd at 5.5/- will reach 10/- 15/- and 35/-. One can buy this levels will get 100% to 300% return within 1 to 3 months time.

Daily grabbing with Mumbai BIG BIG Bulls because of Now stock is available at very very cheep price at 5/-. Book Value was 25/- Company Net Assets was 79 Crores. But as per present price calculation with 5/- as per this stock price its coming around 17 Crores. So 79 Crores company value its coming 17 Crores. The realistic Price was 35/-. Normally Educational and communications Companies Average PE was 15. As per this stock price It will come 23/-. Another Positive point is BOOK VALUE OF THIS SHARE WAS 25/-

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SENSEX SPURTS ON GLOBAL BOUNCE

This week is again turning out to be a volatile one as bulls continue to dance to the global tune. After yesterday’s slippery trading session, bulls staged a smart come today. Benchmark indices in India enjoyed a bright and beautiful trading session amid one of the biggest global rallies in recent memory. In the US, the Dow ended above the 10,000 mark for the first time since June 28 on optimism ahead of the upcoming earnings season. Asian markets also ended with smart gains even the European markets are trading in the green.



"Sentiments also got a boost after the International Monetary Fund (IMF) raised its outlook for India's GDP growth for the year to 9.4% from 8.8% announced in April," says Amar Ambani Vice President Research IIFL.

Domestically, the benchmark indices saw a gap-up opening, with the NSE Nifty index surging past 5300 levels at open. Nifty did manage to come close to the 5350, however some profit booking at higher levels dragged the index gradually. Selling slightly intensified as the day progressed, index heavyweights like ACC, Sun Pharma, Reliance Infra and NTPC were among the major losers which dragged the NSE Nifty to end below 5300 mark.

Finally, the BSE Sensex advanced 181 points to end at 17,651 while the NSE Nifty rose 56 points to end at 5,297.

Outside the frontline indices, the big gainers in the broader market were GTL, Bharat Forge, Godrej Industries, Titan Ind and Exide Ind. On the other hand, losers included Bajaj Holdings, REI Agro, Tulip Telecom and Jubilant Org.

DAILY NEWS ROUNDUP- JULY 9 ,2010

R-Power raises Rs131bn debt for Andhra UMPP. (BS)

Bajaj Auto and the Renault-Nissan alliance today signed a MoU to produce the ultra-low-cost car which is likely to hit India and overseas market by 2012. (BS)

Bharti Airtel will expand its submarine cable offerings globally to target business opportunities in over 100 countries by 2013. (ET)

United Spirits to host seven fashion tours across India. (BS)

Jindal Power Limited, a subsidiary of JSPL, has decided to change the site of its proposed 1,320MW power plant in Angul district to avoid use of irrigated land for the project. (BS)

L&T Infrastructure Finance Company, a subsidiary of L&T, received the status of ‘Infrastructure Finance Company’ from RBI. (BS)

IOC said there will not be any revision in the oil price hike if global crude oil prices do not fluctuate wildly. (ET)

Axis Bank looking to sell all its 4,200 ATMs to third-party service providers. (BS)

Power Trading Corp is in talks with private equity fund SAIF Partners to sell up to 11% in unlisted unit PTC Financial Services (PFS). (ET)

Suzlon Energy has got an order from HPCL for a 25.5MW wind power project at Akal in Jaisalmer district of Rajasthan. (BL)

Godrej Consumer Products has completed the acquisition of Argentinian hair care company Argencos for an undisclosed amount. (ET)

Top managers from the private sector may soon be invited to apply for running state-owned telecom companies BSNL and MTNL. (BS)

HCL Infosystems acquires 60% stake in Dubai-based IT services and solutions company, NTS Group, for an estimated US$6.5mn. (BL)

The Network 18 Group is creating two new listed entities to simplify its holding structure and realign its businesses into broadcast and emerging media. (BL)

Jubilant Organosys demerges non-pharma business. (BL)

Titagarh Wagons acquired an ailing French freight car and rolling stock manufacturing company for Euro12.5mn. (BL)

Biocon plans to launch drugs in eye-care segment. (BL)


CCEA has granted a 3-year drilling moratorium to 30 deepwater block production-sharing contracts (PSCs) signed under various rounds of exploration till the fifth round of NELP, where drilling commitments are pending as on January 1, 2009. (BS)

The rate of wholesale food inflation fell for the second consecutive week to 12.6% for the week ended June 26. (BS)

India to grow at 9.5% in 2010, says IMF. (BS)

Passenger vehicles to register 12-13% growth in 2010-11, as per Siam. (BS)

Centre to award 100MW solar projects by August. (BS)

Imports of telecom equipment into India could face further delays as the Centre has just expanded the list of ‘core equipment’ that will now require mandatory security clearance. (ET)

Government will spend around Rs1.2bn in the next two years for an ambitious healthcare programme to prevent, detect and control the spread of cancer, diabetes, heart ailments and stroke. (ET)

National Bank for Agriculture and Rural Development will refinance crop loans worth Rs400bn in the current fiscal. (ET)

The government said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. (ET)

NO STRESS FOR BULLS!!

Good tests kill flawed theories; we remain alive to guess again. Karl Popper.

Guessing is really less required to predict today’s trading outlook. Unlike the weather in Mumbai, the prospects look bright and beautiful today in the wake of one of the biggest global rallies in recent memory. Risk appetite seems to have returned overnight, perhaps temporarily as equities and commodities raced across the globe.

Optimism about the upcoming earnings season propelled the Dow above 10,000 for the first time since June 28. A stronger euro helped push commodity shares, cooling some worries for now about the European debt crisis.

For once, banks led the advance as traders turned optimistic about the eurozone stress tests and after the world’s second biggest custody bank said earnings would beat expectations. Also, world stocks were seen oversold technically, and hence a bounce was always on the cards.

We see a gap-up opening with the NSE Nifty expected to pierce 5300. It remains to be seen if the index manages to cross 5350 and stays above that level for a sustained period to signal a long-awaited and perhaps long overdue breakout.

SEBI’s move to halve exposure margins in the F&O segment may also boost sentiment.

In terms of global data watch, the Bank of England and the ECB will hold their policy meeting.

FIIs were net sellers of Rs492.4mn in the cash segment on Wednesday (provisionally), according to the NSE web site. Local funds were net buyers of Rs1.34bn. In the F&O segment, they were net buyers at Rs8.9bn. On Tuesday, the FIIs were net buyers of Rs3.75bn in the cash segment.

US stock indexes closed higher for a second day on Wednesday, something traders have not seen in more than two weeks. The three major indexes closed up nearly 3%, rising on a brighter outlook for banks on both sides of the Atlantic. At the close, the Dow Jones Industrial Average gained 2.8%. The Standard & Poor's 500-stock index and the Nasdaq added 3.1%.

The Dow climbed 274.66 points, or 2.82%, to close at 10018.28, with all 30 components in the black. The S&P 500 index added 32 points or 3.13% to 1060.27. The Nasdaq Composite index was up 65 points, or 3.1%, at 2,159.47, its biggest one-day point and percentage gain since May 10.

Gains were broad based, with all 30 Dow components rallying. Market breadth was positive.

US light crude oil for August delivery rose $2.93 to $74.91 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery gained $7.90 to $1,203 an ounce.

The dollar fell against the euro, reversing earlier gains. The Dollar Index, which reflects the US currency against a basket of six others, slipped 0.2% and was last traded at 83.85.

Treasury prices fell, raising the yield on the 10-year note to 2.98% from 2.93% late on Tuesday.

Stocks have been weighed by worries about the global economy, but investors are growing hopeful that a strong earnings season can help the market turn higher again. The recent sell-off had sent the major US stock indexes all down by more than 15% since the late April highs. They lost 5% last week alone and closed at 8-month lows.

Since there is nothing happening on the economic front and since the volume is pretty light, the bounce could continue for a few days. Whether the bounce becomes a bigger rally will depend on whether the S&P 500 can hang on to some key technical levels.

The US market's ability to move higher will also hinge on the results of the European bank "stress tests" as well as what kind of profit guidance US companies give.

A lot of the optimism was fueled by State Street's pre-announcement. State Street gained nearly 10% after it lifted its quarterly earnings forecast. The KBW Bank index, which includes State Street, gained 5.6%.

The money-manager projected second-quarter profit well above analysts' forecasts, citing improving revenue trends. State Street is not a Dow component.

State Street said it will report operating earnings of 92 cents per share on revenue of $2.2 billion in the just-completed quarter. Analysts were expecting it to report a profit of 74 cents per share on revenue of $2.2 billion.

The regional bank also said that it was taking a one-time after-tax charge of 50 cents per share to provide cash for trust funds that are run by its money-management unit, State Street Global Advisors.

The release of details on European bank stress tests also removed some uncertainty, which helped the financial sector's gains. Europe's banking regulator said that it will test 91 European banks and publish the results on July 23.

The technology sector was also strong. Global storage leader EMC Corp. said that it has agreed to acquire Greenplum, a privately held data-warehousing company that specializes in analyzing large amounts of information. EMC, not a Dow component, climbed 5.2%.

Among other stock movers, truckers and railroads surged, lifting the Dow Jones transportation average by 3.9%.

The number of Americans behind on their credit-card payments fell to an 8-year low in the first quarter, the American Bankers Association reported.

Wednesday's stock gains came despite concern overseas over disappointing German manufacturing data. Germany is considered one of Europe's strongest economies, and the drop in manufacturing orders prompted concerns over how economic struggles among its euro-zone counterparts might be impacting that country.

Dollar Thrifty Automotive Group shares climbed 5.1%. The company raised its 2010 earnings forecast due to upbeat second-quarter guidance and projections for lower fleet costs for the rest of the year, though the nation's third-largest rental firm reduced its vehicle rental revenue expectations.

American depositary shares of BP rose 4%. Chief Executive Tony Hayward met with Abu Dhabi's powerful Crown Prince Mohammed bin Zayed Al Nahyan during a visit to the oil-rich sheikdom. Hayward said that he would be happy to see the city state's sovereign wealth fund buy a stake of up to 10% in BP, according to reports.

Family Dollar Stores forecast fiscal fourth-quarter earnings in a range that was short of analysts' estimates, due to the mixed economic outlook and the impact of competitor Wal-Mart Stores.

European stock benchmarks rose owing to a strong rally in banking shares amid hope that the impending bank stress test results may not be as bad as feared.

The Stoxx Europe 600 index rose 1.4% to 246.06.

Reports suggested that the criteria used to measure European banks' health might be more generous than originally feared. Stress tests assume a 17% hit on the value of Greek government bonds they hold, according to two reports. The Spanish haircut was 3%, according to reports.

Financial-sector gainers included lenders with significant exposure to so-called peripheral European countries like Societe Generale and Santander.

The French CAC-40 index added 1.8% to 3,483.44, the German DAX index rose 0.9% to 5,992.86 and the UK's FTSE 100 index closed up 1% at 5,014.82.

The Spanish Ibex 35 index rallied 3.7% to 9,971.00.

BP added to recent gains, adding 4.8%. CEO Tony Hayward is in Abu Dhabi, according to reports. BP's shares have gained more than 12% this week amid reports that the company is looking for an investor, possibly from the Middle East, as it grapples with the financial fallout from the oil spill in the Gulf of Mexico.

Speculation of interest from the Middle East also helped supermarket group J. Sainsbury gain. The firm's shares rallied 4.9% as talk resurfaced that it could get a bid from minority shareholder Qatar Investment Authority. Sainsbury said it doesn't comment on rumor and speculation.

DAILY NEWS ROUNDUP- JULY 8 ,2010

IDFC to raise Rs8.4bn through the sale of convertible securities to Khazanah, investment holding arm of Malaysian government and Actis. (ET)

Reliance Infra to buy power from three suppliers for the next three years. ((ET)

Maindra Satyam sets up centre for BASF services in Chennai. (ET)

NMDC in talks to buy coal mines in Russia. (ET)

Kingfisher Airlines has agreed to pay all its dues to HPCL by July 31

Gitanjali Gems enters into real estate business. (BS)

Media companies such as PVR, Balaji Telefilms and UTV Motions have opposed tax on copyright services. (BS)

PTC arm, PTC Financial Services Ltd (PFS) to list by November. (DNA)

Reliance Mediaworks has raised its stake in Fame. (DNA)

Ruchi Soya plans to acquire 150,000 hectares of land for palm plantation in Africa and Asia. (BS)

SCI not to bid for JNPT fourth container terminal. (DNA)

Karuturi Global to invest US$100mn in its new sugar unit in Ethiopia. (DNA)

Coal India may tap capital markets via IPO in October. (ET)

Sebi relaxes exposure margin norms for derivatives. (BS)

Government mulls restrictions on hot-rolled coil imports. (BS)

The RBI has urged FM to allow the Securities and Insurance Laws ordinance 2010 to lapse since it could affect the autonomy of all regulators including the Central Bank. (BS)

Tea prices to firm up on low output. (BS)

RBI board may discuss private banking license today. (BS)

Telecom Commission has failed to take a decision on BSNL listing in its meet on Wednesday. (ET)

Government may raise FDI in defence sector. (ET)

FICCI demanded that the MAT rate to be cut to 15% of the book profit in the Direct Tax Code. (ET)

ANOTHER SLIPPERY START.

All progress is precarious, and the solution of one problem brings us face to face with another problem. Martin Luther King Jr.

World equity markets managed good bit of progress thanks largely to a sudden turnaround in the battered Chinese market. Risk tolerance improved with the dollar falling and the euro climbing. Crude oil is hovering near $72 a barrel mark while gold continued to slip.




However, the feel-good may just prove to be short-lived as most Asian markets are in the red this morning. Also, US stocks retreated from session highs. The Dow lost over 100 points in intra-day trade. A drop in a key US non-manufacturing gauge seems to have spooked the sentiment on Wall Street.

Japan's Nikkei Average ended morning session down 0.9%. China’s stocks are mostly flat while the Hang Seng is down. We expect another flat to slightly lower start for our markets. The overall mood will remain at the mercy of global cues. The Sensex and the Nifty may remain rangebound as investors await the first batch of quarterly results. The Nifty is expected to remain in the range of 5210-5340 till there is a conclusive breakout on either side.

FIIs were net buyers of Rs3.42bn in the cash segment on Tuesday (provisionally), according to the NSE web site. Local funds were net sellers of Rs842.1mn. In the F&O segment, they were net buyers at Rs6.44bn. On Monday, the FIIs were net sellers of Rs2.16bn in the cash segment.

US stocks snapped a seven-session losing streak on Tuesday as trading resumed after an extended weekend but the main indices came off their day's highs by the close after a measure of service sector's health showed a decline.

The Dow Jones Industrial Average was up more than 170 points at one point. But those gains dwindled and the blue chip benchmark finished up 57.14 points, or 0.6%, at 9743.62, to snap a seven-session losing streak. The Dow had ended Friday's session at an 8-month low, closing lower for seven straight sessions, its worst streak since October 2008.

The Standard & Poor's 500 index rose 5.48 points, or 0.5%, to end at 1,028.06. The Nasdaq added 2.09 points, or 0.1%, at 2,093.88 after having risen as much as 44 points in the morning before dipping.

US light crude oil for August delivery settled down 11 cents to $71.98 a barrel on the New York Mercantile Exchange, giving up earlier gains.

COMEX gold for August delivery ended down $13.20 to $1,195.10 an ounce.

Treasury prices rose, lowering the yield on the 10-year note to 2.93% from 2.98% late on Friday.

The S&P 500 was dragged lower by its consumer-discretionary and materials sectors. Gains among energy and utilities stocks offset some of the benchmark index's losses. Some selling was also seen in retail, transportation and select technology stocks.

Stocks rallied through the early afternoon, slipped in the mid-afternoon, and fluctuated in the last hour of trading. Initially, investors followed European markets higher, but stocks ended up losing momentum as the day wore on.

Last week US stocks fell sharply as disappointing jobs and housing data fueled fears of a second-half slowdown in the US economy. The Dow had fallen for seven consecutive sessions, including a 4.5% drop last week. The S&P 500 had dropped 5% during its own five-session swoon. The Nasdaq's gain Tuesday, too, was its first in six tries.

Since peaking in late April, the Dow is down just under 14%, the S&P 500 is off 16% and the Nasdaq is off 17%.

In the day's only big economic report, the Institute for Supply Management's index on the services sector of the economy was released after the start of trading. The index fell to 53.8 in June from 55.4 in May. Economists expected it to fall to 55. A reading above 50 signals expansion in the sector.

The Reserve Bank of Australia left key interest rates unchanged but kept a door open for increases over time.

American depositary shares of BP rose 8.7% after a report said that Libya's sovereign wealth fund might invest in the company and the British oil giant announced that it would not issue new shares to cover costs associated with the oil spill.

Citigroup cut its targets on a number of retailers for the 2010 to 2012 period, citing a "hangover" for consumer spending in the second half and beyond after the first-quarter binge.

European stocks rallied, with the commodity sector pacing the advance, as investors picked up shares battered recently. The Stoxx Europe 600 index jumped 2.6% to 242.76. On Monday, the benchmark closed down 0.3%, its lowest level since May 25.

Mining companies were among the biggest gainers. Banks climbed as well, in particular lenders with big exposure to the more peripheral regions in Europe.

Spain successfully sold 10-year government bonds to raise 6 billion euros. The issue attracted bids worth 13 billion euros.

The French CAC-40 index rallied 2.7% to 3,423.36, the UK's FTSE 100 index climbed 2.9% to 4,965 and the German DAX index gained 2.2% to 5,940.98.

In the currency markets, the euro rose 1% to $1.2643 and sterling climbed 0.6% to $1.5191 against the dollar.

DAILY NEWS ROUNDUP- JULY 7 ,2010

Tata Power said a consortium led by the company has been awarded three coal bed methane blocks for exploration in Satpura, Madhya Pradesh. (ET)

Dubai’s Istithmar sold its 6.9% stake in SpiceJet for US$25.3mn. (ET)



Tata Motors will invest around Rs100bn in the next 2-3 years on product development, facility modernisation and other capex purposes. (ET)

LIC has hiked its stake in Bharti Airtel to 5%. (FE)

IOC has started buying crude oil from Cairn India's Rajasthan oil fields, which have now crossed the 1,00,000 barrels per day mark in production. (FE)

IOC plans to set up solar power panels and power plants at its over 18,100 retail outlets across the country at a cost of Rs5bn. (BS)

Reliance Industries has told the government that it will not sign contracts to supply gas from its KG-D6 fields beyond 60 million units a day, as it may not be able to sustain higher production. (FE)

NTPC has suspended the plan to explore the river route to transport coal to its starved plants. (FE)

NTPC has signed production sharing contracts with the Government for four oil and gas exploration blocks awarded in the eighth round of bidding under NELP-VIII. (BL)

Tata Power, in consortium with Arrow Energy has been awarded the Satpura CBM block in Madhya Pradesh. (BL)

Indiabulls Financial Services has raised Rs12.6bn by issuing 3-year, zero coupon NCDs to private and public sector banks, provident funds and mutual funds. (ET)

Indiabulls Financial Services is looking to grow its home loans business by 40-45% this fiscal and increase its market share from the current 4-4.5% to 7-8% by 2014. (BL)

Opto Circuits set to enhance capacity in Mysore, Malaysia with an investment of Rs2-2.5bn. (BL)

NMDC proposes to build a Rs30bn pipeline between its mines at Bailadila and Vizag to evacuate and supply 12mn tons of iron ore slurry a year to its domestic customers such as Rashtriya Ispat Nigam Ltd and Essar Steel over the next two years. (BL)

NMDC is in talks with Japanese steel makers to source technology for its proposed integrated steel plant in Karnataka and iron ore nugget plant in Andhra Pradesh. (BL)

NMDC profit jumps 80%, sales 90% in Q1 FY11. (BS)

Bajaj Auto has said its low-cost car project with Renault and Nissan is on track, but may not form a joint venture (JV) to manufacture and market the car. (BS)

Bombay Dyeing, may sell its polyester and DMT business located in Pune. (BS)

Indiabulls Realtech, a subsidiary of Indiabulls Power, is setting up a 1,350 mw coal-based thermal power plant at Sinnar, near Nashik, which will commence operations by January 2013. (BS)

Quippo-WTTIL, a joint venture between India’s Tata Tele and Quippo Telecom, is looking to sell 2-5% stake to raise funds for growth. (ET)

Polaris Software Labs said that its group firm Laser Soft has bagged a project from Andhra Pradesh State Co-operative Bank to implement core banking solutions at 22 district central co-operative banks in the state. (ET)

The Supreme Court on Tuesday remanded the income tax department’s plea back to the Bombay High Court that had allowed Essar Shipping to claim depreciation on foreign exchange loans taken for ship purchase. (FE)

EdServ Softsystems, has fixed its QIP issue at Rs 205 a share. (FE)

Nimbus Communications plans to raise up to Rs7.5bn in an IPO.(ET)


Central power regulator has made it mandatory for all power utilities to purchase 6% green power. (ET)

The Bedabahal (Orissa) ultramega power project (UMPP) may hit a road block as the captive coal mines linked with the 4,000-mw project now figures in the list of areas prohibited for mining activities by the environment ministry. (ET)

The interest rates on education loans by banks may be capped at 2% above their respective base rates. (ET)

The government will have to incur a subsidy of about Rs10bn to supply sugar through ration shops due to an increase of about Rs4/kg in the price that it pays to mills for buying the sweetener. (ET)

The Centre's direct tax mop-up increased by over 15% to Rs686bn during the first quarter of this financial year. (FE)

Government has released a discussion paper on FDI in retail. (BS)

Monsoon covers entire India nine days ahead of schedule. (BS)

India’s iron ore exports declined 15% in the Q1 FY11 on slow offtake by Chinese steel mills. (BS)

RAKESH JHUNJHUNWALA PORTFOLIO - LATEST

Name Of Company	No. of Shares
AGRO TECH FOODS LTD.	1,153,700
AUTOLINE INDUSTRIES LIMITED	731,233
BILCARE LTD.	1,735,425
BILCARE LTD.	267,500
CRISIL LIMITED	550,000
DWARIKESH SUGAR INDUSTRIES LIMITED	450,000
GEOJIT BNP PARIBAS FINANCIAL SERVICES LIMITED	18,000,000
GEOMETRIC LIMITED	3,860,000
GEOMETRIC LIMITED	850,000
HINDUSTAN OIL EXPLORATION CO. LTD	5,385,143
HINDUSTAN OIL EXPLORATION CO. LTD	1,887,273
INFOMEDIA 18 LIMITED	210,698
INFOMEDIA 18 LIMITED	489,479
ION EXCHANGE (INDIA) LTD.	650,000

J.B.CHEMICALS & PHARMACEUTICALS LTD.	1,251,650
KAJARIA CERAMICS LTD	2,502,642
KARUR VYSYA BANK LTD	2,041,224
LUPIN LIMITED	2,183,581
LUPIN LIMITED	1,065,254
PRAJ INDUSTRIES LTD	11,678,624
PRAJ INDUSTRIES LTD	2,798,000
PRIME FOCUS LIMITED	250,000
PRIME FOCUS LIMITED	632,500
PROVOGUE (INDIA) LIMITED	1,900,000
PUNJ LLOYD LIMITED	3,790,000
RALLIS INDIA LTD.	746,588
RISHI LASER LTD.	380,000
TITAN INDUSTRIES LTD.	2,787,755
TITAN INDUSTRIES LTD.	1,038,306
VICEROY HOTELS LIMITED	4,250,000
VICEROY HOTELS LIMITED	500,000
VIP Industries	1,263,000
ZEN TECHNOLOGIES LTD.	450,000
ZEN TECHNOLOGIES LTD.	450,000

DAILY NEWS ROUNDUP- JULY 6 ,2010

M&M plans to set up a 250-acre special economic zone catering to the aerospace sector near the Bangalore International Airport (ET)

TCS, Wipro and QuEST, in addition to Mahindra Aerospace and L&T, are among the vendors currently in discussions with the National Aerospace Laboratories for providing software, designing and manufacturing around 500 regional transport aircraft. (ET)



Fortis Healthcare Holdings Ltd, the promoter company with a majority stake in Fortis Healthcare Ltd, has revoked 39.17mn pledged shares, bringing down the percentage of pledged stake in the company to 31%.(BS)

Orchid Chemicals has received tentative approval from the US Food and Drug Administration for Gemifloxacin mesylate tablets in the 320 mg strength. (ET)

Reliance Industries daily crude oil imports fell about 23% in May due to a planned shutdown of a secondary unit. (FE)

Indian Bank has raised Rs5bn through bond issuance. (FE)

Communications Minister A Raja has proposed free spectrum for BSNL and MTNL. (BS)

JSW Energy (Bengal) Limited will commission 1,600MW of power at Salboni in West Bengal by September 2014. (BS)

Network18 Media & Investments Ltd plans to simplify its corporate structure and cut the number of cross-holdings in the group. (BS)

Essar Energy is close at buying Navbharat’s power project in Orissa for ~Rs2bn. (ET)

Havells to relaunch its 'Sylvania' brand in India.

TDSAT has reserved its order on a plea by GSM operators against the recent hike in the spectrum usage charges by DoT. (ET)

The agriculture minister has proposed to approach government towards decontrolling the sugar industry. (ET)

The Government has proposed to launch an urban employment guarantee scheme on the lines of NREGA and give statutory sanctions to minimum wages (ET)

The capital employed numbers provided by 661 companies for the year ended March 2010, show an increase of 12% or Rs1,362bn over the year. (BS)

The Finance Ministry expects the headline inflation, measured by the wholesale price index, to climb down to 6% by December, lower than the 10.16% level seen in May. (BL)

The Government plans to expand the basket of subsidised food items supplied to the poor by adding edible oil, sugar and pulses to wheat and rice provided currently. (ET)

GNFC

Investors with medium-term perspective can consider investing in the stock of Gujarat Narmada Valley Fertilizers Company (Rs 114.2). In late 2008, the stock found support at Rs 50 and started to trend upwards.

While trending upward, the stock emphatically penetrated key resistances at Rs 80, Rs 90 and Rs 105. However, after recording a 52-week high at Rs 135 in January 2010, the stock had been on a medium-term downtrend until it found support at Rs 105 in late May this year.



The 200-day moving average, which was poised around Rs 105, also provided support for the stock. It appears to have resumed its long-term uptrend following a 4 per cent surge accompanied with heavy volume on Friday.

This move has helped breach its 50-day moving average.

The 14-day relative strength index has entered in to the bullish zone from the neutral region and weekly RSI is heading towards this zone. Buy signal in the daily moving average convergence divergence and price rate of change oscillator featuring in the positive territory implies that the stock's short-term up move can sustain. The stock's intermediate-term up trend-line is also intact.

Our medium-term outlook on the stock is positive. We believe that the stock has the potential to climb higher to our price target of Rs 136 in the upcoming weeks. A minor pause is however possible around Rs 125.

Investors with medium-term perspective can buy the stock while maintaining stop-loss at Rs 102. Short-term traders can buy with target of Rs 125 and with stop-loss of Rs 108.

DAILY NEWS ROUNDUP- JULY 2 ,2010

ONGC Board has in-principle approved the cluster development of four marginal fields in the Western offshore. (BL)

After more than two years, Tata Motors has dislodged Korea’s Hyundai Motors in India from the second spot in monthly domestic passenger vehicle sales. (BS)

RCom today announced acquisition of one of India’s largest cable service providers, Digicable, in a cashless all-stock deal. (BS)

Tata Power to raise Rs14bn via coal SPVs. (FE)

HDFC Bank is now looking for a south-based bank for its next phase of merger. (FE)

Raymond’s plan to utilise 125 acres of land at its Thane plant for residential and commercial purposes has met with strong objection from the Maharashtra Government. (BS)

ITC is setting up another unit at its existing paper mill in Bhadrachalam at a cost of Rs10bn. (BS)

The GMR Group has decided to keep on hold an agreement on distribution of promoters stakes among family members. (ET)

The Government approves $5.25 per mmBtu for ONGC gas. (ET)

Axis Bank targets 12,000 villages in five years time under financial inclusion plan. (ET)

Sterlite Energy, the flagship company of Vedanta Resources, has ignited the first unit (600 MW) of its 2,400MW power plant at Jharsuguda. (BS)

The Blackstone Group has secured 12.5% stake for Rs2.8bn in Monnet Power, a 100% subsidiary of Monnet Ispat and Energy. (BS)

BK Birla's daughter, Manjushree Khaitan, to be Kesoram vice-chairman. (BS)

Kesoram Industries to invest Rs11.3bn on cement capacity expansion and additional power generation. (BL)

SpiceJet may get an expatriate CEO after Sanjay Aggarwal quit the post. (BS)

MRPL, a subsidiary of ONGC, will revisit its fuel retail business plans as the government has decontrolled petrol prices. (BS)

Kinetic ties-p with Italian company for engineering services for infra projects. (BL)

Mangalam Cement studying Mangalam Timber's merger proposal. (BL)

Tata Chemicals is planning to invest Rs35-40bn to double urea production capacity at its Babrala facility in Uttar Pradesh. (BL)

Puravankara Projects announced a new project, Purva Skywood, in Bangalore that would see development of 1.25mn sqft of residential space spread over 12.5 acres. (BL)

Federal Bank to open 31 new branches in Kerala this week. (BL)

Vijaya Bank has applied to the Government of India for Tier-I capital. (BL)


Food inflation declined by a significant 4% to 12.9% for the week ended June 19 due to a high base effect and timely arrival of monsoon rains. (BS)

FDI in DTH raised to 74% and FM radio to 26%. (FE)

Department of industrial policy & promotion (DIPP) has initiated an exercise to tweak the foreign direct investment policy for wholesale trading. (ET)

SEBI has made it tougher for non–finance businesses, which has less than five-year of financial services experience, not permitting it to own stake in an asset management company. (ET)

May export surges to US$16.1bn, up 35.1% yoy. (BS)

Maharashtra Government is considering imposition of betterment charge and service tax on developers of residential and commercial complexes adjacent to the mega-infrastructure projects lined up in Mumbai. (BS)

The Centre’s fiscal deficit stood at Rs1lakh crore during April-May 2010, constituting over a fourth of the budget estimate for the entire year. (BS)

Funds raised by corporate India through syndicated loans and equity issuances have more than trebled to about Rs578bn for the half-year ended June 2010. (BL)

The European sovereign debt crisis will cause companies and governments in the region to curtail IT spending for 2010, according to Gartner and Forrester. (BL)

BULLS MAY DANCE!!

The market may have tumbled but it was not as bad as it appeared; the market breadth did not collapse and the decline came on lower volume. Also, outflows from the foreign funds were only marginal in the cash segment. Given that backdrop, we expect the market to resume its ascent today after a slow start. Most Asian markets, barring Hong Kong, are trading in the green. Markets in Hong Kong were shut on Thursday.

Australian shares are up, led by gains in resource stocks after the announcement of a compromise tax deal between miners and the government.

US stocks managed to pare their losses despite a trio of weak economic reports. All eyes will be on Friday’s payroll data. Analysts are forecasting a drop of over 100,000 in June after strong May addition, though some of this is census-related.

The Nifty may cross 5300 again, but it has to sustain above 5350 for a meaningfully longer period if we are to see 5400 and 5500 in the short term. On the way down, the Nifty has good support at 5200 and 5100. Chances of it cracking below 5000 appear slim right now but that may happen if world equity markets collapse again.

FII flows are critical for India. In May when they pulled out $2bn the market fell 3.5%. In June the market gained 4.5% as foreign funds pumped in $2bn. The global picture is rather grim with fears of growth slowdown looming large in key economies like the US, Europe and China. Also, the sovereign debt crisis in the euro-zone is yet unresolved.

The FIIs were net sellers of Rs1.6bn in the cash segment on Thursday (provisionally), according to the NSE web site. Local funds were net sellers of just Rs67mn. In the F&O segment, they were net sellers at Rs12.13bn.

US stocks slipped on Thursday, but managed to pull back from session lows, after worse-than-expected readings on manufacturing, housing and the labor market fueled concerns about the health of the world's largest economy ahead of the key monthly employment report.

Recovering from a 150-point drop, the Dow Jones Industrial Average registered a sixth consecutive session of losses to finish down 41.49 points, or 0.4%, to 9,732.53.

Down more than 16% from its 2010 high at the end of April, the S&P 500 Index fell to its lowest level since early September 2009. The broad market gauge ended down 3.34 points, or 0.3%, to 1,027.37. But, the S&P 500 was able to touch and then bounce off a key technical support level.

The Nasdaq Composite Index dropped 7.88 points, or 0.4%, to 2,101.36.

Declines were broad based, with 23 of the Dow's 30 components lower.

Market breadth was negative.

Stocks slumped in the second quarter with the Dow losing 10%, the Nasdaq down 12% and the S&P down just shy of 12%. However, the S&P 500 is off more than 15% from its rally highs in April, a threshold that could set the stage for a bigger sell-off in the weeks ahead. In the same period, the Nasdaq lost 16.6%.

US light crude oil for August delivery fell $2.68 to settle at $72.95 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery fell $39.20 to settle at $1,206.70 an ounce.

Treasury prices climbed, lowering the yield on the 10-year note to 2.93% from 2.95% late on Wednesday.

The weekly jobless claims report showed a rise in new claims. The number of Americans filing new claims for unemployment last week rose to 472,000 from a revised 459,000 in the previous week. Economists had expected 458,000 new claims. Continuing claims, a measure of Americans who have been receiving benefits for a week or more, rose to 4,616,000 from a revised 4,573,000 in the previous week. Economists expected a drop to 4,510,000.

Separately, the National Association of Realtors said that its count of pending home sales declined to a new low in May after a flurry of buying to take advantage of a tax credit that expired at the end of April. The National Association of Realtors said its pending home sales index plunged 30% in May, reflecting the end of the tax rebates for home buyers. Economists expected the index to fall 10.5%. The index rose 6% in April.

The Institute for Supply Management (ISM) reported its manufacturing index declined in June, though the industry trade group said that the sector seemed to still be expanding. The Institute for Supply Management's ISM index for June fell to 56.2 from 59.7 in May. Economists expected it to dip to 59. While any level over 50 indicates expansion in the sector, the slowing pace of activity was nonetheless a worry to market participants.

In other news, construction spending fell 0.2% in May, the government reported, after rising 2.3% in April. Economists thought it would fall 0.9%.

The soft economic data came in the wake of a downbeat second quarter for investors, and one day before the government's June employment report.

Car and truck makers released June sales figures. General Motors said sales rose 36% from a year earlier, but dipped 12.5% from May. That month-over-month decline was bigger than what economists were expecting, providing another indication that the economy is weakening.

Ford Motor said that June sales climbed 15% versus a year earlier, but down 13% from May, short of expectations.

European shares slid on the first day of the third quarter, as weaker-than-expected manufacturing data from China to the United States reinforced growing worries over the global economic recovery.

The Stoxx Europe 600 index dropped 2.5% to close at 237.30. A small decline meant that the index ended the second quarter with a loss of 7.7%.

The UK FTSE 100 index dropped 2.3% to close at 4,805.75, the German DAX index lost 1.8% to settle at 5,857.43 and the French CAC-40 index ended 3% lower at 3,339.90.

The euro jumped 2.1% to $1.2481.

MEDIA SHARES IN LIMELIGHT AS TRIAL RECOMMENDS 74% FDI IN BROADCAST CARRIAGE SERVICES.

The key benchmark indices jumped amid high volatility as European banks sought a smaller amount of central bank loans at a three-month tender auction on Wednesday than markets had anticipated. The news helped ease liquidity-related fears about the health of euro zone financial sector. Index heavyweight Reliance Industries (RIL) gained. Media shares jumped after the Telecom Regulatory Authority of India (Trai) recommended increasing foreign investment (FDI) limit to 74% in broadcast carriage services viz. DTH, IPTV, Mobile TV, HITS (Headend in the Sky), Teleport and multi-system operators (MSOs).



FMCG stocks, PSU OMCs, oil exploration stocks, auto and capital goods stocks rose. Banking and realty stocks reversed initial losses. The BSE 30-share Sensex was up 166.81 points or 0.95%, up close to 325 points from the day's low up and off close to 25 points from the day's high. The market breadth was strong in contrast to negative breadth earlier in the day.

Intraday volatility was high. The market recovered after initial losses caused by weak Asian stocks. The market once again slipped into the red after turning positive to hit fresh intraday high in morning trade. The market moved in a narrow range in mid-morning trade. The market surged to a fresh intraday high in early afternoon trade. The market extended gains in mid-afternoon trade. The market pared gains later before jumping to hit fresh intraday high in late trade.

NSE's volatility index India VIX, which is a gauge of traders' perception of near-term risks in the market based on options prices, declined 2.76% to 20.07. The index had jumped 5.58% to 20.64 on Tuesday, 29 June 2010. India VIX is calculated based on the S&P CNX Nifty options prices. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days.

Meanwhile, stock brokers have advised clients that shares bought in the cash segment today, 30 June 2010, should not be sold on Thursday, 1 July 2010, due to clubbing of settlements owing to annual closure of accounts of the Reserve Bank of India (RBI) on 1 July 2010. All offices of the RBI in Mumbai and Navi Mumbai will remain close on 1 July 2010 for annual closure of accounts of the central bank.

Bank shares led rally in European stocks on Wednesday as European banks sought a smaller amount of central bank loans at a three-month tender auction on Wednesday than markets had anticipated. The news helped ease liquidity-related fears about the health of the financial sector. High demand at the auction would have underlined worries about the interbank funding market. The key benchmark indices in France, Germany and UK rose by between 0.57% to 0.67%.

Meanwhile, official data showed that the unemployment rate in Germany, Europe's biggest economy, declined to 7.5% in June from 7.7% in May.

Asian stocks slid for the second day in a row on Wednesday as investors unwound risky positions amid concerns about the global economy. The key benchmark indices in Taiwan, South Korea, Japan and fell by between 0.55% to 1.96%. But, key benchmark indices in Singapore and Indonesia rose by between 0.18% to 0.7%.

China's Shanghai Composite was down 1.18% after slumping 4.3% in the previous session, amid worries about a second-half economic slowdown. Hong Kong's Hang Seng was down 0.59%

Japanese manufacturing activity declined in June for the first time in five months, The Nomura/JMMA Japan Manufacturing Purchasing Managers Index (PMI) also showed that new export orders, a leading indicator of Japanese exports, declined for the second straight month in June.

Manufacturing PMI indexes for the United States and Europe due on Thursday are also expected to show factory output growth in both economies is slowing slightly.

Trading in US index futures indicated that the Dow could gain 50 points at the opening bell on Wednesday, 30 June 2010.

US stock markets slumped on Tuesday and the S&P 500 tumbled to its lowest level in eight months in a sell-off triggered by a wave of increasing alarm over the global economic outlook The Dow Jones Industrial Average lost 268.22 points, or 2.65% to 9,870.30. The Standard & Poor's 500 Index fell 33.33 points, or 3.10% to 1,041.24. The Nasdaq Composite Index dropped 85.47 points, or 3.85% to 2,135.18.

US consumer confidence dropped in June 2010 after rising for three months, adding to the view the economic recovery is slowing, while single-family home prices unexpectedly climbed in April 2010.

Back home, Prime Minister Manmohan Singh said on Tuesday, 29 June 2010, said capital inflows have not become a problem for the Indian economy as of now and the country does not face a situation that requires imposition of capital controls.

In macro economic news, infrastructure sector output grew 5% in May from a year earlier, lower than an upwardly revised annual growth of 5.4% in April, government data showed on Monday. The infrastructure sector accounts for 26.7% of the industrial output.

Food inflation accelerated in mid-June 2010, maintaining pressure on the Reserve Bank of India to tighten monetary policy at a faster pace. The food price index rose 16.90% in the year to 12 June 2010, higher than the previous week's annual reading of 16.12%, data released by the government on Thursday 24 June 2010 showed. The fuel price index remained unchanged at 13.18% in the year to 12 June 2010.

The government's latest decision to raise fuel prices will stoke inflation, maintaining pressure on the Reserve Bank of India to tighten monetary policy. The government on Friday, 25 June 2010, raised petrol price by Rs 3.50 a litre, diesel price by Rs 2 litre, kerosene by Rs 3 litre and LPG by Rs 35 per cylinder.

The government has decided to decontrol petrol prices. The government will also eventually decontrol diesel prices, Oil Secretary S. Sundareshan said on 25 June 2010. The government will, however, continue to subsidize kerosene and LPG.

The consumer price index (CPI) rose 13.91% in May from a year earlier, marginally higher than April's annual rise of 13.33% government data showed on Wednesday.

Investors will closely watch the progress of the monsoon rains. Annual monsoon rains were 12% below normal between June 1-27, the India Meteorological Department (IMD) said in its update on Monday, 28 June 2010. The vital monsoon rains, running late in the main sugar- and rice-producing regions, are not likely to revive in the next few days, the weather office said in its latest update, raising concerns about rising inflation.

So far, the monsoon has covered southern India and parts of eastern and central India but has not moved to other areas in the past 11 days as unfavourable weather conditions have inhibited monsoon winds, the weather office said. However, the monsoon is likely to advance after four days and cover the entire country on schedule by the middle of July, it said.

The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The south-west monsoon usually covers the entire country by mid-July. Last week, the weather office said the rains were expected to be better than previously forecast. Monsoon rains are expected to be at 102% of the long-period average for the current monsoon season. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation.

On the corporate front, most Indian firms, including Reliance Industries, L&T, Tata Steel and Tata Motors, have paid higher advance tax in Q1 June 2010 over Q1 June 2009. Higher advance tax payment normally indicates higher profits for the period under review. Advance tax payments by companies during the April-June quarter account for 15% of the total advance tax payable in the fiscal year.

The BSE 30-share Sensex was up 166.81 points or 0.95% at 17,700.90. The Sensex rose 190.95 points at the day's high of 17,725.04 at the fag end of the trading session. The Sensex lost 160.31 points at the day's low of 17,373.78 in early trade.

The S&P CNX Nifty was up 56.35 points or 1.07% to 5,312.50.

The BSE Mid-Cap index was up 0.46%. The BSE Small-Cap index was up 0.44%. Both the indices underperformed the Sensex.

Barring the BSE IT index, all other sectoral indices on BSE rose. BSE FMCG index (up 1.9%), Oil & Gas index (up 1.62%), and Auto index (up 1.07%), outperformed the Sensex. The BSE Realty index (up 0.93%), Power index (up 0.78%), banking sector index Bankex (up 0.76%), BSE PSU index (up 0.6%), Capital Goods index (up 0.56%), Metal index (up 0.47%), Consumer Durables index (up 0.42%), Healthcare index (up 0.28%), and BSE IT index (down 0.07%), underperformed the Sensex.

The market breadth, indicating the strength of the broader market, was strong. The breadth was negative earlier in the day. On BSE, 1609 shares advanced while 1283 shares declined. A total of 89 shares remained unchanged.

From the 30 share Sensex pack, 25 stocks rose and rest fell.

BSE clocked turnover of Rs 4901 crore, higher than Rs 4523.16 crore on Tuesday, 29 June 2010.

Index heavyweight Reliance Industries (RIL) rose 1.84%, on reports the Mukesh Ambani group is close to signing an equal joint venture agreement with global private equity and hedge fund company, DE Shaw, to enter the financial services sector.

Meanwhile, Mexico's energy ministry denied a media report that it was planning to construct a new oil refinery in partnership with Reliance Industries (RIL). Media reports had on Monday suggested that RIL and Mexican state-run oil giant Pemex may soon join hands to develop a green field refinery in Mexico.

RIL announced during market hours on Monday that it made seventh oil discovery in Cambay basin in Gujarat.

RIL and Reliance Natural Resources (RNRL) on Friday, 25 June 2010, entered into a new gas supply agreement, as directed by the Supreme Court. The Supreme Court had ordered the two companies to renegotiate the Gas Supply Master Agreement, which was signed between the Ambani brothers as part of the business demerger in 2005.

PSU OMCs extended recent strong gains triggered by the government's decision on Friday, 25 June 2010, to decontrol petrol and diesel prices which will help reduce underrecoveries of PSU OMCs on fuel sales. BPCL, HPCL and Indian Oil Corporation (IOC) rose by between 2.34% to 7.94%.

Oil firms and the government will jointly take a decision on how often petrol prices should be revised, Oil Secretary S. Sundareshan told reporters on Wednesday.

Oil exploration stocks also extended recent strong gains as last week's fuel price hike will reduce their subsidy sharing burden. ONGC and Oil India rose by between 1.11% to 1.31%.

Media shares jumped after the Telecom Regulatory Authority of India (Trai) recommended increasing foreign investment (FDI) limit to 74% in DTH, IPTV, Mobile TV, HITS, Teleport and multi-system operators (MSOs). In its recommendations sent to the Information and Broadcasting Ministry today, Trai has also suggested that FDI limit for local cable operators (LCOs) should be at 26%. On the FM radio front, Trai is in favour of a 26% FDI cap, up from the existing limit of 20%. There is no change in the 26% FDI cap for News & Current Affairs TV Channels. There will be no restriction on foreign investment for uplinking and downlinking of TV channels other than News & Current Affairs TV channels.

Among broadcasters, Zee Entertainment Enterprises jumped 4.8% to Rs 305.10 and Sun TV rose 3.4% to Rs 436.30. DTH operator Dish TV jumped 6.6% to Rs 48. FM radio operator Entertainment Network (India) surged 5.9% to Rs 250.15.

FMCG stocks rose on expectations normal monsoon rains this year will boost rural sales. ITC, Tata Tea, United Spirits, Dabur India, Hindustan Unilever, Nestle India, Marico rose by between 0.35% to 3.53%.

Index heavyweight Larsen & Toubro rose 0.59%, reversing initial losses after company announced during market hours today that it has bagged orders worth Rs 1383 crore.

Among other capital goods stocks, Bharat Heavy Electricals, ABB, SKF India and Thermax rose by between 0.08% to 5.25%.

Auto stocks rose ahead of the release of the monthly vehicle sales figures for June 2010 starting Thursday, 1 July 2010. Maruti Suzuki India, Ashok Leyland, Mahindra & Mahindra, Hero Honda Motors rose by between 0.03% to 2.49%.

India's largest commercial vehicle maker by sales Tata Motors rose 1.28%, on bargain hunting. The stock had lost ground recently on equity dilution concerns after the company announced after market hours on Monday that it plans to raise about Rs 4700 crore ($1.02 billion) through a combination of shares, bonds, debentures and other equity-linked instruments to cut debt and grow its business. Its ADR tumbled 4.52% on Tuesday, 29 June 2010.

According to a monthly report released by auto industry body the Society of Indian Automobile Manufacturers (Siam) on 9 June 2010, car sales in India rose 30.4% to 1.48 lakh units in May 2010 over May 2009. Auto sales rose despite recent price increases and a partial withdrawal of government stimulus measures in February 2010. The auto industry expects consumer demand to sustain following the overall economic expansion.

High beta realty stocks reversed initial losses. Ackruti City, HDIL, DLF, Unitech, Phoenix Mills and Indiabulls Real Estate rose by between 0.29% to 4.03%.

Bank stocks reversed initial losses. Bank credit grew an annual 19.1% in early June 2010, according to the RBI data, in tune with a rise in business and consumer confidence. India's second largest private sector bank by operating income HDFC Bank rose 0.57%. India's largest private sector bank by market capitalisation ICICI Bank rose 1.55%. ICICI Bank will announce the base rate today.

India's biggest commercial bank in terms of branch network, State Bank of India, rose 0.31%. SBI announced during market hours on Tuesday it has fixed the base rate at 7.5% per annum with effect from 1 July 2010.

Among the other PSU banks, Punjab National Bank and Bank of India rose by between 0.19% to 0.94%. But, Bank of Baroda fell 0.74%.

India's largest dedicated housing finance firm by revenue HDFC rose 1.36%, reversing initial losses.

Reliance Communications, India's second biggest cellphone operator by sales, rose 2.35% on reports company is likely to acquire privately-held cable television company, Digicable, in a cashless deal. The stock had risen 4.65% on Monday after company agreed to merge its telecoms communication towers business with that of GTL Infrastructure to create what it said would be the world's largest telecoms infrastructure firm not controlled by an operator.

Among other telecom stocks, Bharti Airtel fell 1.02%. But, Idea Cellular rose 3.5%.

IT stocks fell, extending recent losses triggered by weak economic data in the US, which is the largest market for Indian IT firms. India's largest IT exporter by sales Tata Consultancy Services fell 0.41%, with the stock falling for the second straight day. India's third largest IT exporter by sales Wipro fell 1.23%, with the stock falling for the second straight day. Its ADR tumbled 4.52% on Tuesday, 29 June 2010.

India's second largest IT exporter by sales Infosys fell 0.07% to Rs 2788.55. The stock came off the day's low of Rs 2733. Its ADR tumbled 3.53% on Tuesday, 29 June 2010.

Cals Refineries clocked the highest volume of 5.3 crore shares on BSE. FCS Software (1.92 crore shares), IFCI (1.81 crore shares), Sanraa Media (1.69 crore shares) and Shree Ashtavinayak Cine Vision (89.10 lakh shares) were the other volume toppers in that order.

HPCL clocked the highest turnover of Rs 328.10 crore on BSE. IOC (Rs 137.41 crore), BPCL (Rs 135.48 crore), Aban Offshore (Rs 129.64 crore) and Reliance Industries (Rs 112.71 crore) were the other turnover toppers in that order.