Nifty may go up to 5,700
The Nifty today recorded a higher high, higher low and a higher close, after a long time, signalling an upmove on the cards. The Nifty gained 92 points on higher volumes, which is well above the 10-day moving average. Also, the past three dips on 20th June (closing: 5,258), 12th July (closing 5,526) and 21 July 2011 (closing: 5,542), were each at a higher level than the previous one, indicating that the bulls are winning.
Easing of the debt situation in Greece and a clutch of good corporate earnings on the domestic front saw the market snap its two-day losing streak and close with good gains.
The market opened with good gains on news of a fresh bailout package for Greece and hopes that the US debt issue will be resolved soon. The Nifty opened 35 points higher at 5,577 and the Sensex resumed trade at 18,565, 129 points up from its previous close. All-round buying by institutional investors supported the upmove.
The indices erased some of the initial gains in early trade, but buying resumed subsequently, boosting sentiment. TECk, IT, capital goods and auto stocks were in demand in noon trade lifting the benchmarks to above their psychological levels of 5,600 (on the Nifty) and 18,700 (on the Sensex).
The market continued the upmove in the post-noon session and was range-bound for a period, till a minor bout of profit-booking in late trade pushed the benchmarks to the day's lows. The Nifty slipped to 5,567 and the Sensex to 18,533.
The gains resumed in the last 30 minutes of trading, as the market climbed to the day's high. The Nifty touched an intra-day high of 5,642 and the Sensex hit 18,747. The market recouped the losses incurred over the last two days with the Nifty settling 92 points higher at 5,634 and the Sensex climbing 286 points to close at 18,722.
The advance-decline ratio on the National Stock Exchange (NSE) was a splendid 1071:621.
In the broader market, the BSE Mid-cap index gained 1.25% and the BSE Small-cap index rose 0.82%.
With the exception of the BSE Consumer Durables index (down 0.57%), all other sectoral gauges settled higher. The top sectoral gainers were BSE Bankex (up 2.14%), BSE TECk (up 2.06%), BSE Auto (up 1.76%), BSE Capital Goods (up 1.72%) and BSE IT (up 1.55%).
The top gainers on the Sensex were Bharti Airtel (up 3.99%), Reliance Communications (up 3.43%), Mahindra & Mahindra (up 2.98%), ICICI Bank (up 2.61%) and Tata Motors (up 2.18%). The major losers on the index were DLF (down 0.43%), Hindalco Industries (down 0.28%) and Jindal Steel (down 0.07%).
The major gainers on the Nifty were Axis Bank (up 4.55%), Bharti Airtel (up 4%), RCom (up 3.37%), M&M (up 3.05%) and Grasim (up 3%). The main losers on the index were Jindal Steel (down 0.30%) and ITC (down 0.05%).
Markets in Asia, with the exception of the KLSE Composite, settled higher on the last trading day of the week. European leaders endorsing a second bailout package for Greece and reports of the possibility of a deal which is expected to help stave off a debt default in the US, boosted investor sentiment.
The Shanghai Composite rose 0.18%, the Hang Seng jumped 2.08%, the Jakarta Composite gained 0.95%, the Nikkei 225 surged 1.22%, the Straits Times climbed 1.42%, the Seoul Composite advanced 1.22% and the Taiwan Weighted was up 0.55%. On the other hand, the KLSE Composite was 0.05% lower at the close of trade today.
Back home, foreign institutional investors were net sellers of shares worth Rs577.64 crore on Thursday. On the other hand, domestic institutional investors were net buyers of stocks worth Rs408.36 crore.
HCL Technologies, together with HCL Great Britain, has entered into an agreement with Mecom Group plc for outsourcing a significant portion of Mecom's IT operations. HCL will initially provide Mecom with infrastructure and applications management services in the Netherlands, Denmark and Norway.
Service provision will commence in the first half of 2012 and will last for five years, with the option of extension for a further two years. HCL Tech closed 0.24% higher at Rs504.60 on the NSE.
Kirloskar Oil Engines (KOEL) has entered into a licence agreement with Japan-based Daihatsu Diesel Company for manufacturing and supply of diesel engines of Daihatsu design in India. Under the agreement, the engines manufactured by KOEL will be in the range of 440KW to 2560KW and will cater to the requirement of propulsion and auxiliary power (diesel generation sets) for commercial ships. KOEL fell 0.22% to Rs134.90 on the NSE today.
Engineering major Thermax reported a net profit of Rs79.88 crore for the quarter ended 30 June 2011, a growth of 20.72% over the Rs66.17 crore in the corresponding period last year. Total income increased by 31.77% to Rs1,059.16 crore for the reporting quarter from Rs803.77 crore in the previous corresponding quarter. The stock gained 2.63% to Rs598.35 on the NSE.
Company plans to use these kits at its institutes initially, and subsequently sell them commercially
Jetking, one of India's leading computer hardware training institutes, today launched 'Jet Tab', a unique do-it-yourself (DIY) tablet PC, which it believes could replace desktops in the future.
Jet Tab will be used initially at the company's institutes, where students will be taught to assemble the tablet along with training in trouble shooting and tablet synchronisation. The students will be given the tablet free at the end of the 12-day course, for which the fees are pegged at Rs12,999.
In the second phase, the tablet will be commercially launched by end-August. The commercial product, which will also be in a kit format, priced at Rs15,000, will contain a user manual to instruct users how to assemble the tablet. The company is betting on this tablet PC becoming an important mode of learning in the next few years.
"The idea behind DIY is to create a strong attachment between the product and the buyer. As the consumer would himself construct the tablet, it is a sense of pride for him," said Suresh Bharwani, chairman and managing director, Jetking. "Jet Tab will provide essential features such as web surfing, video chatting with ease and speed."
Mr Bharwani explained, "DIY makes people learn about everything that goes into the making of the tablet, thereby enabling people to understand each feature and make optimum use of it with the added skill of addressing trouble-shooting, if at all the need arises. Being an institute first, we wish to train a large number of people, as in the near future we see the tablet PC replacing desktops for the new generation."
The course consists of two daily lectures to be conducted over 12 days, with the focus on providing hands-on-experience to students. Already 360 students of Jetking have enrolled for this course, mainly in Delhi, Mumbai and the Punjab.
Siddharth Bharwani, the company's head of marketing and corporate communication, said, "Currently the course is not mandatory for students. But two-three months down the line it would be part of Jetking's current courses."
Jet Tab is based on the Android 2.1 operating system. The company has made an investment of Rs40 lakh and expects to sell about 60,000 units in the current financial year. The focus will be on the 17-23 years age-group.
"We are mainly targeting the urban markets like Delhi, Mumbai, Bangalore and Hyderabad with a sales target of about 60,000 tablets in 2011-12, starting from September. Initially, Jet Tab would be sold at the company's computer institutes and later at schools and colleges."
The market is already crowded with other PC tablets, like Apple's iPad and Samsung's Galaxy Tab. There are also a few domestic tablets such as Adam Tablet and Olive Tablet.
Asked about the competition, Siddharth Bharwani explained, "Other tablets are more of lifestyle tablets. Our product is designed to educate the masses. Something like edu-Tablet. Our uniqueness lies in DIY format, which will be provided first by us. The tablet PC is the future of learning. From our vast teaching experience, we know the preference of students and other consumers. And hence this product will be launched keeping them in mind."
On the operational and capital expenditure the company sees no threat. "We are a cash-rich, zero-debt company. I don't think capex and opex would be a problem."
On the business, Suresh Bharwani said, "Jetking would soon open an institute in Vietnam by partnering with the local university. We are also aggressively looking into markets such as Nigeria and other South African and SAARC countries."
Jet Tab would provide a warranty of six months and seven inches resistive touch display. It has a 16GB expandable capacity along with a 0.3megapixel camera. Currently, it does not support 3G, but has built-in Wi-Fi connectivity.
The former Samajwadi Party leader was grilled for three-and-a-half hours at the Crime Branch office after two arrested accused Sanjeev Saxena and Suhail Hindustani named him
New Delhi: Rajya Sabha member Amar Singh was on Friday questioned by Delhi police in connection with the 2008 ‘cash-for-vote’ scam, reports PTI.
The former Samajwadi Party leader was grilled for three-and-a-half hours at the Crime Branch office after two arrested accused Sanjeev Saxena and Suhail Hindustani named him, police sources said. The sources said he denied his involvement in the scam.
Mr Singh, who is accused of sending bribe money to win over three BJP MPs during the 2008 confidence motion, did not speak to the waiting media persons.
Police did not rule out the possibility of Mr Singh being questioned again and it could take place after a status report is filed in the Supreme Court next Friday.
BJP MP Ashok Argal, who was allegedly sought to be bribed, is expected to be questioned on Monday.
Amar Singh’s appearance before the police comes after the Delhi Police issued summons to him under Section 160 of the Criminal Procedure Code, asking him to present himself before the Crime branch.
He drove to the Crime branch’s Inter-State Cell in Chanakyapuri at 10.45am in his Mercedes car.
The decision to call Mr Singh for questioning comes after the arrest of Suhail Hindustani, who allegedly acted as a liaison between Mr Singh and BJP MPs.
On Sunday, police had arrested Sanjeev Saxena, once considered close to Mr Singh who allegedly delivered cash to the MPs to vote in favour of the UPA during the trust vote.
The arrests and fresh investigations into the case have come after Delhi Police was slammed by the Supreme Court last week for its ‘callous’ approach in this case.