Perfect Prescription

Booming exports and a retail push will prop up Surya Pharmaceutical

The Indian pharmaceutical industry is expected to continue its growth trajectory on the back of better sales in domestic and export markets. Surya Pharmaceutical is poised to take advantage of this opportunity. Surya is a Chandigarh-based pharmaceutical company which is witnessing steadily rising sales and improving...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Markets remain flat


Expect lacklustre trade for the rest of the week; the rally may be about to end in the short-term. But medium term outlook remains bright

The BSE Sensex edged higher than the previous day’s close after trading in a narrow range. The index closed 5.69 points higher (0.03%) at 17,941 and the Nifty closed 2.4 points lower (0.04%) at 5,366 points. We expect the market to remain listless for the next few days and even decline before a fresh rally begins.

In afternoon trading, the Sensex touched a 25-month high after which it pared its gains. It is now close to the psychologically important 18,000 level. Asian stocks were trading mixed today as markets consolidated after recent strong gains. Key benchmark indices in China, South Korea, Singapore and Taiwan were up 0.02% to 0.8%. The key benchmark indices in Japan and Indonesia were down by between 0.5% and 0.5% respectively. Markets in Hong Kong and Thailand were shut for holidays.

US markets ended higher on Monday, (5th April), on strong non-farm payrolls report and other positive economic data. The Dow Jones Industrial Average and S&P 500 closed at their highest levels since September 2008, while the Nasdaq closed at its highest level since August 2008. The Dow climbed 46.48 points to 10,973. The Nasdaq gained 27 points to 2,429 while the S&P 500 moved 9 points higher to 1,187.

Closer home, the finance ministry has suggested the simplification of the rules for calculating foreign investment in India. The proposed rule which takes out the sundry entries of indirect investment will be beneficial for companies with high foreign investments. The government initiative towards the GST (Goods & Services Tax) regime has started, with the Centre seeking opinion from the Supreme Court on the proposed amendments to the Constitution for the implementation of the tax. The largest bank of the nation, State Bank of India (SBI), said that it may raise lending and deposit rates within a few months.

The Bank will wait for the Reserve Bank of India’s (RBI’s) policy action before raising rates. Grain stocks as on 1st April stood at 42.8 million tonnes (MT) which are well above the target, the government said today. While wheat stocks were at 16.1MT against a target of 4MT, rice stocks were at 26.7MT, more than double the targeted 12.2MT. US treasury secretary Timothy Geithner said that India and the US should work together on “rebalancing” the world economy. In the bilateral economic partnership talks, he said that cooperation by both the parties will help to make the economy more stable.

Foreign institutional investors were net buyers of Rs766 crore on Monday. Domestic institutional investors were net buyers of Rs403 crore. The rupee was strong on continued capital inflows.

Sales of Tata Steel (up 1.3%) rose 18% in FY10 from the year-ago period. Castrol India (up 4.1%) issued 1:1 bonus shares. BHEL (up 2.8%) plans to reenter the wind turbine manufacturing business with foreign cooperation. NTPC (up 0.4%) plans to add up to 4,000MW-5,000MW of power in FY11. The company plans capital expenditure of
Rs28,000 crore-Rs29,000 crore—70% of which will be met through debt. 

DLF (up 2%) has appointed an advisor to find buyers for Aman Resorts, a luxury hotel chain it had acquired in November 2007, for $400 million. Tata Motors (down 0.9%) reported a 38% jump in sales in March 2010 from a year earlier. Reliance Infrastructure (up 1.9%) has commissioned a 600MW unit at the Rajiv Gandhi Khedar thermal power plant at Hisar in Haryana. Bank stocks edged lower on fears of a possible interest rate tightening by the RBI to control inflation. IT company Persistent Systems was listed on the bourses today. The company had priced its initial public offer at the upper end of the Rs290-Rs310 per share price band. CESC (down 0.8%) has raised Rs50 crore by selling short-term debt to a mutual fund. It sold commercial paper yielding 4.05%, maturing on 22 June 2010.

Like this story? Get our top stories by email.

User

Sugar Low

Sugar stocks have corrected sharply on fears of increased supply of the commodity. Time to buy?

What goes up comes down. One of the hottest sectors of 2009 was sugar. Between December 2008 and November 2009, the ML Sugar Index rocketed by 187%, while the Sensex was up 75%. Now, sugar shares are being sold off aggressively. From a high of 3,757 in January, the Index has slumped by 33% to...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)