The Indian rupee gained 20 paise against the US Dollar to 46.30 in early trade today.
The gain is mostly due to the sale of Dollars by Banks and exporters who were hoping for capital inflow in the market with the recovery in equity markets.
The rupee had closed at 46.50/51 against the dollar last weekend. It opened higher at 46.42/43 against the dollar, today and then rose to 46.30 before reaching at 46.34/35 at 1030hrs. In the early morning trade the rupee revolved between 46.30 and 46.45 against the dollar.
Flag's Counter
Two firms, Vascon Engineering and Syncom Healthcare made their debut today on the Bombay stock exchange with a premium of 3 per cent and 17.3 per cent, respectively.
Vascon Engineering had fixed an issue price of Rs 165 per share for the issue. Its shares opened at Rs 170 on their first day and rose 5.1 per cent over the issue price to a high of Rs 173.45 on the exchange in Mumbai. Vascon has listed 9 crore shares on the exchange.
Visaka IndustriesLimited (VIL), established in 1981, is the second largest cement sheet manufacturer in India with the total installed capacity of 6,30,000 tonnes. VIL is well diversified company engaged in the manufacture of fibre cement products and synthetic blended yarn. Company has pan india presence with 6 manufacturing plant for asbestos making plants and two manufactring plant for garments.
FUTURE OUTLOOK:- At the current price of Rs 122, the stock is available at 5.54x of its FY09 earnings, 4.10x of its FY10E earnings and 2.79x of its FY11E earnings.
Indian market failed to discount strong global cues; Indices faced selling pressure at higher levels and closed on a weak note after trading in a volatile session. SENSEX closed at 15922, down 120 points and Nifty at
4757, down 35 points from the previous close. CNX MIDCAP index was down 0.14% and BSE SMALLCAP index was up 0.10%. Top gainers included HINDALCO, HDFCBANK, STER, HEROHONDA, and GRASIM. Top losers are listed as M&M, SBIN, LT, TATASTEEL and SUNPHARMA.
Simon Brickles and Stephen Hazell-Smith have finally decided to step down after actively running Plus Markets, the former Ofex for five years. The move would pave a way for the new generation to participate in the growth stories of the market amid very challenging times of slowdown.
The government has decided to allow companies that issued foreign currency convertible bonds (FCCBs) before November 27, 2008 to align conversion price as closer to the market price as possible.
The companies will now be able to revise their FCCB conversion price to the level of average weekly high and low share prices of the period of two weeks before the date of issue of securities. The relevant date of issue is determined by the board.
The Euro finally found a bit of respite after the short-term players' buyback but the gains were not significant enough as it still remained close to the nine-month low against the dollar. The meeting of euro zone finance ministers failed to bring in any kind of confidence about the matter of Greece's debt problems. There seems to be no ray of hope in the near future for these problems.
Having positive global cues from European market, Indian market attracted buying interest and closed at strong note. SENSEX closed at
16226, up 188 points and NIFTY at 4855, up 53 points from the previous close. CNX MIDCAP index was up 0.52% and BSE SMALLCAP index was up 0.54%. PHARMACEUTICALS, CAPITAL GOODS and METALS attract buying while BANKING and TELECOM stood weak. Top gainers included ACC, TATAMOTORS, HUL, M&M, AMBUJACEM, HINDALCO and RANBAXY. Top losers are listed as BHARTIARTL, HEROHONDA, AXISBANK and JINDALSTEL.
NEXT SESSION……..
Alembic
Alembic started its operations on 30 July, 1907 & now it is Asia's most respected integrated pharmaceutical company with manufacturing facilities in Vadodara and Panelav in Gujarat and Baddi in Himachal Pradesh. The plant in Vadodara has the largest fermentation capacity in India.
The Panelav facility houses both API (USFDA approved) and formulation manufacturing plants. It has a distribution network that spans 29 states in India and 75 countries globally. Company has "Bio Arc Research Center" at vadodara to capitalize its strength in research and developments.
Subscribe to:
Posts (Atom)
