The Hindu Business Line : Sunday, June 29, 2003

Welcast Steels: Accept
SHAREHOLDERS of Welcast Steels Ltd (WSL) can participate in the ongoing open offer and tender their shares to the acquirer — AIA Engineering Pvt Ltd. The acquirer, AIA Engineering, is making the open ... More

Vanavil Dyes and Chemicals: Accept
SHAREHOLDERS of Vanavil Dyes and Chemicals (VDCL) can consider tendering to the open offer by ColourChem and EBITO Chemiebeteiligungen AG, along with Clariant International and Clariant AG. The offer is for ... More

INVESTMENTS

When constant mix strategy pays
THE market has been fluctuating wildly in recent times. It pays for portfolio managers to follow a constant mix strategy in such a volatile market. What is this strategy? In a `constant mix' strategy, you ... More

INSIGHT

Know-it-alls, warts and all
"Nearly everyone falls prey, at some time or another, to an overestimation of their knowledge and abilities." — Gary Belsky in "Why Smart People Make Big Money Mistakes and How They Correct Them." STRANGELY, individual ... More

MUTUAL FUNDS

Two out of three equity funds beat Sensex: Buoyed by mid-cap PSU boom
FOR quite some time now, equity investors have never had it so good as they have in the quarter ended June 2003. There has been an impressive rise in stock prices in almost all the major sectors with the ... More

Debt funds: Falling rates to the rescue
THE day of reckoning for debt funds has been postponed by another quarter. As interest rates continued to decline, the rate of appreciation in the NAVs of mutual fund schemes was high enough to compensate for ... More

Balanced funds and MIPs: Performance still unimpressive
WITH prices in both the equity and the debt markets rising, balanced funds should have had a good time. However, only six out of 50 balanced funds recorded returns that were higher than the BSE Sensex. With ... More

Sundaram Bond Saver: Invest
SUNDARAM Bond Saver (Growth) has provided an annualised return of 14 per cent since its launch in December 1997. Those who want to allocate less than 25 per cent of their total investment in bonds can invest in ... More

HDFC Prudence: Invest
FRESH investments can be considered in HDFC Prudence (formerly Zurich India Prudence). The fund's performance across market cycles has been impressive. Investments in the fund can be considered with a long-term ... More

Franklin India Bluechip: Invest
INVESTMENTS can be considered in the Franklin India Bluechip Fund given its impressive track across different periods and different market phases. It is among the top three equity investment options among mutual ... More

STOCKS

BHEL: Cash in on powered gains
INVESTORS can pare down exposures in BHEL at the current market price of Rs 264. The stock has appreciated 24.5 per cent since our earlier recommendation of buy at Rs 212 (Business Line February 23, 2003). At the current price, the ... More

TECHNICAL ANALYSIS

Further upside in Balaji Tele
ITC (Rs 761.3): The stock moved in line with expectations and managed to move to the target zone of Rs 765-775 that was mentioned last week. After touching a high of Rs 774 on Thursday, the scrip turned weak on Friday. While the overall ... More

Query corner
What is the near-term price target and stop loss for Excel Industries? — Mythili Excel Industries (Rs 112.65): The chart patterns do not provide a clear picture of the overall outlook for the stock. However, the upside ... More

Nifty may lose momentum
Preferred view: The view that the index is headed towards the earlier high of 3760 continues to remain valid. The Sensex is still treading within the boundaries of the upward sloping channel. A break below the lower boundary of this ... More

DERIVATIVES MARKETS

DO THE DERIVATIVES
Gamma, Greek The II
OPTION premium is the price that one pays to buy a call or put option on any stock. This depends on the price of the underlying stock. As the stock price changes, so will the option premium. Delta is a measure that captures the extent to which ... More

HPCL in focus
THE just-concluded week witnessed hectic activities at the derivative segment on the NSE as the June contracts expired on last Thursday. In fact, on Thursday, the NSE witnessed an all-time-high turnover of about Rs 5,515 crore, indicating that ... More

FOREIGN INSTITUTIONAL INVESTORS

FII flows, PE ratio and earnings growth
THE fish has bitten the bait. Or the prophecy has come true. We can characterise the dramatic upsurge in FII inflows in May and June either way. For a long time, analysts tracking the Indian market have been ... More

REGULATORY BODIES & RULINGS

Primary market norms — SEBI tinkers some more
CHANGES made to the primary market regulations by the Securities and Exchange Board of India (SEBI) are unlikely to have any significant bearing on either investors or issuers. Collectively, the package is such ... More

COMMENTARY

Monsoon hopes perk up United Phosphorus
United Phosphorus (Rs 260): The appreciation in the stock price of United Phosphorus this week by 47.9 per cent is on the back of expectations of a normal monsoon and improved export opportunities. Petron Engineering Construction (Rs ... More

Pharma stocks keep well
Not only are front line pharma stocks racing ahead, second rung stocks such as Divi's Laboratories, Glenmark Pharma, Shasun Chemicals, Orchid Phamaceuticals, Lupin, IPCA and Nicholas Piramal too have been quite active. Nicholas Piramal jumped ... More

RECOMMENDATION

Oil & Natural Gas Corporation: Sell
THE current upswing in the ONGC stock offers shareholders an opportunity to book profits and re-enter at lower levels. The stock built up a lot of momentum in the last one month, driven purely by the ... More

Indian Oil Corporation: Sell
THE last couple of months have seen an inexorable rise in the price of Indian Oil's stock. It peaked at a little over Rs 400 last week and has since begun its downward journey. Shareholders can book profits ... More

Abbott India: Hold
SHAREHOLDERS of Abbott India can continue to retain their holdings in the stock; those looking to add it to their portfolio of pharma stocks need not do so now. The stock trades at about Rs ... More

What to shop for
Hindustan Lever, Colgate Palmolive India: Hold
Nestle India, Godrej Consumer: Book profits
Henkel SPIC: Pare exposures
Marico Industries: Hold More

Madras Cements: Sell on rise
SHAREHOLDERS of Madras Cements can use the 42 per cent rise in the stock price in the last six months to book profits. Business Line had recommended a buy (and a hold for existing shareholders) in ... More

Amara Raja: Buy
INVESTORS with a long-term perspective can take exposures in the stock at the current price of Rs 71, despite the lacklustre showing in 2002-03. The pressure on realisation and the slowdown in demand for ... More

Timken India: Buy
FRESH exposures can be contemplated in the Timken India stock, considering its impressive performance in the March quarter, encouraging trend in commercial vehicle offtake, rising share of exports, higher ... More

Tamil Nadu Newsprint: Value in paper
INVESTMENTS can be contemplated in the Tamil Nadu Newsprint & Paper's stock as room for gains exist from the current price of Rs 54. It appears set to capitalise on firm trends in prices and turn in good earnings growth over the next couple of ... More

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