The Hindu Business Line : Sunday, July 06, 2003

Eyeing the stock rally: Too much, too quickly
WITH a market-wide rally happening, sitting in front of a `live-quote' terminal can be a heady experience, especially as the prices of mid-cap and select small-cap stocks go up steadily through the day. Watch ... More

What to watch and do
MONEY-MAKING opportunities have been aplenty in the past three months in stocks. The risks may not be as obvious. But as ever, they lurk at every point and can only be ignored at one's own peril. In such a ... More

Fund flows into stocks: Disclosures need a boost
THERE is a clear need to improve the quality and quantum of disclosures regarding fund flows into the stock market. Speculation relating to institutional fund flows and their direction has often been cited as ... More

MUTUAL FUNDS

Alliance Capital Tax Relief: Hold/Avoid fresh exposures
ALLIANCE Capital Tax Relief has recouped after a sharp slide in performance in 2000 and 2001. Since 2002, the fund has generated returns of about 20 per cent, outpacing the S&P CNX Nifty by a hefty margin. ... More

Tactical plans fail to enthuse
UTI Variable Investment: Hold
FT India PE Ratio: Sell
PruICICI Dynamic Plan: Hold More

`Fund managers have greater accountability' — Mr A. K. Sridhar, Chief Investment Officer, UTI Mutual Fund
A spanking new office at the Bandra-Kurla complex and a new public face are just the visible facets of the transformation that UTI Mutual Fund has silently wrought over the past year. The fund has brought about significant changes in areas ... More

New ad norms for MFs
SEBI has made some changes in the disclosures in advertisements. Advertisements will carry a statement as it does now on "mutual fund investments are subject to market risk, read the offer document carefully ... More

Time to review investments
WITH the markets back in the bullish mode, equity mutual funds have come up with some impressive return numbers for the quarter ended June 30. Returns on the top performing diversified funds for the quarter ... More

Templeton India Government Securities Fund: Invest
TEMPLETON India Government Securities Fund (Growth) is suitable only for those who have sizable investments in bonds. The reason is that the fund primarily carries exposure in long-term bonds. Those who limit ... More

HDFC Tax Plan 2000: Hold
SINCE its launch in January 2001, HDFC Tax Plan has delivered a handsome out-performance of the Nifty index, with annualised returns of around 27 per cent. Initial investors in the scheme are still under their ... More

TECHNICAL ANALYSIS

Bullish trend in IVRCL
ITC (Rs 770.85): As anticipated, the scrip ruled weak initially and moved to a low of Rs 751 on Tuesday. It, however, managed to close on a positive note on Friday despite the net drop in key market indices. The outlook for ITC continues ... More

Query Corner
I bought shares of Gas Authority (GAIL) at Rs 110. What is the outlook? — V.D.Rane, Sandip Shah & Devadas The near-term outlook GAIL (Rs 109.35) for the stock appears slightly weak. A drop to the Rs 99-100 range appears likely. ... More

Positive outlook for Sensex
Preferred view: The overall outlook for the index continues to remain positive. The Sensex appears to be on its way towards the earlier mentioned price target of 3760. However, the near-term outlook appears slightly bearish and the ... More

STOCK EXCHANGES

Cos with paid-up capital up to Rs 20 cr — Exchanges agree to set up common trading platform
A MEETING of the heads of nine regional stock exchanges and the Stock Exchange, Mumbai (BSE) was held here on Saturday to discuss the issue of creating a common trading platform for scrips of companies having a paid-up capital up to Rs 20 ... More

STOCK MARKETS

Mid-cap stocks march ahead — Broader indices gain more than Sensex, Nifty
MID-cap stocks are back in vogue on the bourses this year due to the emergence of various investment-inducing factors such as restructuring in the corporate sector, increased infrastructure spending and revived interest in the banking ... More

DERIVATIVES MARKETS

Tata Steel, SBI in limelight
WITH the much-awaited correction in the benchmark indices last week, the F&O segment of the NSE saw a flurry of activity. However, the turnover volumes retuned to normal levels, after the huge turnover evinced in the previous week evinced when ... More

USING FUTURES/OPTIONS
Zero-cost collars
YOU are long on Infosys for 100 shares at the current market price of Rs 3,100 and are willing to sell the stock at Rs 3,200. At the same time you are also worried about the downside with the first quarter results due on 10th July. Hence to take ... More

COMMENTARY

Textile stocks well-clothed
Textiles: Stocks of this sector continue to be in the limelight with companies such as Raymond, Indian Rayon, Arvind Mills and Alok Industries. The domestic market for readymade garments continues to hold out promise. Also the dismantling ... More

Healthcare stocks surge ahead
Nueland Labs: Nueland Labs was one among the host of mid-cap healthcare stocks that surged during the week. Nueland Labs announced the execution of the first shipment of Ciprofloxacin to one of its largest customer in the US. The stock ... More

INCOME TAX

Tax rates for capital gains
IS THE rate of tax on long-term capital gains 10 per cent or 20 per cent? Can rebate under Section 88B be claimed by a senior citizen against the tax on long term capital gains? K. S. Srinivasan Reply ... More

RECOMMENDATION

PNB Gilts: Buy
FRESH investments can be considered in the stock of PNB Gilts, which trades at about Rs 23, at a discount of nearly 35 per cent to its book value per share of about Rs 35. The stock also offers a dividend yield ... More

Glenmark Pharmaceuticals: Buy
FRESH exposures can be contemplated in the stock of Glenmark Pharmaceuticals, especially by taking advantage of any correction in price, as the prospects for long-term growth look encouraging. The stocktrades ... More

Goodyear India: Buy
THE pick-up in the automobile production and the improvement in economic fundamentals has had a positive impact on the financial performance of the tyre companies. Taking into account the recent developments ... More

Hindustan Petroleum: Hold
COMING off an exceptional period of high oil prices and strong margins, Hindustan Petroleum's earnings growth of 95 per cent in 2002-03 is nothing extraordinary. The fourth quarter ended March 2003 was ... More

Hughes Software: Buy-High risk
INVESTORS can contemplate using any price weakness to enter the Hughes Software Systems (Hughes stock). The stock may be suitable only for those with a high-risk appetite. As the global telecom environment ... More

UTI Bank: Undervalued
THE stock of UTI Bank can be considered for accumulation at the prevailing price of Rs 54. The stock trades at a price to book value ratio of 1.35 times. With a dividend yield of 4 per cent and return on shareholder funds of net worth of about 27 ... More

ABB: High-powered gains
FRESH exposures can be contemplated in the ABB stock, which trades at Rs 382. Business Line (February 16, 2003) had put a buy on the stock at Rs 300. We continue to be bullish on the stock with scope for decent gains from present ... More

Stock Quotes
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