The Hindu Business Line : Sunday, August 10, 2003

Noble Explochem: Accept
SHAREHOLDERS of Noble Explochem (NEL) can consider tendering their shares to the open offer. The offer is for mopping up 20 per cent of the share holding. The offer price is Rs 7 for fully paid-up shares and Rs 2 for ... More

Kadri Mills: Accept
KADRI Mills is a Coimbatore-based cotton yarn manufacturing and trading company. The acquirers had made an open offer for 22.77 per cent of the equity at Rs 5.5 in January 2001. The offer was stalled due to low pricing. ... More

INSIGHT

Value from trading in rights/buybacks
SEBI's proposal to allow trading in rights and buybacks is promising. Such trading can provide valuable information to market participants — especially, retail investors — about the value of rights and buybacks. More

MUTUAL FUNDS

Fund of funds: Dynamic alternative to balanced funds
INNOVATION has been the hallmark of mutual fund operations in India in the last couple of years. The latest is the funds of funds concept, in which one mutual fund seeks to ride on the performance of others. ... More

SEBI bars Samir Arora from market — `There is prima facie case of insider trading'
IN a hard-hitting order, the Securities and Exchange Board of India (SEBI) today debarred Mr Samir Arora, Chief Investment Officer of Alliance Capital Mutual Fund (ACMF), from the securities market for alleged insider trading and personally ... More

Pinning hopes on tactical asset allocation
Given that AMCs may be reluctant to offer investors the benefit of investment across funds, a fund of funds that practises tactical asset allocation may score in terms of better returns for investors. More

Birla IT Fund: Sell
INVESTORS in Birla IT Fund can consider paring their exposures. Birla IT Fund's performance in the last couple of years has been impressive. But its investment objectives are being changed. In this backdrop, reducing ... More

Franklin India Taxshield: Invest in phases
UNITHOLDERS can stay invested in Franklin India Taxshield, a tax savings scheme from the Franklin Templeton stable. Bunching of fresh investments can be avoided, given the sharp spurt in stock prices. But the fund's ... More

Alliance '95 Fund: Book profits
INVESTORS in the Alliance '95 Fund can use the recent run-up in NAV to book profits and exit. After consistently figuring among the top three balanced funds until 2000, the fund has been displaced by some of its ... More

IL&FS Growth and Value: Hold
THE IL&FS Growth and Value Fund has turned in an impressive performance in the past year, with a 57 per cent appreciation in NAV. The bulk of the returns was accumulated over the past three months. The returns have ... More

STOCKS

Aurobindo clears share split
HYDERABAD: The board of directors of Aurobindo Pharma Ltd (APL), pharmaceutical major, at its meeting held here on Saturday approved subdivision of shares of Rs 10 each into two equity shares of Rs 5 each. In a communication to stock ... More

DERIVATIVES MARKETS

DO THE DERIVATIVES
Vega, Greek The IV
HAVE you wondered why these option premiums keep changing but never in the same proportion of the change in the underlying stock? The knowledge of the Greeks will help in explaining why the option premium changes the way they do. Recap: ... More

Using futures/options
* Equity options being of American type can be exercised before the expiry date. What is the procedure for exercising before the date? I bought five July options of Tata Power of Rs 130 at a price of Rs 13. Subsequently the spot price went up ... More

Improved activity in Tata Steel, Reliance, Satyam
WITH the benchmark index, Nifty jumping by around 2.25 per cent during last week, trading activity picked up further at the futures & options segment. The average daily turnover during the week improved to about Rs 6,119 crore from the previous ... More

REGULATORY BODIES & RULINGS

Don't be led by rumours, SEBI chief tells small investors
ALL you investors who are looking at the recent upswing in stock prices as an opportunity for quick gains, here is a home truth from the capital market regulator. The Chairman of the Securities and Exchange Board of India (SEBI), Mr G.N. ... More

COMMENTARY

Power equipment stocks stage a comeback
POWER equipment stocks have been inching ahead on the back of good order book position and a bright business environment. After a brief correction, these stocks are back on the uptrend. BHEL, Siemens, ABB and Crompton Greaves rose sharply on ... More

D-Link India gains over 26 pc on good numbers
BHEL (Rs 294): BHEL gained 11.5 per cent on talk that it might bag an order from NTPC. Orders secured this week from Tata Power and Hindustan Zinc also appear to have aided the rally. JB Chemicals & Pharma (Rs 234): JB Chemicals ... More

Yearly highs beckon many stocks
Interestingly, the banking sector, which has witnessed a significant re-rating in 2003, has only two stocks - Centurion Bank and ING Vysya Bank - that are at their yearly highs. More

1999-2003: A wild swing in market mood
THE global markets saw both a peak and a bottom during the 1999 - 2003 period, with sentiment swinging wildly on both sides. After reaching record low levels in the previous three years, equity markets broadly across the globe, were able to ... More

RECOMMENDATION

Indian Hotels: Buy
FRESH investments can be considered in Indian Hotels at the current market price of about Rs 270. The stock holds potential to appreciate in the medium-to-long term in the light of its improved ... More

EIH: Hold
SHAREHOLDERS of EIH can remain invested in the stock. The Oberoi group company has been indifferent over the past few years and the stock suffered. If the decline in earnings persists, it would have further downside. ... More

Nestle India: Book profits
SHAREHOLDERS can book profits in the Nestle India stock at current price levels of Rs 575. At its current price-earnings multiple of around 25 times its trailing 12-month earnings, the stock is expensive when viewed in ... More

Crompton Greaves: Buy (High Risk)
INVESTORS with high-risk appetite can consider fresh exposures in Crompton Greaves. The stock was re-rated on the back of improving fundamentals and has run up sharply in the past few months. Debt reduction, ... More

Foseco India: Hold
THE Foseco India stock has climbed up to Rs 188 now, from about Rs 102 at the beginning of May. Investors can continue to hold on to the stock at the current levels and benefit from the potential improvement in ... More

i-flex solutions: Hold
SHAREHOLDERS were recommended to "pare exposures" in the stock in in early June. Since then, the company has announced a 1:1 bonus. Considering the strong licence fee order-book, good momentum in the product business ... More

Clariant: Book profits
SHAREHOLDERS of Clariant (India) can consider booking profits at the current price of Rs 170. Re-entry may be considered at lower levels. The Clariant stock has been a traditionally low volume, not-so-volatile counter. The recent spike in the ... More

Balaji Telefilms: Cash-out of the show
SHAREHOLDERS of Balaji Telefilms can consider booking profits in the stock at the current price of about Rs 76. Any strength, on the back of liquidity flows into the market, can especially be used to cut exposures. We had recommended a buy on the ... More