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Sunday, September 28, 2003


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OPEN OFFERS


Amzel Automotive: Accept
TAKING into account the size of business operation, relatively low liquidity owing to small capital base and the possibility of delisting, shareholders could accept the offer. Besides, the offer price of Rs 101.5 (at ... More

Ishwar Textiles: Accept
SHAREHOLDERS can accept the open offer made for 20 per cent of Ishwar Textiles' equity (49,000 shares) at Rs 10 per share. The offer is being made by Inga Management and Investment Private Limited, pursuant to they ... More

INSIGHT


Focus will turn to high-risk companies
If economic growth is going to be the next trigger, the stock market focus will shift to high-risk companies. These companies will record disproportionate earnings growth compared to sales growth. However, investors need to be careful, as the downsid e could be higher if growth does not materialise. More

MUTUAL FUNDS


How mutual funds fared in July-September 2003 — Racing ahead of the bulls
TOWARDS the end of September, the equity market faltered in its stride, with the untrammelled rise in equity values that began in April 2003, halting somewhat. But the July-September quarter proved satisfying for ... More

Debt funds: Largely a creditable show
WHILE the July-September 2003 quarter was eventful for equity funds, it was a lacklustre one for debt-oriented mutual funds. As interest rates showed signs of flattening out after a steady decline, the scope for trading ... More

Alliance Capital — SEBI strikes, at last
SEBI has decided to examine the role of Alliance Capital of India, after initially charging just its Chief Investment Officer, Mr Samir Arora, with violation of rules and regulations. SEBI has belatedly recognised that the fund's accountability canno t be ignored. More

HDFC Prudence: Invest
FRESH investments in HDFC Prudence can be considered. The performance of the fund in the last 12 months and over a longer period has been impressive. In August, the fund recorded large inflows. Net assets under ... More

Sundaram Growth Fund: Hold
INVESTORS can retain their current exposures in Sundaram Growth Fund. The fund has consistently outpaced the BSE 200 index (its chosen benchmark) by a large margin over the past five years. Consistent performance ... More

Alliance New Millennium: Sell
INVESTORS can use the sharp rally in the prices of information technology stocks as well as in the Bharti Tele-Ventures, the fund's top holding, to pare exposures. The net asset value (NAV) has risen by 42 per cent over ... More

Deutsche Alpha Equity: Hold/Avoid exposures
FRESH investments need not be considered in Deutsche Alpha Equity. The performance of the fund since its launch in January 2003 has not been exceptional, though it has outperformed its benchmark S&P CNX Nifty. But it ... More

TECHNICAL ANALYSIS


Positive outlook for Bajaj Auto
ITC (Rs 820.7): The stock moved in line with last week's expectations. The stock ruled firm and closed on a healthy note on Friday. A bullish trend prevailed last week and the stock appears on course to move towards the target zone of Rs ... More

Query Corner
I have Satyam Computers bought at Rs300 and Aurobindo Pharma bought at Rs 600. What are the future prospects? — Reshma Prakash Satyam Computer (Rs 249.5): The near-term outlook is detailed elsewhere in this page. As far as ... More

Nifty likely to seek lower levels
Preferred view: The index is now perched at a critical phase and the movement in the next few days would determine the near-term outlook. The index is likely to move to the near-term target zone of 1410-1420 and drop to the 1230-1250 range ... More

STOCK MARKETS


MNCs lose ground in Sensex revamp
WITH multinational companies losing flavour of the stock market due to delisting of several companies and slowdown in FMCG sector, the Bombay Stock Exchange (BSE) index committee today decided to remove MNC stocks such as Nestle, Castrol, ... More

DERIVATIVES MARKETS


Tata Motors, Tata Steel in focus
AFTER witnessing a sharp downtrend during the previous week, the stock markets rebounded during last week; the Bombay Stock Exchange's Sensitive Index gained 3.9 per cent to 4282.57 and the National Stock Exchange's S&P CNX Nifty jumped 4.67 per ... More

USING FUTURES/OPTIONS
FIIs in exchange-traded derivatives
FIIs have been permitted to trade in all exchange-traded derivative contracts subject to compliance with position limits prescribed for them and their sub-accounts as well compliance with procedure for trading, settlement and reporting as ... More

COMMENTARY


Up `n' down the street
Bharti Tele-Ventures (Rs 76): The stock rose 17 per cent following the suggestion made by the Group of Ministers for Telecom to hike the foreign investment limit in Indian telecom companies to 74 per cent. Moser Baer (Rs 407): The ... More

RECOMMENDATION


Stock wrap-up
LMW: Buy
Veejay Lakshmi: Buy More

Aurobindo Pharma: Buy
FRESH investments can be contemplated in Aurobindo Pharma, the Hyderabad-based bulk drugs major. The stock trades at about Rs 590 and has the potential to appreciate in the medium-to-long term. The stock price ... More

Kirloskar Oil: Good value on offer
FRESH exposures can be considered in the stock of Kirloskar Oil Engines Ltd (KOEL). At eight times its trailing 12 month per share earnings, there is scope for appreciation. The demand prospects appear promising in the agricultural segment as ... More

BILT: Set to miss the bus
Shareholders of Ballarpur Industries (BILT) can contemplate paring exposures, especially on uptrend linked to broad market trends. Due to company- specific factors, the stock is likely to under-perform its peers. Business Line had carried ... More

HCL Infosystems: Pare exposures
The blistering growth recorded by HCL Infosystems in 2002-03 may be tough to repeat. In the absence of fiscal measures that could have propped up the organised sector, growth in revenues and earnings are likely to be restricted to modest levels. The valuation as such appears demanding, says Suresh Krishnamurthy. More

Prism Cements: Buy (High Risk)
INVESTORS with a penchant for high risk can contemplate exposures in the stock of Prism Cements. The possibility of an upside is linked solely to restructuring-led gains, which could include its participation in the ... More

Adlabs Films: Buy (High Risk)
INVESTMENTS can be considered in the stock of Adlabs Films by investors with a penchant for high risk. There is scope for sizeable expansion in revenues and earnings with the addition of one more multiplex. The ... More

Saint-Gobain Sekurit India: Buy
INVESTORS with a long-term perspective can contemplate equity exposure in Saint-Gobain Sekurit India that trades at Rs 15. The company cut losses sizeably in the April-June 2003 quarter. The steady increase in ... More

RIGHTS ISSUES


Vijayeswari Textiles: Reject
SHAREHOLDERS need not consider participating in the rights offer of Vijayeswari Textiles. The company is offering 3,84,000 equity shares at Rs 300 per share (face value: Rs 100) in the ratio of four shares for each ... More
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