The Hindu Business Line : Sunday, September 25, 2005

SPOTLIGHT
SBI Magnum Taxgain: Invest
AN INVESTMENT can be considered in SBI Magnum Taxgain in phases. The fund continues to top the performance charts. The fund with its mid-cap bias comes with a higher risk profile than a typical diversified fund. Over ... More

HDFC TaxSaver: Invest
HDFC TaxSaver remains one of the top performers in the equity fund space and is one of our preferred picks. Investors could contemplate fresh exposures in the fund, as its portfolio also appears well positioned at this ... More

FUND TALK
Concerns about capital erosion
Given the concerns about capital erosion, you should give serious thought to what part of your savings you want to invest in equity funds. More

MFs are liable for deficiency: SC

In a judgment that has implications for investor services offered by mutual funds, the Supreme Court has ruled that a mutual fund was liable for `deficiency in service' even though the lapses were of the postal department in not delivering ... More

STOCKS

Mukta Arts: CLB gives nod for further probe
THE Company Law Board (CLB) has given its nod to the Government to investigate further into the affairs of Mukta Arts Ltd, the production house that has rolled out movies such as Taal, Hero, Karma and Khalnayak. The ... More

More pain in the near term — How cos are tackling the price spike
WHAT does the near term hold for the refining and marketing companies and what is their strategy to tide over the difficult period ahead? Mr Sarthak Behuria, Chairman and Managing Director, Indian Oil, assured ... More

TECHNICAL ANALYSIS

Reliance on a weak wicket
SBI (Rs 889.8): The stock moved closer to the target zone of Rs 945-950. After touching a high of Rs 926, the trend turned weak. The recent price action indicates that there is marginal downside risk from prevailing levels. The stock could ... More

Nifty delicately poised
Preferred view: It was a tumultuous week with the index displaying a high degree of volatility. The Nifty moved within the striking distance of the target of 2590-2600 that has been indicated in this column for several months now, ... More

Focus of the week
Sesa Goa (Rs 966.3): It is simply amazing to look at the price pattern traced out by the stock. The stock price's conformity to the principles of the Elliott Wave theory is fascinating. The stock appears to be in Wave 5 on the weekly ... More

Query corner
Kindly advise on the prospects of Lloyd Electric bought at Rs 127 and Glenmark at Rs 312. — Aditya Tiwari Lloyd Electric (Rs 160.2): Though the long-term trend is bullish, the stock could seek lower levels, as it is still in ... More

STOCK MARKETS

Domestic investors pull out Rs 16,000 cr — Net sales on NSE since June
THE sell-off on Thursday may have attracted the attention of all and sundry. Domestic investors, however, have been pulling out money from the market since the beginning of June. Since June, domestic investors have made net sales of Rs 16,000 ... More

Crash or correction, no reason to panic
NOTHING ever prepares you for a market crash or correction. Uncertainty over market trends can make even the experienced investor feel helpless. For the uninitiated, no amount of reassurance is enough to convince them ... More

Watch your pennies... They may go any where
GSLOT Entertainment, My Fellow Fashions, Women Networks and Simran Farms ... With imaginative names, outlandish returns and wildly gyrating prices, penny stocks are a parallel world of stock market investing; that is, if you can call this ... More

DERIVATIVES MARKETS

F&O POINTERS
Weakness may continue
For the following week also, we expect the weakness to continue in Nifty amid volatile condition as indicators such as put/call ratio, implied volatility and cost-of-carry pointing towards that. Also, the expiry of September derivatives ... More

Sharp rise in volumes
AMID the sharp fall, the derivative segment witnessed hectic activity on the NSE last week; the average daily turnover was Rs 23,276 crore against the previous week figure of Rs 15,687 crore. In fact, the F&O segment witnessed record turnover .. More

RECOMMENDATION

ICICI Bank: Book profits
ICICI Bank: Investors can take advantage of the substantial increase in the price in ICICI Bank and reduce exposures. The stock trades 3.5 times its book value. At 22, the price-to-earnings multiple of the bank is also much higher than that of ... More

HDFC: Buy
HDFC's relative superiority across parameters such as return on shareholder funds, lower proportion of bad loans, a comfortable capital adequacy ratio and its low-risk tag make it appealing from a long-term perspective. HDFC is also attractive ... More

Investment strategy: Take profits
Equities could trade in choppy territory over the next few months, as the effects of higher crude prices may neutralise effects of inflows. Over the past couple of years, a large number of stocks - including large caps - have risen by 100 ... More

Cadila Healthcare: Buy
INVESTORS can consider adding exposure in the Cadila Healthcare stock, which trades at Rs 533. Any price decline, caused by market-related weakness, may be used to step up holdings. Though we had a `buy' on the stock in the early part of the ... More

GTC Industries: Hold
INVESTORS may consider retaining their holdings in the stock of GTC Industries, which trades at 10 times its trailing 12-month earnings. Consistent hikes in excise duty, severe restrictions on the tobacco industry and health concerns have ... More

Mahavir Spinning: Buy
INVESTORS can consider fresh exposures in the stock of Mahavir Spinning. The merger of the yarn and fabric businesses of Vardhman Spinning has shored up the numbers for Mahavir, which is now the largest textile player in the country, with ... More

Bank of Baroda: Buy
AN INVESTMENT in the Bank of Baroda stock can be considered. The stock is trading at a price to earnings multiple of nearly 10 times its earnings for the period ended March 2005. Earnings were depressed due to large ... More

E.I.D-Parry: Hold
THE EID-Parry India stock is among the safer exposures in the sugar sector, with its strong balance-sheet, diversified revenue streams and good quality management. However, the market already seems to have recognised ... More

IPOS

Suzlon Energy: Invest at cut-off
INVESTORS not averse to risk can consider investing in the initial public offer of Suzlon Energy. The offer is being made at a price band of Rs 425 to Rs 510, at a multiple of 32 to 38 times its diluted FY05 earnings on an expanded equity base. ... More

BPCL revises Bina refinery project cost to Rs 9,100 cr — Bharat Oman Refineries to go in for IPO
BHARAT Petroleum Corporation Ltd has revised the cost of its Bina refinery project to Rs 9,100 crore from the original estimate of Rs 6,354 crore. The project is being set up by Bharat Oman Refineries Ltd, the joint venture company floated by ... More