Midcaps stocks which came out with the Q3 results today, did not have good response for the markets,
Mid cap Index closed at 3323.25 down by 1.53%
Most of the share price came down nay where between 5-15%, even stock which announced the results yesterday and had bad run in the market continued their fall even today. United Sprit which had lost quite lot on yesterday trade lost even in today trade and closed at 479.70 down by 15.70%
Other Stocks which lost in today trade are Canara Bank, Welspun, Tata Sponge, Jayshree Tea.
Rolta Lost about 9% and clost at 73.60, Ivrcl Infra closed at 95.80 down by 6.78% Alostom Projects at 235.25 down by 5.76%.
Even the Mid cap Movement socks like Educomp, Aban Llyod, Punj llyod, Divis Labs all closed lower on account of not so good q3 results for other midcap stocks.
NSE CNX Nifty closed at 2678.55 down by 35 points, and BSE Sensex closed down by 139 points at 8674.35 CNX Midcap Index Closed at 3323.25 down by 1.53%
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The Finance Minister, Mr P. Chidambaram, on Tuesday made it clear that there would be no rollback on any Budget proposals even as he assured industry that any ‘inadvertent errors’ would be corrected.“There is not going to be any rollback. But if any inadvertent error… someone pointed out pesticides, any inadvertent error, we are modest enough to correct it. So, there is no rollback,” Mr Chidambaram told captains of industry at a post Budget meeting organised by the Confederation of Indian Industry (CII) here today.
On interest rates, Mr Chidambaram felt that there was scope for deposit and lending rates to drop, but the matter was in the domain of RBI.
He also rejected the tyre industry’s demands that the existing inverted duty structure on rubber be corrected. It was pointed out to him that natural rubber attracted basic customs duty of 20 per cent, when tyres attracted customs duty of 10 per cent.
“There are 20 Members of Parliament from Kerala who are opposed to duty cut on natural rubber. I think what they say is a genuine case… Not all inverted duty can be corrected. It is not possible. I don’t think there can be a clean up of inverted duty. You have to suffer some inverted duty. Every time you enter into FTA or early harvest programme, there will be inverted duty. We are doing our best to correct as many as possible. If you tell me of a duty other than rubber, I am willing to address it,” Mr Chidambaram said. Some of the industrialists representing the auto sector felt that there was no merit in the levy of 24 per cent excise duty on ‘other than small cars’ category, when the excise duty on small cars was pegged at 12 per cent. “You are clubbing the large cars with pan masala category which also attracts 24 per cent,” a CII member pointed out.
Source: Business Line dated 05-03-08
Indian Market News
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From March 4 to March 18 there will be a change in market timings due to sun outage. Markets will open at normal time 09:55 and later during the day it will remain closed from 11:45AM to 12:30PM and due to which the closing bell for the day will be extended up to 4:50.
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Reliance Power has decided to offer three bonus shares to its investors for every five held in an effort to compensate for the fall of its share price, However the bonus shares will not be offered to the promoters.
The bonus issue will effectively reduce the Reliance Power’s share price by nearly 40 per cent to Rs 269 for retail investors (who paid Rs 430 a share) and by 37 per cent to Rs 281 for institutional investors. The market reaction to this bonus announcement appeared mixed. One long time broker said it would make little difference since after any such issue of shares, the stock price typically goes down and investors may still find they have not gained much. “However, they may be more favourably disposed towards the group, which has lined up more IPOs,” said another broker, After shareholder approval, the record date for the bonus shares would be communicated through the exchanges.
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Nasscom-Deolitte study on Indian IT industry says that the IT Industries have contributed 5.2 percent this year as against 1.2 percent in 1998. The main findings were that the industry also contributed to foreign exchange reerve of the country by increasing export by 36 per cent.
The study said that in 2008, the direct employment from the industry is expected to be around 2 million about 26 per cent growth in last ten years, The study also shed light on few other aspects also according to the study 75 per cent of the workforce employed in these jobs are SSC/HSC or less educated. The industry has had a multiplier effect on other sector of the economy. $15.85 billion spent by the IT/ITES industry in the domestic economy in 2006 generated an additional output of $15.5 billion.
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Last month in January FIIs were Sellers to the tune of $ 3 billion, whereas in the year 2007 they had net investments of $ 17.23 billion. Majority of the selling happened during the recent market crash between 16th Jan to 24th Jan, they sold $ 3.65 billion worth of shares. February seems to be better compared to January, as per SEBI data for 4th feb they were net buyers of $ 944 million.
We feel the major sell-off has already happened and the market has already seen its bottom. The market is likely to remain volatile but unlikely to go below the January low. Investors should buy at every fall but stay patient as the market will remain volatile for few more months.
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