Sensex down 195 pts at 19783.5; Nifty down 37 pts at 5868

Markets slipped in late trade on profit booking in rate sensitive stocks. Sensex ended down 195 points at 19783.5. It slipped nearly 455 points from day’s high. And Nifty ended down 37 points at 5868, slipped nearly 108 points from day’s high.

RBI Monetary policy announced today in which RBI hiked the CRR by 50 bps while repo and reverse repo has been kept unchanged. Markets slipped in late trade on profit booking in rate sensitive stocks. Sensex ended down 195 points at 19783.5. It slipped nearly 455 points from day’s high. And Nifty ended down 37 points at 5868, slipped nearly 108 points from day’s high. BSE Auto Index was down 2% in which MUL was down 8.6%, M&M was down 7% and Tata Motors was down 4.9%. BSE Bank Index ended flat while BSE Metal Index gained the most.

RPL continues to surge and was up 5.2%. It closed over market-cap of Rs 1-lakh Cr for 1st time ever. Capital good stocks continued to gain in which ABB was up 5.8%, Siemens was up 2.7%, BHEL was up 1.5% and L&T was up 1%. Midcap tyre companies seeing re-rating after results. Ceat profit jumped 6.5 times, Apollo Tyres net profit jumped 3 times. NSE Advance Decline ratio stood at 1:2 and total market turnover was at Rs 1.25 lakh crore.

Currency Movement
Rupee appreciated by 18 bps at INR39.35/$1, on account of CRR hike while Yen depreciated by 26 bps at Yen114.79/$1.

F&O Snapshot
Fresh shorts were seen in Nifty futures in late trade and discounts widened to 57 points in last minute. Nifty future added 13.5 lakh shares in OI and the turnover was near 20% of total FNO turnover. Banking stocks were mixed after CRR hike, BoI, UBI, Dena Bank saw addition of long positions. Large cap banking stocks, like PNB, SBI saw fresh shorts. Auto stocks saw fresh shorts/ unwinding of long positions on CRR hike. Sugar stocks saw unwinding of long positions. Short covering was seen in Reliance Capital, Adlabs, JP Associates, RPL, RNRL and Voltas while fresh longs were seen in DLF pre result, added 3 lakh shares.

Refinery stocks buzzed the most in FNO. MRPL was up 26%, added 62.8 lakh shares in OI while Chennai Petroleum was up 9% and it added 72000 shares in OI and Bongaigaon Refinery was up 8%, it added 6.25 lakh shares in OI.

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Nine Signals of a Stock price....

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Mukesh Ambani Richest in the World!

Billionaire Mukesh Ambani on Monday became the richest person in the world, surpassing American software czar Bill Gates, Mexican business tycoon Carlos Slim Helu and famous investment guru Warren Buffett, courtesy the bull run in the stock market.

Following a strong share price rally on in his three group companie, India's most valued firm Reliance Industries, Reliance Petroleum and Reliance Industrial Infrastructure Ltd, the net worth of Mukesh Ambani rose to $63.2 billion (Rs 2,49,108 crore).

In comparison, the net worth of both Gates and Slim is estimated to be slightly lower at around $62.29 billion each, with Slim leading among the two by a narrow margin.

Warren Buffett, earlier the third richest in the world, also dropped one position with a net worth of about $56 billion.

Ambani's wealth of about Rs 2,49,000 crore includes about Rs 2,10,000 crore from RIL (50.98 per cent stake), Rs 37,500 crore from RPL (37.5 per cent) and Rs 2,100 crore from RIIL (46.23 per cent).

Slim's wealth has been calculated on the basis of his stake in companies like America Movil (30 per cent), Carso Global (82 per cent), Grupo Carso (75 per cent), Inbursa (67 per cent), IDEAL (30 per cent) and Saks Inc (10 per cent).

According to information available with the US and Mexican stock exchanges where these companies are listed, Slim currently holds shares worth a total of $62.2993 billion, with more than half coming from Latin American mobile major America Movil. Slim is closely followed by Gates with a net worth of $62.29 billion currently.

Earlier last month, US business magazine Forbes had named Gates as the richest American with a net worth of $59 billion, calculated as on August 30. The magazine had said that a movement of two dollars in the share price for Microsoft, the world's biggest software maker, could "add or subtract a billion dollars" from his wealth.

Since August-end, Microsoft's share price has risen by $6.58 (based on yesterday's closing on Nasdaq at $35.03), which results into a gain of $3.29 billion in Gates' wealth based on Forbes assumption.

Besides a stake in Microsoft, Gates' wealth also includes the commission and license fees earned by him and gains through his shares in an investment holding company that invests across the market.

Gates is followed by Buffett at the fourth place in the league of the world's richest with a net worth of $55.9 billion through his holding in his investment vehicle Berkshire Hathaway and in other companies. At the end of August, Buffett's wealth stood at $52 billion, as per the Forbes magazine. Berkshire Hathaway's share price has gained by about 7.5 per cent since then.

Earlier on September 26, Ambani had overtaken steel czar Lakshmi Mittal to become the richest Indian in the world.

Mittal currently ranks as the fifth richest in the world with a net worth of $50.9 billion through his 44.79 per cent stake in world's biggest steel maker ArcelorMittal.

While most of Mittal's wealth comes from his steel empire, though he has also spread his wings into businesses like oil and real estate, those of Ambani and Gates are mostly through petrochemicals and software respectively. However, Buffett and Slim are making money from investments across a host of sectors.

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Market Close: 20k crossed...time to book profits..

Support from the global front coupled with continues buying by the retail investors ensured that there was no looking back for the Indian indices. After a strong start the rally continued to zoom ahead and reached in the final leg of the 19,000 levels. Some signs of slow down were witnessed past the 19,950 levels but finally the 20,000 levels were breached in the final trading sessions. The index heavy weights like Reliance, Suzlon, SBI and L&T dominated the rally which was later joined by the small and mid caps. The gainers for the day were on the Banking, Reality and Consumer Durables counters. Strong rupee continued to weigh on IT. Tomorrow RBI will meet to discuss on interest rate. If interest rate is cut then it may restrain the rupee rally and help IT. European indices were firm.

Sensex closed at 19,977 higher by 735 points. Supporting the sensex were the gains in L&T (+10.20%), HDFC (+9.94%), BHEL (+7.33%), ONGC (+5.97%). Restricting the gains were the losses in Tata steel (-9.45%). M&M (-1.71%), Baja Auto (-0.62%) and Tata motors (-0.42%).

Jet Airways reported its September ended quarter results. The top line increased by 26% at Rs 2,254 cr against Rs 1,787 cr in the same quarter last year. The net profit for the quarter stood at Rs 28 cr vs a loss of Rs 55 cr in the September ended quarter last year. Higher crude seems to have impact the aviation industry in the country the most. Aviation Turbine Fuel (ATF) accounts for 40% of the cost for an airline. ATF is sold at 60% higher prices in the country compared to the international prices. PSU?s have monopoly in the marketing of ATF in the country. Aviation minister intends to break that monopoly. That could be in favor of the airline in the long run. Jet has the first mover advantage and is the only private airline in the country that can fly overseas apart from the state owned Air India. King fisher intends to go international by the end of March 2008 through its subsidy Deccan aviation where it has 46% stake. That could create some competition for the Jet. The industry is into transition mode. However for now it is largely affected by ATF but we think that industry is ready to take off. We like Spicejet in this space. Do read our note to get insights on this one.

Mahindra & Mahindra (M&M) ended a percent lower after the company announced its September ended quarter results. M&M?s net profit fell 26 % to Rs 285.95 cr compared with Rs 386.48 cr in the same quarter of previous year. Net sales increased by 12 % to Rs 2,871.55 cr for the quarter from Rs 2,563.42 cr for the same period last year. The slow down in the auto sales was expected with the hardened interest rates on auto loans. Festive season may see some growth in sales. Interest rate seems to be peaked off for now and seems to be directed down. Auto counter could see some relief.

Technically Speaking: Senses traded between an intra day high of 20,025 and low of 19,621. Advancers out numbered decliners. There were 1,558 advances against 1,196 declines. Support is at 19,700 levels. The volume for the day stood at Rs 8,884 cr. Markets seem to have over brought. Expect movement to be sideward and correction can not be ruled out at this stage.

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History of Indian Stock Market

1000, July 25, 1990

2000, January 15, 1992

3000, February 29, 1992

4000, March 30, 1992

5000, October 8, 1999

6000, February 11, 2000

7000, June 20, 2005

8000, September 8, 2005

9000, November 28, 2005

10,000, February 6, 2006

11,000, March 21, 2006

12,000, April 20, 2006

13,000, October 30, 2006

14,000, December 5, 2006

15,000, July 6, 2007

16,000, September 19, 2007

17,000, September 26, 2007

18,000, October 09, 2007

19,000, October 15, 2007

20.000, October 29, 2007

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Sensex @ 20k: Listen to the expert

BSE Sensex hit 20,000-point mark on Monday for the first time ever with a massive gain of more than 750 points on frantic buying by foreign and local investors in blue-chip stocks.

The major drivers of Monday's rally were index heavyweights Larsen and Toubro, Reliance Industries [Get Quote], ICICI Bank, HDFC Bank [Get Quote] and SBI [Get Quote] among others. Sensex had crossed 19,000 mark on October 16.

Did you make profits while the Sensex scaled dizzying heights? How do you plan to consolidate your gains? What should your investment strategy be now? Should you invest more in the market? Should you consider selling a few stocks? What would be the best stocks to buy, sell or hold at this juncture?

In an hour-long chat on rediff.com on Monday, market expert Pranav Sanghavi answered many such readers' queries. Here is the transcript:

PRANAV SANGHAVI says, Good afternoon and welcome to the chat. We are within striking distance of the magical figure of 20,000. Let's begin.

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rajiv asked, regardinf IPO of BARAK VALLEY CEMENTS LIMITED : BARVAL . is the bidding price of 42 will be benificial?
PRANAV SANGHAVI answers, at 2007-10-29 14:37:22I think cement as an industry will perform well over the next 3 to 4 years at least. In the short term there is a rumour of the cement prices being revised downwards so it may affect the listing of this stock mildly adversely.
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anu asked, HEllo i have 1000 UCO BANK [Get Quote]@51, shall i hold or sell ?
PRANAV SANGHAVI answers, I would hold.
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nilesh asked, r u there sir
PRANAV SANGHAVI answers, Hello Nilesh good afternoon and what is your wuery today.
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sand asked, hye. is bombay dyeing worth buying at current levels. thx
PRANAV SANGHAVI answers, They have large expansion plans for real estate development in thelucrative south mumbai area. They are also looking for a strategic partner for their airline where Bom Dye has a substantial holding. So if it gets a decent valuation then the parent will benefit. I would hold on and buy on dips.
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asd asked, how to buy ADR/GDRs?
PRANAV SANGHAVI answers, They should see some added activity since they are more easily accessible now for the unregulated FII investors. They will not be allowed to make fresh investments into India.
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Manoj asked, Is IFCI worth buying at this level. What is its future
PRANAV SANGHAVI answers, IFCI looked attractive when it corrected to Rs.70 levels. I would now wait for the price that the strategic investor announces which they are ready to pay for the company and then take a call.
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RAKESH asked, I WANT TO INVEST IN MARKET NOW IS IT THE RIGHT TIME FOR ME I AM A SMALL INVESTER
PRANAV SANGHAVI answers, The markets are at all time highs so getting in for a first time investor is risky. I would have invested when the markets correct a week ten days back when SEBI announced its plans to restrict unregulated FII investments into India.
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Shashikant asked, sir wats a reason behind that markets moving up nd sensex is going to touch 20k
PRANAV SANGHAVI answers, Essentially I think it is excess liquidity. The SEBI has tried to put some brakes on it without much luck in theshort term but RBI may this week in its credit policy announce further liquidity reducing measures.
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george asked, what is the expected price trgt for RPL and RNRL...are they good for long term
PRANAV SANGHAVI answers, I thinik RPL is surely a better bet for the long term as RNRL's business plans area still bit grey.
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anandanand asked, hello pranav i have invested 50 k in hdfc midcap eqity fund at 10 per unit mid caps are booming but NAV is not increasing can u through light
PRANAV SANGHAVI answers, You will have to see what mix of mid-capstoicks does the fund hold in its portfolio. You could write to the MF and ask for details they are bound to provide the same to you. Maybe the stocks they are holding are notappreciating as fast as other mid-cap stock which you are following.
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rakeshks asked, I've 200 Hotel Leela@45, shall I hold or sell?
PRANAV SANGHAVI answers, Surely hold.
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Sahdev asked, Hi Pranav, Is Torrent Power [Get Quote] good holding from long term view?
PRANAV SANGHAVI answers, Yes you could look at it as Power sector will see a lot of growth over the next3 to 5 years as India is grossly undper powered country.
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maheshp asked, hi, i bought punj lyyod today.should i sell it now.
PRANAV SANGHAVI answers, If you are a short term trader and are making profits you could book some. As if there is any negative news in teh Credit Policy the market may correct very marginally.
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rajan asked, Hi! pranave I hold BHEL,LAKSHMI MACHIN WHAT WOULD BE U SUGGEST FOR THAT STOCK!
PRANAV SANGHAVI answers, Hold on to both. I think BHEL is announcing their results today which I think will be fantasticmuchlike L&T.
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aravind asked, hi,is it good time to invest in stocks r juz hold on to what i ve. i am a small investor.is it advisable to invest in IT stocks now?coz now a days i dont feel IT stocks r doing good,if i can invest in wat i can invest... thankx
PRANAV SANGHAVI answers, I would hold on to what you have and wiat for a correction for what ever reason it may come.
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avita asked, Hi Pranav, Should i hold Hexaware [Get Quote] or book profits given the current situation its just getting into negatives?
PRANAV SANGHAVI answers, Yes you could take some profits off the table and look at reentry at lower levels.
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Jogesh asked, I have 30 Tata Power [Get Quote] @1130/-. Should I sell
PRANAV SANGHAVI answers, Hold. If you are a very short term investor you could book some profits other wise anythignn beyond 6 months then hold on surely.
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shankar asked, what equity do u recommend to buy at this level
PRANAV SANGHAVI answers, Equity that you will hold for atleast 2 years, as the markets may ride upslightly but they may correct too on any negative news as we saw a week and a half back whern SEBI announced its news related to FII's which sent the market in a lower circuit.
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V asked, WHICH STOCK IS GOOD FOR FUTURE
PRANAV SANGHAVI answers, Adding to Shankar's questions even quity which I would holdfor 2 years would be the large cap, frontline growth stocks like L&T, BHEL, Bharti, RIL, DLF etc.
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anand asked, hi pranav, good afternoon. What is the position in respect of SRF which I am holding 500 shares bought at 169.50. It has not reached this figure since two months almost. Can u pls. suggest me what to do
PRANAV SANGHAVI answers, The markets are at all timehighs but it has still not touched your acquisition price. I guess you will have to hold on for a little longer to see your price.
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Anita asked, should I sell Arvind mills [Get Quote] shares at this rate.
PRANAV SANGHAVI answers, There is some story buzzing in the stock so I owuld hold on to it.
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sidharth asked, Hi please advice is this the good time to book pofits before market can come down
PRANAV SANGHAVI answers, You could book partial profits as the markets are roaringahead and valuations left far behind. But the markets could correct.
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jitu asked, I have 123 idea cellular. I am a long term investor. This quater result is not so good. Should I sell it or hold.
PRANAV SANGHAVI answers, Yes their this quarter result was below expectations but i would still hold on to the stock.
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vikki asked, what is the maximum limit for dlf and power grid within a month?
PRANAV SANGHAVI answers, Both stocks I am still bullish on. DLF seems to have got rerated after their announcement of the large development project with the Karnataka Government. Power Grid also looks like a decent buy at these levelsfor a longer term perspective.
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Jogesh asked, I have 50 Hindalco [Get Quote]@120/-. Should I sell
PRANAV SANGHAVI answers, I would hold on. Although it is ametal stock, I think it will deliver value over a longer term.
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M asked, WHAT DO YOU THINK OF RNRL AND ZEE NEWS [Get Quote]?
PRANAV SANGHAVI answers, I think they are momentum stocks rather than stocks driven by fundamentals.
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cinki asked, I hv taken up SIP of 4k each for FIDELITY EQUITY FUND GROWTH HDFC PRUDENCE FUND GROWTH OPT. DSP ML TIGER FUND GROWTH OPTION HDFC TOP 200 FUND - GROWTH OPT. SBI MAGNUM GLOBAL FUND - GROWTH ICICI SERVICES INDUSTRIES GROWTH RELIANCE GROWTH FUND - GROWTH PLAN PRU. ICICI EMERGING STAR FUND - GROWTH FRANKLIN INDIA OPPORTUNITIES FUND - GROWTH Whata re views on this selection
PRANAV SANGHAVI answers, I think you have made good choices for your SIP investments. I quite like Tiger Fund, HDFC, Templeton etc.
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mohit abrol asked, what will be the future of rpl i have bought 200 share@Rs85. what should i do either sell it or buy more
PRANAV SANGHAVI answers, Its has touched 221 today. You are surely sitting on handsome profit. But I would hold on as they are planning to complete their commercial production earlier than targeted before and once it does start you could see much higher prices.
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Krisann asked, Hi Pranav, I am new to the marker and just learning the trends. My brother is helping me with suggestions. My question is , as a new comer where would you advise me to invest in and am looking this for short term? Should i go for equity or Mutal funds or IPO or what ? Please suggest
PRANAV SANGHAVI answers, I would advise you to go with MF's. Look for the largecapdiversified MF's. But they will bear a decent return over a longer term and not1 or 2 months.
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HITEN asked, WHERE TO INVEST MONEY IN WHICH SHARES ACCORDING TO YOU
PRANAV SANGHAVI answers, Frontline quality stocks which are delivering 20% percent profits on a year on year basis consistently.
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GAUTAM asked, WHAT IS THE LONG TERM VIEW OF POWER GRID
PRANAV SANGHAVI answers, I am pretty bullish on the stock even from current levels.
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manicham10 asked, Sir I have 1150 sh & 113.00 (Power Grid). What should i do its hold or sell.
PRANAV SANGHAVI answers, Hold.
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vineeta asked, Hi!Is it too late to buy Yes Bank [Get Quote]?
PRANAV SANGHAVI answers, I would wait for dips as the second tier stocks get hit more than the frontline at times of corrections.
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raj asked, Hi Pranav, Greetings! Currently the way market is functioning is obvious that its not going according to fundamentals. See RPL share got above Rs.200(IPO Rs.60) and still the company is under construction they are expected to start only in 2009. My question, what shld be the guiding forces for this part for investor. Second, market is not responding to any kind of pressure Poltical, Petrol, curb on FII, market is moving strong.. is it done internally
PRANAV SANGHAVI answers, We are witnessing unprecendented amounts of liquidity in our markets and that is ruling the trend currently. The government is worried exactly with the issue that you have raised and are trying their best to curtail the untraceable flows.
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Naresh asked, Whats your view on Petronet LNG [Get Quote], I have 100 shares at 82.90, should we hold?
PRANAV SANGHAVI answers, Yes you could hold on.
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samkutty asked, i am taken ispat industries rs.30/- can i sell today what is your opion
PRANAV SANGHAVI answers, i have mentioned earlier also I would be more comfortable with a SAIL [Get Quote] or TISCo [Get Quote] in the steel sector than a Ispat.
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PRANAV SANGHAVI says, We have touched 20,000...this is a phenomenal milestone even from last May's perspective when investors were totally in disarray.

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Sunny asked, How do you see the market going forward in the near future and also in long term
PRANAV SANGHAVI answers, In the very short term we could get a correction but in the longer term I am still convinced about our bull run and should continue for another 3 to 4 years at least.
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kalua asked, hold on to RPL for 2 yrs with the price target of 500
PRANAV SANGHAVI answers, Once the commercial productions starts it could touch that price.
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sgvm asked, Is nagarjuna fertilizers a multi bagger stock?
PRANAV SANGHAVI answers, I think it has already risen 4 folds in as many months so it already can be called that.
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thomasmathew asked, Hi Pranav, I hold shares of TTK Prestige [Get Quote], Gokaldas exports [Get Quote], Avaya, Tata metaliks [Get Quote],HUL, Mastek and Macmillan.What do you say about them? Sell or hold?
PRANAV SANGHAVI answers, Most of them are qwuality midcap stocks and you could hold them witha longer temr perspective surely.
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Pavan asked, Do you think market will go for correction of about 3000 to 4000 Points ? Is sensex is over weight or Balanced
PRANAV SANGHAVI answers, A 3000 to 4000 point correction looks very difficult but amarginal correction cannotbe ruled out.
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JVR asked, Good day. Hello sir. I would like to invest in stock. I would like to apply PAN card. My friend told me that once i get the PAN card then need to submit the income return every year eventhough there is no income. Is it true sir? pls answer my question sir. Thanks you so much...
PRANAV SANGHAVI answers, You do need to get aPAn card as it is compulsoryforstock investments in India. Filing returns is also mandatory as a resident Indian invidual.
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Manzy asked, What is ur view on IFCI. What is its short term target and what is its future??
PRANAV SANGHAVI answers, As I mentioned earlier the price of the stock will now be dictated b the offer price the comapny receives and also the strategic investors plans for the future for IFCI.
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mukesg21 asked, I have 200 shares of powergrid @124/- advise me should i hold or sold out
PRANAV SANGHAVI answers, I would hold on with at least a 1 year outlook.
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Orbit asked, what about Indus Ind bank?
PRANAV SANGHAVI answers, It has risen marginally but there are better quality banks available in the market.
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jj asked, What to do with M&M? Sell or hold?
PRANAV SANGHAVI answers, Hold. It madesomegoodstrategicmoveslike acquiring a tractor maker overseas, launching of the renault cars in India and their current brands like Scorpio continue to do well.
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rohitr asked, Hai, the way LNT has moved up..do you see further rise? Analyists predictions of 6500 within the next four months is this justified?
PRANAV SANGHAVI answers, I think in a years time you could see those levels. There is some rumour that L&T plans to demerge3 of its 100% ownedcompanies so like RIL gave 4 free shares to shareholder I think L&T if it decides to demerge then will give somefreeshares of its subsidiaries post demerger. Plus they are gorwing at over 30% per annum and have a huge backlog of orders. I would hold onsurely.
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vaibhav asked, Sir, Can u tell me abt GMR INFRASTRUCTURE [Get Quote]. I bought it @ Rs 159. What is the prospect of this company 1 year down the line. Is it a good stock to hold?
PRANAV SANGHAVI answers, GMR could be held as it is a decent play inthe infrastructure arena. It has some largeprojects udnerway and would yeild results to the company over the next couple of years.
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Ashish asked, What is the scope of Walchandnagar Industries [Get Quote] it is currently at 8578/-
PRANAV SANGHAVI answers, They also have some great strategic stakes in various companies, large land bank also and some real estate development plans also. I would hold on.
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aryan asked, is this right time to invest or shall i wait for some more time
PRANAV SANGHAVI answers, I would wiat for a dip to get in.
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im asked, What Should the Small Investor Do??? Should Exit or Watch for more rise in sensex??
PRANAV SANGHAVI answers, In the short term ridethe marekts highs and book priofts at any sign of a correction.
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PRANAV SANGHAVI says, Well due to timeconstraints I have not been able to answer alotof your questions. But it has been ahistoric day today with the SENSEX touching 20,000. But I think we will surely have new milestones over the next couple of years. Bye for now.

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TECHNICAL OUTLOOK by sathiamoorthy

Nifty 5702.30

In the short term, Nifty is likely to make a new high around 5750-5800 region and it would be followed by a short term correction towards 5350 and below this level, it could test 5000. Instead, if it moves above 5800 and sustains above this level, then it is likely to move towards 6000.

In the extreme short term, if it sustains above 5600, then it is likely to test 5800. Below 5600, it is likely to turn weak.

Today, if Nifty trades above 5650, then it is likely to test 5800.


Trading Strategy

Be short below 5600 and be long above this level for a target of 5800.


Medium term outlook of Nifty - dated 1st October

Nifty is likely to test 5250 level sharply and it will be followed by a consolidation between 5100 and 5600 for another 5 to 6 months. This view holds good as long as it stays above 4630. In case, if the level 4630 is violated, then a down move towards 4000 is possible for the medium term.

Long term outlook of Nifty - dated 1st October

Nifty is in long term bull market and after some consolidation between 5100 and 5600, it is likely to move towards 6000 in another 9 to 12 months. And this view holds good as long it stays above 4630. In case, if this level 4630 is violated, then after some downside it is likely to move towards 6000.

Visit us at:

www.waveriders.in

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Weekly Technical Analysis

Nifty — The index closed on a negative note on the opening session of the week, after which it rallied toward 5717 for the remaining part of the week. It ended the week with gains of 487 points.

Moving Averages — The 50 dma = 4846, 20 dma = 5233, 10 dma = 5489. The index has closed above the 10 dma. Support during the week’s trading can be expected around the 10 & 20 dma.

Momentum Oscillators — On the daily chart , MACD is in sell mode but in positive territory. RSI (14) – Relative Strength Index is around 68.25 (reading above 70 signifies overbought). Stochastic (5,3) is in buy mode.

Resistance — The index faces resistance around the recent high around 5737 (high of 18 October 07). Close above the 5737 level will see the index exhibit further strength.

Support — The index has support around the 10 dma around 5489 .Intra-week declines should find support around the 10 dma level. Close below the 10 dma around 5489 can see the index decline toward 5300 levels.

Conclusion — Stay focused on the upside for the current week’s trading with support around 5489.

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Market outlook positive

There are tentative short-term targets of Nifty 5850 and Sensex 19450.

The market roared back into the black as it absorbed the impact of Sebi's clarifications on the participatory notes issue. The Nifty gained 9.34 per cent and shot up to 5702.3 points while the Sensex was up 9.59 at 19,243 points, hitting a new all-time high. The Defty gained 10.16 per cent as the rupee hardened again.

Volumes were decent during settlement but lower than in the previous week which featured heavy FII selling. Breadth was good with advances comfortably outnumbering declines.

Incidentally both FIIs and Indian funds were net positive through the week. The Nifty Junior gained 12.64 per cent while the Bank Nifty gained an astounding 17.9 per cent. The BSE 500 was up 10.34 per cent.

Outlook: Continuous volatility seems almost given in the new settlement but it does also seem that the fear of an extended bear market has receded. The short-term outlook also seems positive.

The Nifty should continue to log net gains in the coming week although momentum will slow. There is a tentative short-term target of Nifty 5850 (Sensex 19450). On corrections, the support at 5500-5575 should hold.

Rationale: We may see somewhat reduced, but nevertheless high-volume trading across both cash and derivatives through the November settlement. The pattern has settled back into a bullish one of higher highs which suggests that the long-term bull market is healthy.

Counterview: The one point of misgiving was that the sell-offs came on higher volume than the re-entry. If the FIIs have decided on an orderly PN exit policy, there may be a lack of demand to fuel the further rise of the market in the short-term.

Bulls and bears
The movement was overwhelmingly bullish across large-caps and mid-caps. At least partially, this was driven by short-covering. The biggest gains came in the sectors such as finance that had been hardest hit when the PN news broke. Among banks, SBI, HDFC Bank, ICICI Bank and IndusInd all looked very strong.

Another sector which showed terrific strength was metals – both ferrous and non-ferrous metals such as Sterlite, Sail and Tata Steel did well.

There were also winners scattered across the infrastructure, engineering and construction sectors, such as L&T, Suzlon, VSNL Bharat Forge and Jaiprakash Associates. And of course, the Reliance and ADA group stocks all bounced big time after taking a hammering in the preceding week.

MICRO TECHNICALS

BHARAT FORGE
Current Price: 336
Target Price: 360
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The stock has shot up on decent volume expansion. It has a likely short-term target of 360 and an obviously bullish formation that could take it a lot further in the long-term. Keep a stop at 325 and go long. Book at least partial profits above 355. Consider taking delivery with six weeks time frame.

INDUSIND BANK
Current Price: 94.9
Target Price: 103
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The stock has generated huge volumes as it has moved from 80 to the current levels. It has fulfilled its initial price target but looks capable of a further upmove. Keep a stop at 90 and go long.

LARSEN & TOUBRO
Current Price: 3873
Target Price: 4100
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The stock has climbed with a volume expansion. It has a target in the 4100 region. The problem with this move is that it has come so fast there are no supports near the current levels. Keep a stop at 3775 and go long.

SUZLON ENERGY
Current Price: 1949.5
Target Price: 2400 (long-term), 1875-2000 (short-term)
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A strong breakout on volume expansion seems to be now moving into a consolidation phase. The stock could swing between 1875-2000 for a few sessions. Buy anywhere below the middle of this range and accumulate, looking for a three-month target of 2400. Alternatively buy below 1940 and sell above 1970 for short-term trades.

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India Strategy

India Strategy - Kotak

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Weekly Stock Ideas

Buy Axis bank (926)SL 908 Target 963

Buy JP Associates (1354)SL 1330 Target 1420

Buy SCI (268)SL 261 Target 283

Buy IVRCL Infra (491)SL 481 Target 515

Buy GT Offshore (793)SL 785 Target 815

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UTV Software(

UTV Software - ICICI Direct

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India becomes 5th largest holder of forex reserves

India today joined the elite group of world's five biggest holders of foreign exchange reserves as it added about 4.5 billion dollars last week to take the kitty to 261 billion dollars.


The country surpassed South Korea, which had 257 billion dollars in forex reserves as of September-end, to stand at the fifth spot. While India reports its reserve position every week, South Korea does so on a monthly basis.


China leads the pack with 1,434 billion dollars, followed by Japan (946 billion dollars), Russia (440 billion dollars) and Taiwan (263 billion dollars).


According to Reserve Bank's weekly bulletin released today, India's foreign exchange reserves increased by about 4.5 billion dollars during the week ended October 19.


The rate at which the country's foreign exchange kitty is growing, especially after the US housing mortgage crisis, the country will soon overtake Taiwan.


Among the BRIC (Brazil, Russia, India and China) countries, Brazil has the lowest foreign exchange reserves of 164 billion dollars, according to the latest IMF data.


The other major holders of foreign exchange reserves in the world include Singapore (152 billion dollars), Hong Kong (141 billion dollars) and Germany (126 billion dollars).


Total foreign currency reserves of the members of the Eurosystem, including countries which have adopted Euro as their currency, have been estimated at 453 billion dollars.


India's foreign exchange reserves have continued to grow at a rapid pace despite the efforts of the government and the Reserve Bank of India (RBI) to moderate inflows and encourage outflows through various policy initiatives.

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FII inflow, RBI policy review outcome to dictate trend

Trend in inflow from foreign funds will dictate the near term trend on the bourses. The market on Friday, 26 October 2007, shrugged off Securities & Exchange Board of India (Sebi) directive on restriction of participatory notes (PNs) that came into effect from 26 October 2007. Sebi has banned fresh issuance of PNs with derivatives as underlying and it has also ordered winding up such PNs in 18 months, besides putting curbs on such issue of PNs in the spot market.

According to Citigroup, given the limited headroom available due to the 40% limit on issue of PNs, return to 'regulated' entities rule, and the time it might take for the entities to get FII registration, the new Sebi norms may significantly reduce near term foreign flows. Sebi has proposed an incremental rate of 5% for issue of PNs for FIIs with less than 40%t of assets under custody (AUC) in PNs. Those with over 40% of assets in PNs can issue PNs only against redemptions or cancellations.

Kotak Institutional Equities, in a note, states that it does not expect any major impact of the new policy on the market and it is of the opinion that the market has largely absorbed the changes in PN norms. ‘We rule out any major selling in the market and expect a smooth transition to the new regime’, it has said in a note to clients adding that while Sebi has banned sub-accounts of FIIs from issuing further PNs, PN issuing sub-accounts FIIs have already started the process of conversion to FIIs. There is no ban on issue of PNs by FIIs though restrictions have been put in place for them. There is a ban of fresh issue of PNs with derivatives as underlying.

Providing a major relief over the issue, Sebi on Monday, 23 October 2007, said sub-accounts which intend to covert into foreign institutional investor status have to sent their letter of intent to the regulator within 24-hours. Sebi later said that all the 20 PN issuing FII sub-accounts have expressed intent to convert into foreign institutional investor (FII) status. There are 34 PN issuing entities in the country, of which some are already FIIs. This number was 14 in March 2004.

FIIs can now issue PNs only to foreign entities which are ‘regulated’ in their respective jurisdiction and not to those that are merely ‘registered’ in the jurisdiction as was the norm earlier. This will mean that some hedge funds that are not regulated in their home country will find it difficult to invest in the Indian market. Users of PNs are largely hedge funds, a fast-growing asset class globally in recent years. Nevertheless, such hedge funds can apply for direct registration with Sebi.

Sebi says PNs allow foreigners to make a backdoor entry into the market, and it wants them to register to create greater transparency on inflows. PNs are financial instruments used by foreign investors that are not registered with Sebi, to invest in Indian shares. FIIs and their sub-accounts buy Indian securities and then issue PNs to foreign investors with these securities as the underlying.

Besides some key Q2 September 2007 results, the major events next week are Mid-Term Review of Annual Policy by the Reserve Bank of India on Tuesday, 30 October 2007, and policy meeting of the US Federal Reserve on 31 October 2007. Bank of Japan also holds its policy meeting on 31 October 2007.

Market men see no change in interest rates by RBI in Mid-Term Review of Annual Policy on Tuesday. It remains to be seen whether RBI raises cash reserve ratio so as to suck out excess liquidity in the banking system.

There are hopes that the US Federal Reserve will cut interest rates again at its policy meet on 31 October 2007, given the recent weak US economic data. A further cut in interest rate by Fed, if any, will only add to global liquidity which already remains high. This in turn will ensure that FII inflow in India will continue even as their buying vigour may not be as strong as was recently due to Sebi restrictions on PNs.

Key Q2 September 2007 results next week Maruti Suzuki, Bharat Heavy Electricals, HDFC and Mahindra & Mahindra on Monday, 29 October 2007, ONGC, Steel Authority of India, Tata Power, DLF on Tuesday, 30 October 2007, and Tata Motors on Wednesday, 31 October 2007. On Saturday, 27 October 2007, NTPC, Grasim, State Bank of India will unveil Q2 results.

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Large cap's in rampage again!

In between the clouds of worries over P notes indices hovered to new high at the end of the week. There was a bit of caution ahead of SEBI meet with FIIs on P notes. Lack of clarity on P notes saw some outflow of fund but interest continued from domestic fund though many of them are on the sideline to get in. Quarterly Results added to the sentiments. Banking and Capital goods were the major index driver. L&T and Suzlon were the star performer for the week with their results. SBI gained on some rights issue. On the second last day SEBI announced that sub-account holders can not issue P-notes. As per the rule they will have to register first and then invest. It had some impact in the start, but, markets recovered strongly. But we think this would affect incremental views almost immediately. The date to decide the assets under control is a month back and that means that the extra $ 2-3 bn which has come in October created some winding down already.

On Political front: For now politics also seems to be on kind. Govt. is seems ready to miss the nuclear bus. Elections have been delayed for another 18 months and that?s probably good news in terms of stability. However it may not be on the policy front.

There are 2 major events scheduled next week i.e the RBI credit policy and Fed Meet which could drive the market. US Indices traded ranged with Crude hovering over $91 a barrel and mixed economic data. Fall in orders for Durable goods as well the raise in Jobless claim dampened the sentiments while jump in new home sales brought in some relief. The Market hopes Fed to cut rate by 50 bps. While in India there no cut expected as of now. Let wait and watch these events.

Crude rallied for the week as it crossed $90 a barrel which could push the panic button. The airlines are biggest hit really. They were hoping for good occupancy and some benign prices. Negatives also seen for Paint and Tyre companies.. On the Currency front, Rupee continues to trade below $40 a Dollar.

Sensational week in the market with Sensex Closing above 19200 levels. Sensex and Nifty both Zoomed over 10% for the week.

Sensex Weekly Gainers were LNT (28.51%), SBI (25.39%), REL (25.33%), BHEL (18.67%),Tata steel (16.83%), ICICIBank (16.21%), HDFC bank (13.61%) and Hindalco (11.22%). Losers for the week are TCS (-2.97%), Infosys (2.94%), Bajaj Auto (0.34%), Drreddy (0.38%), , Wipro (0.22%).

Companies which we tracked have shown phenomenal results: Apollo Tyres which managed to delivery super profits in rough conditions. Topline grew by 10% on yoy basis to Rs 847 cr. Net profits grew by whopping 164% on yoy basis to Rs 51 cr v/s 19.3cr last year same quarter. The number came out marvellous even though the rubber remained in the range of Rs86-Rs92. It gave good result on the economies of scale with the Dunlop South Africa as well increasing its capacity to 710 Tonne /per day and including South Africa?s capacity to 890/per day.

Blue Star India ltd reported good sets of numbers with topline line growth of 46% yoy from Rs 376 cr last year to Rs 548 cr for the quarter ended September 30, 2007. The company?s net profit for the quarter grew 150% to Rs 46 cr. Segment wise performance for the company was impressively in all 3 lines of business. The central and packaged airconditioning business accounted for 73% of total revenues during the quarter. The revenues from this segment grew by 48% during the quarter while the PBIT profits increased by a substantial 105%. Margins also improved significantly from 10.2% last year same quarter to 14.2% this quarter. The order book position as on September 30, 2007 stood at Rs 1031 cr. With healthy order book and a good outlook we see Blue Star heading for a good year. But can it take the same for the coming years, well we will have to wait and see. Do keep an eye here we will update you more here.

Kewal Kiran clothing Ltd (KKCL) reported a healthy result for the quarter ending September 2007 The company managed to achieve top line growth of 10% from Rs 42 Cr to Rs 46 Cr YOY. KKCL?s flagship brand ?KILLER? has contributed 50% towards total sales and in total sold 0.82 million pieces this quarter. EBIDTA margin for the quarter was same at 24%. Net margin was also in line with the last corresponding quarter at 17%. Domestic sales contributed almost major part more than 95%. Net realization per garment witnessed a growth of 6% to Rs 562 per garment (QoQ) basis KKCL now has about 75 retail stores which accounted for 20% of its revenues and intends to open 16+ more stores which will be opened before Diwali. We believe that branding is key success factor for these products but whether KKCL will continue to retain this brand image as many other well known brands are entering into the growing market that has to been seen further. Valuations are expensive at this price. We will update you more here.

Austin Engineering Ltd reported a flat result for the 2nd quarter FY07. The revenues grew by 3% to Rs 17.58 cr and the net profits grew by 14% to Rs 1.64 cr on yoy basis. The Ebidta margins stood at 18%, higher by 100 bps and the Ebidta profits grew by 13% to Rs 3.21 cr on yoy basis. The higher efficiency and better economies of scale helped the company to maintain margins. We had a word with the management and they informed us that plant had been shut down for one week due to flood in the city. As a result of this company?s sales slipped. Valuation seems to be attractive at the current market price of Rs 126, the stock trades at 7 times of trailing earnings. We are positive on company and its business; one can enter that stock at dips looking at long term prospects.

Technically Speaking: Sensex has shown tremendous strength in this week, closing at the all time high. The strength is still mostly concentrated in the large caps. We see sensex reaching the 20k figure soon. The immediate resistance are seen at 19475 and 19610. And Support seen at 18830 and 18545..

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India tightens rules on P-notes

India's stock market regulator on Thursday tightened rules regarding the use of participatory notes, which unregistered foreigners could use to gain exposure to Indian shares.

The curbs were in line with the proposals that the Securities and Exchange Board of India (SEBI) first floated last week and sought comment on. SEBI said the decision was about improving the transparency of inflows into India's financial markets by getting participants to register.

Chandan Desai, Director of Mauritius-based Silverstreak Management Services: "The biggest entities will take the front door to invest in India, but smaller entities which don't meet the criteria will probably stay out. For the short-term, money flow may get hampered for a while, but the country is on such a strong wicket, that investors will continue to come in. For the long term, these are definitely good measures."

Suraj Saraogi, Managing Director, Key Note Capitals: "All the decision were on expected lines and there are no surprises in the market. In a broker's language, I can say that all the poison is out of the market now and it will give a thumbs-up sign tomorrow."

Viral Doshi, an independent strategist, Mumbai : "Any measure which is more about transparency and less about capital flows control is always welcome ... the regulator always has a concern about the quality of the money coming into the system. There are many foreign funds with genuine money and genuine interest in India, and they will continue with their investments into the country."

Gurudatta Dhanokar, Derivatives Strategist, Almondz Global Securities: "Though this decision will create short-term panic in the market, overall it is a good one. The whole process will be now much more transparent once the unknown entities withdraw from it, and this will increase the comfort levels of existing players or the registered FIIs."

Nipun Mehta, Chief Executive, Unitis Tower Wealth Advisory, Mumbai: "I look at the measures in a very positive manner. This is something which should have happened much earlier, but better late than never. This is just about cleaning up the system, getting rid of the unregulated money in the market. Very clearly, there was some discomfort about foreign fund inflows which was excessive and one couldn't control it ... there should be transparency about who is investing in the system."

A Prasanna, Economist at ICICI Securities, Mumbai: "The broad measures are along expected lines and they seem to be keen on phasing out participatory notes on a gradual basis. This will have a moderating effect on the inflow of capital in the near term and in terms of the central bank's policy next week, they should maintain status quo on rates. There is no need to raise banks' reserve requirements immediately as they can monitor the impact of these moves on the inflows of money in the near term and also the festival season spending is due. There is no need to rush into a cash reserve ratio hike."

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New PN norms: Good for Dalal Street

The Stock market is likely to continue its upsurge on Friday after regulator Sebi cleared the confusion over participatory notes and reasserted its stance on easing front-door FII investments, analysts said.
The announcement made by Sebi chairman M Damodaran that new rules on Offshore Derivatives Instruments such as PNs have come into effect in-line with the proposals made last week has put to rest all the confusion over the whole issue and normalcy is set to return to the bourses, a broker said.

Besides, Damodaran's statement that FIIs would be given permanent registration now onwards rather than the earlier practice of renewing it every three years would also boost the sentiments of foreign investors, marketmen said.

Other than the PN issue, volatility in the past few days was also being stoked by the approaching settlement of current month's derivative contracts and the settlement getting over today also bodes well for an orderly market, they added.

"Markets are likely to take the Sebi announcement positively and today's rally in the markets showed that the Sebi's proposals on P-Notes have already been slightly discounted," domestic brokerage firm SMC Global's vice president Rajesh Jain said.

However, global markets are under pressure and the domestic markets could see some effect of this, he noted.

Foreign brokerage firm Jefferies and Company's Equity Research Managing Director Anindya Chatterjee said, "If the fast track FII registration procedure Sebi is talking about really materialises no great impact would be seen on the markets but if some of the P-Notes investors do not want to convert, it could create a slightly negative affect. Overall, no great impact is visible as of now."

Premium Investments' S P Tulsian said, "Markets will be positive on Friday as the SEBI proposals have already been discounted by the markets."

Analysts noted that SEBI's proposals on P-Notes have already been discounted, as vindicated by today's 258-point rally in the benchmark Sensex, and as there were no changes from the proposed measures, it would help retain the positive momentum.

The Sensex closed 257.98 points higher at 18,770.89 on Thursday after touching a high of 18,900.10 points on brisk buying by funds in blue-chips from metal, bank and capital good segments.

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RBI wants tighter P-note regime

The Reserve Bank of India [Get Quote] (RBI) has suggested stringent conditions for participatory notes (P-notes) that are issued even by registered foreign institutional investors (FIIs).

In a note sent to the finance ministry on the eve of the Securities and Exchange Board of India's (Sebi's) board meeting to decide on restrictions for P-notes, the central bank has reiterated its earlier stance of a complete ban on P-notes.

If that is not possible immediately, RBI has suggested including two key conditions for issuance of P-notes by FIIs.


The first is limiting P-note investments in sensitive sectors such as real estate and financial services. The second is imposing a lock-in period for liquidating investments made under P-notes.


The RBI nominee on the Sebi board is expected to raise these issues at Thursday's board meeting.


Sources close to the development said a lock-in period could help check speculative inflows. These recommendations are based on the second report of the Tarapore committee on capital account convertibility.


The sources said that there is a case for capping the P-note investments in sectors that have an upper limit on foreign investment -- both foreign direct investment and FII.


Sources added that Sebi will be clarifying at the board meeting the basis for its recommendation that FIIs with 40 per cent of assets under custody cannot issue fresh P-notes.


Sources said the government is of the view that banning P-notes will curb speculative inflows into India. Since the India growth story is strong, inflows from genuine investors cannot be stopped.


If some categories of instruments are banned or the Indian markets are made costlier for the foreign investors, investors will choose other routes like the non-deliverable forward market or the overnight interest rate swap market abroad over which Indian regulators do not have any control.


So the government feels it is important to address the long-term issue of accessibility of the Indian markets through more instruments.

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Sebi announces policy on P-Notes

Market regulator Sebi on Thursday announced new rules for foreign investments through financial instruments such as participatory notes, asking FIIs to wind up P-Notes for investing in derivatives within 18 months.

Sebi chairman M Damodaram announced the decision after a meeting of the Board, which also approved imposing curbs on P-Notes for investing in spot market. The new norms would come into effect from Friday.

In derivatives, foreign institutional investors (FIIs) and their sub-accounts cannot issue fresh P-Notes and will have to wind up their current position in 18 months, he said.

In spot market, FIIs will not be allowed to issue P-Notes more than 40 per cent of their assets under custody. The reference date for calculating such assets will be September 30, Sebi said. The provision will come into effect from close of trading hours on Thursday.

Those FIIs who have issued P-Notes of more than 40 per cent of their assets, could issue such instruments only if they cancel, redeem, or close their existing PNs. Those FIIs who have issued P-Notes less than 40 per cent of their assets under custody can issue additional instruments at the rate of five per cent of their assets.

FIIs will have to be registered on a permanent basis instead of earlier practice of renewing registration every three years, Sebi said.

Pension funds, foundations, endowments, university funds, charitable societies, which may not strictly fit into the category currently, can now register as FIIs.

Asked for a mechanism to check terror funding in stock markets coming in the shape of corporate entities, Damodaran said as of now there was no such evidence. "Anyway, security market regulation is not an answer for everything. There are other agencies to look into this," he said.

Damodaran also said the date of September 30 was fixed as the reference for calculating assets under custody of FIIs since this was the latest date for which data is available.

Sebi stuck to its original proposal of October 16 that sent stock market into a tailspin the following day. The Bombay Stock Exchange baromoter Sensex lost 1,700 points within minutes of opening on October 17, but later recovered after Finance Minister P Chidambaram assured that the steps were not aimed at curbing capital inflows.

The Sensex has been volatile but has since then recovered most of the losses. It closed 258 points up on Thursday at 18,770.89 points. Sebi had also interacted with FIIs and brokers before finalising the regulations.

Damodaran had earlier asked sub-accounts of FIIs that issue P-Notes to register as FIIs for investing in the Indian capital market. This was to make sure that all foreign funds come to the country through the front door. Following Sebi's directions, as many as 20 such agents have offered to register as FIIs.

P-Notes are instruments like contract notes issued by FIIs to overseas investors who cannot directly invest in equity market as they are not registered. Out of over

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India now $4 trillion economy

India's economy, which swelled close to a trillion dollars last year, is actually worth four trillion dollars when measured in terms of purchasing power parity (PPP) and accounts for 6.3 per cent of the global economy, Finance Minister P Chidambaram said on Wednesday.

At market prices GDP has increased from $20 billion in 1950-51 to $912 billion in 2006-07 and is expected to cross a trillion dollars in the current year, he said, delivering a speech 'India's Socio-Economic Agenda: Development with Democracy' at the Norwegian Nobel Institute in Oslo.

PPP is a measure of the purchasing power of different currencies and the average cost of goods and services between countries.

The Finance Minister is on three-day visit to Norway. Claiming that Indian growth was no more a jobless growth story, he said since 2003-04 the average growth rate has increased further to 8.6 per cent and has seen over one crore jobs added annually.

During 1999-2000 to 2004-05, India added about 12 million people to its workforce each year. In this period, the rate of growth of employment was 2.9 per cent per year, he said.

India, after China, is the fastest growing economy of the world, and together with Brazil, Russia and China is the locomotive driving world growth, said Chidambaram.

Expressing the government's commitment for inclusive growth, he said the proportion of people living below the poverty line in India has declined from 51.3 per cent in 1977-78 to about 22 per cent in 2004-05.

Earlier, he met his Norwegian counterpart Kristin Halvorsen and the Norwegian Minister of Environment and International Development. Both the countries also decided to step up their bilateral and economic relations.

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Markets turn red on profit booking

Opening on an upbeat note on continued buying interest in blue-chip stocks tracking firm global markets, the benchmark BSE Sensex surged over 18,800 points in opening trade. But it retracted sharply on selling pressure amid a bout of volatility. The market breadth was strong.

At 11.40 am, the Sensex is down 96.57 points or 0.52% at 18396.27, and the Nifty down 15.30 points or 0.28% at 5458.40.

Reliance Energy,surged 5.31% to Rs 1604.The stock surged after chairman Anil Ambani informed media that Reliance Power will be valued nearly two times its holding company, Reliance Energy, after the mega initial public offer. In its prospectus, Reliance Power has said that it would dilute 11.5% of the post-issue equity.

Satyam Computer Services gained 3.78% to Rs 479.25.Bharti Airtel gained 2.15% to Rs 1027. The stock climbed up on value buying after a sharp recent fall, hit by on concerns that the launch of nationwide GSM services by rival Reliance Communications would eat into its market share.

Meanwhile, Reliance Communications rose 1.01% to Rs 763.10. On Friday, 19 October 2007, it got the government's nod to launch nationwide GSM-based cellular services from the Department of Telecom (DoT).

ACC (up 2.35% to Rs 1090.15), HDFC (up 2% to Rs 2617), and Tata Steel (up 2.31% to Rs 916.10) were the other gainers from the Sensex pack.

Reliance Industries (RIL) expanded 0.15% to Rs 2605.50 on 1.85 lakh shares. It hit an intra-day high if Rs 2651 in early trade. As a part of a restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.

India’s largest cigarette manufacturer ITC lost 0.62% to Rs 183.90 on 76,266 shares. It was the top loser from the Sensex pack.Dr Reddy’s (down 0.46% to Rs 632) and ONGC (down 0.63% to Rs 1137) were the other losers.

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Varun Industries - IPO Analysis

NOT A STE(A)L FOR INVESTORS

MAX. ISSUE SIZE (Rs) : 39.4 crore
PRICE BAND (Rs) : 60 (Fixed)
ISSUE OPENS/CLOSES : 25th to 31st October, 2007
LISTING : BSE, NSE.


Varun Industries is an exporter of stainless steel utensils. Its markets include the Middle East, North America, Europe and Australia. Foreseeing growth in demand in India, the company has set up a stainless steel sheet re-rolling mill at Jodhpur.

This will provide a raw material feed of around 60 per cent for its production plant at Thane in Maharashtra, which commenced production recently. IPO proceeds have been earmarked to develop a sales and distribution network alongside brand building in the domestic market.

While these objectives can be debated, the plan to diversify into unrelated businesses like oil and gas and mining ore is inexplicable. Notwithstanding the perceived potential, the steel utensils business is a highly fragmented one dominated by a plethora of small players.

The presence of promoter group companies engaged in similar lines of business too hardly inspires. Similarly, given that the company earns primarily through exports, the sharp appreciation of the Indian Rupee is bound to dent its financials and prospects.

While its topline of Rs.740 crore passes muster, the lower than industry average EBIDTA margin of 6 per cent does not inspire. While the forward P/E of around 8 is lower than some of its listed peers and could provide a listing pop in a frenzied market , chances are discerning long-term investors wont queue up for this issue.

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Reliance Power IPO awaiting for Sebi nod

Reliance ADA Group today said it is awaiting Securities and Exchange Board of India (Sebi) nod for the initial public offering (IPO) of group company Reliance Power even as some "vested interests" were trying to stall the stake sale plan.

"A vicious campaign of disinformation (is) underway by vested industrial interests to stall the Reliance Power IPO," a Reliance ADAG spokesperson said in a statement.

The official said attempts were being made to engineer motivated litigation and the "campaign was motivated by frustration at the continuing success and rising valuation of the ADA Group".

Reliance Power's IPO was awaiting Sebi approval in normal course, he added.

The spokesperson said forged letters by Members of Parliament based on false and baseless allegations were also part of the vicious campaign.

The reaction came after REL Investors Forum, an association of investors in Anil Ambani-led Reliance Energy, today alleged that the planned IPO of Reliance Power will erode the value for REL shareholders.

Reliance Power plans to come out with an IPO of 160 crore shares to part-finance 12 proposed power projects envisaging an estimated investment of nearly Rs 1,00,000 crore. The IPO is being pegged as the biggest-ever in India with total proceeds of about Rs 12,000 crore.

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Reduce Hero Honda, Accumulate Orbit Corporation

Emkay Research has recommended reduce rating on Hero Honda Motors, October 19, 2007 report.

"Hero Honda has reported net profits of Rs 2043 million, which is ahead of Emkay Research estimation of Rs 1957 million for 2QFY08. The net profits affected by lower other income and higher tax provisions. The other income declined by 34% YoY to Rs 393 million. Also there has been higher provision for tax during the quarter at 32.4% in 2QFY08 as compared to 31.5% in 2QFY07 and 30.7% in 1QFY08.

As a result the net profits declined by 5.4% YoY to Rs 2043 million. 1HFY08, was a subdued for the two wheeler industry as well as Hero Honda. While rising interest rates have impacted the demand, in our view, the key reason for a significant decline in demand for 100 CC bikes was lack of intent on part of the bankers to provide credit to the two wheeler segment. At Rs 726, the stock trades at price to earnings multiple of 16.5 times and 14 times our FY08 and FY09 estimated earnings. We maintain our REDUCE recommendation on the stock." says Emkay Research report.

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Religare research has revised their rating on Orbit Corporation from buy to accumulate to reflect the recent run up in the share price. "At the CMP of Rs 652, the stock trades at 9.6x FY08E earnings and in line with our DCF estimates. However this estimate is based on 1.4mn sq ft of incremental projects, which is lower than the guidance of 2.1mn sq ft that the company gave in its post result conference call. Incorporating the additional 0.6mn sq ft in our DCF model we arrive at a target price of Rs 680, which is close to the current market price.

We are revising our rating from Buy to Accumulate to reflect the recent run up in the share price, which now largely captures the value of the projects on hand (existing 1.1mn +planned 2.1mn). We remain positive on the company’s prospects. Further price movement will be driven by new announcements, as the company bags new projects." says Religare research report.

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Sell Power Grid, target of Rs 90: CLSA

CLSA has recommended a sell rating on Power Grid Corporation with a target of Rs 90 in the report dated October 20, 2007.

"In Power Grid, 85% owned by the Government of India, is the largest player in power transmission in India, carrying 45% of the total power generated. While it is a monopoly business, it does not have the pricing power given its regulated returns. The company earns a fixed 14% return on equity.

We believe Power Grid does not have much potential upsides like NTPC, which can benefit from coal mining, fly ash sale and merchant power plants. Compared to NTPC, Power Grid makes lower returns and potential upsides are limited. Trading at 31x FY09 EPS, 3.7x P/B Power Grid is the most expensive utility in the region. The sharp rise in share price since listing could be to some extent attributed to lofty expectations for valuations of Reliance Power’s proposed IPO. Given steep valuations, low probability of upside to earnings, we initiate coverage with sell." according to CLSA research report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decision.

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Phenomenal rally? But can this hold on?

Great day for the market which started with a gap up of 300 points and moved further into the green zone with every hour of trade as value buying activity intensified in almost all sectors. The 800+ points rally was seen on speculative reports hich said that SEBI has cleared proposals allowing foreign individual investors to invest on Indian bourses. The minimum net worth a Criterion for a foreign individual investor who intends to invest directly is set at $50 million. But still the confirmation was not there from SEBI. The rise was incredible which gradually took it higher making it the biggest ever gain for the Sensex. Capital goods, Power, Realty and Metal stocks were on limelight for the day. Phenomenal bounce back seen in mid caps and Small caps performed well with the heavyweights and closed up by 3% each. Indian market makes over the global cues and had a different story to show. Asian markets ended in green while European markets are trading in mix.

Sensex ended up by 879 points at 18492.84. It was helped up by gains in BHEL (2294.3,+12 percent), Rel Energy (1523.15,+11 percent), NTPC (217.35,+9 percent), Bharti Tele (1005.35,+8 percent) and RIL (2601.55,+8 percent). Restricting the gains were TCS (1064.2,-1 percent), Guj Ambuja (144.55,-1 percent), Wipro (492.2,0 percent), HDFC (2565.8,0 percent) and Infosys (1883.55,0 percent).

Leading media house Zee Entertainment Enterprises reported a phenomenal growth of 4.61 times in consolidated net profit for the quarter ended September 2007. During the quarter the company experienced a rise in consolidated net profit to Rs 97 Cr from Rs 210 Cr in the quarter of the previous year. Consolidated total income during the quarter jumped 15.43% to Rs 421 Cr compared with the same quarter a year earlier. While on standalone basis Zee reported phenomenal growth of 6.33 times in net profit to Rs 69.63 Cr in the quarter compared with Rs 11 Cr a year earlier. Earnings per share for the quarter jumped 6.19 times to Rs 1.61 compared with the same quarter a year ago. Substantial rise in operating margins pushed earnings of the company higher. Operating margin during the quarter jumped of 3,835 basis points to 41.11% compared with 2.75% in the same quarter a year earlier. The net sales for the quarter fell 20.30% to Rs 229 Cr while the total income for the quarter declined 17.98% to Rs 248.72 Cr when compared with the corresponding quarter, a year ago. The results were really good on back of its Advt. earnings as the TRP ratings has been increasing significantly. But the company would be facing the resistance from the advertisers as it intends to hike Ad rates by 25%. However we think that the company would do good in long term. The stock performed well on the results which were in line with the market expectations. The stock ended up by 8%. Do read our note which would update you.

Good numbers were reported by Greenply. Topline grew by 27% to Rs.136crs. EBITDA surged by 120% to Rs.22crs on yoy basis. Margins at EBITDA level improved by 670 bps backed by lower selling and advertising spend. PAT grew by 113% to Rs.11crs as company to same period last year. At the current market price the stock trades 10 times its annualized EPS. Numbers are good and the company will continue to perform well. For now valuations seems fair. Greenply even unveiled plans to acquire two privately held companies Galaxy Decor and Platinum Veneers engaged in manufacturing plywood and allied products. Reacting to the positive development, Greenply stock was in limelight for the day but ended marginally down. We will update you more on this soon.

Jain Irrigation reported healthy second quarter numbers. Net profit of Rs 30 Cr for the quarter ended September 2007 as against Rs 16.2 Cr in same quarter of last year. Net sales stood at Rs 329 Cr versus Rs 226 Cr. Top line was around 45% growth on YoY basis. About 71% growth was from domestic business and 14% came in on the export business. Piping division which is the PVC pipes business grew 27%, while the orders for the same grew by 57%. The only division that did not do that well was the PVC sheets because it had exposure to US homebuilding market. Agriculture remains a key driver. The business is doing well as it has grown about 72%, and this is the most profitable division. It has moved from about Rs 58 Cr to about Rs 100 Cr this quarter. With the good number stock performed well and ended up by 5%

Technically Speaking: Markets traded well on the back of strong positive breadth. Sensex touched intraday high of 18542 and low of 17910. Overall market turnover was healthy for the day at Rs 7390 Cr. Market breadth was in favor of Advances, where the Decliners stood at done 659 against Advances of 2057. Sensex has made a huge gap up opening today. If this momentum fails to gather more upside then we might see a pull back to close in the huge gap left by markets at today's open between 17700 and 17910.

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Bulls strike back; Sensex up 879 points

After a subdued trend in last few sessions, the market staged a solid comeback today. The market rallied sharply, making up for the lost ground, after the Securities and Exchange Board of India (SEBI) clarified its position to foreign fund investors on participatory notes. The bulls were back in action after closing flat yesterday. The Sensex took cues from buoyant international markets and resumed 296 points above its previous close at 17,910 on the back of strong buying in heavyweights, capital goods, oil, and banking stocks. The buoyancy propelled the Sensex to the day's high of 18,542 by the afternoon. The Sensex finally closed with a gain of 879 points at 18,493. Nifty advanced 290 points to close at 5,474.

The market breadth was highly positive, with the gainers outpacing the losers in the ratio of 3.17:1 on the Bombay Stock Exchange (BSE). Of the 2,798 stocks traded on the BSE, 2,089 stocks advanced, 658 stocks declined and 51 stocks ended unchanged. All the sectoral indices notched up significant gains. The BSE CG index was the biggest gainer and soared by 7.76% followed by the BSE PSU index (up 7.01%), the BSE Metal index (up 6.65%), the BSE Oil & Gas index (up 6.55%), the BSE Realty index (up 6.38%), the BSE Bankex index (up 5.91%) and the BSE FMCG index (up 4.08%).

Barring few, all the stocks in the Sensex basket ended at higher levels. BHEL led the upsurge and flared by 11.54% at Rs2,294. Among the other major gainers Reliance Energy surged 11.18% at Rs1,523, NTPC moved up by 8.84% at Rs217 and Bharti Airtel advanced 8.38% at Rs1,005. Reliance Industries vaulted 7.83% at Rs2,601, L&T shot up by 7.53% at Rs3,331, HDFC Bank added 7.42% at Rs1,474 and Cipla rose 7.24% at Rs193. However, TCS, Ambuja Cement, Wipro, HDFC and Infosys slipped marginally.

Capital good stocks were the star attraction during the day and rallied sharply. Punj Lloyd soared 13.08% at Rs387, Crompton Greaves jumped 10.29% at Rs365, Suzlon Energy added 9.84% at Rs1,741 and AIA Engineering gained 8.50% at Rs1,262.

Over 1.80 crore Reliance Natural Resources shares changed hands on the BSE followed by Power Grid Corporation (1.63 crore shares), Unitech (1.38 crore shares), Tata Teleservices (1.26 crore shares) and IKF Technologies (1.16 crore shares).

Unitech was the most actively traded counter on the BSE and registered a turnover of Rs447 crore followed by Reliance Energy (Rs396 crore), United Breweries (Rs366 crore), Reliance Industries (Rs297 crore) and Reliance Capital (Rs235 crore).

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Stocks to accumulate on dips

• ABB
• GMR Infrastructure
• Supreme Infrastructure India
• Reliance Energy
• Gujarat NRE coke
• Everonn Systems India
• Reliance communications - Has the potential to touch 1200 in the medium term.
• Power Finance Corporation
• Reliance Petroleum
• Bharat Heavy Electricals (BHEL)
• Punj Lloyd
• Power Grid Corporation of India
• UCO bank
• Dish TV - Mutual fund accumulating on dips (cannot disclose the name)

All these stocks are very strong fundamentally and one should make use of this fall to accumulate these stocks for handsome profits. Buy these stocks when volatility in the market reduces.

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Good sector to be in - Banking

Bank on the banking space, say experts. With interest rates going down and the liquidity scene much under control, banks are attracting investor attention.

Banking shares posted significant gains on Monday compared with the rest of the market. At 1:15 pm, the BSE Bankex was up nearly one per cent. The index touched a high of 9, 043.57.

ICICI Bank rose 2.25 per cent, Union Bank gained 1.59 per cent, Yes Bank climbed 5.19 per cent and State Bank of India was up 0.67 per cent.

"Increase in comfort levels on the liquidity front has boosted the banking sector," said Alpesh Mehta, banking analyst with Angel Broking.

Foreign institutional investors, major drivers of liquidity in the market, have pulled out over Rs 4,500 crore ever since the Securities and Exchange Board of India's clampdown on participatory notes, sucking out the increased liquidity in the system.

According to reports, the market is expected to maintain an average surplus liquidity of Rs 20,000-25,000 crore.

"Stellar performance from premier banks this quarter has also boosted sentiment," Mehta said.

ICICI Bank's net profit rose 32 per cent to Rs 1,002.60 crore for the July-September quarter compared with Rs 755.01 crore for the same previous period. HDFC Bank's second quarter net profit was up 40 per cent at Rs 368.48 crore.

All eyes are on Reserve Bank's review of the monetary policy on Oct 30.

A cash reserve ratio hike appears unlikely following SEBI's proposed measures on participatory notes. The measures are meant to moderate capital inflows.

“The sudden crash in the stock market and the subsequent weakening of the rupee has now reduced the chances of a fresh CRR hike. But the RBI is known to spring surprises, so nothing can be predicted" said Mehta.

Kashyap Jhaveri, banking analyst with Emkay Share and Stock Broking feels that even if the RBI were to hike CRR, banks will remain unaffected.

“RBI may hike CRR by 50 basis points considering the current liquidity in the system. However, it will not really affect the banking space as it is not likely to affect their profitability," he said.

Angel Broking has recommended investors to buy ICICI Bank with a target price of Rs 1,240 and Punjab National Bank with a target of Rs 615 while Emkay Share is positive on midcaps like Bank of Baroda and Union Bank of India.

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Most Active Scrips

Most Active Stocks : BSE 'A' Group

Date: Oct 22, 2007

COMPANY	PRICE (Rs)	% CHANGE	VOLUME	DAY'S HIGH/LOW (Rs)	52-WEEK H/L (Rs)
BSE-SENSEX	17,641.24	0.5%	-	17,705 / 17,171	19,199 / 12,316
S&P CNX NFTY	5,184.00	-0.6%	-	5,247 / 5,071	5,737 / 3,555
POWER GRID CORP.	129.75	-1.4%	15,917,340	134 / 127	0 / 0
REL NATURAL RESOURCE	86.90	-1.1%	15,189,492	89 / 83	106 / 21
REL PETRO	168.05	-0.4%	7,215,252	171 / 161	193 / 56
ISPAT INDS.	25.40	-1.4%	5,691,450	27 / 24	33 / 10
REL. ENERGY	1,366.00	2.5%	3,967,054	1,465 / 1,255	1,959 / 448
SAIL	215.10	-3.3%	3,674,778	223 / 206	267 / 79
ITC	177.80	1.7%	3,523,360	180 / 172	196 / 140
RELIANCE COMM	723.00	-0.6%	3,202,648	741 / 702	797 / 363
MTNL	176.00	2.9%	3,180,289	180 / 166	186 / 124
IDBI	125.00	4.8%	2,984,750	126 / 115	163 / 67
ARVIND MILLS	66.65	5.8%	2,904,375	67 / 60	75 / 42
ICICI BANK	1,071.00	4.6%	1,981,493	1,072 / 999	1,180 / 719
RELIANCE	2,423.00	-1.9%	1,956,846	2,480 / 2,384	2,805 / 1,170
INDUSIND BANK	67.75	0.8%	1,190,449	72 / 65	85 / 37
RELIANCE CAPITAL	1,525.00	1.8%	1,161,394	1,575 / 1,415	1,970 / 530
	NEYVELI LIGNITE	113.30	-1.9%	989,995	118 / 109	137 / 49
HINDALCO	178.25	2.1%	923,798	183 / 168	208 / 125
TATA STEEL	837.90	-1.6%	874,489	862 / 817	924 / 399
ESCORTS	105.70	1.5%	872,300	109 / 100	157 / 73
BANK OF BARODA	271.85	-1.1%	814,281	275 / 260	340 / 189
TATA POWER	995.00	1.9%	760,676	1,023 / 925	1,400 / 483
UNITED PHOSPHORUS	358.00	4.8%	747,593	374 / 325	407 / 260
BHARTI AIRTEL	934.00	-3.6%	745,302	965 / 909	1,149 / 486
SATYAM	447.00	-2.8%	699,069	458 / 443	525 / 402
CHAMBAL FERT	42.40	0.8%	575,906	44 / 40	63 / 30
BONGAIGAON R	57.60	1.4%	489,090	60 / 54	78 / 39
SBI	1,705.95	2.3%	481,673	1,730 / 1,601	1,992 / 845
ACC LIMITED	1,018.25	2.7%	469,916	1,038 / 965	1,315 / 680
HPCL	228.00	-1.2%	468,885	235 / 226	337 / 223
L&T	3,102.00	2.6%	464,693	3,124 / 2,912	3,506 / 1,258
MRPL	55.35	-2.7%	452,955	58 / 54	83 / 32
ASHOK LEYLAND	37.50	0.9%	451,660	38 / 36	51 / 34
LIC HOUSING	227.00	5.2%	432,575	229 / 210	258 / 128
NIIT	137.65	4.6%	415,219	139 / 126	172 / 40
ADANI EXPORT	675.65	10.0%	385,238	676 / 575	780 / 133
EIH LTD.	132.00	1.5%	355,085	134 / 124	136 / 88
ZEE ENT	320.00	6.5%	332,896	325 / 294	363 / 164
ORCHID CHEMICALS	229.20	-0.2%	309,801	237 / 226	285 / 176
GTL LIMITED	242.50	4.1%	309,689	244 / 228	257 / 114
KOTAK BANK	839.00	1.3%	292,645	860 / 820	1,035 / 327
DENA BANK	53.35	-0.2%	291,561	54 / 51	70 / 29
GSFC	232.00	2.4%	286,399	234 / 221	255 / 152
CIPLA	180.20	1.1%	278,263	181 / 173	275 / 160
CENTURY IND.	986.00	4.4%	265,154	1,008 / 915	1,075 / 433
IND HOTEL	130.65	-0.3%	241,560	134 / 127	164 / 115
BOI	260.00	1.5%	241,365	264 / 242	331 / 132
BHARAT FORGE	286.00	0.8%	240,235	290 / 279	396 / 254
RCF	50.00	-0.4%	225,462	51 / 48	68 / 33
ONGC	1,093.80	-1.3%	224,179	1,150 / 1,067	1,225 / 750
HDFC	2,570.00	7.2%	221,190	2,675 / 2,302	2,692 / 1,397

Most Active Stocks : BSE B

Date: Oct 22, 2007

COMPANY	PRICE (Rs)	% CHANGE	VOLUME	DAY'S HIGH/LOW (Rs)	52-WEEK H/L (Rs)
BSE-SENSEX	17,641.24	0.5%	-	17,705 / 17,171	19,199 / 12,316
S&P CNX NFTY	5,184.00	-0.6%	-	5,247 / 5,071	5,737 / 3,555
AMBUJA CEMENTS	145.00	3.9%	54,461,496	150 / 132	154 / 100
POWER GRID CORP.	129.75	-1.4%	15,917,340	134 / 127	0 / 0
REL NATURAL RESOURCE	86.90	-1.1%	15,189,492	89 / 83	106 / 21
TATA TELESERV (MAH)	39.95	0.9%	9,491,028	41 / 38	46 / 17
REL PETRO	168.05	-0.4%	7,215,252	171 / 161	193 / 56
IFCI	75.20	2.6%	6,881,689	78 / 70	105 / 10
NAGARJUNA FERT.	51.10	2.3%	5,708,267	53 / 47	66 / 11
ISPAT INDS.	25.40	-1.4%	5,691,450	27 / 24	33 / 10
UB (HOLDINGS) LTD	920.50	-1.1%	5,550,371	960 / 900	1,098 / 252
REL. ENERGY	1,366.00	2.5%	3,967,054	1,465 / 1,255	1,959 / 448
RADICO KHAITAN	183.50	4.9%	3,700,624	188 / 173	219 / 128
SAIL	215.10	-3.3%	3,674,778	223 / 206	267 / 79
ITC	177.80	1.7%	3,523,360	180 / 172	196 / 140
RELIANCE COMM	723.00	-0.6%	3,202,648	741 / 702	797 / 363
MTNL	176.00	2.9%	3,180,289	180 / 166	186 / 124
GTL INFRA	40.10	1.0%	3,007,133	40 / 38	0 / 0
IDBI	125.00	4.8%	2,984,750	126 / 115	163 / 67
ARVIND MILLS	66.65	5.8%	2,904,375	67 / 60	75 / 42
ICICI BANK		1,071.00	4.6%	1,981,493	1,072 / 999	1,180 / 719
RELIANCE	2,423.00	-1.9%	1,956,846	2,480 / 2,384	2,805 / 1,170
NTPC	199.60	-0.9%	1,924,442	204 / 193	235 / 125
TELEDATA INFORM	63.20	8.8%	1,902,056	65 / 57	96 / 13
IDFC	157.00	1.8%	1,893,806	164 / 146	194 / 68
JAIPRAKASH HYDRO	66.60	0.8%	1,862,954	68 / 63	85 / 26
HFCL	24.20	10.0%	1,825,717	24 / 21	34 / 17
GMR INFRA	147.25	0.6%	1,696,800	150 / 139	201 / 56
SOUTHERN IRON	40.10	2.8%	1,681,298	41 / 38	45 / 16
INDIABULLS REAL EST	555.10	2.8%	1,641,055	583 / 510	0 / 0
BANK OF RAJASTHAN	156.00	-8.1%	1,605,928	168 / 155	182 / 26
DLF LIMITED	803.00	-2.0%	1,446,869	837 / 781	0 / 0
TRIVENI ENG.	113.25	-1.1%	1,324,009	121 / 110	143 / 38
MANGALORE CHEM.	30.90	-0.2%	1,258,727	33 / 30	48 / 12
UNITED BREWERIES	352.00	3.5%	1,221,480	355 / 341	415 / 150
MERCATOR LINES	85.25	-4.7%	1,212,274	92 / 83	107 / 31
INDUSIND BANK	67.75	0.8%	1,190,449	72 / 65	85 / 37
RELIANCE CAPITAL	1,525.00	1.8%	1,161,394	1,575 / 1,415	1,970 / 530
SUPREME INFRASTRUCTURE	161.75	5.1%	1,161,389	179 / 143	0 / 0
DHANUS TECH.	335.30	5.2%	1,109,043	339 / 301	0 / 0
IDEA CELLULAR	137.80	-4.6%	1,096,184	143 / 134	0 / 0
PETRONET LNG	72.10	-1.5%	1,067,683	74 / 69	92 / 41
ROLTA INDIA	580.00	-2.1%	1,058,613	614 / 570	662 / 213
DISH TV	64.40	-1.8%	1,037,312	67 / 64	0 / 0
CHAMPAGNE IN	677.00	-1.9%	1,033,139	700 / 677	799 / 330
INDIABULLS FINANCIAL SERVICES	565.50	3.1%	1,021,525	579 / 511	697 / 188
GUJ.NRE COKE	92.60	-5.4%	1,021,264	97 / 90	115 / 26
UNITECH	306.70	-1.6%	1,017,924	308 / 295	368 / 160
POWER FIN CORP	192.15	-3.3%	1,006,623	195 / 187	0 / 0
MCDOWELL HOLD	202.05	1.8%	1,000,844	210 / 195	0 / 0
BALRAMPUR CHINI	73.95	-0.1%	999,452	81 / 70	115 / 50
NEYVELI LIGNITE	113.30	-1.9%	989,995	118 / 109	137 / 49

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