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TODAY'S MKT SUMMARY ( 09 / 02 ) : ( HEMANT )

From : Hemant Parikh at 10:31 PM - Feb 09, 2012 ( )

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Sensex, Nifty scale over 27-week closing highs; breadth strong 

Key benchmark indices gained for the second straight day to attain 
their highest closing level in more than 27 weeks on firm European 
stocks. The BSE Sensex surged 123.43 points or 0.7%, up about 220 
points from the day's low and off about 50 points from the day's high. 
The market breadth was strong. BSE Small-Cap and Mid-Cap indices rose 
more than 1% each, outperforming the Sensex. Data showing sustained 
buying of Indian stocks by foreign institutional investors (FIIs) 
underpinned sentiment. 

The Sensex has jumped 637.20 points or 3.7% in February 2012 so far. 
The barometer index has surged 2,375.83 points or 15.37% in calendar 
2012 so far. From a 52-week low of 15,135.86 on 20 December 2011, the 
Sensex has risen 2,694.89 points or 17.8%. From a 52-week high of 
19,811.14 on 6 April 2011, the Sensex has lost 1,980.39 points or 
9.99%. 

Coming back to today's trade, auto stocks extended recent gains 
triggered by auto companies reporting good sales for January 2012. 
Bank stocks also extended recent strong gains, with HDFC Bank and 
IndusInd Bank hitting record highs and Kotak Mahindra Bank scaling 52- 
week high. Hindalco Industries trimmed intraday losses after the 
company said itsboard has approved the issuance of up to 15 crore 
warrants to promoters/promoter group on preferential allotmentbasis. 
Steel shares surged. 

Realty stocks extended recent strong gains. Bharti Airtel extended 
Wednesday's sharp slide triggered by weak Q3 results. ONGC also 
extended Wednesday's losses triggered by weak Q3 results. Ambuja 
Cements edged higher after decent Q4 results. ACC and UltraTech Cement 
scaled record highs. 

The market dropped amid a bout of initial volatility. The market 
trimmed losses in morning trade. Key benchmark indicesonce again 
trimmed losses in mid-morning trade after hitting fresh intraday lows 
in morning trade. A bout of volatility was witnessed as key benchmark 
indices recovered again after paring gains after hitting fresh 
intraday highs in mid-morning trade. The Sensex pared gains after 
hitting fresh intraday high in afternoon trade. Intraday volatility 
continued as the Sensex once again slipped into the red after moving 
into positive terrain to hit fresh intraday high in mid-afternoon 
trade. The market surged in late trade. 

The BSE Sensex jumped 123.43 points or 0.7% to settle at 17,830.75, 
its highest closing level since 3 August 2011. The index surged 172.14 
points at the day's high of 17,879.46 in late trade. The index 
declined 97.89 points at the day's low of 17,609.43 in morning trade. 

The S&P CNX Nifty jumped 44.20 points or 0.82% to settle at 5,412.35, 
its highest closing level since 2 August 2011. The index hit a high of 
5,423.40 and a low of 5,338.90 in intraday trade. 

The BSE Mid-Cap index rose 1.27% and the BSE Small-Cap index gained 
1.18%. Both these indices outperformed the Sensex. 

BSE clocked turnover of Rs 3310 crore, lower than Rs 3630.37 crore on 
Wednesday, 8 February 2012. 

The market breadth, indicating the overall health of the market, was 
strong. On BSE, 1,836 shares rose and 1,059 fell. A total of 122 
shares were unchanged. 

Among the 30-member Sensex pack, 21 rose while the rest fell. 

Index heavyweight Reliance Industries (RIL) declined 0.63% to Rs 
852.65, with the stock snapping two-day gains. The stock came off the 
day's low of Rs 843. RIL, last week, started an Rs 10440-crore share 
buyback program. The company proposes to buy-back up to a maximum of 
twelve crore shares and a minimum of three crore shares. The maximum 
price for buyback has been set at Rs 870 per share. The company has 
set aside Rs 10440 crore for share buyback, which represents 
approximately 7.22% of the company's total paid-up equity capital and 
free reserves as on 31 March 2011. 

ONGC fell 0.53%, with the stock extending Wednesday's 1.29% losses 
triggered by weak Q3 results. The companyannounced during market hours 
on Wednesday that net profit fell 4.82% to Rs 6741.41 crore on 2.4% 
decline in sales revenue to Rs 18199 crore in Q3 December 2011 over Q3 
December 2010. ONGC attributed the weak performance to a surge in 
under recovery discount. The company said it has notified five more 
discoveries since the last board meeting held on 4 January 2012. 

Cairn India rose 2.13% to Rs 380.50, as oil futures rose for a eighth 
day in London on optimism Greece will receive a second bailout and as 
freezing weather in Europe boosted demand for heating. The Carin India 
stock hit a record high of Rs 384.35 today. 

HPCL rose 0.59% The company announced after market hours today that 
net profit surged 1191.37% to Rs 2725.18 crore on 40.94% growth in 
total income to Rs 48204.97 crore in Q3 December 2011 over Q3 December 
2010. 

Construction stocks rallied. Hindustan Construction Company, NCC, 
Patel Engineering and IRB Infrastructure & Developers rose by between 
4.52% to 11.8%. 

L&T declined 1.01%. The company announced during market hours today 
that L&T Rajkot Vadinar Tollway, a wholly owned subsidiary of L&T 
Infrastructure Development Projects, commenced commercial operation of 
the four-laned 132 kilometer stretch of SH-25 on 1 February 2012. L&T 
had announced during market hours on Tuesday that its construction 
division has bagged new orders valued over Rs 1880 crore across 
various business segments in Q4 March 2012. 

Power Grid Corporation of India rose 0.88% after company announced 
after market hours on Wednesday that net profit rose 36.9% to Rs 
809.23 crore on 20.2% growth in net sales to Rs 2466.62 crore in Q3 
December 2011 over Q3 December 2010. 

Auto stocks extended recent gains triggered by auto companies 
reporting good sales for January 2012. India's largest commercial 
vehicle maker by sales Tata Motors gained 2.57%. The company's total 
sales rose 16% to 87,465 units in January 2012 over January 2011. The 
company announced the monthly sales data early this month. 

Mahindra & Mahindra (M&M) rose 2.01%. The stock had fallen in previous 
two trading sessions after company said it expects pressure on profit 
margin to continue in the near future. The combined net profit of M&M 
and Mahindra Vehicle Manufacturers (MVML), excluding extra-ordinary 
items, rose 16% to Rs 705.90 crore in Q3 December 2011 over Q3 
December 2010. The combined gross revenue and other income of M&M and 
MVML jumped 33.9% to Rs 9011.20 crore in Q3 December 2011 over Q3 
December 2010. MVML was set up a 100% subsidiary of M&M, with a view 
to sourcing contemporary products for expanding the market offerings 
of M&M. M&M announced the Q3 result during trading hours on Tuesday, 7 
February 2012. 

With regard to future outlook, M&M said growth in profit in Q3 
December 2011 despite relentless increase in material costs was due to 
a good volume performance by both vehicles and tractors segments in a 
difficult market and due to tight control on expenses. M&M said it has 
always met challenges through its continuous focus on new product 
introductions, which has helped it drive volumes. 

M&M said on Tuesday that it has received more than 25,000 bookings for 
its latest XUV500 sport-utility vehicle after it reopened 
applications. Bookings for the vehicle reopened on 25 January 2012 
across 19 cities in the country and closed on 3 February 2012. M&M had 
introduced the SUV in September 2011 and received 8,000 bookings 
within 10 days. The company then had to stop taking fresh orders as it 
was working on monthly output of 2,000 units. The company said 
recently it increased the vehicle's monthly output to 3,000 in January 
2012 and plans to further raise it 4,000-5,000 in June 2012. 

India's largest car maker by sales Maruti Suzuki India rose was up 
0.21%. The car major last week said its total sales rose 5.2% to 1.15 
lakh units in January 2012 over January 2011. Domestic sales rose 0.6% 
to 1.01 and exports jumped 54.3% to 14,386 units in January 2012 over 
January 2011. 

Maruti early this month introduced a shorter, cheaper version of its 
Swift Dzire sedan as part of efforts to retain its position as the 
country's largest car maker by sales. The new Dzire is 3.95 meters in 
length, qualifying it for a lower federal excise tax, compared with 
the current 4.1 meter-long model. The government imposes a 10% tax on 
cars measuring up to 4 meters in length. These cars can have a diesel 
engine of only up to 1.5 liters or a gasoline engine of up to 1.2- 
liters. An excise tax of 22% is imposed on cars beyond 4 meters in 
length. 

India's largest motorcycle maker by sales Hero MotoCorp rose 0.01%. 
The company reported 11.5% growth in sales to 5.20 lakh units in 
January 2012 over January 2011. The company announced the monthly 
sales data early this month. 

Bajaj Auto gained 3.3%. The company early this month said its total 
vehicle sales rose 8% to 3.37 lakh units in January 2012 over January 
2011. The company announced the monthly sales data early this month. 

Bank stocks extended recent strong gains. India's largest private 
sector bank by branch network ICICI Bank rose 2.14%. A unit of 
Singapore state investment company Temasek Holdings Pte on Wednesday, 
8 February 2012, sold 1.59 crore shares of ICICI Bank through bulk 
deals on NSE for Rs 1472 crore. Allamanda Investments Pte sold the 
shares in India's largest private-sector lender by assets at an 
average Rs 924.05 per share. Goldman Sachs Investments Mauritius 
mopped up 64.65 lakh shares in the bulk deal at a price of Rs 924 per 
share. 

India's second largest bank by net profit HDFC Bank rose 2.79% to Rs 
522.15. The stock hit a record high of Rs 525.50 today, 9 February 
2012. HDFC Bank reported 31.4% growth in net profit to Rs 1429.70 
crore on 35.6% increase in total income to Rs 8622.64 crore in Q3 
December 2011 over Q3 December 2010. The result was announced on 19 
January 2012. 

HDFC Bank said its core CASA deposit ratio, adjusted for one-off 
current account balance of about Rs 4000 crore, was at 47.7% of total 
deposits as on 31 December 2011. The private sector bank said its 
asset quality remains healthy. The bank's capital adequacy ratio (CAR) 
remained strong at 16.3% as on 31 December 2011, against the 
regulatory minimum of 9%. The bank's Tier-I CAR was 11.2% as on 31 
December 2011. 

India's largest commercial bank by net profit and branch network State 
Bank of India (SBI) gained 0.3%. SBI recently said that the Government 
of India has agreed to inject approximately Rs 7900 crore into bank by 
way of preferential allotment of equity shares to help SBI achieve 
minimum 8% Tier I CAR by 31 March 2012. The country's biggest lender 
by assets didn't say when the government would infuse the capital. The 
government currently owns 59.40% of SBI. 

Kotak Mahindra Bank jumped 3.4% to Rs 550.35. The stock hit a 52-week 
high of Rs 553.90 today, 9 February 2012. 

IndusInd Bank advanced 1.22% to Rs 310.05. The stock hit a record high 
of Rs 311 today, 9 February 2012. 

Realty stocks extended recent strong gains. D B Realty, HDIL, 
Indiabulls Real Estate, and Unitech rose by between 2.45% to 8.49%. 
But, DLF fell 1.15%. From a recent low of 1370.23 on 2 January 2012, 
the BSE Realty index jumped 36.39% to 1868.89 on 8 February 2012. 

Hindalco Industries fell 1.31% to Rs 158.75, off the day's low of Rs 
148.75. The company announced during market hours today that net 
profit fell 1.95% to Rs 451 crore on 11% growth in net sales and 
operating revenue to Rs 6647 crore in Q3 December 2011 over Q3 
December 2010. Hindalco said that volatile LME prices and foreign 
exchange fluctuations along with spiraling energy cost are posting a 
major challenge for the company in the short term context. Hindalco 
said its portfolio of LME neutral copper smelting operation and its 
integrated aluminium operation is providing the strategic balance in 
the volatile commodity cycle. Hindalco said capacity expansions under 
implementation will enable the company to grow at a rapid pace and 
consolidate its leadership even further. The company said its focus 
continues to be on timely completion of the projects and successful 
ramp-up of production. 

Hindalco Industries also said that the board of directors of the 
company has approved the issuance of up to 15 crore warrants to 
promoters/promoter group companies on preferential allotment basis, 
entitling the holder(s) of each warrant to apply for and obtain 
allotment of one equity share against such warrant. 

Hindalco's US subsidiary -- Novelis on Wednesday, 8 February 2012, 
reported net loss of $12 million in Q3 December 2011, lower than net 
loss of $46 million in Q3 December 2010. Net sales dipped 4% to $2.5 
billion in Q3 December 2011 over Q3 December 2010. The company 
attributed lower sales to lower volumes and decline in average 
aluminum prices. Novelis is a global leader in aluminum rolled 
products and aluminum can recycling. 

Novelis has slightly revised downwards its adjusted EBITDA guidance 
for the year ending March 2012 (FY 2012) to between $1.05-1.08 
billion. The company said the downward revision was due to the ongoing 
market pressures and higher than expected destocking levels in several 
regions in the third quarter. The company has reaffirmed its FY 2012 
free cash flow before capital expenditure target of $600-700 million 
and capital expenditure of approximately $550-600 million primarily 
focused on its global expansion projects in Brazil, Korea and North 
America. 

Most metal stocks gained. Bhushan Steel, Nalco, Sterlite Industries, 
JSW Steel, NMDC, Hindustan Zinc, Sail and Jindal Steel & Power rose by 
between 0.1% to 8.71%. 

India's largest steel maker by sales Tata Steel rose 0.1% ahead of its 
Q3 results today, 9 February 2012. 

Bharti Airtel shed 1.13%, with the stock extending Wednesday's 6.58% 
slide triggered by weak Q3 results. The company announced during 
market hours on Wednesday that consolidated net profit as per 
International Financial Reporting Standards (IFRS) fell 22% to Rs 1011 
crore on 17% growth in total revenue to Rs 18477 crore in Q3 December 
2011 over Q3 December 2010. The company said its EBITDA (earnings 
before interest, taxation, depreciation and amortization) margin 
increased to 32.2% in Q3 December 2011 from 31.7% in Q3 December 2010, 
with a significant improvement in EBITDA margin of African operations. 

The company said its performance at the net level was adversely 
impacted on account of 3G license fee amortization, higher interest 
cost and higher taxation. 

ACC rose 0.46% to Rs 1,388.90 ahead of its Q4 results today. The stock 
hit a record high of Rs 1398.20 today. 

UltraTech Cement gained 0.91% to Rs 1397.55. The stock hit a record 
high of Rs 1408 today. 

Ambuja Cements rose 0.39%. The company announced during market hours 
today that net profit rose 17.15% to Rs 302.40 crore on 29.89% growth 
in total income to Rs 2422.79 crore in Q4 December 2011 over Q4 
December 2010. 

With regard to the future outlook, Ambuja Cements said it expects 
strong cement demand in calendar 2012. The company, however, sees cost 
pressure on account of rising cost of energy, logistics and raw 
materials impacting industry margins adversely. The company said it is 
focused on improving operational efficiency and productivity to 
mitigate cost pressures. Ambuja Cements expects cement prices to 
remain volatile in the short-term due to demand supply imbalances. 

Reliance Anil Dhirubhai Ambani Group shares extended Wednesday's 
gains. Reliance Infrastructure, Reliance Communications, Reliance 
Broadcast network, Reliance Capital, Reliance MediaWorks and Reliance 
Power gained by between 0.18% to 5.01%. 

Power generation shares rose. Torrent Power, Tata Power Company, GVK 
Power & Infrastructure and NTPC rose by between 1.48% to 3.38%. 

IT stocks reversed initial losses. India's largest software services 
exporter by revenue TCS rose 0.68%. TCS said on Wednesday that it has 
formed a new joint venture (JV) with Mitsubishi Corporation for the 
Japanese market. Nippon TCS Solution Center will offer a full service 
suite of IT, BPO and infrastructure services to Japanese corporations. 
TCS Japan will have 60% stake with Mitsubishi Corporation holding 40% 
stake in JV. The new joint venture will also establish a near-shore 
delivery center in Japan. 

TCS said on Monday that it won a multi-year, multi-million euro 
contract from Europcar, the car rental leader in Europe. Europcar 
Information Services, Europcar's IT subsidiary, has selected TCS to 
manage strategic IT services development for its French operations. 

India's second largest software services exporter by revenue Infosys 
gained 1.39%. The company has given a muted guidance for Q4 March 
2012. The company has projected a marginal 1.25% growth in non- 
annualised earnings per American Depositary Share at $0.81 in Q4 March 
2012 over Q3 December 2011. The company has projected a flat to 0.22% 
growth in consolidated revenue in dollar terms at $1.806 billion to 
$1.81 billion in Q4 March 2012 over Q3 December 2011. 

India's third largest software services exporter by revenues Wipro 
rose 2.28%. Wipro reported 12% growth in consolidated net profit to Rs 
1456.40 crore on 10% growth in sales to Rs 9997.20 crore in Q3 
December 2011 over Q2 September 2011. Wipro expects revenues from IT 
services business to grow 1% to 3% at $1.52 billion to $1.55 billion 
in Q4 March 2012 over Q3 December 2011. The company 

Tech Mahindra rose 1.01%, reversing initial losses. The company 
announced after market hours on Wednesday that consolidated net profit 
rose 14.8% to Rs 276 crore on 8.4% growth in revenue to Rs 1445 crore 
in Q3 December 2011 over Q2 September 2011. Commenting on the results, 
Vineet Nayyar, Vice Chairman, MD and CEO of Tech Mahindra said, "We 
have had a satisfactory quarter, with growth in both revenue and 
margins. This is a result of our investments in growth markets, and in 
emerging technologies. We continue to focus on delivering enhanced 
value to our customers in an uncertain economic environment". 

The main industry body -- the National Association of Software and 
Services Companies (Nasscom) on Wednesday, 8 February 2012, said that 
the pace of revenue growth of the sector will likely moderate next 
fiscal year amid continued global economic uncertainty. Exports from 
the IT sector may grow 11%-14% in the year that starts on 1 April 2012 
to $76 billion-$78 billion, compared with an estimated $68.7 billion 
this fiscal year, an increase of about 16%, Nasscom said. The body 
said it will review its export forecasts in October 2012. 

With its large English-speaking and relatively cheap workforce, India 
remains a preferred outsourcing destination for companies in developed 
markets. India's share in global outsourcing was 58% in 2011, up from 
55% in 2010, Nasscom said. 

Cals Refineries clocked highest volume of 2.41 crore shares on BSE. 
Suzlon Energy (96.39 lakh shares), Unitech (74.63 lakh shares), IFCI 
(68.67 lakh shares) and Delta Corp (62.91 lakh shares) were the other 
volume toppers in that order. 

SBI clocked highest turnover of Rs 124.23 crore on BSE. Tata Steel (Rs 
102.30 crore), JSW Holdings (Rs 99.32 crore), JSW Steel (Rs 80.93 
crore) and Jubilant Foodworks (Rs 80.64 crore) were the other turnover 
toppers in that order. 

India's January exports rose 10.1% to $25.4 billion while imports rose 
20.3% to $40.1 billion, leaving a trade deficit of $14.7 billion, 
Trade Secretary Rahul Khullar said on Thursday. India's exports 
reached $242.8 billion between April and January, Khullar said, citing 
provisional data. 

Foreign institutional investors (FIIs) bought shares worth a net Rs 
384.24 crore on Wednesday, 8 February 2012, as per provisional data 
from the stock exchanges. FIIs have bought shares worth a net Rs 
6692.01 crore in first six trading sessions this month, as per 
provisional data from the stock exchanges. The inflow early this month 
comes on the top of heavy purchases last month. FIIs bought shares 
worth a net Rs 10357.70 crore in January 2012, as per data from 
Securities & Exchange Board of India (Sebi). 

DLF, Tata Power, BPCL, Reliance Communications (RCom), Britannia 
Industries, Sun TV Network, IDFC and Neyveli Lignite Corporation 
unveil Q3 results tomorrow, 10 February 2012. JSW Steel announces 
consolidated Q3 results tomorrow, 10 February 2012. The company has 
already announced its stand-alone results. 

Aditya Birla Nuvo and Oil India announce Q3 results on Saturday, 11 
February 2012. State Bank of India, Cipla, Reliance Power, Indian Oil 
Corporation, Coal India, Sun Pharmaceuticals Industries and Steel 
Authority of India (Sail) unveil Q3 results on 13 February 2012. Tata 
Motors, Reliance Infrastructure, Jaiprakash Associates, Videocon 
Industries, Essar Oil, and Shipping Corporation of India unveil Q3 
results on 14 February 2012. Ranbaxy Laboratories and ABB unveil Q4 
December 2011 results on 23 February 2012. 

The Indian economy is estimated to grow 6.9% in the current fiscal 
year through March 2012 (FY 2012), sharply slower than the 8.4% 
expansion reported last year, according to a government forecast 
released on Tuesday, 7 February 2012. The new expectation is due to 
weaker growth in manufacturing and farm output, data from the ministry 
of statistics and implementation showed. The government expects 
manufacturing output to grow 3.9% this fiscal year compared with a 
7.6% increase a year earlier. Farm output is expected to rise 2.5%, 
compared with 7% last year. In December 2011, the government had cut 
its growth projection for FY 2012 to between 7.25% and 7.75% from an 
initial forecast of 9%. 

India is facing some challenges on its stable rating outlook and the 
balance of risk factors for its rating may be shifting slightly toward 
the negative, said Standard & Poor's Ratings Services on Monday, 6 
February 2012, in a report titled "Several Factors Could Weigh On 
India's Current Stable Sovereign Rating In 2012." High inflation, a 
weak government fiscal position, and slower economic growth have hurt 
investor confidence in the rupee, triggered a capital outflow, and 
weighed on the stable sovereign outlook on India in 2012, the report 
said. S&P has an investment grade BBB- rating with a stable outlook on 
India. 

Finance Minister Pranab Mukherjee will present the annual budget for 
2012/13 on 16 March 2012, while the railways budget will be presented 
on 14 March 2012. The budget session of parliament will start on 12 
March 2012, Pawan Kumar Bansal, minister of parliament affairs, said 
recently. The government will present on March 15 the Economic Survey 
for 2011/12, a document on the state of economy prepared by the 
economic division in the ministry of finance. The annual budget is 
usually presented on the last working day of February. However, the 
budget has been delayed this time due to the ongoing assembly polls. 
Polling for assembly elections in five states concludes in early March 
2012. 

The government is likely aim to shrink its budget deficit by at least 
0.4 percentage point of gross domestic product next fiscal year, as it 
attempts to boost government revenue and cut subsidies, a news agency 
quoted an unnamed senior finance ministry official as saying on 
Monday, 6 February 2012. Under a medium-term fiscal consolidation 
plan, the government is tasked with shrinking the fiscal deficit to 
3.5% by March 2014. Getting back to a tight fiscal road is critical, 
and the government may have to take some tough steps such as cutbacks 
in social spending and streamline subsidies to help keep a lid on 
government expenditure, the official said. 

The official said the government is likely to add more services to 
boost indirect taxes as a slowing economy limits chances of a sharp 
rise in personal income tax and corporate tax revenue. However, 
raising service tax rates seems unlikely ahead of the roll out an 
ambitious Goods and Services Tax, the official added. 

European stock markets edged higher on Thursday as the market 
continued to monitor the latest news from Greece. Key benchmark 
indices in France, Germany and UK rose by between 0.22% to 0.59%. 

Investors continued to focus on progress in Greek talks to approve 
austerity measures, which reportedly will continue on Thursday. The 
office of Greek Prime Minister Lucas Papademos released a statement 
Thursday morning saying the key political parties have reached an 
agreement in all matters except one. Media reports said details over 
adjustments to pensions remained as the sole sticking point. 

Also on Thursday, officials from the European Central Bank and the 
Bank of England will separately announce outcomes of policy meetings. 

Asian shares were mixed on Thursday, 9 February 2012. Key benchmark 
indices in China, Taiwan, and South Korea rose by between 0.09% to 
0.54%. Key benchmark indices in Hong Kong, Indonesia, Singapore and 
Japan declined by between 0.03% to 0.24%. 

China's annual inflation rate accelerated to 4.5% in January, well 
ahead of market expectations and breaking a five-month trend of easing 
price pressures as consumers ramped up spending during the Chinese 
Lunar New Year holiday season. 

Japan's core machinery orders, considered a key leading economic 
indicator, fell 7.1% in December compared to a year earlier, the 
government reported Thursday. South Korea's central bank kept its key 
rate on hold at 3.25% for an eighth straight month on Thursday. 

Trading in US index futures indicated a flat opening of US stocks on 
Thursday, 9 February 2012. US stocks registered mild gains on 
Wednesday, as investors awaited the outcome of negotiations on steps 
to tame Greece's debt crisis. 

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