The Hindu Business Line : Sunday, June 22, 2003

Yokogawa Bluestar: Accept
SHAREHOLDERS of Yokogawa Bluestar (YBL) can accept the offer made to them at Rs 67 per share. Yokogawa Electric Corporation (Yokogawa) is making the offer, with the intention of delisting the company. In this ... More

INSIGHT

Guarding investors against themselves
THE stock market is on a roll. The bull seems back in the ring. The BSE market capitalisation is up Rs 1,00,000 crore in a month. Clearly, for retail investors, the resurgence of animal spirits is cause for ... More

MUTUAL FUNDS

IDBI Principal Child Benefit Fund: Switch
INVESTORS who have completed five years in the IDBI-Principal Child Benefit Plan may consider switching to an open-end balanced fund with a superior track record. New investors looking to build up a corpus to ... More

Kotak-MNC: Hold/Avoid fresh exposures
INVESTORS in the K-MNC Fund (of Kotak Mahindra Mutual Fund) can stay with the fund as the portfolio has room for upside. MNC stocks across sectors have come back into fancy after a protracted period of ... More

Derivatives: Beef up the disclosures
AS usual, mutual fund industry practices are set to march ahead of regulations concerning disosures. The latest development concerns interest rate derivatives. Trading on interest rate derivatives is set to ... More

Prudential ICICI Dynamic Plan: Hold
FRESH investments in Prudential ICICI's Dynamic Plan need not be considered. The fund's performance since inception in October 2002 has not been impressive. However, investors in the fund can continue to hold ... More

UTI stays on top with huge assets under belt
UNIT Trust of India is still the market leader among mutual funds in terms of assets under management. This is indicated by the figures for May released by the Association of Mutual Funds in India (AMFI). As on May 30, UTI has commanded a corpus ... More

Changes at helm of ING Savings
ING Vysya's mutual fund in India, ING Savings Trust, which has been in the revamp mode, has announced fresh changes in its senior management team. Snapping up top debt fund managers from the erstwhile Zurich Asset Management, the company has ... More

UTI Master Value Plan: Hold
WITH a consistent performance track record over the past five years and impressive returns in the past year, the UTI's Master Value Plan has been a key beneficiary of the rally in mid-cap stocks over the past ... More

TECHNICAL ANALYSIS

Correction likely in Nifty
Preferred view: The overall outlook for the index is bullish. A move to the previous pivot high of 3760 appears to be on the cards. The index is moving up steadily in a well-defined upward channel. A break below the lower boundary of this ... More

Positive trend in Orchid Chem
ITC (Rs 743.75): As expected, the stock ruled firm and also managed to move to the target zone of Rs 745-750 mentioned in earlier weeks. After touching a high of Rs 747.85, the stock closed slightly lower at Rs 743.75. The overall outlook ... More

DERIVATIVES MARKETS

Three years of equity derivatives: My money, my play
We may never modulate the "boom and bust" cycles of our capital markets... US investors have every right to expect that the system of SEC-registered, exchange-traded equities can weather such cycles without significant companies "melting ... More

Chickens have hatched, count!
WHATEVER may be said of India's effectiveness in dealing with public finances, it can be safely argued that individuals act with great discernment while dealing with their personal savings. Many state-owned and ... More

Reliance, SBI in limelight
WITH the cash market zooming to a 14-month high this week, trading activity picked up at the derivative segment; the average daily turnover jumped to about Rs 3,593 crore as against last week's average daily turnover of about Rs 2,969 crore on ... More

USING FUTURES/OPTIONS
Corporate Actions and adjustments
THE basis for any adjustment for corporate actions shall be such that the value of the position of the market participants, on the cum and ex-dates for the corporate action, shall continue to remain the same as far as possible. This will ... More

COMMENTARY

India Nippon up on good numbers
LIC Housing Finance (Rs 127): On the back of market expectations that some foreign housing finance companies would shortly seek entry into India by picking up stake in local finance companies, the stock price of LIC Housing Finance surged ... More

Pharma stocks keeping well
Housing finance stocks have caught up in the last two trading sessions. LIC Housing, GIC Housing, SBI Housing, Dewan Housing, CanFin Homes and the market leader HDFC shot up sharply in the last two days. Stocks such as GIC hit the upper circuit ... More

RECOMMENDATION

Grasim: Buy
INVESTMENTS can be contemplated in the Grasim Industries' stock, as there is scope of gains linked to its now-certain hold over Larsen & Toubro's cement business (referred to as CemCo). Grasim's impressive ... More

State Bank of India: Pare exposures
SHAREHOLDERS of State Bank of India (SBI) can contemplate booking profits partially. The stock's valuation now factors in successive years of ever higher dividends and modest growth in earnings, but not the ... More

Shasun Chemicals: Hold/Buy on declines
SHAREHOLDERS of Shasun Chemicals can continue to stay invested in the stock. Those looking to add the stock to their portfolio can do so on dips from current price levels. The stock appears to be good from a ... More

ICI India: Hold
SHAREHOLDERS of ICI India can continue to hold the stock at the current levels of about Rs 140. At this price, the stock discounts its latest full year earnings per share of Rs 26.35 by about 5.3 times. The ... More

Alfa Laval: Book profits; re-enter at lower levels
SHAREHOLDERS can consider booking profits in Alfa Laval at the current market price of Rs 300. The stock has appreciated 25 per cent since our earlier buy recommendation at Rs 240 (Business Line, May ... More

MICO: Some spark still left
INVESTMENTS can be contemplated in the MICO stock at Rs 4,890 as scope for gains exist despite the run-up in the stock price. The stock has appreciated by about 15 per cent since the earlier Business Line recommendation to book profits at ... More

Indian Hotels: Check in
INVESTORS with a one- to two-year horizon can consider fresh exposures in Indian Hotels (which owns The Taj group of hotels). The stock trades at Rs 248 and holds room for appreciation. But investors should use any gains of 20 to 30 per cent to ... More

IPOS

60 pc Maruti issue for retail investors — At Rs 125 per share Govt mops up Rs 993 cr from sell-off
THE Government has declared a cut-off price of Rs 125 for selling 7.94 crore shares of Rs 5 face value constituting 27.5 per cent of its equity in Maruti Udyog Ltd (MUL), mopping up Rs 993 crore. The Maruti issue would be the first disinvestment ... More

CCD to meet in July to ratify IPO
THE Cabinet Committee on Disinvestment (CCD) will meet after the Prime Minister, Mr A.B. Vajpayee, returned from his China visit to ratify the just concluded initial public offering (IPO) in Maruti Udyog Ltd (MUL) in which the Government sold ... More

Lessons from the success — Shourie for strong strategic partner
DESPITE the runaway success of the Maruti public issue, the Government said that it preferred the strategic sale route over the public offering mode for disinvestment of Government equity in PSUs. "That we should adopt the public offer route ... More

Maruti IPO: An act of faith
IT APPEARS to be more an act of faith rather than one dictated by cold investment logic. Whichever way one looks at it, the overwhelming feeling is that investors in the Maruti IPO have been driven more by ... More

`Maruti's dream is to put India on four wheels'
REACTING to the response to the IPO, the Maruti Udyog's Managing Director, Mr Jagdish Khattar, said that the company went to the investors with two messages - first, there was a huge untapped potential in the country and the number of cars ... More

RIGHTS ISSUES

PCS Industries: Avoid
PCS Industries is making a rights offer of equity to finance the repayment of unsecured loans availed by the company from the promoter group and acquisition of companies in the software development/IT-enabled ... More

OUTLOOK

Where is the Sensex headed?
IT DID not stop at 3,300 nor at 3,400 and is now tantalisingly poised at 3,499. Where is it headed? Further north? Maybe. However, in contrast to earlier bull runs, a Sensex rally to previous highs such as 4,700 ... More

ECONOMIC OFFENCES

SEBI reconfirms ban on GTB promoters
IN yet another blow to the promoters of Global Trust Bank (GTB), the Securities and Exchange Board of India has refused to accept the arguments offered by them on their innocence in market manipulation. Accordingly, the regulator has reconfirmed ... More

Bail plea of former CSE chief rejected
THE Chief Metropolitan Magistrate, Calcutta, Mr S.C. Mishra, has rejected the bail prayer of Mr Kamal Parekh, former president of the Calcutta Stock Exchange, and extended his police custody by four days. Mr Parekh was arrested on June 10 for ... More

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