The Hindu Business Line : Sunday, June 03, 2007

STOCKS
Idea Cellular: Hold
Trends in subscriber additions and the company's strategic initiatives signal strong business prospects. But the stock may offer scope for fresh exposures at lower levels. More

Punj Lloyd: Buy
Punj Lloyd's inspiring financial performance for FY07, a strong order book buoyed by newly acquired subsidiaries and renewed focus on its core areas of oil and gas infrastructure solutions, are indicative of strong prospects for ... More

STOCK TAKES
Crompton Greaves: Integrating rapidly
With the acquisition of the Ireland-based Microsol Holding, through its subsidiary, Crompton Greaves (CG) has made further strides in its objective to expand globally in the power systems and solutions business. This leaves the company with three ... More

OPEN OFFERS
What's ahead?
The open offer being made to public shareholders of Swaraj Engines by M&M is open until June 16; the closing date for the offer was recently changed. ICI is likely to come out with a revised share buyback proposal at about ... More

INVESTMENTS
For a level playing field
A three-tier regulatory structure ensures fair working of the commodity futures market. More

INSIGHT
`Speculation never makes money'
Ask why you are investing in this company and you won't go wrong. But if you put in Rs 1 lakh and say I want Rs 1.5 lakh, it won't happen. — MR PANKAJ GOSAR, CMD, PEARL OYSTER INVESTMENT CONSULTANT More

What is behind the valuations
BANK STOCKS More

MUTUAL FUNDS
Birla Midcap Fund: Greater interest in banks
Birla Midcap is an open-ended growth fund, with over 65 per cent of the portfolio comprising of mid cap stocks. The past year was a testing time for mid-cap funds with markets going through volatile phases. Many mid-cap funds under-performed ... More

JM Basic: Hold
The fund's broad-based investments — from energy stocks to capital goods and the construction sector — has helped accelerate returns. More

Sundaram BNP Paribas Tax Saver: Invest
Investment can be considered in the Sundaram BNP Paribas Tax Saver based on its long- term record. Since inception, the fund has generated a healthy return of 25 per cent on a compounded annualised basis and outpaced its benchmark BSE-200 by 8 ... More

Update
Taiwan is the latest country to impose a cap on new mutual funds. The country has slapped a T$10-billion ($302 million) cap on all new funds, it was reported this week. This is said to be an attempt to stem rising offshore investing that ... More

Market View
When one looks at the P/E of the S&P CNX Nifty, the valuation is far in excess of such markets as Brazil, Russia, Korea and Thailand. On this basis, the Indian market appears expensive. Even when one looks in isolation at the ... More

TECHNICAL ANALYSIS
Nifty future encounters resistance
More

Query corner
Please let me know medium- and long-term outlook for Ultratech Cement and Hero Honda. At what price should I buy these stocks? Vipul Agarwala Ultratech Cement (Rs 837.7): The sharp correction in Ultratech Cement witnessed ... More

Index Outlook
Indian markets thrived in the blistering month of May with Sensex gaining 5 per cent. Net FII inflow of nearly $1 billion was largely responsible for warding off another bout of "mayhem". With the index just 200 points away from a record high, ... More

SBI
SBI gained 6 per cent last week and closed above its short-term trading range. The targets for the stock would now be Rs 1,421 and then Rs 1,497. The short-term outlook will remain buoyant until the stock trades above Rs 1,250. However, a ... More

Tata Steel
Tata Steel spent the week in an extremely narrow band between Rs 614 and Rs 645. The Doji in the weekly chart indicates that the stock is halting prior to its next move. The very thin volumes observed during the week are a cause for concern ... More

Reliance
RIL remained in the band between Rs 1,700 and Rs 1,800 last week. If the stock sustains above Rs 1,700, it can make an effort to move higher to Rs 1,808 and then Rs 1,855 over the medium term. But as mentioned earlier, the medium term up trend ... More

Infosys
The stock continued to slide lower, recording a weekly loss of 2 per cent. The movement witnessed over the last two weeks mimics a running correction, which indicates a potential slide to Rs 1,830 or Rs 1,694 in the medium term. Strong ... More

ACC
ACC is moving in a rectangular band between Rs 830 and Rs 900 since May 8. It is difficult to ascertain whether this is a consolidation in the medium term up trend or a terminal corrective. The struggle to move past Rs 900 is also rather ... More

ONGC
ONGC remained confined to the range that has held the stock over the last two weeks. Our view on this stock stays unaltered. The short-term trend is down and the stock is expected to move lower to Rs 867 and then Rs 846 in the short term. The ... More

Trader's Corner
There are many who desire to enter the world of technical analysis and are wondering where they should begin. The first step is to accept that the market is supreme. It is futile to outsmart or outguess it. We just have to flow with the market ... More

TYRES
For a gripping run on the wet
Striking a balance between longevity and optimum wet grip has been a challenge for many a tyre manufacturer. Michelin, later this year, is launching Pilot Road 2, a tyre that seems to combine both these qualities characteristics. More

CARS
Honda rolling out new Civic variant
The Honda Civic has been a huge hit with premium sedan buyers in the Rs 10 lakh-plus segment. The Civic automatic with its manual option and column-mounted paddle-shifters has been a big draw. But a few premium features were missing in the ... More

TWO/THREE WHEELERS
Splendor NXG — on to GenNext
The NXG is expected to carry forward the core focus of fuel-efficiency, reliability and low running costs that the original Splendor has always been associated with. More

LIFE INSURANCE
PRODUCT PRIMER
Aviva Dhanvriddhi
Aviva Life Insurance recently launched a traditional money-back plan, Aviva Dhanvriddhi. A look at the salient features of this product. In general, the money-back policy is suitable for investors targeting cash inflows at regular intervals. The ... More

ECONOMICS
Generating passive income
Economics is about how you realise your dreams and achieve financial freedom. Can you get up in the morning, decide not to go for work and yet generate income? One of my friends in his thirties has already retired from active employment. He ... More

STOCK MARKETS
Paving the way
SREI Infrastructure and Finance has announced a joint venture with BNP Paribas Lease Group for equipment financing and leasing ... More

Cooling off
Crompton Greaves has announced the acquisition of Ireland-based Microsol Holdings for an enterprise value of about Euro 10.5 million (approximately Rs 57 crore). ... More

Flying high
The UB group has bought a 26 per cent stake in Deccan Aviation for about Rs 550 crore and is expected to make an open offer on Monday for an additional 20 per cent stake in the low-cost carrier company. ... More

Warrants attention
India Infoline has announced plans to raise Rs 484 crore through preferential allotment of equity warrants to two of its promoters. It has also inducted four senior officials from foreign brokerage firm, CLSA, into its management ... More

Bull's Eye
More

Baskets of X
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INTERVIEW
We're still optimistic on mid-caps' prospects
In a close-ended product you are not subject to constant subscription/redemption pressure and are able to take a more long-term view. — CHIRAG SETALVAD, SENIOR FUND MANAGER, HDFC MUTUAL FUND More

INCOME TAX
Where there is a Will, there is no tax
I received Rs 10 lakh in cash from the sale of a property which was in the name of my aunt. This sum was paid to me in accordance with a will left by her. Would I need to pay any tax on the sum received? — Rambablani The ... More

IPOS
Nelcast: Invest at cut-off
Robust demand for casting components in the domestic and export markets lends visibility to the revenue prospects. More

Meghmani Organics: Invest at cut-off
The company appears well-placed to deliver reasonable earnings growth. But the lack of market fancy for stocks in this sector may curtail the scope for significant short-term gains. More

PEOPLE
Investment Nuggets
As Harris and Harris Group Professor at Massachusetts Institute of Technology's Sloan School of Management and Director, MIT Laboratory of Financial Engineering, Dr Andrew Lo has had an admirable influence on scores of the "best and brightest'' ... More

BOOKS
Entrepreneurs rise early
It is easier to be a successful businessperson or an entrepreneur than a famous opera singer or artist, writes Christopher Golis in `Enterprise & Venture Capital' (www.vivagroupindia.com). However, those walking the entrepreneurial ... More

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Top Stories
Idea Cellular: Hold

Nifty future encounters resistance

`Speculation never makes money'

Splendor NXG — on to GenNext

Looking back
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ICRA: Book profits

Choosing the right advisor

`Consolidation time for B & C realty players'

Query Corner