Strong support across the global as US FED finally cut the interest rate by 50 Bps to bring in liquidity in the market saw strong rally in US market. Indian Indices surged at the start to trade over 500 points but later part some levels of profit booking at higher. UPA and Leftist Talk kept Indices market in cautious mode. Buying was witnessed across all the counters indicating optimism among the investors. Techies weak the weak ones today while Banking, Metal and power stocks were among the top gainers. Large caps made a good comeback after huge sell-off last week. Mid & Small caps also kept the momentum. Asian markets bounced back to end with a smile as Hang Seng surged by over 1000 points (5% up) and Nikkei by 3%, Europe saw the same as its trading in line with the global trends.
Sensex surged by 286 points to end at 14427.55. It was helped up by gains in ICICI Bk (871.95,+6 percent), HDFC Bk (1125,+5 percent), ONGC (818.25,+5 percent), TISCO (568.8,+5 percent) and Bharti Tele (827.05,+4 percent). Restricting the gains were Satyam (432.5,-2 percent), Infosys (1829,-1 percent), Wipro (469.5,-1 percent), TCS (1054.55,0 percent).
Hanung Toys & Textiles Ltd. a well-known branded player in the toys market. Hanung today reported that the company has bagged an export order from home furnishing retailer IKEA Sweden for exporting soft toys / kids furnishing to the extent of Rs 600 crore (108 Mn Euros). In terms of above order the company expects the business with IKEA to reach a level of Rs 84 Cr in 1st year, Rs 126 Cr in 2nd year, Rs 165 Cr in 3rd year and Rs 224 Cr in 4th year from now. It has outperformed the market over the last few months. Hanung Toys & Textiles has also reported good set of quarter numbers with top line grew by 56% YoY to Rs 85.2 Cr. Recently management has slightly reduced FY 08 turnover to Rs 525-550 Cr & PAT at Rs 60 Cr keeping rupee appreciation as a major concern. The retail boom is supporting the company to grow well. The stock ended up by 5% on the back of bagging the order. We are positive on the stock. We have a detailed note check this out.
Steel Authority of India (SAIL) ran-up as it reported that the company has signed a MOU with Visakhapatnam Steel Plant (VSP) and National Mineral Development Corporation (NMDC) to set up a 4 mn tonne p a (MTPA) integrated steel plant in Chhattisgarh. The MoU envisages setting up a joint venture company with equal equity participation. The Chhattisgarh government will provide land, electricity, water and mining lease to the proposed project. The plant would help the company in increasing their capacity. Further SAIL has a capacity of 15 MT of steel and plans to increase it to 55 MT. The capacity of VSP is 3.6 MT which it plans to raise it to 16 MT. The stock ended up by 4%.
Technically Speaking: Markets traded firm tracking the uptrend in global equity markets overall market breadth was positive. Sensex traded in a north bound session today as it made a high of 14680 and low of 14407 with the Advances outnumbering Declines. Volumes were good as the market churned Rs 3819 Cr. The market is in a pull back trend, yet it is likely to be a laggard when compared to other Asian peers. On the lower side support is seen at 14340 & at the higher side 14650 as a key resistance.
Sensex surged by 286 points to end at 14427.55. It was helped up by gains in ICICI Bk (871.95,+6 percent), HDFC Bk (1125,+5 percent), ONGC (818.25,+5 percent), TISCO (568.8,+5 percent) and Bharti Tele (827.05,+4 percent). Restricting the gains were Satyam (432.5,-2 percent), Infosys (1829,-1 percent), Wipro (469.5,-1 percent), TCS (1054.55,0 percent).
Hanung Toys & Textiles Ltd. a well-known branded player in the toys market. Hanung today reported that the company has bagged an export order from home furnishing retailer IKEA Sweden for exporting soft toys / kids furnishing to the extent of Rs 600 crore (108 Mn Euros). In terms of above order the company expects the business with IKEA to reach a level of Rs 84 Cr in 1st year, Rs 126 Cr in 2nd year, Rs 165 Cr in 3rd year and Rs 224 Cr in 4th year from now. It has outperformed the market over the last few months. Hanung Toys & Textiles has also reported good set of quarter numbers with top line grew by 56% YoY to Rs 85.2 Cr. Recently management has slightly reduced FY 08 turnover to Rs 525-550 Cr & PAT at Rs 60 Cr keeping rupee appreciation as a major concern. The retail boom is supporting the company to grow well. The stock ended up by 5% on the back of bagging the order. We are positive on the stock. We have a detailed note check this out.
Steel Authority of India (SAIL) ran-up as it reported that the company has signed a MOU with Visakhapatnam Steel Plant (VSP) and National Mineral Development Corporation (NMDC) to set up a 4 mn tonne p a (MTPA) integrated steel plant in Chhattisgarh. The MoU envisages setting up a joint venture company with equal equity participation. The Chhattisgarh government will provide land, electricity, water and mining lease to the proposed project. The plant would help the company in increasing their capacity. Further SAIL has a capacity of 15 MT of steel and plans to increase it to 55 MT. The capacity of VSP is 3.6 MT which it plans to raise it to 16 MT. The stock ended up by 4%.
Technically Speaking: Markets traded firm tracking the uptrend in global equity markets overall market breadth was positive. Sensex traded in a north bound session today as it made a high of 14680 and low of 14407 with the Advances outnumbering Declines. Volumes were good as the market churned Rs 3819 Cr. The market is in a pull back trend, yet it is likely to be a laggard when compared to other Asian peers. On the lower side support is seen at 14340 & at the higher side 14650 as a key resistance.
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