Subdued trade after a good green opening but indices succumbed to selling pressure. Sessions continued to trade choppy in narrow range with indices juggling on both sides of the teritorry. Front line stocks had nothing big to surprise, however, SAIL, Tisco, BHEL rallied for the day. Small and Mid cap took away the charms from large caps they kept investors busy which saw huge volumes. Consumer Durables, Metals, PSU and Fertilizers counters were in action for the day while reality, IT and Banking counters slipped for the day. Crude below $ 90 per barrel has eased the oil marketing companies like HPCL, IOC and BPCL which had great day of rally. European indices continued to trade in red after a weak start.

Sensex closed lower by 74 points at 19529.5. Weighing on the Sensex were the losses in RIL (2863.8501,-2 percent), TCS (1029.55,-2 percent), ICICI Bk (1140.4,-2 percent), Satyam (440.9,-2 percent) and ONGC (1156.7,-1 percent). Losses were restricted by gains in TISCO (872.95,+4 percent), BHEL (2815.3999,+2 percent), Dr Reddys (657.75,+2 percent), Guj Ambuja (153.9,+1 percent) and L & T (4229.4502,+1 percent).

Freshtrop Fruits Ltd, a company into food processing industry was also a beneficiary of the boom witnessed today on the mid cap counter and got freezed in the uppar circuit. Freshtrop Fruits is a 100% export company. The major segment of revenue comes from export of grapes which is 65% of revenues, pomegranates accounting for 20% of revenues. The balance revenues are from mangoes and vegetables like bitter gourd, chilies, etc. It has 3 post harvest air-conditioned facilities in Satara, Nasik and Sangli with a total capacity of 75 metric tonnes per day. Valuations seem to be on the higher side as of now and are not justified considering the business model of the company. We have a note here too just have a look at it. Stock was up with decent volumes..

Maharashtra Seamless Ltd. (MSL) is one of the flagship companies of Jindal group. MSL has three divisions: Seamless Division, ERW Division and Power Division. MSL is one of the largest manufacturers of the seamless steel pipes and tubes with a production capacity 350,000MT. The company has in the process of expanding its seamless capacity by 43% to 500,000 MT by FY09. The current domestic demand for seamless pipes is around 500,000MT per year and is growing at a CAGR 10%. The estimated potential demand in India would be around 2.5 mn MT of seamless pipes which is almost Rs12500 cr in the next five years taking into account the realization at Rs 50000 per MT. MSL trades 12 times its FY09 earnings and we believe that the earnings are justified. One could accumulate this one from the long term period of view. Our note should convince you. Do read the note.. Stocks had great volumes and traded over 10% up.

TTK Prestige seem to be the pick of bargain hunters for the day as well as the stock was trading at higher levels. TTK prestige is known for its Pressure Cookers is one of the two large players in the pressure cooker market. TTK Prestige uses the umbrella branding of Prestige to cover several products in the kitchen like Non-stick cookware, Stoves, Kitchen Electrical Appliances such as hobs chimneys and now Modular Kitchens. The company now operates in a market size of over Rs 3000 Crores. In its Kitchen Electrical appliances the products include Mixer Grinder, Juicer, Rice Cooker, Hand Blender, Atta Kneader, Drink Maker and even Wet Grinder. The Company has freehold land of about 2.85 lakh sq.ft in Bangalore. This land became available as the Company's Plant was shifted from Bangalore to Coimbatore. The land is estimated at Rs.75-80 cr. Company looking at various options for the development of the land. Developments here are probable triggers. Company trades 9 times its earnings and is ideally suited for an investor with medium risk appetite and with long term capacity. Do read our note on the company to know why. We had a wow cal here which delivered more than 30% gains.

Technically Speaking: Ranged session for the day. Sensex made an intra day high of 19,704 and intra day low of 19,482. Advances out numbered declines in the ratio of 2:1. Volume for the day stood good at Rs 9,111 cr. Sensex has taken resistance at the expected level of 19700. We might see a correction upto 19230. Midcaps and small cap stocks are likely to rally further, but caution as we could be near the end of their rally as many laggards have started moving up.

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