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Moneycontrol News Archive : 31 May, 2005

  • Buying by banks brings the rupee down

    31st May, 2005 17:25

    Bonds firmed while rupee weakened. Rupee lost gains because of persistent buying by banks and dollar demand from oil companies.

  • Jindal Poly Films issue to raise Rs 300cr

    31st May, 2005 16:51

    India's largest manufacturer of flexible packaging films, Jindal Poly Films is coming out with a public issue. The issue would finance the other projects of the co

  • Are BPOs recruiting the right people?

    31st May, 2005 16:34

    Placement agencies that do the recruiting for BPOs may just not be hiring adequately qualified people to handle sensitive data.

  • Asian markets close higher

    31st May, 2005 16:21

    Asian markets closed higher. Japan's Nikkei closed up as steel makers gained.

  • Sensex ends above 6700: Tech rally

    31st May, 2005 16:17

    The markets ended on a firm note. The Sensex closed above 6700. Buying was seen in technology, FMCG, banking, oil, pharma, metal, and auto stocks. Capital goods st

  • Volumes continue to be low on the F&O side

    31st May, 2005 16:09

    On the F&0 side, volumes continue to be low. The turnover is at Rs 8450 crore( 84.50 billion).

  • Hold Ceat unless it breaks Rs 90, says Maloo

    31st May, 2005 15:56

    Hormuz Maloo is of the view that the trend is up in Ceat. Investors must hold on unless it breaks Rs 90 levels.

  • Swaraj Engines can correct up to Rs 375

    31st May, 2005 15:39

    Hormuz Maloo is of the opinion that after a large spurt in Swaraj Engines, investors must be ready for a correction.

  • Uniply Industries IPO opens on June 9

    31st May, 2005 15:30

    Uniply Industries is entering the capital market on June 9, 2005 with a public issue of 50,00,000 equity shares at a price of Rs 24 per share.

  • Single person can start a firm: JJ Irani

    31st May, 2005 15:22

    The JJ Irani report says that even a single person can start company. The report further says that one third of directors in listed companies should be independent

  • Midcaps to correct by 5-10%: LKP Shares

    31st May, 2005 15:13

    Kaushal Shah of LKP Shares and Securities, is bullish on the midcap space from a medium to long term perspective. He says a correction of 5-10% can be expected goi

  • Harig Crankshafts banks on good order book

    31st May, 2005 14:56

    Harig Crankshafts is banking on its order book to have a smooth FY06.

  • Gabriel India scales a new 52-week high

    31st May, 2005 14:44

    Gabriel India has touched a 52-week high of Rs 257. At 2:33 pm, the share is quoting at Rs 245.15, up Rs 21.20, or 9.47%.

  • Infosys ties up with Alstom for R&D centre

    31st May, 2005 14:38

    Energy and engineering conglomerate Alstom revealed that it is teaming up with Infosys Technologies to set up a $39 million research and development center at

  • Re over valued, cause for concern: Citigroup

    31st May, 2005 14:20

    The rupee touched a low of Rs 43.83 to a dollar in early trade today, dealers say it was due to a cash dollar shortage. The fact that the rupee is completely over

  • Banking sector best proxy for economy: Kotak

    31st May, 2005 14:17

    The market movement does not seem dramatic over the next few months. However, the banking sector seems to be the best proxy for the Indian economy right now, maint

  • Only buyers in Southern Iron

    31st May, 2005 14:10

    Southern Iron and Steel is locked at 10% upper circuit. There were pending buy orders of 952,587 shares, with no sellers available.

  • UTI Bank moves up smartly

    31st May, 2005 13:59

    UTI Bank has touched an intraday high of Rs 237 and an intraday low of Rs 221.95. At 1:49 pm, the share is quoting at Rs 236.85, up Rs 15.70, or 7.10%.

  • Siemens attractive at current price: Harihar

    31st May, 2005 13:57

    According to TS Harihar, Siemens is an attractive stock and investors can buy it even at the current price of above Rs 2000.

  • Sulzer hits a 52-week high

    31st May, 2005 13:50

    Sulzer has touched a 52-week high of Rs 354.80. At 2:05 pm, the share is quoting at Rs 336.30, up Rs 35.75, or 11.89%.

  • Book profits in Satyam at Rs 470: Maloo

    31st May, 2005 13:20

    Hormuz Maloo is of the opinion that from a trading perspective investors must book profits in Satyam at Rs 470.

  • Aptech flares up with large volumes

    31st May, 2005 12:51

    Aptech has touched an intraday high of Rs 54.25 and an intraday low of Rs 49.55. At 12:35 pm, the share is quoting at Rs 52.80, up Rs 2.80, or 5.60%.

  • HM in auto-component tie up with Mitsubishi

    31st May, 2005 12:35

    Hindustan Motors, HM has entered into an auto-component tie-up with Japanese automobile company, Mitsubishi Motors, to expand its product range sharply.

  • Markets firm: Oil stocks in demand

    31st May, 2005 12:17

    The markets are trading firm amid gains in oil, metal, banking, technology, FMCG, pharma, media, auto, and telecom stocks. Losses however are seen in capital goods

  • Hold Shopper's Stop, says Harihar

    31st May, 2005 12:00

    According to TS Harihar of Karvy Stock Broking, one should hold on to Shopper's Stop. The downside in the stock was mainly because of the massive premium.

  • Indraprastha hits a 52-week high

    31st May, 2005 11:48

    Indraprastha Medical Corporation has touched a 52-week high of Rs 43.90. At 12:02 pm, the share is quoting at Rs 43, up Rs 2.95, or 7.37%.

  • JBF Industries up on large volumes

    31st May, 2005 11:46

    JBF Industries is trading with volumes of 9,91,562 shares. At 11:35 am the share is quoting at Rs 71.20, up Rs 6.50, or 10.05%.

  • IVRCL to hit Rs 550 in short term: Maloo

    31st May, 2005 11:43

    Hormuz Maloo is of the opinion that IVRCL Infrastructures and Project is looking all set to touch Rs 550 in short term.

  • Praj Industries touches a 52-week high

    31st May, 2005 11:41

    Praj Industries has touched a 52-week high of Rs 593. At 11:30 am, the share is quoting at Rs 580.05, up Rs 39.65, or 7.34%.

  • Caution rules in F&O: Panda

    31st May, 2005 11:37

    According to Jitendra Panda of Motilal Oswal Securities, people continue to remain jittery with every small fall in the F&O market.

  • Reliance Energy top gainer on Sensex

    31st May, 2005 11:36

    Reliance Energy has touched an intraday high of Rs 517.60 and an intraday low of Rs 503.10. At 11:27 am, the share is quoting at Rs 512.55, up Rs 14.15, or 2.84%.

  • Have you planned for those golden years?

    31st May, 2005 11:17

    Key to successful retirement planning is not to save more, but to invest wisely. Ajay Bagga tells you the difference.

  • Harihar bearish on Mukand

    31st May, 2005 11:13

    TS Harihar of Karvy Stock Broking is bearish on Mukand.

  • Rs 340-350 is achievable in Jindal Vijay

    31st May, 2005 11:04

    Hormuz Maloo is of the opinion that minor trend in Jindal Vijaynagar Steels seems to be up. The stock can reach a target of Rs 340-350.

  • High costs may affect margins: Star Paper

    31st May, 2005 10:58

    Star Paper came out with its full year's earning yesterday. The company promises to maintain the growth rate it has achieved over the last two years, says GP Goenk

  • Markets look good, but may see profit taking

    31st May, 2005 10:56

    Amit Dalal of Amit Nalin Securities is positive on the markets, but expects some amount of profit taking ahead. Volumes are likely to remain low.

  • Dabur Pharma's Q4 sales at Rs 48.3cr

    31st May, 2005 10:46

    Dabur Pharma has come out with its fourth quarter results. Its pre-tax profits are up 74% at Rs 8.8 crore (Rs 88 million). Sales are up 4.2% at Rs 48.3 crore (Rs 4

  • Mirza Tanners Q4 net at Rs 5.56cr

    31st May, 2005 10:38

    Mirza Tanners announced its results. The company's Q4 profit after tax is at Rs 5.56 crore as against Rs 4.67 crore.

  • TVS Motors Q4 net profit at Rs 47.92 cr

    31st May, 2005 10:35

    TVS Motors has come out with its fourth quarter results. Its Q4 net profit is up at Rs 47.92 crore (Rs 479.2 million) from Rs 41.93 crore (Rs 419.3 million). Net s

  • Harig Crankshaft makes smart gains today

    31st May, 2005 10:29

    Harig Crankshaft bags an order from Tata Motors. At 10:17 am, the share is quoting at Rs 47.40, up Rs 4.25, or 9.85%.

  • Tata Power Q4 net at Rs 170.50cr

    31st May, 2005 10:18

    Tata Power announced its results. The company's Q4 net is at Rs 170.50 crore as against Rs 54.30 crore. It declared a dividend of Rs 7.50 per share.

  • F&O strategy on Hindustan Lever

    31st May, 2005 10:15

    F&O strategy by IL&FS Investmart on Hindustan Lever.

  • GE teams up with NTPC, BHEL for Dabhol

    31st May, 2005 10:11

    GE Energy is teaming up with National Thermal Power Corporation, NTPC and BHEL in order to restart phase-I and complete phase-II of the Dabhol Power Project.

  • Chennai hotfoots itself on the job elevator

    31st May, 2005 10:08

    The Ma Foi Management Consultants Employment Survey says that Chennai will be the biggest job provider this quarter. The new jobs will come not just from IT, but a

  • Dollar to strengthen in near term: Bennett

    31st May, 2005 10:01

    Patrick Bennett of Commerzbank says that the dollar is expected to strengthen in the near term, and weaken in the long term on twin US deficits.

  • Mumbai mills hog construction spotlight

    31st May, 2005 09:57

    The National Textile Corporation's Mumbai and Apollo Mills, is up for grabs at present, have attracted bids from almost all major developers.

  • France dismisses EU constitution

    31st May, 2005 09:56

    France dismisses EU constitution; members to press on. France's veto could unsettle European markets.

  • LIC admits pressure from private players

    31st May, 2005 09:48

    LIC management admits to difficulties in retaining market share after the privatization of the sector.

  • Siemens plans Rs 150cr power transformer

    31st May, 2005 09:43

    Seimens has plans to spent about Rs 150 crore to set up a new power transformer factory in Maharashtra.

  • Stocks in news: Rel Energy, GE, Dabur, Sail

    31st May, 2005 09:30

    Stocks in news: Rel Energy, GE, Dabur, Sail, Hindustan Motors, Nicholas Piramal, Jain Irrigation.

  • F&O cues: F&O Put-Call ratio at 1.13

    31st May, 2005 09:24

    NSE F&O cues: F&O Put-Call ratio at 1.13 and Nifty Put adds 3.35 lakh shares in Open Interest.

  • Sentiment on gold is bearish: Rai

    31st May, 2005 09:08

    The sentiment on gold is bearish. One can buy MCX June futures if the price falls.

  • Equity calls: Mutha, Mohindar, Malkani

    31st May, 2005 08:56

    We are seeing a sideways trend, with the key support level at 6580. On the upside, the main resistance mark is at 6780, says Mohindar.

  • Brokers bullish on Wipro, Lupin, Tisco

    31st May, 2005 08:39

    Brokerage houses are bullish on Balaji Telefilms, Wipro, Lupin, Dishman Pharma, Tata Steel, Matrix Laboratories, JBF Industries, and Lloyd Electric.

  • Are midcap stocks due for a correction?

    31st May, 2005 17:13

    Analysts expect a correction in midcap stocks. The midcap index which saw a stunning 42% run up last year, is up only 15% so far.

  • Markets waiting for a correction: Surana

    31st May, 2005 16:48

    Ajit Surana of Dimensional Securities believes that the markets have gone up steadily and is now waiting for a correction.

  • Sesa Goa open to iron ore acquisitions

    31st May, 2005 16:31

    Sesa Goa has announced its FY05 results, which is up by Rs 462 crore. Its Q4 net is up by Rs 272 crore. But still it might not be possible for the company to perfo

  • Markets look strong on India Inc performance

    31st May, 2005 16:20

    R Sreesankar of IL&FS Investsmart says that today's market rally was expected after the correction of the past two days, and looks likely to sustain.

  • M&M, ITC, Wipro, Tata Power, Hind Motors...

    31st May, 2005 16:10

    Technical analyst E Mathew discusses M&M, Tata Power, HCL Technologies, ITC, Hindustan Motors, BPCL, Reliance, Wipro, and Infosys.

  • A smart way around service tax on insurance

    31st May, 2005 16:00

    Life insurance companies cushioned the service tax blow by absorbing the burden. But that is not likely to continue this year. If companies pass on the tax, policy

  • Jindal Polyfilms issue to raise Rs 300cr

    31st May, 2005 15:39

    India's largest manufacturer of flexible packaging films, Jindal Polyfilms is coming out with a public issue. The issue would finance the other projects of the com

  • Sesa Goa Q4 net up at Rs 272 crore

    31st May, 2005 15:39

    Sesa Goa's Q4 net is up at Rs 272 crore against against Rs 62.18 crore.

  • Sell Neyveli Lignite between Rs 77-81: Maloo

    31st May, 2005 15:27

    Hormuz Maloo is of the view that investors can book profits in Neyveli Lignite between Rs 77-81 levels.

  • Gulf Oil targets 20% growth this year

    31st May, 2005 15:20

    Focus on midcaps has shown the value of Gulf Oil Company to its investors. The company is currently concentrating on drug master files and an international biotech

  • Markets firm: Action in tech, bank & FMCG

    31st May, 2005 15:13

    The markets are trading firm amid gains in technology, banking, FMCG, oil, metal, auto, and pharma stocks. Losses however are seen in capital goods stocks.

  • BPL has resistance at Rs 56 levels: Maloo

    31st May, 2005 14:47

    According to Hormuz Maloo, Geojit Financial Services, BPL has a resistance at Rs 56 levels.

  • Keep a stoploss of Rs 230 in Godrej Ind

    31st May, 2005 14:39

    Hormuz Maloo is of the opinion that investors must keep a stoploss of Rs 230 in Godrej Industries.

  • Rupee to slide on French EU vote: Deutsche

    31st May, 2005 14:33

    The French vote dismissing the EU constitution may not lead to a huge dollar rally, but the rupee is overvalued and is likely to slide. Foreign investors may also

  • Dalal bullish on Kotak Mahindra

    31st May, 2005 14:18

    Amit Dalal of Amit Nalin Securities is bullish on Kotak Mahindra and said that he would hold and even buy Kotak Mahindra.

  • IPO to fund retail expansion: Provogue

    31st May, 2005 14:16

    IPO proceeds generated will be utilised for retail expansion and Provogue plans to add more than 40 outlets. Before eying international shores, Provogue wants to f

  • Tata Power not good for short term: Harihar

    31st May, 2005 14:09

    TS Harihar feel that Tata Power is not meant for short term investment. There is not much happening in it. Investors must look at other companies in the same busin

  • Tata Power is a good value stock: Dalal

    31st May, 2005 13:58

    According to Amit Dalal of Amit Nalin Securities, Tata Power is a good value stock.

  • Sensex tests 6700: Banks flare up

    31st May, 2005 13:51

    The Sensex has tested 6700 amid gains in banking, oil, technology, metal, FMCG, pharma, and auto stocks. Some weakness however is seen in capital goods stocks.

  • Stay invested in Colgate for a while: Dalal

    31st May, 2005 13:43

    According to Amit Dalal of Amit Nalin Securities, Colgate is a mature company but it is a stock which one should own for a while.

  • Jindal Steel and Power bounces back

    31st May, 2005 13:10

    Jindal Steel and Power has touched an intraday high of Rs 935.10 and an intraday low of Rs 883. At 12:35 pm, the share is quoting at Rs 933, up Rs 52.90, or 6.01%.

  • Royal Airways moves up smartly today

    31st May, 2005 12:36

    Royal Airways has touched an intraday high of Rs 69.35 and an intraday low of Rs 64.05. At 12:35 pm, the share is quoting at Rs 68.45, up Rs 3.70, or 5.71%.

  • Dollar to strengthen in near term: Bennett

    31st May, 2005 12:23

    Patrick Bennett of Commerzbank says that the dollar is expected to strengthen in the near term, and weaken in the long term on twin US deficits.

  • GE Shipping will pullback from Rs 145

    31st May, 2005 12:11

    Hormuz Maloo is of the opinion that GE Shipping has got a strong support at Rs 145. The stock can bounce back from here. He suggests holding the stock and also buy

  • Phyto Chem FY05 net up 34%

    31st May, 2005 11:58

    Phyto Chem announced its results. The company's FY05 net profit is up 34% at Rs 22 lakhs from Rs 16 lakhs.

  • Hindustan Sanitaryware Q4 net up 59%

    31st May, 2005 11:47

    Hindustan Sanitaryware announced its results. The company's Q4FY05 net profit is up 59% at Rs 11.84 crore from Rs 7.43 crore.

  • Long term investors not to worry about IOC

    31st May, 2005 11:45

    Long term investors need not worry about IOC, says TS Harihar of Karvy Stock Broking.

  • IPO to fund retail expansion: Provogue

    31st May, 2005 11:41

    IPO proceeds generated will be utilised for retail expansion and Provogue plans to add more than 40 outlets. Before eying international shores, Provogue wants to f

  • ITC has another 15-20% to go: Harihar

    31st May, 2005 11:39

    TS Harihar of Karvy Stock Broking is bullish on ITC and says that it has another 15-20% to go from here.

  • Lloyds Steel Q4 net at Rs 111.81cr

    31st May, 2005 11:37

    Lloyds Steel has announced its results. The company's Q4 net is at Rs 111.81 crore as against Rs 84.20 crore.

  • Ranbaxy gets US FDA nod for Lamivudine-150

    31st May, 2005 11:29

    Ranbaxy Laboratories has received a tentative approval from the US Food and Drug Administration, FDA, to manufacture and market, Lamivudine Tablets-150 mg.

  • Godrej Industries Q4 net down to Rs 30.32cr

    31st May, 2005 11:14

    Godrej Industries has announced its results. The company's Q4 net profit is down to Rs 30.32 crore from Rs 36.44 crore.

  • Buy Infosys at every dip: Maloo

    31st May, 2005 11:07

    Hormuz Maloo is of the opinion that in the short term target Infosys Technologies can touch Rs 2450 levels. Traders can buy this stock at every dip.

  • Rangebound trade: Metal & tech firm

    31st May, 2005 11:01

    The markets are rangebound. Buying is seen in metal, technology, banking, oil and select auto, telecom and media stocks. However, some capital goods, FMCG, pharma

  • Hindustan Motors flares up

    31st May, 2005 10:58

    Hindustan Motors has gained 5.38% at Rs 31.35. It is trading with volumes of 6,89,961 shares.

  • HDFC Equity buys 3.42% stake in Savita Chem

    31st May, 2005 10:53

    HDFC Equity Fund has acquired 3.42% of the paid up share capital of Savita Chemicals.

  • India sheen glitters as China crawls: CLSA

    31st May, 2005 10:44

    Jim Walker of CLSA says that a downturn in China is likely in the next two years. This is likely to put the foreign investor focus squarely on India.

  • Gas price hike impact at Rs 840-850cr: Gail

    31st May, 2005 10:37

    Gail is hoping that its FY06 subsidy burden will be sustantially low and finds the further burden of Rs 840-860 crore subisdy on LPG not equitable.

  • Colgate Q4 net profit down to Rs 32.34cr

    31st May, 2005 10:30

    Colgate Palmolive announced its results. The company's Q4 net profit is down to Rs 32.34 crore from Rs 36.68 crore.

  • HLL's problems are far from over: Malkani

    31st May, 2005 10:23

    Jagdish Malkani, member of the NSE, says that HLL's problems are far from over.

  • Kotak Mahindra gains ahead of bonus talks

    31st May, 2005 10:17

    Kotak Mahindra Bank has touched an intraday high of Rs 397 and an intraday low of Rs 360. At 10:09 am, the share is quoting at Rs 380.60, up Rs 34.15, or 9.86%.

  • Over reaction hammered TCS: Malkani

    31st May, 2005 10:12

    Jagdish Malkani is of the opinion that over reaction of the market and foreign brokers on quarterly results of TCS hammered the stock.

  • Return on investment key question: Schubert

    31st May, 2005 10:10

    Siemens Managing Director, Jurgen Schubert says that the company is investing heavily in all its factories. However, return on investment is the key question, he m

  • Flat opening: RIL, Tata Power & IDBI up

    31st May, 2005 10:05

    The market has opened on a flat note. Buying is seen in IDBI, Satyam, Tata Powers, Zee, ACC, Reliance and ITC. However, weakness is seen in Infosys, Maruti, SBI, H

  • IOC bids for 50% stake in Turkish Petro

    31st May, 2005 10:00

    IOC is bidding for 50% stake in Turkish Petroleum. Turkish Petroleum's interests include processing, refining, marketing and distribution of crude oil.

  • Will not insist on iron ore export: Posco

    31st May, 2005 09:56

    The Korean steel giant Posco and the Orissa government have inched closer to an agreement on setting up a steel mill in the state. Posco has accepted three of the

  • Sterling Winthrop to follow Sanofi in India

    31st May, 2005 09:54

    Sterling Winthrop is the generics arm of French drug major Sanofi Aventis. Meanwhile, Sanofi Aventis India itself is in the final stages of a major functional rest

  • Global textile wars get real

    31st May, 2005 09:45

    Global textile wars seem to be turning into reality with China announcing that it will abolish export tariffs on 81 textile items from June 1.

  • Gujarat Ambuja to buy 14.87% in ING Vysya

    31st May, 2005 09:43

    ING Vysya Bank board has approved the sale of the bank's 14.87% stake in ING Vysya Life Insurance to GACL for Rs 60.90 crore.

  • Crude eases to $51.35/bbl

    31st May, 2005 09:25

    Crude fell for the first time in six days amid speculations that US inventories would be able to meet demand from refiners.

  • Market cues: FIIs net sell $102.30 mn on Fri

    31st May, 2005 09:15

    Market cues: FIIs net sell $102.30 million and MFs net buy Rs 68.77 crore on Friday.

  • Money calls: Mukherjee, Thanawala

    31st May, 2005 09:01

    The bond market is expected to see sideways trading today. Easing of norms for MIFOR deals will indirectly boost sentiment in the market, says Mukherjee.

  • Asian markets trading mixed; Nikkei down

    31st May, 2005 08:51

    Asian markets are trading mixed as tech stocks reversed recent gains and as investors awaited the resumption of trade on Wall Street following a US holiday.

  • Rupee to weaken against the US dollar

    31st May, 2005 08:37

    The rupee is likely to weaken against the US dollar due to the greenback's strength against the euro.

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