ACC cmp 1050 target price 1250
indiabulls cmp 600 targ 750
saytam 460 trag 500
the above three stocks have seen heavy fund buying by funds and trader one can buy for 3 month prospective if one can wnat to take future postions in these stocks one can buy keep in mind of jobbing and hedging one can play and earn good .
iflex---- iflex is alos one of good buying at current level stock is currently trading at 1800
one can buy this stocks for 3 months propective one can easily get return of 20 % form here. The last quater resultes of iflex was remarkable may be this quater he will also fallow the road of good earings DISCLAIMER: The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. No representations can be made that the recommendations contained herein will be profitable or that they will not result in losses. Readers using the information contained herein are solely responsible for their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on the theory of Technical Analysis and do not reflect the fundamental validity of the Scrip. Labels: www.dratulkapoor.blogspot.com
The markets opened in pain today following yesterday's slump on the back of profit booking and unwinding of the open positions by the institutional buyers and foreign funds. Markets witnessed heavy selling across the sectors. IT and bank scrips were leading losers.
Analysts are of the view that the pain is still not over and trading in such a volatile market is challenging. Market is likely to remain volatile ahead of December contracts derivative expiry on 28th of this month as foreign funds that hold 30% of open positions are winding up their position.
At 9:58 am, the Sensex was down 91points, at 13250 and the Nifty was down 33 points at 3781. The leading gainers in the morning trade were Tech mahindra, ITC, HLL, HPCL. However, TCS, ONGC, ICICI Bank, Reliance, SBI, Tata Steel, Satyam, Siemens were trading weak.
Asian shares were mixed today, Nikkei gained 55.28 points or 0.32% at 17,066.32, Indonesia's Jakarta Composite was up 13.38 points or 0.76% at 1,780.18, Singapore's Straits Times was up 8.28 points or 0.28% at 2,929.11. However, Hong Kong's Hang Seng fell 40.07 points or 0.21% at 19,200.05, South Korea's Seoul Composite fell 4.76 points or 0.33% at 1,437.52 and Taiwan's Taiwan Weighted was down 2.52 points or 0.03% at 7,645.83.
The Dow fell 7.45 points, or 0.06%, to 12,463.87.
Market cues:
FIIs net sell USD 148.1 million in equity on December 19
MFs net buy Rs 10.69 crore in equity on December 19
NSE F&O Open Interest up Rs 384 crore at Rs 53,115 crore
NSE F&O cues:
Futures Open Interest down Rs 104 crore, Options Open Interest up Rs 488 crore
Nifty December Futures shed 16 lakh shares in Open Interest
Nifty January Futures add 24 lakh shares in Open Interest
Nifty December at 20-point discount, January at 14-point discount
Nifty Open Interest Put-Call ratio falls further to 1.19
Nifty Puts add 5 lakh, Calls add 6.6 lakh shares in Open Interest
Nifty IVs touch 31% on high volatility
Nifty December 3800 Call adds 3.2 lakh shares in Open Interest
Stock Futures shed 1 crore shares in Open Interest
We believe that between Rs 1680-1690 range it’s going to be some kind of pressure which will creep in into the stock. Again the stock is really positive, we have a very positive long-term outlook on the stock. But for short-term trader, we are recommending between Rs 1680-1690 to book some of those profits and wait for a correction to re-invest mahindra and mahindra"We are revising our price target for Mahindra and Mahindra (M&M) from Rs 870 to Rs 1,050 considering the continuing strong growth in its core businesses (mainly tractor) and the recent run-up in the prices of its subsidiaries, particularly Tech Mahindra."
"The growth in M&M's core business continues and shall be further fuelled by new launches like Ingenio and Shaan. Further, the launch of its new passenger car Logan next year, is not only a positive for its domestic business, but also opens further export possibilities."
"M&M's subsidiaries have been performing splendidly in the recent times. Tech Mahindra delivered a strong performance in the last quarter. Its robust order book should further drive up valuations. The plans for Systech are also on track with the management planning to make it a USD 1 billion company by FY2009."
"We maintain our Buy recommendation on the stock with a revised price target of Rs 1,050. At the current market price of Rs 848, the stock quotes at 12.7x its FY2008E consolidated earnings."
Valuations
"In view of the continuing growth in its core business, the improving product mix, the de-risked business model and the splendid performance of its subsidiaries, we are revising our price target for M&M to Rs 1050. At the current market price of Rs 848, the stock quotes at 12.7x its FY2008E consolidated earnings."DISCLAIMER: The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. No representations can be made that the recommendations contained herein will be profitable or that they will not result in losses. Readers using the information contained herein are solely responsible for their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on the theory of Technical Analysis and do not reflect the fundamental validity of the Scrip.
Development Outsourcing
FTIL offers outsourcing as a means to ensure reduced cost of development, business continuity offering unbeatable value propositions through its state of the art Global Development Center. FTIL is one of the only companies from India with deep domain knowledge...
Creating Digital Marketplaces
FTIL has promoted India’s leading multi commodity futures exchange (MCX) and inter bank forex trading platform (IBS-Forex). Financial Technologies (India) Limited (FTIL), Multi Commodity Exchange of India Ltd and Dubai Multi Commodities Centre, (DMCC), a strategic initiative of Government of Dubai, have entered into a joint venture to form Dubai Gold & Commodities Exchange (DGCX) which went live on November 22, 2005. FTIL & MCX also signed an official MOU with National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) announcing setting-up of India’s first electronic exchange for commodities markets called the National Spot Exchange for Agriculture Produce (NSEAP).
buy with atrg of 1970DISCLAIMER: The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. No representations can be made that the recommendations contained herein will be profitable or that they will not result in losses. Readers using the information contained herein are solely responsible for their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on the theory of Technical Analysis and do not reflect the fundamental validity of the Scrip.
The following is a press release from The Stock Exchange,Mumbai: Kalindee Rail Nirman Engineers Ltd has info rmed BSE that the Board of Directors of the Company at its meeting held on December 19, 2006 has approved the allotment of equity shares of the Company to the shareholders of transferor company, Kalindee India Projects & Engineering Services Ltd in the ratio 17:20 i.e. 17 equity shares of the Company for every 20 equity shares in the transferor company in accordance with the terms of Scheme of Amalgamation approved by Honble Delhi High Court. Further the Company has info rmed that, an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 13, 2007, inter alia, to transact the following: 1. To offer, issue and allot following securities (equity shares and share warrants convertible into equity shares or other securities convertible into or exchangeable with equity shares, convertible preference shares convertible at the option of the Company and / or at the option of the holders of the security) (Securities) , on a preferential allotment basis in accordance with SEBI (Disclosure and Investment Protection) Guidelines, 2000 for Preferential Allotment in such manner and on the following terms and conditions: a. 1,570,829 equity shares at a price of Rs 156.50 per share to AMIFI Ltd. b. 200,000 equity shares at a price of Rs 156.50 to the Promoters of the Company (proposed allottees). c. 300,000 share warrants convertible at the option of the holder within 18 months from the date of allotment at a warrant exercise price of Rs 156.50 per warrant (10% of warrant exercise price shall be payable upfront as subscription price and balance 90% shall be payable at the time of conversion of warrants into equity shares) to the Promoters (proposed allottees). d. To make, subject to the market conditions and regulations, an issue / offering of FCCBs / GDRs / ADRs aggregating upto US$ 7 million in the international market.
.KLG Systel Ltd has info rmed BSE that the Company has been awarded the execution of an order worth Rs 240 Million. Using its SG 61 technology, the Company has proposed Feeder Renovation program, which has been accepted by the Punjab and Rajasthan Government. The Company has won two orders, from Jaipur Vidyut Vitran Nigam Ltd for Rs 190 million and from Punjab State Electricity Board for an order value of Rs 50 million.As part of this program, the Company has been nominated to reconfigure 11 KV feeders for areas of Bharatpur for Jaipur Vidyut Vitran Nigam Ltd. The system will cover a total of thirty one 11 KV feeders serving 15000-20000 consumers in these areas. It will increase reliability of supply to the domestic consumers in terms of reduced outages and load shedding.The said project is expected to be completed in ten months period.The Company has also been appointed by the Punjab State Electricity Board to carry out Meter reading & energy Reconciliation of Agriculture Power Consumers for 53000 connections.2. In 2005-06, the Company was awarded a technical consulting assignment to suggest improvements in the 11 KV High Voltage Distribution System for the areas of Banswara and Chittorgarh by Ajmer Vidyut Vitran Nigam Ltd. Using its SG6I technology the Company proposed a renovation program, which was accepted by the Rajasthan Government. Consequently, the Company has now been awarded the execution of order worth Rs 600 million, 11 KV system for renovation for these areas. The system will cover total 105 11 KV feeders serving domestic rural consumers in these areas and is proposed to provide 24 hours electricity to domestic consumers in villages. Project is expected to be completed in six months period. As per the Company design, the project is expected to result in the reduction of Aggregate Transmission and Distribution (AT&C) losses from presently 42% to 15%.2. Jodhpur Vidyut Vitran Nigam Ltd has appointed the Company to carry out revenue management and hand held computer based spot billing for all its 900000 rural consumers. It is expected to reduce commercial losses in the rural areas by about 10%.Order value is Rs 120 Million.
BUY : Larsen & Toubro at Rs 1409
BSE Code : 500510NSE Symbol : LTFace Value : Rs 2
target price 1500
Larsen & Toubro's operational growth is set to accelerate going forward as many of its large and more profitable engineering projects get executed. Power boilers, defence, ship building, dredging, realestate development and exports are set to open up large growth opportunities for the company in the long-run. The company's investments in the L&T Infotech and many infrastructure subsidiaries also hold large potential valueActual EPS for year ended March 2005 : Rs 22.5Actual EPS for year ended March 2006 : Rs 30.8Projected EPS for year ended March 2007 : Rs 40.0
STOCK UPDATEMahindra and Mahindra Cluster: Apple GreenRecommendation: BuyPrice target: Rs1,050Current market price: Rs848Price target revised to Rs1,050Key points We are revising our price target for Mahindra and Mahindra (M&M) from Rs870 to Rs1,050 considering the continuing strong growth in its core businesses (mainly tractor) and the recent run-up in the prices of its subsidiaries, particularly Tech Mahindra. The growth in M&M's core business continues and shall be further fuelled by new launches like Ingenio and Shaan. Further, the launch of its new passenger car Logan next year, is not only a positive for its domestic business, but also opens further export possibilities. M&M's subsidiaries have been performing splendidly in the recent times. Tech Mahindra delivered a strong performance in the last quarter. Its robust order book should further drive up valuations. The plans for Systech are also on track with the management planning to make it a US$1 billion company by FY2009. We maintain our Buy recommendation on the stock with a revised price target of Rs1,050. At the current market price of Rs848, the stock quotes at 12.7x its FY2008E consolidated earnings. Marico Cluster: Apple GreenRecommendation: BuyPrice target: Rs634Current market price: Rs547De-coding Egyptian marketKey points Marico has entered into a strategic alliance with Cairo-based Pyramids Group for the latter's Rs40-crore hair care brand, Hair Code. The Hair Code range includes hair creams, hair gels and gel creams. The brand has a market share of about 23% in the Rs170-crore pre- and post-wash hair care market in Egypt . With the acquisition of Hair Code, Marico will now have a dominant share (of about 50%) of the hair care market. It already has a strong presence in this market, thanks to its earlier acquisition of FiancÊe. A back-of-the- envelope calculation shows that this deal will be earnings accretive, as it will add Rs0.1 or 0.6% to Marico's FY2007E earnings per share (EPS) and Rs0.5 or 2.2% to its FY2008E EPS. The stock is also trading at a price/earnings ratio (PER) of 21.8x FY2008E and enterprise value (EV)/earnings before interest, depreciation, tax and amortisation (EBIDTA) of 12.3x FY2008E. We continue to remain bullish on Marico and reiterate a Buy on the stock with a price target of Rs634. --------------------------------------------------------------------------------SECTOR UPDATEInformation Technology A technical snagIt is a tough quarter for the domestic info rmation technology (IT) service companies. The performance in the third quarter would be severely dented by the double impact of lower number of working days and the appreciation of the rupee.
Options Writing…..Since many are new to Options Writing, let me begin with write from the basics. Like the two sides of a coin there are two aspects of a trade – Buy & Sell. In options, if you are bullish you Buy a Call or if you are bearish you Buy a Put. This is what the traders in general do, but the savvy and expert option trades choose to follow a different path. What they do is Sell Puts if you are bullish and Sell Calls when bearish. Since Selling an Option involves creation of new position in options it is know as Options Writing. When you buy options, theoretically speaking your losses are limited, but your gains are unlimited. But Options are a wasting asset since their value decays over time and becomes zero by the end of expiry, typically the pace of decay is the fastest in the last week to expiry. To give you an analogy Options are like Ice, what happens to ice if you keep it outside……it melts away as time pass by, the same thing happens with options. And Option Writers take advantage of this and make profits. Of course for getting this advantage the Option Writers have to keep a maintain a margin. In case of Nifty the margin is 10 – 12% of the contract value.How to Write OptionsKnow the biggest question is at what strike we have to write options. For this as I had mentioned in my earlier post, try and figure out what the market range has been and then decide about the strike price at which to sell options. In my case I usually write options which at a strike of 5% to 7.5% above (for calls)/below( for puts) the market, depending upon the momentum.I'll take the recent example to tell you at what levels I would have written options – both calls as well as puts.During the last week and the beginning of this week, we have seen nifty ranging from 3600 to 4000 levels, and from technical analysis the levels we get is 3750 & 3950 for support and resistance respectively. From this I believe that nifty cannot go below 3600 and 4000 on the upper side. Based on this I have traded the following options at the following price per lotUnderlying Call / Put Lot Size Strike Price Expiry Premium Contact Value Margin to be Maintained @ 10% Premium Received Nifty Put 100 3600 Dec 06 22.00 360000 36000 2200 Nifty Put 100 3600 Jan 07 72.00 360000 36000 7200 Nifty Call 100 4000 Dec 06 20.00 400000 40000 2000 Nifty Call 100 4000 Jan 07 75.00 400000 40000 7500 Transaction Cost:While trading in options, the biggest hurdle is the transaction costs. I have 3 trading accounts and their brokerage structure decides what level of profits you make L , sounds strange but it is true, that is why I shifted to a low cost broking firm – Geojit.Firm Brokerage – one side Service Tax STT Average Break Even Cost in Rs. Per lot for buying & Selling per lot including the levies Kotak 0.09% on (Strike price * lot size) 12.25% 0.01742% Rs.8.00 ICICI Direct 0.05%on (Strike + Premium) * Lot size 12.25% 0.01742% Rs.5.60 Geojit Rs. 75/- per lot 12.25% 0.01742% Rs.3.10 Average Brokerage calculated based on my trading with the above broking firms for trades in nifty. Now you see how this will affect your profits in case you write the options belowCall / Put Strike Price Expiry Premium Premium Received Proft after brokerage=(Avg Brkg * lot size) Kotak ICICI Geojit Nifty Put 3600 Dec 06 22.00 2200 1400 1640 1890 Nifty Put 3600 Jan 07 72.00 7200 6400 6640 6890 Nifty Call 4000 Dec 06 20.00 2000 1200 1440 1690 Nifty Call 4000 Jan 07 75.00 7500 6700 6940 7190
Shin Ho Petrochemical India Ltd has info rmed that a meeting of the Board of Directors of the Company will be held on December 28, 2006 to consider the reduction of Paid up Share Capital.------------ --------- -------Gujarat Mineral Development Corporation Ltd (GMDC) has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:Change of method for charge of depreciation for power Project, which is subject to review by the Corporation as per guidelines of Central Electricity Regulatory Commission (CERC) / Other applicable laws.------------ --------- --------IG Petrochemicals Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:Attention is invited to:1. Regarding overdue debts of Rs 574.21 Lacs in respect of which the auditors are unable to form any opinion as to the extent of realisability at this stage.2. The Company has changed the method of providing Depredation on Plant & Machinery based on useful life of the assets as determined by an approved Valuer. Had it been provided as per Schedule XIV of the Companies Act 1956 depreciation charged during the quarter & six months would have been higher by Rs 220.26 lacs & Rs 440.52 Lacs.------------ --------- --------- -Moschip Semiconductor Technology Ltd has info rmed that the Board of Directors of the Company at its meeting vide circular resolution dated on December 21, 2006 has allotted 15,00,000 convertible warrants convertible into equal number of shares of Rs 10/- each at a price of Rs 31/- per warrant to be converted into equity shares within a period of 18 months from the date of allotment on preferential basis to the under mentioned investors:1. K Ramachandra Reddy - 5,00,000 Warrants2. C Dayakar Reddy - 5,00,000 Warrants3. Achal Ghai - 3,00,000 Warrants4. Dr Madhu Mohan Katikineni - 2,00,000 Warrants------------ --------- --------- -DCM Shriram Industries Ltd has info rmed BSE that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. The auditors observation in the audit report dated June 14, 2006 on the accounts of the Company for the year ended March 31, 2006 is summarized below:There are various issues relating to sales tax, income-tax, interest etc arisen / arising out of the reorganisation arrangement of the undivided DCM Ltd which will be settled and accounted for in terms of the Scheme of Arrangement of DCM Ltd as and when the liabilities / benefits are finally determined. The ultimate effect of these is not ascertainable at this stage (refer note 2).2. In view of the seasonal nature of sugar business, the Company consistently accumulates expenditure incurred during off-season i.e. the period when no production of sugar takes place, to be absorbed over the sugar produced / to be produced during the year instead of charging these expenses in the accounting period in which incurred. However, notwithstanding the seasonality associated with manufacture of sugar, had the Company charged expenditure so incurred to the accounting period in which such expenses were incurred, the decrease in stock in trade would have been higher by Rs 14.61 crores and Rs 22.14 crores for the quarter and half year ended September 30, 2006 respectively and the profit after tax would have been lower by Rs 9.68 crores and Rs 14.68 crores for the quarter and half year ended September 30, 2006.------------ --------- --------- ----Radha Madhav Corporation Ltd has info rmed that a meeting of the Board of Directors of the Company will be held on December 28, 2006, inter alia, to consider the following:1. To consider alternate means of funding including warrants and QIP along with the proposed FCCB of USD 10 Million.2. To finalize merchant bankers for FCCB and QIP.3. To review the development of pharmaceutical packaging project and performance of Unit I, II, III & IV.------------ --------- --------- ----Jagran Prakashan Ltd has announced that the Company is launching the first edition of its compact daily I-next on December 22, 2006 from the city of Kanpur .It is targeted on young generation falling in the age group of 18-34 years. I-next is primarily in Hindi language, though a combination of English and Hindi words is used keeping in mind the lingo of young generation. It will have coverage on local, national, international, sports, lifestyle, career, and health related issues. It will be targeted to SEC A and B1 audience.------------ --------- --------- ---Phillips Carbon Black Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:Note 2 on the statement of the Un-audited financial results regarding impact of AS 15 (Revised) on employee benefits not accounted for.------------ --------- --------- ---Bluechip Tex Industries Ltd has info rmed that the members of the Company will consider to approve the following Special resolutions by way of Postal Ballot:1. Alteration in the Other Objects Clause of Memorandum of Association of the Company by adding the Clauses with Serial Numbers 130 immediately after the existing Clause no. 129.2. Commencing all or any of the business set out in the clause 130 of the Other Objects Clause of the Memorandum of Association of the Company.The Company has appointed Shri Dhyanesh Kotak, FCS, Practising Company Secretary as Scrutinizer and Shri Rashmikant S Shah FCA, Practising Chartered Accountants, as Alternate Scrutinizer for the purpose of Postal Ballot Exercise.The Postal Ballot form duly completed should reach the Scrutinizer not later than the close of working hours on January 20, 2007. The results of the Postal Ballot will be announced by the Chairman and in absence by any other person, so authorised by the Chairman on January 25, 2007.------------ --------- --------- ----S&S Power Switchgear Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. Interest On Unsecured loans from Banks and Institutions have not been provided in the accounts since April 01, 2003 and the amount relating to the subject quarter works out to around Rs 18.25 lacs.2. The company does not recognize the interest on loans given to a subsidiary for which the contractual terms do not provide for interest clause.Due to the non-adherence to accrual bases of accounting, the loss of the company for the subject quarter is understated by about Rs 18.25 lacs.------------ --------- --------- ----Moser Baer India Ltd has info rmed that the Board of Directors of the Company at its meeting held on December 21, 2006, has decided the following:1. It is proposed to incorporate a new company as a 100% subsidiary of the Company in order to implement the companys strategic initiatives.2. To make the Companys maiden foray into the entertainment industry through the Indian home video market.------------ --------- --------- ----Escorts Ltd has announced the following results for the Quarter & Year ended September 30, 2006:The Unaudited results for the quarter ended September 30, 2006:The Company has posted a profit after tax of Rs 306.90 million for the quarter ended September 30, 2006 where as the same was at Rs 1653.00 million for the quarter ended September 30, 2005. Total Income is Rs 6266.50 million for the quarter ended September 30, 2006 where as the same was at Rs 6812.60 million for the quarter ended September 30, 2005.The Audited results for the year ended September 30, 2006:The Company has posted a profit after tax of Rs 190.00 million for the year ended September 30, 2006 where as the same was at Rs 390.90 million for the year ended September 30, 2005. Total Income is Rs 18760.20 million for the year ended September 30, 2006 where as the same was at Rs 18006.70 million for the year ended September 30, 2005.The Audited Consolidated results for the year ended September 30, 2006 are as follows:The Group has posted a loss after tax of Rs 465.80 million for the year ended September 30, 2006 where as, there was a profit after tax of Rs 1206.10 million for the year ended September 30, 2005. Total Income is Rs 25378.40 million for the year ended September 30, 2006 where as the same was at Rs 27371.50 million for the year ended September 30, 2005.Previous period figures have been re-grouped / re-arranged wherever necessary. Figures for the previous Accounting period are for 15 months and hence not comparable with Current Year figure.------------ --------- --------- ------JCT Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:The impact of the notes in annexure A pertaining to the audit qualification in respect of the audited accounts of the previous accounting year ended March 31, 2006; accrued employees cost, if any, arising out of the operation of revised Accounting Standard (AS-15) w.e.f. April 01, 2006 issued by the Institute of Chartered Accountants of India.------------ --------- --------- ------Sadbhav Engineering Ltd has info rmed that the Board of Directors of the Company at its meeting held on December 21, 2006, has taken the following decisions were taken subject to the approval of the shareholders at the Extra-ordinary General Meeting to be held on January 22, 2007.1. To issue securities up to an amount not exceeding Rs 100 crores through Qualified Institutional Placement (QIP) to Qualified Institutional Buyers pursuant to Chapter XIII-A of SEBI (Disclosure and Investor Protection) Guidelines, 2000.2. To redesignate ate Mr. Shashin V Patel the whole time director of the Company as Joint Managing Director for unexpired period of his appointment on the same terms and conditions on which he was appointed as Whole Time Director.3. The notice of the Extra Ordinary General Meeting of the Company to be held on January 22, 2007 was approved.------------ --------- --------- -------Ranbaxy Laboratories Ltd on December 21, 2006 has announced that the Company has received approval from the US Food and Drug Administration (FDA) to manufacture and market Simvastatin Tablets USP, 5 mg, 10mg, 20mg and 40mg in the US. The FDAs Office of Generic Drugs has determined the Companys Simvastatin Tablets USP, 5mg, 10mg, 20mg and 40mg to be bioequivalent, therefore, therapeutically equivalent to the listed drug Zocor® Tablets, 5mg, 10 mg, 20 mg and 40 mg of Merck Research Laboratories. Total annualized market sales for Simvastatin were 4.8 billion dollar, of which 4.2 billion dollar were for the 5mg, 10mg, 20mg and 40mg tablets (IMS-MAT: September 2006).Simvastatin tablets are indicated in the treatment of patients with coronary heart disease (CHD) or at high risk of CHD, reductions in risk of CHD mortality and cardiovascular events, patients with hypercholesterolemi a requiring modifications of lipid profiles and adolescent patients with Heterozygous Familial Hypercholesterolemi a (HeFH). A Simvastatin regimen can be started simultaneously with diet.Ranbaxy has marketed the 80 mg tablets of Simvastatin on an exclusive basis since the patent expired in June of this year. The company is now in a position to expand its product offerings to include the four additional strengths of Simvastatin and can now offer the complete line of marketed strengths for this product to our customers. Simvastatin has assumed a prominent position in the management of patients with hypercholesterolemi a, and is now available as an alternative to the brand at an affordable price. This undoubtedly will have a positive economic benefit to patients, as well as to the US healthcare system, according to Jim Meehan, Vice President of Sales and Marketing for RPI , USA .Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, USA, is wholly owned subsidiary of the Company. RPI is engaged in the sale and distribution of generic and branded prescription products in the US healthcare system.------------ --------- --------- ---------HFCL Infotel Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. Without qualifying their opinion, the auditors draw attention to Note 10 to the financial results relating to supplementary bill raised by BSNL. As more fully discussed in Note 10 to the financial results, BSNL has raised on the Company a supplementary bill dated August 10, 2006 received on August 18, 2006 of Rs 1,676.14 lacs towards Inter-connect Usage Charges and Access Deficit Charges. The Company has submitted its reply to BSNL on August 23, 2006 asking for the calculation / basis for the additional amount raised towards such charges. Subsequently, BSNL issued a disconnection notice on August 26, 2006 and stay order was granted to the Company on September 21, 2006 by TDSAT against this notice. Pending resolution of this issue, the Company, based on expert legal advice, believes that there would be no financial liability against such bills and accordingly, these financial results does not include any adjustments from the outcome of this uncertainty.2. As discussed in Note 2 to the statement during the quarter ended September 30, 2006, the Company incurred a loss of Rs 2,560.54 lacs and as of September 30, 2006, it has accumulated losses of Rs 70,254.93 lacs, resulting in negative net worth of Rs 854.37 lacs. The Company has achieved profitability at the Earnings before interest and depreciation level, and is also able to generate cash from operations since financial year ended March 31, 2005 and has a net current liability of Rs 10,065.84 Lacs (after considering provision for interest amounting to Rs 5,722.46 Lacs being the difference amount paid in comparison to the amount accrued on yield basis as per CDR scheme).------------ --------- --------- --------- -Wipro Ltd has info rmed that during the third quarter of the financial year 2006-07, the Company has granted 22,000 stock options to one of its employees under Wipro Restricted Stock Unit Plan 2005. The grant of above stock options is in line with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, as amended and as per the terms of the Stock Option Plans.These stock options shall vest over a period of three years as per the vesting schedule approved by the Board Governance & Compensation Committee of the Board and can be exercised over the exercise period as per the Stock Option Plans.------------ --------- --------- --------- -Virat Crane Industries Ltd has info rmed that the company through its subsidiary has entered into strategic marketing alliances with Reliance Retail — Reliance Fresh Retail Outlets.Reliance Fresh Retail Stores are the buyer - stores for Durga Ghee, the Branded Ghee from Durga Dairy.Commenting on the strategic tie-up with Reliance Fresh Retail, the companys Managing Director Mr G V S L Kantha Rao said that, its brand strength is well got re info rced with the tie-up that the company did with Reliance.------------- --------- --------- --------- -Bank of India has info rmed that a formal Memorandum of Understanding (MOU) is signed on December 21, 2006 among the Bank, Dai Ichi Mutual Life Insurance Company and Union Bank of India for forming the Joint Venture.The Bank will hold 51% of the initial subscribed and paid up capital, Dai Ichi Mutual Life Insurance Company will hold 26% and Union Bank of India will hold 23% capital of the said venture.------------ --------- --------- ---------Nagreeka Exports Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:AS 22 in respect of Deferred Taxation Liability AS 28 in respect of Impairment of Assets and Provision for Current Taxation Liability are accounted for on yearly basis.------------ --------- --------- ---------Patel Integrated Logistics Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. No provision has been made by the company for the shortfall if any, in respect of recovery of overdue lease debts amounting to Rs 65.64 lacs, as management is hopeful of recovering the same as adequate steps have been taken to recover the same, including initiating legal actions against the parties. However, the shortfall in recovery if any, is not ascertainable and accordingly the effect thereof on the financial statements cannot be ascertained.2. Income / Expenditure includes inter-divisional transactions for service rendered or availed of which has not been quantified and adjusted in the statement. This has no impact on the profit for the period under audit.------------ --------- --------- ---------Satyam Computer Services Ltd has info rmed that Nipuna Services Ltd (Nipuna), BPO subsidiary of the Company, on December 21, 2006, has announced that it has signed a USD 25 Million edutainment deal. Nipuna is partnering with 4K Animation (4k Animation) Ltd, UK for the execution and delivery of these projects. The contract is one of the largest over won by a global BPO service provider in the animation marketplace.Nipuna will work with the 4K Animation team for 15 months on two iconic European animation projects: the third season of Marvi Hemmer Presents National Geographic World, an award-winning, 52- episode TV series, and a movie, also featuring Marvi Hammer. More than 120 Nipuna professionals will produce and deliver animation services for the projects.The series and movie feature a combination of live action and animation. They include actual studio sets used as animation backgrounds, a furry Computer Graphics creature and 2D-animated characters. Hamburg-based YOUA Edutainment, National Geographic, and German broadcaster ZDF will co produce the series and movie.Nipuna will provide VFX, CGI, 3D and 2D animation services, including pre-production, production, and post-production, from its state-of-the- art studio in Chennai. Other animation artists will also collaborate from Hamburg and Berlin for this project delivery.This partnership reflects a growing trend toward corporatization in the animation industry, which is leading to increasingly significant opportunities, said Venkatesh Roddam, Nipunas chief executive officer, Long-term contracts such as this one show that companies recognize Nipunas capabilities in an industry where human resources are integral to quality, and thereby responsible for the success of creative ventures.Meanwhile, Nipuna continues to grow. In the last several years, it has built significant VFX, CGI, and 3D animation skills by producing numerous global and domestic films.------------ --------- --------- --------- --Infrastructure Development Finance Company Ltd (IDFC) has info rmed that a meeting of the Board of Directors of the Company will be held on January 04, 2007 to discuss business strategy and plan for execution.------------ --------- --------- --------- --Murli Agro Products Ltd has info rmed that a meeting of the Board of Directors of the Company will be held on December 28, 2006, inter alia, to consider the Issue of share warrant on preferential basis to the Promoters.------------ --------- --------- --------- --Jayaswals Neco Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:In response of the audit qualification for the accounting year ended March 31, 2006 regarding Non-provision of compound interest amounting to Rs 1965.16 lacs on account of Companys request for waiver of the same being examined by the CDR Empowered Group after a period of one year, as per the note No. 4 of the aforesaid unaudited financial results the status at the quarter end remains the same.
FDI inflows touch 6.1 bn dollar in April-Oct periodForeign Direct Investment (FDI) inflows into the country witnessed a 134.62 per cent jump in April-October 2006 to touch 6.1 billion dollar as compared to 2.6 billion dollar in the same period last year. In October 2006, FDI inflows stood at 1.7 billion dollar as compared to 0.412 billion dollar received in the same month last year.Services, electrical equipment, cement and gypsum, drugs and pharmaceuticals and hotel and tourism are the five major sectors that received FDI inflows in October 2006. Two-thirds of the investment (1.1 billion dollar) during October 2006 came from Mauritius . The Netherlands , the US and Cyprus are the major countries from where inflows have been received. The top inflows in October 2006 came from SDC Mauritius (517 million dollar, financial services through Indian partner Kappa industries), Oracle Global (349 million dollar, software), EMMAR MGF (150 million dollar, real estate), Cementrum IBV, Netherlands (124 million dollar, cement and gypsum), and Carraro SA (25 million, dollar agricultural machinery).Mr Kamal Nath pointed out that most of major investments made in October 2006 were first-mile investments and expressed confidence that there would be more investments from these investors in the next one year. The Delhi regional office of the RBI registered inflows of 727 million dollar, accounting for 43 per cent of the total inflows during October 2006. Mumbai, Bangalore, Hyderabad and Chennai are the other major regions that have received FDI inflows.------------ --------- --------- ------Triple threat targets Word usersUsers of Microsoft Word are being urged to be careful as malicious hackers target the word processing software. Three unpatched bugs in Word have been uncovered in the last few weeks and two are already being exploited by attackers.The loopholes being exploited allow attackers to create booby-trapped documents that steal info rmation or take over a PC when they are opened. Microsoft has yet to release patches to fix the bugs in the Word software.Information about the latest problem in Word was posted only a couple of days after Microsoft released its latest security update. Over the last year malicious hackers have taken to releasing code soon after the regularly-scheduled monthly Microsoft security update to give them the biggest chance to abuse it before a patch appears.So far the latest Word exploit, which revolves around the way the info rmation describing formatting is handled, is only a proof-of-concept flaw but Symantec and McAfee have confirmed that it will work. Abusing the flaw could allow attackers to take over a PC or run malicious code on a compromised machine.The latest flaw joins two others that Microsoft has acknowledged are already being exploited in attacks which it describes as limited and targeted.To avoid falling victim it said: users should always exercise extreme caution when opening unsolicited attachments from both known and unknown sources.Malicious Word documents exploiting one bug discovered in early December are known to have been spammed out to firms in Asia . Together the three vulnerabilities are found in Microsoft Word 2000, 2002, Office 2003, Word Viewer 2003, Word 2004 for Mac, and Word v. X for Mac and Works 2004, 2005, and 2006.Microsoft pointed out that to fall victim to the attacks users must receive and then open a booby-trapped Word document. On its security blog Microsoft said it was actively investigating the three problems and would release patches when work was complete.------------ --------- --------- --------FII ActivityThe gross equity purchased was Rs.1,580.10 (in crores), and the gross debt purchased was Nil. The gross equity sold was Rs.2,253.50 (in crores), and the gross debt sold was Nil. The net investment of equity was Rs.(-) 673.40 (in crores), and the net debt investment was Nil.
GamesA Beautiful TheoryTim Harford 12.14.06, 9:00 AM ET A revolution in the social sciences began in the 1920s, when the man Time magazine called "the best brain in the world" decided he would work out how to win at poker. John von Neumann's quicksilver genius accelerated the development of the atomic bomb by a year, and he was one of the fathers of the computer. He also spawned dozens of stories about his prodigious mathematical ability: In one, he turned down funding for an early supercomputer designed to solve a mathematical problem--and instead came up with a solution using pencil and paper. Von Neumann was only interested in poker because he saw it as a path toward developing a mathematics of life itself. He wanted a general theory--he called it "game theory"--that could be applied to diplomacy, war, love, evolution or business strategy. But he thought that there could be no better starting point than poker: "Real life consists of bluffing, of little tactics of deception, of asking yourself what is the other man going to think I mean to do. And that is what games are about in my theory." In 1944, Von Neumann teamed up with the economist Oskar Morgenstern to publish the bible of game theory, A Theory of Games and Economic Behavior. The essence of the theory was the mathematical modeling of a strategic interaction between rational adversaries, where each side's actions would depend on what the other side was likely to do. Von Neumann and Morgenstern developed a way to represent such clashes as mathematical objects. All you needed to do to work out what each side should do was solve the mathematical equations. Understanding the most tricky strategic contests could be boiled down to doing the math. A Theory of Games and Economic Behavior was widely hailed as an original and rigorous foundation for modern social science. One contemporary review trumpeted, "Posterity may regard this book as one of the major scientific achievements of the first half of the 20th century." The admirers were soon disillusioned. To understand why, consider the toy model of poker presented in A Theory of Games. The model certainly meets the challenge that Von Neumann set for himself--bluffing, which seems to be such a psychological affair, emerges from the pure mathematics of the game's equations. Armed with Von Neumann's mathematics, even a computer could learn when to bluff. But the trouble is that it would take a supercomputer- -or a Von Neumann--to crunch through the complexities of the model's mathematics. Worse, in order to reach a solution, Von Neumann had to simplify the game of poker dramatically. Real poker is hugely more complicated- -and so, too, is real life. This is a more serious problem than it appears, because game theory is all about "asking yourself what is the other man going to think I mean to do." Von Neumann's approach assumed that the "other man" was another Von Neumann, another brilliant calculating machine. But if the other man is a regular Joe who didn't grasp all the complexities of the game, Von Neumann's super-sophisticated game theory is not much use. Von Neumann may have played down this objection because he and Morgenstern developed a theory of "zero sum" games, such as poker, where one player's loss is the other player's gain. If you play the optimum strategy in that sort of situation, and the other player makes mistakes, you will win.But real-life games are not usually zero-sum. Consider the plot of the movie "Dr. Strangelove," in which the Soviets rationally create a Doomsday Device which will wipe out the world if they are attacked. Before they can tell anyone, a rogue general launches a strike against them. Peace was a possibility, but instead, the human race is destroyed. That's about as non-zero-sum as you can get. It is also a reminder that in most situations, the point is not to beat some opponent but to do well for yourself. That will involve understanding the man on the other side of the game. If you think he is rational, and he isn't, your strategy will go badly wrong. Some brilliant mathematicians and economists have worked hard to patch up these holes in the Von Neumann project, including Nobel prize winners Robert Aumann, John Harsanyi and Reinhard Selten. The most famous of them all is John Nash, who was surprisingly made a celebrity after Russell Crowe played him in the biopic A Beautiful Mind.Nash worked out a way to model non-zero sum games. Von Neumann, consumed with envy, dismissed the young Nash's result as "trivial"--meaning mathematically simple. Sure, it was simple enough, but only once Nash had pointed it out. As a practical advance in game theory, it was far from trivial. Yet perhaps more important was Thomas Schelling, a man who eschewed mathematics in favor of some witty and memorable essays on practical game theory: using it to understand nuclear deterrence, extortion, disciplining children or even giving up smoking. Because Schelling used words, not mathematics, few economic papers are direct descendants of his work. But everyone read him--and half the Kennedy administration attended his Harvard seminars concerning the game theory of deterrence and arms control. The year 2000 saw two landmarks in the use of game theory. One was pure Von Neumann: a lanky computer scientist by the name of Chris "Jesus" Ferguson won the World Series of Poker using the game theoretic calculations he had developed, run on powerful, modern computers, and committed to memory. The Von Neumann poker model triumphed at last. The second was more important and for much higher stakes: the sale for around $35 billion of licenses to operate the latest generation of mobile phones in the United Kingdom . The academic economist behind the auction design, Paul Klemperer, had been using Schelling-style game theory. Rather than employ deep mathematics, Klemperer argued that the success of the auction was getting the basics right: preventing cheating, encouraging competition and closing up legal loopholes. Schelling's contribution to game theory was to recast Von Neumann's ideas firmly in common sense. That turned out to be fundamental. Game theory has a lot to contribute to the analysis of life, love and economics. But the game will only go according to plan if you're sure the other fellow knows the rules.Tim Harford, a columnist for the Financial Times, is author of The Undercover Economist
The market continues to see volatility ahead of the expiry of December 2006 derivatives contracts. According to dealers, an early rollover/squaring up is happening in derivatives contracts this time as foreign fund managers will be on Christmas and New Year holiday. December 2006 derivatives contracts expire next Thursday (28 December). FIIs pressed substantial sales for the second day in a row on Wednesday (20 December). Their net outflow was Rs 365.10 crore on 20 December compared to an outflow of Rs 673.40 crore on 19 December. The outflow in two trading sessions between 19 December and 20 December aggregated Rs 1038.50 crore. But the provisional data pertaining on Thursday (21 December)'s trade showed that FIIs were net buyers to the tune of Rs 254 crore on that day. They were net sellers to the tune of Rs 301 crore in index-based futures. They were net buyers to the tune of Rs 52 crore in individual stock futures. Mutual funds stepped up buying on 20 December. They bought shares worth a net Rs 460 crore on that day. As foreign fund managers will be on a holiday for Christmas and the New Year, operators and mutual funds will dictate the activity on the bourses till the year-end, according to dealers. The near term trigger for domestic bourses is Q3 December 2006 results. Market men expect December 2006 quarter to be another strong quarter in terms of earnings growth. Strong advance tax payments corroborate the view that Q3 results would be strong. Cement companies and oil firms have paid substantially higher advance tax in the third installment of 15 December 2006. State Bank of India, Tata Steel, Reliance Industries (RIL), Hindalco, L&T, and Cipla have paid substantially higher advance tax in the third installment. The Q3 results would start trickling in from about 12 January 2007. Technical analysts feel that the Nifty has a strong support at 3,700 and Sensex at 12,800-12,900. Finance Minister P Chidambaram on Thursday said the country's economy would grow at nearly 9 percent this year and that it can grow at that rate or higher for several years in future. Asian markets were mostly in the green on Thursday. Key benchmark indices in Hong Kong, Singapore, South Korea and Taiwan were up by between 0.07% to 0.5%. US stocks dropped on Thursday as concerns that economic growth could be slowing faster than expected dented optimism about corporate profits. Reports that showed a contraction in regional business activity and a downward revision in GDP data overshadowed a fresh flurry of corporate takeovers. The Dow Jones industrial average was down 42.62 points, or 0.34 percent, to end at 12,421.25. The Standard & Poor's 500 Index was down 5.22 points, or 0.37 percent, to finish at 1,418.31. The Nasdaq Composite Index was down 11.76 points, or 0.48 percent, to close at 2,415.85. US crude was steady at $62.66 a barrel in early Asian trade. It had declined sharply on unusually mild temperatures in the United States.
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