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Market Live - 22 june
June, 22nd 2009

12:15 pm: Arihant Capital Markets advises buying Suzlon Energy for a target price of Rs 125-130. On the daily charts, Suzlon is in buy on RSI and its 14-days RSI is currently at 60 (above 50 is consider to be in strong hands). Suzlon is looking strong on daily chart and has formed a Trend Reversal Pattern on EOD chart. One can buy the stock at Rs 111 with closing below stop loss of Rs 100 for a target price of Rs 125-130, said a technical note.

12:06 pm: Jindal Saw Ltd. has received Orders/ Letter of Intent aggregating to more than Rs 1000 crores $210 million) for supply of Large Diameter Pipes and Ductile Iron Pipes for domestic and export matkets. While domestic supply orders are from GAIL and RPCL, the export orders are from - middle- eastern market. With these orders, the total order book of JSL stands at Rs, 3600 crores $ 750 million). These orders are scheduled to be executed by March, 2010.

Shares of the company were up 6.58% at Rs 387.70 on the NSE, following this announcement.

12:00 pm: South Asian Petrochem Ltd had issued 1,40,64,273 convertible warrants on preferential basis to IFC/ promoter group on Dec 20, 2007. The allotees had the option to convert the warrants into equity shares within eighteen months from the date of allotment. The period for exercising the option for the conversion of the said convertible warrants to equity shares expired on June 19, 2009. None of the allotees have exercised the option for conversion.

On NSE, shares of the company were down 0.42% at Rs 11.75.

11:15 am: Dhunseri Tea & Industries Ltd has recommended a dividend of 25% i.e. Rs.2.50 per equity share for the year ended March 31, 2009.

10:52 am: McNally Bharat Engineering Company Ltd has received an order for Design, Manufacture, Supply, Installation and Commissioning of two 3,000 TPH capacity Reclaimers at Paradip, Orissa from Paradip Port Trust for a value of Rs. 30.60 crores.

Shares of the company were up over 5% at Rs 109.55 on the NSE, on the back of this announcement and tracking the market.

10:39 am: Nagarjuna Construction Company Ltd has bagged a clutch of orders totaling Rs.358 crores out of which the four major orders are: The first order is from the Directorate of Public Health Engineering, Kolkata for Lumpsum Contract for water supply valued at Rs. 65.39 crores to be completed over a period of 18 months. The second order valued at Rs 64.89 crores from Maharashtra Jeevan Pradikaran, Amaravati for for supply of drinking water to 105 villages to be completed over a period of 60 months. The third order is from the Times of India for construction of main civil works at New Delhi valued at Rs 49.50 crores to be completed over 12 months and the fourth order is from the Center for Development of Advanced Computing, Pune for construction of multistoried C-DAC Innovation Park building valued at Rs.49.18 crores to becompleted over a period of 15 months.

Shares of Nagarjuna Construction were up 3.10% at Rs 124.70 on the NSE, following this announcement.

10:34 am: Rolta India Ltd has outstanding $150,000,000 zero coupon convertible bonds due in 2012 convertible into ordinary shares, each of par value Rs 10. The company intends to repurchase for cash an aggregate principal amount of the outstanding bonds by invitation to the bond holders to tender their bonds. This will be done through a modified Dutch Auction, with bondholders tendering their bonds at a price not less than 78% and not exceeding 85.50% of each nominal amount of $1,000 of bonds. The company will determine a single clearing price. The invitation to tender will commence on June 22 and expire on June 25. The settlement is expected to be on June 30.

On NSE, shares of Rolta India were up 2.38% at Rs 131.25 following this announcement.

10:01 am: Biggest losers among the 50 Nifty stocks included Cairn India (-2.3%), HDFC Bank (-1.27%), ONGC (-1.04%), NTPC, Power Grid, Grasim Industries, Hindustan Unilever, Ambuja Cements, Maruti Suzuki, Nalco.

9:59 am: The early gainers were Reliance Communications (3.08%), Reliance Capital (2.25%), Suzlon Energy (2.21%), ABB, BHEL, Unitech, Reliance Infrastructure, Larsen & Toubro, DLF, ICICI Bank.

9:58 am: Equities in India extended gains from the last session, tracking advances in other Asian markets. The Nifty opened the week at 4314.20 against Friday's close of 4313.60. The NSE benchmark index moved between 4352.25 and 4308.65. The 50 share index settled at 4325.75, up 12.15 points or 0.28%.

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