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Latest Market Commentary
July, 06th 2010

2:53 pm: Bharat Gala, senior technical analyst, Ventura Securities is of the view that Piramal Healthcare can touch target of Rs 570. Indicators suggest that Piramal Healthcare is due for a corrective upside rally. A move above Rs 509 will have a volatile momentum rise for price targets of Rs 525-538-565/570. Nearest stoploss would be at Rs 480. A move below Rs 476 negates the above view, Gala said.

2:38 pm: Suzlon Energy Ltd Chairman and Managing Director Tulsi R Tanti was conferred the title "Wind Visionary of Asia" during an international consultation "Quantum Leap in Wind Power in Asia" held at the Asian Development Bank (ADB) headquarters in Manila, Philippines. recognition emphasizes Suzlon's commitment to build the case for wind across the world and highlights a decade of tremendous work in key markets of Asia. Today on NSE, the company's shares were flat at Rs 58.05.

2:15 pm: Tata Power Company Ltd, along with its consortium partner Arrow Energy, has been awarded the Satpura CBM block in Madhya Pradesh during the CBM IV bidding round as announced by the Press Information Bureau. The consortium has submitted bids for three CBM blocks during the bidding conducted by the Director General of Hydrocarbons on October 12, 2009. On June 24, 2010, the Cabinte Committee on Economic Affairs approved award of 7 CBM blocks out of 10 offered in the bidding. The Tata Power-Arrow Energy consortium has been awarded the Satpura CBM block in Madhya Pradesh. Arrow Energy with 80% stake will be the operator of the block. On the back of this news, Tata Power shares were up 0.46% at Rs 1,310.15 on BSE.

1:42 pm: Edserv Softsystems Ltd has decided to open the Qualified Institutional Placement on July 9. The minimum floor price for the QIP issue has been fixed at Rs 205 per share, higher than the price calculated as per SEBI (ICDR) Regulation 2009. Today on BSE, the company's shares were down 2.50% at Rs 212.50.

1:23 pm: Polaris Software Lab Ltd's group company, Laser Soft has bagged a project from Andhra Pradesh State Cooperative Bank to implement Core Banking Solution in all its 22 district central cooperative banks spread across the state. The implementation will be executed through a unique multi entity CBS rebranded as Intellect Core Banking Solution, with centralised deployment at Hyderabad being used by 569 branches and 22 head offices of the district coop banks, as if it were one bank without any reconciliation issues. On BSE, Polaris shares were up 2.89% at Rs 190.60.

12:57 pm: FCS Software Solutions Ltd has announced the creation of a new division to focus on mobile applications and has planned an investment of Rs. 200 million. The company has projected top line addition of Rs 300 million and net margin impact of Rs. 100 million from next year. With CAGR of 64%, the revenues from these segments will grow to $24.4 billion by 2015. FCS predicts that this can become a major revenue stream in next 2 to 3 years. FCS plans to become a leader in the development of mobility solutions for enterprises that can rapidly expand their global workforce access to business-critical information and resources. On NSE, the company's shares were flat at Rs 3.50.

12:35 pm: Religare Securities has advised traders to buy Dr Reddys Laboratories for target of Rs 1495. Buy Dr Reddys Laboratories with stoploss of Rs 1446 for target of Rs 1495, the report said.

12:15 pm: Indiaco Ventures Ltd has announced the launch of Virtual VC Co-investment Fund by community startup funding company Grow VC. The new co-investment fund is aimed at improving early phase funding and allowing VCs to participate with a simple and cost efficient model for finding great investment opportunities and managing multiple investments in these startups. On BSE, shares of Indiaco Ventures were higher by 3.88% at Rs 58.90.

11:47 am: Bafna Pharmaceuticals Ltd's Clonazepam 0.5 mg and Clonazepam 2 mg tablets have got site approval from MHRA UK. On the back of this news, the company's shares were up 3.20% at Rs 50.05 on BSE.

11:30 am: IIFL has advised traders to buy Bombay Dyeing for target of Rs 520. The short-term trendline yet again provided strong support to Bombay Dyeing on Tuesday. It coincides with the support of its 200-DMA. Yesterday, it pulled back smartly from days low to close near days high with impressive volumes. The stock is sitting on an important trendline support just above Rs 484. Daily oscillators continue to remain in a positive set-up. Traders are advised to buy the stock above Rs 497 with stoploss placed at Rs 487 for a target of Rs 520, the report said.

11:01 am: Thomas Cook (India) Ltd has launched nine foreign exchange and travel counters in the newly opened Terminal 3 at the New Delhi International Airport. The one-stop shop counters will not only offer foreign exchange services to the passengers but also all the products and services such as insurance, air & rail tickets, domestic and international travel packages, hotel bookings etc. On BSE, the company's shares were higher by 3.6% at Rs 63.55.

10:43 am: Beckons Industries Ltd has signed an agreement with Hong Kong based company, Jilani International for transfer of its Algae Technology to south Asian countries covering the countries like China, Taiwan, Hong Kong, Singapore and British Indian Ocean territory. On BSE, the company's shares were up nearly 2% at Rs 8.30.

10:25 am: The board of S.E. Investments Ltd has approved sub-division of one equity share of Rs. 2 each into two shares of Re. 1 each. It also approved change in name of the company to SEIL MICROFIN Ltd and to take steps for its implementation including filing of application with the Reserve Bank of India. On NSE, the company's shares were up 0.20% at Rs 49.

9:54 am: NTPC has signed Production Sharing Contracts on June 30 with the government of India for oil / gas exploration blocks awarded under eighth round of bidding under New Exploration Licensing Policy (NELP-VIII). On NSE, the company's shares were flat at Rs 200.

9:46 am: Abhishek Industries Ltd informs that the operations of Paper and Energy divisions have been normalized. The dedicated technical team is taking corrective measures to bring operations of Terry Towel division of the company to normalcy. On NSE, the company's shares were higher by 2.48% at Rs 16.50.

9:38 am: Sensex losers were few and comprised Reliance Communications (-1.56%), Hero Honda (-0.31%), NTPC (-0.20%), HDFC (-0.11%), Maruti Suzuki (-0.08%).

9:32 am: Top Sensex gainers were Tata Consultancy Services (0.87%), Wipro (0.80%), Hindalco (0.78%), Cipla (0.77%), Tata Power (0.74%), Hindustan Unilever (0.62%), Jindal Steel (0.62%), ONGC (0.61%), Infosys Technologies, Reliance Industries, Tata Steel, BHEL, among others.

9:30 am: Nifty was at 5252.05, up 16.15 points or 0.31%. The NSE benchmark opened at 5236.10 versus Monday's close of 5235.90. The 50-share index saw a high of 5252.85 against a low of 5231.50.

9:30 am: Indian equities were up Tuesday, tracking gains in Asia. The Sensex was up 65.05 points or 0.37% at 17,506.49. The BSE sensitive index opened at 17,402.68 against the previous close of 17,441.44. The 30-share index moved between 17,509.30 and 17,395.58.

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