MARKETS
NEW FUND OFFER
Encounter
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MUTUAL FUNDS
Mid-cap funds do recover, but display divergent performance
The selective recovery in mid-cap stocks has perked up the returns offered by equity funds which have a sizeable allocation to such stocks. One-year returns on the CNX Midcap Index now hover at about 57 per cent, higher than the Nifty’s ...
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Franklin India Smaller Companies Fund - Minor pharma re-jig
Closed end funds are back in vogue once again with fund-houses lining up quite a few launches. Franklin India Smaller Companies Fund is among the first closed-end funds to have been launched over the past couple of years. The fund defines ...
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Fund Update
Reliance Mutual Fund has announced that it will discontinue the personal accident death insurance cover under Reliance Tax Saver (ELSS) on a prospective basis with effect from July 2. Any investment before July 1 will qualify for ...
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STOCKS
Strategic investor: IFCI board meet on Friday to decide on bids
New Delhi, June 30 The board of directors of IFCI Ltd is to meet on July 6 to decide on inviting bids for expression of interest (EOI) to induct a strategic investor in the company.The company had a few months ago appointed Ernst & ...
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STOCK MARKETS
Reliance
Reliance Industries kept everyone guessing for the second week in a row. We expect the stock to move lower to Rs 1,656 and then Rs 1,598 as the third leg of the short-term down trend from Rs 1,785 unfolds. But a move below Rs 1,580 is ...
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Rising rupee and IT stocks — Smart strategies can minimise the risk
Systematic hedging has ensured that the rupee value of the IT sector’s underlying assets was kept relatively immune to foreign exchange risk.
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SBI
SBI moved sideways before rallying to Rs 1,531 on Friday. We had indicated last week that we could be in the fifth wave of the move since the March low. Since the stock has moved beyond the first two targets, it could now move towards the ...
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Tata Steel
The action in Tata Steel is getting narrower as the stock charts a contracting triangle on the daily chart. Since this is a continuation pattern, we can expect the stock to move lower to Rs 562 or Rs 550 in the short-term. A close beyond Rs ...
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Infosys
Infosys went nowhere last week, remaining wedged in the zone between Rs 1,910 and Rs 1,970. The sequence of lower peaks and troughs since mid-April is ominous. This could be a running correction of the fall from Rs 2,439. A running correction ...
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ACC
The third wave from the Rs 680 trough unfolded as per our expectation and the stock is now moving towards our second target at Rs 967. As mentioned last week, the band between Rs 950 and Rs 970 is an important resistance for the immediate ...
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ONGC
This stock moved higher in the first half of last week to a high of Rs 947. But the reaction thereafter has formed a star with a long upper shadow in the weekly chart. This is a negative signal. The stock is expected to move lower to Rs 855 in ...
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Stock Takes
ABG Shipyard saw a 30 per cent growth in topline and 39 per cent increase in net profits for the year ended FY-07. Growth during the March quarter, however, remained tepid with the bottomline growing by just 6.7 per cent. A huge order-book, not ...
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What’s ahead?
Realty stocks may attract institutional interest with the listing of DLF on the bourses in the coming week. The MICO stock could be in the limelight as the open offer by Robert Bosch GmbH to the shareholders of MICO closes on July 9. ...
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DERIVATIVES MARKETS
Nifty may open firm, faces resistance
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FOREIGN INSTITUTIONAL INVESTORS
As a sector moves from early stage to maturity, PE activity broadens
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RECOMMENDATION
Lloyd Electric & Engineering: Buy
Investors with a 2-3 year perspective can add Lloyd Electric & Engineering to their portfolio, as the stock could emerge as a proxy for increasing consumerism in the country. Niche positioning as original equipment manufacturer of coils ...
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BEML: Invest
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Magnum Balanced Fund: Invest
Fresh investments can be considered in based on its good long-term track record. Despite a hybrid structure, balanced funds tend to have a higher exposure to equity, with 30-35 per cent of their assets invested in the debt and money markets. ...
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Hexaware Technologies: Buy
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Allied Digital Services : Invest at cutoff
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OUTLOOK
Index Outlook
The buoyancy induced by successful roll-over of the bulky June series in the derivatives segment made the Sensex float higher on Friday towards the elusive peak of 14723. It has got to scale this peak next week before the earnings season ...
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PEOPLE
SEBI whole-time member puts in his papers?
‘Unhappy with attitude of Govt nominees on Board’
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DBS Chola Mutual Fund CEO resigns
Mr Rajnish Narula, Chief Executive Officer , DBS Cholamandalam Asset Management Ltd, is learnt to have put in his papers.When contacted, Mr Narula said he did not wish to make a statement on the issue. “I have no comment to offer ...
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