STOCKS
Query Corner
I have purchased IDBI at Rs 114 per share and shares of HPCL at Rs 275 per share. Will you please explain the short-term and medium-term prospects of these stocks? Ramesh. RIDBI (Rs 108.15): IDBI has been struggling to ... More

STOCK MARKETS
Take stock of the markets
Do stock markets lead or follow the business cycle trend? “They lead it,” assert Deborah Owen and Robin Griffiths, authors of Mapping the Markets ( www.vivagroupindia.com). ... More

Does the derivatives alarm ring before the market crashes?
It does not seem to, if the pattern of derivatives trading prior to the last three major corrections in the Indian equity market is any indication. Between May-June 2006 and now, there have been three instances of the market falling — ... More

What’s ahead?
Greaves Cotton, HCL Technologies, RS Software and Sundaram Clayton are some companies that are expected to announce their June quarter results next week. Given the snowballing impact of US sub-prime market rout, investors and ... More

Challenging first quarter, managed well
Allaying market fears of a reversal in fortunes, India Inc has put out a robust earnings card for the June quarter. Despite last year’s bigger base, Corporate India scored a 17 per cent increase in revenues, while earnings grew about 36 per ... More

Weakness in Reliance
The savage cut received by RIL on Wednesday has resulted in an evening star pattern in the weekly chart. The stock reversed from the 50-day moving average line at Rs 1,750 last week but the gravestone doji made on Friday indicates lack of ... More

SBI
SBI recorded a 9 per cent gain last week. The movement last week has negated our assumption that a 5-wave impulse move from the March low has been completed. We are back to wondering if this is a consolidation in an up-trend or a terminal ... More

Tata Steel
The long-legged doji in the weekly chart indicates that the stock could swing either way next week. The intra-week low of Rs 620 has retraced 33 per cent of the gains recorded from the March trough. That completes the minimum retracement ... More

Infosys
Infosys took a tentative step lower last week. The stock is now poised just above the lower boundary of its current trading range at Rs 1,900. The momentum indicators in both the daily as well as the weekly chart are displaying ... More

Bharti Airtel
Bharti Airtel has been moving in an upward moving trend channel since February. The current correction from the peak at Rs 960 has dragged the stock towards the lower boundary of this channel. The presence of the 50-DMA also at Rs 856 makes ... More

ONGC
ONGC recorded a 2 per cent loss last week in line with our expectation. Momentum indicators are implying a weak trend for the short-term. The down-move in ONGC last week was halted by the long term average positioned at Rs 870. The medium term ... More

RECOMMENDATION
Indian Hotels: Buy
An investment can be considered in the stock of Indian Hotels, trading at a price earnings multiple of 26 times its trailing per-share earnings (on a stand-alone basis). The valuation is more attractive on a consolidated basis (22 times 2006- ... More

Crompton Greaves: Buy
With sizeable domestic business opportunities and an increasing contribution from overseas subsidiaries, earnings visibility is high. More

ICICI Prudential Dynamic Plan: Hold
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Tech Mahindra: Buy
A roster of blue-chip clients and focus on Europe where growth prospects for telecom services are strong, make the company’s stock a good investment option. More

HDFC Equity Fund: Invest
HDFC Equity Fund appears to be a good investment option for investors looking for a diversified large cap fund. The fund has consistently outpaced its benchmark, the CNX 500, over a five-year period. Over a three-year period, it has generated ... More

KPR Mills — IPO: Avoid

Investors can avoid the initial public offer from KPR Mills as the offer price appears stiff. At the price band of Rs 225-265, the offer is valued at about 12-14 times its 2006-07 per-share earnings. On an expanded equity base, ... More

Indian Hotels: Buy
An investment can be considered in the stock of Indian Hotels, trading at a price earnings multiple of 26 times its trailing per-share earnings (on a stand-alone basis). The valuation is more attractive on a consolidated basis (22 times 2006- ... More

Take Solutions — IPO: Invest at cut-off
Though the asking price is stiff, the focus on niche segments and presence in a relatively uncontested market are positives. More

PUBLIC OFFER
IPOs, follow-on offers raise Rs 35,324 cr in Jan-July period
Choppy markets may prompt cos to hold back issue plans for now More

OUTLOOK
Nifty continues in uncertain terrain
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Index Outlook
The capricious ways of the stock markets were amply on display last week. Instead of preparing for the 16K celebrations, market participants were fighting with their backs to the wall, defending 15000. They managed to pull the Sensex back from ... More