Thursday, 6 November 2008

Stocks to watch: Bharti, Alkali Metals, SAIL, NTPC

Stocks are likely to extend losses on Thursday as weak economic concerns on the global front spurred worries that the new administration won'
t be in a position to act fast enough to avert a deep economic downturn.

Oil furthered its fall on Thursday after economic concerns in the US resurfaced. US light crude for December delivery was at $65.05 per after closing at $65.30 on Wednesday.

Rupee plunged by 50 paise to 47.94 following rise in dollar demand on expectations of weak opening of equity markets.

Bharti Airtel has sought the government’s approval to pick up 65% in Bharti Teleports, a newly formed uplinking company. Telports are used by broadcasters to uplink their channels so that these can be downloaded by MSOs, cable operators and Direct-to-Home players. Bharti Teleports is wholly owned by Bharti Enterprises, the holding company of the group.

International Coal Ventures, the special purpose vehicle formed by SAIL, NTPC, NMDC, RINL and Coal India for scouting coal properties abroad, is in talks with mining major Gloucester Resources for acquiring over 10 per cent equity in the company.

Ater seven consecutive years of good growth, auto component majors have begun cutting production by over 25-30%. The move is expected to impact the bottomlines of the industry, which is facing a bleak future because of output cuts by major automobile companies.

Large public sector banks have decided to lower their prime lending rates by 0.75 per cent, in line with the commitment made to Union finance minister P Chidambaram on Tuesday. Bank of India, Canara Bank, Indian Overseas Bank and Syndicate Bank have decided to lower lending rates from 14 per cent to 13.25 per cent.

New listing:

Shares of Alkali Metals will list on the exchanges on Thursday. The public issue of 25.50 lakh equity shares was subscribed 1.03 times. The issue price has been fixed at Rs 103 per share. Alkali Metals manufactures range of fine chemicals, based on related chemistry.

Source: EconomicTimes

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.