News Capsule (09 Sep 10)

IIFL is bullish on Tata Sponge Iron and has recommended buy rating on the stock with a target of Rs 413 in its September 8, 2010 research report.

Apollo Tyres’ one of India’s top three tyres manufacturers, today stated that workers at the company’s two tyre manufacturing locations in South Africa, Durban and Ladysmith have joined the general strike.

India’s food price index rose 11.47 per cent and the fuel price index climbed 12.71 per cent in the year to August 28, government data released on Thursday showed.

India’s industrial expansion is likely to slow down in coming months, though farm growth would pick up in the second half of the year, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, said on Thursday.

The rupee today strengthened by 12 paise to trade at 46.51 a dollar at the Interbank Foreign Exchange on continued capital inflows by foreign funds.

Mercator Lines can test Rs 65, says Mitesh Thacker

BASF India has target of Rs 610, says Gaurang Shah, Geojit BNP Paribas Financial Services.

Selan Exploration has target of Rs 358, says Gaurang Shah, Geojit BNP Paribas Financial Services.

Technically LT Foods looks decent, there is resistance at Rs 83 zone and beyond that at Rs 88. keep trailing stop loss close to yesterday’s close, continue to hold for Rs 83, says Anu Jain, IIFL Private Wealth Management, India Infoline.

Jubilant Foodworks has been doing well. There is an uptrend in progress. So one can continue to hold there with a stop loss, says Anu Jain, IIFL Private Wealth Management, India Infoline.

Radhika Gupta, Director, Forefront Capital Mgmt is bullish on the metal space.

Oil and gas major ONGC is planning to buy four offshore and ten onshore rigs, reports CNBCTV18 quoting NewsWire18. Purchase of onshore rigs may cost around Rs 800-900 crore while the cost of offshore ones is seen at Rs 2,400-2,800 crore..

Lanco Infratech said on Thursday that a 1,320-MW power plant developed by a group firm in Orissa, has achieved a financial closure with a debt component of Rs 554.40 crore and equity component of Rs 138.60 crore.

India’s Kotak Realty Fund, a unit of financial services firm Kotak Mahindra Bank, has invested Rs 250 cr (around $53.68 million) in two projects of Emaar MGF, a top official said on Thursday.

Hindustan Unilever has been consistently going up and it has got that very strong resistance at Rs 274-275. If it holds on to above levels of Rs 275, it is giving a breakout, says Anu Jain, IIFL Private Wealth Management, India Infoline.

Exit Vijaya Bank, says Radhika Gupta, Director, Forefront Capital Mgmt.

Thomas Cook is a consumption story. Between Rs 70 and Rs 72 there are various support levels. So on a dip this looks a better buy than others. Probably can track upto about Rs 86, says Anu Jain, IIFL Private Wealth Management, India Infoline.

IDBI Bank can test Rs 153, says Mitesh Thacker, Technical Analyst

Radio frequency cable maker Shilpa Cable Technologies Ltd said on Wednesday it has filed an application with India’s market regulator to raise Rs Rs 55.88 crore through an initial public offering (IPO) of shares.

Threewheeler maker Atul Auto said on Wednesday its August sales rose 92% to 1,728 units as compared to 901 units sold in the same month last year.

See 15% upside in KRBL, says Mitesh Thacker, Technical Analyst

Karuturi Global touched a 52week high of Rs 25.20. At 09:48 hrs the share was quoting at Rs 24.60, up Rs 2.35, or 10.56%.

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