POST - MARKET (STOCKS - NEWS -18 NOV 2008)

Reliance Industries (RIL), India's largest private sector company by market capitalization and oil refiner, recovered from the day's low of Rs 1,092.50, falling 0.17% to Rs 1,140.70, on bargain hunting after a recent steep-slide. It was the lone gainer from the Sensex pack. From a recent high of Rs 1,303.05 on 10 November 2008, the stock fell 12.3% to Rs 1,142.65 on 17 November 2008.
Jaiprakash Associates (down 6.22% to Rs 67.90), Bharti Airtel (down 6.32% to Rs 623) and Tata Power Company (down 5.75% to Rs 682.70) were the major losers from the Sensex pack.
NTPC, India's biggest power generation firm by revenue, led 4.67% fall in BSE Power index. The stock lost 7.88%. Tata Power Company, Reliance Infrastructure, Reliance Power and Power Grid Corporation of India slipped by between 1.97% to 7.08%.
Metal stocks declined on worries global economic slowdown would hit demand. Hindalco Industries, Sterlite Industries, Tata Steel, Steel Authority of India, National aluminum Company fell by between 0.93% to 13.41%.
Tata Metaliks declined 4.87% after the company said it will shut one of its furnaces for repair work that will last three weeks.
IT stocks were down as fall in ADRs offset a weaker rupee. India's fourth largest IT exporter by sales Wipro lost 8.77% as ADR slipped 2.69%. India's second largest IT exporter by sales Infosys slipped 4.21%, as ADR fell 1.17%. India's third largest IT exporter by sales Satyam Computer Services fell 3.85% as ADR fell 0.91% on Monday, 17 November 2008. India's largest IT exporter by sales Tata Consultancy Services was fell 6.96%.
The Indian rupee was lower in afternoon trade on Tuesday as a further slide in the local share market continued to fuel expectations of further capital outflows. The partially convertible rupee was at 49.72/75 per dollar, off the day's low of 49.80 but still well below Monday's close of 49.34/36. Weak rupee augurs well for the sector as IT firms earn most of their revenues from US in dollar terms.
Realty stocks fell on reports India's top listed realty firm, DLF, has deferred some residential, commercial and hotel projects due to lower demand and a liquidity crunch. DLF, Unitech, Indiabulls Real Estate, Housing Development & Infrastructure, and Omaxe were down by 2.72% to 7.72%.
The Reserve Bank of India (RBI) had on Saturday (15 November 2008) announced fresh steps to free up liquidity for the troubled realty sector.
Auto stocks declined on worsening global economic outlook and declining domestic demand due to high interest rates and fuel prices. Maruti Suzuki India, Mahindra & Mahindra fell by between 1.25% to 6.74%. and Tata Motors rose by between 0.85% to 1.57%. But, India's largest motorbike maker by sales, Hero Honda Motors rose 0.06%.
Automotive Axles tumbled 10.36% on its decision to shut down manufacturing operations for at least a week in November-December 2008.
Banking stocks extended Monday's losses on reports ICICI Bank, India's India's largest private sector bank by net profit, has halved its target for growth in lending to 15% in a slowing economy. ICICI Bank fell 6.79%. India's second largest private sector bank by net profit HDFC Bank fell 1.77%. Its American depository receipt (ADR) slumped 1.62% on Monday. India's largest commercial bank State Bank of India (SBI) lost 5.12%.
Cement stocks slipped as slowdown in economy would result in fall in demand. ACC, Grasim Industries, Ultratech Cement, Birla Corporation, Ambuja Cements fell between 0.26% to 7.17%.
Swiss cement giant Holcim, which has stakes in Indian cement makers ACC and Ambuja Cements, may reportedly review the current capacity expansion projects in India amid a global slowdown and poor pricing situation.
Capital goods stocks declined on worries a slowing economy will crimp orders. Larsen & Toubro & Suzlon Energy slipped by between 3.41% to 7.08%. India's largest electric equipment maker by sales Bharat Heavy Electricals lost 2.06%, even as company today said it has received a contract worth Rs 1,325 crore ($265 million) for the supply of the plant package for a power project in Andhra Pradesh.
Sugar stocks slipped on reports the government and industry are at loggerheads over estimates of sugar production in the new season that began in October 2008, trend in prices and growth in exports. Bajaj Hindustan, Dhampur Sugar and Shree Renuka Sugars fell by between 0.32% to 2.46%.
Meanwhile, sugarcane farmers are up in arms against mills for the refusal to pay the state administered prices to them.
Indian largest oil exploration firm by revenues Oil & Natural Gas Corp slipped 4.64% as falling crude oil prices offset news of its wholly owned unit ONGC Videsh bagging two exploration blocks in Colombia.
US crude for December 2008 lost $2.09 at $54.95 on Monday, 17 November 2008, the lowest settlement since late January 2007 as worries about the economic outlook in the United States and Japan stoked concerns about global fuel demand.
Binani Industries tumbled 18.87% after the company cancelled a proposed share swap with two group companies.
Kalindee Rail Nirman Engineers galloped 20% after a block deal of 4.97 lakh shares, or 4.43% of the equity, was struck at Rs 115 on NSE.
Hardcastle & Waud Manufacturing Company was locked at 5% lower limit at Rs 210.65 at 13:02 IST on BSE, on closing down synthetic resins operations due to lack of orders.
Everest Kanto Cylinder rose 2.5%, after the company said it has deferred a buyback plan.
Pantaloon Retail India declined 2.99% on divesting its stake in an equal joint venture with British airport retailer Alpha Group Plc.
GVK Power & Infrastructure clocked the highest volume of 1.61 crore shares on BSE. Suzlon Energy (1.03 crore shares), Unitech (72.12 lakh shares), Steel Authority of India (66.22 lakh shares) and Reliance Natural Resources (63.49 lakh shares) were the other volume toppers in that order.
Reliance Industries clocked the highest turnover of Rs 345.98 crore on BSE. Reliance Capital (Rs 137.56 crore), State Bank of India (Rs 133.18 crore), ICICI Bank (Rs 120.23 crore) and Reliance Infrastructure (Rs 117.68 crore) were the other turnover toppers in that order.