|A2Z Maintenance & Engineering Services|
Wednesday, December 08, 2010
Indian equities continued to decline for the second day on Wednesday. The Sensex settled on a disappointing note due to weak global cues, fuel price hike fears and aggressive selling pressure seen across board. It touched a low of 19,611.35. In sectoral space, consumer durable, realty, banking and metal lost ground.
Religare Capital Markets has set a target for Sensex and Nifty at 24,000 and 7,000 respectively for December 2011, indicating a 21% upside from current levels. It expects Sensex profit growth of 21% and 16% respectively over FY11/FY12 with steady 20% ROEs that will sustain 1-year forward P/E multiple of 17x (leading to Sensex target of 24,000).
F&O turnover surges past Rs 1 lakh crore mark
Nifty December 2010 futures were at 5925.20, at a premium of 21.50 points over spot closing of 5903.70. Turnover on NSE's futures & options (F&O) segment surged to Rs 106805.30 crore from Tuesday's (7 December 2010) Rs 97276.98 crore.
Tata Motors December 2010 futures were at a discount at 1329, compared with spot closing of 1340.
State Bank of India December 2010 futures were at 2827.05, at a premium over spot closing of 2806.
Tata Steel December 2010 futures were at a slight premium at 626.30, compared with spot closing of 624.55.
In the spot market, the 50-unit S&P CNX Nifty lost 72.85 points or 1.22% to settle at 5,903.70, as data showing selling by foreign funds on Tuesday, 7 December 2010, dampened sentiment.
The Sensex fell for the second straight day and closes 238 points down owing to heavy sell-off across the sectors
Rigging in Ruchi Soya, KS Oil, IRB Infra suspected
Local car sales up by 21%, bikes 16% in November
HCL Technologies inks pact with Ricardo Electro; the stock ends 0.68% higher
The key benchmark indices extended losses for the second straight day as data showing selling by foreign funds on Tuesday, 7 December 2010, marred sentiment. A newspaper report that oil marketing companies are likely to hike fuel prices following rise in global crude oil prices, also stoked inflation concerns. Volatility was high in the second half of the trading session. European stocks edged lower in volatile trade. US index futures also slipped in volatile trade. Most Asian stocks fell.
Claris Life science
Manganese Ore Ltd.
340 to 375
175 to 178
135 to 140
Ravi Kumar Distilleries
56 to 64
4 to 4.50
A 2 Z Maintenance
400 to 410
44 to 45
(High : 130)
(Low : 35)
One 97 Communication
5 to 6
One way to keep momentum going is to have constantly greater goals. - Michael Korda.
After last week’s stellar recovery the momentum seems to have eased a little this week. The broader market too has not been able to turn things around. Some cooling in FII inflows has made matters worse. Indecisive global markets have not helped either.
The market may edge lower for the second straight day on reports oil firms will raise petrol and diesel prices by Rs 2 a litre after a week as crude touched a two-year high of $90 a barrel on Tuesday, 7 December 2010. Higher diesel prices will raise transportation costs, which in turn will stoke inflation. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate a decline of 32.50 points at the opening bell.
For the second straight day, the Indian market remained more or less subdued, with the two key indices drifting lower at the end of a fairly listless session. The undertone remained jittery amid the overhang of the various scams and cloudy outlook on the global economy.
Markets are likely to begin on a negative note on back of weak Asian markets. The markets may trade rangebound in absence of any triggers
Headlines for the day:
ONGC board to consider stock split, bonus issue
Jyoti Structures looks West to diversify, will invest Rs55 crore
CESC ventures into hydel sector
A2Z Maintenance & Engineering Services (A2Z), promoted by Amit Mittal, was incorporated in FY 2003 as a facility management service (FMS) provider, supporting the infrastructure and integrating business and people. From FY 2006 onwards, the company went into the EPC business within the power transmission and distribution sector with focus on the distribution segment. Apart from the EPC/engineering services business, the company is significantly focused / involved in (i) generating power from renewable energy sources; (ii) providing municipal solid waste (MSW) management services; and (iii) developing information technology solutions for power utilities.