CAG REPORT : Reliance Power Plunged, Nifty on 21 August

Indian share market sank after the CAG Report. Comptroller and Auditor General (CAG) gave its report on coal scam. In a report, tabled in Parliament, CAG said 25 firms including Essar Power, Hindalco, Tata Steel, Tata Power and Jindal Steel and Power were benefited to the tune of Rs 1.86 lakh crore from coal blocks allocated to them on nomination basis, instead of competitive bidding. 

The explosive Comptroller and Auditor General (CAG) report on the alleged malpractices in the allocation of coal blocks was on Friday tabled in the Parliament. The report has pegged the loss caused due to irregularities in coal block allocations atRs. 1.86 lakh crore. The initial CAG draft report had estimated the loss at Rs. 10.7 lakh crore.

The major beneficiaries included Tata Group entities, Jindal Steel & Power, Anil Agarwal Group companies, Essar Group's power ventures, Adani Group, Arcelor Mittal and Lanco group. Reliance Power plunged 5.6% and Reliance Infrastructure was down 3% after the CAG said the Anil Ambani-led firm got undue benefit of Rs 29,033 crore when the government allowed use of surplus coal from blocks alloted to Sasan power plant for its other projects. 

Reports stated that the company is developing a 4000 MW project at Sasan in Madhya Pradesh and was allotted captive blocks to fuel this project. The stock is currently trading at Rs87, down Rs5. The stock has hit a high of Rs 94 and a low of Rs 86.

INDIAN SHARE MARKET TREND ON TUESDAY 21 AUG

Indian share market is expected to open lackluster after a long 3 days weekend followed by EID on Monday 20th August. CAG Report will show its effect on next week too. Shares which are efffected by this scam will trade down. Traders and investors are advised not to take any positions in these stocks. Keep a close eye on Reliance shares as this is the stocks which will show volatility on the index.

WHICH STOCKS TO BUY ON TUESDAY 21 Aug CLICK HERE

Nifty Outlook : Which Stocks To Buy Tomorrow 17 aug

The markets traded in a narrow range today and closed with moderate declines. FMCG, metal, consumer durables and banking were the biggest laggards in today's session while capital goods, oil & gas and auto gained significantly. The Sensex closed at 17657, down 71 points from its previous close, and the Nifty shut shop at 5363, down 17 points. The CNX Midcap index was down 0.2% 

SEBI Board Key Takeaways :-

• 20 bps to be added to total expense ratio
• Service tax on MF schemes to be charged to investors
• To set up product labelling mechanism for MFs
• Additional disclosures to be made by AMCs
• AMCs to disclose more on fund inflow data
• To recommend RGEs to govt to make it available to equity MFs
• To ask govt to okay MF eligible under Rajiv scheme
• SEBI clears details for e-IPO
• Long-term growth strategy needed for MFs
• Aim to ensure all IPO applications filed via ASBA
• All IPO applicants must get minimum allocation of shares
• Minimum IPO application limit hiked to Rs 10,000-15,000
• e-IPO facility to be available at 1,000 points initially
• Bonus, right shares eligible for 25% public float norm
• Can decide public float norm on case-to-case basis
• To set up self-regulation body for MF distribution
• No need to file new DRHP if issue size changes up to 20%
• Compulsory book build issue to have 75% for QIBs
• Board approves criteria for rejection of share offer docu
• Non-retail investors cannot cut, withdraw IPO bid
• Non-retail investors can enhance IPO bid price, size
• To cap general corp purpose fund raising at 25% of IPO
• To regulate investment advisors who levy fees
• Standardised disclosure formats for debt issues
• Minimum profit norm for IPOs at Rs 15 crore
• Price band to be disclosed 5 days before IPO opens
• Service tax on MF investor will not be over 2-3 bps

Searching for WHICH STOCKS TO BUY TOMORROW 17 

Aug ????? CLICK HERE 

NIFTY UPDATES FOR MONDAY 28 May 2012

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Breaking the trends of the past few weeks, the markets closed positive during the week with banking and capital goods leading the rally. The Sensex was up 0.3% and Nifty gained 0.5% over the week. The CNX Midcap index was up 0.6%, BSE Smallcap gained 1% while the Bank Nifty closed with 1.4% gain. The BSE Healthcare gained 0.3%, BSE Capital Goods was up 1.5% while BSE OilGas closed with 1.5% gain over the week. The BSE Consumer Durables lost 2.1%, BSE FMCG lost 2.2% and BSE Realty gained 1% over the week. The top Nifty gainers during the week were Ranbaxy, GAIL, Reliance Infra and Axis Bank while the biggest losers included Sesa Goa, Sterlite Industries, Maruti Suzuki and ITC.

NIFTY LEVELS FOR MONDAY 28 May 2012

Pivot Level = 4910 , Support1 = 4885, Support2 = 4849, Support3 = 4824, Resistance1 = 4946, Resistance2 = 4971 , Resistance3 = 5007

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