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GLOBAL MARKETS

US Markets

The US markets gained about half a percent on Friday.

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GLOBAL MARKETS

US Markets

The US Markets plunged on Tuesday after Moody’s downgraded 399 subprime mortgage backed securities and Standard & Poor’s also said that it may downgrade ratings on $12 billion of subprime related debt, deepening the US subprime mortgage crisis. The stocks of investment banks, brokerages, mortgage and housing related companies saw a sharp cut. Home Depot cut its 2007 earnings outlook on the back of housing slump in the US. Sears Holdings, a retailing chain of US fell about 10 percent to $154.21, J.P. Morgan Chase declined 2.6 percent at $47.51, Walmart Stores fell 1.9 percent to $47.58, Target Corp fell 2.9 percent to close at $64.81, Home builder D.R. Horton was down 2 percent at $19.40 and Countrywide Financial Corp fell 3.7 percent at $35.86. The US markets shed more than 1 percent and there are expectations of further slump in the housing market there.

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The company had recently come out with an IPO which remained opened from 2nd July to 5th July 2007. The issue received an overwhelming response from the investors and was oversubscribed 60.88 times as per the details given hereunder.

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DLF was listed at Rs. 582 in the morning as against its issue price of Rs. 525 and then it came down and is currently trading around Rs. 542. The stock has made a high of Rs.583.95 and a low of Rs.526.60 till 11.45 a.m. The poor listing impact has been felt across the board in the real estate sector and most of the real estate players have corrected significantly. Unitech is down more than 5 percent at Rs. 523, Parsvnath is down about 6 percent at Rs. 354, Mahindra Gesco is down about 3.5 percent at Rs. 554 and Indiabulls Real Estate is down about 5 percent at Rs. 428.

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The cement companies have raised the prices of cement by Rs. 3 to Rs. 5 per 50 Kg bag across India as per the reports displayed in a business news channel. The move comes after the Finance Minister Mr. P Chidambaram said on a news channel that the Government is not controlling cement prices and there is a free play in the market. The cement stocks are up on the back of this news, ACC is up 3 percent at Rs. 970, Gujrat Ambuja is up 3 percent at Rs. 129 and Grasim Industries is up more than 1 percent at Rs. 2734.

Vishal retail, which recently came out with an IPO, had a very good listing today morning at Rs.472.5 as against its issue price of Rs. 270 per share. Today till 11.20 a.m. the newly listed stock has made a high of Rs. 784.40 and a low of Rs.472.5 and is currently quoting at Rs. 725. The issue was priced at a very low PE as compared to its peers in the retail sector and was oversubscribed more than 80 times.

The salient features and extracts from the Red Herring Prospectus of the issue are given hereunder:

Issue Opens On : July 02, 2007
Issue Closes On : July 05, 2007
Issue Size : 45,22,435 equity shares
Face Value : Rs.10/-
Price Range : Rs. 170 to Rs. 190/-
Issue Type : Book Building
Tick Size : Re.1/-
Market Lot : 35
Minimum Order Qty : 35
Listing Stock Exchange : NSE, BSE

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The markets have been direction less in the last few days and there were abrupt moves both sides. We are discussing the performance of some stocks which were recommended on this site (under daily tips) during last ten days.

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The salient features and extracts from the Red Herring Prospectus of the issue are given hereunder:

Issue Opens On : June 27, 2007
Issue Closes On : July 03, 2007
Issue Size : 49,00,000 equity shares
Face Value : Rs.10/-
Price Range : Rs. 1020 to Rs. 1090/-
Issue Type : Book Building
Tick Size : Re.1/-
Market Lot : 5
Minimum Order Qty : 5
Listing Stock Exchange : Already listed on NSE, BSE

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The salient features and extracts from the Red Herring Prospectus of the issue are given hereunder:

Issue Opens On : June 25, 2007
Issue Closes On : June 29, 2007
Issue Size : 3,40,00,000 equity shares
Face Value : Rs.10/-
Price Range : Rs. 17 to Rs. 20/-
Issue Type : Book Building
Tick Size : Re.1/-
Market Lot : 300
Minimum Order Qty : 300
Listing Stock Exchange : BSE, NSE

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