The market opened on a sluggish note on the first day of the week (July 16- July 20) and traded in a subdued manner in the initial three days of the week. Market, however, managed to make a good come back in the last two trading days to rise 264.38 points, backed by good results posted by the companies and regained investors confidence in the market.

The BSE Sensex gained 292.83 points in the week to settle at 15,565.55, while the NSE Nifty gained 61.50 points to end at 4,566.05.

On Monday (Jul. 16, 2007) the benchmark index opened positive at 15,295.03. Later the Sensex slipped into negative and continued to trade flat for most part of the day. It touched an intra-day high of 15,341.38 to close on a positive note. The BSE Sensex on Monday, finally settled at 15,311.22, up 38.50 points, while the broad-based NSE Nifty closed at 4,512.15, up 7.6 points

On Tuesday (Jul. 17, 2007) the BSE sensitive index opened strong at 15,357.60. It proceeded to trade firmly backed by sustained buying pressure in index heavyweights. However, the index lost its strength, finally slipping into the negative to end on a flat note. It touched an intra-day high of 15,440.20 and low of 15,272.46. The BSE Sensex on Tuesday, finally settled at 15,289.82, down 21.40 points, while the broad-based NSE Nifty closed at 4,496.75, down 15.4 points.

On Wednesday (Jul. 18, 2007) the BSE index opened at 15,296.06 and continued to trade flat for most part of the day. Later it slipped into the negative and moved further down backed by sustained selling pressure in index heavyweights. However, the Sensex bounced back to end finally positive on a flat note. It touched an intra-day high of 15,325.78 and a low of 15,160.27. The BSE Sensex, finally settled at 15,301.17, up 11.35 points, while the broad-based NSE Nifty closed at 4,499.55, marginally up 2.8 points.

On Thursday (Jul. 19, 2007) the BSE sensitive index opened strong at 15,357.38. It proceeded to trade firm throughout the day backed by strong results and sustained buying pressure in index heavyweights. It finally closed on a cheerful note. The BSE Sensex, after touching an all time high of 15,593.31, finally settled at 15,550.13, up 248.96 points, while the broad-based NSE Nifty closed at 4,562.10, up 62.55 points.

On Friday (Jul. 20, 2007) the BSE sensitive index opened at a new high of 15,625.63. It proceeded to trade strong backed by intense buying interest in index pivotals and was rangebound in the afternoon trades. However, the Sensex before final hour of the close, lost its strength to end on a flat note. The BSE Sensex, after touching an intraday high of 15,683.03 and low of 15,524.68, finally settled at 15,565.55, up 15.42 points, while the broad-based NSE Nifty closed at 4,566.05, up 3.95 points.

Corporate Results

Power Finance Corp. (PFC) registered a growth of 2.03 times in earnings, helped by strong revenue growth, for the quarter ended June 2007. During the quarter, the company witnessed a rise in profit to Rs 3,086 million from Rs 1,519 million in the same quarter, last year. The total income for the quarter rose 35.58% to Rs 11,458.08 million, while the interest earned for the quarter stood at Rs 11,444.81 million, when compared with the corresponding quarter, a year ago.

Leading manufacturer of tea, Tata Tea registered a 42.95% decline in consolidated net profit, despite of healthy revenues, for the quarter ended June 2007. During the quarter, the company saw decline in consolidated profit to Rs 456.8 million from Rs 800.7 million in the same quarter, last year. The consolidated total income for the quarter rose 27.58% to Rs 10,287.9 million compared with the corresponding quarter, a year ago.

Zee Entertainment Enterprises reported a phenomenal jump in net profit for the quarter ended June 2007. During the quarter, the company`s profit rose 4.11 times to Rs 641.40 million from Rs 156.00 million in the same quarter, last year.

Hexaware Technologies, a leading global provider of IT & BPO services, on consolidated basis posted a 12.26% decline in profit to Rs 261.21 million for the quarter ended June 2007 as compared with Rs 297.71 million for the quarter ended June 2006. Total Income increased from Rs 2,128.93 million for the quarter ended June 2006 to Rs 2,667.52 million for the quarter ended June 2007.

Software major Wipro reported 16.95% increase in consolidated net profit to Rs 7,256 million for the quarter ended Jun. 30, 2007 as against Rs 6,204 million in the corresponding quarter, a year ago. Total income increased 33.75% to Rs 42,033 million for the quarter ended Jun. 30, 2007 from Rs 31,425 million for the quarter ended Jun. 30, 2006.

Ranbaxy Laboratories on consolidated basis posted a 2.17 times jump in net profit to Rs 2,635.00 million for the quarter ended Jun. 30, 2007 as compared with Rs 1,211.00 million for the quarter ended Jun. 30, 2006. Total income (net of excise) rose 14.80% from Rs 14,713.00 million for the quarter ended Jun. 30, 2006 to Rs 16,890.00 million for the quarter ended Jun. 30, 2007.

ACC reported a drop of 13.4% in net profit for the quarter ended June 2007. During the quarter, the company posted profit of Rs 3,512.40 million compared with Rs 4,055.80 million in the same quarter, last year. Total income climbed 28.33% to Rs 18,962.50 million in the quarter from Rs 14,776.30 million in the same quarter, a year ago.

Larsen & Toubro (L&T) reported a phenomenal jump in net profit for the quarter ended June 2007. During the quarter, the net profit of the company rose 2.40 times to Rs 3,768.5 million from Rs 1,571.3 million in the same quarter, last year. Total income climbed 33.83% to Rs 47,166.8 million during the quarter from Rs 35,243.3 million in the same quarter, a year ago


New Listings

Equity shares of telecom service provider Spice Communications were listed on Jul. 19, 2007 on the bourses. The scrip opened at Rs 55.75. It touched a high of Rs 67.05 and a low of Rs 48.50. The shares finally ended the day at Rs 60.65 at the BSE.

Hyderabad-based Celestial Labs initial public offer (IPO) got listed on Jul. 17, 2007 at 25% premium to its issue price of Rs 60 on the National Stock Exchange (NSE). The scrip opened with a premium of 25% at Rs 75.


Eco-watch

The annual wholesale price index (WPI)-based inflation stood at 4.27% during the week ended Jul. 7, 2007, unchanged from its previous week`s level. The annual rate of inflation stood at 4.83% as on Jul. 8, 2006 i.e. a year ago.