Stock Market update

Finally, market reversed and stayed above dotted line.

Sensex closed higher by around 90 points (up 0.6%), the gains on the Nifty stood at around 20 points (0.4%). The BSE Mid cap and Small cap indices however witnessed contrasting trends as while the former closed with gains of 0.2%, the latter edged lower by around 0.7%.

Prism Cement’s Net Profit up 133%

The company has announced its second quarter results. The companys Q2 net profit was up 133% at Rs 35 crore versus Rs 15 crore, YoY.However, the stock has down 9.6%!!

We recommend to buy from now to any further dips.

Invest in Quotes

"The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective."

- Warren Buffett

In 44 years of Wall Street experience and study, I have never seen dependable calculations made about common-stock values, or related investment policies, that went beyond simple arithmetic or the most elementary algebra. Whenever calculus is brought in, or higher algebra, you could take it as a warning signal that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment."

- Benjamin Graham

Update: Pyramid Samaira

Finally, some positive news for Pyramid Samaira!!

• Kolkata based RBD group buys 40% stake in company. RBD buys production arm of company for Rs 40 crore
• Pyramid to sell 40% in all its subsidiaries

See some action in this scrip today!!

Gold Price move yesterday

It is reported that Standard Bank said that gold getting a physical backstop due to festival demand from India. Bank says gold demand in India, the largest gold consuming market, is gaining momentum ahead of country's Diwali festival which falls on Oct. 17.

However, gold prices declined in Mumbai on the bullion market here today on emergency of selling by stockists at higher levels yesterday. At the same time, silver moved up on good industrial demand. Meanwhile in Tokyo, gold stayed above the USD 1,000 an ounce as the dollar remained pressured after last week's jobs data pushed the currency down broadly on concerns the US economy recovery may not be as robust as expected earlier.

Now it is rain to threat sugar supplies

News coming out that unseasonal rains, both current as well as forecast, are likely to delay the start of crushing operations by sugar mills in the 2009-10 season (October-September). That could lead to a precarious sugar supply position in November, exacerbated by the Centre’s move to release most of the stocks lying with mills during the current month itself.

The recent heavy rains in Andhra Pradesh, Karnataka and Maharashtra are reported to have submerged large cane growing areas in these States.

Result: Prices for sugar may shootup further

Elecon Engineering

India Capital Markets has recommended an accumulate rating on Elecon Engineering Company with a target price of Rs 114.