Recent Happenings

• Sensex loses 700+ points or 4.5% after hitting a new high at 15868.

• Global stocks indices plunge on US credit woes.

• Cement companies under MRTPC scanner for increasing cement prices.

• Declared quarterly results indicate lowest growth in five quarters.

• Market Turnover crosses Rs.1 trillion mark on the last day of settlement.

• Inflation up at 4.41% against 4.27% in the previous week.

• RBI quarterly review scheduled for the next week.

• Govt wraps Indo-US nuclear deal.

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Major losers of the past week

1. SBI : Double Top at 1620, breaks the rising channel with a falling gap
2. HDFC : Double Top at 2045 confirms below 1898. but rising channel is breaking
3. RPL : Potential H & S top formation broke the neckline
4. Cairns Indiia : H & S top formation achieves its minimum target
5. IVRCL Infrastructure : H & S top formation achieves its minimum target

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Grey Market Premium (Updated)

Alpa Labs - (On Discount. The IPO was poorly subscribed.)
Omaxe - Rs 110.
Omnitech Info - Rs 115.
Zylog - Rs 310.
IVR Prime Urban - Rs 12.
Central Bank - Rs 38.
SEL - Rs 16.
Asian Granito India - Rs 18.
Purvankara - Rs 40.
Refex - Rs 18.
Take Solutions - Rs 275.

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Buy IVRCL Infra below 380

IVRCL continued its splendid performance in Q1FY08 with a growth of over 55% to its topline as well as bottomline. The company als o added over Rs21 billion to its order backlog which currently stands at Rs 95 bn. The company had raised over Rs5.5 bn through the QIP route during FY07 which would help the company meet its funding requirement for various BOT projects and meet the working capital requirement. The Company has also recently successfully launched the IPO of its real estate subsidiary IVR-PUDL and has raised over Rs 7.8 bn from the same. We believe that the company's growth trajectory will continue in future and the pace of order accretion provides added visibility. We recommend a buy for this with a view of 9-12 month with a target price of 510.

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