Sharekhan Research maintained purchase rating on Sun Pharmaceutical Industries with target price of Rs 1287. At current market price Rs 965, stock valued at 21.6x FY2008E and 18.1xFY2009E fully diluted earnings.

Result highlights:

Punjab National Bank said that it may increase term depository rates by the coming month after observing the RBI’s monetary policy declarations on July 31.

While declaring the Q1 results, PNB chairman K C Chakrabarty said, “I don't see any possibility of lending rates being increased.”

Whilst he anticipated that RBI strategy would aim to conserve interest rates, he added that the bank had the lowest depository rates in the banking industry. Presently, the bank may swell the rates from 8.25-8.5 percent by about 50 basis points next month.

Ranbaxy Laboratories leads the gainers path on the Sensex. In morning trades, the share is quoting at Rs 364.40, which is up Rs 23.35, or 6.85%.

It touched an intraday high of Rs 365.50 and an intraday low of Rs 340 during the day.

Today, the scrip is trading with volumes of 523,094 shares. Yesterday the share ended the day on a dreary note after losing 1.02% or Rs 3.50 at Rs 341.05.

Indonesian authorities issued a tsunami warning after a 6.6 magnitude quake hit the area.

The earthquake was centered 57 km under the seabed some 234 km northwest of Ternate’s town, the capital of province of North Maluku.

US Geological Survey put the quake at a magnitude of 7.4.  

Indonesia was worst hit by 2004 Indian Ocean tsunami that left 168,000 people in the Aceh province dead.

Emkay Research report on GTL:

GTL reported the net sales for quarter grew by 78% yoy to Rs 4.1 billion, EBIDTA raised by 107% yoy to Rs 606 million, PAT decreased by 7% yoy to 321 million; APAT grew by 129% yoy to Rs 408 million. EBIDTA margins gains by 206bps yoy to 14.9%. GTL made an agreement with France Telecom to sell off its enterprise solutions and managed services business in all cash deal valued at USD 40 million.

Business sell off includes the transfer of customer base of business along with the relationships with the technology providers such as Alcatel, Lucent, Nortel, Juniper, Verint, etc. along with 590 employees.

The Taoiseach is defending the contact he made with an AIB official to inquire about transactions under investigation by the Mahon Tribunal.

Jim McNamara told the tribunal that Bertie Ahern contacted him this year to ask about particular lodgements being investigated by inquiry, told Jim McNamara to tribunal.

Mr. Ahern was marveling what conclusive evidence the bank had that three specific lodgements made in the 1990s were foreign exchange transactions.

Mr. McNamara accepted that it was a very unusual request from the Taoiseach.

According to technical Analyst, Sudarshan Sukhani the investors should stay away from Reliance Capital.

Sukhani said, “Nagarjuna Fertilizer first the stock has broken out,4:46 PM 7/26/2007 5-10-20 year base and it’s the stock that clearly is going to go places I don’t know how much time it is going to take. But it’s a stock one need to buy and in fertilizers it might be an out performer in the broad market also, so I like that stock.”

Finquest Research is expecting Kewal Kiran Clothing and recommended buy rating on the stock with a target of Rs 278.

Finquest Research report on Kewal Kiran:

Kewal Kiran Clothing, KKCL’s Q1FY2008 results increase with 21.5% YoY and 16% rise in revenues. Significant pressure on margins in H2FY2007 on account of lower stores straighten resulting in higher advertising & selling expenses.

Valuation: KKCL is well pitched to achieve estimated EPS of Rs 18.9 and Rs for FY2008E and FY2009E.

New Delhi: Yesterday, the government generally suggested about a rise in petrol and diesel costs, even though it has kept retail prices unaltered.

Petroleum Minister, Murli Deora told, “We are trying very hard to see that prices are not increased, (but) I cannot say if they will never be raised.”

The BSE Sensex was in a pessimistic mode today and finished the day with a nearly 100 points deficit.

Remarking on the weak spot in the market technical analyst Vishwas Agarwal believed that the weakness was mainly because of factors upsetting the international markets, which were also down today.

He added that a few spheres that had caught rather a sharp increase in the past few days including cement and banking were calming down slightly. Simultaneously some increase is envisioned in fence sitters like ITC, Reliance Capital and Infosys.

Steel Authority of India Ltd (SAIL) has declared the results for the quarter ended June 30, 2007. The company has posted 10 percent growth in its net earnings.

SAIL’s profit after deducting tax (PAT) stood at Rs 1525.12 crore for the quarter ended June 30, 2007 as against Rs 1386.41 crore for the quarter ended June 30, 2006.

Total Income (net of excise) has also augmented from Rs 7713.53 crore for the quarter ended June 30, 2006 to Rs 8346.40 crore for the quarter ended June 30, 2007.

Blue Star increased 5.59% to Rs 266.50 in afternoon trades after its net profit zoomed 205.75% in first quarter ended June 30, 2007.

The air-conditioning equipment manufacturer announced its quarterly results during market hours today, 25 July 2007.

The scrip of the market leader in central air-conditioning and commercial refrigeration reached a high of Rs 268.90, which is its record high, and a low of Rs 249 during the day.

It scrip has had its 52-week low of Rs 116 on 24 July 2006.

India’s biggest cigarette maker, ITC zoomed 8.93% to Rs 165.85 and topped gainers in ‘A’ group shares on the Bombay Stock Exchange (BSE). It gained on speculation that a noteworthy enhancement in cigarette sales may improve the company’s income this year. ITC will declare Q1 June 2007 results on 27 July 2007. The other performers of the day include Mastek, Pidilite Industries, Thermax, Housing Development and Infrastructure.

B Sahu, Khandwala Securities said that today market being knocking down by 96 points was estimable for the market as alteration is long overdue. Overall money flow in the market is fine, FIIs are pouring in money in the markets since last few trading sessions.

According to him, this is the moment for re-balancing and reshuffling the range. He commends investors to gather stocks of companies that are expected to nurture in coming future.

“It is moment to select your sector and stock,” said Mr. Sahu.

He also added that overall market trend is cheerful and optimistic. Tomorrow (July 26) is a decisive day for market because of F&O expiry. So, investors should watch out for global cues for Thursday`s trading session.

New Delhi: Enterprise software company Oracle said it will make a research and development (R&D) system for its 19 centers across Asia Pacific and Japan to manufacture, check and showcase technological innovations.

The novel single system will connect 19 development and solution centres that include six Oracle Asia R&D Centres (OARDC) in India, Japan, Korea, Singapore and two in China in addition to 13 solution centres in the Asia-Pacific region.

New Delhi: Pratibha Patil made history by becoming the country’s first woman President. Ms. Patil took the oath of office in the historical Central Hall of Parliament in the company of her highly popular forerunner A P J Abdul Kalam, Prime Minister Manmohan Singh and Congress President Sonia Gandhi.

Heads of all political parties, including the BJP, Governors and Chief Ministers and the diplomatic corp also accompanied the ceremonial occasion.

Rahul Mohindar said that ‘Unitech’ has support at Rs 550.

Mr. Mohindar said: “Real estate and infrastructure these are –these are spaces that we linked. On declines we are looking at buying opportunities. We have been commending Unitech for some time, Rs 620-650. Those are the medium term and long term targets respectively. I think the intra-day correction that we have seen today is really an opportunity to buy. There is very big support at about Rs 550 for this stock. So, Unitech would be one, which we will pick in real estate.”

Seattle: Amazon.com Inc.’s recorded three-fold increase in its profit for the second quarter ended June 30, 2007.

The company stated that its income boosted on the back of healthy sales of books, music and electronics internationally. The company’s stock surged 12.5 percent in after-hours trading.

The web retailer’s earnings for the three months mounted to $78 million, or 19 cents a share, as compared to $22 million, or 5 cents a share in the same period last year.

The quarterly results exceeded Wall Street’s outlooks. Analysts estimate a profit of 16 cents per share.

The 30-share index opened unenthusiastically and trading weak. Select stocks from IT led the advancements while auto, cement, telecom and banking led the declines.

Asian markets also turned down in the early sessions on fears of the rejection in the housing demand in USA.

Bharat Thakur, assistant manager, Karvy stock broking told that some profit booking is expected to take place today. He is confident on power sector and commends Reliance Energy and HDFC for trading.

Pratibha Patil will become India’s first woman President as she will be sworn in as the 12th President of the Republic in the Central Hall of Parliament at 2.30 today.

Ms. Pratibha will become the first woman to hold the country’s uppermost constitutional position, and she will be referred to as Rashtrapati.

K G Balakrishnan, Chief Justice of India will oversee the oath of office and confidentiality to the novel President.