Market Forecast for 04.09.07

The market opened positive but remained volatile throughout the day. The market seems to be tired and a further upmove can be seen in the coming days to come. I advise all traders to kindly book profits in every rise. However, positional buyers can stay long above 4385.


Today, market may open flat or positive with gap up attached with high volatility and remain long only above 4475 with SL 4460 for a tgt of 4495-4515. If it remains below 4475 keep short with SL 4490 for tgt 4450-4435. dont short blindly. Play with the mood of the market and mint money, Happy investing

[03/09/07] Calls...

BEST BUY

GMR INFRA (BUY) 810 (Target1) 818 ( Target 2) 825 (Sl) 796

PARSVNATH (BUY) 303.5 (Target1) 309 ( Target 2) 313 (Sl) 296

HFCL (BUY) 20.6 (Target1) 21.25 ( Target 2) 21.80 (Sl) 19

[TARGETS ACHIEVED]

[03/09/07] Calls...

BEST BUY

GMR INFRA (BUY) 810 (Target1) 818 ( Target 2) 825 (Sl) 796

PARSVNATH (BUY) 303.5 (Target1) 309 ( Target 2) 313 (Sl) 296

HFCL (BUY) 20.6 (Target1) 21.25 ( Target 2) 21.80 (Sl) 19

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Intraday calls for 31 Aug

BEST BUY

BANK OF INDIA (BUY) 238.45 (Target1) 241 ( Target 2) 244 (Sl) 232

MOSER BAER (BUY) 306 (Target1) 309 ( Target 2) 313 (Sl) 299

INDIABULS REAL EST (BUY) 472 (Target1) 477 ( Target 2) 482 (Sl) 459

GIPCL to set up two lignite-based power plants

Gujarat Industries Power Co Ltd (GIPCL) is proposing to expand its lignite-fired power generating capacity with an investment of Rs 1300 crore by installing two units of 250 MW each.

The estimated investment covers the plants at Nani Naroli, a small village about 45 km from Surat in south Gujarat, and lignite mine expansion.

Company sources said the project would be financed by debt and internal accruals. While the debt portion would be around 70 per cent, about Rs 400 crore would come from internal accruals.

The Vadodara-based company already has two 125 MW units of lignite-fired power plants in Nani Naroli. Bharat Heavy Electricals Ltd (BHEL) is executing two more units, both of which are to be completed by 2008.

For the new expansion project, the company had invited technical bids for the EPC contractor. The last date for submission of the bids was Aug 16.

The additional units of 250 MW will use the eco-friendly circulating fluidised bed combustion (CFBC) steam generators technology. The company has the option to up the installed capacity by 20 percent taking advantage of the new facility.

GIPCL was promoted by Gujarat Urja Vikas Nigam Ltd (GUVNL - erstwhile Gujarat Electricity Board), Gujarat State Fertilizers and Chemicals Ltd (GSFC), Gujarat Alkalies and Chemicals Ltd (GACL) and Petrofils Cooperatives Ltd.

It commissioned its first power project, a 145 MW gas-based combined cycle power plant, in February 1992 at Vadodara. Power from this plant is distributed to its promoters in proportion to their original equity holding.

The company expanded its capacity and commissioned a 160 MW naphtha and gas-based combined cycle power plant here in November 1997 as independent power producer (IPP) with a power purchase agreement (PPA) with GUVNL. Later it commissioned the 250 MW lignite-based power plant