Heard on the Street
Fielding questions post the SEBI board meet on Wednesday, chairman M Damodaran commented that he has no advice for the day trader.
By Gaurav Pai, Shailesh Menon & Apurv Gupta, TNN |
Damodaran roots for retail investors
Fielding questions post the SEBI board meet on Wednesday, chairman M Damodaran commented that he has no advice for the day trader. The chairman alluded to the SEBI preamble, which states that the market regulator is there to protect only the retail investor.
“If an investor fancies himself as a day trader, I cannot help it,” he said. The comment was in response to a query on the significant losses undertaken by several market participants. Mr Damodaran said that the loss is “real” only if the shares are sold at a price less than that they are bought at. Otherwise, the losses are only notional, he said.
He was referring to the headlines screaming loss of market capitalisation. However, the SEBI chief stressed on the fact that the market did not face a single payment crisis in the recent past due to efficient risk management systems in place.
Gujarat NRE Coke finds favour with investors of Oz
ADVERTISEMENT
A batch of foreign investors led by an Australian fund were seen buying shares of Gujarat NRE Coke in good numbers. According to these investors, floods in Australia, freezing weather in China and transport bottlenecks in Indonesia will stoke a sharp rise in the price of coal in other parts of Asia. JP Morgan recently raised its forecast for 2008 coking coal prices to $140 a tonne, a 42% jump from last year's agreed price of $98.38. Its previous estimate was $120 a tonne. It is in this light that foreign investors are accumulating shares of mining major Gujarat NRE Coke in good numbers.
Reports that Indian power companies will have to rely on privately held (non-captive mines) mines to meet their requirements (to generate thermal power) have also helped shares of Gujarat NRE to appreciate 24% over the past one week. The company ended marginally up at Rs 137 on the BSE. The scrip logged good trading volumes as about 26 lakh shares exchanged hands on Wednesday.
Bullish future expectations lift Bhushan Steel
ADVERTISEMENT
Shares of Bhushan Steel have been rising despite the overall weakness in the market. According to market buzz, the company is expected to outperform the industry in the coming quarters thanks to the commissioning of its hot rolled coil (HRC) green-field unit in Orissa by this year-end. According to the analysts, the project will assure easy availability of key raw material and lower input costs. The stock closed at Rs 1,290 on Wednesday, up 1.8% from the previous day’s close. Besides HRC, the proposed unit will also manufacture sponge iron, billets, pig iron as well as generate captive power.
ADVERTISEMENT
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
