Stock markets rose on expectations of further stimulus measures in the week before vote-on-account. The Sensex increased 333 points or 3.6 per cent to 9,635, while Nifty rose 105 points or 3.7 per cent to 2,948. The CSO pegged GDP growth for FY09 at 7.1 per cent, which would be the slowest in the last six years.
The index of industrial production, too, slipped to a negative 0.2 per cent. All these along with subdued global markets however, were not able to stop the domestic indices from inching up. The sentiment was helped by FIIs who were net buyers to the tune of Rs 425 crore. Inflation numbers also slipped from 5.07 per cent to 4.39 per cent.
What to expect this week
The acting finance minister, Pranab Mukherjee, is expected to announce tax sops and sector-specific measures to revive the weakening domestic economy through the interim budget for 2009-2010, today. As the budget would be presented in the market hours, expect the market to be volatile thoughout his speech. Globally, the outcome of G7 meeting could spell out some steps to rescue the deteriorating world economy. Global indices could sway the direction of domestic indices, in a week of important domestic news developments.
| STOCK TO WATCH Bartronics Last week's close (Rs) 76.83 Prev. week's close (Rs) 67.65 Week's high (Rs) 81.35 Week's low (Rs) 65.70 Last week's ave. daily turnover (Rs cr) 3.90 Prev. week's ave. daily turnover (Rs cr) 1.441 Number of up/down move 4/1 Shares of Bartronics India could witness action on the bourses after the company announced bagging a project from Municipal Corporation of Delhi to set up and manage 2,000 kiosks in Delhi. |
The company expects revenues to the tune of Rs 5,000 crore from this project over a nine-year period. Not long ago, Bartronics had won a tender to supply RFID tags to Singapore government’s Housing and Development Board. per cent.
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The global expansion along with AIDC, smart card businesses have sustained the operating performance of the company. Going forward, on the back of Visa-Master certification, the company is expecting orders from banks to filter in. At Rs 77, the stock is trading at 7 times its trailing FY08 earnings.