24/7 Wall St. » SLT

The BRIC Cheer: Stimulus Coming To India (EPI, PIN, IFN, IIF, INFY, TTM, IBN, SLT)

Administrator — Wed, 18 Jan 2012 16:22:37 +0000

India could finally be starting to turn itself around. Now that the nation is no longer so ultra-concerned about inflation tearing apart its population, the country is aiming for some stimulus measures. The FT has reported that the nation is launching a $35 billion public sector investment program. The aim is to boost infrastructure spending as well as to purchase energy even from foreign firms. Of the $35 billion, some $7 billion was earmarked for energy in coal, natural gas, and oil.

As far as how this is impacting closed-end funds and ETFs, the moves are below and the 52-week ranges have been offered so that investors can see just how much pain has been there in the last year:

WisdomTree India Earnings (NYSE: EPI) is up 0.9% at $17.93 and the 52-week trading range is $15.44 to $25.58.

PowerShares India (NYSE: PIN) is up 0.8% at $18.30 and the 52-week range is $15.96 to $24.59.

India Fund, Inc. (NYSE: IFN) is up 0.4% at $21.46 and the 52-week trading range is $18.61 to $33.99.

Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) is up 0.7% at $15.75 and the 52-week trading range is $13.59 to $24.57.

These are no ETFs nor closed-end funds but there are some key ARDs to watch:

Infosys Limited (NASDAQ: INFY) was recently butchered on its earnings and revenue warnings and shares are only up marginally at $52.00 versus a 52-week range of $46.12 to $74.52.

Tata Motors Ltd. (NYSE: TTM) is up 2.2% at $21.18 versus a 52-week range of $14.33 to $29.06.

ICICI Bank Limited (NYSE: IBN) is up only 0.25% at $30.95 against a 52-week range of $24.14 to $51.50.

Sterlite Industries (India) Limited (NYSE: SLT), which operates as a non-ferrous metals and mining company, is up 1% at $8.67 versus a 52-week range of $6.64 to $16.60.

$35 billion might not sound like much when you consider the U.S.-sized stimulus packages and when you consider that India has almost 1.2 billion people versus about 310 million in the U.S. The 2010 GDP on a purchasing power parity was put at about $4.06 trillion and that comes to only about $3,500 in GDP per capita.

$35 billion matters, even if it is going to take more to jumpstart the economy after months and months of tightening and restive monetary measures as the nation fought inflation at the expense of growth.

JON C. OGG

Filed under: ADR, Economy, Emerging Markets, ETF, Infrastructure, International Markets, Mutual Funds Tagged: EPI, IBN, IFN, IIF, INFY, PIN, SLT, TTM

Top Day Trader Alerts (MOS, POT, CIT, NOK, JPM, CTAS, XLNX, PLCM, SLT)

247wallst — Thu, 16 Jul 2009 12:25:30 +0000

These are some of the top stocks to watch this morning for active trading today based on pre-market and after-hours volume activity. There are links through to each with more detailed coverage and volume analysis at VSInvestor.com:

Mosaic Co. (NYSE: MOS) shares are up roughly 12 percent in premarket trade to $50 on takeover speculation, with rivals including Potash Corp. (NYSE: POT) also seeing some early bids.

CIT Group (CIT) shares are likely to see a volume spike Thursday after newspaper reports suggest that a government bailout might not be cards, and talks reportedly broke down.

Stocks moving on earnings this morning include Nokia (NYSE: NOK) and JP Morgan Chase & Co. (NYSE: JPM). Others could move include Cintas Corp. (Nasdaq: CTAS), Xilinx Inc. (Nasdaq: XLNX) and Polycom Inc. (Nasdaq: PLCM).

Sterlite Industries (NYSE: SLT) may see a volume spike lower after a stock offering that priced at a 6 percent discount.

-The 24/7 Wall St. Team

Posted in Pre-Market Activity, Trading Alert Tagged: CIT, CTAS, JPM, MOS, NOK, PLCM, POT, SLT, XLNX

Top Pre-Market Analyst Downgrades (AMLN, BIIB, CIEN, XOM, GFA, MXIM, BTU, SLT, SPWRA)

247wallst — Wed, 28 Jan 2009 13:40:08 +0000

These are some of the top pre-market downgrades and cautious calls we have seen from Wall Street analysts this Wednesday morning:

Amylin Pharmaceuticals (AMLN) Cut to Sell at Canaccord Adams.
Biogen Idec (BIIB) Started as Sell at Brean Murray.
Ciena (CIEN) Cut to Underperform at Credit Suisse.
Exxon Mobil (XOM) Cut to Neutral at UBS.
Gafisa (GFA) Cut to Neutral at UBS.
Maxim Integrated (MXIM) Cut to Equal Weight at Barclays.
Peabody Energy (BTU) Cut to Market Perform at FBR.
Sterlite Industries (SLT) Cut to Sell at Citigroup.
Sunpower (SPWRA) Cut to Accumulate at ThinkEquity.

Jon C. Ogg
January 28, 2009

Posted in Analyst Calls Tagged: AMLN, BIIB, BTU, CIEN, GFA, MXIM, SLT, SPWRA, XOM

Indian ADR’s Unphased By Terror Attacks (INFY, IBN, REDF, SAY, SLT, TTM, WIT)

247wallst — Wed, 26 Nov 2008 15:17:19 +0000

Fresh attacks that appear to be targeted against foreigners in Mumbai, India have failed to thwart a market rally today even in Indian stocks. Reports have foreigners being taken hostage at premiere hotels frequented by the wealthy and by business travelers and some 60 deaths have been reported. Interestingly enough, this has also failed to take out the wind of the Indian ETF’s and Indian ADR’s which are actively traded here in the US. Stock Moves in ADR’s:

Infosys Technologies Ltd. (NASDAQ: INFY) up 6.3% at $24.61
ICICI Bank (NYSE: IBN) down 2.7% at $13.26 (had been up before)
Rediff.com India Ltd. (NASDAQ: REDF) up 5.6% at $2.06
Satyam Computer Services (NYSE: SAY) up over 3% at $12.78
Sterlite Industries (NYSE: SLT) up 7% at $4.80
Tata Motors (NYSE: TTM) down 2.3% at $4.59 (was down most of day)
Wipro Ltd. (NYSE: WIT) up 4.3% at $7.48

We also added in an after-report list to the ETF’s and closed-end funds we track to show a broad interest as well.

Jon C. Ogg
November 26, 2008

Posted in ADR, Emerging Markets Tagged: IBN, INFY, REDF, SAY, SLT, TTM, WIT

ETF Launch: PowerShares India Portfolio (PIN, INFY, IBN, SAY, SLT, TTM, WIT)

247wallst — Wed, 05 Mar 2008 12:58:46 +0000

We have now seen two Indian stock ETF’s successfully launch in the last few weeks. This morning there was another ETF launch on NYSE, although you can see the February news release with the full details. The PowerShares India Portfolio Fund Exchange Traded Fund listed under the ticker symbol "PIN" and began trading on NYSE Arca today. This ETF is based on the Indus India Index and tracks the performance of the Indian equity markets as a whole with representation across the consumer products, information technology, health sciences, financial services, and heavy industry sectors.

According to the press release at NYSE, the following NYSE listed ADR shares are a part of the index currently included in the Indus India Index:

Infosys Technologies Ltd. (NASDAQ: INFY), ICICI Bank (NYSE: IBN) Satyam Computer Services (NYSE: SAY), Sterlite Industries (NYSE: SLT), Tata Motors (NYSE: TTM), Wipro Ltd. (NYSE: WIT)

As a reminder, because of percentage foreign ownership limitation rules and because of ADR conversions, many US-traded ADR’s actually trade at premiums to shares traded locally in India. WisdomTree also recently launched an ETF that tracks Indians stocks at the local exchange level.

Jon C. Ogg
March 5, 2008

Sterlite From India: US Market Stock Offering

247wallst — Mon, 18 Jun 2007 14:31:07 +0000

On Tuesday, we’ll have a special offering that is not a true IPO but is a chance for US investors to be able to invest directly in India without having to leave the US-shores.

Sterlite Industries India Ltd. will list shares on the NYSE under the ticker "SLT" in what technically a secondary offering for the company but an initial public offering in the U.S. This is a subsidiary unit of Vedanta Resources Plc, which has other interests in metals and mining in non-ferrous metals. Sterlite is selling 125 million shares in a public offering of up to $2.1 Billion, and the price will be determined based upon the closing price on the Bombay Stock Exchange. Merrill Lynch, Morgan Stanley, Citigroup, and Nomura Securities are handling the underwriting, and the underwriters will have the option to purchase up to 18.75 million shares in an overallotment option.

Jon C. Ogg
June 18, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.