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Monday, December 29, 2008

Market outlook for the day&A hot pick

The Sensex opened neutral and then weakened as expected and later in a late reversal bounced off from 9160 levels. The reversal came about 60 points higher than anticipated. While the volumes were higher by about 38%, conviction wasnt of a very high order. Nevertheless, it is a reversal for traders and now unless we see a close below the 9100 mark, gear up for some higher ground.The strengthening of the Crude augurs well for Crude producers like Hindustan Oil and Cairn, where a decent addition to Open interest was seen in the derivatives. While there is no serious threat to the Gulf oil supplies because of the Israeli action in Gaza, the fact that Crude is sitting up and taking notice of perceived geo-political threats is a harbinger of good news for the oil bulls.

Scripscan:Bharati shipyard
Traded in:Bse-nse

Story:Bharati Shipyard designs and constructs sea going, coastal, harbor and inland crafts and vessels. Its product-range has been upgraded from the simple inland cargo barges, deep-sea trawlers, dredgers, maneuverable and power-packed ocean-going tractor tugs, cargo-ships, tankers and vessels with applications in the offshore industry.Bharati offers a wide product variety and its reputation with customers like Reliance Industries, GESCO, and the Indian Navy fetches repeat orders. Globally, single-hull vessels have to be phased out by 2015, which will accelerate demand.Also according to the statistics available from CNOOC, the average annual demand for new vessels between 2006 and 2015 will stand at 50 mn dwt, 20% higher than the average annual building capacity of the last decade. Further the Korean and Japanese yards too are booked with orders for bigger and profitable ships like containers and LPG carriers. Thus the remaining demand will shift to China and India and it is important to note that India beats China in terms of quality when it comes to sophisticated ships and hence Bharati will lead the pack of shipyards to bag such orders.The massive order book of the company is self-explanatory of success achieved by Bharati till date.

Conclusion:Its not a valuation play but a play on the prospects of the huge upcoming oppurtunities,the demand etc.Considering all these and the potential growing forward,Bharati shipyard is a great buy at current levels.

I can be reached at:-arunanalyst@rediffmail.

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