Sugar decontrol: We need policy action, not committees
Do we need yet another committee on sugar decontrol? The issue has been discussed threadbare: at least two committees had earlier pushed to free the industry from controls. States set the minimum price that should be paid to farmers growing sugarcane. Before elections, incumbent governments try to sweeten the deal for farmers by pushing for high cane rates. In years of glut, when sugar prices fall, mills delay payments.
After years of creeping reform, even today mills are forced to sell 10% of their output to states at pre-determined prices for the public distribution system. India needs a more efficient system than quotas to get sugar to the poor. Many mills, funded by sugar cooperatives controlled by politicians, are too small to operate efficiently. Surely, more than 650 mills are too many to crush 20 million tones.
The industry needs to run along commercial lines to get in shape. Cane growers and local mills enjoy a symbiotic relationship with each other. Neither can do without the other. India does not allow mills to grow cane, and our cooperative rules work against the interests of farmers.
These controls should go. Mills should be allowed to own plantations, as they are in Brazil. Farmers' groups should be allowed to set up companies to operate sugar mills. These steps will create synergy from cane to the finished product.
How should sugarcane be priced? Ultimately, the price of cane depends on the price at which sugar and derivatives like molasses and alcohol can be sold. If state governments scrap the politically-motivated advisory price that they set for cane, a more rational pricing policy, based on the final output, can evolve.
The domestic price of sugar and its derivatives should be controlled by imports in a lean season and exports during a glut. Variable import duties and export taxes should replace the trade caps and bans that we now have.
With greater pricing freedom, fewer controls and state support, weaker mills will fold and consolidation will take place, creating economies of scale. The time for talk is over; the government must implement decontrol now.
Tuesday, January 31, 2012
Stocks in action for the day: SBI, PNB, Glenmark, Coal India, Edelweiss.
Market Outlook: Indian Markets are expected to open higher tracking positive cues from Asian markets while investors will keep a close eye on earnings of leaders which would drive the market sentiments. Technically market is in selling mode and can slide down to around 5000 zones.
Results Today: ICICI Bank, PNB, NMDC, Siemens, Titan, Crompton Greaves, TVS Motors, Dabur Industries, IDBI Bank, Central Bank of India, Jagran Prakashan, Mahindra Holidays, Century Textiles, Shoppers Stop, Union Bank of India, Aban Offshore, City Union Bank, Delta Corp, PTC India, HCL Infosystem, Firstsource Soln, Subex, KEC International , Blue Dart, IPCA Labs, Financial Technologies, Berger Paints, DCM Shriram Consolidated, Usha Martin and Welspun Projects.
Global Markets: It was a show of resilience on Wall Street even as it closed flat. European markets closed sharply lower while Asia is in the green. The Dow reversed a triple digit decline towards the close even as all three indices ended in negative territory.
Global events to watch:
ü The Employment Cost Index is expected to rise to 0.4 % for the fourth quarter. Meanwhile the S&P Case Shiller Home Price Index is expected to contract by 0.4% while consumer confidence is expected to rise to 68.
Global indices Update @ 8:
Dow Jones : 12653 (-06.74)
NASDAQ : 2811 (-04.61)
Nikkei 225 : 8827 (+34.33)
Hang Seng : 20320 (+160.0)
SGX CNX Nifty : 5142 (+37.00)
Gold (USD/t oz.) : 1739
Nymex Crude (F) : 99.41
INR / 1 USD : 49.50
TECHOUTLOOK : Support for Nifty is at 5050 resistance at 5160.
Call for the day:
Buy Tata Global SL 94 Target 106-110.
Sell Crompton Greaves SL 136 Target 125.
Sell Glenmark SL 316-318 Target 300.
Stocks in action for the day: SBI, PNB, Glenmark, Coal India, Edelweiss.
Reliance Industries buyback will open tomorrow.
Mark-to-market forex losses affected pharma major Glenmark's third quarter performance. The net profit almost halved to Rs 86.5 crore. The EBITDA also took a hit, falling 23% YoY.
Essar Oil's wait to exit CDR has been delayed for a few more days. Lenders okayed the proposal but have failed to reach a consensus on compensation to lenders.
After several failed attempts, Starbucks announced its India entry. The company inked a 50-50 joint venture with Tata Global Beverages and outlined an initial investment of Rs 400 crore.
Power producers have sought the government's intervention to ensure cheaper coal for their use. At the recent meeting with the Prime Minister, power producers sought the removal of 5% customs duty and 5% CVD on imported coal. They also sought removal of the 26% profit share for coal mining, arguing that it will put an extra burden on coal prices.
SBI says it has the government's nod for further capital infusion. The government will infuse up to Rs 7,900 crore via preferential allotment share issue.
Punjab National Bank's board has approved the issue of preferential shares to the government and hopes to raise upto Rs 1,285 crore via the issue. The board expects to get shareholders nod on March 20.
3i Infotech's shareholders have approved raising funds via share issue.
Lupin gets the USFDA's tentative go ahead for the generic Glumetza.
The Economic Times reports that the Coal Ministry has rejected Reliance Powers Sasan mine mortgage plan.
BG will club the Mahanagar gas deal with Gujarat Gas stake sale, reports the Economic Times.
And the Times of India reports that Coal India has cut prices and the company's revenue may take a hit.
KNR Constructions receives two orders from GVK worth Rs 675 crore.
Electrotherm (India) board approves reference to CDR cell.
Results Today: ICICI Bank, PNB, NMDC, Siemens, Titan, Crompton Greaves, TVS Motors, Dabur Industries, IDBI Bank, Central Bank of India, Jagran Prakashan, Mahindra Holidays, Century Textiles, Shoppers Stop, Union Bank of India, Aban Offshore, City Union Bank, Delta Corp, PTC India, HCL Infosystem, Firstsource Soln, Subex, KEC International , Blue Dart, IPCA Labs, Financial Technologies, Berger Paints, DCM Shriram Consolidated, Usha Martin and Welspun Projects.
Global Markets: It was a show of resilience on Wall Street even as it closed flat. European markets closed sharply lower while Asia is in the green. The Dow reversed a triple digit decline towards the close even as all three indices ended in negative territory.
Global events to watch:
ü The Employment Cost Index is expected to rise to 0.4 % for the fourth quarter. Meanwhile the S&P Case Shiller Home Price Index is expected to contract by 0.4% while consumer confidence is expected to rise to 68.
Global indices Update @ 8:
Dow Jones : 12653 (-06.74)
NASDAQ : 2811 (-04.61)
Nikkei 225 : 8827 (+34.33)
Hang Seng : 20320 (+160.0)
SGX CNX Nifty : 5142 (+37.00)
Gold (USD/t oz.) : 1739
Nymex Crude (F) : 99.41
INR / 1 USD : 49.50
TECHOUTLOOK : Support for Nifty is at 5050 resistance at 5160.
Call for the day:
Buy Tata Global SL 94 Target 106-110.
Sell Crompton Greaves SL 136 Target 125.
Sell Glenmark SL 316-318 Target 300.
Stocks in action for the day: SBI, PNB, Glenmark, Coal India, Edelweiss.
Reliance Industries buyback will open tomorrow.
Mark-to-market forex losses affected pharma major Glenmark's third quarter performance. The net profit almost halved to Rs 86.5 crore. The EBITDA also took a hit, falling 23% YoY.
Essar Oil's wait to exit CDR has been delayed for a few more days. Lenders okayed the proposal but have failed to reach a consensus on compensation to lenders.
After several failed attempts, Starbucks announced its India entry. The company inked a 50-50 joint venture with Tata Global Beverages and outlined an initial investment of Rs 400 crore.
Power producers have sought the government's intervention to ensure cheaper coal for their use. At the recent meeting with the Prime Minister, power producers sought the removal of 5% customs duty and 5% CVD on imported coal. They also sought removal of the 26% profit share for coal mining, arguing that it will put an extra burden on coal prices.
SBI says it has the government's nod for further capital infusion. The government will infuse up to Rs 7,900 crore via preferential allotment share issue.
Punjab National Bank's board has approved the issue of preferential shares to the government and hopes to raise upto Rs 1,285 crore via the issue. The board expects to get shareholders nod on March 20.
3i Infotech's shareholders have approved raising funds via share issue.
Lupin gets the USFDA's tentative go ahead for the generic Glumetza.
The Economic Times reports that the Coal Ministry has rejected Reliance Powers Sasan mine mortgage plan.
BG will club the Mahanagar gas deal with Gujarat Gas stake sale, reports the Economic Times.
And the Times of India reports that Coal India has cut prices and the company's revenue may take a hit.
KNR Constructions receives two orders from GVK worth Rs 675 crore.
Electrotherm (India) board approves reference to CDR cell.
Tuesday, January 24, 2012
TECHOUTLOOK : Support for Nifty is at 5025 resistance at 5063.
Market Outlook: Markets are expected to open higher tracking positive Asian markets while investors will closely watch the outcome of RBI monetary policy review, due later today. Reserve Bank of India is likely to keep policy rates unchanged, even as inflation and economic growth rate have eased. However, RBI could spring a surprise with a cut in the cash reserve ratio (CRR) to ease liquidity pressure on the system, which may also reduce funding costs for the industry.
Ahead of RBI credit policy, banking stocks are showing strong under current and are bouncing back after every small dip. Bank Nifty is gaining strength since last few weeks and has major resistance at 9950 while a fall below 9000 can reverse the current uptrend.
Results today - Cairn India, Biocon, Nelco, Lupin, Ceat, Yes Bank, Grasim, Indraprastha Gas, MRPL, Arvind, Eclerx, Edelweiss Financial, Indiabulls Power, Indiabulls Real, Nilkamal, 3i Infotech, HMT, Kalindee Rail, Zensar Tech, GIC Housing, Ajanta Pharma, 20 Microns, Everest Industries, Godavari Power and Ispat, Granules, Greaves Cotton, Indian Metal and Ferro, Kirloskar Brothers, Kirloskar Brothers Investment, Maral Overseas, Nocil, Oudh Sugar, Prism Cements
Global events to watch:
Day One of Two of the of Federal Open Market Committee meeting.
Global indices Update @ 8:
Dow Jones : 12708 (-11.66)
NASDAQ : 2784 (-02.53)
Nikkei 225 : 8798 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5059 (+7.50)
Gold (USD/t oz.) : 1675
Nymex Crude (F) : 99.65
INR / 1 USD : 50.24
TECHOUTLOOK : Support for Nifty is at 5025 resistance at 5063.
Call for the day:
Sell JSW Steel with a stoploss of Rs 641 for targets of 624 & 618.
Stocks in action for the day: Shri Lakshmi Cotsyn, HUL, Exide, Essar Oil.
RBI macro economic report -Domestic growth moderating more than expected -Growth likely to be below potential in FY12 -Domestic growth to recover at a modest pace in FY13 -Inflation has begun to fall in line with projection-Decline in food inflation likely to reverse -Policy to take into account downturn in growth -Inflation, inflationary expectations remain high -India's near-term growth outlook has deteriorated -Current account deficit to widen during the year -Fall in primary food Inflation expected to be short-lived -Core inflation, exchange rate important for future rate actions -Banks high SLR holding give scope for liquidity infusion -Additional liquidity instruments can be considered -Liquidity deficit needs to be addressed in calibrated manner EGoM on Gas to meet on February 18 -EGoM to finalise new gas allocation -EGoM on UMPP's rescheduled to
February 21 Cabinet: -Likely to take up Cairn -Vedanta nod on Tuesday -Likely to take up UIDAI funding proposal on Tuesday
DGH says RIL , BP to start production FM satellite fields in 2015-16 -Bhagyam will be ramped up to 25,000 BPD -Biggest highlight in 2012 will be Bhagyam production
RIL, BP to come up with some solutions for D6 this year
Sterlite Industries says -Aim to start mining at Balco coal block by FY13 end -In talks with govt for buying more stake in Balco
Govt sources say -May soon finalise duty on imported power equipment -Heavy Industries, power ministry consensus on level playing field -Level playing field between domestic manufacturers, importers -Domestic manufacturers like BHEL, L&T, Alstom Projects set to benefit
-Power ministry has moved draft cabinet note for discussion -Decision likely within the next fortnight
HUL puts its prime land in Bangalore on the block
Exide Industries enters into technical collaboration with East Penn USA
Essar Oil announces increase in gas reserves and resources at Raniganj CBM Block
Shri Lakshmi Cotsyn board to consider issue of warrants to promoters, non promoters on Jan 31st
In F&O Ban - ABG Shipyard and Alok Textiles
Ahead of RBI credit policy, banking stocks are showing strong under current and are bouncing back after every small dip. Bank Nifty is gaining strength since last few weeks and has major resistance at 9950 while a fall below 9000 can reverse the current uptrend.
Results today - Cairn India, Biocon, Nelco, Lupin, Ceat, Yes Bank, Grasim, Indraprastha Gas, MRPL, Arvind, Eclerx, Edelweiss Financial, Indiabulls Power, Indiabulls Real, Nilkamal, 3i Infotech, HMT, Kalindee Rail, Zensar Tech, GIC Housing, Ajanta Pharma, 20 Microns, Everest Industries, Godavari Power and Ispat, Granules, Greaves Cotton, Indian Metal and Ferro, Kirloskar Brothers, Kirloskar Brothers Investment, Maral Overseas, Nocil, Oudh Sugar, Prism Cements
Global events to watch:
Day One of Two of the of Federal Open Market Committee meeting.
Global indices Update @ 8:
Dow Jones : 12708 (-11.66)
NASDAQ : 2784 (-02.53)
Nikkei 225 : 8798 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5059 (+7.50)
Gold (USD/t oz.) : 1675
Nymex Crude (F) : 99.65
INR / 1 USD : 50.24
TECHOUTLOOK : Support for Nifty is at 5025 resistance at 5063.
Call for the day:
Sell JSW Steel with a stoploss of Rs 641 for targets of 624 & 618.
Stocks in action for the day: Shri Lakshmi Cotsyn, HUL, Exide, Essar Oil.
RBI macro economic report -Domestic growth moderating more than expected -Growth likely to be below potential in FY12 -Domestic growth to recover at a modest pace in FY13 -Inflation has begun to fall in line with projection-Decline in food inflation likely to reverse -Policy to take into account downturn in growth -Inflation, inflationary expectations remain high -India's near-term growth outlook has deteriorated -Current account deficit to widen during the year -Fall in primary food Inflation expected to be short-lived -Core inflation, exchange rate important for future rate actions -Banks high SLR holding give scope for liquidity infusion -Additional liquidity instruments can be considered -Liquidity deficit needs to be addressed in calibrated manner EGoM on Gas to meet on February 18 -EGoM to finalise new gas allocation -EGoM on UMPP's rescheduled to
February 21 Cabinet: -Likely to take up Cairn -Vedanta nod on Tuesday -Likely to take up UIDAI funding proposal on Tuesday
DGH says RIL , BP to start production FM satellite fields in 2015-16 -Bhagyam will be ramped up to 25,000 BPD -Biggest highlight in 2012 will be Bhagyam production
RIL, BP to come up with some solutions for D6 this year
Sterlite Industries says -Aim to start mining at Balco coal block by FY13 end -In talks with govt for buying more stake in Balco
Govt sources say -May soon finalise duty on imported power equipment -Heavy Industries, power ministry consensus on level playing field -Level playing field between domestic manufacturers, importers -Domestic manufacturers like BHEL, L&T, Alstom Projects set to benefit
-Power ministry has moved draft cabinet note for discussion -Decision likely within the next fortnight
HUL puts its prime land in Bangalore on the block
Exide Industries enters into technical collaboration with East Penn USA
Essar Oil announces increase in gas reserves and resources at Raniganj CBM Block
Shri Lakshmi Cotsyn board to consider issue of warrants to promoters, non promoters on Jan 31st
In F&O Ban - ABG Shipyard and Alok Textiles
Monday, January 23, 2012
Stocks in action for the day: Tata Power, Jet, RIL, Godrej Cons, Aptech
Market Outlook: Indian markets is expected to open flat and trade week ahead of below market expectations on RIL earnings. The 12 crore-share buyback aimed at boosting investor confidence in the stock is unlikely to allay concerns over the poor results.
Results today: L&T, GAIL, Maruti, Idea Cellular, Sterlite Industries, Kotak Mahindra Bank, Colgate, Federal Bank, Geometric, Jyothy Labs, DB Corp, Shree Cements, Torrent Pharma, Coromandel International, Ashoka Buildcon, Onward Technologies, Cera Sanitaryware, Electrosteel Castings, KPIT Cummins, Lakshmi Machine Works, Pheonix Mills, RPG Life, Vardhaman Textiles
Global Markets: Today most of the Asian markets shut on Chinese New Year. China, Hong Kong, Singapore, Korea and Taiwan markets shut today.
Global events to watch:
ü IMF Managing Director Lagarde speech in Berlin on global challenges in 2012.
Global indices Update @ 8:
Dow Jones : 12720 (+96.56)
NASDAQ : 2786 (-01.63)
Nikkei 225 : 8782 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5064 (+6.00)
Gold (USD/t oz.) : 1668
Nymex Crude (F) : 98.09
INR / 1 USD : 50.32
TECHOUTLOOK : Support for Nifty is at 5020 resistance at 5075
Call for the day:
Weak RIL earnings may erase some of their recent gains in the week : Sell RIL
Buy Titan Sl 186 Target 202-205
Stocks in action for the day: Tata Power, Jet, RIL, Godrej Cons, Aptech
RIL Q3 (QoQ) (cr - crore, vs - versus) -Net sales up 8.4% at Rs 85135 cr vs Rs 78569 cr -PAT down 22% at Rs 4440 cr vs Rs 5703 cr -Total expenditure up 12% at Rs 80420 cr vs Rs 71694 cr EBITDA down 26% at Rs 7285 cr vs Rs 9844 cr -EBITDA margin at 8.6% vs 12.5% RIL on share buyback -RIL board okays share buyback of Rs 10,440 cr -Board approves buyback at up to Rs 870/sh -Buyback up to Rs 12 cr shares via open-market -Buyback up to 3.6% of equity Mukesh Ambani says -Global nature of biz, weak economic condition hit Q3 -Delivered reasonably robust results despite challenges -To invest prudently in future growth engines Aptech stake sale hits a roadblock: Sources -Board not convinced on bid price & bidder plans.
Steel Authority of India Limited (SAIL) will be in focus on expansion and capacity addition in its Rs.70,000-crore programme. The company also plans to shift its focus to increase the share of value-added products from 39 per cent to around 55 per cent in the next two years.
Adani Port and Special Economic Zone Ltd (APSEZ) the company has been denied security clearance to participate in an auction to build a fertilizer loading berth at the Union government-controlled Vizag port in Andhra Pradesh.
United spirits results too disappointed the street, with Q3 net profit of nearly Rs 48 crores versus Rs 130 crores a year ago. Meanwhile, revenue stood at Rs 1,967 crores. The shareholders have approved raising foreign currency convertible bonds (FCCBs) worth USD 175 million and green shoe option of USD 50 million.
Jet Airways registered a net loss of Rs 101 crore which was lower than expectations due to higher other income. However, low margins signal that operational weakness continues despite Q3 being seasonally strongest. Also watch out for Zee Entertainment and Ultratech Cement.
FMCG giant Hindustan Unilever changed to its management committee and appoints Hemant Bakshi as executive director of its home and personal care division after current head Gopal Vittal quit.
Coal India has been asked to cut sales via e-auction. The coal minister says that the company has been asked to first meet power companies' needs.
Ramky Infrastructure Ltd., through a step down subsidiary, has signed a concession agreement with the National Highways Authority of India (NHAI) for a Rs 1,033.65-crore road project (a tollway) in Karnataka. The company, through concessionaire company Hospet Chitradurga
Karnataka Bank Ltd recorded a growth of around 86.71 per cent in net profit due to the increase in the spread and due to the strong credit growth. It recorded a net profit of Rs 72.05 crore in the third quarter of 2011-12 as against Rs 38.59 crore in the corresponding period of the previous fiscal, recording a growth of 86.71 per cent.
The production target for world's largest coal producer Coal India (CIL) is likely to be fixed at 464 million tonnes (MT) for 2012-13 financial year.
Godrej Consumer will issue 16.7 million shares to Baytree Investments and will raise Rs 685 crores via the share sale. Baytree Investment is an indirect wholly-owned arm of Temasek. The company will buy 60% stake in Chile's Cosmetica Nacional.
ONGC & RIL will be in focus on reports a possible technical partnership between ONGC and Reliance Industries-BP could be in the offing.
Aptech board on grounds of low valuation -Manipal Universal's offer below Rs 105/sh, Carlyle back bid around Rs 108/sh -Rakesh Jhunjhunwala likely to re-look at stake sale -Bidders yet to be communicated board's response
Godrej Consumer -Acquired 60% stake in Chile's Cosmetica Nacional-Plan to up stake to 100% in 3-5 years in Cosmetica Nacional -Cosmetica Nacional has turnover of USD 36 million
Godrej Consumer -To raise Rs 685 cr via share sale to Baytree -To issue 16.7 m shares to Baytree investments -Baytree investment is indirect wholly-owned arm of Temasek
Coal Minister says - Coal India asked to cut sales via e-auction -Asked Coal India to 1st meet power companies' needs
SEBI allows call auction in pre-open session for IPOs (This will hugely curb big spike on day 1 of listing) Call auction session will be for 60 minutes on 1st day listing Call auction session will be between 9 am to 10 am -Pre-open session to be allowed for companies relisting as well Other
Adani group agrees for 25% stake in proposed LNG Terminal in Gujarat - ET
Tata Power in talks to acquire 15% stake in Dubai's MEC Coal - ET
Results today: L&T, GAIL, Maruti, Idea Cellular, Sterlite Industries, Kotak Mahindra Bank, Colgate, Federal Bank, Geometric, Jyothy Labs, DB Corp, Shree Cements, Torrent Pharma, Coromandel International, Ashoka Buildcon, Onward Technologies, Cera Sanitaryware, Electrosteel Castings, KPIT Cummins, Lakshmi Machine Works, Pheonix Mills, RPG Life, Vardhaman Textiles
Global Markets: Today most of the Asian markets shut on Chinese New Year. China, Hong Kong, Singapore, Korea and Taiwan markets shut today.
Global events to watch:
ü IMF Managing Director Lagarde speech in Berlin on global challenges in 2012.
Global indices Update @ 8:
Dow Jones : 12720 (+96.56)
NASDAQ : 2786 (-01.63)
Nikkei 225 : 8782 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5064 (+6.00)
Gold (USD/t oz.) : 1668
Nymex Crude (F) : 98.09
INR / 1 USD : 50.32
TECHOUTLOOK : Support for Nifty is at 5020 resistance at 5075
Call for the day:
Weak RIL earnings may erase some of their recent gains in the week : Sell RIL
Buy Titan Sl 186 Target 202-205
Stocks in action for the day: Tata Power, Jet, RIL, Godrej Cons, Aptech
RIL Q3 (QoQ) (cr - crore, vs - versus) -Net sales up 8.4% at Rs 85135 cr vs Rs 78569 cr -PAT down 22% at Rs 4440 cr vs Rs 5703 cr -Total expenditure up 12% at Rs 80420 cr vs Rs 71694 cr EBITDA down 26% at Rs 7285 cr vs Rs 9844 cr -EBITDA margin at 8.6% vs 12.5% RIL on share buyback -RIL board okays share buyback of Rs 10,440 cr -Board approves buyback at up to Rs 870/sh -Buyback up to Rs 12 cr shares via open-market -Buyback up to 3.6% of equity Mukesh Ambani says -Global nature of biz, weak economic condition hit Q3 -Delivered reasonably robust results despite challenges -To invest prudently in future growth engines Aptech stake sale hits a roadblock: Sources -Board not convinced on bid price & bidder plans.
Steel Authority of India Limited (SAIL) will be in focus on expansion and capacity addition in its Rs.70,000-crore programme. The company also plans to shift its focus to increase the share of value-added products from 39 per cent to around 55 per cent in the next two years.
Adani Port and Special Economic Zone Ltd (APSEZ) the company has been denied security clearance to participate in an auction to build a fertilizer loading berth at the Union government-controlled Vizag port in Andhra Pradesh.
United spirits results too disappointed the street, with Q3 net profit of nearly Rs 48 crores versus Rs 130 crores a year ago. Meanwhile, revenue stood at Rs 1,967 crores. The shareholders have approved raising foreign currency convertible bonds (FCCBs) worth USD 175 million and green shoe option of USD 50 million.
Jet Airways registered a net loss of Rs 101 crore which was lower than expectations due to higher other income. However, low margins signal that operational weakness continues despite Q3 being seasonally strongest. Also watch out for Zee Entertainment and Ultratech Cement.
FMCG giant Hindustan Unilever changed to its management committee and appoints Hemant Bakshi as executive director of its home and personal care division after current head Gopal Vittal quit.
Coal India has been asked to cut sales via e-auction. The coal minister says that the company has been asked to first meet power companies' needs.
Ramky Infrastructure Ltd., through a step down subsidiary, has signed a concession agreement with the National Highways Authority of India (NHAI) for a Rs 1,033.65-crore road project (a tollway) in Karnataka. The company, through concessionaire company Hospet Chitradurga
Karnataka Bank Ltd recorded a growth of around 86.71 per cent in net profit due to the increase in the spread and due to the strong credit growth. It recorded a net profit of Rs 72.05 crore in the third quarter of 2011-12 as against Rs 38.59 crore in the corresponding period of the previous fiscal, recording a growth of 86.71 per cent.
The production target for world's largest coal producer Coal India (CIL) is likely to be fixed at 464 million tonnes (MT) for 2012-13 financial year.
Godrej Consumer will issue 16.7 million shares to Baytree Investments and will raise Rs 685 crores via the share sale. Baytree Investment is an indirect wholly-owned arm of Temasek. The company will buy 60% stake in Chile's Cosmetica Nacional.
ONGC & RIL will be in focus on reports a possible technical partnership between ONGC and Reliance Industries-BP could be in the offing.
Aptech board on grounds of low valuation -Manipal Universal's offer below Rs 105/sh, Carlyle back bid around Rs 108/sh -Rakesh Jhunjhunwala likely to re-look at stake sale -Bidders yet to be communicated board's response
Godrej Consumer -Acquired 60% stake in Chile's Cosmetica Nacional-Plan to up stake to 100% in 3-5 years in Cosmetica Nacional -Cosmetica Nacional has turnover of USD 36 million
Godrej Consumer -To raise Rs 685 cr via share sale to Baytree -To issue 16.7 m shares to Baytree investments -Baytree investment is indirect wholly-owned arm of Temasek
Coal Minister says - Coal India asked to cut sales via e-auction -Asked Coal India to 1st meet power companies' needs
SEBI allows call auction in pre-open session for IPOs (This will hugely curb big spike on day 1 of listing) Call auction session will be for 60 minutes on 1st day listing Call auction session will be between 9 am to 10 am -Pre-open session to be allowed for companies relisting as well Other
Adani group agrees for 25% stake in proposed LNG Terminal in Gujarat - ET
Tata Power in talks to acquire 15% stake in Dubai's MEC Coal - ET
Wednesday, January 18, 2012
TECHOUTLOOK : Support for Nifty is at 4920 resistance at 5000.
Market Outlook: Indian markets are expected to open flat and trade in negative terrain on the back of mixed action seen on the Asian counter. Back to domestic space all eyes are on credit policy on January 24, a word on the street is the RBI will leave interest rates unchanged as it continues its hawk eye view on inflation.
Results Today : JSPL, Mindtree, NIIT, Bajaj Finserv, Bajaj Finance, Raymond, Tata Coffee, Agro Tech Foods, Infotech Enterprises, Manali Petro, Premier, Sudar Garment
Global Markets: The US markets ended higher but off their best levels as weakness in financials offset earlier optimism following a handful of better-than-expected global economic news and a successful Spanish debt auction. The S&P 500 rose 5 points to finish at 1,293.67, briefly hitting the psychologically-important 1,300 level earlier in the session. Asia trading mixed; Hang Seng up, Straits Times down
Global events to watch:
ü U.S. Producer price index for December.
ü U.S. industrial production for December
Global indices Update @ 8:
Dow Jones : 12482 (+60.01)
NASDAQ : 2728 (+17.41)
Nikkei 225 : 8481 (+14.77)
Hang Seng : 19609 (-17.95)
SGX CNX Nifty : 4964 (-08.00)
Gold (USD/t oz.) : 1647
Nymex Crude (F) : 101.17
INR / 1 USD : 51.06
TECHOUTLOOK : Support for Nifty is at 4920 resistance at 5000.
Call for the day:
Sell ICICI Bank SL 795 Target 760-750.
BUY Cairn India SL 325 Target 385-400 (Positional call)
Stocks in action for the day: Airlines in action, Cairn India, Kingfisher, Essar Oil.
FDI in aviation cleared: -Proposal for 49% FDI in aviation to be sent for cabinet approval Aviation Minister says -Met Pranab Mukherjee to discuss sector issues -Govt to give funds to Air India to pay pilots -GoM on Air India to meet next week -To move cabinet note on 49% FDI by carriers -Investment by foreign carriers will help local airlines -GoM to consider companies recommendations to allow direct ATF Imports
Cairn, ONGC's production ramp up at Rajasthan anytime now-No comments on FPO as department of divestment considering other options -Concerns on large under-recoveries -Expecting to get remunerative prices in excess of USD 55/barrel -At a discussion level stage with Conocophillips -ONGC final dividend to be decided in Q4
RINL may soon get rights to mine iron ore in Rajasthan: Rashtriya Ispat Nigam Ltd (RINL) is poised to obtain its first iron ore mining lease in Rajasthan for relatively low-grade magnetite and may form an equity-linked joint venture with Andhra Pradesh Mineral Development Corporation (APMDC) in February for a high-grade haematite reserve in Andhra Pradesh.
Mahindra Satyam has signed an agreement with Intertek, a US-based testing, inspection and certification services, to work smart grid-focused testing and engineering activities.
Tata Consultancy Services reported 23% year-on-year rise in second quarter consolidated net profit at Rs 2,887 crore, helped by continued demand for outsourcing services and said the deal pipeline remains strong. Revenue for October-December quarter jumped 37% from a year ago to Rs 13,204 crore,
RBI allows unlisted cos to hedge commodity price risk: Banks authorised to deal in foreign exchange can grant permission to unlisted companies to hedge price risk on import/export in respect of any commodity (except gold, silver, platinum) in the international commodity exchanges/markets, according to the Reserve Bank of India.
Housing finance company, DHFL has posted a net profit of Rs 75 crore for the quarter ended December 2011, up 21 per cent from Rs 62 crore in the corresponding year-ago period.
Losses on sale of diesel at government-controlled rates have hit a record Rs 14.57 a litre, sending state-owned oil companies scrambling for ways to cover mounting losses. Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum are losing Rs 435 crore/ day as they are made to sell diesel, domestic LPG and kerosene below cost to keep inflation under check.
Dishman Pharmaceuticals and Chemicals said its Switzerland-based subsidiary Carbogen Amcis has acquired Creapharm Parenterals for an undisclosed amount
Kingfisher Airlines Ltd the company has told its creditors that the company is likely to receive support in form of equity infusion by end-March, said two bankers familiar with the matter.
Reliance Infrastructure Ltd the company has decided to merge its five subsidiaries - Reliance Energy, Reliance Energy Generation, Reliance Goa and Samalkot Power, Reliance Infraventures and Reliance Property Developers - with itself while demerging the container business of Reliance Infrastructure Engineers.
NMDC Ltd India's largest iron ore producer and exporter confirmed acquisition of a 50 percent equity stake in Perth-based gold and base metals exploration company Legacy Iron Ore Ltd. for a consideration of A$18.89 million.
Lanco Infratech Ltd the company has missed its quarterly repayment of loan raised for its 1,200-mw imported coal power project at Udupi in Karnataka as the poor health of state distribution companies is taking a toll on power utilities.
Marico Ltd the FMCG firm said it is looking at acquisitions worth up to Rs 1,000 crore both in the domestic and overseas markets as part of its strategy to maintain a growth of 26-27 per cent in the coming years.
In a major blow to the Ruias-led Essar Oil, the Supreme Court rejected the company’s 125 per cent sales tax deferment benefit claim on its investment in the Vadinar refinery project. The company will now have to fork out at least Rs 6,300 crore in sales tax to the Gujarat government.
Maruti Suzuki India Ltd, the country’s top car maker, raised prices of all its models on Tuesday, sending its shares up as much as 11 per cent, as investors rallied behind the company after months of falling sales appeared to have levelled in December.
National Stock Exchange said it will exclude Deccan Chronicle Holdings and Everest Kanto Cylinder from its futures and options segment. The contracts won’t be available after the March series expires.
Oracle India to increase focus on Govt projects
Results Today : JSPL, Mindtree, NIIT, Bajaj Finserv, Bajaj Finance, Raymond, Tata Coffee, Agro Tech Foods, Infotech Enterprises, Manali Petro, Premier, Sudar Garment
Global Markets: The US markets ended higher but off their best levels as weakness in financials offset earlier optimism following a handful of better-than-expected global economic news and a successful Spanish debt auction. The S&P 500 rose 5 points to finish at 1,293.67, briefly hitting the psychologically-important 1,300 level earlier in the session. Asia trading mixed; Hang Seng up, Straits Times down
Global events to watch:
ü U.S. Producer price index for December.
ü U.S. industrial production for December
Global indices Update @ 8:
Dow Jones : 12482 (+60.01)
NASDAQ : 2728 (+17.41)
Nikkei 225 : 8481 (+14.77)
Hang Seng : 19609 (-17.95)
SGX CNX Nifty : 4964 (-08.00)
Gold (USD/t oz.) : 1647
Nymex Crude (F) : 101.17
INR / 1 USD : 51.06
TECHOUTLOOK : Support for Nifty is at 4920 resistance at 5000.
Call for the day:
Sell ICICI Bank SL 795 Target 760-750.
BUY Cairn India SL 325 Target 385-400 (Positional call)
Stocks in action for the day: Airlines in action, Cairn India, Kingfisher, Essar Oil.
FDI in aviation cleared: -Proposal for 49% FDI in aviation to be sent for cabinet approval Aviation Minister says -Met Pranab Mukherjee to discuss sector issues -Govt to give funds to Air India to pay pilots -GoM on Air India to meet next week -To move cabinet note on 49% FDI by carriers -Investment by foreign carriers will help local airlines -GoM to consider companies recommendations to allow direct ATF Imports
Cairn, ONGC's production ramp up at Rajasthan anytime now-No comments on FPO as department of divestment considering other options -Concerns on large under-recoveries -Expecting to get remunerative prices in excess of USD 55/barrel -At a discussion level stage with Conocophillips -ONGC final dividend to be decided in Q4
RINL may soon get rights to mine iron ore in Rajasthan: Rashtriya Ispat Nigam Ltd (RINL) is poised to obtain its first iron ore mining lease in Rajasthan for relatively low-grade magnetite and may form an equity-linked joint venture with Andhra Pradesh Mineral Development Corporation (APMDC) in February for a high-grade haematite reserve in Andhra Pradesh.
Mahindra Satyam has signed an agreement with Intertek, a US-based testing, inspection and certification services, to work smart grid-focused testing and engineering activities.
Tata Consultancy Services reported 23% year-on-year rise in second quarter consolidated net profit at Rs 2,887 crore, helped by continued demand for outsourcing services and said the deal pipeline remains strong. Revenue for October-December quarter jumped 37% from a year ago to Rs 13,204 crore,
RBI allows unlisted cos to hedge commodity price risk: Banks authorised to deal in foreign exchange can grant permission to unlisted companies to hedge price risk on import/export in respect of any commodity (except gold, silver, platinum) in the international commodity exchanges/markets, according to the Reserve Bank of India.
Housing finance company, DHFL has posted a net profit of Rs 75 crore for the quarter ended December 2011, up 21 per cent from Rs 62 crore in the corresponding year-ago period.
Losses on sale of diesel at government-controlled rates have hit a record Rs 14.57 a litre, sending state-owned oil companies scrambling for ways to cover mounting losses. Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum are losing Rs 435 crore/ day as they are made to sell diesel, domestic LPG and kerosene below cost to keep inflation under check.
Dishman Pharmaceuticals and Chemicals said its Switzerland-based subsidiary Carbogen Amcis has acquired Creapharm Parenterals for an undisclosed amount
Kingfisher Airlines Ltd the company has told its creditors that the company is likely to receive support in form of equity infusion by end-March, said two bankers familiar with the matter.
Reliance Infrastructure Ltd the company has decided to merge its five subsidiaries - Reliance Energy, Reliance Energy Generation, Reliance Goa and Samalkot Power, Reliance Infraventures and Reliance Property Developers - with itself while demerging the container business of Reliance Infrastructure Engineers.
NMDC Ltd India's largest iron ore producer and exporter confirmed acquisition of a 50 percent equity stake in Perth-based gold and base metals exploration company Legacy Iron Ore Ltd. for a consideration of A$18.89 million.
Lanco Infratech Ltd the company has missed its quarterly repayment of loan raised for its 1,200-mw imported coal power project at Udupi in Karnataka as the poor health of state distribution companies is taking a toll on power utilities.
Marico Ltd the FMCG firm said it is looking at acquisitions worth up to Rs 1,000 crore both in the domestic and overseas markets as part of its strategy to maintain a growth of 26-27 per cent in the coming years.
In a major blow to the Ruias-led Essar Oil, the Supreme Court rejected the company’s 125 per cent sales tax deferment benefit claim on its investment in the Vadinar refinery project. The company will now have to fork out at least Rs 6,300 crore in sales tax to the Gujarat government.
Maruti Suzuki India Ltd, the country’s top car maker, raised prices of all its models on Tuesday, sending its shares up as much as 11 per cent, as investors rallied behind the company after months of falling sales appeared to have levelled in December.
National Stock Exchange said it will exclude Deccan Chronicle Holdings and Everest Kanto Cylinder from its futures and options segment. The contracts won’t be available after the March series expires.
Oracle India to increase focus on Govt projects
Tuesday, January 17, 2012
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
Market Outlook: Indian markets are expected to open with a flat positive note backed by recover attempts seen in the Asian counters. All eyes are on TCS and HCL Technologies ahead of their quarterly results due later today. he software exporters are expected to report a bump in margins, aided by a weak rupee, while eking out revenue growth to meet expectations in an uncertain business environment. Asian shares inched higher and the euro stayed above a 17-month trough on Tuesday as investors focused on economic data from China to gauge the impact of the euro zone debt crisis on global growth.
Results Today : TCS, HCL Tech, VST Industries, Camlin, Chambal Fertilisers, Automotive Axles, Blue Star Infotech, Electrotherm India, Kajaria Ceramics, Maharashtra Scooters and Zee News
Global Markets: The US markets were closed yesterday, therefore no key takeaways. However, in data to watch out for in the US today, empire state manufacturing index is expected to rise to 10.50 for January. European markets closed slightly higher in a choppy session, with weakness in banks after a mass credit downgrade of euro zone countries offset by a rise in defensives, such as pharmaceuticals.
Global events to watch:
ü Empire State index for January.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8447 (+69.13)
Hang Seng : 19296 (+284.0)
SGX CNX Nifty : 4901 (+04.00)
Gold (USD/t oz.) : 1655
Nymex Crude (F) : 99.83
INR / 1 USD : 51.65
TECHOUTLOOK : Support for Nifty is at 4840 resistance at 4920.
Call for the day:
Buy South India Bank SL 22 Target 24.5-25.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
The Telecom Regulatory Authority of India (TRAI) has suggested Rs 20 crore as the entry fee for pan India unified licence.
Infosys is looking at increasing its focus on the insurance sector in the coming months, a top official of the company said.
The Government of Singapore has acquired a 1.09% stake, now worth about Rs2,500 crore, in Reliance Industries (RIL).
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
A Group of Ministers (GOM) is likely to recommend import of jet fuel (Aviation Turbine Fuel or ATF) on a case by case basis. At its meeting here the inter-ministerial group is also likely to discuss a proposal to allow foreign airlines to pick up equity in domestic airlines.
ONGC Tripura gets green nod for transmission leg: In a move that may remove part of the hurdles before commercial generation from the upcoming 2 X 363.3 MW gas-based power station of ONGC Tripura Power Company (OTPC), the Union Government has recently granted forest clearance for larger part of the Palatana (Tripura) - Silchar (Assam) leg of the transmission project, according to sources.
RINL bags Steel Minister's trophy again: Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has bagged the prestigious “Steel Minister's Trophy” (for its performance in the year 2009-10) for being the best integrated steel plant in the country. This is the second time RINL has won this award.
India's exports rose for the first time in five months, encouraging the government to reaffirm that it would achieve its $300-billion target for the year. Exports in December grew 6.7% to $25 billion over the previous month
South Indian Bank, the Thrissur (Kerala)-headquartered old generation private sector, has reported a 36 per cent increase in net profit at Rs 102 crore in the three-months ended December 31, 2011, against Rs 75 crore in the corresponding period last year.
Aided by a 32 per cent growth in net interest income, ING Vysya Bank's net profit grew 44 per cent during the third quarter of this fiscal compared with the corresponding quarter of last fiscal.
Software services provider Tata Elxsi reported an 84% jump in net profit to Rs.10.3 crore for the third quarter ended December 31. It had posted a net profit of Rs5.6 crore for the October-December period of 2010
Maruti Suzuki Hedges 80% of Yen Exposure on Behalf of Key Vendors. Maruti Suzuki had obtained special permission from the Reserve Bank of India (RBI) to buy forex cover on behalf of its vendors in June 2011.
GAIL Ltd the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Market regulator Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 5 lakh on India Infoline Securities alleging that the brokerage house had carried out synchronized trades in the shares of Asian Star Company for the period October 10, 2008 to November 20, 2008.
State Bank of India said that the government has approved a capital infusion of Rs.6,000-8,000 crore in the bank by March 31, a step that would help the lender to enhance its business.
Magma Fincorp reported a lower growth in profit of Rs.13.9 crore during the third quarter of 2011-12, down 59% from Rs.32.7 crore in the same quarter last year, due to change in business strategy and accounting policy. The fall in profit is also a consequence of MTM loss of Rs.5 crore on forex exposure.
The diversified Adani Group has zeroed in on Andhra Pradesh to set up a deep-water port with a proposed investment of $1 billion, as part of its plans to touch a cargo handling capacity of 200 million tonnes (mt) by 2015.
Govt Closer to Imposing Duty on Imported Power Tools.
Results Today : TCS, HCL Tech, VST Industries, Camlin, Chambal Fertilisers, Automotive Axles, Blue Star Infotech, Electrotherm India, Kajaria Ceramics, Maharashtra Scooters and Zee News
Global Markets: The US markets were closed yesterday, therefore no key takeaways. However, in data to watch out for in the US today, empire state manufacturing index is expected to rise to 10.50 for January. European markets closed slightly higher in a choppy session, with weakness in banks after a mass credit downgrade of euro zone countries offset by a rise in defensives, such as pharmaceuticals.
Global events to watch:
ü Empire State index for January.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8447 (+69.13)
Hang Seng : 19296 (+284.0)
SGX CNX Nifty : 4901 (+04.00)
Gold (USD/t oz.) : 1655
Nymex Crude (F) : 99.83
INR / 1 USD : 51.65
TECHOUTLOOK : Support for Nifty is at 4840 resistance at 4920.
Call for the day:
Buy South India Bank SL 22 Target 24.5-25.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
The Telecom Regulatory Authority of India (TRAI) has suggested Rs 20 crore as the entry fee for pan India unified licence.
Infosys is looking at increasing its focus on the insurance sector in the coming months, a top official of the company said.
The Government of Singapore has acquired a 1.09% stake, now worth about Rs2,500 crore, in Reliance Industries (RIL).
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
A Group of Ministers (GOM) is likely to recommend import of jet fuel (Aviation Turbine Fuel or ATF) on a case by case basis. At its meeting here the inter-ministerial group is also likely to discuss a proposal to allow foreign airlines to pick up equity in domestic airlines.
ONGC Tripura gets green nod for transmission leg: In a move that may remove part of the hurdles before commercial generation from the upcoming 2 X 363.3 MW gas-based power station of ONGC Tripura Power Company (OTPC), the Union Government has recently granted forest clearance for larger part of the Palatana (Tripura) - Silchar (Assam) leg of the transmission project, according to sources.
RINL bags Steel Minister's trophy again: Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has bagged the prestigious “Steel Minister's Trophy” (for its performance in the year 2009-10) for being the best integrated steel plant in the country. This is the second time RINL has won this award.
India's exports rose for the first time in five months, encouraging the government to reaffirm that it would achieve its $300-billion target for the year. Exports in December grew 6.7% to $25 billion over the previous month
South Indian Bank, the Thrissur (Kerala)-headquartered old generation private sector, has reported a 36 per cent increase in net profit at Rs 102 crore in the three-months ended December 31, 2011, against Rs 75 crore in the corresponding period last year.
Aided by a 32 per cent growth in net interest income, ING Vysya Bank's net profit grew 44 per cent during the third quarter of this fiscal compared with the corresponding quarter of last fiscal.
Software services provider Tata Elxsi reported an 84% jump in net profit to Rs.10.3 crore for the third quarter ended December 31. It had posted a net profit of Rs5.6 crore for the October-December period of 2010
Maruti Suzuki Hedges 80% of Yen Exposure on Behalf of Key Vendors. Maruti Suzuki had obtained special permission from the Reserve Bank of India (RBI) to buy forex cover on behalf of its vendors in June 2011.
GAIL Ltd the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Market regulator Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 5 lakh on India Infoline Securities alleging that the brokerage house had carried out synchronized trades in the shares of Asian Star Company for the period October 10, 2008 to November 20, 2008.
State Bank of India said that the government has approved a capital infusion of Rs.6,000-8,000 crore in the bank by March 31, a step that would help the lender to enhance its business.
Magma Fincorp reported a lower growth in profit of Rs.13.9 crore during the third quarter of 2011-12, down 59% from Rs.32.7 crore in the same quarter last year, due to change in business strategy and accounting policy. The fall in profit is also a consequence of MTM loss of Rs.5 crore on forex exposure.
The diversified Adani Group has zeroed in on Andhra Pradesh to set up a deep-water port with a proposed investment of $1 billion, as part of its plans to touch a cargo handling capacity of 200 million tonnes (mt) by 2015.
Govt Closer to Imposing Duty on Imported Power Tools.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
Market Outlook: Indian markets are expected to open with a flat positive note backed by recover attempts seen in the Asian counters. All eyes are on TCS and HCL Technologies ahead of their quarterly results due later today. he software exporters are expected to report a bump in margins, aided by a weak rupee, while eking out revenue growth to meet expectations in an uncertain business environment. Asian shares inched higher and the euro stayed above a 17-month trough on Tuesday as investors focused on economic data from China to gauge the impact of the euro zone debt crisis on global growth.
Results Today : TCS, HCL Tech, VST Industries, Camlin, Chambal Fertilisers, Automotive Axles, Blue Star Infotech, Electrotherm India, Kajaria Ceramics, Maharashtra Scooters and Zee News
Global Markets: The US markets were closed yesterday, therefore no key takeaways. However, in data to watch out for in the US today, empire state manufacturing index is expected to rise to 10.50 for January. European markets closed slightly higher in a choppy session, with weakness in banks after a mass credit downgrade of euro zone countries offset by a rise in defensives, such as pharmaceuticals.
Global events to watch:
ü Empire State index for January.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8447 (+69.13)
Hang Seng : 19296 (+284.0)
SGX CNX Nifty : 4901 (+04.00)
Gold (USD/t oz.) : 1655
Nymex Crude (F) : 99.83
INR / 1 USD : 51.65
TECHOUTLOOK : Support for Nifty is at 4840 resistance at 4920.
Call for the day:
Buy South India Bank SL 22 Target 24.5-25.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
The Telecom Regulatory Authority of India (TRAI) has suggested Rs 20 crore as the entry fee for pan India unified licence.
Infosys is looking at increasing its focus on the insurance sector in the coming months, a top official of the company said.
The Government of Singapore has acquired a 1.09% stake, now worth about Rs2,500 crore, in Reliance Industries (RIL).
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
A Group of Ministers (GOM) is likely to recommend import of jet fuel (Aviation Turbine Fuel or ATF) on a case by case basis. At its meeting here the inter-ministerial group is also likely to discuss a proposal to allow foreign airlines to pick up equity in domestic airlines.
ONGC Tripura gets green nod for transmission leg: In a move that may remove part of the hurdles before commercial generation from the upcoming 2 X 363.3 MW gas-based power station of ONGC Tripura Power Company (OTPC), the Union Government has recently granted forest clearance for larger part of the Palatana (Tripura) - Silchar (Assam) leg of the transmission project, according to sources.
RINL bags Steel Minister's trophy again: Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has bagged the prestigious “Steel Minister's Trophy” (for its performance in the year 2009-10) for being the best integrated steel plant in the country. This is the second time RINL has won this award.
India's exports rose for the first time in five months, encouraging the government to reaffirm that it would achieve its $300-billion target for the year. Exports in December grew 6.7% to $25 billion over the previous month
South Indian Bank, the Thrissur (Kerala)-headquartered old generation private sector, has reported a 36 per cent increase in net profit at Rs 102 crore in the three-months ended December 31, 2011, against Rs 75 crore in the corresponding period last year.
Aided by a 32 per cent growth in net interest income, ING Vysya Bank's net profit grew 44 per cent during the third quarter of this fiscal compared with the corresponding quarter of last fiscal.
Software services provider Tata Elxsi reported an 84% jump in net profit to Rs.10.3 crore for the third quarter ended December 31. It had posted a net profit of Rs5.6 crore for the October-December period of 2010
Maruti Suzuki Hedges 80% of Yen Exposure on Behalf of Key Vendors. Maruti Suzuki had obtained special permission from the Reserve Bank of India (RBI) to buy forex cover on behalf of its vendors in June 2011.
GAIL Ltd the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Market regulator Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 5 lakh on India Infoline Securities alleging that the brokerage house had carried out synchronized trades in the shares of Asian Star Company for the period October 10, 2008 to November 20, 2008.
State Bank of India said that the government has approved a capital infusion of Rs.6,000-8,000 crore in the bank by March 31, a step that would help the lender to enhance its business.
Magma Fincorp reported a lower growth in profit of Rs.13.9 crore during the third quarter of 2011-12, down 59% from Rs.32.7 crore in the same quarter last year, due to change in business strategy and accounting policy. The fall in profit is also a consequence of MTM loss of Rs.5 crore on forex exposure.
The diversified Adani Group has zeroed in on Andhra Pradesh to set up a deep-water port with a proposed investment of $1 billion, as part of its plans to touch a cargo handling capacity of 200 million tonnes (mt) by 2015.
Govt Closer to Imposing Duty on Imported Power Tools.
Results Today : TCS, HCL Tech, VST Industries, Camlin, Chambal Fertilisers, Automotive Axles, Blue Star Infotech, Electrotherm India, Kajaria Ceramics, Maharashtra Scooters and Zee News
Global Markets: The US markets were closed yesterday, therefore no key takeaways. However, in data to watch out for in the US today, empire state manufacturing index is expected to rise to 10.50 for January. European markets closed slightly higher in a choppy session, with weakness in banks after a mass credit downgrade of euro zone countries offset by a rise in defensives, such as pharmaceuticals.
Global events to watch:
ü Empire State index for January.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8447 (+69.13)
Hang Seng : 19296 (+284.0)
SGX CNX Nifty : 4901 (+04.00)
Gold (USD/t oz.) : 1655
Nymex Crude (F) : 99.83
INR / 1 USD : 51.65
TECHOUTLOOK : Support for Nifty is at 4840 resistance at 4920.
Call for the day:
Buy South India Bank SL 22 Target 24.5-25.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
The Telecom Regulatory Authority of India (TRAI) has suggested Rs 20 crore as the entry fee for pan India unified licence.
Infosys is looking at increasing its focus on the insurance sector in the coming months, a top official of the company said.
The Government of Singapore has acquired a 1.09% stake, now worth about Rs2,500 crore, in Reliance Industries (RIL).
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
A Group of Ministers (GOM) is likely to recommend import of jet fuel (Aviation Turbine Fuel or ATF) on a case by case basis. At its meeting here the inter-ministerial group is also likely to discuss a proposal to allow foreign airlines to pick up equity in domestic airlines.
ONGC Tripura gets green nod for transmission leg: In a move that may remove part of the hurdles before commercial generation from the upcoming 2 X 363.3 MW gas-based power station of ONGC Tripura Power Company (OTPC), the Union Government has recently granted forest clearance for larger part of the Palatana (Tripura) - Silchar (Assam) leg of the transmission project, according to sources.
RINL bags Steel Minister's trophy again: Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has bagged the prestigious “Steel Minister's Trophy” (for its performance in the year 2009-10) for being the best integrated steel plant in the country. This is the second time RINL has won this award.
India's exports rose for the first time in five months, encouraging the government to reaffirm that it would achieve its $300-billion target for the year. Exports in December grew 6.7% to $25 billion over the previous month
South Indian Bank, the Thrissur (Kerala)-headquartered old generation private sector, has reported a 36 per cent increase in net profit at Rs 102 crore in the three-months ended December 31, 2011, against Rs 75 crore in the corresponding period last year.
Aided by a 32 per cent growth in net interest income, ING Vysya Bank's net profit grew 44 per cent during the third quarter of this fiscal compared with the corresponding quarter of last fiscal.
Software services provider Tata Elxsi reported an 84% jump in net profit to Rs.10.3 crore for the third quarter ended December 31. It had posted a net profit of Rs5.6 crore for the October-December period of 2010
Maruti Suzuki Hedges 80% of Yen Exposure on Behalf of Key Vendors. Maruti Suzuki had obtained special permission from the Reserve Bank of India (RBI) to buy forex cover on behalf of its vendors in June 2011.
GAIL Ltd the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Market regulator Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 5 lakh on India Infoline Securities alleging that the brokerage house had carried out synchronized trades in the shares of Asian Star Company for the period October 10, 2008 to November 20, 2008.
State Bank of India said that the government has approved a capital infusion of Rs.6,000-8,000 crore in the bank by March 31, a step that would help the lender to enhance its business.
Magma Fincorp reported a lower growth in profit of Rs.13.9 crore during the third quarter of 2011-12, down 59% from Rs.32.7 crore in the same quarter last year, due to change in business strategy and accounting policy. The fall in profit is also a consequence of MTM loss of Rs.5 crore on forex exposure.
The diversified Adani Group has zeroed in on Andhra Pradesh to set up a deep-water port with a proposed investment of $1 billion, as part of its plans to touch a cargo handling capacity of 200 million tonnes (mt) by 2015.
Govt Closer to Imposing Duty on Imported Power Tools.
Monday, January 16, 2012
Technical Outlook: Nifty support seen near 4820 and resistance at 4880
Market Outlook: Indian markets are to expected to open with a negative note backed by sentiments on the European downgrades. Indian sentiments to remain cautious backed by global news. Markets will only stabilise once there is clarity on macroeconomic issues like growth, inflation, interest rates and deficit.
Results Today - ING Vyasa Bank, Dawn Housing, Automotive Stamping, Magma FinCorp, Motilal Oswal Financial Services, Reliance Industrial Infra, South Indian Bank, Tata Elxsi, Tata Investment Corp.
Downgrades: Credit ratings agency Standard & Poor downgrades nine eurozone countries. Stripping France and Austria of their coveted AAA status. They have downgraded France one notch to AA+ from AAA while Spain has been downgraded two notches to 'A' from 'AA-'. Italy lost two notches to 'BBB+' from 'A'. Portugal too lost two notches to BB from BBB-. They said that the long-term outlooks on France, Italy, Spain, Portugal is negative while the outlook on Germany long-term ratings is stable.
Global Markets: The US markets bounced off their lows on Friday, but still ended in negative territory. Despite the day's losses, stocks still posted a gain for the week. Meanwhile, US markets will remain shut today on account of Martin Luther King day. And on economic data front, the trade deficit totaled USD 47.8 billion, widening in November to its largest in five months. Meanwhile, preliminary January consumer sentiment index rose to 74. European markets too closed lower on Friday.
Global events to watch:
ü US Holiday : Martin Luther King Jr Day.
ü Bond, Equity market closed.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8374 (-128.6)
Hang Seng : 19039 (-165.0)
SGX CNX Nifty : 4845 (-41.00)
Gold (USD/t oz.) : 1641
Nymex Crude (F) : 98.85
INR / 1 USD : 51.43
Technical Outlook: Nifty support seen near 4820 and resistance at 4880
Stocks in action for the day: SpiceJet, OIL, RIL, IL&FS Investment, CMC.
Telenor, Unitech spar over JV valuations, Unitech calls Rs 600 crore valuation should we worth 20 times more - ET Unitech says: CNBC-TV18 exclusive-Continue to object to Uninor's proposed Rights issue-Company does not require rights issue-Telenor has arbitrarily declined SBI funds-Believe debt funding is still the best option for Uninor-Rights issue being heard by an Arbitration panel-Punjab & Haryana HC order to allow rights issue conditional on the outcome of Arbitration
CMC Q3FY12 -Consolidated net profit at Rs 41.4 crore vs Rs 45.4 crore (YoY) -Consolidated net sales at Rs 396 crore vs Rs 273 crore (YoY) -PAT at Rs 41.3 crore, up 27% QoQ-Margins at 16.2% vs 14.7% -Company added 1,474 employees and 21 clients in Q3
CEA revises gas requirement for Indian power projects-Seeks immediate allocation of 21.80 mmscmd Recommendation sent to Power Ministry on January 6 -EGOM likely to meet and finalize gas allocation schedule-Gas requirement for projects commissioned by March-6.4 mmscmd for Rel Power Samalkot by March 2012 additional 3.2 mmscmd for Dec 2012 -2 projects of GVK dropped due to gas uncertainty
IL&FS Investment Managers buys 9.4% in Indiabulls worli property for Rs 200 crore
Govt mulls hike in urea prices ahead of state elections - ET
Cash strapped UB group plans to list W&M overseas - ET
DGH says govt can't stop RIL from recovering D6 costs - ET
RIL plans to pick up 26% stake in leading cable operator including MSO - BS
DCB postpones its Rs 150 crore QIP plans to June - BS
Oil India (OIL) in talks to buy 25% stake in Shale Gas for USD 200 million - Mint
2 key executives of SpiceJet quit even as airline plans to expand - Mint
F&O Ban: Aban Offshore, ABG Shipyard, Gitanjali Gems, Punj Lloyd and Ruchi Soya
Vodafone plans Indian listing despite regulatory uncertainties
GOM meeting on ATF import & FDI next week (PTI)
Govt may slash subsidy on Dap and Potash Fertilisers
Results Today - ING Vyasa Bank, Dawn Housing, Automotive Stamping, Magma FinCorp, Motilal Oswal Financial Services, Reliance Industrial Infra, South Indian Bank, Tata Elxsi, Tata Investment Corp.
Downgrades: Credit ratings agency Standard & Poor downgrades nine eurozone countries. Stripping France and Austria of their coveted AAA status. They have downgraded France one notch to AA+ from AAA while Spain has been downgraded two notches to 'A' from 'AA-'. Italy lost two notches to 'BBB+' from 'A'. Portugal too lost two notches to BB from BBB-. They said that the long-term outlooks on France, Italy, Spain, Portugal is negative while the outlook on Germany long-term ratings is stable.
Global Markets: The US markets bounced off their lows on Friday, but still ended in negative territory. Despite the day's losses, stocks still posted a gain for the week. Meanwhile, US markets will remain shut today on account of Martin Luther King day. And on economic data front, the trade deficit totaled USD 47.8 billion, widening in November to its largest in five months. Meanwhile, preliminary January consumer sentiment index rose to 74. European markets too closed lower on Friday.
Global events to watch:
ü US Holiday : Martin Luther King Jr Day.
ü Bond, Equity market closed.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8374 (-128.6)
Hang Seng : 19039 (-165.0)
SGX CNX Nifty : 4845 (-41.00)
Gold (USD/t oz.) : 1641
Nymex Crude (F) : 98.85
INR / 1 USD : 51.43
Technical Outlook: Nifty support seen near 4820 and resistance at 4880
Stocks in action for the day: SpiceJet, OIL, RIL, IL&FS Investment, CMC.
Telenor, Unitech spar over JV valuations, Unitech calls Rs 600 crore valuation should we worth 20 times more - ET Unitech says: CNBC-TV18 exclusive-Continue to object to Uninor's proposed Rights issue-Company does not require rights issue-Telenor has arbitrarily declined SBI funds-Believe debt funding is still the best option for Uninor-Rights issue being heard by an Arbitration panel-Punjab & Haryana HC order to allow rights issue conditional on the outcome of Arbitration
CMC Q3FY12 -Consolidated net profit at Rs 41.4 crore vs Rs 45.4 crore (YoY) -Consolidated net sales at Rs 396 crore vs Rs 273 crore (YoY) -PAT at Rs 41.3 crore, up 27% QoQ-Margins at 16.2% vs 14.7% -Company added 1,474 employees and 21 clients in Q3
CEA revises gas requirement for Indian power projects-Seeks immediate allocation of 21.80 mmscmd Recommendation sent to Power Ministry on January 6 -EGOM likely to meet and finalize gas allocation schedule-Gas requirement for projects commissioned by March-6.4 mmscmd for Rel Power Samalkot by March 2012 additional 3.2 mmscmd for Dec 2012 -2 projects of GVK dropped due to gas uncertainty
IL&FS Investment Managers buys 9.4% in Indiabulls worli property for Rs 200 crore
Govt mulls hike in urea prices ahead of state elections - ET
Cash strapped UB group plans to list W&M overseas - ET
DGH says govt can't stop RIL from recovering D6 costs - ET
RIL plans to pick up 26% stake in leading cable operator including MSO - BS
DCB postpones its Rs 150 crore QIP plans to June - BS
Oil India (OIL) in talks to buy 25% stake in Shale Gas for USD 200 million - Mint
2 key executives of SpiceJet quit even as airline plans to expand - Mint
F&O Ban: Aban Offshore, ABG Shipyard, Gitanjali Gems, Punj Lloyd and Ruchi Soya
Vodafone plans Indian listing despite regulatory uncertainties
GOM meeting on ATF import & FDI next week (PTI)
Govt may slash subsidy on Dap and Potash Fertilisers
Thursday, January 12, 2012
Technical Outlook: Nifty support seen near 4800 and resistance at 4900
Market Outlook: Indian markets are to expected to open flat and trade with the direction resulting from the key data releasing today. Investors are keenly awaiting IIP data due today which would direct the market trend going forward. Big boy Infosys declares its numbers today. Dollar revenues are expected to come in towards the lower end of the guidance at about 3.37% sequentially. Margins are expected to gain by about 200 basis points. Also, expect Nov IIP near to 1.6% -2.0 vs minus 5.1% in October.
Results Today: Infosys, HDFC, TTK Prestige, DCB, Geojit BNP Paribas, Gruh Finance, Sanghi Industries
Global Markets: The US markets ended near session highs, but still closed narrowly mixed, as worries over the Eurozone and declines in the energy sector limited gains. On economic data front, US economy expanded at a moderate pace in late November and December as consumer spending picked up, according to the Federal Reserve's latest beige book report. Meanwhile, weekly mortgage applications gained in the first week of 2012.
Global events to watch:
ü Weekly jobless claims are expected to come in slightly higher at 375,000.
ü Retail sales may rise to 0.4% for December.
ü Business inventories is expected to come in at 0.5%
ü The ECB will hold a policy meeting today. The committee is expected to keep interest rates on hold at the historic low of 1%, and hold back on further action, despite growing calls for the bank to resort to quantitative easing. The meeting happens as calls for the central bank to take further action to solve the euro zone debt crisis increase.
Global indices Update @ 8:
Dow Jones : 12462 (+69.78)
NASDAQ : 2695 (-06.85)
Nikkei 225 : 8447 (+25.62)
Hang Seng : 19151 (+147.6)
SGX CNX Nifty : 4849 (-24.00)
Gold (USD/t oz.) : 1648
Nymex Crude (F) : 101.48
INR / 1 USD : 52.22
Technical Outlook: Nifty support seen near 4800 and resistance at 4900
Call for the day:
Buy Bajaj Auto SL 1435 Target 1475.
Sell ABG Shipyard SL 393 Target 385.
Stocks in action for the day: Infosys, Thomas Cook, SBI, Titagarh Wagons.
Govt sources say -Decision on ATF direct import to be taken in next 3-4 days-Vijay Mallaya met DFGT officials on ATF Import issue-3 options being considered on direct import of ATF-Oil Ministry not in favor of direct import of ATF-Oil Ministry feels PSU's to be impacted by direct ATF import
FM says-Difficult to meet FY12 fiscal gap target of 4.6%
FM on farm sector-Reforms must in agriculture pricing-Seek rationalization of different subsidies-Seek decentralization of handling of food grains-Tax exemptions to cooperative societies-States remove mandi & purchase tax on dairies
Hilton says -JV's with Oberois and DLF have been a good experience-Economic situation was different when DLF JV was launched-Remain in great terms with DLF-Will be in talks with DLF if it re-enters hospitality-Expect to have 50 hotels in next 5 years-Strategy to work with multiple partners in India-Will grow in India via Management contracts
Thomas Cook puts India arm on the block - ET (Thomas Cool PLC this week pledged its entire holding with RBS)
SBI cuts processing fees for home loan by half to garner a larger market share - ET
Steel, cement and power companies oppose Coal India 's new pricing policy - ET
Reliance Communications in loan talks with China's CDB - reports
Titagarh Wagons plans foray into shipbuilding - DNA
Goldman Sachs says IRB Infra masked aircraft buy, management says there is no reason to disclose, will complain to SEBI - DNA
In F&O Ban: Aban Offshore, ABG Shipyard, Punj Llyod, Ruchi Soya and Gitanjali Gems
Genus Power board approves restructuring proposal
Results Today: Infosys, HDFC, TTK Prestige, DCB, Geojit BNP Paribas, Gruh Finance, Sanghi Industries
Global Markets: The US markets ended near session highs, but still closed narrowly mixed, as worries over the Eurozone and declines in the energy sector limited gains. On economic data front, US economy expanded at a moderate pace in late November and December as consumer spending picked up, according to the Federal Reserve's latest beige book report. Meanwhile, weekly mortgage applications gained in the first week of 2012.
Global events to watch:
ü Weekly jobless claims are expected to come in slightly higher at 375,000.
ü Retail sales may rise to 0.4% for December.
ü Business inventories is expected to come in at 0.5%
ü The ECB will hold a policy meeting today. The committee is expected to keep interest rates on hold at the historic low of 1%, and hold back on further action, despite growing calls for the bank to resort to quantitative easing. The meeting happens as calls for the central bank to take further action to solve the euro zone debt crisis increase.
Global indices Update @ 8:
Dow Jones : 12462 (+69.78)
NASDAQ : 2695 (-06.85)
Nikkei 225 : 8447 (+25.62)
Hang Seng : 19151 (+147.6)
SGX CNX Nifty : 4849 (-24.00)
Gold (USD/t oz.) : 1648
Nymex Crude (F) : 101.48
INR / 1 USD : 52.22
Technical Outlook: Nifty support seen near 4800 and resistance at 4900
Call for the day:
Buy Bajaj Auto SL 1435 Target 1475.
Sell ABG Shipyard SL 393 Target 385.
Stocks in action for the day: Infosys, Thomas Cook, SBI, Titagarh Wagons.
Govt sources say -Decision on ATF direct import to be taken in next 3-4 days-Vijay Mallaya met DFGT officials on ATF Import issue-3 options being considered on direct import of ATF-Oil Ministry not in favor of direct import of ATF-Oil Ministry feels PSU's to be impacted by direct ATF import
FM says-Difficult to meet FY12 fiscal gap target of 4.6%
FM on farm sector-Reforms must in agriculture pricing-Seek rationalization of different subsidies-Seek decentralization of handling of food grains-Tax exemptions to cooperative societies-States remove mandi & purchase tax on dairies
Hilton says -JV's with Oberois and DLF have been a good experience-Economic situation was different when DLF JV was launched-Remain in great terms with DLF-Will be in talks with DLF if it re-enters hospitality-Expect to have 50 hotels in next 5 years-Strategy to work with multiple partners in India-Will grow in India via Management contracts
Thomas Cook puts India arm on the block - ET (Thomas Cool PLC this week pledged its entire holding with RBS)
SBI cuts processing fees for home loan by half to garner a larger market share - ET
Steel, cement and power companies oppose Coal India 's new pricing policy - ET
Reliance Communications in loan talks with China's CDB - reports
Titagarh Wagons plans foray into shipbuilding - DNA
Goldman Sachs says IRB Infra masked aircraft buy, management says there is no reason to disclose, will complain to SEBI - DNA
In F&O Ban: Aban Offshore, ABG Shipyard, Punj Llyod, Ruchi Soya and Gitanjali Gems
Genus Power board approves restructuring proposal
Monday, January 9, 2012
Technical Outlook: Nifty support seen near 4720 and resistance at 4760
Market Outlook: Indian markets are to expected to open lower tracking weak Asian markets. Investors are keenly awaiting for Q3 quarterly results and IIP data this week which would direct the market trend for the week.
Global Markets: The US markets closed mixed on Friday, as even a strong government employment report was not enough to offset ongoing worries over the Eurozone debt crisis. However, all three major averages logged strong gains for the shortened trading week. And on economic data front that came on Friday, non-farm payrolls jumped 200,000 in December, according to the labor department, pushing the jobless rate to a near three-year low of 8.5%. The European markets too closed mixed as optimistic US data could not completely offset concerns about EU debt crisis.
Global events to watch:
U.S. consumer credit for November.
Global indices Update @ 8:
Dow Jones : 12359 (-55.78)
NASDAQ : 26474 (+4.36)
Nikkei 225 : 8390 (-98.36)
Hang Seng : 18371 (-221.3)
SGX CNX Nifty : 4750 (-33.00)
Gold (USD/t oz.) : 1609
Nymex Crude (F) : 101.08
INR / 1 USD : 52.78
Technical Outlook: Nifty support seen near 4720 and resistance at 4760
Call for the day:
Sell JP Associate Sl 53 Target 45-46.
Buy GAIL SL 375 Target 395.
Stocks in action for the day: Vakrangee, Orchid Chem, OM Metals, IOB, Reliance Power
Sun Pharma , CMD Dilip Shanghvi says -Invests in small pharma companies in personal capacity -Companies have huge growth potential; need support to grow-Investments have no conflict of interest with Sun Pharma -May look at product sharing with Sun Pharma in future
JK Lakshmi Cement says: -No cement price cuts seen in Himachal Pradesh yet -Might witness increase in demand in next few months -Plan to hike capacity to 10 mt by end of next year
Vakrangee Software Q3FY12 QoQ -Net sales up 9% at Rs 341 crore versus Rs 312 crore -PAT up 6% at Rs 17 crore versus Rs 16 crore -Total Exp up 8% at Rs 301 crore versus Rs 278 crore -EBITDA up 25% at Rs 65 crore versus Rs 52 crore -EBITDA Margin at 19.1% versus 16.7%
Sterlite set to bid for remaining Balco stake: Vedanta Group aluminium refiner Sterlite is expected to shortly make a formal proposal for acquiring the Government's residual stake in aluminium major Balco.
5 solar power units to be set up in AP: Anjani Power Generation Private Ltd will set up four solar power units in Andhra Pradesh. Each of the units will have a capacity of 5 MW
Commercial vehicle maker Man Force Trucks announced its foray into the bus segment and said the company is eyeing a 50 per cent jump in overall sales at 6,000 units this year.
Srei Infra to launch debt fund thru MF route: Srei Infrastructure Finance Ltd plans to launch an infrastructure debt fund through the mutual fund route. The debt fund is likely to be launched in the next fiscal
German auto component-maker Continental will invest over Rs 800 crore in India over the next two years to strengthen its operations here,
In a major breather, GMR Infrastructure, which is building Maldives' largest airport, the Male International Airport will now be able to collect airport development (ADC) and insurance charges from this month.
State-run power producer National Thermal Power Corposration (NTPC) plans to foray into power distribution across the country in a big way.
The UK-based bus manufacturer Optare Plc’s shareholders have given approval for Hinduja Group-owned Ashok Leyland and associates to increase their stake to 75.1 per cent in it.
Overseas investors have pumped nearly Rs 6,500 crore in the market, including stocks and bonds, in the first week of the New Year. Between January 2 and 6, FIIs purchased equities and debt securities worth a gross amount of Rs15,168 crore. However, they also sold shares and bonds worth Rs8,674 crore in the same period, translating into a net investment of Rs6,494 crore , according to information available with market regulator Sebi.
Facing a resource constraint Railways has come up with a draft policy which seeks increased private participation and opens the doors for foreign direct investors for expanding its network. It has proposed six PPP models for project execution that includes creating railway connectivity on private land.
Kingfisher Airlines is downsizing. Over the next few months, the airline may cut its fleet from the existing 64 planes as it struggles to stay afloat.
The finance ministry is likely to get about Rs9,000 crore extra in the next budget if the government restructures centrally sponsored schemes as recommended by an expert committee.
Tata Power said the first 800 MW unit of the Mundra Ultra Mega Power Project (UMPP) has started power generation.
India’s cement manufacturing capacity may go up to 479 million tones by the terminal year of the 12th Plan, ending 2017, despite the existing over-capacity scenario, as per projections made by a Planning Commission Working Group on the sector.
Reliance Power gets access to 2 NCL blocks, company to benefit over Rs 6000 crore
Finance Ministry to infuse fresh Rs 1400 crore in Indian Overseas Bank (IOB) as Capital Support
OM Metals Infraprojects Consortium in talks with developers to develop Bandra plot worth Rs 800 crore
Orchid Chemical approves merger of Orchid Research Labs Ltd with Self
Gail to replace JP Associates in Sensex from today
Stocks in F&O Ban - Ruchi Soya and Gitanjali Gems
Oilmin Seeks Cabinet Nod for Cairn-Vedanta’s $8.5-b Deal
AV Birla Group eyes Lafarge's S-Africa biz
Global Markets: The US markets closed mixed on Friday, as even a strong government employment report was not enough to offset ongoing worries over the Eurozone debt crisis. However, all three major averages logged strong gains for the shortened trading week. And on economic data front that came on Friday, non-farm payrolls jumped 200,000 in December, according to the labor department, pushing the jobless rate to a near three-year low of 8.5%. The European markets too closed mixed as optimistic US data could not completely offset concerns about EU debt crisis.
Global events to watch:
U.S. consumer credit for November.
Global indices Update @ 8:
Dow Jones : 12359 (-55.78)
NASDAQ : 26474 (+4.36)
Nikkei 225 : 8390 (-98.36)
Hang Seng : 18371 (-221.3)
SGX CNX Nifty : 4750 (-33.00)
Gold (USD/t oz.) : 1609
Nymex Crude (F) : 101.08
INR / 1 USD : 52.78
Technical Outlook: Nifty support seen near 4720 and resistance at 4760
Call for the day:
Sell JP Associate Sl 53 Target 45-46.
Buy GAIL SL 375 Target 395.
Stocks in action for the day: Vakrangee, Orchid Chem, OM Metals, IOB, Reliance Power
Sun Pharma , CMD Dilip Shanghvi says -Invests in small pharma companies in personal capacity -Companies have huge growth potential; need support to grow-Investments have no conflict of interest with Sun Pharma -May look at product sharing with Sun Pharma in future
JK Lakshmi Cement says: -No cement price cuts seen in Himachal Pradesh yet -Might witness increase in demand in next few months -Plan to hike capacity to 10 mt by end of next year
Vakrangee Software Q3FY12 QoQ -Net sales up 9% at Rs 341 crore versus Rs 312 crore -PAT up 6% at Rs 17 crore versus Rs 16 crore -Total Exp up 8% at Rs 301 crore versus Rs 278 crore -EBITDA up 25% at Rs 65 crore versus Rs 52 crore -EBITDA Margin at 19.1% versus 16.7%
Sterlite set to bid for remaining Balco stake: Vedanta Group aluminium refiner Sterlite is expected to shortly make a formal proposal for acquiring the Government's residual stake in aluminium major Balco.
5 solar power units to be set up in AP: Anjani Power Generation Private Ltd will set up four solar power units in Andhra Pradesh. Each of the units will have a capacity of 5 MW
Commercial vehicle maker Man Force Trucks announced its foray into the bus segment and said the company is eyeing a 50 per cent jump in overall sales at 6,000 units this year.
Srei Infra to launch debt fund thru MF route: Srei Infrastructure Finance Ltd plans to launch an infrastructure debt fund through the mutual fund route. The debt fund is likely to be launched in the next fiscal
German auto component-maker Continental will invest over Rs 800 crore in India over the next two years to strengthen its operations here,
In a major breather, GMR Infrastructure, which is building Maldives' largest airport, the Male International Airport will now be able to collect airport development (ADC) and insurance charges from this month.
State-run power producer National Thermal Power Corposration (NTPC) plans to foray into power distribution across the country in a big way.
The UK-based bus manufacturer Optare Plc’s shareholders have given approval for Hinduja Group-owned Ashok Leyland and associates to increase their stake to 75.1 per cent in it.
Overseas investors have pumped nearly Rs 6,500 crore in the market, including stocks and bonds, in the first week of the New Year. Between January 2 and 6, FIIs purchased equities and debt securities worth a gross amount of Rs15,168 crore. However, they also sold shares and bonds worth Rs8,674 crore in the same period, translating into a net investment of Rs6,494 crore , according to information available with market regulator Sebi.
Facing a resource constraint Railways has come up with a draft policy which seeks increased private participation and opens the doors for foreign direct investors for expanding its network. It has proposed six PPP models for project execution that includes creating railway connectivity on private land.
Kingfisher Airlines is downsizing. Over the next few months, the airline may cut its fleet from the existing 64 planes as it struggles to stay afloat.
The finance ministry is likely to get about Rs9,000 crore extra in the next budget if the government restructures centrally sponsored schemes as recommended by an expert committee.
Tata Power said the first 800 MW unit of the Mundra Ultra Mega Power Project (UMPP) has started power generation.
India’s cement manufacturing capacity may go up to 479 million tones by the terminal year of the 12th Plan, ending 2017, despite the existing over-capacity scenario, as per projections made by a Planning Commission Working Group on the sector.
Reliance Power gets access to 2 NCL blocks, company to benefit over Rs 6000 crore
Finance Ministry to infuse fresh Rs 1400 crore in Indian Overseas Bank (IOB) as Capital Support
OM Metals Infraprojects Consortium in talks with developers to develop Bandra plot worth Rs 800 crore
Orchid Chemical approves merger of Orchid Research Labs Ltd with Self
Gail to replace JP Associates in Sensex from today
Stocks in F&O Ban - Ruchi Soya and Gitanjali Gems
Oilmin Seeks Cabinet Nod for Cairn-Vedanta’s $8.5-b Deal
AV Birla Group eyes Lafarge's S-Africa biz
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