Market Outlook: Indian markets will have flat to positive opening today on the back of positive support from the Asian peers while Wall Street ends flat. Nifty has supports at 4200-4250 and resistances are at 4375-4450. Nifty may gain upward momentum if it trades above 4375. With June futures and options contracts set to expire on Thursday, volatility may heighten this week, as traders square off existing positions and build fresh ones in the July series. Fresh positions will be initiated, keeping in mind the possible outcome of the upcoming Union Budget and the likelihood of another bout of correction.
Nifty Outlook: Pivot Point: 4282
R1: 4357, R2: 4401, R3: 4477
S1: 4238, S2: 4162, S3: 4118
Indian ADRs: MTNL down 14%, ICICI Bank up 3%, HDFC Bank, Infosys, Tata Motors up 2%
On the global front: Wall Street ends flat; financial, tech stocks advance & Asia trading firm; Hang Seng, Shanghai Composite up. The US markets closed Friday's quadruple-witching session mixed after indices surrendered early gains. Nonetheless, financial stocks and tech stocks showed leadership in this session's late advance. The rebound though was not enough to reverse the stock market's weekly loss of 2.6%, the first weekly decline in five weeks. The Dow Jones was down 15.87 points, or 0.2%, to 8,539.73. The broader S&Ps 500 index rose 2.86 points, or 0.3%, to 921.23 and the NASDAQ Composite Index gained 19.75 points, or 1.1%, to 1,827.47.
Stocks in action for the day: Emami, Tata Tea, Mount Everest, Satyam
Alert: Satyam Renamed as Mahindra Satyam
RNRL (Reliance Natural Resources): -Files caveat in SC (Supreme Court) in gas pricing issue -Caveat filed to preclude any chance of ex-parte order
Tata Tea: -Increases stake in Mount Everest Water to 40.11% -Acquires 4.12% stake in Mount
Everest via open market in last 4 days
Emami: -Board approves demerger of realty business -Board approves demerger of FMCG business of Zandu into company -Offers 14 shares in company for every share held in Zandu
SBI Says: -No IPO (initial public offering) plans for SBI Life or other subsidiaries -No immediate plan to go for rights issue -Not planning GDR/ADR or voting rights for overseas shareholders SBI in talks with Gulf investors to set up PE fund
Neyveli Lignite FY09 -Net profit at Rs 821.1 crore versus Rs 1,101.6 crore -Net sales at Rs 3,354.9 crore versus Rs 2,981.7 crore Neyveli Lignite gets in-principle nod to set up 50 MW wind energy plant in TN
ABG Shipyard 09 Standalone: -Net sales at Rs 1,412.20 crore versus Rs 966.84 crore -Net profit
at Rs 171.10 crore versus Rs 160.68 crore
DCB 09 Standalone -NII (net interest income) at Rs 197.25 crore versus Rs 186.11 crore -Net loss at Rs 88.10 crore versus net profit of Rs 38.33 crore DCB Q4 Standalone (QoQ) -NII at Rs 40.22 crore versus Rs 51.06 crore -Net loss at Rs 91.31 crore versus net loss of Rs 3.22 crore
RIL-RPL (Reliance Industries-Reliance Petroleum) merger: Bombay HC adjourns matter on shareholder objection to June 25
BHEL looking for acquiring equity stake in Hungarian company
ONGC, RIL rumored as mystery bidders for UK’s Addax which could be sold for $8.26 bn
Reliance Communication, China Mobile in tie-up talks
Cairn to start dry runs from June 25 or 26 in Rajasthan field
ICICI Bank to cut costs, rejig model, move to save Rs 1300 crore
Hotel Leela sells Goa casino to MDLR
State Bank Of Indore board approves merger with SBI
UCO Bank to cut PLR by 50 bps from June 27
GMR Group may list some holding companies to raise funds; needs Rs 4,000-5,000 crore over 4-5 years:
Cox & Kings plans IPO on BSE in September, expects to raise about $100 million
IFC to give $50 million loan to Apollo Hospitals to expand hospital network
Punj Lloyd board meets on June 24 on fund raising
Sun Pharma gets USFDA approval for generic Accupril tablets
Source says ABB likely to get 4 coal blocks in Madhya Pradesh:
Pyramid Saimira Case: Madras HC appoints prov liquidator to take charge of company's assets
97.86 crore TCS shares to hit the market ((bonus issue))
Board meets: Texmaco on fund raising
Nifty Outlook: Pivot Point: 4282
R1: 4357, R2: 4401, R3: 4477
S1: 4238, S2: 4162, S3: 4118
Indian ADRs: MTNL down 14%, ICICI Bank up 3%, HDFC Bank, Infosys, Tata Motors up 2%
On the global front: Wall Street ends flat; financial, tech stocks advance & Asia trading firm; Hang Seng, Shanghai Composite up. The US markets closed Friday's quadruple-witching session mixed after indices surrendered early gains. Nonetheless, financial stocks and tech stocks showed leadership in this session's late advance. The rebound though was not enough to reverse the stock market's weekly loss of 2.6%, the first weekly decline in five weeks. The Dow Jones was down 15.87 points, or 0.2%, to 8,539.73. The broader S&Ps 500 index rose 2.86 points, or 0.3%, to 921.23 and the NASDAQ Composite Index gained 19.75 points, or 1.1%, to 1,827.47.
Stocks in action for the day: Emami, Tata Tea, Mount Everest, Satyam
Alert: Satyam Renamed as Mahindra Satyam
RNRL (Reliance Natural Resources): -Files caveat in SC (Supreme Court) in gas pricing issue -Caveat filed to preclude any chance of ex-parte order
Tata Tea: -Increases stake in Mount Everest Water to 40.11% -Acquires 4.12% stake in Mount
Everest via open market in last 4 days
Emami: -Board approves demerger of realty business -Board approves demerger of FMCG business of Zandu into company -Offers 14 shares in company for every share held in Zandu
SBI Says: -No IPO (initial public offering) plans for SBI Life or other subsidiaries -No immediate plan to go for rights issue -Not planning GDR/ADR or voting rights for overseas shareholders SBI in talks with Gulf investors to set up PE fund
Neyveli Lignite FY09 -Net profit at Rs 821.1 crore versus Rs 1,101.6 crore -Net sales at Rs 3,354.9 crore versus Rs 2,981.7 crore Neyveli Lignite gets in-principle nod to set up 50 MW wind energy plant in TN
ABG Shipyard 09 Standalone: -Net sales at Rs 1,412.20 crore versus Rs 966.84 crore -Net profit
at Rs 171.10 crore versus Rs 160.68 crore
DCB 09 Standalone -NII (net interest income) at Rs 197.25 crore versus Rs 186.11 crore -Net loss at Rs 88.10 crore versus net profit of Rs 38.33 crore DCB Q4 Standalone (QoQ) -NII at Rs 40.22 crore versus Rs 51.06 crore -Net loss at Rs 91.31 crore versus net loss of Rs 3.22 crore
RIL-RPL (Reliance Industries-Reliance Petroleum) merger: Bombay HC adjourns matter on shareholder objection to June 25
BHEL looking for acquiring equity stake in Hungarian company
ONGC, RIL rumored as mystery bidders for UK’s Addax which could be sold for $8.26 bn
Reliance Communication, China Mobile in tie-up talks
Cairn to start dry runs from June 25 or 26 in Rajasthan field
ICICI Bank to cut costs, rejig model, move to save Rs 1300 crore
Hotel Leela sells Goa casino to MDLR
State Bank Of Indore board approves merger with SBI
UCO Bank to cut PLR by 50 bps from June 27
GMR Group may list some holding companies to raise funds; needs Rs 4,000-5,000 crore over 4-5 years:
Cox & Kings plans IPO on BSE in September, expects to raise about $100 million
IFC to give $50 million loan to Apollo Hospitals to expand hospital network
Punj Lloyd board meets on June 24 on fund raising
Sun Pharma gets USFDA approval for generic Accupril tablets
Source says ABB likely to get 4 coal blocks in Madhya Pradesh:
Pyramid Saimira Case: Madras HC appoints prov liquidator to take charge of company's assets
97.86 crore TCS shares to hit the market ((bonus issue))
Board meets: Texmaco on fund raising
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