Wednesday, August 26, 2009

BOR: Market Outlook: Indian markets are likely to start on a positive note

Market Outlook: Indian markets are likely to start on a positive note buoyed by investor optimism across overseas markets. Short-covering ahead of the F&O expiry is also expected to continue.

Nifty Outlook: Pivot Point: 4638

R1: 4694, R2: 4728, R3: 4784

S1: 4603, S2: 4547, S3: 4513

On the global space: Dow logs 6th straight gain, ends up 30 pts on good eco data while Asian mkts trading mixed; Nikkei up 67 pts. In the US markets, indices closed at highest levels for 2009, though off intraday highs. Stocks got a boost from an encouraging report on home prices and an unexpected jump in consumer confidence. Driving the gains in the US markets was due to some encouraging economic data. Consumer Confidence Index for August jumped to 54.1. This marked an improvement from an upwardly revised 47.4 in July. The Dow Jones Industrial Average rose 30.01 points or 0.32% to 9,539.29, a highest level since November. The S&P 500 Index gained 2.43 points or 0.24% at 1,028.00, while the Nasdaq Composite advanced 6.25 points or 0.31%, ending at 2,024.23 - at highest levels since October.

Stocks in action for the day: RCom, Maruti, United Spirits, Wipro, Aban offshore, JSL & Austral.

Reliance Communications plans to invest Rs 1,000 crore on rural telecom infrastructure, reports CNBC-TV18, quoting sources. The company plans to boost its fibre optic, hybrid data network.

Maruti rolls out small car Estilo at Rs 3.12-3.95 lakh

United spirits: Have called off talks with Diageo -Struggled with anti-trust issues, Diageo valuations -Deleveraging of balance sheet continues Will re-engage with strategic partner after deleveraging

Salman Khursheed update: -Bharti, MTN looking at resolving certain legal issues -Legal issues due to variations between Indian-SA laws

WNS: -Wipro joins race for Warburg Pincus’ stake in WNS -Bids for WNS vary between $400 million to $600 million -5 other IT firms in race to buy half of WNS -Wipro says: Cannot comment on market speculation -Alert: Warburg Pincus looking to sell 50.12% stake in WNS

Keki Mistry says: -Exercised warrants to pump in Rs 3,600 crore in HDFC Bank -Life insurance business needs about Rs 350 crore capital this year -Alert: HDFC owns 74% in life & general insurance business -Pure equity issue ruled out to avoid RoE (return on equity) erosion

MCX-SX - -LSE, NYSE in talks to pick up 5% stake in MCX-SX -LSE, NYSE interested in buying stake at Rs 35/share -4 Indian banks also interested in picking stake in MCX-SX
-Financial Tech to pare stake in MCX-SX to meet SEBI norms -Mint alert: Financial Tech is the promoter of MCX-SX

Austral Coke: -To set up 2 coke plants with capacity of 1.5 lakh MTPA each -To set up 8 MW waste heat generated power plant

Aban Offshore: -Signed $603 million, 3-year deal for 3 rigs -$92 million 3-year deal for fourth rig Aban Offshore still in NSE F&O curb

Ratan Tata says: Tata Motors ready to sell Singur land if govt asks

Pyramid Saimira board approves: -ADR / GDR / FCCB issue up to $100 million; Demerger of distribution & production business

JSL: Rs 6,060 crore net debt admitted for CDR (corporate debt restructuring)

Ansal Properties board meet on August 28 on fund raising

Hanung Toys board approves fund raising up to $50 million

Piramal Glass rights issue opens today, closes on September 9

Shree Rajivlochan Oil Extraction to resume trading, no circuit filter today

Ex-dividend: BPCL @ Rs 7


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