Thursday, September 24, 2009

BOR: Market Outlook: Indian markets are expected to trade lower & remain volatile ahead of Future and Options settlement.

Market Outlook: Indian markets are expected to trade lower & remain volatile ahead of Future and Options settlement. Nifty is having support at 4,946 and 4,931 levels while the resistance is there at 5,030 and 5,068 levels.

Global events to watch for today:

  • US Jobless Claims
  • US Existing Home Sales
  • EIA Natural Gas Report
  • 3-Month Bill Announcement
  • Money Supply data

Global indices Update @ 9:

Dow Jones : 9748 (-81.32)

Nasdaq : 2131 (-14.88)

S&P 500 : 1060 (-10.79)

Nikkei 225 : 10548 (+177.8)

Hang seng : 21124 (-470.88)

SGX CNX Nifty : 4928 (-38.00)

INR / 1 USD : 47.96

CRUDE OIL : 68.44 (-00.53)

Gold : 1008 (-04.80)

On the global counter: US markets open flat; Dow ends 81points down on the back of weaker economic data & Asia trading lower; Shanghai Composite, Hang Seng down. US stocks fell into the red in the final hour of Wednesday`s session, giving up sharp gains that had come immediately after the Federal Reserve`s interest-rate decision.

Stock in Action for the day: 3i Infotech, Cipla, Suzlon Energy, Fortis

3i Infotech QIP issue fetches Rs 318 crore: The Mumbai-based IT firm, 3i Infotech, has raised Rs 317.81 crore through the qualified institutional placement (QIP) route. The QIP issue, which opened on September 17, closed on Tuesday, September 22. The company will issue 3.75 crore shares at a price of Rs 84.75 per share to the buyers. The face value will be Rs 10 per share. 3i Infotech had earlier passed an enabling resolution to raise up to Rs 500 crore in July this year and raised Rs 317 crore in line with the market conditions.

Cipla mops up Rs 671 cr through QIP: Indian generics drug maker Cipla has raised $140 million (nearly Rs 671 crore) through a qualified institutional placement (QIP) of shares to fund expansion and retire debt. The company has offered to sell shares worth $110 million, with an option to raise it to $175 million.

Suzlon Energy promoters raise Rs 678 cr from 4.5% stake sale: The promoters of Suzlon Energy on Wednesday raised nearly Rs 678 crore ($142 million) by selling 4.5% of their stake primarily to retire debt that the wind turbine maker had taken to acquire assets globally.

Fortis receives SEBI nod Rs 997 cr rights issue: Hospital chain Fortis Healthcare has got approval from the regulatory body SEBI for its Rs 997-crore rights issue for funding some of its expansion projects and its recent acquisition of Workhardt Hospitals.

Raymond plans to sell stake in apparel, engg arms to PE cos: MUMBAI: Raymond is planning to sell stakes in its apparel and engineering subsidiaries to private equity (PE) funds to unlock value, according to Gautam Singhania, chairman and managing director of the 84-year-old textile company.

Jet seeks nod to approach overseas investors for funds: Jet Airways, which recently suffered the worst pilot strike, has sought the government’s permission to sell shares to overseas investors to avoid loan defaults and violation of debt covenants, as they may not be able to raise entire funds through equity route from domestic investors.


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