Tuesday, September 1, 2009

BOR: Market Outlook: Indian markets may have flat to positive opening today tracking gains across Asian counters.

Market Outlook: Indian markets may have flat to positive opening today tracking gains across Asian counters. Nifty has supports at 4580-4600 and resistances are at 4740-4800. Midcap stocks will continue to perform.

Global Events to Watch:

  • US- Motor Vehicle Sales
  • US- Pending Home Sales Index
  • US- ISM Mfg Index
  • US 4-Week Bill Auction
  • US- Construction Spending data

Global indices Update @ 9:

Dow Jones : 9496 (- 48)

Nasdaq : 2009 (-19.7)

S&P 500 : 1020 (-8.3)

Nikkei 225 : 10540 (+48)

Hang seng : 19785 (+61.5)

SGX CNX Nifty : 4690 (+ 21)

INR / 1 USD : 48.88

CRUDE OIL : 70.01 (+0.05)

Gold : 951.7 (0)

On the global counter: Wall Street ends lower; crude prices drop nearly 4% while Asian markets trading firm; Hang Seng, Nikkei up. The US markets ended lower as a broad-based selling effort took hold following a steep sell-off in China's Shanghai Composite Index. In economic news, the Chicago institute for supply management reported its gauge of business activity in the Midwest region rose to 50 from 43.3 in July, the highest reading since September 2008.

Stocks in action for the day: Unity Infra, ITI, Satyam, Maytas, Glenmark

Sterlite: -US Bankruptcy Judge recommends Grupo Mexico bid for Asarco over Sterlite US Bankruptcy Judge says -Grupo Mexico bid allows it to keep equity -Asarco plan allows Grupo Mexico share of litigation trust -Grupo Mexico bid more likely to pay creditors in full -Alert: Recommendation by Bankruptcy Judge not final verdict; US District Judge will have final approval

IL&FS: -To hold 57% stake in Maytas after open offer -Raju family's stake in Maytas can't be diluted immediately -No preferential allotment for Maytas if open offer fails -Intend to purchase 22.51% of Maytas Infra equity -To raise fresh capital at appropriate stage through QIP (qualified institutional placement)

Tata Motors: -To divest stake in subsidiaries to reduce debt -To get £ 340 million European Investment Bank loan shortly

WNS : -Warburg Pincus may look at negotiating WNS' stake price -Warburg Pincus will not reduce WNS' stake price below $350 million Alert: -At current market price, 50.12% stake in WNS valued at $325 million -Current price for WNS expected between $400-$600 million

ING Vysya Life owners looking to sell stake: Indian shareholders of ING Vysya Life Insurance — Exide Industries, Ambuja Cements and Enam Group — are looking to divest part of their holdings in the company, with their investments failing to yield much in dividends or valuations. Exide holds nearly 50% while the combined shareholding of Ambuja and Enam is pegged at 24%.

Unity Infra bags Rs 325.2 crore order in Mumbai

Glenmark, Orchid Chemical get US FDA tentative okay for generic Clarinex:

Four Soft exploring acquisition opportunities in Europe

Crompton Greaves eyes overseas acquisition

JMC projects rights issue opens on September 7, to issue 36.28 lakh shares at Rs 110, ratio 1:5

Fertilizer Minister now wants KG gas at cheap rate, conveys to petroleum ministry

Intel Capital in race to acquire stake in ITI’s 3 factories

Union Bank to cut home loans from today; to cut car loans by 75-100 bps

Sources say 250 Indage Vintners employees resign on company's failure to pay salaries

Ind Swift board approves issue of 40 lakh convertible warrants to promoters on preferential basis

PSU Oil companies to raise ATF (aviation turbine fuel) prices by average Rs 564/kl:

Ex-dividend: BHEL @ Rs 8

NHPC to list today, issue price Rs 36 a share

Jindal Cotex IPO closes today, subscribed 0.63 times till now

Intraday Nifty Outlook: Pivot Point: 4676 R1: 4717, R2: 4771, R3: 4812 S1: 4621, S2: 4580, S3: 4525


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