Wednesday, September 23, 2009

BOR: Market Outlook: Indian markets may have flat to positive opening today

Market Outlook: Indian markets may have flat to positive opening today & remain volatile ahead of Future and Options settlement tomorrow. Nifty has supports at 4900-4930 and resistances are at 5080 -5150. some kind of consolidation will be word for the day.

Global events to watch for today:

  • Bank Reserve Settlement
  • MBA Purchase Applications
  • EIA Petroleum Status Report
  • 5-Yr Note Auction
  • FOMC Meeting Announcement

Global indices Update @ 9:

Dow Jones : 9829 (+51.01)

Nasdaq : 2146 (+08.26)

S&P 500 : 1071 (+07.00)

Nikkei 225 : 10370 (-73.26)

Hang seng : 21705 (+04.66)

SGX CNX Nifty : 5040 (+17.00)

INR / 1 USD : 48.17

CRUDE OIL : 71.50 (-00.05)

Gold : 1014 (+00.20)

On the global counter: Wall Street advances; Dow ends up 51 points while Asia trading lower; Shanghai Composite, Hang Seng down. The US markets advanced on Tuesday, the benchmark indices closed at fresh 2009 highs as the two-year treasury auction met with strong demand and the dollar retreated. A falling dollar drove buying in commodities and commodity-related stocks. But financials were clearly the leaders in trade with Bank of America up 2%, Citi up nearly 5% and Wells Fargo up almost 4%

Stocks in action for the day: Suzlon, JP Asso, Cipla, Bharti, KLG Cap Svs

SEBI revises takeover norms provisions: -Board approves 2 changes in IDR norms -Concept of anchor investors allowed for IDRs as well -Takeover regulation applicable for ADR/GDR with voting rights - This could have ramifications on Bharti-MTN Deal. SEBI Says: No retrospective effect to amendment on takeover norms Premature to comment on dual listing issue Got no application on dual listing from any entity

Bharti: Deal structure with MTN to meet laws in both India & SA -To seek open offer exemption from SEBI if required To seek all relevant approvals at the right time.

RBI update: Have not received any request on dual listing from Bharti/MTN. Cannot judge FEMA compliance without dual listing details

JP Associates: -To raise $150-200 million via treasury stock sale -To sell around 3-4 crore treasury shares at approximately Rs 240/share Deal to be executed via block deal today: Company created 20 crore treasury shares via merger of 4 group companies in 2008. Company raised Rs 500 crore in June via treasury sale of 2.5 crore shares

Cipla: -QIP book opens, plans to raise $110- 175 million -QIP issue priced at Rs 263.75/share Equity dilution of minimum 2.5% on fully diluted capital -Kotak Mahindra Capital, CLSA, JPMorgan book runners to issue

Suzlon Energy: Suzlon to raise approximately $100 million via block deal -Suzlon promoters to sell 5 crore shares (5% equity) at about Rs 95/share -Deal to be executed on the stock exchange via block deal. Promoters to plough back proceeds into Suzlon Energy -Citi sole banker to Suzlon block deal

Sujana Towers board approves: Issue of GDRs up to $12 million Issue of FCCBs up to $12 million -Issue of shares / convertible warrants up to Rs 10 crore

SEBI: Passes order against insider trading in KLG Capital Services Debars executives of SKIL Infrastructure from trading. Debarred entities had info on impending KLG share acquisition. KLG Capital Shares were to be acquired by Awaita Properties. SKIL Infra is promoter group company of Awaita properties ((SKIL is company promoter of Pipavav Shipyard))

Pipavav Shipyard fixes IPO price at Rs 58/share ((price band was Rs 55-60/share))

Rallis India board approves issue of 9.8 lakh shares to Tata Chemicals on preferential basis ((will increase promoter holding by less than 5% this fiscal, no open offer needed))

Axis Bank prices GDR & QIP issue at Rs 906.7/share

Gammon India board meet on September 25 on fund raising

Globus Spirits to list today, issue price at Rs 100/share

Unitech launches Worli project at 36% discount

Bhushan Steel plans to raise Rs 2,000 crore via QIP issue

NBC may up stake in NDTV Networks, holding company for the group’s entertainment and life style business

Tata Motors launches Land Rover Freelander 2 priced at Rs 33.8-45 lakh

Sesa Goa promoters increase stake in company to 57.1% from 55%

Ratnamani Metals bags Rs 152 crore order from GAIL for gas transmission and distribution

GreenPly Industries rights issue opens today, offer of 3 shares for every 10 @ Rs 90/share

2.14 crore Opto Circuits QIP shares to hit market

4.33 crore Ramco Industries bonus shares to hit market

NSE F&O: Kingfisher out of curb


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