Tuesday, September 29, 2009

BOR: Market Outlook: Indian markets may have a positive opening today on the back of recovered global cues.

Market Outlook: Indian markets may have a positive opening today on the back of recovered global cues. Nifty has supports at 4,900-4,930 and resistances are at 5,030-5,100. The upterd momentum is expected to continue. Technically the trend is still intact up as long 4900 holds; target in the near term is 5155.

Global events to watch for today:

  • Consumer Confidence
  • ICSC-Goldman Store Sales
  • State Street Investor Confidence Index
  • 4-Week Bill Auction
  • Farm Prices data

Global indices Update @ 9:

Dow Jones : 9789 (+124.17)

Nasdaq : 2130 (+39.82)

S&P 500 : 1062 (+18.60)

Nikkei 225 : 10104 (+95.16)

Hang seng : 21003 (+415.5)

SGX CNX Nifty : 5005 (+45.00)

INR / 1 USD : 47.98

CRUDE OIL : 66.91 (+0.07)

Gold : 992 (-0.50)

On the global counter: Wall Street snaps 3-day losing streak; Dow ends up 124 pts & Asia trading higher; Hang Seng up 2%, Nikkei gains. The US markets snapped a three-day losing streak on Monday as investors cheered a wave of merger-and-acquisition activity. Tech stocks were mostly higher, with the Nasdaq outperforming the broader indices. Bank stocks posted solid gains, with Bank of America up 3.7% and Citigroup up 4.3%

Stocks in action for the day: Bharti, Gammon India, Abbott

Bharti-MTN: Bharti-MTN Deal Structure Likely On EV/EBITDA Valuations Bharti Valuation 11x EV/EBITDA, MTN 7x EV/EBITDA PIC, Mikatis May Get Bharti Stake In Lieu Of MTN Stake Mikati Family Holds 10-11% In MTN; Likely To Get 7% In Bharti PIC Holds 23% In MTN, Likely To Get 14.6% I Bharti Bharti May Allot 14-15% To MTN For Cash Bharti May Acquire Nearly 14% From MTN Shareholders PIC & Mikati Independent Of MTN Board, Hence Not PAC Stands For Persons Acting In Concert Structure Means Bharti EPS Accretive From 1st Year Structure Helps Avoid Open Offer Future Of Deal To Be Decided Early This Week

UB Group: Received expressions of interest from PE players Final decision on stake sale probably in October

RCF: RCF A Candidate For Divestment; Timeline & Amount Unknown Fert Cos Have Questioned RIL Marketing Margin, Freight Costs

Murugappa Group: Murugappa Group Looks To Hike Stake In Chola DBS Fin to 75% Murugappa Group To Buy 37.5% Held By DBS Group Holdings Murugappa Grp Can Buy DBS' Stake Via Inter-se Sh Transfer

Oil India to list on Sep 30, issue price Rs 1050

SEBI Okays Indiabulls Power IPO; Issue May Raise Rs 2,000 Cr

Gammon India board approves QIP issue up to $ 200 m

Abbott acquires pharma business of Solvay Pharma for $6.6 bn ((both Abbott & Solvay are listed))

Tata Power scouting for coal assets overseas

Steel Min starts discussions with Fin Min on SAIL stake sale:

Idea launches 50 paise local & STD call rates

L&T Finance To Buy 100% Stake In DBS Chola AMC For Rs 45 Cr

Tulip Tele Under IT Scanner For Alleged Tax Evasion..source news

Shree Renuka buys 5% stake in NCDEX for Rs 36.5 cr from Goldman Sachs & Intercontinental Exchange

Pfizer board approves amalgamation of wholly owned subsidiary Duchem Labs with itself

Television Eighteen, WWIL rights issues open today

Greycells Entertainment rights issue opens today

77.56 cr Jindal Steel bonus shares to hit market

6.41 cr Gujarat Gas bonus shares to hit market

Sujana Metal board meet on Sep 30 on issue of GDRs up to $16 m

Intellivate Capital board approves 5:1 rights issue at Rs 50 ((CMP Rs 30))

Suryachakra Power board meet on Sep 30 on issue of convertible warrants on pref basis

Shree Ram Mills board approves issue of 16 m convertible warrants to promoters on pref basis

Board meets: Abbott India results

Pfizer Q3: Net Profit At Rs 41.15 Cr Vs Rs 38 Cr Net Sales At Rs 204.84 Cr Vs Rs 187.7 Cr Other Income At Rs 15.75 Cr Vs Rs 18.49 Cr EBITDA Margin At 24%; Cash On Books At Rs 500 Cr.


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