Market Outlook: Indian markets may have flat to negative opening today on the back of mixed global cues wherein Wall Street ends mixed on disappointing confidence report while Asian markets trading weak; Hang Seng, Nikkei down. Nifty has supports at 4750-4780 and resistances are at 4930– 4970 .Market may witness some volatility & the trend seems to be down and the next target on the way down is 4699.
Results today: ACC, Ambuja Cements, Cipla, GAIL, HCL Tech, HPCL, Sun Pharma, BoB, Firstsource, Gammon Infra, Hexaware, India Cements, Power Grid, Puravankara, Shree Cem, Tata Metaliks, Tata Tea, Amara Raja, Anant Raj Industries, Andhra Bank, BEML, Bombay Burmah, Bombay Dyeing, Brigade Enterprises, Chennai Petro, Cholamandalam DBS, Classic Diamonds, Consolidated Construction, eClerx Services, EIH, Elecon Engg, Essel Propack, Eveready Ind, Glodyne Technoserve, GNFC, Havells India, HBL Power, Hotel Leela, Ingersoll Rand, Jain Irrigation, Karuturi Global, Kiri Dyes, KSK Energy, Lakshmi Machine, Madhucon Projects, MRPL, Marico, Mercator Lines, Micro Tech, MRO-TEK, NDTV, NMDC, Orbit Corp, Phillips Carbon, Sasken, Sun TV, Tata Capital, Tata Investment, Tinplate Co, Thomas Cook, Time Technoplast, TCI, Usha Martin
Global events to watch for today:
- MBA Purchase Applications
- Durable Goods Orders
- New Home Sales
- EIA Petroleum Status Report
- 5-Yr Note Auction
Global indices Update @ 9:
Dow Jones : 9882 (+14.12)
Nasdaq : 2116 (-25.76)
Nikkei 225 : 10144 (-67.91)
Hang seng : 22852 (-317.5)
SGX CNX Nifty : 4818 (-24)
INR / 1 USD : 46.83
On the global counter: Wall Street ends mixed on disappointing confidence report while Asian markets trading weak; Hang Seng, Nikkei down. The
Stocks in action for the day: Glenmark, Rel Power, Sesa Goa, Welspun, Dish TV
Oil Secretary: EGoM (Empowered Group of Ministers) decides to give 13 mmscmd gas to power companies Allocated 20 mmscmd gas from D6 block on firm basis Allocated 30 mmscmd gas from D6 block on fallback basis Allocated 6 mmscmd gas from D6 block to oil refineries To give 1.918 mmscmd gas from D6 block to Reliance Petrochem
RNRL: No objection to gas utilisation policy Utilisation policy should apply to future contracts
MoU (memorandum of understanding) recognises need for scheme of arrangement MoU language indicates it is subservient to RIL board
Reliance Power: Rosa Phase I 300 MW close to commissioning -Will start ahead of schedule 31 March 2010 -
IPO Update: DEN Networks IPO opens today, issue of up to 2 crore shares, price band Rs 195-205/share ((SoftBank Invests Rs 50 crore as anchor investor in DEN Networks: Sources))
Astec Lifesciences IPO opens on October 29, issue of 75 lakh shares, price band Rs 77-82/share
Dish TV revenues up 49% to Rs 258 crore: Direct-to-home (DTH) service provider Dish TV on Tuesday released numbers that it will continue to reduce its losses in the coming quarters without disclosing a time frame by when it would start making net profit. The company reduced its net loss by two thirds to Rs 56.1 crore during the quarter ended September, over the year ago period, due to reduction in distribution and content costs, besides adding new subscribers. Its total revenues grew 48.5% to Rs 257.5 crore, compared to Rs 173.3 crore in the same period last year, as it added 4.07 lakh new subscribers in the quarter to take the gross subscriber numbers to 59.19 lakh
R-Power profit rises 49%: Reliance Power, part of Reliance Anil Dhirubhai Ambani Group (R-ADAG), has posted a 49% growth in quarterly profit because of 58% rise in income that is not related to its core business activities. R-Power, which is yet to begin power generation, earned a total income of Rs 101 crore in the September quarter, compared to Rs 64 crore in the year-ago period, while net profit grew to Rs 71 crore from Rs 47 crore. The higher income came from treasury operations. Last year, the company raised over Rs 11,500 crore through initial public offering. Of which, Rs 4,244 crore has been utilised for financing its construction and development costs of upcoming power projects.
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