Tuesday, November 10, 2009

BOR: Market Outlook: India markets will have positive opening today on the back of strong global cues.

Market Outlook: India markets will have positive opening today on the back of strong global cues. Nifty has supports at 4780-4830 and resistances are at 5000-5040. The momentum is expected to continue. Overall outlook for the markets is that of optimism as the bulls need to hold the Nifty above the 4860 mark. Positive overseas cues will help the bulls.

Global events to watch for today:

  • ICSC-Goldman Store Sales data
  • 4-Week Bill Auction
  • 10-Yr Note Auction

Global indices Update @ 9:

Dow Jones : 10226 (+203.5)

Nasdaq : 2154 (+41.62)

Nikkei 225 : 9970 (+161.1)

Hang seng : 22426 (+219.3)

SGX CNX Nifty : 4943 (+37)

INR / 1 USD : 46.58

On the global counter: US markets rally 2%; Dow at 13-month high & Asian markets trading higher; Nikkei, Hang Seng up. The US markets rallied on Monday as a pledge by the finance ministers and central bankers from the G-20 nations to keep stimulus in place spurred investors' appetite for risk. Crude prices rose more than 2% to trade above USD 79 after Hurricane Ida entered the gulf of Mexico, forcing BP and Chevron to cut output. Gold futures climbed to a record for the second straight session on dollar weakness. Gold is currently trading above 1100 dollars.

Stocks in action for the day: Hindalco, NMDC, Phoenix Mills, Maytas Infra

Ambani Brothers looking for out-of-court settlement – DNA ((reports adds Deepak Parekh, KV Kamath and bankers Nimesh Kampani and Vallabh Bhanshali meet on Saturday, compromise pricing of $3.6/MMBTU rumored))

TRAI Sources Say: -To re-examine regulatory policy in license fee -To re-examine regulatory policy in spectrum charges

Steel Ministry: Cabinet may take up NMDC divestment next month -Hope to raise Rs 13,000 crore via NMDC divestment

Phoenix - -Phoenix Hospitality signs hotel deal with Marriott International for Rs 340 crore -t: Phoenix Hospitality is the hotel arm of Phoenix Mills

Hindalco starts road show for Rs 2900 crore QIP (qualified institutional placement) issue

NTPC to set up 2640 MW power station in MP

IVR Prime to issue 5.94 crore shares to IVR Strategic Resources and IVRCL Water on amalgamation

Maytas Infra says: may withdraw from Rs 1,590 crore Machilipatnam port project

Unichem gets US FDA nod for Pithampur bulk drug unit

Bajaj Auto and Nissan -Renault have resolved their differences and are set to announce the details of the proposed joint venture for making the Bajaj Ghosn ultra low-cost car on Tuesday.

Tata Motors to shut down Pune CV manufacturing plant for 3days: Tata Motors today said it will shut its commercial vehicle manufacturing plant in Pune for three days from November 13 to 15 due to shortage of a critical engine component. Supply of fuel injection pump from one of our vendors has been affected due to the fire in Jaipur

ICICI to phase out stake in Firstsource ICICI Bank today said it would reduce its stake in BPO company Firstsource in a phased manner, even as there are reports of appointment of a merchant banker for exiting from the outsourcing company. ICICI Group currently holds 26.6 per cent in Firstsource which provides business process management services across banking and financial services, telecommunications and the healthcare industry.

Valuation for stake-sale in UTI AMC attractive, says BoB: State-owned lender Bank of Baroda, today said it is diluting its 6.5 per cent stake in UTI AMC and UTI Trustee Company and that the valuation was attractive. The value of the 6.5 per cent stake sold by the bank is around Rs 163-crore, Three shareholders of UTI Assest Management Company and UTI Trustee Company-State Bank of India, Punjab National Bank and Bank of Baroda today agreed on divesting 6.5 per cent in both the entities to T Rowe Price. Each of the three institutions at present holds 25 per cent stake in UTI Asset Management Company as well as UTI Trustee Company and pursuant to the said transaction, their shareholding would drop to 18.5 per cent.

Gateway Rail may place Rs 300-cr CCPS with Blackstone: Gateway Rail Freight (GRFL), a subsidiary of the logistics company Gateway Distriparks, plans to raise up to Rs 300 crore by placing compulsorily convertible preference shares (CCPS) to Mauritius’ Blackstone GPV Capital Partners, a private equity fund. According the company release issued to BSE, the shares on conversion will entitle Blackstone GPV to acquire between 37.27% and 49.9% in the unit. Gateway Distriparks has the option to acquire the CCPS at the end of five years from the date of investment, and Blackstone can sell the shares to Gateway at the end of 10 years.


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