Monday, November 23, 2009

BOR: Market Outlook: Indian markets may have flat to negative opening today on the back of mixed performance on the global front.

Market Outlook: Indian markets may have flat to negative opening today on the back of mixed performance on the global front. Nifty has supports at 4980-5000 and resistances are at 5100-5180. Market may witness some volatility ahead of settlement.

Global events to watch for today:

  • Existing Home Sales
  • 4-Week Bill Announcement
  • 3-Month Bill Auction
  • 6-Month Bill Auction

Global indices Update @ 9:

Dow Jones : 10318 (-14.28)

Nasdaq : 2146 (-10.78)

Nikkei 225 : 9497 (-51.79)

Hang seng : 22531 (+75.85)

SGX CNX Nifty : 5065 (-12)

INR / 1 USD : 46.58

On the global counter: Wall Street ends flat; Crude prices down nearly 3% while Asian markets trading firm; Shanghai Composite, Hang Seng up. The US markets ended flat with a positive bias after a rocky session as investors juggled a disappointing jobs report and some analyst upgrades. General Electric was the biggest gainer on the Dow, up 6.2%, after Oppenheimer and Bernstein, raised their ratings on the stock to outperform. The economic data for the day came in worse than expected. The labor department said employers cut 190,000 jobs in October and the unemployment rate jumped to 10.2% its highest level in more than 26 years. In other data, wholesale inventories fell 0.9% in September and consumer borrowing fell by USD 14.8 billion in September.

Stocks in action for the day: RIL, Lupin, Rico Auto, Vishal Retail, Aban

Lyondell Basell & RIL Update: Have received a preliminary non-binding offer from RIL
RIL (Reliance Industries) looking to acquire for cash a controlling stake in company -Have received other non-binding equity financing proposals -RIL offer in addition to other proposals received earlier -RIL offer potential alternate to plan of re-organisation filed previously -Will work towards maximising value for creditors

RIL confirms submitting preliminary non-binding offer to Lyondell Basell RIL: Cash offer for a controlling interest upon emergence from Chapter 11 -Offer preliminary & subject to~conduct of due diligence -Offer also subject to receipt of sufficient creditor support -Reviewing several global growth opportunities -Aim to grow in core business' through inorganic expansion -No assurance that an approach will result in a transaction

Rico Auto Q2FY10 YoY consolidated: -Net sales flat at Rs 254.4 crore versus Rs.254.6 crore Net loss at 1.19 crore versus Profit of 3.8 crore OPM at 10.3% versus 11.6%

Agro Dutch Q2: -Net loss of Rs 37 crore versus profit of Rs 3 crore -Net sales at Rs 18 crore versus Rs 45 cror Operating loss at Rs 26 crore versus operating profit of Rs 13 crore

Telecom war continues: TATA Docomo roaming under per-sec plan: Tata Docomo the GSM brand of Tata Teleservices, on Saturday extended its per-second-billing scheme to roaming calls, intensifying the tariff war in India’s fast-growing wireless telecom market. On Friday, the country’s largest telecom operator by subscriber base Bharti Airtel launched a new billing scheme that slashed roaming rates by nearly 60%. (Telecom players in Focus)

Board meets: Asian Hotels for results for quarter ending September 30

Nagarjuna Fertiliser to enter into manufacturing chemicals for solar applications

Tata Power completes $300 million FCCB issue, bonds to be listed on Singapore exchange

ICICI Bank raises $750 million via international bond offering with a coupon of 5.5%

Simbhaoli Sugar board approves allotment of 20 lakh warrants convertible into equity at Rs 71/sh ((CMP: 71))

Rico Auto to set up plant outside Haryana to meet raising demand and recent unrest in its 4 plants

Cracks and leaks on the Bandra-Worli sea link reports project designer Dar Consultants (HCC to be in focus)

Medicis Pharma drags Lupin to US court for alleged patent infringement on a dermatology drug

Aban Offshore raises Rs 697.5 crore via QIP

Telecom war intensifies, DOCOMO slashes roaming to 1p/second

SBI caps invite bids for sale of 1% stake in NSE and 5.91% stake in MCX

IDBI scraps plans to sell home finance biz – IDBI Homefinance

Bajaj to raise Pulsar production

Rolta to buy US based inland security company.

HDIL stock tumbles on rumors of TDR scam

SREI Infra unit buys DPSC for Rs 172 crore from Andrew Yule lead consortium

Vishal Retail to merge Vishal Water World with itself


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