Market Outlook: Indian markets will have flat to negative opening today on account of weak global cues. Nifty has supports at 4880-4900 and resistances are at 5050-5080 with 4700 acting as a strong base. Sideways momemtum will be the word for the day we believe banking counter to be in action on the back of PSU banks on consolidation with triggers possibility of creating a few large banks through mergers and acquisitions. (Small bank to be eyed.
Global indices Update @ 9:
Dow Jones : 10332 (-93.87)
Nasdaq : 2156 (-36.32)
Nikkei 225 : 9429 (-119.8)
Hang seng : 22432 (-210.5)
SGX CNX Nifty : 4953 (-31)
INR / 1 USD : 46.41
On the global counter: Wall Street slips as chip shares fall, dollar gains & Asia trading weak; Hang Seng, Nikkei down. The
Stocks in action for the day: Suzlon, Pantaloon, Colgate, Triveni Engg
FinMin officials meet PSU banks on consolidation: The Finance Ministry has held a discussion with leading PSU banks to explore the possibility of creating a few large banks through mergers and acquisitions.It is also learnt that banks supported the idea of greater size and scale to meet the growing fund requirements of corporate
PM says will amend sugarcane pricing ordinance in farmers
Suzlon: -Sells 35.22% stake in Hansen @ 95 pence ((Now holds 26.06% in Hansen)) -Deal valued at 224 million pounds ((our estimate was 305 million pounds)) -Has got Rs 1,741 crore versus expectations of Rs 2,000 crore-Will settle loan from stake sale money -Standalone debt Rs 12,000 crore, consolidated debt over Rs 13,000 crore -No board changes in Hansen post stake sale Suzlon says promoters pledge additional 2.99% stake in company
Pantaloon Retail - : Pantaloon Retail to raise Rs 400-500 crore via QIP issue -Enam, ML likely bankers for Pantaloon QIP issue -Pantaloon QIP issue priced at Rs 316/share ((CMP Rs 329))
Welspun Gujarat: -QIP opens, size at $50 million -Upsize of another $50 million -Floor price at Rs 279.25/share ((CMP Rs 292.20))
Triveni Engineering FY09: -Net sales up 19% at Rs 1,895 crore -EBITDA up 42% at Rs 453 crore -PAT up 52% at Rs 170 crore -EPS at Rs 6.58 Triveni Engineering Q4 -Net profit at Rs 68.22 crore versus Rs 27 crore-Net Sales At Rs 553 crore versus Rs 427 crore
Union Bank : -Eyeing bank with pan-India presence for merger -Already identified bank for merger
NTPC: -Forms JV with Power Finance, Power Grid and REC -JV for climate change operations, energy conservation
Board meets:
Shree Renuka Sugars, Agro Dutch Industries results
Fedders Lloyd on fund raising
Cox & Kings IPO closes today, subscribed 1.39 times till now
Patni Brothers sell 0.6% stake via open market in last 2 days, puts a questions mark on stake sale with potential strategic investors
Colgate-Reckitt merger talks on: Reports
Ranbaxy recalls 4348 cartons of skin infection drug in US
Zee seeks extension of one month to buy Ten Sports
DLF begins to sell land parcels across
Thermax gets order worth Rs 477 crore for captive power plant
Jindal Drilling gets Rs 635 crore, 5-year contract from ONGC
US Based Scripps Networks buys 69% stake in NDTV lifestyle for $55 million ((NDTV Lifestyle run & Operated NDTV Good Times))
Index changes from December 1: IndiaBulls Power to replace Indage Vintners in BSE 500 index
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