Friday, November 20, 2009

BOR: Market Outlook: Indian markets will have flat to negative opening today on account of weak global cues.

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 US markets fell for a second day after gains in the dollar and analyst downgrade on the chip sector. Intel was the biggest drag on the Dow, down 4.1%, after Bank of America-Merrill Lynch slashed its 2010 growth forecast for the global chip industry and downgraded 10 chip makers including Intel. The day's economic news was mixed. Jobless claims were unchanged last week but the prior week was revised up by 3,000 claims. The four-week moving average dropped to its lowest level in nearly a year. Continuing claims came in at 5.61 million. Some disappointing news on the housing front-mortgage delinquencies rose to 9.64% of all loans outstanding in the third quarter and foreclosures jumped to 4.47% to a total of 14.41% - another new record. Leading indicators rose 0.3% in October, slightly lower than expected. And the Philadephia Fed branch said its gauge of regional manufacturing activity rose to 16.7 in November from 11.5 in October, beating expectations.

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 India for overseas acquisitions.

PM says will amend sugarcane pricing ordinance in farmers' interest

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 India to raise funds

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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