Tuesday, December 8, 2009

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

Market Outlook: Indian markets may have flat to negative opening today on account of weak global cues. Nifty has supports at 4950-5000 and resistance is at 5130-5160. Market is continuously finding it difficult to climb while the trend is still intact up as long as 5100 holds. Markets are expected to be in the range of 5000-5100 the whole December.

Global events to watch for today:

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

Global indices Update @ 9:

Dow Jones : 10390 (+01.21)

Nasdaq : 2189 (-04.74)

Nikkei 225 : 10116 (-51.25)

Hang seng : 22144 (-180.64)

SGX CNX Nifty : 5054 (-6.00)

INR / 1 USD : 46.44

On the global counter: Wall Street ends flat post Bernanke’s comment while Asian markets trading lower; Hang Seng, Nikkei down. The Wall Street closed flat after a brief boost as comments from Fed Chief Ben Bernanke tamped down worries about interest rates.

Stocks in action for the day : J Kumar, Tata Steel, Bharti, Barak Valley

Vijay Mallya says: -Will pay a negotiated royalty to Heineken -Royalty to Heineken will be 6-7% of sales value -Heineken cannot exceed current stake -All potential issues of conflict have been resolved Everything operationalised from UB's end -Heineken will be positioned on top of Kingfisher Ultra -Do not expect any cannibalisation on A/c of deal -Win-win situation for both parties -Never intended to pay Heineken any upfront fee

From Heineken Concall: -UBL will not get any cash -UBL to get license of Heineken brands & APB's Indian assets

Bajaj Electricals - QIP update: -Bajaj Electricals QIP opens; size Rs 100 crore and price at Rs 782.40/sh: Sources -Edelweiss sole banker for Bajaj Electricals QIP

Jet Airways: Increase of 33% in domestic passenger traffic in November -November International passenger traffic up 19% (YoY)

ICICI in talks to sell entire stake in 3i Infotech: The Rs 96,000-crore ICICI Group is in talks to sell its entire stake in 3i Infotech, as the financial conglomerate feels that the IT ICICI Bank venture it incubated 16 years ago has become peripheral to its operations and matured enough to hold out on its own. 3i Infotech, earlier known as ICICI Infotech, is one of the two firms that the ICICI Group set up in the 1990s. While 3i Infotech was set up for IT products and services, the other firm, Firstsource Solutions, was set up for BPO operations.

DoT may delay notice inviting 3G auction bids: The notice inviting bids for the upcoming third generation (3G) spectrum auctions, which is scheduled to be issued on December 8, may be delayed till the month-end, as per officials in the department of telecom (DoT). This could imply that the 3G auctions, scheduled to begin on January 14, may now be pushed to the end of February or early March 2010.

Adhunik bets on low input cost: For a steel company, there can’t be better news than getting an iron ore mine. The availability of captive mines reduces the raw material cost

significantly, thus boosting the company’s earnings. Adhunik Metaliks, a mid-sized firm manufacturing different ferrous products such as steel billets, sponge iron and alloy steel, has got the final leg of approval for its iron ore mine located in Orissa. The company is only waiting for the mining lease from the state government, which is expected to take only a couple of months more. The actual mining will start from March 2010 onwards.

EdServ Softsystems to raise $25 mn to fund expansion: Education and placement company EdServ Softsystems today said it plans to raise $25 million through Global Depository Receipts or Foreign Currency Convertible Bonds to fund its expansion in the school and online tuition services markets.

IOC to have 26-49 pc stake in nuclear power plant with NPCIL: Indian Oil Corp, the nation's largest oil firm, on Monday said it will take 26-49 per cent stake in the Rs 10,000-crore nuclear power plant it will set up in collaboration with the Nuclear Power Corp of India Ltd.

J Kumar Infra QIP to open today; floor price Rs 180.25/sh:

Tata Steel November total sales up 35% at 4.98 lakh tonne (YoY)

Race for Bharti's entire 25% stake in Bharti Axa AMC narrows: sources say; Dhanalakshmi Bank, PNB, Central Bank, Andhra Bank in race

Nestle India board approves buying healthcare nutrition business of Speciality Food India

Barak Valley cement subsidiary acquires 3 tea companies

Suryachakra board meet today to restructure biz verticals

Entegra board to meet on December 14 to approve QIP placement document –

Indian ADRs: Tata Comm down 7.4%, MTNL down 4.6%, ICICI Bk down 4.1%


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