Tuesday, December 22, 2009

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

Market Outlook: Indian markets may have flat to positive opening today on account of mixed global cues. Nifty has supports at 4900-4930 and resistances are at 5000-5050. Overall market still looks weak and can come down to around 4850 levels’. We expect a rally & new market highs anywhere between Feb-March 2010, till then markets to be in range action between 4850-5000.

Global events to watch for today:

  • ICSC-Goldman Store Sales
  • GDP release
  • Corporate Profits
  • Existing Home Sales
  • FHFA House Price Index
  • 4-Week Bill Auction

Global indices Update @ 9:

Dow Jones : 10414 (+85.25)

Nasdaq : 2237 (+25.97)

Nikkei 225 : 10287 (+103.8)

Hang seng : 21179 (+231.1)

SGX CNX Nifty : 4965 (+25.50)

INR / 1 USD : 46.80

On the global counter: Nasdaq at new 15-month high; Gold slips below $ 1100/oz & Asia trading higher; Hang Seng, Nikkei up. The Wall Street gained with the Nasdaq closing at a new 15-month high. Positive earnings, upgrades for Alcoa and Intel and the senate health-care bill advancing triggered gains despite the dollar index gradually gaining traction. The Dow Jones Industrial Average was up 85.25 points, or 0.83% at 10,414.14. The Standard & Poor's 500 Index gained 11.58 points, or 1.05%, to 1,114.05. The Nasdaq Composite Index rose 25.97 points, or 1.17, to end at 2,237.66, its highest close since September, 2008.

Stocks in action for the day: Asian Oilfield, Aegis, Jet Air, Hind Comp

RIL Llyondell Basell (LB) update; Working on revised binding proposal for stake in LB -May look at higher cash payout for strategic stake -Alternatively a restructuring plan to increase cash flow -Final offer may be combination of both -Proposal has to be attractive for creditors to gain support -Revised valuation for LB still not finalised LB's own revised proposal is for approximately $8 billion.

RIL-SEBI letter:-MCA orders scrutiny by Registrar Of Co’s after Sebi letter:-Non-invasive scrutiny to be conducted by RoC; -Scrutiny on basis of info available in public domain & govt records: -MCA to ask for substantial evidence from Sebi & keen on proactive action by Sebi: - RIL issued 1,87,000 NCD’s worth Rs 300 crore in 1994 & 120 million equity shares in January 2000 on exercise of option warrants Alert: Sebi asked MCA to look into share allotment, RIL board role & funding.

Ispat debt recast: -Lenders give final nod to Ispat Industries debt recast Total debt of Rs 6,500 cr across 14 lenders Lenders approve Ispat Industries 1 MTPA coke oven plant in Raigad Promoters asked to pledge 95% shareholding against 100% Company to hedge interest risk of its Rs 2000 cr FX loan Lenders approve company's Rs 500 cr QIP -Company aims to complete coke oven plant project by December 2011 Coke Oven Plant an SPV, in JV with Stemcor IDBI Bank, ICICI Bank & IFCI lead arrangers.

A Raja Says 4 slots of 3G to be auctioned -Slots to be allocated by August 2010 -All slots to be given at same time -3G Auction to be conducted as per schedule; scheduled for January 14.

NSE may consider 9-5 trading in index futures (Nirmal Jain, Rashesh Shah, Dinesh Thakkar, Madhabi Puri Buch and Satish Menom meet NSE to discuss the same).

Indian ADR: Tata Communications down 5.5%, Wipro down 3.5%, Sterlite Industries down 3%, Satyam down 2.2%.

Wadhwa group buy LBS plot for Rs 570 crore from Hindustan Composite – (Hindustan Composite is BSE listed Co – CMP Rs 358).

Joint house committee has recommending blacklisting Siemens, L&T and Zurich Airport for faulty design of Bengaluru International Airport (JHC also indicted NarayanMurthy, Rajeev Chandrashekar and others).

Ansal API plans to raise Rs 650 crore via QIP in February – FE (Management says cant comment on speculation).

Airlines to break even for first time in Seven quarters, Jet likely to break even, Spice may scoop a profit.

Great Offshore open offer closes today.

Cement prices hiked by Rs 5/bag in Mumbai from Monday.

Unity Infra raises Rs 73 crore via QIP at an issue price of Rs 506.

Aegis Logistics board approves acquisition of 100% Equity Capital of Shell Gas.

No circuit filter on Zandu Pharmaceuticals.

Asian Oilfield board meet today to consider additional funding.

TVS Motors plans 200cc Motorcycle.

Russian Billionaire Len Blavathik says RIL bid of LB too low.

Golden Tobacco board approves developing its Vile Parle Property.

Govt likely to ban FDI in tobacco.


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