Market Outlook: Indian markets are likely to witness a positive start tracking international cues. Nifty has support at 5180 and resistances are at 5280-5310. All eyes would be on monthly inflation data which is scheduled today. Wholesale price inflation is seen at 7.31% in December from a year earlier, which is sharply up from an annual rise of 4.78 per cent in November. Given the inflationary pressures, there is speculation that the Reserve Bank of
Global events to watch for today:
- Retail Sales
- Jobless Claims
- Import and Export Prices
- RBC CASH Index
- Business Inventories
- EIA Natural Gas Report
- 3-6 Month Bill Announcement
Global indices Update @ 8:
Dow Jones : 10680 (+53.51)
Nasdaq : 2307 (+25.59)
Nikkei 225 : 10844 (+108.9)
Hang seng : 21972 (+223.8)
SGX CNX Nifty : 5258 (+15.00)
INR / 1 USD : 45.68
On the global counter: Wall Street ends higher; Dow closes at 15-mth high & Asian markets trading higher; Nikkei, Hang Seng up. The
Stock in action for the day: Sesa Goa, Himadri Chem, GTL, Bajaj Holdings.
IPO Update: Infinite Computer subscribed 43.22 times: Infinite Computer Solutions (India), a global service provider of Infrastructure Management, Intellectual Property (IP) leveraged solutions and IT services, has seen a record subscription of 43.22 times. The issue received this tremendous response from non-institutional investors and qualified institutional investors; their reserved portion got subscribed 106 times and 48.44 times, respectively. Retail investors
Govt may limit some pvt sector mining, Sesa Goa to be hit: The government is considering a proposal to restrict mining in tribal areas by private sector companies, The proposal, part of a bill on India
GTL to acquire Aircel
Bajaj Holdings to swim with rising market tide: Bajaj Holdings and Investments’ consolidated profit grew by an astounding 344% in the December ‘09 quarter bolstered by the 145% growth in Bajaj Auto’s profit, which is an associate company. It’s basically an investment company with investments in Bajaj Auto, ICICI Bank and other companies. Since the equity market remained strong, it was possible for the company to book treasury gains.
JP Power to raise Rs 1,500 cr: Jaiprakash Power Venture (JPVL), that houses the power generation business of diversified $7-billion Jaiprakash Associates, is raising Rs 1,500 crore through a qualified institutional placement (QIP). The company is likely to dilute around 10% stake by the end of this fiscal to raise the fund, said two officials involved in the process on conditions of anonymity.
SMG eyes Rs 750-crore PE funding: The Sunil Mantri Group (SMG) is looking to raise Rs 750 crore through private equity players to fund its existing projects and fuel expansion plans. The Mumbai-based realty developer is open to diluting its holding by 30% at the project level to raise cash.
Himadri Chem expects revenues to rise six-fold: Himadri Chemicals, a Kolkata-based coal tar company in which Bain Capital has made a Rs 250 crore investment, has lined up major expansion plans. Besides doubling the capacity of its existing plants, the company is also looking at a joint venture in
Domestic air traffic grows 7.8% in 2009
Truck sales zoom 201% in December, rentals at 2-year high.
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