Wednesday, January 20, 2010

BOR: Market Outlook: Indian Markets are expected to open in positive note on the back of global support, followed by Wall Street ends at 15-month high

Market Outlook: Indian Markets are expected to open in positive note on the back of global support, followed by Wall Street ends at 15-month high & Asian markets trading firm. Going forward, the market may trade below 5200 & may see some more selling in day trades. Overall lookout is that 5180 acts as a strong support which may be breached in the near term. Any fresh build-up of short positions would take the market towards the intermediate lows of 4950. The market is cautious before the 29th RBI meeting and expecting rate hike.

Results today: Wipro, Dr Reddys, HDFC, HDIL, JSW Steel, India Infoline, KPIT Cummins, Polaris, Praj Industries, Sun TV, Triveni (also for restructuring), TVS motor, Yes Bank, DCM Shriram Cons, Four soft, Fresenius Kabi, IBN18 Broadcast, JK Tyre, Kingfisher, Mahindra Holiday and Resorts, Mah Lifespace dev, Mangalam Cem, Mukand, Nitin Fire protection, Radico Khaitan, Raymond, Spice comm, Surya Roshni, TV18, Walchandnagar

Global events to watch for today:

• MBA Purchase Applications
• Housing Starts data
• Producer Price Index
• 4-Week Bill Auction

Global indices Update @ 8:

Dow Jones : 10725 (+115.7)
Nasdaq : 2320 (+32.41)
Nikkei 225 : 10818 (+53.91)
Hang seng : 21426 (- 251.5)
SGX CNX Nifty : 5238 (+14.00)
INR / 1 USD : 45.62
On the global counter: Wall Street ends at 15-month high led by healthcare stocks & Asian markets trading firm; Nikkei, Straits Times up. After an extended weekend, US stocks opened the week on an encouraging note. Stocks rose to fresh 15-month highs led by healthcare stocks as a key senate-seat vote in Massachusetts today could change the course of healthcare reform. Technology stocks got a boost from anticipation of strong earnings from IBM. Numbers were reported after the bell and were well ahead of expectations. In other earnings, Citigroup hit its earnings target but missed on revenue. The stock initially opened lower, but rebounded by midday, ending up 3.5%.
Stocks in action for the day: Ranbaxy, Wipro, Lupin, Orbit, MindTree
Jubilant Foodworks IPO (closes today) -Total Oversubscription at 4.04 times -QIB at 9.8927 times; NII at 2.2565 times; Retail at 0.24 times
Oil Companies’ – Q3 subsidy: Sources Say: -Oil Companies' October-December upstream subsidy at Rs 4,361 crore -ONGC's October-December subsidy burden at Rs 3,497 crore -Oil India's October-December subsidy burden at Rs 468 crore -GAIL's October-December subsidy burden at Rs 397 crore -Indian Oil to get Rs 2,276 crore upstream subsidy in October-December -BPCL to Get Rs 1,121 crore upstream subsidy in October-December -HPCL to get Rs 964 crore upstream subsidy in October-December
MRPL Q3: -Net profit at Rs 259 crore versus loss Of Rs 285 crore (YoY) -Net sales at Rs 9,159 crore versus Rs 7,534 crore (YoY) -GRM at $4.51/bbl -Throughput at 3.4 mt versus 3.11 mt (YoY) MRPL Says: -Turnover in company has shown 20% increase -Q3 inventory gain of Rs 299 crore; saw inventory gain of $2.54/bbl
SREI says court asks LIC, GIC to complete DPSC stake sale by January 29: SREI consortium won bid to buy out LIC, GIC stake in DPSC
MindTree Q3: -Standalone net sales at Rs 309.5 crore versus Rs 311.6 crore (QoQ) -Standalone net profit at Rs 50.5 crore versus Rs 48.2 crore -Consolidated net sales at Rs 331.9 crore versus Rs 315 crore (QoQ) -Consolidated net profit at Rs 53.7 crore versus Rs 49.8 crore (QoQ)
Teva Files patent suit against Lupin in US, Indian company banned from selling generic version of Birth control drug for 30 months
-Maharashtra govt hikes FSI from 2.5 to 3 for buildings come up between 1940-1960 (To benefit companies like Orbit and Ackruti).
Himatsingka Seide sets up 12.5MW thermal captive co-generation power plant; 1st phase already commissioned; 2nd in March.
Religare Enterprise Q3 -Net profit at Rs 21.5 crore versus Rs 44 crore -Revenues Rs 376 crore versus Rs 381 crore
Sonata Software Q3: -Consolidated net profit at Rs 22 crore versus Rs 19.9 crore (QoQ) Consolidated total operating income at Rs 338 crore versus Rs 397 crore (QoQ)
Elder Pharma Q3: -Net profit at Rs 15.3 crore -Net sales at Rs 180 crore
Astral Poly Q3 -Net profit at Rs 6.3 crore versus Rs 1.4 crore -Net sales at Rs 68 crore versus Rs 45 crore
UB Engg Q3 -Net profit at Rs 7 crore versus Rs 5.7 crore -Net sales at Rs 101 crore versus Rs 100 crore
Wabco TVS Q3 -Net profit at Rs 24 crore versus Rs 1.3 crore -Net sales at Rs 168 crore versus Rs 76 crore
JK Lakshmi Cement Q3 -Net profit at Rs 45 crore versus Rs 56 crore -Net sales at Rs 353 crore versus Rs 298 crore
Foreign Telcos may stay out of 3G auction on raw 2G deal
Syncom Healthcare IPO opens of Jan 27, closes on Jan 29, price band Rs 65-75/sh
Jubilant Organosys board meet on January 21 to raise funds via ADR/GDR/QIB
Karuturi Global board meet on 29th to consider fund raising (postponed)
Aqua Logistics IPO to open on January 25, close January 28; price band Rs 220-230/share
Jet plans to phase out no-frill Jet Konnect


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