Market Outlook: Indian markets may have flat to positive opening today while we believe it is in consolidating mood after 3-day rally. Nifty has support at 5200-5240 and resistances are at 5310-5350. Overall trend remains bullish until Nifty holds above 5,230 in the near term. Metals & auto counter could see profit booking as many stocks were into the overbought zone and might continue to feel the pressure. We like L&T, Ruchi Soya & Pidilite Industries for the day.
Global events to watch for today:
- Chain Store Sales
- Monster Employment Index
- Jobless Claims
- 30-Yr Bond Announcement
- EIA Natural Gas Report
- Money Supply data
Global indices Update @ 8:
Dow Jones : 10573 (+01.66)
Nasdaq : 2301 (- 07.62)
Nikkei 225 : 10738 (+07.09)
Hang seng : 22453 (+36.60)
SGX CNX Nifty : 5291 (+05.00)
INR / 1 USD : 46.12
On the global counter: Wall Street ends flat ahead of jobs report while Asia trading mixed; Nikkei up,
Stocks in action for the day: NTPC, HDIL, FDC, Wockhardt, RIL, Ruchi Soya, Pidilite Industries, Pfizer, Strides.
After a decade, Budget likely on Saturday - Feb 27..Sources
NTPC FPO likely to be around Rs 240-250: Sources. The follow-on public offer to sell some of the government’s stake in power major NTPC is likely to hit the market in early February. The NTPC FPO price is likely to be around Rs 240–Rs 250 per share. At the time of writing, NTPC was trading at Rs 234, up 2% in a firm stock market. The Indian government has been aggressive on its divestment agenda and is selling stake in various listed PSUs and also lining other PSUs for listing. Earlier, reports said the government may raise as much as Rs 20,000 crore via its disinvestment programme.
RIL set to sell more treasury shares in next couple of days
Bharti – Warid deal underway; towards Completion; Bharti-Airtel Likely To Invest $300 m For 70% Stake In Warid
Pfizer- Strides Arcolab deal-Collaborate to commercialise off-patent Sterile Injectibles-Collaborate to commercialise off-patent oral products in US-Deal comprises 40 off-patent products, mainly for Cancer-First product to reach market in 2010-Products to be licensed to Pfizer by Strides & Onco Therapies-Strides & Onco therapies 50:50 JV between Aspen & Strides-Financial details of deal not disclosed
L&T bags orders worth Rs 2,325-cr from four states: Larsen & Toubro (L&T), the country’s largest engineering and construction firm, on Wednesday, said it has received contracts worth Rs 2,325 crore for commercial and residential construction in Maharashtra, Gujarat, West Bengal and
Ruchi Soya buys 50 pc in Gemini for Rs 45 crore: Ruchi Soya Industries has acquired over 50% stake in Andhra Pradesh-based Gemini Edible and Fat for Rs 45 crore in order to consolidate its presence in the southern markets. The acquisition will help Ruchi to consolidate presence in Andhra Pradesh, Karnataka and Tamil Nadu. It is a leader in the branded edible oil category with brands like Nutrela Soyumm, Ruchi Gold, Sunrich and Mandap. It is also engaged in the soya meal and lecithin.
Pidilite Industries in action: Pidilite Industries, the market leader in adhesives and sealants in the country was in action yesterday the sharp move of the stock came on the back of reports that the company’s board is seriously considering a bonus issue at its next meeting on January 28. Pidilite is valued at twice its net sales and its stock is currently trading at a P/E multiple of 21.6. These valuations are befitting a typical mid-sized FMCG company.
Niko Says-RIL to drill 6 more exploration wells in D6 block Niko is RIL
Wockhardt gets US FDA approval for Alzeimers Drug
Bilcare opened GDR issue of upto $35 million yesterday
Govt gets nod to offload 10% in BSNL
USL mulls bonds issue to refinance Rs 3000 crore debt
FDC buy back at maximum Rs 65/share Offer open on January 18
Piramal looking for buyouts, plans to raise Rs 1000 crore
HDIL to raise Rs 400 crore via second tranche of NCD issue
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