Tuesday, January 12, 2010

BOR: Market Outlook: Indian markets may have flat to positive opening today on the back of mixed performance on the global counters.

Market Outlook: Indian markets may have flat to positive opening today on the back of mixed performance on the global counters. All eyes are on the result starter INFOSYS & economic event for November IIP today which is expected to be at 10.2% vs 10.3% (MoM) and 2.5% (YoY). Nifty has support at 5200-5230 and resistances are at 5310-5350. Midcap will continue to outperform.

Results today: Infosys, Bajaj Auo, JP hydro, Mastek, Indowind Energy, Bajaj Finserv, Piramal Lifescience, TCI Finance, TTK Prestige, Magma Fincorp.

Global events to watch for today:
• ICSC-Goldman Store Sales
• International Trade
• 4-Week Bill Auction
• 52-Week Bill Auction

Global indices Update @ 8:

Dow Jones : 10663 (+45.80)
Nasdaq : 2312 (- 04.76)
Nikkei 225 : 10787 (- 10.68)
Hang seng : 22349 (- 62.38)
SGX CNX Nifty : 5231 (- 23.50)
INR / 1 USD : 45.36

On the global counter: Wall Street ends flat; Dow, S&P close at fresh 15-mth highs while Asia trading lower; Shanghai Composite, Hang Seng down. It was a lackluster trading session for US markets, but the Dow and the S&P 500 closed at fresh 15-month highs as shares of big manufacturers advanced on strong Chinese economic data. The Nasdaq fell as tech shares succumbed to profit-taking. Earnings season kicked off with Alcoa reporting numbers after the bell. The aluminum giant reversed a loss from a year earlier, but still reported earnings that fell well short of Wall Street's estimates. The CBOE index continued to plunge, falling more than 3%. The Dow was up 45.80 points, or 0.4%, to 10,663.99. The S&P 500 index added 2 points, or 0.2%, to 1,146.98, while the Nasdaq was down 4.76 points, or 0.2%, to 2,312.41.

Stocks in action for the day: ENIL, Zylog, Infy, DLF, Bharti, NTPC, NMDC

IPO update (day 1) -Infinite Computer Solutions: QIB at 0.816 times; NII at nil & Retail at 0.18 times -Birla Shloka Edutech: QIB at nil, NII at 0.35 times and retail at 0.244 times

DLF: -DDA (Delhi Development Authority) rejects DLF's request for Rs 900 crore refund for Dwarka Convention Center -DDA tells DLF to complete project; else face penalty or suit -DLF not keen as DDA said it can't form consortium for executing project -DLF declines to comment Alert -Refund from DDA central to DLF's monetization plan -DLF was sole bidder in 2007 for DDA auction for Dwarka Convention Center

NTPC divestment update NTPC filed DRHP yesterday -NTPC issue via french auction route; govt expects NMDC issue to raise Rs 14,000 crore NTPC issue Feb 3-5 Have 18000 MW under construction; working on additional 10000 MW -Growth likely to be higher at 13% CAGR over next few years -Targeting gas based projects in twelvth plan -First merchant power plant in Korba to be operational by May June 2010 -Second merchant power plant - farakka to be commissioned in FY11 -Working on six coal blocks; targeting 25% of captive coal sourcin by FY17.

Dhampur Sugar Q1: -Net sales at Rs 341 crore versus Rs 283 crore -Net profit at Rs 57.7 crore versus Rs 13.6 crore -Dhampur Sugar Says PAT higher on back of higher sugar prices, power -Board also approves raising upto Rs 250 crore

Bharti acquires 70% stake in Warid Telecom: Telecom major Bharti Airtel has clinched a deal to buy a controlling stake (70%) in Bangladesh’s fourth-biggest mobile phone operator Warid Telecom. The deal expected to be announced in New Delhi on Tuesday

DoT likely to allow only 3 pvt telcos to offer 3G services: n yet another twist to the upcoming third generation (3G) spectrum auctions, the department of telecom’s (DoT) draft notice for inviting applications (NIA) for the spectrum sale said that the process will be limited to three private GSM operators.

REpower, Suzlon ink pact to boost sales: REpower, a unit of Suzlon Energy, on Monday said it has signed an agreement with its parent company, to promote product sales in markets where Suzlon has a stronger presence. The agreement signed in Hamburg on Monday will give REpower the chance to grow in markets where sales of non-conventional energy products have been surging in recent years. REpower is the world leader in wind turbine technology.

Coastal Projects gets Rs 250-cr PE funding: Global private equity majors Barings, Sequoia Capital, Fidelity and Deutsche Bank have invested Rs 250 crore in Hyderabad-based engineering company Coastal Projects, doubling their combined stake to 32%. The four PE firms had bought about 16% in the company for about Rs 160 crore in March 2008.

LIC mulls hiking stake in Mahindra Satyam: In a move that signals investor confidence, LIC ‘s managing director DK Mehrotra said that the company is not exiting its investment in software service firm Mahindra Satyam. On the contrary, it would look at hiking its stake when there’s a good opportunity.

Exide Q3 -Net profit at Rs 130 crore -Net sales at Rs 913 crore Range of margins is 20-25% -Raw material cost is an area of concern
RIL eyes Lyondell Co-promotership
GE Shipping back to buying back vessels, this after selling around 15 ships and canceling orders in last 18 months
South Koran giant GS Home Shopping buys 15% in Home Shop 18 for $18.5 million


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