Thursday, January 28, 2010

BOR: Market Outlook: Indian markets may have flat to positive opening today on the back of recovering momentum on the global cues.

Market Outlook: Indian markets may have flat to positive opening today on the back of recovering momentum on the global cues. Nifty has support at 4800 and resistances are at 4950-5000. There is nervousness among investors ahead of the monetary policy, If there is only a reverse repo hike, markets will be relieved.. but if there is a CRR hike, it will be negative for the markets, especially bank stocks. monetary policy is due on Friday.

Results today: Largecaps: BPCL, Cairn, Cipla, Tata Steel, NHPC, Bk of India, Jindal Steel and Power

Midcaps: Aban, Ansal Hsg, Apollo hospitals, Bharati Shipyard, Britannia, canara Bk, Central Bk of India, Crompton Greaves, Dena Bk, Dishman Pharma, GIC Hsg, GMR Infra, havells, IRB Infra, Jain Irrigation, Motherson Sumi, Marico, United phos, Srei Infra, Tata Tea, OBC, IOB, Opto ckts,

Others: 20 Microns, Allied Digital, Alstom Projects, Andhra cem, Astec Lifesciences, Avaya Global, BF utilities, Chennai Petro, Colgate, Crew BOS, Dalmia Cem, den Networks, DPSC, Dredging, Eclerx, Engineers India, Gemini Comm, Goa Carbon, Godawari Power & Ispat, Guj Sidhee Cem, Hanung Toys, Himadri chem. Hind Rectifiers, HOV Serv, IG petro, Ind Swift Labs, IVR Prime, Jai Corp, JB Chem, JSL. K K sera sera, Kesoram Ind, Koutons retail, KRBL, Madras Cem, MRF, Mudra Port, Nippo Batteries, NUchem, OCL Iron, Pidilite, Prakash Ind, Pritish Nandy comm, Provogue, Ramco Systems, Rel Media world, Renaissance Jew, Seamec, Shrenuj, Sical Log, Sundaram Fin, Federal Bk, J&K bk, Phoneix Mills, STC, Torrent Power, uttam galva Steels, UTV Soft, Zandu Pharma, Zicom, Lloyd electrical

Global Events to watch for today

• Durable Goods Orders
• Jobless Claims
• Money Supply

Global indices Update @ 8:

Dow Jones : 10236 (+41.87)
Nasdaq : 2221 (+17.68)
Nikkei 225 : 10385 (+133.9)
Hang seng : 20233 (+200.6)
SGX CNX Nifty : 4886 (+51.00)
INR / 1 USD : 46.29
On the global counter: US mkts gain as Fed left interest rates unchanged & Asian markets trading higher; Nikkei, Hang Seng up. US stocks eked out a gain led by tech stocks and financials, which rebounded amid relief that the Fed's statement offered no surprises. Stocks had languished for much of the day amid some disappointing earnings outlooks and an unexpected drop in home sales but recovered in the last hour of trading. Annualized new home sales for December declined 7.6% against expectations of 3% rise. The CBOE volatility index eased to near 23.
Stock in action for the day: Sobha, Essar Steel, GSPL, NTPC
IPO Corner: Aqua Logistics (closes today; price band 220-230) QIB – nil; NII at 0.104 times (X), Retail at 0.26X
Thangamayil Jewellery (closes tom; price band 70-75) QIB at 0.2X, NII – nil; Retail at 0.118X
Syncom Healthcare(closes tom; price band 65-75) QIB at 0.264X, NII at 1.058X, Retail at 0.537X
Vascon Engineers (closes tom; price band 165-185) QIB at 0.349X, NII at 0.024X, Retail at 0.078X, employee at 0.097X
Power Grid -Power Grid board gives in-principle okay for follow-on issue; to issue 10% stake via follow-on issue
-Also gives approval of 'Immediate evacuation System” for Nabinagar TPS' (1000 MW) at an estimated cost of Rs 215.86 crore
DLF Q3: -Consolidated net profit at Rs 468 crore versus Rs 671 crore -Consolidated net sales at Rs 2,026 crore versus Rs 1,367 crore DLF Says: -Realised about Rs 170 crore in Q3 from sale of non-core assets -Revise target of Rs 5,500 crore from non-core asset sale in FY10 -New target Rs 2,500 crore from non-core asset sale in FY10 -Will realise Rs 1,250 crore from non-asset sale this fiscal -FY10 divestment at Rs 1,234 crore versus target of Rs 5,500 crore -Net gearing at around 0.50 -DLF-DAL integration closure expected by Q4 end -Estimated consolidated rental income post integration approximately Rs 1,500 crore -More than 550 luxury/high-end apartments (2 msf) sold in NCR
Indian Hotel Q3: -Net sales at Rs 422.3 crore versus Rs 381.3 crore (YoY) -Net profit at Rs 64.9 crore versus Rs 83.9 crore (YoY Indian Hotel Says: -Have undertaken restructuring of Sea Rock property; put Sea Rock assets into SPV -To hold 20% stake in SPV, rest transferred to Tata Group Cos -SPV raised money from market to pay IHCL Rs 750 crore -Expect debt to decline to Rs 4,000 crore by March; to hold Rs 600 crore in cash by March 2010 -To repay USD 95 million debt for US Properties & USD 90 million to Samsara Property
Vedanta -Vedanta's Q3 profit soars, meets forecast -EBITDA increased to USD 662.5 million from USD 10.1 million
Air India Q3 -Increase of 24.8% in passenger carriage -14.4% rise in load factor -Carried 3.17 million passengers versus 2.54 million passengers (YoY) -Load factor at 55.3% versus 69.7 % (YoY)
SK Bangur group buys out Ramsinghanis stake in Rama Newsprint (Buys out 16.84% stake( listed co West Coast Paper)
Uttam Galva de-activated in the six-lakh series w.e.f. January 27th
Gitanjali Gems has strategically acquired the balance 50% stake in the Indian JV Company Morellato India
NALCO Q3: Bottomline Below Street Estimates -Net profit at Rs 155 crore versus Rs 219 crore (YoY) -Net sales at Rs 1,386 crore versus Rs 1,016 crore -Other income at Rs 61.7 crore versus Rs 113 crore
HPCL Q3 -Sales down 5.9% at Rs 27661.9 crore versus Rs 29386.7 crore -OPM at 2.47% versus 1.52% -Net profit of Rs 31.4 crore versus net loss of Rs 422 crore
Telcos add 19.1 million new users in December 2009: Tata Teleservices led the December additions with over 3 million new users beating Bharti Airtel for the fifth consecutive time to maintain the leading position in terms of monthly subscriber additions. Bharti Airtel added 2.85 million users, according to figures released by sector regulator, Trai. Reliance Communications added 2.8 million users in December Idea Cellular, added just 1.7 million users in December Vodafone Essar dding close to 2.7 million users

Sobha may raise Rs 3 bnSobha Developers, the Bangalore-based publicly-held real estate developer, is understood to be in discussions to raise Rs 3 bikkion at project levels. If this step fructifies, this will be second major fund raising Sobha Developers will be embarking on after it raised Rs 2.25 billion during the second half of 2009 from a fund sponsored by Infosys co-founder N S Raghavan. In addition to the SPV fund raising, Sobha Developers has also raised Rs 5.3 billion through the Qualified Institutional Placement route in 2009.

Essar Steel`s Hazira expansion by year endEssar Steel`s USD 2.5 billion (about Rs 125 billion) capacity expansion project at its Hazira plant in Gujarat will be completed by the end of this calendar year. Following the expansion programme, the steel plant`s capacity will go up from the current level of 4.6 million tonnes per annum (mtpa) to 10 mtpa. ``We are on the verge of completion of this project.

GSPL may pick up 25% stake in Mundra LNG Gujarat State Petronet (GSPL), a group company of Gujarat State Petroleum Corporation (GSPC), is in advanced talks with GSPC-Adani consortium for picking up about 25% stake in the proposed 20-MMTPA LNG project at Mundra in Gujarat. ``GSPC has held talks with a couple of other companies including Essar and HPCL for a joint venture in the LNG project. However, the talks with them have failed to fructify. We are now aiming to rope in GSPL as a partner in the project.

Union Bank in talks with Indonesian banks for acquisition Shortly after market leader, State Bank of India announced its intention to buy small-sized banks in Indonesia, another state-owned lender Union Bank today said it has initiated talks for possible acquisitions in that country. ``We are in preliminary talks to acquire a small size bank in Indonesia... We have shortlisted a few banks there and hope that we will reach a deal.

Easun Reyrolle plans Rs 1 bn fresh investment Power management company Easun Reyrolle is planning to invest upto Rs 1 billion to set up a new global manufacturing facility at Bangalore and establish a base by by its subsidiary Switchcraft in Germany to assemble its patented solid insulated switchgear product - the ISIS, for select markets. Easun, which has a subsidiary in Canada also, offers products, systems, solutions and services spread across generation, transmission, distribution and industrial application segments.

Tata Comm earmarks USD 50 mn investment for GMES group Tata Communications plans to invest over USD 50 million (about Rs 2.3 billion) over the next 2 years in its newly-formed Global Media & Entertainment Solutions (GMES) group. ``We will be investing over USD 50 million in this new group to strengthen our media and entertainment portfolio over the next two-years. We are eyeing break-even by end of the coming fiscal from this portfolio.

HPCL: Tough refining business, limited govt aid may dent profit Government`s support, a jump in other income and a reduced interest burden helped Hindustan Petroleum (HPCL) post a tiny profit for the December 2009 quarter. Economic difficulties eroded margins in its refining business, while its marketing operations continued to incur losses.


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