BOR: Market Outlook: Indian markets will have negative opening today on the back of negatives cues from the global counters.

Market Outlook: Indian markets will have negative opening today on the back of negatives cues from the global counters. Nifty has support at 4900-4950 and resistances are at 5050-5180. Markets to remain under pressure as concerns over tightening measures in China, a firm dollar and worries over a default by Greece outweigh on the earnings season in Asia, while Indian inc’s have managed to report better expected numbers in the December quarters 09 with avg net sales grown by 26% while EBIDTA & PAT by 45% as per results announced till date.

Global Events to watch for today

• New Home Sales
• FOMC Meeting Announcement
• Bank Reserve Settlement
• MBA Purchase Applications

Global indices Update @ 8:

Dow Jones : 10194 (- 02.57)
Nasdaq : 2203 (- 07.07)
Nikkei 225 : 10355 (+30.34)
Hang seng : 20383 (+20.81)
SGX CNX Nifty : 4900 (- 92.50)
INR / 1 USD : 46.18

On the global counter: Wall Street ends flat led by financials while Asia trading mixed; Shanghai Composite flat, Nikkei up. The US markets ended the Tuesday session lower as news that the senate has scheduled a hearing on President Obama's bank proposal for next week rattled the market. Financials were the day's worst performers, with JP Morgan down 2%. In economic data watch, consumer confidence hit its highest level since September 2008. Its measure of confidence ticked up to 55.9 from an upwardly revised 53.6 in December. In other news, the national retail federation reported that retail sales is likely to rise 2.5% this year, after a 2.5-% drop in 2009.

Stocks in action for the day: Bharti, TTML, Shree Renuka, RInfra, HDFC & Biocon

Bharti to outsource $1bn cable biz Bharti Airtel has invited bids to outsource the management of its 1,20,00 km-plus of inter-city optic fibre cable network and hopes to close the deal before the end of this fiscal.

TTML stays in red, Q3 loss at Rs 103 cr: Tata Teleservices Maharashtra (TTML) has posted a net loss of Rs 103.29 crore for third the quarter ended December 31, 2009, as compared to Rs 48.54 crore in the year-ago period. The private telecom services provider’s Q2 FY 10 net loss was at Rs 116 crore.

RInfra inks concession pact with Maha for second metro line: Reliance Infrastructure Limited (RInfra)-led consortium has signed the concession agreement with the Maharashtra government for the second line of Mumbai Metro Rail Project on BOT basis. The concession period is of 35 years with an extension clause of another 10 years. The total estimated cost of the project is Rs 11,000 crore out of which Rs 2,298 crore will be provided by the government as grant

Pantaloon Retail (India) earnings jump 51.07% for Dec`09 qtr: Net sales for the quarter for the quarter rose 25.38% to Rs 19,128.40 million, while total income for the quarter rose 25.38% to Rs 19,148.60 million, when compared with the prior year period.

Gujarat State Petronet profit soars 4.17 times for Dec`09 qtr: Net sales for the quarter for the quarter rose 2.29 times to Rs 2,684.95 million, while total income for the quarter jumped 2.20 times to Rs 2,717.89 million, when compared with the prior year period.
Bajaj Hindusthan explores hydel foray: With sugar revenues expected to remain buoyant, company will use the cash flows to invest in power business. The Shishir Bajaj-promoted Bajaj Hindusthan, the country`s biggest sugar producer, plans to foray into the hydro power sector. This, even as the company looks to add thermal power capacity in excess of 1,200 Mw with an investment of Rs 60 billion. The company has shortlisted Uttar Pradesh, Rajasthan and Maharashtra to set up thermal power capacities, primarily based on indigenous coal. It is now exploring sites for hydro power projects, which, according to sources, is still in the initial stages.

PowerGrid to float overseas subsidiary by early 2011: Powergrid Corporation of India (PGCIL), India`s largest power transmission utility, is set to float its overseas subsidiary by early next year. The move is aimed at opportunities outside the country. ``Currently, our hands are full in India. We are open for acquisitions outside. By early next year, we would form the subsidiary that would become our overseas arm. It would operate on the lines of ONGC Videsh (OVL),`` said a senior official from the company. OVL is the overseas arm of the oil and gas explorer, Oil and Natural Gas Corporation (ONGC).
Grasim eyes higher margin from viscose business Grasim Industries, which would be left with only the viscose staple fibre (VSF) business once its cement unit is merged with subsidiary company Ultratech, is aiming to grow the former operation by 27% in the next two years. Grasim Industries, which would be left with only the viscose staple fibre (VSF) business once its cement unit is merged with subsidiary company Ultratech, is aiming to grow the former operation by 27% in the next two years.
Satyam to hire 2,000 more, process on: Mahindra Satyam, the rebranded Satyam Computer Services, is planning to recruit 2,000 professionals. It will be a mix of freshers and lateral hiring, to cater to specific requirements of some clients. The IT outsourcing company, now treading on a recovery path, received approval from its new owner, Tech Mahindra, in October 2009 to go ahead with external hiring for speciality skills.
HDFC picks up 5% in Intelenet for Rs 410 bn Housing Development Finance Corporation (HDFC), which exited its holdings in back office services provider Intelenet Global Services in 2007, has once again made an investment of around Rs 410 billion in the firm. The investment has been made through SKR BPO Services, which is the holding company for Intelenet. HDFC was one of the original promoters of the BPO firm along with Tata Consultancy Services (TCS).
Biocon`s Clingene, SIRO Clinpharm in alliance talks Biotechnology major Biocon`s clinical services arm Clingene is actively exploring an alliance with Mumbai-based clinical research organisation SIRO Clinpharm. ``We are looking at an alliance with SIRO Clinpharm that could entail bundling of complementary services. While we have a human pharmacology unit they have data management services,`` Biocon`s CMD Kiran Mazumdar Shaw said adding that ``although these are ongoing discussions, no alliance has fructified yet.``

Shree Renuka approves 1:1 bonus
Bharat Bijlee Oct-Dec net slumps Net profit 74.0 mn vs 133.3 mn Net Sales 1,613.2 vs 1,400.6