Market Outlook: Indian markets are expected to open higher tracking positive cues from global shores.
Global Events to watch for today
- MBA Purchase Applications
- Housing Starts
- Import and Export Prices
- Industrial Production
- Treasury Budget
Global indices Update @ 8:
Dow Jones : 10268 (+169.6)
NASDAQ : 2214 (+30.66)
Nikkei 225 : 10244 (+210.3)
Hang seng : 20268 (+340.8)
SGX CNX Nifty : 4908 (+18.50)
INR / 1 USD : 46.18
On the global counter: Wall Street ends higher on better earnings, positive data & Asia trading higher; Hang Seng, Nikkei up 2%.
Stocks in action for the day: Tata Motors, Tata Steel, JSW Steel, SREI Infra, MindTree, UB & JK Lakshmi
NSE adds 11 stocks in F&O from February 19 -Adani enterprise, Apollo tyres, Areva T&D, BGR energy, Fortis healthcare,
Tata Motors to hike prices of commercial vehicle by up to 2 pc: Tata Motors on Tuesday said it will increase prices of its commercial vehicles by up to two percent on account of the new emission norms that will be implemented from April. The prices can go up by 1-2 per cent of the total vehicle cost. New emissions norms require new technologies, therefore the prices will have to go up.
Tata Steel profit falls 42% to Rs 473 crore: Tata Steel on Tuesday said its consolidated net profit for the December quarter, which includes its UK unit Corus, fell 42%, although higher prices and increased volumes led to a rise in its operating profit margins. Tata Steel, which is also the world’s eighth largest steelmaker, said its consolidated net profit in the October-December period fell to Rs 473 crore from Rs 814 crore last year. Its revenue in the same period fell 20% to Rs 26,069 crore.
JSW Steel continues to inch up: Shares of JSW Steel continued to inch up on Tuesday, closing at Rs 1,024.75, up 1.1% over the previous close. The stock had managed to hold ground in a bearish session on Monday. The sudden interest at the counter coincides with the plant visit hosted by the management last week.
SREI Infra announces amalgamation with Quippo Infrastructure: Kolkatta-based SREI Infrastructure Finance, a non-banking finance company (NBFC) which is into financing of infrastructure-related segments, has announced an amalgamation with Quippo Infrastructure. stock trades at a discount to other players in the NBFC industry. At current levels, it is trading at a price to book value (P/BV) ratio of 1.1, while IDFC, which is also an infrastructure finance company, is trading at a P/BV of 3.2. Clearly, SREI Infrastructure Finance is trading at a huge discount to its fundamentals.
Aditya Birla to set up Rs 10 bn aluminium downstream project The Aditya Birla Group (ABG) would set up an Rs 10 billion aluminium downstream project near its existing smelter at Hirakud. The project envisages setting up of rolling mill to manufacture high quality aluminium flat rolled products (FRP) and cans. The project, to be put up by Hindalco Industries, a group company, will cost about Rs 10 billion. Meanwhile, the State Level Single Window Clearance Authority (SLSWCA) has cleared the project which now awaits the approval of the High Level Clearance Authority (HLCA) of the Orissa government.
MindTree sets June deadline for projects to start Two major IT investors - MindTree Consulting and ICICI Bank, whose proposed projects in the city were put on the back burner for close to a couple of years, seem to be gearing up to translate their plans into reality. While MindTree expects to kick off construction work on its Rs 2 billion development centre in the city by June this year, ICICI Bank, which had sought an extension of two years for its Rs 6 billion eastern regional hub, has been asked by the state IT department to start construction work by April.
OCL promoters sell 51% stakeOCL Iron and Steel`s promoters sold a stake of 51% (or 67.92 million shares) in the company, valued at Rs 1,426.5 million. As per BSE data, Garima Buildprop purchased the shares, and Raghu Hari Dalmia, vice-chairman of OCL Iron and Steel and R H Dalmia Trust were the sellers. However, there will not be any open offer as the buyer had already made an open offer.
Jaiprakash to invest Rs 12.5 bn in HP Jaiprakash Associates, the flagship company of Jaypee Group, would invest Rs 12.5 billion in raising its clinker and cement manufacturing capacity at its existing facility in Himachal Pradesh. At present the company has installed annual capacity of 4 million tonnes, including capacity of clinkers and cement in the state and it plans to add additional annual capacity of 2.5 metric tones by 2012. It is worth noting that Jaypee Himachal Cement Grinding and Blending Plant, a unit of Jaiprakash Associates, was commissioned recently.
UB eyes 20% growth in beer sales this fiscal United Breweries (UB) is eyeing a 20% growth in its beer sales in the current fiscal, to touch 100 million cases by March 2010. UB has a target to sell 100 million cases of beer in the current fiscal (2009-10), compared to 83 million cases last fiscal. We expect 20% growth next year also.`` The total market size of beer in
JK Lakshmi Cement plans Rs 10 bn unit in Gujarat JK Lakshmi Cement is considering plans to set up a new plant in Gujarat with an investment of Rs 10 billion over the next 3-4 years to meet rising cement demand from the infrastructure sector, a senior company executive said. The proposed two million tone unit will boost its existing operations, which includes a cement plant in Sirohi (Rajasthan), besides a grinding unit near Ahmedabad, with total annual cement making capacity of 4.7 million tones.
Wipro rushes to plug gap after USD 4 m fraud A Wipro employee embezzled crores of rupees over the past three years, sending India`s third-largest software exporter scrambling to tighten internal controls in the finance division where the fraud took place.
No comments:
Post a Comment