Friday, February 19, 2010

BOR: Market Outlook: Indian markets are likely to extend losses tracking Asian sentiments.

Market Outlook: Indian markets are likely to extend losses tracking Asian sentiments. However, stock-specific action is expected on the back of Budget expectations. Fertilizer stocks may gain strength following the government’s decision to go ahead with the nutrient based subsidy plan. Nifty has supports at 4830-4850 and resistances are at 4950-5000.

Global Events to watch for today

  • Consumer Price Index

Global indices Update @ 8:

Dow Jones : 10392 (+83.66)

NASDAQ : 2241 (+15.42)

Nikkei 225 : 10259 (- 76.26)

Hang seng : 20016 (- 405.6)

SGX CNX Nifty : 4831 (- 53.00)

INR / 1 USD : 46.22

On the global counter: Wall Street ends higher amid mixed economic data while Asia trading lower; Hang Seng, Nikkei down. Meanwhile the US markets ended higher for a third straight day as an encouraging manufacturing report helped fuel investor optimism about the recovery. The Philadelphia branch of the Fed said its gauge of regional manufacturing rose to 17.6 in February from 15.2 in January. Meanwhile initial jobless claims unexpectedly rose by 31,000 last week, the number is worse than expected. The January PPI also showed sharper-than-expected rise in prices.

Stocks in action for the day: Spicejet, PFC, Indsil Hydro, Bharti, REC

Results today: Clariant Chemicals, Nestle, SKF India, Wyeth

11 stocks will be added to the F&O segment today. -These stocks include Adani Enterprises, Apollo Tyres. Areva T&D, BGR Energy, Fortis Healthcare, Godrej Industries, Jain Irrigation, McLeod Russel, Mundra Port & SEZ, Onmobile and Videocon

REC FPO opens today (to 23rd February); floor price at Rs 203/share

Thangamayil Jewellery to list today -Issue price at Rs 75 (higher end of price band of Rs 70-75) -Issue size at Rs 28.75 crore; Total Subscription at 1.12

Texmo pipes IPO (closes today) -Total subscription 1.75 times (X) -QIBs at 1.02X, NNIs at 5.62X, Retail at 1.22X, employee at 0.057X

Man Infraconstruction (18-22 Feb) -Total subscription 3.1X -QIBs at 4.13X, NNIs at 8.73X, Retail at 0.195X

Next week listings -Aqua Logistics on February 23 DB realty on February 24

Cabinet okays nutrient-based fertiliser subsidy plan: Govt says: -Nutrient-based subsidy plan to come into effect from April 1 -New Fertiliser Policy allows cos to fix retail fertiliser prices -New fertiliser policy to help attract fresh investment -Companies to decide fertiliser prices; subsidy fixed -Companies can fix only nutrient- based fertiliser pricesFertiliser companies have assured to maintain price line this year -To up urea prices by 10% from April 1-Urea prices to rise by Rs 483/t from April 1 To ensure non-urea based fert prices remain stable -Have right to intervene to keep fertiliser prices stable

Bhati may sell stake to Singtel to raise fund: Bharti To IIFL: Exclusive -Aim to complete Zain's due diligence by March 15 -USD 10.7 billion EV is value of holding company -100% stake to be bought in holding company -Interest cost will be significantly less than 7% -Levers for revenue improvement -Increasing usage through low cost (opex & capex) models -Increasing mobile penetration Board defined criteria for acquisition; Zain meets criteria -Board firmly behind Zain deal

RIL has till February 19th to better LyondellBasells (LB) proposal: -RIL to seek extension if decides to better proposal:Srcs -LB says RIL needs to submit more compelling offer

CRISIL Q3: -Consolidated net profit at Rs 44 crore -Consolidated income from operations at Rs 148 crore

Great Offshore board meet today to consider raising of funds by way of further issue of securities.

Indsil Hydro to form a 50:50 JV for setting up a 75,000 tpy ferro chrome smelter in Oman; cost Rs 140 crore (stock up 7.1%; volume at 60000)

Jyothy Laboratories launches multi-insect repellent in technological association with DRDO

Jaihind Projects - Order awarded from Gujarat State Petronet Ltd for total amount of Rs 48 crore

PFC to pick up stake in select power projects to utilize surplus cash of Rs 10,000 crore

Spicejet in talks with Kalanithi Maran to sell stake to raise USD 100 million

Govt says European Union may cut India Import quota if sugar not supplied: NW18
Sources say UK govt confirms Mothballing of Teesside to begin today

More investors exit Vedanta on concerns over its human rights record

Taro to shut down irish plan to trim losses


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