Wednesday, February 24, 2010

BOR: Market Outlook: Indian markets are headed for a weak opening tracking the weakness across global markets.

Market Outlook: Indian markets are headed for a weak opening tracking the weakness across global markets. However, stock-specific action is likely ahead of the Railway Budget scheduled later today. The F&O expiry for February series due Thursday will also keep the market volatile.

Global Events to watch for today

  • Bank Reserve Settlement
  • MBA Purchase Applications
  • New Home Sales
  • Petroleum Status Report

Global indices Update @ 8:

Dow Jones : 10282 (- 100.9)

NASDAQ : 2213 (- 28.59)

Nikkei 225 : 10163 (- 188.8)

Hang seng : 20482 (- 140.2)

SGX CNX Nifty : 4835 (- 45.00)

INR / 1 USD : 46.13

On the global counter: Wall Street slips on disappointing economic data & Asia trading lower; Hang Seng, Nikkei, Straits Times down. In the US markets, stocks closed near session lows in their worst single-session percentage loss in more than two weeks on disappointing consumer confidence reading. The February consumer confidence index came in below expectations at a 10-month low of 46. The dollar's strength also weighed on sentiment.

Stocks in action for the day: Mah Forgings, Nagarjuna Const, MindTree

DB realty list today: Issue price of Rs 468 (lower end); Overall subscription at 2.95x

Emmbi polyarns lists today Issue price at 45 (upper end of 40-45); subscribed 1.2X

UBI IPO (closes tom) Total subscription at 1.88X QIB at 3.2X, NNI at 0.004X, Retail at 0.122X

REC FPO Update: Overall Subscribed 3.1x QIB 5.6x, NII 1.7x,Retail 0.2x

From Sources: FII Demand At 1x REC FPO Book 40% Demand Seen From FIIs, 40% From Insurance Cos; 13% Demand Seen From MFs, 7% From Banks Fully Subscribed At 206/sh As Part Of French Auction Process Most FIIs & MFs Bids At Rs 206/sh LIC May Not Get Any Allotment As Its Bid Was At Rs 205/sh 44% Of Demand Came At Rs 205, 30% At Rs 206 & 9% At Rs 204 Govt Srcs Govt Satisfied With Bids For REC FPO As Many As 116 FII’s Applied In FPO; Most Bids By FII’s Were Around Rs 206

Results today: Bata, Heidelberg cem, Mphasis, Strides Arco, Parle, Aventis Pharma, Alfa laval

Alert: Hathway Cable & Datacom to list tom

Bharti Zain Deal: Bharti's Zain Funding Plan Likely By Wednesday-Thursday StanChart & Barclays Have Committed $5 Bn Each Debt To Be Medium-term In Nature; Debt May Be Prepaid Prior To Term Vendor Financing An Option For Long Term Zain Ops

Maruti recall: Sources Say 1 Lakh 'A-Star' Recall Includes Nissan Pixo Suzuki Has Already Serviced 50,000 Units Out Of 1 Lk Cars Cost Of Replacing 'A-Star' Gasket Is Not Significant; Cost Already Been Written Off Recall Ratio Is 60:40 For Exports:Domestic

Maruti Says CNBC-TV18 Exclusive Replacing gasket for all A stars manufactured till august 09 No Significant Financial Liability On Account Of Recall

Mahindra Forgings QIP Issue Closes:Raises Rs 175 Cr (Upper-end Of Book); QIP Issue Priced At Rs 107.75/sh Post Equity Dilution Of 19.2%

Vesuvius India Q3: Net Profit At Rs 10.1 Cr Vs Rs 5.8 Cr Net Sales At Rs 103 Cr Vs Rs 82.2 Cr

Satyam Says Filed Lawsuit Against Upaid On Monday

Nagarjuna Constructions bags Rs 648 cr road projects in Hyd; Project part of civil works in outer ring road

Govt has finalized the pre-qualifying bid for the 12,000cr Hyd Metro Rail Project
Players are L&T, Lanco Infra, Reliance Infra, Essar-Gayatri consortium, GMR Infra, GVK-Samsung, Transstroy-OJSC & Soma-Strabag

HMRL to go for financial bid in April

MindTree board okays raising $100 m via debt

Texmaco to hive off engineering, steel foundry unit into new subsidiary

ATC to buy Essar Tele Infra for $450m

Gujarat Petrosynthese buy back at Rs 40/sh

Spectacle Industries bd approves Pref issue to non-promoters of upto Rs. 18 cr and inv upto Rs 30 cr

Parenteral Drugs signs MOU with Kenya based pharmaceutical Company


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