Friday, February 26, 2010

BOR: Market Outlook: Indian markets are likely to swing either ways as Finance Minister Pranab Mukherjee presents the Union Budget for 2010-11 schedul

Market Outlook: Indian markets are likely to swing either ways as Finance Minister Pranab Mukherjee presents the Union Budget for 2010-11 scheduled @ 11. With the Indian economy gaining momentum, gradual winding down of the fiscal stimulus is expected in the budget. We believe that volatility will be very high and traders should adopt a strict stop-loss for the every single trade.

Global Events to watch for today

  • US GDP release
  • Consumer Sentiment data
  • Existing Home Sales
  • Farm Prices

Global indices Update @ 8:

Dow Jones : 10374 (- 53.13)

NASDAQ : 2235 (- 01.68)

Nikkei 225 : 10179 (+42.92)

Hang seng : 20560 (+219.6)

SGX CNX Nifty : 4872 (+02.50)

INR / 1 USD : 46.36

Stocks in action for the day: Kale, SEL Mfg, Rel Infra, Tata Motors, Fame

Results today: Tata Motors consolidated, ABB, Adunik Metaliks

United Bank IPO Update (closed) -Subscribed 33.38 times (x); QIB 47.08x; Retail 9.8x; HNI 39.15x

Commerce Secretary says: exclusive -Exports have started recovering -Chemicals, engineering, handicrafts, readymade garments exports not doing well -Do not expect blanket cut in budget -Open to idea of bringing down import duty on capital goods -Need fast reforms in 3G, disinvestment

Tata Power Q3 from NSE -Consolidated net sales at Rs 4,313.04 crore -Consolidated net profit at Rs 92.57 crore

Tata Motors announces completion of 340 million pound loan from EIB EIB: European Investment Bank Tata Motors: -EIB loan taken for JLR operations -Loan structured with guarantee support from banks

Reliance Capital Partners buys another 1.7% stake in Fame : Reliance Mediaworks holds 12.14% stake currently

Ranbaxy Says: -Challenges in US market continue -Responded to US FDA concerns on Gloversville facility -Replied to US FDA warning letter on US facility -Europe remains competitive for generic drug companies Expect total sales of Rs 7,800 crore in 2010; net profit at Rs 460 crore -2010 sales, net guidance on dollar-rupee rate of 46 - Ranbaxy's consolidated debt stands at USD 500 mn

ICICI hikes long-term deposit rates by 25-50 bps: ICICI Bank has hiked interest rates on long-term deposits by 25-50 basis points. The move comes a day before Rs 12,000 crore gets withdrawn from the banking system as the second phase of RBI’s increase in cash reserve ratio comes into effect.

R-Infra consortium bags Rs 5k-crore Mumbai sea-link deal: The Maharashtra government on Thursday decided that a consortium led by Reliance Infrastructure — a part of the Anil Dhirubhai Ambani, or ADA Group — will build a planned sea link between Worli and Haji Ali. The first part of the project, which connects the Mumbai suburb of Bandra to Worli, was built by construction company HCC.

Bharti plans stake sale to repay loans for Zain deal: Bharti Airtel on Thursday held out the possibility of issuing fresh shares or divesting its holding in telecom infrastructure companies to lighten the burden of debt it must assume to fund its planned acquisition of most of the African operations of Kuwait’s Zain Telecom.

Tata Power profit dips to Rs 93 crore: Tata Power, the country’s largest private utility, on Thursday, said its consolidated net profit for the fiscal third quarter fell sharply to Rs 93 crore from Rs 505 crore due to a one-time charge spent towards modification of contractual agreements related to mining costs.

L&T to raise $2.2 billion for road, power projects : LARSEN & Toubro, India’s largest engineering company, said its units plan to borrow at least $2.2 billion this year to fund road-building and power projects.

Advanta India CY09 Net sales up 11.3% at Rs 650 crore-Net profit at Rs 27 crore versus Rs 50 crore

Goodricke Group Q4 Net sales at Rs 202 crore versus Rs 169.8 crore-Net profit at Rs 17.12 crore versus Rs 24.8 crore

RBI imposes monetary penalty on Bank Of Rajasthan of Rs 25 lakh -RBI says Bank of Rajasthan violated norms, deleted IT system records

SEL Manufacturing subsidiary SEL textiles files DRHP with SEBI for proposed issue of public issue

Everest Kanto has received orders for the export of CNG cylinders upto USD 5 million.


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