Wednesday, February 3, 2010

BOR: Market Outlook: Indian markets is likely to edge higher today tracking the optimism across global markets on encouraging US home sales data...

Market Outlook: Indian markets is likely to edge higher today tracking the optimism across global markets on encouraging US home sales data and quarterly earnings. Nifty has support at 4766-4800 and resistances are at 4950-4980. Investors need to watch for these levels before taking any fresh long positions.

Global Events to watch for today

  • MBA Purchase Applications
  • Challenger Job-Cut Report
  • ADP Employment Report
  • Treasury Refunding Announcement
  • ISM Non-Mfg Index

Global indices Update @ 8:

Dow Jones : 10296 (+111.3)

Nasdaq : 2190 (+18.86)

Nikkei 225 : 10400 (+29.51)

Hang seng : 20469 (+197.0)

SGX CNX Nifty : 4846 (+28.00)

INR / 1 USD : 46.25

On the global counter: Wall Street ends higher; S&P 500 closes above 1100 mark and Asian markets trading firm; Hang Seng, Nikkei up. After a shaky start, the Dow logged its second straight triple-digit gain, the S&P 500 jumped back to the 1100 mark. Some encouraging earnings report, positive pending home sales data and strong auto sales from Ford led the upmove. Ford's sales rose 35% in January, helping it gain about 2% more market share. However, Toyota reported a nearly 9-percent decline in sales.

Stock in action for the day: Puravankara, RComm, Fin Tech, JSPL, BoI

NTPC FPO open today to February 5th; floor price at Rs 201/share

IPO update: DB realty (closed) -Total subscription at 2.95 times (X) -QIB at 4.46X, NII at 4.24X, Retail at 0.366X

Aqua Logistics (closed) -Total subscription at 1.94X -QIB at 0.258X, NII at 5.06X, Retail at 3X

Emmbi Polyarns (closes today) -Total subscription at 0.99X -QIB at 0.365X, NII at 5.26X, Retail at 0.05X, employee at 0.003

Sugar quota: Source says Govt may ask mills to sell sugar quota on weekly basis: -Govt says mills to report actual sugar sale, despatch on weekly basis:

Steel price hike: SAIL hikes steel prices on flat products by Rs 500/tonne -Essar Steel, JSW Steel hike prices on flat products from February 1 -Prices on long products remain unchanged -Tata Steel has not yet hiked prices; may follow suit

Bank of India's NPA woes: -One A/c responsible for rise in NPAs is Paramount Airlines; has Rs 200 crore exposure -Paramount Airlines unable to pay interest to BoI for over 2 quarters-BoI contemplating to take legal action; has board approval -BoI has provided 20% for its exposure to Paramount Airlines No response from BoI or Paramount Airlines

E&P Offshore Royalty:-Centre considering sharing E&P offshore royalty with states -Draft Cabinet note on move being examined by Finance Ministry; final call to be taken by Finance Ministry -If accepted, proposal could figure in Budget 2010-11

Great Offshore defers fund raising plan: Integrated offshore oil field services provider Great Offshore on Tuesday said it has deferred its plan to raise funds through the issue of securities.

Siemens plans Rs 1,600-cr capex: German engineering giant Siemens will invest Rs 1,600 crore in India in the next three years to build a production unit for wind turbines, besides other engineering products in the country. The growth of emerging economies including India is remarkable and these countries will prosper in 2010 and beyond. India has the people, the products and the innovation power.

UCO to hit the St in new fiscal: UCO Bank, which recently received clearance from the finance ministry for a follow-on public offer, has indicated that it will hit the equity market in the new fiscal. The Uco board has also cleared the plan to issue 6-crore equity shares at face value of Rs 10 per share with a suitable premium. Following the exercise, the government holding in Uco will reduce to 57.33% from 63.59% now. According to bank estimates, it may end up mobilising around Rs 400 crore.

Astec Lifesciences: FY10 profit at Rs 15cr: Management looking to close the financial year with sales of around Rs 115 crore, this would represent a growth of about 30% over the previous year.

Rocklands slumps 22% after ending takeover talks with Jindal Steel; Indian company’s bid was commercially unacceptable.

Citi to sell 5% in MCX to Ashmore for Rs 185 crore ((FT in focus))

Infinite Computer Solutions to list; issue price at Rs 165, raised Rs 190 crore

Reliance Communications finds little interest in sale of Flag business worth USD 3 bn

Puravankara to bid for airports, subsidy scouting for foreign partner:

Some procedural aspects of Direct Tax Code may figure in Budget 2010-11:

Venus Remedies launches India's First Infusion FDC antibiotic to fight GI infections

Electrosteel Casting sets QIP floor price at Rs 49.65/share


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