Thursday, February 18, 2010

BOR: Market Outlook: Indian markets to open up Flat despite US closing in green

Market Outlook: Indian markets to open up Flat despite US closing in green after good economic report but Asian markets shined the cues from wall street as they are trading in a mixed bag. Nifty has supports at 4860- 4820 and resistances are at 4900-4950.

Global Events to watch for today

  • Producer Price Index
  • Jobless Claims
  • EIA Natural Gas Report

Global indices Update @ 8:

Dow Jones : 10309 (+40.43)

NASDAQ : 2226.29 (+12.10)

Nikkei 225 : 10322 (+15.09)

Hang seng : 20541 (+7.48)

SGX CNX Nifty : 4902 (+0.0)

INR / 1 USD : 46.02

On the global counter: Wall Street ended higher after economic reports and better-than-anticipated corporate results bolstered the view that the economic recovery is on track. Asia trading mixed; Indian ADRs Mhaindra Satyam ended up by 4.3%.

Stocks in action for the day: Jet Air, REC, Fame, HPCL, Asian Hotels

Sugar: ISMA members agree to cut cane price by Rs 20/100 kg from Friday. ISMA members to cut cane rates as sugar price sharply down. ISMA companies May Cut Price More If Realisation Down Further.

Jet Airways: Jet Airways in talks to sell 1.2 million sq ft land in BKC. Jet in advanced negotiations with Godrej Properties for sale of land. Deal may close deal within a week. Godrej Properties looking to pay around Rs 450 crore for the plot. HDFC had funded Jets land purchase. Current liability of Jet to HDFC stands at Rs 450 crore inclusive of interest payment

Global play shoots up India Inc’s risks: India Inc is generating an increasing proportion of its revenues from subsidiaries overseas, making companies vulnerable to global risks more than ever before. As per an analysis, almost a third of aggregate revenues of BSE 500 companies for the year ended March 2009 came from subsidiaries as compared with just 13% in 2004-05.

Tata Steel rising cost of inputs remains a spot of bother: The worst seems to be over for Corus, which has been dragging down Tata Steel’s consolidated finances for nearly a year now. Tata Steel’s European subsidiary, which accounts for nearly two-thirds of the company’s global revenues turned EBITDA-positive during the quarter to December 2009 after being in the red for four consecutive quarters.

India-made telecom gear will not need security okay: In a move that could boost local manufacturing, the Department of Telecom plans to exempt telecom equipment and software made in India from taking mandatory security clearance before operators deploy them. Recently, the DoT had made it compulsory for operators to get security clearance from the Government before purchasing any gear or software.The latest DoT move could give a breather to Chinese vendors that were under the security agencies' scanner on the ground that they were importing equipment that could have inbuilt spyware.

Govt offers Bharti all help in Zain buyout: The Government said it will provide all help possible to aid Bharti Airtel complete the acquisition of Kuwait-based Zain's telecom operations in Africa. The Corporate Affairs Minister mentioned that the Bharti management has not approached us yet. If they do, we will be very happy to help them because when they go out, it's not the company alone, but they are our flag-bearers. We will do the utmost of what we can. We will be happy to pitch-in to compete with the best in the world.

REC FPO floor price set at Rs 203/share, a 7.5% discount to CMP.

Reliance Capital ups stake in Fame to 11% from 8.3%.

TCS, Wipro in race for UK Govt’s project.

Fuel price hike likely post budget, says Finance Ministry.

Asian Hotels to split into 3 entities.

Hathway sets issue price of Rs 240/sh.

Spicejet seeks to raise USD 75 million, management says its premature to comment on details.

HPCL gets not to weigh city refinery shift, can unlock 340 acres in Chembur valued at more than Rs 10000 crore.

JSW Steel keen to raise upto USD 500 million via QIP before March end.

Bombay Dyeing seeks shareholder nod for warrants issue.

Man Infraconstruction IPO opens today; closes on February 22; price band at Rs 243-252/share.


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