Tuesday, February 2, 2010

BOR: Market Outlook: Indian markets will have positive opening today on the back of recovered global sentiments.

Market Outlook: Indian markets will have positive opening today on the back of recovered global sentiments. Nifty has support at 4800 and resistances are at 4950-5000. so far trend holds on negative sentiment on broader market with strong support at seen near 4800, while for today we may see some upside now, but we advise to be cautious and watch the crucial support and trade.

Global Events to watch for today

  • Motor Vehicle Sales
  • ICSC-Goldman Store Sales
  • Pending Home Sales Index
  • 4-Week Bill Auction

Global indices Update @ 8:

Dow Jones : 10185 (+118.2)

Nasdaq : 2171 (+23.85)

Nikkei 225 : 10396 (+191.4)

Hang seng : 20483 (+240.1)

SGX CNX Nifty : 4945 (+44.00)

INR / 1 USD : 46.34

Wall St gains on strong earnings and positive mfg data & Asia trading higher; Shanghai Composite, Hang Seng up In encouraging economic data, the ISM manufacturing index for January hit a 5 year high of 58.4, which is stronger than expected 55.5. Personal income and spending rose, while construction spending fell 1.2% for the month of December. Also, the white house yesterday revealed its 2010 budget, which showed the deficit is likely to soar to 1.56 trillion dollars this year, but falling to half that by the time President Obama's term ends in 2012.

Stock in action for the day: NTPC, Suzlon, GNK power, Alok Industries, Mercator lines & Cox & Kings

Govt fixes NTPC's follow-on offer price at Rs 201 a share: The government fixed the benchmark price for the proposed divestment of NTPC at Rs 201 per share, which is a 5% discount to Monday’s last closing price of Rs 211.25 on the Bombay Stock Exchange (BSE). Depending upon the response, the government would mop up a minimum of Rs 8,286 crore from divestment of 41.22 crore shares, or 5% of the existing paid-up capital of the company. Post-issue, the government holding in the company came down to 89.5% of the expanded capital of the company, which will come down further to 84.5% after the proposed FPO. NTPC, with an installed capacity of over 31,134 MW is expanding its capacity by 22,000 MW by the end of the 11th Plan period (March 2012) to become a 50,000-MW company.

Suzlon looks to sell its 26% stake in Hansen: Suzlon Energy plans to sell its entire 26% stake in its Belgium-based gearbox technology unit, Hansen Transmissions International, as India’s largest wind turbine maker doesn’t see major benefits arising from retaining the shareholding in Hansen.

GVK Power secures Rs 2,400-crore for Punjab project: GVK Power (Goindwal Sahib), a wholly-owned subsidiary of the Hyderabad-based GVK Power today said it has tied up Rs 2,400 crore for its power project in Punjab.

Suzlon unit gets 295-MW wind farm project: Wind turbine manufacturer Suzlon Energy today said one of its units, REpower System AG, has received a contract from Germany based-RWE Innogy to deliver 48 wind turbine farm projects.

Alok Industries to sell properties to raise funds, cut debt: Textiles maker Alok Industries Ltd , said it plans to sell its real estate portfolios to raise funds and retire debt, in the next one-and-a-half to two years would get a net inflow of 7 billion rupees.

Auto sales surge on robust demand: India’s automobile sector continued its brilliant run into the new year with carmakers led by market leader Maruti Suzuki posting impressive sales figures in January, helped by eager buyers trying to preempt a possible increase in prices. Maruti Suzuki posted a 33% increase in sales to a record 95,649 vehicles in January, helped by booming exports. The second largest carmaker, Hyundai Motor India, reported a 42% growth in sales to 52,635 vehicles last month from 37,171 units in January 2009. Tata Motors, posted a 43% jump in sales to 28,547 cars, including 2,302 cars of its Italian JV partner Fiat India. M&M saw its sales jumping 52% to 20,332 units as demand for multi utility vehicle Bolero and pick-up trucks remained robust in rural markets. GM India made a comeback of sorts and recorded a 139% growth in sales to 9,421 vehicles in January 2010 over the year-ago period.

Mercator lines up Rs 460 cr to buy five tanker ships: India’s second-largest private shipping company Mercator Lines is looking at adding four to five ships in the tanker segment over the next three months as prices of vessels have crashed up to 50% from their peak two years ago. The company will also expand its dry bulk fleet by adding three ships over the next one year, besides augmenting its drilling capabilities.

Zylog buys Canadian firm for Rs 150 cr: Zylog Systems, Chennai-based Global technology integrator and business solution provider with more than 2,000 employees worldwide, has announced the acquisition of Brainhunter, a consulting and engineering services company in Canada for C$35 million (Rs 150 crore).

Rel Cap Q3 net drops 52%: Anil Ambani Group firm Reliance Capital on Saturday reported a 52% decline in its consolidated net profit at Rs 63 crore for the third quarter ended December 31, 2009.

Cox & Kings profit up 88% at Rs 19 cr: Travel operator Cox & Kings India on Monday posted a jump of nearly 88% in net profit for the October-December quarter at Rs 19.28 crore against Rs 10.26 crore clocked in the same period last fiscal.

Kalpataru Power net rises 121% on order flow gains: Kalpataru Power Transmission (KPTL)’s profit after tax (PAT) has vaulted 121% to Rs 44 crore in Q3 FY10. The company had clocked a PAT of Rs 20 crore in the year-ago period. Revenue in Q3 FY10 increased 72% to Rs 716 crore as compared to Rs 417 crore in the year-ago period.

Emami Q3 net rises to Rs 78 cr: Fast moving consumer goods (FMCG) company Emami on Monday reported a Rs 78-crore net profit for the third quarter ended December 31, 2009, which is nearly twice its Rs 40 crore net in the earlier corresponding period. The higher profit is courtesy the company’s integration with Zandu and its market penetration across the world market.

GVK Power mops up funds for Punjab plant: Hyderabad-based infrastructure company GVK Power and Infrastructure (GVKPIL) has managed to arrange funding for its 540 mw coal-based power plant in Punjab.


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