Tuesday, February 9, 2010

BOR: Market Outlook: Indian stocks are likely to see a negative opening as global jitters failed to ease market sentiments.

Market Outlook: Indian stocks are likely to see a negative opening as global jitters failed to ease market sentiments. Nifty has supports at 4675-4700 and resistances are at 4800-4840. Overall the trend is still down but a stoppage of slide is not ruled due to the oversold condition of the market.

Global Events to watch for today

  • ICSC-Goldman Store Sales
  • Redbook
  • Wholesale Trade
  • 4-Week Bill Auction
  • 52-Week Bill Auction
  • 3-Yr Note Auction

Global indices Update @ 8:

Dow Jones : 9908 (- 103.8)

NASDAQ : 2141 (- 15.69)

Nikkei 225 : 9907 (- 44.17)

Hang seng : 19577 (+109.4)

SGX CNX Nifty : 4775 (+08.00)

INR / 1 USD : 46.81

On the global counter: Wall St slips; Dow closes below 10K first time since Nov 4 & Asia trading firm; Shanghai Composite, Hang Seng up. The Dow closed below the psychological 10,000 level for the first time since November 4. Worries about debt problems in Greece, Portugal and Spain dragged the markets. Financial stocks dropped 2.2% as participants pressured the sector. Bank of America was one of the weakest performers within the financial sector.

Stock in action for the day: SAIL, Jet Air, Pantaloon, Ranbaxy, Gulf Oil, Bombay Dyeing

SAIL: -SAIL may issue bonus shares before FPO: -Govt has suggested bonus issue to SAIL: -SAIL management yet to finalise bonus issue plan:

Jet Airways - Jet Airways in initial talks with Fedex Corp for cargo business -Jet Airways looking at JV or alliance with FedEx Corp Jet Airways -January load factor at 73.6% versus 64.7% (YoY) -January International load factor at 84.9% versus 74.9% (YoY) -JetLite January Load Factor at 75.1% versus 67.8% (YoY)

Fame-INOX - SEBI unlikely to intervene in Fame-INOX deal -Essentially a deal between buyer & seller -May not attract provisions of takeover code -To examine issue once letter received -Reliance Media Works sent objection letter to Fame management -Letters states Reliance made unconditional offer at Rs 80/share -Letter states sale to INOX at Rs 44/share blatantly understated

IPOs Hathway -Hathway IPO opens today, issue of 2.77 cr shares in a price band of Rs 240-265 -Gets anchor investors for 4.99 million shares at Rs 240/share -Investors include Franklin India, DSP Blackrock, Reliance Capital, Copthall Mauritius, Treeline Asia

GMR looks to raise Rs 1,500 cr from PE cos: Bangalore-based GMR Infrastructure is in advanced discussions with a couple of private equity funds to raise nearly Rs 1,500 cr for its power subsidiary GMR Energy, to enable it to fund its planned expansion.

Wadias look to raise stake in Bombay Dyeing via warrants: The promoter Wadia family at Bombay Dyeing — a textile company, which also owns vast tracts of land in Mumbai — is considering raisingits stake through a preferential issue of warrants. In a communique to the Bombay Stock Exchange, Bombay Dyeing said its board is meeting on February 10 to approve a proposal for the issue of warrants.

Sobha promoter PNC Menon sells 4% stake in co: PNC Menon, the chairman of Sobha Developers and its main promoter, on Monday sold some of his holdings in the company to Temasek for about Rs 100 crore. He is also negotiating to sell some of his stake in the group’s unlisted technology arm to the existing management. Mr Menon, who is based in Dubai, sold a 4% in Sobha Developers in the market on Monday cutting his stake in the company to 12.7%. The shares were sold for Rs 251. The reason for the stake sale is not known.

Texmo -Texmo Pipes and Products IPO opens on February 16, closes on February 19, price band Rs 85-90/sh

Subex board approves issue of up to 6 million shares to promoters at Rs 80/share ((CMP: 60))

Gulf Oil India board approves selling entire stake in its subsidiary IDL Specialty Chemicals ((IDL recently sold API biz to Biocon and was left with no major biz))

WHO says November inspection of Ranbaxy’s Paonta Sahib plant found no problems at site

RBI cracks the whip, say no to further rejig of realty loans, asking developers to lower rates and clear inventories to pay lenders

Pantaloon plans to spin off 5 of its brands and merge with Capital Foods

Govt mulls domestic sugar ban for bulk users to check prices

Asian Oil Field open offer at Rs 61.20/sh ((CMP: 64))

Govt notifies extending duty-free white sugar import till December 31: NW18

Pioneer Embroideries board meet today for preferential issue

Nuchem board approves selling property at Faridabad subject to approval from IFCI


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