Thursday, February 25, 2010

BOR:Market Outlook: Indian markets are expected to open higher as global cues are supportive.

Market Outlook: Indian markets are expected to open higher as global cues are supportive. However, given the F&O expiry due today, volatility is likely to continue. Markets are taking time to consolidate and creating a base before heading for a big rally either side rally. Nifty has supports at 4800-4830 and resistances are at 4930-4950.

Global Events to watch for today

  • Durable Goods Orders
  • Jobless Claims
  • FHFA House Price Index
  • EIA Natural Gas Report

Global indices Update @ 8:

Dow Jones : 10374 (+91.75)

NASDAQ : 2235 (+22.46)

Nikkei 225 : 10179 (- 19.04)

Hang seng : 20560 (- 92.40)

SGX CNX Nifty : 4880 (+14.50)

INR / 1 USD : 46.25

On the global counter: Wall St gains as Bernanke promise to keep low rates & Asian markets trading mixed; Hang Seng up, Nikkei down. The US stocks closed higher after a knee jerk reaction in early trade. Markets got support as the dollar pulled back and Fed chairman Ben Bernanke pledged to keep rates low for a long time in his semi-annual testimony before congress. Stocks had slipped in initial trade on disappointing new home sales for January. The 11.2% drop in home sales was their worst monthly downturn since January 2009. Financials were among the top gainers.

Stocks in action for the day: Gammon, MindTree, NMDC, Kotak Mah, MphasiS DB Realty, Bajaj Holdings, Texmaco, Bharti,

Vishal Retail - Vishal Retail CDR committee meeting postponed -Vishal Retail CDR meeting to be held on March 12 -Alert: Strategic investor's proposal was to be tabled yesterday -Delay in final proposal caused delay in CDR meeting

Aventis Pharma Q4 Net sales at Rs 237.1 crore versus Rs 269.9 crore (YoY) -Net profit at Rs 26 crore versus Rs 45.3 crore (YoY)

Maruti update -Maruti Suzuki to launch new WagonR by April 2010 -New WagonR will sport a new K-Series 1 litre engine -New WagonR to be priced about Rs 3.3 lakh -Old WagonR will be phased out

MphasiS Q1 (QoQ) -Consolidated revenues up 5.2% to Rs 1191.6 crore (JPM estimate: Rs 1145 crore) perating margin at 22.5% versus 21.9% -Net profit at Rs 268.3 crore versus Rs 245 crore, up 9.5% (JPM Estimate: Rs 222.6 crore)

DB Realty, Emmbi fail to make a splash: DB Realty, the second property developer to list this year, and Emmbi Polyarns made weak debuts in a choppy market on Wednesday. DB’s disappointing listing was contrary to investors’ expectations of a strong opening, though the stock managed to recoup most of the early losses.

Texmaco to demerge engg, steel ops: THE KK Birla Group is restructuring its group companies — engineering firm Texmaco and Texmaco Machines. It is looking to demerge Texmaco’s heavy engineering and steel foundry divisions and transfer the same to its wholly-owned subsidiary Texmaco Machines.

Bajaj Holdings raises stake in Bajaj Auto: Promoters of Bajaj Auto on Wednesday sold over 10 lakh shares to another promoter entity Bajaj Holdings & Investment in a bulk open market deal valued about Rs 180.45 crore, a move that will consolidate their stake. Promoters stake in Bajaj Auto at the end of December quarter stood at 49.62%, as per BSE data. Bajaj Auto closed at Rs 1,748.40, up 1.35% on BSE on Wednesday.

Bharti eyes $7 billion foreign loan for Zain: Banks are discussing a $7-billion, five-year, offshore loan to back Bharti Airtel’s $9-billion offer to buy Zain’s African cellular assets, sources said. The remaining $2 billion equivalent will come from the rupee market, the sources said, adding the currency mix was yet to be finalised.

Advertisers line up RS 2,200 crore for 5 big sporting events: It’s action time for advertisers. Big brands such as LG, Adidas, Coca-Cola, Hyundai, Hero Honda, Airtel, Vodafone and Castrol will kick off a sports marketing spending spree this weekend with World Cup Hockey that will see an estimated Rs 2,200 crore being spent on marketing around sporting events.

Wipro Info edges out Satyam to bag Rs 100-cr PSB deal: Wipro Infotech, the domestic arm of Wipro Technologies, on Wedneday, bagged a Rs 100-crore IT contract from Punjab & Sind Bank, to integrate its branches with an IT network and implement Infosys’ core banking solution. The contract was earlier awarded to Satyam, which failed to deliver on time, resulting in the contract getting dissolved.

MindTree to raise USD 100 million via debt, board approved raising of equity by issuing 15% of the current issued capital

Kotak Mahindra Bank to replace Grasim in Nifty from April 8

Hathway Cables to list today

NMDC USD 3 billion share sale to open on March 10 – sources

Sasken Communication fixes preferential issue of warrants at Rs 176 to promoters

Gammon India bags Rs 137.3 crore order from ISKCON


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