Tuesday, March 2, 2010

BOR: Market Outlook: Indian indices are expected to open higher taking cues from Asian Peers.

Market Outlook: Indian indices are expected to open higher taking cues from Asian Peers. US markets ended up as the rally sparked by merger news and improving data on employment among manufacturers and personal spending. Nifty Support seen at 4880-4850 and Resistance above 4980.

Global Events to watch for today

  • Motor Vehicle Sales
  • 4-Week Bill Auction

Global indices Update @ 8:

Dow Jones : 10404 (+ 78.53)

NASDAQ : 2274 (+ 35.31)

Nikkei 225 : 10170 (-2.26)

Hang seng : 20911 (-146.31)

SGX CNX Nifty : 4996 (+60.00)

INR / 1 USD : 46.23

Stocks in action for the day : EdServ, Tata Motors, Vishal Ret, Hind Dorr

Results today: Esab India, Kinetic Engineering

Finance Secretary says-No extension for STPI, EOUs-Undecided on exemptions for SEZs
-Profit linked incentives have to go

Tata Motors February sales-February '10 sales at 69,427 units versus 43,811 units (YoY)-Domestic sales for commercial & passenger vehicles up 56%

15 stocks will be available for trading in F&O from today - Balrampur Chini Mills, Bhushan Steel, Dish TV India, Essar Oil, Firstsource Solutions, Gujarat State Petronet, K Power, HCC, Indiabulls Real, Jaiprakash Power Ventures, Jindal Steel & Power, LIC Housing Finance, MphasiS, Videocon Ind, Yes Bank

RIL may lose Lyondell bid, eye Canada company: Reliance Industries (RIL) is on the verge of losing its bid for bankrupt petrochemical company LyondellBasell, as it baulks at rising valuation due to the recovering global economy, but that may help it focus on the possible acquisition of Canada’s Value Creation. The bid by the nation’s largest private sector company, which was raised 21% to about $14.5 billion from the initial $12 billion in November, may not be acceptable to creditors who are leaning towards the revival plan proposed by the current management.

3G players kept out of tax break under Sec 80 IA: The Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA of the Income Tax Act. This could further queer the pitch for new and foreign players planning to bid for the auction, expected to begin on April 9.

India says Saudi to lift crude exports to 40 mn ton: Saudi Arabia is willing to increase crude supplies to India to 40 million tonne from about currently 25.5 million tonne to meet rising energy needs of the south Asian country, the Indian government said.

Pvt players back with a bang in vehicle finance market: Private banks, which had virtually exited the vehicle finance portfolio due to the liquidity crunch in the wake of the global meltdown, rising defaults and tighter recovery norms in the domestic market, now seem to be back with a bang. From offering low interest rates, higher loan-to-value (LTV) ratio and better and faster services vis-à-vis the public sector banks (PSBs), private banks are taking a slew of measures to grab back their market share, according to industry experts, car manufacturers and dealers.

Tata Power: Massive investment for capacity addition to pay off: Tata Power’s consolidated financials have been hit severely on account of adjustments in its coal business, going by its results. Its subsidiaries, which account for more than a fourth of the total revenue, have posted a record loss of Rs 171 crore (before interest and tax), after having clocked profits of about Rs 1,400 crore in FY09 and Rs 710 crore in H12010.

Indian ADRs: Wipro up 3.5%, Tata Motors up 3.2%

Retail investors to get 5% discount in NMDC offer

Arss Infra to list on March 03

Cement companies hike prices by Rs 10-12/bag to offset excise duty rise and rise in diesel rates

TPG likely to takeover Vishal Retail

GVK may take control of BAIL

-Hindustan Dorr acquires UK based company DavyMarkham

-3G players kept out of tax break under Sec 80IA – BL

-Bhushan Steel propose to set up a value added steel plant Karnataka with a investment of Rs 28000 crore

-BEML & Kamaz Vectra signs MoA to develop Commercial Vehicles

-Airline companies to pass on service tax liabilty to consumers; ticket prices set to rise

-EdServ board meet tom to consider fund raising through QIP

-DMK Threatens pull out on fuel price hike, PM says no roll back


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