Friday, March 5, 2010

BOR: Market Outlook: Indian market is expected to open on a positive note on the back of positive cues from Asia.

Market Outlook: Indian market is expected to open on a positive note on the back of positive cues from Asia.

Global Events to watch for today

  • Employment Situation
  • Consumer Credit

Global indices Update @ 8:

Dow Jones : 10444 (+47.38)

NASDAQ : 2292 (+11.63)

Nikkei 225 : 10355 (+209.9)

Hang seng : 20956 (+205.4)

SGX CNX Nifty : 5102 (+23.00)

INR / 1 USD : 45.82

Global Counter: Wall Street rallies late on retail sales. Stocks rose on Thursday as better-than-expected monthly sales from retailers and a drop in the number of Americans filing claims for jobless benefits pointed to stabilization in the economy.

Stocks in action for the day : HDFC Bank, ICICI Bank, Essar Oil, Raymond, Fame India

Pvt banks hike rates for home, car loans: HDFC Bank, ICICI Bank and Kotak Mahindra have raised rates on home and auto loans, reflecting the stiffening market that may lead to the Reserve Bank of India (RBI) hastening with a lift in its policy rates from record lows to fight inflation.

Essar Oil plans Rs 40 bn investment for CBM blocks: The Ruias-controlled Essar Oil plans to invest about Rs 40 billion in the next three years for developing its three coal bed methane (CBM) blocks in Jharkhand, Gujarat and West Bengal, having recoverable gas reserve of close to seven trillion cubic feet (tcf). ``The existing recoverable gas would be valued about USD 4 billion at the current contract prices. With the commencement of CBM production in three blocks, Essar`s exploration and production (E&P) will be poised for a significant growth and the additional cash flow will help the company pay off the debts,`` said an industry source. According to sources, the company has already spent Rs 1.5 billion for exploration at these CBM blocks.

Strides acquires Aspen`s unit in Brazil for USD 75 million: Buyout will boost capacity for speciality injectable business. Strides Arcolab, a Bangalore-headquartered pharmaceutical company, today announced that it would acquire South Africa-based generics firm Aspen`s production unit in Brazil for USD 75 million in an all-cash deal. The acquisition, subject to regulatory approvals, is expected to be sealed within 90 days and will boost Strides` capacity for specialties inject able business. The purchase includes all related products and intellectual property rights of the facility that makes Penicillin and Penems.

Ashok Leyland to invest Rs 30 bn in various projects Hinduja Group company Ashok Leyland said it would invest Rs 30 billion in the next three years on various projects, including its light commercial vehicle joint venture (JV) with Japanese auto maker Nissan. ``We had cut back our investment due to market conditions. Now, we are activating the investment again as the market has come back,`` Ashok Leyland Managing Director R Seshasayee said, a day before inaugurating the company`s Pantnagar integrated trucks unit. He said the investments would include the company`s share in the LCV JV with Nissan, the construction equipment business (JV with John Deere) and overseas operations (bus facility at Ras-Al-Khaimah).

Fame India shares gain on higher open offer talks Fame India, which is in a two-way takeover battle between INOX Leisure and Reliance Media Works (RMW), rose for the third day in a row, as its share price inched close to Rs 90. Both Inox and RMW have made open offers to buy 20% and 62% stake in the company at a price of Rs 51 and Rs 83.40 a share, respectively. While INOX owns 51% stake in Fame, RMW has acquired 14% stake in the company through open market operations.

Raymond to recast garment biz pulls out weak brands Apparel major Raymond has initiated a revamp exercise in its garment business that includes extending the reach of its flagship brand Raymond, while pulling out one of its non-performing brands from major cities. The Singhania family-owned company, which had recently announced its intention to enter the real estate business, has decided to withdraw its Notting Hill brand - basically catering to the affordable segment - from larger cities, COO Deepak Khetrapal told ET.

TTML plans Rs 85 bn war chest for 3G Tata Teleservices Maharashtra (TTML) is readying a war chest of Rs 85 billion (USD 1.9 billion) to bid in the forthcoming auction of spectrum for third generation (3G) services and to upgrade its networks in the lucrative circles of Mumbai, Maharashtra & Goa, amid stiff competition in the world`s fastest-growing telecom market. The listed subsidiary of Tata Teleservices (TTSL) is betting heavily on data services and its newly-launched GSM platform, both of which continue to require substantial investments.

DLF Group CFO says: exclusive -Realty sector already pays 13-16% in indirect taxes -Including service tax Realty will have to pay about 19% -Service tax imposition will make realty one of highest tax paying sectors

Russia’s Severstal has approached Tata Steel and Arcelor Mittal to sell one of its unit in Italy

NMDC plans to raise iron ore prices by 40-50%

JSW Steel posts 69% growth in Crude steel production for February, 2010

Natco Pharma to move SC to challenge the Intellectual Property Appellate Board’s decision that held that Wipro Technologies enters into a strategic partnership with The Main Street America Group

ADAG revives plan to launch airline

Hindustan Construction gets orders worth Rs 299 crore from Hindalco

Ranbaxy may still gain from Flomax: Mint Exclusive

Spice Mobiles board approves fund raising upto Rs 700 crore


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