Monday, March 15, 2010

BOR: Market Outlook: Indian markets are likely to open flat to positive note tracking mixed performance in the global markets.

Market Outlook: Indian markets are likely to open flat to positive note tracking mixed performance in the global markets. However, the markets are likely to remain in a consolidation phase in this week. India Inc’s advance tax figures for the January-March quarter and global markets will influence the market direction in the week ahead. As investors seek reasons to justify existing stock valuations, advance tax data will give investors an idea of companies’ profits in the quarter that will be formally announced in April. The Nifty has supports at 5050- 5080 and resistances are at 5180-5230.

Global Events to watch for today

  • Industrial Production
  • Housing Market Index

Global indices Update @ 8:

Dow Jones : 10642 (+12.85)

NASDAQ : 2367 (- 00.80)

Nikkei 225 : 10732 (- 18.53)

Hang seng : 21068 (- 140.9)

SGX CNX Nifty : 5120 (- 27.50)

INR / 1 USD : 45.47

Stocks in action for the day : Nalco, Fortis, ONGC, Tilaknagar Ind

Govt may divest 10 per cent stake in Nalco: The government is considering up to 10 per cent equity dilution in the state-owned aluminium producer Nalco, which may fetch the exchequer about Rs 2,200 crore.

SKS Microfinance may hit Street with Rs 1,000-cr IPO: Hyderabad-based SKS Microfinance is looking to raise Rs 1,000 crore from its upcoming public flotation , whose progress is being keenly watched as it is the first share issue by a company in the fledgling microfinance sector. The firm, which specialises in offering small loans to poor borrowers, is expected to file its draft red herring prospectus (DRHP) by end of this month and is looking for a valuation between Rs 5,000 crore and Rs 7,000 crore.

Fortis in talks to raise Rs 2,500-cr bridge loans: Fortis Healthcare’s plans to reach out to the world from the shoulders of Singapore-based hospital chain Parkway will be funded by short-term loans estimated at around Rs 2,500 crore, to be raised from a host of banks and financial institutions. The Delhi-based company had said last week that it was buying a 23.9% stake in Parkway for $685 million (Rs 3,080 crore) that would make it the biggest stakeholder in the company, which operates hospitals across South-East Asia.

Vedanta may spin off aluminium project: Vedanta Resources — the mining major owned by London-based tycoon Anil Agarwal — is likely to demerge a large aluminium project in Orissa into a separate entity to help the conglomerate get a better valuation for the aluminium business.

ONGC to invest $20 bn on assets abroad: India's energy behemoth, the Oil and Natural Gas Corporation (ONGC), will invest $20 billion (Rs.90,000 crore) in assets abroad over the next decade.

LIC sells 5.9 per cent stake in Tilaknagar Ind: State-run Life Insurance Corp has sold about 1.9 million shares, or 5.9 percent stake, in Tilaknagar Industries Ltd at 100.5 rupees a share.

Ambuja Realty to set up three IT parks in Kolkata: Kolkata-based Ambuja Realty plans to invest over Rs 300 crore to set up three business parks in the city. While two such parks will come up in the city's IT hub-Salt Lake Sector V-Ambuja has plans to set up the third one in Rajarhat in the eastern fringes of Kolkata.

Mercator Lines buys tanker, unit to buy dry bulker: Mercator Lines Ltd (MRCT.BO: said on Friday it has acquired a 1993-built tanker and has also deployed the vessel on contract.

TV18 unit to sell stake in Television Eighteen India Ltd said on Friday its unit entered a deal to sell its stake in India Pvt Ltd to Singapore's Pte. The sale will result in a one-time expense of 25 million rupees for Web 18, the unit of Television Eighteen

Havells India to sell Rajasthan unit: Havells India Ltd said on Friday it has entered into a pact to sell its Rajasthan unit that makes and deals in bath-fitting items.


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