BOR: Market Outlook: Indian markets are likely to continue to be rangebound amid mixed cues from global shores.

Market Outlook: Indian markets are likely to continue to be rangebound amid mixed cues from global shores. We believe concerns on economic issues in European nations and fears of rate tightening in China may give the bears hug in coming days. The Nifty has support at 5050-5080 and resistances at 5180-5230.

Global Events to watch for today

• Goldman Store Sales
• Housing Starts
• Import and Export Prices

Global indices Update @ 8:

Dow Jones : 10642 (+17.46)

NASDAQ : 2362 (- 05.45)

Nikkei 225 : 10776 (+24.54)

Hang seng : 21175 (+96.74)

SGX CNX Nifty : 5139 (+04.00)

INR / 1 USD : 45.58

Stocks in action for the day : Ranbaxy, Vishal Retail, HCC, M&M, Kiri Dyes & Airlines stocks.

Ranbaxy settles Actos patent litigation with Takeda: Ranbaxy Labs has announced that it has settled a patent litigation with Takeda for the $3.4 billion blockbuster drug Actos, As per the settlement, Takeda has allowed Ranbaxy a non exclusive royalty free licence for the generic version. Ranbaxy will launch Actos generic in August 2012. In 2009, Actos had reported sales to the tune of $3.4 billion. In the US markets, Actos sales stands at over $1billion. Ranbaxy is also engaged in settlement cases with Aurobindo Pharma, Teva and Sandoz on the same drug.

Persistent Systems fixes IPO price band at Rs 290-310/sh: Pune based software product development company Persistent Systems is entering capital market with an initial public offering (IPO) of 54,19,706 equity shares of Rs 10 each on March 17, 2010. The issue will constitute 13.55% of the fully diluted post issue paid-up capital of the company. The company will raise around Rs 157.17-168 crore at price band of Rs 290-310 per equity share. Promoters' holding will be reduced to 38.83% from 43.31% post issue. The objects of the issue are to establish development facilities; capitalise subsidiaries for establishing development facilities and meeting fit outs and interior design costs; procure hardware and fund expenditure for general corporate purposes. It is one of the market leaders in outsourced software product development services. It is an OPD specialty company, offering customers the benefits of offshore delivery. It designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of customers‘ existing software products.

Vishal Retail needs an investor to infuse Rs 100-200 cr: The Vishal Retail board discussed the rescue plan by private equity firm TPG on Friday. The board however could not arrive at the final outcome for the corporate debt restructuring (CDR), and the final decision of which will now be taken on March 26.

HCC to acquire Swiss co Karl Steiner for Rs 150 cr: Infrastructure firm Hindustan Construction Company (HCC) on Monday said that it is buying a controlling stake in Swiss realty firm Karl Steiner (KSAG) for Rs 150 crore in an all-cash deal to enter the high-rise building construction segment.

M&M to double equity with a 1:2 split: Leading SUV and commercial vehicles maker Mahindra & Mahindra today said it has got the approval of its shareholders go in for a stock split. The shareholders passed a resolution to this effect through postal ballots with requisite majority, Mahindra & Mahindra said in a filing to the Bombay Stock Exchange. The shareholders gave their permission to sub-divide every Rs 10 ordinary equity share into two ordinary shares of Rs 5 each.

United Bank of India to list on March 18: Shares of public sector lender United Bank of India will be listed on the stock exchanges on March 18. The state-run lender fixed the issue price of its initial public offer at Rs 66 per share -- the upper end of its price band -- raising Rs 324.98 crore through the share sale.

Kiri Dyes buys DyStar for e50 mn: Manufacturer and exporter of dyes, Kiri Dyes and Chemicals (KDCL), on Monday said it has paid e50 million for the acquisition of Germany-based multinational firm DyStar. DyStar is the global market leader for dyes, dyes and leather solutions, performance chemicals, new technologies and custom manufacturing of special dyes and pigments with a 21% market share globally and sales of e800 million.

Domestic airlines see 17% traffic growth in Feb: Domestic air traffic continued to soar with airlines flying 39.15 lakh passengers in February, up 17% over the same period last year, suggesting a better financial outlook for the loss-ridden aviation industry. The two major low-cost carriers IndiGo and SpiceJet filled over 80% of their seats during this period, signalling passenger shift towards no-frill air travel, data released by Directorate General of Civil Aviation (DGCA) showed.

Vedanta's Orissa mining project under govt scanner: The plan by London-based Vedanta Resources to mine bauxite in Orissa—a key part of a giant aluminium complex which the company is building in the mineral-rich eastern state—could be jeopardised if the environment ministry accepts the findings of a report by a government-appointed committee.