Thursday, March 18, 2010

BOR: Market Outlook: Indian markets may have flat to positive opening today on the back of mixed performance.

Market Outlook: Indian markets may have flat to positive opening today on the back of mixed performance. Nifty has supports at 5100-5150 and resistance is at 5310. However, profit booking is likely to witness as we feel markets are in overbought zone.

Global Events to watch for today

  • Consumer Price Index
  • Jobless Claims

Global indices Update @ 8:

Dow Jones : 10733 (+47.69)

NASDAQ : 2389 (+11.08)

Nikkei 225 : 10832 (- 23.04)

Hang seng : 21212 (+24.75)

SGX CNX Nifty : 5250 (+06.50)

INR / 1 USD : 45.41

Stocks in action for the day : Dalmia Cement, Godrej Consumer, TTML, NTPC, IOC

Dalmia Cement plans to split biz into four: Dalmia Cement (Bharat) will split its business into four as it seeks to raise funds for various businesses and expand them, said a person familiar with the development. The company’s four businesses cement, power, sugar and refractory would be under four different entities leaving investors the choice to own whichever they want to, said the person who did not want to be identified before making the plans public later this week. Puneet Dalmia, managing director of the company declined to comment. The company’s board meets on Thursday to consider the restructuring plan. Cement is the main money spinner of Dalmia Cement with a 70% share in revenue. Sugar and refractory businesses generate 20% and 10%, respectively

Godrej Consumer eyeing buys in Africa, Asia, Latin America: The Godrej Group is seeing a 4-5% cost rise in some FMCG goods. The income tax slab changes are very positive in terms of leaving money in the hands of consumers. The additional spending in rural India will be positive in terms of consumption.

Birla Power to invest Rs 5,000 cr in thermal & solar power projects: Birla Power Solutions will invest nearly Rs 5,000 crore to set up thermal and solar power projects in the next three years, according to chairman Yash Birla. Mr Birla on Wednesday said his group has floated a special purpose vehicle (SPV) — Birla Urja — to run the power business. Birla Power holds a 51% stake in the SPV, while the balance is with group companies.

TTML to sell telecom towers to Tata Quippo for Rs 1,318 crore: Tata Teleservices Maharashtra (TTML), the listed subsidiary of telecom services operator Tata Teleservices, has agreed to sell its telecom towers for an enterprise value of Rs 1,318 crore to Wireless-TT Info Services (WTTIL), popularly known as Tata Quippo, the company said in a late evening statement on Wednesday. As part of the deal, TTML — which offers services in Mumbai, Maharashtra and Goa circles — will give its 2,535 towers, being run by its subsidiary 21st Century Infra Tele, and will receive net cash of about Rs 900 crore from the transaction.

Venus Remedies to foray into European mkt Drug maker Venus Remedies is planning to foray into the European drug market with its innovative generic injectables and cancer drugs. The company has lined up close to 25 products for launch in about 15 European countries, including the launch of four drugs within a few months.

NTPC, IOC plan JV for biodiesel, lubricants: India’s largest energy firms NTPC and Indian Oil Corp (IOC) will together explore the possibility of producing bio-diesel and manufacturing specialised lubricants for power plants.

LNM in talks to buy Bhushan Power pie: Steel tycoon Lakshmi Mittal’s top executives have met officials of the unlisted Bhushan Power & Steel seeking a “strategic” stake in the company , in an attempt to rev up his three-decade old dream of building steel plants in his country shackled by bureaucracy.

PE firms acquire 44% in Asian Genco for $425 mn: A clique of investors, led by Morgan Stanley Infrastructure Partners, has bought a 44% stake in power generation and engineering services firm Asian Genco for $425 million, the biggest private equity transaction in India in almost two years, thus lifting the slowdown’s veil over such big-ticket deals. The deal is also the biggest private equity transaction in the country’s power sector and the first one of over $300 million since 2008. The last PE deal of this size was when Providence Equity Partners invested $428 million in Aditya Birla Telecom in 2008.

Nitin Fire’s cylinder unit holds the key to future: Notwithstanding the 10% fall in the last four trading sessions, Nitin Fire Protection (NFP) has substantially outperformed the markets over the last one year. The scrip has nearly tripled during the past 12 months against a 105% appreciation in the benchmark Sensex during the period.

Lupin gets US FDA nod for anti-depressant Drug maker Lupin has received US Food and Drug Association (FDA) approval for anti-depressant, it said on Wednesday. Lupin can now make imipramine hydrochloride tablets of 10 mg, 25 mg and 50 mg strengths, as per the abbreviated new drug application (ANDA) approval.

R-ADAG arm in pact with Japanese co Reliance MediaWorks on Wednesday said it has tied up with Japan`s largest lab and post-production company, Imagica Corp, to provide film restoration, image processing and other related services in the Japanese market. As per the agreement, Imagica will work closely with the Reliance ADA group firm`s Los Angeles-based subsidiary, Lowry Digital, one of Hollywood`s leading film restoration firms.


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