Market Outlook: Indian markets may have flat to positive opening today and then remain ranged through the session with the F&O expiry for the March series underway. Nifty has support at 5150 and resistances are at 5280- 5310. The markets have entered into the consolidation phase so as to create a base before we head for a big rally. We might see markets trading with high volatility ahead of F&O Expiry.
Global Events to watch for today
- Jobless Claims
- Natural Gas Report
Global indices Update @ 8:
Dow Jones : 10785 (- 52.68)
NASDAQ : 2395 (- 16.48)
Nikkei 225 : 10826 (+10.99)
Hang seng : 21158 (- 345.0)
SGX CNX Nifty : 5221 (- 04.00)
INR / 1 USD : 45.56
Stocks in action for the day : SAIL, Bharti Airtel, Piramal Healthcare, Torrent Power, Cairn, Bosch, Gail, RCF
SAIL divestment to get okay today: The government, which owns 86% stake in SAIL, will propose to divest a total of 10% stake in SAIL in two tranches of 5% each in the next two financial years. The company would also raise fresh equity in the same proportion.
Zain board approves sale of African assets to Bharti: Bharti Airtel stood on the cusp of transforming itself into an emerging-market multinational after the board of
Piramal gains as Cipla takes precaution : The sale of contraceptive brand I-pill by Cipla to Piramal Healthcare may appear to be a win-win deal for both the companies but a closer look indicates that Cipla could be a loser with Piramal Healthcare obviously gaining from the deal. Cipla launched the I-pill brand two years ago, marking its entry into the over-the-counter products segment. It made the contraceptive pill into a Rs 30-crore strong lucrative brand commanding approximately 60% of the market.
Gokul group eyes RSSB land for Rs 4.5-5.5 bn Aims to foray into township, residential projects Punjab headquartered Radha Saomi Satsang Beas (RSSB) sect is likely to break all realty benchmarks in the city by striking a Rs 4.5-5.5 billion deal with Siddhpur based Gokul group for its sprawling campus at Chandkheda. With this deal Gokul group that owns Gokul Re-foils and Solvent is planning to foray into realty business by setting up a township project. Gokul group is inching closer to strike a deal for the 70 acres land owned by Radha Swami Santsang near Chandkheda region, said sources privy to the development.
Jaypee group may foray into fertilizer industry The once celebrated
Torrent to begin power distribution in
Cairn to take up drilling in Ravva field from October Cairn
Bosch settles wage talks at
PNGRB to approve RIL, GAIL pipeline rates soon The rate for the gas pipelines of Reliance Gas Transportation India and GAIL India would be decided soon by the downstream oil sector regulator, the Petroleum and Natural Gas Regulatory Board (PNGRB). ``The two consultants - Ernst & Young and Crisil - will evaluate the proposals submitted by the two companies and give a report to the Board, (which) will finalise after studying the report in the following two weeks,`` said a board official. He said the new rate would apply from the date of notification of the regulations in this regard, which was Nov. 20, 2009, or the date when the pipeline began operations, whichever was later.
CIL, GAIL, RCF in pact for Talcher coal project Mining major Coal India (CIL), Gas Authority of India (GAIL) and Rashtriya Chemicals and Fertilizers (RCF) will come together to establish a project for producing urea and ammonium nitrate at Tachler, Orissa. CIL has earmarked about 5.5 million tones of raw coal for the scheme, which once washed will come down to approximately 3.7 million tones of coal with less than 30% ash content. Subsequently, GAIL is to gasify the fuel to produce urea and ammonium nitrate. ``The exact investment figures have not been fixed as the technology that will be utilized to produce urea and ammonium nitrate is still being studied. But an estimated few thousand cores are likely to be spent,`` CIL chairman Partha S. Bhattacharyya said.
Ranbaxy gets a reprieve in generic case The Delhi High Court has turned down a plea by US pharma major Bristol-Myers Squibb (BMS) to ban India`s Ranbaxy Laboratories from launching a generic, or copycat, version of its patented hepatitis B drug Baraclude. BMS has argued that Ranbaxy`s proposed launch infringes on its patent. Admitting the case on Tuesday, the court asked Ranbaxy to file its reply within two weeks. The next hearing is scheduled for Apr. 19. The HC ruling allows Ranbaxy to go ahead, for now, with the launch of a drug that goes by chemical name Entecavir and has global sales of USD 191 million for the quarter ended October 2009.
Bayer drags Cipla to court over patent: German drugmaker Bayer has filed a patent infringement case against Cipla, the largest domestic drug seller, to stop the Mumbai-based company from selling its generic version of controversial cancer medicine Nexavar (chemical name Sorafenib Tosylate). The Delhi High Court has issued notice to Cipla and the next hearing is scheduled for April 23.
Tech Mahindra: AT&T
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