Wednesday, March 31, 2010

BOR: Market Outlook: Indian stocks are likely to open on a higher note spurred by investor sentiment across global markets.

Market Outlook: Indian stocks are likely to open on a higher note spurred by investor sentiment across global markets. Expectations from the upcoming domestic earnings season will also help elevate the market mood. Nifty has supports at 5180-5200 and resistances are at 5330-5400.

Global Events to watch for today

  • MBA Purchase Applications
  • ADP Employment Report
  • Chicago PMI
  • Factory Orders

Global indices Update @ 8:

Dow Jones : 10907 (+11.56)

NASDAQ : 2410 (+06.33)

Nikkei 225 : 11130 (+33.84)

Hang seng : 21273 (- 19.56)

SGX CNX Nifty : 5277 (+12.00)

INR / 1 USD : 44.94

Stocks in action for the day : Bharti, Tata Motors, Chola DBS, SpiceJet, Madras Cements, Hero Honda

Bharti inks definitive agreement to acquire Zain Africa Bharti says -Enterprise value of Zain Africa BV is USD 10.7 billion -To become world's 5th-largest wireless company post zain buy -To now have operations in 18 countries worldwide -Total customer base to be around 179 million post zain buy -To cover over 1.8 billion people post Zain buy. Bharti Airtel Netherlands BV will acquire 100% in Zain Africa -Confident will manage to get regulatory nod in 15 nations -Comfortable with debt taken for zain deal -Will look at reducing debt on balance sheet, but no hurry -Bharti-zain a well-priced deal -Do not need any other approvals for Zain Nigeria -Strong support from singtel can come handy -Netherlands offers tax incentives Zain chairman -Bharti-zain deal good for both sides.

Tata Motors Bond conversion offer successfully completed Tata Motors says -Have allotted 26.64 million equity shares to bond holders -Extinguished USD 345 million debt via equity conversion

Indage Vintners CDR package approved: Total debt obligations deferred by approximately 2 years -Promoters to bring in Rs 75-100 crore capital -Promoters to sell personal property to bring in capital

Riga Sugar to invest Rs 1 bn in power plant Riga Sugar, the flagship Dhanuka Group company, is planning to ramp up its power generation capacity by 25 MW for commercial sale. At present, it has an 8 MW co-generation power plant at Sitamarhi in Bihar. The company would start selling power by 2012-13, Riga Sugar had earlier undertaken an expansion-cum-diversification programme at its plant, raising capacity of the sugar unit to 5,000 tones crushed per day (tcd) from 3,500 tcd.

Madras Cements to invest Rs 8 bn: Madras Cements is planning to invest around Rs 8 billion to increase the manufacturing capacity of its Ariyalur plant in Tamil Nadu. The company has also proposed to set up a 65-Mw coal-based power plant for captive purpose. AV Dharma Krishnan, executive director - finance, Madras Cements, said the capacity at Ariyalur would be increased to 4.5 million tones from 2 million tones by April 2011.

Hero Honda eyes Himachal: Hero Honda Motors has approached the Himachal Pradesh government to set up an Rs 20 billion manufacturing plant in the hill state. ``Hero Honda wants to set up an automobile manufacturing plant somewhere in Himachal.

Bharti, Zain USD 10.7-bn deal sealed in Amsterdam Bharti Airtel took a big step towards fulfilling its international ambitions with a deal on Tuesday to acquire most of the African of Kuwait`s Zain Telecom.

Hero Honda to spend Rs 18 bn on dividend Hero Honda Motors will spend around Rs18 billion to pay the special dividend of Rs80 a share, chief financial officer Ravi Sud said. The company will have Rs 35 billion of cash after the payout, Sud added.

Vccircle exclusive - ICICI Venture looking to exit Metropolis Healthcare ICICI Venture holds 25% stake in Metropolis Healthcare -Vccircle exclusive - associates eyeing potential stake in Metropolis Deal could be worth over Rs 200 crore

Avantha power & infrastructure limited files draft red herring prospectus with SEBI -APIL proposes to raise up to Rs 1250 crore via IPO -Enam, Kotak Mahindra, Citigroup, Axis Bank lead managers to the issue.

Sayaji Hotels open offer at Rs 110/sh (CMP Rs 107) Clearwater Capital converting FCCB into equity @ Rs 75/share -Clearwater’s stake post open offer will go up to 32.87%.

Pradip Overseas IPO to list on April 5th

ITC ties up with La Aurora for foray into cigar biz

Omaxe plans Rs 800 crore QIP issue in next 3-4 months

Jet Deposits Rs 137 crore with HC in Sahara case – ET

Govt likely to offer upto 10% discount to retail investors in all further disinvestment issues

Orchid Chemical says generic injectable drugs operations sale to hospira completed

Govt defers mobile number portability rollout to June 30: nw18

Max India okays sale of 4% stake in Max New York Life to Axis Bank

Murugappa group to buy over 37.48% stake in Cholamandalam DBS Finance at Rs 91/share

Cronimet Alloys (Formerly known as GMR Ferro) delisting offer at Rs 34.9/sh

Adani Enterprises rights issue opens today

3i infotech QIP launches -Deal size Rs 120-180 crore; floor price Rs 78.60/share

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Contact: Madhusudan Sarda / Prashanth Tapse in Equity Research Department,

Mehta Group, 612, Arun Chamber, Near A.C.Market Tardeo, Mumbai -400034.

Tel.: 91-22-4007 0100. Fax: 91-22-40070102

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