Wednesday, April 21, 2010

BOR: Market Outlook: Indian Markets are likely open in a positive gap up

Market Outlook: Indian Markets are likely open in a positive gap up on the back of recovered performance on the Asian peers. Nifty has supports at 5160 -5200 and resistances are at 5280-5300.

Results today : HCL Tech, Hindustan Zinc, United Spirits, Zee News, TVS Motor, Polaris Software, Infotech Enterprise

Global Events to watch for today

  • Bank Reserve Settlement
  • MBA Purchase Applications
  • EIA Petroleum Status Report

Global indices Update @ 8:

Dow Jones : 11117 (+25.01)

NASDAQ : 2500 (+20.20)

Nikkei 225 : 11068 (+168.0)

Hang seng : 21609 (- 13.72)

SGX CNX Nifty : 5260 (+28.00)

INR / 1 USD : 44.61

Stocks in action for the day : Unitech, Zee Enter, Great Off, Emami, SpiceJet, Bajaj Hindustan, Ranbaxy

Unitech: -To merge arms Aditya Prop, Unitech Holdings with company -To demerge infra, telecom operations into separate company -Okays 1:1 swap ratio for demerged operations Alert: CNBC-TV18 was first to report demerger swap ratio Unitech says -Have formed panel to consider potential acquisitions -Unitech Infra will cease to be wholly-owned subsidiary of Unitech -Unitech will hold 35% in Unitech Infra post demerger -Unitech Infra to have telecom, SEZ, IT Parks, Hotels Unitech Infra to have construction & infrastructure biz, amusement parks

SpiceJet to raise Rs 3.35 bn, strategic sale possible The airline has received its board`s approval to raise USD 50-75 million to fund its international expansion. Low-cost air carrier SpiceJet is looking at ways to raise around USD 75 million (Rs 3.35 billion).The airline has given the mandate to IDFC-SSKI for raising funds through preferential allotment of shares and strategic sale. ``IDFC-SSKI is working on it and the money will be raised through both preferential allotment of shares and strategic sale,`` said a Mumbai-based investment banker, who is associated in this deal. The airline has its board`s approval to raise USD 50-75 million to fund its international expansion. Mails sent to the airline and its chief executive officer, Sanjay Agarwal, got no response.

Daiichi Sankyo lets go more Ranbaxy share conversion Japanese drug major Daiichi Sankyo, which owns 63.9% in India`s largest pharmaceutical company, Ranbaxy, has failed to convert the warrants issued by the latter into shares during the stipulated 18-month period. Daiichi has forfeited the Rs 1,757 million it had paid as 10% of the conversion price (at Rs 737 per share) of 23,834,333 warrants. Analysts said the decision was expected, as Ranbaxy`s shares were trading 40% lower than the price at which it had agreed to convert the warrants into shares.

Bharati gets to control GOL, 2 nominees to be made EDs Bharati Shipyard plans to appoint two of its members as executive directors on the board of Great Offshore (GOL) in an attempt to correct an incongruous situation that arose after it bought GOL in a hotly-contested takeover battle last year. GOL, an offshore oil services firm, has proposed a special resolution to turn two Bharati representatives currently on its board into executive members. PC Kapoor, managing director of Bharati, and Vijay Kumar will join as executive directors for five years beginning May 1. Kapoor confirmed the move.

No immediate impact seen on finances of M&M after buyout of Renault in JV The buyout of Renault`s 49% stake in the joint venture - Mahindra Renault (MRPL) - by Mahindra & Mahindra (M&M) will have no immediate impact on the finances of India`s largest manufacturer of tractors and sports utility vehicles. However, it increases the possibility of M&M`s full-fledged entry in the fast-growing passenger car market in the near future. MRPL is a loss-making entity and its contribution to M&M revenues is negligible. Though M&M has not shared the financial details of the buyout, Renault has agreed to pay its share of the debt taken by MRPL.

Bajaj Hindustan to set up 1980 Mw power project in Lalitpur The Mayawati cabinet has approved setting up of the 1980 MW thermal power plant in Lalitpur by Bajaj Hindustan led consortium under the MoU route. The cabinet meeting held on Tuesday took the decision to set up the power plant under the MoU route instead of the standard practice of doing so through the case-II bidding procedure. The MoU between the state government and Bajaj Hindustan led consortium is expected to be signed on Thursday. An official spokesperson said that under the state governments Power Policy-2009, projects can be awarded through the case-II bidding procedure as well as the MoU route.

Zee Entertainment Q4: -Consolidated net sales at Rs 649.29 crore versus Rs 530.93 crore (QoQ) -Consolidated net profit at Rs 128.80 crore versus Rs 146.43 crore (QoQ -Nos not strictly comparable on transfer of Zee News’ GEX business

Great Offshore Q4 (cr - crore, vs - versus) -Net sales up 6.46% at Rs 274 crore versus Rs 257 crore -Net Profit up 2.38% at Rs 73.1 Cr vs Rs 71.4 Cr -Operating Margin 37.9% vs 41.6% -Tax expense at Rs 5.13 Cr vs Rs 11.61 Cr

Ballarpur Industries Q4 -Net sales up 50.3% at Rs 1032 Cr vs Rs 687 Cr -Net Profit up 230% at Rs 55 Cr vs Rs 16.6 Cr -Operating margin flat at 11.6% -Tax expense down at Rs 1.23 Cr vs Rs 16.39 Cr

Marsons ((Rs 20 CMP, small cap stock)) -Net Sales at Rs 31.2 Cr vs Rs 8.7 Cr (up 257%) -Net Profit at Rs 3.04 Cr vs Net Loss of Rs 1.24 Cr -Operating Margin 12.58% vs 14.11%

Chettinad Cement Net Sales up 7.47% at 338 Cr vs 315 Cr-Net Profit at 7.24 Cr vs Net Loss of 98.3 Cr -Operating Margin 3.36% vs -26.93%

Zee Entertainment board approves acquisition of 9x channel , Board meet on 29 April for details of proposed acq.

Asian Electronics : Board approves hiving off its ESCO funding activity into a SPV

Vivimed Labs: Mulls board meet on April 24 to issue warrants on preferential basis

NPPA cuts prices of Novartis and Aventis by nearly 3% - DNA

Emami buying Egyptian co in next 3-4 weeks –DNA


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