Thursday, April 22, 2010

BOR: Market Outlook: Indian Markets to open negative on weak global cues.

Market Outlook: Indian Markets to open negative on weak global cues. US stock market stalled Wednesday after the glow of strong results at Apple Inc. and a few other companies faded.

Results today: ACC, Ambuja, Sterlite Tech, Zensar, Tata Sponge, Strides Arcolab, Rallis, Indiabulls Power, Coromandel Int, Gujarat Gas, Escorts

Global Events to watch for today:

  • Producer Price Index
  • Jobless Claims
  • Existing Home Sales
  • House Price Index

Global indices Update @ 8:

Dow Jones : 11124 (+07.86)

NASDAQ : 2504 (+04.30)

Nikkei 225 : 10881 (- 208.3)

Hang seng : 21285 (- 225.0)

SGX CNX Nifty : 5210 (- 30.50)

INR / 1 USD : 44.41

Stocks in action for the day : Exide, HUL, DHFL, Glenmark, Bharat Forge, R-Infra, PFC, Ashok Leyland, Sesa Goa

Bharat Forge - -Bharat Forge launches USD 120 m QIP -Bharat Forge to raise money via equity, NCD, warrants -Bharat Forge to raise USD 50.7 million via equity at Rs 272/share -Bharat Forge to raise USD 33.7 million via NCD -Bharat Forge to raise USD 34.5 million via warrants - Kotak, Axis Bank, Citi Bankers to Bharat Forge QIP issue

Glenmark -NJ court rules three claims of Schering Plough’s asserted patent are invalid for Zetia generic -Glenmark is under litigation with Schering for Zetia generic, has FTF on the drug -Three Claims being invalidated are for Patent Re issue for Zetia Schering Plough had 13 claims originally against Glenmark -6 were invalidated with 7 remaining -Glenmark now 4 claims remaining as 3 more got invalidated -Glenmark recieved tentative approval in April 2009 -Zetia sales are USD 1.4 biliion -Could add Rs 25-30 EPS on exclusivity to Glenmark

Auto Fuel policy – Sources -Auto Fuel policy on cabinet agenda -Capitalisation of PSU Banks on Cabinet Agenda -CCEA to discuss remunerative & fair price for sugarcane -CNBC-TV18 ALERT: Cabinet & CCEA meet scheduled for Thursday

Dewan Housing Finance board -Aapproves issue of equity shares up to Rs.375 crore via QIP -Issue of shares to promoters up to Rs 100 crore on preferential basis -Issue equity shares up to Rs 25 crore to Caledonia Investments Plc, UK

R-Infra hits out at Tata Power Anil Ambani-led energy utility Reliance Infrastructure (R-Infra) hit out at Tata Power (TPC), saying it plans to sell a high quantity of power outside Mumbai in order to rake in a huge profit. ``They (TPC) plan to sell a large part of the capacity outside Mumbai. This will lead to supernormal profits (around Rs 12 billion) to TPC,`` R-Infra CEO and whole-time Director Lalit Jalan said here. The metropolis will suffer from a shortfall resulting in power being purchased from outside, which would naturally push up costs for the consumers here, Jalan said. Till March 31, Tata Power usedto sell 500 Mw to R-Infra, but had threatened to stop doing so from April 1 on the ground that the latter had refused to sign a power purchasing agreement (PPA) with it. R-Infra supplies power to suburbs.

IOC to market bio-lubricant next year Indian Oil Corporation (IOC), the nation`s biggest oil marketer and refiner, will launch its first biodegradable lubricant next year. The company is conducting trial runs on the lubricant and would soon evolve a marketing and branding strategy for the product. The product would be marketed as a separate brand. ``Lab tests for the product are over. We are doing extensive engine trails at present. In the next one year, the product should hit the market under a suitable brand name,`` said a senior executive from IOC. The research on the product had begun two years earlier.

Atlas, Reliance to buy more Marcellus acreage Independent oil and gas company Atlas Energy Inc said it would buy 42,344 acres in the gas-rich Marcellus shale along with Indian energy giant Reliance Industries, weeks after the two announced a joint venture. The companies will buy the acreage in Fayette, Washington, Indiana, Westmoreland, Armstrong and Clarion Counties of Pennsylvania at an average price of USD 4,532 per acre. Earlier this month,Reliance said it would pay Atlas USD 1.7 billion, or USD 14,000 an acre, to buy a 40% stake in Atlas`s operations in the Marcellus shale.

PFC plans to raise Rs 300 bn by FY11 Power Finance Corporation (PFC), a Government of India Undertaking under Ministry of Power is planning to raise Rs 300 billion by FY11, a top company official said. ``We are planning to raise Rs 300 billion through bonds and otherfinancial instruments for our future requirements,`` PFC, Chairman and Managing Director, Satnam Singh told reporters here on the sidelines of an industry conference here. The company also waiting for Reserve Bank`s approval to raise more funds in future, Singh added.

Sesa Goa rejects speculations China banning low grade ore Downplaying the apprehensions of China banning low quality iron ore, Vedanta Resources group firm, Sesa Goa today said that they have not come across any notification speaking of restrain or ban. ``We have not come across any such notification (by China) despite the fact that we have our office in China,`` Sesa Goa`s managing director PK Mukherjee told reporters in Panaji.

Glenmark gets a boost in cholesterol drug battle with Merck Glenmark Pharmaceuticals has gained the upper hand in a legal battle against Merck over a cholesterol control pill after a US court rejected most of the American drug company`s patent claims. A New Jersey District court rejected 10 of the 13 patent claims after Glenmark challenged Merck`s patent so that it can launch a generic version of Ezetimibe by around November, said a person familiar with the matter. Glenmark was the first company to mount a challenge against Merck as it automatically gives it a six-month marketing lead over other generic players.

NTPC`s Sri Lanka project in doldrums, to miss 2011 deadline State-run power utility NTPC first overseas project, a 500MW plant to be built in Sri Lanka, has been delayed by at least four years due to financial disagreements with its foreign partner and Tamil separatist strife in the island nation that ended last year. The USD 500 million (Rs 22.2 billion) power project is to be set up as an equa ljoint venture between NTPC and Sri Lanka`s Ceylon Electricity Board (CEB) on a build, operate, own and transfer basis and a debt to equity ratio of 70:30. NTPC signed an agreement with CEB and the Sri Lankan government in December 2006, but a slew of other agreements, such as ajoint venture agreement and a power purchase agreement, are yet to be inked.

Ashok Leyland-Nissan JV won`t take on Ace The Ashok Leyland-Nissan joint venture for light trucks will not compete in the market for 1-tonne vehicles that is at present dominated by Tata Motors Ace, according to V. Sumantran, executive vice chairman of Hinduja Automotive. He sees no need to get into that very competitive market that is already served by two players. Last year Mahindra and Mahindra launched its own 1-tonne offering. Thejoint venture is on track to roll out its first vehicle by 2011, he said, adding that there would be no joint branding of the trucks. Ashok Leyland trucks would be sold through its dealerships while Nissan trucks would be sold through their network.

Improved refining margins, KG basin gas output may boost RIL India`s most valuable company, Reliance Industries (RIL), is expected to post higher revenue and profit for the quarter ended March, benefiting from improved crude refining margins and gas output from the Krishna-Godavari (KG) basin. Net profit is likely to increase 31% from a year earlier to Rs 50,781.7 million in the January-March period, according to the average of estimates by seven brokerages polled by Mint. Revenue is estimated to more than double to Rs 597.8 billion. The Mukesh Ambani-led company, which has interests in sectors as diverse as oil, yarn and organized retail, will announce its earnings on Friday.

United Spirits Q4 (cr - crore, vs - versus) -Net sales at Rs 1,252.14 Cr Vs Rs 907.8 Cr (YoY)
-Net profit at Rs 56.85 Cr Vs Rs 55.62 Cr (YoY)

Infotech Enterprises Q4 Net profit at Rs 51.3 cr vs Rs 37.9 cr-Revenues at Rs 244 cr vs Rs 239 cr -OPM at 17.7% vs 17%

Pennar Industries -Q4 sales at Rs 240.4 cr vs Rs 154.4 cr -Q4 PAT at Rs 25 cr vs Rs 14.9cr

IT raids at India Cements' office in Chennai, India Cements is the owner of Chennai Superkings

Trent board meet on April 26 to consider fund raising option & right issue

Jet, Kingfisher resume flights to US, UK

Sundaram Finance to acquire BNP Paribas’s 49.9% stake in MF JV – ET

HUL puts 2 residential properties in Mumbai on the block

Singapore based InfraCo may buy 45% stake in RIL’s SEZ – FE

Exide Labour stir hits Hero Honda output – DNA


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