Market Outlook: Indian markets expected to open on a positive note but trade will likely be ranged through the day in the absence of any fresh triggers. Profit booking is also expected at higher levels. Nifty has supports at 5300-5310 and resistances are at 5400-5450.
Global Events to watch for today
- MBA Purchase Applications
- EIA Petroleum Status Report
- Consumer Credit
Global indices Update @ 8:
Dow Jones : 10969 (- 03.56)
NASDAQ : 2436 (+07.28)
Nikkei 225 : 11321 (+38.97)
Hang seng : 21766 (+229.9)
SGX CNX Nifty : 5385 (+14.50)
INR / 1 USD : 44.45
Stocks in action for the day : ITC, Coal
ITC arm in more stake shake: ITC’s investment arm Russell Credit has sold off its holdings in Hotel Leela Ventures, VST and Agro Tech to its parent. Russell Credit, a wholly owned subsidiary of ITC, has transferred shares to its parent on March 30, 2010 along with EIH, information available with the stock exchanges reveal. All the stocks were sold to ITC at its historical cost of acquisition. When contacted, an ITC spokesperson said it was only a routine inter-se transfer. ITC held 8.48 per cent in Hotel Leelaventure, 14.08 per cent in fellow tobacco maker VST and 13.42 per cent in food maker Agro Tech. Industry observers said the move could be aimed at bolstering the books of Russell Credit itself. It could not be immediately ascertained how much Russell Credit received from the Leela and Agro Tech stake shakes. Russell Credit received around Rs 215 crore for transferring 14.98 per cent of EIH and Rs 26.17 crore from the VST transfer.
Coal
Jindal Power raises Rs 100.57 bn loan for Chhattisgarh plant Jindal Power, an arm of Jindal Steel and Power, today announced it had raised a Rs 100.57 billion loan for its Tamnar power project in Raigarh, Chhattisgarh. The company will use the fund to expand its Tamnar project, by adding another 2,400 Mw at an investment of Rs 134.1 billion. The project is to be funded in a debt equity ratio of 3:1. The equity portion, around Rs 33.53 billion, will be sourced from internal accruals. The company commissioned a 1,000-Mw coal-based power plant at an investment of Rs 43.38 billion here in 2007. The term loan facility, with tenure of about 14 years, was tied up through a consortium of 23 banks and financial institutions. State Bank of
Electrotherm eyes Rs 800 mn from South Electrotherm (
BHEL unit to spend Rs 4 bn on R&D Bharat Heavy Electricals (BHEL`s), Tiruchirappali (Tiruchy), unit is planning to increase the research and development (R&D) spend by 73% to Rs 4 billion. The public sector boiler manufacturing unit has said it will spend 3.5% of the turnover in R&D.
R-Power to soon generate revenue from electricity Reliance Power, the Anil Dhirubhai Ambani Group (ADAG) company, will soon start generating revenues from the sale of electricity, as it has started commercial operations of its first unit at RosaPower Project in Uttar Pradesh. The unit has a capacity of 300 Mw and achieved commercial operation declaration (COD) on March 12 , before the scheduled date of March 31. It started power generation three months ago and was undergoing various tests before wheeling power to the grid. The second unit is expected to start production in May.
NTPC to borrow Rs 200 bn to quadruple capacity addition NTPC, India`s biggest power producer, plans to borrow Rs 200 billion (USD 4.5 billion) in financial year 2010-11, as it quadruples generation capacity to help reduce blackouts in the country.
BHEL to start work on clean coal energy plant Work on the country`s first and biggest Integrated Coal Gassification Combined Cycle (ICGCC) power plant is likely to commence in June 2010. The Rs 25 billion plant will come up in
Essar Oil to lay pipeline from
ACC to ramp up annual cement capacity to 30 mt Cement major ACC is planning to ramp up its annual production capacity to 30 million tones by the end of this financial year through brown field projects. ``We plan to achieve a growth of 12% in our installed capacity of around 27 million tones at present to 30 million tones,`` ACC managing director Sumit Banerjee toldBusiness Standard. The domestic cement industry will add around 70 million tones of fresh capacity during 2010-11 to the consolidated current capacity of 250 million tones.
Temasek in talks to buy stake in GMR Temasek Holdings, the Singapore state investment company, is seeking stakes in Indian power producers, including GMR Group, as they double capacity to meet demand in India. ``We are in advanced discussions with GMR,`` Wong Kim Yin, managing director for energy investments at Temasek, told reporters at apower conference in
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