Thursday, April 15, 2010

BOR: Market Outlook: Indian markets expected to open in a gap terrain on the back of positive momentum from the global peers.

Market Outlook: Indian markets expected to open in a gap up terrain on the back of positive momentum from the global peers. A large number of mid- and small-cap stocks are on a roll again, surpassing the gains seen in most frontline stocks in the last few weeks. Historically it has been observed that mid- and smallcap stocks rally to unreasonable heights when the rally in frontline companies nears its end. Nifty has supports at 5300 and resistances are at 5400-5450.

Global Events to watch for today

  • State Mfg Survey
  • Jobless Claims
  • Industrial Production
  • Housing Market Index

Global indices Update @ 8:

Dow Jones : 11123 (+103.6)

NASDAQ : 2504 (+38.87)

Nikkei 225 : 11282 (+78.58)

Hang seng : 22286 (+165.5)

SGX CNX Nifty : 5382 (+51.50)

INR / 1 USD : 44.62

Stocks in action for the day : Ranbaxy, HML, Andrew Yule, ONGC...

HML sets up new mfg plant The Wallardie tea factory of Harrisons Malayalam (HML) opened its new orthodox manufacturing facility at Vandiperiyar in Idukki district on Wednesday. The new facility is second in line as part of HML`s plan to be versatile in its ability to do orthodox tea manufacture to exploit higher prices. Orthodox prices have been ruling high for the last two years. Currently, HML is able to do 50% of its 20 million kg annual pricing as orthodox, giving it an overall price advantage over the competitors.

Moser Baer to commission 2nd solar farm in next quarter Moser Baer Photo Voltaic (MBPV), a wholly-owned subsidiary of the global technology company Moser Baer, plans to commission its second solar farm in the country in the next quarter. The 5-Mw farm will be set up in Tamil Nadu, with an investment of around USD 20 million (Rs 900 million) and a farm of similar capacity will be set up in Rajasthan after that. Recently, the company commissioned its largest Thin Film solar farm with an installed capacity of 1 Mw at Chandrapur in Maharashtra. This project was awarded by Mahagenco, a government of Maharashtra power generation company, and Moser Baer signed a consortium agreement with Germany-based SunEnergy Europe for this project. The farm has been set up using amorphous silicon thin film technology and is connected to the 33 KVA local grids.

Elder Pharma to hire 1,000 for rural sales Elder Pharmaceuticals plans to recruit 1,000 sales and marketing professionals within two months, mainly to sell drugs in untapped rural markets. ``There has been a revival in demand across pharmaceutical segments, but the real growth story lies in the rural and semi-urban markets, which we expect to grow at about 15% annually from the current level,`` said Alok Saxena, director at Elder Pharmaceuticals. Elder Pharma employs about 3,300 people in India, with about 2,700 professionals in marketing and sales. This recruitment will help Elder Pharma to have one of the largest drug sales forces in India, like market leaders such as Cipla, Ranbaxy, Piramal Healthcare and Lupin.

Mundra Port unloads 88000 MT coal in 24 hours Mundra Port, country`s largest private port developed by Adani Group, has set a new benchmark by unloading over 88000 MT of coal in 24 hours. This was made possible by simultaneous unloading of coal from three vessels; two of them were capsize vessels capable of carrying over 100000 MT coal. The company deployed high capacity cranes, conveyer-belts and dumpers for evacuating the coal. This high productivity at Mundra coupled with virtually zero pre-berthing time and deep draft makes Mundra a port of choice for coal cargo bound for west and north India, according to a release.

ONGC may challenge tax-sop rollback on gas prod ONGC wants to challenge the government`s decision to withdraw the seven-year tax holiday on production of natural gas in a high court as the economics of its deep-sea projects will be severely hit because of the decision. The then finance minister P Chidambaram, had in 2008, modified the definition of mineral oil to mean that it does not include production of gas for the purpose of grant of the seven-year break from payment of I-T.

NTPC, CIL may set up 2 power plants in Jharkhand Public sector NTPC and Coal India have signed an agreement for setting up two 2,000 mw coal-based power projects in Jharkhand under a 50:50 joint venture, officials said on Wednesday. ``We have signed an agreement with NTPC to form a joint venture for setting up two power projects at Jharkhand,`` a CIL official said.

iGATE plans to hire 500 more in next 2 quarters IT services company iGATE on Wednesday said it will hire 500 professionals in the next two quarters to support its expanding operations. ``Most of the 500 people we plan to hire in over the next six months will be in India and some in Mexico and the US. They will be employed in both services in BPO areas,`` said iGATE CEO Phaneesh Murthy. The Nasdaq-listed company, which has been planning acquisitions in USD 30-70 million ranges for some time, is hopeful making it in 2010. ``We are aggressively pursuing it.. We have USD 100 million cash on our balance sheet. We are eyeing acquisitions in USD 30-70 million range and we should finalise it in few months,`` he said.

Ranbaxy recalls 2 batches of antibiotics from US Ranbaxy Laboratories is voluntarily recalling two consignments of one of its antibiotics from the US market, a move that may not impact its revenues but will affect its ongoing problems with the drug regulator, analysts said. The drugmaker is recalling the antibiotic Amoxicillin & Clavulanate Potassium from the US market because its oral suspension turns brown during reconstitution, instead of white.

Andrew Yule may defer its Tide Water Oil stake sale plan Andrew Yule & Co (AYCL) is likely to put on hold its plans to sell a 26.22% stake in Tide Water Oil. The decision was taken after the company repaid a Rs 870 million government loan out of the proceeds generated through divestment of its stakes in Phoenix Yule and DPSC. AYCL had mopped up Rs 628.2 million by selling 26% in Phoenix Yule and Rs 420 million by offloading 15% in DPSC. Andrew Yule will now have to apprise the Cabinet through the department of heavy industries about its decision to hold back the Tide Water Oil`s divestment.

Godrej to merge its African buys Godrej Consumer Products (GCPL), which has acquired as many as three companies in Africa since 2006 - Rapidol, Kinky and Tura - is now looking at a consolidation plan which will involve the merger of Rapidol and Kinky. Though Tura is being kept out of the consolidation plan for now, given that GCPL is still completing the formalities of the acquisition, it is understood that the Nigeria based beauty care company would eventually be consolidated into the single entity created by the merger of Rapidol and Kinky.

Kings XI & Videocon – Sources -Talks on between Kings XI and Videocon for sale of franchise -Talks yet to materialise into a concrete deal -All promoters of Kings XI to exit together -Promoters looking at a valuation of over USD 200 million -Team sale to only take place post IPL 3

KKR - Sources: From Agencies -KKR in talks to buy controlling stake in Firstsource: Agencies

Essar Oil ( Q4’FY10 ) -Sales at Rs 10,456 crore versus Rs 6,815 crore (YoY) -PAT at Rs 180 crore versus Rs 660 crore (YoY)

Rolta (Q3’FY10) -Sales at Rs 394.56 crore versus Rs 375.56 crore (QoQ) -PAT at Rs 67.1 crore versus Rs 62.79 crore (QoQ)

Strides Arcolab gets USFDA approval for Granisetron Hydrochloride Injection

Jaiprakash Power Ventures says: Jaypee Infratech has reserved 10% of its IPO for shareholders of Jaiprakash Power Ventures

Moser Baer Photo Voltaic forays into Australian market (Clean Energy Council has allowed company to offer Silicon modules in Australia)

Ciruit Filters to be kept open for Zee News today, goes ex-GEC business
-Ex-Dividend: Pfizer (Rs.12.5/share)

Normal Monsoon seen this year – IMD, says formal report in second half of April – BS

Binani Cement loses mine allocation in Chhattisgarh

Hindustan Zinc in race to acquire Anglo’s Zinc biz


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