Wednesday, April 28, 2010

BOR: Market Outlook: Indian Stocks are likely to witness a weak start

Market Outlook: Indian Stocks are likely to witness a weak start to trade as global equities took it on the chin following credit rating downgrades of Greece and Portugal. Moreover, with the F&O expiry due on Thursday, volatility is expected to be high. Nifty has supports at 5160-5200 and resistance is at 5330.

Results Today: Bharti Airtel, Alstom Projects, Balaji Tele, Balrampur Chini, BOB, Canara Bank, Dabur India, Exide Inds, GHCL, Ingersoll Rand, JSL, Kesoram Inds, LIC Housing Fin, Marico, MIC Electronics, Noida Toll, Shoppers Stop, Advanta India, Rei Agro, Eicher Motors

Global Events to watch for today:

  • MBA Purchase Applications
  • EIA Petroleum Status Report
  • 5-Yr Note Auction
  • FOMC Meeting Announcement

Global indices Update @ 8:

Dow Jones : 10991 (- 213.0)

NASDAQ : 2471 (- 51.48)

Nikkei 225 : 10935 (- 276.6)

Hang seng : 20948 (- 313.1)

SGX CNX Nifty : 5424 (- 65.50)

INR / 1 USD : 44.45

Stocks in action for the day : RIL, Bharti, Balrampur, Patni, GVK Power, Ranbaxy, Cipla, Bharat Forge, IOC, Jindal Steel...

RIL-RNRL case update: Sources -Expecting SC verdict on gas case in next few days -SC may even announce verdict this week -Expect verdict this week as CJI retires on May 11 CNBC-TV18 alert: 3-member SC bench led by CJI heard RIL-RNRL gas case -CJI KG Balakrishnan scheduled to retire on May 11

IPO update -Nitesh Estates - Overall Subscribed 1.2 times (x); QIB~3x, NII 0.25x, Retail 0.18x -Tara Health Foods IPO opens today, issue of 1 crore shares at Rs 180-190/share -Tarapur Transformers IPO closes today, subscribed 1.15x till now

3G Auction, Day 15 ((Couple of reports on irrational pricing)) -Total govt revenue at approximately Rs 35,018 crore CNBC-TV18 ALERT: Govt revenue crosses budget estimate of Rs 35,000 crore -All-India slot price rises to Rs 8,662 crore -Delhi circle price rises to Rs 1,284 crore -

Mumbai circle price rises to Rs 1,329 crore

Ranbaxy to launch 100 new products this year Ranbaxy Laboratories, the country`s biggest drug maker by revenues, has announced aggressive growth plans for the domestic market. It has increased its sales teams in specific areas like cardiovascular, diabetics and dermatology and plans to introduce over 100 new products by the year-end. Over the last four months, Ranbaxy has recruited over 1,500 medical representatives to increase its sales force to 4,300 and intends to expand its market presence in a big way.

Cipla ties up with Stempeutics for stem cell therapies
Cipla, the largest domestic drug manufacturer, has tied up with the Manipal Group-promoted Stempeutics Research to market stem cell-based therapies. Cipla will fund Rs 500 million within the next two years to conduct clinical trials and to further develop two products being worked on by Stempeutics. Cipla will further invest to develop more products and in return will get marketing rights on a transfer pricing basis during commercialization, said B N Manohar, president, Stempeutics. Clinical trials, involving human volunteers, are to test drugs in human beings for ensuring safety and efficacy and to detect side effects. Stem cells would be a major branch of medical treatment and would be a standard of cure and practice in the years to come and this would be an ideal supplement for existing medical treatments, said Amar Lulla, joint managing director of Cipla.

Videocon plans power plant in Punjab The Videocon Group is keen on developing infrastructure in Punjab and has plans to set up 1,000-Mw power plant in the state at an investment of Rs 50 billion. In this regard, Videocon Group Chairman Venugopal Dhoot will meet Punjab Chief Minister Parkash Singh Badal very soon. Dhoot said, ``we are interested in developing infrastructure in Punjab. We have plans to set up 1,000 Mw thermal power plants in the state, which will attract an investment of Rs 50 billion. Very soon I am going to meet Punjab Chief Minister Parkash Singh Badal and will discuss the proposal.``

Govt may sell stake in IOC by March The country may sell a stake in the nation`s biggest company as part of a plan to raise a record Rs 400 billion (USD 9 billion) from asset sales and use the proceeds to reduce the government`s budget deficit. The government may sell shares in Indian Oil Corporation (IOC) by March 31, Sidhartha Pradhan, joint secretary in the department of disinvestment, told reporters in Mumbai today. IOC Chairman B M Bansal said he wasn`t aware of the government`s plan when called for comment. India also plans to sell shares in Hindustan Copper and Power Grid Corporation.

Bharat Forge plans to start marketing Khed SEZ Just when special economic zones (SEZs) announced amid much fanfare are quietly getting scrapped, Bharat Forge (BFL) expects to start themarketing effort for the first phase of its 10,500 acre SEZ at Khed, near here, in the next few months. ``We have already acquired 4,500 acres for the first phase of the SEZ and we expect to startmarketing this by June-July. We still need environmental approvals, but plan to initially develop 1,000 acres. The infrastructure costs are high. So, we will go in a phased manner,`` Bharat Forge CMD BN Kalyani said. BFL`s multi-product light engineering SEZ is a 76:24 JV between the forgings manufacturer and MIDC, the state`s nodal agency for industrialization, with the latter handling the land acquisition process. The SEZ is estimated to require investments of Rs 90 billion.

PFC to mop up USD1 bn via overseas borrowings Power Finance Corporation (PFC), the state-run company that finances energy projects, plans to raise USD 1 billion (about Rs 45 billion as per current exchange rates) through overseas borrowings to increase its lending to local companies. The non-banking financial company (NBFC) will soon seek the Reserve Bank of India`s approval for the foreign currency loan and for an infrastructure financing company status that will scale up its business, chairman Satnam Singh said at a conference on Tuesday.

Jindal Steel plans coal-brick JV with Aussie co Rocklands Naveen Jindal-led Jindal Steel and Power (JSPL) and Australian coal miner Rocklands Richfield (RCI) plan to form a 50:50 joint venture company to develop a coal-brick project at Raigarh in Chhattisgarh. The coal waste generated at JSPL`s existing coal handling and washing plant at Raigarh will be used to make bricks. In addition, both companies intend to jointly work towards developing two coking coal projects in Australia. The estimated cost of the coal-brick project is USD 10 million for an installed capacity of six lakh tonne per year.

GVK Coal ties up funds for Jharkhand project GVK Coal (Tokisud), a part of infrastructure and power conglomerate the GVK Group, has arranged funds for an Rs 3 billion coal mine project it is developing in Jharkhand. The project is being financed with equity of Rs 750 million and a debt of Rs 2.25 billion syndicated by IDBI Bank through a consortium of seven banks, GVK Coal, a subsidiary of GVK Power and Infrastructure, said in a statement on Tuesday. The mine will supply coal to the 540MW thermal power project of GVK Power (Goindwal Sahib). The coal project is expected to begin production in 26 months.

Patni: Wins multi million dollar 5-year deal from Universal American

GVK Power achieves financial closure for Tokisud North Sub-Block (Jharkand) , Project cost Rs.300cr ( Debt: Equity at 3:1)

Ruias Invest Rs 1300 crore in Essar Oil via GDS

NTPC enters into JV with NPCIL to set up nuclear power projects

Sintex Industries board meet on April 30 for stock split in ratio of 2 :1

Board Meets Today: Manaksia for Buy-Back

Farmax India: approves stock spit in the ratio of 5:1

GSK Pharma : Q1CY10 (cr - crore, vs - versus) -Revenue Rs 546.5 cr vs Rs 460.98 cr (YoY) (Est Rs 517.4 cr) -PAT Rs 161.19 cr vs Rs 143.27 cr (YoY) (Est Rs 140.7 cr)

Sobha Developers Q4 Sales at Rs 400.8 cr vs Rs 142.8 cr (up 181% YoY) -PAT at Rs 55.7 cr vs Rs 2.7 cr (up 1963% YoY)

Petronet LNG Q4 Sales at Rs 2388.5 cr vs Rs 2654.9 cr (down 10.1% YoY) -PAT at Rs 97.3 cr vs Rs 204.4 cr (down 52% YoY)-OPM at 8.47% vs 12.9%

Motilal Oswal Q4 -Income from operation at Rs 154.17 cr vs Rs 84.02 cr (up 83% YoY) -PAT at Rs 51.8 cr vs Rs 15.82 cr (up 227% YoY)

JSW Energy :Q4 -Sales at Rs 784 cr vs Rs 474 cr (up 65% YoY)-PAT at Rs 273 cr vs Rs 23.8 cr (up 10x YoY)Note : Numbers strictly not comparable because of ramp up in capacity

Raymond Q4 -Sales at Rs 329 cr vs Rs 355 cr (down 7% YoY)-PAT at Rs 6.6 cr vs loss of Rs 239 cr (YoY)

Concor Q4 -Sales at Rs 950.53 cr vs Rs 841.2 cr (up 13% YoY)-PAT at Rs 173.19 cr vs Rs 187.6cr (Down 7% YoY) -OPM at 23.1% vs 26.8%

Ispat Industries Q4 -Sales at Rs 2349 cr vs Rs 1042.9 cr (up 125% YoY) -PAT at Rs 22.3 cr vs Loss of Rs 38.3 cr

Peninsula Land Q4 -Sales at Rs 224.7 cr vs Rs 195.12 cr (up 15% YoY)-PAT at Rs 95.27 cr vs Rs 35.96 cr (up 165% YoY)

Paper Products Q4 -Sales at Rs 159.08 cr vs Rs 143.17 cr (Up 11.1% YoY) -Adjusted PAT at Rs 12.15 cr vs Rs 16.31 cr (down 25% YoY)


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