Market Outlook: Mixed global cues may keep Indian equity on a shaky wicket after a bout of massive profit booking seen yesterday session. We may see the Nifty consolidate in the range of 5200-5350 for next two weeks. Medium term trend is positive and we may see levels of 5500-5700 in next quarter.
Global Events to watch for today
- Wholesale Trade
Global indices Update @ 8:
Dow Jones : 10927 (+29.55)
NASDAQ : 2436 (+05.65)
Nikkei 225 : 11167 (- 00.23)
Hang seng : 21975 (+108.4)
SGX CNX Nifty : 5294 (+01.50)
INR / 1 USD : 44.69
Stocks in action for the day : DB Corp, RPG Cables, Tata Motors, Mid-Day, GVK Power, Cipla, Aurobindo, NTPC
Shree Ganesh Jewellery lists today
Satluj Jal Vidyut Nigam Limited (SJVNL) IPO Govt sets April 29 as tentative date for SJVNL IPO: Sources SJVNL IPO to hit before SEBI
Tata Motors update Land Rover UK sales are up 67% (YoY) at 11,300 vehicles -Alert: highest monthly sales in company
Steel Ministry Says: Both tranches of SAIL FPO to happen this fiscal-To raise Rs 17,000 crore through SAIL FPO ((via 20%))
Mid-day Multimedia (Stock down 8%) -Rakesh Jhunjhunwala sells 22.5 lakh shares (4.26% stake) @ Rs.31.69/share on NSE -Rakesh Jhunjhunwala held 22.5 lakh shares (4.26% stake) as of 31 March, 2010
Emaar MGF Says: -Fund raising target from IPO will be revised downwards-Will give out new figure in revised DRHP -Looking at IPO within coming quarter
HEG board approves fund raising up to Rs 400 crore via equity instruments
Dewan Housing : Seeks approval for QIP through FDI route & issue convertible equity warrants to the Promoter on preferential basis
Ace
Spanco : Receives an order worth Rs 284 crore from Punjab State Electricity Board
Kalyani Steel : Trading in equity shares shall be suspended w.e.f. April 22, 2010 (i.e. closing hours of trading on April 21, 2010) on a/c of Scheme of Arrangement.
RPG Cables : Trading in equity shares shall be suspended w.e.f from April 16, 2010 (i.e. closing hours of trading on April 15, 2010) on a/c of Scheme of Amalgamation with KEC International
DB Corp board meet today to examine proposal of demerger of FM radio business of Synergy Media Entertainment to the Company; and merger of Bhaskar Publications & Allied Industries with the Company.
GVK Power eyes
Cipla may pick up stake in Manipal`s stem cell unit arm Cipla, among the largest pharmaceutical companies in the country, is understood to be closing in on a strategic investment in Bangalore-based Stempeutics Research, a stem cell company developing stem cell-based medicinal products. Stem cells are used to replace or initiate the production of other cells that are damaged or missing. According to industry sources, Cipla is expected to invest close to Rs 450 million in this relatively new firm which has been working on a pipeline of products for the past five years focused on degenerative diseases. Stempeutics Research is a subsidiary of the Bangalore-based Rs 5 billion healthcare company - Manipal Health Systems which runs a chain of hospitals across
Aurobindo drug receives final approval Aurobindo Pharma has received final approval for Venlafaxine Hydrochloride tablets 25 mg, 37.5 mg, 50 mg, 75 mg and 100 mg from the US Food and Drug Administration. These are generic equivalent of Wythe Pharmaceuticals Effexor tablets. The tablets are useful in treatment of major depressive disorder and falls under the therapeutic category of central nervous system. The product would be launched shortly. Aurobindo has a total 114 abbreviated new drug molecule approvals, a release said.
NTPC`s Tapovan Vishnugad project comes under fire After the suspension of 600 Mw Loharinag Pala, NTPC`s 520 Mw Tapovan Vishnugad hydropower project in Chamoli district of Uttarakhand is now facing the ire of local people and politicians. An investment of Rs 8 billion is proposed in the project on the Dhauliganga river, a tributary of Alaknanda which is proposed near the hill resort of Joshimuth. A delegation of the ruling BJP led by local MLA Kedar Singh Fonia called on Chief Minister Ramesh Pokhriyal Nishank and raised concern over the alleged excessive discharge of water from the underground tunnel of the project.
Overseas play: Consultancy fits bill for PowerGrid India`s largest power transmission utility, PowerGrid Corporation of India, has decided to focus on the fee-based consultancy business in foreign markets instead of bidding for transmission grid management and construction projects. The utility has managed to bag consultancy projects, but is yet to win global bids for running or constructing transmission projects.
Essar Energy to raise USD 2.5 bn via London issue The Ruia family-owned Essar Energy aims to raise USD 2.5 billion in a share sale in London, in the biggest initial public offering in four years, to build power plants and refineries to benefit from India`s growing economy. ``We believe that Essar Energy`s future is wedded to the development of India and its growing energy needs,`` Prashant Ruia, vice-chairman of Essar Energy told ET. ``It is our goal that the successful completion of this transaction provides investors with a unique vehicle to access the Indian growth story.``
Mphasis to acquire Fortify Infrastructure Mphasis, a mid-sized IT services firm owned by Hewlett Packard Co, said it will acquire Fortify Infrastructure Services, a firm that manages and repair servers of customers remotely from locations such as
Hind Dorr-Oliver eyes more European buys Engineering firm Hindustan Dorr-Oliver (HDO), a listed subsidiary of Hyderabad-based IVRCL Infrastructures and Projects, is eyeing more acquisitions in
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