BOR: Market Outlook: Positive bias with rangebound scenario likely in the Indian markets,

Market Outlook: Positive bias with rangebound scenario likely in the Indian markets,

Results today: Reliance Industries, Wipro, Corporation Bank , Merck, Areva T&D, Mahindra Life Space Developers, Reliance Industries, P&G, 3i Infotech, Binani Cements, Pantaloon Retail

Global Events to watch for today:

• Durable Goods Orders
• New Home Sales

Global indices Update @ 8:

Dow Jones : 11134 (+09.37)

NASDAQ : 2519 (+14.46)

Nikkei 225 : 10915 (- 34.26)

Hang seng : 21310 (- 145.24)

SGX CNX Nifty : 5269 (+ 11.50)

INR / 1 USD : 44.45

Stocks in action for the day : Aurobindo, Hero Honda, Bajaj Hindusthan, M&M, LNT and Gujarat Gas, Aban, Mindtree, Piramal Health, Wipro

Aurobindo to invest Rs 12.5 bn in 5 years Hyderabad-based drug maker Aurobindo Pharma (APL), which has targeted to cross USD 2 billion (Rs 100 billion) in revenues by 2013, proposes to invest Rs 2.5 billion every year for the next five years amounting to a total investment of Rs 12.5 billion. During 2009-10, the company expects to post consolidate revenue of Rs 50 billion as against Rs 31.68 billion in the previous year. ``My goal is to ensure that Aurobindo emerges as one of the top three pharmaceutical companies in the country and also secures a place among the top 10 drug makers in the world in a span of 3-5 years,`` APL chairman, PV Ramprasad Reddy, told.

Hero Honda, Bajaj plan expansion in U`khand Auto giants Hero Honda and Baja Auto, which have both set up units in Uttarakhand, are planning to go for major expansion programmes despite the expiry of area-based exemptions. However, the expansion plans are being kept under wraps apparently due to major rivalry between the two motorcycle manufacturing companies with their top officials refusing to say much on the issue. Sensing that Hero Honda might set up its fourth unit at Haridwar, Bajaj Auto Managing Director Rajiv Bajaj would travel to Pantnagar in the fist week of May to chalk out a new strategy on the expansion programme.

Bajaj Hindusthan to invest Rs 150 bn in UP India`s top sugar producer Bajaj Hindusthan will invest about Rs 150 billion in setting up power projects totalling 2,430 Mw in Uttar Pradesh. The company will provide 90% of the power generated to the UP power utility on fixed tariffs, while the rest could be traded in open market. Bajaj Hindusthan jointmanaging director Kushagra Nayan Bajaj and UP Power Corporation (UPPCL) CMD Navneet Sehgal today signed MoUs in this regard. While, the company would set up a 1,980 Mw (3X660) coal-fired power plant in Lalitpur district, 90 Mw units each would be installed at 5 sugar mills owned by the company, which total 450 Mw.

M&M slashes Logan prices by Rs 24,000-80,000 Less than a week after utility and tractor major Mahindra & Mahindra (M&M) bought the entire equity of French partner Renault in their joint venture company, it today declared a steep reduction in prices of the Logan car. The prices were cut by Rs 27,000-80,000 for the Bharat-III variant, while the reduction for the BS-IV version is in the range of Rs 24,000-65,000. Despite the car having a very low localisation level of around 50%, as the engine and transmission is imported into the country, M&M says the reduction has been a result of rationalization efforts undertaken by the company at its plant in Nashik.

L&T to realign electrical unit with equipment ARM Larsen & Toubro (L&T), India`s largest technology, engineering, construction and manufacturing company, is to soon realign its electrical and electronics business division (EBG) with its wholly-owned subsidiary in power equipment manufacturing, L&T Power. The move is to bring more synergy within the group and leverage internal strengths in power and related allied sectors, said Ravi Uppal, chief executive andmanaging director of L&T Power. ``We are working out the details,`` he told.

Gujarat Gas allotted 0.60 mmscmd D6 gas Gujarat Gas Company, a subsidiary of BG Group plc, has received an allocation of 0.60 mmscmd of KG D6 gas from the Government of India on a fallback basis. Shaleen Sharma,Managing Director of Gujarat Gas, said, Price and cost optimization along with higher supplies have enabled us to report strong profits for the quarter. We continue to explore options for procuring firm RLNG for longer term growth. Meanwhile, we have received an allocation of 0.60 mmscmd of KG D6 gas from the Government of India on a fallback basis and are in discussion with the suppliers and transporters to finalize agreements for flowing this gas in to our system.

Jindal Steel to go `flat` out on diversification Naveen Jindal-owned Jindal Steel & Power has appointed Vidya Rattan Sharma, an experienced technocrat, to head its steel operations, leading to speculation that the Delhi-based steelmaker, which essentially makes rails, could soon branch out into the lucrative flat steelbusiness. Sharma was till recently the joint managing director of Bhushan Power & Steel, a hot and cold rolled coil producer, which makes products for the consumer goods industry.

Essar Energy starts book building for LSE public offer to raise USD 2.5 bn Essar Energy on Thursday started the book building process for its maiden initial public offering on the London Stock Exchange. It plans to raise USD 2.5 billion or about Rs 111.35 billion as per current exchange rates. This is likely to be one of the biggest public offers in London in the last two to three years and is expected to be priced at around 450 pence to 550 pence a share, according to people familiar with the development.

After Posco, ArcelorMittal seeks to partner SAIL LN Mittal led steel major ArcelorMittal has proposed a joint venture company with India`s largest steel company Steel Authority of India (SAIL) to set up an integrated steel plant near the latter`s existing steel making facility at Bokaro in Jharkhand. ``ArcelorMittal has proposed a 50:50 joint venture to set up a 3-4 million tonne steel plant with SAIL with aninvestment of around Rs 120 billion. The proposal would be considered for its merit before a decision is taken,`` said a government official in the know of the development.

Airtel invites bids to manage Zain Africa`s IT, network Bharti Airtel has invited bids to outsource operations worth over a billion dollars for African assets it recently acquired from Kuwait`s Zain Telecom, suggesting it is looking for better deals than those being offered by its existing partners. India`s largest mobile phone company has invited bids for IT-related services as well as the management and maintenance of mobile and landline networks in 15 nations as it looks to replicate the success of its low-cost model of operations in Africa.

Talwalkar IPO closes today -Total: 0.90 times (x) -QIB: 1.5x -NII: Nil -Retail: 0.4x Nitesh Estate IPO opens today

3G Auction Update -3G Auction financial impact on MTNL rises further -MTNL to pay minimum of Rs 1,603 crore for Mumbai, Delhi 3G Slot -MTNL payout on day 11 close to old national 2G License Cost Delhi, Mumbai 3G slot price expected to rise further -CNBC-TV18 ALERT: MTNL & BSNL have sought govt help to pay 3G spectrum cost

Jet Airways Says: -Konnect customers willing to pay more for higher grade services -Konnect select to increase revenues by 8-10% -Hope to fill 75-80% of the 8 Konnect select seats/flight -Konnect helped improve seat factors from sub-60% to 75% plus

Nestle Q1CY10 (Huge margin pressure, competition taking toll) (cr - crore, vs - versus) -Net sales at Rs 1485.4 cr vs Rs 1270.8 cr -Net profit at Rs 201.9cr vs Rs 197 cr -OPM at 20.5% vs 23.9% -Other expenditure at Rs 338 cr vs Rs 271 cr ((advertising costs etc.))

Gujarat Gas Q1 -Sales at Rs 401.4 cr vs Rs 296.77 cr (up 35% YoY) -PAT at Rs 62.4 cr vs Rs 36.11 cr (up 72% YoY)

Birla Corp : Q4'Fy10 Sales at Rs 602 cr vs Rs 570 cr -PAT at Rs 137.5 cr vs Rs 90.7 cr

Tata Sponge Q4 ((Huge margin expansion)) -Sales at Rs 167.2 cr vs Rs 131.3 cr ( up 27% YoY) -PAT at Rs 33.35 cr vs Rs 11.55 cr ( up 188% YoY) -OPM at 26.6% vs 10%

Falcon Tyres -Sales at Rs 188.3 cr vs Rs 161 cr (up 13% YoY)-PAT of Rs 10 cr vs Rs 5.4 cr (up 90% YoY)

Escorts Q2: Standalone net sales at Rs 671.68 Cr Vs Rs 481.64 Cr (YoY) Standalone net profit at

Rs 41.47 Cr Vs Rs 7.82 Cr (YoY)

Ambuja Cements Q1 -Net sales at Rs 1,990.2 Cr Vs Rs 1,847.6 Cr (YoY) -Net profit at Rs 462.2 Cr Vs Rs 334.1 Cr (YoY)

Sasken Comm Q4: Cons net sales at Rs 154 Cr Vs Rs 145.2 (QoQ) -Cons net profit at Rs 21.8 Cr Vs Rs 17.1 Cr (QoQ)

Rallis India Q4: -Net sales at Rs 192 Cr, net profit at Rs 22 Cr