Market Outlook: Expect Indian markets to open flat in negative today with no clear support from the global markets. Nifty has supports at 4950-5000 and resistances are at 5150-5200. Markets are expected to remain ranged bound. Asian stocks open mixed, led by raw-material producers after commodity prices declined on speculation that efforts in
Results Today: Chennai Petro, Bombay
Global Events to watch for today:
- Goldman Store Sales
- Housing Starts
- Producer Price Index
Global indices Update @ 8:
Dow Jones : 10620 (+05.67)
NASDAQ : 2354 (+07.38)
Nikkei 225 : 10281 (+45.64)
Hang seng : 19762 (+46.98)
SGX CNX Nifty : 5038 (- 17.00)
INR / 1 USD : 45.72
Stocks in action for the day : ABB, Godrej Consumer, SAIL, TATA Steel, Strides
Tarapur Transformers lists today
ABB CONCALL No intention to de-list ABB India from exchanges Looking at acquisition in Indian market,
ArcelorMittal may buy debt-ridden Bellary Steels ArcelorMittal is in talks to buy Karnataka-based Bellary Steels & Alloys, which has been taken over by its lenders after failing to convince them to waive a part of its Rs 26 billion debt and restructure the rest, three people familiar with the matter said. Bellary Steels has a total debt of about Rs 26 billion and accumulated losses of about Rs 3 billion, said A Mallikarjunappa, general manager (finance), who confirmed the development. `ArcelorMittal is in talks with the lenders directly, so I do not have details of the talks,`` he told NewsWire18 on phone.
Shriram Transport to infuse Rs 6 bn in new arm Asset financing company, Shriram Transport Finance Company (STFC), plans to infuse around Rs 6 billion capital in its proposed subsidiary, for conducting equipment finance business, which is expected to float in a month. Besides, the non-banking finance company has also forayed into gold loan by joining hands with one of the group`s subsidiary. Speaking to reporters here, STFC Managing Director R Sridhar said that formalities to float the new equipment finance company were almost completed and in another one month the new company would commence operations.
Tata Power softens stand on power battle Tata Power today offered to supply 200 Mw to Reliance Infrastructure (R-Infra) at the regulated rate of Rs 3.70-4.40 per unit till June 30. The company had so far stuck to its stand that it would charge Rs 5.90 per unit for supplying the 200 Mw. Tata Power also suggested to the state government that from July 1, it can supply 200 Mw by taking over 4,00,000 consumers of R-Infra with monthly consumption of less than 100 units. These consumers would pay Tata Power`s applicable rate of Rs 1.30 per unit. Tata Power`s proposal came at a time when the State Load Despatch Centre (SLDC) turned down its request to schedule 160 Mw, out of the current 360 Mw, to Tata Power Distribution Company from Sunday midnight onwards to cater to its consumers. So, Tata Power`s supply of 360 Mw to R-Infra at the regulated rate continues.
Reva promoters look for an exit: Report Bangalore-based Reva Electric Car Company (RECC), one of the world`s most recognised electric car manufacturing companies, may see a change of ownership, with its current promoters holding talks with an international automotive investor for a sell-out. According to VCCircle, a financial news portal, the Maini Group, AEV LLC of California and US-based investors Global Environment Fund and Draper Fisher Jurvetson are nearing a strategic sale of their stake in the company, whose valuation is believed to be around USD 100 million. The Reva is sold or test- marketed in 24 countries and has the largest deployed fleet on electric cars in the market, with over 3,000 vehicles on the road. Its business model includes vehicle design, development and manufacture, technology licensing and vehicle manufacturing.
Essar Power signs PPA for Salaya II power plant Essar Energy, said that its indirect subsidiary, Essar Power Gujarat (EPGL), has signed a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL). The PPA is for 800 MW of contracted capacity from the 1,320 MW coal fired Salaya II power project to be located in
RIL enters into JV with Russia`s SIBUR Reliance Industries (RIL) has entered into a joint venture with Russia`s leading petrochemical company SIBUR to make butyl rubber as demand for rubber from India?s automobile industry shows a rapid increase. The joint venture will make butyl rubber at RIL`s integrated petrochemical complex in Jamnagar, said a company release. RIL posted a 30% rise in net profit during the quarter ended March 2010 on the back of a strong performance from the petrochemicalbusiness.
Now, Tata Steel keen on joining hands with SAIL After Posco and ArcelorMittal, it`s now Tata Steel that is keen on forming a JV with Steel Authority of India (SAIL) to set up a steel plant. `We are in initial talks with Tata Steel and Arcelor Mittal. Both companies have evinced an interest in joint ventures with us. It`s early days and it will hinge on the progress of the talks,`` SAIL chairman SK Roongta said. This is in addition to SAIL`s plans to set up a JV with Korean steel major Posco.
Strides gets FDA approval for HIV Drug firm Stride Arcolab has received a tentative approval from
BSNL`s network outsourcing plan fails `security` check State-owned BSNL`s decision to do away with its tender-based equipment procurement process and adopt the `managed capacity model` followed by private telcos, especially that of Bharti Airtel, has found no takers in the government. The communications ministry (in a letter dated May 10 to BSNL) has told the PSU that its plans to outsource the building, management, maintenance of its networks to global equipment majors may pose a `threat to national security`.
GAIL Q4 Sales at Rs.6522cr vs Rs.6128cr ( up 6% YoY) PAT at Rs.911cr vs Rs.630cr ( up 45% YoY)
Karnataka Bank Q4 NII at Rs.130.5cr vs Rs.96.3cr ( up 36% YoY) PAT at Rs.74.1cr vs Rs.83.1 ( down 10.8% YoY)
CDMA Operators Association GSM Cos Attempt To Browbeat Govt On TRAI Report
TRAI Recos Well Balanced, Progressive & Transparent TRAI Has Accepted More Demands Of GSM Operators Than CDMA Vicious Attack By GSM Cos Attempt To Force Govt & TRAI
Tata Tele Says TRAI Order Of Priority On Allocation Needs Correction First Priority Should Be Given To Co For Initial Spectrum Spectrum Above Permissible Limits Must Be Withdrawn No Spectrum Above Permissible Level In Merged
Godrej Consumer completes acquisition of Megasari Group in
SAIL In Initial Talks With Tata Steel To Set Up Steel Plant, To Set Up 2 mt Steel Plant In JV With POSCO In Jharkhand
Fitch Removes Bharti -ve rating Watch; Outlook Stable
Tata Power Offers To Take Up 4 Lakh Rel Infra Customers
DoT may reject TRAI’s 2G pricing recommendation – BS
NTPC to float new order for $4.2bn – Mint
Talwalkars: Reliance Capital Trustee increases stake to 11.45% from 6.35%
Rajan Mittal says: No more room for tariff cuts, consolidation inevitable
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