BOR: Market Outlook: Indian equities are likely to open flat to positive range.

Market Outlook: Indian equities are likely to open flat to positive range. we see the rally to continuing for a while till the foreign markets get stabilized and confidence returns into equity markets. US stock market showed signs of stability Tuesday as major indexes held on to most of their rebound from last week`s big drop.

Results today: Bajaj Auto, Bajaj Holdings, Blue Star, DB Realty, Dewan Housing, Glodyne Tech, Hathway Cables, Mahindra Forging, Mangalore Refineries, Rohit Ferro, RPG Life, Thermax, Welspun India

Global Events to watch for today:

• MBA Purchase Applications
• International Trade

Global indices Update @ 8:

Dow Jones : 10748 (- 36.88)

NASDAQ : 2375 (+00.64)

Nikkei 225 : 10464 (+53.70)

Hang seng : 20152 (+06.00)

SGX CNX Nifty : 5145 (+15.00)

INR / 1 USD : 45.14

Stocks in action for the day : Purvankara, Adani Enter, Piramal, REC, Idea, Godrej Consumer, GMR Energy, Dalmia Cement...

MSCI changes: -Adani Enterprises, Piramal Healthcare, REC added -Idea deleted -Changes effective from May 26

Tata Tele says -TRAI not addressed inequality in spectrum allotment -Recommendations fail to address issue of excess spectrum beyond 6.2 MHz -Does not recognise status as dual technology UASL-holder -TRAI recommendations have pushed co further behind in the queue -TRAI Recommendations adversely impact company

Reliance Communications concall -TRAI recommendations pro spectrum efficiency -Govt will be able to release additional spectrum -Networks like Rel Comm are first in queue for more spectrum -Incumbent operators will have to pay up for excess spectrum -Incumbent operators will have to return excess spectrum -Impact on incumbent GSM operators close to Rs 10000 crore -Company's impact only Rs 22 crore, TRAI views are progressive

Cadila Healthcare in Pact with Abbott for Branded Generics for emerging markets

Dhanalakshmi Bank board approves raising of capital via QIP

Seamec : resumed vessel contract with Dulam International ltd on revised terms. Revenue during the above period would be around USD 5.4 million

Everonn Education: Board meet on May 19 to issue convertible debentures & equity warrants to promoters

Larsen & Toubro wins an order in Water Technology Business in Doha, Qatar worth Rs 850 crore

BT waiting for Satyam merger to exit Tech Mahindra – BL

Center may get tough on Power equipment from China – BL

Ranbaxy will setup a Japan Focused unit – DNA

Purvankara, Homes Venture to launch 2 msf project – DNA

Bajaj FinServ Q4: (cr - crore, vs - versus) Consolidated net profit at Rs 434 cr Vs Rs 107 cr (YoY) -Consolidated total revenue at Rs 652 cr Vs Rs 140 cr (YoY)

Tilaknagar Industries Q4 Sales at Rs 146 cr vs Rs 92.8 cr (YoY) -Net profit at Rs 13.9 cr vs Rs 7.11 cr (YoY)

Harrison Malayalam Q4 Sales at Rs 89.4 cr vs Rs 59.9 cr -Loss of Rs 1.05 cr vs 9 cr (YoY)

Godrej Consumer eyes USD 125 million PE investments Godrej Consumer Products is in talks with a clutch of private equity investors to raise USD 125 million, two sources with direct knowledge of the matter said on Tuesday. The company is in talks with US giants Carlyle Group and Blackstone, as well as India`s ChrysCapital and Standard CharteredPrivate Equity, the sources said. Godrej has hired JM Financial to arrange the deal, sources said. The company`s board had earlier given approval to raise up to Rs 3,000 (USD 662 million) in debt and equity to fund mergers and acquisitions. Talks between GodrejConsumer and private equity firms were reported by an Indian website earlier on Tuesday.

GSPC to merge 2 of its gas distribution units Gujarat State Petroleum Corporation (GSPC), a state government-owned oil and gas major, is close to merging unlisted unit Sabarmati Gas with its gas distribution subsidiary, GSPC Gas, to increase its presence in the gas distribution business in Gujarat. The department of energy and petrochemicals, which is the nodal ministry for energy in the state, has given its in-principal approval to the merger and a swap ratio is expected to be completed within a month, said people close to the development. ``The government has approved the merger and BPCL, which is a shareholder in Sabarmati Gas, and GSPC are in the process of finalising the deal,`` said a person involved in the process that cleared the deal.

Dalmia Cement looks to buy sugar co for Rs 2.5 bn Dalmia Cement, which recently brought in private equity major KKR as an investor, plans to acquire a sugar mill and is in talks with two companies in Karnataka and Andhra Pradesh. The Rs 20 billion Dalmia Group is negotiating with the two companies that have crushing capacities - sugar mills are described by the quantity of cane they can crush - of about 2,500-3,500 tones a day, said people involved in the negotiations. The size of the proposed deal would be around Rs 2.5 billion, that would include the investment that the acquirer would have to put in for a power plant.

Business Standard GMR Energy to raise Rs 4.5 bn from IDFC Private Equity GMR Energy, a subsidiary of GMR Infra, is known to be raising USD 100 million (Rs 4.5 billion) from IDFC Private Equity, sources say. This deal is expected to be closed in the next few weeks. GMR Energy holds the power sector portfolio of GMR Infrastructure, which has interests in airports, roads and urban infrastructure, including special economic zones. An IDFC spokesperson refused to comment on the development, while GMR said they did not comment on speculative matters. GMR Energy has planned to enhance its installed generation capacity from the current 808 Mw to 6,500 Mw over the next three to four years. ``This requires significant capitalinvestment to fund its expansion plans in the energy business,`` the company had earlier said.

Tata Power firm on Mumbai refusal, formal reply on Wednesday The Maharashtra government`s order to it to continue supplying rival Reliance Infrastructure (R-Infra) with electricity in Mumbai at the state-set rate is a breach of its legal rights under the Electricity Act, 2003, says Tata Power. As already reported, the state government has insisted that Tata, despite an earlier court order that it could not be compelled to supply power to its rival, must continue doing so and at the government-set rate. The decision was taken in the public interest; R-Infra had made it clear that if Tata ended the existing arrangement, the substitute power would have to be bought from the market, with the higher bills being passed on to citizens.

GVK Power to award contract for AP unit GVK Power and Infrastructure is to soon award a Rs 20 billion equipment contract to a consortium of Hyundai, Siemens and Larsen & Toubro. This contract will fast-track the expansion of GVK`s 464-Mw Gautami power project by another 800 Mw. The Gautami unit is a dual-fuel combined cycle power plant at Peddapuram, East Godavari district, in Andhra Pradesh. The power plant runs with natural gas from Reliance Industries` gas fields in the KG basin and sells all the power it generates to the state government`s transmission company. GVK and L&T refused to comment, while Siemens and Hyundai did not respond to e-mailed questionnaires.

Nalco to invest Rs 800 million on R&D National Aluminium Company (Nalco) plans to invest Rs 800 million in setting up a Research & Development (R&D) centre in the city which will be commissioned in three years, the company`s chairman and managing director A K Srivastava said here. Through the setting up of this centre, the navratnaaluminium company aims to achieve technological excellence in bauxite and alumina production. National Aluminium Company (Nalco) plans to invest Rs 800 million in setting up a Research & Development (R&D) centre in the city which will be commissioned in three years, the company`s chairman and managing director A K Srivastava said here. Through the setting up of this centre, the navratnaaluminium company aims to achieve technological excellence in bauxite and alumina production.

Glenmark settles patent litigation with Merck Glenmark Pharmaceuticals said it had settled a patent litigation with Merck & Co over its cholesterol-lowering generic drug `Ezetimibe`, following which the company can sell the medicine in the US market. Ezetimibe is a generic version of Merck-Schering Plough`s patented drug `Zetia`. Glenmark and Merck were fighting a patent litigation in the US court after the Indian firm had filed the Abbreviated New Drug Application (Anda) with first-to-file status that entitled it a potential of 180 days of marketing exclusivity in the US.