BOR: Market Outlook: Markets will have negative opening today on account of weak global cues.

Market Outlook: Markets will have negative opening today on account of weak global cues. Nifty has supports at 4800-4850 and resistances are at 5000-5050. Markets are expected to remain volatile.

Global Events to watch for today:

• Goldman Store Sales
• Consumer Confidence
• House Price Index

Global indices Update @ 8:

Dow Jones : 10066 (- 126.8)

NASDAQ : 2229 (- 15.49)

Nikkei 225 : 9756 (- 231.7)

Hang seng : 19277 (- 389.9)

SGX CNX Nifty : 4863 (- 48.50)

INR / 1 USD : 46.67

Stocks in action for the day : Godrej Consumer Products, Tata Chemicals, Pyramid Saimira, Hotel Leela, Sun Pharma, Madhucon Projects

Godrej brings insecticides biz under GCPL: The Godrej Group has consolidated the operations of insecticides joint venture Godrej Sara Lee with Godrej Consumer Products (GCPL) in a bid to tap synergies and trim costs by around 10%, nearly two weeks before it completes the purchase of US-based Sara Lee’s 51% stake.

Tatas to pump Rs 400 cr into chemical arm: Tata Group will invest nearly Rs 400 crore in Tata Chemicals through purchase of fresh shares to part finance the fertiliser and chemical firm’s expansion plan. Tata Sons, the group’s main investment firm, will subscribe to a preferential issue of 11.5 million equity shares of Tata Chemicals, the latter said in a stock exchange filing.

Pyramid Saimira share trading suspended from June 1: Pyramid Saimira Theatre Ltd said on Monday trading in its shares will be suspended with effect from June 1, 2010 as it failed to respond to a stock exchange notice for non-compliance with provisions of listing agreement. Ahead of the announcement, shares ended up 0.63 percent at 12.86 rupees in the Mumbai market.

Hotel Leela to raise up to Rs 7.5 bn: Hotel Leelaventure Ltd said on Monday its board has approved raising up to 7.5 billion rupees via qualified institutional placement or foreign currency convertible bonds. Earlier the 5-star hotel operator posted a 72 percent fall in net profit to 410 million rupees for the January-March quarter

Sun Pharma FY10 net falls 26 pc: Sun Pharmaceutical Industries’ net profit for the financial year ended March 31, 2010, fell 26% as the company reels under the impact of the US Food and Drug Administration shutting its unit under subsidiary Caraco. Net profit for the last financial year was Rs 1,351 crore. Total sales were lower by nearly 7% at Rs 4,076 crore.

India PC sales rise 33% in Jan-March: IDC: Sales of personal computers (PCs) in India rose 33% during the first three months of this year from a eyar ago, spurred by consumer confidence and a revival in IT spends, research firm IDC said on Monday. Sales of desktop computers, which accounted for about two-thirds of the total PC sales of 2.2 million units in the quarter, rose 18% to 1.4 million units. Hewlett-Packard held on to its top slot in the overall PC market with a market share of 16.5%, followed by Dell Inc and Acer with 13.6% and 13% market share respectively.

Madhucon Projects bags Rs 830cr order from NHAI : Mahucon Projects has bagged latest order from National Highway Authority of India (NHAI) for 4-laneing of Chappra-Hajipur road. The order is worth Rs 830 crore.

StanChart raises Rs 374cr via IDR issue to anchor investors: Standard Chartered PLC has fixed the price band for its proposed issue of 240,000,000 Indian Depository Receipts (IDRs) at between Rs 100 and Rs 115 per IDR. StanChart has issued 3.6 crore IDRs to six anchor investors. It has raised Rs 374.4 crore from anchor investors at Rs 104. Reliance AMC, followed by ICICI Prudential AMC, has got the maximum number of IDRs at 10.57 million. ICICI Prudential has been allotted 9.61 million IDRs followed by HDFC Mutual Fund being allotted 6.03 million IDRs, Franklin Templeton MF with 4.80 million, Birla Sun Life MF given 3.55 million and Sundaram BNP Paribas MF got 1.40 million IDRs.

Hindalco to raise Rs 75 bn debt for Mahan Aluminium The A V Birla Group`s flagship company, Hindalco Industries, plans to raise about Rs 75 billion of debt under the project finance route to achieve financial closure for Mahan Aluminium, its new factory project. Mahan is a smelter-power plant complex that boasts of a 359-ktpa aluminum smelter and a 900-Mw captive thermal power plant in Madhya Pradesh, to be ready by September 2011. The project has a total capital expenditure plan of Rs 92 billion. ``The company plans to give the mandate to the banks in the next month,`` said a person familiar with the development. ``Once the debt syndication is launched, it is expected to take about two months to tie up the fund,`` he said. SBI Capital Markets is likely to get the mandate for the debt syndication.

BHEL signs MoU with US rig maker The Hyderabad unit of power equipment maker, Bharat Heavy Electricals (BHEL) has signed a memorandum of understanding with National Oil Well Varco, a US-based oil and gas drilling equipment firm, to build 35 AC (alternating current) deep land drilling rigs in phases. ``AC technology rigs are eco-friendly and highly fuel-efficient with less maintenance cost. With this deal, BHEL`s turnover for oilrigs will increase to Rs 4 billion,`` acompany statement said.

Mysore Paper Mills mulls Rs 2 bn expansion Will float bond issue to raise half of it State-owned Mysore Paper Mills (MPM) is planning to raise Rs 1 billion to part-fund its expansion-cum-modernisation programme. Thecompany , which has an accumulated loss of Rs 550 million, has drawn up an expansion plan for close to Rs 2 billion. MPM plans to set up a plant to manufacture pulp for its paper mill and a de-inking plant to recycle waste paper. It also plans to expand capacity of its co-generation plant to 40 Mw at Bhadravati in Shimoga district, a top official of MPM said.

FIIs hike stake in SpiceJet to 10.82% The foreign institutional investors (FIIs) increased their stake in low-cost carrier SpiceJet by 1.5% points to 10.82% last quarter. However, FIIs` share in Kingfisher Airlines fell from 5.05 to 4.43% and in Jet Airways by one percentage point to 6.66%. The domestic institutionalinvestors (DIIs) too increased their stake in SpiceJet last quarter. However, while Jet Airways managed to corner a share from the DIIs, Kingfisher Airlines registered a decline in such investment.

NTPC seeks EGoM meet on gas allocation soon Seeking immediate supply of gas from RIL-operated K-G basin for expansion of its plants, state-run NTPC has asked the Centre to convene the ministerial meet on gas allocation soon. NTPC has also asked the government that its case be considered separately from gas demanded by Anil Ambani-led RNRL which recently lost a case in the Supreme Court for cheaper gas Mukesh Ambani-led RIL, sources said.

NMDC to negotiate prices with Nippon, Posco A high level delegation of NMDC will meet Nippon and Posco officials during its week long trip to Japan and South Korea to seek a hike in the price of iron ore by over two fold from last year`s rates. ``We will meet Nippon Steel officials in Japan and Posco officials in South Korea. We expect to clinch a 90-100% hike in prices to supply our iron ore to them over the last contracted rates,`` NMDC Chairman, Rana Som, who will lead the delegation, told. Som said thecompany would like to follow the new global practice and enter into ``quarterly`` supply agreements, but nothing has been finalised yet. ``We are going to negotiate and finalise the new supply contract