Friday, June 18, 2010

BOR: Market Outlook: Indian markets may have flat to negative opening today

Market Outlook: Indian markets may have flat to negative opening today on the back of mixed reactions from the global markets. Overall outlook for the markets today is that of cautious optimism as the bulls must hold the Nifty above the 5250 levels sustain ably to manage an upmove. Being a weekend session, buying enthusiasm maybe curtailed.

Global Events to watch for today:

Þ No Major events to watch

Global indices Update @ 8:

Dow Jones : 10434 (+24.71)

NASDAQ : 2307 (+01.23)

Nikkei 225 : 9992 (- 07.08)

Hang seng : 20274 (+136.0)

SGX CNX Nifty : 5273 (- 13.00)

INR / 1 USD : 46.50

Stocks in action for the day : RIL, JP Associates, Tulip, Binani Cement, Surya Pharma...

Reliance Industries (RIL) Annual General Meeting (AGM) today

Reliance Industries may buy 26% stake in Pipavav Shipyard: Mukesh Ambani-owned Reliance Industries (RIL) may pick up a 26% stake in Pipavav Shipyard (PSL), India’s largest integrated shipyard with an exposure to offshore structures for oil & gas structures.

Bajaj Hindusthan board clears merger with unit: India’s top sugar maker Bajaj Hindusthan said on Thursday its board has approved the company’s merger with its unit Bajaj Hindusthan Sugar. Shareholders in the unit will get one share of the parent firm for every five held, it said in a statement to the stock exchange.

Morgan Stanley buys additional one lakh shares in Parkway: Amid the tussle between Fortis Healthcare and Malaysia’s Khazanah for control of Parkway, Morgan Stanley on Thursday bought one lakh additional shares of the Singapore-based hospital chain.

Binani Cement: Buyback offer positive for company and investors: Binani Cement, which is focused on northern and western regions, has announced a buyback plan at a price not exceeding Rs 90 per share, which represents a premium of nearly 9.6% to Thursday’s closing price of Rs 82.15. The buyback price values the company 6.3 times its trailing four-quarter earnings.

Qualcomm to sell 26% stake to Tulip: Mobile chip maker Qualcomm, which has bagged spectrum for offering broadband wireless access services in a few circles, is learnt to have finalised a deal for selling stake to telecom networking firm Tulip.

Ranbaxy may wind up Mohali unit India`s largest drugmaker Ranbaxy Laboratories may close down one of its biggest global bulk drug production units at Mohali, and is sourcing few products made at the facility from local drugmakers ahead of the closure, two people familiar with the matter said. Although Ranbaxy has been looking to outsource manufacturing of certain products, it planned to restrict the strategy to small markets. In its latest annual report, the company said it will look to outsource either products or manufacturing capacities for its business, but in countries which are outside its top 20 markets. India is one of its top markets.

Duncan`s board gives nod for fertilizer JV with Jaypee uncan`s industries board on Thursday approved the induction of Jaypee Fertilizers and Industries - a subsidiary of Jaiprakash Associates - as a strategic investor to revive and rehabilitate its fertilizer unit at Panki in Kanpur. Duncans Industries plans to initially hive off its fertilizer unit to a new joint venture (JV). The 50:50 JV will be jointly floated by Jaypee Fertilizers and ISG Traders - the investment arm of the Duncan Goenka group and will have a paid-up equity capital of Rs 4 billion. Duncan Goenka group chairman G P Goenka told ET: ``We, along with some professionals, are in the process of working out the debt-equity combination for the new entity. But nothing has been finalised as yet.``

Kansai Nerolac to invest Rs 4 bn to expand capacity Kansai Nerolac Paints (KNPL) plans to invest Rs 4 billion over the next two years to augment the production capacity of its Hosur plant by 20%, a top company official said. The current capacity of the plant is around 15,000 tonnes. ``As part of the second phase of the project, we want to increase its capacity by 20% in the next two years. For this, we plan to spend Rs 4 billion,`` Kansai Nerolac Paints Chairman J J Irani said at the annual general meeting of the company today. A portion of the funds will be utilised for other projects as well, he said.

Surya tie-up with US company Considering the growing number of patients of lifestyle disease in India, domestic pharma player, Surya Pharmaceutical has entered into marketing tie up with USA-based Crocs Footwear, manufacturer of healthcare footwear specially designed for diabetic patients. Under the tie up Chandigarh-based Surya Pharmaceutical will market the product across India and also has plans to market their products in other SAARC countries. In an interaction with Business Standard, Surya Pharmaceutical, President Corporate Finance, Hari Om Bhatia said, `` There are 50 million diabetic patients in India, which is also considered the diabetic capital of the world. Every year 150,000 amputations takes place just because of this disease. Also, diabetic population is growing by 10-15% every year. Considering the data India is very big market for therapeutic footwear.``

IOC : sources say -IOC may consider issuing 10% fresh equity -IOC may consider raising up to Rs 8,000 crore IOC may consider move if price at Rs 400/share ((CMP; 337))

Ex-Dates -CMC : Ex-Dividend @ Rs 20/share -TTK Prestige : Ex-Dividend @ Rs 10/share

Uflex: Board meet on June 21 for raising Rs 750 crore via QIB

Brigade Enterprises: Board approves raising of Rs 750 crore via QIP

Board meet today:
ITC to mull bonus issue

Suzlon: Offer to tender in for Rights issue open today ((Closes on 2 July))

Pay hike for
Satyam Employees next month – BS

Reliagre to buy boutique AMCs in US – FE


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