Tuesday, June 15, 2010

BOR: Market Outlook: Nifty may have flat to negative opening today.

Market Outlook: Nifty may have flat to negative opening today. Nifty has supports at 5000-5080 and resistances are at 5250-5300. US stocks faltered in the last hour of trading Monday after investors gave in to anxiety about Europe`s economy. Asian stocks fluctuated as Japanese brokerages gained after Credit Suisse Group AG boosted their investment ratings, while gold producers dropped as prices for the metal declined

Global Events to watch for today:

Þ Housing Market Index

Þ Redbook

Global indices Update @ 8:

Dow Jones : 10190 (- 20.18)

NASDAQ : 2243 (+00. 36)

Nikkei 225 : 9861 (- 17.98)

Hang seng : 20070 (+18.56)

SGX CNX Nifty : 5200 (- 05.00)

INR / 1 USD : 46.57

Stocks in action for the day : RIL, Infy, Bajaj Hind, RComm, GTL Infra, Ashok Leyland, SpiceJet, Adani Power...

Satyam : CLB allows the company to publish Q1 results by September 2010

Mahindra Satyam: Sources say Current revenue run rate seen between USD 1-1.2 billion Likely to have added 54 clients since September 2008 -Current client base likely to fall to 380-400 -Low double digit operating margins likely -Operating margins likely between 10-12% -May have generated operating cash flow of USD 50-80 million last fiscal -Current headcount at 28,000 versus 53,000 in September 2008 Alert: Mahindra Satyam to submit financials by September 2010

Balaji Telefilms - VCCircle exclusive -Star India revives plans to sell 26% stake in Balaji Telefilms -Reliance Big Entertainment seen as front-runner to buy stake -Reliance Big Entertainment is arm of ADAG group -Reliance Big Entertainment denies reports

Reliance Infratel - -Reliance Infratel & GTL Infra in talks for possible deal -Deal may be announced shortly -Deal valuation higher after recent spectrum auctions -Reliance Communications & GTL Infra offer no comment

Reliance Communications says -To demerge Reliance Infratel -Independence, neutrality of Reliance Infratel to aid 3G players -Demerger to facilitate consolidation in telecom space -Demerger via combination of cash and stock -Discussion at advanced stage with domestic & international players -Demerger to enhance Reliance Communications' financial flexibility

Anil Ambani says -Demerger to aid fast, low cost network rollout-Look forward to co-operation with existing, new players

Bajaj Hindusthan -To mull merger of its arm Bajaj Hindusthan and Industries -Board meet on Thursday to discuss amalgamation Alert : Bajaj Hindusthan Sugar and Industries 75% listed subsidiary with company

Ex-Dates Today: TCS : Ex-Dividend @ Rs 14/share (( Final + Special )) Wipro : Ex-Bonus at 2:3, Dividend @ Rs.6 Kwality Dairy : Ex-Bonus 5:7

Dheeraj Hinduja set to steer Ashok Leyland The sprawling Hinduja Empire, spread over the United Kingdom, Switzerland, India and Iran, will soon complete a crucial leadership transition with a change of guard imminent at Ashok Leyland and Hinduja Foundries. Dheeraj Hinduja (in pic), son of Gopichand, the second of the four brothers who have built the Hinduja Group, is all set to become chairman of Ashok Leyland and Hinduja Foundries, as the third generation of the family takes over the reins of the conglomerate run by their fathers and uncles. Ashok Leyland, India`s second-largest maker of commercial vehicles is the group`s flagship in this country.

Adani Power gets govt nod for two projects India`s national authority on clean development mechanism (CDM) has approved Adani Power`s two power projects to draw carbon credits worth Rs 2.9 billion annually. The company has made efforts to significantly reduce greenhouse gas emissions (GHG) and increase productivity of its plants located in Maharashtra and Gujarat. The combined power generation capacity of the two power projects are 3,960 MW. ``Though the details are confidential, we can state that we have got the government approval for the projects,`` Adani Power spokesperson evendra Amin told ET.

Jaiprakash may buy Duncans` fertilizer unit Jaiprakash Associates, the Delhi-based diversified infrastructure conglomerate with interests in engineering, construction, cement, hospitality and real estate, is close to acquiring a controlling stake in the fertilizer division of Duncans Industries, which is about 80% of the total business ofthe company . The group intends to acquire a controlling bloc of nearly 74% in the Duncans Industries` fertilizer division, which is proposed to be hived off into a separate entity.

Maran makes open offer for SpiceJet Days after acquiring nearly 38% stake in SpiceJet for about Rs 7.4 billion, media magnate Kalanithi Maran today made an open offer to acquire another 20% in the no-frills carrier for Rs 57.76 a share. The open offer would involve an outgo of around Rs 4.8 billion, taking the overall deal size to Rs 12.2 billion. Last week, Maran offered to pick up 37.73% in SpiceJet at Rs 47.25 a share, aggregating to Rs 7,395.7 million, according to a statement from the airline. Aiming to acquire a controlling stake in the low-cost airline, KAL Airways today made the mandatory open offer, a three per cent premium to Friday`s closing price of Rs 56.05 on the Bombay Stock Exchange (BSE).

Tata Tea aims at 50% revenue from non-tea biz Tata Tea, which is going to be rebranded as Tata Global Beverages, has targeted 50% revenue from its non-tea business. ``We are targeting to garner 50% ofthe company `s revenue from non-tea business,`` the Tata Tea Executive Director, Sangita Talwar, said. At present, 85% of Tata Tea`s turnover comes from its tea business. Referring to the joint venture between Tata Tea and Pepsi for manufacturing non-carbonated health drinks, Talwar said the products will be introduced in India first, followed by other countries.The company is also targeting an increase in exports to Bangladesh and Pakistan.

Sources say:

Infosys Q1 advanced tax at Rs 275 crore versus Rs 230 crore ( YoY)

Vijaya Bank update - Government has subscribed Rs 700 crore to Tier-1 capital Instruments
Gayatri Projects: Mulls a board meet on June 17 to enter into Non-Convention energy (Solar Power).

MMTC: Mulls a board meet on June 29 for issue of bonus & split

JP Associates to buy out Duncan’s closed fertilizer unit, to take over company Rs 550 crore liability – TOI

RIL may bid for Surguja UMPP – TOI

FDI lock-in for hotels and tourism projects to go – FE


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