Friday, June 11, 2010

BOR: Market Outlook: Nifty will have positive opening today

Market Outlook: Nifty will have positive opening today on account of strong global cues. Nifty has supports at 4970-5000 and resistances are at 5150-5200.

Global Events to watch for today:

Þ Retail Sales

Þ Consumer Sentiment

Global indices Update @ 8:

Dow Jones : 10.172 (+273.2)

NASDAQ : 2218 (+59.86)

Nikkei 225 : 9733 (+02.00)

Hang seng : 19894 (+261.6)

SGX CNX Nifty : 5128 (+38.00)

INR / 1 USD : 46.98

Stocks in action for the day : Videocon, Spicejet, StanChart, NTPC, BHEL, HCC, HUL, HDIL, Jet Airways...

All eyes on next EGoM meet on fuel price issue likely on June 17: PTI

Listing of Standard Chartered IDR today, issue price at Rs 104 ((Last traded at pound 16.49, translates into Rs 1129.60; 10 IDRs represent one share, so translates into Rs 112.96 as listing price))

Videocon in talks with Korea`s SK Telecom for offloading 26% stake: Videocon Telecommunications has started talks with Korea`s Sun Kyung (SK) Telecom to sell a 26% stake, the latest attempt by it to bring in a foreign partner for its fledgling mobile phone services. The founding Dhoot family wants Rs 36 billion from the sale, valuing Videocon Telecommunications at a little over Rs 130 billion (USD 3 billion), an executive with direct knowledge of the development told ET. But analysts are of the view that this may be asking for too much. VideoconTelecommunications has also been linked to a buyout by Mukesh Ambani`s Reliance Industries, whose board is believed to have recently authorised its re-entry into the telecoms space following the peace deal between the Ambani brothers.

Sun TV's Maran looks to buy stake in SpiceJet: Sources: SUN TV promoter Kalanidhi Maran is looking at picking up a stake in SpiceJet, reports CNBC-TV18 quoting sources. Maran, souces say, is looking to pick up the stake from WL Ross and India Asset Recovery Fund (IARF) and the deal is likely to be sealed in a few days. WL Ross and IARF will convert bonds in tranches to avoid open offer and this will start in a few days' time. On full dilution the WL Ross and IARFstake will be at 34.9%. FCCBs worth USD 80 m were issued to WL Ross and IARF. WL Ross alone was issued bonds worth USD 68 m while IARF was issued bonds were USD 12 m, both at a conversion price of Rs 25/ share. Among other stakeholders, one promoter Ajay Singh and his family hold 10% while Goldman Sachs holds around 6%. The other promoter, the Kansagra Family holds 12%, however over 50% of these shares are pledged.

RIL looks to acquire shale gas assets of US` Pioneer Reliance Industries (RIL) is considering buying a stake in shale gas assets owned by Pioneer Natural Resources, two people with knowledge of the matter said. Pioneer, based in Irving, Texas, and said last month that it expected to announce a JV for its Eagle Ford shale gas assets in the second quarter. Reliance, which acquired a stake in shale gas areas in the US from Atlas Energy in April for USD 1.7 billion, is joining Royal Dutch Shell and Exxon Mobil to buy unconventional gas reserves, anticipating that prices for the cleaner-burning fuel will recover. Shale-gas deposits were not considered worth tapping before Houston billionaire George P Mitchell pioneered new extraction techniques in the 1990s.

RIL eyes gas JV with US firm Two months after Reliance Industries bought a 40% stake in US-based Atlas Energy`s Marcellus Shale gas operations for USD 339 million, the Mukesh Ambani-led company has now set its eyes on a joint venture withPioneer Natural Resources . The Texas-based Pioneer had said last month that it expects to zero in on a partner for its Eagle Ford shale gas assets by the end of June. Pioneer Natural Resources has about 3.10 lakh acres in the Eagle Ford region in south Texas. It tested its first successful well in last October and the second one in January this year.

Honda to ramp up production of Activa by 300 units per day Honda Motorcycle & Scooter India (HMSI), the market leader in the scooters segment with over 50% share, is increasing the manufacturing capacity of its popular model Activa by 300 per day in a bid to reduce the five-month long wait period for the vehicle. ``We currently manufacture 2100 Activas per day at our plant Manesar plant in Haryana that will go up to around 2400 Activas per day,`` said Sharad Pradhan, regional head-west of HMSI. An Ahmedabad based dealer of HMSI two-wheelers, Punjab Honda, said that there was a high demand of more than 3000 Activas per month in the city and that it has been struggling to meet demand.

Surya group plans major investment in state The Surya Group of Companies is planning major investments, including setting up steel and cement plants along with a power plant, in Karnataka. The company had said it is looking at various funding options, one of which could be private equity (PE). Besides, the group is also investing Rs 1 billion on pipe and bulb plants in the state. Arvind Bansal, deputy managing director (operat-ions and corporate management), Surya Roshni toldBusiness Standard, the company is planning a steel plant with a capacity of 6 million tonnes per annum in Karnataka.

NTPC-BHEL JV aims to produce 5000MW equipment BHEL Power Projects on Thursday said it has submitted a detailed project report about the company`s work to the ministry of heavy industry and public enterprises. ``NTPC BHEL Power Projects (NBPPL) presented a Detailed Project Report (DPR) covering total scope of work to manufacture 5,000 MW capacity equipment a year,`` a company statement said. The report would work as a guideline for capital investment of Rs 60 billion to become a 5,000 MW company in the field of power generating equipment, it said.

Jet Airways -Carried 8.69 lakh revenue passenger in May 2010 (up 41% YoY) -Domestic load factor for may stood at 82.5% ((10% increase MOM)) -International seat factor stood 80.3% (up 5% YoY)

Bombay HC dismisses govt regulation on TDR Policy, cuts FSI back to 1, to benefit HDIL, DB

Realty, negative for other Mumbai based realty companies

Whirlpool of India, Sri Adhikari Brothers to be included in T2T Segemnt

Board meet today: Dish TV: restructuring of subsidiary

HUL: Board meet today on buyback of shares

LIC, 4 Banks likely to invest in Videocon ((Mint))

Eli Lilly said to be looking to Clinical Trial opportunities in India ((DNA))

HCC looking to sell 20%-30% in Infra Subsidiary ((DNA))

Network 18 to do away with cross-holdings – BS

Indian ADRs: Sterlite up 6%, Tata Comm up 5.6%


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