Market Outlook: Nifty will have positive opening today on the back of fresh momentum on the global counters. Nifty has supports at 5050-5100 and resistances are at 5300-5400. We stay cautious on markets as the current rally has eased fears of any major correction in the market. However, it is too early to say how long it will sustain in the absence of positive newsflow globally and due to inflation worries domestically.
Global Events to watch for today:
Þ Housing Starts
Þ Producer Price Index
Þ Industrial Production
Global indices Update @ 8:
Dow Jones : 10404 (+213.8)
NASDAQ : 2305 (+61.92)
Nikkei 225 : 10040 (+153.0)
Hang seng : 20062 (+10.24)
SGX CNX Nifty : 5248 (+21.50)
INR / 1 USD : 46.73
Stocks in action for the day : Gammon Infra, Aban, Rel Infra, Cipla, Cairn, Emami, Tata Motors, JK Lakshmi...
Direct Tax Code: -MAT to be computed with reference to book profit -Perquisites to be taxed as per existing law
Cipla -To acquire stake in 2 biotech companies -To acquire 40% stake in Indian biotech co -To acquire 25% stake in Hong Kong-based biotech co -Total investment of USD 65 million for both acquisitions
Tata Motors -May global sales at 79,819 units, up 50% (YoY) -May JLR sales at 19,053 units, up 72% (YoY)
Cairn India -Starts delivering crude via pipeline from Rajasthan -Rajasthan block crude current output at 60,000 bbl/day -Rajasthan crude sales seen to up to 1.25 lakh bbl/day in H2 -In pact with 4 buyers to sell 1.43 lakh bbl/day crude
Ex-Dates -Sadbhav Engineering: Ex rights in ratio of 1:20 & 3 warrants for 1 share ((@ Rs.725/shr)) -Jayshree Tea & Industries : Ex-Dividend @ Rs.6/share -Binani cement : Ex-Dividend @ Rs.3.5/share
Emami Group to invest Rs 6.6 bn in state Investment will be in newsprint expansion, multi-specialty hospital and edible oils marketing. Kolkata-based Emami Group of Companies with interests in FMCG, newsprint, bio-diesel, edible oils, healthcare and real estate has lined up an investment of Rs 6.6 billion in the Orissa market in the next couple of years. The investment will be made on three different business verticals- a multi-specialty hospital, expansion of its existing newsprint plant at Balasore and marketing of edible oils in the state. Manish Goenka, director, Emami Group of Companies ``Presently, we have a newsprint production capacity of 150,000 tonnes per annum at our existing plant at Balasore and we will invest around Rs 5 billion in adding capacity of 130,000 tonnes. The capacity expansion plan is expected to be achieved within two years.``
Cipla unveils Rs 3 bn plan to foray into biosimilar space Cipla, the largest domestic drug maker, said it would invest USD 65 million (over Rs 3 billion) in three years to acquire a 40% stake in an Indian biotech company and 25% stake in a similar company in Hong Kong, as part of its foray into biosimilar or generics of off-patent biotech drugs. The company board today approved the acquisitions through subscription of fresh shares in both companies. While the Indian biotech company is setting up a facility for biosimilar products in Goa, the Hong Kong-based company is setting up a biotech plant at
Fortis hires Macquarie, Religare Cap to raise funds Fortis Healthcare has hired Macquarie and Religare Capital to raise funds for a possible takeover battle for Singapore`s Parkway Holdings, according to sources. Fortis, controlled by billionaire brothers Malvinder Singh and Shivinder Singh, was also in talks to hire RBS to help raise funds, said two sources with knowledge of the matter. The sources, who also talked about
JK Lakshmi Cement to invest Rs 1 bn JK Lakshmi Cement has revived its plan to set up nearly half-a-dozen ready-mix-concrete (RMC) units to cash in on the surge in demand for the building material, especially in the infrastructure sector, a senior company official said. The JK Group company, which deferred expansion last year, will invest nearly Rs 1 billion to set up RMC plants in Mumbai, Gujarat and
Tata Motors global sales grow by 50% in May Auto major Tata Motors on Tuesday said its global sales increased by 50% in May to 79,819 units on robust demand for both commercial and passenger vehicles. Sales of luxury models from Jaguar Land Rover stood at 19,053 units during May, up 72% from the same period last year, the company said in a statement. While sales of Jaguar brand luxury sedans jumped by 34% last month to 5,120 units,Land Rover sales were 93% higher at 13,933 units, it added.
Gammon Infra: Enters a MOU for an acquisition of an entity which has 250MW
Aban Offshore to restart drilling in
Reliance Infra seeks FIPB node to raise money abroad – DNA
Emami close to acquiring a co in
Binani Cement buy back at Rs 90/sh
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