Thursday, July 8, 2010
Market Outlook: Indian markets may open higher on strong global cues,
Market Outlook: Indian markets may open higher on strong global cues, while overall outlook still remains negatively biased with economic concerns hovers across. The crucial support on the downside for the Nifty is 5220 and resistance at 5300.
Global events to watch:
Þ Chain Store Sales
Þ Jobless Claims
Global indices Update @ 8:
Dow Jones : 10018 (+274.6)
NASDAQ : 2159 (+65.59)
Nikkei 225 : 9227 (+247.5)
Hang seng : 20149 (+292.5)
SGX CNX Nifty : 5310 (+62.50)
INR / 1 USD : 47.08
Stocks in action for the day : Godrej Prop, Gitanjali, RComm, ABB, TV18
Network18: Board okays restructuring of group businesses Network18 consolidates all broadcast operations in 1 co TV18 to transfer broadcast business to IBN18 TV18 to transfer residual biz & investments to Network18 V18 shareholders to get 68 IBN18 & 13 Network18 shares for every 100 shares IBN18 to be renamed TV18 post consolidation New entity to own CNBC-TV18, CNBC AWAAZ, CNN-IBN, IBN7 New Entity to own group
Infomedia18 -To transfer Yellow Pages & Magazines to Network18, to retain printing press operations -Infomedia18 shareholders to retain existing shares, to get 14 shares of Network18 for every 100 shares
Khazanah, Actis to invest Rs 8.4 bn in IDFC Infrastructure finance company IDFC will sell convertible securities to Khazanah, the investment holding arm of the Malaysian government, and private equity fund Actis at Rs 176 a share. IDFC will raise Rs 8.4 billion through the allotment. IDFC recently placed shares at Rs 168.25 with qualified institutional investors to raise Rs 26.54 billion. Theinfrastructure finance company will issue compulsorily convertible preference shares (CCPS) to Khazanah and Actis and the CCPS would be converted into equity in 18 months. Khazanah was keen to retain its shareholding in IDFC following the QIP. So we decided to issue CCPS to them. Following the issue, Khazanah will retain its shareholding at around 9% while Actis will hold 1.7%,`` said Vikram Limaye, executive director and member of board at IDFC.
Ex-Dividends
PNB : Rs 12/share
Bajaj Auto : Rs 40/share
M&M : Rs 9.5/share
3I Infotech : Rs 1.5/share
Bajaj Holding : Rs 30/share
Bank of India : Rs 7/share
Biocon : Rs 3.5/share
CESC : Rs 4/share
Godrej Prop : Rs 4/share
ABB open offer for 20% @ Rs 900/share opens today for application ((CMP: 861, closes on July 27))
Telecom Commission considering proposal to defer BSNL divestment
Tata Tea board approves change in the name from
SEL Manufacturing : Board approves fund raising by way of External Commercial Borrowings (ECBs)
Allied Computers : Mulls a board meet on 8th July for preferential Allotment to promoters
Aegis Logistics : Approves Bonus in ratio of 2:3
Reliance Communications may raise about Rs 4000 crore via a combination of strategic stake sale and QIP of shares, are likely to sell shares to large investors at Rs 200-210/sh or a premium of 8-13% over cmp - FE
Gitanjali Gems to enter real estate business by coming up with a maiden residential project at Borivali – BS
Reliance Infrastructure will buy electricity from three generation companies for the next three years – FE
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