Market Outlook: Indian markets are expected to open flat and trade in the range of 5500-5570. Asian mkts trading mixed; Hang Seng flat, Nikkei down. US markets ended largely lower on Friday, but significantly off earlier losses. We expect that continuing worries about the economic recovery which could lead to bearish action in expiring august F&O series. The crucial support on the downside for the Nifty is 5430.
Global events to watch:
Þ 4-Week Bill Announcement
Þ 3-Month Bill Auction
Þ 6-Month Bill Auction
Þ 30-Yr TIPS Auction
Global indices Update @ 8:
Dow Jones : 10213 (- 57.59)
NASDAQ : 2179 (- 00.81)
Nikkei 225 : 9141 (- 38.37)
Hang seng : 21010 (+28.88)
SGX CNX Nifty : 5529 (+09.50)
INR / 1 USD : 46.58
Stocks in action for the day: IVRCL, RIL, Dabur, GTC, JSPL, Aurobindo, IOB, Shriram EPC, Sun Pharma...
GST Update (Sources)-Tax reforms set to suffer delays -GST may be delayed by up to a year
The Lok Sabha has approved the amendment of the Mines and Minerals Development and Regulation Act of 1957 to allow auctioning of coal blocks through competitive bidding. The amended bill is expected to bring transparency in allocation of coal blocks. The MMDR bill, 2010 is still under consideration of the group of ministers. At present, a screening committee under the coal ministry approves allocation of blocks for both public and private sector companies. PSUs can still get coal block outside bidding process.
IOB raises lending rate by 50 basis points State-owned Indian Overseas Bank (IOB) announced the increase in its lending rate by 50 basis points in line with the industry trend. The benchmark prime lending rate (BPLR) of the bank will be 12.5% effective from August 23.The increase in interest would not lead to rise in housing loan, it said. However, auto and corporate loans linked to BPLR would become expensive for the existing borrowers. The decision comes days after the State Bank of
Piramal Healthcare completes sale of diagnostics arm to SRL Piramal Healthcare said that it has completed the Rs 6 billion deal to sell its diagnostics arm, Piramal Diagnostic Services (PDSPL), to Super Religare Laboratories (SRL). ``The company has now completed the divestiture of its shareholding in PDSPL to SRL, `` the company said. Piramal Healthcare announced the deal to sell its diagnostics chain for Rs 6 billion in July. It was supposed to receive Rs 3 billion on closing of the deal and the balance over a period of three years.
Shriram green energy arm to raise Rs 9 bn Orient Group Power Company (OGPCL) set up by Shriram group`s Shriram EPC is planning to raise around Rs 9 billion through an initial public offering (IPO).The company has said, the IPO proceedings will be the equity portion of Rs 40 billion investment plan, in various green energy projects, across the country. Shriram EPC will be the first green power company to be listed. T Shivaraman, founder and executive vice chairman of OGPCL said, the company has lined up investments to the tune of around Rs 40 billion over the next 36 months to set up power production capacity of about 1,000 mega watts (Mw).
Maithan Alloys to invest Rs 2.5 bn for Vizag plant Kolkata-based Maithan Alloys will be investing Rs 2.5 billion in setting up a ferro alloys plant in
HCC Infrastructure to enter airports business HCC Infrastructure, wholly-owned subsidiary of Hindustan Construction (HCC), is entering the business of building and operating airports. ``We are currently evaluating three airports in three smaller cities in the country, which we will be looking at building and operating. Delhi and Mumbai were mega airports and now the growth will come from airports in smaller cities, which we plan to tap,`` said Vinayak Deshpande, president and chief operating officer of HCC, parent company for HCC Infra. HCC Infra has an annual investment outlay of Rs 40 billion, to be invested across sectors. ``We have not allocated any money for the airport vertical, as such, but these airport projects will be in smaller cities and not in mega cities,`` Deshpande said.
Dabur to rope in strategic investor for retail venture Dabur
Sun Pharma aims to enter Japan market Drug maker Sun Pharmaceutical Industries said that it is planning to enter the Japanese generics market, with drugs aimed at treating chronic diseases.The company, which is yet to make its presence in the world`s second largest drug market after the US, said it is currently evaluating options at the moment. ``Most likely we will enter the Japanese market with drugs aimed at treating chronic diseases, `` a spokesman said. Asked for details, the spokesperson said: ``We are evaluating...We are in the process of ascertaining as to what will be the best option for us. `` The Japanese pharmaceuticals market is the second largest in the world after the
Jindal Steel gets 3,000 acres for Bolivian project: The Bolivian government has provided 3,000 acres of additional land to Naveen Jindal-led Jindal Steel for its $2.1 billion steel and power plant in the south American country. The plant will be operational in 3-4 years.
Board Meet Crest Animation : Restructuring Prime Focus : Stock Split
Environment ministry meets today to take final decision on Vedanta
Vardhman Textiles : Board approves Fund raising Via QIP
Aurobindo Pharma receives USFDA approvals for Ampicillin for Injection
Maharaja Shree sold property in Jaipur worth Rs 158 crore (market Cap at Rs 197 crore)
JSPL : Government of
State Bank of
Paramount Communications: Proposed to SBI for Corporate Debt Restructuring
SEBI wants listing of all MFs
IT department objects GTC land sale in Mumbai – PTI
Dabur to rope in strategic investors for retail venture – BS
RIL to back LTE technology for providing WiMAX – FE
Govt rethinks on the 26% profit sharing on Mining co, alternate option is to mull fund that will be used for social uplift – FE
Zenotech Labs open offer extended by a week to Aug 30
IVRCL plans to raise Rs 600 crore via QIP in IVRCL assets and Rs 250 crore in Hind Dorr – DNA
SABMiller considering USD 11 billion bid for rival Foster’s
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