Market Outlook: Indian markets are expected to open sharply lower on the back of weak global cues. The crucial support on the downside for the Nifty is 5350 and resistance at 5440.
Global events to watch:
Þ ICSC-Goldman Store Sales
Þ Chicago PMI
Þ Consumer Confidence
Global indices Update @ 8:
Dow Jones : 10009 (- 140.9)
NASDAQ : 2119 (- 33.66)
Nikkei 225 : 8912 (- 236.9)
Hang seng : 20581 (- 156.0)
SGX CNX Nifty : 5386 (- 43.00)
INR / 1 USD : 46.84
Stocks in action for the day: HPCL, Gitanjali, DRL, Kingfisher, EIH, RIL, ONGC, PNB...
ONGC: -ONGC seeks details of Vedanta
Big positive for airline companies: Bankers say -RBI gives clearances to banks for restructuring aviation loans -Aviation loans to be treated as regular loans post restructuring -RBI has allowed restucturing of unsecured aviation loans -Banks to make same amount of provision as for regular restructured loans -Claim provisioning to be around 5-7% of Kingfisher
L&T Finance IPO likely later this year: AM Naik: Larsen and Toubro recently concluded its annual general meeting, wherein, the company projected it long-term and short-term outlook. Talking about short-term outlook, AM Naik, Chairman and Managing Director, L&T said the revenue from the project at hands will start flowing in from the third quarter of 2010.
Kingfisher board meets today on GDR Issue
In T2T from September 3: Elder Healthcare, House of Pearls, Jagson Airways, Saregama
Pharmac to fund Dr Reddy
Kwality Dairy board approves fund raising up to Rs 1000 crore via rights, QIP, GDR, FCCB (Market Cap: Rs.1351 crore)
Kalindee Rail : Bags order worth Rs 180 crore from Vedanta Group
Infosys plans extreme offshore model to tide over visa crisis – BS
M&M ends contract with
Gitanjali plans to acquire Italian Jewellery house – BS
JK Cement top brass held talks with Holcim for possible JV, acquisitions– DNA
HPCL to buy out 50% in Prize Petro JV and merge with itself – DNA
Cement price cut by Rs 2-4/kg in western
Ex-Dates -GHCL : Ex-Dividend @ Rs 2/share -Radico Khaitan : Ex-Dividend @ Rs.0.6/share -Harrisons Maly : Ex-Scheme of Arrangement ((Demerger of Investment Undertaking of Harrisons Malayalam to Sentinel Tea and Exports, Ratio of Allotment in ratio of 1:1))
RIL buys 14.12% in EIH for Rs 10.21 bn Mukesh Ambani-led Reliance Industries today said it has acquired 14.12% stake in EIH that runs the Oberoi brand of hotels and resorts, for Rs 10.21 billion. The purchase is through RIL`s wholly-owned subsidiary Reliance Industries Investment and Holding, from Oberoi Hotels and certain other promoters of EIH, RIL said in a statement. ``RIL`s investment in EIH Limited has been made as the Oberoi family had developed the `OberoiHotels ` brand into a premier international brand in the luxury hospitality sector and as a result EIH Limited has excellent future prospects,`` the statement said.
ONGC claims consent must for Cairn deal ONGC has indicated that it is ready to play hardball with Cairn Energy Plc over the sale of the Scottish oil explorers Indian unit, but the state-owned company declined to say if it is an interested buyer. On Monday,ONGC broke nearly a fortnight of official silence to say its consent is necessary for Cairn India to be sold to Vedanta Resources, invoking what it said were `pre-emptive rights` under agreements that Cairn has with it and the government. In a statement to the stock exchanges, ONGC said it has asked Cairn Energy to provide it `full details` and copies of all agreements related to the proposed transaction with Vedanta. The government, too, has insisted that it has the right to decide about approval for Vedanta’s plan to buy an up to 60% stake in Cairn India for as much as USD 9.6 billion (Rs 450 billion).
PNB, Union Bank hike deposit rates by upto 1% Two major public sector lenders, Union Bank of
Jindal Steel to re-bid for 70% in Zimbabwe`s Zisco Jindal Steel and Power plans to re-bid for a controlling stake in Zimbabwe Iron and Steel Company, or Zisco, more than two months after the African company rejected the Delhi-based firm`s earlier bid. Jindal Steel renewed its offer after the
Nalco scouts for buyouts to step up metal focus National Aluminium Company, or Nalco, has started the process to extend its metals business, by looking for prime buyout targets in copper, uranium and coal in Africa and
Jubilant signs USD 33 mn contract with US co Drugmaker Jubilant Organosys said on Monday it has signed a long-term contract worth USD 33 mn with a
Gitanjali Gems plans to acquire Italian jewellery house Gitanjali Gems, the country`s largest integrated diamond and jewellery manufacturer and retailer, plans to acquire a leading Italian jewellery house by the end of next month. ``We are looking to acquire 100 per equity in a leading Italian jewellery house, which has presence across
1 comment:
I have been saying this for a long time now : Oberoi's run awesome hotels, but unfortunately a lot of them dont make money.
most of the vilas properties are run in the red and the sheer project cost of these hotels makes them very very difficult to digest. you need someone with deep deep pockets.
Mukesh Ambani is just the man.
here is what i think will happen:
1. expect management changes within 6 months - 1 yr (especially the project & finance areas)
2. expect an open offer within 1 - 2 yrs
3. expect rapid expansion
4. expect brand change within 3 yrs
I dont think this is purely an investment from Reliance. I would like to think that it would be similar to Four Seasons or Aman (in both cases the original owners retained 3-4% ownership in the company and no brand changes were made), but I dont think so.
Mr. Oberoi will be around. The family (along with Mr. Analjit Singh) might own 10% or so eventually, but sooner than later you will see the Reliance stamp all over the company.
Post a Comment