Friday, September 3, 2010

Market Outlook: Indian markets are expected to open in a positive note

Market Outlook: Indian markets are expected to open in a positive note on the back of constructive movement in global counters. We see crucial support on the downside for the Nifty is 5450 and resistance at 5550.

Global events to watch:

Þ Employment Situation

Þ ISM Non-Mfg Index

Global indices Update @ 8:

Dow Jones : 10320 (+50.63)

NASDAQ : 2200 (+23.17)

Nikkei 225 : 9083 (+20.38)

Hang seng : 20887 (+18.16)

SGX CNX Nifty : 5494 (+11.00)

INR / 1 USD : 46.78

Stocks in action for the day: CESC, Ceat, Adani Power, Ashok Leyland, Petronet, CPCL, Cipla...

FDI in multi-brand retail --Broad consensus in industry for FDI in multi-brand retail -Wal-Mart says start with 9% FDI, go up to 100% -Carrefour wants at least 51% FDI -Metro in favour of calibrated opening up -Pantaloons and Spice Retail want calibrated opening up -Indian retailers silent on quantum of FDI -Retailers say no to job reservation for rural youth -DIPP receives dozens of comments on FDI in Retail

New NTPC CMD says -11th plan target now at 13,750 MW -Earlier target was 17,760 MW

Ex-dates -Cipla: Ex-Dividend @ Rs 0.8/share -Container Corp: Ex-Dividend @ Rs 8/share -HPCL:

Ex-Dividend @ Rs 12 -Power Finance: Ex-Dividend @ Rs 1.5/share -Supreme Inds: Ex-Dividend @

Rs 13 -Swaraj Mazda: Ex-Dividend @ Rs 4 -NRB Bearing: Ex-Bonus 1:1

Ashok Leyland August total bus & truck sales at 7,480 units vs 4,784 units (YoY)

Transwarranty Finance: Board Meet on September 6 for foray into Natural Resources

Board Meet: Jindal Poly: Bonus & fund raising

Adani Power gets nod to bid for Kosovo power project – DNA

DLF defers sale of non-core assets

Govt determined to implement mining tax of 26% on profits, even captive players may have to share profits – ET

SKIL Infra to raise Rs 2500 crore to fund infra, education projects – ET

Sanjiv Goenka plans big expansion for CESC, Ceat after amicable settlement with Harsh Goenka

Tata Power-led consortium to set up 240-mw project in Indonesia A consortium led by Tata Power, India`s largest private power utility, will develop a 240 mw-geothermal power project in Indonesia. Since the program would involve building units of various sizes, the total cost of the project will range from `29 billion to `38 billion, according to a senior company executive. To be located in northern Sumatra, the project will be developed by PT Sorik Marapi Geothermal Power, a special purpose vehicle formed by the Tata Power consortium. The consortium - of Tata Power, Australian electricity retailer Origin Energy and PT Supraco Indonesia - will do a detailed exploration program over the next 18 months. Global majors such as Chevron and PT Medco Energi Internasional were in the race to develop the geothermal powerproject. The consortium will complete the project by 2015. The Tata Power-led consortium will complete the geothermal project by 2015.

Sanjiv Goenka plans power drive for CESC Sanjiv Goenka, the younger scion of the Kolkata-based RPG family that owns power company CESC and tyre-maker Ceat, is readying big expansion plans for his bit of the group after an amicable parting with elder brother Harsh. The separation was smooth partly because both the brothers get to own companies they are already running. For Sanjiv, that means heading CESC, a British era company that has distributed power in Kolkata for just over a century, and Noida Power, which supplies electricity to parts of the booming Delhi suburb. The other components of the newly-minted group helmed by the younger Goenka includes Saregama, a venerable Kolkata-based music company earlier called HMV, Music World, a chain of music shops, and Spencer`s Retail, an organized retailer. Rounding off this eclectic bunch is Phillips Carbon Black, India`s largest maker of the petroleum by-product that goes into tyres.

Maruti, Tata Motors & Skoda set to drive into MUV Segment The country`s largest carmaker Maruti Suzuki India, largest automaker Tata Motors and Volkswagen`s Skoda Auto India plan to enter the crossover market, the fastest growing segment in the passenger vehicle market. It is one detail that you may have missed out in a booming market where every carmaker seems to be reaching a new milestone every month, but clearly our big carmakers are alert even when they party. They can cross over in no time. Tata Motors will roll out its Tata Aria, developed from the Xover concept, in the last quarter of 2010, while Maruti`s first crossover based on its R3 concept and Skoda Roomster will hit the Indian road next year, according to industry executives familiar with company plans.

Cipla to buy 25% in S Africa unit Cipla, the largest player in the domestic drug market, could play white knight for Cipla Medpro, South Africa`s third-largest drug maker and a key ally of the Indian company. Cipla is looking to acquire around 25% in the manufacturing division of Cipla Medpro, where it does not hold any stake at present. The deal size could not be ascertained, but it will be the first overseas acquisition by 75-year-old Cipla in any pharmaceutical company. Recently, it acquired a 25% stake in a Hong Kong-based biotech company with manufacturing units in Shanghai. Cipla will invest in Cipla Medpro Manufacturing (CMM), a subsidiary of Cipla Medpro, which is setting up one of the largest contract manufacturing facilities in Africa at an investment of over Rand 225 million (Rs 1.45 billion), said executives close to the development.

Petronet plans Rs 23 bn expansion at LNG terminal Petronet LNG (PLL) plans to invest Rs 23 billion to install two more storage tanks at its LNG receiving and regasification terminal at Dahej in Gujarat. The Dahej terminal has four tanks and with the addition of two storage tanks, the total capacity will go up to 15 million tonne per annum (mtpa) from 10 mtpa at present. The tanks are used for storage and regasification. ``We are looking at expanding the storage capacity at Dahej. We have initiated talks with theGujarat government on this already,`` a senior PLL executive told Business Standard. The company would fund the installation through internal accruals. ``Funding is not a problem. We have enough funds to support this. We can also look at debt financing if we desire,`` the official said.

CPCL lines up Rs 70 bn projects Chennai Petroleum Corporation (CPCL) plans to build a 20-inch interconnecting crude oil pipeline between Karaikkal port and its Chidambaranar oil jetty. Indian Oil Corporation, the holding company of CPCL, has been engaged as EPCM (engineering, procurement, construction management) contractor for executing theproject, which is expected to be completed by March 2011. This is part of several projects currently on or is to be taken up this year with a total investment of Rs 77,636.9 million, according to the company`s annual report. The ongoing projects include a Rs 26,156.9 billion auto-fuel quality up gradation project, which was taken up to meet the revised specifications of motor spirit (MS) and high-speed diesel (HSD). This project includes a diesel hydro-treating unit, NHT/ISOM unit, utilities and off sites and hydrogen generation unit. The construction of these units is in advanced stages.


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