Monday, September 6, 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. Overall markets are headed into a tight zone in the range of 5420-5500 and we could see profit booking in the upper regions. We see crucial support on the downside for the Nifty is 5470 and resistance at 5520.

Global events to watch:

Þ US Holiday: Labor Day

Þ All Markets Closed

Global indices Update @ 8:

Dow Jones : 10447 (+127.8)

NASDAQ : 2233 (+33.74)

Nikkei 225 : 9252 (+138.4)

Hang seng : 21168 (+197.0)

SGX CNX Nifty : 5507 (+26.00)

INR / 1 USD : 46.67

Stocks in action for the day: Hindalco, Suzlon Energy, Force Motors, Raymond, Sujana Tower, L&T, Kingfisher, IOC

Kumar Mangalam Birla at Hindalco AGM -To be constantly looking to increase holding this year in Hindalco Increasing stake in Hindalco is the best investment as promoters Alert : Currently owns 36% stake in the company

Suzlon Energy -Buzz about RIL acquiring stake in Suzlon -Heavy debt the key concern -Trigger: Operation efficiency -Trigger: Strong positioning in renewable energy

Force Motors To invest approximately Rs 2,000 crore for co expansion plans -Rs 800 already invested via internal accruals, Rs 1,200 crore to be arranged -Various options looked at, promoters stake sale could be an option

Kinetic Engg Needs to invest Rs 25 crore every year in transmission biz -Funding to be done by raising debt-Promoters holding at 65% may also come down

Commerce Secretary says -Duty free export of 55 lakh bales of cotton to be okay from October 1 -Export duty on cotton to be scrapped from October 1 -Prohibitive export duty on cotton to be imposed once 55 lakh bales is exported

Indian Oil --Indian Oil FPO in Q4FY11 -10% divestment, 10% fresh equity in Indian Oil -Govt planning 20% stake sale in Indian Oil -5% disinvestment in ONGC post Indian Oil

British Airways CEO says -British Airways starts code sharing with Kingfisher Airlines Alert : British Airlines 1st time started code sharing with an Indian airline -If opportunity opens in FDI in aviation by foreign carriers, we would be interested -Will look at working with Kingfisher airlines on many new routes

Jindal Poly -Approves bonus issue in ratio of 1:1 -Approves fund raising of Rs 2000 crore via equity ((Market cap of Rs 2265 crore)) -Withdraws buyback of Rs 450

KS Oil Q1 -Sales at Rs 1030 crore versus Rs 907 crore ((up 13.5% YoY))
-PAT at Rs 50.5 crore versus Rs 49.2 crore ((up 2.5% YoY))

Revenue secretary says -Corporate tax rates can be reduced if economy warrants -IT slabs may be liberalized if economy does well -GST could be implemented from October 2011 -Hopeful states will come onboard for GST -Radical measures of original DTC can come in later

AP govt signs MoU with L&T for Rs 12,132 crore Hyderabad Metro Project; L&T gets order worth Rs 1458 cr of the total project

Andhra Cements board meet on 6th September for allotting shares to HDFC & IDFC on preferential basis

Sujana Towers bags order worth Rs 148.3 crore

Action Construction Equipment: Approves 30 lakh shares preferential allotment to Reliance Capital

Anant Raj : Acquires Jubilant Software Pvt Ltd. for Rs 81 crore

Board Meet: Ind-Swift: Prefrential Allotment

Asian Development Bank sounds off promoter shareholders of exiting Petronet LNG – BL (ADB has 5.2% stake and cant’s sell to ONGC, GAIL, IOC and BPCL who hold 12.5% each which is 50%)

No plans to divest stake in Tide Water, says govt – Mint

Raymond’s real estate plans to be delayed as Maharashtra Govt refuse to give NOC till workers compensation dispute is resolved – PTI


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