Market Outlook: Indian markets are expected to open in a positive note and trade in the range of 5550 – 5595. Overall markets we could see profit booking in the upper regions. We see support on the downside for the Nifty is 5520 and resistance at 55.
Global events to watch:
Þ Bill Auction
Global indices Update @ 8:
Dow Jones : 10447 (+127.8) (Unchanged)
NASDAQ : 2233 (+33.74) (Unchanged)
Nikkei 225 : 9279 (- 21.52)
Hang seng : 21168 (- 14.05)
SGX CNX Nifty : 5584 (+08.00)
INR / 1 USD : 46.48
Stocks in action for the day: Raymond, Apollo Tyres, Shree Renuka, RComm, Andhra Cements, Unitech
Reliance Communications-To seek shareholder nod to raise funds via QIP issue-To seek enabling resolution for QIP issue-Seeks shareholders ok to dilute up to 15% of post-QIP equity
DTC Fineprint: -Oil & Gas income can be set off against other biz incomes -Alert: Provision to benefit diversified companies like RIL, Essar
PFC to raise Rs 11.8 bn loans in Japan and China State-run Power Finance Corp top brass is conducting road shows in Japan and China to raise USD 240 million (Rs 11.8 billion) through foreign loans in these markets for funding power projects in India. PFC is in the process of arranging ECBs (external commercial borrowings) of USD 240 million, a source close to the development said adding that the company is in talks with Bank of China, Mitsubishi Bank, and Bank of Tokyo. PFC`s Chairman and Managing Director Satnam Singh along with his team is conducting road shows in China and Japan for mobilizing the resources to meet its loan disbursement targets. ``This resource mobilization is for funding powerprojects in the current fiscal,`` the source added.
Kansai Nerolac to invest Rs 6 bn to up capacity Leading paint manufacturer, Kansai Nerolac Paints (KNPL), plans to invest around Rs 6 billion over the next three years for upping its production capacity by 50%, a top company official said. ``We want to increase our production capacity by nearly 50% in the next three-years for which we have planned an investment of around Rs 6 billion,`` the company`s Managing Director, H M Bharuka, said. The company presently has a capacity of 2-lakh tons per annum. KNPL has also earmarked around Rs 780 million for brand-building and increasing the number of its paint stores pan-India, Bharuka said. The company presently has 100 colour stylers and 25 impression style zone outlets and is planning to add nearly 150 and 40 more, respectively, he said.
Reliance not finished with shale asset buys in US Mukesh Ambani`s Reliance Industries, which has struck three shale gas joint ventures with US firms this year, may make a full buyout next as the cash-rich firm builds the knowledge it needs to run such operations. Reliance has received about 20 to 25 pitches from investment bankers for shale assets, Reliance chief financial officer Alok Agarwal said recently. Bankers say potential targets include Fort Worth, Texas-headquartered Quicksilver Resources, Denver, Colorado-based Enduring Resources and companies with assets in the
CPCL to invest Rs 200 bn in expansion IndianOil Group firm Chennai Petroleum Corporation (CPCL) has lined up an investment of Rs 200 billion over the next five years for capacity expansion, a top company official said here. ``CPCL is planning to set up a 9 million ton per annum brownfield refinery project at Manali at a cost of Rs 100 billion. This is to replace the aging 2.8 million ton refinery,`` IOCL Chairman B M Bansal told reporters here. Theproject is expected to be commissioned by the end of 2015, he added. ``Around Rs 20 billion worth of projects were already going on... the major capex will be there for the replacement of the CD1 to nine million ton``, he said.
ArcelorMittal, Indiabulls to form JV for coal, iron ore mining Indiabulls Real Estate and LN Mittal`s ArcelorMittal will form a joint venture for mining coal and iron ore. The move is aimed at owning captive mines for the two companies` businesses. Indiabulls has power plants, while ArcelorMittal is the world`s largest steelmaker. ``The joint venture will look at all mining opportunities that will be offered in India, while for captive purposes , coal and iron ore are the two minerals we will be interested in,`` Indiabulls executive director Gagan Banga told ET. He declined to elaborate on likely investments, saying that mining operations will be carried out through special purpose vehicles. The move to form a joint mining venture is the latest by ArcelorMittal to establish a presence in the Indian steel market, considered the world`s second-largest after China. ArcelorMittal, which alone accounts for 8% of global steel production, had announced plans to set up steelprojects in Jharkhand in 2005 and Orissa in 2006. However, not much progress has been made owing to delay in iron ore linkages or in acquiring land.
Vedanta bids for 5 lakh MT of bauxite from GMDC Anil Agarwal led Vedanta Resources has bid for procurement of five lakh metric tons of bauxite from state PSU, Gujarat Mineral Development Corporation (GMDC), a top official said here today. ``Representatives of Vedanta have approached us for procurement of non-plant grade bauxite, which can be allocated to them only through a bidding and transfer process,`` a top GMDC official said. ``The company is amongst the bidders for bauxite available with us for which tenders were floated last month,`` he said adding GMDC has close to 9 lakh metric tons of bauxite with it to be sold this year. ``The tender was opened recently and allotment will now be finalised by an internal committee,`` GMDC official said.
Renuka sugars, HPCL plan ethanol unit in Maharashtra Shree Renuka Sugars is looking to set up an integrated sugar-cum-ethanol plant with oil marketing company Hindustan Petroleum Corporation (HPCL) in
Fortis Healthcare eyes S`pore realty investment trust Indian hospital operator Fortis Healthcare is looking to list a real estate investment trust (REIT) in Singapore in the next six months to house its property assets and is looking at a valuation of USD 600-700 million, a senior company executive said. Fortis, which in July missed out on a bid for control of Singapore-based hospital operator Parkway Holdings, has been working on a possibleREIT listing for a year, the executive said, adding that regulatory challenges remain. ``Now, we are quite close. A listing will still take five to six months,`` said the executive, who asked not be named. The executive said a listing of all of the firm`s property assets would depend on market conditions in Singapore and the valuation may go up if property prices surged in India. Religare is the lead adviser on the proposed REIT listing and Fortis is expected to finalise the underwriters in two to three months, said another source with knowledge of the deal, adding that the Singapore-listed firm would be used as the firm`s vehicle for acquisitions.
Manjeera to put Rs 5 bn in realty project Construction Company Manjeera Group is investing Rs 5 billion for its real estate project - Manjeera Trinity - proposed in
OilMin refers Cairn
HDFC Bank hikes benchmark PLR by 50 bps to 16.25%
Orissa may find it tough to give us another mine: Vedanta
Ind-Swift board approves preferential issue of 80 lakh convertible warrants to promoters group
Andhra Cements allots 31 lakh shares at Rs 24/share to HDFC & IDFC against outstanding obligation ((CMP: 19))
SEL Manufacturing: Board meet on September 7 to decide upon issue of GDR up to USD 35 million
Telenor Investors plan to exit
Karur Vysya board meets today on Bonus & Rights Issue
TRAI Says: Confident of implementing mobile number portability by November - NewsWire18
Novelis to shut down
Jet Airways ask 200 employees to rejoin company as aviation takes off – FE
South African body accuses Apollo Tyres of cartelization, told to pay admin penalty equal to 10% of its sales in FY08
Labour union takes Raymond to court over workers’ compensation – Mint
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