Thursday, September 16, 2010

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

Market Outlook: Indian markets are expected to open in a flat note and see profit booking attempts in the upper regions. The crucial support on the downside for the Nifty is 5810 and resistance at 5890-6030

Global events to watch:

Þ Jobless Claims

Þ Producer Price Index

Global indices Update @ 8:

Dow Jones : 105872 (+46.24)

NASDAQ : 2301 (+11.55)

Nikkei 225 : 9544 (+28.25)

Hang seng : 21719 (- 35.97)

SGX CNX Nifty : 5843 (- 18.00)

INR / 1 USD : 46.37

Stocks in action for the day: Mudra, SBI, HUL, Astrazeneca, IndusInd Bk, RIL, IOC, RCom...

Q2 advance tax: Stock in action for the day

Reliance Industries Limited paid Rs 1,308 crore versus the Rs 1,157 crore YOY

SAIL paid Rs 725 crore versus Rs 918 crore YOY

SBI, paid Rs 1,924 crore versus Rs 1,832 crore YoY

Central Bank of India paid Rs 206 crore versus Rs 79 crore.

Bank of Baroda Rs 385 crore versus Rs 412 crore YoY,

Bank of India Rs 250 crore versus Rs 269 crore, YoY.

Tata Motors Rs 95 crore versus Rs 136 crore YoY

Tata Steel paid Rs 500 crore versus Rs 400 crore YoY

Tata Power Rs 60 crore versus Rs 75 crore

Tata Chemicals was flattish at Rs 60 crore versus Rs 60 crore YoY.

M&M paid Rs 150 crore as against Rs 110 crore YoY,

Bajaj Auto paid Rs 243 crore versus Rs 170 crore YoY.

Abbott India which paid Rs 12 crore versus Rs 12 crore YoY

Larsen and Toubro has paid Rs 280 crore versus Rs 200 crore YoY

Ultratech Cement Rs 60 crore versus Rs 120 crore YoY

BPCL Rs 206 crore versus Rs 312 crore YoY.

IndusInd Bank IndusInd Bank QIP launched; to raise USD 215-250 million -IndusInd Bank QIP priced at Rs 234/share -JM Financial, IDFC, MS, UBS, BNP Paribas lead bankers to issue

Hotel Leela succession plans: -Vivek Nair to take over as chairman, Leela Hotels -Vivek Nair is currently MD & vice chairman, Leela Hotels -Dinesh Nair to take over as vice chairman,Leela Hotels

Telecom -Bharti adds 2 million GSM mobile users in August versus 2.6 million (MoM) -Vodafone adds 2.3 million GSM mobile users in August versus 2.4 million (MoM) -Uninor adds 2.22 million GSM mobile users in August versus 8.5 lakh (MoM) -Idea adds 1.99 million GSM mobile users in August versus 1.86 million (MoM) -MTNL adds 41,608 GSM mobile users in August versus 45,558 (MoM)

Religare -Religare enters Sri Lankan market by acquiring Bartleet -Religare to buy 50% stake in Bartleet Securities

Astrazeneca -Signs outlicensing deal with Intas Pharma Alert : Intas Pharma is an Ahm based co -Intas to supply oncology products in emerging markets -Financial terms of the deal not disclosed -Astrazeneca recently signed another deal with Aurobindo Pharma

IPOs -Ramky Infra IPO opens on September 21, closes on September 23 -Orient Green Power Co IPO opens on September 21, closes on September 24 -Electrosteel Steels IPO opens on September 21, closes on September 24 -Indosolar IPO subscribed 1.55x at closing; QIBs: 1.44x, NIIs: 1.3x and Retail: 1.81x

Mudra Lifestyle looks to sell stake to Korean apparel co: Mudra Lifestyle, an integrated textile company, has started negotiations with the South Korean lifestyle conglomerate E-Land Group for a possible stake sale, said a person familiar with the matter. The person, who did not wish to be named, said the Korean company would acquire a majority stake in Mudra Lifestyle, if the deal materialised. Ravindra Agarwal, joint managing director of Mudra Lifestyle, confirmed to ET that both parties had initial discussions. ``However, we are yet to decide on the exact nature of the arrangement we may have. Things are at a preliminary stage,`` he said. An email sent to an E-Land spokesperson in Seoul remained unanswered. The person earlier quoted said that the Agarwal family, promoters of Mudra Lifestyle, was asking for premium to divest a majority stake. The promoters currently hold a 54.4% stake.

Ispat arm to set up Rs 3 bn Chhatisgarh plant Gontermann-Peipers (India), manufacturers of forged and cast rolls owned by Ispat group`s Mittal family, will build a 1.2 million tonne pellet plant at Jagdalpur in Chhattisgarh for Rs 3 billion. The company, which has recently signed an agreement with the Chhattisgarh government for the pellet plant, is currently in talks with Germany`s Lurgi, for technical collaboration. ``We are yet to decide whether we want to set it up under Gontermann-Peipers or as a separate venture. Perhaps we could look at options like special purpose vehicle to give it a focus and direction,`` GPI MD Lalit Poddar said.

RIL pushes for 25% hike in KG basin gas price: Reliance Industries is ostensibly seeking a 25% increase in the price of natural gas it produces from the eastern offshore Krishna-Godavari Basin after it wrote to the Oil Ministry saying it has customers willing to pay more than the government-approved price. RIL Senior Vice-President (Commercial) B Ganguly on September 6 wrote to Oil Secretary S Sundareshan saying that it has received proposals from GMR Energy and Welspun Maxsteel for purchase of additional KG-D6 gas at prices between USD 4.75 and USD 5.25 per million British thermal units, a senior government official said.

Sun inches closer to Taro deal as tender offer ends : Sun Pharma`s tender offer for Taro Pharmaceutical Industries shares has ended, raising hopes that the company may finally end its three-year toil to acquire the Israeli company. ``Sun Pharma is pleased to be able to finally close the offer,`` said Dilip Shanghvi, chairman and managing director of Sun. ``We will now make every effort to consummate our option agreement to purchase the Levitts` controlling shares of Taro.`` Sun Pharma invested USD 60 million in Taro in 2001, with an agreement to combine the companies that helped Taro turnaround and boosted its stock. But Taro terminated the merger agreement in May 2008, saying Sun Pharma`s original offer was too low, blocking Sun Pharma`s open offer for its

shares, sparking a legal feud.

AstraZeneca in licensing deal with Intas Pharma: Global drug major AstraZeneca has inked a licensing pact with Ahmedabad-based Intas Pharma for high-end oncology products. The company would buy high-end oncology products from Intas and sell then across the globe, a source close to the deal said on Wednesday. The source, however, declined to divulge the financial details of the pact signed between the two companies. When contacted, an AstraZeneca spokesman said: ``We are putting in place a number of partnerships to source initial branded generics portfolio of approximately 100 molecules.``

BoR staff to get 2-stage wage hike in exchange for ICICI terms ICICI Bank has completed the integration of employees of the erstwhile Bank of Rajasthan with its own workforce within 30 days of getting ownership of the business. Employees have been offered a two-stage increase in wages for accepting ICICI Bank`s HR terms, which include dropping out of trade union membership and adhering to the bank`s 9 to 6 working hours. Exactly a month ago, the ICICI Bank-Bank of Rajasthan merger was formalised with the latter`s branches ceasing to exist. Systems integration - bringing both businesses under the same technology platform - is expected to take place by the end of the year. However, thanks to information technology, customers of BoR can undertake most of the basic banking services from all branches of ICICI Bank.

China`s ZTE bags Rs 9.2 bn gear supply deal from Rcom: ZTE, a leading Chinese telecom equipment supplier, has bagged two contracts worth nearly Rs 12.2 billion from domestic mobile operators, seven months after a change in government regulation barred import of China-made equipment. The Chinese vendor has clinched a near USD 200-million (Rs 9.2 billion approximately) contract from Anil Ambani`s Reliance Communications (RCom) to supply a mix of 3G and 2G gear in eight circles. The gear maker recently bagged an Rs 3 billion WiMAX deal from BSNL.

IOC set to revive expansion plans on issue proceeds Indian Oil Corporation (IOC), the country`s biggest oil marketing company, plans to use the public offer funds for expansions of its petrochemical and LNG business that were put on hold due to fund crunch. The company aims to raise Rs 100 billion through an issue of 10% fresh equity in the last quarter of the current financial year. The response for the issue that will see the government also offloading its 10% stake in the company will depend on diesel price decontrol and a long-term government formula for compensating the losses on kerosene and domestic LPG.

Parenteral Drugs board approves 1:3 bonus; stk up:

Career Point Info -IPO opens today, closes on September 21-Price band: Rs 295-310, issue size Rs 115 crore -Raised Rs 20.3 crore @ Rs 310 from anchor investors from Goldman Sachs, Sundaram BNP Paribas, Citigroup, Alden Global, DSPBR, Birla Sunlife, Axis MF (Eros, Miscrosec IPOs open tomorrow)

Oil PSUs to up ATF prices by average of Rs 699/kL today

HUL puts prime industrial land in Navi Mumbai on block

RBI likely to express reservations in giving Jet Airways approval to raise funds via ECB – BS

Lanco Infra gives power equipment order to China’s Harbin at price of Rs 68.3 lakh/MW (Its 1/4th of prevailing price of Rs 2.5cr/MW) – DNA

Prakash Ind to submit new mining plan for its Chotia coal block – DNA

S Kumars: raises USD 50 million via QIP, board had passed enabling resolution to raise upto USD 100 million

JBF Ind: to file documents for QIP soon

Bharti Airtel to sell African tower to Bharti Infratel – ET

SBI in talks with RBI for holding co, says Bhatt – ET

Cairn India sets up panel to protect minority shareholders – ET

Ispat arm to set up Rs 300 crore plant – ET

Reliance Broadcast acquires Line V of DMRC for a 5 year period, corners 40% market share of Delhi Metro OOH Inventory with Line V acquisition

Vijay Shanthi Builders ventured in to a MoU for Rs. 70 crore project at Chennai


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