Monday, September 20, 2010

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

Market Outlook: Indian markets are expected to open in a flat to negative note and see more profit booking attempts in the upper regions. Overall markets are expected to remain sluggish with crucial support on the downside for the Nifty is 5770 and resistance at 5890. The short term trend remains intact up as long as 5820 holds on.

Global events to watch:

Þ Housing Market Index

Global indices Update @ 8:

Dow Jones : 10607 (+13.02)

NASDAQ : 2315 (+12.36)

Nikkei 225 : 9626 (+116.5)

Hang seng : 21943 (- 27.58)

SGX CNX Nifty : 5910 (- 22.00)

INR / 1 USD : 45.97

Stocks in action for the day: Unitech, Nahar Poly, Bharti, Aksh Opt, Tata Motors, Riddhi Siddhi...

Honda Says-In regular discussion with Hero group on JV future -Nothing decided on Hero Group JV future as of now

Mining - -Central govt to get powers to ban mining -Will be for conservation of Minerals PSUs -Will lose preferential treatment in new Mines Act -PSUs will have to bid for mines like others -Mining profits to be disbursed through district committees -Portion of mining profits will be for local development

IPO corner -Ashoka Buildcon issue opens on September 24, closes on September 28, issue price band of Rs 297-324/share -Tecpro Systems issue opens on September 23, closes on September 28, issue price band Rs 340-355/share -Career Point (closes tomorrow) Total 1.27 times (X) -QIB at 2.1X, HNI at 0.14X, Retail at 0.47X Eros International (closes tomorrow) -Total 0.8X -QIB at 0.18X, HNI at 3.7X, Retail at 0.7X Microsec Financial (closes tomorrow) -Total 1.57X -QIB at 0.39X, HNI at 7.4X, Retail at 0.75X

Tata Motors mulls hike in price of Indica, Indigo Tata Motors is understood to be mulling a hike in the price of its passenger cars, Indica and Indigo, by a `significant` amount with effect from October 1 next month. According to an internal communication circulated among top Tata Motors officials, the company plans to hike prices to minimise the impact of rising input costs, particularly tyres. `Significant price increase in Indicas and Indigos from October 1,` the internal communication said.

Saraswat Bank sets biz target of Rs 250 bn for FY-11Saraswat Bank, the biggest cooperative bank in the country, on Sunday said it has set a target for total business worth Rs 250 billion in the current financial year, as against Rs 235 billion in FY2009-10. ``We are a good bank and now we aspire to become a great bank,`` Saraswat Bank chairman Eknath Thakur said. He said the bank has adopted a focused growth plan, having already acquired seven cooperative banks by investing funds to the tune of Rs 2.8 billion. The bank wants to grow organically as well, he said, adding that it will open 250 branches by the end of 2011. At present, the bank has over 200 branches spread across six states.

Apollo`s Reddy bets big on Africa, health tourism Apollo Hospitals, Asia`s largest healthcare chain, is betting big on Africa, not just to expand operations there but to also attract what is called health tourism from the vast continent. Apollo Group chairman Prathap C. Reddy, who pioneered corporate healthcare in India, is particularly upbeat on Mauritius, where the hospital chain already has a presence for the past four years, as well as Nigeria and Uganda. ``Africa is going to be the next big thing in everything that`s going to happen. China is smart and is present in a majority of African countries trying to build its wealth and influence. Fortunately China is not in a position to compete with us,`` he said.

Riddhi Siddhi takes 5% stake in USE Riddhi Siddhi Bullion, a major gold dealer, has taken a five per cent stake in the United Stock Exchange (USE), which will go live with currency trading from tomorrow. In a separate transaction, New Delhi-based Jaypee Capital is in talks with two large export houses to sell 10% stake in USE. Prithviraj Kothari of Riddhi Siddhi Bullion confirmed the deal. Jaypee officials from Jaypee Capital said they were yet to conclude the deal. USE will be the third exchange to trade currency futures on its platform after the National Stock Exchange (NSE) and MCX Stock Exchange (SX) started currency futures segment in 2008.

Board meets today: -Delta Corp: Preferential allotment to 1 or more investors -Sagar Cement - possible merger of Amareswari Cements & swap ratio

Ex Dividend -SCI – Rs 5 -Empee Distilleries – Rs 6

Met Dept says chance of monsoon withdrawal starting in week ending October 1 High rainfall activity seen in northeast India next week

Amtek India board allotts 54.75 lakh equity shares at Rs 120.12/- per shares upon the conversion of FCCB's of USD 14.98 million (CMP Rs 64)

Aksh Optifibre board approved fund raising upto USD 333 million, also allotted 7.2 lakh equity shares upon FCCB conversion worth USD 1.1 million

New exchange for currencies USE to be launched today ((Promoted by MMTC, BSE and various banks))

Nahar Poly Films (Formerly known as Nahar Investments and Holding) open offer at Rs 40/share, promoters looking to hike stake by another 9.91%

-Let E&P Cos enjoy tax soaps fully under DTC: Oil Min – FE

Bharti Airtel to foray into handset biz

Investors of Unitech Corporate Parks Plc lambasted the company for a 40% drop on value of its assets in 4 months – DNA

RoC told to scan Telenor’s investment in Unitech – PTI


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