Thursday, September 23, 2010

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

Market Outlook: Indian markets are expected to open in positive note and consolidate at these levels before taking further fresh momentum. The crucial support on the downside for the Nifty is 5950 and resistance at 6050 for the day.

Global events to watch:

Þ Jobless Claims

Þ Existing Home Sales

Global indices Update @ 8:

Dow Jones : 10739 (- 21.72)

NASDAQ : 2334 (- 14.80)

Nikkei 225 : 9566 (- 35.79)

Hang seng : 22047 (+45.12)

SGX CNX Nifty : 6006 (+12.50)

INR / 1 USD : 45.53

Stocks in action for the day: Gujarat Gas, Rel Infra, Maytas, Hero Honda, IDFC, ONGC, Nestle...

Honda Motor-Honda Motor to overhaul sourcing strategy-Honda to strengthen local supplier base-Honda plans to develop expensive components locally -Honda feels strategy outdated, to make products expensive-Honda prices still steep compared to competition-Honda price high due to imports of expensive components-Honda to slash purchasing cost on small car segment -New honda small car to be launched by 2011

Reliance Infra in focus: -Airport express line commissioning likely to be delayed -Security concerns may lead to delay in opening -Airport line was to be commissioned this week Alert: Delhi Airport Metro Express (DAME) is concessionaire for line Alert: DAME is a Rel Infra special purpose vehicle Alert: Project cost is Rs 3800 crore

Tecpro IPO opens today; issue of 75.5 lakh shares; IPO price band at Rs 340-355; Anchor book- sources -Raises Rs 46 crore from anchor investors at Rs 355/share -Allotees are Franklin India, Sundaram MF, Birla MF, Nomura, Axis Bank, Emerging Mrkt Fund

Maytas Infra Board Meeting: -Board to meet on September 23 in Hyderabad; -To take shareholders' approval on MD's appointment; -MD Vimal Kaushik expected to be approved; -To take approval on appointment of auditing firm Batliboi; -For adoption of books of accounts;

Montek Singh Says:-12th plan to focus further on infrastructure-Infra critical for 9-10% growth in 12th plan-Decision on infra debt fund in a couple of months-Will discuss infra debt fund issues with FM

Corporate Actions: -Arihant Capital - stock split 2:1 & bonus of 3:5 -Kuvam Internationa - stock split 10:1 -Mahalaxmi Rubtech - stock split 10:1

Ex dividends -Marg Ltd - Rs 2/share -Omax Auto - Rs 1.5/share -PBA infra - Rs 2/share

Gujarat Gas enters into agreement with BG India Energy for purchase of 0.50 mmscmd of re-gasified LNG (RLNG) on a firm basis

Crompton Greaves puts wind in Europe sales The cold, choppy waters of the North Sea are increasingly playing host to a new creature - the slender-necked, rotor-headed, offshore windmill. Sprouting along the coasts of Germany, Norway, Denmark and more recently Belgium, offshore wind energy farms are the new temples for the 21st century environmentalism sweeping across Europe. They perform the seemingly utopian transformation of a free, non-polluting resource - the wind - into the electricity needed to feed the power-hungry contemporary world. And being offshore, they avoid entanglements in the land-use disputes common in densely populated regions, while enjoying the higher and more consistent wind speeds available over the sea.

Sesa Goa seeks nod for stake buy Sesa Goa, a Vedanta Group company, which has announced an open offer to acquire 20% stake in Cairn India, will seek shareholders` approval to raise its investment and borrowing limits at an extraordinary general meeting on October 18.

ONGC ventures into shale gas exploration Oil and Natural Gas Corporation (ONGC) has ventured into shale gas exploration by spudding the first shale gas well near Durgapur in Burdwan district of West Bengal.The country`s biggest energy explorer also notified two new discoveries in the KG onshore basin and Cambay Basin to upstream regulator Directorate General of Hydrocarbons. ONGC has worked out a comprehensive shale gas pilot execution programme to test flow shale gas and learn about proprietary technologies, initially in the Damodar Valley basins.

Nestle to invest Rs 2.3 bn in first Indian R&D centre Nestle, the fast moving consumer goods major, today said it would invest Rs 2.3 billion to set up its first research and development (R&D) centre in India at Manesar in adjoining Gurgaon district. The facility will be made operational by July 2012. The R&D centre, the company`s 30th such facility worldwide, will facilitate innovation across a variety of categories -culinary, cereals, beverages and dairy products, among others. Klaus Zimmermann, global head (R&D), said, ``The new centre will focus on popularly positioned products, especially for India and also for markets worldwide. It will allow us to offer to consumers here and beyond the choice of tasty, healthy, and nutritious products.``

Indian Oil to set up Rs 900 mn LPG terminal at Paradeep Indian Oil Corporation (IOCL), the country`s largest oil marketing company, plans to invest Rs 900 million in setting up of an LPG (Liquefied Petroleum Gas) terminal and a bottling plant at the site of its proposed refinery cum petrochemical complex, five km south of Paradeep. ``Our LPG terminal cum bottling plant will come up at the site of the proposed refinery cum petrochemical complex at a cost of Rs 900 million. This LPG terminal is expected to be operational by March 2010``, V Ramgopal, general manager (marketing) cum State Level Coordinator (Orissa) of IOCL told Business Standard.

Potash Corp sues BHP to block takeover bid Potash Corp said on Wednesday it filed a lawsuit against BHP Billiton that seeks to block the mining giant`s USD 39 billion hostile bid for the Canadian fertiliser producer. The lawsuit filed in the United States alleges that BHP misrepresented and failed to inform investors about material facts, and it accuses BHP of engaging in fraudulent, deceptive and manipulative acts. A BHP spokesman declined comment.

IDFC plans to raise Rs 34 bn through infra bonds Infrastructure lending major IDFC is planning to raise up to Rs 34 billion through the issue of long-term bonds and the public offer is likely to open in the first week of October. The company has already filed the draft papers with the market regulator Securities and Exchange Board of India (SEBI) for the issue, merchant banking sources said. While officials of Infrastructure Development Finance Company (IDFC) declined to comment on the issue, sources said it would raise up to Rs 34 billion through bonds. ``The public offering is likely to be launched during the first week of October,`` said a source.


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