Wednesday, September 29, 2010

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

Market Outlook: Indian markets are expected to open in positive terrain and likely to consolidate ahead of F&O expiry. Overall markets sentiments are still positive with support at 5990 and target on the upside is near 6130 for near term.

Global events to watch:

Þ MBA Purchase Applications

Þ EIA Petroleum Status Report

Global indices Update @ 8:

Dow Jones : 10858 (+46.10)

NASDAQ : 2379 (+09.82)

Nikkei 225 : 9555 (+59.51)

Hang seng : 22353 (+243.8)

SGX CNX Nifty : 6070 (+15.00)

INR / 1 USD : 45.13

Stocks in action for the day: Sterlite, Mah Satyam, Shoppers Stop, ITC

Madras HC orders closure of Sterlite’s copper plant (Sterlite's copper division accounts for 9-10% of total PAT and the impact will depend on the outcome of the legal process)

Sterlite says : Tuticorin Smelter been operating for more than 12 years Tuticorin smelter has been in compliance with necessary rules, regulations Tuticorin Smelter deploys technology considered environmentally friendly globally Company is one the largest in Tamil Nadu;employs around 3000 people Company Contributes about Rs 1600 crores to the exchequer annually Sterlite ADR down 4.2%

IPP Snapshot:

Ashoka Buildcon Total 15.94x QIB 25.52x; HNI13.91x; Retail 3.46x; Employee 1.21x

Sea TV (closes today) Total at 1.74X QIB at 0.8X, HNI at 5.34X, retail at 1.54X

Bedmutha (closes Oct 1st) Total 0.42X QIB at 0X, retail at 0.17X, HNI at 2.39X

Tecpro (closed yest) Total 24.47X QIB at 27.99X, retail at 9.07X, HNI at 62.48X

New Banking Licenses: Sources say RBI Deputy governor Usha Thorat to hold meeting with industry bodies Sources say KV Kamath, Chanda Kochhar likely to represent IBA Sources say OP Bhatt, MV Nair, Aditya Puri likely to represent IBA Sources say September 30 last date to submit suggestions on bank licenses

Fin Secy :: Says: RBI, SEBI, Fin Min Keeping Tight Watch On Inflows Not Time For Any Drastic Steps To Control Inflows Providing For OMCs' Subsidies Will Be Decided By Cabinet No Decision On Deregulating Diesel As Of Now No Active Thinking To Deregulate Diesel Prices Now

Sharad Pawar Says Duty-free Rice Import To Continue Till January

Murli Deora Invites Kuwait To Participate In NELP IX

Indosolar listing today, issue price at Rs 29 (lower end of price band 29-32; total subscription at 1.55X)

Mahindra Satyam to declare audited numbers for FY09, FY10 numbers today

Shoppers Stop launches QIP for Rs 130 cr; to issue 20 lakh shares at Rs 649/sh

BL Kashyap - ex bonus 1:1 & ex split 5:1

ITC & EIH to combine hotel biz, become largest hospitality chain; RIL to stay clear of management – FE

L&T To make L&T Inra development wholly owned sub, to buy out IDFC PE and JP Morgan Stake for Rs 740 cr

Global PE players eyes 25% stake in Welspun Maxsteel – ET (Its unlisted co of Weslpun group)

Global group owned by Manoj Tirodkar under IT lens for false billing – ET

Harrisons to invest in Asean, Africa plantations – BS

Bank of Mysore rights issue closes today

Voltaire Leasing open offer at Rs 14/sh

Surana Ventures plans to raise Rs 60 cr via QIP/PE – DNA


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