Thursday, September 30, 2010

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

Market Outlook: Indian markets are expected to open on a flat note and likely to consolidate ahead of F&O expiry. Overall markets sentiments are still positive with support at 5930 and target on the upside is near 6070 for near term.

Global events to watch:

Þ Jobless Claims


Þ Corporate Profits

Global indices Update @ 8:

Dow Jones : 10835 (- 22.86)

NASDAQ : 2376 (- 03.03)

Nikkei 225 : 9494 (- 64.71)

Hang seng : 22269 (- 109.2)

SGX CNX Nifty : 6002 (+02.00)

INR / 1 USD : 44.92

Stocks in action for the day: RComm, ITC, GTL Infra, Mah Satyam, Tata Steel, JSW, GMDC, Kingfisher Airlines...

NIFTY changes from Tomorrow: -Bajaj Auto, Dr Reddy’s, Sesa Goa to get in Nifty -ABB, Idea, Unitech to go out of Nifty

Mahindra Satyam ADR down 10% after numbers Mahindra Satyam FY10 -Net sales at Rs 5481 crore versus Rs 8813 crore -EBITDA margins at 8.3% -Net loss at Rs 125 crore versus loss of Rs 8177 crore Mahindra Satyam -Can't start merger proceedings before current accounts restated -Q1, Q2 results will be out by about November 15 -Clients were exiting due to lack of clarity on numbers -Have not added big deals this year, expect big deals to come in gradually

Global Grp Tax Raid -Rs 800 crore of alleged bogus billing detected till now CNBC-TV18 alert: GTL Infra & GTL raided on Tuesday under Section 132 of IT Act -Preliminary statement of Manoj Tirodkar recorded alert: Manoj Tirodkar owns Global Group

Tata Steel -Executes agreements for refinancing of European operations -UK Holdings signs agreement with 13 banks for £3.53 billion term loan

Sources - Tata Motors' Nano -Nano current production drops significantly in Sanand -Production dropped from 380/day to 170/day at Sanand for last 2 weeks -Many nanos are lying in stock at Sanand & with dealers -Nano facing shortage of components/parts -Pantnagar Nano current production at about 40 units/day -Pantnagar Nano production to be phased out by December 2010 Tata Motors Says -Production at Sanand plant is taking place as per plan -Over next 2 months,Vendors to shift production from other facilities to Sanand -Production plan of Tata Nanos at Sanand takes into account this transition -As production at Sanand increases, production at Pantnagar will come down

Tata Steel in pact to raise 3.5 bn Tata Steel on Wednesday said it has entered into an agreement with a consortium of 13 banks, led by and State Bank of India , for raising 3.53 billion (Rs 250 billion) to refinance the loan it took to partly fund the . ``Tata Steel on Wednesday executed agreements for the refinancing of its European operations,`` the leading global steel major said in a filing to the said it has signed the ``senior facility agreement with the consortium of banks for 3.53-billion term loan and revolving credit facility``. The funding will replace in full the current debt taken at the time of buying Anglo-Dutch steel maker Corus in 2007 for about USD 12 billion, the company added.

JSW gives up plan to buy Brahmani Steel on mining hurdle JSW Steel , which had been considering to buy out promoted by the controversial Reddy brothers of Karnataka, is now backing out of negotiations due to concerns on valid mining permits and a hostile state government. The Sajjan Jindal-promoted JSW was in talks to pick up a majority stake in the 4-million tonne Brahmani Steel, which was founded jointly by G Janardhan Reddy and G Karunakara Reddy. According to people familiar with the development, talks between the Jindals and the Reddys had been going slow as there was unclear information on mining permits. The two parties also could not reach a conclusion on the percentage of stake that was to be sold to the Jindals. JSW wanted a greater share in the supply of iron ore which the Reddy brothers were reluctant to cede.

Power Grid to invite bids to lease out telecom towers Central transmission utility Power Grid on Wednesday said that as part of its diversification plan it would invite bids for leasing out telecom towers in the next 3-4 months. ``We would out our telecom towers. We would invite bids in the next 3-4 months and after their evaluation we would be able to lease out the telecom towers by the end of this fiscal,`` Power Grid CMD SK Chaturvedi told reporters here. ``We would allow telecom companies to use our towers. One tower can be used by two telecom companies,`` he added.

GMDC joins hands with Reminco State-run mining major Gujarat Mineral Development Corporation (GMDC) has joined hands with Reminco Resources headquartered at Ahmedabad and Mumbai-based company Alumina Refinery for taking up projects to manufacture zeolite and alumina chemicals in the state. ``We have tied-up with two firms for zeolite and alumina chemicals projects in Kutch,`` said VS Gadhavi, managing director, GMDC. The public sector company in collaboration with Reminco Resources plans to implement a project to manufacture zeolite, which has applications in detergents, soaps, water and edible oil purification. The cost of this project is estimated to be around Rs 600 million.

Shriram group floats subsidiary in US Haldia Coke and Chemicals (Haldia Coke), a Shriram Group Company, has floated a new company `Shriram Mineral Inc` to acquire coal mines in the United States. The new company already acquired two coal mines for USD 23 million (Rs 1,058 million) and planning to invest another USD 25 million (around Rs 1.15 billion) to acquire some more mines. Besides, the company also said it may look at reverse merger of Haldia Coke with Ennore Coke or an IPO. Speaking to Business Standard at the sidelines of Ennore Coke Annual General Meeting, Company`s Whole Time Director and Chief Executive Officer said that Haldia Coke and Chemicals, which is the holding company of Ennore Coke Ltd, has floated the new company, which in turn invested USD 23 million (around Rs 1,058 million) to acquire two coal mines.

Adani to spend USD 4 bn on Aussie mine After completing its big-ticket acquisition of an Australian coal asset from Linc Energy, Adani Enterprises will now make an additional investment of USD 3.5-4 billion (Rs 157-180 billion) to develop the necessary mining infrastructure and logistics, including a rail link and a coal terminal in a port facility. This combined investment of over AUSD 6.5 billion (over Rs 280 billion) will make it the largest coal sector investment in Australia. In August, Adani - India`s biggest coal importer • agreed to pay USD 2.7 billion (Rs 125 billion) in a cash and royalty deal for the coal asset in the Galilee Basin of Queensland, Australia, which has one of the largest high-grade thermal coal deposits, at 7.8 billion tons.

Nelcast to sell investment in subsidiary Nelcast announced that it has entered into an agreement to sell its investment held in Nelcast Energy Corporation. Due to this transaction, the company expects to generate an additional profit to the extent of Rs 790 million after tax. In terms of EPS, it will be Rs 45 per share. The transaction and other formalities are expected to be completed by the end of third quarter.

Board meets today -Crew BOS: QIP -Mercator Lines: Fund raising -Zicom: Acquisition

Etisalat head says talking on merger with Reliance Communications

Sanjay Aggarwal, Ex CEO of Spicejet is set to join Kingfisher Airlines as senior member of the management

JSW Steel gives up plan to acquire Brahmani Steel on mining hurdle – ET

FDI in multi brand retail won’t get nod from FinMIn – BS

ITC to subscribe to EIH Rights issue – BS


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