Tuesday, October 5, 2010

Market Outlook: Indian markets are expected to open with a flattish note

Market Outlook: Indian markets are expected to open with a flattish note and likely to consolidate in the range of 6100-6250. The crucial support on the downside for the Nifty is 6080 and resistance at 6300. Overall markets are still up and stretched but is getting tired on the way up o consolidate before making next move.

Global events to watch:

Þ ICSC-Goldman Store Sales

Þ ISM Non-Mfg Index

Þ Redbook

Þ 4-Week Bill Auction

Global indices Update @ 8:

Dow Jones : 10751 (- 78.41)

NASDAQ : 2344 (- 26.23)

Nikkei 225 : 9382 (+01.53)

Hang seng : 22601 ( -17.59)

SGX CNX Nifty : 6173 (- 04.00)

INR / 1 USD : 44.37

Stocks in action for the day: Piramal Health, Patni, FTIL, IVRCL Assets, Alstom, Lanco Infra, ONGC...

From SKS Microfinance concall -Board appointed M R Rao as CEO of SKS -Revenues guidance growth of 60%, 80% growth of PAT in FY11 -Board hasn’t taken a decision on applying for a banking license -Suresh Gurumani exploring legal options. S Microfinance fired CEO Suresh Gurumani SKS DRHP says co to take bankers' nod before making substantial change

Sources: Indigo Airlines: To file DRHP by the end of the year IPO to be launched as early as 2010-end, early 2011 Airline to launch International operations in Aug 2011 lert: Third largest domestic private airline as per August market share Alert: FY10 revenues of Rs 2664.5 crore Alert: FY10 profit at Rs 551 crore Alert: Cash and Cash equivalents of Rs 719.4 crore

Patni: Sources -Patni Promoters arrive on consensus over stake sale -Patni promoters likely to have altered stake sale plans -Patni promoters likely to retain around 5% in Patni post sale -Patni promoters likely to have indicated intent to retain stake to Fujitsu -Patni promoters in discussion with Fujitsu for stake sale Alert: Patni promoters own 46% in Patni Computers

IRDA -Shortlists 5 IT firms for ERP implementation; -TCS, Mahindra Satyam, Deloitte, Infosys & Wipro to compete

BP CEO Says Met Mukesh Ambani, RIL executives, Ratan Tata & Essar officials-Discussed solar JV with Ratan Tata today Reviewing ONGC offer for BP's upstream assets in Vietnam Yet to decide on PetroVietnam exit, ONGC JV project Discussed D17 block with Mukesh Ambani Not interested in fuel retail biz in India ONGC takes a hit as BP plans to sell stake in Vietnam project to affiliate – PTI

Alstom Projects bags Rs 550 mn order for hydro project French firm Alstom Indian arm Alstom Projects said it has bagged a Rs 550 million contract from Lanco Infratech for setting up a hydro project in Uttarakhand. Alstom Projects won a contract worth approximately Rs 550 million by Lanco Infratech to install 76 MW Phatabyung Hydro Electric Project in Uttarakhand on the bank of Mandakini River, a company statement said. This is the second time Alstom has joined hands with Lanco Infratech since winning the Teesta VI project in 2009. The plant`s electricity output will be connected to the national grid. The manufacturing of equipment for the turnkey contract would be done at the company`s Vadodara facility in Gujarat.

BP may not sell stake in Vietnam gas fields to ONGC UK`s embattled energy major BP Plc said it may not sell its stake in Vietnam gas fields to India`s ONGC as it is looking at the possibility of transferring the stake to an affiliate company. BP`s new CEO Robert Dudley, on his first day at work, was in India to meet partners Reliance Industries` head Mukesh Ambani and Tata Power chairman Ratan Tata in Mumbai and Oil Minister Murli Deora here. Dudley said that his meetings with Ambani and Tata were to review on-going projects that BP has with the two companies. He will make a courtesy call on Prime Minister Manmohan Singh tomorrow morning.

Lanco Infra unit ties up debt for 1,320 MW project Lanco Infratech said on Monday its unit, Lanco Vidarbha Thermal Power, has tied up debt of 55.49 billion rupees for its 1,320 MW thermal power project in Maharashtra with an equity component of 13.87 billion rupees. A consortium of 16 banks and financial institutions led by Punjab National Bank have arranged for the debt, the statement said.

Parsvnath plans to raise up to USD 67 mn through QIP Realty firm Parsvnath Developers is planning to raise up to USD 67 million (about Rs 3 billion) through private placement of shares to institutional investors for executing its ongoing projects. Parsvnath had opened its qualified institutional placement (QIP) last week to raise USD 60 million, but the company got subscriptions worth USD 67 million, investment banking sources said. The company`s board of directors will meet in a day or two to decide the final amount, they added. The floor price for QIP was fixed at Rs 141.57 a share.

Vascon to pump in Rs 20 billion in Chennai township Pune based Vascon Engineers, is investing Rs 20 billion to develop a 105 acre township in Chennai in association with Balakh Realtors. The company would be developing around 10 million sq ft in four phases over a period of six years. Vascon already has presence in Chennai as an EPC player, building Block-B of Tamil Nadu Assembly Complex. According to R Vasudevan, managing director of Vascon Engineers, ``Real estate development in Chennai has witnessed several transformations over the past four to five years. The resultant flood of working professionals and their families, complete with residential and shopping demands has increased the potential of urban development in the area. We see great real estate potential in Oragadam``.

Aurobindo likely to sign licensing deal with another MNC Hyderabad-based Aurobindo Pharma, which had entered into licensing and supply agreements with AstraZeneca Plc and Pfizer Inc earlier, is planning to forge a similar deal with another multinational drug maker. ``Discussions are on. It is going to be a middle-level deal, not a high-level one as with Pfizer,`` said Aurobindo chairman P V Ramprasad Reddy to Business Standard. He said it was difficult to tell when the agreement would be signed. This apart, Reddy said Aurobindo would be entering into a new licensing agreement with Pfizer to cater to the Japanese market. The agreement would be signed in the next four to 12 weeks.

Microsec Financial listing today, issue price at Rs 118/share

Financial Tech sells 1.86 million shares of Indian Energy Exchange at Rs 115.4/sh

IVRCL Assets to issue 11.63 million shares on preferential basis at Rs 129/sh ((Erstwhile IVR Prime))

Manappuram General board approves fund raising up to Rs 1000 crore via QIP

Sterling Biotech makes full Redemption of USD 175 million FCCB due 2010

Adani Enterprises may make A$ 2 billion bid for Port of Brisbane that is been privatized – BS

SEBI unlikely to clear Vedanta open offer for Cairn India till govt clears the deal – BS

RIL Crude output drops 31%, company to raise USD 1 billion via bonds – Agencies

Piramal Health planning to merge Piramal Life Sciences into itself – Mint

Mahindra Life buys 2 plots from group co to build homes – Mint

BT in fresh talks to sell Tech Mahindra stake – ET

Diamond Jewellery demand surges, high end jewellery demand up 50% yoy – ET

Global update: Sanofi launches USD 18.5 billion hostile bid for Genzyme

Ruchi Strips board allots 1.1 crore shares at Rs 5.4/sh (cmp 17)


No comments: