Thursday, October 14, 2010

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

Market Outlook: Indian markets are expected to open in a bullish note driven by Strong global cues. The crucial level of support is near 6180 while resistance is near 6300.

Results Today: Axis Bank, LIC Housing, Mastek, Rallis India and UTV Software

Global events to watch:

Þ International Trade

Þ Producer Price Index

Þ Jobless Claims

Global indices Update @ 8:

Dow Jones : 11096 (+75.08)

NASDAQ : 2441 (+23.31)

Nikkei 225 : 9574 (+171.2)

Hang seng : 23698 (+240.3)

SGX CNX Nifty : 6292 (+17.00)

INR / 1 USD : 44.50

Stocks in action for the day: JSW Steel, AB Birla Nuvo, SCI, Spicejet, Apollo, SCI, RCF...

Listing today: SEA TV, Ashok Buildcon and Bedmutha Industries

Spicejet Deal: Minority shareholders of RHSL approach SEBI, Exchanges Alert-RHSL is US incorporated holding company of Kansagra -RHSL minority shareholders Allege mismanagement -RHSL minority shareholders Allege were not consulted -Nishith Desai associates counsel for RHSL minority shareholders -ishith Desai says declines comment on SEBI Complaint Alert-Kal Air open offer for Spicejet opens on October 18

IL&FS-owned Maytas moves CLB for second time in 3 months -4 nominees of Saudi Binladin group to be directors CNBC-TV18 alert: CLB rejected Maytas Infra request in August -Maytas Infra submits that it has govt consent -CLB to hear plea next week

Divestment Secretary says -Will achieve Rs 40,000 crore divestment aim in FY11 -Not aiming to exceed FY11 divestment target -Power Grid FPO next in line -SCI, Manganese Ore, Hindustan Copper share sale by March -Trying for IOC, ONGC share sale by March, but not sure -No certainty on Cochin Shipyard IPO now -Rashtriya Ispat Nigam to be next big PSU IPO -Govt not in a hurry to push PSU public issues -Cannot have a Coal India-like issue every year -Cannot increase divestment targets every year -Coal India IPO price band 'fair & reasonable'

Apollo signs MoU with BMJ group Apollo Hospitals Group on Wednesday signed a memorandum of understanding (MoU) with the BMJ group, a medical publishing company and media arm of British Medical Association. Under the agreement, Apollo will have access to all the BMJ knowledge base, including journals and website, and provide it to Indian doctors through mobile and electronic devices, including computerized web access and patient leaflets. Micheal Chamberlain, chairman, BMJ group, said, ``The MoU will help doctors in updating with the latest innovations and public health information.`` ``The content will be Indianised through our expert panel,`` Sangeetha Reddy, executive director of the group, said.

Gayatri energy bullish on power Gayatri Energy Ventures Private, a wholly owned subsidiary of Gayatri Projects, will add hydel, wind or gas-based projects to its energy portfolio. It will also pursue options to set up greenfield projects or acquire existing ones in Karnataka, Maharashtra and others states. ``The strategy is to expand vertically in the power segment,`` said Gayatri Projects managing director TV Sandeep Kumar Reddy.

Shipping Corp keen to build Vizhinjam port The Shipping Corporation of India (SCI) has expressed interest in constructing the proposed Vizhinjam international container terminal, 16 km south of Thiruvananthapuram. The Kerala cabinet on Wednesday entrusted V Surendran Pillai, minister for ports, and the chief secretary with the job of discussing various aspects with SCI. The government has set up a separate company, the Vizhinjam International Seaport (VISL), and initiated action for the development of infrastructure facilities for the proposed port with an amount of Rs 4.5 billion. The land acquisition operation is in full swing now and nearly 35% of the process is complete.

Meghmani raises Rs 1 bn City-based Meghmani Organics (MOL) has raised Rs 1 billion through private placement of secured redeemable non-convertible debentures (NCDs) of Rs 10,00,000 each in form of separately transferable redeemable principal parts (STRPPs) of the face value of Rs 1,00,000 each at par. According to company spokesperson, the issue proceeds will be used for augmenting medium to long term resources of the company including regular capital expenditure.

Mold Tek, Vijay Nirman tie up for EPC projects Mold Tek Technologies said on Wednesday that it has signed a memorandum of understanding with Vijay Nirman Company (VNPL) to acquire and execute the industrial infrastructural projects with the assistance of VNPL. As a part of the MoU, strengths and expertise to VNPL will be combined to take up projects related to ports, refineries, oil and gas, power, transmission and other industrial sectors, the statement added. Both the companies feel that this agreement helps to tap huge opportunity for EPC contractors in India.

RCF rejects swapping KG-D6 gas with ONGC`s State-run Rashtriya Chemicals and Fertilizers (RCF) has rejected swapping its KG-D6 gas for Oil and Natural Gas Corp`s (ONGC) C-Series gas saying fuel from Reliance Industries` fields was cheaper and at better terms. After its allocation far exceeded what RIL could produce from KG-D6 fields, the oil ministry planned to shift RCF`s plants in Uran region of Maharashtra so that the cheaper gas could go to non-core users. ``RCF rejected the offer as ONGC gas was not just costlier but also came at very low pressure, creating problems at its urea plants,`` a fertilizer ministry official said. The oil ministry had projected delivered price of ONGC`s western offshore C-Series fields at USD 6.03 per million British thermal unit in Uran region where RCF`s Thal plant is located, as against USD 6.97 per mmBtu of KG-D6 gas.

JSW Steel may spin off foreign assets to aid expansion – Agencies

Birlas to up stake in AB Birla Nuvo, plans bank – Mint

SCI may pick up stake in proposed Vizhinjam port – Mint


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