Friday, October 15, 2010

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

Market Outlook: Indian markets are expected to open flat in positive terrain biased by mixed sentiments on the global counters. All eyes on Infy results and guidance outlook which will drive market sentiments in early sessions. The crucial support on the downside for the Nifty is 6140 and resistance at 6244.

Results Today: Infosys, Karnataka Bank, DCB, Manappuram Gen, Venus Remedies

Global events to watch:

Þ Consumer Price Index

Þ Retail Sales

Þ Empire State Mfg Survey

Þ Consumer Sentiment

Global indices Update @ 8:

Dow Jones : 11094 (- 01.51)

NASDAQ : 2435 (- 05.85)

Nikkei 225 : 9514 (- 68.80)

Hang seng : 23783 (- 68.93)

SGX CNX Nifty : 6199 (+06.50)

INR / 1 USD : 44.18

Stocks in action for the day: Eros, Raymond, Rallis, Kernex, Infosys, DCB, R-Infra, GMR, JSW...

Kernex Microsystems -Sales at Rs 14.2 crore versus Rs 50 lakh -PAT at Rs 2.9 crore versus loss of Rs 3.2 crore

Rallis ---growth momentum continues - Q2FY11 YoY -Revenues up 15% to Rs 368 crore versus Rs 321 crore -OPM 24% versus 23% -PAT Rs 58.7 crore versus Rs 45.7 crore, up 28% -Total expenses higher by 14% but margins improve due to higher base -Net Interest income of Rs 6 lakh versus outgo of Rs 5.5 crore

FM: -Have not decided on intervention for MFI rates now -Recognize role being played by MFIs -MFI interest rates need to be moderated -People should not be exploited -Will study ordinance that has been passed

Mobile connection - Sources: -Buying a mobile connection set to get tougher -User liability set to increase for verification -Rs 50,000 fine for violations in activation procees -Rs 50,000 fine for delay in timely disconnection-3-stage SIM card activation process proposed -Seller to physically verify SIM buyer at sale

R-Infra raises Rs 70 bn debtThe Anil Ambani-owned Reliance Infrastructure said it had tied up loans of Rs 70 billion for the development of Mumbai Metro Phase II rail link, which will connect Mumbai`s suburbs, Charkop and Mankurd. The financial closure of the project was led by Axis Bank, and witnessed participation from IDBI Bank, Reliance Capital and its associates, the company said.

L&T Infra to raise Rs 7 bn from infra bonds L&T Infrastructure Finance Co, an arm of engineering and construction giant Larsen & Toubro, plans to raise Rs 7 billion by issuing infrastructure bonds to retail investors. L&T Infra plans to raise Rs 2 billion, with an option to retain oversubscription of upto Rs 5 billion, the company said in a statement. It will be the second such bond sale after Infrastructure Development Finance Corp (IDFC). The company plans to retain upto Rs 34 billion with no minimum limit. The IDFC bond sale that was scheduled to close on October 18 after opening on September 30, has been extended to October 22.

GMR, JSW in Rs 22 bn battle for Canada`s CIC GMR, the Bangalore-based infrastructure and power major, has put in an aggressive bid to emerge as a frontrunner for the controlling stake in CIC Energy, the Canadian resources company. The bid, if successful, could value the acquisition at a little over USD 500 million (Rs 22.15 billion), which many believe could well see another bidding war among Indian and Chinese mining and power companies. According to two people aware of the developments, GMR is pitted against Sajjan Jindal`s JSW Group who have also put in a non-binding bid. Both companies are at various stages of completing a due diligence exercise within their stipulated exclusivity period. At least one more bid is expected from a Chinese party within a fortnight.

Godrej to get fresher with Indonesia The Rs 20.41 billion Godrej Consumer Products (GCPL) will introduce air freshener products from its Indonesian acquisition, PT Megasari Makmur, chairman Adi Godrej said. The brand, called Stella, is a leading one in Indonesia, Godrej said. He declined to indicate the time frame of the launch, saying it would fill the gap left by Ambipur, the erstwhile Sara Lee brand, sold globally to Procter & Gamble (P&G) last year. In India, this brand, with Brylcreem and Kiwi, were vested in the joint venture the Godrej Group had with Sara Lee Corporation. Ambipur, an air freshener brand, was withdrawn after GCPL bought all the equity in the joint venture firm, Godrej Sara Lee.

ONGC may partner winner to develop Russian oil field State-owned Oil & Natural Gas Corp (ONGC) may join hands with the energy firm that gets the rights to develop Russia`s largest discovered fields Trebs and Titov, two officials with direct knowledge of the matter said. ``We are exploring the possibility to join hands with two of them who are shortlisted (to bid for the Siberian oil fields),`` a senior oil ministry official confirmed. Trebs and Titov fields have about 200 million ton recoverable reserves, equivalent to 35% of ONGC`s total crude oil reserves.

Glaxo to step up capacity for elephantiasis drug production British drugmaker GlaxoSmithKline (GSK) will increase its capacity to make a drug for the treatment of elephantiasis at its manufacturing facility in Nasik and its South African plant, a top company executive said. GSK makes albendazole, the drug used by 120 million people across the world, at its production units in Nasik and Cape Town. The two units have a combined capacity to produce 600 million units per annum of the drug, all of which is donated by the company to global health organisations. The firm now intends to increase this to 1 billion units annually.

Bharti looks to exit MF business – ET

Raymond close to reaching deal with labour union on Thane Realty project – ET

Eros Signs Rs 50 crore deal with ZEE for forthcoming films – ET

DGH delays clearing Rs 358 crore expenses – Mint

ADAG Co looks to settle with SEBI in market violation case – BL

DoT proposes new SIM verification norms


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