Monday, October 18, 2010

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

Market Outlook: Indian markets are expected to open flat in positive terrain biased by mixed sentiments on the global counters. The crucial support on the downside for the Nifty is 5990 and resistance at 6140.

Results today: HDFC, Essar oil, L&T, Sesa Goa, Bajaj Finserv, Indiabulls Securities, ING Vysya Bank, NIIT Tech, State Bank of Mysore, State Bank of Bikaner & Jaipur, SE Investment, Jindal hotels, Camlin, Zydus wellness, Hindustan Fluoro, MM forging

Global events to watch:

Þ Industrial Production

Þ Housing Market Index

Global indices Update @ 8:

Dow Jones : 11062 (- 31.79)

NASDAQ : 2468 (+33.39)

Nikkei 225 : 9547 (+47.41)

Hang seng : 23529 (- 228.6)

SGX CNX Nifty : 6046 (- 34.00)

INR / 1 USD : 44.03

Stocks in action for the day: Godrej Prop, Cairn, Idea, Mudra Life, L&T, Bharti, Financial Tech, ONGC, GMR Infra...

VCEBBCO lists today-Issue price: Rs 127/share -Subscription: total: 2.07 times (x); QIB: 3.68x; NII: 0.3x ; RII 0.3x

Dr Reddy's Labs: -DRL approves Lansoprazone delayed-release capsules; -DRL to launch 15 mg & 30 mg capsules; Bio equivalent generic version of Prevacid

Coal India IPO opens for subscription: India's largest coal producing company Coal India's (CIL) initial public offer (IPO) has opened for subscription today. The company aims to raise more than Rs 15,000 crore through the IPO, which is the largest amount IPO in Indian history (previously Reliance Power was the biggest IPO, which raised more than Rs 11,000 crore via IPO).

Mudra Lifestyle -E Land Grp may buy nearly 51% stake in company: Sources -Deal with E Land Grp may happen at Rs 60/sh; promoters to get Rs 75/sh: Srcs -E Land's 51% purchase to including mandatory 20% open offer: Srcs -To issue fresh shares to Korean Co: Sources alert: PWC likely advisor for Mudra Lifestyle-E Land Deal reported Mudra Lifestyle deal a month ago -Promoters likely to get 25% non-compete fees: Sources

ONGC – Sources -ONGC finalising response to Cairn based on SG opinion -Cairn Energy likey to get ONGC response next week -Board maybe informally told of development today -Reiterates has pre-emptive rights -'SG opined govt nod needed; ONGC's RoFR analogy of that' -SG has not directly spoken of RoFR for ONGC-Cairn should acknowledge ONGC's RoFR -Cairn should seek co's approval CNBC-TV18 alert: ONGC received SG opinion earlier this week

September mobile subscriptions -Bharti Airtel adds 2.04 million mobile users in September versus 2.03 million in August -Idea Cellular adds 1.48 million mobile users in September versus 1.99 million in August -Vodafone adds 1.78 million GSM mobile users in September versus 2.31 million in August -Uninor adds 2.17 million GSM Mobile users in September versus 2.22 million in August -BSNL adds 2.33 million mobile users in September versus 2.29 million in August

US-based PE firms may team up to buy 18% in Hero Honda: Three leading US-based private equity (PE) firms - Carlyle, Kohlberg Kravis & Roberts (KKR) and Warburg Pincus- are likely to acquire an effective stake of 15-18% in Hero Honda Motors, as part of a two-legged transaction that could see Japan`s Honda completely exit the country`s largest motorcycle company, said two persons familiar with the development. BM Munjal-owned Hero group is in advanced discussions with these three PE firms to sell 60-70% stake in a special purpose vehicle (SPV) to fund the acquisition of Honda`s 26% shareholding - which at current market price is valued at around Rs 93 billion in the joint venture company.

Financial Technologies launches Mauritius bourse: Exchange solution provider Financial Technologies India has launched an international multi-asset exchange Global Board Of Trade (GBOT) in Mauritius, which will offer currency and commodity derivative products like metals and energy, reports agency source. Trading on GBOT`s electronic platform will go live from October 18. GBOT has the advantage of having Financial Technologies India as the parent company...GBOT adds depth to our domestic financial markets,`` the Prime Minister of the Republic of Mauritius Navinchandra Ramgoolam said at the launch.

Jyothy Laboratories in talks to acquire laundry detergent brand Safed Jyothy Laboratories (JLL), which owns brands such as Ujala and Maxo , is in advanced stage of talks with West Bengal-based detergents and allied products company Safechem Industries to buy its flagship laundry detergent brand, Safed. The deal is estimated to be Rs 700 million, according to two people familiar with the transaction. The due diligence process has been going on over the last three months and both the companies recently discussed their distribution synergies, say the sources.

GMR Infrastructure forays into solar power GMR Infrastructure today said it has got approval from the Gujarat government to set up a 25 MW solar power plant in the state. ``GMR Infrastructure (GIL) had received permission from the Gujarat State Government to set up a 25 MW solar power plant in the state,`` the company said in a statement. The GMR Group has been in the business of power generation for the past 11 years. ``Green energy can help in minimising the green house gas emissions and maximizing long-term development impact, apart from bringing in energy efficiency by reducing transmission and distribution loss to some extent,`` it added.

Bharti may have to pay 18 bn for TCIL`s 30% stake in subsidiary Bharti Airtel, India`s largest telco by both revenues and customers, may have to fork out more than Rs 18 billion to buy out Telecom Consultants of India`s (TCIL) 30% stake in its subsidiary Bharti Hexacom, which offers mobile services in six northeastern states (excluding Assam) and Rajasthan. At present, state-owned TCIL owns 30% in Hexacom. The consultants appointed by TCIL to oversee its exit from Bharti Hexacom have said the reserve price for its stake be set a shade over Rs 18 billion, an executive with direct knowledge of the development said.

ONGC to invest Rs 88 bn in Mumbai High redevelopment State-owned Oil and Natural Gas Corp (ONGC) has kicked off a Rs 88 billion redevelopment of the southern part of its Mumbai High fields, using a cost-effective technology to maintain output from the prime western offshore fields. ``The Mumbai High South redevelopment Phase-II project will cost Rs 88.13 billion,`` a company official said. The giant Mumbai High oil and gas field remains a challenge since its discovery in 1974. In its chequered production profile, the field hit a peak of 400,000 barrels per day before falling to current levels of 210,000 bpd, causing concerns in reservoir management.

NHPC told to speed up projects: Fearing that it may not meet the target of adding 62,000 Megawatt (Mw) electricity in the current Five- Year Plan, the power ministry has asked NHPC to speed up execution of various projects and has offered help remove impediments, if any. The power ministry is conducting review meetings with company officials asking for reasons for delay in execution of its hydro power projects mainly - 800-Mw Parbati-II (Himachal Pradesh), and 2,000-Mw Lower Subansiri (Arunachal Pradesh). Work on these projects has been stalled due to environment related issues, sources in the know said. ``The NHPC did not get a permit to work on these projects due to environment issues and local objections,`` a power ministry official said. In West Bengal, protests by the Gorkha Jan Mukti Morcha have hampered the work on Teesta Low Dam III (130 Mw) and IV (160 Mw).

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.

DCB Q2 -Net profit at Rs 5 crore versus loss of Rs 17 crore -NII at Rs 46 crore versus Rs 32 crore Operating profit at Rs 21 crore versus Rs 16 crore -Provisions at Rs 16 crore versus Rs 33 crore Net NPAs at 1.86% versus 4.70%

Karnataka Bank Q2FY11 -NII: Rs 139.09 crore versus Rs 55.42 crore -Other Income: Rs 63.6 crore versus Rs 53.54 crore -Provisions: Rs 57.63 crore versus Rs 5.24 crore -Net Profit: Rs 28.72 crore versus Rs 16.35 crore -Net NPA at 1.11% versus 1.34%

Unichem Labs September quarter -Net profit at Rs 34.71 crore versus Rs 33.97 crore -Net sales at Rs 200 crore versus Rs 173 crore

Godrej Properties - Q2FY11 Standalone -Total Income: Rs 79.29 crore versus Rs 80.3 crore PBT: Rs 47 crore versus Rs 61.48 crore -Net profit: Rs 31.99 crore versus Rs 44.64 crore Consolidated -Revenues: Rs 34.3 crore versus Rs 39.14 crore -Other Income: Rs 49.98 crore versus Rs 59.74 crore -Operating Profit: Rs 0.59 crore versus Rs 3.74 crore -Net Profit: Rs 32.91 crore versus Rs 44.7 crore -During quarter Company sold 49% stake in its subsidiary, Godrej Buildwell for Rs 45 crore; Other income includes Rs 44.52 crore on that sale Godrej Properties - -See strong demand for residential properties -H1 revenue growth has been strong -Momentum likely to continue in H2 -Opened projects in Cochin, Mangalore, Delhi & Chennai -Will announce new projects in Q3FY11 -Finalising 2 redevelopment projects in Mumbai -Net debt at Rs 500 crore, equity at Rs 800 crore -Comfortable with Debt-Equity ratio -May need to raise funds in 18-24 months(still has Rs 200.97 cr left of IPO money) -Fund raising via QIP in most likelihood

BPCL hikes petrol prices by Rs 0.70 a litre effective midnight: PTI

Sasken Communications board meet on 21st October to consider buyback


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