Thursday, October 21, 2010

Market Outlook: Indian markets are expected to open with a positive sign

Market Outlook: Indian markets are expected to open with a positive sign taking constructive cues from the global counter. Overall the trend is still intact and we could see some more sideways action in the days to come, stiff resistance is around 6160-6200 zones. The crucial support on the downside for the Nifty is 5930 and resistance at 6160.

Results today: TCS, ACC, Ambuja, TVS Motor, Allahabad Bank, Alstom Projects, Bajaj Corp, Corporation Bank, Fresenius Kabi, Indiabulls Financial, JM Financial, Mahindra Forgings, MRF, Info Edge, Persistent Systems, Prime Securities, Sasken, South Indian Bank, Zensar Tech.

Global events to watch:

Þ Jobless Claims

Þ Leading Indicators

Global indices Update @ 8:

Dow Jones : 11107 (+129.3)

NASDAQ : 2457 (+20.44)

Nikkei 225 : 9400 (+18.91)

Hang seng : 23635 (+78.97)

SGX CNX Nifty : 6030 (+15.00)

INR / 1 USD : 44.29

Stocks in action for the day: GMR, Mudra Life, GNFC, VIP Inds, Power Grid, Essar, Mahindra,GSPL...

Coal India IPO subscribed 11.9x, sees $ 35 bn demand: India's largest coal producing company Coal India's (CIL) initial public offering (IPO) has received overwhelming response from qualified institutional buyers (QIBs). It has been subscribed 11.85 times so far, as per NSE website. Reserved portion of QIBs, which closed today, has subscribed nearly 24.7 times while retail and non-institutional investors' portion got subscribed just 1.1 times and 2.89 times, respectively.

Power Grid Q2 -Sales at Rs 2126.6 crore (cr) versus (Vs) Rs 1701.3 crore (Expectations: Rs 2115 crore) -OPM at 83.97% versus 84.15% (Expectations: 84.2%) -PAT at 651.4 crore versus Rs 459.97 crore (Expectations: Rs 566 crore) -Profit includes arrears from the Kundankulam project of Rs 84 crore

Indiabulls Real Estate (IBREL) says -To unlock value by providing direct ownership of power biz -Board forms restructuring comm to evaluate rejig feasibility IBREL Q2 -Consolidated net sales at Rs 300 cr vs Rs 171.7 cr (QoQ) -Consolidated net profit at Rs 50.8 cr vs Rs 20.5 cr (QoQ) Indiabulls Power board okays 42 crore warrants to promoters convertible into equity at Rs 29/sh ((CMP: 30.85))

Essar to acquire African oil & gas assets: The Ruia family-promoted Essar Oil, India`s second-largest private refiner, is close to acquiring oil and gas exploration blocks in Africa to secure crude oil supplies for its refineries in India and Kenya, the firm`s MD said. The refinery arm of the London-listed Essar Energy is eyeing overseas oil assets as it is expanding its refinery in India and owns half of Kenya Petroleum that runs a refinery in Mombasa. ``The company is evaluating all prospects and will soon finalise few of them,`` said Essar Oil`s managing director Naresh Nayyar.

Mahindra two wheelers sales up 451% in Sept Mahindra Two Wheelers reported its best monthly sales of 16,569 scooters in September, a whopping 451% increase year-on-year. The USD 76.1-billion Mahindra & Mahindra group-owned company sold 1.5 lakh units in the last 12 months, riding on the back of its `power scooter strategy` targeting youth with its peppy looks and 125cc power engine. The company now looks to consolidate its position in the two-wheeler segment with its newly- launched motorcycles, said Anoop Mathur, president of the two-wheeler segment and member of group executive board of M&M. The Mumbai-based auto major recently made its debut in the motorcycle segment with two models, Stallio and Mojo, and roped in film star Aamir Khan as its brand ambassador.

GSPL wins rights for laying two gas pipelines: Gujarat State Petronet (GSPL) has trounced state-owned gas utility GAIL India and a joint venture of Adani Group and Welspun to win rights for two cross-country natural gas pipelines. A GSPL-led consortium beat GAIL to get rights to lay a 1,600-km line from Mallavaram on the east coast of Andhra Pradesh to Bhilwara in Rajasthan, official sources said. The consortia, which also included Indian Oil, Hindustan Petroleum and Bharat Petroleum, beat Adani-Welspun combine to get rights of 1670-km Mehsana-Bhatinda (rpt) 1670-km Mehsana-Bhatinda line.

Power Grid

lowest bidder for project in Nigeria: India`s state-run Power Grid Corp is the lowest bidder for a transmission project in Nigeria , Chairman and Managing Director S.K. Chaturvedi said on Wednesday. Earlier, the firm posted a 42% jump in net profit for July-September to 6.5 billion rupees.

BHEL bags contract to set up solar power plants in Lakshadweep State run BHEL on Wednesday said it has bagged contracts worth Rs 350 million to set up grid-interactive solar power plants of 1100 kW capacity at eight locations in the union territory of Lakshadweep. ``Valued at around Rs 350 million, the order for setting up the Solar Photo voltaic (SPV) Power Plants at eight islands of Lakshadweep, including the capital Kavaratti, has been placed on the company by Lakshadweep Administration,`` a company statement said. BHEL`s scope of work in the contract envisages design, manufacture, supply and installation of new solar power plants of 1,100 kW, the statement added.

The East will light up, hopes ONGC While Reliance Industries (RIL) has bought interests in three shale gas assets in the United States, government-owned Oil and Natural Gas Corporation`s (ONGC) began drilling at its maiden shale gas well at Ichhapur in West Bengal’s Burdwan district last month. Shale gas is natural gas, primarily methane, trapped in the earth`s most common sedimentary rock shale, which has low permeability. Shales have large organic matter, from which oil and gas can be extracted by destructive distillation. ONGC`s preliminary estimate for Damodar and Cambay basins indicate that shale gas resources here may be 35 and 90 trillion cubic feet, respectively. ``If reports from Ichapur meet our expectation, India will possibly be on the road to produce more shale gas than the US. Moreover, states like West Bengal, Gujarat, Assam and Jharkhand have the capability to make this a reality,`` said P K Bhowmick, head of the Keshava Deva Malaviya Institute of Petroleum Exploration in Dehradun. He was involved with ONGC`s research activities.

SAIL seeks to rope in agencies for power audit Steel Authority of India has invited bids from reputed agencies to get the power consumption pattern of its five steel plants audited, a move which may help the units become more energy efficient. According to the company, it wants to rope in such agencies to provide an overall energy audit at its Bhilai, Durgapur, Rourkela, Burnpur and Bokaro integrated steel plants within three months from the date of the award of the tender. ``SAIL intends to appoint a reputed energy auditing agency to provide over-all energy auditing services,`` the company said, adding that auditing would be in the areas, including coke oven and power plants and utilities like compressed air, water among others.

Ashok Leyland Q2 -Net sales at Rs 2,714 cr vs Rs 1,577.7 cr (YoY) -Net profit at Rs 167.1 cr vs Rs 88.6 cr (YoY)

Bombay Dyeing Q2 -Net loss at Rs 30.6 cr vs net loss of Rs 11.1 cr (YoY) -Net sales at Rs 409.3 cr vs Rs 366.9 cr (YoY)

VIP Industries Q2 -Net profit at Rs 11.4 cr vs Rs 5.6 cr (YoY) -Net sales at Rs 146 cr vs Rs 119 cr (YoY)

GNFC Q2 -Net profit at Rs 64 cr vs Rs 60.7 cr (YoY) -Net sales at Rs 801.9 cr vs Rs 766.2 cr (YoY)

Motilal Oswal Q2 -Net profit at Rs 33.1 cr vs Rs 47.5 cr (YoY), ((vs Rs 37.5 cr (QoQ)) -Income from operations at Rs 151 cr vs Rs 158 cr (YoY) ((vs Rs 142 cr (QoQ))

Pidilite Ind Q2 -Net profit at Rs 79.2 cr vs Rs 81.6 cr -Net sales at Rs 658 cr vs Rs 580 cr -Operating profit at Rs 126 cr vs Rs 123 cr -Tax expense at Rs 25 cr vs Rs 15 cr

Stocks in F&O curb: Aban, Core Proj, Ispat, Orchid, Suzlon

Mudra Life open offer at Rs 60/share

Loan off take loses steam, growth may miss target – ET

GMR In a spot for levying cargo fees at Delhi – DNA

100% open offer norm likely, SEBI board may up the trigger limit to 25% - ET (SEBI Board meet on Monday to discuss the overhaul of takeover code)


No comments: