Friday, October 22, 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 6000 and resistance at 6160.

Results today: Biocon, Bank Of India, Chennai Petro, DB Corp, Dewan Housing, Indian Bank, Geometric, JSL, NIIT, Piramal Healthcare, SKS Micro, Sobha Developers, Vijaya bank

Global events to watch:

Þ No major events

Global indices Update @ 8:

Dow Jones : 11146 (+38.60)

NASDAQ : 2459 (+02.28)

Nikkei 225 : 9410 (+34.23)

Hang seng : 23623 (- 26.35)

SGX CNX Nifty : 6133 (+13.50)

INR / 1 USD : 44.36

Stocks in action for the day: Balaji Tele, TCS, Wipro, Power Grid, HCC, Essar Shipping, Om Metals...

Coal India IPO final: -Overall: 15.28 times (x) -QIB: 24.7x, NII: 25.4x, Retail: 2.31x -Total demand at USD 54.9 billion

Power Grid -Board approves FPO of Rs 8000 crore -Offer for Power Grid FPO to be between November 9-12, 2010

TCS Q2FY11 (QoQ) -Revenues at USD 2004 million versus USD 1794 million (Up 11.71% QoQ) -USD revenue growth of 11.71% versus expectation of 6.8% -Cross currency impact of 2% -Revenues: Rs 9285.3 crore (cr) versus (vs) Rs 8217 crore -Revenue growth: Up 13.01% vs expectation of 7.8% -EBIDTA: 30.03% versus 29.31%(expectation was 28.67%) -Net Profit: Rs 2106.5 crore versus Rs 1844 crore -Net Profit: Up 14.24% versus expectation of 7.83%

HCC ties up loans for Rs 33 bn projects: Hindustan Construction Company (HCC) has tied up three separate, but parallel, loans for its three projects in West Bengal. The Rs 33 billion projects were bagged by HCC in last March, and had a debt component of Rs 16 billion. All of them will be executed on a design, build, finance, operate and transfer (DBFOT) basis. The debt has been tied up with five banks. ``The total loan tenure is 12 years and the interest rate is 10.8%. Yes Bank was the sole debt arranger and syndicator of the debt. Other financial institutions are India Infrastructure Finance, Dena Bank, Syndicate Bank and Oriental Bank of Commerce,`` said a senior official from HCC, requesting anonymity.

SKS microfinance`s board meeting may witness stormy session: The board meeting of beleaguered SKS Microfinance company may witness a stormy session during its meeting scheduled for tomorrow here. Sources close to the development said the ousted managing director and CEO Suresh Gurumani is expected to attend the meeting and may raise some questions on his ouster as well as recent developments that are taking place in Andhra Pradesh. ``Gurumani is still a director, invitation has been sent to him. He has a right to raise questions on the issues of the company,`` sources told PTI.

HUL`s appetite- experiments in marketing: In September 2010, women commuters in suburban Mumbai trains were in for a tasty surprise -they had Hindustan Unilever representatives serving out freshly cooked food prepared with Knorr Ready to Cook spice mixes. The `Baje ki Knorr Local` campaign touched the right chord: the aroma of piping hot food was a treat for consumers enduring hours of travel after a hard day at work. `Taste and see` is HUL`s new battle cry as it tries, for the umpteenth time, to push ahead in the foods business. It managed to get 50 million consumers to sample its foods products in 2009 and the number is likely to be higher this year, says Shrijeet Mishra, HUL`s executive director, foods.

Essar Shipping to seek shareholders nod for demerger on Nov 30: Ruias-promoted Essar Shipping, Ports and Logistics today said it will convene a meeting of shareholders on November 30 to seek their nod for demerger of the company`s shipping, logistics and oilfields business into a separate entity. This is in line with the Gujarat High Court`s directive for meetings of equity shareholders, secured creditors and un -secured creditors of the company to be convened on November 30. The court-convened meeting will discuss the company`s demerger plans, Essar Shipping, Ports and Logistics said in a filing to the BSE. In August this year, the company had announced plans to separate its shipping, logistics and oilfields business into a separate entity, Essar Shipping, while the existing entity was to be renamed as Essar Ports.

RPG Life Sciences eyeing overseas tie-ups to push its products: With a view to push its bulk drugs and immuno-suppressant products overseas, RPG Life Sciences is eyeing marketing and distribution tie-ups with foreign companies, a top company official said. The RPG Group company is eyeing the European market for both its bulk drugs and immuno-suppressants, RPG Life Sciences` Managing Director, Ajit Singh Chouhan, told PTI here today. ``We have just inked a co-operation pact with Poland`s Polpharma, to develop and manufacture Active Pharmaceutical Ingredients (APIs) and in the management of the supply-chain of selected high-value APIs like clopidogrel bisulphate,`` Chouhan said.

Om Metals Infra bags Rs 1.44 bn dam project from MP govt: Hydro-mechanical engineering company Om Metals Infraprojects today said the company, in joint venture with SEW, has bagged a Rs 1.44 billion order for a dam project from the Madhya Pradesh government. ``The company has been the lowest bidder in the work contract. The order entitles them to engage in the over flow and non over flow construction of concrete dam...,`` the company said in a statement. The contract was secured from the state Water Resources Department. The project is at Pench in Chhindwara district and is in JV with SEW, the company said.

CCCL to raise Rs 2.5 bn from PE for infra arm Consolidated Construction Consortium (CCCL) is planning to raise around Rs 2.5 billion from a private equity (PE) fund for its infrastructure arm CCCL Infrastructure. The company also plans to foray into oil and natural gas by floating a division on January 1, 2011 and would be followed by its foray into pipeline and ports business. Speaking to Business Standard, CCCL`s chairman and chief executive officer R Sarabeswar said that the company was betting big on its infrastructure vertical. Currently, the company has 10 railway station projects in Chennai and the Kolkata metro depot, worth around Rs 1.6 billion. In addition the company also bagged six power plant projects. The division recently bagged the Goa airport project, a steel plant and a water project.

Siemens fuels local green interest with Adani tie-up: With India emerging as a big market not only for conventional but renewable power, too, global energy major Siemens plans to make the country a major hub for its `green energy` business. It has tied up with the Adani group for a foray into solar power, besides firming plans to put up a wind energy turbine plant in Baroda, targeted at other emerging markets. Siemens, the flagship listed company of Siemens AG in India, plans to invest €70 million (Rs 4.3 billion) in the first phase for the Baroda project, to set up a 250 Mw manufacturing capacity. The Indian facility will act as a hub for energy-efficient automation and building solutions, a major business for Siemens, also Europe`s largest engineering company.

Panel seeks Jindal Power`s reply on green violations Jindal Power (JPL) will have to wait further to go ahead with its plans of setting up a 2,400 MW thermal power plant in Chhattisgarh with a central green panel seeking its reply on green violations at the site and objections raised by locals. Owned by the Congress MP and industrialist Naveen Jindal, JPL had to halt work at the Rs 130 billion project in Raigarh after the environment ministry in June withdrew terms of reference (ToRs) citing violation of green norms. The private producer is understood to have gone ahead with the construction of the plant as well reducing the project size without taking any of the requisite enviro

Wipro Q2FY11 (QoQ) -Net profit at Rs 1,284.9 crore versus Rs 1,318.6 crore, down 2.56% -Revenues at Rs 7,730.5 crore versus Rs 7,236.4 crore, up 6.83%

Sterlite Tech Q2FY11 -Revenues at Rs 509.44 cr vs Rs 465.83 cr (Up 9%) -OPM at 17.8% vs 19.1% PAT at Rs 57.55 cr vs Rs 54.67 cr (Up 5%)

Ambuja Cements Q3 -Net sales at Rs 1,564 cr vs Rs 1,611 cr (YoY) -Net profit at Rs 152.1 cr vs Rs 318.5 cr (YoY)

Persistent Systems Q2 -Net profit at Rs 35.8 cr vs Rs 34.5 cr (QoQ) -Revenue at Rs 187 cr vs Rs 181.1 cr (QoQ)

SKF India Q3 -Net profit at Rs 41 cr vs Rs 31 cr -Net sales at Rs 527 cr vs Rs 413 cr

Sasken Q2 (Consolidated, QoQ) -Net profit at Rs 15.7 cr vs Rs 23 cr -Net sales at Rs 133.8 cr vs Rs 145.8 cr

Novartis Q2FY10 YOY -Revenues up 16% to Rs 196 cr vs Rs 169 cr -OPM 23% vs 24% -PAT Rs 40.5 cr vs Rs 33.2 cr

Piramal Healthcare to consider dividend and/or buyback

Balaji Tele gets notice of Rs 33 cr for evasion of service tax, CENVAT


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