Tuesday, October 26, 2010

Market Outlook: Indian markets are expected to trade in mixed range

Market Outlook: Indian markets are expected to trade in mixed range taking cues from the global counterparts. The crucial support on the downside for the Nifty is 6000 and resistance at 6160.

Results today: Central Bank, Dena Bank, Deepak Fertiliser, Dish TV, Gujarat Alkalies, HCL Infosystems, JB Chemical, Jindal Steel, JSW Steel, MRPL, Marico, NTPC, Raymond, SRF, Sterlite, Tamil Nadu Petro, Tech Mahindra, TV18, Ultratech Cem, United Phosphorous, Voltas.

Global events to watch:

Þ FHFA House Price Index

Þ Consumer Confidence

Global indices Update @ 8:

Dow Jones : 11164 (+31.49)

NASDAQ : 2490 (+11.46)

Nikkei 225 : 9383 (- 17.76)

Hang seng : 23615 (- 12.18)

SGX CNX Nifty : 6127 (- 09.00)

INR / 1 USD : 44.36

Stocks in action for the day: P&G, Parsvnath, ONGC, Idea, Crompton, Titan, NTPC, Tata Motors, RIL...

SEBI hikes retail investor limit in IPO to Rs 2 lakh: Retail investors are elated as Securities and Exchange Board of India (SEBI) Chairman CB Bhave on Monday increased the investment limit in initial public offer (IPO) and follow-on offer (FPO) to Rs 2 lakh from current Rs 1 lakh.

Coal india -Issue price at Rs 245 a share, Price at upper end of price band -Govt to get over Rs 15100 crore from issue

Coal Ministry Says -No decision on Neyveli Lignite disinvestment as yet -Unsubscribed employee quota for Coal India to be allocated to QIB, Retail, HNI

Dr Reddy's -In pact to market some Cipla products in Russia, Ukraine -To market UK's Vitabiotics' products in Russia, CIS

Bharti Airtel -In outsourcing pact for Zain Africa -IBM, Tech Mahindra & Spanco partner for Zain Africa BPO. Agreement expected to be finalized soon

SEBI Says -Have tightened rules on preferential issue to promoters -Retail investor limit hiked to Rs 2 lakh

Idea Cellular Q2 (cr - crore, vs - versus, cons - consolidated) -Consolidated net profit at Rs 180 cr vs Rs 201 cr (QoQ) -Cons net sales at Rs 3,659 cr vs Rs 3,654 cr (QoQ) -EBITDA margin at 24% vs 24.3% (QoQ)

Crompton Greaves Q2 Cons: Broadly in line -Sales up 9.5% at Rs 2397 cr Vs Rs 2189 cr (Expectation: Rs 2365cr) -OPM at 13.90% Vs 14.01% (Expectation: 14.04%) -PAT up 10.5% at Rs 213.6 cr Vs Rs 193.4 cr (Expectation: Rs 211cr) -Order-book at Rs 7100 cr Vs Rs 6802 cr at end 1

J&K Bank Q2 -NII at Rs 372.6 cr vs Rs 251.9 cr (YoY) -Net profit at Rs 163.3 cr Vs Rs 134.3 cr (YoY).

Titan Industries Q2 -Net profit at Rs 128 cr vs Rs 77.6 cr (YoY) -Net sales at Rs 1,536 cr Vs Rs 1,147 cr (YoY).

SC dismisses L&T appeal on NTPC tender

Red Fort Cap invests Rs 120 crore in Parsvnath Developers: VCCircle Exclusive

ONGC may go off sell off list as govt plans to cap disinvestment target at Rs 40,000 crore this year.

Tata Motors ride JLR to top `Most Valuable Brands` Two months before it acquired Jaguar Land Rover (JLR) in March 2008, Tata Motors had a market capitalisation of Rs 240 billion. Five months after the deal, it had plunged to Rs 65 billion. At that time, the markets didn`t see much value in the two marquee labels - both of which had been loss making for many years under the management of the former owner Ford Motor Company. But group chairman Ratan Tata saw an opportunity in JLR`s intangible assets. ``The two are terrific brands. There is terrific R&D behind them. It is for us to put them into products,`` he had remarked in August 2008. As it turns out now, he was right and the markets were wrong.

Central Bank of India ups its base rate by 0.5% to 8.50% Public sector Central Bank of India has revised upwards its base rate by 0.50%. Consequently, its base rate now stands at 8.50% as against the earlier 8%, a press release issued here today stated. Banks are required to review their base rate every quarter and this is the first review of its base rate by Central Bank since the introduction of base rate system from July 2010. The revised base rate is effective from October 20, the release said.

RIL to achieve peak output in KG-D6 block in one year Reliance Industries (RIL), India`s most valuable company, will achieve peak output of 80 million standard cubic metres per day (mmscmd) from its KG-D6 block in about 12 months, bringing down the delay in its ramp up by a year, two government officials with direct knowledge of the development told ET. Currently, natural gas production from the block is stagnant at about 60 mmscmd since January this year. After producing first gas from the block on Ap RIL 2 last year, RIL had rapidly ramped up production to 60 mmscmd in a short period of nine months and expected to reach peak output this year but production stagnated due to unspecified technical reasons.

Bharti hires IBM, Tech Mahindra for Africa customer care services Bharti Airtel said it has selected IBM, Tech Mahindra and Spanco for providing customer care services in the 16 African countries where the telco has a presence following its acquisition of Zain Telecom early this year. An agreement is expected to be finalised soon, Bharti Airtel said in a statement, declining to give financial details on the deal. As per the agreement, Bharti Airtel -- which owns and operates the ``Zain`` brand in 16 countries across Africa -- will outsource core customer services to these three firms, including call centre and back office processes.

NTPC eyes Rs 200 bn thermal plant in Madhya Pradesh State-run NTPC will invest about Rs 200 billion to set up a 3,960-megawatt (Mw) coal-based power project in Madhya Pradesh. NTPC had signed a memorandum of understanding with the state government and MP Power Trading Company regarding this, the company said in a filing to the Bombay Stock Exchange. The 6x660-Mw plant would be set up near Barethi in Chhatarpur district for the benefit of the Bundelkhand region, the company said. The project is likely to be commissioned during the Twelfth Five-Year Plan Period (2012-17). NTPC currently generates over 32,000 Mw, of which nearly 60% is coal-based. It plans to increase its capacity to 75,000 Mw by 2017.

Adani Power seeks merger of APML shareholding entity Adani Power (APL), a power generation arm of Ahmedabad-based diversified business conglomerate Adani Group, is mulling to merge shareholding entity of Adani Power Maharashtra (APML) in Adani Power. The move is aimed at making APML a 100% subsidiary of APL. APL currently holds 74% stake in APML, a joint venture company floated to execute 3300 Mw power project at Tiroda in Maharashtra. Adani Power did not disclose the name of its JV partner in APML, which it plans to merge with it.

Cairn deal: Vedanta to miss deadline for shareholders nod London-listed Vedanta Resources is set to miss the October 30 deadline for seeking shareholders` nod for its USD 9.6 billion buyout of Cairn India, apparently due to regulatory hurdles. The deal is conditional upon Cairn Energy Plc (which is selling a majority stake in its Indian arm) and Vedanta Resources securing shareholders` approval on or before October 30. Furthermore, Vedanta Group has to complete an Indian open offer to minority shareholders of Cairn India. While shareholders of Cairn Energy approved the sale of a 40 to 51% stake in Cairn India to Vedanta on October 7, Vedanta has so far not secured the nod of the UK Listing Authority for convening an extraordinary general meeting of shareholders, sources in the know of the development said.

Indoco formalises contract manufacturing deal with Aspen Drug-maker Indoco Remedies has formalised a contract-manufacturing deal with South Africa-based Aspen, the largest pharmaceuticals manufacturer in Africa, expanding an existing deal between the two companies. The deal, formalised last week, will see Indoco make tablets, liquids and creams for Aspen, Sundeep Bambolkar, Indoco`s Director Finance and Operations, told Business Line, without divulging details. The South African pharmaceutical market is projected to touch USD 3 billion by 2012, according to industry estimates. The contract manufacturing deal will bring in sustainable volumes over the next couple of years, he said, outlining the company`s international plans to grow in markets such as South Africa, Latin America and Brazil.

Dr Reddy`s enters into licensing deals with Cipla, UK company Pharma major Dr Reddy`s Laboratories has entered into an agreement with Cipla for exclusive marketing rights of about seven products in the over-the-counter (OTC) and prescription segments in Russia and Ukraine. According to the agreement, the Hyderabad-based company has initiated sales and promotion of the products from the second quarter of the current financial year in select therapy areas in Russia. The products will be launched in Ukraine during the next calendar year. Dr Reddy`s has also entered into an agreement with the UK-based Vitabiotics for a range of nutraceuticals products for Russia and select CIS countries.

TTML Q2 -Net loss at Rs 98 cr vs net profit of Rs 557.8 cr (QoQ) -Net sales at Rs 557.7 cr vs Rs 552.2 cr (QoQ) -Q1FY11 net profit included profit of Rs 834.93 crore from sale of stake in tower subsidiary -Adjusted net loss of Rs 97.9 cr vs Rs 271.93 cr

Madras Cement Q2 -Net sales at Rs 642.1 cr vs Rs 848 cr (YoY) -Net profit at Rs 31.12 cr vs Rs 169.9 cr (YoY)

HOEC Q2 -Net sales at Rs 67.6 cr vs Rs 83.4 cr (QoQ) -Net profit at Rs 14.6 cr vs Rs 20.9 cr (QoQ)

EID Parry Q2: -Cons net profit at Rs 174 cr vs Rs 121 cr (YoY) -Cons turnover at Rs 3,066 cr -EID Parry okays 2-for-1 stock split

Mahindra Resorts Sept Qrtr -Net sales at Rs 115.5 cr vs Rs 112.7 cr -PAT at Rs 18.2 cr vs Rs 28.1 cr

P&G Sept Qrtr -Net sales at Rs 227.8 cr vs Rs 225.5 cr -PAT at Rs 31.3 cr vs Rs 51.5 cr


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