Wednesday, October 27, 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.

Listings today: Prestige Estates, BS Transcomm, Gyscoal Alloys.

Results today: United Spirits, Asian Paints, Patni, Bata, Dabur, Everest Lanto, Everonn, FACT, Firstsource Solutions, Glenmark, Gati, Godrej Ind, HCL Info, Hindustan Copper, HT Media, IFCI, Karur Vysya Bank, Prism Cement, Strides Arcolab, Torrent Power, Trent, WWIL, Zee News.

Global events to watch:

Þ MBA Purchase Applications

Þ Durable Goods Orders

Þ New Home Sales

Global indices Update @ 8:

Dow Jones : 11169 (+05.41)

NASDAQ : 2497 (+06.44)

Nikkei 225 : 9441 (+64.36)

Hang seng : 23632 (+31.60)

SGX CNX Nifty : 6107 (- 02.00)

INR / 1 USD : 44.43

Stocks in action for the day: LIC Hsg, HMV, Dish TV, Blue Dart, Tech Mah, BPCL, SRF, Tata Steel...

Tech Mahindra Q2 (QoQ) (cr - crore, vs - versus): -USD Revenues: USD 328.2 million versus USD 251.1 million Re Revenues: Rs 1234.9 crore versus Rs 1133.7 cro e -EBIDTA at 22.81% versus 18.75% -Net profit: Rs 150.7 crore versus Rs 144.3 crore -Utilisation at 75% versus 69% -Q2 reported revenue of Rs 1530 crore including Rs 299 crore 3rd Party Hardware & Software Purchase

Tech Mahindra: -Will take in Satyams profits or losses in proportion to equity every quarter -Excluding Satyam losses revenues at Rs 1233 crore, EBIDTA at Rs 268 crore, profit at Rs 177 crore Utlization at 75% sustainable, unlikely to push it higher -Attrition at at all time high is a concern -Announced retention bonus for 2000 people, will give out retention bonuses to arrest attrition -Pricing has stabalized over the quarters

BPCL`s Bina refinery to start ops in 2011 : Bharat Petroleum Corp-promoted Bina refinery in Madhya Pradesh will start operations early next year as a power plant, critical for the plant; will finally be set up in January after a delay of 21 months. The Rs 114 billion refinery, in which Oman Oil Co holds 26%, is losing Rs 25 million a day as it has not been able to function after a test run that was done by drawing power from the grid and using a hired boiler in July. The issue was discussed in a meeting last week by oil minister Murli Deora and Vilasrao Deshmukh, who heads the ministry for heavy industries, which controls BHEL. ``The minister of heavy industries has assured his help. Bina refinery is an important project and it must not be delayed,`` the oil minister told ET.

SRF to pick majority stake in Bangla JV for USD 52 mn Industrial chemicals manufacturer SRF plans to invest USD 52 million to pick a majority stake in an 80:20 joint venture with Dhaka-based Nitol Niloy Group to set up a polyester film manufacturing plant in Bangladesh, SRF said on Tuesday. The plant, which will be set up with a total cost of USD 65 million, is expected to start production by end of calendar year 2012. SRF` share price closed at Rs 401.80, up 1.45% at the Bombay Stock Exchange on Tuesday after net profit of the Delhi-based company grew 77% to Rs 1.21 billion for the quarter ended September 2010 over the year ago period. Its revenue rose 42% to Rs 7.48 billion in the same period. Ashish Bharat Ram, MD, SRF, said the growth in profit was driven by increased demand for polyester films.

Cairn expects Vedanta deal to complete by Q1 2011 Edinburgh-based Cairn Energy Plc said it expects to complete the sale of its majority stake in its Indian unit to Vedanta Resources Plc in first quarter of 2011. Cairn Energy CEO Bill Gammell said the company is expecting to get regulatory and government approvals by the end of this year, which will pave way for closure of the USD 9.6 billion deal. ``Hopefully, by the end of this year we might get the right signals out of India. There is no particular road block,`` he said in a conference call. ``There is just a question of going through the process`` for the approval. The company is selling between 40 and 51% stake in Cairn India to Vedanta and has applied to the government for necessary approvals for transfer of control.

Tata Steel forms JV for iron ore mining in Canada Tata Steel said it has formed a joint venture with Canadian entity New Millennium Capital Corp (NML) for iron ore mining operations in Canada, a move which would help the steelmaker to boost raw material supply. The joint venture company (JVC) `Tata Steel Minerals Canada would acquire all of the Direct Shipping Ore (DSO) project`s mining claims and assets among others. Tata Steel`s subsidiary Tata Steel Global Minerals Holdings Pte would have 80% stake in the JVC while the remaining 20% would be owned by NML.

NTPC offers 40% stake in power project to Qatar India`s state-run power utility NTPC has offered a 40% stake in its Kayamkulam power project expansion to Qatar, its chairman Arup Roy Choudhury said on Tuesday. Choudhury said he hoped Qatar would firm up its decision to participate in the project within a month.

NSDC to get Rs 100 mn from IDFC for skills councils Infrastructure Development Finance Company (IDFC) has proposed to fund Rs 100 million to the National Skill Development Corporation (NSDC) for setting up sector skills councils (SSCs) across India. NSDC managing director and chief executive officer Dilip Chenoy said this here at a round table discussion on `Challenges in Skills Development in the Infrastructure & Construction Sector and the way forward.` The first SSC was set up last year and around 14 more are in the pipeline, he said.

Tata Global Beverages acquires minority stake in US firm Activate An overseas subsidiary of Tata Global Beverages (TGB), formerly Tata Tea, has acquired a minority stake in US-based Activate, a performance beverage and bottled water firm. TGB declined, despite requests, to specify how much stake or which particular subsidiary. The move follows a USD 20 million (or Rs 900 million) investment in the firm being led by TBG and allied investors. Activate, in a statement, said it had raised over USD 6 million (or Rs 270 million) in financing and secured equity commitments for an additional USD 15 million (or Rs 675 million) as part of the deal.

Arvind Mills`s lines up Rs 8.5 bn expansion plan over 5 years Textile and retail major Arvind Mills has lined up a Rs 8.5 billion capex over the next five years to fuel expansion in both its core and new businesses, a top company executive said on Tuesday. The Ahmedabad-based company`s core businesses comprise textiles and brands, while realty play and food constitute the newly-entered segments. ``We have lined up Rs 8.5 billion expansion plan over the next five years. The investments will majorly be in scaling-up our denim fabric production, expanding our retail chain - Megamart - and bringing in more international brands,`` Arvind Mills Chairman and Managing Director Sanjay Lalbhai said.

Indosolar signs Rs 27 bn deal with Chinese co Photovoltaic cell manufacturer Indosolar on Tuesday said it has entered into an Rs 27 billion deal with China-based solar power component provider GCL-Poly for the purchase of silicon wafers. ``The deal for an assured supply of wafers for four years at a committed price will allow Indosolar to meet its commitments to its consumer base and consolidate its position,`` Indosolar Chairman B K Gupta said here. The agreement between Indosolar and GCL-Poly is one of the largest deals in India in the field of alternate energy in recent times, Gupta added.

NTPC Q2 -Net sales at Rs 12,989.3 cr vs Rs 10,782.8 cr (YoY) -Net profit at Rs 2,107.4 cr vs Rs 2,152 cr (YoY)

LIC Housing Finance board meet on stock split today

Stocks in F&O curb: Aban Offshore, Chambal Fertiliser, Core Proj, Everest Kanto, Essar Oil, Ispat, JSW Holdings, Nagarjuna Fert, Orchid Chemical, Reliance Mediaworks

Religare Technova to relist today after scheme of arrangement

Small investors may get bigger share in PSU companies up for disinvestment – ET

Qualcomm looks to sell broadband biz, company looking for a minimum price of Rs 5000 crore, company won permits in Mumbai, Delhi, Haryana and Kerala In recently concluded auction – ET

Tayal moves court to unlock ICICI shares worth Rs 1000 crore – Mint

Gujarat Alkalies Q2 -Net sales at Rs 351.6 cr vs Rs 334 cr -Net profit at Rs 20.1 cr vs Rs 29 cr
-OPM at 14.5% vs 19%

MRPL Q2 -Net profit at Rs 280 cr vs Rs 180 cr (YoY) -Net sales at Rs 8,354 cr vs Rs 7,874 cr (YoY)

Hindustan Media Ventures Q2 -Net profit at Rs 10.7 cr vs Rs 44 Lakh -Net sales at Rs 124 cr

Voltas Q2 -Consolidated net sales at Rs 1,063.58 cr vs Rs 1,092.95 cr (YoY) -Consolidated net profit at Rs 92.41 cr vs Rs 90.33 cr (YoY)

Dish TV Q2 -Net loss at Rs 45.2 cr vs loss of Rs 56.1 cr -Net sales at Rs 325 cr vs Rs 257 cr

Blue Dart Q3 -Net profit at Rs 21 cr vs Rs 16.5 cr -Net sales at Rs 294 cr vs Rs 236 cr


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