Thursday, October 28, 2010

Market Outlook: Indian markets are expected to trade flat

Market Outlook: Indian markets are expected to trade flat in the range taking cues from the global counterparts. The crucial support on the downside for the Nifty is 5950 and resistance at 6080.

Results today: SAIL, ONGC, Cairn, PNB, Grasim, IDBI Bank, Tata Communications, Bank Of Baroda, Sun TV, Alok Industries, Andhra Bank, Balaji Tele, BGR Energy, Colgate, Essar Shipping, Hexaware, HMT, Merctaor Lines, NHPC, NMDC, Zee Entertainment, Whirlpool.

Global events to watch:

Þ Jobless Claims

Þ EIA Natural Gas Report

Global indices Update @ 8:

Dow Jones : 11126 (- 43.18)

NASDAQ : 2503 (+05.97)

Nikkei 225 : 9381 (- 05.77)

Hang seng : 23148 (- 15.89)

SGX CNX Nifty : 6028 (-02.50)

INR / 1 USD : 44.52

Stocks in action for the day: Adani, Fortis, Siemens, Everonn, Max, SKS, LIC Hsg, Bharti

Bharti --Bharti CFO says hope to repay upto USD 1 billion of debt in next few weeks -Bharti total debt at USD 7 billion.

Govt sources say -Govt may defer cotton exports Cotton exports to start w.e.f November 15 -Cotton arrivals delayed, prices have shot up -Textile Ministry writes to Fin Ministry to re-assess cotton exports-Domestic textile companies want no cotton exports.

Adanis bag mining rights in Orissa Adani Group`s flagship company Adani Enterprise has won rights to develop and operate the Chendipada coal block in Orissa. Sources in the Rs 300 billion Ahmedabad-based Adani group said the latest 40 million tonne per annum capacity contract will make it the country`s largest mining company in the private sector with 110 MTPA contracts. The Orissa contract comes after the company won coal mining bids in Australia and Indonesia. The group is expected to pump in close to Rs 110 billion for mining, railway sliding, and power plant.

Fortis enters pacts with hospitals in Dubai, Tanzania: Fortis Healthcare said it has entered into a pact with two hospitals in Dubai and Tanzania to set up specialised medical facilities there as part of its overseas expansion strategy. The company has agreed to extend its medical expertise to RAK Hospital in Dubai and Regency Medical Centre (RMC) in Tanzania through one of its subsidiaries, Fortis Escorts Heart Institute, Fortis Healthcare said in a statement. As per a Memorandum of Understanding, Fortis Escorts Heart Institute (FEHI) will set up a paediatric interventional cardiac unit at RAK Hospital in Dubai, it said.

Indian Hotels to raise Rs 8.5 bn from Tata Sons Indian Hotels Company (IHCL), one of Asia`s biggest hotel chain owners, plans to raise Rs 8.5 billion by issuing shares and warrants to the promoter company, Tata Sons. The city-based Tata Group-promoted company intends to use the proceeds arising out of the preferential allotment to retire its debt and strengthen its balance sheet. The IHCL board today approved the issuance of 36 million equity shares of face value of Re 1 in this financial year to Tata Sons. In addition, 48 million convertible warrants will also be issued to the promoter company. Each warrant can be converted into one equity share after April 1, 2011, but not later than 18 months from the date of issue. IHCL will make the issue at a price and conditions agreed upon by its board. It will run a postal ballot to obtain the consent of its members, the company said in a release today.

Siemens India eyes Rs 61 bn mop-up in 10 years: Siemens India plans to earn over 1 billion (Rs 61 billion) by selling localised base level products in the next 10 years, according to Armin Bruck, chief executive of Siemens Ltd. Now, such products contribute ¤100 million (Rs 6.1 billion) to Siemens India`s annual turnover of Rs 120 billion. Simple to use, base level products are based on standard technology. These are designed for basic requirements of domestic markets in a cost effective way. Bruck today said India had a potential of ¤70 billion (over Rs 400 billion) for base level products. We have a track record of over 100 years of operations in India and we plan to significantly increase our revenues with base level products in India, said Armin Bruck. Localisation of base level products would give a cost-advantage of 50-70%, he said.

Glaxo to pay USD 750 mn over defective drugs: GlaxoSmithKline Plc, the UK`s largest drugmaker, will pay USD 750 million to settle a US whistleblower lawsuit over the sale of defective drugs. Glaxo and the US Justice Department announced the agreement yesterday, resolving a false-claims lawsuit first filed in 2004 by Cheryl D Eckard, a former global quality assurance manager for the London-based company. ``This is not something I wanted to do, but because of patient safety it was necessary,`` Eckard told reporters following a Justice Department press conference in Boston. As a whistleblower, she will receive USD 96 million from the settlement money.

JSW Steel seeks 1,100 acres more in Bellary JSW Steel, the flagship company of the JSW Group that operates a 6.8 million tonne per annum (mtpa) steel plant at Toranagallu in Bellary district of Karnataka, has sought 1,100 acres of land more from the Karnataka government to expand its steel mill capacity. The company is currently in the process of completing its ongoing capacity-expansion programme to reach 10 mtpa by March 2011. This would see an investment of Rs 100 billion. Starting from the next financial year, Jindal Steel plans to further expand the capacity to 16 mtpa and set up a 600 Mw captive power plant at an investment of Rs 151.37 billion. The high-level clearance committee of the state government has already approved this proposal, a top official in the state government said.

Stocks in F&O curb: Aban, Core Projects, Everest Kanto, Essar Oil, Ispat, JSW Holdings, Kingfisher, Nagarjuna Fertiliser, Orchid Chem, Rel Mediaworks

SKS Microfinance cuts interest rates by 2%

LIC Housing Finance okays 5-for-1 stock split

Bharti, Aircel keen to buy Qualcomm biz – ET

MFIs sell NCDs as funds dry up, ESAF, Spandana others looking to raise Rs 6000 crore – ET

LLPs may not get to borrow abroad – ET

GMR Airport gets nod to raise passenger fees by 26-87% in Hyderabad – DNA

IFCI Q2FY11(YoY) (cr - crore, vs - versus, cons - consolidated) -Revenues up 49.28% from Rs 411.06 cr to Rs 613.47 cr -Other Income: Rs 7.67 cr vs Rs 7.42 cr -Net profit of Rs 202.3 cr vs Rs 190.48 cr -Net NPAs at less 1%

IFCI Q2FY11(QoQ) -Revenues up 23.54% from Rs 496.71 cr to Rs 613.47 cr -Other Income: Rs 7.67 cr vs Rs 11.64 cr -Net Profit of Rs 202.3 cr vs Rs 118 cr

Max India Q2: -Net loss at Rs 19 cr vs net profit of Rs 2 cr (YoY) -Net sales at Rs 94.1 cr vs Rs 83 cr (YoY) -Operating loss at Rs 13 cr vs profit of Rs 0.3 cr -Interest cost at Rs 16 cr vs Rs 2.8 cr

Godrej Industries Q2 -Cons net profit at Rs 75 cr vs Rs 66.7 cr (YoY) -Cons net sales at Rs 989.6 cr vs Rs 831 cr (YoY)

Zee News – Dismal PAT, Q2FY11 (QoQ) -Cons revenue down 5% to Rs 61.5 cr vs Rs 64.8 cr -OPM 11% vs 13% -Cons PAT Rs 22 lakh vs Rs 3.31 cr

Hindustan Copper Q2 -Net profit at Rs 56.2 cr vs Rs 15.1 cr (YoY) -Net sales at Rs 324 cr vs Rs 247 cr (YoY)

Everest Kanto Q2 -Cons net sales at Rs 203.5 cr vs Rs 144.9 cr (YoY) -Cons net profit at Rs 24.7 cr vs net loss of Rs 5.4 cr (YoY)

Everonn Education Q2: -Cons net sales at Rs 108.1 cr vs Rs 67.5 cr (QoQ) -Cons net profit at Rs 15.6 cr vs Rs 6.9 cr (QoQ)

Torrent Power Q2 -Net profit at Rs 223 cr vs Rs 209 cr (YoY) -Net sales at Rs 1,708 cr vs Rs 1,429 cr (YoY)

Thermax Q2 -Net profit at Rs 89.5 cr vs Rs 54.1 cr (YoY) -Net sales at Rs 1,048 cr vs Rs 668 cr (YoY)

Cummins India Q2: -Net profit at Rs 168 cr vs Rs 87.7 cr -Net sales at Rs 1067 cr vs Rs 616 cr


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