Friday, October 29, 2010

Market Outlook: Indian markets are expected to open sharply lower on weak global cues

Market Outlook: Indian markets are expected to open sharply lower on weak global cues and trade in the range of 5950-6020. The crucial support on the downside for the Nifty is 5930 and resistance at 6080.

Results today: ABB, BHEL, Hero Honda, M&M, ITC, BPCL, BILT, BEL, Brandhouse Retail, Cinemax, Delta Corp, Federal Bank, GE Shipping, HCC, IOB, Jagran Prakashan, Jet Airways, Moser Baer, Motherson Sumi, NFL, PVR, Shopper’s Stop, SJVN, Sona Koyo, Syndicate Bank, Tata Chem, UCO Bank, Welspun Corp, Wlespun India

23 new stocks to be available in F&O from today - 3i Infotech, Alok Industries, Bajaj Holdings, Bata, Bombay Dyeing, Central Bank of India, Development Credit Bank, Escorts, Havells India, Hindustan Oil Exploration Company, Indraprastha Gas, Indusind Bank, IRB Infrastructure, Jet Airways, Karnataka Bank, Max India, MRF, Oil India, S Kumars Nationwide, SREI Infrastructure, Sterlite Technologies, Tata Motors DVR 'A' Ordinary, TVS Motor.

Global events to watch:


Þ Employment Cost Index

Þ Chicago PMI

Þ Consumer Sentiment

Global indices Update @ 8:

Dow Jones : 11113 (- 12.33)

NASDAQ : 2507 (+04.11)

Nikkei 225 : 9206 (- 159.4)

Hang seng : 23069 (- 140.8)

SGX CNX Nifty : 6038 (- 36.50)

INR / 1 USD : 44.49

Stocks in action for the day: Steel Strips, Atlas Copco, SAIL ,ONGC, RPower, Ramky Infra...

ONGC may buy 60% in exploration block: ONGC may acquire 60% and operator ship for the onland block AA-ONJ/2 from the Indian arm of the UK-based Tullow Oil, which is exiting the exploration block. ``We have expressed willingness to acquire 60% relinquished stake and operator ship for the block. ONGC board has already approved the acquisition. We have formally applied to DGH for a formal approval from the Centre,`` an ONGC spokesperson said.

RPower places USD 8.29-bn order with Shanghai Electric Reliance Power has placed a USD 8.29-billion order with Shanghai Electric for equipment to generate 23,760 MW, putting the Anil Ambani-controlled firm on track to becoming a leading power producer and hoisting the supplier`s shares to a 2-1/2-year high. With this deal, the total value of orders placed by Reliance Power with the Chinese entity goes up to about USD 10 billion for a coal-fired generation capacity of 30,000 MW, or about a fifth of India™s total capacity. The order for 42 units of 660 MW each, which Reliance Power says is possibly the world™s largest deal involving such equipment, comes in the backdrop of doubts about the quality and reliability of Chinese equipment by some experts including those in the Central Electricity Authority (CEA), which had tested Chinese supplies last year.

Ramky Infra, Chinese firm JV gets Rs 11.01 bn NHAI project Construction firm Ramky Infrastructure on Thursday said that its joint venture with Chinese firm Jiangsu Provincial Transportation Engineering Group has bagged a Rs 11.01 billion NHAI contract for four laning of Srinagar- Banihal national highway 1A in Jammu and Kashmir. National Highways Authority of India (NHAI) has awarded the project to the joint venture through a letter of award dated September 3, Ramky Infrastructure said in a filing to the Bombay Stock Exchange. The estimated cost of the project as per the client is Rs 11.01 billion and the semi-annual annuity for the project is Rs 1,348.2 million, it added.

Core Projects bags Rs 260 mn order from Gujarat govt Bidding successfully for the south zone for a tender floated by Gujarat Informatics (GIL), Mumbai-based Core Projects and Technologies has bagged a Rs 263.8 million computer aided learning (CAL) project for the Gujarat government. A leading global player in delivering and managing education solutions, Core Projects will implement the project in next 90 days. ``We are required to provide computer hardware, education software, internet and other accessories for computer aided learning in government and government-aided schools in the south zone of Gujarat. The project has been awarded to us following a successful bid by Core Projects,`` said Vijay Malik, director - education, Core Projects.

JSPL project under cloud of Forest Act violation Even as the controversy surrounding the alleged violations of forest laws in case of the projects of Posco India and Vedanta Aluminium is yet to settle, yet another major investor- Jindal Steel & Power (JSPL) is in the dock for carrying on construction work on its project even before granted Stage-I forest clearance. ``JSPL has started construction work on its integrated steel and power project at Badkerjang, Angul in the first half of 2009 though it was given the Stage-I clearance only in March this year. The company did not bother to stop construction work on non-forest land despite the showcause notice slapped by the Angul divisional forest officer on October 2009``, said Biswajit Mohanty, secretary, Wildlife Society of Orissa.

Cairn India profit trebles to Rs 15.85 bn Cairn India on Thursday reported a three-fold jump in its net profit to Rs 15.85 billion in the quarter ended September 30, as completion of a pipeline led to jump in crude oil sales from its prolific Rajasthan block. Cairn reported a net profit of Rs 1,585.08 crore in the July-September period as against Rs 4,695.1 million net income in the same period a year ago, the company said in a statement here. The rise in net profit was mainly because July-September was the first full quarter when the company used the 590-km Barmer (in Rajasthan) to Salaya (in Gujarat) pipeline to sell crude oil produced from the giant Mangala oilfield to Reliance Industries, Essar Oil and Indian Oil Corp. PTI

SAIL rules out JV talks with ArcelorMittal SAIL on Thursday ruled out the possibility of setting up of a plant through a joint venture with world`s largest steel maker ArcelorMittal. ``We have never proposed a joint venture (JV) with ArcelorMittal. We have not discussed with them any plans to set up a JV plant,`` said C S Verma, Chairman, SAIL. On Tuesday, ArcelorMittal Group Management Board Member Sudhir Maheshwari had said during a conference call that they have made ``a proposal to SAIL and are in discussion with SAIL (to set up a steel plant through joint venture).`` Early this year, ArcelorMittal had proposed to join hands with Steel Authority of India (SAIL) and was looking at partnering with steel PSU for proposed plant at Sindri in Jharkhand.

Govt approves GMR's SEZ project in Hyderabad: Sources: The Commerce Ministry's vision to set up an International Financial Centre (IFC) seems to be taking shape. The government has given the GMR Group approval to set up the special economic zone (SEZ) in Hyderabad, Sources say that GMR has obtained Commerce Ministry nod to set up IFC around Hyderabad Airport. It has got approval to construct a 250 acre SEZ. t is learnt that GMR Group has signed memorandum of understanding (MoU) with Apollo Hospital and US-based Mayo Hospitals. It has also tied up with Canadian-based B-school. However, it is not sure if government itself will invest in project.

Essar Shipping to complete demerger in 3-4 months: Essar Shipping Ports & Logistics expects to complete demerger of shipping, logistics and oilfields businesses from its ports business in three-four months, Post the demerger, which will simplify Essar Shipping's business structure and unlock value, the company will be renamed Essar Ports. The new entity will be called Essar Shipping which will be listed on the stock exchanges

ONGC Q2 (cr - crore, vs - versus, cons - consolidated) -Net profit at Rs 5,389 cr vs Rs 5,090 cr (YoY) -Net sales at Rs 18,194 cr vs Rs 15,081 cr (YoY) -Net realisation at USD 62.75/bbl vs USD 56.41/bbl (YoY) -Gross realisation at USD 79.21/bbl vs USD 70.50/bbl (YoY) -Subsidy payout at Rs 3,019 cr vs Rs 2,630 cr (YoY)

Cairn India Q2 -Cons net sales at Rs 2,686 cr vs Rs 230 cr (YoY) -Cons net profit at Rs 1,585 cr vs Rs 470 cr (YoY)

Alok Ind Q2: -Net profit at Rs 79.8 cr vs Rs 57 cr -Net sales at Rs 1,451 cr vs Rs 975 cr

EIH Q2 -Net loss at Rs 15 cr vs loss of Rs 9.65 cr -Net sales at Rs 199 cr vs Rs 156 cr -Operating loss at Rs 5.2 cr vs operating profit of Rs 8 cr

Zee Entertainment Q2: -Net profit at Rs 157.6 cr vs Rs 167.6 cr (QoQ) -Net sales at Rs 501 cr vs Rs 452.7 cr (QoQ)

Tata Global Beverages Q2 Cons net sales at Rs 1,439 cr vs Rs 1,397.3 cr (YoY) -Cons net profit at Rs 51.6 cr vs Rs 287.4 cr (YoY)

Balaji Telefilms Q2 -Net loss at Rs 6.4 cr Vs net profit of Rs 2.9 cr (QoQ) -Net sales at Rs 38.1 cr Vs Rs 30.7 cr (QoQ)

Tata Communications Q2 -Cons net sales at Rs 2,960.7 cr Vs Rs 2,884.5 cr (QoQ) -Cons net loss at Rs 213.5 cr Vs net loss of Rs 281.4 cr (QoQ)

Grasim Q2 -Cons net sales at Rs 4,439 cr Vs Rs 4,682.3 cr (YoY) -Cons net profit at Rs 323.4 cr Vs Rs 780.8 cr (YoY)

Peninsula Land Q2 -Net sales at Rs 122.6 cr Vs Rs 168.7 cr (YoY)-Net profit at Rs 63.8 cr Vs Rs 72.9 cr (YoY)

SAIL says -Q2 net profit impacted on rise in coking coal prices -Net sales realisations have improved -Q2 average coking coal price at USD 225/t versus USD 128/t (YoY)

Atlas Copco’s parent to seek voluntary delisting

Sumitomo Metals buys 5.5% stake in Steel Strips and Wheels At Rs 520/sh

Stocks in NSE F&O curb: Core Projects, Orchid Chemical, JSW Holdings


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