Market Outlook: Indian markets are expected to open flat

Market Outlook: Indian markets are expected to open flat and trade in the range manner on the back of mixed sentiments on global counters. Overall trend is still intact up with support in the vicinity of 6250 and resistance at 6380.

Results Today: Apollo Tyres, Cipla, Bhushan Steel, HDIL, Lanco Infra, Ranbaxy, Shree Cements, Gujarat NRE Coke

Global events to watch:

Þ US Holiday: Veterans Day

Þ Stocks and Futures Markets Open

Global indices Update @ 8:

Dow Jones : 11357 (+10.29)

NASDAQ : 2578 (+15.80)

Nikkei 225 : 9868 (+37.76)

Hang seng : 24767 (+266.4)

SGX CNX Nifty : 6309 (- 00.50)

INR / 1 USD : 44.39

Stocks in action for the day: Infy, Pfizer, Hanung Toys. BPCL, DLF, PFC, Essar Oil...

DLF Q2FY11(YoY) -Revenues: Rs 2369.02 cr vs Rs 1750.94 cr -EBIDTA at 45.58% vs 55.57% -Interest cost: Rs 433.76 cr vs Rs 248.61 cr -Net Profit: Rs 418.38 cr vs Rs 439.74 cr -EPS at Rs 2.46 vs Rs 2.59. DLF says -Realisation from divestment of non core assets at Rs 413 crore -2.08 msf sales booked in the quarter -Decline in QoQ EBIDTA margins from 51% to 42% -EBIDTA drop is temporary -Expect annual EBIDTA to be in the 45-50% range.

PFC to raise Rs 11.53 bn through ECB route State-run lender Power Finance Corp (PFC) plans to raise USD 260 million (Rs 11.53 billion) of external commercial debt and mop up Rs 12-15 billion through tax-free infrastructure bonds by March, chairman and managing director Satnam Singh told reporters on Wednesday. The fund raising is part of the company`s plan to raise a total of Rs 277 billion this fiscal to meet its annual loan disbursal target of the same amount. In the first half of this fiscal, the company raised Rs 150 billion.

Essar Oil lines up Rs 17 bn for Vadinar refinery expansion: Essar Oil, the country`s second-largest private refiner, on Wednesday said it will expand its refinery capacity by 2 million tonnes a year at Vadinar in Gujarat with an investment of Rs 17 billion. The company will scale up its capacity to 20 million tonne by 2012, the company said in a regulatory filing. The move is a part of Ruia family-promoted company`s two-phase expansion plan for scaling up its capacity to 34 million tonne by 2015 that would require an investment of USD 4 billion. Managing director Naresh Nayyar said higher capacity would help the company meet growing demand at a very competitive capital cost. ``Based on our internal studies, the optimisation project is expected to result in a very strong economic performance for the refinery,`` Nayyar said.

Pfizer recalls drug from US Pfizer has recalled a drug made by an Indian partner from the US market while another local partner of the world`s largest drugmaker received a warning from the American drug regulator for violating manufacturing norms. Pfizer recalled three batches - about 2,000 bottles - of Albon, a bacterial infection drug for animals, after an investigation found the presence of Penicillium Chrysogenum in some samples, according to the US FDA website. The drugs made by the Pune-based Emcure Pharmaceuticals were to expire in November 2014 and February 2015. The recall is classified under FDA`s Class III recall, which means the use of the medicine is not likely to cause adverse health conditions. Emcure officials could not be contacted for comments. Pfizer did not reply to a query from ET.

Bafna Pharma gets Ghana`s approval for hypertension drug Bafna Pharmaceuticals on Wednesday said it has received Ghana health regulator`s approval to sell Atenolol tablets, used in the treatment of hypertension, in the Ghana market. The Chennai-based firm has received the nod for Atenolol tablets from Ghana Food and Drug Administration (FDA) in strengths of 50 and 100 mg, Bafna Pharmaceuticals said in a statement. ``We are extremely pleased to receive FDA approval to market Atenolol tablets 50 mg and 100 mg tablets. It offers an important additional treatment option for physicians and hypertension patients,`` Bafna Pharmaceuticals CMD Mahaveer Chand Bafna said.

Aditya Birla group eyes overseas mines The Aditya Birla Group (ABG) is eyeing ferrous and non-ferrous mines in African and South American countries. The Mumbai-based group has zeroed in on mines in South Africa, Chile, Peru and Indonesia for acquisitions. ``As the demand for metals and minerals is high in local markets, we are looking to buy mines abroad. Currently, both ferrous and non-ferrous mines in South Africa, Chile, Peru and Indonesia are under consideration,`` said Ravi Kastia, Aditya Birla Group`s global head of mining and international trading, during a mining summit organised by the Confederation of Indian Industry (CII) in Kolkata on Wednesday.

Stork eyes 26% stake in titanium project of Nalco, IREL Russia-based Stork Group is likely to pick up 26% stake in the titanium project planned by National Aluminium Company (Nalco) in joint venture with the Indian Rare Earths (IREL). Stork Group, known for its expertise in mining of titanium minerals and production of ferroalloys, is eyeing 26% stake out of Nalco`s 52% share in the project. The remaining 48% stake is held by IREL. The 26% stake will be acquired by Stork Ferro & Mineral Industries, a group company.

Montek Singh Says -No need for capital control on portfolio inflows -Capital control on debt should not be elaxed -Foreign capital inflows are being monitored -Present levels of current A/c deficit can be financed -India looking at higher FDI inflows

Govt sources say -Mines GoM likely next week; to endorse MMDR Bill -Mines Ministry keen to introduce MMDR Bill in winter session -Some States Not Comfortable With Bidding Norms

BPCL Q2 (cr - crore, vs - versus) -Net sales at Rs 35,416.2 cr vs Rs 27,071 cr (YoY) -Net profit at Rs 2,142.2 cr vs loss of Rs 158.8 cr (YoY) -BPCL Q2 GRM at USD 3.19/bbl vs USD 3.53/bbl (YoY)

Nagarjuna Construction Q2 -Net profit at Rs 46 cr Vs 43.9 cr -Net sales at Rs 1,198.6 cr vs Rs 1,066.6 cr

Britannia Q2 -Net sales at Rs 1094.7 cr vs Rs 858 cr -Net profit at Rs 31.87 cr vs Rs 59 cr -OPM%: 5.08% vs 9.0% *Increase in raw materials offset margins

Hanung Toys Q2: -Net profit at Rs 30.3 cr Vs Rs 18.7 cr -Net sales Rs 275 cr Vs Rs 183 cr -OPM: 18.3% vs 17.2%

Great Offshore Q2 -Net sales at Rs 199.2 cr Vs Rs 235.9 cr (QoQ) -Net profit at Rs 28.1 cr Vs Rs 26.7 cr (QoQ)

-SEBI fines Gujarat NRE Coke promoters for insider trading – ET

-Pfizer recalls drug made by an India partner, while another local partner get US FDA warning – ET

JP Associates looks to raise USD 500 million via stake in JP Power Ventures – ET

-Bharti may repay USD 800 million loan to held lenders reduce losses – ET

-Infosys seeks USD 500 million acquisition in Japan – DNA