Market Outlook: Indian markets are expected to open flat and trade in the range manner before taking fresh moves. Global counters are supportive to give constructive directions for domestic markets. Overall trend remains sideways with support in the vicinity of 5910 and resistance at 6150.
Global events to watch:
Þ Housing Starts
Þ Consumer Price Index
Þ Bank Reserve Settlement
Þ MBA Purchase Applications
Global indices Update @ 8:
Dow Jones : 11007 (- 15.62)
NASDAQ : 2476 (+06.17)
Nikkei 225 : 9871 (+59.85)
Hang seng : 23416 (+201.5)
SGX CNX Nifty : 6002 (+08.50)
INR / 1 USD : 44.22
Stocks in action for the day: DRL, Axis Bank, SKS, RComm, JSW, Aurionpro, Dabur, Cairn
Dr Reddy's gets tentative USFDA okay for Allegra-D generic
Axis Bank wins Enam, buys its best for Rs 20.67 bn: Ambitious private lender Axis Bank has snapped up the best of the house of Enam-one of Dalal Street`s most influential brokerage-cum- investment banks. Axis, led by CEO Shikha Sharma, a former ICICI Bank director, will acquire Enam Securities` key businesses such as investment banking, institutional and retail broking, and distribution of financial products in an all-stock deal worth Rs 20.67 billion. -Axis Bank-ENAM deal to be all-stock deal -5.7 shares of Axis for 1 share of ENAM -ENAM deal to create a 100% subsidiary of Axis Bank -ENAM Sec brand to continue for 24-36 months -Jagdish Master to join board of new subsidiary -Manish Chokani will be CEO of new subsidiary.
Reliance Communications says -Group had no shareholding in Swan Tele at time of license grant -Group had no shareholding in Swan Tele post license grant too -Swan Telecom is now Etisalat DB Reliance Communications says Never violated 10% crossholding norm -SC asks govt to explain Swan Telecom License
SKS stock dips by 11.55% on Tuesday on BSE; -Banks worried about repayment by MFIs; -Banks approach government; Sources: ICICI, Andhra Bank, BNP Paribas have huge exposure to MFIs
Dabur bets big on international biz, to expand capacity FMCG major Dabur India is betting big on its international business and plans to expand its manufacturing capacity to cater to the growing markets besides readying a slew of products for launch in new categories, a top company official said. Dabur, the fourth largest Indian FMCG firm with an annual turnover of around Rs 34 billion, aims to increase its foreign sales substantially to 25% through both inorganic and organic expansion going forward. Currently, it contributes about 20% to the total turnover at Rs 6 billion (as at end-FY 10).
Cairn cannot sell stake to Vedanta without govt nod` In A significant development, the law ministry has opined that UK`s Cairn Energy cannot sell stake in its Indian unit to Vedanta Resources without government nod for transfer of control in all its properties including the giant Rajasthan oilfields. ``We had been criticised for being overzealous and so we took the opinion of the law ministry which has unequivocally stated that Cairn Energy must apply and seek government approval in all of its assets in India,`` an oil ministry official said here. The Edinburgh-based firm, in its August 16 announcement for sale of its 40-51% stake in Cairn India to London-listed Vedanta Resources for USD 8.48 billion, did not say the deal was conditional on government approvals.
JSSL to invest Rs 3 bn to expand its Bellary unit JSW Severfield Structures (JSSL), a joint venture between Mumbai-headquartered JSW Steel and UK-based Severfield Reeve Structures, plans to invest around Rs 3 billion for expanding the capacity of its Vijayanagar unit. It also plans to spend Rs 2 billion for setting up new specialty steel plants in West Bengal and the Delhi region in the next two years. These plants will fabricate steel into special structures, which will cater to the need of construction and infrastructure sectors. ``We are planning to set up new units in the Delhi region, along with West Bengal, in the next two years to promote steel structures in the construction of buildings,`` Sajjan Jindal, vice-chairman and managing director of JSW Steel, said. He was speaking to reporters after the inauguration of JSSL`s plant in Vijayanagar.
Finance ministry for freeing urea prices –
Securities in ban period: Core Project, Orchid Chem and Power Grid
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