Market Outlook: Indian markets are expected to open flat

Market Outlook: Indian markets are expected to open flat on the back of mixed sentiments seen on the global counters. The US markets ended lower on sovereign debt concerns in the eurozone. However the indices came off lows as the market found support around the 1174 level on S&P 500. Meanwhile the CBOE volatility index rose above 23. Back to domestic markets Overall trend remains sideways with technically support is at 5800 and strong resistance around 5900.

Global events to watch:

Þ Motor Vehicle Sales

Þ Challenger Job-Cut Report

Þ ADP Employment Report

Þ ISM Mfg Index

Þ Construction Spending

Global indices Update @ 8:

Dow Jones : 11006 (- 46.47)

NASDAQ : 2498 (- 26.99)

Nikkei 225 : 9931 (- 05.24)

Hang seng : 22946 (- 61.63)

SGX CNX Nifty : 5879 (- 10.50)

INR / 1 USD : 46.04

Stocks in action for the day: MRF, Indowind Energy, Ramky, HCL Tech, TFCI

IFCI acquires 2.02% stake in Tourism Finance between March and November CNBC-TV18 Exclusive -IFCI is looking at controlling stake in TFCI Alert: TFCI Board on November 25 had rejected IFCI’s proposal to induct 3 additional directors and replace the current CMD

Honda Global CEO says -Have good relations with Hero Honda for last 25 years -Can’t comment on the relationship going forward

HCL Tec: -Deal with Purdue Pharma is a multi million dollar deal -Cannot comment on the amount as per NDA Alert: NDA is non-disclosure agreement -Deal will allow us to control two data centers of Purdue Pharma -Expect revenues from deal to tick in by next quarter

IPO Corner -MOIL issue subscribed 29.1 times, QIBs: 49.16x, NIIs: 8.77x, Retail: 10.86x
Claris (closes tomorrow): total subscribed 0.43x, QIBs: 0.11x, NIIs: 0.11x, Retail: 1.02x
SCI (closes on Thursday): total subscribed 0.35x, QIBs: 0.68x, NIIs: NA, Retail: 0.05x

Uninor – Sources -Uninor makes Rs 96 crore provision for rollout penalties -Rollout delays due to late security nod by govt -Govt delay in equipment import nod impacted rollout -Uninor to bring this delay to govt’s attention Uninor Says -Yet to receive any formal communication from DoT -Premature to comment till we hear from DoT -Company a credible commercial operator with nearly 14 million subscribers -Welcome structured & transparent approach by DoT -Will certainly respond to any request from authorities

HCL inks deal with Purdue Pharma Noida-based technology services provider HCL Technologies on Tuesday announced a multimillion dollar deal with US based Purdue Pharma to manage its data centres across the United States. The deal indicates a resurgence in interest of CIOs in US pharma industry to spend their discretionary budgets to cut costs, even as the fiscal in US comes to a close. Estimated to have sales of over USD 2 billion, and based in Connecticut, privately-held Purdue Pharma is known the world over for its Betadeine brand of topical antiseptic solutions. ``It is a multi-year end-to-end IT infrastructure management engagement and covers management of two data centers and all remote locations of Purdue in the US,`` Pradeep Bindal, senior VP and global head of sales at HCL Technologies Infrastructure Services Division told ET.

PNB revises fixed deposit rate to 8% Punjab National Bank (PNB) on Tuesday revised interest rates on fixed deposits above Rs 10 million to 8% for maturity over one year. The bank has decided to revise interest rates on single domestic term deposit for Rs 10 million to Rs 100 million from December 1, 2010, PNB informed the Bombay Stock Exchange. With this revision, the peak rate in this segment is 8%, it said. Meanwhile, Allahabad Bank also launched 300 days deposit scheme with 8% interest rate.

BHEL bags order worth Rs 37 bn from KPCL State-owned Bharat Heavy Electricals (BHEL) has bagged an order worth Rs 37 billion to supply the country`s first super critical 700-Mw coal fired unit of Karnataka Power Corporation (KPCL) for its thermal power station (TPS) at Bellary. Bellary thermal power station of 500 Mw has already been equipped by BHEL and another unit of same capacity is under execution, a company release said. The company, earlier, bagged power equipment orders worth Rs 60 billion from KPCL for setting up 2x800 Mw of thermal power plants at Yermarus in Raichur district.

Siemens plans Rs 12 bn capex in Gujarat Having inaugurated the second phase of its steam turbine and compressor manufacturing facility at Vadodara, Siemens has chalked out a Rs 12 billion capex plan for the next two years in the state of Gujarat. While the company has already invested Rs 2.75 billion of the amount for the second phase of turbine and compressor plant, the company has also planned to expand the existing unit, apart from setting up transformers and wind turbine manufacturing units in the region. ``We had invested around Rs 3 billion for the phase one of the plant where we began manufacturing small steam turbine with a capacity of 45 Mw. At an investment of Rs 2.75 billion, we have now launched the second phase wherein we will manufacture steam turbine with a capacity of 150 Mw and compressors. Next stage of the plan is to expand and manufacture 250 Mw steam turbines, transformers and renewable energy products like wind turbine. In all, we would be investing Rs 12 billion in next two years in Gujarat including the current second phase expansion,`` said AK Dixit, chief executive officer, energy sector, Siemens.

Ramky starts work on the Rs 380 crore Gabon Special Economic Zone, West Africa

SAIL signs MoU with Kobe Steel for comprehensive strategic collaboration

PSU oil cos to up ATF prices by average Rs 658/kL from Wednesday

Lavasa moves Bombay HC against MoEF showcause notice

Indowind Energy: Board meet on December 8 to consider issue of DVR and transfer of assets to its subsidiary company

MRF board approves proposal for sale and transfer of the co's Speciality Coatings Division to wholly owned subsidiary.