Friday, December 3, 2010

Market Outlook: Indian markets are expected to open flat

Market Outlook: Indian markets are expected to open flat and trade in ranged manner on the back of mixed trend on global cues. Back to domestic markets Overall trend remains sideways with technically support is at 5910 and strong resistance around 6100.

Global events to watch:

Þ Employment Situation

Þ Factory Orders

Þ ISM Non-Mfg Index

Global indices Update @ 8:

Dow Jones : 11362 (+106.6)

NASDAQ : 2579 (+29.92)

Nikkei 225 : 10182 (+13.73)

Hang seng : 23470 (+22.02)

SGX CNX Nifty : 6030 (+05.00)

INR / 1 USD : 45.37

Stocks in action for the day: Neyveli, Tata Coffee, Ackruti, Religare, Apollo Hospitals, L&T, R-Power

Religare -Landmark Deal -Religare arm acquires 55% stake in Landmark Partners for USD 170 million -To fund deal via capital commitment allocated by board -Religare looking at multi-boutique asset management platform -Eyes total asset management of USD 80- 100 billion via multiple vehicles -Landmark Partners specialises in secondary PE transactions -Landmark has asset management of USD 8.5 billion -Existing Landmark Partners to continue & manage company -Existing partners to own 45% stake in Landmark Partners -Religare deal to give Landmark exposure to emerging markets -Religare group to control USD 15 billion in AUM post deal

All Cigarette & Bidi manufacturers stop production -Production halt on lack of clarity on pictorial warnings Cigarette, Bidi manufacturing say: -Conflicting warnings issued by GoM & health ministry -Production halted since December 1 -Govt to lose nearly Rs 100 crore in excise daily -GoM decides on pictorial warnings on tobacco products -Health Ministry issued separate pictorial warning for products -New pictorial warning was to come into effect from December 1

Industry sources say -Near 30-day cigarette inventory available in stock -Do not see immediate supply disruption, price rise -Tobacco institute has taken up matter with govt -No response from govt yet

SEBI orders -Promoters/Promote group companies of Murli Industries, Welspun Corp, Akruti City and Brushman India barred from buying/selling shares of its own/group companies till further notice for price rigging -Mr Sanjay Dangi, group of his investment arm and Ashika group of firms too have been banned till further notice

L&T bags Rs 4.15 bn orders for construction work: Engineering and construction major Larsen & Toubro (L&T) said it has secured two orders worth Rs 4.15 billion from Hindalco and Sepco-1 for construction of thermal power plant. The first order valued at Rs 2.53 billion has been secured from Hindalco for carrying out steel works for the 6x150 MW captive power plants in Orissa. The second order is worth Rs 1.62 billion and has been obtained from Sepco-1 for the 2x660 MW Talwandi Sabo Power plant in Punjab, L&T said in a filing to the Bombay Stock Exchange. Besides, Sepco-1 had awarded Rs 2.25 billion to Larsen during the first quarter of the year for carrying out civil works for the project, it added.

Apollo Hospitals plans to sell 49% in pharma chain unit Apollo Hospitals, the country`s largest private healthcare provider, is planning to divest 49% stake in its pharmacy chain division to generate growth funds before hiving it off into a separate company. The company would also explore the option of listing the unit, Suneeta Reddy, executive director (finance), Apollo Hospitals, told reporters on the sidelines of a Confederation of Indian Industry-organised health summit here. The standalone pharmacy business of Apollo turned Ebitda (earnings before interest, taxes, depreciation, and amortization) positive during the second quarter of this financial year.

R-Power to double Rosa project capacity Reliance Power (R-Power) is planning to double the capacity of its Rosa power project at Shahjahanpur in Uttar Pradesh from the current plan of 1,200 Mw to 2,400 Mw, with an additional investment of Rs 60 billion. Chairman and managing director Anil Ambani disclosed the plan to employees during a plant visit yesterday. Currently, the project being set up in two stages of 600 Mw each. The first one is the maiden project of R-Power. Ambani hinted work on the second stage would be fast-tracked to start production before the end of 2011, said company executives. In the current schedule, the second stage of 600 Mw would start generation by March 2012.

MTNL says -To get Rs 300 crore tax refund -Tax refund pertains to assessment year FY02, FY03

Tata Coffee says this will impact their bottom line, Washed Arabica forms around 35% of Tata Coffee's annual prodn

Shipping Corp FPO subscribed 2.32 times (x) on day 3 -QIB portion subscribed 4.19 x -Retail portion subscribed 0.56 x -HNI portion subscribed 0.27 x -Employee portion subscribed under 5%

Claris IPO update Overall subscribed 1.5x, QIB 1.3x, HNI 2x, Retail 1.4x

ED calls for foreign govts for details of telco arms, seek info on transactions between Indian teleco, oversea entities in 2G scam – ET

-JSW Steel hikes flat product prices by 1-1.5%: DJ

Neyveli Lignite entered into a MOU with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd for setting up a 2000 MW coal based Thermal Power Plant with an equity participation of 51% by NLC and 49% by UPRVUNL.

Murli Industries board approved to hive off the cement plant into a separate entity


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