Tuesday, December 7, 2010

Market Outlook: Indian markets are expected to open in flat

Market Outlook: Indian markets are expected to open in flat positive terrain and trade in the range of 5960 – 6060. Asian stocks fell, dragging down a benchmark index for the first time in five days, as Japanese carmakers and electronics companies dropped on concern a weaker dollar will cut export earnings. Mining companies gained. Back to domestic markets overall trend remains sideways with technically support is at 5950 and strong resistance around 6100.

Global events to watch:

Þ Consumer Credit

Þ 3-Yr Note Auction

Þ 4-Week Bill Auction

Global indices Update @ 8:

Dow Jones : 11362 (- 19.90)

NASDAQ : 2594 (+03.46)

Nikkei 225 : 10101 (- 65.60)

Hang seng : 23245 (+07.40)

SGX CNX Nifty : 5999 (+07.00)

INR / 1 USD : 45.85

Stocks in action for the day: Sadbhav, Religare, Manappuram, HCC, SCI, Tata Steel, ONGC, Religare...

Public offers Shipping Corp FPO price fixed at Rs 140/sh: Govt says-Raised Rs 582 crore via Shipping Corp FPO IPO Alert: A2Z Maintenance & Engineering Services & Ravi Kumar Distilleries Limited opens tomorrow

Bharti, Idea say: -TRAI data exposes double standards of some telcos -TRAI data shows several telcos inflating subscribers -TRAI data shows some telcos have low active subscribers -TRAI data shows only 485 million active mobile subscribers

Tata Tele: -Exclusive: Rajeev Chandresekhar writes open letter to Ratan Tata -Other applicants rejected, while Tata Group sold equity -Charge of hoarding applies equally to Tata Tele -Incumbents must pay for excess spectrum at market rates-"Tata group hired Ex-TRAI head as consultant” -“Ex-TRAI head architect of UASL & other shames” -“Why does the house of Tata require outside lobbyists” Alert: Rajeev Chandresekhar is Member of Parliament

DGCA -Directs airlines to upload route-wise tariff on websites -Directs airlines to maintain transparency in tariff Airlines asked to comply to directions by 5 pm of December 8

HCC signs two agreements with VINCI affiliates to jointly work on power and infrastructure Projects HCC says: -Look forward to building Jaitapur nuclear sector with VINCI -We are 50:50 partners -Projects be subject to bidding & winning contracts -Future of Lavasa is good; the matter is sub judice; IPO will be announced after legal matter resolved

Tata Steel rises on news of Rio`s Riversdale bid Shares of Tata Steel, the country`s largest steel company, surged 3.4% on Monday after news that global mining major Rio Tinto had made a USD 3.5-billion bid for Africa-focused Riversdale Mining, in which the Tatas own a 24% equity stake. While the development sparked speculation that Tata Steel, one of the three major shareholders in Riversdale Mining, could launch a counter bid, people familiar with the group said the Mumbai-based conglomerate would not go alone in putting in such a bid. Tata Steel, which opened at Rs 620.90 on BSE on Monday, jumped to the day`s high of Rs 639.70 after international media reports said Rio was looking at making a bid for Riversdale. The stock later corrected after the market factored in limited gains to Tata Steel, before ending at Rs 634.95, a 3.4% rise over Friday`s close.

ONGC to ink Kazakh deal in Feb India and Kazakhstan will iron out some unspecified commercial issues by February next year, paving way for state-run ONGC to pick up 25% stake in Kazakhstan`s Satpayev block after six years of delay. ``India is an important partner for Kazakhstan. There are some issues the agreement will be signed by end of February,`` Kazakhstan oil and gas minister Sauat Mynbayev said after an inter-governmental meeting in New Delhi. Oil secretary S Sundareshan said the two countries are finalising the terms of agreement. ``We hope to sign it before the end of February 2011,`` he said. Officials were speaking after a meeting of Indo-Kazakhstan inter-governmental commission where oil ministers Murli Deora lead the Indian delegation.

Religare close to buying 85% in Indiareit Fund Religare Enterprises is close to buying 85% of the Ajay Piramal Group promoted real estate fund Indiareit Fund Advisors, valuing the entire fund at around Rs 2.5 billion, two persons directly involved in the transaction said. The deal is expected to be announced by the end of December, they said. Indiareit managing director and chief executive officer Ramesh Jogani and his team of 20 employees will hold the rest. The fund, started in 2006, is currently managing three domestic and an offshore fund with assets totalling around Rs 28.5 billion, and is planning to launch two more funds to raise Rs 13.5 billion. It also advises the London-listed Trikona Trinity Capital that manages a Rs 12 billion fund in India.

Wipro GE Healthcare eyeing 100 cost-effective products by 2015 Bangalore-based Wipro GE Healthcare, a joint venture between Wipro and GE`s healthcare business, plans to roll out at least 100 ``cost-effective`` health care equipment in the country over the next five years. ``We are committed to launching cost-effective medical gadgets. We plan to launch at least 100 such products before 2015. The price of these gadgets would be 25% lower than that of other brands,`` GM-Monitoring Solutions, Wipro GE Healthcare, R R Balaji said here.

Tata Motors to meet Nano vendors tomorrow With Nano production registering a new low last month, officials of Tata Motors, India`s largest vehicle maker, will meet component suppliers of the small car tomorrow to brief them of the demand situation and give them new supply projections for the coming months. Dispatches of the Nano to the company`s dealers fell to 509 units in November from 3,065 units in October. Production of the small car, however, has since been increased back to the October levels to around 175 units per day presently, said sources.

BPCL to return to court on Kingfisher fuel bills State-run Bharat Petroleum Corporation (BPCL) will shortly file an execution petition against Vijay Mallya`s Kingfisher Airlines (KFA) to claim jet fuel dues, a company official said. KFA owes BPCL Rs 2.2 billion (after adjustment of interest). KFA`s deadline to pay expired on November 30. BPCL had, in November 2009, sued KFA in the high court here, to get at Rs 3 billion of dues. It also withdrew credit, saying KFA could lift fuel only after paying cash on delivery. Later, in an out-of-court settlement with KFA, BPCL granted it a year`s time to pay the dues, including interest. While a BPCL spokesperson declined to comment, calling it an issue between supplier and the customer, a company official said filing of the execution petition was the only way to make KFA pay.

Hyatt, Kamat to enter hospitality business in Gujarat With tourist inflow rising in Gujarat, hospitality sector players have started showing their interest in setting up new hotels and restaurant. Juniper Hotels (JHPL), which has a tie up with Chicago-based Hyatt Hotels Corp., is setting up a five star hotel in Ahmedabad under the brand name Hyatt Regency at an investment of Rs 4 billion, while Kamat Hotels (India) is planning to set up two three star hotels Gujarat with an approximate investment of over Rs 500 million, officials of the firms said. ``We are setting up a 300 room, five star hotels in Ahmedabad on Ashram Road. We have already acquired two acres of land for this project which will be completed by 2013. The hotel will have The company will invest Rs 4 billion in this project,`` Amit Saraf, vice president, JHPL, said on the sidelines of a seminar `Gujarat Tourism and Civil Aviation Exploring Investment Opportunities` jointly held by Gujarat government and the Federation of Indian Chambers of Commerce and Industry (Ficci).

ONGC set to get 10% return on Cairn Fields – ET (Govt to ensure minimum ROI to boost valuations before FPO)

Carmakers to raise prices from January 1 – ET

Religare close to buying Piramal’s realty fund – ET

Manappuram General: Gold loan business crosses Rs 6,000 crore versus Rs 2556 crore on March 31st 2010

Jyoti Structures board approves setting up a base for manufacture of lattice steel towers in USA, to invest up to USD 12 million, from time to time.

Securities in F&O ban: Core projects, kingfisher, SCI

Sadbhav Engineering: Ex split 10:1


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