Thursday, December 9, 2010

Market Outlook: Indian markets are expected to open in positive note

Market Outlook: Indian markets are expected to open in positive note on the back of constructive sentiment across the globe. The crucial support on the downside for the Nifty is 5860 and resistance at 5950

Global events to watch:

├× Jobless Claims

Global indices Update @ 8:

Dow Jones : 11372 (+13.32)

NASDAQ : 2609 (+10.67)

Nikkei 225 : 10253 (+21.39)

Hang seng : 23122 (+30.40)

SGX CNX Nifty : 5935 (+10.00)

INR / 1 USD : 45.12

Stocks in action for the day: Kansai, Swaraj Mazda, ITC, Sical, Aksh Opti, RIL, NTPC, Tata Steel...

IPO corner: A2Z Maintenance -Total subscription at 0.72 times (X) -QIB at 0 X, HNI at 4.08X, Retail at 0.01X Ravi Kumar Distilleries -Total subscription at 0.33X -QIB at 0X, HNI at 0.97X, Retail at 0.52X

Govt official says: From PTI -Petrol prices likely to go up next week, diesel may follow -PSUs may hike petrol prices by Rs 1.50-2/Litre early next week -PSUs may hike diesel prices by Rs 2/Litre

TRAI says (likely to benefit Aksh Optifibre, Sterlite Tech) -State optical fibre agency to be formed in every tate-51% equity to be held by NOFA, 49% by state govt -National broadband network to cost Rs 60,000 crore -Network to be financed by USO fund -Network to be given loans/ guarantees by centre -National broadband plan targets 75 million connections by 2012 -Govt may cut duties on inputs, finished products for broadband-Modems, routers be mulled for 100% depreciation in first year

RBI to issue paper on savings bank rate deregulation soon: NewsWire18 RBI Says -Savings bank rate deregulation may improve Pol transmission -Savings bank rate deregulation may impede financial inclusion

Tanglin Retail Realty: to pick up majority stake in Sical Logistics; aiming to own 55% share in Sical-Tanglin Retail Realty looking at revenue of Rs 1,200 crore from Sical in 5 years CNBC-TV18 alert: -Tanglin Retail Reality is Coffee Day Resorts Group Co -Tanglin Retail has 30% in Sical via preferential allotment-Tanglin Retail picked up 10% stake in Sical in November

Liberty Group forays into telecom equipment manufacturing -Liberty group ties up with 5 companies for telco equipment -JV with 3J Tech, Taiwan for 3G technical support -Liberty & 3J Tech to set up Modem & Dongle units-JV with Optiway, Israel for In-building solutions

Tatas take Nano vendors on a confidence drive: Tata Motors has told its vendors on Wednesday that it will raise production of Nano, hoping to build confidence after the small car sold only 509 units in November. Nano vendors, worried over falling sales and cut in production, have met the automobile major`s top brass in Mumbai. Tata Motors spokeperson confirmed the meeting but said it was a periodic interaction. ``It was a confidence-building exercise. Vendors were given a sneak preview of demand and supply scenario and projections in the coming months,`` said a Nano vendor, not wanting to be identified. The company said in a separate communication to dealers that it plans to introduce new financing packages to boost sales. Many dealers have refrained from picking up fresh stocks as they were trying to sell existing cars.

NTPC to buy USD 36.6 bn equipment in 2 years: NTPC, the country├ó€™s biggest power producer, plans to buy equipment worth USD 36.6 billion in the next two years to more than double installed capacity and help reduce blackouts. ``In the next five years, our plan is to add 25,000 mw of capacity , for which orders will go out in two years` time at a cost of Rs 1,650 billion (USD 36.6 billion),`` chairman Arup Roy Choudhury told reporters in New Delhi on Wednesday. NTPC, which has about 20% of India`s installed power-generation capacity, failed to meet its addition target in the year ended March 31 after delays in equipment supplies. The utility has targeted 75,000 mw by 2017. ``The spending is very much in line with their targets for adding generation capacity,`` said Novonil Guha, a Mumbai-based analyst with Brics Securities.

Reliance to boost LatAm oil imports to better margins: Reliance Industries, owner of the world`s biggest refining complex, is poised to increase crude imports from Latin America as it seeks better refining margins by processing heavier and cheaper grades of oil. The company imported about 300,000 barrels a day of crude on average from South America during the first 10 months of 2010, Richard Gorry, director at energy consultants JBC Asia Pte, said by telephone on Tuesday from Singapore. This accounted for about a quarter of the company`s total imports during the period, compared with 13% in the same period of 2009, he said. Reliance`s plants are complex refineries that turn low-quality crude into gasoline and diesel for sale mainly outside of India. Average global demand for oil products increased 3.8% to 87.8 million barrels a day over the first 10 months of 2010, according to data compiled by Bloomberg.

Novelis set to refinance Hindalco debt Novelis, the Canadian unit of Hindalco Industries, will on Friday close a deal that will refinance the debt taken by Hindalco but at a higher rate, said people with direct knowledge of the financing exercise. The Aditya Birla group has mandated five banks for the USD 4 billion loan-cum-bond financing that will partly refinance the loans that were taken when Hindalco acquired Novelis for USD 6 billion in 2007. The rate of interest for the loancum-bond issue would be about 7%, said at least two persons involved in the exercise. The deal will be split into a USD 2.5-billion, seven year bond and a USD 1.5-billion senior secured term loan. There is also a USD 800-million asset-backed revolving credit facility. ``At this point of time, it is premature to comment on the subject,`` said an Aditya Birla group spokesperson.

Tata Steel may form alliance to bid for Riversdale Tata Steel could team up with an Indian metals company or a miner to make a counter bid for Riversdale Mining, in response to Rio`s USD 3.5 billion (about . 15,750 crore) bid for coal-rich Australian miner Riversdale. Tata Steel is gearing up for a battle to control the Australian-listed miner that owns large coal mines in Mozambique and has become a target for global mining majors such as Anglo-American and Rio Tinto, said three people connected with the issue. Tata Steel which owns 24% in Riversdale, is one of the larger shareholders in the Australian company, and according to Mumbai-based Ambit Capital, an investment bank, may have to spend upward of USD 1 billion to raise its shareholding to a controlling 51%.

ONGC will allow GAIL to market gas from C-series field State-run Oil and Natural Gas Corporation (ONGC) has decided to bury the hatchet with Gas Authority of India (GAIL) over marketing natural gas from its C-series field off the western coast. ONGC says it will allow GAIL to market the gas. ``The difference would only be of a dollar. Earlier, the thought was not to leave an investment of over Rs 3,000 crore idle. But now the decision is not to waste our time,`` a senior official from ONGC told Business Standard. C-series is a marginal field located 60 km west of Daman in the Tapti Daman block of the Mumbai offshore basin. It was developed by ONGC at an investment of Rs 31.95 billion. The empowered group of ministers had, in July, allocated the C-series gas to users in the Uran region of Maharashtra.

Bafna Pharma to raise Rs 200 mn Chennai-based Bafna Pharmaceuticals is rising close to Rs 200 million for its future expansion by issuance of warrants and shares. The company has informed BSE that its Board of Directors approved issuance of 1.7 million equity shares and 1.4 million warrants to strategic investors at a face value of Rs 10 each. Further, over 900,000 warrants would be issued to the promoters of face value of Rs 10 each. ``We are looking to raise Rs 200 million through issuance of shares, equity and warrants. This will go to our expansion as well as any inorganic growth plans,`` said Mahaveer Chand Bafna, chairman and managing director, Bafna Pharmaceuticals.


HCL Security ltd bags Rs 250 million deal from Mumbai International Airport Ltd.

Hero to buyout Japanese partner Honda; deal this month; Price not clear: ET

Tata Steel may form alliance to counter-bid for Riversdale: ET

Novelis set to close refinancing deal for Hindalco debt by Friday; Rates likely to be higher : ET

Reliance to boost LatAm oil imports to improve refining margins: ET

SC asks CBI to examine feasibility of probing the allocation of spectrum since 2001

Airlines on Ministry's flight path; maximum fares descend 10-50%: BS

Actis in talks with Isuzu to exit from Swaraj Mazda: BS

ONGC to allow GAIL to market gas from C-series field: BS

TRAI draws up Rs 600 broadband plan to reach every village: BL

ITC eyeing acquisition in paper sector: BL

Vishal Retail gets a month from HC to reach settlement deal: Mint

ADRs: MTNL up 3.9%

Apollo Hospitals: IFC converts USD 7.5 million FCCBs into shares

Hero Honda raises prices by 500-1500 – FE

Kansai Nerolac raises paint prices by 3% - FE

NTPC plans to buy equipment worth Rs 1.5 lakh crore or turbine and boilers next year – FE


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