Market Outlook: Indian markets are expected to open on negative note

Market Outlook: Indian markets are expected to open on negative note on the back of unconstructive sentiment across the global counters. All eyes are on October Industrial Output: Poll sees IIP growing by 8.83% versus 4.4% in September. The crucial support on the downside for the Nifty is 5680 and resistance at 5800.

Global events to watch:

Þ International Trade

Þ Import and Export Prices

Þ Consumer Sentiment

Þ Treasury Budget

Global indices Update @ 8:

Dow Jones : 11370 (- 02.42)

NASDAQ : 2616 (+07.51)

Nikkei 225 : 10241 (- 44.18)

Hang seng : 23064 (-106.8)

SGX CNX Nifty : 5770 (- 22.00)

INR / 1 USD : 45.17

Stocks in action for the day: Strides Arcolab, ONGC, NMDC, LIC Hsg, S Kumars, Cipla, Apollo Hosp

EPFO freezes new investments in LIC Housing Finance

Corporation Bank raises BPLR by 25 bps to 13% Corporation Bank said on Thursday it has raised its benchmark prime lending rate by 25 basis points to 13%, effective Dec. 13. Ahead of the announcement, shares ended down 1.39% at 613.4 rupees in a weak Mumbai market.

ONGC bids for stake in US energy major Exxon Mobil ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has bid for US energy major Exxon Mobil`s 25% stake in deep-sea oil blocks in Angola. ``OVL has submitted a binding bid for an offer made by Exxon Mobil to participate in the sale process of its 25% stake in Block 31 in Angola,`` Minister of State for Petroleum and Natural Gas Jitin Prasada told Lok Sabha. British energy firm BP Plc is the operator of the ultra deep sea block with 26.7% stake. ``In case the bid submitted by OVL is successful, it would entitle OVL to a share of production, as per its stake, from the production of oil expected to commence during 2012,`` he said without giving details of the bid.

NMDC to set up Rs 250 bn proj in K`taka with Russia`s Severstal The country`s biggest iron ore miner NMDC today said it will parter with Russia`s largest steel maker Severstal for setting up a 5 million tonnes steel plant in Karnataka. The proposed plant will entail an investment of about Rs 250 billion. Both the companies will formally ink the pact for the project tomorrow. ``The proposed plant will be set up in Karnataka. We expect to commission 2 million tonnes per annum (MTPA) plant in the first phase and ramp up capacity to 5 MTPA later,`` NMDC Chairman Rana Som told PTI. According to sources, both the companies may have 50 per cent stake in the JV. For the project NMDC has sought 2,500 acres of land from the Karnataka government, they added.

Mahindra Systech to sell stake in Mahindra Ugine Steel: Mahindra & Mahindra`s components and engineering services company Mahindra Systech is looking at selling a part of its stake in Mahindra Eugine Steel Company (MUSCO) to a strategic partner. Sources have told ET NOW that Japanese trading company Mitsui is keen on picking up that stake. Mahindra Systech has however declined to comment on the names of companies it is talking to. It is looking for two kinds of technology partners in MUSCO - one for finished products like stainless steel or seamless tubes and the other who can help the company improve the quality of steel.

Bata to soon acquire a brand to maintain growth momentum: Footwear maker Bata India today said it will soon acquire a shoe brand in the country aimed at maintaining the annual 15% revenue growth momentum. ``We are in talks with both domestic and international players to acquire a brand. We might acquire the brand soon,`` Bata India Managing Director Marcelo Villagran told PTI on the sidelines of a store launch at Ghaziabad. Though Villagran did not divulge further details of the proposed acquisition, sources said that the acquisition would help Bata India to reduce its reliance on domestic outsourcing which currently stands at 30% of the total 45 million pairs footwear sells a year.

Strides acquires controlling stake in Inbiopro Solutions Drug firm Strides Arcolab today said it has entered into an agreement to acquire controlling stake of 70% in the Bangalore based biotechnology firm Inbiopro Solutions for Rs 650 million. The acquisition entails an investment of Rs 650 million over a period of three years, and will be made through Agila Specialties, a wholly owned subsidiary of the company, Strides said in a filing to the Bombay Stock Exchange (BSE). Given our intent to be a global sterile powerhouse, this acquisition (of Rs 650 million) enhances our specialty portfolio while giving us a leap start of at least three years in the fast growing and complex biopharmaceutical industry`` Strides Arcolab Vice Chairman and Group CEO, Arun Kumar said.

Glodyne Technoserve says: -Glodyne promoters increase holding in company -Shareholding increased from 58.8 to 60.7% -1.8% stake bought through open market transactions

Board meet today -State Bank of Bikaner & Jaipur: to consider rights issue upto Rs 800 crore -Va Tech Wabag: Results -Nutek India: Consider opening of follow on GDRs issue up to an amount of USD 50 million

Kapil Sibal: -DoT decided to set up 1 man committee headed by Former Justice Shivraj Patil -To probe appropriateness of procedures in spectrum allocation from 2001-2009 CNBC-TV18 Mukul: Rohatgi says 1-man committee blatant attempt to side track issue

Amar Lulla resigns as Joint MD, Cipla Cipla to CNBC-TV18 -YK Hamied will continue as CMD; MK Hamied joint MD of company -Amar Lulla to continue on co's board as non-executive director
CFO S Radhakrishanan inducted into company's board

IPO corner: Ravi Kumar (closes today) -Total at 0.52 times (X_ -QIB at 0X, HNI at 1.81X, Retail at 0.72X A2Z Maintenance (closes today) -Total at 0.81X -QIB at 0.12X, HNI at 4.25X, Retail at 0.04X

Tata Tele hits back : -Did not apply for any new UAS licenses in 2007-2008 -Only applied for license after dual tech policy announcement -Was first, only legitimate applicant for dual tech -DoT took 83 days to give co approval -DoT placed new licensees of 2008 above co -CAG recorded injustice done to co -Yet to get startup spectrum 3 years after payment -Company not given startup spectrum in Delhi, 9 other circles -No question of co superseding 343 applicants-Got valuations from NTT DoCoMo because of biz fundamentals

Lavasa says: -Have made presentation to EAC -HCC to make supplementary submission to ministry on Friday -Will have data on clearances taken by co

RBI releases technical paper on inflation-indexed bonds -RBI invites feedback on inflation indexed bond report by December 31 -RBI says inflation indexed bonds can be issued at current juncture -RBI proposes issuing bonds through auction method -RBI says bond issued could be of 10/12 year maturity

2 accused in bribes-for-loans scam get bail -Sessions courts grants bail to Sanjay Sharma, Suresh Gattani -Rajesh Sharma put in judicial custody till December 16 CNBC-TV18 alert -Sanjay Sharma, Rajesh Sharma Money Matters' Officials -Suresh Gattani also from Money Matters

Apollo Hospitals board approves fund raising upto Rs 900 crore via QIP; via equity/NCD and/or warrants

S Kumars files DRHP for Reid & Taylor

Lakshmi Vilas Bank revises interest rates on term deposits; ups 1 year term deposits by 50 bps to 8.75%; ups 2 years term deposits by 100 bps to 9%; revised term deposit rates effective December 10, 2010

Corporation Bank hikes BPLR by 25 bps to 13% effective Monday

Central Bank Of India hikes rates on deposits by 75-175 bps

Shiva Cement board meet on December 13 to consider allotment of bonus shares in the ratio of 1:10

IFB Agro: rule of reimbursement of allowable molasses transportation cost has been withdrawn from December 1st. (adversely affects profitability)

Viceroy Hotels board meet on December 17 to consider and approve Draft Scheme for Demerger.

Securities in F&O ban: Ispat Ind, SCI

Unilever proposes Sunil Mittal to join board as non-executive director