Thursday, December 30, 2010

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

Market Outlook: Indian markets are expected to open in positive terrain on back of recovery seen on the global counters. Yesterday market broke out from a sideways consolidation and has closed in the green which gives constructive signals for fresh positive momentum. The crucial support on the downside for the Nifty is 6000 and resistance at 6090-6125.

Global events to watch

Þ Pending Home Sales Index

Þ Jobless Claims

Þ Chicago PMI

Global indices Update @ 8:

Dow Jones : 11585 (+09.84)

NASDAQ : 2666 (+04.05)

Nikkei 225 : 10215 (- 128.7)

Hang seng : 23042 (+73.03)

SGX CNX Nifty : 6088 (+13.50)

INR / 1 USD : 45.12

Stocks in action for the day: SBI, Genesys, JSW Steel, KEC Intl, LIC Hsg, SAIL, Welspun...

Listing today: Punjab and Sind Bank (We expect listing around 145-155)

GoM on fuel postponed - Finance Ministry sources say -Govt may hold back diesel price deregulation for now -Inflation concerns could see deferral for 4-6 weeks -Govt expects inflation spike in January, dip in February -Several concerns before govt, but inflation prime issue -Govt may consider higher than 33% subsidy compensation

Sistema Shyam pays Rs 11 crore as liquidated damages under protest -Uninor pays around Rs 13 crore liquidated damages under protest -Uninor liquidated damages payment for 4 circles so far Uninor has to pay nearly Rs 55 crore for 14 circles

Power Secretary: -Have identified 3 coal blocks for Orissa UMPP -Have held 3 rounds of discussion with MoEF

Looking at modifying boundary for 1 coal block Menakshi-B coal block in 'No-Go' area -Modifying boundaries to exclude dense forest area -Appreciate MoEF concerns, trying to address them -Finality on Orissa UMPP over next 2 days -Will hold talks on Chattisgarh UMPP soon

STC slaps 5.5 bn claim on JSW over Ispat credit State Trading Corporation has approached Sajjan Jindal-owned JSW Steel for recovering 5.5 billion owed by Ispat Industries. The government-owned trading house has written to JSW asking it settle the dues after it failed to get a response from Ispat. JSW finance director Seshagiri Rao acknowledged the letter from STC but didn`t specify the amount. ``We will be in a better position to respond after we take management control of Ispat,`` Rao added. JSW recently became India`s largest steelmaker by capacity after it offered to buy 41% in Ispat for 21.57 billion. According to the letter written by STC to Sajjan Jindal, the promoter of JSW, the company has sent its claim to JSW due to the change in management control at Ispat. STC said that it had written to Ispat chairman Pramod Mittal on December 22, but got no response.

Apicorp sells 12% stake in ACBC to Aditya Birla Group Arab Petroleum Investment Corporation (Apicorp) will sell its 12% stake in Egypt-based Alexandria Carbon Black Company (ACBC) to Aditya Birla Group, the majority shareholder in the company. By doing so, Apicorp - the multilateral development bank of the Organisation of Arab Petroleum Exporting Countries (Oapec) - has kicked off a divestment plan aimed at mobilising funds for a new phase of investments, the firm said in a statement. The divestment, Apicorp`s first, was approved by its board on December 26. The UAE government owns a 17% stake in Apicorp.

SAIL FPO in Jan, ONGC in March, and IOC deferred Drawing a roadmap for disinvestment during the last quarter of this financial year, the government today said it would dilute its stake in SAIL in January, followed by Power Finance Corporation (PFC) and oil major ONGC in March. ``The New Year would start with the stake sale of SAIL in January. We would do (disinvestment) in ONGC in March. PFC would also come this fiscal,`` a finance ministry official said. The official said the follow-on public offer of Indian Oil Corporation (IOC) has been deferred to next financial year. IOC had last month appointed six merchant bankers for the sale of 10% equity shares in the FPO that its chairman B M Bansal said was planned for third or fourth week of January. ``We can`t have disinvestment of two large companies (ONGC and IOC) from the same sector simultaneously,`` the official added.

Welspun buys 35% in Australian Leighton holdings Welspun Corp has bought 35% of Australian Leighton Holdings for around USD 104 million in a bid to build strategic partnership. Leighton Holdings` Chief Executive Officer -elect, David Stewart said the sale to the Indian conglomerate gave his company an opportunity to build a strategic partnership within the growing South Asian economy. ``Having a local partner clearly provides greater access to the market, particularly when Welspun has such a complementary portfolio of businesses,`` Stewart said in a statement on Wednesday. Operating since 1985, Welspun Group (which also has units in Gujarat and Karnataka) has interests in infrastructure, the oil and gas sectors, steel, steel pipes, and home textiles. The Company has a global presence operating in more than 50 countries with annual revenues in 2009-10 estimated at around USD 1.6 billion, he said.

SBI will extend teaser loan rates beyond Dec 31

Ispat lenders seeks dues, STC writes to JSW Steel that Ispat owes Rs 620 crore, others to follow suit – ToI

Hero group is learnt to have invested Rs 200 crore in the Sham Investment Scheme of Citi fraudster

SEBI has mandated company with less than 25% float to raise funds only via pubic issue and QIP will not be allowed – ET

EID Parry India applies to delist the Company's GDRs listed in LSE.

Godawari Power and Ispat to set-up the 50 MW solar thermal power project

Genesys International approves fund raising of upto Rs 350 crore via ADR/GDR/QII or FCCB issue

Ex Dates -Astra Mirco: Ex date – 1:2 bonus KEC International: Stock split from Rs 10 to Rs 2 LIC Housing Finance: Stock split From Rs 10 to Rs 2


No comments: