Friday, January 21, 2011

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

Market Outlook: Indian markets are expected to open on a negative note on the back of depressing momentum on the global counters. We believe Indian markets are still not out of the woods and trying to bottom-out by discounting all happening factors in domestic as well as globally. The weekend factor may weigh on the sentiments. The support for the Nifty is at 5620 and resistance at 5750.

Global events to watch

Þ Jobless Claims

Þ Existing Home Sales

Global indices Update @ 8:

Dow Jones : 11822 (-02.49)

NASDAQ : 2704 (-21.07)

Nikkei 225 : 10346 (-90.53)

Hang seng : 23908 (-95.15)

SGX CNX Nifty : 5679 (-42.50)

INR / 1 USD : 45.58

Stocks in action for the day: India Securities, Aditya Birla, M&M, ACIL Cotton, TVS Motor, Biocon, Uflex’s...

Budget session from February 21: Parliament’s three-month budget session will begin on February 21 and the general Budget will be presented in the Lok Sabha on February 28. The decision was taken on Thursday at a meeting of the Cabinet Committee on Parliamentary Affairs (CCPA) chaired by Finance Minister Pranab Mukherjee .

Vodafone for probing zooming ISL scrip: UK-based Vodafone has asked the Indian stock exchange regulator to probe the sharp rise in the share price of India Securities, that has risen 11 times since January last year. Vodofone wrote to Sebi on January 18, seeking to stall Essar Group's plan to merge unlisted Essar Telecom Holdings, which holds 11% in Vodafone's Indian arm, with listed group company India Securities. Vodafone said the India Securities' shareholders were only partly informed of Essar's option to sell its stake. According to an agreement signed in 2007, Essar can offer its entire 33% in Vodafone Essar, the Indian unit of Vodafone, for $5 billion, but should it tender less than that, the stake would be separately fairly valued by bankers. The vested 11% stake in India Securities cannot be assumed to have one-third of the option value of $5 billion,

Aditya Birla leads USD 800 mn race to buy US co Aditya Birla Group has emerged as the frontrunner to acquire US-based Columbian Chemicals Company, the world`s third largest carbon black producer-in a deal estimated at over USD 800 million. Kumar Mangalam Birla`s USD 29 billion-diversified conglomerate is believed to have pipped rival bids, including one from Kolkata-based Phillips Carbon Black, part of the RPG Group , to get closer to a deal, said banking sources familiar with the development . Columbian Chemicals, with around 10% share of the carbon black industry globally, is majority owned by JP Morgan`s buyout private equity One Equity Partners LLC and has been put on the block. A top Birla group executive declined to comment on the development.

Dr Reddy`s launches generic Protonix drug in US Dr Reddy`s Laboratories on Thursday said it had launched a generic version of Protonix, a drug used to control the amount of acid in the stomach, in the United States. Hyderabad-based Dr Reddy`s launched generic pantoprazole sodium delayed-release tablets in 20- and 40-milligram strengths, it said in a statement. The tablets had total U.S. sales of about USD 1.8 billion for the twelve months to Sep. 30, 2010, it added.

Coal India cuts output targets for fiscal & 2011-12 Coal India has lowered its production targets downwards for the current and the next fiscal years as a pollution norm has hit output from almost all its mines. Targets have been cut by 20 million tones in the current fiscal and by almost 40 million tones during 2011-12. The state-run firm has informed the coal ministry it will produce 440 million tones of coal during the current financial against the original target of 460.5 million tones. For 2011-12, CIL is now targeting a total production of 447 million tones, against the earlier target of 486 million tones.

Mahindra joins hands with Robert Redford`s Sundance Institute Mahindra & Mahindra on Thursday said it has joined hands with the Sundance Institute, a non-profit organization set up by noted Hollywood actor, Robert Redford to promote Indian talent in the world cinema arena. The two parties have signed a multi-faceted agreement that showcases the commitment to support independent cinema around the world, Mahindra & Mahindra said in a statement. Commenting on the collaboration, M&M Vice-Chairman and Managing Director Anand Mahindra said: ``our intention is to nurture as well as hone the talents of an exciting new generation of Indian filmmakers. The guidance and knowhow of Sundance shall be ex tremely valuable to us in our initiatives.``

ACIL bags 98 acres more land for organic contract farming Vadodara-based ACIL Cotton Industries has successfully sourced additional 98 acres of agricultural land near Ahmedabad on lease/contract basis for organic contract farming. The company is already engaged in contract farming and cultivation of crops like BT cotton, red gram, jeera and herbs in 603 acres land. Apparently, ACIL Cotton Industries is planning to acquire 2,500 acres of land for its organic contract farming activity. As per its business model, the company will buy-back all crops and sell through its planned retail chain. The chain is one of the biggest hubs with presence in all agro commodities on a large scale in sectors like trading, import, export, and retailing.

Premier eyeing buyouts in Europe Engineering and automobile company Premier (formerly Premier Automobiles) is looking at both organic and inorganic routes to grow its engineering division business. The engineering division focuses on machine tools and heavy engineering equipment business. The company`s other business unit is an automobile division which recently launched a compact sports utility vehicle Premier Rio. ``We have drawn up an investment plan involving a capital expenditure of Rs 1.5 billion in the next three years to expand the capacities of our machine tool unit as well as to set up a greenfield manufacturing facility somewhere in and around Pune to cater to the growing demand for our smaller machines in the domestic market,`` Maitreya Doshi, chairman and managing director, Premier, said. Premier is also looking at the merger and acquisition route in Europe to expand inorganically.

Info Edge’s standalone net profit stood at Rs 21.92 crores for the quarter ended December against Rs 17.88 crores in previous quarter. Net sales rose to Rs 75.07 crore for quarter from Rs 71.18 crores in September quarter.

TVS Motor Company posted net profit of Rs 55.75 crores for the quarter ended December 31, 2010 as compared to Rs 23.54 crores in the same quarter a year ago. Total Income increased to Rs 1653.87 crore from Rs 1090 crores during the same period a year ago.

Valecha Engineering has bagged Rs 54.93 crores project in Kerala. The stock was at Rs 105.80, down 4.51 per cent on the BSE. It touched a high of Rs 110.45 and low of Rs 100 in trade so far.

Torrent Pharma’s net profit for the quarter ended December slipped to Rs 77 crores from Rs 83 crores in the same quarter previous fiscal. The company’s sales meanwhile rose to Rs 565 crores from Rs 473 crores as compared to corresponding quarter a year ago.

Biocon posted net profit of Rs 211.59 crores for the quarter ended December 31, 2010 as compared to Rs 65.80 crores in the corresponding quarter last fiscal. Total Income increased to Rs 515.94 crores from Rs 315.98 crores.

Uflex’s consolidated net profit rose to Rs 251 crore for the third quarter ended December 31 as against Rs 48 crore in the same period last fiscal. Revenues stood at Rs 1,022 crore, compared to Rs 595 crore in the same period last fiscal.

Rolta India has sold its 50% stake in Shaw Rolta to its joint venture partner Stone & Wenster for $35.5 million.

Jan 21 Ador Welding Ltd, earnings for quarter and nine months ended December.

Jan 21 Alembic Ltd, earnings for quarter ended December.

Jan 21 Astral Poly Technik Ltd, earnings for quarter ended December.

Jan 21 Bank of India Ltd, earnings for quarter ended December.

Jan 21 Bank of Maharashtra, earnings for quarter ended December.

Jan 21 Bharat Heavy Electricals Ltd, earnings for quarter ended December.

Jan 21 Dhanlaxmi Bank Ltd, earnings for quarter ended December.

Jan 21 Excel Industries Ltd, earnings for quarter ended December.

Jan 21 GS Auto International Ltd, earnings for quarter and nine months Ended

Jan 21 Gulf Oil Corp Ltd, shareholders OK scheme of arrangement.

Jan 21 Hindustan Construction Co Ltd, earnings for quarter ended December.

Jan 21 Jayant Agro Organics Ltd, earnings for quarter ended December.

Jan 21 Kirloskar Oil Engines Co Ltd, earnings for quarter ended and nine months ended

Jan 21 Mahindra Forgings Ltd, earnings for quarter ended December.

Jan 21 NIIT Ltd, earnings for quarter ended December.

Jan 21 Orient Paper & Industries Ltd, earnings for quarter ended December.

Jan 21 Parrys Sugar Industries Ltd, earnings for quarter ended December.

Jan 21 Polaris Software Lab Ltd, earnings for quarter ended December.

Jan 21 Punjab National Bank Ltd, earnings for quarter ended December.

Jan 21 Raymond Ltd, earnings for quarter and nine months ended December.

Jan 21 Rane (Madras) Ltd, earnings for quarter ended December and to consider Declare

Jan 21 Tech Mahindra Ltd, earnings for quarter and nine months ended December.

Jan 21 Zuari Industries Ltd, earnings for quarter ended December.

Jan 21 Wipro Ltd, earnings for quarter ended December.

Jan 22 Ashok Leyland Ltd, earnings for quarter and nine months ended December.


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