Friday, January 28, 2011

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

Market Outlook: Indian markets are expected to open on gloomy note on the back of missed sentiments on the global counters. Overall market is weak and a level of 5560-5535 is not ruled out. Strong resistance is around 5690. Indian markets ended near crucial support levels on Thursday on the settlement day of January F&O series. Inflation and profit booking in European markets kept the bulls under check. Wall Street ends higher; crude slips nearly 2%, while Asian mkts trading lower; Hang Seng, Nikkei down.

Results Today: ONGC, OBC, Titan, Jaiprakash Associates, Bank of Baroda, Siemens, Sun TV, Allahabad Bank, Alok Industries, Binani Cement, Crompton Greaves, IFB Agro, IOB, Panacea Bio, P&G, Sona Koyo, Sterlite Tech and Federal Bank

Global events to watch


Þ Employment Cost Index

Þ Consumer Sentiment

Global indices Update @ 8:

Dow Jones : 11989 (+04.39)

NASDAQ : 2755 (+15.78)

Nikkei 225 : 10381 (- 96.69)

Hang seng : 23624 (- 154.9)

SGX CNX Nifty : 5605 (- 25.50)

INR / 1 USD : 45.57

Stocks in action for the day: Sterlite Industries, HCL Technologies, Tamil Nadu Newsprint, Lupin, IRB Infra, R Power, L&T, Cipla, SAIL

SAIL Chairman says -SAIL FPO will come this fiscal -Have got legal opinion of advocate general -Will take a final call on FPO in a day or two

RINL IPO - Govt sources say -RINL IPO unlikely in 2011 -RINL IPO likely only in FY13 -RINL to undergo capital restructuring pre-FPO -RINL has paid up equity capital of Rs 8000 crore -RINL could consider converting part equity into debt -RINL to appoint merchant bankers for restructuring shortly -RINL recently awarded Maharatna status

The arbitration panel, hearing the matter of exercise by Sterlite Industries of its call option to purchase 49 per cent equity in BALCO from the government, has ruled that call-option is in violation of section 111A(2) of Indian Companies Act. Sterlite Industries can face hurdle in their corporate restructuring programme due to the panel order.

HCL Technologies has entered into a strategic partnership with Tangoe, a telecom expense management company. HCL has restructured its Telecom Expense Management business through strategic revenue share partnership with Tangoe.

Reliance Industries’ wholly owned subsidiary Reliance Ventures and IL&FS have entered into an agreement to develop a model economic township and other infrastructure facilities at Jhajjar in Haryana. IL&FS and Reliance Ventures will hold 45% equity each while 10% equity will be held by government of Haryana.

Sterlite Technologies’ wholly owned subsidiary has been selected to develop India's first privately owned 765kV transmission system on "Build, Own , Operate" basis. The project transmission lines would be commissioned within 36 months. The company would operate and maintain the transmission system for a minimum tenure of 35 years. The project is estimated at about Rs 1300 crores.

R Systems International has acquired Computaris International, a U.K. based software company, for GBP 9 million. R Systems will make initial payment of GBP 4.25 million and the balance amount over two years linked to performance. The acquisition is funded largely from internal accruals.

Tamil Nadu Newsprint & Papers has successfully implemented installation of a paper machine with a production capacity of 1,55,000 tpa under its mill expansion plan. The company now has overall production capacity to 4,00,000 tpa.

Adani Enterprises has signed an agreement with Indonesian government to set-up rail and port infrastructure to help transport and ship up to 60 mmtpa of coal. The project cost is estimated to be around US $1.65 billion. The rail and port project will be executed by PT Adani Global, a step-down subsidiary of Adani Enterprises, over a period of 48 months.

IRB Infrastructure’s standalone net profit for quarter ended December 2010 was at Rs 6.62 crores against Rs 15.64 crores in the same quarter a year ago. Net sales rose to Rs 64.57crores for quarter against Rs 50.94 crores.

Lupin reported consolidated net profit of Rs 224.03 crores for the quarter ended December 2010 against Rs 160.60 crores in the same quarter a year ago. Net sales stood at Rs 1467.19 crores against Rs 1255.43 crores during the same period.

JSW Steel’s consolidated net profit was at Rs 291.72 crores for the quarter ended December 2010 against Rs 429.70 crores in the same quarter a year ago. Net sales were at Rs 5964.81 crores as compared to Rs 4796.01 crores.

Arvind reported standalone net profit of Rs 31.42 crores for the quarter ended December against Rs 12.25 crores in the same quarter a year ago. Net sales rose to Rs 633.98 crores from Rs 543.93 crores during the same period.

Marico reported standalone net profit of Rs 56.29 crores for the quarter ended December against Rs 61.28 crores in the same quarter a year ago. Net sales stood at Rs 610.53 crores against Rs 505.39 crores a year ago.

Subex reported net profit of Rs 21.51 crores for the quarter ended December against Rs 41.87 crores in the same quarter a year ago. Net sales stood at Rs 123.18 crores for the quarter against Rs 121.04 crores in the same period a year ago.

Sundaram Brake Linings’ manufacturing unit set-up in the SEZ, Mahindra world city, near Chennai, has commenced commercial production from January 19, 2011.

Gateway Distriparks reported net profit of Rs 23.01 crores for the quarter ended December against Rs. 20.20 crores in the same quarter a year ago. Net sales grew at Rs 51.10 crores against Rs 42.49 crores in the same period last fiscal.

GVK Power and Infrastructure has signed two memorandums of understanding with the Government of Indonesia to develop green field international airports in North Bali and Yogyakarta, Java.

Cipla promoters in talks to sell their stake to a global buyer, Merck racing ahead to acquire the stake (ET)

L&T may sell its stake in its infotech arm after failing to expand it in a bigger business (ET)

Jet Airways plans of raising funds through QIP of USD 400 million falters as FIPB rejects request for relaxation of 49% FDI limit (DNA)

ICVL group decides not to cunter Rio Tinto’s USD 3.9 billion bid for Australian miner Riversdale (ET)

Kingfisher to add 8 aircraft by October to arrest slide in market share (ET)

Reliance Power to expand four power projects by 50% to generate an additional 8000 mw of power (ET)

IRB Infra has tied up debt of Rs 750 crore led by IDFC for a highway project in Karnataka (ET)

ONGC has struck shale gas reserves in West Bengal, shale gas discovered for the first time outside USA & Canada (BS)

NTPC to offer 20% stake in its renewable energy joint venture with ADB & Kyuden International Corp to Qatar Investment Authority (FE)

Kajaria Ceramics signs pact with Turkey based Eczacibasi for marketing and sales of VitrA brand products in India (FE)

Murudeshwar Ceramics offering rights issue of equity shares of face value of Rs 10/sh (FE)

NTPC NPCIL form JV for developing atomic power projects in the country (Mint)

JSW Steel to setup Rs 4025 crore cold rolling mill at Vijaynagar facility (DNA)

Russian based Sistema plans a global oil business through an alliance with ONGC to rival Russia’s largest producers (DNA)

Bombay HC Adjourns Wockhardt versus foreign lenders' case to February 5

Oracle Financial introduces Oracle Financial Services Data Warehouse'

FDC board approves buyback at maximum price of Rs 135/share

Mercator lines entered into MOU to sell its 350 feet jack-up Rig with scheduled delivery in Q4 of Financial year 2011

Compact Disc board meet today to consider delisting of shares

Sumeet Industries board meet to approve allotment of equity shares through QIP

Listing of Summit Securities Limited pursuant to Scheme of Arrangement today


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