Monday, January 17, 2011

Market Outlook: Market is still not out of the woods....

Market Outlook: Indian markets are expected to open on flat note and trade in the range of 5630-5680. Market is still not out of the woods and trying to consolidated before taking fresh moves. The support for the Nifty is at 5565 and resistance at 5882.

Global events to watch

Þ US Holiday: Martin Luther King Jr. Day

Þ All Markets Closed

Global indices Update @ 8:

Dow Jones : 11787 (+55.48)

NASDAQ : 2755 (+20.01)

Nikkei 225 : 10536 (+37.70)

Hang seng : 24212 (- 71.11)

SGX CNX Nifty : 5655 (+04.50)

INR / 1 USD : 45.30

Stocks in action for the day: OMC’s, TATA Steel, HUL, Gitanjali, NALCO, Glenmark, Infosys, Unichem.

OMC In Action: State-owned oil companies on Saturday raised petrol prices by Rs 2.50-Rs 2.54 per litre, the second hike in a month, on back of rising crude oil prices. Indian Oil Corp, the nation's largest fuel retailer, will raise petrol prices by Rs 2.50 per litre with effect from midnight on Saturday, while Hindustan Petroleum Corp Ltd (HPCL) would hike rates by Rs 2.54 a litre,

Tata Steel sets FPO price band at Rs 594-610/sh: Country's largest steel maker Tata Steel has fixed price band of Rs 594-610 a share for its follow-on public offer (FPO) of 5.7 crore ordinary equity shares of Rs 10 each. The issue will open for subscription during January 19-21, 2011.

Glenmark Pharma -Abbott, Sanofi win district court jury trial against Glenmark for Tarka CNBC-TV18 alert: Glenmark launched Tarka generic at risk in June CNBC-TV18 alert: Tarka is USD 60 million drug used for Cholesterol -Glenmark has to pay USD 16 million in damages to Abbott-Sanofi -Glenmark damages based on loss of profits of innovator -Glenmark expected to appeal to district court judge

ONGC FPO --ONGC likely to appoint 6 bankers -Bankers for ONGC FPO likely to be finalised on Jan 16 -ONGC FPO likely to open around March 15

Steel Ministry on SAIL FPO -Unhappy about Tata Steel choosing the same merchant bankers -Unethical for Tata Steel, merchant bankers to do this -Why Tata Steel chose to come on the same time, same month, same bankers -Will get in touch with merchant bankers -If bankers are changed FPO mail be delayed Alert- Kotak, SBI Cap, Deutche Bank common bankers for Tata Steel, SAIL FPO

Unichem Lab Q3: -Net profit at Rs 25.6 crore versus Rs 33.7 crore -Income from operations at Rs 195 crore versus Rs 171 crore

Jaiprakash Power Venture Q3 -Total sales at Rs 181 crore versus Rs 119 crore -Profit at Rs 22.7 crore versus Rs 16.8 crore -Sales includes sale of Vetrified emission Reduction of 22.4 crore versus nil -Interest expenditure at Rs 104 crore versus Rs 50.5 crore -Forex loss (post tax) nil versus Rs 6.9 crore

Nectar Life Science Q3 -Net sales at Rs 320 crore versus Rs 242 crore -Net profit at Rs 30.2 crore versus Rs 25.7 crore

Gitanjali sees 2011 sales up, eyes expansion: Gitanjali Gems, India s biggest jewellery retailer, expects to boost sales to about USD 2 billion this year from USD 1.55 billion in 2010 and aims to expand in Italy and China, its top executive said. ``This year we will reach, we hope to achieve about USD 2 billion in revenues ... and emerge as one of the largest integrated brands in (jewellery) retail,`` Gitanjali Managing Director Mehul Choski told Reuters in an interview on Sunday. Gitanjali, which last September bought Italian jeweller Valente Milano, plans to complete the acquisition of four other Italian jewellery brands by the first week of February, Choski said at a key international jewellery fair in northern Italy.

Marico may buy 51% stake in Unibic India unit Marico, the maker of Parachute coconut hair oil and a home-grown fast-moving consumer goods or FMCG company, is in negotiations to buy a controlling stake in the Indian arm of Australian company Unibic, a maker of cookies. Marico is likely to pay Rs 1.3 billion for a 51% stake in Unibic India and the acquisition is expected to be completed by the end of the month, according to people familiar with the proposed transaction. Both companies declined to comment. ``We do not comment on M&A speculations and hence cannot either confirm or deny queries on this,`` said the Marico spokesperson. ``As you may be aware we do not comment on speculation,`` was Unibic India`s comment. Marico will acquire the remaining 49% of Unibic India after four years, the sources said. They pointed out that the due diligence process was currently on.

IOC says price rise lesser than desired retail selling rate A day after raising petrol price by Rs 2.50 per litre, Indian Oil Corporation (IOC), the nation`s largest fuel retailer, said the increase was less than the Rs 3.72 a litre which was needed to make domestic rates in line with rise in cost. ``Based on current price levels in the international oil market, the desired increase in the retail selling prices of petrol in a market like New Delhi should have been Rs 3.72 per litre. However, IOC has chosen to soften the impact on the customer by increasing the price by Rs 2.50 a litre,`` the company said in a statement here. The IOC said it has not passed on the balance required increase of Rs 1.22 per litre. ``Even during the previous revision of the price of petrol with effect from December 16, 2010, as against the required increase of Rs 4.90 per litre in the price at New Delhi, the actual increase was confined to Rs 2.96 a litre thus leaving a gap of Rs 1.94 per litre in anticipation of a likely fall in the price levels in the global oil market,`` it said.

NALCO signs MoU with IREL for Titanium Project National Aluminium Co. (NALCO), the Navratna PSU and one of India`s largest producers and exporters of aluminium has signed a Memorandum of Understanding with Indian Rare Earths (IREL), a PSU under Department of Atomic Energy to set up Titanium project at a cost of Rs 4 billion. The project will come up at Chatrapur in Ganjam district for making value-added products from beach sand minerals, which would subsequently be used for making titanium and allied products. The MoU was signed between Nalco chairman and managing director, A K Srivastava and IREL CMD, Dr R N Patra here on Friday. The detailed project proposal is still being worked out, Nalco sources said. Titanium has a strategic importance for the country and is a key material used in space, aviation, nuclear, automobile, and paint industries. The country imports titanium to meet huge demand for this product as there is not a single project in the country.

SAIL signs agreement with IRCON for rail projects Maharatna PSU Steel Authority of India (SAIL) inked a memorandum of understanding (MoU) with IRCON International for jointly working on rail infrastructure projects both in India and abroad. IRCON, which has expertise in development of surface transportation infrastructure, has handled around 300 projects in India and abroad and is currently setting up rail infrastructure in a number of developing countries. SAIL is a major producer and supplier of railway materials. The MoU is the first step by SAIL and IRCON towards joining hands for efficient execution of public-public and public-private partnership projects of the Railways, as well as participating in rail infrastructure projects in developing countries, a release said here.

HUL may raise prices of soaps, skincare brands Hindustan Unilever may trigger a price rise in daily-use items by increasing prices of its popular soap and skin care brands to offset high input costs. The country`s largest consumer products company has already increased the price of Lux soap and may follow it up with 5-8 % hike in prices of other premium soap brands such as Dove and Pears and fairness cream Fair & Lovely in February, a Hindustan Unilever distributor said. The country`s second-largest soap maker Godrej Consumer Products, which makes Cinthol and Godrej No 1 brands, too plans a price increase to deal with soaring raw material prices, while Wipro Consumer Care, maker of Santoor soap, will wait a bit before taking a decision. ``HUL is offering discounts in several of their brands for the Republic day sale period, which will exhaust most of the existing stock. So products with the new price tag should hit the market by February,`` said the distributor, talking on condition of anonymity. The company may also increase prices of some of its other laundry and shampoo brands by February, the person said.

Natco`s US partner sells outlet Natco Pharma said K & C Pharmacy, a general partnership firm at New Jersey in which it is a 75` Drugs. The revenues of Nicks` Drugs were predominantly guided by the Medicaid reimbursements from the State of New Jersey. There have been significant reductions in the reimbursements due to budgetary restrictions. Natco said the sale of Nicks` Drugs would not have any significant impact on its revenues and the profitability.

Infosys plans to acquire small USA companies of USD 15 - USD 25 million to tap into the USD 70 billion government outsourcing market (ET)

Renault India still to take a final call on branding and marketing Bajaj’s small car (BS)

SAIL inked a pact with IRCON International for jointly working on rail infrastructure projects in India and overseas (BS)

Sangam India plans to invest Rs 250 crore in the next three years to expand its capacity (BS)

Hindustan Copper FPO unlikely to hit markets this fiscal as the govt and merchant bankers are yet to come to a consensus over the valuations (FE)

Anil Ambani slams reports of ban on its two stocks of RNRL and Reliance Infra, says group has enough flexibility to raise funds

Cement Industry calls for reduced value-added tax with other building materials (FE)

Dr Agarwal Eye open offer at Rs 100/sh (CMP Rs 77)

Essar group to amalgamate Essar Tele with India Securities – DNA (Essar holds 11% stake in Vodafone Essar)

Results Today:

Jan 17 Axis Bank Ltd, earnings for quarter ended December.

Jan 17 Dhampur Sugar Mills Ltd, earnings for quarter ended December.

Jan 17 Essar Oil Ltd, earnings for quarter ended December.

Jan 17 Indusind Bank Ltd, earnings for quarter ended December.

Jan 17 Larsen & Toubro Ltd, earnings for quarter ended December.

Jan 17 Kalyani Steels Ltd, earnings for quarter ended December.

Jan 17 Kernex Microsystems (India) Ltd, earnings for quarter ended December.

Jan 17 Kiri Dyes and Chemicals Ltd, to consider stock split.

Jan 17 Mafatlal Finance Ltd, earnings for quarter ended December.

Jan 17 Maharashtra Scooters Ltd, earnings for quarter ended December.

Jan 17 Morarjee Textiles Ltd, earnings for quarter ended December.

Jan 17 Nelcast Ltd, earnings for quarter ended December and to consider special dividend.

Jan 17 Onward Technologies Ltd, earnings for quarter and nine months ended December.

Jan 17 Power Finance Corp Ltd, earnings for quarter and nine months ended December

Jan 17 Rallis India Ltd, earnings for quarter and nine months ended December.

Jan 17 RPG Life Sciences Ltd, earnings for quarter ended December.

Jan 17 Ruchi Soya Industries Ltd, earnings for quarter ended December.

Jan 17 Shri Shakti LPG Ltd, earnings for quarter and nine months ended December.

Jan 17 Sulabh Engineers & Services Ltd, earnings for quarter ended December.

Jan 17 Tata Consultancy Services Ltd, earnings for quarter ended December and consider interim

Jan 17 Zensar Technologies Ltd, earnings for quarter and nine months ended December.

Jan 17 Zydus Wellness Ltd, earnings for quarter and nine months ended December.


No comments: