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

Market Outlook: Indian markets are expected to open on negative to flat note before taking fresh cues from the global counters. Overall markets are still weak and may see a slide down towards 5450-5400 in the days to come. The support for the Nifty is at 5430 and resistance at 5599.

Results Today: Glenmark, NMDC, Syndicate bank, HEG, Gati, Vijay Shanti Builders

Global events to watch

Þ ISM Mfg Index

Þ Construction Spending

Þ Motor Vehicle Sales

Þ ICSC-Goldman Store Sales

Global indices Update @ 8:

Dow Jones : 11891 (+68.23)

NASDAQ : 2700 (+13.19)

Nikkei 225 : 10272 (+34.77)

Hang seng : 23471 (+24.23)

SGX CNX Nifty : 5520 (- 04.50)

INR / 1 USD : 45.95

Stocks in action for the day: Cairn, PFC, Phillips Carbon, DB Realty, Unitech

MNP: Vodafone gains 1.09 lakh users in 11 days: Mobile number portability (MNP) definitely rang good news for complaining consumers. Soon after a pan-India roll out on January 20, nearly a million mobile users have sought to switch numbers, reports sources. It is learnt that nearly 270,000 users have switched operators till now. Major gainers of MNP are Vodafone, Idea, Airtel and Aircel while losers include BSNL, Rel Comm and Tata Tele (CDMA). Vodafone has gained the highest with a new addition of 1.09 lakh users. Out of the total, Idea gained 56,000 users, Aircel's net gain stood at 52,000 users while Airtel's added 29,000 users. Sources add that most porting requests from CDMA to GSM.

Cairn rejects ONGC demand to involve govt for settling royalty dispute: Cairn India has rejected ONGC's demand to involve the government to settle the dispute over royalty payments, creating a stalemate over the $9.6-billion Cairn-Vedanta deal , which may need international arbitration. ONGC, which is a 30% partner of Cairn in India's largest onland oilfields in Rajasthan, is contractually obliged to pay 100% royalty on the crude oil produced from the block, giving it a negative return.

Unitech moves court to stop pledged share sale held against debt raised by promoter entities Delhi HC -Gives Unitech promoters get ex parte interim stay on share sale -Restricts Axis Trustee services from selling Unitech shares -Passes injunction order on January 30, 2011 -Axis Trustee wrote to Unitech Promoters on January 28, 2011 -Axis Trustee informed it will sell shares on January 31 -Unitech promoters undertakes to pre-pay entire debenture amount

Oil Minister confirms Rs 8,000 crore subsidy for oil companies Oil Minister says: -May seek more compensation for FY11 revenue losses -Oil cos to absorb Rs 10,000 crore revenue loss in Apr-December -Oil cos' October-December gross revenue loss at Rs 15,500 crore -Oil cos' April-December gross revenue loss at Rs 47,000 crore -Upstream companies to share Rs 15,000 crore subsidy in April-December

Empowered committee to take a call on SAIL's merchant bankers in 1-2 days -SAIL's FPO likely this fiscal

GVK Power & Infrastructure’s reported net profit of Rs 41.91 crores for the quarter ended December 2010 against Rs 42.81 crores previous quarter. Net sales rose to Rs 459.56 crores in December 2010 quarter as compared to Rs 503.43 crores in September 2010 quarter.

Sun Pharmaceuticals reported net profit of Rs 350.15 crores for the quarter ended December 2010 against Rs 338.95 crores for the quarter ended December 2009. Net sales stood at Rs 1601.07 crores from Rs 1020.86 crores.1

Dabur India’s consolidated net profit grew to Rs 154.45 crores for the quarter ended December against Rs 137.77 crores in the same quarter a year ago. Net sales climbed to Rs 1079.97 crores from Rs 926.18 crores during corresponding quarter previous fiscal.

Jindal Saw posted standalone net profit of Rs 125.01 crores for the quarter ended December against Rs 170.10 crores in the same quarter previous fiscal. Net sales rose to Rs 1063.41 crores for the quarter as compared to Rs 1371.04 crores during the same period a year ago.

Rolta India reported consolidated net profit of Rs 154.18 crores for the quarter ended December against Rs 74.77 crores in the same quarter a year ago. Net sales rose to Rs 441.15 crores against Rs 427.58 crores during the same period.

Aurobindo Pharma has received tentative approval from the US Food & Drug Administration to manufacture and market Famciclovir tablets. The drug is used for treatment of recurrent muccocutaneous herpes simplex infections in HIV-infected patients and suppression of recurrent genital herpes in immunocompetent patients.

Commercial Engineers & Body Builders has obtained vendor approval from Wagon Directorate of Research Designs & Standards Organisation, Ministry of Railways, for refurbishment work of BOXNR Wagons for the Indian Railway.

Dr Reddy’s Laboratories has announced that the US District court of New Jersey has allowed the company to sell generic version of Allegra D24, which was approved by USFDA in March 2010.

Gujarat Narmada Valley Fertilizer’s standalone net profit climbed to Rs 88.35 crores for the quarter ended December from Rs 59.69 crores in the same quarter previous fiscal. Net sales grew to Rs 833.89 crores from Rs 765.90 crores during the same period.

Nava Bharat Ventures posted standalone net profit of Rs 49.34 crores for the quarter ended December against Rs 84.69 crores in previous quarter. Net sales were at Rs 245.44 crores against Rs 287.48 crores during the same period.

HCL Infosystems has bagged an order worth Rs 250 crores from Bharat Sanchar Nigam Limited for deploying facility for printing and managing BSNL customer bills.

Exelon Infrastructure has sub division of shares from Rs 10 per equity share to Rs 5 per equity share. The stock was flat at Rs 49.75 on the BSE. It gyrated between a high of Rs 51 and low of Rs 47.50 in trade so far.

Tata Power is negotiating to refinance debt of $270 million, raised to buy assets of Indonesia's PT Bumi Resources, say reports. The company had purchased 30% stake in two thermal coal mines and trading companies of Bumi for $1.1 billion in 2007. The acquisition was then backed by UK's Barclays Bank.

CAG raised questions on the govt’s move to allow RIL to increase its expenditure in developing the D-6 field by over USD 6 billion reducing state’s revenue (ET)

Central Bank of India says have filed with Sebi for rights issue

Allahabad Bank hikes BPLR by 25 bps to 13.5% & base rate by 50 bps to 9.5%

PNB to hike base rate by 50 bps to 9.5%; BPLR by 50 bps to 13% and raise rates on some deposits by 25-100 bps

PSU oil cos to hike ATF prices by 4.5% effective Tuesday: PTI

Essar drops plans to inject part of its 33% stake in Vodafone Essar into a listed shell company India Securities after objections raised by Vodafone (ET)

DB Realty in the process of selling 10% stake for Rs 450 crore in its Bandra Govt Colony project to private equity firm Starwood Capital (ET)

Godrej Properties started development of 35 acres of land at Vikhroli suburb of Mumbai and will spend up to Rs 1500 crore (ET)

Cairn India rejects ONGC’s demand to involve government to settle the disputes over the royalty payments (ET)

Phillips Carbon Black in race to acquire carbon black division of Germany’s Evonik Industries for USD 1.2 billion

PFC plans Rs 5300 crore infrastructure bond issue to hit the market in February (FE)

JSW Steel in talks to buy 9 million iron ore from Sesa Goa’s Karnataka mines will be spread equally over three years & priced lower than the export rates (DNA)

BOC India delisting offer fails, got 40 lakh shares in offer vs required 45 lakh shares to delist the company

Bank of India board meet today to consider raising equity shares capital of the Bank.