Market Outlook: Indian markets are expected to open on a flat note and trade in the range of 5400-5360. We expect a pullback relief rally likely as markets are seen in oversold position. Asian markets trading higher; Nikkei, Seoul Composite up, while Wall St manage more gains; dollar up on jobs data. Overall markets looks weak and has displayed no signs of strength so far.. The support for the Nifty is at 5360-5260 and resistance at 5500.
Global events to watch
Þ Consumer Credit
Þ 4-Week Bill Announcement
Þ 3 - 6 Month Bill Auction
Global indices Update @ 8:
Dow Jones : 12092 (+20.89)
NASDAQ : 2769 (+15.42)
Nikkei 225 : 10616 (+72.53)
Hang seng : 23870 (- 38.27)
SGX CNX Nifty : 5381 (- 01.00)
INR / 1 USD : 45.64
Stocks in action for the day: Unitech, McNally Bharat, HUL, Cairn, NTPC...
Unitech promoters repay entire Rs 250 cr owed to creditors: The promoters of Unitech, a Delhi-based real estate firm , have repaid a number of high net individuals, or HNIs , after a legal dispute broke out over an attempt by the borrowers to sell pledged shares. On February 4, the owners of one of India’s leading real estate companies paid Rs 178 crore, ahead of a deadline of February 22 set by the Delhi High Court, said Sanjay Chandra, the company’s Managing Director.
McNally Bharat Engineering has received order from Tata Projects for fabrication, supply and erection, of coal grinding plant structures for SAIL-RSP. The order value is around Rs 24.34 crores. The schedule time for completion is 6 months.
HUL to foray into fruit-based beverages market Hindustan Unilever will soon launch its first fruit-based drink under the Kissan brand to cash in on the increasingly health-conscious mindset of the Indian consumer. The entry of the country`s largest consumer products firm will potentially shake up the fast-growing 15 billion fruit-based beverages market, currently dominated by Dabur, Parle Agro, PepsiCo and Coca-Cola. Hindustan Unilever will launch fruit-based drinks in tetrapaks under the Kissan brand name, two officials directly involved with the launch said. A company spokesman said he would not comment on market speculation. The 62-year-old Kissan brand is the market leader in all three categories it is present in: ketchups, jams and squashes.
Deadlock over Cairn-Vedanta deal continues Top officials of the oil ministry, Cairn and Vedanta could not resolve the thorny issues, such as equitable sharing of royalty burden, in their first meeting to clear the $9.6-billion Cairn-Vedanta deal. ``We are likely to meet again tomorrow,`` one person present in the meeting said requesting anonymity. The ministry proposal to Cairn and Vedanta for accepting its position in cases where Cairn India has initiated arbitration is the other issue that would be discussed on Monday. Oil secretary S Sundareshan hoped to find a ``positive solution``. ``We had constructive discussions with the representatives of Cairn and Vedanta. We hope to move forward to a positive solution,`` he told reporters after an hour-long meeting with representatives of Cairn and Vedanta. The meeting was also attended by top executives of the Directorate General of Hydrocarbon, the technical adviser of the oil ministry.
NTPC won`t call fresh bids even if there`s only 1 bidder: Country` stop power generator NTPC will not invite fresh bids for its 190 billion equipment supply tender even if only one bidder qualifies, a move that would accelerate construction of power stations and bridge the large demand-supply gap , government officials said. The state utility has clarified in bid documents that if only one bidder qualifies, NTPC has rights to award as many contracts as the company is willing to take up. Last June, NTPC had to call fresh bids for its 110 billion tenders for 11,660-MM boilers as Bharat Heavy Electricals (BHEL) was the sole bidder after the disqualification of Larsen & Toubro. The original bids were called in October 2009 and the company had hoped to award the tenders by March 2010. The process was further delayed as one of the bidders - Ansaldo Caldaie India - challenged its disqualification from the tender in the Delhi high court.
RINL unveils Rs 445 bn expansion plan to add 8.4 mtpa additional capacity: Rashtriya Ispat Nigam (RINL), a government of India undertaking, which was earlier known as Visakhapatnam Steel Plant, on Sunday unveiled a Rs 445 billion investment plan to expand its present capacity of 3.3 million ton per annum [MTPA] to 8.4 million tons of steel in the next five years. The company has also launched RINL Rural Dealership Scheme for an inclusive growth of rural India. Soon after launching the RINL-RDC, RINL chairman and managing director PK Bishnoi told media persons here that RINL would add an additional production of three million tons steel with an investment of Rs 125 billion from the next fiscal.
BEL ups focus on R&D; to spend Rs 3.4 bn Bharat Electronics (BEL), the Bangalore-based defence electronics company, has enhanced its focus on in-house research and development (R&D) programmes this year in an effort to develop new technologies and products to increase its business, a top company official said. ``Every year we have been spending in the range of Rs 2.5 billion on upgrading our facilities as part of our R&D activities and is normally 5-6% of the turnover. This year we will spend around 6% of our turnover on R&D programmes. In the next three years we are targeting a spend of 8% of the turnover. We are taking onboard more and more engineers, buying more research tools, sanctioning more development projects and co-development with the Defence Research and Development Organization (DRDO) among others,`` Ashwani Kumar Datt, chairman and managing director, BEL said.
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