Market Outlook: Indian markets are expected to open on negative tap

Market Outlook: Indian markets are expected to open on negative tap and trade in the range of 5300-5360. Overall markets are weak and the next logical target is 5260-5240. .

Results today: ABG Shipyard, Bombay Rayon, BPCL, GMR Infra, Kalyani Forge, M&M, Nirma, Patni Computer, REC, United Breweries

Global events to watch

Þ No major events to watch

Global indices Update @ 8:

Dow Jones : 12233 (+71.52)

NASDAQ : 2797 (+13.06)

Nikkei 225 : 10659 (+23.03)

Hang seng : 23344 (- 140.0)

SGX CNX Nifty : 5298 (- 22.00)

INR / 1 USD : 45.39

Stocks in action for the day: Hero Honda, Bharti, DB Realty, Cox & Kings

CBI arrests DB Realty's Shahid Balwa: -Balwa arrested from Mumbai residence -Arrests likely of executives of another realty company: Sources say

Deepak Parekh says -Looking to divest part of unlisted investments by March -Will look to sell individual non-core investments to PE players or to companies directly

Govt Sources : -TRAI recommends new prices for 2G Spectrum -Excess 2G spectrum to cost 7 companies Rs 16,235 crore -Excess spectrum to cost BSNL Rs 7276 crore -Excess 2G spectrum to cost Bharti Airtel Rs 4000 crore -Excess spectrum to cost Idea Cellular Rs 1316 crore -Excess spectrum to cost Vodafone Rs 1743 crore -Excess spectrum to cost MTNL Rs 883 crore -Excess spectrum to cost Aircel Rs 841 crore -Excess spectrum to cost Reliance Communications Rs 70 crore

TRAI submits spectrum price recommendation to DoT -New spectrum price effective April 1, 2010 onwards -New spectrum price for balance period of license -For license renewal, spectrum rate to be inflation indexed

PharmAsia News says -Natco Pharma files Para IV patent challenge for Oseltamivir PharmAsia alert: -Gilead is the patent holder for Oseltamivir (Tamiflu)

Audit firm alleges Reliance Communications of harassment, urges of urgent intervention (ET)

Wheels India’s net profit slipped to Rs 5.58 crores for the quarter ended December 2010 against Rs 6.98 crores in the same quarter a year ago. Net sales rose to Rs 406.20 crores from Rs 350.72 crores during the same time.

Hinduja Global Solutions reported consolidated net profit of Rs 28 crores for the quarter ended December 2010 against Rs 25.34 crores in the same quarter a year ago. Net sales rose to Rs 286.99 crores from Rs 266.06 crores during the same time.

Nissan Copper’s consolidated net profit climbed to Rs 3.13 crores for the quarter ended December 2010 as compared to Rs 2.29 crores in the same quarter previous year. Total income grew to Rs 100.12 crores against Rs 44.98 crores during the same period.

Black Rose has entered into a foreign technology license agreement with Mitsui Chemicals of Japan for the manufacture of 10,000 MT of acrylamide. The stock was at Rs 12.99, down 1.22 per cent on the BSE. It touched a high of Rs 13 and low of Rs 12.55 in trade so far.

Aurionpro Solutions and BDP International have entered into a global license deal for SCMProFit platform. The stock was at Rs 207, down 5.69 per cent on the BSE. It touched a high of Rs 211 and low of Rs 202.55 in trade so far on low volumes.

SAIL is forming an equal equity joint venture with Japan’s fourth-largest steel firm Kobe Steel for a new plant in Durgapur, in one of the biggest cross-border ventures by a government-run company. The project to set up 0.5 million tonne plant is part of SAIL’s target to grow its existing manufacturing capacity.

Fortis Healthcare‘s consolidated net profit grew to Rs 34.5 crores for the quarter ended December 31, 2010 as compared to Rs 21.74 crores in the same quarter a year ago. Total Income increased to Rs 451.6 cores from Rs 241.18 crores in the same quarter a year ago.

Mundra Port and Special Economic Zone posted net profit of Rs 228.46 crores for the quarter ended December 31, 2010 as compared to Rs 163.25 crores in the same quarter a year ago. Total income increased to Rs 451.64 crores from Rs 339.69 crores in the same quarter previous fiscal

Commerce Ministry to review FDI policy in the pharma sector - (BS)

HDFC plans to sell its investments in unlisted companies to private equity companies

Monnet Power plans to invest Rs 3300 crore for increasing power generation capacity of its plant built at Angul in Orissa (BS)

JSW Energy joins the race for USD 2 billion Australian mine (BS)

SC nod to Sesa Goa-Sesa Industries merger

GAIL in talks with GVK, GMR to setup a five million (mtpa) liquefied LNG terminal costing around Rs 4000 crore (Mint)

Cox & Kings close to overseas acquisition, has earmarked Rs 1052 crore for acquisitions (DNA)

Hero Honda plans to buy 800 acres in Aurangabad in the estate of MIDC (HT)

Listing of equity shares of Omkar Speciality Chemicals on February 10

Listing of Sentinel Tea and Exports Limited pursuant to Scheme of Arrangement today

Securities in F&O ban: Kingfisher, Orchid Chemical

Novelis to go for expansion and debottlenecking plans across the globe will increase its recycling capacity by a thirs to 200,000 metric tonne pa (DNA)