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 5200-5280. Overall markets are weak and the next logical target is near 5140 if market breaks 5,200 as crucial level to watch.

Results Today: BGR Energy, Bombay Dyeing, Cairn India, Elecon Engineering, Nelco

Omkar Speciality lists today

Global events to watch

Þ Jobless Claims

Þ Treasury Budget

Global indices Update @ 8:

Dow Jones : 12239 (+06.74)

NASDAQ : 2789 (- 07.98)

Nikkei 225 : 10613 (- 04.06)

Hang seng : 22986 (- 177.6)

SGX CNX Nifty : 5240 (- 42.00)

INR / 1 USD : 45.33

Stocks in action for the day: GVK, Rel Infra, M&M, Gitanjali Gems, Natco

ADA (Anil Dhirubhai Ambani) group says -Series of baseless, motivated rumours spread by corporate rivals -Vicious & illegal bear hammering of our listed stocks -Bears creating panic & destabilizing markets -Lodged complaint with SEBI & Stock Exchanges

M&M board okays acquiring 38% in EPC Industries -Makes an open offer to acquire up to 34 lakh shares in EPC at Rs 66.55/sh (EPC Industries is in micro irrigation space)

Bharti Airtel says: -TRAI has gone beyond 3G values -Huge inconsistency in terms of price differences in circles -Recommendations against GoI principles to offer affordability -Price through fair, open auction must apply to all -TRAI's proposals on 6.2 Mhz spectrum 'defies logic' -Proposed pricing fails to provide level playing ground -No rational in making distinction in spectrum

BI FIR on Shahid Balwa -Books Shahid Balwa for criminal misconduct, criminal conspiracy -Licenses were issued to Swan for 13 circles at nominal rates Alert: Swan paid Rs 1537 crore for 13 circles -Certain DoT officials in collusion with private parties granted licenses -DoT selectively leaked information to certain private parties Concerned DoT officials granted licenses to select companies at nominal rates -Loss to govt because of this criminal conspiracy -Swan sold 45% stake before roll-out to Etisalat for Rs 4200 crore -Unitech sold 60% to Telenor for Rs 6100 crore -Estimated loss from sale of license to Swan & Unitech at Rs 7105 crore -Loss to govt from allotment of 122 circles is more than Rs 22,000 crore -Shahid Balwa booked under IPC 120-B

SAIL's Chiria Mine gets forest clearance from environment ministry Environ Ministry says: -Chiria decision expedited on upcoming SAIL FPO -SAIL gets to mine 595 ha at Chiria for 20 years -SAIL Chiria Mine okay against forest panel advice

C Rangarajan says -RBI to continue to hike rates if inflation firm -See March-end inflation at 7% See inflation declining further in April-September -Fiscal deficit seen below 5.5% for this fiscal

PL Engineering (its a Punj Lloyd group company) and GECI India (subs of a French company) to jointly offer engineering services in the Aerospace Sector'.

Moser Baer has startes India's first domestic production of YUKITA brand junction boxes in partnership with Yukita Electric for solar PV modules at its Greater Noida plant.

Elecon Engineering has been awarded Rs 82.02 crores orders from various clients for design, engineering, manufacturing, supplying, erection, testing, commissioning of material handling equipments and other equipments.

BASF India posted net profit of Rs 23.68 crores for the quarter ended December 2010 against Rs 11.25 crores in the same quarter a year ago. Total income grew to Rs 701.99 crores against Rs 292.02 crores.

Oswal Chemicals & Fertilizers posted net profit of Rs 22.21 crores for the quarter ended December 2010 against Rs 3.99 crores in the same quarter a year ago. Net sales grew to Rs 102.37 crores against Rs 14.66 crores.

Bharat Petroleum Corporation’s net profit rose to Rs 187.38 crores for the quarter ended December against Rs 379.09 crores in the same quarter a year ago. Net sales grew to Rs 36665.47 crores against Rs 32161.24 crores in the corresponding quarter a year ago.

Hind Rectifiers net profit for the quarter ended December 2010 declined to Rs 1.79 crores against Rs 2.11 crores in the same quarter a year ago. Net sales grew to Rs 21.43 crores from Rs 18.72 crores in the same period a year ago.

M&M has posted net profit of Rs 734.68 crores for the quarter ended December 2010 as compared to Rs 413.70 crores in the same quarter a year ago. Total income increased to Rs 6162.96 crores from Rs 4521.47 crores.

ICRA has assigned a rating of "A1+" for Godrej Consumers’ non convertible debenture programme of Rs 200 crore. The stock was at Rs 348.10, up 3.80 per cent on the NSE. It touched a high of Rs 349.80 and low of Rs 328.10 in trade so far.

PTC India reported net profit of Rs 37.95 crores for the quarter ended December 2010 against Rs 39.94 crores in the same quarter a year ago. Net sales grew to Rs 1757.64 crores as compared to Rs 2469.33 crores during the same period previous fiscal.

Patni Computer Systems’ net profit for quarter ended December 2010 climbed to Rs 195.46 crores as compared to Rs 207.20 crores in the same quarter previous fiscal. Total income increased to Rs 560.97 crores as against Rs 500.48 crores in the same quarter a year ago. Patni Computers’ consolidated net profit climbed to Rs 623.17 crores for the year ended December 2010 as compared to Rs 586.61 crores previous fiscal. Total income increased to Rs 3407.5 for the year ended December 2010 as against Rs Rs 3229.76 a year ago.

MRPL posted net profit of Rs 313.76 crores for the quarter ended December 2010 as compared to Rs 259.54 crores in the same quarter a year ago. Total income increased to Rs 10368.02 crores from Rs 9404.09 crores in the same quarter a year ago.

Fortis Healthcare is evaluating a plan to transfer its land assets to a real estate investment trust (REIT) that will in turn raise funds for expansion. The stock was at Rs 145.50, down 1.15 per cent on the NSE. It touched a high of Rs 148 and low of Rs 143.50 in trade so far.

Gujarat Pipavav entered into an agreement with Gulf Petrochem India wherein they intend to take on lease 90507 sq mtrs of land at Pipavav Port to develop an initial tankage facility of 100,000 KL

Mahindra Composites board meet on February 14 to consider rights issue

TCS plans a USD 500 million acquisition in Japan or Germany (ET)

Hinduja Global looks forward to expand hopes to form a JV in China by June (ET)

Coal India may buy a stake of upto 15% in Peabody Energy Corp’s Australian assets for an estimated Rs 450 crore (BS)

GVK in race to acquire Australian based Hancock coal’s two mines (FE)

Reliance Infrastructure board to mull share buyback on February 14

TIL draws a Rs 200 crore expansion drive and shall also introduce four new products this year (FE)

TRAI recommends Telecom companies to pay Rs 16000 crore for extra spectrum held beyond 6.2MGz (TOI)

Natco seeks USFDA nod for Tamiflu generic capsules (DNA)

REC & PFC are likely to hike their lending rates by 50 basis points (DNA)

Gitanjali Gems business restructuring delays private equity investments (BS)

Union Bank Of India hikes BPLR by 50 bps to 13.75%

DIPP bats for 49% FDI in existing pharma cos