Friday, February 25, 2011

Market Outlook: Indian markets are expected to have positive start

Market Outlook: Indian markets are expected to have positive start on the back of constructive support from the global peers. Asian markets trading firm; Hang Seng, Nikkei up while Wall Street ends mixed; Crude at $ 97/bbl. Overall outlook for the markets today is that of cautious optimism as the bulls must hold the Nifty above the 5200 levels sustain ably to manage an upmove in the coming session. The support for the Nifty is at 5220 and resistance at 5380.

Global events to watch


Þ Consumer Sentiment

Global indices Update @ 8:

Dow Jones : 12068 (- 37.28)

NASDAQ : 2737 (+14.91)

Nikkei 225 : 10475 (+22.97)

Hang seng : 22714 (+113.9)

SGX CNX Nifty : 5310 (+23.00)

INR / 1 USD : 45.37

Technical outlook: Volatile still plays the game

Stocks in Action for the day: Jyothy Laboratories, TCS, Tech Mahindra, Hero Honda, Madhucon Projects

Sudar Garments, Acropetal Tech IPOs fully subscribed: Initial public offers of garment manufacturer Sudar Garments and Bangalore based IT service provider Acropetal Technologies subscribed 1.55 times and 1.28 times on last day, respectively.

Car prices may rise up to Rs 25,000 due to higher commodities costs: Car companies are likely to raise prices by up to 2-3% next month, translating into an effective increase of around 10,000 for cars such as Maruti Swift , Hyundai i20 and Honda Jazz . The premium models like Toyota Camry or Skoda Superb will be costlier by over Rs 25,000. There is immense pressure to increase prices as key commodities like steel and rubber have touched all-time high in recent months.

Jyothy Laboratories informed that the High Court at Mumbai has passed an order for amalgamation of Sri Sal Homecare Products (Wholly Owned Subsidiary Company) with the Company.

Clariant Chemicals has recommended for the approval of members a final dividend of Rs 20/- per equity share of the face value of Rs 10/- each.

Tata Consultancy Services has been appointed at official technology partner to Pro cycling team Garmin-Cervelo.

Venus Remedies has received patent grant from Instituto Mexicano de la Propiedad Industrial (IMPI) for its researched product "Sulbactomax". With this grant the product has patent in total of 42 countries, including Europe, and the patent for this product is valid till 2024.

The separation between the Munjal family-controlled Hero Group and Japanese automobile major Honda Motors is closer to becoming a reality as the Foreign Investment Promotion Board on Wednesday cleared the proposal of the Indian promoter to raise Rs 4,500-crore from overseas investors.

Tech Mahindra has won a multi-million dollar IT contract from Vodafone for the telco's operations in Qatar . The contract covers application development and maintenance, infrastructure management and other services.

Firstobject Technologies has bagged an order for implementation of interactive classroom teaching modules on turn key basis to be implemented in phases for 16 schools of Walawa Sangli Group of High Schools spread across the State of Maharashtra with a total student base of about 19600.

Madhucon Projects has bagged a project to design, build, finance, operate and transfer (DBFOT) 84 kms of NHAI project in West Bengal for semi-annual annuity of Rs 73.98 crores. The concession period is for period of 17 years.

Steel Authority of India is in advanced stages of talks with coking coal miners in Australia and South Africa for acquiring their assets, said a person directly involved in the negotiations. The value of the mines-two in South Africa and one in Australia-could likely be upward of $1.5 billion (about Rs 6,750 crore) and would be used to reduce SAIL's import bill.

A legal tussle playing out in the Bombay High Court between Wockhardt and holders of its foreign currency convertible bonds seems nowhere near getting resolved with the bondholders rebuffing a fresh settlement proposal and pressing ahead with a winding-up petition. The case is coming-up for hearing today.

Jet Airways will increase fuel surcharge by up to Rs 200 from Saturday even as domestic airlines led by Air India and Kingfisher are also mulling a fuel surcharge hike. Jet Airways will charge an additional Rs 100 for travel under 1000 km and Rs 200 for travel above 1000 km.


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