Monday, February 28, 2011

Technical outlook: Sensex must hold on to 17300....

Market Outlook: Indian markets are expected to have flat start on the back of mixed sentiments from the global peers. It’s a The day for Indian capital markets and all eyes are on the budget speech which keeps markets under check on every movement of the day. Overall outlook for the markets today is that of cautious optimism as the bulls must hold the Nifty above the 5280-5300 levels sustain ably to manage an upmove in the coming session wherein market has a strong resistance at 5670.

Results today; Abbott, Cambridge, Goodricke Group, Gujarat Gas, Megasoft

Global events to watch

Þ Pending Home Sales Index

Þ Personal Income and Outlays

Global indices Update @ 8:

Dow Jones : 12130 (+61.95)

NASDAQ : 2781 (+43.15)

Nikkei 225 : 10461 (-65.65)

Hang seng : 22950 (-61.63)

SGX CNX Nifty : 5324 (-04.00)

INR / 1 USD : 45.37

Stocks in Action for the day: GHCL, OBC, RIL, Aegis, Coal India, Areva, Educomp Solutions, Woolite Mercantile, Assam Company, Tata Steel

Areva T&D Q4 -PAT up 29.2% at Rs 88 crore versus Rs 68.1 crore -Net sales up 14.4% at Rs 1327 crore versus Rs 1160 crore -OPM at 13.4% versus 12%

Nagarjuna Construction -Relocates its power project at Srikakulam due to local protest -Relocates 1320 MW project to Krishnapatnam; Project cost is Rs 7,000 crore; -Financial closure expected soon; REC, PFC, SBI, ICICI and other banks to finance it

NALCO update -CMD & Wife arrested for taking bribe -Rs 30 Lakh, 10 kg gold recovered from NALCO CMD's house -NALCO chief Srivastava suspended, B L Bagra is new CMD

Jaipal Reddy says -Up to ministers' panel to decide on fuel price hike -To request Finance Ministry for a ministerial meet on fuel price -Have floated cabinet note on Cairn-Vedanta deal -Idea is to take cabinet note as soon as possible-Would like to call EGoM given volatile crude prices -Advisable for OMCs to wait for EGoM before hiking fuel prices -Seem to have received formal request from RIL on BP deal -Should not contrast & compare RIL-BP Deal with Cairn-Vedanta -No change in govt policy on deregulation of petrol prices -OMCs continue to have freedom to determine petrol prices

Anil Agrawal on Cairn-Vedanta deal -Had a very constructive meeting with oil secretary -Confident of a positive outcome on deal with Cairn-Deal with Cairn has to go through; evaluating options Coal India - CNBC-TV18 Exclusive: Sources -Coal India increases coal prices by 30% w.e.f February 27th
-Coal price hike will affect cement industry, sponge iron industry

2G Scam update: -Anil sardana Ex-MD Tata Tele went to CBI on Friday for questioning -Anil Sardana now MD Tata Power

Educomp Solutions has picked up majority stake in Gateforum Educational Services which provides preparatory tools for Graduate Aptitude Test in Engineering (GATE).

Woolite Mercantile has acquired 1 lakh equity shares of Rs 10 each of Prism Medical & Pharmacy for Rs 10 lakhs. With the said acquisition, Prism Medical & Pharmacy becomes the subsidiary of the company with equity stake of 90.91%. Prism Medical & Pharmacy is engaged in retail pharmacy business.

Assam Company has entered into an agreement with Sismopetrol and R3 in Colombia, for exploration and production of an oil block known as ANH EL Triunfo located in Casanare in Colombia. The block size is 10,200 hectares and contains one discovery well (La Cabana). Assam Company has acquired 70 per cent participating interest in the said Block with Sismoperrol holding 30% participating interest.

Omaxe Infrastructure and Construction, a wholly owned subsidiary of Omaxe, has been awarded a project of construction of dwelling units including allied services for officers, JCOs/OR at Deolali (Army) and Nasik (AF) by Ministry of Defense.

Tata Steel UK has signed a definitive sale agreement to sell certain assets of Teesside Cast Products to Sahaviriya Steel Industries UK, a subsidiary of Thailand’s largest steel producer, in a deal valuing the business at $469 million.

Kishore Biyani is hoping to regain investors' confidence in Pantaloon Retail by firming plans to raise Rs 2,500- 4,000 crore through stake sale in non-core retail businesses such as consumer finance, insurance, textile mills, logisitics and JVs in mobile retailing and office supplies.

Reliance Power has emerged the frontrunner among six shortlisted entities for a tender floated by Uttar Pradesh Power Corporation to buy 3,000 MW of power for 25 years starting 2014.

Ansal Properties & Infrastructure has signed a pact to form a joint venture with Red Fort Capital to expand a residential township near New Delhi. Red Fort Capital will invest Rs 200 crore in the JV formed to develop an additional 108-acre township project adjacent to company's existing 112-acre Esencia township project in Gurgaon.

Metropolitan Infra Housing Pvt Ltd, a subsidiary of Gammon India, on Thursday bagged a 45-acre land in Kalyan, owned by Pal-Peugeot, the now defunct auto company, for Rs 125 crore. With the new acquisition, Gammon has become the owner of the entire 180 acre Pal-Peugeot land.

RIL formally applies for govt nod for BP deal: Sources
HPCL chairman says no plans to hike petrol prices right now, already gave consumers a shock with 2 recent hikes
Bank of Maharashtra board approves preferential issue of Rs 352 crore to Govt
Aegis Logistics to issue 6.35% equity stake to Infrastructure India Holding Fund at Rs 322/share
Hero Group co to pledge its shares in Hero Honda with institutional investors to raise about Rs 3500 crore in short-term debt to buy Honda’ stake – ET
RIL gets no objection from Niko resources & Hardy Oil for selling 30% stake in oil and gas blocks like eastern offshore KG-D6 to BP (ET)
NCC Infra may dilute equity to raise funds for the 1,320 mw Krishnapatnam power project – FE
SRF to buy back 6 lakh shares representing 9.81% at Rs 380/sh ((CMP: 316))
Oriental Bank of Commerce expects a capital infusion of about Rs 1000 crore during the next quarter Future Group plans to raise around Rs 2500-Rs 4000 crore through stake sale in non core retail businesses – ET
Rain Commodities board approves stock split 1:5
GHCL board approves sale of investment held in Rosebys Interiors, a wholly owned subsidiary
Videocon in F&O ban


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