Wednesday, August 24, 2011

Stocks in action for the day: Shriram EPC, Supreme Ind, ICICI Bank, SBI.

Market Outlook: Indian markets are expected to open on a flat note in the opening trades on the back of mixed trend seen on the global markets. Volatility continues to plague markets as investors find few reasons to buy ahead of uncertainty on the peer countries. On the global space Wall St extends gains; S&P, Nasdaq up 2%. On the over all basis we remain cautious with a support seen near 4880.

Results today: Mphasis.

Moody's cuts Japan's sovereign rating by one notch: Ratings agency Moody's downgraded Japan's sovereign rating by one notch on Wednesday, heaping more pressure on the country's political leaders to address the industrialized world's largest debt. The new rating puts Japan on a par with China. Moody's said the outlook was stable, after warning in May that it might downgrade Japan over concerns over policy responses to the massive debt. It was the first downgrade by Moody's of Japan's sovereign debt for nine years. Japan's debt stands at around 200 percent of its GDP, after years of pump-priming measures by governments trying in vain to arrest the economy's long decline. Much of government spending is swallowed up by a social security system catering to a rapidly ageing population, while entrenched deflation and a feeble economy have made it hard for lawmakers to curb borrowing. The downgrade puts Moody's on a par with other major ratings companies Standard & Poor's and Fitch Ratings, both of which rate Japan's sovereign debt at AA- with a negative outlook.

Global events to watch for:

Þ Durable Goods Orders.

Þ FHFA House Price Index.

Global indices Update @ 8:

Dow Jones : 11176 (+332.1)

NASDAQ : 2446 (+100.6)

Nikkei 225 : 8716 (-16.25)

Hang seng : 19730 (-145.5)

SGX CNX Nifty : 4923 (-22.00)

Gold (USD/t oz.) : 1854.8 (-06.50)

Nymex Crude (F) : 85.77 (+00.33)

INR / 1 USD : 45.68

OUTLOOK Not available for the day due to technical reason.

Stocks in action for the day: Shriram EPC, Supreme Ind, ICICI Bank, SBI.

Reliance Industries regains top position in market-cap; overtakes Coal India: RIL) regained its leadership position in market-cap ranking following its rise in the past two days as investors looking for value bought the stock after a 20% slide in a month. State-run miner Coal India (CIL) slipped to the second position after four glory days as the nation's most valuable company. CIL has been seeing a growing investor participation in trading after it was added to the 30-share BSE Sensex recently. Fund managers having mandates to invest only in index stocks have already built up large positions in the stock in anticipation that it will soon find place in the relatively broader 50-share Nifty index.

TD Power Systems IPO opens for subscription: The Rs 227-crore IPO of TD Power Systems , a manufacturer of AC Generators with output capacity in the range of 1 MW to 52 MW, has opened for subscription today. In addition to manufacturing AC Generators, the company also executes Turbine Generator (TG) island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with TD Power generator. As of June 30, 2011 the company has completed a total of 92 TG island projects with an aggregate output capacity of 1,799 MW in India, Uganda, Kenya, Zambia and Philippines. As June 30, 2011, the company’s cumulative order book was Rs 1,094.68 crore.

RIL withdraws from Oman oil exploration block.

SBI in talks with government for offering rights issue.

Low-fare airline SpiceJet said on Tuesday the company was not in discussions with private equity firm TPG Capital for stake sale.

Domestic steel majors are expected to hike prices further in October following the likely improvement in industrial and infrastructural construction activity, according to an industry report

Banking Secretary DK Mittal says -Govt keen to infuse capital in SBI -Govt to infuse capital in SBI this fiscal

RBI official says- ICICI Bank 's new home loan product could qualify as teaser loan-Teaser loans are neither fixed nor floating-RBI yet to take an official view on the matter

TD Power Systems IPO with a price range of Rs 256-261/share opens today

Cairn India CFO Indrajit Banerjee resignation, to join Ranbaxy – Reports

Japan based Takeda in talks to acquire Cipla or Lupin ’s Pharma business (ET)

GTL Infra lenders, investors in talks for debt revamp – ET

Japanese based Kaneka Corp eyeing stake in Supreme Industries (BS)

Shriram EPC ties up with an Israeli company for executing a Rs 640 crore order for providing EPC services (BL)

Venus Remedies board to consider & approve issue of convertible warrants & allotment of equity shares to FCCB holders

Ex Dividend: Maruti Suzuki at Rs 7.5/sh, Lakshmi Mills at Rs 9/sh

F&O ban: ABG Shipyard, Gitanjali Gems, KS Oils


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