Wednesday, September 14, 2011

Stocks in action for the day: Electrotherm, IndSwift, SREI, Munjal Showa.

Market Outlook: Indian markets are expected to open with a positive note and trade with mixed sentiments taking cues from positive Asian markets while investors will closely watch inflation data for the month of August due later today. Inflation is likely expected to rose an annual 9.6%in August on rising food and fuel prices, bolstering the Reserve Bank of India's (RBI) resolve to raise interest rates further at its policy review on Friday, even at the cost of slower economic growth in the near term. Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4890 and resistance at 5080.

Global events to watch for:

Þ Producer Price Index

Þ Retail Sales

Global indices Update @ 8:

Dow Jones : 11105 (+44.73)

NASDAQ : 2532 (+37.06)

Nikkei 225 : 8599 (- 16.81)

Hang seng : 19069 (+39.22)

SGX CNX Nifty : 4951 (+10.00)

Gold (USD/t oz.) : 1842 (+11.90)

Nymex Crude (F) : 89.41 (+00.54)

INR / 1 USD : 47.09

Call for the day:

SELL Bharti Airtel STOPLOSS 390 TARGET 365

SELL Punj Llyod STOP LOSS 61.50 TARGET 55

Stocks in action for the day: Electrotherm, IndSwift, SREI, Munjal Showa.

Q2 advance tax numbers ((Sources) - GSK Pharma likely to pay Rs 82 crore versus Rs 81 crore (YoY) - Hindalco likely to pay Rs 140 crore versus Rs 140 crore (YoY) - M&M Financial likely to pay Rs 70 crore versus Rs 65 crore (YoY) - Greaves Cotton likely to pay Rs 16 crore versus Rs 12 crore (YoY)

CBI court dismisses bail plea of Everonn MD -Court extends judicial custody of P Kishore & 2 others -P Kishore may move Madras HC for bail next week -Judicial custody extended by 15 days

Strike hits auto firm Munjal Showa at Manesar: Sources 900 workers of Munjal Showa on strike since Monday Manesar plant of Munjal Showa shut since Monday evening Strike spreads to second Munjal Showa plant in Gurgaon Workers at Gurgaon facility also strike work on Tuesday Strike affects production at Hero MotoCorp & Honda 2-wheelers Trouble relates to trainees not being made permanent Munjal Showa among largest suppliers of shock absorbers

Maruti Suzuki on Manesar says -100 new regular workers recruited for Manesar plants -5 striking workers dismissed Another 500 Swift cars produced on Tuesday -Will not enter into any dialogue with striking workers -104 workers have signed the good conduct bond

Viom Networks appoints KPMG to probe misappropriation of funds by Kanorias - (ET) ( SREI Infra to be in focus)

FDI in multi- brand retail put on backburner, govt won’t take a call before next financial year (BS)

Ranbaxy in talks with IndSwift to source raw material for Lipitor Generic (ET)

Saint Gobain in talks to acquire pipes division of Electrotherm India for around Rs 300-350 crore (ET)

GVK Power -Hancock deal facing financial hurdles as lenders scaling down their exposure (BS)

EGoM to decide on Friday on limiting the number of subsidized LPG cylinders to 4-6 per households a year to prevent diversion of domestic fuel for commercial use (FE)

Urea decontrol faces roadblock, as chemical & fertilizer ministry says the move will impact the marginal farmers (FE)

Solicitor General advises ministry to make costs that RIL can recover from block dependent on capacity utilization (Mint)

Ex Dividend: Kothari Products Rs 22/sh

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

Bank of Baroda hikes bulk deposit rates by 75-175 bps from Wednesday

Opto Circuits subsidiary Opto Eurocor Healthcare proposes to raise upto Rs 1000 crore through IPO


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