Stocks in action for the day: ONGC, BGR Energy, Techpro, SPIC, BOB, TCS, Orchid Chemicals, Alok Industries

Market Outlook: Indian markets are expected to open with a positive note and trade on constructive phase taking cues from positive Asian markets.

RBI Review outlook: As market waits for the credit policy review in noon we believe that it will hold key to the momentum. The market has already factored in a rate hike of 25 basis points but if rate remains unchanged then definitely market will be boosted and we feel it would be unchanged for time being. However, going by August inflation which touched 13-month high, Markets feel that the central may even hike rate by 50 bps, which is not ‘good news’ for the already meek market.

Global Markets: The US markets log in fourth day of sharp gains with the S&P 500 above 1200 levels, closing at high point of trade following news that major central banks have agreed to lend US dollars to European banks, taking pressure off funding issues across European banks. Following to the rally Asian markets are trading higher; Hang Seng, Seoul Composite up.

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4998 and resistance at 5200.

Global events to watch for today:

Þ Treasury International Capital.

Þ Consumer Sentiment.

Global indices Update @ 8:

Dow Jones : 11433 (+186.4)

NASDAQ : 2607 (+34.52)

Nikkei 225 : 8819 (+150.8)

Hang seng : 19568 (+387.0)

SGX CNX Nifty : 5129 (+32.00)

Gold (USD/t oz.) : 1817 (- 09.50)

Nymex Crude (F) : 88.67 (-00.24)

INR / 1 USD : 47.84

Call for the day:

ü BUY Reliance Industries STOP LOSS 820 TARGET 855.

ü BUY BGR Energy STOPLOSS 355 TARGET 388.

ü BUY BOB STOPLOSS 760 TARGET 815

Stocks in action for the day: ONGC, BGR Energy, Techpro, SPIC, BOB, TCS, Orchid Chemicals, Alok Industries

ONGC defers follow-on share sale – source: State run explorer Oil and Natural Gas Corp's (ONGC) share sale valued at around $2.5 billion has been deferred due to bad market conditions, a source with direct knowledge said on Thursday. Government wanted FPO price band to be closer to 280 whereas i-banks were saying price of 240-250. The share sale first scheduled for March has been postponed several times this year due to turmoil in global markets and lingering concerns over government fuel subsidies, part of which are borne by ONGC. The share sale was scheduled to launch on Sept. 20 and close on Sept 23.

BGR Energy and Hitachi JV lowest bidder for NTPC bulk tender: The joint venture of Chennai-based BGR Energy and Hitachi, has emerged the lowest bidder for NTPC's bulk tender for buying supercritical turbine generator set for units of 800 megawatts each, beating rivals L&T-Mitsubishi and Alstom-Bharat Forge. NTPC had invited bids for bulk supply of boilers and turbine generators for four projects in Karnataka, Orissa and Chhattisgarh with a total capacity of 7,200 megawatts. In the financial bids for supercritical turbine generator that were opened on Thursday, BGR Energy emerged the lowest bidder with a bid of 811 crore per turbine, followed by Larsen & Toubro -Mitsubishi Heavy Industries which quoted Rs 830 crore per turbine.

JSW Steel reported crude steel production of 6.64 tonnes with a growth of 23 per cent for August 2011 compared to that of corresponding month last fiscal.

Techpro has received letter of intent for an order worth Rs 521.4 crore from BHEL for ore handling and coal handling plant project.

Tata Consultancy Services has signed a multi-year contract with Nets for application maintenance and development services across Nets’ value chain of cards, payment and eSecurity.

Navneet Publications will be investing Rs 45 crore in school management services company in Andhra Pradesh.

McNally Bharat Engineering has received Rs 74.60 order from Bhavnagar Energy Company on a turnkey basis for limestone milling and conveying system lignite based thermal power project.

Mahindra & Mahindra will be selling over 8 per cent stake in its listed subsidiary Mahindra Holidays & Resorts. The company currently holds 83.09 per cent stake in MHRIL.

Southern Petrochemicals Industries has approved the proposal for the sale of the Phosphatic business at Tuticorin for Rs 300 crore as part of the financial restructuring of the company.

Ashiana Housing has entered the real estate market in Kolkata through an agreement with Bengal Shriram Hitech, a subsidiary of Shriram Properties, for the acquisition of approximately 10 acres of land in Uttarpara, Kolkata.

Lauren Jyoti, a newly formed 50:50 joint venture between Jyoti Structures and Lauren Engineers and Constructors, has bagged Rs 551 crore contract from Godawari Green Energy to set up a 50 megawatt solar thermal power plant in Jaisalmer, Rajasthan.

Alfa Laval has bagged an order for a process solution for an infant food manufacturing plant in India. The order value is about Rs 73.7 crore and scheduled for 2013.

Bharat Heavy Electrical has bagged an order worth Rs 2500-3000 crore from Singareni Collieries, say reports. Singareni Collieries, a state-owned mining company, on 12th September approved the order to supply two 600 MW boiler turbine generators.

Advance tax numbers: Below are the July-September advance tax numbers for Indian companies compared 

with the year ago numbers provided by a source at the Income Tax department. 

The figures are all in million rupees...Sources

Name of company	July Sept	July Sept	Growth %
	2011	2010
Mahindra & Mahindra	1,700	1,600	6%
Bajaj Auto	2,500	2,400	4%
Tata Motors	900	900	0%
Central Bank of India	2,200	2,100	5%
Bank of India	2,500	2,500	0%
Bank of Baroda	6,300	3,500	80%
Dena Bank	750	750	0%
ICICI Bank	6,500	6,500	0%
Union Bank	300	300	0%
Kotak Mahindra Bank	1,300	1,200	8%
Citibank India	3,000	2,000	50%
State Bank of India	17,000	19,000	-11%
HDFC Bank	8,000	6,000	33%
StanChart Bank India	4,550	4,150	10%
Crompton Greaves	700	680	3%
ACC	900	650	38%
Grasim	850	850	0%
Ultratech	1,200	700	71%
Ambuja Cement	950	900	6%
Rashtriya Chemicals	210	190	11%
Tata Chemicals	600	600	0%
Aditya Birla Nuvo	300	250	20%
L&T	3,500	3,000	17%
HDFC	4,600	4,200	10%
LIC Housing Finance	900	750	20%
Hindustan Unilever	2,000	1,500	33%
Colgate Palmolive	250	250	0%
Tata Consultancy Ser	5,700	2,700	111%
Tata Steel	6,200	5,200	19%
Hindalco Ltd	1,500	1,400	7%
Castrol India	800	700	14%
Reliance Industries	20,000	12,000	67%
MRPL	1,500	1,500	0%
Asian Paints	950	850	12%
Orchid Chemicals	700	300	133%
Cipla	700	650	8%
Tata Power	700	600	17%
Alok Industries	300	200	50%