Wednesday, October 12, 2011

Stocks in action for the day: Infosys, Amtek India, Wockhardt, Max India, Sintex, Maruti, CMC.

Market Outlook: Indian markets are likely to have a sweeping effects of Infosys Q2 result today. Even though there is a slowdown in global economy and IT spend, IT giant is expected to meet revenue and profit targets for the quarter. On the other side we have August IIP numbers set to be released today and we expect growth number to remain subdued as a dozen interest rate hikes and a wobbly world meant purchase orders were tapering off.

Over all the month will be a crucial time for capital market as we have 2 major events to drive market sentiments one is the IIP data due on Oct 12th and the half-yearly monetary policy on October 25. Till now RBI has raised rates 12 times since March 2010.

Results Today: Infosys, DCB , Bajaj Corp , Pennar Industries , Kesar Enterprise.

On the global space: The US markets ended mixed after moving in a tight trading range, as investors focus on developments in the euro zone. The CBOE volatility index has finished below 33.

European markets mixed at close; Dax up 0.30%.

Asian markets trading lower; Hang Seng, Nikkei down

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4910 and resistance at 5060.

Global events to watch for today:

Þ FOMC Minutes

Global indices Update @ 8:

Dow Jones : 11416 (-16.88)

NASDAQ : 2586 (+16.98)

Nikkei 225 : 8715 (-58.58)

Hang seng : 18079 (-62.59)

SGX CNX Nifty : 4989 (+09.00)

Gold (USD/t oz.) : 1666 (+05.40)

Nymex Crude (F) : 85.02 (+00.13)

INR / 1 USD : 49.03

TECHOUTLOOK : Support for the Nifty is at 4910 and resistance at 5060.

Call for the day:

Sell TCS SL 1052 Target 1008.

Buy Sun Pharma Sl 470 Target 510.

Buy Sesa Goa Sl 216 Target 240.

Stocks in action for the day: Infosys, Amtek India, Wockhardt, Max India, Sintex, Maruti, CMC.

Max India has entered into a non-binding agreement to sell 26% stake in its unit, Max Healthcare Institute, to South Africa’s Life Healthcare Group for Rs 516 crore.

The worker strike at Maruti ’s Manesar plant continues as production remains shut. Production from its Gurgaon plant too has been hit, the company said. The plant produced 1,000 cars yesterday against 1,800 on Monday. Normal production at Gurgaon plant is about 2,800 cars per day.

Sources news that the board of Amtek India is pondering bonus issue of shares.

Sintex founders are set to up stake in the company by 4.78%. Their total shareholding post the move will stand at 40%.

Noida Toll Bridge Company Ltd: Motorists using the Delhi Noida Direct ( DND) Flyway must brace for a hike in toll rates between 10% and 25%. The Noida Authority is in talks with the Noida Toll Bridge Company Ltd. (NTBCL) to hammer out the new toll. The final approval from the Authority over the proposed hike is likely to be announced later this week. NTBCL, the private toll operator , has been demanding that current toll rates be hiked by 25%. NTBCL has maintained that if a 25% hike is approved, it will not propose another hike for the next two years.

Wockhardt to clear FCCB dues: The Bombay High Court has directed debt-ridden pharma company Wockhardt to clear payments to foreign currency convertible bond (FCCB) holders by August 31, 2012. Hearing the winding-up petition filed against Wockhardt by the bondholders, including US hedge fund QVT Financial LP and Sun Pharmaceuticals, the court asked the company to pay Rs 315 crore to them. The court has also warned the company that a liquidator will be appointed if Wockhardt fails to pay the installment amounts.

CMC Q2 (First Cut- Strong revenues; but costs & taxes impact PAT QoQ) -Rupee revenues up 17.05% at Rs 357.7 crore versus Rs 305.6 crore -EBITDA at Rs 53.2 crore versus Rs 50.71 crore -EBITDA at 14.9% versus 16.6% -PAT down 6.5% at Rs 32.6 crore versus 34.9 crore -Effective tax rate at 38% versus 30%

Banking Secretary -Considering infusing Rs 6,000 crore in SBI -To fund infusion via FY12 budget allocation -May look at infusion via preference shares -Govt will infuse entire amount of Rs 6,000 crore -FY12 budget allotted Rs 6,000 crore for PSU banks recapitalisation -FY12 budget allocation was for several PSU banks -Will ensure that govt holding remains at 58% -To ensure Tier I capital requirement of SBI -Crucial meeting likely next week to finalise govt stance

Unitech offers to buyout Telenor -Unitech makes offer in petition before CLB -Unitech argues that Telenor has valued JV at only Rs 400 crore -Telenor holds 67.25% of Uninor, Unitech owns remaining

Telenor says -Urges Unitech to meet JV Uninor's fund needs -Will not allow any disruption to Uninor's growth in India -Uninor now India's most successful new mobile operator

Bosch strikes enters 14th day, company says ready for talks – Agencies

F&O ban: ABG Shipyard, Gitanjali Gems

DoT Says, 3G roaming pacts among Vodafone, Bharti Airtel & Idea Cellular illegal – BS


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