Thursday, December 29, 2011

Stocks in action for the day: GSPL, Reliance Power, M&M, Adani Ent.

Market Outlook: Indian markets are expected to open in a negative terrain tracking unconstructive sentiments seen on global counters. Investors will closely watch weekly inflation data as well as F&O expiry due today.

Global Markets: US shares closed negatively backed by renewed concerns over the situation in Europe weighed on global markets.

Global events to watch:

• U.S November pending home sales data.
• Chicago PMI data for December.
• U.S weekly jobless claims numbers.

Global indices Update @ 8:

Dow Jones : 12151 (-139.9)
NASDAQ : 2589 (-35.22)
Nikkei 225 : 8357 (-66.39)
Hang Seng : 18334 (-184.0)
SGX CNX Nifty : 4681 (-23.00)
Gold (USD/t oz.) : 1556
Nymex Crude (F) : 99.58
INR / 1 USD : 53.21

TECHOUTLOOK : Support for Nifty is at 4675 resistance at 4745.

Call for the day:

Sell TataSteel SL 350 Target 335.

Stocks in action for the day: GSPL, Reliance Power, M&M, Adani Ent.

GSPL to tie up funds for Mehsana-Bhatinda line in January: Gujarat State Petronet Ltd (GSPL) a Gujarat Government-owned GSPC Group company — plans to achieve financial closure for the 1,670-km Mehsana (Gujarat)-Bhatinda (Punjab) gas grid in January.

Reliance Power begins generation at 300-MW Rosa unit: Reliance Power Ltd has commenced generation at the first of the two 300 MW units that make up the second phase of the company's Rosa Project in Uttar Pradesh.

India and Japan have agreed for a dollar swap agreement of USD 15 billion to help the troubled Indian rupee, Asia's worst performing currency this year. The move will help India stabilise its currency. India will have access to funds from Bank of Japan, which it can return at a later date.

Sebi Bans 3 Bankers, 7 Cos for IPO Violations: Sebi has sought to punish three merchant banks, including Punjab National Bank’s merchant banking arm, and seven recently-listed firms and their promoters, accusing them of misusing IPO proceeds, performing shoddy due-diligence process, and aiding promoters to prop up prices on listing day. The seven firms are: Bharatiya Global Infomedia, Tijaria Polypipes, Taksheel Solutions, RDB Rasayans, Onelife Capital Advisors, Brooks Laboratories and PG Electroplast. Almondz Global Securities and Atherstone Capital, besides PNB Investment Services, have been told not to take up new assignments.

Subex, a provider of business support systems for communications service providers, plans to raise $135 million through QIP, FCCB, GDR and ADR for repaying its debts.

Reliance Industries is in ‘advanced talks’ with American defence giant Raytheon to create a homeland security joint venture.

The government may reverse the decision to sell its stake in sick PSU Scooters India due to lack of buyers. The heavy industry department will soon send a proposal to reverse the decision to the Prime Minister Office.

The coal ministry will hold a meeting with coal block holders next month to take stock of the progress in development of mines allocated for captive use.

Auto major Mahindra & Mahindra said it will increase the prices of its recently launched international car XUV500 by at least Rs 30,000 from January 1 on the back of higher raw material costs and the rupee fall.

Adani Enterprises Ltd (AEL), the country's largest coal importer-turned-domestic private mine developer-cum-operator (MDO), has, apparently, shelved plans to buy cargo ships for coastal shipping of coal and opted to hire a logistics service provider (LSP) instead.

The Reserve Bank of India (RBI) said on Wednesday it has decided to extend period of short sale in government securities from existing five days to a maximum of three months effective Feb 1.

Real estate developers DLF and Hubtown have sold an IT SEZ that they coown in Pune to private equity fund Blackstone for Rs.810 crore. DLF has a 67% stake in the joint venture company that owns the 1.8-millionsq ft SEZ in Pune’s Hinjewadi area.

India's GMR Infrastructure said that Petronas Power, a unit of Malaysian state-run oil company Petronas, will pay S$50 million for a 30% stake in unit GMR Energy (Singapore) Pte Ltd

Glenmark Pharmaceuticals has received approval from Drug Controller General of India (DCGI) to conduct phase III trials for Crofelemer, aimed at treatment of acute diarrhoea in adults.

The GTL board will meet today to consider corporate debt restructuring.

The Government will shortly write to Sterlite, a Vedanta Group company, asking it to submit a formal plan to buy the remaining Government stake in Balco.

US-based Walt Disney will launch an offer for delisting shares of media and entertainment firm UTV Software Communications from Indian bourses on January 16 next year.

Promoters of Lanco Infratech Ltd have informed the exchanges that they have pledged additional shares by creation of encumbrance in favour of ICICI Bank and Infrastructure Development Finance Company Ltd (IDFC).

Fertiliser stocks will be in focus after the government is a step away from finalizing a new policy for attracting investments in the urea sector.

Maharashtra cabinet cleared a textile policy that aims to bring in investment of around Rs 40,000 crore and create employment for 11 lakh people. It provides for 12.5% interest subsidy and 10% capital subsidy for new co-operative and private sector textile units in cotton growing belts of Vidarbha, Marathwada and North Maharashtra.

Cash-starved microfinance institutions (MFIs) are queueing to raise foreign currency loans in the new year. SKS, Share, Bandana and Ujjivan plan to raise up to $10 million each in the coming months.

IDBI Bank Raises NRE Deposit Rates up to 9.5%
3i Infotech’s board has passed a resolution to seek corporate debt restructuring.
Tata Motors has cut the price of Aria under its 'anniversary offer.'
Crisil downgrades DLF's debt programmes


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