Friday, December 30, 2011

TECHOUTLOOK : Support for Nifty is at 4610 resistance at 4700.

Market Outlook: Indian markets are expected to open in positive backed by positive cues from Asian and global markets.

Global Markets: US markets closed higher after positive data on US home sales and employment lifted investor sentiments. US weekly jobless claims jumped to 381,000 from the multi-month low of 366,000 posted for the previous week. It remained under the key 400,000 level for the fourth straight time, boosting sentiment. Pending US homes sales for November increased by 7.3%, much higher than the 0.6% increase that had been generally expected.

Global events to watch:

No Global Events For Today.

Global indices Update @ 8:

Dow Jones : 12287` (+135.6)
NASDAQ : 2613 (+23.76)
Nikkei 225 : 8427 (+28.99)
Hang Seng : 18479 (+81.33)
SGX CNX Nifty : 4706 (+36.00)
Gold (USD/t oz.) : 1560
Nymex Crude (F) : 100.02
INR / 1 USD : 53.35

TECHOUTLOOK : Support for Nifty is at 4610 resistance at 4700.

Stocks in action for the day: Networth Stock, BPCL, Mundra Port, DRL, GTL

Chennai Port Trust rejects Mundra Port bid to develop container terminal: The Chennai Port Trust has rejected the bid of the Mundra Port and Special Economic Zone to develop the Rs 3,700-crore mega container terminal project at Chennai port on the ground that revenue share of 5 per cent offered by the company was too low. The company was the only bidder for the project.

Aditya Birla group to invest $500 m in VSF plant in Turkey: The Aditya Birla group intends to invest $500 million over the next five years to set up a viscose staple fibre plant in Turkey.

The Tata Group has identified housing, education and EPC in the future to drive growth. It is targeting Rs 10,000 crore revenues by 2015 from EPC company Tata Projects, and aims to be one of India’s top three housing developers with Tata Housing. It forayed into the education space with Tata Interactive Systems.

ONGC plans urea plant in Tripura: State-owned Oil and Natural Gas Corporation (ONGC) on Thursday said they were planning to set up hydrocarbon-based urea fertiliser plant in Tripura after completion of Rs 3,950 crore power project at Palatana in South Tripura district.

OMC’s (BPCL, IOC, HPCL) may raise petrol prices by Rs 2.25/litre from Jan 1

India's second-largest drug-maker Dr Reddy's Laboratories Ltd on said it has launched its pain and inflammation relief cream 'Supamove' in the Indian market.

Godrej Properties sells 49% in Gurgaon project for Rs 45 cr: Realty firm Godrej Properties said the company has raised Rs 45 crore by selling 49 per cent stake in its arm to private equity firm Sun Apollo.

Union Bank of India has reduced its Base Rate by 10 basis points from 10.75 per cent to 10.65 per cent, with immediate effect.

NTPC board okays over Rs 18,000 cr for 2 thermal projects: NTPC Ltd has informed BSE that the board of directors of the company on Wednesday accorded the investment approval of Rs 15166.19 crore for the Kudgi super thermal power project (3 X 800 MW) in Karnataka.

NHAI Mops Up Rs 24,000 cr on Day 2 of Bond Issue : National Highways Authority of India (NHAI) has mopped up approximately Rs 24,000 crore at the end of the second day through its tax-free secured redeemable non-convertible bonds. Till late evening, QIBs have put in some . 16,000 crore, HNIs around Rs 7,000 crore and retail investors around Rs600 crore.

State-owned Steel Authority of India (SAIL) and Japan’s Kobe Steel will invest Rs1,500 crore in an equal joint venture plant in West Bengal to make 0.5-million tonnes of iron ore nuggets annually.

Finance Corp, National Thermal Power Corp and Rural Electrification Corp are likely to launch medium- to long-term infrastructure bonds in the first week of January to raise Rs 3,000-5,000 crore each.

Amidst all the noise of land acquisitions delaying highway projects, the National Highways Authority of India (NHAI) is inching closer to acquiring a record 10,000-12,000 hectares in the current fiscal. This is the largest ever land acquisition in a year by the highways regulator.

The Securities and Exchange Board of India has suspended the certificate of registration of broking firm Networth Stock Broking for a period of one month for allegedly violating the code of conduct for stock brokers in the matter of GG Automotive Gears.

India’s biggest lender, the State Bank of India, disbursed Rs 1,000 crore less in home loans during the year to November as home sales plummeted across top cities because of high home prices and growing interest rates.

The Reserve Bank of India bought back bonds worth Rs 8,109 crore of the Rs 12,000 crore it was supposed to buy back through the open market operation.

The government is looking at borrowing around Rs 40,000 crore more to make up for the shortfall in revenue receipts and poor disinvestment realization in the current fiscal.

The finance ministry has eased lending norms for the warehousing sector in a preemptive move to meet the massive requirement of storage capacity for the effective implementation of the Food Security Bill. Under the new norms, the National Bank for Agriculture and Rural Development (Nabard) can fully refinance bank loans given out for construction of warehouses at a low 8% interest rate.

Balaji Telefilms Ltd has informed BSE that the Company has entered into binding business transfer agreements on December 29, 2011 to sell its Media Education business and its Mobile content production business for a consolidated consideration of Rs. 8.37 crores

Three Chinese companies are part of consortiums that have bagged Rs 1,800-crore worth of five contracts awarded by state-owned Hindustan Copper to raise its production four-fold to 12 million tonnes over the next five years.

American depository share holders of Mahindra Satyam may face 42% withholding tax in India reports the Hindu Business Line.

Rural Electrification Corporation has cut its foreign currency convertible bond issue size to USD 500 million from USD 1 billion, reports the Business Standard.

IL&FS likely to invest Rs 200 crore in Indiabulls Infra Estate for an 8% stake, reports the Hindu Business Line

Finance Ministry sources says that there is a possibility of NPA norms for textile companies being eased. However, there is no question of debt restructuring for the beleaguered sector. The final eased NPA norms for textile companies are expected by mid-January.

Air India’s board yesterday gave the go ahead to issue preference shares worth Rs 7500 crore to its lenders.

Citigroup Global Markets Mauritius Pvt Ltd has sold 25.55 lakh shares of the Fortis Healthcare hospital chain in the stock market for Rs 22 crore.

The US health regulator has granted approval to Lupin to market generic Fenofibrate tablets, a cholesterol lowering drug, in the American market.

The government is considering capital support to the IDBI bank to boost its capital.

GTL Infrastructure Rejigs Top Management
F&O Ban: Ruchi Soya


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