Mehta Equities on top 3 banking stocks Source: IRIS (18-JUN-12)
http://www.myiris.com/newsCentre/storyShow.php?fileR=20120618133804043&secID=fromnewsroom&secTitle=From%20the%20News%20Room&dir=2012/06/18
An unexpected move from RBI leads the fall in banking space. In a bid to tame the inflation demon, Reserve Bank disappointed the investors expectation by keeping the policy repo rate unchanged at 8% in its mid-quarter monetary policy. The repo is the rate at which, banks borrow from the regulator. The cash reserve ratio (CRR) or the share of deposits lenders need to keep with the regulator too remains unchanged at 4.75%. A cut in these rates would have reduced the cost of accessing funds for lending institutions. It would have also eased money supply in the financial system by making it more attractive for commercial banks not to park their funds with the RBI in the form of government securities, and instead lend it for commercial purposes. By not cutting rates, RBI has shown resistance to the pressure that was being built on it to cut rates. The pressure was emanating out of recent data which showed that the economy is facing low growth. The banking share index Bankex, the largest loser among sectoral indices is down 2% or 342 points at 11,245 points, declining 494 points from day`s high of 11,739 at 1105 hours, compared to less than 1% fall in the benchmark index Sensex.
Prashanth Tapse, AVP Research, Mehta Equities gave trade recommendation for three banking stocks:
SBI: SBI, being the leading commercial bank reacted more on the RBI move falling almost 5% to Rs 2,110, falling 5.5% from intra-day`s high of Rs 2,232. Technically the stock have strong support near 2,085, if broken we can see 1980 levels because we believe on the overall basis market are tend to be on negative trend. Sell SBI.
Shares of the bank declined Rs 71.3, or 3.27%, to trade at Rs 2,111.50. The total volume of shares traded was 827,912 at the BSE (1.27 p.m).
ICICI Bank: ICICI Bank is showing negative divergence on charts and is trying to breach 800 levels. Hence advice investors to hold a negative view and Sell with a stoploss near 830.
Shares of the bank declined Rs 22.05, or 2.61%, to trade at Rs 822.85. The total volume of shares traded was 432,445 at the BSE (1.29 p.m)
HDFC Bank: Technically the stock is trading near to its support level of 525-530, which if holds good one can expect small recovery in the counter. Hence we advice investor to trade with a stop loss of 513 and target of Rs 553.
Shares of the company declined Rs 14.5, or 2.65%, to trade at Rs 533.35. The total volume of shares traded was 61,514 at the BSE (1.30 p.m).
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
Monday, June 18, 2012
Monday, June 11, 2012
India may lose investment-grade rating: says S&P
Report released by Standard & Poor's Ratings Services, titled "Will India Be The First BRIC Fallen Angel?"
The report states that the Indian government's reaction to potentially slower growth and greater vulnerability to economic shocks could largely determine whether the country can maintain an investment-grade rating or become the first "fallen angel" among the BRIC nations (which also comprise Brazil, Russia, and China).
The 'BBB-' long-term sovereign credit rating on India is currently one notch above speculative grade.
Setbacks or reversals in India's path toward a more liberal economy could hurt its long-term growth prospects and, therefore, its credit quality
Standard & Poor's revised the rating outlook to negative from stable in April 2012 because of India's lower GDP growth prospects and the risk that its external liquidity and fiscal flexibility may erode.
The negative outlook also reflects the risk that Indian authorities may be unable to react to economic shocks quickly and decisively enough to maintain the country's current creditworthiness.
Tuesday, March 27, 2012
Prashanth tapse View on Gammon Infra, EIH, HDIL, Axis Bank, JP Asso, RIL Source: IRIS (26-MAR-12)
Mehta Equities View on Gammon Infra, EIH, HDIL, Axis Bank, JP Asso, RIL Source: IRIS (26-MAR-12)
http://www.myiris.com/newsCentre/storyShow.php?fileR=20120326140309043&secID=fromnewsroom&secTitle=From%20the%20News%20Room&dir=2012/03/26
In an exclusive interview with Myiris.com, Prashanth Tapse, AVP Research, Mehta Equities has provided views on 6 buzzing stocks on Monday, Mar.26, 21, 2012 which are as under:
Gammon Infra: Leading infrastructure company Gammon is in buyer`s radar on the back of new order book announcement worth Rs 11.29 billion. Report states that the company has received the letter of award from the National Highways Authority of India (NHAI) on design, build, finance, operate and transfer (DBFOT) toll basis. The project cost, as estimated by NHAI, is Rs. 9,349.3million. Technically the stock has positive trend which can take the price up to Rs 15.50 - 16.50 in medium term horizon.
Shares of the company gained Rs 1.35, or 9.96%, to trade at Rs 14.90. The total volume of shares traded was 298,263 at the BSE (1.38 p.m).
EIH: The company will consider a proposal of rights issue as well as merging of the company`s wholly owned subsidiary Island Hotel Maharaja with itself. Reacting to the news, shares of EIH is on buyer`s eye. The news was announced after market hours on March 23. Technically the stock would trade around 180-185. Hence we are positive on the stock.
Shares of the company gained Rs 2.2, or 2.59%, to trade at Rs 87.20. The total volume of shares traded was 441,171 at the BSE (1.40 p.m).
HDIL: Realty stocks are in selling pressure after newspaper reports states that government of Maharashtra is planning to increase stamp duties in the city by as much as 160 times for residential and commercial properties. This will impact the investor sentiment and could have an adverse impact on demand for residential property in Mumbai. Hence we advice investors to avoid the real estate space for time being. Technically HDIL would face more pressure with support near 83-85. Hence avoid the counter.
Shares of the company declined Rs 4.65, or 0.7%, to trade at Rs 656.00. The total volume of shares traded was 27,945 at the BSE (1.41 p.m).
Axis Bank: Banking as a whole is witnessing some selling pressure on the back of possibility of no rate cut by RBI in April session. On the basis of the current macroeconomic assessment, it is expected to keep rate unchanged. Technically, Axis Bank is looking week on daily chart with support near 1,122 if broken one can expect 1,100 levels. Hence we advice investors to sell with a target near to 1,125.
Shares of the company declined Rs 42.6, or 3.61%, to trade at Rs 1,137.70. The total volume of shares traded was 183,145 at the BSE (1.42 p.m).
Jaiprakash Associates: Infrastructure conglomerate Jaiprakash Associates is in action on the back of two contracts awarded by Mangdechhu Hydroelectric Project Authority, Bhutan for construction of the two contract packages pertaining to 720 MW Mangdechhu Hydroelectric Project located in Trongsa District Bhutan worth Rs 9,130 million. Technical as long as it hold above 76 there is a good chance of buying opportunity with an expected upside near to 85-90 in short term horizon. Hence we advice investors to accumulate in small quantities as markets are pretty volatile this week.
Shares of the company gained Rs 1.75, or 2.2%, to trade at Rs 81.30. The total volume of shares traded was 2,529,313 at the BSE (1.45 p.m).
Reliance Ind: Index mover Reliance Industries is trading weak on the back of news stating that oil ministry had earlier rejected Reliance`s price discovery mechanism, saying it was not transparent. RIL has reported said that it is likely to sell coal bed methane (CBM) at a price of at least USD 10 a unit. RIL`s discovered CBM gas price would be in double digit after eliminating ineligible bidders. RIL will produce 3.5 million metric standard cubic metres a day of methane gas from its blocks in Madhya Pradesh. Technically the stock could face some more pressure and would settle down near Rs 700. Hence we recommend investor to wait avoid the counter and look for better price after the matter gets more clarity in new proposal to the ministry.
Shares of the company declined Rs 10.4, or 1.4%, to trade at Rs 733.60. The total volume of shares traded was 480,444 at the BSE (1.46 p.m).
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
http://www.myiris.com/newsCentre/storyShow.php?fileR=20120326140309043&secID=fromnewsroom&secTitle=From%20the%20News%20Room&dir=2012/03/26
In an exclusive interview with Myiris.com, Prashanth Tapse, AVP Research, Mehta Equities has provided views on 6 buzzing stocks on Monday, Mar.26, 21, 2012 which are as under:
Gammon Infra: Leading infrastructure company Gammon is in buyer`s radar on the back of new order book announcement worth Rs 11.29 billion. Report states that the company has received the letter of award from the National Highways Authority of India (NHAI) on design, build, finance, operate and transfer (DBFOT) toll basis. The project cost, as estimated by NHAI, is Rs. 9,349.3million. Technically the stock has positive trend which can take the price up to Rs 15.50 - 16.50 in medium term horizon.
Shares of the company gained Rs 1.35, or 9.96%, to trade at Rs 14.90. The total volume of shares traded was 298,263 at the BSE (1.38 p.m).
EIH: The company will consider a proposal of rights issue as well as merging of the company`s wholly owned subsidiary Island Hotel Maharaja with itself. Reacting to the news, shares of EIH is on buyer`s eye. The news was announced after market hours on March 23. Technically the stock would trade around 180-185. Hence we are positive on the stock.
Shares of the company gained Rs 2.2, or 2.59%, to trade at Rs 87.20. The total volume of shares traded was 441,171 at the BSE (1.40 p.m).
HDIL: Realty stocks are in selling pressure after newspaper reports states that government of Maharashtra is planning to increase stamp duties in the city by as much as 160 times for residential and commercial properties. This will impact the investor sentiment and could have an adverse impact on demand for residential property in Mumbai. Hence we advice investors to avoid the real estate space for time being. Technically HDIL would face more pressure with support near 83-85. Hence avoid the counter.
Shares of the company declined Rs 4.65, or 0.7%, to trade at Rs 656.00. The total volume of shares traded was 27,945 at the BSE (1.41 p.m).
Axis Bank: Banking as a whole is witnessing some selling pressure on the back of possibility of no rate cut by RBI in April session. On the basis of the current macroeconomic assessment, it is expected to keep rate unchanged. Technically, Axis Bank is looking week on daily chart with support near 1,122 if broken one can expect 1,100 levels. Hence we advice investors to sell with a target near to 1,125.
Shares of the company declined Rs 42.6, or 3.61%, to trade at Rs 1,137.70. The total volume of shares traded was 183,145 at the BSE (1.42 p.m).
Jaiprakash Associates: Infrastructure conglomerate Jaiprakash Associates is in action on the back of two contracts awarded by Mangdechhu Hydroelectric Project Authority, Bhutan for construction of the two contract packages pertaining to 720 MW Mangdechhu Hydroelectric Project located in Trongsa District Bhutan worth Rs 9,130 million. Technical as long as it hold above 76 there is a good chance of buying opportunity with an expected upside near to 85-90 in short term horizon. Hence we advice investors to accumulate in small quantities as markets are pretty volatile this week.
Shares of the company gained Rs 1.75, or 2.2%, to trade at Rs 81.30. The total volume of shares traded was 2,529,313 at the BSE (1.45 p.m).
Reliance Ind: Index mover Reliance Industries is trading weak on the back of news stating that oil ministry had earlier rejected Reliance`s price discovery mechanism, saying it was not transparent. RIL has reported said that it is likely to sell coal bed methane (CBM) at a price of at least USD 10 a unit. RIL`s discovered CBM gas price would be in double digit after eliminating ineligible bidders. RIL will produce 3.5 million metric standard cubic metres a day of methane gas from its blocks in Madhya Pradesh. Technically the stock could face some more pressure and would settle down near Rs 700. Hence we recommend investor to wait avoid the counter and look for better price after the matter gets more clarity in new proposal to the ministry.
Shares of the company declined Rs 10.4, or 1.4%, to trade at Rs 733.60. The total volume of shares traded was 480,444 at the BSE (1.46 p.m).
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
Tuesday, January 31, 2012
Sugar decontrol: We need policy action, not committees
Sugar decontrol: We need policy action, not committees
Do we need yet another committee on sugar decontrol? The issue has been discussed threadbare: at least two committees had earlier pushed to free the industry from controls. States set the minimum price that should be paid to farmers growing sugarcane. Before elections, incumbent governments try to sweeten the deal for farmers by pushing for high cane rates. In years of glut, when sugar prices fall, mills delay payments.
After years of creeping reform, even today mills are forced to sell 10% of their output to states at pre-determined prices for the public distribution system. India needs a more efficient system than quotas to get sugar to the poor. Many mills, funded by sugar cooperatives controlled by politicians, are too small to operate efficiently. Surely, more than 650 mills are too many to crush 20 million tones.
The industry needs to run along commercial lines to get in shape. Cane growers and local mills enjoy a symbiotic relationship with each other. Neither can do without the other. India does not allow mills to grow cane, and our cooperative rules work against the interests of farmers.
These controls should go. Mills should be allowed to own plantations, as they are in Brazil. Farmers' groups should be allowed to set up companies to operate sugar mills. These steps will create synergy from cane to the finished product.
How should sugarcane be priced? Ultimately, the price of cane depends on the price at which sugar and derivatives like molasses and alcohol can be sold. If state governments scrap the politically-motivated advisory price that they set for cane, a more rational pricing policy, based on the final output, can evolve.
The domestic price of sugar and its derivatives should be controlled by imports in a lean season and exports during a glut. Variable import duties and export taxes should replace the trade caps and bans that we now have.
With greater pricing freedom, fewer controls and state support, weaker mills will fold and consolidation will take place, creating economies of scale. The time for talk is over; the government must implement decontrol now.
Do we need yet another committee on sugar decontrol? The issue has been discussed threadbare: at least two committees had earlier pushed to free the industry from controls. States set the minimum price that should be paid to farmers growing sugarcane. Before elections, incumbent governments try to sweeten the deal for farmers by pushing for high cane rates. In years of glut, when sugar prices fall, mills delay payments.
After years of creeping reform, even today mills are forced to sell 10% of their output to states at pre-determined prices for the public distribution system. India needs a more efficient system than quotas to get sugar to the poor. Many mills, funded by sugar cooperatives controlled by politicians, are too small to operate efficiently. Surely, more than 650 mills are too many to crush 20 million tones.
The industry needs to run along commercial lines to get in shape. Cane growers and local mills enjoy a symbiotic relationship with each other. Neither can do without the other. India does not allow mills to grow cane, and our cooperative rules work against the interests of farmers.
These controls should go. Mills should be allowed to own plantations, as they are in Brazil. Farmers' groups should be allowed to set up companies to operate sugar mills. These steps will create synergy from cane to the finished product.
How should sugarcane be priced? Ultimately, the price of cane depends on the price at which sugar and derivatives like molasses and alcohol can be sold. If state governments scrap the politically-motivated advisory price that they set for cane, a more rational pricing policy, based on the final output, can evolve.
The domestic price of sugar and its derivatives should be controlled by imports in a lean season and exports during a glut. Variable import duties and export taxes should replace the trade caps and bans that we now have.
With greater pricing freedom, fewer controls and state support, weaker mills will fold and consolidation will take place, creating economies of scale. The time for talk is over; the government must implement decontrol now.
Stocks in action for the day: SBI, PNB, Glenmark, Coal India, Edelweiss.
Market Outlook: Indian Markets are expected to open higher tracking positive cues from Asian markets while investors will keep a close eye on earnings of leaders which would drive the market sentiments. Technically market is in selling mode and can slide down to around 5000 zones.
Results Today: ICICI Bank, PNB, NMDC, Siemens, Titan, Crompton Greaves, TVS Motors, Dabur Industries, IDBI Bank, Central Bank of India, Jagran Prakashan, Mahindra Holidays, Century Textiles, Shoppers Stop, Union Bank of India, Aban Offshore, City Union Bank, Delta Corp, PTC India, HCL Infosystem, Firstsource Soln, Subex, KEC International , Blue Dart, IPCA Labs, Financial Technologies, Berger Paints, DCM Shriram Consolidated, Usha Martin and Welspun Projects.
Global Markets: It was a show of resilience on Wall Street even as it closed flat. European markets closed sharply lower while Asia is in the green. The Dow reversed a triple digit decline towards the close even as all three indices ended in negative territory.
Global events to watch:
ü The Employment Cost Index is expected to rise to 0.4 % for the fourth quarter. Meanwhile the S&P Case Shiller Home Price Index is expected to contract by 0.4% while consumer confidence is expected to rise to 68.
Global indices Update @ 8:
Dow Jones : 12653 (-06.74)
NASDAQ : 2811 (-04.61)
Nikkei 225 : 8827 (+34.33)
Hang Seng : 20320 (+160.0)
SGX CNX Nifty : 5142 (+37.00)
Gold (USD/t oz.) : 1739
Nymex Crude (F) : 99.41
INR / 1 USD : 49.50
TECHOUTLOOK : Support for Nifty is at 5050 resistance at 5160.
Call for the day:
Buy Tata Global SL 94 Target 106-110.
Sell Crompton Greaves SL 136 Target 125.
Sell Glenmark SL 316-318 Target 300.
Stocks in action for the day: SBI, PNB, Glenmark, Coal India, Edelweiss.
Reliance Industries buyback will open tomorrow.
Mark-to-market forex losses affected pharma major Glenmark's third quarter performance. The net profit almost halved to Rs 86.5 crore. The EBITDA also took a hit, falling 23% YoY.
Essar Oil's wait to exit CDR has been delayed for a few more days. Lenders okayed the proposal but have failed to reach a consensus on compensation to lenders.
After several failed attempts, Starbucks announced its India entry. The company inked a 50-50 joint venture with Tata Global Beverages and outlined an initial investment of Rs 400 crore.
Power producers have sought the government's intervention to ensure cheaper coal for their use. At the recent meeting with the Prime Minister, power producers sought the removal of 5% customs duty and 5% CVD on imported coal. They also sought removal of the 26% profit share for coal mining, arguing that it will put an extra burden on coal prices.
SBI says it has the government's nod for further capital infusion. The government will infuse up to Rs 7,900 crore via preferential allotment share issue.
Punjab National Bank's board has approved the issue of preferential shares to the government and hopes to raise upto Rs 1,285 crore via the issue. The board expects to get shareholders nod on March 20.
3i Infotech's shareholders have approved raising funds via share issue.
Lupin gets the USFDA's tentative go ahead for the generic Glumetza.
The Economic Times reports that the Coal Ministry has rejected Reliance Powers Sasan mine mortgage plan.
BG will club the Mahanagar gas deal with Gujarat Gas stake sale, reports the Economic Times.
And the Times of India reports that Coal India has cut prices and the company's revenue may take a hit.
KNR Constructions receives two orders from GVK worth Rs 675 crore.
Electrotherm (India) board approves reference to CDR cell.
Results Today: ICICI Bank, PNB, NMDC, Siemens, Titan, Crompton Greaves, TVS Motors, Dabur Industries, IDBI Bank, Central Bank of India, Jagran Prakashan, Mahindra Holidays, Century Textiles, Shoppers Stop, Union Bank of India, Aban Offshore, City Union Bank, Delta Corp, PTC India, HCL Infosystem, Firstsource Soln, Subex, KEC International , Blue Dart, IPCA Labs, Financial Technologies, Berger Paints, DCM Shriram Consolidated, Usha Martin and Welspun Projects.
Global Markets: It was a show of resilience on Wall Street even as it closed flat. European markets closed sharply lower while Asia is in the green. The Dow reversed a triple digit decline towards the close even as all three indices ended in negative territory.
Global events to watch:
ü The Employment Cost Index is expected to rise to 0.4 % for the fourth quarter. Meanwhile the S&P Case Shiller Home Price Index is expected to contract by 0.4% while consumer confidence is expected to rise to 68.
Global indices Update @ 8:
Dow Jones : 12653 (-06.74)
NASDAQ : 2811 (-04.61)
Nikkei 225 : 8827 (+34.33)
Hang Seng : 20320 (+160.0)
SGX CNX Nifty : 5142 (+37.00)
Gold (USD/t oz.) : 1739
Nymex Crude (F) : 99.41
INR / 1 USD : 49.50
TECHOUTLOOK : Support for Nifty is at 5050 resistance at 5160.
Call for the day:
Buy Tata Global SL 94 Target 106-110.
Sell Crompton Greaves SL 136 Target 125.
Sell Glenmark SL 316-318 Target 300.
Stocks in action for the day: SBI, PNB, Glenmark, Coal India, Edelweiss.
Reliance Industries buyback will open tomorrow.
Mark-to-market forex losses affected pharma major Glenmark's third quarter performance. The net profit almost halved to Rs 86.5 crore. The EBITDA also took a hit, falling 23% YoY.
Essar Oil's wait to exit CDR has been delayed for a few more days. Lenders okayed the proposal but have failed to reach a consensus on compensation to lenders.
After several failed attempts, Starbucks announced its India entry. The company inked a 50-50 joint venture with Tata Global Beverages and outlined an initial investment of Rs 400 crore.
Power producers have sought the government's intervention to ensure cheaper coal for their use. At the recent meeting with the Prime Minister, power producers sought the removal of 5% customs duty and 5% CVD on imported coal. They also sought removal of the 26% profit share for coal mining, arguing that it will put an extra burden on coal prices.
SBI says it has the government's nod for further capital infusion. The government will infuse up to Rs 7,900 crore via preferential allotment share issue.
Punjab National Bank's board has approved the issue of preferential shares to the government and hopes to raise upto Rs 1,285 crore via the issue. The board expects to get shareholders nod on March 20.
3i Infotech's shareholders have approved raising funds via share issue.
Lupin gets the USFDA's tentative go ahead for the generic Glumetza.
The Economic Times reports that the Coal Ministry has rejected Reliance Powers Sasan mine mortgage plan.
BG will club the Mahanagar gas deal with Gujarat Gas stake sale, reports the Economic Times.
And the Times of India reports that Coal India has cut prices and the company's revenue may take a hit.
KNR Constructions receives two orders from GVK worth Rs 675 crore.
Electrotherm (India) board approves reference to CDR cell.
Tuesday, January 24, 2012
TECHOUTLOOK : Support for Nifty is at 5025 resistance at 5063.
Market Outlook: Markets are expected to open higher tracking positive Asian markets while investors will closely watch the outcome of RBI monetary policy review, due later today. Reserve Bank of India is likely to keep policy rates unchanged, even as inflation and economic growth rate have eased. However, RBI could spring a surprise with a cut in the cash reserve ratio (CRR) to ease liquidity pressure on the system, which may also reduce funding costs for the industry.
Ahead of RBI credit policy, banking stocks are showing strong under current and are bouncing back after every small dip. Bank Nifty is gaining strength since last few weeks and has major resistance at 9950 while a fall below 9000 can reverse the current uptrend.
Results today - Cairn India, Biocon, Nelco, Lupin, Ceat, Yes Bank, Grasim, Indraprastha Gas, MRPL, Arvind, Eclerx, Edelweiss Financial, Indiabulls Power, Indiabulls Real, Nilkamal, 3i Infotech, HMT, Kalindee Rail, Zensar Tech, GIC Housing, Ajanta Pharma, 20 Microns, Everest Industries, Godavari Power and Ispat, Granules, Greaves Cotton, Indian Metal and Ferro, Kirloskar Brothers, Kirloskar Brothers Investment, Maral Overseas, Nocil, Oudh Sugar, Prism Cements
Global events to watch:
Day One of Two of the of Federal Open Market Committee meeting.
Global indices Update @ 8:
Dow Jones : 12708 (-11.66)
NASDAQ : 2784 (-02.53)
Nikkei 225 : 8798 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5059 (+7.50)
Gold (USD/t oz.) : 1675
Nymex Crude (F) : 99.65
INR / 1 USD : 50.24
TECHOUTLOOK : Support for Nifty is at 5025 resistance at 5063.
Call for the day:
Sell JSW Steel with a stoploss of Rs 641 for targets of 624 & 618.
Stocks in action for the day: Shri Lakshmi Cotsyn, HUL, Exide, Essar Oil.
RBI macro economic report -Domestic growth moderating more than expected -Growth likely to be below potential in FY12 -Domestic growth to recover at a modest pace in FY13 -Inflation has begun to fall in line with projection-Decline in food inflation likely to reverse -Policy to take into account downturn in growth -Inflation, inflationary expectations remain high -India's near-term growth outlook has deteriorated -Current account deficit to widen during the year -Fall in primary food Inflation expected to be short-lived -Core inflation, exchange rate important for future rate actions -Banks high SLR holding give scope for liquidity infusion -Additional liquidity instruments can be considered -Liquidity deficit needs to be addressed in calibrated manner EGoM on Gas to meet on February 18 -EGoM to finalise new gas allocation -EGoM on UMPP's rescheduled to
February 21 Cabinet: -Likely to take up Cairn -Vedanta nod on Tuesday -Likely to take up UIDAI funding proposal on Tuesday
DGH says RIL , BP to start production FM satellite fields in 2015-16 -Bhagyam will be ramped up to 25,000 BPD -Biggest highlight in 2012 will be Bhagyam production
RIL, BP to come up with some solutions for D6 this year
Sterlite Industries says -Aim to start mining at Balco coal block by FY13 end -In talks with govt for buying more stake in Balco
Govt sources say -May soon finalise duty on imported power equipment -Heavy Industries, power ministry consensus on level playing field -Level playing field between domestic manufacturers, importers -Domestic manufacturers like BHEL, L&T, Alstom Projects set to benefit
-Power ministry has moved draft cabinet note for discussion -Decision likely within the next fortnight
HUL puts its prime land in Bangalore on the block
Exide Industries enters into technical collaboration with East Penn USA
Essar Oil announces increase in gas reserves and resources at Raniganj CBM Block
Shri Lakshmi Cotsyn board to consider issue of warrants to promoters, non promoters on Jan 31st
In F&O Ban - ABG Shipyard and Alok Textiles
Ahead of RBI credit policy, banking stocks are showing strong under current and are bouncing back after every small dip. Bank Nifty is gaining strength since last few weeks and has major resistance at 9950 while a fall below 9000 can reverse the current uptrend.
Results today - Cairn India, Biocon, Nelco, Lupin, Ceat, Yes Bank, Grasim, Indraprastha Gas, MRPL, Arvind, Eclerx, Edelweiss Financial, Indiabulls Power, Indiabulls Real, Nilkamal, 3i Infotech, HMT, Kalindee Rail, Zensar Tech, GIC Housing, Ajanta Pharma, 20 Microns, Everest Industries, Godavari Power and Ispat, Granules, Greaves Cotton, Indian Metal and Ferro, Kirloskar Brothers, Kirloskar Brothers Investment, Maral Overseas, Nocil, Oudh Sugar, Prism Cements
Global events to watch:
Day One of Two of the of Federal Open Market Committee meeting.
Global indices Update @ 8:
Dow Jones : 12708 (-11.66)
NASDAQ : 2784 (-02.53)
Nikkei 225 : 8798 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5059 (+7.50)
Gold (USD/t oz.) : 1675
Nymex Crude (F) : 99.65
INR / 1 USD : 50.24
TECHOUTLOOK : Support for Nifty is at 5025 resistance at 5063.
Call for the day:
Sell JSW Steel with a stoploss of Rs 641 for targets of 624 & 618.
Stocks in action for the day: Shri Lakshmi Cotsyn, HUL, Exide, Essar Oil.
RBI macro economic report -Domestic growth moderating more than expected -Growth likely to be below potential in FY12 -Domestic growth to recover at a modest pace in FY13 -Inflation has begun to fall in line with projection-Decline in food inflation likely to reverse -Policy to take into account downturn in growth -Inflation, inflationary expectations remain high -India's near-term growth outlook has deteriorated -Current account deficit to widen during the year -Fall in primary food Inflation expected to be short-lived -Core inflation, exchange rate important for future rate actions -Banks high SLR holding give scope for liquidity infusion -Additional liquidity instruments can be considered -Liquidity deficit needs to be addressed in calibrated manner EGoM on Gas to meet on February 18 -EGoM to finalise new gas allocation -EGoM on UMPP's rescheduled to
February 21 Cabinet: -Likely to take up Cairn -Vedanta nod on Tuesday -Likely to take up UIDAI funding proposal on Tuesday
DGH says RIL , BP to start production FM satellite fields in 2015-16 -Bhagyam will be ramped up to 25,000 BPD -Biggest highlight in 2012 will be Bhagyam production
RIL, BP to come up with some solutions for D6 this year
Sterlite Industries says -Aim to start mining at Balco coal block by FY13 end -In talks with govt for buying more stake in Balco
Govt sources say -May soon finalise duty on imported power equipment -Heavy Industries, power ministry consensus on level playing field -Level playing field between domestic manufacturers, importers -Domestic manufacturers like BHEL, L&T, Alstom Projects set to benefit
-Power ministry has moved draft cabinet note for discussion -Decision likely within the next fortnight
HUL puts its prime land in Bangalore on the block
Exide Industries enters into technical collaboration with East Penn USA
Essar Oil announces increase in gas reserves and resources at Raniganj CBM Block
Shri Lakshmi Cotsyn board to consider issue of warrants to promoters, non promoters on Jan 31st
In F&O Ban - ABG Shipyard and Alok Textiles
Monday, January 23, 2012
Stocks in action for the day: Tata Power, Jet, RIL, Godrej Cons, Aptech
Market Outlook: Indian markets is expected to open flat and trade week ahead of below market expectations on RIL earnings. The 12 crore-share buyback aimed at boosting investor confidence in the stock is unlikely to allay concerns over the poor results.
Results today: L&T, GAIL, Maruti, Idea Cellular, Sterlite Industries, Kotak Mahindra Bank, Colgate, Federal Bank, Geometric, Jyothy Labs, DB Corp, Shree Cements, Torrent Pharma, Coromandel International, Ashoka Buildcon, Onward Technologies, Cera Sanitaryware, Electrosteel Castings, KPIT Cummins, Lakshmi Machine Works, Pheonix Mills, RPG Life, Vardhaman Textiles
Global Markets: Today most of the Asian markets shut on Chinese New Year. China, Hong Kong, Singapore, Korea and Taiwan markets shut today.
Global events to watch:
ü IMF Managing Director Lagarde speech in Berlin on global challenges in 2012.
Global indices Update @ 8:
Dow Jones : 12720 (+96.56)
NASDAQ : 2786 (-01.63)
Nikkei 225 : 8782 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5064 (+6.00)
Gold (USD/t oz.) : 1668
Nymex Crude (F) : 98.09
INR / 1 USD : 50.32
TECHOUTLOOK : Support for Nifty is at 5020 resistance at 5075
Call for the day:
Weak RIL earnings may erase some of their recent gains in the week : Sell RIL
Buy Titan Sl 186 Target 202-205
Stocks in action for the day: Tata Power, Jet, RIL, Godrej Cons, Aptech
RIL Q3 (QoQ) (cr - crore, vs - versus) -Net sales up 8.4% at Rs 85135 cr vs Rs 78569 cr -PAT down 22% at Rs 4440 cr vs Rs 5703 cr -Total expenditure up 12% at Rs 80420 cr vs Rs 71694 cr EBITDA down 26% at Rs 7285 cr vs Rs 9844 cr -EBITDA margin at 8.6% vs 12.5% RIL on share buyback -RIL board okays share buyback of Rs 10,440 cr -Board approves buyback at up to Rs 870/sh -Buyback up to Rs 12 cr shares via open-market -Buyback up to 3.6% of equity Mukesh Ambani says -Global nature of biz, weak economic condition hit Q3 -Delivered reasonably robust results despite challenges -To invest prudently in future growth engines Aptech stake sale hits a roadblock: Sources -Board not convinced on bid price & bidder plans.
Steel Authority of India Limited (SAIL) will be in focus on expansion and capacity addition in its Rs.70,000-crore programme. The company also plans to shift its focus to increase the share of value-added products from 39 per cent to around 55 per cent in the next two years.
Adani Port and Special Economic Zone Ltd (APSEZ) the company has been denied security clearance to participate in an auction to build a fertilizer loading berth at the Union government-controlled Vizag port in Andhra Pradesh.
United spirits results too disappointed the street, with Q3 net profit of nearly Rs 48 crores versus Rs 130 crores a year ago. Meanwhile, revenue stood at Rs 1,967 crores. The shareholders have approved raising foreign currency convertible bonds (FCCBs) worth USD 175 million and green shoe option of USD 50 million.
Jet Airways registered a net loss of Rs 101 crore which was lower than expectations due to higher other income. However, low margins signal that operational weakness continues despite Q3 being seasonally strongest. Also watch out for Zee Entertainment and Ultratech Cement.
FMCG giant Hindustan Unilever changed to its management committee and appoints Hemant Bakshi as executive director of its home and personal care division after current head Gopal Vittal quit.
Coal India has been asked to cut sales via e-auction. The coal minister says that the company has been asked to first meet power companies' needs.
Ramky Infrastructure Ltd., through a step down subsidiary, has signed a concession agreement with the National Highways Authority of India (NHAI) for a Rs 1,033.65-crore road project (a tollway) in Karnataka. The company, through concessionaire company Hospet Chitradurga
Karnataka Bank Ltd recorded a growth of around 86.71 per cent in net profit due to the increase in the spread and due to the strong credit growth. It recorded a net profit of Rs 72.05 crore in the third quarter of 2011-12 as against Rs 38.59 crore in the corresponding period of the previous fiscal, recording a growth of 86.71 per cent.
The production target for world's largest coal producer Coal India (CIL) is likely to be fixed at 464 million tonnes (MT) for 2012-13 financial year.
Godrej Consumer will issue 16.7 million shares to Baytree Investments and will raise Rs 685 crores via the share sale. Baytree Investment is an indirect wholly-owned arm of Temasek. The company will buy 60% stake in Chile's Cosmetica Nacional.
ONGC & RIL will be in focus on reports a possible technical partnership between ONGC and Reliance Industries-BP could be in the offing.
Aptech board on grounds of low valuation -Manipal Universal's offer below Rs 105/sh, Carlyle back bid around Rs 108/sh -Rakesh Jhunjhunwala likely to re-look at stake sale -Bidders yet to be communicated board's response
Godrej Consumer -Acquired 60% stake in Chile's Cosmetica Nacional-Plan to up stake to 100% in 3-5 years in Cosmetica Nacional -Cosmetica Nacional has turnover of USD 36 million
Godrej Consumer -To raise Rs 685 cr via share sale to Baytree -To issue 16.7 m shares to Baytree investments -Baytree investment is indirect wholly-owned arm of Temasek
Coal Minister says - Coal India asked to cut sales via e-auction -Asked Coal India to 1st meet power companies' needs
SEBI allows call auction in pre-open session for IPOs (This will hugely curb big spike on day 1 of listing) Call auction session will be for 60 minutes on 1st day listing Call auction session will be between 9 am to 10 am -Pre-open session to be allowed for companies relisting as well Other
Adani group agrees for 25% stake in proposed LNG Terminal in Gujarat - ET
Tata Power in talks to acquire 15% stake in Dubai's MEC Coal - ET
Results today: L&T, GAIL, Maruti, Idea Cellular, Sterlite Industries, Kotak Mahindra Bank, Colgate, Federal Bank, Geometric, Jyothy Labs, DB Corp, Shree Cements, Torrent Pharma, Coromandel International, Ashoka Buildcon, Onward Technologies, Cera Sanitaryware, Electrosteel Castings, KPIT Cummins, Lakshmi Machine Works, Pheonix Mills, RPG Life, Vardhaman Textiles
Global Markets: Today most of the Asian markets shut on Chinese New Year. China, Hong Kong, Singapore, Korea and Taiwan markets shut today.
Global events to watch:
ü IMF Managing Director Lagarde speech in Berlin on global challenges in 2012.
Global indices Update @ 8:
Dow Jones : 12720 (+96.56)
NASDAQ : 2786 (-01.63)
Nikkei 225 : 8782 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5064 (+6.00)
Gold (USD/t oz.) : 1668
Nymex Crude (F) : 98.09
INR / 1 USD : 50.32
TECHOUTLOOK : Support for Nifty is at 5020 resistance at 5075
Call for the day:
Weak RIL earnings may erase some of their recent gains in the week : Sell RIL
Buy Titan Sl 186 Target 202-205
Stocks in action for the day: Tata Power, Jet, RIL, Godrej Cons, Aptech
RIL Q3 (QoQ) (cr - crore, vs - versus) -Net sales up 8.4% at Rs 85135 cr vs Rs 78569 cr -PAT down 22% at Rs 4440 cr vs Rs 5703 cr -Total expenditure up 12% at Rs 80420 cr vs Rs 71694 cr EBITDA down 26% at Rs 7285 cr vs Rs 9844 cr -EBITDA margin at 8.6% vs 12.5% RIL on share buyback -RIL board okays share buyback of Rs 10,440 cr -Board approves buyback at up to Rs 870/sh -Buyback up to Rs 12 cr shares via open-market -Buyback up to 3.6% of equity Mukesh Ambani says -Global nature of biz, weak economic condition hit Q3 -Delivered reasonably robust results despite challenges -To invest prudently in future growth engines Aptech stake sale hits a roadblock: Sources -Board not convinced on bid price & bidder plans.
Steel Authority of India Limited (SAIL) will be in focus on expansion and capacity addition in its Rs.70,000-crore programme. The company also plans to shift its focus to increase the share of value-added products from 39 per cent to around 55 per cent in the next two years.
Adani Port and Special Economic Zone Ltd (APSEZ) the company has been denied security clearance to participate in an auction to build a fertilizer loading berth at the Union government-controlled Vizag port in Andhra Pradesh.
United spirits results too disappointed the street, with Q3 net profit of nearly Rs 48 crores versus Rs 130 crores a year ago. Meanwhile, revenue stood at Rs 1,967 crores. The shareholders have approved raising foreign currency convertible bonds (FCCBs) worth USD 175 million and green shoe option of USD 50 million.
Jet Airways registered a net loss of Rs 101 crore which was lower than expectations due to higher other income. However, low margins signal that operational weakness continues despite Q3 being seasonally strongest. Also watch out for Zee Entertainment and Ultratech Cement.
FMCG giant Hindustan Unilever changed to its management committee and appoints Hemant Bakshi as executive director of its home and personal care division after current head Gopal Vittal quit.
Coal India has been asked to cut sales via e-auction. The coal minister says that the company has been asked to first meet power companies' needs.
Ramky Infrastructure Ltd., through a step down subsidiary, has signed a concession agreement with the National Highways Authority of India (NHAI) for a Rs 1,033.65-crore road project (a tollway) in Karnataka. The company, through concessionaire company Hospet Chitradurga
Karnataka Bank Ltd recorded a growth of around 86.71 per cent in net profit due to the increase in the spread and due to the strong credit growth. It recorded a net profit of Rs 72.05 crore in the third quarter of 2011-12 as against Rs 38.59 crore in the corresponding period of the previous fiscal, recording a growth of 86.71 per cent.
The production target for world's largest coal producer Coal India (CIL) is likely to be fixed at 464 million tonnes (MT) for 2012-13 financial year.
Godrej Consumer will issue 16.7 million shares to Baytree Investments and will raise Rs 685 crores via the share sale. Baytree Investment is an indirect wholly-owned arm of Temasek. The company will buy 60% stake in Chile's Cosmetica Nacional.
ONGC & RIL will be in focus on reports a possible technical partnership between ONGC and Reliance Industries-BP could be in the offing.
Aptech board on grounds of low valuation -Manipal Universal's offer below Rs 105/sh, Carlyle back bid around Rs 108/sh -Rakesh Jhunjhunwala likely to re-look at stake sale -Bidders yet to be communicated board's response
Godrej Consumer -Acquired 60% stake in Chile's Cosmetica Nacional-Plan to up stake to 100% in 3-5 years in Cosmetica Nacional -Cosmetica Nacional has turnover of USD 36 million
Godrej Consumer -To raise Rs 685 cr via share sale to Baytree -To issue 16.7 m shares to Baytree investments -Baytree investment is indirect wholly-owned arm of Temasek
Coal Minister says - Coal India asked to cut sales via e-auction -Asked Coal India to 1st meet power companies' needs
SEBI allows call auction in pre-open session for IPOs (This will hugely curb big spike on day 1 of listing) Call auction session will be for 60 minutes on 1st day listing Call auction session will be between 9 am to 10 am -Pre-open session to be allowed for companies relisting as well Other
Adani group agrees for 25% stake in proposed LNG Terminal in Gujarat - ET
Tata Power in talks to acquire 15% stake in Dubai's MEC Coal - ET
Wednesday, January 18, 2012
TECHOUTLOOK : Support for Nifty is at 4920 resistance at 5000.
Market Outlook: Indian markets are expected to open flat and trade in negative terrain on the back of mixed action seen on the Asian counter. Back to domestic space all eyes are on credit policy on January 24, a word on the street is the RBI will leave interest rates unchanged as it continues its hawk eye view on inflation.
Results Today : JSPL, Mindtree, NIIT, Bajaj Finserv, Bajaj Finance, Raymond, Tata Coffee, Agro Tech Foods, Infotech Enterprises, Manali Petro, Premier, Sudar Garment
Global Markets: The US markets ended higher but off their best levels as weakness in financials offset earlier optimism following a handful of better-than-expected global economic news and a successful Spanish debt auction. The S&P 500 rose 5 points to finish at 1,293.67, briefly hitting the psychologically-important 1,300 level earlier in the session. Asia trading mixed; Hang Seng up, Straits Times down
Global events to watch:
ü U.S. Producer price index for December.
ü U.S. industrial production for December
Global indices Update @ 8:
Dow Jones : 12482 (+60.01)
NASDAQ : 2728 (+17.41)
Nikkei 225 : 8481 (+14.77)
Hang Seng : 19609 (-17.95)
SGX CNX Nifty : 4964 (-08.00)
Gold (USD/t oz.) : 1647
Nymex Crude (F) : 101.17
INR / 1 USD : 51.06
TECHOUTLOOK : Support for Nifty is at 4920 resistance at 5000.
Call for the day:
Sell ICICI Bank SL 795 Target 760-750.
BUY Cairn India SL 325 Target 385-400 (Positional call)
Stocks in action for the day: Airlines in action, Cairn India, Kingfisher, Essar Oil.
FDI in aviation cleared: -Proposal for 49% FDI in aviation to be sent for cabinet approval Aviation Minister says -Met Pranab Mukherjee to discuss sector issues -Govt to give funds to Air India to pay pilots -GoM on Air India to meet next week -To move cabinet note on 49% FDI by carriers -Investment by foreign carriers will help local airlines -GoM to consider companies recommendations to allow direct ATF Imports
Cairn, ONGC's production ramp up at Rajasthan anytime now-No comments on FPO as department of divestment considering other options -Concerns on large under-recoveries -Expecting to get remunerative prices in excess of USD 55/barrel -At a discussion level stage with Conocophillips -ONGC final dividend to be decided in Q4
RINL may soon get rights to mine iron ore in Rajasthan: Rashtriya Ispat Nigam Ltd (RINL) is poised to obtain its first iron ore mining lease in Rajasthan for relatively low-grade magnetite and may form an equity-linked joint venture with Andhra Pradesh Mineral Development Corporation (APMDC) in February for a high-grade haematite reserve in Andhra Pradesh.
Mahindra Satyam has signed an agreement with Intertek, a US-based testing, inspection and certification services, to work smart grid-focused testing and engineering activities.
Tata Consultancy Services reported 23% year-on-year rise in second quarter consolidated net profit at Rs 2,887 crore, helped by continued demand for outsourcing services and said the deal pipeline remains strong. Revenue for October-December quarter jumped 37% from a year ago to Rs 13,204 crore,
RBI allows unlisted cos to hedge commodity price risk: Banks authorised to deal in foreign exchange can grant permission to unlisted companies to hedge price risk on import/export in respect of any commodity (except gold, silver, platinum) in the international commodity exchanges/markets, according to the Reserve Bank of India.
Housing finance company, DHFL has posted a net profit of Rs 75 crore for the quarter ended December 2011, up 21 per cent from Rs 62 crore in the corresponding year-ago period.
Losses on sale of diesel at government-controlled rates have hit a record Rs 14.57 a litre, sending state-owned oil companies scrambling for ways to cover mounting losses. Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum are losing Rs 435 crore/ day as they are made to sell diesel, domestic LPG and kerosene below cost to keep inflation under check.
Dishman Pharmaceuticals and Chemicals said its Switzerland-based subsidiary Carbogen Amcis has acquired Creapharm Parenterals for an undisclosed amount
Kingfisher Airlines Ltd the company has told its creditors that the company is likely to receive support in form of equity infusion by end-March, said two bankers familiar with the matter.
Reliance Infrastructure Ltd the company has decided to merge its five subsidiaries - Reliance Energy, Reliance Energy Generation, Reliance Goa and Samalkot Power, Reliance Infraventures and Reliance Property Developers - with itself while demerging the container business of Reliance Infrastructure Engineers.
NMDC Ltd India's largest iron ore producer and exporter confirmed acquisition of a 50 percent equity stake in Perth-based gold and base metals exploration company Legacy Iron Ore Ltd. for a consideration of A$18.89 million.
Lanco Infratech Ltd the company has missed its quarterly repayment of loan raised for its 1,200-mw imported coal power project at Udupi in Karnataka as the poor health of state distribution companies is taking a toll on power utilities.
Marico Ltd the FMCG firm said it is looking at acquisitions worth up to Rs 1,000 crore both in the domestic and overseas markets as part of its strategy to maintain a growth of 26-27 per cent in the coming years.
In a major blow to the Ruias-led Essar Oil, the Supreme Court rejected the company’s 125 per cent sales tax deferment benefit claim on its investment in the Vadinar refinery project. The company will now have to fork out at least Rs 6,300 crore in sales tax to the Gujarat government.
Maruti Suzuki India Ltd, the country’s top car maker, raised prices of all its models on Tuesday, sending its shares up as much as 11 per cent, as investors rallied behind the company after months of falling sales appeared to have levelled in December.
National Stock Exchange said it will exclude Deccan Chronicle Holdings and Everest Kanto Cylinder from its futures and options segment. The contracts won’t be available after the March series expires.
Oracle India to increase focus on Govt projects
Results Today : JSPL, Mindtree, NIIT, Bajaj Finserv, Bajaj Finance, Raymond, Tata Coffee, Agro Tech Foods, Infotech Enterprises, Manali Petro, Premier, Sudar Garment
Global Markets: The US markets ended higher but off their best levels as weakness in financials offset earlier optimism following a handful of better-than-expected global economic news and a successful Spanish debt auction. The S&P 500 rose 5 points to finish at 1,293.67, briefly hitting the psychologically-important 1,300 level earlier in the session. Asia trading mixed; Hang Seng up, Straits Times down
Global events to watch:
ü U.S. Producer price index for December.
ü U.S. industrial production for December
Global indices Update @ 8:
Dow Jones : 12482 (+60.01)
NASDAQ : 2728 (+17.41)
Nikkei 225 : 8481 (+14.77)
Hang Seng : 19609 (-17.95)
SGX CNX Nifty : 4964 (-08.00)
Gold (USD/t oz.) : 1647
Nymex Crude (F) : 101.17
INR / 1 USD : 51.06
TECHOUTLOOK : Support for Nifty is at 4920 resistance at 5000.
Call for the day:
Sell ICICI Bank SL 795 Target 760-750.
BUY Cairn India SL 325 Target 385-400 (Positional call)
Stocks in action for the day: Airlines in action, Cairn India, Kingfisher, Essar Oil.
FDI in aviation cleared: -Proposal for 49% FDI in aviation to be sent for cabinet approval Aviation Minister says -Met Pranab Mukherjee to discuss sector issues -Govt to give funds to Air India to pay pilots -GoM on Air India to meet next week -To move cabinet note on 49% FDI by carriers -Investment by foreign carriers will help local airlines -GoM to consider companies recommendations to allow direct ATF Imports
Cairn, ONGC's production ramp up at Rajasthan anytime now-No comments on FPO as department of divestment considering other options -Concerns on large under-recoveries -Expecting to get remunerative prices in excess of USD 55/barrel -At a discussion level stage with Conocophillips -ONGC final dividend to be decided in Q4
RINL may soon get rights to mine iron ore in Rajasthan: Rashtriya Ispat Nigam Ltd (RINL) is poised to obtain its first iron ore mining lease in Rajasthan for relatively low-grade magnetite and may form an equity-linked joint venture with Andhra Pradesh Mineral Development Corporation (APMDC) in February for a high-grade haematite reserve in Andhra Pradesh.
Mahindra Satyam has signed an agreement with Intertek, a US-based testing, inspection and certification services, to work smart grid-focused testing and engineering activities.
Tata Consultancy Services reported 23% year-on-year rise in second quarter consolidated net profit at Rs 2,887 crore, helped by continued demand for outsourcing services and said the deal pipeline remains strong. Revenue for October-December quarter jumped 37% from a year ago to Rs 13,204 crore,
RBI allows unlisted cos to hedge commodity price risk: Banks authorised to deal in foreign exchange can grant permission to unlisted companies to hedge price risk on import/export in respect of any commodity (except gold, silver, platinum) in the international commodity exchanges/markets, according to the Reserve Bank of India.
Housing finance company, DHFL has posted a net profit of Rs 75 crore for the quarter ended December 2011, up 21 per cent from Rs 62 crore in the corresponding year-ago period.
Losses on sale of diesel at government-controlled rates have hit a record Rs 14.57 a litre, sending state-owned oil companies scrambling for ways to cover mounting losses. Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum are losing Rs 435 crore/ day as they are made to sell diesel, domestic LPG and kerosene below cost to keep inflation under check.
Dishman Pharmaceuticals and Chemicals said its Switzerland-based subsidiary Carbogen Amcis has acquired Creapharm Parenterals for an undisclosed amount
Kingfisher Airlines Ltd the company has told its creditors that the company is likely to receive support in form of equity infusion by end-March, said two bankers familiar with the matter.
Reliance Infrastructure Ltd the company has decided to merge its five subsidiaries - Reliance Energy, Reliance Energy Generation, Reliance Goa and Samalkot Power, Reliance Infraventures and Reliance Property Developers - with itself while demerging the container business of Reliance Infrastructure Engineers.
NMDC Ltd India's largest iron ore producer and exporter confirmed acquisition of a 50 percent equity stake in Perth-based gold and base metals exploration company Legacy Iron Ore Ltd. for a consideration of A$18.89 million.
Lanco Infratech Ltd the company has missed its quarterly repayment of loan raised for its 1,200-mw imported coal power project at Udupi in Karnataka as the poor health of state distribution companies is taking a toll on power utilities.
Marico Ltd the FMCG firm said it is looking at acquisitions worth up to Rs 1,000 crore both in the domestic and overseas markets as part of its strategy to maintain a growth of 26-27 per cent in the coming years.
In a major blow to the Ruias-led Essar Oil, the Supreme Court rejected the company’s 125 per cent sales tax deferment benefit claim on its investment in the Vadinar refinery project. The company will now have to fork out at least Rs 6,300 crore in sales tax to the Gujarat government.
Maruti Suzuki India Ltd, the country’s top car maker, raised prices of all its models on Tuesday, sending its shares up as much as 11 per cent, as investors rallied behind the company after months of falling sales appeared to have levelled in December.
National Stock Exchange said it will exclude Deccan Chronicle Holdings and Everest Kanto Cylinder from its futures and options segment. The contracts won’t be available after the March series expires.
Oracle India to increase focus on Govt projects
Tuesday, January 17, 2012
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
Market Outlook: Indian markets are expected to open with a flat positive note backed by recover attempts seen in the Asian counters. All eyes are on TCS and HCL Technologies ahead of their quarterly results due later today. he software exporters are expected to report a bump in margins, aided by a weak rupee, while eking out revenue growth to meet expectations in an uncertain business environment. Asian shares inched higher and the euro stayed above a 17-month trough on Tuesday as investors focused on economic data from China to gauge the impact of the euro zone debt crisis on global growth.
Results Today : TCS, HCL Tech, VST Industries, Camlin, Chambal Fertilisers, Automotive Axles, Blue Star Infotech, Electrotherm India, Kajaria Ceramics, Maharashtra Scooters and Zee News
Global Markets: The US markets were closed yesterday, therefore no key takeaways. However, in data to watch out for in the US today, empire state manufacturing index is expected to rise to 10.50 for January. European markets closed slightly higher in a choppy session, with weakness in banks after a mass credit downgrade of euro zone countries offset by a rise in defensives, such as pharmaceuticals.
Global events to watch:
ü Empire State index for January.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8447 (+69.13)
Hang Seng : 19296 (+284.0)
SGX CNX Nifty : 4901 (+04.00)
Gold (USD/t oz.) : 1655
Nymex Crude (F) : 99.83
INR / 1 USD : 51.65
TECHOUTLOOK : Support for Nifty is at 4840 resistance at 4920.
Call for the day:
Buy South India Bank SL 22 Target 24.5-25.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
The Telecom Regulatory Authority of India (TRAI) has suggested Rs 20 crore as the entry fee for pan India unified licence.
Infosys is looking at increasing its focus on the insurance sector in the coming months, a top official of the company said.
The Government of Singapore has acquired a 1.09% stake, now worth about Rs2,500 crore, in Reliance Industries (RIL).
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
A Group of Ministers (GOM) is likely to recommend import of jet fuel (Aviation Turbine Fuel or ATF) on a case by case basis. At its meeting here the inter-ministerial group is also likely to discuss a proposal to allow foreign airlines to pick up equity in domestic airlines.
ONGC Tripura gets green nod for transmission leg: In a move that may remove part of the hurdles before commercial generation from the upcoming 2 X 363.3 MW gas-based power station of ONGC Tripura Power Company (OTPC), the Union Government has recently granted forest clearance for larger part of the Palatana (Tripura) - Silchar (Assam) leg of the transmission project, according to sources.
RINL bags Steel Minister's trophy again: Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has bagged the prestigious “Steel Minister's Trophy” (for its performance in the year 2009-10) for being the best integrated steel plant in the country. This is the second time RINL has won this award.
India's exports rose for the first time in five months, encouraging the government to reaffirm that it would achieve its $300-billion target for the year. Exports in December grew 6.7% to $25 billion over the previous month
South Indian Bank, the Thrissur (Kerala)-headquartered old generation private sector, has reported a 36 per cent increase in net profit at Rs 102 crore in the three-months ended December 31, 2011, against Rs 75 crore in the corresponding period last year.
Aided by a 32 per cent growth in net interest income, ING Vysya Bank's net profit grew 44 per cent during the third quarter of this fiscal compared with the corresponding quarter of last fiscal.
Software services provider Tata Elxsi reported an 84% jump in net profit to Rs.10.3 crore for the third quarter ended December 31. It had posted a net profit of Rs5.6 crore for the October-December period of 2010
Maruti Suzuki Hedges 80% of Yen Exposure on Behalf of Key Vendors. Maruti Suzuki had obtained special permission from the Reserve Bank of India (RBI) to buy forex cover on behalf of its vendors in June 2011.
GAIL Ltd the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Market regulator Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 5 lakh on India Infoline Securities alleging that the brokerage house had carried out synchronized trades in the shares of Asian Star Company for the period October 10, 2008 to November 20, 2008.
State Bank of India said that the government has approved a capital infusion of Rs.6,000-8,000 crore in the bank by March 31, a step that would help the lender to enhance its business.
Magma Fincorp reported a lower growth in profit of Rs.13.9 crore during the third quarter of 2011-12, down 59% from Rs.32.7 crore in the same quarter last year, due to change in business strategy and accounting policy. The fall in profit is also a consequence of MTM loss of Rs.5 crore on forex exposure.
The diversified Adani Group has zeroed in on Andhra Pradesh to set up a deep-water port with a proposed investment of $1 billion, as part of its plans to touch a cargo handling capacity of 200 million tonnes (mt) by 2015.
Govt Closer to Imposing Duty on Imported Power Tools.
Results Today : TCS, HCL Tech, VST Industries, Camlin, Chambal Fertilisers, Automotive Axles, Blue Star Infotech, Electrotherm India, Kajaria Ceramics, Maharashtra Scooters and Zee News
Global Markets: The US markets were closed yesterday, therefore no key takeaways. However, in data to watch out for in the US today, empire state manufacturing index is expected to rise to 10.50 for January. European markets closed slightly higher in a choppy session, with weakness in banks after a mass credit downgrade of euro zone countries offset by a rise in defensives, such as pharmaceuticals.
Global events to watch:
ü Empire State index for January.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8447 (+69.13)
Hang Seng : 19296 (+284.0)
SGX CNX Nifty : 4901 (+04.00)
Gold (USD/t oz.) : 1655
Nymex Crude (F) : 99.83
INR / 1 USD : 51.65
TECHOUTLOOK : Support for Nifty is at 4840 resistance at 4920.
Call for the day:
Buy South India Bank SL 22 Target 24.5-25.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
The Telecom Regulatory Authority of India (TRAI) has suggested Rs 20 crore as the entry fee for pan India unified licence.
Infosys is looking at increasing its focus on the insurance sector in the coming months, a top official of the company said.
The Government of Singapore has acquired a 1.09% stake, now worth about Rs2,500 crore, in Reliance Industries (RIL).
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
A Group of Ministers (GOM) is likely to recommend import of jet fuel (Aviation Turbine Fuel or ATF) on a case by case basis. At its meeting here the inter-ministerial group is also likely to discuss a proposal to allow foreign airlines to pick up equity in domestic airlines.
ONGC Tripura gets green nod for transmission leg: In a move that may remove part of the hurdles before commercial generation from the upcoming 2 X 363.3 MW gas-based power station of ONGC Tripura Power Company (OTPC), the Union Government has recently granted forest clearance for larger part of the Palatana (Tripura) - Silchar (Assam) leg of the transmission project, according to sources.
RINL bags Steel Minister's trophy again: Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has bagged the prestigious “Steel Minister's Trophy” (for its performance in the year 2009-10) for being the best integrated steel plant in the country. This is the second time RINL has won this award.
India's exports rose for the first time in five months, encouraging the government to reaffirm that it would achieve its $300-billion target for the year. Exports in December grew 6.7% to $25 billion over the previous month
South Indian Bank, the Thrissur (Kerala)-headquartered old generation private sector, has reported a 36 per cent increase in net profit at Rs 102 crore in the three-months ended December 31, 2011, against Rs 75 crore in the corresponding period last year.
Aided by a 32 per cent growth in net interest income, ING Vysya Bank's net profit grew 44 per cent during the third quarter of this fiscal compared with the corresponding quarter of last fiscal.
Software services provider Tata Elxsi reported an 84% jump in net profit to Rs.10.3 crore for the third quarter ended December 31. It had posted a net profit of Rs5.6 crore for the October-December period of 2010
Maruti Suzuki Hedges 80% of Yen Exposure on Behalf of Key Vendors. Maruti Suzuki had obtained special permission from the Reserve Bank of India (RBI) to buy forex cover on behalf of its vendors in June 2011.
GAIL Ltd the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Market regulator Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 5 lakh on India Infoline Securities alleging that the brokerage house had carried out synchronized trades in the shares of Asian Star Company for the period October 10, 2008 to November 20, 2008.
State Bank of India said that the government has approved a capital infusion of Rs.6,000-8,000 crore in the bank by March 31, a step that would help the lender to enhance its business.
Magma Fincorp reported a lower growth in profit of Rs.13.9 crore during the third quarter of 2011-12, down 59% from Rs.32.7 crore in the same quarter last year, due to change in business strategy and accounting policy. The fall in profit is also a consequence of MTM loss of Rs.5 crore on forex exposure.
The diversified Adani Group has zeroed in on Andhra Pradesh to set up a deep-water port with a proposed investment of $1 billion, as part of its plans to touch a cargo handling capacity of 200 million tonnes (mt) by 2015.
Govt Closer to Imposing Duty on Imported Power Tools.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
Market Outlook: Indian markets are expected to open with a flat positive note backed by recover attempts seen in the Asian counters. All eyes are on TCS and HCL Technologies ahead of their quarterly results due later today. he software exporters are expected to report a bump in margins, aided by a weak rupee, while eking out revenue growth to meet expectations in an uncertain business environment. Asian shares inched higher and the euro stayed above a 17-month trough on Tuesday as investors focused on economic data from China to gauge the impact of the euro zone debt crisis on global growth.
Results Today : TCS, HCL Tech, VST Industries, Camlin, Chambal Fertilisers, Automotive Axles, Blue Star Infotech, Electrotherm India, Kajaria Ceramics, Maharashtra Scooters and Zee News
Global Markets: The US markets were closed yesterday, therefore no key takeaways. However, in data to watch out for in the US today, empire state manufacturing index is expected to rise to 10.50 for January. European markets closed slightly higher in a choppy session, with weakness in banks after a mass credit downgrade of euro zone countries offset by a rise in defensives, such as pharmaceuticals.
Global events to watch:
ü Empire State index for January.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8447 (+69.13)
Hang Seng : 19296 (+284.0)
SGX CNX Nifty : 4901 (+04.00)
Gold (USD/t oz.) : 1655
Nymex Crude (F) : 99.83
INR / 1 USD : 51.65
TECHOUTLOOK : Support for Nifty is at 4840 resistance at 4920.
Call for the day:
Buy South India Bank SL 22 Target 24.5-25.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
The Telecom Regulatory Authority of India (TRAI) has suggested Rs 20 crore as the entry fee for pan India unified licence.
Infosys is looking at increasing its focus on the insurance sector in the coming months, a top official of the company said.
The Government of Singapore has acquired a 1.09% stake, now worth about Rs2,500 crore, in Reliance Industries (RIL).
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
A Group of Ministers (GOM) is likely to recommend import of jet fuel (Aviation Turbine Fuel or ATF) on a case by case basis. At its meeting here the inter-ministerial group is also likely to discuss a proposal to allow foreign airlines to pick up equity in domestic airlines.
ONGC Tripura gets green nod for transmission leg: In a move that may remove part of the hurdles before commercial generation from the upcoming 2 X 363.3 MW gas-based power station of ONGC Tripura Power Company (OTPC), the Union Government has recently granted forest clearance for larger part of the Palatana (Tripura) - Silchar (Assam) leg of the transmission project, according to sources.
RINL bags Steel Minister's trophy again: Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has bagged the prestigious “Steel Minister's Trophy” (for its performance in the year 2009-10) for being the best integrated steel plant in the country. This is the second time RINL has won this award.
India's exports rose for the first time in five months, encouraging the government to reaffirm that it would achieve its $300-billion target for the year. Exports in December grew 6.7% to $25 billion over the previous month
South Indian Bank, the Thrissur (Kerala)-headquartered old generation private sector, has reported a 36 per cent increase in net profit at Rs 102 crore in the three-months ended December 31, 2011, against Rs 75 crore in the corresponding period last year.
Aided by a 32 per cent growth in net interest income, ING Vysya Bank's net profit grew 44 per cent during the third quarter of this fiscal compared with the corresponding quarter of last fiscal.
Software services provider Tata Elxsi reported an 84% jump in net profit to Rs.10.3 crore for the third quarter ended December 31. It had posted a net profit of Rs5.6 crore for the October-December period of 2010
Maruti Suzuki Hedges 80% of Yen Exposure on Behalf of Key Vendors. Maruti Suzuki had obtained special permission from the Reserve Bank of India (RBI) to buy forex cover on behalf of its vendors in June 2011.
GAIL Ltd the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Market regulator Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 5 lakh on India Infoline Securities alleging that the brokerage house had carried out synchronized trades in the shares of Asian Star Company for the period October 10, 2008 to November 20, 2008.
State Bank of India said that the government has approved a capital infusion of Rs.6,000-8,000 crore in the bank by March 31, a step that would help the lender to enhance its business.
Magma Fincorp reported a lower growth in profit of Rs.13.9 crore during the third quarter of 2011-12, down 59% from Rs.32.7 crore in the same quarter last year, due to change in business strategy and accounting policy. The fall in profit is also a consequence of MTM loss of Rs.5 crore on forex exposure.
The diversified Adani Group has zeroed in on Andhra Pradesh to set up a deep-water port with a proposed investment of $1 billion, as part of its plans to touch a cargo handling capacity of 200 million tonnes (mt) by 2015.
Govt Closer to Imposing Duty on Imported Power Tools.
Results Today : TCS, HCL Tech, VST Industries, Camlin, Chambal Fertilisers, Automotive Axles, Blue Star Infotech, Electrotherm India, Kajaria Ceramics, Maharashtra Scooters and Zee News
Global Markets: The US markets were closed yesterday, therefore no key takeaways. However, in data to watch out for in the US today, empire state manufacturing index is expected to rise to 10.50 for January. European markets closed slightly higher in a choppy session, with weakness in banks after a mass credit downgrade of euro zone countries offset by a rise in defensives, such as pharmaceuticals.
Global events to watch:
ü Empire State index for January.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8447 (+69.13)
Hang Seng : 19296 (+284.0)
SGX CNX Nifty : 4901 (+04.00)
Gold (USD/t oz.) : 1655
Nymex Crude (F) : 99.83
INR / 1 USD : 51.65
TECHOUTLOOK : Support for Nifty is at 4840 resistance at 4920.
Call for the day:
Buy South India Bank SL 22 Target 24.5-25.
Stocks in action for the day: Subex, NCC, Dewan Housing, SBI, HCL Tech
The Telecom Regulatory Authority of India (TRAI) has suggested Rs 20 crore as the entry fee for pan India unified licence.
Infosys is looking at increasing its focus on the insurance sector in the coming months, a top official of the company said.
The Government of Singapore has acquired a 1.09% stake, now worth about Rs2,500 crore, in Reliance Industries (RIL).
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
A Group of Ministers (GOM) is likely to recommend import of jet fuel (Aviation Turbine Fuel or ATF) on a case by case basis. At its meeting here the inter-ministerial group is also likely to discuss a proposal to allow foreign airlines to pick up equity in domestic airlines.
ONGC Tripura gets green nod for transmission leg: In a move that may remove part of the hurdles before commercial generation from the upcoming 2 X 363.3 MW gas-based power station of ONGC Tripura Power Company (OTPC), the Union Government has recently granted forest clearance for larger part of the Palatana (Tripura) - Silchar (Assam) leg of the transmission project, according to sources.
RINL bags Steel Minister's trophy again: Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has bagged the prestigious “Steel Minister's Trophy” (for its performance in the year 2009-10) for being the best integrated steel plant in the country. This is the second time RINL has won this award.
India's exports rose for the first time in five months, encouraging the government to reaffirm that it would achieve its $300-billion target for the year. Exports in December grew 6.7% to $25 billion over the previous month
South Indian Bank, the Thrissur (Kerala)-headquartered old generation private sector, has reported a 36 per cent increase in net profit at Rs 102 crore in the three-months ended December 31, 2011, against Rs 75 crore in the corresponding period last year.
Aided by a 32 per cent growth in net interest income, ING Vysya Bank's net profit grew 44 per cent during the third quarter of this fiscal compared with the corresponding quarter of last fiscal.
Software services provider Tata Elxsi reported an 84% jump in net profit to Rs.10.3 crore for the third quarter ended December 31. It had posted a net profit of Rs5.6 crore for the October-December period of 2010
Maruti Suzuki Hedges 80% of Yen Exposure on Behalf of Key Vendors. Maruti Suzuki had obtained special permission from the Reserve Bank of India (RBI) to buy forex cover on behalf of its vendors in June 2011.
GAIL Ltd the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Market regulator Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 5 lakh on India Infoline Securities alleging that the brokerage house had carried out synchronized trades in the shares of Asian Star Company for the period October 10, 2008 to November 20, 2008.
State Bank of India said that the government has approved a capital infusion of Rs.6,000-8,000 crore in the bank by March 31, a step that would help the lender to enhance its business.
Magma Fincorp reported a lower growth in profit of Rs.13.9 crore during the third quarter of 2011-12, down 59% from Rs.32.7 crore in the same quarter last year, due to change in business strategy and accounting policy. The fall in profit is also a consequence of MTM loss of Rs.5 crore on forex exposure.
The diversified Adani Group has zeroed in on Andhra Pradesh to set up a deep-water port with a proposed investment of $1 billion, as part of its plans to touch a cargo handling capacity of 200 million tonnes (mt) by 2015.
Govt Closer to Imposing Duty on Imported Power Tools.
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