Market Outlook: Indian markets are to expected to open with a negative note backed by sentiments on the European downgrades. Indian sentiments to remain cautious backed by global news. Markets will only stabilise once there is clarity on macroeconomic issues like growth, inflation, interest rates and deficit.
Results Today - ING Vyasa Bank, Dawn Housing, Automotive Stamping, Magma FinCorp, Motilal Oswal Financial Services, Reliance Industrial Infra, South Indian Bank, Tata Elxsi, Tata Investment Corp.
Downgrades: Credit ratings agency Standard & Poor downgrades nine eurozone countries. Stripping France and Austria of their coveted AAA status. They have downgraded France one notch to AA+ from AAA while Spain has been downgraded two notches to 'A' from 'AA-'. Italy lost two notches to 'BBB+' from 'A'. Portugal too lost two notches to BB from BBB-. They said that the long-term outlooks on France, Italy, Spain, Portugal is negative while the outlook on Germany long-term ratings is stable.
Global Markets: The US markets bounced off their lows on Friday, but still ended in negative territory. Despite the day's losses, stocks still posted a gain for the week. Meanwhile, US markets will remain shut today on account of Martin Luther King day. And on economic data front, the trade deficit totaled USD 47.8 billion, widening in November to its largest in five months. Meanwhile, preliminary January consumer sentiment index rose to 74. European markets too closed lower on Friday.
Global events to watch:
ü US Holiday : Martin Luther King Jr Day.
ü Bond, Equity market closed.
Global indices Update @ 8:
Dow Jones : 12422 (-48.96)
NASDAQ : 2710 (-14.03)
Nikkei 225 : 8374 (-128.6)
Hang Seng : 19039 (-165.0)
SGX CNX Nifty : 4845 (-41.00)
Gold (USD/t oz.) : 1641
Nymex Crude (F) : 98.85
INR / 1 USD : 51.43
Technical Outlook: Nifty support seen near 4820 and resistance at 4880
Stocks in action for the day: SpiceJet, OIL, RIL, IL&FS Investment, CMC.
Telenor, Unitech spar over JV valuations, Unitech calls Rs 600 crore valuation should we worth 20 times more - ET Unitech says: CNBC-TV18 exclusive-Continue to object to Uninor's proposed Rights issue-Company does not require rights issue-Telenor has arbitrarily declined SBI funds-Believe debt funding is still the best option for Uninor-Rights issue being heard by an Arbitration panel-Punjab & Haryana HC order to allow rights issue conditional on the outcome of Arbitration
CMC Q3FY12 -Consolidated net profit at Rs 41.4 crore vs Rs 45.4 crore (YoY) -Consolidated net sales at Rs 396 crore vs Rs 273 crore (YoY) -PAT at Rs 41.3 crore, up 27% QoQ-Margins at 16.2% vs 14.7% -Company added 1,474 employees and 21 clients in Q3
CEA revises gas requirement for Indian power projects-Seeks immediate allocation of 21.80 mmscmd Recommendation sent to Power Ministry on January 6 -EGOM likely to meet and finalize gas allocation schedule-Gas requirement for projects commissioned by March-6.4 mmscmd for Rel Power Samalkot by March 2012 additional 3.2 mmscmd for Dec 2012 -2 projects of GVK dropped due to gas uncertainty
IL&FS Investment Managers buys 9.4% in Indiabulls worli property for Rs 200 crore
Govt mulls hike in urea prices ahead of state elections - ET
Cash strapped UB group plans to list W&M overseas - ET
DGH says govt can't stop RIL from recovering D6 costs - ET
RIL plans to pick up 26% stake in leading cable operator including MSO - BS
DCB postpones its Rs 150 crore QIP plans to June - BS
Oil India (OIL) in talks to buy 25% stake in Shale Gas for USD 200 million - Mint
2 key executives of SpiceJet quit even as airline plans to expand - Mint
F&O Ban: Aban Offshore, ABG Shipyard, Gitanjali Gems, Punj Lloyd and Ruchi Soya
Vodafone plans Indian listing despite regulatory uncertainties
GOM meeting on ATF import & FDI next week (PTI)
Govt may slash subsidy on Dap and Potash Fertilisers
Monday, January 16, 2012
Thursday, January 12, 2012
Technical Outlook: Nifty support seen near 4800 and resistance at 4900
Market Outlook: Indian markets are to expected to open flat and trade with the direction resulting from the key data releasing today. Investors are keenly awaiting IIP data due today which would direct the market trend going forward. Big boy Infosys declares its numbers today. Dollar revenues are expected to come in towards the lower end of the guidance at about 3.37% sequentially. Margins are expected to gain by about 200 basis points. Also, expect Nov IIP near to 1.6% -2.0 vs minus 5.1% in October.
Results Today: Infosys, HDFC, TTK Prestige, DCB, Geojit BNP Paribas, Gruh Finance, Sanghi Industries
Global Markets: The US markets ended near session highs, but still closed narrowly mixed, as worries over the Eurozone and declines in the energy sector limited gains. On economic data front, US economy expanded at a moderate pace in late November and December as consumer spending picked up, according to the Federal Reserve's latest beige book report. Meanwhile, weekly mortgage applications gained in the first week of 2012.
Global events to watch:
ü Weekly jobless claims are expected to come in slightly higher at 375,000.
ü Retail sales may rise to 0.4% for December.
ü Business inventories is expected to come in at 0.5%
ü The ECB will hold a policy meeting today. The committee is expected to keep interest rates on hold at the historic low of 1%, and hold back on further action, despite growing calls for the bank to resort to quantitative easing. The meeting happens as calls for the central bank to take further action to solve the euro zone debt crisis increase.
Global indices Update @ 8:
Dow Jones : 12462 (+69.78)
NASDAQ : 2695 (-06.85)
Nikkei 225 : 8447 (+25.62)
Hang Seng : 19151 (+147.6)
SGX CNX Nifty : 4849 (-24.00)
Gold (USD/t oz.) : 1648
Nymex Crude (F) : 101.48
INR / 1 USD : 52.22
Technical Outlook: Nifty support seen near 4800 and resistance at 4900
Call for the day:
Buy Bajaj Auto SL 1435 Target 1475.
Sell ABG Shipyard SL 393 Target 385.
Stocks in action for the day: Infosys, Thomas Cook, SBI, Titagarh Wagons.
Govt sources say -Decision on ATF direct import to be taken in next 3-4 days-Vijay Mallaya met DFGT officials on ATF Import issue-3 options being considered on direct import of ATF-Oil Ministry not in favor of direct import of ATF-Oil Ministry feels PSU's to be impacted by direct ATF import
FM says-Difficult to meet FY12 fiscal gap target of 4.6%
FM on farm sector-Reforms must in agriculture pricing-Seek rationalization of different subsidies-Seek decentralization of handling of food grains-Tax exemptions to cooperative societies-States remove mandi & purchase tax on dairies
Hilton says -JV's with Oberois and DLF have been a good experience-Economic situation was different when DLF JV was launched-Remain in great terms with DLF-Will be in talks with DLF if it re-enters hospitality-Expect to have 50 hotels in next 5 years-Strategy to work with multiple partners in India-Will grow in India via Management contracts
Thomas Cook puts India arm on the block - ET (Thomas Cool PLC this week pledged its entire holding with RBS)
SBI cuts processing fees for home loan by half to garner a larger market share - ET
Steel, cement and power companies oppose Coal India 's new pricing policy - ET
Reliance Communications in loan talks with China's CDB - reports
Titagarh Wagons plans foray into shipbuilding - DNA
Goldman Sachs says IRB Infra masked aircraft buy, management says there is no reason to disclose, will complain to SEBI - DNA
In F&O Ban: Aban Offshore, ABG Shipyard, Punj Llyod, Ruchi Soya and Gitanjali Gems
Genus Power board approves restructuring proposal
Results Today: Infosys, HDFC, TTK Prestige, DCB, Geojit BNP Paribas, Gruh Finance, Sanghi Industries
Global Markets: The US markets ended near session highs, but still closed narrowly mixed, as worries over the Eurozone and declines in the energy sector limited gains. On economic data front, US economy expanded at a moderate pace in late November and December as consumer spending picked up, according to the Federal Reserve's latest beige book report. Meanwhile, weekly mortgage applications gained in the first week of 2012.
Global events to watch:
ü Weekly jobless claims are expected to come in slightly higher at 375,000.
ü Retail sales may rise to 0.4% for December.
ü Business inventories is expected to come in at 0.5%
ü The ECB will hold a policy meeting today. The committee is expected to keep interest rates on hold at the historic low of 1%, and hold back on further action, despite growing calls for the bank to resort to quantitative easing. The meeting happens as calls for the central bank to take further action to solve the euro zone debt crisis increase.
Global indices Update @ 8:
Dow Jones : 12462 (+69.78)
NASDAQ : 2695 (-06.85)
Nikkei 225 : 8447 (+25.62)
Hang Seng : 19151 (+147.6)
SGX CNX Nifty : 4849 (-24.00)
Gold (USD/t oz.) : 1648
Nymex Crude (F) : 101.48
INR / 1 USD : 52.22
Technical Outlook: Nifty support seen near 4800 and resistance at 4900
Call for the day:
Buy Bajaj Auto SL 1435 Target 1475.
Sell ABG Shipyard SL 393 Target 385.
Stocks in action for the day: Infosys, Thomas Cook, SBI, Titagarh Wagons.
Govt sources say -Decision on ATF direct import to be taken in next 3-4 days-Vijay Mallaya met DFGT officials on ATF Import issue-3 options being considered on direct import of ATF-Oil Ministry not in favor of direct import of ATF-Oil Ministry feels PSU's to be impacted by direct ATF import
FM says-Difficult to meet FY12 fiscal gap target of 4.6%
FM on farm sector-Reforms must in agriculture pricing-Seek rationalization of different subsidies-Seek decentralization of handling of food grains-Tax exemptions to cooperative societies-States remove mandi & purchase tax on dairies
Hilton says -JV's with Oberois and DLF have been a good experience-Economic situation was different when DLF JV was launched-Remain in great terms with DLF-Will be in talks with DLF if it re-enters hospitality-Expect to have 50 hotels in next 5 years-Strategy to work with multiple partners in India-Will grow in India via Management contracts
Thomas Cook puts India arm on the block - ET (Thomas Cool PLC this week pledged its entire holding with RBS)
SBI cuts processing fees for home loan by half to garner a larger market share - ET
Steel, cement and power companies oppose Coal India 's new pricing policy - ET
Reliance Communications in loan talks with China's CDB - reports
Titagarh Wagons plans foray into shipbuilding - DNA
Goldman Sachs says IRB Infra masked aircraft buy, management says there is no reason to disclose, will complain to SEBI - DNA
In F&O Ban: Aban Offshore, ABG Shipyard, Punj Llyod, Ruchi Soya and Gitanjali Gems
Genus Power board approves restructuring proposal
Monday, January 9, 2012
Technical Outlook: Nifty support seen near 4720 and resistance at 4760
Market Outlook: Indian markets are to expected to open lower tracking weak Asian markets. Investors are keenly awaiting for Q3 quarterly results and IIP data this week which would direct the market trend for the week.
Global Markets: The US markets closed mixed on Friday, as even a strong government employment report was not enough to offset ongoing worries over the Eurozone debt crisis. However, all three major averages logged strong gains for the shortened trading week. And on economic data front that came on Friday, non-farm payrolls jumped 200,000 in December, according to the labor department, pushing the jobless rate to a near three-year low of 8.5%. The European markets too closed mixed as optimistic US data could not completely offset concerns about EU debt crisis.
Global events to watch:
U.S. consumer credit for November.
Global indices Update @ 8:
Dow Jones : 12359 (-55.78)
NASDAQ : 26474 (+4.36)
Nikkei 225 : 8390 (-98.36)
Hang Seng : 18371 (-221.3)
SGX CNX Nifty : 4750 (-33.00)
Gold (USD/t oz.) : 1609
Nymex Crude (F) : 101.08
INR / 1 USD : 52.78
Technical Outlook: Nifty support seen near 4720 and resistance at 4760
Call for the day:
Sell JP Associate Sl 53 Target 45-46.
Buy GAIL SL 375 Target 395.
Stocks in action for the day: Vakrangee, Orchid Chem, OM Metals, IOB, Reliance Power
Sun Pharma , CMD Dilip Shanghvi says -Invests in small pharma companies in personal capacity -Companies have huge growth potential; need support to grow-Investments have no conflict of interest with Sun Pharma -May look at product sharing with Sun Pharma in future
JK Lakshmi Cement says: -No cement price cuts seen in Himachal Pradesh yet -Might witness increase in demand in next few months -Plan to hike capacity to 10 mt by end of next year
Vakrangee Software Q3FY12 QoQ -Net sales up 9% at Rs 341 crore versus Rs 312 crore -PAT up 6% at Rs 17 crore versus Rs 16 crore -Total Exp up 8% at Rs 301 crore versus Rs 278 crore -EBITDA up 25% at Rs 65 crore versus Rs 52 crore -EBITDA Margin at 19.1% versus 16.7%
Sterlite set to bid for remaining Balco stake: Vedanta Group aluminium refiner Sterlite is expected to shortly make a formal proposal for acquiring the Government's residual stake in aluminium major Balco.
5 solar power units to be set up in AP: Anjani Power Generation Private Ltd will set up four solar power units in Andhra Pradesh. Each of the units will have a capacity of 5 MW
Commercial vehicle maker Man Force Trucks announced its foray into the bus segment and said the company is eyeing a 50 per cent jump in overall sales at 6,000 units this year.
Srei Infra to launch debt fund thru MF route: Srei Infrastructure Finance Ltd plans to launch an infrastructure debt fund through the mutual fund route. The debt fund is likely to be launched in the next fiscal
German auto component-maker Continental will invest over Rs 800 crore in India over the next two years to strengthen its operations here,
In a major breather, GMR Infrastructure, which is building Maldives' largest airport, the Male International Airport will now be able to collect airport development (ADC) and insurance charges from this month.
State-run power producer National Thermal Power Corposration (NTPC) plans to foray into power distribution across the country in a big way.
The UK-based bus manufacturer Optare Plc’s shareholders have given approval for Hinduja Group-owned Ashok Leyland and associates to increase their stake to 75.1 per cent in it.
Overseas investors have pumped nearly Rs 6,500 crore in the market, including stocks and bonds, in the first week of the New Year. Between January 2 and 6, FIIs purchased equities and debt securities worth a gross amount of Rs15,168 crore. However, they also sold shares and bonds worth Rs8,674 crore in the same period, translating into a net investment of Rs6,494 crore , according to information available with market regulator Sebi.
Facing a resource constraint Railways has come up with a draft policy which seeks increased private participation and opens the doors for foreign direct investors for expanding its network. It has proposed six PPP models for project execution that includes creating railway connectivity on private land.
Kingfisher Airlines is downsizing. Over the next few months, the airline may cut its fleet from the existing 64 planes as it struggles to stay afloat.
The finance ministry is likely to get about Rs9,000 crore extra in the next budget if the government restructures centrally sponsored schemes as recommended by an expert committee.
Tata Power said the first 800 MW unit of the Mundra Ultra Mega Power Project (UMPP) has started power generation.
India’s cement manufacturing capacity may go up to 479 million tones by the terminal year of the 12th Plan, ending 2017, despite the existing over-capacity scenario, as per projections made by a Planning Commission Working Group on the sector.
Reliance Power gets access to 2 NCL blocks, company to benefit over Rs 6000 crore
Finance Ministry to infuse fresh Rs 1400 crore in Indian Overseas Bank (IOB) as Capital Support
OM Metals Infraprojects Consortium in talks with developers to develop Bandra plot worth Rs 800 crore
Orchid Chemical approves merger of Orchid Research Labs Ltd with Self
Gail to replace JP Associates in Sensex from today
Stocks in F&O Ban - Ruchi Soya and Gitanjali Gems
Oilmin Seeks Cabinet Nod for Cairn-Vedanta’s $8.5-b Deal
AV Birla Group eyes Lafarge's S-Africa biz
Global Markets: The US markets closed mixed on Friday, as even a strong government employment report was not enough to offset ongoing worries over the Eurozone debt crisis. However, all three major averages logged strong gains for the shortened trading week. And on economic data front that came on Friday, non-farm payrolls jumped 200,000 in December, according to the labor department, pushing the jobless rate to a near three-year low of 8.5%. The European markets too closed mixed as optimistic US data could not completely offset concerns about EU debt crisis.
Global events to watch:
U.S. consumer credit for November.
Global indices Update @ 8:
Dow Jones : 12359 (-55.78)
NASDAQ : 26474 (+4.36)
Nikkei 225 : 8390 (-98.36)
Hang Seng : 18371 (-221.3)
SGX CNX Nifty : 4750 (-33.00)
Gold (USD/t oz.) : 1609
Nymex Crude (F) : 101.08
INR / 1 USD : 52.78
Technical Outlook: Nifty support seen near 4720 and resistance at 4760
Call for the day:
Sell JP Associate Sl 53 Target 45-46.
Buy GAIL SL 375 Target 395.
Stocks in action for the day: Vakrangee, Orchid Chem, OM Metals, IOB, Reliance Power
Sun Pharma , CMD Dilip Shanghvi says -Invests in small pharma companies in personal capacity -Companies have huge growth potential; need support to grow-Investments have no conflict of interest with Sun Pharma -May look at product sharing with Sun Pharma in future
JK Lakshmi Cement says: -No cement price cuts seen in Himachal Pradesh yet -Might witness increase in demand in next few months -Plan to hike capacity to 10 mt by end of next year
Vakrangee Software Q3FY12 QoQ -Net sales up 9% at Rs 341 crore versus Rs 312 crore -PAT up 6% at Rs 17 crore versus Rs 16 crore -Total Exp up 8% at Rs 301 crore versus Rs 278 crore -EBITDA up 25% at Rs 65 crore versus Rs 52 crore -EBITDA Margin at 19.1% versus 16.7%
Sterlite set to bid for remaining Balco stake: Vedanta Group aluminium refiner Sterlite is expected to shortly make a formal proposal for acquiring the Government's residual stake in aluminium major Balco.
5 solar power units to be set up in AP: Anjani Power Generation Private Ltd will set up four solar power units in Andhra Pradesh. Each of the units will have a capacity of 5 MW
Commercial vehicle maker Man Force Trucks announced its foray into the bus segment and said the company is eyeing a 50 per cent jump in overall sales at 6,000 units this year.
Srei Infra to launch debt fund thru MF route: Srei Infrastructure Finance Ltd plans to launch an infrastructure debt fund through the mutual fund route. The debt fund is likely to be launched in the next fiscal
German auto component-maker Continental will invest over Rs 800 crore in India over the next two years to strengthen its operations here,
In a major breather, GMR Infrastructure, which is building Maldives' largest airport, the Male International Airport will now be able to collect airport development (ADC) and insurance charges from this month.
State-run power producer National Thermal Power Corposration (NTPC) plans to foray into power distribution across the country in a big way.
The UK-based bus manufacturer Optare Plc’s shareholders have given approval for Hinduja Group-owned Ashok Leyland and associates to increase their stake to 75.1 per cent in it.
Overseas investors have pumped nearly Rs 6,500 crore in the market, including stocks and bonds, in the first week of the New Year. Between January 2 and 6, FIIs purchased equities and debt securities worth a gross amount of Rs15,168 crore. However, they also sold shares and bonds worth Rs8,674 crore in the same period, translating into a net investment of Rs6,494 crore , according to information available with market regulator Sebi.
Facing a resource constraint Railways has come up with a draft policy which seeks increased private participation and opens the doors for foreign direct investors for expanding its network. It has proposed six PPP models for project execution that includes creating railway connectivity on private land.
Kingfisher Airlines is downsizing. Over the next few months, the airline may cut its fleet from the existing 64 planes as it struggles to stay afloat.
The finance ministry is likely to get about Rs9,000 crore extra in the next budget if the government restructures centrally sponsored schemes as recommended by an expert committee.
Tata Power said the first 800 MW unit of the Mundra Ultra Mega Power Project (UMPP) has started power generation.
India’s cement manufacturing capacity may go up to 479 million tones by the terminal year of the 12th Plan, ending 2017, despite the existing over-capacity scenario, as per projections made by a Planning Commission Working Group on the sector.
Reliance Power gets access to 2 NCL blocks, company to benefit over Rs 6000 crore
Finance Ministry to infuse fresh Rs 1400 crore in Indian Overseas Bank (IOB) as Capital Support
OM Metals Infraprojects Consortium in talks with developers to develop Bandra plot worth Rs 800 crore
Orchid Chemical approves merger of Orchid Research Labs Ltd with Self
Gail to replace JP Associates in Sensex from today
Stocks in F&O Ban - Ruchi Soya and Gitanjali Gems
Oilmin Seeks Cabinet Nod for Cairn-Vedanta’s $8.5-b Deal
AV Birla Group eyes Lafarge's S-Africa biz
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
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
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
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
Friday, December 23, 2011
TECHOUTLOOK : Support for Nifty is at 4800 resistance at 4720.
Market Outlook: Indian markets are expected to open in a positive terrain tracking constructive sentiments seen on global counters. Asian markets are closely watching France GDP data due today. We believe market are not out of woods hence any rally should be used for booking profits.
Global Markets: US shares moved higher on the session Thursday on strong domestic economic numbers. Stronger than expected jobless claims, leading indicators and consumer confidence triggered the bullish buying on the trading day. At the close of US trade, the Dow Jones Industriaal Average added 61.91 points or 0.51% to 12,169.65, the S&P 500 gained by 0.83% or 10.28 points at 1,254 and the Nasdaq Composite index advanced 0.83% or 21.48 points to 2,599.45.
Global events to watch:
· Investors are awaiting France's GDP on Friday.
Global indices Update @ 8:
Dow Jones : 12169` (+61.91)
NASDAQ : 2599 (+21.48)
Nikkei 225 : 8395 (-64.82)
Hang Seng : 18574 (+196.3)
SGX CNX Nifty : 4772 (+19.00)
Gold (USD/t oz.) : 1614
Nymex Crude (F) : 99.60
INR / 1 USD : 52.78
TECHOUTLOOK : Support for Nifty is at 4800 resistance at 4720.
Call for the day:
Buy Orchid Chemical SL 136 Target 148-150.
Buy Spicejet SL 15.30 Target 18.50.
Stocks in action for the day: MBL Infra, Orchid Chem, RComm, Patni.
RBI flags deteriorating loan portfolios of banks: Risks are rising for the banking sector even as credit growth slowed and slippages outpaced credit growth, said the RBI's Financial Stability Report (FSR) covering the last six months.
Birla Corp allowed to remove 70,000 t of limestone from Rajasthan unit: The Rajasthan High Court has granted a partial relief to Birla Corporation Ltd – the flagship of M.P. Birla Group – by allowing it to remove 70,000 tonnes of already excavated limestone from the mining area at its Chanderia unit in Rajasthan.
Phaneesh Murthy, CEO, iGate-Patni says: -Looking at merging Patni with iGate -If delisting goes through, will aim to begin merger by December 2012 -May do away with the ‘Patni’ name eventually -US companies may increase ITbudgets by 1-2% -BFS may see a decline, which will impact the overall industry -H1B problem may impact numbers -Will complete integration with Patni By December 2012-Reached level of USD 28 million cost saving per year -Investing USD 50-60 million in FY13 -Will add 4000 employees in 2012 -Pricing for similar services may be cut aggressively -Postal ballot for delisting to be completed by Jan 1st week -Price may be an issue for delisting -Could bring stake down to 74% in delisting doesn’t go through -Paying USD 70 interest on debt taken for Patni -Will bring down debt within 5-6 years
HDFC Bank raises NRE fixed deposit rates to 9% effective Friday -Raises NRE fixed deposit rates to 9% from 3.8%
Govt may pledge SU-UTI assets to cut deficit -Govt holdings: ITC - 11.54%, Axis Bank - 23.58% & L&T - 8.27% -Govt may borrow Rs 50,000 crore by pledging land, shares to narrow budget deficit (BS)
After 3G, now 2G telecom companies write to government -2G telcos oppose move to charge additional fee for 1.8 Mhz -Reliance Comm, Tata Tele, Uninor, Videocon write to Kapil Sibal -MTS, HFCL Infotel & STel write to Kapil Sibal -DoT cannot violate existing license conditions -Valid legal contracts cannot be changed unilaterally -Fee for 1.8 Mhz over 4.4 MHz for GSM-Fee for 2.5 Mhz over 2.5 MHz for GSM Bharti, Vodafone, Idea to move TDSAT on 3G order: Sources-Telcos will seek stay on DoT order banning 3G ICR -ICR: Intra-Circle Roaming -DoT may impose Rs 50 crore penalty per circle -Bharti won 3G in 13 circles, Vodafone in 9, Idea in 11 -Bharti, Vodafone, Idea paid Rs 30,000 crore for 3G spectrum -Telcos to challenge decision on several grounds
-3 telcos have sought refund if 3G roaming cancelled -3 telcos await DoT order on 3G roaming bar
-3G Intra-Roaming Ban -Bharti Airtel declines to comment on ban of 3G intra-circle roaming
-Vodafone declines to comment on ban of 3G intra-roaming -Idea not received any communication from DoT yet
DK Mittal says -Expect minimum of Rs 3,000-4,000 crore capital infusion in SBI -SBI capital infusion before March 31, 2012 -Amount to be allocated in 3rd supplementary -DK Mittal is financial services secretary
Punj Lloyd forays into Kenya market with a road project worth Rs 286 crore
Airlines may get to import jet fuel directly, bypassing IOC; move to save Rs 2500 crore yearly on airlines (BS)
Lanco Infra files Rs 200 crore claim for Anpara delay under the advanced loss of profit policy (BS)
Orchid Chemicals gets USD 1.5 million payment from Merck for drug development collaboration (ET)
FCCB payout may put pressure on Reliance Communications for tower stake sale; company confident of meeting debt obligations (ET)
Reliance Infra plans Rs 500 crore fresh equity for BSES (BS)
MBL Infra bags projects worth Rs 315.8 crore
NHAI to launch bond issue of Rs 10,000 crore to part finance projects (FE)
GVK Power & Infra to sell stake in its Australian unit to raise USD 500 million (FE)
Hindustan Motors enters Bangladesh markets for producing taxis; JV with local group for assembly
unit near Dhaka (BS)
Valiant Communication to buyback upto 10 lakh shares at a maximum price of Rs 18/sh (CMP: 12.30)
Piramal Lifesciences board meet today on scheme of arrangement for demerger of NCE Research unit of Piramal Lifesciences into healthcare
F&O ban: ABG Shipyard, Gitanjali Gems, Ruchi Soya
House panel calls for review of all contracts of RIL KG-D6 block (Reports)
Global Markets: US shares moved higher on the session Thursday on strong domestic economic numbers. Stronger than expected jobless claims, leading indicators and consumer confidence triggered the bullish buying on the trading day. At the close of US trade, the Dow Jones Industriaal Average added 61.91 points or 0.51% to 12,169.65, the S&P 500 gained by 0.83% or 10.28 points at 1,254 and the Nasdaq Composite index advanced 0.83% or 21.48 points to 2,599.45.
Global events to watch:
· Investors are awaiting France's GDP on Friday.
Global indices Update @ 8:
Dow Jones : 12169` (+61.91)
NASDAQ : 2599 (+21.48)
Nikkei 225 : 8395 (-64.82)
Hang Seng : 18574 (+196.3)
SGX CNX Nifty : 4772 (+19.00)
Gold (USD/t oz.) : 1614
Nymex Crude (F) : 99.60
INR / 1 USD : 52.78
TECHOUTLOOK : Support for Nifty is at 4800 resistance at 4720.
Call for the day:
Buy Orchid Chemical SL 136 Target 148-150.
Buy Spicejet SL 15.30 Target 18.50.
Stocks in action for the day: MBL Infra, Orchid Chem, RComm, Patni.
RBI flags deteriorating loan portfolios of banks: Risks are rising for the banking sector even as credit growth slowed and slippages outpaced credit growth, said the RBI's Financial Stability Report (FSR) covering the last six months.
Birla Corp allowed to remove 70,000 t of limestone from Rajasthan unit: The Rajasthan High Court has granted a partial relief to Birla Corporation Ltd – the flagship of M.P. Birla Group – by allowing it to remove 70,000 tonnes of already excavated limestone from the mining area at its Chanderia unit in Rajasthan.
Phaneesh Murthy, CEO, iGate-Patni says: -Looking at merging Patni with iGate -If delisting goes through, will aim to begin merger by December 2012 -May do away with the ‘Patni’ name eventually -US companies may increase ITbudgets by 1-2% -BFS may see a decline, which will impact the overall industry -H1B problem may impact numbers -Will complete integration with Patni By December 2012-Reached level of USD 28 million cost saving per year -Investing USD 50-60 million in FY13 -Will add 4000 employees in 2012 -Pricing for similar services may be cut aggressively -Postal ballot for delisting to be completed by Jan 1st week -Price may be an issue for delisting -Could bring stake down to 74% in delisting doesn’t go through -Paying USD 70 interest on debt taken for Patni -Will bring down debt within 5-6 years
HDFC Bank raises NRE fixed deposit rates to 9% effective Friday -Raises NRE fixed deposit rates to 9% from 3.8%
Govt may pledge SU-UTI assets to cut deficit -Govt holdings: ITC - 11.54%, Axis Bank - 23.58% & L&T - 8.27% -Govt may borrow Rs 50,000 crore by pledging land, shares to narrow budget deficit (BS)
After 3G, now 2G telecom companies write to government -2G telcos oppose move to charge additional fee for 1.8 Mhz -Reliance Comm, Tata Tele, Uninor, Videocon write to Kapil Sibal -MTS, HFCL Infotel & STel write to Kapil Sibal -DoT cannot violate existing license conditions -Valid legal contracts cannot be changed unilaterally -Fee for 1.8 Mhz over 4.4 MHz for GSM-Fee for 2.5 Mhz over 2.5 MHz for GSM Bharti, Vodafone, Idea to move TDSAT on 3G order: Sources-Telcos will seek stay on DoT order banning 3G ICR -ICR: Intra-Circle Roaming -DoT may impose Rs 50 crore penalty per circle -Bharti won 3G in 13 circles, Vodafone in 9, Idea in 11 -Bharti, Vodafone, Idea paid Rs 30,000 crore for 3G spectrum -Telcos to challenge decision on several grounds
-3 telcos have sought refund if 3G roaming cancelled -3 telcos await DoT order on 3G roaming bar
-3G Intra-Roaming Ban -Bharti Airtel declines to comment on ban of 3G intra-circle roaming
-Vodafone declines to comment on ban of 3G intra-roaming -Idea not received any communication from DoT yet
DK Mittal says -Expect minimum of Rs 3,000-4,000 crore capital infusion in SBI -SBI capital infusion before March 31, 2012 -Amount to be allocated in 3rd supplementary -DK Mittal is financial services secretary
Punj Lloyd forays into Kenya market with a road project worth Rs 286 crore
Airlines may get to import jet fuel directly, bypassing IOC; move to save Rs 2500 crore yearly on airlines (BS)
Lanco Infra files Rs 200 crore claim for Anpara delay under the advanced loss of profit policy (BS)
Orchid Chemicals gets USD 1.5 million payment from Merck for drug development collaboration (ET)
FCCB payout may put pressure on Reliance Communications for tower stake sale; company confident of meeting debt obligations (ET)
Reliance Infra plans Rs 500 crore fresh equity for BSES (BS)
MBL Infra bags projects worth Rs 315.8 crore
NHAI to launch bond issue of Rs 10,000 crore to part finance projects (FE)
GVK Power & Infra to sell stake in its Australian unit to raise USD 500 million (FE)
Hindustan Motors enters Bangladesh markets for producing taxis; JV with local group for assembly
unit near Dhaka (BS)
Valiant Communication to buyback upto 10 lakh shares at a maximum price of Rs 18/sh (CMP: 12.30)
Piramal Lifesciences board meet today on scheme of arrangement for demerger of NCE Research unit of Piramal Lifesciences into healthcare
F&O ban: ABG Shipyard, Gitanjali Gems, Ruchi Soya
House panel calls for review of all contracts of RIL KG-D6 block (Reports)
Wednesday, December 21, 2011
Indian markets are expected to open higher
Market Outlook: Indian markets are expected to open higher backed by positive Asian market which rose on strong economic data emerging from US and Germany However, concerns over Eurozone economic debt crisis still weighs on investors minds.
Global Markets: U.S markets closed higher backed by strong jump in the nation’s housing starts, improving German business data and a better Spanish bond auction. On economic data front, housing starts surged to a one and a half year high in November and permits for future construction were the highest since March 2010 as demand for rental apartments rose. Housing starts jumped 9.3% to a seasonally adjusted annual rate of 685,000 units.
Global events to watch:
· U.S. Home sales
· U.S. weekly mortgage applications data.
Global indices Update @ 8:
Dow Jones : 12103` (+337.3)
NASDAQ : 2603 (+80.59)
Nikkei 225 : 8453 (+117.3)
Hang Seng : 18403 (+323.7)
SGX CNX Nifty : 4650 (+83.00)
Gold (USD/t oz.) : 1627
Nymex Crude (F) : 98.01
INR / 1 USD : 53.02
TECHOUTLOOK : Support for Nifty is at 4505 resistance at 4676.
Call for the day:
Buy Ranbaxy SL 384 Target 400-405.
Sell Oracle SL 1930 Target 1830.
Stocks in action for the day: Shriram Trans, Infosys, Oracle, Ranbaxy.
Infosys’ BPO division has signed a definitive agreement to acquire Australia-based Portland Group for A$37 million (Rs195.44 crore)
Oracle to in focus: Parent company down 8% post disappoint results
NDTV block deal (14.1% equity changed hands yesterday) -Oswal Green Tech acquires 14.1% stake in NDTV (Formerly known as Oswal Chemicals) -Oswal buys stake from Merrill Lynch Cap & Nomura Mauritius
India’s largest consumer goods maker Hindustan Unilever has appointed Om Prakash Bhatt, the former chairman of State Bank of India, as an independent director on its board.
The Union Government has ruled out the imposition of a customs duty on imported solar modules.
Infrastructure Development Finance Company Ltd has raised a total of Rs 538.08 crore from approximately 2.7 lakh investors through the first tranche of its “Long Term Infrastructure Bonds”
Ashok Leyland and its associate companies will increase their stake in the British bus maker Optare plc to 75.1 per cent
Lenders approve GTL rejig, ICICI to transfer stake: After a long delay, CDR cell has approved the restructuring package for GTL and its group companies. The promoter has agreed to bring personal guarantees worth Rs 2,500 crore which will be kept as a security for the lenders to restructure the total debt of Rs 16,000 crore.
Power utilities in AP mull extra levy for industrial consumers: Power utilities in Andhra Pradesh have proposed an expensive power purchase charge (EPPC) scheme for industrial consumers. This is under consideration of the State Energy Regulatory Commission.
Media reports suggested that Ranbaxy Ltd has reached a settlement with the U.S. Food and Drug Administration while setting aside $500 million to address its potential liability from a separate U.S. Justice Department investigation.
Cabinet clears Lok Pal, PM in, CBI out: Taking the Opposition and civil society head on, the UPA government cleared a Lok Pal Bill that would bring the Prime Minister under the corruption ombudsman's purview. But, it segregated certain areas, including foreign affairs, national security, atomic energy, space, etc, which the Lok Pal will not be able to investigate. The Central Bureau of Investigation (CBI) will remain under the government’s overall control.
Delhi court is likely to decide today whether or not to take cognizance of CBI’s third charge sheet arising out of investigation in the 2G scam case against Essar Group and Loop Telecom promoters and three companies.
Mobile customer additions rose for the third consecutive month in November as mobile operators Airtel, Vodafone, Idea and a few others added a total of 6.68 million customers to the country’s GSM user base as per the Cellular Operator’s Association of India (COAI).
Attributing the current cash crunch in the system to advance tax payouts by companies, the Reserve Bank said that it will announce another tranche of government bond buyback scheme to ease liquidity constraints.
Srei Infrastructure Finance has decided to raise up to Rs.500 crore through a public issue of infrastructure bonds.
The Reserve Bank of India has cut banks’ net open position limits in currency trading by as much as 75% for some, and at least by half for most of the top traders, in its attempt to end speculation on the rupee.
The government said it will spend Rs 800 crore for the Sixth Economic Census to be conducted from April to November 2012 to update the data on industrial activity across the country for better microlevel planning and policy formulation.
Tata Motors that announced plans to up output of light commercial trucks from its Pantnagar plant by up to 90,000 vehicles per year from early 2012.
Billionaire investor Rakesh Jhunjhunwala is likely to sell his Aptech stake via auction.
Mauritius based PE fund seeks nod to buy stake in Indian Energy Exchange promoted by Financial Technologies India (ET)
F&O Ban: Aban Offshore, ABG Shipyard, Gitanjali Gems, Punj Lloyd, Ruchi Soya
Global Markets: U.S markets closed higher backed by strong jump in the nation’s housing starts, improving German business data and a better Spanish bond auction. On economic data front, housing starts surged to a one and a half year high in November and permits for future construction were the highest since March 2010 as demand for rental apartments rose. Housing starts jumped 9.3% to a seasonally adjusted annual rate of 685,000 units.
Global events to watch:
· U.S. Home sales
· U.S. weekly mortgage applications data.
Global indices Update @ 8:
Dow Jones : 12103` (+337.3)
NASDAQ : 2603 (+80.59)
Nikkei 225 : 8453 (+117.3)
Hang Seng : 18403 (+323.7)
SGX CNX Nifty : 4650 (+83.00)
Gold (USD/t oz.) : 1627
Nymex Crude (F) : 98.01
INR / 1 USD : 53.02
TECHOUTLOOK : Support for Nifty is at 4505 resistance at 4676.
Call for the day:
Buy Ranbaxy SL 384 Target 400-405.
Sell Oracle SL 1930 Target 1830.
Stocks in action for the day: Shriram Trans, Infosys, Oracle, Ranbaxy.
Infosys’ BPO division has signed a definitive agreement to acquire Australia-based Portland Group for A$37 million (Rs195.44 crore)
Oracle to in focus: Parent company down 8% post disappoint results
NDTV block deal (14.1% equity changed hands yesterday) -Oswal Green Tech acquires 14.1% stake in NDTV (Formerly known as Oswal Chemicals) -Oswal buys stake from Merrill Lynch Cap & Nomura Mauritius
India’s largest consumer goods maker Hindustan Unilever has appointed Om Prakash Bhatt, the former chairman of State Bank of India, as an independent director on its board.
The Union Government has ruled out the imposition of a customs duty on imported solar modules.
Infrastructure Development Finance Company Ltd has raised a total of Rs 538.08 crore from approximately 2.7 lakh investors through the first tranche of its “Long Term Infrastructure Bonds”
Ashok Leyland and its associate companies will increase their stake in the British bus maker Optare plc to 75.1 per cent
Lenders approve GTL rejig, ICICI to transfer stake: After a long delay, CDR cell has approved the restructuring package for GTL and its group companies. The promoter has agreed to bring personal guarantees worth Rs 2,500 crore which will be kept as a security for the lenders to restructure the total debt of Rs 16,000 crore.
Power utilities in AP mull extra levy for industrial consumers: Power utilities in Andhra Pradesh have proposed an expensive power purchase charge (EPPC) scheme for industrial consumers. This is under consideration of the State Energy Regulatory Commission.
Media reports suggested that Ranbaxy Ltd has reached a settlement with the U.S. Food and Drug Administration while setting aside $500 million to address its potential liability from a separate U.S. Justice Department investigation.
Cabinet clears Lok Pal, PM in, CBI out: Taking the Opposition and civil society head on, the UPA government cleared a Lok Pal Bill that would bring the Prime Minister under the corruption ombudsman's purview. But, it segregated certain areas, including foreign affairs, national security, atomic energy, space, etc, which the Lok Pal will not be able to investigate. The Central Bureau of Investigation (CBI) will remain under the government’s overall control.
Delhi court is likely to decide today whether or not to take cognizance of CBI’s third charge sheet arising out of investigation in the 2G scam case against Essar Group and Loop Telecom promoters and three companies.
Mobile customer additions rose for the third consecutive month in November as mobile operators Airtel, Vodafone, Idea and a few others added a total of 6.68 million customers to the country’s GSM user base as per the Cellular Operator’s Association of India (COAI).
Attributing the current cash crunch in the system to advance tax payouts by companies, the Reserve Bank said that it will announce another tranche of government bond buyback scheme to ease liquidity constraints.
Srei Infrastructure Finance has decided to raise up to Rs.500 crore through a public issue of infrastructure bonds.
The Reserve Bank of India has cut banks’ net open position limits in currency trading by as much as 75% for some, and at least by half for most of the top traders, in its attempt to end speculation on the rupee.
The government said it will spend Rs 800 crore for the Sixth Economic Census to be conducted from April to November 2012 to update the data on industrial activity across the country for better microlevel planning and policy formulation.
Tata Motors that announced plans to up output of light commercial trucks from its Pantnagar plant by up to 90,000 vehicles per year from early 2012.
Billionaire investor Rakesh Jhunjhunwala is likely to sell his Aptech stake via auction.
Mauritius based PE fund seeks nod to buy stake in Indian Energy Exchange promoted by Financial Technologies India (ET)
F&O Ban: Aban Offshore, ABG Shipyard, Gitanjali Gems, Punj Lloyd, Ruchi Soya
Monday, December 19, 2011
Myiris.com: Mehta Equities take on Orchid Chem, TCS, Opto Circuits Source: IRIS (19-DEC-11)
Myiris.com: Mehta Equities take on Orchid Chem, TCS, Opto Circuits Source: IRIS (19-DEC-11)
In an interview with Myiris.com, Prashanth Tapse, AVP Research, Mehta Equities gave views on three stocks which were buzzing on Monday, Dec. 19. The same is as follows:
http://www.myiris.com/newsCentre/storyShow.php?fileR=20111219143337043&secID=fromnewsroom&secTitle=From%20the%20News%20Room&dir=2011/12/19
Orchid Chemicals: Orchid Chemicals has been on a downtrend charts since July 2011 on the back of its concerns on FCCB redemption which is due on Feb 2012. To overcome with the above transaction company has now raised USD 100 million debt through external commercial borrowing (ECB) which going forward it will be used to repay the bonds for USD 117 million in February 2012. The differential gap between the total FCCB amount and the ECB raised will be easily met through internal accruals. These ECB terms are better than the interest that is there on FCCB bonds which we are going to repay. The bonds that are currently outstanding are having 7.25% to YTM on a five-year bond, and the rates and tenure both are better than 7.25% and the tenure is longer than five years.
Overall the fundamental scenario stands out to be neutral, while technically charts are reflecting a negative trend with a strong support seen at Rs 106/100 in the near term. Hence we recommend a ``Sell`` call.
Shares of the company declined Rs 13.85, or 10.24%, to trade at Rs 121.40. The total volume of shares traded was 3,607,101 at the BSE (2.27 p.m).
Tata Consultancy Services: Tata Consultancy Services (TCS), India`s biggest exporter of software services by sales reported its plans to make an initial six billion rupees (USD 113 million) investment to set up a new software development center in Nagpur, Maharashtra state. The center will be built in two phases and will house 16,000 employees. We believe that the above plans are to tap the potential demand for outsourcing services going forward in Asian markets. India being the leading outsourcing hub hence TCS takes prior step. Currently TCS has outsourcing services exposure to places like U.S. and Europe- grapple with slow growth, high unemployment and a debt crisis.
Technically TCS has given negative breakout near 1,175 level, and trend continues towards 1105. If breaks one can see 1,045 on short term basis.
Shares of the company declined Rs 6.85, or 0.6%, to trade at Rs 1,136.65. The total volume of shares traded was 99,493 at the BSE (2.28 p.m).
Opto Circuits: Opto Circuits a leading global medtech conglomerate is more active on the counter after long halt. As per over understanding Debtor days are moving on the higher side which is currently 128 days which is above industry standards with Nihon Koden (108 days), Medtronics (89 days) and Boston Scientific (66 days). On overall basis it has export more than 90% of the total sales Rs 15.85 billion (2011). With exposure seen in countries like USA, Europe, South-East Asia, Latin America and the Middle East we see some pressure is building on its future profitability.
Technically 165-170 would be the level for long term accumulation.
Shares of the company declined Rs 8, or 4.1%, to trade at Rs 187.05. The total volume of shares traded was 47,609 at the BSE (2.28 p.m).
Disclaimer: IRIS has taken due care and caution in compilation of data for its website. 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.
Thanks & Regards,
In an interview with Myiris.com, Prashanth Tapse, AVP Research, Mehta Equities gave views on three stocks which were buzzing on Monday, Dec. 19. The same is as follows:
http://www.myiris.com/newsCentre/storyShow.php?fileR=20111219143337043&secID=fromnewsroom&secTitle=From%20the%20News%20Room&dir=2011/12/19
Orchid Chemicals: Orchid Chemicals has been on a downtrend charts since July 2011 on the back of its concerns on FCCB redemption which is due on Feb 2012. To overcome with the above transaction company has now raised USD 100 million debt through external commercial borrowing (ECB) which going forward it will be used to repay the bonds for USD 117 million in February 2012. The differential gap between the total FCCB amount and the ECB raised will be easily met through internal accruals. These ECB terms are better than the interest that is there on FCCB bonds which we are going to repay. The bonds that are currently outstanding are having 7.25% to YTM on a five-year bond, and the rates and tenure both are better than 7.25% and the tenure is longer than five years.
Overall the fundamental scenario stands out to be neutral, while technically charts are reflecting a negative trend with a strong support seen at Rs 106/100 in the near term. Hence we recommend a ``Sell`` call.
Shares of the company declined Rs 13.85, or 10.24%, to trade at Rs 121.40. The total volume of shares traded was 3,607,101 at the BSE (2.27 p.m).
Tata Consultancy Services: Tata Consultancy Services (TCS), India`s biggest exporter of software services by sales reported its plans to make an initial six billion rupees (USD 113 million) investment to set up a new software development center in Nagpur, Maharashtra state. The center will be built in two phases and will house 16,000 employees. We believe that the above plans are to tap the potential demand for outsourcing services going forward in Asian markets. India being the leading outsourcing hub hence TCS takes prior step. Currently TCS has outsourcing services exposure to places like U.S. and Europe- grapple with slow growth, high unemployment and a debt crisis.
Technically TCS has given negative breakout near 1,175 level, and trend continues towards 1105. If breaks one can see 1,045 on short term basis.
Shares of the company declined Rs 6.85, or 0.6%, to trade at Rs 1,136.65. The total volume of shares traded was 99,493 at the BSE (2.28 p.m).
Opto Circuits: Opto Circuits a leading global medtech conglomerate is more active on the counter after long halt. As per over understanding Debtor days are moving on the higher side which is currently 128 days which is above industry standards with Nihon Koden (108 days), Medtronics (89 days) and Boston Scientific (66 days). On overall basis it has export more than 90% of the total sales Rs 15.85 billion (2011). With exposure seen in countries like USA, Europe, South-East Asia, Latin America and the Middle East we see some pressure is building on its future profitability.
Technically 165-170 would be the level for long term accumulation.
Shares of the company declined Rs 8, or 4.1%, to trade at Rs 187.05. The total volume of shares traded was 47,609 at the BSE (2.28 p.m).
Disclaimer: IRIS has taken due care and caution in compilation of data for its website. 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.
Thanks & Regards,
Stocks in action for the day: Piramal Life Sciences, Sudarshan Chemical, Ashiana Housing
Market Outlook: Indian markets are expected to continue the jittering sentiments on Indian economic. Markets are tracking weak Asian markets after Fitch last week warned on a rating downgrade of France and six other European countries.
Global Markets: US stocks finished mixed to lower on Friday after Fitch Ratings said it was sticking with its AAA rating for France but revising its outlook down while warning that downgrades were possible for six other Eurozone countries.
Global events to watch:
Housing Market Index
Global indices Update @ 8:
Dow Jones : 11866` (-02.42)
NASDAQ : 2555 (+14.32)
Nikkei 225 : 8331 (-70.72)
Hang Seng : 17893 (-369.9)
SGX CNX Nifty : 4579 (-47.00)
Gold (USD/t oz.) : 1590
Nymex Crude (F) : 95.40
INR / 1 USD : 52.81
TECHOUTLOOK : Support for Nifty is at 4550 resistance at 4620.
Call for the day:
Sell Tata Steel SL 375 Target 334.
Sell L&T SL 1100 Target 1030/1020.
Stocks in action for the day: Piramal Life Sciences, Sudarshan Chemical, Ashiana Housing
Piramal Life Sciences has fixed December 26, 2011 as the record date for determining the entitlement of the shareholders to receive the
shares of Piramal Healthcare in the ratio 1:4.
Sudarshan Chemical Industries has entered into an asset purchase agreement with Germany-based Eckart to buy its cosmetic portfolio based on natural mica.
Ashiana Housing has resumed construction work at phase 1 (2.25 lakh square fee) of Ashiana Utsav project at Lavasa. The entire project spans around 6.87 lakh square feet.
Global Markets: US stocks finished mixed to lower on Friday after Fitch Ratings said it was sticking with its AAA rating for France but revising its outlook down while warning that downgrades were possible for six other Eurozone countries.
Global events to watch:
Housing Market Index
Global indices Update @ 8:
Dow Jones : 11866` (-02.42)
NASDAQ : 2555 (+14.32)
Nikkei 225 : 8331 (-70.72)
Hang Seng : 17893 (-369.9)
SGX CNX Nifty : 4579 (-47.00)
Gold (USD/t oz.) : 1590
Nymex Crude (F) : 95.40
INR / 1 USD : 52.81
TECHOUTLOOK : Support for Nifty is at 4550 resistance at 4620.
Call for the day:
Sell Tata Steel SL 375 Target 334.
Sell L&T SL 1100 Target 1030/1020.
Stocks in action for the day: Piramal Life Sciences, Sudarshan Chemical, Ashiana Housing
Piramal Life Sciences has fixed December 26, 2011 as the record date for determining the entitlement of the shareholders to receive the
shares of Piramal Healthcare in the ratio 1:4.
Sudarshan Chemical Industries has entered into an asset purchase agreement with Germany-based Eckart to buy its cosmetic portfolio based on natural mica.
Ashiana Housing has resumed construction work at phase 1 (2.25 lakh square fee) of Ashiana Utsav project at Lavasa. The entire project spans around 6.87 lakh square feet.
Friday, December 16, 2011
All eye on RBI’s mid-quarter review of monetary policy due today...
Market Outlook: Indian markets are expected to open trade with a positive note tracing global cues while investors all eye on RBI’s mid-quarter review of monetary policy due today. Most say that it is likely to be a pause now and a CRR cut later in March meet. The RBI meanwhile came down on forex speculation with a heavy hand. It has restricted forex open positions of banks, and also restricted companies and FIIs from punting on the rupee even as the currency broke past 54 per dollar.
December Advance tax number indicates slowdown effects as collections from the top 100 companies have gone up nearly 10% despite large companies - Reliance Industries, State Bank of India, Tata Motors and Mahindra & Mahindra - witnessing a fall in third installment.
Advance tax numbers
Infosys pays Rs 754 crore vs Rs 620 crore
Sesa Goa pays Rs 140 crore
YES Bank pays Rs 160 crore Vs Rs 120 crore
ONGC pays Rs 2,924 crore Vs Rs 2,742 crore
Global Markets The US markets eked out their first positive day of the week as traders shifted their focus from Europe's problems and onto some positive US economic news. Major averages finished the day modestly positive after surging by as much as 1% earlier while Asian markets trading firm; Nikkei, Hang Seng up.
Global events to watch: In key data to watch out in the US today, consumer price index is expected to rise to 0.1% in November after seeing a 0.1% contraction in October.
Global indices Update @ 8:
Dow Jones : 11868` (+45.33)
NASDAQ : 2541 (+01.70)
Nikkei 225 : 8401 (+24.56)
Hang Seng : 18080 (+53.69)
SGX CNX Nifty : 4777 (+12.00)
Gold (USD/t oz.) : 1584
Nymex Crude (F) : 93.90
INR / 1 USD : 54.23
TECHOUTLOOK : Support for Nifty is at 4690 resistance at 4780.
Call for the day:
Buy Ambuja cement SL 149 Target 162.
Stocks in action for the day: Rel Capital, Adani Enter, Ambuja Cements.
RBI finally wakes up to check Indian Rupee?-RBI reduces net open position limits for dealers in forex market.
Reliance Industries may have invoked arbitration against the Indian government, but it has at the same time also sought the oil secretary's intervention to resolve pending issues which the company says is coming in the way of increasing gas production at KG-D6..
Major moves in the media business… Reliance Capital is said to be in talks with Bloomberg UTV to buy a majority stake in the company. Meanwhile, Thomson Reuters may buy 20-25% stake in Newswire 18 for around Rs 250 crore.
HMT submits Rs 981 crore revival plan to govt -HMT seeks Rs 320 crore for capex -HMT seeks Rs 135 crore for clearance of old liabilities -HMT seeks Rs 22 crore for 2 years as bridge loan -HMT seeks Rs 365 crore for paying off old Rs 135 crore for waiver on interest rate -HMT has also asked for 1997 or 2007 pay revision -HMT seeks retirement age to be at 60 instead of 58 -HMT to hike tractor production from 10,000 units to 30,000 in 5 years
JSW Steel may slash FY12 capex by half: JSW Steel Ltd proposes to reduce its capital expenditure by over half for the current fiscal and go slow with its capacity expansion.
Drop in RIL's D6 gas output due to fewer wells drilled: The sharp drop in gas output from the Krishna-Godavari basin D6 block gas fields operated by Reliance Industries Ltd (RIL) is due to the operator having drilled lesser number of wells than what was planned.
Falling Rupee Forces Consumer Durable Cos to Raise Prices Again : consumers will pay more for mobiles, TVs and home appliances as the rising value of the US dollar has made imports costlier and forced consumer durable makers to raise prices for the second time in three months.
Adani Enterprises, the flagship of the Adani Group, will invest over $4 billion to develop and mine coal blocks awarded to its various joint ventures with state electricity boards.
The government expects a shortfall of over Rs 2,00,000 crore for power projects being constructed in the coming five years.
The Reserve Bank of India has unleashed a series of measures that will end speculation on the rupee, in a move to arrest its slide without using foreign exchange reserves.
Canadian firm Brookfield Asset Management and Ashok Piramal Group company Peninsula Land have entered into a joint venture to float a Rs 500 crore realty fund.
Rashtriya Ispat Nigam Ltd (RINL), Visakhapatnam Steel Plant, and Power Grid Corporation of India Ltd signed a memorandum of understanding in New Delhi to set up a joint venture for manufacturing transmission-line towers and tower parts.
Indiabulls Real Estate on Thursday approved buyback of its shares through open market at a price not exceeding Rs 75 a share. The realty developer will spend up to Rs 450 crore on the proposed buyback at the prevailing market price, it informed BSE.
Indian Oil Corp has cut prices of aviation turbine fuel by Rs 920 per kilolitre effective December 16. Domestic prices of ATF in Mumbai has been slashed to Rs 64,730.23/ kl from Rs 65,650.27.
Electrotherm (India) Ltd, the Ahmedabad-based induction melting furnace maker, on Thursday announced selling its ductile iron pipe business to the French major Saint-Gobain.
Tata Motors Global Sales Grow 35% in November
Ashwin Dani, vice-chairman of Asian Paints, has joined the board of cement major ACC as an independent director.
IOC cuts domestic Jet fuel prices by Rs 920/kl (Reports)
Reliance Mediaworks plans rights issue of Rs 500 crore in March 2012 – FE
Promoters exit Ambuja Cements by selling 0.79% stake to Swiss major Holcim, pockets Rs 387 crore (TOI)
F&O Ban: Aban Offshore, ABG Shipyard, Gitanjali Gems, Punj Lloyd, Ruchi Soya
December Advance tax number indicates slowdown effects as collections from the top 100 companies have gone up nearly 10% despite large companies - Reliance Industries, State Bank of India, Tata Motors and Mahindra & Mahindra - witnessing a fall in third installment.
Advance tax numbers
Infosys pays Rs 754 crore vs Rs 620 crore
Sesa Goa pays Rs 140 crore
YES Bank pays Rs 160 crore Vs Rs 120 crore
ONGC pays Rs 2,924 crore Vs Rs 2,742 crore
Global Markets The US markets eked out their first positive day of the week as traders shifted their focus from Europe's problems and onto some positive US economic news. Major averages finished the day modestly positive after surging by as much as 1% earlier while Asian markets trading firm; Nikkei, Hang Seng up.
Global events to watch: In key data to watch out in the US today, consumer price index is expected to rise to 0.1% in November after seeing a 0.1% contraction in October.
Global indices Update @ 8:
Dow Jones : 11868` (+45.33)
NASDAQ : 2541 (+01.70)
Nikkei 225 : 8401 (+24.56)
Hang Seng : 18080 (+53.69)
SGX CNX Nifty : 4777 (+12.00)
Gold (USD/t oz.) : 1584
Nymex Crude (F) : 93.90
INR / 1 USD : 54.23
TECHOUTLOOK : Support for Nifty is at 4690 resistance at 4780.
Call for the day:
Buy Ambuja cement SL 149 Target 162.
Stocks in action for the day: Rel Capital, Adani Enter, Ambuja Cements.
RBI finally wakes up to check Indian Rupee?-RBI reduces net open position limits for dealers in forex market.
Reliance Industries may have invoked arbitration against the Indian government, but it has at the same time also sought the oil secretary's intervention to resolve pending issues which the company says is coming in the way of increasing gas production at KG-D6..
Major moves in the media business… Reliance Capital is said to be in talks with Bloomberg UTV to buy a majority stake in the company. Meanwhile, Thomson Reuters may buy 20-25% stake in Newswire 18 for around Rs 250 crore.
HMT submits Rs 981 crore revival plan to govt -HMT seeks Rs 320 crore for capex -HMT seeks Rs 135 crore for clearance of old liabilities -HMT seeks Rs 22 crore for 2 years as bridge loan -HMT seeks Rs 365 crore for paying off old Rs 135 crore for waiver on interest rate -HMT has also asked for 1997 or 2007 pay revision -HMT seeks retirement age to be at 60 instead of 58 -HMT to hike tractor production from 10,000 units to 30,000 in 5 years
JSW Steel may slash FY12 capex by half: JSW Steel Ltd proposes to reduce its capital expenditure by over half for the current fiscal and go slow with its capacity expansion.
Drop in RIL's D6 gas output due to fewer wells drilled: The sharp drop in gas output from the Krishna-Godavari basin D6 block gas fields operated by Reliance Industries Ltd (RIL) is due to the operator having drilled lesser number of wells than what was planned.
Falling Rupee Forces Consumer Durable Cos to Raise Prices Again : consumers will pay more for mobiles, TVs and home appliances as the rising value of the US dollar has made imports costlier and forced consumer durable makers to raise prices for the second time in three months.
Adani Enterprises, the flagship of the Adani Group, will invest over $4 billion to develop and mine coal blocks awarded to its various joint ventures with state electricity boards.
The government expects a shortfall of over Rs 2,00,000 crore for power projects being constructed in the coming five years.
The Reserve Bank of India has unleashed a series of measures that will end speculation on the rupee, in a move to arrest its slide without using foreign exchange reserves.
Canadian firm Brookfield Asset Management and Ashok Piramal Group company Peninsula Land have entered into a joint venture to float a Rs 500 crore realty fund.
Rashtriya Ispat Nigam Ltd (RINL), Visakhapatnam Steel Plant, and Power Grid Corporation of India Ltd signed a memorandum of understanding in New Delhi to set up a joint venture for manufacturing transmission-line towers and tower parts.
Indiabulls Real Estate on Thursday approved buyback of its shares through open market at a price not exceeding Rs 75 a share. The realty developer will spend up to Rs 450 crore on the proposed buyback at the prevailing market price, it informed BSE.
Indian Oil Corp has cut prices of aviation turbine fuel by Rs 920 per kilolitre effective December 16. Domestic prices of ATF in Mumbai has been slashed to Rs 64,730.23/ kl from Rs 65,650.27.
Electrotherm (India) Ltd, the Ahmedabad-based induction melting furnace maker, on Thursday announced selling its ductile iron pipe business to the French major Saint-Gobain.
Tata Motors Global Sales Grow 35% in November
Ashwin Dani, vice-chairman of Asian Paints, has joined the board of cement major ACC as an independent director.
IOC cuts domestic Jet fuel prices by Rs 920/kl (Reports)
Reliance Mediaworks plans rights issue of Rs 500 crore in March 2012 – FE
Promoters exit Ambuja Cements by selling 0.79% stake to Swiss major Holcim, pockets Rs 387 crore (TOI)
F&O Ban: Aban Offshore, ABG Shipyard, Gitanjali Gems, Punj Lloyd, Ruchi Soya
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