Today's major news
Food inflation eases to 16.04%
Union Bank of India Q4 net profit up 27.61% yoy; the stock closes 1.82% lower
Punjab National Bank Q4 net profit jumps 31.1% yoy; the stock closes 0.05% higher
Click here for more stories
Global signals
European stocks traded in green snapping its losing streak as banking stocks gained on strong results posted by BNP Paribas. As of writing this report, FTSE 100 was trading marginally higher by 0.45%.
All the major Asian indices closed in the negative territory. SGX Nifty closed 40 points lower.
US stock futures signal higher opening on the Wall Street ahead of jobless claim data and the European Central Bank’s (ECB) governing council meeting on interest rates.
Indian indices
The domestic market fell for the fourth straight session even after witnessing some bouts of recovery. The fears of Greece’ crisis that could spread among other euro zone countries and selling in heavyweights like Reliance Industries and Infosys Technologies led the market to extend its losses. An upbeat employment data in the US and easing food inflation back home (coming down at 16.4% from 16.61%) also did not help the market and it ended in red.
The 30-share bellwether opened 7 points lower at 17080 and this was also its day’s high. In the later session, the Sensex extended its losses and selling in heavyweights like Reliance Industries and Infosys Technologies further dragged the Sensex down to touch the day’s low of 16823. However, post lunch, as European markets erased its early losses and turned positive the Sensex recovered its weakness. The Sensex was unable to close above 17,000 levels and ended the day at 16987, 100 points lower. The Nifty also closed below 5100 levels at 5091, 34 points lower.
Market sentiment
The market breadth was marginally negative as declining stocks outdid advancing stocks slightly. Of the 2,938 stocks traded on the BSE, 1,467 stocks declined, whereas 1,360 stocks advanced. Hundred and eleven stocks closed unchanged.
Sectoral & stock screening
Health care stocks did well for the day, with BSE HC up by 1.40%. BSE PSU was second gainer in the sectoral list, advanced by 0.64%. Rest of the 11 sectors were down, with BSE TECk down by 1.04%, the most for any sector, followed by BSE CG that fell by 1.00%.
The top three gaining stocks were — Hindustan Copper (up by 7.69%), Suzlon Energy (up by 5.32%) and Ashok Leylend (up by 4.48%). The top three losing stocks were — Jindal steel (down by 4.46%), ABB (down by 3.99%) and Ambuja Cements (down by 3.69%).
Viewing volumes
Wind turbine major Suzlon Energy saw highest trading with over 1.50 crore shares changing hands on the BSE, followed by Anil Dhirubhai Ambani group company Reliance Natural Resources (0.70 crore shares), industrial finance company IFCI (0.55 crore shares), infrastructure company GTL Infrastructure (0.51 crore shares) and one of the top gainer in ‘A’ group stocks Ashok Leylend (0.50 crore shares).
BE A PART OF OVER 300 HNI SUBSCRIBERS FROM ALL OVER THE WORLD.
Friday, May 7, 2010
Thursday, May 6, 2010
GREY MARKET PREMIUMS- MAY 6,2010
Company Name | Offer Price (Rs.) | Premium (Rs.) |
Talwalkars Better Value Fitness Ltd. | 128 | 20 to 22 |
Nitesh Estate | 54 to 56 | Discount |
Tarapur Transformers | 75 | 2.50 to 3 |
Mandhana Industries Ltd. | 120 to 130 | 5 to 5.50 |
Tara Health Foods | 180 to 190 | Withdraw |
Sutlaj Jal Vidhut Nigam (SJVNL) | 26 | 2.50 to 3 |
Jaypee Infra | 102 to 117 | Discount |
MARKET MAY EXTEND LOSSES ON WEAK ASIAN STOCKS;FOOD INFLATION DATA EYED.
The market may extend losses for the fourth straight day tracking weak global stocks which fell on worries Greece debt crisis could have a contagion effect. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicate that the Nifty could fall 28.50 points at the opening bell. The government will unveil data on some wholesale price indices for the year through 24 April 2010 viz. the food price index, the primary articles index and the fuel price index at about 12:00 IST today.
Asian stocks slumped on Thursday on concern the Greek deficit crisis will spread through Europe and hurt the global economic recovery after Moody's Investors Service placed its credit rating for on a review for a possible downgrade. The key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan fell by between 0.36% to 3.15%.
US stocks sagged on Wednesday as more signs emerged that the fallout from the Greek debt crisis could spread to bigger European economies. However, generally positive data on the US private sector job market and the economy's services sector cushioned the negative tone. The Dow Jones Industrial Average dropped 58.65 points, or 0.54% to 10,868.12. The Standard & Poor's 500 Index fell 7.73 points, or 0.66% to 1,165.87. The Nasdaq Composite Index lost 21.96 points, or 0.91% to 2,402.29.
The European Central Bank (ECB) holds a regular policy meeting on interest rates today, 6 May 2010. Interest rates in the 16-member eurozone have now been on hold at an historic low of 1% for a year and many economists expect the ECB to leave borrowing costs unchanged till next year. The press conference of ECB chief Jean-Claude Trichet in which he is likely to update on Europe's role in Greece's bailout will be closely watched.
European leaders warned on Wednesday that the euro zone debt crisis could spread beyond Greece, and Moody's Investors Service said Portugal could be next to have its debt downgraded.
A massive Greek bailout package announced on Sunday, 2 May 2010, failed to halt rising jitters about sovereign-debt problems along the euro zone's boundary. Euro-zone governments and the International Monetary Fund hoped that the $145.14 billion rescue package for Greece would soothe investors' nerves over high sovereign-debt levels in Spain, Italy, Portugal and Ireland. Instead, it had the opposite effect, with fears that Greece's debt woes could spread to other countries. Investors are also concerned that the three-year financial package will not fix Greece's longer-term funding problems.
Fed Chairman Ben Bernanke will speak today at the Chicago Fed's 46th annual conference on bank structure and competition. The US weekly jobless claims data and April sales reports from chain stores is also due today.
Back home, the fourth quarter corporate results announced so far have been fairly encouraging. The combined net profit of a total of 1126 companies rose 28.6% to Rs 38533 crore on 30.3% rise in sales to Rs 359503 crore in the quarter ended March 2010 over the quarter ended March 2009.
Dr Reddy's Laboratories, Punjab National Bank, Torrent Pharma, Union Bank of India, Rashtriya Chemicals & Fertilisers among others will announce their January to March 2010 quarter result today.
Meanwhile, business at Indian service companies rebounded to a 21-month-high in April 2010 on new business and high input prices. The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to 62.1 in April, its highest since July 2008, and compared with 58.1 in March 2010.
A recent industry body report showed that business confidence in India improved on the back of economic recovery. The bi-annual Business Outlook Survey of the Confederation of Indian Industry (CII) showed that the Business Confidence Index (BCI) of the Indian industry increased by 1.5 points for the April-September 2010 period, compared to the past six months.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand.
The RBI at its annual policy review on 20 April 2010 said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.
The key benchmark indices extended losses for the third straight day on Wednesday 5 May 2010 on continued worries over fiscal health of euro zone nations. The BSE 30-share Sensex fell 49.18 points or 0.29% to 17,087.96 on Wednesday.
As per provisional figures on NSE, foreign funds sold shares worth Rs 1589.68 crore and domestic funds bought shares worth Rs 691.15 crore on Wednesday.
Asian stocks slumped on Thursday on concern the Greek deficit crisis will spread through Europe and hurt the global economic recovery after Moody's Investors Service placed its credit rating for on a review for a possible downgrade. The key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan fell by between 0.36% to 3.15%.
US stocks sagged on Wednesday as more signs emerged that the fallout from the Greek debt crisis could spread to bigger European economies. However, generally positive data on the US private sector job market and the economy's services sector cushioned the negative tone. The Dow Jones Industrial Average dropped 58.65 points, or 0.54% to 10,868.12. The Standard & Poor's 500 Index fell 7.73 points, or 0.66% to 1,165.87. The Nasdaq Composite Index lost 21.96 points, or 0.91% to 2,402.29.
The European Central Bank (ECB) holds a regular policy meeting on interest rates today, 6 May 2010. Interest rates in the 16-member eurozone have now been on hold at an historic low of 1% for a year and many economists expect the ECB to leave borrowing costs unchanged till next year. The press conference of ECB chief Jean-Claude Trichet in which he is likely to update on Europe's role in Greece's bailout will be closely watched.
European leaders warned on Wednesday that the euro zone debt crisis could spread beyond Greece, and Moody's Investors Service said Portugal could be next to have its debt downgraded.
A massive Greek bailout package announced on Sunday, 2 May 2010, failed to halt rising jitters about sovereign-debt problems along the euro zone's boundary. Euro-zone governments and the International Monetary Fund hoped that the $145.14 billion rescue package for Greece would soothe investors' nerves over high sovereign-debt levels in Spain, Italy, Portugal and Ireland. Instead, it had the opposite effect, with fears that Greece's debt woes could spread to other countries. Investors are also concerned that the three-year financial package will not fix Greece's longer-term funding problems.
Fed Chairman Ben Bernanke will speak today at the Chicago Fed's 46th annual conference on bank structure and competition. The US weekly jobless claims data and April sales reports from chain stores is also due today.
Back home, the fourth quarter corporate results announced so far have been fairly encouraging. The combined net profit of a total of 1126 companies rose 28.6% to Rs 38533 crore on 30.3% rise in sales to Rs 359503 crore in the quarter ended March 2010 over the quarter ended March 2009.
Dr Reddy's Laboratories, Punjab National Bank, Torrent Pharma, Union Bank of India, Rashtriya Chemicals & Fertilisers among others will announce their January to March 2010 quarter result today.
Meanwhile, business at Indian service companies rebounded to a 21-month-high in April 2010 on new business and high input prices. The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to 62.1 in April, its highest since July 2008, and compared with 58.1 in March 2010.
A recent industry body report showed that business confidence in India improved on the back of economic recovery. The bi-annual Business Outlook Survey of the Confederation of Indian Industry (CII) showed that the Business Confidence Index (BCI) of the Indian industry increased by 1.5 points for the April-September 2010 period, compared to the past six months.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand.
The RBI at its annual policy review on 20 April 2010 said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.
The key benchmark indices extended losses for the third straight day on Wednesday 5 May 2010 on continued worries over fiscal health of euro zone nations. The BSE 30-share Sensex fell 49.18 points or 0.29% to 17,087.96 on Wednesday.
As per provisional figures on NSE, foreign funds sold shares worth Rs 1589.68 crore and domestic funds bought shares worth Rs 691.15 crore on Wednesday.
DAILY NEWS ROUNDUP -MAY 6, 2010
ICICI Bank, others in talks to buy-out Tayals stake in Bank of Rajasthan. (ET)
SAIL is planning to set-up a power plant and another greenfield steel mill in eastern India. (FE)
Bharti Airtel has entered into a partnership with cloud computing service provider Novatiun to expand its broadband business in India. (ET)
JSPL’s bid for Ziscosteel has been rejected. (BS)
Maharashtra governments’ cabinet sub-committee to meet today to resolve the Tata Power-Reliance Infra row over supplying electricity in Mumbai. (ET)
Government to sell stake in 10 more PSU this year including IOC, MMTC, Coal India, SAIL, RINL and SCI. (ET)
HCL Tech has entered into a pact with Stellar Asia Pacific to offer business services to clients in Australia. (ET)
Bajaj Finserv to launch a wealth management business for retail customers in Q2 FY11. (BS)
JSW Steel hikes prices of HR and CR coils by 1.5%. (FE)
The Patni brothers are likely to sell a large chunk of their shares to Japanese systems integrator NTT Data. (ET)
Yes Bank to tap SMEs for inclusive growth. (FE)
Orchid Chemical has signed an outlicensing distribution deal with US based Alvogen for marketing its 8 oral non-antibiotic formulation in US. (BS)
Kirlosker Brother has bought 90% stake in South Africa based Braybar pumps for Rs110mn. (BS)
3i Infotech to shift focus on IT solutions and Transaction Services business. (FE)
Kalpataru Power raises Rs4.5bn through a QIP issue. (BS)
Gayatri Projects has secured a road project worth Rs22bn from Andhra Pradesh government. (BS)
Ansal Properties to invest Rs15bn over the next three years on housing projects in Haryana. (BS)
Jagran Prakashan to buy Mid-day Multimedia for Rs2bn in an all stock transaction. (ET)
Shoppers Stop has lined up a capex of Rs1.25bn to open 12 stores in the current fiscal. (ET)
Piramal Healthcare has closed down its laboratory in Delhi and laid-off about 60 people. (ET)
Finance Ministry has decided to pay Rs140bn to state-owned OMCs as part compensation for selling kerosene and cooking gas below cost in FY10. (ET)
Growth in non-food credit for the fortnight ending April 23rd stood higher at 17.5%. (FE)
The annual ECB cap has been raised to US$40bn for FY11 from US$35bn in FY10. (ET)
Government to ease stock holding limit for large sugar consumers from May 20. (BS)
SAIL is planning to set-up a power plant and another greenfield steel mill in eastern India. (FE)
Bharti Airtel has entered into a partnership with cloud computing service provider Novatiun to expand its broadband business in India. (ET)
JSPL’s bid for Ziscosteel has been rejected. (BS)
Maharashtra governments’ cabinet sub-committee to meet today to resolve the Tata Power-Reliance Infra row over supplying electricity in Mumbai. (ET)
Government to sell stake in 10 more PSU this year including IOC, MMTC, Coal India, SAIL, RINL and SCI. (ET)
HCL Tech has entered into a pact with Stellar Asia Pacific to offer business services to clients in Australia. (ET)
Bajaj Finserv to launch a wealth management business for retail customers in Q2 FY11. (BS)
JSW Steel hikes prices of HR and CR coils by 1.5%. (FE)
The Patni brothers are likely to sell a large chunk of their shares to Japanese systems integrator NTT Data. (ET)
Yes Bank to tap SMEs for inclusive growth. (FE)
Orchid Chemical has signed an outlicensing distribution deal with US based Alvogen for marketing its 8 oral non-antibiotic formulation in US. (BS)
Kirlosker Brother has bought 90% stake in South Africa based Braybar pumps for Rs110mn. (BS)
3i Infotech to shift focus on IT solutions and Transaction Services business. (FE)
Kalpataru Power raises Rs4.5bn through a QIP issue. (BS)
Gayatri Projects has secured a road project worth Rs22bn from Andhra Pradesh government. (BS)
Ansal Properties to invest Rs15bn over the next three years on housing projects in Haryana. (BS)
Jagran Prakashan to buy Mid-day Multimedia for Rs2bn in an all stock transaction. (ET)
Shoppers Stop has lined up a capex of Rs1.25bn to open 12 stores in the current fiscal. (ET)
Piramal Healthcare has closed down its laboratory in Delhi and laid-off about 60 people. (ET)
Finance Ministry has decided to pay Rs140bn to state-owned OMCs as part compensation for selling kerosene and cooking gas below cost in FY10. (ET)
Growth in non-food credit for the fortnight ending April 23rd stood higher at 17.5%. (FE)
The annual ECB cap has been raised to US$40bn for FY11 from US$35bn in FY10. (ET)
Government to ease stock holding limit for large sugar consumers from May 20. (BS)
Wednesday, May 5, 2010
EQUITY TO START WEAK ON GLOBAL WORRIES
Headlines for the day:
Government mulls sugar decontrol
Corus appoints CitiBank to find buyer for UK Plant
Govt extends emission norms deadline for two-wheelers
Events for the day:
Major corporate action
Ex-date for dividend of Welspun Gujarat
Ex-date for interim dividend of Cholamandalam
Results: Lupin
For more events, log on to Sharekhan.com
Pre-market report
Global signals
The European shares fell to a two-month closing low on Tuesday, as investors' confidence was rattled by growing concerns that a massive bailout for Greece may be insufficient in preventing a wider euro zone debt crisis.
Investors dumped US stocks on Tuesday in the Wall Street's worst session in three months on the fear that even with a bailout for Greece, Europe's debt crisis could spread to other weak euro zone countries.
In today's trade, the Asian markets were trading on a negative note. At the time of writing this report, SGX Nifty was trading 86 points lower. The Janpanese (Nikkei 225 index) and South Korean (Kospi index) markets are shut today.
Indian markets
The encouraging US economic data failed to provide a floor to the market. There was massive sell-off around the globe, as the investors were more concern on the worries about the Greece bailout that would spread across the globe. Following this, Asian markets were dragged by a tumble on the Wall Street and were trading on an average of 1.30% down. The Indian markets are expected to open lower owing to the weak global cues. However, the market is expected to be volatile and remain on a negative bias for the day. The earnings of Lupin is later to be announced today, the stock will be eyed.
Commodity cues
In the commodity space, the crude oil prices loss, with the Nymex light crude oil for the June series down by $3.45 per barrel, whereas in the metals space, the Comex Gold for the June series declined by $14.10 and the Comex Silver for the June series was down by $1 to a troy ounce respectively.
Daily trend of FII/MF investment in equities
On May 04, 2010, the foreign institutional investors (FIIs) were the net sellers of the Indian stocks to the tune of Rs236.10 crore, whereas the domestic mutual funds, on April 30, 2010, were the net buyers of the stocks to the tune of Rs304.80 crore.
Government mulls sugar decontrol
Corus appoints CitiBank to find buyer for UK Plant
Govt extends emission norms deadline for two-wheelers
Events for the day:
Major corporate action
Ex-date for dividend of Welspun Gujarat
Ex-date for interim dividend of Cholamandalam
Results: Lupin
For more events, log on to Sharekhan.com
Pre-market report
Global signals
The European shares fell to a two-month closing low on Tuesday, as investors' confidence was rattled by growing concerns that a massive bailout for Greece may be insufficient in preventing a wider euro zone debt crisis.
Investors dumped US stocks on Tuesday in the Wall Street's worst session in three months on the fear that even with a bailout for Greece, Europe's debt crisis could spread to other weak euro zone countries.
In today's trade, the Asian markets were trading on a negative note. At the time of writing this report, SGX Nifty was trading 86 points lower. The Janpanese (Nikkei 225 index) and South Korean (Kospi index) markets are shut today.
Indian markets
The encouraging US economic data failed to provide a floor to the market. There was massive sell-off around the globe, as the investors were more concern on the worries about the Greece bailout that would spread across the globe. Following this, Asian markets were dragged by a tumble on the Wall Street and were trading on an average of 1.30% down. The Indian markets are expected to open lower owing to the weak global cues. However, the market is expected to be volatile and remain on a negative bias for the day. The earnings of Lupin is later to be announced today, the stock will be eyed.
Commodity cues
In the commodity space, the crude oil prices loss, with the Nymex light crude oil for the June series down by $3.45 per barrel, whereas in the metals space, the Comex Gold for the June series declined by $14.10 and the Comex Silver for the June series was down by $1 to a troy ounce respectively.
Daily trend of FII/MF investment in equities
On May 04, 2010, the foreign institutional investors (FIIs) were the net sellers of the Indian stocks to the tune of Rs236.10 crore, whereas the domestic mutual funds, on April 30, 2010, were the net buyers of the stocks to the tune of Rs304.80 crore.
DAILY NEWS ROUNDUP -MAY 5, 2010
The government has asked Reliance Industries to cut gas output from its eastern offshore KGD6 fields so that imported fuel stocks can be cleared. (ET)
The government said it is in the process of granting the Maharatna status to four state-run firms -ONGC, SAIL, NTPC and IOC. (ET)
L&T and UK-based Howden Global have signed a JV to design, engineer, manufacture and supply axial fans and air pre-heaters to Indian thermal power plants ranging between 100 MW and 1,200 MW. (BL)
HCL Technologies has signed a US$500mn strategic pact with pharmaceutical major MSD (also known as Merck & Co) for a period of five years. (BS)
Oil India and Indian Oil Corp has pulled out of the race to acquire Gulfsands Petroleum after the UK-listed firm refused the Indian firms’ request for due diligence before making a firm offer. (ET)
NMDC and MMTC are likely to finalise the iron ore export contracts with Japan and Korea by this month-end or early next month. (BL)
NMDC is keen to enter into coal mining with Coal India Ltd as a partner. (FE)
Ashok Leyland has reported sales of 6,500 vehicles for the month of April, compared with 1,750 in the same month last year. (BL)
Apollo Tyres will hike prices of its finished rubber products by 4.5%–5% across segments in June. (FE)
Videocon Industries has moved a petition to the World Bank seeking to revoke a three-year ban for misrepresenting information in a tender document in 2003. (ET)
Welspun-Gujarat Stahl Rohren will acquire majority stake in Saudi Arab-based pipe facility and a pipe coating facility. (BS)
Jet Airways is understood to have asked the MMRDA for six more months to pay for the 1.47-acre Bandra-Kurla Complex plot it bought for Rs8.3bn in 2008. (FE)
Glenmark Pharmaceuticals issued exclusive marketing rights for cholesterol control ezetimibe to another generic company Par Pharmaceutical Companies in an effort to strengthen its patent challenge case against Merck. (ET)
Sterlite Technologies will set up an LCD factory in Maharashtra at an investment of Rs96bn. (BS)
NDTV has terminated its agreement with Scripps Networks Interactive Inc, which it had entered into, to introduce lifestyle channels in India. (BS)
Adani Enterprises said it plans to raise up to Rs40bn through the issue of securities in global or domestic markets. (ET)
McNally Bharat said that it had bagged orders worth Rs1.1bn from Vedanta Group firm to provide engineering related works in Zambia. (FE)
The bid price for 3G spectrum continues to rise as it touched Rs107.5bn for pan-India operations on the 21st day of auction, assuring the government of Rs433.7bn in terms of revenue. (ET)
India is trying to mobilise opinion against the proposed international standard on corporate social responsibility that could give legal sanction to developed countries to reject exports from developing countries like India. (ET)
Parliament passed the budget 2010-11 with the finance minister remaining firm and turning down all pleas for a rollback of increase in duties on fuel. (ET)
The department of disinvestment (DoD) will move a proposal this week for divesting a 10% stake in Coal India through an IPO to cash in on the positive sentiment created by the recently closed issue of Satluj Jal Vidyut Nigam. (ET)
The finance ministry has rejected the petroleum ministry's demand for giving a seven-year income tax holiday to those who win sedimentary blocks for natural gas and coal bed methane (CBM) exploration in the next round of auctions later this year. (FE)
The corporate India Inc has raised US$4.32bn in March 2010 up by 300% over US$ 1.1bn mobilized in March 2009. (FE)
Government mulls sugar decontrol as the move has received a strong push from the Commission for Agricultural Costs and Price. (BS)
The government extended the deadline for implementing cleaner emission norms for two-wheelers across the country till July 1, 2010. (BS)
SEBI has widened the scope of index-based options by allowing exchanges to offer option contracts based on Sensex and Nifty with a tenure of up to five years. (BS)
Under margin pressure due to the rising prices of natural rubber, the end-user industries have asked the Government for duty-free import of two lakh tonnes of rubber through a Government agency, besides a ban on exports. (BL)
The government said it is in the process of granting the Maharatna status to four state-run firms -ONGC, SAIL, NTPC and IOC. (ET)
L&T and UK-based Howden Global have signed a JV to design, engineer, manufacture and supply axial fans and air pre-heaters to Indian thermal power plants ranging between 100 MW and 1,200 MW. (BL)
HCL Technologies has signed a US$500mn strategic pact with pharmaceutical major MSD (also known as Merck & Co) for a period of five years. (BS)
Oil India and Indian Oil Corp has pulled out of the race to acquire Gulfsands Petroleum after the UK-listed firm refused the Indian firms’ request for due diligence before making a firm offer. (ET)
NMDC and MMTC are likely to finalise the iron ore export contracts with Japan and Korea by this month-end or early next month. (BL)
NMDC is keen to enter into coal mining with Coal India Ltd as a partner. (FE)
Ashok Leyland has reported sales of 6,500 vehicles for the month of April, compared with 1,750 in the same month last year. (BL)
Apollo Tyres will hike prices of its finished rubber products by 4.5%–5% across segments in June. (FE)
Videocon Industries has moved a petition to the World Bank seeking to revoke a three-year ban for misrepresenting information in a tender document in 2003. (ET)
Welspun-Gujarat Stahl Rohren will acquire majority stake in Saudi Arab-based pipe facility and a pipe coating facility. (BS)
Jet Airways is understood to have asked the MMRDA for six more months to pay for the 1.47-acre Bandra-Kurla Complex plot it bought for Rs8.3bn in 2008. (FE)
Glenmark Pharmaceuticals issued exclusive marketing rights for cholesterol control ezetimibe to another generic company Par Pharmaceutical Companies in an effort to strengthen its patent challenge case against Merck. (ET)
Sterlite Technologies will set up an LCD factory in Maharashtra at an investment of Rs96bn. (BS)
NDTV has terminated its agreement with Scripps Networks Interactive Inc, which it had entered into, to introduce lifestyle channels in India. (BS)
Adani Enterprises said it plans to raise up to Rs40bn through the issue of securities in global or domestic markets. (ET)
McNally Bharat said that it had bagged orders worth Rs1.1bn from Vedanta Group firm to provide engineering related works in Zambia. (FE)
The bid price for 3G spectrum continues to rise as it touched Rs107.5bn for pan-India operations on the 21st day of auction, assuring the government of Rs433.7bn in terms of revenue. (ET)
India is trying to mobilise opinion against the proposed international standard on corporate social responsibility that could give legal sanction to developed countries to reject exports from developing countries like India. (ET)
Parliament passed the budget 2010-11 with the finance minister remaining firm and turning down all pleas for a rollback of increase in duties on fuel. (ET)
The department of disinvestment (DoD) will move a proposal this week for divesting a 10% stake in Coal India through an IPO to cash in on the positive sentiment created by the recently closed issue of Satluj Jal Vidyut Nigam. (ET)
The finance ministry has rejected the petroleum ministry's demand for giving a seven-year income tax holiday to those who win sedimentary blocks for natural gas and coal bed methane (CBM) exploration in the next round of auctions later this year. (FE)
The corporate India Inc has raised US$4.32bn in March 2010 up by 300% over US$ 1.1bn mobilized in March 2009. (FE)
Government mulls sugar decontrol as the move has received a strong push from the Commission for Agricultural Costs and Price. (BS)
The government extended the deadline for implementing cleaner emission norms for two-wheelers across the country till July 1, 2010. (BS)
SEBI has widened the scope of index-based options by allowing exchanges to offer option contracts based on Sensex and Nifty with a tenure of up to five years. (BS)
Under margin pressure due to the rising prices of natural rubber, the end-user industries have asked the Government for duty-free import of two lakh tonnes of rubber through a Government agency, besides a ban on exports. (BL)
Tuesday, May 4, 2010
INTRADAY CALL::- BHARTI AIRTEL
DAY TRADERS CAN CONSIDER TO SELL THIS STOCK AROUND AT 299.00 STOPLOSS 303.75 AND TARGET 292./290...
Disclaimer: These Recommendations are based on technical analysis and Personal observations. Due care has been taken while preparing these comments, no responsibility will be assumed by the author for the consequences what so ever, resulting out of acting on these recommendations.
Disclaimer: These Recommendations are based on technical analysis and Personal observations. Due care has been taken while preparing these comments, no responsibility will be assumed by the author for the consequences what so ever, resulting out of acting on these recommendations.
STOCKS LIKELY TO START POSITIVE
Headlines for the day:
SEBI cracks disclosure whip on credit rating agencies
JSW Steel net up, plans to buy US mine
Events for the day:
Major corporate action
Jaypee Infratech IPO closes today
Ex-date for stock split from Rs2/- to Re1/- of Vipul
Ex-date for dividend of Thomas Cook
Results: Syndicate Bank, Jindal Steel
For more events, log on to Sharekhan.com
Pre-market report
Global signals
The European shares rose on Monday, as upbeat US data boosted hopes of an economic recovery, although doubts persisted on Greece's ability to implement the tough austerity measures it has agreed to under a $147 billion bailout deal.
The US stocks staged a broad rally that drove the S&P 500 to its best day in two months on Monday after manufacturing, consumer spending and construction data instilled confidence that the economic recovery is gaining traction.
In today's trade, the Asian markets were trading on a positive note, except Shanghai Composite. At the time of writing this report, SGX Nifty was trading 14.5 points higher. The Janpanese market (Nikkei 225 index) is closed today on account of Greenery day.
Indian markets
The Sensex opened the May month on a weak note and shed nearly 1% or 173 points on Monday (May 13, 2010), as market sentiments across the globe got disrupted on concerns over the bailout package for debt-laden Greece and fiscal problems in the euro zone.
But as of now the global scenario is different and has taken up a U-turn towards recovery. The news of the robust US data (manufacturing, consumer spending and construction data), Europe recovering on Greek woes, Asian markets trading higher and positive cues around the globe may add fuel, which will help the Indian market to begin the session on a positive note.
However, the earnings of Syndicate Bank and Jindal Steel are later to be announced today — the stocks will be closely eyed by the investors.
Commodity cues
In the commodity space, the crude oil prices gained amid growing concerns over the spill and optimism about Greece's rescue plan, with the Nymex light crude oil for the June series up by $0.04 per barrel, whereas in the metals space, the Comex Gold for the June series rose by $2.60 and the Comex Silver for the June series was increased by $0.20 to a troy ounce respectively.
Daily trend of FII/MF investment in equities
On May 03, 2010, the foreign institutional investors (FIIs) were the net buyers of the Indian stocks to the tune of Rs538.90 crore, whereas the domestic mutual funds, on April 29, 2010, were the net buyers of the stocks to the tune of Rs358.70 crore.
SEBI cracks disclosure whip on credit rating agencies
JSW Steel net up, plans to buy US mine
Events for the day:
Major corporate action
Jaypee Infratech IPO closes today
Ex-date for stock split from Rs2/- to Re1/- of Vipul
Ex-date for dividend of Thomas Cook
Results: Syndicate Bank, Jindal Steel
For more events, log on to Sharekhan.com
Pre-market report
Global signals
The European shares rose on Monday, as upbeat US data boosted hopes of an economic recovery, although doubts persisted on Greece's ability to implement the tough austerity measures it has agreed to under a $147 billion bailout deal.
The US stocks staged a broad rally that drove the S&P 500 to its best day in two months on Monday after manufacturing, consumer spending and construction data instilled confidence that the economic recovery is gaining traction.
In today's trade, the Asian markets were trading on a positive note, except Shanghai Composite. At the time of writing this report, SGX Nifty was trading 14.5 points higher. The Janpanese market (Nikkei 225 index) is closed today on account of Greenery day.
Indian markets
The Sensex opened the May month on a weak note and shed nearly 1% or 173 points on Monday (May 13, 2010), as market sentiments across the globe got disrupted on concerns over the bailout package for debt-laden Greece and fiscal problems in the euro zone.
But as of now the global scenario is different and has taken up a U-turn towards recovery. The news of the robust US data (manufacturing, consumer spending and construction data), Europe recovering on Greek woes, Asian markets trading higher and positive cues around the globe may add fuel, which will help the Indian market to begin the session on a positive note.
However, the earnings of Syndicate Bank and Jindal Steel are later to be announced today — the stocks will be closely eyed by the investors.
Commodity cues
In the commodity space, the crude oil prices gained amid growing concerns over the spill and optimism about Greece's rescue plan, with the Nymex light crude oil for the June series up by $0.04 per barrel, whereas in the metals space, the Comex Gold for the June series rose by $2.60 and the Comex Silver for the June series was increased by $0.20 to a troy ounce respectively.
Daily trend of FII/MF investment in equities
On May 03, 2010, the foreign institutional investors (FIIs) were the net buyers of the Indian stocks to the tune of Rs538.90 crore, whereas the domestic mutual funds, on April 29, 2010, were the net buyers of the stocks to the tune of Rs358.70 crore.
DAILY NEWS ROUNDUP -MAY 4, 2010
Pfizer and Wyeth sue Ranbaxy Laboratories in a US court for infringing the patent rights of Wyeth's drug, Rapamune. (BS)
United Spirits may spin off bottled water biz into separate subsidiary. (BS)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt has launched a generic version of Flomax in the US, on the first day of patent expiry. (BL)
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
SBI extends teaser rate scheme by two months till June 30. (DNA)
The UK-based Gulfsands Petroleum has rejected a £381mn takeover offer made by Oil India and IOC combine. (ET)
GAIL Gas, a wholly owned subsidiary of GAIL (India), is planning to supply piped natural gas and CNG to tier-two cities. (BL)
Dabur India has decided to take a price hike in FY11 in the range of 4-5% on account of rising commodity prices. (DNA)
Ballarpur Industries and West Coast Paper raised product prices by Rs2,500-3,000 per ton. (BS)
NTT Data Corporation emerges as the most aggressive suitor and is in advanced talks with the promoters of Patni Computer to buy their combined 46.5% stake. (BS)
The Hinduja group is set to acquire private banking arm of Belgium's KBL for Rs89bn. (BS)
NMDC plans to start the construction work for its 3mtpa integrated steel plant in Bastar district of Chhattisgarh in October this year. (BS)
NTPC plans to add about 8,000MW generating capacity in the southern region by the end of the 12th Five Year Plan. (BS)
NTPC expects to acquire land for 2 mega projects in 6 months. (BS)
The communications ministry is set to ask Idea Cellular to surrender all six overlapping telecom licences it got following its acquisition of Spice Communications. (ET)
JSW Infrastructure & Logistics plans to invest Rs100bn to develop 5-6 ports in India in the next 10 years. (ET)
Uninor introduces a scheme that gives discounts to customers as they conclude a call, depending on the time and location. (BL)
Spencer's Retail, the retail arm of the RPG Group, plans to add 0.2mn sq ft of space in the current fiscal. (BL)
The Indiabulls group is staking claim for a 250-acre Navi Mumbai plot which it had lost to a consortium comprising Bhushan Steel and the Essel group in January this year. (BS)
Calyx Chemicals and Pharmaceuticals plans to raise Rs1bn via IPO. (BS)
The pan-India bid for 3G spectrum touched Rs95.21bn up 172% from Rs35bn the original base price. (ET)
The government said there was no blanket ban on import of Chinese telecom equipment. (ET)
India’s foreign exchange reserves last week shrank US$600mn to US$613mn in the week ended April 23. (ET)
RBI data shows net credit inflows to the real estate sector at just Rs8.4bn for the 11 months ending February 2010 compared to Rs336bn for same period up to February 2009. (BL)
United Spirits may spin off bottled water biz into separate subsidiary. (BS)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt has launched a generic version of Flomax in the US, on the first day of patent expiry. (BL)
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
SBI extends teaser rate scheme by two months till June 30. (DNA)
The UK-based Gulfsands Petroleum has rejected a £381mn takeover offer made by Oil India and IOC combine. (ET)
GAIL Gas, a wholly owned subsidiary of GAIL (India), is planning to supply piped natural gas and CNG to tier-two cities. (BL)
Dabur India has decided to take a price hike in FY11 in the range of 4-5% on account of rising commodity prices. (DNA)
Ballarpur Industries and West Coast Paper raised product prices by Rs2,500-3,000 per ton. (BS)
NTT Data Corporation emerges as the most aggressive suitor and is in advanced talks with the promoters of Patni Computer to buy their combined 46.5% stake. (BS)
The Hinduja group is set to acquire private banking arm of Belgium's KBL for Rs89bn. (BS)
NMDC plans to start the construction work for its 3mtpa integrated steel plant in Bastar district of Chhattisgarh in October this year. (BS)
NTPC plans to add about 8,000MW generating capacity in the southern region by the end of the 12th Five Year Plan. (BS)
NTPC expects to acquire land for 2 mega projects in 6 months. (BS)
The communications ministry is set to ask Idea Cellular to surrender all six overlapping telecom licences it got following its acquisition of Spice Communications. (ET)
JSW Infrastructure & Logistics plans to invest Rs100bn to develop 5-6 ports in India in the next 10 years. (ET)
Uninor introduces a scheme that gives discounts to customers as they conclude a call, depending on the time and location. (BL)
Spencer's Retail, the retail arm of the RPG Group, plans to add 0.2mn sq ft of space in the current fiscal. (BL)
The Indiabulls group is staking claim for a 250-acre Navi Mumbai plot which it had lost to a consortium comprising Bhushan Steel and the Essel group in January this year. (BS)
Calyx Chemicals and Pharmaceuticals plans to raise Rs1bn via IPO. (BS)
The pan-India bid for 3G spectrum touched Rs95.21bn up 172% from Rs35bn the original base price. (ET)
The government said there was no blanket ban on import of Chinese telecom equipment. (ET)
India’s foreign exchange reserves last week shrank US$600mn to US$613mn in the week ended April 23. (ET)
RBI data shows net credit inflows to the real estate sector at just Rs8.4bn for the 11 months ending February 2010 compared to Rs336bn for same period up to February 2009. (BL)
Monday, May 3, 2010
MARKET MAY OPEN LOWER ON WEAK ASIAN STOCKS;HDFC Q4 RESULT EYED.
The market may open lower as Beijing's monetary-policy tightening over the weekend and a sell-off on Wall Street Friday, 30 April 2010, pulled Asian stocks lower. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicate that the Nifty could fall 27.50 points at the opening bell. Auto shares may edge higher on strong sales in the month just gone by. HDFC will announce its Q4 result today, 3 May 2010. The company's board will also consider stock-split proposal.
The results announced so far have been fairly encouraging. The combined net profit of a total of 789 companies rose 27.6% to Rs 34723 crore on 31.9% rise in sales to Rs 317052 crore in the quarter ended March 2010 over the quarter ended March 2009.
Tata Motors' total sales including exports of commercial and passenger vehicles jumped 52% to 57,202 vehicles in April 2010 over April 2009. Domestic sales rose 49% to 54,065 units. Exports rose 148.8% to 3,137. Commercial vehicle sales in the domestic market rose 36% to 30,963 units. Passenger vehicle sales jumped 70% to 24,902 units. Passenger vehicle sales include distribution of Fiat cars by Tata Motors. Sales of the ultra-cheap car Tata Nano totaled 3,525 units in April 2010.
Maruti Suzuki India's total sales rose almost 30% to 93,058 units in April 2010 over April 2009. Domestic sales rose 23.4% to 80,34 units.
Asian stocks declined on Monday after China on Sunday, 2 May 2010, raised the proportion of deposits that lenders must keep in reserve at the central bank. The key benchmark indices in Hong Kong, South Korea, Singapore and Taiwan fell by between 0.37% to 1.18%. But, Indonesia's Jakarta Composite rose 0.18%. The stock markets in China and Japan were closed for holidays
The People's Bank of China said it was lifting lenders' reserve requirement ratio by 50 basis points, effective 10 May 2010, its third increase of that magnitude this year.
US stocks tumbled on Friday, 30 April 2010 as news of a criminal probe into US investment bank Goldman Sachs unnerved investors already worried about the prospects for heavy banking regulation. The Dow Jones Industrial Average fell 158.71 points or 1.42% to 11,008.61. The Standard & Poor's 500 Index lost 20.09 points, or 1.66% to 1,186.69. The Nasdaq Composite Index dropped 50.73 points, or 2.02% to 2,461.19.
The US economy expanded at a 3.2% annual rate in the first quarter slowing down from the fourth-quarter's rapid 5.6% pace
Meanwhile, Euro-region ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency's 11-year history from spreading through the rest of the bloc.
Back home on the macro front, the latest data showed infrastructure sector output jumped 7.2% in March 2010 from a year earlier, higher than an upwardly revised rise of 4.7% in February 2010.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand.
The RBI at its annual policy review, on 20 April 2010, said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.
Profit booking in late trade capped gains on the domestic bourses on Friday, 30 April 2010 as European stocks fell in volatile trade on unease over euro zone sovereign debt levels. The BSE 30-share Sensex was up 55.24 points or 0.32% to 17,558.71 on Friday.
As per provisional figures on NSE, foreign funds bought shares worth Rs 355.55 crore and domestic funds bought shares of Rs 217.61 crore on Friday.
The results announced so far have been fairly encouraging. The combined net profit of a total of 789 companies rose 27.6% to Rs 34723 crore on 31.9% rise in sales to Rs 317052 crore in the quarter ended March 2010 over the quarter ended March 2009.
Tata Motors' total sales including exports of commercial and passenger vehicles jumped 52% to 57,202 vehicles in April 2010 over April 2009. Domestic sales rose 49% to 54,065 units. Exports rose 148.8% to 3,137. Commercial vehicle sales in the domestic market rose 36% to 30,963 units. Passenger vehicle sales jumped 70% to 24,902 units. Passenger vehicle sales include distribution of Fiat cars by Tata Motors. Sales of the ultra-cheap car Tata Nano totaled 3,525 units in April 2010.
Maruti Suzuki India's total sales rose almost 30% to 93,058 units in April 2010 over April 2009. Domestic sales rose 23.4% to 80,34 units.
Asian stocks declined on Monday after China on Sunday, 2 May 2010, raised the proportion of deposits that lenders must keep in reserve at the central bank. The key benchmark indices in Hong Kong, South Korea, Singapore and Taiwan fell by between 0.37% to 1.18%. But, Indonesia's Jakarta Composite rose 0.18%. The stock markets in China and Japan were closed for holidays
The People's Bank of China said it was lifting lenders' reserve requirement ratio by 50 basis points, effective 10 May 2010, its third increase of that magnitude this year.
US stocks tumbled on Friday, 30 April 2010 as news of a criminal probe into US investment bank Goldman Sachs unnerved investors already worried about the prospects for heavy banking regulation. The Dow Jones Industrial Average fell 158.71 points or 1.42% to 11,008.61. The Standard & Poor's 500 Index lost 20.09 points, or 1.66% to 1,186.69. The Nasdaq Composite Index dropped 50.73 points, or 2.02% to 2,461.19.
The US economy expanded at a 3.2% annual rate in the first quarter slowing down from the fourth-quarter's rapid 5.6% pace
Meanwhile, Euro-region ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency's 11-year history from spreading through the rest of the bloc.
Back home on the macro front, the latest data showed infrastructure sector output jumped 7.2% in March 2010 from a year earlier, higher than an upwardly revised rise of 4.7% in February 2010.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand.
The RBI at its annual policy review, on 20 April 2010, said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.
Profit booking in late trade capped gains on the domestic bourses on Friday, 30 April 2010 as European stocks fell in volatile trade on unease over euro zone sovereign debt levels. The BSE 30-share Sensex was up 55.24 points or 0.32% to 17,558.71 on Friday.
As per provisional figures on NSE, foreign funds bought shares worth Rs 355.55 crore and domestic funds bought shares of Rs 217.61 crore on Friday.
DAILY NEWS ROUNDUP -MAY 3, 2010
Pfizer and Wyeth sue Ranbaxy Laboratories in a US court for infringing the patent rights of Wyeth's drug, Rapamune. (BS)
United Spirits may spin off bottled water biz into separate subsidiary. (BS)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt has launched a generic version of Flomax in the US, on the first day of patent expiry. (BL)
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
SBI extends teaser rate scheme by two months till June 30. (DNA)
The UK-based Gulfsands Petroleum has rejected a £381mn takeover offer made by Oil India and IOC combine. (ET)
GAIL Gas, a wholly owned subsidiary of GAIL (India), is planning to supply piped natural gas and CNG to tier-two cities. (BL)
Dabur India has decided to take a price hike in FY11 in the range of 4-5% on account of rising commodity prices. (DNA)
Ballarpur Industries and West Coast Paper raised product prices by Rs2,500-3,000 per ton. (BS)
NTT Data Corporation emerges as the most aggressive suitor and is in advanced talks with the promoters of Patni Computer to buy their combined 46.5% stake. (BS)
The Hinduja group is set to acquire private banking arm of Belgium's KBL for Rs89bn. (BS)
NMDC plans to start the construction work for its 3mtpa integrated steel plant in Bastar district of Chhattisgarh in October this year. (BS)
NTPC plans to add about 8,000MW generating capacity in the southern region by the end of the 12th Five Year Plan. (BS)
NTPC expects to acquire land for 2 mega projects in 6 months. (BS)
The communications ministry is set to ask Idea Cellular to surrender all six overlapping telecom licences it got following its acquisition of Spice Communications. (ET)
JSW Infrastructure & Logistics plans to invest Rs100bn to develop 5-6 ports in India in the next 10 years. (ET)
Uninor introduces a scheme that gives discounts to customers as they conclude a call, depending on the time and location. (BL)
Spencer's Retail, the retail arm of the RPG Group, plans to add 0.2mn sq ft of space in the current fiscal. (BL)
The Indiabulls group is staking claim for a 250-acre Navi Mumbai plot which it had lost to a consortium comprising Bhushan Steel and the Essel group in January this year. (BS)
Calyx Chemicals and Pharmaceuticals plans to raise Rs1bn via IPO. (BS)
The pan-India bid for 3G spectrum touched Rs95.21bn up 172% from Rs35bn the original base price. (ET)
The government said there was no blanket ban on import of Chinese telecom equipment. (ET)
India’s foreign exchange reserves last week shrank US$600mn to US$613mn in the week ended April 23. (ET)
RBI data shows net credit inflows to the real estate sector at just Rs8.4bn for the 11 months ending February 2010 compared to Rs336bn for same period up to February 2009. (BL)
United Spirits may spin off bottled water biz into separate subsidiary. (BS)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt has launched a generic version of Flomax in the US, on the first day of patent expiry. (BL)
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
SBI extends teaser rate scheme by two months till June 30. (DNA)
The UK-based Gulfsands Petroleum has rejected a £381mn takeover offer made by Oil India and IOC combine. (ET)
GAIL Gas, a wholly owned subsidiary of GAIL (India), is planning to supply piped natural gas and CNG to tier-two cities. (BL)
Dabur India has decided to take a price hike in FY11 in the range of 4-5% on account of rising commodity prices. (DNA)
Ballarpur Industries and West Coast Paper raised product prices by Rs2,500-3,000 per ton. (BS)
NTT Data Corporation emerges as the most aggressive suitor and is in advanced talks with the promoters of Patni Computer to buy their combined 46.5% stake. (BS)
The Hinduja group is set to acquire private banking arm of Belgium's KBL for Rs89bn. (BS)
NMDC plans to start the construction work for its 3mtpa integrated steel plant in Bastar district of Chhattisgarh in October this year. (BS)
NTPC plans to add about 8,000MW generating capacity in the southern region by the end of the 12th Five Year Plan. (BS)
NTPC expects to acquire land for 2 mega projects in 6 months. (BS)
The communications ministry is set to ask Idea Cellular to surrender all six overlapping telecom licences it got following its acquisition of Spice Communications. (ET)
JSW Infrastructure & Logistics plans to invest Rs100bn to develop 5-6 ports in India in the next 10 years. (ET)
Uninor introduces a scheme that gives discounts to customers as they conclude a call, depending on the time and location. (BL)
Spencer's Retail, the retail arm of the RPG Group, plans to add 0.2mn sq ft of space in the current fiscal. (BL)
The Indiabulls group is staking claim for a 250-acre Navi Mumbai plot which it had lost to a consortium comprising Bhushan Steel and the Essel group in January this year. (BS)
Calyx Chemicals and Pharmaceuticals plans to raise Rs1bn via IPO. (BS)
The pan-India bid for 3G spectrum touched Rs95.21bn up 172% from Rs35bn the original base price. (ET)
The government said there was no blanket ban on import of Chinese telecom equipment. (ET)
India’s foreign exchange reserves last week shrank US$600mn to US$613mn in the week ended April 23. (ET)
RBI data shows net credit inflows to the real estate sector at just Rs8.4bn for the 11 months ending February 2010 compared to Rs336bn for same period up to February 2009. (BL)
Friday, April 30, 2010
INTRADAY CALL:- SIEMENS
DAY TRADERS CAN CONSIDER TO SELL THIS STOCK AROUND 712.00 WITH THE
STOPLOSS AT RS 726..TARGET LOOKS 695/690/685..
Disclaimer: These Recommendations are based on technical analysis and Personal observations. Due care has been taken while preparing these comments, no responsibility will be assumed by the author for the consequences what so ever, resulting out of acting on these recommendations.
STOPLOSS AT RS 726..TARGET LOOKS 695/690/685..
Disclaimer: These Recommendations are based on technical analysis and Personal observations. Due care has been taken while preparing these comments, no responsibility will be assumed by the author for the consequences what so ever, resulting out of acting on these recommendations.
MARKET SEEN HEADING NORTH ON POSITIVE GOLBAL CUES
The market is expected to open on a firm note on positive global cues. Besides, the passing of the Finance Bill 2010 in the Lok Sabha on Thursday with some minor changes in tax proposals may boost sentiment as the government has pledged to cut the fiscal deficit. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicate that the Nifty could rise 26.50 points at the opening bell. Auto, cement, steel stocks will be in focus ahead of the release of April 2010 monthly sales data next week.
Finance Minister Pranab Mukherjee's budget 2010-11 proposals were passed on Thursday, 29 April 2010 with minor changes. The concessions will reduce the incidence of service tax on housing and air travel, incentivise construction of big hospitals, keep cancer and anti-AIDs drugs cheap and provide relief to debt-ridden coffee growers. However, the government held firm not to roll back the hike in prices of petrol and diesel. With the passage of the Bill by the Lok Sabha, the three-stage budgetary process stands completed.
Adani Power, Allahabad Bank, Amtek Auto, Bharat Electronics, Finolex Cables, Gateway Distriparks, HCL Infosystems, IDBI bank, IFCI, India Cements, Reliance Capital, Tech Mahindra, Titan Industries and Vijaya Bank will announce their January-March 2010 quarter earnings today, 30 April 2010.
Asian markets rose for the first time in four days as improving company earnings boosted speculation the global economy will sustain its recovery. Key benchmark indices in China, Hong Kong, Taiwan, Japan, South Korea, Singapore and Indonesia were up by between 0.40% to 1.09%.
US markets surged on Thursday, 29 April 2010, on waning fears over the euro zone debt crisis. The Dow Jones Industrial Average rose 122.05 points or 1.10% to 11,167.32. The Nasdaq composite gained 40.19 points or 1.63% to 2,511.92 and the Standard & Poor's 500 index was up 15.42 points or 1.29% to 1,206.78.
Back home, food price index rose 16.61% in the year to 17 April 2010, data released by the government on Thursday, 29 April 2010 showed. The rise in food prices inflation was slower than an annual rise of 17.65% in the previous week. But, fuel price inflation quickened. The fuel price index rose 12.69% in the year to 17 April 2010 a year ago, faster than the previous week's 12.45% rise. The primary articles index was up 13.55% in the year to 17 April 2010.
The Q4 March 2010 corporate earnings announced so far have been good. The combined net profit of a total of 586 companies rose 29.50% to Rs 31831 crore on 35% rise in sales to Rs 280051 crore in the quarter ended March 2010 over the quarter ended March 2009.
The government on Thursday, 29 April 2010, kicked off its disinvestment programme for the fiscal year March 2011 with the initial public offering (IPO) of the state-run SJVN. The government plans to raise Rs 1000 crore through the IPO, and is offloading 10% of its stake in the company. The IPO was subscribed 43% on day one.
The Congress-led United Progressive Alliance government sailed through a trial of strength in parliament on Tuesday, 27 April 2010, by winning the cut motion demanded by opposition parties against an unpopular hike in fuel and fertiliser prices with smaller parties giving it a leg up to achieve a surprisingly strong victory. However, major reforms may take a backseat for the some time to come as there is a stiff resistance by the opposition on fears it may hurt the poor.
On the macro front, the latest data showed infrastructure sector output jumped 7.2% in March 2010 from a year earlier, higher than an upwardly revised rise of 4.7% in February 2010.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand.
The RBI at its annual policy review, last week, said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.
The key benchmark indices rebounded after a two-day slide on Thursday, 29 April 2010, tracking gains in European stocks and higher US index futures. The BSE 30-share Sensex rose 123.39 points or 0.71% to 17,503.47 and the S&P CNX Nifty gained 38.70 points or 0.74% to 5254.15.
As per provisional figures on NSE, foreign funds bought shares worth Rs 90.44 crore and domestic funds bought shares worth Rs 266.76 crore on Thursday, 29 April 2010.
Finance Minister Pranab Mukherjee's budget 2010-11 proposals were passed on Thursday, 29 April 2010 with minor changes. The concessions will reduce the incidence of service tax on housing and air travel, incentivise construction of big hospitals, keep cancer and anti-AIDs drugs cheap and provide relief to debt-ridden coffee growers. However, the government held firm not to roll back the hike in prices of petrol and diesel. With the passage of the Bill by the Lok Sabha, the three-stage budgetary process stands completed.
Adani Power, Allahabad Bank, Amtek Auto, Bharat Electronics, Finolex Cables, Gateway Distriparks, HCL Infosystems, IDBI bank, IFCI, India Cements, Reliance Capital, Tech Mahindra, Titan Industries and Vijaya Bank will announce their January-March 2010 quarter earnings today, 30 April 2010.
Asian markets rose for the first time in four days as improving company earnings boosted speculation the global economy will sustain its recovery. Key benchmark indices in China, Hong Kong, Taiwan, Japan, South Korea, Singapore and Indonesia were up by between 0.40% to 1.09%.
US markets surged on Thursday, 29 April 2010, on waning fears over the euro zone debt crisis. The Dow Jones Industrial Average rose 122.05 points or 1.10% to 11,167.32. The Nasdaq composite gained 40.19 points or 1.63% to 2,511.92 and the Standard & Poor's 500 index was up 15.42 points or 1.29% to 1,206.78.
Back home, food price index rose 16.61% in the year to 17 April 2010, data released by the government on Thursday, 29 April 2010 showed. The rise in food prices inflation was slower than an annual rise of 17.65% in the previous week. But, fuel price inflation quickened. The fuel price index rose 12.69% in the year to 17 April 2010 a year ago, faster than the previous week's 12.45% rise. The primary articles index was up 13.55% in the year to 17 April 2010.
The Q4 March 2010 corporate earnings announced so far have been good. The combined net profit of a total of 586 companies rose 29.50% to Rs 31831 crore on 35% rise in sales to Rs 280051 crore in the quarter ended March 2010 over the quarter ended March 2009.
The government on Thursday, 29 April 2010, kicked off its disinvestment programme for the fiscal year March 2011 with the initial public offering (IPO) of the state-run SJVN. The government plans to raise Rs 1000 crore through the IPO, and is offloading 10% of its stake in the company. The IPO was subscribed 43% on day one.
The Congress-led United Progressive Alliance government sailed through a trial of strength in parliament on Tuesday, 27 April 2010, by winning the cut motion demanded by opposition parties against an unpopular hike in fuel and fertiliser prices with smaller parties giving it a leg up to achieve a surprisingly strong victory. However, major reforms may take a backseat for the some time to come as there is a stiff resistance by the opposition on fears it may hurt the poor.
On the macro front, the latest data showed infrastructure sector output jumped 7.2% in March 2010 from a year earlier, higher than an upwardly revised rise of 4.7% in February 2010.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand.
The RBI at its annual policy review, last week, said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.
The key benchmark indices rebounded after a two-day slide on Thursday, 29 April 2010, tracking gains in European stocks and higher US index futures. The BSE 30-share Sensex rose 123.39 points or 0.71% to 17,503.47 and the S&P CNX Nifty gained 38.70 points or 0.74% to 5254.15.
As per provisional figures on NSE, foreign funds bought shares worth Rs 90.44 crore and domestic funds bought shares worth Rs 266.76 crore on Thursday, 29 April 2010.
CRUDE SHOOTS UP
Strong economic data and weak dollar pull up crude
Crude oil ended higher at Nymex on Thursday, 29 April 2010. Chances of a sooner and larger than expected rescue package for Greece and strong economic data on the US front pushed up crude prices higher.
On Thursday, crude-oil futures for light sweet crude for June delivery closed at $85.17/barrel (higher by $1.95 or 2.3%). Last week, crude ended higher by 0.5%. For the month of March, crude rose 5.1%. For the first quarter of this year, crude rose by 5.5%. Year to date, crude is higher by 6.2%.
Prices are still very much lower as compared to 3 July, 2008 settlement of $145.29 a barrel and an intraday high of $147.27 on 11 July, 2008, an all-time high. However, oil has also gained nearly 153% from a December 2008 nadir. That day prices settled at $33.87 a barrel following an intraday low of $32.40.
The Labor Department in US reported on Thursday, 29 April 2010 that the number of people filing initial claims for unemployment benefits declined by 11,000 in the week ended 24 April to a seasonally adjusted 448,000. Claims are down about 28% from the prior year. The new claims level matched expectations.
The four-week average of new claims, considered a better gauge of underlying trends than the volatile weekly number, rose 1,500 to stand at 462,500.
The report also revised that the number of people collecting regular state benefits dropped 18,000 to a seasonally adjusted 4.65 million in the week ended 17 April. The four-week average of continuing claims fell 9,000 to 4.64 million, the lowest level since January 2009.
In the currency market on Thursday, the dollar index, which measures the strength of the dollar against basket of six other currencies fell by 0.4%. The euro rebounded against the dollar today. Concerns over spreading contagion to other European countries lessened somewhat on reports that officials were considering a multi-year rescue package for Greece that could total more than 100 billion euros ($133 billion), compared to prior plans for a one-year aid package of roughly 45 billion euros.
Yesterday, in the latest weekly inventory report, the Energy Department reported an increase of 1.96 million barrels in the U.S. oil inventories in the week ended 23 April. Market had expected a rise of 1.4 million barrels. Refineries ran at 89% of their capacity, higher than expected. Crude stocks in Cushing, Okla., the delivery point for New York Mercantile Exchange oil, increased by nearly half a million barrels.
The report also showed that gasoline stocks declined by 1.24 million barrels; against an expected build of 500,000 barrels. Stocks of distillates, which include heating oil and diesel, were up by 2.93 million barrels when the expectation was of an increase of 1.2 million barrels.
On Thursday, natural-gas futures dropped as the Energy Information Administration reported a larger-than-expected increase for natural gas in storage last week. The EIA reported an increase of 83 billion cubic feet in the week ended 23 April, whereas market expected 70 to 76 billion cubic feet. Later Thursday, the EIA said production of natural gas in February rose 1.6% from January's output, which it revised lower. Natural gas for June delivery, the most active contract, declined 37 cents, or 8.5%, to settle at $3.98 per million British thermal units.
Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for May delivery closed higher by Rs 86 (2.3%) at Rs 3,784/barrel. Natural gas for May delivery closed at Rs 178.7, lower by Rs 17.7 (8.1%).
Crude oil ended higher at Nymex on Thursday, 29 April 2010. Chances of a sooner and larger than expected rescue package for Greece and strong economic data on the US front pushed up crude prices higher.
On Thursday, crude-oil futures for light sweet crude for June delivery closed at $85.17/barrel (higher by $1.95 or 2.3%). Last week, crude ended higher by 0.5%. For the month of March, crude rose 5.1%. For the first quarter of this year, crude rose by 5.5%. Year to date, crude is higher by 6.2%.
Prices are still very much lower as compared to 3 July, 2008 settlement of $145.29 a barrel and an intraday high of $147.27 on 11 July, 2008, an all-time high. However, oil has also gained nearly 153% from a December 2008 nadir. That day prices settled at $33.87 a barrel following an intraday low of $32.40.
The Labor Department in US reported on Thursday, 29 April 2010 that the number of people filing initial claims for unemployment benefits declined by 11,000 in the week ended 24 April to a seasonally adjusted 448,000. Claims are down about 28% from the prior year. The new claims level matched expectations.
The four-week average of new claims, considered a better gauge of underlying trends than the volatile weekly number, rose 1,500 to stand at 462,500.
The report also revised that the number of people collecting regular state benefits dropped 18,000 to a seasonally adjusted 4.65 million in the week ended 17 April. The four-week average of continuing claims fell 9,000 to 4.64 million, the lowest level since January 2009.
In the currency market on Thursday, the dollar index, which measures the strength of the dollar against basket of six other currencies fell by 0.4%. The euro rebounded against the dollar today. Concerns over spreading contagion to other European countries lessened somewhat on reports that officials were considering a multi-year rescue package for Greece that could total more than 100 billion euros ($133 billion), compared to prior plans for a one-year aid package of roughly 45 billion euros.
Yesterday, in the latest weekly inventory report, the Energy Department reported an increase of 1.96 million barrels in the U.S. oil inventories in the week ended 23 April. Market had expected a rise of 1.4 million barrels. Refineries ran at 89% of their capacity, higher than expected. Crude stocks in Cushing, Okla., the delivery point for New York Mercantile Exchange oil, increased by nearly half a million barrels.
The report also showed that gasoline stocks declined by 1.24 million barrels; against an expected build of 500,000 barrels. Stocks of distillates, which include heating oil and diesel, were up by 2.93 million barrels when the expectation was of an increase of 1.2 million barrels.
On Thursday, natural-gas futures dropped as the Energy Information Administration reported a larger-than-expected increase for natural gas in storage last week. The EIA reported an increase of 83 billion cubic feet in the week ended 23 April, whereas market expected 70 to 76 billion cubic feet. Later Thursday, the EIA said production of natural gas in February rose 1.6% from January's output, which it revised lower. Natural gas for June delivery, the most active contract, declined 37 cents, or 8.5%, to settle at $3.98 per million British thermal units.
Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for May delivery closed higher by Rs 86 (2.3%) at Rs 3,784/barrel. Natural gas for May delivery closed at Rs 178.7, lower by Rs 17.7 (8.1%).
DAILY NEWS ROUNDUP -APRIL 30, 2010
RIL plans to sell gas to retail consumers in the US, using Atlas Energy’s infrastructure
UltraTech Cement has acquired Dubai-based ETA Star Cement for an enterprise value of Rs17bn. (ET)
Jindal Steel and Power is close to acquiring Oman based Shabed Iron and Steel for US$500mn. (ET)
Supreme Court verdict on RIL-RNRL gas issue is likely next week. (ET)
Air India has opposed the marketing alliance between Kingfisher Airlines and British Airways on domestic network. (ET)
NTPC-BHEL Power Projects, 50:50 JV between the two PSU’s, is expecting orders worth Rs70bn by the end of current fiscal (ET)
Infinite Computer Solutions has bagged an order worth Rs1.25bn. (BL)
Madhucon Projects has secured an EPC contract worth Rs12bn for setting up thermal power plant in Nellore district of Andhra Pradesh. (BL)
CESC has decided to revive West Bengal’s Balagarh thermal power project abandoned several years ago. (BL)
Pantaloon Retail and Future Value Retail plan to issue Rs7.5bn worth of NCD’s. (BS)
Mindtree has bagged the application development services segment of the UID Project. (BS)
Tata Power has been asked not to apply differential pricing for Reliance Infrastructure. (BS)
Nuclear Power Corporation of India is likely to sign JV Agreements with IOC and NALCO. (FE)
Finance Bill proposes to prohibit token concessions to housing, air travel, planters and healthcare. (ET)
Food inflation eases to 16.6% during the weekend April 17. (BL)
Government has directed mobile operators to stick to June 30 dead line for launch of mobile number portability. (ET)
According to the Telecom minister, 3G auction to end in a day or two. (BL)
The Government has hiked export duty on iron ore lumps to 15%. (BS)
UltraTech Cement has acquired Dubai-based ETA Star Cement for an enterprise value of Rs17bn. (ET)
Jindal Steel and Power is close to acquiring Oman based Shabed Iron and Steel for US$500mn. (ET)
Supreme Court verdict on RIL-RNRL gas issue is likely next week. (ET)
Air India has opposed the marketing alliance between Kingfisher Airlines and British Airways on domestic network. (ET)
NTPC-BHEL Power Projects, 50:50 JV between the two PSU’s, is expecting orders worth Rs70bn by the end of current fiscal (ET)
Infinite Computer Solutions has bagged an order worth Rs1.25bn. (BL)
Madhucon Projects has secured an EPC contract worth Rs12bn for setting up thermal power plant in Nellore district of Andhra Pradesh. (BL)
CESC has decided to revive West Bengal’s Balagarh thermal power project abandoned several years ago. (BL)
Pantaloon Retail and Future Value Retail plan to issue Rs7.5bn worth of NCD’s. (BS)
Mindtree has bagged the application development services segment of the UID Project. (BS)
Tata Power has been asked not to apply differential pricing for Reliance Infrastructure. (BS)
Nuclear Power Corporation of India is likely to sign JV Agreements with IOC and NALCO. (FE)
Finance Bill proposes to prohibit token concessions to housing, air travel, planters and healthcare. (ET)
Food inflation eases to 16.6% during the weekend April 17. (BL)
Government has directed mobile operators to stick to June 30 dead line for launch of mobile number portability. (ET)
According to the Telecom minister, 3G auction to end in a day or two. (BL)
The Government has hiked export duty on iron ore lumps to 15%. (BS)
Subscribe to:
Posts (Atom)