Results to be Announced today April 23rd 2010
Friday, April 23, 2010
FIIs were net buyers of Rs5.18bn on Thursday on a provisional basis. Local funds were net buyers of Rs1.82bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs8.58bn. On Wednesday, FIIs were net buyers of Rs2.65bn in the cash segment, as per the SEBI web site.
Corporate Snippets
SBI mulls issue of bonds to institutional and retail investors for raising funds which would be redeemed by the Government on maturity. (FE)
Atlas Energy Inc along with Reliance Industries plans to buy 42,344 acres in the gas-rich Marcellus shale. (BS)
ICICI Bank has cut home loan rates by bringing back its old teaser home loan rate product till the end of the month. (ET)
TCS sets sights on onsite work again with the return of discretionary technology spending. (FE)
L&T plans to realign its electrical and electronics business division with its wholly-owned subsidiary in power equipment manufacturing, L&T Power. (BS)
ArcelorMittal has proposed a JV with SAIL to set-up integrated steel plant near latter’s existing facility in Bokaro, Jharkhand. (ET)
Atlas Energy Inc along with Reliance Industries plans to buy 42,344 acres in the gas-rich Marcellus shale. (BS)
ICICI Bank has cut home loan rates by bringing back its old teaser home loan rate product till the end of the month. (ET)
TCS sets sights on onsite work again with the return of discretionary technology spending. (FE)
L&T plans to realign its electrical and electronics business division with its wholly-owned subsidiary in power equipment manufacturing, L&T Power. (BS)
ArcelorMittal has proposed a JV with SAIL to set-up integrated steel plant near latter’s existing facility in Bokaro, Jharkhand. (ET)
Thursday, April 22, 2010
सेन्सेक्स (17573.99) 101.43 अंक चढ्कर, नीफ़्टी (5269.35) 24.45 अंक चढ्कर, बंद..
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Zensar Tech recommends dividend of Rs5.50 per share
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India may raise iron ore export tax to 20%
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European markets are trading flat in the opening trades
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Company Results for April 22nd 2010
Results Today
ACC. Ambuja Cements, Escorts, Gujarat Gas, Indiabulls Power, M&M Financials, Nestle India, Rallis India, Sasken, Sterlite Technologies, Strides Arcolab, Tata Sponge, Wipro and Zensar.
Binani Cement
Shares of Binani Cement shot up by over 8% to end at Rs85.6 after the company announced that it will consider a plan to buy back shares on April 23. The scrip opened at Rs80 it touched an intra-day high of Rs87 and a low of Rs80 and recorded volumes of over 1.1mn shares on BSE.
SpiceJet
Shares of SpiceJet surged by 1.5% to end at Rs58.65 after reports stated that the low-cost carrier is looking to raise "around" US$75mn selling shares to select investors. The scrip opened at Rs58.4 it touched an intra-day high of Rs59.8 and a low of Rs58.4 and recorded volumes of over 2.5mn shares on BSE.
Orchid Chemicals
Orchid Healthcare, the US arm of Orchid Chemicals has received USFDA approval for generic modafinil, according to reports. The US regulator has approved Orchid's generic modafinil oral tablets of strength 100 mg and 200 mg. Modafinil is an analeptic drug that stimulates the central nervous system, and is for the treatment of symptoms of fatigue and excessive daytime sleepiness in narcolepsy.
Unitech
Shares of Unitech surged by over 2.5% to end at Rs85.5 after over 20mn equity shares of the company changed hands in multi days. The trades were reportedly done between an average price of Rs86-87 per share. The company approved separating its infrastructure and telecommunications units. MD Sanjay Chandra was quoted as saying that the company expects the demerger of its infrastructure unit to take four to six months and Unitech Infra Ltd. may be listed on bourses by the end of the year, Chandra added.
For every one share held in Unitech Ltd, shareholders will get one share of the new firm Unitech Infra Ltd, to be listed on the stock exchanges.
Unitech Infra will house the property firm's infrastructure businesses including telecoms, management of amusement parks, construction business, hotels, special economic zones. The company also announced that its board approved constituting a committee to explore potential local and overseas acquisitions.
For every one share held in Unitech Ltd, shareholders will get one share of the new firm Unitech Infra Ltd, to be listed on the stock exchanges.
Unitech Infra will house the property firm's infrastructure businesses including telecoms, management of amusement parks, construction business, hotels, special economic zones. The company also announced that its board approved constituting a committee to explore potential local and overseas acquisitions.
FIIs were net buyers of just Rs829.6mn on Wednesday on a provisional basis. Local funds were net buyers of Rs252.5mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs4.73bn. On Tuesday, FIIs were net buyers of Rs325mn in the cash segment, as per the SEBI web site.
Pre Market Commentary ...
Looks like the ongoing consolidation in the domestic market and erratic global cues are making the bulls sweat for every penny. Making money in a largely lackluster market seems to have become a little tough. Also, the fact that we have had such a huge rally since March 2009 will always act as a deterrent. After touching two-year highs recently, the key indices have been drifting in a narrow range.
Global markets have been a bit volatile of late although the US indices are trading near or above 18-month highs. Headline risk still prevails due to lingering concerns over sovereign debt issues in Europe. Anemic recovery in the US and China’s tightening are among the other notable pressure points.
Back home the main worries are tied to inflation and its fallout on monetary policy. In the immediate future, monsoon will play some sentimental role in driving the sentiment. Today we expect a flat to slightly higher start. Thursday was a day of large caps as fund flows improved. In a time of uncertainty one should stick with the best and the brightest while dumping the laggards.
Technically, the NSE Nifty has support at 5200 and resistance at 5300. It can rise to 5400 provided FII inflows are strong and global markets are supportive. At the same time, there is always a chance of a small correction, but no need to panic. Bulls are still lacking in conviction so we continue to advise caution. Wait till the market breaks out of its current range and the global scenario changes for the better.
Corporate Snippets
TCS has announced a global engineering service partnership with Rolls-Royce. (ET)
L&T Power, a subsidiary of L&T, to ramp up boiler, turbines, generators and balance of plant business from 4,000mw to 6,000mw by 2012. (BL)
Unitech to list demerged infra division by December 2010. (BS)
Videocon Industries may sell its 26% stake in the telecom ventures to foreign investors. (ET)
Glenmark has won a favorable legal verdict in US over a cholesterol drug case with Merck. (ET)
Goldman Sachs fraud case not to hit business says TCS. (ET)
Unitech Infra the demerged arm of Unitech will bid for infrastructure projects in road, power and airports. (ET)
Orient Green Power a subsidiary of Shriram EPC files DRHP for an IPO. (ET)
L&T Power, a subsidiary of L&T, to ramp up boiler, turbines, generators and balance of plant business from 4,000mw to 6,000mw by 2012. (BL)
Unitech to list demerged infra division by December 2010. (BS)
Videocon Industries may sell its 26% stake in the telecom ventures to foreign investors. (ET)
Glenmark has won a favorable legal verdict in US over a cholesterol drug case with Merck. (ET)
Goldman Sachs fraud case not to hit business says TCS. (ET)
Unitech Infra the demerged arm of Unitech will bid for infrastructure projects in road, power and airports. (ET)
Orient Green Power a subsidiary of Shriram EPC files DRHP for an IPO. (ET)
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