MORNING NOTE
RAJESH DESAI
MARKETS
Asian Market is trading higher as Hang Seng was up by 1.50% while Nikkei 225 was up by 1.30% and Chinese markets were up by 0.20%. Asian stocks rose to a one-week high, the won strengthened and oil rose after South Korea and Japan said North Korea’s rocket launch may have failed. Overnight U.S. markets were up by 1.40%. SGX Nifty at 8:00AM was trading at 5330 with a gain of 44 points and the market is likely to trade between 5220 and 5320.
MARKET STATS AT 8:00AM
|
Domestic Indices |
Last Price |
CH |
% CH |
% CH 5D |
N-Ferrous Metals |
Last Price |
CH |
% CH |
|
Sensex |
17332.62 |
133.22 |
0.77 |
(1.50) |
Copper |
8147.25 |
-72.75 |
-0.89 |
|
Nifty |
5276.85 |
50.00 |
0.96 |
(0.87) |
Aluminum |
2104.75 |
0.75 |
0.04 |
|
Global Indices |
Last Price |
CH |
% CH |
% CH 5D |
Zinc |
2021.50 |
-18.75 |
-0.92 |
|
Dow Jones |
12986.58 |
181.19 |
1.41 |
(0.67) |
Nickel |
18522.00 |
-178.00 |
-0.95 |
|
NASDAQ |
3055.55 |
39.09 |
1.30 |
(0.41) |
Lead |
2068.00 |
-31.00 |
-1.48 |
|
S&P 500 |
1387.57 |
18.86 |
1.38 |
(0.81) |
Bullion & Crude Oil |
Last Price |
CH |
% CH |
|
FTSE 100 |
5710.46 |
75.72 |
1.34 |
(2.19) |
Gold |
1672.68 |
-3.10 |
-0.18 |
|
CAC 40 |
3269.79 |
32.10 |
0.99 |
(4.02) |
Silver |
32.23 |
-0.13 |
-0.40 |
|
DAX |
6743.24 |
68.51 |
1.03 |
(3.42) |
NYMEX Crude Oil |
103.39 |
-0.25 |
-0.24 |
|
Nikkei 225 |
9648.99 |
124.20 |
1.30 |
(0.41) |
ADR/GDR |
Last Price |
CH |
% CH |
|
Hang Seng |
20640.61 |
313.29 |
1.54 |
(0.72) |
Infosys |
56.77 |
0.30 |
0.53 |
|
Shanghai |
2353.17 |
2.31 |
0.10 |
2.02 |
ICICI B |
34.78 |
0.62 |
1.81 |
|
CSI 300 |
2576.494 |
6.06 |
0.24 |
2.25 |
Wipro |
10.77 |
0.06 |
0.56 |
|
KOSPI |
2004.26 |
17.63 |
0.89 |
(1.21) |
Sterlite |
8.54 |
0.32 |
3.89 |
|
Taiwan |
7746.93 |
84.01 |
1.10 |
0.53 |
HDFCB |
34.09 |
0.66 |
1.97 |
|
Indices Future |
Last Price |
CH |
% CH |
% CH 5D |
Tata Mo |
28.39 |
0.68 |
2.45 |
|
SGX Nifty |
5329 |
44.00 |
0.83 |
0.36 |
Tata Com |
8.95 |
0.27 |
3.11 |
|
Dow Jones |
12930 |
-20.00 |
(0.15) |
(0.37) |
DR.Reddy |
33.75 |
0.24 |
0.72 |
|
Currencies & Freight |
Last Price |
CH |
% CH |
% CH 5D |
MTNL |
1.05 |
0.02 |
1.94 |
|
USD-INR X-RATE |
51.59 |
0.16 |
(0.32) |
(0.94) |
Patni |
19.72 |
0.07 |
0.36 |
|
EUR-INR X-RATE |
67.76 |
0.17 |
(0.25) |
(0.79) |
SBI |
86.8 |
3.00 |
3.58 |
|
INR-JPY X-RATE |
1.58 |
0.00 |
(0.19) |
0.89 |
RIL |
29.17 |
0.57 |
1.99 |
|
BALTIC DRY INDEX |
960 |
16.00 |
1.69 |
3.11493018 |
L&T |
25.24 |
0.39 |
1.57 |
SOURCE:BLOOMBERG
EQUITY MOVERS:
* Airline Stocks: The cabinet will take a decision “soon” on whether to allow local carriers to sell as much as 49 percent to
overseas airlines, Aviation Minister Ajit Singh told reporters in New Delhi yesterday.
* Mangalore Refinery & Petrochemicals Ltd. The refiner shut parts of its plant in southern India because of a water-supply
Shortage.
OTHER NEWS:
* The cost of locking in rates for one year fell to a three- month low of 7.95 percent this week. Traders are still paying 42
basis points less to lock in rates for five years than for one, causing an inverted curve. That is in contrast with the U.S., where
longer-maturity contracts cost 64 basis points more than shorter swaps and with China, where the gap is 18 basis points.
* Commercial University Ltd. in New Delhi offers degrees in commerce, one of hundreds of private colleges trying to fill an
education gap as India’s growth creates a middle class eager for its children to succeed.
* Air India Ltd., the unprofitable state-owned carrier, may get government bailouts totaling 300 billion rupees ($5.9 billion),
an amount about five times the market value of the nation’s three listed airlines.
* India allowed exports of 1 million bales of cotton that were registered with the trade ministry before a ban on shipments and
will revalidate another 900,000 bales by April 17, the ministry said in a statement yesterday.
* Natural rubber output in India climbed 4.3 percent to 899,400 metric tons in the year to March from 861,950 tons a year ago,
the state-owned Rubber Board said.
* Life Insurance Corp. plans to invest about 2.25 trillion rupees in the year that started April 1.
EARNINGS:
* Infosys Technologies - 4Q - Est. 23.1 billion rupees.
* Development Credit Bank
BOND SALES:
* India to sell 40 billion rupees of 8.24 percent 2018 bonds.
* India to sell 70 billion rupees of 8.79 percent 2021 bonds.
* India to sell 20 billion rupees of 8.28 percent 2027 bonds.
* India to sell 20 billion rupees of 8.33 percent 2036 bonds.
CONFERENCES/EVENTS:
* 9 a.m. Bangalore. FM Zone India and Vestian Global Workplace Services organizes FM Zone India Leadership Summit 2012.
* 10 a.m. Mumbai. Inauguration of Bosch Pavilion at Mobile Space Metro Tour.
* 10:30 a.m. Mumbai. CII will organize a session “AgriVision2020: Sustainable Agriculture, Farmer-led Inclusive Growth.”Speakers
include Sudhir Kumar Goel, secretary, Agriculture & Marketing Corp. of Maharashtra; Jimmy Mirchandani, chairman of Aries Agro
Ltd.; Prasad Variyar, head- food technology of Bhabha Automic Research Centre, and M.G. Shembekar, managing director of Ankur Seeds.
* 11 a.m. New Delhi. Koen Pieters, export director of BURG, will hold a press conference to announce the inauguration of a new
store and launch of BURG Wrist Watch Phones.
* 11:30 a.m. Bangalore. Bombardier will hold press conference to announce the opening of Bombardier Engineering Service Office in Bangalore.
* 11:45 a.m. Kolkata. M.M. Singh, managing executive officer of Maruti Suzuki India Ltd., will hold a press conference to unveil the Ertiga.
* 12:30 p.m. Bangalore. Infosys Ltd. will hold a press conference to announce Q4 and annual results for FY12.
* 1 p.m. Bangalore. Chief Minister of West Bengal Mamta Banerjee will inaugurate the Trans Damodar Coal Mining Project. Mukul Roy,
India’s minister for railways, will be present.
* 1:30 p.m. Durgapur. Bipin Vohra, chairman of SPS Group; Sanjay Jhunjhunwala, CEO of Mani Group, and Cecil Antony, chairman of
Synergy Group, will address the foundation stone laying ceremony of IQ City Medical College & IQ City School by West Bengal Chief
Minister Mamata Banerjee.
SOURCE:BLOOMBERG
Regards,
Team Microsec Research
--
CA. Rajesh Desai
RAJESH DESAI
MARKETS
Asian Market is trading higher as Hang Seng was up by 0.90% while Nikkei 225 was up by 1.60% and Chinese markets were down by 0.50%. Asian stocks rallied from two days of losses, the yen weakened and South Korea’s won climbed after the International Monetary Fund raised economic forecasts and Spain sold more debt than targeted. Overnight U.S. markets were up by 1.50%. SGX Nifty at 8:00AM was trading at 5340 with a gain of 15 points and the market is likely to remain firm as RBI surprisingly cut Repo rate by 50 bps yesterday which may led to the Indian markets to rally, mostly driven by interest rate sensitive stocks.
MARKET STATS AT 8:00AM
|
Domestic Indices |
Last Price |
CH |
% CH |
% CH 5D |
N-Ferrous Metals |
Last Price |
CH |
% CH |
|
% CH 5D |
|||||||||
|
Sensex |
17357.94 |
206.99 |
1.21 |
0.66 |
Copper |
8024.75 |
-25.25 |
-0.31 |
(0.19) |
|
Nifty |
5289.7 |
63.50 |
1.22 |
1.20 |
Aluminium |
2086.25 |
9.25 |
0.45 |
(0.61) |
|
Global Indices |
Last Price |
CH |
% CH |
% CH 5D |
Zinc |
|
1990.50 |
-1.75 |
-0.09 |
(0.23) |
||||||
|
Dow Jones |
13115.54 |
194.13 |
1.50 |
3.14 |
Nickel |
17750.00 |
-75.00 |
-0.42 |
(1.93) |
|
NASDAQ |
3042.82 |
54.42 |
1.82 |
1.73 |
Lead |
2068.00 |
-6.00 |
-0.29 |
0.73 |
|
S&P 500 |
1390.78 |
21.21 |
1.55 |
2.37 |
|
Bullion & Crude Oil |
Last Price |
CH |
% CH |
|
% CH 5D |
|||||||||
|
FTSE 100 |
5766.95 |
100.67 |
1.78 |
3.06 |
Gold |
1650.28 |
0.70 |
0.04 |
(0.53) |
|
CAC 40 |
3292.51 |
87.23 |
2.72 |
2.33 |
Silver |
31.72 |
0.04 |
0.12 |
0.43 |
|
DAX |
6801 |
175.81 |
2.65 |
2.95 |
NYMEX Crude Oil |
104.21 |
0.01 |
0.01 |
1.47 |
|
Nikkei 225 |
9622.41 |
157.70 |
1.67 |
1.73 |
|
ADR/GDR |
Last Price |
CH |
% CH |
|
% CH 5D |
|||||||||
|
Hang Seng |
20750.78 |
188.47 |
0.92 |
3.03 |
Infosys |
47.54 |
0.05 |
0.11 |
(15.47) |
|
Shanghai |
2345.606 |
10.62 |
0.45 |
1.59 |
ICICI B |
34.59 |
1.10 |
3.28 |
3.62 |
|
CSI 300 |
2556.696 |
14.81 |
0.58 |
1.45 |
Wipro |
9.96 |
0.15 |
1.53 |
(6.30) |
|
KOSPI |
2003.29 |
17.99 |
0.91 |
0.45 |
Sterlite |
8.53 |
0.30 |
3.65 |
7.43 |
|
Taiwan |
7617.87 |
32.00 |
0.42 |
(0.51) |
HDFCB |
34.84 |
1.70 |
5.13 |
5.19 |
|
Indices Future |
Last Price |
CH |
% CH |
% CH 5D |
Tata Mo |
|
29.31 |
0.46 |
1.59 |
8.04 |
||||||
|
SGX Nifty |
5342 |
17.00 |
0.32 |
1.66 |
Tata Com |
8.87 |
0.13 |
1.49 |
3.74 |
|
Dow Jones |
13037 |
13.00 |
0.10 |
2.30 |
DR.Reddy |
34.17 |
0.51 |
1.52 |
3.83 |
|
Currencies & Freight |
Last Price |
CH |
% CH |
% CH 5D |
MTNL |
1.05 |
|
0.04 |
3.96 |
2.94 |
|||||||
|
USD-INR X-RATE |
51.49 |
-0.19 |
0.37 |
(0.02) |
Patni |
19.52 |
0.07 |
0.36 |
1.04 |
|
EUR-INR X-RATE |
67.69 |
0.35 |
(0.52) |
(0.58) |
SBI |
89.05 |
2.95 |
3.43 |
5.82 |
|
INR-JPY X-RATE |
1.59 |
0.01 |
(0.69) |
(0.95) |
RIL |
28.96 |
0.21 |
0.73 |
0.94 |
|
BALTIC DRY INDEX |
989 |
14.00 |
1.44 |
6.57328 |
L&T |
26.11 |
0.85 |
3.37 |
5.28 |
SOURCE;BLOOMBERG
EQUITY MOVERS:
* IFCI Ltd. The Indian state-owned lender said fourth-quarter net income fell to 2.19 billion rupees from 2.33 billion rupees
a year earlier. The company will pay 1 rupee as dividend for the year ended March 31.
* Indian Oil Corp. India’s largest refiner is seeking an increase in gasoline price by 8.04 rupees a liter and a reduction in gasoline
excise duty and sales tax.
* Hindalco Industries Ltd. India’s second-largest aluminum maker plans to raise as much as 30 billion rupees selling 10-year
bonds. The Mumbai-based company has asked banks to bid today to underwrite the sale.
* Rural Electrification Corp. The Indian state- controlled lender to power projects, plans to raise as much as 20 billion rupees selling
bonds in May, Finance Director Hari Das Khunteta said in an interview in New Delhi yesterday.
* Tata Steel Ltd. India’s biggest producer of the alloy plans to raise 30 billion rupees selling bonds.
* VST Industries Ltd. India’s third-biggest cigarette maker reported fourth-quarter profit of 367.3 million rupees, compared with
269 million rupees in the same period last year.
OTHER NEWS:
* Nomura Holdings Inc. forecast benchmark yields will rebound by the end of this month after the central bank said that the scope
for further decreases in the repurchase rate is limited following a 50 basis point reduction to 8 percent. The extra yield on 10-year
sovereign debt over one-year notes almost doubled in the past month to 37 basis points on concern a cooling in wholesale-price
increases won’t last.
* The intention of GAAR isn’t to harass anyone, India’s Finance Secretary R.S. Gujral said in New Delhi yesterday. Finance Minister
Pranab Mukherjee last month proposed to introduce the General Anti-Avoidance Rules to enable the taxing of companies the government
believes are structuring deals to escape contributions. The rule will apply to foreign funds holding local stocks as well.
* Mauritius’s finance ministry said it’s seeking an “early” meeting with Indian authorities to discuss uncertainties about the two countries’
double-taxation avoidance agreement, the ministry said in a statement e-mailed from the capital, Port Louis, yesterday.
* Sugar output in India, the world’s second-biggest producer, increased to 24.63 million metric tons in the Oct. 1 - April 15 period, from
21.73 million tons a year earlier.
EARNINGS:
* HDFC Bank - 4Q, Est. 14.5 billion rupees.
* HCL Technologies - 3Q, Est. 5.8 billion rupees.
* Infotech Enterprises - 4Q, Est. 528 million rupees.
BOND SALES:
* 3 p.m. India to sell 90 billion rupees ($1.8 billion) of 91-day bills.
* 3 p.m. India to sell 50 billion rupees of 364-day bills.
CONFERENCES/EVENTS:
* 9:30 a.m. New Delhi. The Institute of Defence Studies and Analyses (IDSA) will organize a one-day seminar on “Strategic Export Control.
” India’s Foreign Secretary Ranjan Mathai will address the seminar. Venue: IDSA, Seminar Hall.
* 10:30 a.m. New Delhi. Jyotiraditya Scindia, junior trade minister, will address the second day of the CII National Conference 2012.
* 12 p.m. New Delhi. Farooq Abdullah, India’s minister for new & renewable energy, will inaugurate the Low Carbon Economy Summit under
the UK-India Business Leaders Climate Group (UKIBLCG).Gregory Barker, U.K.’s minister of state for energy & climate change, will address at
summit. Venue: FICCI.
* 12 p.m. Bangalore. Vishal Jairath, head-South Asia of VFS Global, will organize a press conference to announce the opening of the Schengen
Visa Application Centre’ by Dominique Causse, consulate general of France, and Rolf Frei, consulate general of Switzerland, in Bangalore.
* 12:30 p.m. New Delhi. Montek Singh Ahluwalia, deputy chairman of the planning commission, will address CII National Conference2012.
* 12:30 p.m. Mumbai. Shrikant Zaveri, chairman of Tribhovandas Bhimji Zaveri Ltd., will hold a press conference in connection with its IPO.
Venue: Rooftop, Trident Hotel, Nariman Point.
* 3:15 p.m. New Delhi. Kapil Sibal, India’s minister for human resource development, will address the CII National Conference 2012.
* 4:30. Yes Bank conference call on RBI’s annual policy review to discuss expectation of economic and policy outlook for FY13.
Speakers include Shubhada Rao, chief economist; Vivek Kumar, senior economist, and Yuvika Oberoi, economist. Conference dial- in numbers
+91 22 3065 2510; +91 22 6745 6103.
* 5 p.m. Mumbai. R. Ramanan, managing director, and J.K. Gupta, chief financial officer of CMC Ltd., will hold a press conference to announce
fourth-quarter results for year ended March 31.
* 6 p.m. New Delhi. Kamal Nath, India’s minister for urban development & poverty alleviation will be chief guest at ‘AIMA Managing India Awards.
’ Speakers include Pravin J. Gordhan, minister for finance of South Africa; Y.C. Deveshwar, chairman of ITC Ltd.; Kumar Mangalam Birla, chairman
of Aditya Birla Group; Sudhir Vasudeva, chairman of Oil & Natural Gas Corp., and Nita M. Ambani, chairman of Reliance Foundation.
SOURCE:BLOOMBERG
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai
RAJESH DESAI
MARKETS
Asian Market is trading lower as Hang Seng was up by 0.45% while Nikkei 225 was up by 0.55% and Chinese markets were down by 0.10%. Asian stocks fell for a second day and South Korea’s won slid after earnings missed estimates and U.S. economic data signaled slowing growth. Overnight U.S. markets were down by 0.60%. SGX Nifty at 8:00AM was trading at 5330 with a loss of 25 points and the market is likely to remain flat and trade between 5250 and 5330 levels.
MARKET STATS AT 8:00AM
|
Domestic Indices |
Last Price |
CH |
% CH |
% CH 5D |
N-Ferrous Metals |
Last Price |
CH |
% CH |
% CH 5D |
|
Sensex |
17503.71 |
111.32 |
0.64 |
0.99 |
Copper |
8044.25 |
-5.75 |
-0.07 |
0.68 |
|
Nifty |
5332.4 |
32.40 |
0.61 |
2.40 |
Aluminium |
2072.00 |
-2.00 |
-0.10 |
0.10 |
|
Global Indices |
Last Price |
CH |
% CH |
% CH 5D |
Zinc |
|
1996.00 |
-4.00 |
-0.20 |
0.60 |
||||||
|
Dow Jones |
12964.1 |
-68.65 |
(0.53) |
(0.17) |
Nickel |
17690.00 |
90.00 |
0.51 |
(3.39) |
|
NASDAQ |
3007.56 |
-23.89 |
(0.79) |
(1.57) |
Lead |
2079.00 |
-3.00 |
-0.14 |
0.68 |
|
S&P 500 |
1376.92 |
-8.22 |
(0.59) |
(0.77) |
|
Bullion & Crude Oil |
Last Price |
CH |
% CH |
% CH 5D |
|
FTSE 100 |
5744.55 |
-0.74 |
(0.01) |
0.60 |
Gold |
1641.73 |
-1.20 |
-0.07 |
(0.99) |
|
CAC 40 |
3174.02 |
-66.27 |
(2.05) |
(2.93) |
Silver |
31.69 |
-0.09 |
-0.28 |
0.52 |
|
DAX |
6671.22 |
-60.81 |
(0.90) |
(1.07) |
NYMEX Crude Oil |
102.53 |
0.26 |
0.25 |
(0.29) |
|
Nikkei 225 |
9548.14 |
-40.24 |
(0.42) |
(0.93) |
|
ADR/GDR |
Last Price |
CH |
% CH |
% CH 5D |
|
Hang Seng |
20921.52 |
-73.49 |
(0.35) |
1.07 |
Infosys |
47.13 |
0.32 |
0.68 |
(16.98) |
|
Shanghai |
2380.049 |
1.42 |
0.06 |
0.89 |
ICICI B |
33.62 |
-0.13 |
-0.39 |
(3.34) |
|
CSI 300 |
2599.074 |
3.02 |
0.12 |
0.72 |
Wipro |
10.03 |
0.06 |
0.60 |
(6.87) |
|
KOSPI |
1974.47 |
-25.39 |
(1.27) |
(1.71) |
Sterlite |
8.37 |
0.01 |
0.12 |
(1.99) |
|
Taiwan |
7573.62 |
-49.07 |
(0.64) |
(2.76) |
HDFCB |
34.08 |
0.05 |
0.15 |
(0.03) |
|
Indices Future |
Last Price |
CH |
% CH |
% CH 5D |
Tata Mo |
|
30.28 |
0.49 |
1.64 |
6.66 |
||||||
|
SGX Nifty |
5331.5 |
-35.50 |
(0.66) |
2.23 |
Tata Com |
8.88 |
-0.10 |
-1.11 |
(0.78) |
|
Dow Jones |
12893 |
-9.00 |
(0.07) |
0.82 |
DR.Reddy |
35.06 |
0.65 |
1.89 |
3.88 |
|
Currencies & Freight |
Last Price |
CH |
% CH |
% CH 5D |
MTNL |
|
1.02 |
0.01 |
0.99 |
(2.86) |
||||||
|
USD-INR X-RATE |
52.15 |
0.37 |
(0.70) |
(1.07) |
Patni |
19.52 |
-0.03 |
-0.15 |
(1.01) |
|
EUR-INR X-RATE |
68.26 |
0.51 |
(0.75) |
(0.73) |
SBI |
87.7 |
-0.10 |
-0.11 |
1.04 |
|
INR-JPY X-RATE |
1.57 |
0.01 |
(0.51) |
0.13 |
RIL |
28.75 |
0.00 |
0.00 |
(1.44) |
|
BALTIC DRY INDEX |
1028 |
22.00 |
2.19 |
7.08333 |
L&T |
25.35 |
-0.19 |
-0.74 |
0.44 |
SOURCE:BLOOMBERG
ECONOMY:
* India’s Finance Minister Pranab Mukherjee will attend the second day of the G-20 Economic and Trade Ministers meet in
Puerto Vallarta, Mexico, to discuss trade barriers. The talks will include leaders from China, Germany, U.S., Canada, Turkey,
Europe, Japan, Australia, India, and Mexico.
EQUITY MOVERS:
* Ambuja Cements Ltd. The Indian unit of Holcim Ltd. reported a profit of 3.12 billion rupees in the first quarter ended March 31,
compared with 4.07 billion rupees a year earlier.
* BEML Ltd. (BEML IN): The Central Bureau of Investigation registered a case against Chairman V.R.S. Natarajan under the Prevention
of Corruption Act. The case relates to award of certain works that caused a loss to the company, according to a statement on the
CBI’s website.
* Essar Shipping Ltd. The company controlled by the billionaire brothers Sashi and Ravi Ruia won drilling contracts worth $25 million
from Brunei’s New Sino Oil Co. and India’s B.G.
* Hindustan Zinc Ltd. India’s largest producer of the metal reported a 20 percent decline in fourth-quarter profit as lead and zinc prices
fell.
* Mangalore Refinery & Petrochemicals Ltd. The crude oil processor completely shut its 15 million ton-a-year plant because of a shortage of water.
* Power Grid Corp. The nation’s largest electricity transmission company won the bid for establishing a transmission system with
power producers from the Vemagiri area of Andhra Pradesh state.
* Tourism Finance Corp. of India Ltd The state-owned lender said profit rose 18 percent to 233.8 million rupees in the fourth quarter
ended March 31, compared to 198.3 million rupees a year earlier.
OTHER NEWS:
* The toll-road operator is marketing the equivalent of about $100 million of three-year notes at 5.75 percent to refinance a loan
raised for the Chongqing Yuhe expressway in China, Danny Samuel, head of structured finance, said by phone yesterday from
Mumbai. Yuan-denominated debt sold in Hong Kong pay an average of 4.91 percent, while top-rated three-year rupee bonds of non-
bank Indian borrowers yield 9.45 percent. The 1.5 billion rupees ($29 million) of 2014 securities of IL&FS’s parent company yield 9.53 percent.
* The government will issue a notification within seven days on external commercial borrowing norms of airlines, Thomas Mathew, joint secretary
of capital markets in the finance ministry said yesterday. Carriers can borrow overseas for working capital and refinancing rupee loans with a
limit $300 million for each airline and a total ceiling of $1 billion for the sector.
* Indian companies should take advantage of the first interest rate cut in three years to raise funds before a record 5.69 trillion rupees
of state debt sales, Ishaat Hussain, finance director of Tata Sons Ltd. said.
* India’s savings will rise this financial year as growth picks up, Goldman Sach Group analysts Tushar Poddar and Prakriti Shukla said
in a note yesterday. The savings rate fell to 28.6 percent of gross domestic product in the year ended March 31, 2012, from 36.8
percent in the 12 months ended March 31, 2008.
*IL&FS Transportation Networks Ltd. may pare borrowing costs by 40 percent selling the first Dim Sum bond from a non-financial Indian
company as yields on rupee debt fail to mirror this week’s cut in interest rates.
EARNINGS:
* Reliance Industries - 4Q, Est. 42.9 billion rupees.
* Cairn India - 4Q, Est. 23.7 billion rupees.
* Mastek - 3Q
* Merck - 1Q
* Honeywell Automation India - 1Q
* State Bank of Bikaner and Jaipur, Sundaram Clayton.
BOND SALES:
* India to sell 40 billion rupees of 8.19 percent 2020 bonds.
* India to sell 70 billion rupees of 9.15 percent 2024 bonds.
* India to sell 20 billion rupees of 8.97 percent 2030 bonds.
* India to sell 30 billion rupees of 8.83 percent 2041 bonds.
CONFERENCES/EVENTS:
* 10 a.m. Bangalore. Bangalore Chamber of Industry and Commerce organizes a seminar on mergers and acquisitions. Geeta Gouri, member
of Competition Commission of India, will address.
* 10:45 a.m. Kolkata. Sigve Brekke, managing director of Uninor, will address the media on the company’s performance in West Bengal, future
plans and TRAI recommendations.
* 11 a.m. Kolkata. CII and British Deputy High Commission, Kolkata, organize a session on ‘UK-India Partnership: Fiscal Instruments for Low Carbon
Business’ to launch the project reports. Speakers include Gregory Barker, minister of energy and climate change, U.K.; Partha Chatterjee,
minister of commerce and industries of West Bengal, and Sudarsan Ghosh Dastidar, minister of environment of West Bengal.
* 11:30 a.m. New Delhi. The Energy and Resources Institute and Tetra Pak organize a press meet with leading environmentalist Robert Swan to
launch Phase IV of its project. Sheila Dikshit, chief minister of Delhi; Leena Srivastava, executive director of TERI, and Kandarp Singh, managing
director of Tetra Pak South Asia Markets, will address the media.
* 2:45 p.m. New Delhi. Suneet Singh Tuli, chief executive officer of Datawind, will hold a press meet and an interactive session with media.
* 3 p.m. New Delhi. Paracoat Products Ltd. will organize a press conference to preview the ‘PCP Terra Home Car’.
* 3 p.m. Mumbai. Shiva Kumar, managing director of State Bank of Bikaner & Jaipur, will hold a press conference to discuss its fourth
quarter results and the way forward.
* 7:15 p.m. New Delhi. Hay Group and Fortune India organize an award function to announce India’s most admired company. H.M. Nerurkar,
managing director of Tata Steel Ltd. will be present to receive the award. Israel Berman, managing director – Europe of Hay Group, and
Gaurav Lahiri, managing director of Hay Group, India, will be present.
SOURCE:BLOOMBERG
Regards,
Team Microsec Research
--
CA. Rajesh Desai
