What India's Stocks Market Will Watch - Jun 11

[K.Karthik Raja]

What India's Stocks Market Will Watch - Jun 11
NewsWire18, Wednesday, Jun 11 - Morning brief for the stock
market:
.
BIG PICTURE
* Govt seen losing 6 bln rupee/mo as commodity tax not yet notified
(NW18)
* Ranbaxy press conference amid talk of stake sale by promoters (Var)
.
.
TOP EVENTS TODAY
* Earnings for quarter ended Mar to be detailed by: Dharani Finance,
Gujarat
Mineral Development, Kpit Cummins, NIIT, NIIT Technologies,
Renaissance
Jewellery, Shipping Corp, Zodiac Clothing.
* Living Room Lifestyle to decide further course of action for
implementing
slump sale resolution.
* Salzer Electronics to consider proposal of merger of Salzer Cables
with self.
.
.
INDICATORS (previous session)
* Institutional net buy/(sale) in mln rupees, Nov 9: FIIs (13,418)
* Sensex 14889.25, down 176.85 points; Nifty 4449.80, down 51.15
points
* Other markets:Crude:$131.31/bbl;rupee:42.97/$1;gold:$870.00/ounce;10-
yr
yld:8.29%
.
.
OUTLOOK
* Share indices are likely to remain weak amid mixed overseas cues,
but
key indices could recover on select index-weighted stock buying today.
.
.
GLOBAL STOCK MARKETS
* Most US shares ended down Tuesday after Federal Reserve Chairman Ben
Bernanke's comments on inflation fuelled concerns of a hike in
interest rates.
.
* Most Asian markets were trading lower today as energy shares dropped
on a
decline in crude oil prices.
.
.
SECTOR NEWS
AVIATION: Airports Authority of India likely to submit report on
capacity of
Bengaluru International Airport next week. (NW18)
.
BUSINESS PROCESS OUTSOURCING: Reliance BPO plans to provide
outsourcing
services to third party clients in India and U.S. (NW18)
.
EXCHANGE: The Multi Commodity Exchange and Financial Technologies-
promoted
Indian Energy Exchange is likely to launch its trading operations in
the
next two weeks. The exchange sees a turnover of 21 bln rupees in its
first
year of operation. (FE)
.
HOSPITALITY: Real estate company Raheja Developers is planning to
foray into
the hospitality segment and is likely to develop five hotels in the
next two years. (BL)
.
METALS: Vedanta plans $20 bln investment in India in the next four
years to
expand its metal, mining and electricity generation in the country.
(BS)
.
OIL AND GAS: Gujarat, Uttarakhand to soon decide on cut in oil pdt
sales tax
(NW18)
.
REAL ESTATE: Ruchi Realty Holdings, the newly-formed real estate arm
of Ruchi
Group, to invest 12 bln rupees in realty projects over next two years.
(NW18)
.
.
STOCKS
* BAJAJ HINDUSTAN: Farmers protest against cane rates at company's
offices.
(NW18)
.
* BOMBAT DYEING: To open its first retail store in Dubai. (ET)
.
* DABUR INDIA: Will raise prices of products by 4-5% during current
financial
year to March. (NW18)
.
* GATI: Is considering raising freight rates by 7-10% by month-end due
to
hike in diesel prices. (NW18)
.
* GHCL: Al Rostamani Group in talks to acquire a 25% stake in the
company
for around $200 mln. (ET)
.
* GITANJALI GEMS: Buys 100% stake in two group companies - Eureka
Finstock
and Decent Securities & Finance. (NW18)
.
* GRASIM INDUSTRIES: Sells sponge iron business to Welspun Power &
Steel for
10.3 bln rupees. (NW18)
.
* GTL: Promoters to hike stake in arm GTL INFRASTRUCTURE through open
offer.
(ET)
.
* HINDUSTAN MOTORS: To launch new passenger car in October. (Mint)
.
* ICICI BANK: Is cutting around 1000 jobs at different levels in an
attempt
to cut cost in segments like retail, rural and agri-credit. (ET)
.
* IDEA CELLULAR: Telekom Malaysia will buy a less than 15% stake in
Idea
Cellular. (ET)
Company to raise funds to upgrade SPICE COMMUNICATIONS' network
and
technology. (BS)
.
* JET AIRWAYS: To shift leisure scapacity to low-cost subsidiary
JetLite due
to falling demand. (NW18)
.
* LG BALAKRISHNAN: To form 25:75 joint venture with U.K.'s Renold for
manufacturing industrial chains. (NW18)
.
* NATCO PHARMA: Develops technology for Teva's anti-sclerosis drug
Copaxone; in
pact with US generic company Mylan to market anti-sclerosis drug.
(NW18)
.
* PUNJAB NATIONAL BANK: In talks with 2-3 potential investors for
selling
stake in primary dealership subsidiary PNB Gilts. (NW18)
Has entered into pact with IL&FS Cluster Development Initiative
for
financing industrial infrastructure projects. (NW18)
Has no plans to change lending or deposit rates. (NW18)
.
* PYRAMID SAIMIRA: Plans to buy UK company; to close deal by mid-
August. (NW18)
.
* RANBAXY LABORATORIES: Shares of the company hit 52-week high Tuesday
in a
weak market, on talks of a stake sale by promoters. (NW18)
.
* RELIANCE COMMUNICATIONS: Chairman Anil Ambani will raise $4 bln in
debt by
pledging some equity acquired in MTN Group through a share swap and
use the
cash to raise his stake in the merged entity. (Mint)
The combined entity of the company and MTN may seek London
listing. (BS)
.
* RELIANCE INDUSTRIES: Restarts exploration activity in MA oil field
in
offshore Krishna-Godavari Basin's D6 Block, with drilling of
incomplete
exploration well MK-1. (NW18)
.
* REMSONS: To invest 15 mln rupees in joint venture Orschein Remsons.
(NW18)
.
* STERLITE INDUSTRIES: Ratings agency Standard & Poor's said it has
upgraded
outlook on parent Vedanta Resources from negative to positive. (NW18)
.
* TATA ELXSI: Sees revenues in 2008-09 (Apr-Mar) growing over 30%.
(NW18)
.
* TATA MOTORS: To raise $ 1 bln in debt or equity from overseas market
for
further acquisition opportunities. (Var)
.
* TATA POWER: Bumi Resources, in which the company invested $1.2 bln
for
their coal assets, has discovered 422 mln tn of coal reserves in
Indonesia.