What India's Stocks Market Will Watch - Jun 24

[K.Karthik Raja]

What India's Stocks Market Will Watch - Jun 24
Tuesday, Jun 24 - Morning brief for the stock market:

BIG PICTURE
* Premium realty projects worth 80 bln rupees face delay. (BS)
* RBI Governor hints at higher interest rates. (HT)
* Trade minister says govt has no intention of calibrating rupee.
(NW18)
* Govt Q1 advance tax mop-up seen about 250 bln rupees, up 30% on
year. (NW18)
* Finance aide says need rise in interest rates to curb demand. (NW18)
* Finance aide says inflation seen peaking in Oct-Nov. (NW18)
.
.
TOP EVENTS TODAY
* Earnings for the year ended March to be detailed, among others, by:
Amara
Raja Batteries, Apollo Hospitals Enterprise, Classic Diamonds (India),
Cyber
Media (India), Indusind Bank, Jet Airways India, Patel Engineering,
Tata
Chemicals, TV Today Network.
* Annual general meet of: Acrysil, Ador Fontech, Ador Multiproducts,
Advanta
India, Asian Paints, Mysore Cements, Kansai Nerolac Paints.
.
.
INDICATORS (previous session)
* Institutional net buy/(sale) in mln rupees, Jun 20: FIIs (9,525),
MFs 2,156.
* Sensex 14293.32, down 277.97 points; Nifty 4266.40, down 81.15
points
* Other markets:Crude:$136.94/bbl; rupee:42.96;gold $887.30/ounce;10-
yr
yld:8.64%.
.
.
OUTLOOK
* Share indices are seen volatile today ahead of expiry of June
derivatives
contract Thursday and on mixed cues from overseas markets.
.
.
GLOBAL STOCK MARKETS
* U.S. shares mostly ended flat Monday as financial shares declined on
worries of further deterioration in credit markets, and as crude oil
prices
climbed.
Merrill Lynch shares dropped 4% after Banc of America Securities
said it
expects the investment bank to write down $3.5 bln (149.6 bln rupees)
in the
second quarter.
.
* Key Asian markets were trading down today in choppy trade on caution
ahead
of U.S. Federal Reserve's two-day meet, which begins today.
.
.
SECTOR NEWS
AVIATION: Air India and Jet Airways have sounded a note of caution to
their
employees on their respective companies' fiscal health due to mounting
operational costs. (ET)
BANKS: Government is considering a proposal to allow Singapore
government-owned
GIC and Temasek Holdings to acquire stake in Indian banks. (NW18)
.
FLOAT GLASS: Saint-Gobain plans to invest 10 bln rupees to set up a
300,000-tn
float glass plant in Rajasthan. (BL)
.
OIL AND GAS: Government to stick to the Jun 30 bid submission deadline
for
oil and gas blocks under the seventh round of New Exploration and
Licensing
Policy. (NW18)
Iran, Pakistan and India are likely to hold a tripartite
ministerial
meeting in Tehran next month to iron out outstanding issues over the
$7.4-bln
gas pipeline project. (NW18)
.
POWER: Tata Power and Reliance Power projects in Maharashtra have
received
coastal regulatory zone clearance from environment ministry to set up
coal
jetties. (FE)
.
REGULATORY: Reserve Bank of India says it is confident inflation can
be brought
down to FY09 target. (NW18)
.
TYRES: Tyre manufacturers raise prices 5% in June after their first
hike
of 2-3% in January to counter rising raw material costs. (FE)
.
.
STOCKS
* BALLARPUR INDUSTRIES: Will raise coated paper prices by 1,500 rupees
per 1 tn
and uncoated paper prices by 750 rupees with effect from Jul 1. (NW18)
.
* BHARAT HEAVY ELECTRICALS: Its consortium with General Electric gets
22.07-bln-rupee order from ONGC Tripura Power Co. (NW18)
.
* BINANI CEMENT: Is close to acquiring an African cement company for
around
$100 mln. (ET)
EBIDTA margin is likely to fall to 25% in 2008-09 (Apr-Mar),
down from 34% in 2007-08, following high coal prices in global
markets. (NW18)
.
* BRITANNIA INDUSTRIES: Is believed to be exploring the possibility of
selling its 6-7 acre free-hold property in Bangalore. (ET)
.
* INDIAN HOTELS CO: Has planned capital expenditure of around 4 bln
rupees
during 2008-09 (Apr-Mar). (NW18)
.
* LARSEN & TOUBRO: Says order book position continues to be strong,
and does
not see any major fall in order inflows in the current year. (CNBC-
TV18)
.
* MAHINDRA AND MAHINDRA: Is understood to be offering equity to India-
based
fun Phi Advisors to raise 800 mln rupees in its used car business
Mahindra
First Choice.
.
* OIL AND NATURAL GAS CORP: Has decided to exit the proposed
refinery-cum-petrochemicals project at Kakinada in Andhra Pradesh and
will be
replaced by Bangalore-based GMR Group. (NW18)
.
* RELIANCE INDUSTRIES: To invest $215 mln in U.S. polyester unit. (ET)
.
* STERLITE TECHNOLOGIES: Gets two orders worth 1.07 bln rupees total
from
Bharat Sanchar Nigam. (NW18)
.
* SUASHISH DIAMONDS: Plans to invest 1.5 bln rupees in setting up a
new
manufacturing facility at Mumbai's Santacruz Electronic Export
Processing
Zone. (NW18)
.
* TATA POWER CO: Net profit for the year ended March stood at 8.7 bln
rupees,
up 24.8% on year. (NW18)
Plans 250-bln-rupee capital expenditure to boost its capacity six-
fold to
12,800 MW by 2013. (BS)
.
* TRANSGENE BIOTEK: Securities and Exchange Board of India has imposed
a
penalty of 100,000 rupees on Koteswara Rao, the company's promoter,
chairman
and managing director. (NW18)
.
* ZANDU PHARMACEUTICALS: Promoter Parikh has sent a letter to SEBI to
thwart
Emami group's attempt to take over the company. (ET)
.
.