What India's Stocks Market Will Watch - Jun 10

[K.Karthik Raja]

What India's Stocks Market Will Watch - Jun 10
Tuesday, Jun 10 - Morning brief for the stock market:
.
BIG PICTURE
* Credit Suisse maintains Sensex 2008-end target at 13000 (NW18)
* Chidambaram asks tax dept to aim for 4-trln-rupee direct tax mop-up
FY09

TOP EVENTS TODAY
* Nifty company to detail earnings for quarter and year ended March:
+ National Aluminium Co.
* Earning for the year and quarter ended March to be detailed by: ABG
Shipyard, Asian Hotels, Evinix Accessories, Gujarat Fluorochemicals,
Gujarat
Industries Power Co, Sangam India, Zandu Pharmaceutical Works.
* Annual General Meetings of HDFC Bank, Sambhaav Media, Sonata
Software.

INDICATORS (previous session)
* Institutional net buy/(sale) in mln rupees, Jun 6: FIIs 3,070
* Sensex 15066.10, down 506.08 points; Nifty 4500.95, down 126.85
points
* Other mkts:Crude:$134.35/bbl;rupee:42.87;gold$889.30/ounce;10-yr yld:
8.28%.

OUTLOOK
* Share indices are likely to open weak tracking the decline in most
Asian markets. Any gains are not likely to sustain, as investors are
likely to exit long positions at every upside.

GLOBAL STOCK MARKETS
* Most U.S. shares ended up, helped by better-than-expected housing
data and
sales from McDonald's Corp, and easing of crude oil prices from record
highs.
* Asian markets were down, with financial shares among laggards,
mirroring
the trend in their U.S. peers.
.
.
SECTOR NEWS
ENERGY: Prime Minister Manmohan Singh says India needs nuclear
technology to
meet its rising energy requirements. (NW18)
.
FINANCE: Aditya Birla Group is set to acquire Chennai-based Apollo
Sindhoori
Capital Investments promoted by Apollo Hospitals Group Chairman Pratap
Reddy.
(ET)
Standard Chartered Bank to increase headcount in India by 3000 in
2008-09. (ET)
.
INFORMATION TECHNOLOGY: NASSCOM says U.S. slowdown may dent IT exports
3-4%.
(Var)
.
LOGISTICS: Safexpress is raising freight rates 10-15%, following the 3-
rupee
per 1L hike in diesel prices. (NW18)
.
PHARMA: Zydus Cadila will buy 70% stake in South Africa-based Simalya
Pharmaceuticals. (DNA Money)
.
SHARE MARKET: Securities and Exchange Board of India has proposed to
reduce
the time gap to two days, from nine days currently, for reporting the
acquisition of shares in a company and the date of dissemination of
this
information by stock exchanges. (NW18)
.
STEEL: ArcelorMittal India has received an iron ore mining licence in
Jharkhand for its proposed 12-mln-tn steel plant in the eastern state.
(NW18)
.
TAX: Chidambaram said he has asked the Central Board of Direct Taxes
to
"sharply" raise its tax collection target for current financial year
that
ends March. (NW18)
.
TELECOM: Bharat Sanchar Nigam Ltd will cut local and STD charges by up
to 50%
across all its services--mobile, landline, fixed wireless--from
Wednesday.
(NW18)
.
.
STOCKS
* ASHOK LEYLAND: Plans to borrow up to 10 bln rupees in two years to
build
plants and sell commercial vehicles. (Mint)
.
* BHARAT HEAVY ELECTRICALS: Plans to diversify into manufacturing of
deep and
ultra-deep water oil rigs. The company in talks with overseas rig
makers. (FE)
.
* BRIGADE ENTERPRISES: Has signed a pact with European hotel major
Accor for
developing a serviced apartments project in Bangalore. (NW18)
.
* EDUCOMP SOLUTIONS: Has received orders from 395 schools to implement
its
interactive computer-based training module. (NW18)
.
* IDEA CELLULAR: To buy out Modis Group's 40.8% stake in SPICE
COMMUNICATIONS
for 22 bln rupees. (ET)
.
* ITC: Plans to invest 4 bln rupees in its processing plant in Solan,
in
Himachal Pradesh. (FE)
.
* OIL AND NATURAL GAS CORP: May not accept Russian energy company
Gazprom's
offer to buy 50% participatory stake in Gazprom's shallow water block
in the
north-eastern coast off Orissa coastline. (BL)
.
* PANTALOON RETAIL: Plans to launch its chocolate brand by mid-August.
(Mint)
.
* RELIANCE COMMUNICATIONS: Merger talks between company and MTN have
neared
the final stage and will likely end in a deal this week. (Mint)
.
* SHREE RAMA MULTI-TECH: SEBI has barred the company from
participating in
any trading activity in the share market for five years with immediate
effect. (NW18)
.
* SPICEJET: Paramount Airways, JET AIRWAYS, and Anil Dhirubhai Ambani
Group
are eyeing a controlling stake in the company. (ET)
.
* SUZLON ENERGY: Company's largest customer in the US, Edison Mission
Energy,
has cancelled an order for 150 turbines. (NW18)
.
* TATA CONSULTANCY SERVICES: Has hedged $1.5 bln to safeguard against
the
rupee's fluctuations. Company said its growth is on track and is
optimistic
about achieving the $10 bln revenue target by 2009-10. (NW18)
.
* TECH MAHINDRA: Has signed a contract worth 8.5 bln rupees, spanning
five
years, with a large U.S. telecom firm. (NW18). End
.