Equity Alert: Unitech shrs seen weak on news co to put QIP on hold

[K.Karthik Raja]

Equity Alert: Seen weak tracking overseas mkts; Unitech likely down

MUMBAI--9:35AM--Key shares are seen weak on cues from overseas
markets.
Trade is likely to remain choppy as investors are jittery, given
the
volatility in global equities.
Short covering may lend some support to the market, but is
unlikely to help reverse the weak trend. Support for Sensex is seen at
16200 and for Nifty at 4800. Bank shares are likely to remain subdued
as they continue to look weak on technical charts.
ICICI Bank is not seen recovering soon from Tuesday's battering on
news it had lost $264 mln (1.06 bln rupees) until Jan 31 on overseas
operations due to U.S. sub-prime mortgage crisis, and may have to make
more mark-to-market losses in Apr-Jun as credit spreads globally may
widen further.
Shares of Unitech may also see some downside on a newspaper report
the company has decided to put its $1.5 bln (60.5 bln rupees)
qualified institutional placement on hold due to instability in the
domestic stock market.
On Tuesday, Sensex ended at 16339.89, down 337.99 points, or 2%.
Nifty closed at 4864.25, down 88.75 points or 1.8%.
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Equity Alert: Unitech shrs seen weak on news co to put QIP on hold
MUMBAI--9:30AM--Shares of Unitech are seen down on news the realty
company has put its $1.5 bln (60.5 bln rupees) qualified institutional
placement issue on hold. The company has decided to put off the issue
citing uncertainty in the market.
Unitech was to use proceeds of the issue for its projects and
telecom foray.
On Tuesday, shares of Unitech ended at 326.50 rupees, down 3.91%
from previous close.


K.Karthik Raja
www.kences1.blogspot.com