What India's Stocks Market Will Watch - May 14
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K.Karthik Raja
May 14, 2008, 1:08:05 AM5/14/08
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What India's Stocks Market Will Watch - May 14
Wednesday, May 14 - Morning brief for the stock market:
.
BIG PICTURE
* Seven blasts rip across Jaipur, leave 80 dead, over 150 injured
(Var)
.
.
TOP EVENTS TODAY
* Earnings for the quarter and year ended Mar to be detailed by: Agro
Tech
Foods, Entertainment Network, JK Lakshmi Cement, Mercator Lines, MRO
TEK,
Lupin, Shanthi Gears, Sun Pharma Advanced, Syndicate Bank, among
others.
* Nettlinx to consider acquiring 100% capital of an Australia-based
hosting
services company.
.
.
INDICATORS (previous session)
* Institutional net buy/(sale) in mln rupees, May 12: MFs (653)
* Sensex 16752.86, down 108.04 points; Nifty 4957.80, down 54.85
points
* Other mkts:Crude:$125.8/bbl;rupee:42.1/$1;gold $866.7/ounce;10-yr
yld:7.82%
.
.
OUTLOOK
* Share indices likely to remain volatile today as U.S. and Asian
markets are
weak and investors are wary due to lack of a clear trend here.
.
GLOBAL STOCK MARKETS
* Most U.S. shares ended down Tuesday as financial shares fell after
Federal
Reserve Chairman Ben Bernanke said financial markets were still
troubled, and
on inflation concerns as crude prices soared near $127 per 1 barrel.
.
* Most key Asian indices were down today, with bank shares among
laggards
amid concern over health of financial markets.
.
.
IPO WATCH
.
* The 7.2-mln-share initial public offer of Gujarat-based Gokul
Refoils and
Solvent was subscribed 4.27 times.
.
.
SECTOR NEWS
AUTO: Nissan Motor aims to sell 200,000 vehicles a year in India by
2012
through joint ventures with ASHOK LEYLAND and BAJAJ AUTO. (NW18)
Nissan plans entry-level car for India from its Chennai unit by
early
2010. (Var)
Ford India has started production of diesel engines at its new $26
mln
power train manufacturing plant near Chennai. (NW18)
Japan's second largest car maker, Honda Motor, which is building
its
second plant in India, is facing rising construction cost due to high
steel
prices. (NW18)
Honda Motor said high interest rates and inflation to impact car
sales
this financial year. (ToI)
Daimler and Hero Group choose Chennai as the location for their
commercial vehicle manufacturing unit. (ToI)
.
CEMENT: Cement prices have started falling despite peak season as
supply
rises on higher capacities, and on export ban. (ET)
.
COMMODITIES: Government has option to defer imposition of the
commodities
transaction tax by delaying a notification on the controversial
measure.
(NW18)
.
HEALTHCARE: Government to invest 7.5 bln rupees to develop healthcare
centres
along golden quadrilateral highway project. (ET)
.
OIL AND GAS: Petroleum Minister Murli Deora says Finance Minister P.
Chidambaram not in favour of bond issue to cover 57% of state-run oil
marketing companies'
gross revenue loss; government not looking at automobile fuel price
hike now.
(NW18)
.
PHARMACEUTICAL: Chemical ministry may give concessions to drug makers
to get
other sections of government to support new pharmaceutical policy.
(ET)
.
REGULATORY: Securities and Exchange Board of India has allowed lien on
investors' bank accounts that will enable the application money to
remain in
investors' bank accounts until allotment is finalised. (NW18)
.
STEEL: Government may remove export duty on steel after companies
lowered
prices to help contain inflation. (Var)
.
SUGAR: Industry officials say exports have again emerged as an
attractive
option for most sugar mills with the U.S. dollar surging against the
rupee.
(NW18)
.
TAX: Central Board of Excise and Customs collected 50.35 bln rupees in
arrears in 2007-08 (Apr-Mar) compared with a target of 35.50 bln
rupees.
(NW18)
.
TELECOM: Department of telecommunications has sought intervention of
the
Prime Minister's Office to resolve differences finance ministry over
issues
related to pricing of spectrum for 2G and 3G mobile services. (BL)
.
TOURISM: Tourism ministry expects growth of 12-13% in foreign tourist
arrivals in India during 2008 calendar year. (NW18)
.
.
STOCKS
* AMBUJA CEMENTS: Keen on setting up port terminals in India, and will
bid
for new projects. (NW18)
.
* ARVIND MILLS: To increase area under organic cotton cultivation to
10,000
acres in 2008-09 (Apr-Mar) at Akola in Maharashtra. (NW18)
Surging power and fuel costs due to non-availability of natural
gas will
continue to pull down company's margin at least for two more quarters.
(NW18)
.
* BHARTI AIRTEL: Denies talks of a bid for South Africa's second
largest
mobile operator, MTN; reiterates that discussions with company are
still
exploratory in nature. (NW18)
May buy 100% in MTN and compensate shareholders in cash and stock.
(Var)
To partner Cisco for enhancing its managed services portfolio.
(ET)
.
* ICICI BANK: Reserve Bank of India says bank may be using arm ICICI
Venture
to make investments that are difficult to fund from bank's books. (ET)
.
* GAIL INDIA: Plans to import 5-6 liquefied natural gas cargoes from
spot
market during current financial year at the Dabhol LNG terminal.
(NW18)
.
* GMR INFRASTRUCTURE: Expects revenue of 30 bln rupees in 2008-09 (Apr-
Mar),
boosted by projects in airport and energy verticals. (NW18)
.
* KEC INTERNATIONAL: Receives 1.11-bln-rupee order contract from POWER
GRID
CORPORATION for supply and construction of 400 KV transmission lines.
(NW18)
.
* M&M: In talks to buy majority stake in two-wheeler maker Kinetic
Motors,
which is valued at 1.5 bln rupees; deal could be worth 700 mln-800 mln
rupees. (ET)
.
* MPHASIS: Hewlett Packard to buy Electronic Data Systems, which holds
61% in
Mphasis, at an enterprise valuation of 584.49 bln rupees. (NW18)
Combined entity of HP and EDS in India to have over 150 bln rupees
in
revenue. (ET)
.
* PNB: Recovered more than its target of 8 bln rupees of non-
performing
assets in Jan-Mar. (NW18)
.
* RCF: Along with National Fertiliser and Krishak Bharati Cooperative
form
equal joint venture to explore investment possibilities in
nitrogenous,
phosphatic, and potassic sectors in resource rich countries. (FE)
.
* SCI: Likely to sign a memorandum of understanding with South African
shipping company in a month for a 50:50 joint venture. (NW18)
Company to consider issue of bonus shares on May 20. (NW18)
.
* SPICEJET: Plans to raise 500 mln rupees for its cargo operations in
the
current financial year that ends March. (NW18)
.
* TATA MOTORS: My export model Nano to the US. (ET)
Supreme Court refuses to hold up Tata Motors Nano project in
Singur;
asks West Bengal government why it acquired fertile land and let the
company
set up a unit. (HT)
.
* TATA STEEL: Will hold prices at reduced level for three months
despite
government notifying a 5-15% export duty on steel products over the
weekend.
(NW18)
.
* TOYOTA KIRLOSKAR: Parent may split India operations into two units,
one for
manufacturing and the other for marketing and sales. (ET)
.
* USHA MARTIN: Expects its capacity for making steel ropes and wires
to
double to 700,000 tn annually by November. (NW18)
.
* VARUN SHIPPING: Plans capital expenditure of $300 mln in 2008-09.
(NW18)
.
.
Wednesday, May 14 - Morning brief for the stock market:
.
BIG PICTURE
* Seven blasts rip across Jaipur, leave 80 dead, over 150 injured
(Var)
.
.
TOP EVENTS TODAY
* Earnings for the quarter and year ended Mar to be detailed by: Agro
Tech
Foods, Entertainment Network, JK Lakshmi Cement, Mercator Lines, MRO
TEK,
Lupin, Shanthi Gears, Sun Pharma Advanced, Syndicate Bank, among
others.
* Nettlinx to consider acquiring 100% capital of an Australia-based
hosting
services company.
.
.
INDICATORS (previous session)
* Institutional net buy/(sale) in mln rupees, May 12: MFs (653)
* Sensex 16752.86, down 108.04 points; Nifty 4957.80, down 54.85
points
* Other mkts:Crude:$125.8/bbl;rupee:42.1/$1;gold $866.7/ounce;10-yr
yld:7.82%
.
.
OUTLOOK
* Share indices likely to remain volatile today as U.S. and Asian
markets are
weak and investors are wary due to lack of a clear trend here.
.
GLOBAL STOCK MARKETS
* Most U.S. shares ended down Tuesday as financial shares fell after
Federal
Reserve Chairman Ben Bernanke said financial markets were still
troubled, and
on inflation concerns as crude prices soared near $127 per 1 barrel.
.
* Most key Asian indices were down today, with bank shares among
laggards
amid concern over health of financial markets.
.
.
IPO WATCH
.
* The 7.2-mln-share initial public offer of Gujarat-based Gokul
Refoils and
Solvent was subscribed 4.27 times.
.
.
SECTOR NEWS
AUTO: Nissan Motor aims to sell 200,000 vehicles a year in India by
2012
through joint ventures with ASHOK LEYLAND and BAJAJ AUTO. (NW18)
Nissan plans entry-level car for India from its Chennai unit by
early
2010. (Var)
Ford India has started production of diesel engines at its new $26
mln
power train manufacturing plant near Chennai. (NW18)
Japan's second largest car maker, Honda Motor, which is building
its
second plant in India, is facing rising construction cost due to high
steel
prices. (NW18)
Honda Motor said high interest rates and inflation to impact car
sales
this financial year. (ToI)
Daimler and Hero Group choose Chennai as the location for their
commercial vehicle manufacturing unit. (ToI)
.
CEMENT: Cement prices have started falling despite peak season as
supply
rises on higher capacities, and on export ban. (ET)
.
COMMODITIES: Government has option to defer imposition of the
commodities
transaction tax by delaying a notification on the controversial
measure.
(NW18)
.
HEALTHCARE: Government to invest 7.5 bln rupees to develop healthcare
centres
along golden quadrilateral highway project. (ET)
.
OIL AND GAS: Petroleum Minister Murli Deora says Finance Minister P.
Chidambaram not in favour of bond issue to cover 57% of state-run oil
marketing companies'
gross revenue loss; government not looking at automobile fuel price
hike now.
(NW18)
.
PHARMACEUTICAL: Chemical ministry may give concessions to drug makers
to get
other sections of government to support new pharmaceutical policy.
(ET)
.
REGULATORY: Securities and Exchange Board of India has allowed lien on
investors' bank accounts that will enable the application money to
remain in
investors' bank accounts until allotment is finalised. (NW18)
.
STEEL: Government may remove export duty on steel after companies
lowered
prices to help contain inflation. (Var)
.
SUGAR: Industry officials say exports have again emerged as an
attractive
option for most sugar mills with the U.S. dollar surging against the
rupee.
(NW18)
.
TAX: Central Board of Excise and Customs collected 50.35 bln rupees in
arrears in 2007-08 (Apr-Mar) compared with a target of 35.50 bln
rupees.
(NW18)
.
TELECOM: Department of telecommunications has sought intervention of
the
Prime Minister's Office to resolve differences finance ministry over
issues
related to pricing of spectrum for 2G and 3G mobile services. (BL)
.
TOURISM: Tourism ministry expects growth of 12-13% in foreign tourist
arrivals in India during 2008 calendar year. (NW18)
.
.
STOCKS
* AMBUJA CEMENTS: Keen on setting up port terminals in India, and will
bid
for new projects. (NW18)
.
* ARVIND MILLS: To increase area under organic cotton cultivation to
10,000
acres in 2008-09 (Apr-Mar) at Akola in Maharashtra. (NW18)
Surging power and fuel costs due to non-availability of natural
gas will
continue to pull down company's margin at least for two more quarters.
(NW18)
.
* BHARTI AIRTEL: Denies talks of a bid for South Africa's second
largest
mobile operator, MTN; reiterates that discussions with company are
still
exploratory in nature. (NW18)
May buy 100% in MTN and compensate shareholders in cash and stock.
(Var)
To partner Cisco for enhancing its managed services portfolio.
(ET)
.
* ICICI BANK: Reserve Bank of India says bank may be using arm ICICI
Venture
to make investments that are difficult to fund from bank's books. (ET)
.
* GAIL INDIA: Plans to import 5-6 liquefied natural gas cargoes from
spot
market during current financial year at the Dabhol LNG terminal.
(NW18)
.
* GMR INFRASTRUCTURE: Expects revenue of 30 bln rupees in 2008-09 (Apr-
Mar),
boosted by projects in airport and energy verticals. (NW18)
.
* KEC INTERNATIONAL: Receives 1.11-bln-rupee order contract from POWER
GRID
CORPORATION for supply and construction of 400 KV transmission lines.
(NW18)
.
* M&M: In talks to buy majority stake in two-wheeler maker Kinetic
Motors,
which is valued at 1.5 bln rupees; deal could be worth 700 mln-800 mln
rupees. (ET)
.
* MPHASIS: Hewlett Packard to buy Electronic Data Systems, which holds
61% in
Mphasis, at an enterprise valuation of 584.49 bln rupees. (NW18)
Combined entity of HP and EDS in India to have over 150 bln rupees
in
revenue. (ET)
.
* PNB: Recovered more than its target of 8 bln rupees of non-
performing
assets in Jan-Mar. (NW18)
.
* RCF: Along with National Fertiliser and Krishak Bharati Cooperative
form
equal joint venture to explore investment possibilities in
nitrogenous,
phosphatic, and potassic sectors in resource rich countries. (FE)
.
* SCI: Likely to sign a memorandum of understanding with South African
shipping company in a month for a 50:50 joint venture. (NW18)
Company to consider issue of bonus shares on May 20. (NW18)
.
* SPICEJET: Plans to raise 500 mln rupees for its cargo operations in
the
current financial year that ends March. (NW18)
.
* TATA MOTORS: My export model Nano to the US. (ET)
Supreme Court refuses to hold up Tata Motors Nano project in
Singur;
asks West Bengal government why it acquired fertile land and let the
company
set up a unit. (HT)
.
* TATA STEEL: Will hold prices at reduced level for three months
despite
government notifying a 5-15% export duty on steel products over the
weekend.
(NW18)
.
* TOYOTA KIRLOSKAR: Parent may split India operations into two units,
one for
manufacturing and the other for marketing and sales. (ET)
.
* USHA MARTIN: Expects its capacity for making steel ropes and wires
to
double to 700,000 tn annually by November. (NW18)
.
* VARUN SHIPPING: Plans capital expenditure of $300 mln in 2008-09.
(NW18)
.
.
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