What India's Stocks Market Will Watch - Mar 14

[K.Karthik Raja]

What India's Stocks Market Will Watch - Mar 14
Friday, Mar 14 - Morning brief for the stock market:
.
BIG PICTURE
* Airports Authority staff calls off strike after govt heeds demands
(NW18)
* Government clears new mineral policy (NW18)
.
.
TOP EVENTS TODAY
* Board meetings of:
+ Bhandari Hosiery Exports to mull allotment of shares on warrant
conversion.
+ Continental Controls to consider and approve demerger of company
by transfer
of its software services division undertaking to Quest Softech
(India).
+ Ind Swift Laboratories to mull allotment of zero coupon
convertible warrant.
+ Neelkanth Rockminerals to mull possibilities of merger with V-TEX
Overseas.
+ Speciality Papers to mull bonus issue and calling-off preferential
issue.
.
.
INDICATORS (previous session)
* Institutional net buy/(sale) in mln rupees, Mar 12: FIIs 1,436, MFs
(4,943)
* Sensex 15357.35, down 770.63 points; Nifty 4623.60, down 248.40
points.
* Other markets:Crude:$109.75/bbl; rupee:40.4150/$1; gold $995.28/
ounce;
10-yr yld:7.5767%.
.
.
OUTLOOK
* Seen up tracking gains in U.S. and other Asian markets. Short
covering to
aid recovery.
.
.
GLOBAL STOCK MARKETS
* U.S. equities ended up led by finance shares after Standard & Poor's
said
banks' sub-prime mortgage write-downs are nearing their end.
* Asian indices were up led by mining and finance shares, which rose
tracking
rise in gold prices, and S&P statement on write-downs.
.
.
IPO WATCH
* Infrastructure project development company Gammon Infrastructure
Projects'
16.55-mln-share initial public offer was subscribed 3.48 times at the
end of
final day of the issue, despite weak market. (NW18)
* Chennai-based Vishal Information Technologies seeks SEBI nod for
2.79-mln-share initial public offer. The company, however, depends on
three
clients for 75% of its income from services. (NW18)
.
.
SECTOR NEWS
AVIATION: Civil aviation minister says expansion programme of Air-
India will be
impacted due to the delay in the delivery of Boeing-787 dreamliners.
(NW18)
Opening of the new international airport in Bangalore has been
postponed by
more than a month due to non-availability of air traffic control
services.(NW18)
.
IRON AND STEEL: Government says there's no need to put a check on the
country's
sponge iron industry. (NW18)
.
INFRASTRUCTURE: Delay in 267 central infrastructure projects in
sectors like
petroleum, power and railways has resulted in cost overrun of over
215 bln rupees. (BS)
REGULATORY: Agriculture minister introduced in Lok Sabha a bill
vesting more
powers with the commodities market regulator Forward Markets
Commission that
would pave the way for trading in options and indices. (NW18)
.
TELECOM: Telecom Regulatory Authority of India directed Vodafone-Essar
to refund
all consumers--within 15 days--the charges levied for value added
services in
all cases where the value added services were provided without
explicit consent.
(NW18)
.
SUGAR: Sugar mills in Karnataka have asked the state government to
ensure early
settlement of dues. (ET)
.
STOCKS
* DABUR INDIA: H&B, the health and beauty retail subsidiary of Dabur,
will set
up three warehouses to cater to its 350 stores to be rolled out by
2010. (BS)
.
* DECCAN AVIATION: Civil aviation minister said in Lok Sabha that the
company
would be eligible to fly overseas from Aug 26. (NW18)
.
* ESSAR OIL: Is in preliminary discussions with the government of
Ghana for
conducting oil exploration in the African nation. (NW18)
.
* ESSAR SHIPPING: May acquire four dry-bulk carriers in 2008-09 (Apr-
Mar) to
cash in on rising trade of commodities. (BS)
.
* INFRASTRUCTURE DEVELOPMENT FINANCE CORP: Raised 5.77 bln rupees
through
18-month bonds Thursday. (NW18)
.
* INOX LEISURE: Plans to set up 65-68 multiplexes with 260 screens
total, across
India by Jul 2010. (NW18)
.
* INDIABULLS REAL ESTATE: Has deferred the listing of its real estate
investment
trusts on the Singapore Stock Exchange. (BS)
.
* JINDAL STAINLESS: To invest $100 mln in new Singapore arm and 5 bln
rupees in
new Indian arm. (NW18)
.
* KARNATAKA BANK: Expects its income from treasury operations in Jan-
Mar to grow
15% from the same period a year ago. (NW18)
.
* KIRLOSKAR BROTHERS: The company currently has an order book of 40
bln rupees,
nearly 80% of which is for water supply and treatment projects and
engineered
pumps. (NW18)
.
* LUPIN: Is planning to launch new products in lifestyle disease
segment in
Japan through in-licensing opportunities. (BS)
.
* MARICO: Company says it may be impacted by the rising raw material
prices
resulting in input cost pressures in 2008-09. It also said divestment
of food
products under Sil brand is not likely to impact the topline. (NW18)
.
* MANGALORE REFINERY AND PETROCHEMICALS: The company, a subsidiary of
Oil and
Natural Gas Corp, is seeking to double its crude supplies from the
latter's
Mumbai High fields to 3.5 mln tn in 2008-09 (Apr-Mar). (NW18)
.
* MEGHMANI ORGANICS: Has roped in International Finance Corp, an arm
of the
World Bank, as a strategic investor in the company's subsidiary
Meghmani
Finechem Ltd's proposed 5.54-bln-rupee chlor-alkali plant at Dahej,
Gujarat.
(NW18)
.
* MMTC: Has entered into a 26:74 joint venture with Swiss precious
metals firm
PAMP (Produits Artistiques Metaux Precieux) to set up a gold refinery
in Sohna,
Haryana with an initial gold refining capacity of 360 tn and gold
medallion
manufacturing capacity of 16 tn. (NW18)
.
* NTPC: Expects to incur capital expenditure of 130 bln rupees in
2008-09
(Apr-Mar), 20 bln more than the current financial year. (NW18)
Has made a proposal to set up a 2,000 MW project in a joint
venture with
Andhra Pradesh Power Generation Corp. (Mint)
.
* UNITECH: Has deferred the listing of its real estate investment
trusts on the Singapore Stock Exchange. (BS)

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