Wednesday, Feb 2 - Morning brief for the stock market

TOP EVENTS TODAY

* Nifty companies detailing Oct-Dec earnings:

+ Bharti Airtel (net profit seen 15.70 bln rupees, down 30% on year)

+ Hero Honda Motors (net profit seen 5.74 bln rupees, up 7% on year)

* Oct-Dec earnings to be detailed by: Aarti Drugs, Aarti Industries,

Alphageo (India), Apcotex Industries, Apar Industries, Arshiya International,

Bemco Hydraulics, Cinemax India, Essar Shipping Ports & Logistics, Halonix,

Fedders Lloyd Corp, Great Offshore, GlaxoSmithKline Consumer Healthcare,

ICRA, Infinite Computer Solutions (India), Jai Corp, Jet Airways (India),

Jenson & Nicholson (India), Lloyd Electric & Engineering, Krebs Biochemicals,

Muthoot Capital Services, Nahar Industrial Enterprises, Neuland Laboratories,

Nitco, Sagar Cements, SEL Manufacturing Co, Sirpur Paper Mills, SJVN, State

Trading Corp of India, Taj GVK Hotels & Resorts, TTK Healthcare, Vardhman

Textiles, Voltas, Wanbury, and Wockhardt.

* Board Meetings of:

+ Gitanjali Gems to mull fund raising plans via convertible bonds, shares.

+ Kavveri Telecom Products to consider 4-mln-share preferential allotment.

INDICATORS (previous session)

* NSE provisional net buy/(sale) in bln rupees, Feb 1: FII (10.37), DII 6.30

* Institutional net buy/(sale) in bln rupees, Jan 31: FIIs (9.00), MF 4.15

* FII NSE futures net buy/(sale) in bln rupee, Feb 1: index 7.30, shr 0.03

* Sensex 18022.22, down 305.54 points; Nifty 5417.20, down 88.70 points.

* Crude: $90.77/bbl; Rupee: 45.75/$1; Gold: $1,338.80/ounce; 10-yr yld: 8.1527%.

OUTLOOK

* Local share indices are seen opening up tracking strong cues from overseas

shares. Initial resistance for the Nifty is pegged at 5450 and support at 5400.

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GLOBAL STOCK MARKETS

* US shares ended up Tuesday, with the Dow Jones Industrial Average closing

above the 12000-mark for the first time since June 2008, driven by stronger-

than-expected growth in the US manufacturing sector.

* Asian equities were higher in early trade today tracking the US data and

higher commodity prices on the London Metal Exchange.

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SECTOR NEWS

* AUTOMOBILE: Luxury carmaker Mercedes-Benz is planning to roll out up to 22 new models and variants in India during FY12.

* BPO: Aegis has formed a JV with Saudi Telecom Co to manage the latter's customer care ops, which may earn revenue of over $2 bln over eight years.

* COAL: Prime Minister Manmohan Singh is learnt to have asked the ministry toexpedite clearances to coal blocks in the "no-go" areas.

* ENERGY: Gamesa appoints investment bank Morgan Stanley to scout for wind power assets in India. (Mint)
Ratnagiri Gas and Power Pvt Ltd's plan to add to 2,100 MW at its Dabhol power plant stuck as Maharashtra government unwilling to pay more for the power. (Mint)

* GOVERNMENT: Life Insurance Corp of India paid dividend of 10.30 bln rupees to the central government for 2010-11 (Apr-Mar).

* POLITICS: National Democratic Alliance will not budge from the demand for a Joint Parliamentary Committee probe into the 2G spectrum allocation scam.

* REALTY: The Reserve Bank of India asks banks to secure realty loans with escrow accounts and keep a tab on the end use of funds. (ET)

* TELECOM: The Supreme Court has declined a plea to suspend the controversial telecom license allotments made in 2008. Vodafone Essar defers plan to sell 7,000 towers across seven circles due to ongoing dispute between the joint venture partners Vodafone and Essar. (ET)

Department of Telecommunications asked all mobile companies to provide report on implementation of mobile number portability by today. (ET)

Vodafone Essar appoints Goldman Sachs to assess Essar's 33% stake in joint venture. (FE)

STOCKS

* BANK OF BARODA: Has raised interest rates on deposits of most tenures by 25-50 basis points.

* BANK OF INDIA: Has increased its Base Rate by 50 bps to 9.50% and BenchmarkPrime Lending Rate also by 50 bps to 13.75% effective Feb 3.

Has approved raising funds via issue of 30 mln shares.

* DABUR INDIA: May hike prices of some products in Apr-Jun if costs of raw materials continue to rise.

* DENA BANK: Has hiked Base Rate by 50 bps to 9.45% effective from Feb 1.

* EICHER MOTORS: Eicher Trucks and Buses sold 3,524 vehicles in January, up 28.5% from a year ago.

* FINANCIAL TECHNOLOGIES (INDIA): Has launched Bahrain Financial Exchange.

* GATI: Hires consultants for to draw blueprint for the makeover, plans buyouts.(DNA Money)

* GLENMARK PHARMACEUTICALS: Starts manufacturing samples at its new plant in Indore, samples to be shipped to US for FDA approval. (ET)

* GVL POWER & INFRASTRUCTURE: Emerges top bidder for IDFC's arm Dheeru Powergen which will set up 1,050 MW power plant at Korba in Chhattisgarh. (Mint)

* HERO HONDA MOTORS: Sold 466,524 two-wheelers in January, up 19.7% from the corresponding month last year.

* HINDUSTAN MOTORS: Planning to launch small car in July. (FC)

* HOUSING DEVELOPMENT FINANCE CORP: Raised floating rate on home loans by 25 basis points, effective Feb 1, for existing and new customers.

* IFCI: Delhi High Court has slapped a contempt notice on the company forhaving issued notices to shareholders of TOURISM FINANCE CORP of India convening an EGM.

* INDIAN OIL CORP: Planning to invest 50 bln rupees to expand its Koyali refinery in Gujarat to 18 mln tn from current 13.7 mln tn. (BS)

* INDUSIND BANK: The RBI has allowed foreign institutional investors to buy the bank's shares after obtaining prior approval.

* INFOSYS TECHNOLOGIES: Chief Operating Officer S.D. Shibulal to succeed Kris Gopalakrishnan as chief executive officer in April. (ET)

* MADHUCON PROJECTS: IS mulling to dilute 15-20% stake in subsidiary Simhapuri Energy to raise 5 bln rupees. (FC)

* MCNALLY BHARAT ENGINEERING CO: Has raised its holding in London Stock Exchange-listed Specialist Energy Group to 13.88% from 11% earlier.

* NTPC: Has got approval from the Ministry of Environment and Forests to start operations at its captive coal mine at Pakri Barwadih in Jharkhand.

* OIL AND NATURAL GAS CORP: Has said the government must resolve the issue of royalty payment on Rajasthan crude oil before the company launches its follow-on public offer.

Arm ONGC Videsh to exit oil blocks in Egypt as it did not find the discovery commercially viable. (BL)

* RELIANCE INDUSTRIES: Arm Infotel Broadband Services has invited bids from telecom tower operators willing to lease out 26,000 towers across India. (Mint)

* TATA STEEL: Is considering to issue a perpetual bond to raise $500 mln in Apr-Jun. (DNA Money)

* VISESH INFOTECNICS: Has bagged a Punjab government contract worth 23 mln rupees.