Stocks To Watch: Oracle Financial, Shriram Transport, steel cos
BIG PICTURE
* Greek parliament approves 5-year austerity plan; to vote again Thu
* India, US to jointly deal with high inflation, capital flows volatility (ET)
TOP EVENTS TODAY
* Annual General Meet of: Energy Products India, Graviss Hospitality, Gujarat Cotex, ICSA (India), Jalan Metallurgical, Nu Tek India, Mehta Housing Finance, Oberoi Realty, Pacific Industries, Parichay Investments, Petronet LNG, Ramkrishna Forgings, Reliance Industrial Infrastructure, Spentex Industries, Sobha Developers, Shree Ram Mills, Sterling Biotech, TCPL Packaging and Zydus Wellness.
* Board Meetings of:
+ Advanta India to consider details of FCCB issue.
+ Indian Bright Steel Co to consider share issue on preferential basis.
+ JIK Industries to consider allotment of shares to bondholders on conversion.
+ Luminaire Technologies to consider transfer of shares tendered under the
open offer in the name of Vandana Cloth Centre.
+ Lords Chloro Alkali to consider the preferential allotment of shares..
INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, Jun 29: FII 6.69, DII (2.40)
* Institutional net buy/(sale) in bln rupees, Jun 28: FIIs 10.16, MF 1.07
* FII NSE futures net buy/(sale) in bln rupee, Jun 29: index 7.28, shr (0.52)
* Sensex 18693.86, up 201.41 points; Nifty 5600.45, up 55.15 points
* Crude: $94.77/bbl; Rupee: 44.86/$1; Gold: $1,509.90/ounce; 10-yr yld: 8.3183%
OUTLOOK
* Domestic indices may open positive today as Greece's Parliament passed the nation's austerity plan. Trade is likely to be volatile on the last day of expiry of June futures contract.
GLOBAL STOCK MARKETS
* US: Indices ended up on Wed after Greece approved a five-year austerity plan. The US Federal Reserve's decision to cap debit-card transaction fee at 21 cents, lower than that proposed earlier, also supported the upside.
* ASIA: Most markets rose today as Greece passed the nation's five-year austerity plan, moving a step forward to get the bailout package from the International Monetary Fund and the European Union.
SECTOR NEWS
* AUTOMOBILE: Japanese auto major Toyota to hire 2,000 employees in India this year in a move to bolster its market share by launching small cars. (ET)
Toyota to recall over 110,000 hybrid vehicles in the US, Japan, and Europe due to faulty transistors in electrical power control boards. (ET)
* AVIATION: The union law ministry has given an opinion that the aviation ministry has supremacy over the Airport Economic Regulatory Authority. (HT)
* BANKING: Banks have made it mandatory for companies to pay a commitment fee on loans that are not drawn on time; fee is anywhere between 0.25-1.00% of the sanctioned amount. (FC)
* BROKERAGE: Angel Broking has laid off around 2,000 employees in the past six months in order to cut costs. (FE)
* CORPORATE: RBI reiterated an Indian company can transfer or sell its stake in an overseas joint venture to another Indian company without its approval.
* ECONOMY: Prime Minister Singh said his government is committed to annual economic growth rate of 9-10%.
* ENERGY: Australia set to implement the minerals resource tax on exports of coal and iron ore; 22.5% resource tax likely from Jun 2012. (DNA)
* INFORMATION TECHNOLOGY: Hewlett-Packard in talks to license its webOS mobile software. (Bloomberg)
* INFRASTRUCTURE: Tata Realty and Infrastructure Ltd is planning to bid for the Navi Mumbai international airport development and other airports in Pune and Nagpur. (Mint)
* INSURANCE: The General Insurance Corp of India has seen claims of 4 bln rupees from the earthquake in Japan. (ET)
* LAW: The Union cabinet may approve amendments to the law on benami property today. (ET)
* MUTUAL FUND: Securities and Exchange Board of India plans to cap the expiry of a mutual fund license to just one year from the date of issue in order to prevent funds with poor finances from entering the market. (ET)
* OIL AND GAS: Competition Commission of India is probing an alleged cartel by state-owned oil companies in bio-diesel purchase.
Maharashtra government has cut value added tax on diesel and kerosene by 200 bps each.
Maharashtra government to face revenue loss of 14 bln rupees due to the cut in value added tax on diesel and kerosene. (DNA)
Brihanmumbai Municipal Corporation has scrapped octroi on liquefied petroleum gas cylinders. (ToI)
* PHARMACEUTICAL: Bristol-Myers Squibb Co signs agreement with Matrix Laboratories to expand access to anti-retro viral drug Reyataz. (BL)
* REGULATOR: Securities and Exchange Board of India is keeping a close watch on companies that have announced buy back of shares frequently. (BS)
* TELECOM: Vodafone Plc in talks with partner Analjit Singh and other investors on who would pick up the 1.5% stake in its Indian venture. (BS)
STOCKS
* ACKRUTI CITY: Has raised 3 bln rupees from Future Capitals NBFC arm, STATE BANK OF INDIA, and ICICI BANK by mortgaging two fully-built commercial buildings in Mumbai. (ET)
* APTECH: Has got dividend of 503 mln rupees from its Chinese venture.
* CAIRN INDIA: The deal between parent Cairn Energy and Vedanta Resources is listed on the Cabinet Committee on Economic Affairs' meeting agenda today.
* CANARA BANK: Will raise its Base Rate and Benchmark Prime Lending Rate by 25 basis points each to 10.25% and 14.25%, respectively, from Friday.
* COMMERCIAL ENGINEERS & BODY BUILDERS CO: Received an order worth 42.5 mln rupees in Apr-Jun from LARSEN & TOUBRO.
* FERRO ALLOYS CORP: Has declared a lock out at its chrome plant.
* FORBES & CO: Arm Forbes Bumi Armada Offshore has got a 7-year contract from OIL & NATURAL GAS CORP for a floating-production-storage and off-loading vessel.
* INDIAN BANK: To raise $1 bln via medium term notes by mid-July. (BL)
The bank will file a draft red herring prospectus for its proposed follow-on public offer in a month. (BS)
* ITC: Has acquired 26% stake in a joint venture with Espirit Hotels to build a luxury hotel in Hyderabad; stake valued at 450 mln rupees. (ET)
Ramky Group plans to set up a $100 mln integrated waste management complex in technical tie-up with ITC. (var)
* LANCO INFRATECH: Promoter L. Madhusudhan Rao has increased his stake in the company to 4.7749% from 4.5500% earlier.
* MEDIAONE GLOBAL ENTERTAINMENT: Plans to raise up to 1 bln rupees through a follow on public offer of shares.
* NEYVELI LIGNITE: The finance ministry has revived talks with the coal ministry to divest stake in the company. (ToI)
* OIL AND NATURAL GAS CORP: Company board to file a red herring prospectus with the Securities and Exchange Board of India for its 115 bln rupees follow-on public offer. The FPO issue will hit the markets in three weeks from filing the RHP. (BS)
* ORACLE FINANCIAL SERVICES: Former officials have bid for the company's services business; deal in final stages of evaluation. (ET)
* SHRIRAM TRANSPORT: Orix Corp of Japan is in talks with US-based TPG Capital to buy the latter's 20% stake in Shriram Transport Finance Co, for close to 30 bln rupees. (Mint)
* VIDEOCON INDUSTRIES: Has received approval from its shareholders to raise up to 10 bln rupees through equity.
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