Thursday, Aug 4 - Morning brief for the stock market:

Stocks To Watch: JSW Steel; Jet Airways; Reliance Infra; BL Kashyap

BIG PICTURE
* European Central Bank monthly policy meet today, which investors will eye for steps to combat the Eurozone debt crisis; Spain set to auction bonds worth 3.5
bln euros even as bond yields hit 14-year highs. (var)
* Government to view investments from Mauritius, Cyprus, Cayman Islands akin to those in sensitive sectors; to seek three-level identification of investment
origin. (FE)
* Gold December futures hit record high of $1,675.90/ounce. (var)
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TOP EVENTS TODAY
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* Apr-Jun earnings to be detailed by: 20 Microns, Adani Power, Allsec Technologies, Alkyl Amines Chemicals, Astral Poly Technik, Cummins India, Bombay Dyeing & Mfg Co, Dhunseri Petrochem & Tea, Diamond Power, Educomp Solutions, Emco, Ester Industries, Harita Seating Systems, Hindustan Motors,
Indian Hotels Co, Jai Corp, JBF Industries, JCT Electronics, LCC Infotech, Lotus Eye Care Hospital, Mukta Arts, Mundra Port and Special Economic Zone,
OnMobile Global, Precot Meridian, Salona Cotspin, Samtel Color, Savera Industries, Sterling Tools, Tinplate Co of India, Uflex, Wheels India, Zicom
Electronic Security Systems.
* Annual General Meet of: Allsec Technologies, Ashok Alco Chem, Astral Poly Technik, Banaras Beads, Bengal & Assam Co, Bombay Dyeing & Manufacturing Co, Cummins India, Dhunseri Petrochem & Tea, DLF, Hindustan Motors, Microsec Financial Services, OnMobile Global, Rishabhdev Technocable, Samtel Color, Standard Industries, Tamilnadu Jai Bharath Mills.
* Board Meetings of:
+ Jhaveri Weldflux to consider proposal of reduction of capital.
+ Muthoot Capital Services to consider share allotment on rights basis.
+ Neo Corp International to consider opening of $25 mln GDR Issue.
+ Resurgere Mines & Minerals India to consider acquisition of a mine.
* Listing of:
+ Inventure Growth & Securities. Issue priced at 117 rupees per share.
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INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, Aug 3: FII (8.70), DII 4.22
* Institutional net buy/(sale) in bln rupees, Aug 2: FIIs (0.83), MF (0.19)
* FII NSE futures net buy/(sale) in bln rupee, Aug 3: index (13.54), shr (1.83)
* Sensex 17940.55, down 169.34 points; Nifty 5404.80, down 51.75 points
* Crude: $91.93/bbl; Rupee: 44.31/$1; Gold: $1,663.4/ounce; 10-yr yld: 8.4200%
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OUTLOOK
* Share indices may open slightly down on subdued global cues, but short covering may help them recover later, with dealers seeing resistance for the Nifty at 5450.
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GLOBAL STOCK MARKETS
* US: Indices ended marginally higher on Wednesday snapping an eight-day losing streak on the back of strong corporate earnings.
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* ASIA: Equities rose today, with Japan's Nikkei index rising 1% as the country's government intervened to curb the rise in the yen against the dollar.
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SECTOR NEWS
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* BANKING: RBI panel for hiking deposit insurance cover to 500,000 rupees from 100,00 rupees. (Mint)
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* CEMENT: Jammu & Kashmir Cements Ltd to double production capacity to 1,200 tn per day. (BL)
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* CORPORATE: Indian companies raised $3.3 bln via external commercial borrowings and foreign currency convertible bonds in June versus $2.65 bln in May.
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* GOVERNMENT: The government will introduce the anti-graft Lokpal Bill in the Lok Sabha today.
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* HOME LOANS: RBI panel recommends option to let borrowers switch between floating and fixed rates at least once during the tenure of the loan. (FE)
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* POWER: Growth in India's electricity generation rose to an over four year high of 12.5% in July due to sharp jump in nuclear and hydel generation.
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* REAL ESTATE: Central Information Branch, which has access to Annual Information Returns, to watch high value deals in metros. (FE)
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* RETAIL: The government plans to carefully calibrate the policy on allowing foreign direct investment in multi-brand retail to protect all sectors.
Tesco plc expresses difficulty in complying with conditions stipulated by the committee of secretaries for 51% foreign direct investment in sector. (BS)
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* STEEL: Essar Group to invest $750 mln in Zimbabwe Iron & Steel Co. (var)
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* STOCK MARKET: National Stock Exchange allows derivative trading in Coal India, Delta Corp, Dhanlaxmi Bank, Gujarat Fluorochemcials from Aug 5. (var)
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* TELECOM: Income Tax Department alleges that Tatas, Essar and Anil Dhirubhai Ambani Group used 'front' companies to acquire 2G spectrum licences. (ET)
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* TEXTILES: Banks likely to recast loans to companies, on a case-to-case basis, due to weak domestic demand and ceiling on cotton yarn exports. (Mint)
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STOCKS
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* ACROPETAL TECHNOLOGIES: Promoter group intends to increase stake in the company by up to 5%.
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* ATLANTA: Has received a highway order worth 9-10 bln rupees from the Bihar State Road Transport Corp.
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* AXIS BANK: International Finance Corp may provide $100 mln debt to the bank for on-lending to Indian companies' projects relating to climate change.
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* BHARTI AIRTEL: Plans $1.2 bln capex in Africa for FY12; expects margins to improve in the continent.
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* B L KASHYAP AND SONS: Asked to pay 5.93 bln rupees in Provident Fund dues and penalties, company charged for evasion of PF payment. (ET)
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* DABUR INDIA: Has launched a range of carbonated fruit-based drinks.
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* FINEOTEX CHEMICAL: Arm Fineotex Malaysia has acquired majority stake in some specialty chemicals units.
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* GTL: In talks to secure ICICI Bank's approval to merge arm GTL Infrastructure with itself. (ToI)
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* HINDUSTAN MOTORS: West Bengal govt to issue notice to company for misstating sale value of land, end use of funds. (BS)
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* INDO AMINES: Will form a subsidiary in Malaysia and invest 2.5-5 mln rupees in its share capital.
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* JET AIRWAYS: To get 1.35 bln rupees in cash and share of profit as part of Bandra-Kurla Complex land development deal with Godrej Properties. (ET)
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* JRI INDUSTRIES & INFRASTRUCTURE: Plans preferential issue of 630,000 shares.
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* JSW STEEL: Shuts two blast furnaces at Vijaynagar plant due to ban on iron ore mining in Karnataka's Bellary region. (Mint)
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* LANCO INFRATECH: To develop Gare Pelma II coal block in Chhattisgarh, set up 2,000 MW power plant.
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* PANTALOON RETAIL: Plans to induct foreign partner in subsidiary's 'eZone' business post lifting of FDI cap in multi-brand retail. (BS)
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* RAYMOND: To stop selling Manzoni brand, closed four of five exclusive outlets. (Mint
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* RELIANCE INFRASTRUCTURE: Maharashtra Electricity Regulatory Commission has allowed the company to recover 23.16 bln rupees tariff differential from
consumers.
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* SUNDRAM FASTENERS: To foray into manufacturing wind turbine components; to invest 1.5 bln rupees to expand auto component manufacturing capacity. (FC)
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* TATA STEEL: Will use the 50.5 bln rupees raised from sale of its entire 26.67% stake in Riversdale Mining for capital expenditure in new projects.
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* UNITED BANK OF INDIA: Has raised its Base Rate and Benchmark Prime Lending Rate by 35 basis points each to 10.60% and 14.85%, respectively.
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* VOLTAS: Puts five company-owned residential flats in Mumbai for sale.
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* WOCKHARDT: Company seeks Bombay High Court okay to sell nutritional products business to Danone. (BS)
Some lenders who have filed a winding-up petition against company may resist the sale of nutritional products business to Danone.