Thursday, Apr 21 - Morning brief for the stock market

Stocks To Watch: Reliance Ind, TCS, SBI, Unity Infraprojects

Thursday, Apr 21 - Morning brief for the stock market:

TOP EVENTS TODAY

* Primary articles inflation for week to Apr 9 to be detailed.

* Nifty companies detailing Jan-Mar earnings:

+ Jindal Steel & Power.

+ Reliance Industries. (Net profit seen 55.42 bln rupees, up 18% on year)

+ Tata Consultancy Services. (Net profit seen 23.59 bln rupees)

* Jan-Mar earnings to be detailed by: Aditya Birla Money, Chowgule

Steamships, Coromandel International, FAG Bearings India, Honeywell

Automation, Hindustan Zinc, MindTree, Noida Toll Bridge, Nestle India,

Premier, Raymond, Timken India, and Zensar Technologies Ltd.

* Annual General Meet of: FAG Bearings India, Honeywell Automation India,

Timken India, and Aventis Pharma.

* Board Meetings of:

+ Foseco India, to consider interim dividend.

+ GS Auto International, to consider dividend.

+ IL&FS Investment Managers, to consider dividend.

+ Ram Kaashyap Investment, to consider fund raising via GDR/FCCB/ ADR issue.

INDICATORS (previous session)

* NSE provisional net buy/(sale) in bln rupees, Apr 20: FII 1.93, DII (0.23)

* Institutional net buy/(sale) in bln rupees, Apr 19: FIIs 20.64, MF 0.73

* FII NSE futures net buy/(sale) in bln rupee, Apr 20: index 8.58, shr (1.21)

* Sensex 19470.98, up 349.15 points; Nifty 5851.65, up 110.90 points.

* Crude: $112.22/bbl; Rupee: 44.32/$1; Gold: $1,507/ounce; 10-yr yld: 8.0357%

OUTLOOK

* Domestic stock indices are seen opening positive today following firm cues from shares overseas with investors eyeing Jan-Mar earnings from Tata Consultancy Services and Reliance Industries.

GLOBAL STOCK MARKETS

* US shares ended up on Wednesday, with the Dow Jones Industrial Average rallying to its highest level since Jun 2008, due to robust first-quarter earnings from Intel Corp and Yahoo! Inc and an estimate-beating rise in existing home sales in March.

* ASIA: Asian indices were up in early session today as estimate-beating earnings from US companies boosted investors' confidence in economic recovery.

IPO WATCH

* Innoventive Industries 2.2-bln-rupee issue price band 117-120 rupees/share; to open Apr 26, close Apr 29.

SECTOR NEWS

* AUTOMOBILE: Korean automaker S&T Motors has announced a manufacturing and distribution partnership with Garware Motors to sell Hyosung brand of motorcycles in India.

Harley-Davidson's local arm may develop India-specific model. (Mint)

Hyosung to launch two superbike models by June. (FC)

* AVIATION: Lenders to take a call on whether to convert some of Air India's debt into equity as part of the airline's financial restructuring plan. (BL)

* CONSUMER DURABLES: Philips Electronics India looks to expand into healthcare segment through organic, inorganic routes. (BL)

Toshiba India to pump in $100 mln on advertising, marketing this year. (FC)

* DUTIES: India imposes anti-dumping duty of up to $94.96 per tn on imports of a chemical used in the manufacture of alcohol and rubber from Japan and Thailand. (PTI)

* FINANCE: Barclays Bank likely to review its credit card business in India. (BS)

Credit Information Bureau (India) permits individuals to access credit scores for a fee, giving them bargaining chip for cheaper loans. (var)

* FOREIGN DIRECT INVESTMENT: Ministers' panel to look into FDI in the pharmaceutical sector. (ET)

* HOTEL: Four Seasons to manage 3C Company's Noida hotel. (BL)

* INFRASTRUCTURE: City & Industrial Development Corp moves to meet ecology clearance conditions, plan changes for the proposed Navi Mumbai international airport. (BS)

Karnataka urges railway ministry to expedite projects in the state. (FE)

* MEDIA: Consumer group to challenge Competition Commission of India's recent order which found direct-to-home operators 'not guilty' of unfair practice. (FE)

* METALS & MINING: International Coal Ventures close to acquiring Australian coal assets. (BS)

Mines ministry describes the steep hike in iron ore export duty as ill advised. (var)

Essar Steel achieves record crude stell output in March at 380,000 tn, up

24% on year. (BL)

Rio Tinto buys Cia Siderurgica Nacional's 19.35% stake in Riversdale. (var)

* POWER: Power ministry seeks curbs on used equipment imports. (BL)

* REAL ESTATE: Reserve Bank of India proposes ban on use of compulsory convertible debentures in the sector as they are more in the nature of debt than equity until converted, and thereby circumvent external commercial borrowing guidelines for the sector. (FE)

* RENEWABLE ENERGY: Union Cabinet has approved setting up of empowered committee to identify technology and investors for two semiconductor wafer fabrication plants in India.

* SHIPPING: Jaisu Shipping, whose dredgers were detained by the Kochi port following a court injection for non-completion of dredging works, got a reprieve with the Ernakulam District Court vacating the temporary injunction. (BL)

* TAX: Karnataka High Court asks Cyprus-based Richter Holdings, which took control of SESA GOA in 2007, to return to the Income Tax department to settle a tax dispute. (ET)

* TECHNOLOGY: Pilot scheme to develop satellite towns around seven mega cities will spill over to the 12th plan period (2013-2018) against original deadline of April 2012. (BS)

* TELECOM: UNITECH, Anil Dhirubhai Ambani Group, DB group officials move high court for bail in 2G case; Delhi High Court to hear bail plea on Thursday.

Telenor asks UNITECH to replace Chairman Chandra while 2G case goes on.

Department of Telecom goes slow on issuing notices to telecom companies who defaulted on 2G network rollouts, issues just eight notices even as the telecom regulator recommended cancellation of 69 licences for failure to launch mobile services. (FE)

STOCKS

* AMRUTANJAN HEALTH CARE: Enters into pain management services.

* APOLLO TYRES: Expects Europe after-market sales of branded tyres to 60,000-65,000 from next winter (from September). (BL)

* ESSAR STEEL: Crude steel production rose over 24% in March to 0.38 mln tn, its highest ever in a single month.

* ICICI BANK: The Indian Banks' Association backs bank's microfinance loans recast proposal. (ET)

To provide a soft loan of 220 mln rupees to the Energy and Resources Institute. (BS)

* INFOTECH ENTERPRISES: Has appointed Ajay Aggarwal as chief financial officer.

* ING VYSYA BANK: Has posted Jan-Mar net profit of 913 mln rupees; To pay 3 rupees per share as dividend.

* JYOTHY LABORATORIES: Likely to rope in private equity fund Apax Partners, which will invest $100 mln for a 10-12% stake in the company, to stick up the acquisition of HENKEL INDIA's business. (BS)

* KINGFISHER AIRLINES: Raises salaries of a section of pilots. (BS)

* LIBERTY SHOES: Plans to expand in South India. (FC)

* MARG: Hopes to pump out refined products through a pipeline for CHENNAI PETROLEUM CORP via its Karaikal port. (FE)

* OIL AND NATURAL GAS CORP: Follow-on public offer may hit market in June-July. (ET)

* RAINBOW PAPERS: Shareholders have approved issuances of 4 mln shares and 6 mln warrants to promoter Orient Newsprint on a preferential basis.

* RELIANCE COMMUNICATIONS: Ties up with STATE BANK OF INDIA to launch mobile banking services. (BS)

* RELIANCE INDUSTRIES: Oil ministry to discuss decline in company's Krishna-Godavari block output today. (ET)

* SADBHAV ENGINEERING: Has posted 2010-11 (Apr-Mar) consolidated net profit at 933.1 mln rupees, and income from operations at 23.4 bln rupees.

* SHILPI CABLE: Has approved merger of arm Shilpi Cabletronics with self.

* SOBHA DEVELOPERS: Plans to develop over 11 mln sq ft in 2011-12 at an estimated project cost of 25 bln rupees. (BL)

* STATE BANK OF INDIA: Withdraws 'teaser' home loan scheme.

* TATA ELXSI: Looks to adopt long-term evolution technology for 4G services; expects revnues from wireless technology solutions to improve to at least 50% from one-third now in the current fiscal. (DNA)

* TATA STEEL: Has inked a licensing pact with Rio Tinto for technological and commercial development of an environmentally friendly iron smelting process.

* TRANSGENE BIOTEK: Plans to restructure its active pharmaceutical ingredient and research and development divisions businesses.

* UNITY INFRAPROJECTS: Gets two orders worth 892.9 mln rupees.

* VIP INDUSTRIES: May sell its 17.49% stake in WINDSOR MACHINES to Renaissance Equipment; deal could be valued around 1.25 bln rupees, open

offer may not be necessary since it is a Board for Industrial and Financial Reconstruction case. (BS)

* VISAKA INDUSTRIES: Looks to diversify into businesses with higher margins; actively considering expanding capacities in yarn and building products businesses. (FC)

* ZEN TECHNOLOGIES: Order book size currently at 1.08 bln rupees.