Wednesday, Apr 13 - Morning brief for the stock market

Stocks To Watch: Tata Chemicals, Emami, SAIL, Sun Pharma

Wednesday, Apr 13 - Morning brief for the stock market:

BIG PICTURE

* IMF says global recovery as expected; cuts India's growth forecast

* Tamil Nadu, Kerala to go to polls today (various)

* PM Singh says India needs to reduce trade deficit with China (PTI)

TOP EVENTS TODAY

* Oct-Dec earnings to be detailed by: Bharat Seats, Development Credit Bank,

Gruh Finance, VST Industries.

* Annual General Meet of: ACC.

* Board Meetings of:

+ Plethico Pharmaceuticals to consider options for managing liabilities.

INDICATORS (previous session)

* NSE provisional net buy/(sale) in bln rupees, Apr 11: FII (6.91), DII 2.64

* Institutional net buy/(sale) in bln rupees, Apr 8: FIIs 3.57, MF (0.78)

* FII NSE futures net buy/(sale) in bln rupee, Apr 11: index (19.51), shr (4.36)

* Sensex 19262.54, down 188.91 points; Nifty 5785.70, down 56.30 points.

* Crude: $105.86/bbl; Rupee: 44.38/$1; Gold: $1,455.60/ounce; 10-yr yld: 7.8937%

OUTLOOK

* Share indices are seen opening down, noting the fall in overseas markets and as investors may stay on the sidelines ahead of the Jan-Mar earnings.

GLOBAL STOCK MARKETS

* US indices retreated nearly 1% Tuesday as aluminium major Alcoa disappointed the street by reporting lower-than-expected revenues during Jan-Mar.

* Asian indices were marginally weak as fall in global commodity prices pulled down shares of energy and metal companies.

SECTOR NEWS

* AVIATION: The four-member committee--constituted to look into the salary disparity between employees of Air India--will give its report by September.(BS)

Rivals cry foul as Air India cuts fare in race for market share. (ET)

* BANKING: Bank of America has given shares worth around 1.1 mln rupees to Mukesh Ambani as part of annual retainer fees. (Mint)

Banks that lend to microfinance institutions are fighting among themselves over restructuring these loans. (BS)

* DIVESTMENT: The government may not use the French auction route for any of its public issues hitting the market in the current financial year. (BS)

* ENERGY: India will sign an agreement to secure a 25% stake in the Satpayev oil field on the Caspian Sea. (HT)

The US-based Carbon Credit Capital proposes to launch a $100-mln India-specific fund this year to invest in renewable energy projects. (BL)

* ENERGY: Indian and Russia are likely to sign the deal of Turkmenistan-Afghanistan-Pakistan-India gas pipeline project, which will cost

$7.5 bln and is expected to go on stream by 2015. (DNA)

* INFORMATION TECHNOLOGY: Cognizant has outpaced its peers--TATA COSULTANCY SERVICES, INFOSYS TECHNOLOGIES and WIPRO--in client acquisition over the last one year. (ToI)

* POWER: NTPC, RELIANCE INDUSTRIES and GAIL (INDIA) will soon enter into a deal to ensure supply of more gas to Andhra Pradesh power projects. (BS)

The GMR group has completed sale of its 50% interest in InterGen NV to a consortium led by Chinese power sector firm Huaneng Group for $1.2 bln. (BL)

The GMR group has completed a brass reshuffle with the appointment of P.S. Nair as CEO Corporate (Airport) with effect from Apr 5. (ET)

* PRIVATE EQUITY: Multilateral private equity players and sovereign funds are looking to scale up their India exposure, with a focus on energy sector. (BL)

* REAL ESTATE: Realtors have sought clarity on the state government's proposed move to launch auction of land in Mumbai on the lines of telecom spectrum auction. (BS)

Ambuja Realty plans to set up premium clubs under its hospitality brand with an estimated investment of 800 mln rupees in four clubs. (BL)

* REGULARTORY: SEBI has decided to allow seven banned brokerages to start distributing initial public offers and follow-on public offers. (BS)

* SUGAR: Indian sugar mills have sought six more months from the DGFT for completing re-export obligations under the advance licence scheme.

* TELECOM: The finance ministry has asked the Department of Telecommunications to enquire into the conduct of telecom operators and identify individuals involved in the leakage of conversations involving corporate lobbyist Niira Radia. (PTI)

STOCKS

* AREVA T&D INDIA: Plans to demerge its distribution business to wholly-owned arm Smartgrid Automation. AREVA shareholders will get one Smartgrid share for each held in co.

* BHARTI AIRTEL: Is likely to see a change in responsibilities among its key senior executives. (FE)

* CROMPTON GREAVES: Is setting up an ultra high voltage research centre in Nashik as a part of its global research and development. (BL)

* DR REDDY'S LABORATORIES: Opened its new 33,000 sq ft expanded research and development unit in Chirotech Technology Centre at Cambridge, UK.

* EIH: Chairman and Chief Executive Officer P.R.S. Oberoi says he has no plans to retire or pass on the baton to his son Vikram Oberoi.

* EMAMI: Has launched skincare products under the brand 'Pure Skin', from which it expect a revenue of 400-500 mln rupees in 2011-12 (Apr-Mar).

* ESSAR OIL: Plans to drill 500 wells to raise production in Raniganj. (Mint)

* INDIAN OVERSEAS BANK: Will raise $500 mln on Friday by way of medium-term notes to finance international operations. (DNA)

* INFINITE COMPUTER: Approves share buyback at up to 230 rupees per share. To spend up to 270 mln rupees on share buyback.

* INFOSYS TECHNOLOGIES: Has appointed Senior Vice-President and Head (energy, utilities and services) Prasad Thrikutam as its telecom business unit head in place of Subhash Dhar. (FE)

* JSW STEEL: Produced 6.5 mln tn crude steel in 2010-11 (Apr-Mar), 9% more than the previous year, but missed its target of 7 mln tn. (BS)

* NATIONAL ALUMINUM CO: Plans 7-bln-rupee capital expenditure in 2011-12 for expansion of refinery in Odisha and setting up a nuclear power project in Gujarat. (FC)

* RAM INFORMATICS: In consortium with HCL, has bagged a five-year eSeva contract and another five-year citizen service centre project with Sreeven Infocom from Andhra Pradesh.

* RAVI KUMAR DISTILLERIES: Has signed a pact to acquire 51% stake in S.V. Distilleries.

* RELIANCE INFRATRUCTURE: A senior official of the company has corroborated the CBI's claim that the ownership of Swan Telecom was "fraudulently transferred" from Reliance to DB Realty group. (HT)

* SATYAM COMPUTER SERVICES: Supreme Court has adjourned hearing on the company's appeal against Income Tax Department's until Friday. (NW18)

* SEW INFRASTRUCTURE: Has completed 7.9-bln-rupee highway project awarded by the National Highways Authority of India. (BL)

* STEEL AUTHORITY OF INDIA: Has got environmental clearance for the McLellan Iron Ore Mining Project. (BL)

* SUN PHARMACEUTICAL INDUSTRIES: Has set up a joint venture with Merck & Co to develop, manufacture and market branded generic drugs in emerging markets.

* SURANA INDUSTRIES: Buys 100% in Surana Mines from arm for 526.5 mln rupee.

* TATA CHEMICALS: Has signed a binding agreement to acquire 25.1% stake in a greenfield ammonia-urea fertiliser manufacturing complex in Africa for $290 mln.

May look at buying 40% in the second phase of the greenfield ammonia-urea fertiliser manufacturing complex in Africa.

Has decided to put its domestic expansion plans on hold due to low gas supply. (BL)

* VADILAL: The group plans to merge its production and marketing companies. (BL)