Wednesday, Apr 20- Morning brief for the stock market

Stocks To Watch: Power Finance; HCL Tech; CONCOR; JK Tyre, Vivimed

Wednesday, Apr 20- Morning brief for the stock market:

BIG PICTURE

* IMD forecasts normal monsoon in 2011 at 98% of long period average.

* Plan panel Montek says FY12 GDP growth seen at around 9%.

TOP EVENTS TODAY

* Nifty companies detailing Jan-Mar earnings:

+ HCL Technologies (net seen 4.2 bln rupees, up 23% on year)

* Jan-Mar earnings to be detailed by: Coromandel Engineering Co, Hind Syntex,

Infotech Enterprises, ING Vysya Bank, Sadbhav Engineering, Sonata Software,

Yes Bank.

* Board Meetings of:

+ ACIL Cotton Industries to consider allotment of bonus shares.

+ Infronics Systems to consider conversion of 200,000 warrants into shares.

+ Shakti Pumps India to consider allotting warrants, shares and optionally

convertible debentures.

INDICATORS (previous session)

* NSE provisional net buy/(sale) in bln rupees, Apr 19: FII (76.90), DII 2.08

* Institutional net buy/(sale) in bln rupees, Apr 18: FIIs (7.91), MF 0.27

* FII NSE futures net buy/(sale) in bln rupee, Apr 19: index (5.56), shr (2.12)

* Sensex 19,121.83, up 30.66 points; Nifty 5,740.75, up 11.65 points.

* Crude: $108.40/bbl; Rupee: 44.48/$1; Gold: $1,496.70/ounce; 10-yr yld: 8.0011%

OUTLOOK

* Share indices may open slightly up today on firm cues from global markets, but trade is likely to range-bound as investors will book profits at every gain. Jan-Mar earnings will further lend direction to the market.

GLOBAL STOCK MARKETS

* US shares ended up on Tuesday due to better-than-expected earnings from healthcare and materials companies, but gains were capped by weak results from Goldman Sachs.

* Asian markets were up today, taking firm cues from the Wall Street, as technology shares jumped on better-than-expected first-quarter earnings from Intel Corp and Yahoo Inc, reported after the US markets closed on Tuesday.

IPO

* Online travel firm Yatra to raise 2 bln rupees; company's IPO likely in 12-18 months. (ET)

* Aanjaneya Lifecare to raise around 1.2 bln rupees in next few weeks; issue price expected at 240 rupees a share. (ET)

SECTOR NEWS

* AGRICULTURE: Gujarat to raise Bt cotton seed price by 200 rupees for a packet of 450 grams of BG1 and BG2 hybrid cotton seed, Maharashtra to follow. (BS)

* BANKS: Government-run banks to take a hit of 40 bln rupees this fiscal as central bank asking them to provide for pension liabilities of their retired staffers in the balance sheet for FY10-11. (ET)

* EXCHANGES: The National Stock Exchange may get a three-month extension to dilute its stake in National Commodity and Derivatives Exchange to 5% from 11%. (BS)

* FINANCE: Insurance companies may be allowed to offer unit-linked pension products with capital guarantee against the current mandatory guarantee of 4.5%. (ET)

* FOREIGN DIRECT INVESTMENT: Minister of state for commerce and industry Jyotiraditya Scindia says recommendations on FDI in multi-brand retail likely in one-two months. (ET)

* INFRASTRUCTURE: The Mumbai Metropolitan Region Development Authority plans to build new flyovers worth 2 bln rupees at various entry points to the Mumbai metropolitan region. (ET)

Centre asks states to form panels to hasten infrastructure projects. (BS)

Golden Quadrilateral project, scheduled to be completed in June, delayed by a year on contractual and structural issues. (DNA)

* INVESTMENT: Norwest Venture Partners, IDG Ventures India invest 110 mln rupees each in competitive test preparation firm iProf India. (Mint)

Reliance Venture Asset Management exits French chipset maker Sequans Communications. (PTI)

* METAL & MINING: The European Union imposes five-year tariffs on stainless steel from India, saying EU producers including Acerinox are victims of subsidies to Indian competitors such as MUKAND. (ET)

KIOCL plans to invest 4.3 bln rupees in next two years to boost iron ore pellets production by more than 40% to 3 mln tn. (Mint)

Coal ministry against proposed royalty-linked compensation to local residents. (BS)

* ORDERS: Fernas Construction India bags 19-bln-rupee order from ONGC Petro addition for integrated utilities and offsite packages for Dahej

petrochemical complex. (BL)

* POWER: Nuclear Power Corp of India to proceed with first foreign bond sale to built the world's largest reactor complex; plans to raise 30 bln rupees via bonds, loans this year. (Mint)

* REGULATORY: Government includes video chats offered by telecom players, Nokia's push email service and Skype into ambit of security issues for possible interception solution. (BS)

Insurance regulator relaxes accounting norms for insurers to allow them to amortise the additional liability on account of gratuity over a period of five years starting from 2010-11. (FC)

The Reserve Bank of India says DE Shaw violated external commercial borrowings norms while picking up 18% stake in Amar Ujala for 1.17 bln rupees in 2007. (FE)

Securities and Exchange Board of India's board to reconsider its decision to clear the National Securities Depositories of irregularities related to initial public offerings. (FE)

* SECURITY: Railways to install advanced fire alarm system on trains post Rajdhani fire incident. (BL)

* SUBSIDY: Group of ministers may moot dual system of food subsidy. (BS)

* TELECOM: Vodafone looks to list Indian arm. (var)

Defence forces may get a waiver of 1.18 trln rupees for vacating spectrum which Department of Telecommunications will commercially assign to telecom service providers. (BS)

Delhi High Court clears Vodafone's tower business demerger. (BL)

* TRADE: India ended financial year 2010-11 (Apr-Mar) with exports of $245.9 bln compared to the target of $200 bln.

STOCKS

* BIRLA POWER SOLUTIONS: To foray into power generation. Plans a 1,320 MW, 70-bln rupees thermal project in Gujarat and a 270 MW, 13.5-bln-rupee plant in Rajasthan.

* BRIGHT BROTHERS: Faridabad unit has started partial ops after Saturday fire.

* CONTAINER CORP OF INDIA: Jan-Mar net 2.01 bln rupees, up 16.6% on year; net sales 9.95 bln rupees, up 4.7% on year.

* FORTIS HEALTHCARE (INDIA): Its proposed acquisition of 86% stake in Super Religare Labortories will be benchmarked against the private equity fund Avigo Capital's 9.27% stake buy in the company for 1 bln rupees.

* GLAXOSMITHKLINE CONSUMER HEALTHCARE: Supreme Court rejects company's plea against Heinz; latter had alleged that GSK's advertisement was intended to specifically target its consumers. (FE)

* HOTEL LEELAVENTURE: Shareholders have approved increase in borrowing limit to 50 bln rupees from 40 bln rupees now.

* IDBI Bank: Reserve Bank of India has authorised the bank to carry out primary dealership operations.

The state-owned bank will raise $250 mln via Swiss franc-denominated medium term notes in the first week of May.

* IDEA CELLULAR: Has denied a media report that Malaysian strategic investor Axiata Group Berhad is looking to sell stake in the company.

* INFOSYS TECHNOLOGIES: Plans to hire 4,000 engineers for Hyderabad special economic zone. (BL)

* JK TYRE: Forms team to look for overseas buys. (Mint)

Plans foray into footwear from used tyres. (FC)

* KILPEST INDIA: Has launched diagnostic services.

* LARSEN & TOUBRO: Schneider Electric, Eaton Corp in race to buy company's electrical and automation business. (ET)

* LLOYDS STEEL: UTTAM GALVA promoters close to acquiring the company. (BS)

* MMTC: Government is likely to divest stake in the company in September or October.

Plans to import 50% more silver at 1,200 tn in 2011-12. (ET)

To introduce new gold jewellery brand; to set up more than 30 additional retail outlets to sell branded jewellery. (FC)

* NAVA BHARAT VENTURES: Plans to start coal mining in Zambia in the second quarter of the current financial year. (FC)

* PANTALOON RETAIL: Its 50:50 joint venture with UK's Clarks, Clarks Future Footwear, opens first exclusive retail store in New Delhi on Tuesday. (var)

* POWER FINANCE CORP: Jan-Mar net 6.07 bln rupees, up 1.3% on year; net sales 26.17 bln rupees, up 25.8% on year.

* POWER GRID CORP: In pact with Kenya Electric Transmission Co to develop power transmission network in Kenya. (FC)

* RAJOO ENGINEERS: Inks pact with Italan firm Bausano and Figli to make pipes and profile extrusion machinery. (BL)

* RELIANCE INDUSTRIES: Sets sights on next-generation security and disaster management business which will utilise its 4G telecom services for the initiative. (ET)

* RELIANCE INFRASTRUCTURE: Has commissioned three new 220 kV extra high voltage substations at Gorai, Goregaon and Saki in Mumbai.

In talks with ICICI Bank for a 20-bln-rupee loan, comprising $250 mln of external commercial borrowings, for the worli-Haji Ali project. (BS)

* SESA GOA: Has bought a 10.4% stake in CAIRN INDIA from Petronas International at an average price of 331.00 rupees per share.

* SPAN DIAGNOSTIC: Will sell its haematology analyser marketing business to the Indian subsidiary of Japan's Nihon Kohden Corp for 41 mln rupees.

* STATE BANK OF INDIA: Has hiked its lending rates by 25 basis points. The bank's Base Rate will be 8.50% and Benchmark Prime Lending Rate 13.25% from Monday.

* TATA MOTORS: Has entered into an agreement with STATE BANK OF INDIA to provide loan facilities to its dealers.

* VIVIMED LABS: In advanced talks with private equity firms to dilute minority stake to raise at least $30 mln to fund domestic expansion, global acquisition plans. (FC)

* WIPRO: To focus on emerging markets to speed up growth. (ET)

Wipro Group's division, Wipro Consumer Care & Lighting, loss patent infringement case against Bangalore-based furniture maker V3. (FC)

* YES BANK: Revives plan for broking arm. (BS)