Tuesday, May 10 - Morning brief for the stock market

Stocks To Watch: Hindalco, Mafatlal Ind, Oracle Financial, JB Chem
Tuesday, May 10 - Morning brief for the stock market:
.
.
TOP EVENTS TODAY
* Nifty companies detailing Jan-Mar earnings:
+ Housing Development Finance Corp (Net seen 10.6 bln rupees, up 14% on year)
+ NTPC
+ Ranbaxy Laboratories (Net profit seen 1.63 bln rupees, down 83% on year)

* Jan-Mar, 2010-11 (Apr-Mar) earnings to be detailed by: Aeonian Investments, Asian Paints, Ashoka Buildcon, Amit Spinning Industries, Century Extrusions,
Chambal Fertilisers, Cimmco Birla, C & C Constructions, DS Kulkarni Developers, Elder Pharmaceuticals, GIC Housing Finance, GKW, Glenmark
Pharmaceuticals, GTN Textiles, Gujarat Apollo, GI Engineering, Hanung Toys, Hinduja Ventures, IG Petrochemicals, India Securities, Infinite Computer,
ISMT, J Kumar Infraprojects, JCT Electronics, Jubilant Life Sciences, Karur KCP Packkagings, Kemrock Industries, KSB Pumps, Lloyds Steel, Liberty
Shoes, NIIT, Nitta Gelatin, Oracle Financial, Patspin India, Rashtriya Chemicals, Sarla Performance, Seamec, Shree Renuka Sugars, Su-Raj Diamonds,
Sobha Developers, Tata Investment Corp, Techno Electric, Trigyn Technologies, Triveni Engineering and Voltamp Transformers.

* Annual General Meet of: ABB, and GM Breweries.
* Board Meetings of:
+ India Securities to mull allotment of securities.
+ Karur KCP Packagings to mull sale of land, building of Puducherry unit.
+ SUNGOLD CAPITAL to mull shr issue on warrant conversion, deal with theatres.


INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, May 9: FII 1.96, DII (1.26)
* Institutional net buy/(sale) in bln rupees, May 6: FIIs (3.51), MF 3.93
* FII NSE futures net buy/(sale) in bln rupee, May 9: index 5.39, shr 2.53
* Sensex 18528.96, up 10.15 points; Nifty 5551.10, down 0.35 points.
* Crude: $102.5/bbl; Rupee: 44.72/$1; Gold: $1,503.2/ounce; 10-yr yld: 8.2624%
.
.
OUTLOOK
* Domestic share indices are likely to open weak today as a rebound in crude oil
prices may weigh on sentiment. A downgrade of Greece's credit rating by
Standard & Poor's may also keep buying momentum low.
.
.
GLOBAL STOCK MARKETS
* US: Indices ended up Tuesday led by commodity shares, which gained after oil and metal prices recovered.
* Asia: Indices were mixed today with a rebound in commodity prices lifting commodity shares, but Japan's Nikkei slipped as sentiment was hurt after
Standard & Poor's downgraded Greece's credit rating by two notches.
.
.
SECTOR NEWS
* AUTOMOBILE: SIAM data shows local car sales rose 18.2% on year in April to 162,825 units, the slowest pace since June 2009.
Government-appointed Kirit Parikh panel suggest having an upfront tax on diesel vehicles to compensate for differential fuel pricing. (ToI)
.
* CORPORATE: Anand Piramal, son of Piramal Group Chairman Ajay Piramal is set to join one of the group's real estate focused verticals. (HT)
.
* ECONOMY: India's growth rate is seen at around 8.00% in 2011-12 (Apr-Mar), according to International Monetary Fund Director Anoop Singh.
.
* FINANCIAL SERVICES: Supreme Court has asked Sahara India Real Estate Corp to provide a list of accredited agents selling optionally fully convertible
debentures on its behalf.
.
* MUTUAL FUNDS: Dutch financial services group Aegon looking to surrender its licence to operate its Indian mutual fund. (ET)
.
* OIL: India's crude oil basket slips to a 11-week low of $105.45 a barrel just two days before an Empowered Group of Ministers' meet to consider raising diesel
prices. (BS)
Essar Steel has moved court against the oil ministry's order asking RELIANCE INDUSTRIES to first fully meet the demand from fertiliser, power and cooking gas extraction plants before supplying to other industries such as steel, petrochemicals and refineries. (ToI)
.
* PUBLIC SECTOR: Government may sell more stake in STEEL AUTHORITY OF INDIA next month, and in OIL AND NATURAL GAS CORP early July.
.
* REGULATORY: SEBI may restart probe into the role of NSDL in the demat scam in the initial public offering of prominent companies in 2006.
.
* RETAIL: Finance Minister Pranab Mukherjee says foreign direct investment in the sector will have to wait, as the government has not yet taken any decision
to open up the multi-brand retail sector. (HT)
.
* TELECOM: Income-Tax department slaps 79-bln-rupees penalty on Vodafone International Holdings BV. (DNA)
.
* TRANSPORTATION: Essar Projects, an Essar Group company, will invest 50 bln rupees in road projects next year. (FC)
..
STOCKS
* ADANI POWER: Expects generation capacity to rise over three-fold to 6,000 MW by Mar 31.
.
* ALLAHABAD BANK: Plans to raise $500 mln overseas to fund its Hong Kong business. (ET)
.
* AUROBINDO PHARMA: Got 2.5 bln rupees in FY11 under the Pfizer sales pact for supply of generic drugs.
Is mulling restructuring its bulk drugs and formulations operations.
.
* CORPORATION BANK: To increase its BPLR by 25 bps and Base Rate by 50 bps from May 17.
.
* HCL TECHNOLOGIES: Has inked a pact with UAE's Etisalat to offer information, communication and technology services to the latter's customers.
.
* HINDALCO INDUSTRIES: Jan-Mar net profit up 6.7% on year at 7.1 bln rupees while net sales rose 26% to 67.6 bln rupees.
.
* JAYSHREE TEA: In talks with overseas fund houses and also with International Finance Corp to raise up to 1 bln rupees to finance tea garden buyout in Africa.
(DNA)
.
* JB CHEMICALS & PHARMACEUTICALS: DR. REDDY's LABORATORIES in race to acquire the company's over-the-counter drug Doktor Mom. Deal could be in the range of $250 mln-$300 mln. (BS)
.
* JSW ENERGY: Has commissioned unit III of the 1,200 MW Maharashtra project.
.
* KOTAK MAHINDRA BANK: Raises deposit rates by 50 bps; BPLR and Base Rate also raised by 50 bps each.
.
* LIC HOUSING FINANCE: Expects growth to slowdown to around 30% in the current financial year as high borrowing costs curb demand. (DNA)
.
* LLOYDS STEEL: Looking to sell stake in its steel business; deal most likely to be done with promoters of UTTAM GALVA STEELS. (DNA)
.
* MAFATLAL INDUSTRIES: Will hand over some Mumbai land for expansion of the zoo; will get saleable transfer development rights for the Mumbai zoo land transfer.
.
* MAHINDRA & MAHINDRA FINANCIAL: Plans to enter South Korea, South Africa, and China where automobile major MAHINDRA & MAHINDRA has a strong presence. (BS)
.
* MONOTYPE INDIA: Open offer for 20% stake in the company at 6 rupees a share will start Jun 24, end Jul 13.
.
* MUNDRA PORT AND SPECIAL ECONOMIC ZONE: Plans to spend around 25 bln rupees over next three to four years, mostly to expand its port handling operations
.
* ORACLE FINANCIAL SERVICES: Oracle Corp in preliminary discussions with potential bidders and investors to sell its software services unit. (ET)
.
* RELIANCE INDUSTRIES: Cuts gas supply to non-core sectors such as steel companies and refineries. (PTI)
Has stopped supplying gas from its KG-D6 block to non-priority sectors like steel, oil refinery and petrochemicals as directed by the government.
Has cut its headcount for the third year in a row; is mulling accountability-linked pay to its staff. (PTI)
.
* SARK SYSTEMS INDIA: Has bagged a 590-mln-rupee order to set up a data centre for nine districts of Andhra Pradesh.
.
* SRF: Jan-Mar net profit 1.36 bln rupees as against 1.11 bln rupees year ago.
.
* TATA MOTORS: Arm Jaguar Land Rover plans to raise 1 bln pound sterling by issuing dollar-denominated senior notes.
.
* VARUN INDUSTRIES: Looking to invest 21 bln rupees to set up a pig iron plant in Karnataka. (DNA)
.
* ZUARI INDUSTRIES: FY11 consolidated net profit 2.47 bln rupees as against 2.54 bln rupees in the previous year.