Stocks To Watch: HCC, Idea Cellular, Reliance Ind, Maruti Suzuki
Monday, Jun 13 - Morning brief for the stock market:
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TOP EVENTS TODAY
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* Jan-Mar earnings to be detailed by: Idea Cellular, and Tourism Finance Corp
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* Annual General Meet of: Le Waterina Resorts & Hotels.
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* Board Meetings of:
+ Indo Asian Fusegear, to consider conversion of warrants in to shares.
+ Oricon Enterprises, to consider allotment of 2.18 mln shares to Clearwater Capital.
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INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, Jun 10: FII (1.70), DII 3.37
* Institutional net buy/(sale) in bln rupees, Jun 9: FIIs 1.46, MF 0.45
* FII NSE futures net buy/(sale) in bln rupee, Jun 10: index (3.75), shr 0.57
* Sensex 18268.54, down 116.36 points; Nifty 5485.80, down 35.25 points
* Crude: $99.12/bbl; Rupee: 44.77/$1; Gold: $1530.50/ounce; 10-yr yld: 8.2465%
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OUTLOOK
* Local equities are likely to open down today, tracking weak cues from overseas markets, as persistent concerns over slowing domestic and global economic growth may lead investors to sell shares.
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GLOBAL STOCK MARKETS
* US: Stocks on the Wall Street ended down for the six consecutive session on Friday, leading the Dow Jones Industrial Average to witness its biggest fall since 2002, on concerns over a slowdown in global economic growth.
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* ASIA: Most Asian markets fell in early session today, mirroring peers on the Wall Street, as concerns over a slowdown in recovery in the global economy led investors to reduce their exposure to riskier assets.
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WEEKLY SECTOR OUTLOOK
* AUTOMOBILE: To track broad market; RBI monetary policy eyed.
* BANKS: Rangebound ahead of RBI policy, WPI.
* CAPITAL GOODS: Seen muted; may trade in range.
* CEMENT: Seen down as monsoon dampens sentiment.
* FMCG: Rangebound tracking broader market.
* INFORMATION TECHNOLOGY: Seen range bound; Infosys in focus.
* OIL & GAS: Subdued action seen in PSU cos; oil price eyed.
* PHARMACEUTICAL: In range along with broad market.
* STEEL: Rangebound with negative bias.
* TELECOM: Seen down as selling pressure mounts.
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IPO WATCH
* Rating agency Credit Analysis & Research plans to raise over 5 bln rupees through an initial public offer by divesting about 25% stake. (ET)
SECTOR NEWS
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* ACCOUNTING: The corporate affairs ministry has proposed that all public companies and their arms convert share certificates and bonds into an electronic (Demat) form. (BS)
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* AUTOMOBILE: Ford to triple hybrid vehicle production by 2013. (AFP)
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* AVIATION: Government has released 2.5 bln rupees for Air India out of the 12 bln rupees it owes to the state-owned carrier for important operations. (ET SAT)
Low-cost carrier IndiGo has tied up with CAE Global Academy to meet its pilot requirement. (BS)
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* ECONOMY: Chief Economic Adviser Kaushik Basu says May WPI inflation to be around 8.6%. (
Finance ministry extends the Duty Entitlement Passbook Scheme till September, and asks exporters to be ready to move to duty drawback scheme. (ET, Sat)
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* ENERGY: Prime Minister Singh has assured support to Rajasthan government for setting up a refinery at Cairn-operated Barmer oilfield. (ET)
Essar Group is seeking to acquire coal and iron ore assets in Indonesia, Australia and Africa to meet domestic Indian needs. (ET)
The operator of Dhamra port in Orissa plans to build India's first liquefied natural gas terminal on the east coast at an estimated cost of 30-35 bln rupees. (Mint)
Petroleum Minister Jaipal Reddy Friday discussed the deteriorating financial state of oil companies with Finance Minister Pranab Mukherjee. (HT,Sat)
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* FUNDING: Dubai has set up a $5-bln bond programme to help bridge its budget deficit and fund investments. (ET)
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* HEALTHCARE: Vaatsalya Healthcare has raised $10 mln from Singapore-based Aquarius India Fund and existing investor Seedfund. (ET)
Philips Electronics India is set to come up with the country's first virtual intensive care unit soon. (BS)
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* INDUSTRY: Around 20% of small and medium enterprises have closed down in Andhra Pradesh due to lack of funds. (BL, SAT)
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* INFRASTRUCTURE: Dedicated Freight Corridor Corp of India has decided that 1,490 KM western part of the rail freight corridor project will be executed by a joint venture between Indian and Japanese infrastructure developers selected through bidding. (ET)
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* INVESTMENT: Reliance Anil Dhirubhai Ambani Group Chairman Anil Ambani is upbeat about the new political stirrings in West Bengal and has left the possibility of investing in the state open. (ET)
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* INFORMATION TECHNOLOGY: Majors like TATA CONSULTANCY SERVICES, and HCL INFOSYSTEMS are in the race for Himachal data centre project. (BL, Sat) Workers at the Hinjewadi IT park in Pune demonstrate asking for infrastructure, traffic management and steady power supply. (ET, Sat)
US-based CA Technologies plans to hire 800 employees for its Indian operations. (BL, Sat)
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* LOGISTICS: Goa-based Chowgule's Jaigad port in Maharashtra to be operational by March 2012. (BL, Sat)
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* METALS: Environment Minister Ramesh has appealed to the Odisha government to ensure that land for POSCO's steel plant is acquired through peaceful means. (ET)
Vedanta Aluminium will invest about 100 bln rupees to complete its aluminium smelter and power plants at Jharsuguda in Odisha. (ET)
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* MUTUAL FUNDS: T Rowe Price, the single largest shareholder in UTI Asset Management Company, has for the second time complaint about the government's alleged attempt to influence the selection of a new chief executive officer. (ET)
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* OIL & GAS: The OPEC has pegged global crude oil demand in 2011 at 88.1 mln barrels per day, up 1.4 mln bbl from a year ago and higher than May estimate of 88.08 mln bbl.
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* POWER: Majors like GAIL (INDIA), PETRONET LNG and Royal Dutch Shell said power companies have stopped buying spot liquid natural gas from them due to hike in prices. (BS, Sat)
Gujarat Chief Minister Modi says the state is committed to establishing 100 MW of solar power in next six months. (BL, Sat)
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* REALTY: The Maharashtra Housing and Area Development Authority has started a crackdown on renting out low-cost flats or keeping them empty to sell at a suitable time. (HT, Sat)
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* REGULATORY: Government relaxes rules on appointment of investment bankers in public sector units. (BS, Sat)
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* RETAIL: Future Group is going full throttle on investments in back-end and supply chain infrastructure. (DNA, Sat)
Future group's logistic arm Future Supply Chain plans to raise 10 bln rupees through initial public offering or private placement in 15 months. (ET, Sat)
Kochi-based textile and jewellery retailer, Joyalukkas India, to invest 4.25 bln rupees to open 14 retail outlets in India over two years. (ET SAT)
Dream Theatre has signed a deal for global sports entertainment company WWE International to launch its merchandise in India. (BL, Sat)
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* TAX: Indirect tax receipts have seen a sharp rise in Apr-May, allaying concerns that Reserve Bank of India's tight monetary policy is crimping demand. (ET)
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* TELECOM: The DMK has decided not to pull out of the UPA II government, but fight the 2G spectrum licences case in the court of law.
State-owned Bharat Sanchar Nigam Ltd to revive its moribund mobile service business in Assam and Northeast. (ET, Sat)
Tower company Viom Networks has indefinitely deferred its 60-bln-rupee initial public offering following controversies in the telecom sector. (ET, Sat)
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STOCKS
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* ACC: Has saved around 470 mln rupees in 2010 through increased use of alternative fuel and raw materials. (BL, Sat)
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* AMIT SPINNING: Declares lockout at Kolhapur unit on labour unrest.
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* APOLLO TYRES: Plans to grow three times to $6 bln in next five years (BL, Sat)
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* ATLANTA: Plans to build 95-bln-rupee entertainment city on 3,200 acres near Surat in a public-private-partnership mode. (BL, Sat)
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* BHARAT HEAVY ELECTRICALS: Is looking to invest 90 bln rupees in a joint venture by picking up stake in state power projects. (PTI)
Plans to supply equipment to the 400 MW Khesran hydropower project in Iran. (Mint)
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* CANTABIL: Has started shutting down non-profitable outlets, slower expansion and doing away with offering 80% flat discount throughout the year. (ET)
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* COAL INDIA: Company's plan to get 15% in US-based Peabody Energy's Australian dollar mining project may get delayed due to delay in government's response. (ET)
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* DB REALTY: Has set a 21% higher sales target of around 4.5 mln sq ft for 2011-12 (Apr-Mar), as against the 3.7 mln sq ft sold in 2010-11. (DNA, Sat)
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* EROS INTERNATIONAL: Has reported first week gross worldwide collection of film 'Ready' at 1.13 bln rupees.
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* FORTIS MALAR HOSPITALS: Plans to hive off its hospital infrastructure into a separate entity or to Fortis Healthcare group's existing subsidiaries. (BL, Sat)
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* HCL INFOSYSTEMS: Plans to sell its digital entertainment business to wholly owned arm HCL Security Ltd and acquire the latter's security operations.
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* HINDUSTAN CONSTRUCTION CO: The environment ministry has written to Maharashtra government asking it to act against Lavasa Corp Ltd's project near Pune.
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* HINDUSTAN PETROLEUM CORP: Will seek petroleum products from RELIANCE INDUSTRIES, ESSAR OIL and MANGALORE REFINERY as it shuts half of its Mumbai capacity for upgradation. (BS)
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* HOUSING DEVELOPMENT FINANCE CORP: Will seek shareholders' approval next month for an increase in borrowing limit. (BS)
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* INDRAPRASTHA GAS: Has served a legal notice to the petroleum sector regulator for granting city gas distribution licences in absence of key members on its board. (ET)
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* INFOSYS TECHNOLOGIES: Has appointed four new directors on its board. (Var)
Senior Vice President and Head (Innovations) Subhash Dhar has put in papers. (BS, Sat)
Outgoing chairman Murthy says Infosys ready for new challenges.
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* JSL STAINLESS: Citigroup Global Market Mauritius Pvt Ltd has increased stake in the company to 5.07% from 4.94% earlier through secondary market purchases.
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* JYOTI STRUCTURES: African arm gets two contracts with combined value of 2.25 bln rupees from South African power utility, Eskom.
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* LUPIN: Will invest around $100 mln as capital expenditure in the current financial year to March to expand its manufacturing capacity. (HT, Sat)
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* KINGFISHER AIRLINES: Is looking at alternative funding routes such as private equity, leasing more planes and consolidating its offices into a single centre at Mumbai airport to reduce rent. (Mint)
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* MARUTI SUZUKI: The company's management has accepted the demand of the striking workers at its Manesar plant to form a separate union, but said the union cannot be affiliated to any political party or have outsiders as members. (BS)
Over 50,000 workers at the Manesar-Gurgaon industrial belt, India's largest auto hub, will observe a two-hour tool-down strike on Tuesday in support of the carmaker's employees. (ET)
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* MAX INDIA: Will add nearly 700 beds this calendar year. (BS)
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* NCC: Is targeting to ready its Indonesian coal asset for production by the time its power project in Andhra Pradesh gets commissioned in 2014. (DNA, Sat)
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* OM METALS: Associate company Bhilwara Jaipur Toll Road Private Ltd ties up 2.06 bln rupee loans from Punjab National Bank and ICICI Bank.
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* RAINBOW PAPERS: Plans to spend 7 bln rupees to increase its capacity to 400,000 tn in two years from current 183,000 tn. (BL, Sat)
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* RELIANCE COMMUNICATIONS: SREI INFRASTRUCTURE FINANCE-backed Viom Networks has shown interest to acquire company's tower business. (BS, Sat)
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* RELIANCE INDUSTRIES: Company along with RELIANCE INDUSTRIAL INFRASTRUCTURE announced buyout of Bharti Enterprises' 74% stake in its joint ventures Bharti AXA Life Insurance Co Ltd and Bharti AXA General Insurance Co Ltd.
Directorate General of Hydrocarbons has refused to accredit three natural gas discoveries made by the company at its KG-D6 block. (PTI)
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* SHREE GANESH JEWELLERY: Expects to boost margins on bullion trade expansion and commencement of 100 tn per annum gold refinery in West Bengal by Sep. (BL, Sat)
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* STATE BANK OF INDIA: Has exceeded prudential limits while lending to RELIANCE INDUSTRIES and INDIAN OIL CORP for third straight year in FY11. (Var, Sat)
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* SOUTHERN ISPAT: Approves 88.4 mln shares as underlying for 2.95 mln global depository receipts.
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* SUZLON ENERGY: Founder Chairman And Managing Director Tulsi Tanti has said the company is looking to buy next-generation wind turbine companies.
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* WIPRO: Wipro Infotech to hire over 7,500 people for India, West Asia and Africa operations. (BL, Sat)
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* ZEE ENTERTAINMENT: To launch 24 hours golf channel--'Ten Golf' in August. (FE, Sat)
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