Tuesday, Jun 21:

stocks To Watch: HCL Tech, L&T, Jyothy Lab, SBI, Oracle Financial

Morning brief for the stock market:

BIG PICTURE

* Cyprus tax practitioners weigh options as India-Mauritius tax treaty faces heat (ET)

* Greece asked to OK strict austerity measures for further 12 bln euro loans (var)

TOP EVENTS TODAY

* Annual General Meet of: De Nora India, Goodyear India, Magma Fincorp

* Board Meetings of:

+ Surana Ind to mull funding options for co's expansion projects

+ Great Offshore to consider dividend

INDICATORS (previous session)

* NSE provisional net buy/(sale) in bln rupees, Jun 20: FII (5.13), DII 8.63

* Institutional net buy/(sale) in bln rupees, Jun 17: FIIs (3.63), MF 0.28

* FII NSE futures net buy/(sale) in bln rupee, Jun 20: index 7.89, shr 1.39

* Sensex 17506.63, down 363.90 points; Nifty 5257.90, down 108.50 points

* Crude: $93.26/bbl; Rupee: 45.00/$1; Gold: $1,540/ounce; 10-yr yld: 8.1926%

OUTLOOK

GLOBAL STOCK MARKETS

* US: Bargain buying amid easing concerns over the Greek debt crisis helped US share indices end on a positive note on Monday.

* ASIA: Asian markets were up as worries over Greece's debt crisis eased after Eurozone Chairman Jean-Clause Juncker assured private investors will be part of any second rescue package for Greece, though he was unsure if they would be "enthusiastic".

SECTOR NEWS

* BANKING: All India Bank Employees Association has called a nationwide strikeon Jul 7 to protest the government's banking sector reforms. RBI is likely to allow domestic banks to participate in the proposed infrastructure debt funds through their mutual fund arms. (FE)

* CONGLOEMRATES: Tata Sons raises 2 bln rupees via 3-year bonds.

* ECONOMY: Government of India confirms May consumer price index for farm workers inflation at 9.63% as against 9.11% in April.

* INSURANCE: United India Insurance Co not in favour of allowing banks to sell policies of multiple insurers.

* LEGISLATION: Govt claims broad consensus on Lokpal bill, to meet Anna team again today.

* METALS: Global aluminium production 2.17 mln tn in May, up 110,000 tn from the same period last year, and 60,000 tn higher compared with April.

* OIL & GAS: Oil Minister S. Jaipal Reddy seeks 8 weeks to respond to the Comptroller and Auditor General of India's draft report that alleges his ministry bent rules to favour some private companies.

Government is open to revisit its profit sharing formula for awarding hydrocarbon blocks. (var)

* PRIVATE EQUITY: HSBC Principal Investments, a private equity arm of HSBC Group, has bought minority stake in city-based Avitel Post Studioz Ltd, for $60 mln.

* RETAIL: Government is likely to permit foreign direct investment in multi-brand retail only in the six metro cities. (BS)

* TEA: Major companies have raised tea prices by 5-7 rupees a kg to offset rising input costs. (FE)

* TELECOM: Revenue market share of BHARTI AIRTEL, RELIANCE COMMUNICATIONS and Bharat Sanchar Nigam have declined over 1% in 2010-11 (Apr-Mar). (ET)

A department of telecommunications panel has accepted most of TRAI's recommendations on mergers and acquisitions rules. (BS)

STOCKS

* AXIS BANK: In pact with Life Insurance Corp of India to launch LIC credit cards.

* BIRLA CORP: Company law board has rapped the company for entering capital markets business without clear approval from shareholders. (FE

* BOMBAY DYEING AND MANUFACTURING CO: Plans a turnaround strategy by reducing dependence on real estate and cut debt by half in 2-3 years. (Mint)

* DS KULKARNI DEVELOPERS: Maharashtra government notifies company's Pune project.

* EDUCOMP SOLUTIONS: Has sought shareholders' approval to raise up to $250 mln and restructure $78.50 mln foreign currency convertible bonds.

* EMAMI: Is considering entry into packaged foods and premium toiletries. (DNA)

* GAIL INDIA: The company and Uttarakhand Jal Vidyut Nigam plan to set up two 350-500 MW gas-based power plants in the state.

* GAYATRI PROJECTS: Is planning to sell stake in a 22-bln-rupee highway project in Andhra Pradesh to Megha Engineering. (DNA)

* GODREJ CONSUMER PRODUCTS: Expects to add revenue of over 15 bln rupees in 3-5 years as it leverages synergies from integration of Godrej-Sara Lee. (Mint)

* HINDUSTAN ZINC: Cuts zinc price by 2,300 rupees per tn to 115,600 rupees; cuts lead price by 1,100 rupees per tn to 129,700 rupees.

* HCL TECHNOLOGIES: Signs a five-year contract with Xerox Corp to provide product engineering services.

* INDIABULLS REAL ESTATE: Has been served notice to stop work on its commercial and residential project at Elphinstone Mills in Lower Parel Maharashtra Pollution Control Board. (HT)

* INDIAN OIL CORP: Has held back advance tax payment for Apr-Jun on delay in fuel price revision and uncertainty on subsidy sharing. (BS)

* JYOTHY LABORATORIES: Private equity Apax Partners is close to a deal to buy stake in the company. Broad agreement on price of 330 rupees per share. (ToI)

* LARSEN & TOUBRO: Private equity Capital International is leading a race to buy below 5% stake in arm L&T Finance for around 4 bln rupees. (ToI)

* MAHINDRA & MAHINDRA: Is planning to set up a new plant, probably in Punjab, to make farm equipments. (HBL)

* NAGARJUNA FERTILISERS AND CHEMICALS: Promoters will up their stake by 13% through circuitous route for 300 mln rupees instead of current valuation of 1.75 bln rupees. (ET)

* NTPC: Trading arm has been given the mandate to carry out cross border electricity trade between India and Bangladesh. (HBL)

* NIIT TECHNOLOGIES: To host data centre for Delhi airport cargo complex.

* ODYSSEY CORP: Has entered into film distribution business by acquiring the exclusive theatrical rights of three films.

* OIL AND NATURAL GAS CORP: Plans to invest $7.7 bln to develop its gas fields in KG basin, is scouting for a partner. (ET)

Government has appointed three independent directors on the company's board clearing way for its FPO. (PTI)

*ORACLE FINANCIAL SERVICES SOFTWARE: Cognizant Technology and Capegemini are among bidders in talk to buy financial services business unit of the company. (ET)

* POWER FINANCE CORP: To pay 1.50 rupees per share final dividend.

* SAKSOFT: Has signed a 50:50 joint venture with SOFGEN India called Sofgen Testing Services to offer software testing services in the T-24 core banking space.

* SIEMENS: Mobility unit gets 1.65-bln-rupee order from Delhi Cargo Service Center to set up cargo handling equipment at Delhi airport.

* STANDARD INDUSTRIES: Peninsula Mega City will develop a 62.25 acre land of the company in Navi Mumbai and pay 1.13 bln rupees over five years.

* STATE BANK OF INDIA: 200-bln-rupee rights issue is likely in Oct-Dec.

Head says bank officials will study liquidity before acting on rates.

Looking to increase its focus on improving asset quality, will have one deputy-managing director focussing on non-performing asset management.