-
Market News & Trends
HOT FROM THE PRESS
* ECONOMY : 3Q CY09 GDP data to be released @ 11am.. consensus est @ +6.3% v/s
6.1% in 2Q CY09 and 7.7% in 3Q CY08
* BANKS : RBI has asked banks to furnish details of their direct & indirect
exposure to Dubai World.. seeks info on extent of defaults, if any, that the
banks have seen in their Dubai & UAE portfolios
* STEEL : Govt plans to to launch ultra mega steel projects to accelerate
creation of large steel capacity in the country to meet the growing demand
* AUTO : rpts carmakers are gearing up for a two-phase price hike due to
increasing input costs & need to adhere to stricter emission norms
* PHARMA : India's drug retail market grew by 29% yoy in value terms in Oct..
its more than double the avg monthly revenue growth rate of 13-14% recently
* ONGC : finds traces of a new oil reserve in Gujarat (~ 20k barrels of oil per
day) which cud increase the cos total onshore oil production by about 20%
* GAMMON INDIA : plans to make a yearly invt of Rs50bn for roads development
projects and looking to bid for 10 projects by fiscal end
* LUPIN : US FDA starts inspection of cos plant in Indore... once approved co
can start selling oral contraceptive drug produced in that facility to the US
* L&T : forming a JV with state-owned Nuclear Power Corp of India to explore
co-operation in manufacturing & setting up nuclear power plants in India
* GMR INFRA : Delhi Intnl Airport may rise Rs 13bn from sale of 45 acres which
is 42% higher than estimated in Jan09
* WOCKHARDT : reaches out of court settlement with DBS over repayment of Rs
440mn @ 19% discout for loan taken in 2007
* TATA MOTORS : Co rejects £10mn loan fm UK govt saying it can get better terms
elsewhere.. CFO says fully repaid JLR bridge loan, expects more cost cutting
measures in coming qtrs.. Co to look at fund raising options to cut debt
* TATA TEA : CFO says Co may seek overseas acquistions for expansion
Corporate News – Industry trends
* Aditya Birla Retail, the country’s second biggest supermarket
operator, is considering an initial public offer (IPO) and will time it as
soon as the company starts earning profits (BS)
* Tata Group, which owns British car maker JLR, has rejected a £10 mn
loan offered by the UK government to develop electric cars at the
group’s European Technical Centre, according to a report in the Times
today (BS)
* The Oil and Natural Gas Corporation has found traces of a new oil
reserve in Gujarat which could increase the company’s total onshore oil
production by about 20%; The new hydrocarbon structure located at
North Kadi in the Mehsana area is likely to produce at least 1 mmtpa of
oil (about 20,000 barrels of oil per day). This is a little less than half
the oil production from Mehsana, the company’s largest onshore field
with a production of 2.2 mmtpa (BS)
* Infrastructure player Gammon India plans to make a yearly
investment of up to Rs 50bn for roads development projects and is
looking to bid for 10 projects by fiscal end. “As of now we plan to
invest Rs 10-50bn every year on highways ... We would bid for about
10 projects by March 2010 (BS)
* Tokyo-based Japan Steel Works is focusing on emerging economies
like India to expand its overseas operations against the backdrop of
weakening performance in major markets like the US (BS)
* Debt-ridden pharmaceutical company Wockhardt and DBS Bank
have agreed to an out-of-court settlement of a dispute over loans the
drug manufacturer had taken from the Singapore-based lender (BS)
* Carmakers are gearing up for a two phase price hike after
almost a year, thanks to increasing input costs and the need to
switch to stricter emission norms from April; prices of popular vehicles
such as Mahindra Scorpio, Maruti Swift and Honda Civic may go up by
Rs 10,000-20,000 within a month or so as the raw material prices have
gone up by 10-15% and also the Japanese carmakers are concerned
by the rise in yen valuation (ET)
* Larsen and Toubro and state-run Nuclear Power Corporation will
announce on Monday formation of an Rs 20bn joint venture for making
forgings, a crucial component in construction of nuclear reactors, for
new plants (ET)
* INDIA’S drug retail market grew by a whopping 29.24% in
value terms in October this year over the year-ago period, more
than double the average monthly revenue growth rate of 13-14% in
the recent past, according to market research firm ORG IMS (BS)
* With the RIL operated KG-basin D6 block gas flowing in, the gasbased
power generation across the country has registered a healthy
turnaround; in October, a total of 15 gas-based stations recorded a
plant load factor of over 80% due to improved fuel availability, as
against around just 50% last year (BL)
* After the euphoria, “affordable” realty developers are faced with
the reality of excesses; consider this: In May this year, property
developer Jaypee Greens put the sold-out sign within hours of
launching its affordable project Aman on the Greater Noida
expressway. The 3,000-odd apartments were priced at Rs 2,100 per
square feet. Another Jaypee Group company, which was offering flats
along the same expressway for Rs 4,500-6,000 a sq ft, was finding the
going tough (BS)
* With just a day left for the Government-imposed ban on illegal
handsets to come into effect, the mobile operators have sought a
two-month extension of the deadline. The operators who have set up
1,600 outlets for implanting the IMEI number on handsets through an
standardised software are nowhere near reaching out to the 20 mn
consumers suspected of owning a handset without the number (BL)
* MTNL, which operates in Mumbai and Delhi, has 12.4 MHz spectrum,
the highest amount given to any operator so far (Mint)
* Jay Shree Tea & Industries, a B K Birla group company, is close to
announcing its first overseas acquisition, in Uganda; "We are in an
advanced stage of negotiations for acquisition in Uganda and we hope
to finalise it in a months time," (BS)
International trends
* The United Arab Emirates’ central bank said it “stands behind” the
country’s local and foreign banks, which face losses from Dubai World’s
possible default, and offered them access to more money under a new
facility (BS)
-
Indian stock market closed on a positive note today and bank nifty was up by 154 points. Stock market traders should try to trade along market trend as it will help them to sustain in market on long term basis and earn well.