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The Ashok Leyland – Nissan LCV project crossed a significant milestone today with the signing of a Memorandum of Understanding with the Government of Tamil Nadu for acquiring 380 acres to locate the facilities of the joint venture companies at Pillaipakkam, 40 kms off Chennai. The integrated plant will be utilised to set up the vehicle and powertrain manufacturing facilities and a technology development unit for the three companies of the joint venture that was formed in May 2008.

Ajay Bagga, CEO, Lotus India AMC, said the underlying economics or fundamentals are still quite rocky. “I don’t expect this rally to last too long. It is a relief rally globally, and could take us higher. The fundamentals need to be worked out and that will take time. The credit and liquidity contraction that is happening can’t be whished away and that will take time to go away.”

Hotel Leela Venture rose 2.37% to Rs 34.55 at 10:18 IST on BSE on reports the firm plans adding seven new luxury hotels in the next three to five years.

We have started this week with a positive sentiment as India gets nuclear waiver from the Nuclear Supplier Group. On Friday, Nifty closed at 4352 and there is a strong support at 4267 on the daily charts.

Motilal Oswal has maintained its buy rating on Tata Steel in its August 29, 2008 research report. “The stock trades at P/E of 4.4x FY09E and EV/EBITDA of 3.6x FY09E. If we factor the tax rate of 20% as per management’s guidance (v/s our assumption of 32%), the EPS will be upgraded to Rs 160; thereby the stock would trade at P/E of 3.6x FY09E. We will revise our estimates shortly. Maintain Buy,” says Motilal Oswal’s research report.

BSE Sensex: (14945) we said ‘but the bar generated is a small ‘star’ capable of giving a bullish gap up move…will it’, well the market obliged giving a bullish gap Up move and the market has closed positive for the day…we may now see some consolidation and what the market really needs now is a move above 15580 for a trend to emerge…

Yes Bank has allotted 2,47,480 equity shares of face value of Rs 10 each under JSOP- I and JESOP II.

Religare Research has recommended a buy rating on Hindustan Construction Company with a target price of Rs 157 in its September 8, 2008 research report. “At the CMP of Rs 97, the stock trades at a P/E of 26.3x FY09E diluted earnings. We have valued the core business at Rs 54 per share (10x FY10E earnings) and Lavasa at Rs 87 per share (a 30% discount to its NAV). Lavasa is the key trigger for the stock,” says Religare’s research report.

Nirmal Bang is bullish on UB Engineering and ahs recommended buy rating on the stock with a target of Rs 230, in its September 05, 2009 report. “We expect UB Engineering’s (UBE’s) Revenue and PAT to grow at 55.7% and 59.3% CAGR respectively during FY 08-10. At the projected EPS of Rs 13.3 & 19.0 for FY09 & FY10 the stock is trading at Price Earning Multiple of 8.3x & 5.8x respectively. We are positive on the growth prospects of the company and recommend to BUY the stock with a price target of Rs 230 to be achieved over a period of 15-18 months implying an upside potential of 100%,” says Nirmal Bang research report.

We are looking at green in steel after a very long time. The prices declined 2.5% in the last week and in the last one month they have declined by 16%. Steel has been a major contributor for inflation and the companies have not raised their prices. Government has been keeping a keen eye on steel prices and that is thus the decline in the recent days.

The spillover effect of the US government bailing out Fannie Mae and Freddie Mac and NSG nod to the US-India nuclear deal helped Indian stock markets to post handsome gains Monday.

Though the political unrest over the Nano project appears to be headed for resolution with Trinamool Congress leader Mamata Banerjee suspending her agitation, the stock market remains sceptical over Tata Motors’ near term prospect.