Stock Market News & Trends
Published on Saturday, September 5th, 2009 at 1:37 PMAuthor: insight95in (92 Articles)
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Stock News
* MARKETS : media rpts quoting a zonal manager that LIC to invest Rs 1trn in Indian Equity markets in FY10 vs Rs350bn in FY09.. already invested Rs400bn so far in this fiscal.. Altho SEBI does not release Insurance nos separately, the figure of Rs400bn for current fiscal seems far fetched
* RELIANCE IND : auditors in an earnings review report filing to the exchanges said Cos tax provision may rise by Rs 2.63bn for the qtr ended 30th June
* L&T : FIPB defers approval for Cos JV with EADS for mfg of defence equipement
* JSW STEEL : riases pxs on flat products by 2.5-4% used to make automobiles
* AMTEK AUTO : plans to raise $175mn via share, GDR and bond sale
* UNITECH : Telenor seeks to raise stake in co’s wireless unit to 74% with an investment of Rs 37.4bn
* AUSTRAL COKE : defers plasn to rais e$200mn via QIP, bonus issue
* SAIL : August sales +20% @ 1.1mn tonnes
* CAIRN : media rpts co agrees to pay $9/barrel levy on crude oil produced from its Rajasthan fields.. our analyst thinks shud impact fair value by Rs 22/ share, -ve for stock.
Corporate News – Industry trends
* Finding immense potential in government projects, leading IT Company TCS is aiming 10% of its total revenue from these projects in the next three years, besides adding 25,000 employees this year (BS)
* The consumption of aviation turbine fuel turned positive in July on account of an increase in international flights. This comes after nine consecutive months of decline (BS)
* State-run MTNL’s efforts to revive its floundering 3G business with an international partner’s help received a muted response, with only Richard Branson’s Virgin Group and BK-Modi run Spice Group bidding for it (ET)
* Steel Authority of India Ltd said its domestic sales in August rose 20% from a year earlier to 1.1 mn tonnes, on the back of a 30% jump in sales of special steels (ET)
* Italian carmaker Fiat will source more than US$1 bn worth components for its global businesses in 2010 from India (BL)
* MRF Ltd intends to invest about Rs 4000 mn in expansion of its facilities at Medak, Andhra Pradesh, highly placed sources in the company told Business Line (BL)
* Having posted an 8% growth in July after almost a year, truck sales (including multi-axle trailers) increased by 13% to 17,549 units in August compared to the same period last year, according to the Indian Foundation of Transport Research and Training (IFTRT) (BL)
* SBI launched a slew of measures for farm loan borrowers, including interest rate reductions and irrigation and crop loans, to support drought hit farmers (Mint)
* Ranbaxy has announced an agreement with Validus Pharmaceuticals LLC to market and distribute generic version of calcium drug Rocaltrol in the US. Overall market sales for calcitriol softgel capsules and oral liquid were $70 mn as on June. (BL)
Economic/Regulatory development
* Sugar prices, already at record highs, are set to rise further. The food ministry has decided to raise the levy price at which it buys sugar from mills to supply the public distribution system by 50% in Maharashtra and 63% in UP for the new sugar season starting next month. The two states account for 55% of India’s sugar output. Prices have also been revised for other sugar purchasing states (BS)
* Headline inflation, as measured by the wholesale price index, rose to -0.21% for the week ended August 22, primarily due to the rise in prices (BS)
* Direct tax collections. Including personal and corporate tax revenue, rose 4.1% in the first five months of the current fiscal year from a year earlier (Mint)
* The government has cleared eight FDI proposals which are likely to bring in Rs1310 mn into the country (Mint)
* Gross premium underwritten by general insurance companies in the country rose 13.9% in July to Rs28.5 bn YoY, thr IRDA said (Mint)
* The Government on Thursday said the implementation of Mobile Number Portability has been extended till December 31. It was earlier announced that the system will be in place by the end of this month. (BL)
* SEBI is turning a stricter eye on company promoters who have been issued preferential warrants, saying that they will have to forfeit the upfront payment made on unexercised warrants. (BL)
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