10 May 2010 Intraday Calls

10 May 2010  Morning Market Updates 08:50

Recommendations :

Book profits BPCL Ref.03/05

Buy Reliance sl 1023 Target 1045
Buy Indhotel Above 108.5 sl 107 Target 111
Bounceback Expected in :
Aban
ACC
Axisbank
DLF
Buy Grasim sl 2534 Target 2600
Buy Hindalco sl 158 Target 168
Buy Jindalstel sl 640 Target 665
Buy M&M sl 517 Target 535
Buy Maruti sl 570 Target 1298
Buy Rcom sl 151 Target 157

Sell HCLTech Below 384 sl 389 Target 377
Sell SBIN Below 2215 sl 2240 Target 2187


Stocks in News :
Results today: Aditya Birla Nuvo, Aftek, Bank of India, Cipla, Hindustan Org, NIIT, ICSA India, Novartis India, Oracle Finance, Panacea Biotech, Piramal Healthcare, SRF, Torrent Power, Uflex, Vardhman Textile

Sun Pharma gets USFDA approval for Namenda Generic, Memantine
Sun is eligible for 180 days of exclusivity
Sun has joint FTF on Namenda
Namenda is forest labs drug with annual sales of USD 1.2 billion
Dr Reddy's Labs
-Expect US markets to lead growth in FY11
-Expect India business to grow at 20% in FY11
-12-13 products to be launched in the US markets
-To launch D24 at risk post May
-Expect approval and launch of Fondaparinux
-To launch D12 if DRL has sole exclusivity
-Revenues from Omeprazol not significant in Q4FY11
-Company has taken a one-time expense of USD 10-USD15 million in Q4
-One time expense on account of Betapharm restructuring
-Expect no more sales erosion on a/c of Betapharm
-Supplies to GSK has commenced
Shriram Transport
-To raise Rs 500 crore through retail NCDs
-Rs 500 crore includes Rs 250 crore of greenshoe option
-To raise subordinate debt & secured NCDs
-To raise 3-year NCD at 9.75%, 5-year NCD at 10.25%
-To raise double bond around 11% with minimum tenure 5 years
-Retail NCD issue to open on May 17
RCF Q4 (cr - crore, vs - versus)

-Sales at Rs 1400 crore versus Rs 1912.88 crore
-PAT at Rs 69 crore versus Rs 39.3 crore
Torrent Pharma Q4 (Cons.)
-Sales at Rs 456 cr vs Rs 400 cr (YoY)
-PAT Rs 59 cr vs Rs 36 cr (YoY)
Riddhi Siddhi (FY10)
-Sales at Rs 761 cr vs Rs 548 cr (YoY)
-PAT at Rs 39.3 cr vs Rs 13.98 cr (YoY)
Pritish Nandy Q4
-Sales at Rs 8.1 cr vs Rs 2.45 cr
-PAT at Rs.8 lakh vs loss of Rs 18 cr
Other stocks and sectors that are in news today:
-Indian ADRs: Sterlite down 6.8%; Dr Reddys Labs and Tata Motors down 6%, ICICI Bank down 5%
-Jhagadia Copper: Gujarat high court has admitted the winding up petition
-Kew Industries: Board will also consider the issue of securities on right basis to meet its expansion plan
-KKR set to buy stake in Dalmia Cement unit for USD 110 million.
-Bolivia may seek USD 800 million from JSPL.
-SAIL close to signing a JV deal with POSCO – BL (to build 1.5mt steel plant) -Gemini Communication buys African Telecom company for USD 20 million.


US Markets :
U.S. stocks tumbled in heavy volume Friday, capping their worst week in at least a year and their worst start to May ever, as concerns that Europe's debt situation could spiral globally prompted investors to hunker down in cash and government debt.
The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (INDU 10,380, -139.89, -1.33%) closed down 139.89 points, or 1.3%, to 10380.43. For a week that included three triple-digit point declines, the Dow was off 5.7% -- its worst week since March 2009. Its weekly point drop was the worst since October 2008.
The S&P 500 was off 1.5% for the session as all ten of its categories ended lower. The Nasdaq Composite Index /quotes/comstock/10y!i:comp (COMP 2,266, -54.00, -2.33%) was down 2.3%, putting it in correction territory from its April 26 high.

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