19 Oct 2010

19 Oct 2010 Morning Market updates 08:46


Results today: Bajaj Auto, HDFC Bank, Cadilla Health, Container Corp, Coromandel Intl, Mangalore Chemical, MindTree, Nitin Fire, Polaris, Rallis, Supreme Industries.
Biocon-Pfizer Agreement
-Pfizer to make upfront payments totaling USD 200 million
-Biocon eligible to get additional payments of up to USD 150 million
-Additional payments linked to sales of Biocon Insulin Biosimilars



Biocon Says



-Have a lot of synergy together with Pfizer



-Additional payments linked to markets, sales



-Cannot quantify, but sizeable opportunity for both cos



-Pfizer picking up stake in co 'speculative'



Pfizer Says



-Partnership with Biocon 'significant'



-Step I with Biocon is to sell product in 27 markets



-Step II is to clear regulatory processes in Europe, US









Oil Secretary says



-Incorrect that contractors do not have marketing freedom



-USD 4.2/unit only for KG D6; not valid for other discoveries



-ONGC/RIL cannot ask for higher price from marginal fields



Sesa Goa Q2 (cr - crore, vs - versus)



-Consolidated net profit at Rs 385 cr vs Rs 166 cr ((Poll: Rs 401 cr))



-Consolidated net sales at Rs 907 cr vs Rs 534 cr ((Poll: Rs 944 cr))



Essar Oil Q2



-Net profit at Rs 130 cr vs net loss of Rs 94 cr (YoY)



-Revenue at Rs 12,415 cr vs Rs 11,144 cr (YoY)



-GRM at USD 6.49/bbl vs USD 4.24/bbl (YoY)



-Refinery throughput at 3.69 mt



Indiabulls Securities Q2 (QoQ)



-Net profit at Rs 16.4 cr vs Rs 13.1 cr ((Vs Rs 22.8 cr YoY))



-Income from operations at Rs 85.8 cr vs Rs 76 cr ((Vs Rs 77 cr YoY))



ING Vysya Bank Q2



-NII at Rs 254.2 cr vs Rs 191.4 cr (YoY)



-Net profit at Rs 75.3 cr vs Rs 53.5 cr (YoY)



-NIM at 3.34% vs 3.28%



CRISIL Q2:



-Consolidated net profit at Rs 75.4 cr vs Rs 43 cr (YoY)



-Consolidated net sales at Rs 158 cr vs Rs 133 cr (YoY)



GST





-Asim Dasgupta presents fresh GST plan to FM



-Dasgupta to FM consensus possible if GST council & DRM dropped



-Coromandel International board to also consider stock split





-Shakti Met Dor delisting offer at floor price of Rs 195/share ((Mudar had spoken about how promoters are committing fraud by trying to de-list at a very low price))



-Still in NSE F&O curb: Aban, Ispat, Core Proj, Orchid Chemical, JSW Holdings, Kingfisher



-Out of NSE F&O curb: Vijaya Bank



-Bombay Dyeing ups product prices by 10-15% driven mainly by hike in cotton prices – DNA



-India Oil IPO likely in January, to raise Rs 19,000 crore – ET



-Ravi Uppal joins L&T board, seen as a successor to AM Naik as chairman after he retires in 2012 – ET



-Gurumani claims he is still director, wants to attend SKS meet – ET



-Tata Fin, L&T Fin, Indiabulls and Religare in race to acquire Deutsche Post Bank arm, deal value seen at Rs 1500 crore – BS



FIIs were net sellers to the tune of Rs 174 crore in Nifty Futures and net sellers of Rs 870 crore in Stock Futures on Monday. The Nifty futures ended at 46-point premium.



Nifty Open Interest PCR was at 1.26 versus 1.28. Nifty 6100 Put added 5 lakh shares in Open Interest while Nifty 6100 Call added 5.5 lakh shares in Open Interest and Nifty 6000 Call added 10 lakh shares in Open Interest. Stock futures added 2.4 crore shares in Open Interest.





Fresh long positions were seen in GSPL and Essar Oil; their cost of carry also went up. GSPL rose 1.6% and its futures Open Interest was up 31%. Essar Oil gained 2.3% and its futures Open Interest was up 9%.



Indiabulls Real Estate rose 5.3% and its futures Open Interest was up 10%. The stock rallied 20% this series.



Bharti Airtel slipped 1.9% and its futures Open Interest was up 8%. The stock was down 11% this series.



Vijaya Bank is out of NSE F&O curb. The stock was down 2.5% and its futures Open Interest was also down 22%.