21 Jan 2011 Morning Market Updates 09:02
Market will open weak and may remain volatile as many big players will announce their Q2 results today.
Nifty Jan Future Resistane at 5755/5770/5810/5840 Support : 5660/5610
Results today: RIL, BHEL, ITC, IFCI, PNB, Praj Industries, Polaris, Raymond, Tech Mahindra, HCC, Indiabulls Fin, M&M Fin, Corporation Bank, Bank of India.
Wipro Q3 (cr - crore, vs - versus)
-Net profit up 3.4% at Rs 1,319 cr vs Rs 1,276 cr (QoQ)
-Consolidated revenue at Rs 7,829 cr vs Rs 7,731 cr (QoQ)
-Global IT USD revenues up 5.6% at USD 1.34 billion (QoQ)
-Global IT EBIT at Rs 1,321 cr vs Rs 1,275 cr (QoQ)
-Wipro Q4 Guidance: IT sevices revenues seen up 3-5% at USD 1.38-1.41 billion (QoQ)
-Wipro TK Kurien takes over as CEO
-Suresh Vaswani & Girish Paranjpe step down as Joint CEOs
Essar says
-Merger of Essar Teleholdings & ISL fully compliant with norms
CNBC-TV18 alert: ISL - India Securities
-Essar says: proposed merger being done in open, transparent manner
Corporate Actions
-Coromandel International - Ex dividend by Rs 4
-PFC - Ex dividend by Rs 3.5
Kovai MedIcal Q3
-Net sales at Rs 46.5 cr vs Rs 33.5 cr
-Profit at Rs 4.1 cr vs Rs 2.8 cr
Hindoostan Spinning Q3
-Net sales at Rs 21.5 cr vs Rs 18 cr
-Net profit at Rs 1.77 cr vs Rs 2.4 cr
Oil Minister says - NewsWire18
-Hope to get Rs 36,000 crore govt subsidy in FY11
-Decontrol of oil products has its 'limits'
-To expedite decision on Cairn-Vedanta deal
-No proposal for increase in diesel prices
-To seek cut in excise, custom duty on oil products
-Believe oil prices will moderate in coming months
-To focus on improving efficiency of PSU Oil cos
-To focus on acquiring oil, gas deposits overseas
Kapil Sibal says
-Will unveil new telecom policy within 100 day deadline
-Efficient networks possible even with 4 mhz spectrum
-Expect MNP to usher in more competition
-Expect operators to offer more packages with MNP
Other stocks and sectors that are in news today:
-Amtek Auto enters in a JV with Autech Corp to manufacture vehicles for defence, para-medical, waste management sectors (ET)
-Defence Minister refuses to follow minister’s consensus on hiking defence FDI (FE)
-Aditya Birla Group close to buying US carbon black manufacturer Columbian chemicals from One Equity partners for around Rs 4100 cr (BS)
-ONGC’s Rs 13000 crore public issue is likely to be deferred to the next fiscal, making it second equity offering to be a casualty of rising crude oil prices (ET)
-Coal India has reduced its production targets for the current and the next fiscal year as a pollution norm has hit output from all the mines (ET)
-Vodafone has alleged Essar group may be involved in violation of insider trading regulations (BS)
-Mangalore Refinery plans to increase refining capacity by 27% to 15 million mt a year (BS)
-HCL Infosystems bags order from Assam Electronics Development Corp to provide 7200 units of HCL ME Laptops (BL)
-Godrej Consumers to hike soap prices on account of rising input costs (TOI)
-Dr Reddy's launches Pantoprazole Sodium Tablets in US
-Securities in F&O ban: Kingfisher Airlines, Suzlon, Videocon (Suzlon and Videocon added)
-MCNally Bharat bags order worth Rs 108 crore
-Indo Asian Finance board meet today to consider rights issue
-Gayatri Projects board meet to consdier rights issue of upto Rs 400 crore
-Govt Panel okays online auction of FM Radio Licenses
Montek Singh says
-Inflation to fall to 6-6.5% by March-end
-GDP to grow by 8.5% or little more this fiscal
-GDP growth of 9% not above potential of Indian Economy
-No paralysis or timidity in reforms process
-Had expected sharper decline in Inflation
-International commodity prices continue to be High
-Do not see early return to low oil prices
-Economic situation more worrying than 6 months ago
-There could have been market manipulation in onions
-Good, modern marketing would help reduce prices
-I am not an advocate of ban on futures markets'
-No evidence of futures markets driving up prices
-Wide consensus that APMC is outdated
-Important to allow farmers choice of selling directly
-No doubt that modern retail marketing is vital
-Farmers will benefit from modern retail marketing
-Planning commission supports FDI in retail
-Talks for FDI in retail are on; we support formally
-Fears of impact on kirana stores exaggerated
-FY11 will see robust agri growth, probably 6-7%
-IIP should go back to 9-10% next fiscal
-If industry doesnt pick up, then may need steps next quarter
-RBI best to make judgement on monetary policy
-Supply constraints have more impact on growth prospects
-No difficulty in 5.5% fiscal deficit target for this fiscal
-CAD has been high, but full year number may be 3% of GDP
-Capital inflows enough to finance CAD
-India should hike insurance FDI to 49% from present 26%
-GST very important reform, but need consensus with states
-India Inc should push GST with states
-No link between equity infusion & spectrum value
-Equity infusion does not increase spectrum value
-Wrong impression 2G Spectrum Caused Huge Misappropriation
-Money brought into 2G telcos was to rollout services
-If there is proof of wrong - doing in 2G, must be looked in
Market will open weak and may remain volatile as many big players will announce their Q2 results today.
Nifty Jan Future Resistane at 5755/5770/5810/5840 Support : 5660/5610
Results today: RIL, BHEL, ITC, IFCI, PNB, Praj Industries, Polaris, Raymond, Tech Mahindra, HCC, Indiabulls Fin, M&M Fin, Corporation Bank, Bank of India.
Wipro Q3 (cr - crore, vs - versus)
-Net profit up 3.4% at Rs 1,319 cr vs Rs 1,276 cr (QoQ)
-Consolidated revenue at Rs 7,829 cr vs Rs 7,731 cr (QoQ)
-Global IT USD revenues up 5.6% at USD 1.34 billion (QoQ)
-Global IT EBIT at Rs 1,321 cr vs Rs 1,275 cr (QoQ)
-Wipro Q4 Guidance: IT sevices revenues seen up 3-5% at USD 1.38-1.41 billion (QoQ)
-Wipro TK Kurien takes over as CEO
-Suresh Vaswani & Girish Paranjpe step down as Joint CEOs
Essar says
-Merger of Essar Teleholdings & ISL fully compliant with norms
CNBC-TV18 alert: ISL - India Securities
-Essar says: proposed merger being done in open, transparent manner
Corporate Actions
-Coromandel International - Ex dividend by Rs 4
-PFC - Ex dividend by Rs 3.5
Kovai MedIcal Q3
-Net sales at Rs 46.5 cr vs Rs 33.5 cr
-Profit at Rs 4.1 cr vs Rs 2.8 cr
Hindoostan Spinning Q3
-Net sales at Rs 21.5 cr vs Rs 18 cr
-Net profit at Rs 1.77 cr vs Rs 2.4 cr
Oil Minister says - NewsWire18
-Hope to get Rs 36,000 crore govt subsidy in FY11
-Decontrol of oil products has its 'limits'
-To expedite decision on Cairn-Vedanta deal
-No proposal for increase in diesel prices
-To seek cut in excise, custom duty on oil products
-Believe oil prices will moderate in coming months
-To focus on improving efficiency of PSU Oil cos
-To focus on acquiring oil, gas deposits overseas
Kapil Sibal says
-Will unveil new telecom policy within 100 day deadline
-Efficient networks possible even with 4 mhz spectrum
-Expect MNP to usher in more competition
-Expect operators to offer more packages with MNP
Other stocks and sectors that are in news today:
-Amtek Auto enters in a JV with Autech Corp to manufacture vehicles for defence, para-medical, waste management sectors (ET)
-Defence Minister refuses to follow minister’s consensus on hiking defence FDI (FE)
-Aditya Birla Group close to buying US carbon black manufacturer Columbian chemicals from One Equity partners for around Rs 4100 cr (BS)
-ONGC’s Rs 13000 crore public issue is likely to be deferred to the next fiscal, making it second equity offering to be a casualty of rising crude oil prices (ET)
-Coal India has reduced its production targets for the current and the next fiscal year as a pollution norm has hit output from all the mines (ET)
-Vodafone has alleged Essar group may be involved in violation of insider trading regulations (BS)
-Mangalore Refinery plans to increase refining capacity by 27% to 15 million mt a year (BS)
-HCL Infosystems bags order from Assam Electronics Development Corp to provide 7200 units of HCL ME Laptops (BL)
-Godrej Consumers to hike soap prices on account of rising input costs (TOI)
-Dr Reddy's launches Pantoprazole Sodium Tablets in US
-Securities in F&O ban: Kingfisher Airlines, Suzlon, Videocon (Suzlon and Videocon added)
-MCNally Bharat bags order worth Rs 108 crore
-Indo Asian Finance board meet today to consider rights issue
-Gayatri Projects board meet to consdier rights issue of upto Rs 400 crore
-Govt Panel okays online auction of FM Radio Licenses
Montek Singh says
-Inflation to fall to 6-6.5% by March-end
-GDP to grow by 8.5% or little more this fiscal
-GDP growth of 9% not above potential of Indian Economy
-No paralysis or timidity in reforms process
-Had expected sharper decline in Inflation
-International commodity prices continue to be High
-Do not see early return to low oil prices
-Economic situation more worrying than 6 months ago
-There could have been market manipulation in onions
-Good, modern marketing would help reduce prices
-I am not an advocate of ban on futures markets'
-No evidence of futures markets driving up prices
-Wide consensus that APMC is outdated
-Important to allow farmers choice of selling directly
-No doubt that modern retail marketing is vital
-Farmers will benefit from modern retail marketing
-Planning commission supports FDI in retail
-Talks for FDI in retail are on; we support formally
-Fears of impact on kirana stores exaggerated
-FY11 will see robust agri growth, probably 6-7%
-IIP should go back to 9-10% next fiscal
-If industry doesnt pick up, then may need steps next quarter
-RBI best to make judgement on monetary policy
-Supply constraints have more impact on growth prospects
-No difficulty in 5.5% fiscal deficit target for this fiscal
-CAD has been high, but full year number may be 3% of GDP
-Capital inflows enough to finance CAD
-India should hike insurance FDI to 49% from present 26%
-GST very important reform, but need consensus with states
-India Inc should push GST with states
-No link between equity infusion & spectrum value
-Equity infusion does not increase spectrum value
-Wrong impression 2G Spectrum Caused Huge Misappropriation
-Money brought into 2G telcos was to rollout services
-If there is proof of wrong - doing in 2G, must be looked in
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