1st July 2011 Morning Market Updates 10:51
Nifty Outlook :
Market are still in down trend unless and until Nifty closes above 5770 for 2-3 sessions consecutively. Book profits on higher levels.Stock specific rally expected.
Stocks in News :
CCEA clears Cairn -Vedanta deal with conditions
-IT department initiates scrutiny on TCS for claiming tax benefits for body shopping & 45% of TCS’ USD 8 billion revenues come from onshore work (ET)
- Pfizer sues Aurobindo Pharma over the generic version of Lipitor, Aurobindo may opt for out of court settlement with Pfizer (ET)
-World Bank says Wipro eligible to apply for vendor status
-FDI in retail likely in few weeks – TOI
- Indiabulls Real Estate has approved the scheme of arrangement among Indiabulls Real estate & Indiabulls Infra & power
- Ackruti City clarifies saying raising Rs 300 crore is a part of routine operations & does not require to be reported to stock exchanges
-SEBI says SEBI, RBI jointly looking into margin funding by NBFCs
-Parrys Sugar allots 7.5 crore preference shares of Rs 10 at par to EID Parry India
- JIK Industries board has allotted 64 lakh equity shares against convertible bonds to promoter & enter a MOU with Guangzhou sources co for hospitality supplies
- Excel Infoways fixes QIP at Rs 25.25/sh
- Cox & Kings is eyeing a foreign acquisition to raise Rs 1500 crore via FII route (BS)
- EID Parry divests all shares in Roca Bathroom Products a 50:50 JV between EID Parry & Spain based Roca group (BS)
-Hydropower firms get nod to sell 40% of power to the highest bidder to help them compete with private sector rivals (Mint)
-Petronet in talks with USA cos including Cheniere Energy for LNG supplies (Mint)
-NSE board to discuss CCI penalty issue today.
Nifty Outlook :
Market are still in down trend unless and until Nifty closes above 5770 for 2-3 sessions consecutively. Book profits on higher levels.Stock specific rally expected.
Stocks in News :
CCEA clears Cairn -Vedanta deal with conditions
-Vedanta says await intimation of GOM's approval
-Await pre-conditions details from goi for further action
-Cairn required to pay Rs 2300 crore to ONGC as royalty since August 09
-Await pre-conditions details from goi for further action
-Cairn required to pay Rs 2300 crore to ONGC as royalty since August 09
Oil Minister Jaipal Reddy says-GOM chose to recommend conditional approval
-GOM recommended royalty be cost recoverable
-Ongoing arbitration case should be withdrawn
-No fresh conditions imposed by CCEA
-Cairn India to obtain NOC from partner
-Home ministry security clearance needed
-For vedanta to take a view on conditions
-Companies have to commit to conditions or no approval
-Ex-chequer & ONGC to gain Rs 16,000 crore
-GOM recommended royalty be cost recoverable
-Ongoing arbitration case should be withdrawn
-No fresh conditions imposed by CCEA
-Cairn India to obtain NOC from partner
-Home ministry security clearance needed
-For vedanta to take a view on conditions
-Companies have to commit to conditions or no approval
-Ex-chequer & ONGC to gain Rs 16,000 crore
DK Saraf – CFO ONGC says-Vindicates our stand that royalty is cost recoverable
-Can't yet quantify benefit of royalty being cost recoverable
AK Hazarika – Chairman ONGC says-‘I am happy that Cairn will pay royalty’
-Benefit to ONGC is yet to be worked out
-Benefit to ONGC to be minimum of Rs 18,000 crore
-Can't yet quantify benefit of royalty being cost recoverable
AK Hazarika – Chairman ONGC says-‘I am happy that Cairn will pay royalty’
-Benefit to ONGC is yet to be worked out
-Benefit to ONGC to be minimum of Rs 18,000 crore
ONGC pays provisional subsidy burden of Rs 11,880 crore for Q1
-Provisional subsidy burden based on 33% subsidy share
-Provisional subsidy burden based on 33% subsidy share
Other stocks and sectors that are in news today:-Listing today: Teledata Marine Solution
-IT department initiates scrutiny on TCS for claiming tax benefits for body shopping & 45% of TCS’ USD 8 billion revenues come from onshore work (ET)
- Pfizer sues Aurobindo Pharma over the generic version of Lipitor, Aurobindo may opt for out of court settlement with Pfizer (ET)
-World Bank says Wipro eligible to apply for vendor status
-FDI in retail likely in few weeks – TOI
- Indiabulls Real Estate has approved the scheme of arrangement among Indiabulls Real estate & Indiabulls Infra & power
- Ackruti City clarifies saying raising Rs 300 crore is a part of routine operations & does not require to be reported to stock exchanges
-SEBI says SEBI, RBI jointly looking into margin funding by NBFCs
-Parrys Sugar allots 7.5 crore preference shares of Rs 10 at par to EID Parry India
- JIK Industries board has allotted 64 lakh equity shares against convertible bonds to promoter & enter a MOU with Guangzhou sources co for hospitality supplies
- Excel Infoways fixes QIP at Rs 25.25/sh
- Cox & Kings is eyeing a foreign acquisition to raise Rs 1500 crore via FII route (BS)
- EID Parry divests all shares in Roca Bathroom Products a 50:50 JV between EID Parry & Spain based Roca group (BS)
-Hydropower firms get nod to sell 40% of power to the highest bidder to help them compete with private sector rivals (Mint)
-Petronet in talks with USA cos including Cheniere Energy for LNG supplies (Mint)
-NSE board to discuss CCI penalty issue today.
F&O :
Today is the first day of a new series (July). Yesterday the Nifty went up 46.95 points or 0.84%, to close at 5,647.40.
Lanco Infratech closed down 3% and its net open interest was up by 14%. Short rolls to July series and fresh short positions too were seen in the stock.
Jaiprakash Associates ended up 4% and its net open interest was down by 5%. Short covering was seen in the stock.
GTL shut more than 5% down. It has been the worst performer in June. Net open interest was up by 30% and it continued to see short pile up.
Bata India closed up 5%. The stock emerged as the best performer in June. Rollover stood at 82%.
NSE F&O July series begins with total Open Int of Rs 89,545 crore
RolloversMarket rollover at 77% vs 73% last time
Nifty rollover at 67% vs 60%
Nifty rollover at 67% vs 60%
NSE F&O Cues
High rollovers: Suzlon (89%), IFCI (91%), Unitech (86%), Lanco (88%) and JP Assoc (91%)
Low rollovers: Titan (70%), Petronet (70%) and GTL (72%)
As per provisional data of June 30, FIIs were net buyers of Rs 1591 cr in cash mkts. DIIs were net sellers of Rs 773 cr in cash mkts. FIIs were net buyers of Rs 1681 cr in F&O.
Institutional Action June 30
Net buy of Rs 1091 cr in Nifty futures and Net buy of Rs 629 cr in Nifty options.
FIIs have net bought Rs 669 crore in cash markets and Rs 3,343 crore in F&O on June 29, as per provisional data available NSE. However, DIIs have net sold Rs 241 crore in cash markets on same day.
FIIs have net bought Rs 4,982 crore in cash markets in last five days.
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