Wall Street posted modest losses on Monday, as traders cashed in on
recent gains ahead of some key economic reports on tap for this week,
including data on retail sales, industrial production and weekly jobless
claims. The key benchmark indices Dow Jones was down by 0.34%
and NASDAQ was down by 0.40%. The Asian bourses are trading
mixed with Nikkei marginally up by 0.20%, Hang Seng down by 0.67%
and Singapore Nifty up by 0.27%.
While most of the global markets are in the negative terrain, short
covering after the three straight days of fall is likely to keep the markets
flat for the day. Technically spot nifty may take resistance at
4465/4535/4630 levels and support at 4370/4305/4140 levels.
POST-MARKET ANALYSIS:
Concerns on below-normal rains and the speard of Swine flu, made the
Indian markets extend losses for the third straight day.The key
benchmark indices Sensex and Nifty were down by 0.99% and 0.98%
respectively.
FIIs’ were net sellers in equity and net buyers in derivatives.
ADRs: ICICI Bank(-5.91%), MTNL (-5.71%), DR Reddys labs (-3.75%)
& HDFC Bank (-3.01%).
NEWS TO USE:
POSITIVE
TATA MOTORS-owned Jaguar Land Rover (JLR) had successfully
secured a financing facility of up to £75 million (Rs 600 crore) with
Burdale Financial Ltd, a member of the Bank of Ireland Group.
July automobile sales released by the Society of Indian Automobile
Manufacturers (Siam) show a growth of 20.8% over the same month
last year, the highest such rise till now for the current financial year.
This growth comes from record sales of cars and utility vehicles, which
grew by 29.2%, and two-wheelers, whose sales surged by 20.1% last
month over the corresponding period last year.
GLENMARK PHARMACEUTICAL’S attempts to become the first
Indian company to develop a new drug may succeed by next year, as
its candidate for the anti-diarrhoea associated with HIV, named
Crofelemer, has moved into the final stage of clinical trials.
IOC and Adani Energy combine has bagged rights to retail CNG to automobiles and piped gas to industries in
Chandigarh and Allahabad by quoting a nil or zero pipeline tariff.
Daiichi Sankyo offer to acquire an additional 20% stake in ZENOTECH will not open on August 11.
India cut down heavily on the quantity of sugarcane used for producing sugar in 2008-09 season and diverted
more than 100 million tonnes (mt) of the crop for other purposes, even as the production of the sweetener
recorded a huge shortfall.
PETRONET LNG signed an agreement to import 1.5 million tons of LNG Australia.
TATA STEEL is scouting for coking coal and iron ore mines abroad, including in Brazil and Australia, to ensure
raw material security for its European operations.
Close on the heels of poor rain in June, deficient rainfall in July has pushed up tea prices further. If the current
trend of deficient rainfall continues, the year will end with a record shortfall of tea, more than what was
anticipated at the beginning of the year.
DABUR expects its health supplement brand Glucose D to clock in sales of around Rs 100 crore by the end of
this fiscal.
UNITECH Group has launched two residential projects in Chennai including Uni Homes in the affordable
segment in a southern suburb, and a Rs 4,500-crore township in North Chennai.
NEUTRAL
GMR GROUP is considering listing its global holding company on the London Stock Exchange (LSE) as a step
towards building a $10 billion global assets portfolio.
Direct to Home (DTH) operators could be asked to provide inter-operable set-top boxes to their customers with
the Competition Commission of India (CCI) seeing prima facie merit in a complaint filed by a consumer
organisation that it is in violation of competition laws.
FMCG majors like BRITANNIA, ITC and Parle Products are mulling price hikes and cost-cutting measures on
the back of a weak monsoon season, coupled with soaring sugar prices.
TATA MOTORS would deliver 3,000 Nano cars in Orissa in 2009-10 and 2010-11.
RBI is of the view that there is no case for an extension of deadline for restructuring of loans beyond August 30.
PUNJ LLOYD has raised Rs 670 crore through the issue of shares to institutional investors on a private
placement basis.
INDUSIND BANK has won the mandate from the Haj Committee of India to cater to the business of import and
distribution of Saudi Riyal currency notes for all government sponsored Haj pilgrims going to Saudi Arabia this
year.
FORTIS HEALTHCARE LTD fixed the ratio for the rights issue at two for every five equity shares held.
IDBI BANK announced the repayment of its 11.5 per cent SLR bonds, 2009 on September 26, 2009.
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