Wall Street stayed in the green for much of the day after the Q2 GDP
showed a less than expected contraction. The key benchmark indices
Dow Jones was up by 0.19% and NASDAQ was down by 0.29%. The
Asian bourses are trading positive with Nikkei up by 0.03%, Hang Seng
up by 0.88% and Singapore Nifty up by 0.13%.
Considering Global cues, the domestic bourses are likely to trade range
bound. Technically spot nifty may take resistance at 4680/4725/4820
levels and support at 4580/4525/4430 levels.
POST-MARKET ANALYSIS:
Recovery in IT, FMCG, banks and real estate stocks helped Indian
markets to show positive close yesterday. However, the key benchmark
indices pared gains in mid-afternoon trade as European stocks
declined. Sensex and Nifty were up by 1.83% and 1.42% respectively.
FIIs’ were net buyers both in equity and derivatives.
ADRs: Tata comm. (-4.68%), MTNL (-3.66%), Satyam Computers (-
2.33%) and Patni Computers (+2.35%).
NEWS TO USE:
ONGC has begun an ambitious exploration programme in the Kerala–
Konkan basin from today, engaging an ultra-deepwater drill ship. With a
Rs 400-crore investment outlay, the company has charted an
exploration programme to be completed within 100 days.
RELIANCE INFRASTRUCTURE order-book position was all set to
cross the Rs 50,000-crore mark.
JAIPRAKASH ASSOCIATES will invest Rs. 1,050 crore for setting up a
greenfield cement plant in Assam.
M&M has opened its new 3-S (sales, service and spare parts)
infrastructure facility in Hyderabad.
SAIL has registered 14% growth in production of steel to over 1 million
tonnes during July over the year-ago period.
TATA MOTORS will deliver up to 60,000 units of the Nano, which is touted as the world's cheapest car, by July
next year while remaining committed to handing over the first one lakh cars by 2010 once its mother plant in
Sanand goes on stream.
RCOM consolidated Net profit increased by 8.23% (YoY) to Rs 1636.61 crore as against Rs 1512.15 crore in
Q1FY10. Net Sales increased by 5.28% (YoY) to Rs 5505.49 crore as against Rs 5229.47 crore.
NEUTRAL
TATA STEEL has prepared a plan to produce half the iron ore and coking coal — the raw materials used to
make steel — for Corus, its European subsidiary, by 2012.
TATA MOTORS edged closer to signing a financial aid package with the British government for its struggling
UK subsidiary Jaguar Land Rover.
PFC will soon approach banks and financial institutions to raise Rs 90,000 crore as part of the National
Electricity Fund, which was set up for the development of the power sector.
BAJAJ AUTO will launch its second new motorcycle for the year.
The government may soon levy a 10% royalty on iron ore on ad valorem basis as the mines ministry has sent a
proposal in this regard to the Union Cabinet for its approval.
BHARTI AIRTEL and South Africa's MTN are likely to announce the status this week of the proposed merger to
create a $23-billion entity as period for exclusive talks between them expired on July 31.
KOTAK MAHINDRA BANK has decided to reduce its unsecured loans in the months ahead but has ruled out
the possibility of winding up the portfolio completely.
ALLAHABAD BANK has raised Rs 450-crore worth tier-II capital with a view to fund its growth needs and
shore up its capital adequacy ratio.
TCS and WIPRO, apart from several others, are in pursuit of up to Rs 2,500-crore outsourcing contract at
Indian Railways.
JK TYRE could soon join the bandwagon of radial tyre companies setting up shops near Chennai.
GAMMON INDIA standalone Net profit decreased by 52.20% (YoY) to Rs 25.06 crore as against Rs 52.43
crore in Q1FY10. Net Sales increased by 45.32% (YoY) to Rs 850.45 crore as against Rs 585.24 crore.
NEGATIVE
ORCHID CHEM reported standalone Net loss of Rs 29.76 crore as against Net loss of Rs 31.65 crore in
Q1FY10. Net Sales increased by 6.31% (YoY) to Rs 305.82 crore as against Rs 287.66 crore.
PURAVANKARA PROJECT consolidated Net profit decreased by 83.45% (YoY) to Rs 10.24 crore as against
Rs 61.89 crore in Q1FY10. Net Sales decreased by 64.48% (YoY) to Rs 55.97 crore as against Rs 157.58
crore.
ADLABSFILM reported standalone Net loss of Rs 63.70 (YoY) crore as against Rs 2.32 crore in Q1FY10. Net
Sales decreased by 54.84% (YoY) to Rs 103.41 crore as against Rs 228.97 crore.
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