Market Mantra: Technicals - Tata Motors (Buy), Tech Mahindra (Sell); F&O - Wipro (Short), Noida Toll Bridge (Long); Reports - Nifty @ 5300.running out of steam?, Oil refining

Market Mantra

 

Market outlook

No Big Bang here!

 

For the majority, the past is regret, the future an experiment – Mark Twain

 

Looks like we could someday unravel the secret behind the way our planet earth was born following some success of the Large Hadron Collider. Some may have regrets for failing to perform in line with the indices, but, as far as markets are concerned, it's not the time to experiment. In short, no 'Big Bang' movements are in the offing today going by the subdued mood in global markets.

 

We expect a flat to slightly positive opening. On the whole, the trend will remain lackluster till the first batch of earnings start kicking in. Though the small-cap and mid-cap counters may remain abuzz one should resist the temptation of buying into illiquid, fundamentally weak stocks. Thursday heralds a new fiscal year. Having completed "year-end" commitments, it will be time to do proper due diligence of your portfolio.

 

A cooling was due for some time now. Once the key indices touched new 52-week highs it was only a matter of time. Interestingly, the market breadth, which had been negative for a few sessions, turned in favour of the bulls.

 

Trading ideas (Time period: 1-3 days)

Tata Motors (BUY, CMP Rs756, Target Rs785): The 100-day DMA has proved to be a decisive support line for the stock since July 2009. The stock has seen an entrenched downtrend from a peak of Rs830 to a low of Rs714, taking support at the above mentioned moving average last week. Several times in last two months, the 100-day DMA has provided good support to the stock. If the market holds up from the current levels, the stock can post some decent gains. A break above Rs760, could lead to a fresh directional move in the same direction. The daily RSI has entered into a strong buy mode. Keeping in mind the above-mentioned evidences, we recommend high risk traders to buy the stock between the range of Rs750-760 with a stop loss of Rs740 for a target of Rs780 and Rs785.

 

Tech Mahindra (SELL, CMP Rs883, Target Rs855): On the daily chart, the stock has broken below the small consolidation pattern. It presents great opportunity for the traders to jump in on the downtrend. An occurrence of this event indicates further selling and continuation of the downtrend. The stock has been moving back and forth within the range of Rs887-920 from the third week of March 2010. Moreover, the stock has given a close below its 200-day DMA, suggesting weakness in the near term. We recommend traders to sell the stock between the levels of Rs887-881 for a target of Rs855. It is advisable to maintain a stop loss of Rs897 on all short positions.

 

Derivative strategies (Time period: Till expiry)

±       Short Wipro April Future @ Rs705 for the target price of Rs670 and stop loss placed at Rs715

Lot size: 600

Remarks: Net maximum profit of Rs21,000 and net maximum loss Rs6,000.

 

±       Long Noida Toll Bridge April Future @ Rs34.50 for the target price of Rs36 and stop loss placed at Rs33.50

Lot size: 8,200.

Remarks: Net maximum profit of Rs12,300 and net maximum loss Rs8,200.

 

Mutual funds

Fund focus
Reliance Growth Fund					Invest
Fund manager	Sunil Singhania		Min investment				Rs5,000
Latest NAV	Rs438.9		Entry load				Nil
NAV 52 high/low	Rs442/201		Exit load				1% <1 yr
Latest AUM	Rs6,733cr		Latest dividend (under dividend option)				25% (Mar 30, 2010)
Type	Open-ended		Benchmark				BSE 100
Class	Equity – diversified		Asset allocation	Equity (90%), Debt (0%), Cash (10%)
Options	Growth & dividend		Expense ratio			1.8%

 

 

Technical View: Nifty @ 5300…running out of steam?

On Tuesday, the Nifty failed to continue its momentum and closed below Monday's top, declining by 40 points to close at 5,262. On the upside, the zone of 5,390-5,400 is likely to act as a short-term hurdle. Weak indications from the momentum oscillators suggest that a correction is imminent from higher levels. In case of a possible reversal in the ongoing intermediate uptrend, the correction should find support around 5,170.

 

Sector Update: Oil refining – "On a recovery mode"

±       Strong recovery in GRMs

±       Refinery shutdowns offsetting increase in capacities last year

±       Faster global economic recovery; key for sustenance of GRMs

±       CPCL continues to be our top pick

 

Corporate Snippets

±      Bharti Airtel closes deal to acquire most of African assets of Kuwait's Zain Telecom. (ET)

±      Government intends to review the allocation of gas produced from Reliance Industries' KG-D6 field. (BL)

±      NMDC plans to increase iron ore prices by 70% for both domestic and export markets. (BS)

±      Hero Honda declared an interim dividend of Rs80 per share. (ET)

±      Hero Honda is looking to set up a Rs20bn manufacturing plant in Himachal Pradesh. (BS)

±      ITC has tied up with La Aurora to sell a mint based cigar in India. (ET)

±      Tata Motors sells 20% stake in Telcon to its JV partner Hitachi for a sum of Rs11.6bn. (ET)

±      Tata Motors reduced its debt by Rs15bn as a large section of its bond holders opted for conversion of bonds into share before maturity. (ET)

±      M&M is merging its two tractor JVs in China into a single entity. (BL)

±      GAIL has commenced supply of 0.33mmscmd of gas to Maruti's Manesar plant. (BL)

±      Bank of Baroda raised US$350mn by way of 5.5 years senior unsecured bonds. (ET)

±      Crompton Greaves acquired a UK based company Power Technology Solutions for Rs2.04bn. (BS)

±      Jet Airways deposited Rs1.37bn in the Bombay High Court in relation with Sahara case. (ET)

±      Omaxe Ltd to raise Rs8bn through QIP. (BS)

±      JSL raised Rs2.5bn via sale of shares to qualified institutional buyers. (ET)

±      Pyramids Saimira to sell all businesses and investments to pay up Rs5.8bn high cost debt. (FE)

±      Bridgestone a Japanese Tyre major to invest Rs26bn at Chakan in Maharashtra. (BS)

 

Economic snippets

±      Retail investors could be offer up to 10% discount on the issue price for future government disinvestments. (BS)

±      Rupee touched a 19-month high to 44.97 against the dollar. (BS)

±      Service tax on railway freight deferred by 3 months to July 1, 2010. (BS)

±      The telecom ministry has cleared all nine telecom companies to participate in 3G auction scheduled to commence on April 9. (ET)

±      Implementation of number portability has been postponed by three months to June 30. (ET)

±      RBI has released guidelines on how banks must classify capital in their balance sheets to ensure uniformity in reporting. (ET)

±      Cement prices are likely to increase by Rs7 from tomorrow. (ET)

 

 

Confidentiality & Disclaimer: This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mails are notencrypted and cannot be guaranteed to be secured or error-free as information could be intercepted, corrupted, lost, destroyed arrive late or incomplete, or contain viruses. The sender, which includes India Infoline Limited and its group companies, will not be liable for any errors or ommissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments.

Market Mantra: Technicals - Andhra Bank (Buy), Maruti (Buy); F&O - Bajaj Hindustan (Long), Hotel Leela Ventures (Long); Reports - Punj Lloyd, Oil Monthly, Commodity Monthly

Market Mantra

 

Market outlook

Make sense of the business

 

Everybody gets so much information all day long that they lose their common sense- Gertrude Stein

 

In a world of indices hitting new 52-week highs, individual stock prices are changing in a narrow range. In the immediate term, anything and everything can rattle the stock price; be it a downgrade, a change in weather or perhaps even a comment from Greece or Portugal. Focus on the company's business instead and the broader environment.

 

Markets in the US and Europe posted gains, with the Dow hitting a new 18-month high. Concerns over sovereign default have ebbed with Greece securing EU commitment on financial aid and Dubai getting a fresh bailout.

 

FII inflows have held up pretty strong post the Union Budget. Monday was no exception. Local funds though have been a bit more cautious. Among the key concerns since Budget has been the tepid show put up by the broader market. The same was on display on Monday as well. This does stick out like a sore thumb and calls for some caution.

 

With NAV dressing done with for the year, we see a flat to sedate start and less upside given the mixed trend across Asia.

 

 

Trading ideas (Time period: 1-3 days)

Andhra Bank (BUY, CMP Rs104, Target Rs110): On the daily chart, the stock has formed a rounding bottom pattern. The base for the same is around Rs97-98 levels. Since the second week of March 2010, the stock has been moving in a range of Rs104-97. On Monday, the stock attempted to break past the top of this trading range. In our view, the stock has formed a medium term bottom and the pullback which begun from Rs97 levels is likely to take the stock up to Rs110. The daily RSI is exhibiting positive divergences. Based on the above-mentioned evidences, we recommend traders with high risk appetite to buy the stock between the levels of Rs102-105 for an initial target of Rs110. A stop loss of Rs100 is recommended on all long positions.

 

Maruti (BUY, CMP Rs1,427, Target Rs1,475): The stock has seen a severe correction from a high of Rs1,520 in early March 2010 to a low of Rs1,360 last week. This was a panic bottom and the stock has rallied up to the current levels without a retest of this low. On the daily charts, the price movements appear to have formed a higher bottom formation. On Monday, the stock gave a close above its 200-day DMA. Traders can buy the stock between the levels of Rs1,420-1,435 with a stop loss of Rs1,405 for a short-term target of Rs1,475 in the coming trading sessions.

 

Derivative strategies (Time period: Till expiry)

±       Long Bajaj Hindustan Ltd April Future @ Rs140 for the target price of Rs150 and stop loss placed at Rs135

Lot size: 1,425

Remarks: Net maximum profit of Rs14,250 and net maximum loss Rs7,125.

 

±       Long Hotel Leela Ventures Ltd April Future @ Rs49.40 for the target price of Rs53 and stop loss placed at Rs48

Lot size: 7,500.

Remarks: Net maximum profit of Rs27,000 and net maximum loss Rs10,500.

 

Mutual funds

Fund focus
Reliance Growth Fund					Invest
Fund manager	Sunil Singhania		Min investment				Rs5,000
Latest NAV	Rs438.7		Entry load				Nil
NAV 52 high/low	Rs442/201		Exit load				1% <1 yr
Latest AUM	Rs6,733cr		Latest dividend (under dividend option)				25% (Mar 30, 2010)
Type	Open-ended		Benchmark				BSE 100
Class	Equity – diversified		Asset allocation	Equity (90%), Debt (0%), Cash (10%)
Options	Growth & dividend		Expense ratio			1.8%

 

 

Event Update: Punj Lloyd – BUY

CMP: Rs178, Target: Rs198, Upside:10.8(%)

 

Punj Lloyd sold its 19.43% stake in Pipavav Shipyard to SKIL Infrastructure and SKIL Shipyard Holding Pvt Ltd for Rs6.6bn, translating into 20% discount to the closing price on 26th March, 2010. We expect the company to use this cash to repay some of its debt and ease pressure on its balance sheet. Its debt-equity at the end of Q3 FY10 increased to 1.45x from 1.32x sequentially. Also an improvement in the working capital cycle will allow the company to lower debt. Factoring this, we believe the company's PBT should witness 29% CAGR over FY09-12. However, it continues to face the risk of fresh write-offs during FY11. Smooth execution and commencement of billing from Libya will act as a trigger for the stock. We believe the recent correction in the stock provides room for upside, upgrade to BUY but maintain target price of Rs198/share.

 

Oil Monthly Update – March 2010

±       Crude oil prices rise on a mom basis

±       Refining margins jump on yoy basis

±       Under recoveries jump for all four products on yoy basis

±       Reliance, CPCL and Cairn outperform during March

 

Commodity Monthly Update – March 2010

±       Dollar index extends gains for the fourth consecutive month

±       Base metals trade sideways

±       Chinese HRC export prices at 15-month high

 

Corporate Snippets

±      ACC plans to process non-degradable waste materials like disposed water bottles, polythene and other waste materials to make cement at its Bargarh plant in western Orissa. (BS)

±      GVK Power acquired 9.5% additional stake in GVK Gautami Power Ltd from the Hyderabad-based Nagarjuna Construction Company. (BL)

±      Hindustan Unilever announced that it sold its remaining 49% stake in Capgemini Business Services (India) Ltd to Cap Gemini SA as part of an agreement signed in October 2006. (BS)

±      L&T bagged Rs14bn order from IOC for supply of a 4.17mtpa FCC (fluidised catalytic cracker) reactor regenerator project for IOC's fuel refinery at Paradip, Orissa. (BL)

±      Ranbaxy has entered into a pact with US-based Pfenex Inc for developing biosimilars. (BS)

±      Japanese drug-maker Daiichi Sankyo, which owns 64% stake in Ranbaxy Laboratories Ltd, has finally firmed up plans to de-list the firm from the stock exchanges.  (FE)

±      Colgate Palmolive has acquired the remaining 25% of share capital that it had in CC Health Care Products Pvt Ltd. (FE)

±      SAIL signed a 50:50 JV agreement with Shipping Corporation of India to primarily take care of SAIL's shipping needs by owning and operating ships. (BL)

±      Promoters of Unitech raised their stake in the real estate company to 45% from 43.84%. (BL)

±      Havells India plans to increase its marketing spend by over 40% to Rs1bn by next fiscal and enhance its overseas retail footprints, starting with Africa. (ET)

±      GMDC plans to invest Rs4.8bn in the next two financial years to generate 81MW of wind energy at two different places in the Gujarat. (BL)

±      Punj Lloyd sold its entire stake of 19.43% in Pipavav Shipyard to its co-promoter, SKIL Infrastructure, for Rs6.6bn through an inter-se promoter transfer. (BL)

±      Nagarjuna Construction Company secured new orders aggregating Rs9.7bn, including a deal from Nagarjuna Oil Corporation Ltd. (BL)

±      IVRCL secured a mandate to execute four projects worth Rs8.7bn, covering canal system modernization and three water supply projects. (BL)

±      Sanofi-Aventis, the world's third largest drug maker, has approached a US court against Wockhardt for challenging the patents of Allegra (fexofenadine hydrochloride), one of the largest selling anti-allergic drugs in the world. (BS)

±      Indoco Remedies entered into a long-term drug supply pact with Aspen Pharmacare, the largest pharmaceutical manufacturer in Africa and one of the top 20 generics manufacturers in the world. (BS)

±      Suven Life Sciences secured a product patent from the European Patent Office for its New Chemical Entity meant for the treatment of neurodegenerative diseases. (BL)

±      Kalanithi Maran, promoter of Sun TV, and the promoters of Spice-Jet are sparring over the price being offered for a majority stake in the budget carrier. (ET)

±      SKIL Infrastructure, promoter of Pipavav Shipyard, has made an open offer to acquire 20% stake in the company for Rs8.2bn, at Rs61.5/share. (BS)

±      MTNL has abandoned its bid to buy out Zambian telco Zamtel as BSNL too has backed out from the deal. (ET)

±      The Supreme Court rejected the central government's plea to allow Lafarge, the French mining giant, to resume limestone mining in Meghalaya. (BS)

Economic snippets

±      The country's crude oil import increased by 13.2% in February to 10.67mt over the corresponding period last year. (BL)

±      The government got Rs99.3bn from its follow-on offer of NMDC shares and Rs136.2bn from divestment in NHPC, OIL, REC and NTPC, leaving it short by Rs14.5bn for its year's disinvestment target of Rs250bn. (BS)

±      India has signed an agreement for Rs105bn official development assistance from Japan, which includes Rs16.5bn for the second phase of Delhi mass rapid transport system project, Rs44.2bn for the dedicated rail freight corridor and Rs29.3bn for Chennai metro. (BS)

±      RBI has allowed Indian companies to buy back Foreign Currency Convertible Bonds, under both the automatic route and approval route until June 30. (FE)

±      Four-laning of National Highway 40, which connects Shillong, capital of Meghalaya, with Guwahati, is expected to commence in 2010. (BS)

±      The Centre has fixed a target of Rs46bn under the Mahatma Gandhi National Rural Employment Guarantee Scheme for 2010-11, a growth of close to double the amount spent during 2009-10. (BS)

±      Union Coal Minister said coal blocks would be allocated on the merit of the proposed power projects, including 'likeability' of production, within the current XI^th Plan. (BS)

±      A Gartner study indicates that the domestic BPO market is expected to grow at 25% in 2010 to touch US$1.2bn by 2011. (BS)

±      The new Companies Bill will give SEBI the powers to look into the end-use of Initial Public Offerings. (BL)

±      The Finance Secretary said that the government will borrow Rs2.9trn, 63% of its gross requirement, in the first half of 2010-11. (BL)

±      The Government on Monday cleared 23 FDI proposals worth Rs23.3bn including that of the Pune-based auto components maker Bharat Forge. (BL)

±      Setting a positive tone for Prime minister Manmohan Singh's visit to Washington DC to attend the April 1213 Nuclear Security Summit, US Ambassador Timothy J Roemer has announced the finalization of a pact with India on re-processing US-origin spent nuclear fuel, a critical step that will enable the two countries to implement their nuclear deal. (FE)

 

 

Confidentiality & Disclaimer: This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mails are notencrypted and cannot be guaranteed to be secured or error-free as information could be intercepted, corrupted, lost, destroyed arrive late or incomplete, or contain viruses. The sender, which includes India Infoline Limited and its group companies, will not be liable for any errors or ommissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments.

Market Mantra: Technicals - Alstom Projects (Buy), Glenmark Pharma (Buy); F&O - Patel Engineering (Long), State Bank of India (Long); Reports - Utilities Sector Update, Debt Market Weekly

Market Mantra

 

Market outlook

Flirting with highs!

 

Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.  - Marie Curie

 

Only three trading sessions are left in FY10, and looks like the bulls are all set to bid a happy farewell to it. We could see some typical year-end tricks being played by various players to shore up their balance sheets. Taken together with positive FII inflows and stable global markets, the Indian indices may well touch new 52-week highs.

 

It's a holiday-shortened week yet again. Watch out for the EXIM data, auto numbers and cement dispatch figures on the first day of FY11. Speaking of data, the latest report on infrastructure industries' growth is a bit of a disappointment. However, it is unlikely to make a major dent in the sentiment.

 

We expect a steady to flat start and gradual build up towards new highs. Banking sector will be in focus, particularly the PSU pack as the RBI announces the calendar for government's borrowing programme. Shares of DQ Entertainment will list today.

 

Trading ideas (Time period: 1-3 days)

Alstom Projects (BUY, CMP Rs627, Target Rs655): The stock has given a breakout on the weekly chart. It has consolidated in a range between the levels of Rs610-504 for last five months. On Friday, the stock made a breakout from the higher-end of this trading range. In addition, the gain in the stock price from a low of Rs580 in the last week has been on back of increasing volumes, indicating strong buying at the support levels. The daily RSI is already in strong buy mode. Keeping in mind the above-mentioned evidences, we recommend high risk traders to buy the stock between the range of Rs622-630 with a stop loss of Rs614 for a target of Rs655.

 

Glenmark Pharma (BUY, CMP Rs253, Target Rs270): The stock has seen impressive volume expansion in last few trading sessions and appears to have taken support between Rs244-247 range. It could bounce till somewhere between Rs267-270 levels in the near term. Our argument is further validated after the stock recovered from the low of Rs244 in yesterday's session with strong volumes. Traders are advised to maintain a stop loss of Rs246 and go long. Book partial profit around Rs267 and exit around the levels of Rs270.

 

Derivative strategies (Time period: Till expiry)

±       Long Patel Engineering April Future @ Rs464 for the target price of Rs485 and stop loss placed at Rs458

Lot size: 1,000

Remarks: Net maximum profit of Rs21,000 and net maximum loss Rs6,000.

 

±       Long State Bank of India April Future @ Rs2,081 for the target price of Rs2,120 and stop loss placed at Rs2,065

Lot size: 132.

Remarks: Net maximum profit of Rs5,148 and net maximum loss Rs2,112.

 

Mutual funds

Fund focus
Reliance Growth Fund					Invest
Fund manager	Sunil Singhania		Min investment				Rs5,000
Latest NAV	Rs438.7		Entry load				Nil
NAV 52 high/low	Rs442/201		Exit load				1% <1 yr
Latest AUM	Rs6,733cr		Latest dividend (under dividend option)				25% (Mar 30, 2010)
Type	Open-ended		Benchmark				BSE 100
Class	Equity – diversified		Asset allocation	Equity (90%), Debt (0%), Cash (10%)
Options	Growth & dividend		Expense ratio			1.8%

 

 

Sector Update: Utilities – Firming Up Merchant Rates

After witnessing low spot prices over the past four months, rates have bounced back in March '10. Spot rates touched a high of Rs7.9/unit in March, indicating strong demand. Average rates for March '10, Rs5.8/unit, were 67% higher over Q3 FY10. Low capacity addition over the past three years and slippages expected to continue, we believe the country will continue to witness high peak deficit. In addition an improving economic environment and the oncoming summer season will keep demand high. All this will translate into high peak deficit of ~12% and firm spot rates. We believe merchant rates for the next one year should average at ~Rs5.5-6/unit. Since we have already factored this into our JSPL and Tata Power estimates, there will be no change to our numbers. Re-iterate Market Performer on JSPL and BUY on Tata Power.

 

Debt Market - week ended March 26, 2010

±       The benchmark 10-year G-Sec bond yield remained steady during the week on account of the awaited borrowing calendar by the RBI. The yield stood at 7.86%, down by 1bps on a weekly basis.

±       All Scheduled Banks' investments (at book value) in the central and state government securities stood at 18% at Rs14,279bn as on Mar 12, 2010 vis-à-vis Rs12,076bn in the corresponding period of the previous year.

±       Food inflation eased to 16.22% for the week ended Mar 13, 2010, the lowest in four months, vis-à-vis 16.30% in the previous week. It was due to decline in the prices of vegetables and onions.

±       As per the committee headed by RBI Deputy Governor K C Chakrabarty, Indian government may invest Rs40bn in 49 regional rural banks for expansion of their capital base and opening new branches over the next two years.

±       Bank of India raised US$500mn in 5 1/2-year dollar bonds, as the offering was part of a plan to raise US$2bn over the medium term. It will utilize the proceeds to fund its international operations and for general corporate purposes.

±       Japan's consumer prices fell 1.2% in Feb 2010, the 12^th fall in a row, adding pressure on the central bank to take necessary steps against deflation.

 

Corporate Snippets

±      Tata Steel plans to raise US$500mn via GDR in the next six months. (BS)

±      HDFC plans to focus on loans for college education in the next few years. (BL)

±      GAIL, MIDC form JV to lay gas infrastructure in Maharashtra. (BS)

±      Ambuja Cements opened new cement plant in Nalagarh in Himachal Pradesh. (BS)

±      Axis Bank is reportedly in talks with Max New York Life to acquire up to 5% stake in the latter. (BS)

±      The Karnataka government is allotting 500 acres to Hero Honda near Dharwad to set up a Rs20bn manufacturing plant with annual capacity of 1 lakh units. (BS)

±      Gujarat State Petroleum has filed DRHP with the regulatory body SEBI to bring out its IPO. (BS)

±      Several carmakers including Tata Motors, Fiat, Hyundai, Mahindra and General Motors plans to increase the prices of their vehicles from April as the government is set to implement the Euro IV emission norms from 1 April. (BS)

±      Punj Lloyd plans to sell its 19.4% stake in Pipavav Shipyard to co-promoter Skil Infrastructure through an inter se promoter transfer. (BS)

±      Procter & Gamble plans to more than double the production of Tide. (BS)

±      NTPC plans to set up solar and wind projects in Orissa with aggregate generation capacity of 500MW. (BS)

±      NHPC plans to set up three hydro power projects in Orissa with an aggregate generation capacity of 300 MW. (BS)

±      HDFC plans to move its investments in non-core unlisted companies to a special purpose vehicle and sell stakes to private equity investors at a substantial mark-up. (BS)

±      Axis Bank raises US$350mn from the global financial market by issuing five-and-a-half-year bonds under its medium-term note programme. (BS)

±      Cairn India has planned to initiate development of its Bhagyam field in Rajasthan. (ET)

±      M&M is likely to freeze investments in its troubled JV with Renault. (ET)

±      Bharti to ink definitive pact with Zain in 10 days. (ET)

±      Glenmark Generics, a subsidiary of Glenmark Pharma received final USFDA approval to market psoriasis ointment. (ET)

±      Indian Hotels plans to open 15 new properties under its two brands, Vivanta by Taj and Gateway, over the next 12-14 months. (BS)

±      JSL plans to raise nearly US$50mn by selling shares to QIB this week to fund a steel plant in Orissa. (ET)

±      The Supreme Court pulls up Alstom, Voith for 'delaying' Tehri power plant. (ET)

±      Bhushan Power and Steel plans to invest Rs20bn to set up an automotive grade steel plant with installed capacity of five lakh ton. (ET)

±      Ruchi Soya signs a deal on biofuels with IOC. (ET)

±      Ramco Systems gets order from Medsol in providing pathology testing services in the Middle East & North Africa region. (FE)

±      Alembic generic drug ropinirole hydrochloride has received US FDA approval in tablets format. (FE)

±      City Union Bank is planning to raise around Rs10bn over the next three years to support its business target of Rs500bn by 2013-14. (BS)

±      The Japanese government has selected four consortiums such as Toshiba Corp, Mitsubishi Heavy Industries and Hitachi, for construction related works along the Delhi-Mumbai Industrial Corridor (DMIC) project in India. (BS)

±      The government is likely to raise about Rs100bn from the proposed divestment of its 11% stake in Coal India. (BS)

±      BSNL finalises a war chest of Rs140bn to defend its market share. (BS)

±      George Soros and George Kaiser are in the race to acquire close to 4% in the Bombay Stock Exchange. (BS)

Economic snippets

±      The Confederation of Real Estate Developers' Associations of India (Credai) it would consider taking the government to court if its demand for excluding land cost from the proposed service tax on housing complexes under construction was not met. (BS)

±      Six core infrastructure industries grew at 4.5% in February against 1.9% during the corresponding month last year. (BS)

±      The TDSAT stays the order of the DoT on increase in spectrum charges for both GSM and CDMA mobile operators. (BS)

±      The government has told the RBI that the norms for approval of new banking licences could be based mainly on the existing policy framework for ownership of private banks. (ET)

 

Confidentiality & Disclaimer: This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mails are notencrypted and cannot be guaranteed to be secured or error-free as information could be intercepted, corrupted, lost, destroyed arrive late or incomplete, or contain viruses. The sender, which includes India Infoline Limited and its group companies, will not be liable for any errors or ommissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments.