News Capsule (28 Jul 10)

Technical Analyst, Vijay Bhambwani is of the view that Reliance Industries likely to remain under pressure.

Bombay Dyeing Manufacturing Co Ltd said on Wednesday there was no proposal at present to sell its polyester plant to Reliance Industries Ltd, denying a report by the Economic Times.

So long as Mahindra Mahindra stays above Rs 600, the view will be definitely positive, says Shardul Kulkarni of Angel Broking.

The country’s crude oil production rose 6.8 per cent in June on higher output from Rajasthan fields operated by Cairn India.

To fund business growth, private sector lender YES Bank intends to raise Rs 500 crore from bonds by September.

Mukesh Ambani-run Reliance Industries and Essar Oil are among about half a dozen firms in race to buy crisis-hit British energy giant BP’s fuel marketing assets in east African countries.

Reliance Industries extended losses to 3 per cent on day as brokerages such as Edelweiss, Motilal Oswal and IIFL downgraded the largest listed firm saying the company would take longer to increase gas production at the KG-D6 block.

The London Stock Exchange Group and the NSE signed a letter of intent to evaluate joint strategic business opportunities and co-operate more closely in the future, the NSE said.

Mahindra & Mahindra Ltd saw 7-8 per cent loss in sales due to supply constraints for tyres, fuel injection equipments and castings in the June quarter, company president Pawan Goenka said on Wednesday.

Mahindra & Mahindra, India’s largest utility vehicles and tractor maker, said on Wednesday it would postpone a decision on whether to bid for troubled Korean carmaker Ssangyong Motor Co until closer to the August deadline.

India’s second largest lender, ICICI Bank, has bought a 1.33 per cent stake in United Stock Exchange, the company said in a statement on Wednesday.

Hold BHEL, says Radhika Gupta, Director of Forefront Capital Management.

Stay invested in Reliance Industries (RIL), says Radhika Gupta, Director of Forefront Capital Management.

Exit Cairn India, says Radhika Gupta, Director of Forefront Capital Management.

DLF is looking strong in the real estate space, says Radhika Gupta, Director of Forefront Capital Management.

IIFL is bullish on United Phosphorous and has recommended buy rating on the stock with a target of Rs 196, in its July 28, 2009 research report.

IIFL is bullish on Sun Pharmaceutical and has recommended buy rating on the stock with a target of Rs 1835, in its July 28, 2009 research report.

Aban Offshore reinsurers has agreed to settle Aban Pearl’s insurance claim for USD 235 million. Around 97% of Aban Pearl’s claim amount has received, reports CNBCTV18.

HDFC Securities is of the view that the initial public offering of SKS Microfinance is expensive but still can give listing gains.

World’s largest steel producer ArcelorMittal today reported a net profit of $1.7 billion in the April-June quarter on account of improved steel demand.

British defence group BAE Systems will supply 57 Hawk training jets to India’s air force and navy, a senior defence ministry official said on Wednesday, a contract which is potentially worth $775 million.

XL Telecom & Energy, has bagged an order worth Rs 65.7 crore for supplying solar panels to Europe.

ArcelorMittal, the world’s largest steelmaker, forecast a sharp decline in earnings in the third quarter due a slowdown in China, a seasonal drop in activity and higher raw material costs.

India will sell 300,000 tonnes of wheat and rice through diplomatic channels to Bangladesh and Nepal, Farm Minister Sharad Pawar said on Wednesday, as revived monsoon rains have boosted crop prospects.

Godrej Industries has target of Rs 190, says VK Sharma, HDFC Securities.

Bajaj Auto can test Rs 2710, says VK Sharma, HDFC Securities.

Buy 1850 put of Larsen and Toubro (LT), says VK Sharma, HDFC Securities.

Cement space is looking positive on medium term perspective, says R Venkat Subramanian, CIO of Infina Finance.

Bajaj Corp, a part of Bajaj Consumer Care, is coming out with a public issue of up to 45 lakh equity shares of Rs 5 each.

ABB is looking expensive, says R Venkat Subramanian, CIO of Infina Finance.

Aster Silicates, a chemical manufacturer, today listed on the BSE at a premium of 8.22 per cent over its issue price of Rs 118 a share.

Surana Ventures, the demerged solar power entity of the Surana Telecom, is set to list on the stock exchanges in the fourth week of next month.

Emami Infra has a land bank of 150-200 acres and a networth of Rs 35 crore, said Naresh Bhansali, President and CFO of Emami Group, in an interview to CNBCTV18.

PowerGrid gets Rs 2,200 cr relief from govt Analysts said the move was good from investor perspective as it removed contingent liability from co’s balance sheet.

Billionaire investor George Soros is close to sealing a 40-million-dollar deal to buy Dubai Holding’s 4.0 percent stake in the Bombay Stock Exchange (BSE), the Financial Times reported Wednesday.

The Indian rupee retreated from a more than one-week high on Wednesday morning as weak Asian peers weighed, while the sharemarket performance during the day would be crucial for direction.

Swiss engineering group ABB Ltd successfully raised its stake in its Indian subsidiary to 75%, boosting its position in the fastgrowing Indian market.

British Prime Minister David Cameron will try to persuade India on Wednesday to do more business with Britain as he seeks new sources of economic growth to offset deep cuts in public spending at home

Petron Engineering Construction Ltd said on Tuesday it has won a contract worth Rs 586.3 million from NTPC.

ACC has target of Rs 89, says Technical Analyst, Ashwani Gujral.

DLF Ltd, the top listed real estate firm, is in talks to sell a part of its stake in an insurance joint venture with Prudential, a business daily reported on Wednesday.

Buy Jaiprakash Associates at around Rs 110, says Technical Analyst, Ashwani Gujral.

United Phosphorous has support at Rs 170-175, says Technical Analyst, Ashwani Gujral.

Buy Bajaj Auto at around Rs 2400-2450, says Technical Analyst, Ashwani Gujral.

Buy VIP Industries on dips, says Technical Analyst, Ashwani Gujral.

Hindustan Construction Company (HCC) has received Rs 126.225 crore contracts from Hindalco

Redington (India) is going to raise the FII ceiling limit and NRIs to 100% from 24%

Godrej Industries will join Godrej Properties for developing Vikhroli land. Godrej Industries will get 40% profit from Vikhroli property development

ABB is going to be deleted from MSCI index w.e.f today

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