News Capsule (02 Aug 10)

Cox and Kings Ltd which has received shareholder approval to raise up to 20 billion rupees for overseas acquisitions is “actively working” on multiple acquisitions in US, Europe and China, a senior official said.

Foreign institutional investors (FIIs) were net buyers of Rs 728.14 crore (provisional) today, according to data released by BSE.

State-run Rural Electrification Corp (REC) today said it will borrow Rs 28,000 crore in the current financial year for financing power projects, out of which $1 billion will be overseas debt.

Putting to rest all concerns over the dilution of Reserve Bank of India’s (RBI) role and autonomy, the Lok Sabha has passed the much controversial bill on the unit linked insurance plans (ULIPs).

Capgemini, the Paris-headquartered information technology services and consultancy firm, plans to hire 17,000 people in India in 2010, said the company while announcing its second quarter results. Its headcount in India at present is 26,000.

India and the United States have agreed to work together for establishing the Regional Global Diseases Research Centre in India and initiate several programs under the India-USA Health Initiative.

Motilal Oswal is bullish on Hindusthan National Glass and Industries and has recommended buy rating on the stock with a target of Rs 325.

Gail is slated to go pass Rs 520 level in this timeframe on a conservative basis. If you cannot buy anymore, by all means continue to hold, says Technical Analyst, Vijay Bhambwani.

Buy Bank of India on dips, says Technical Analyst, Vijay Bhambwani.

Exit Suzlon Energy, says Technical Analyst, Vijay Bhambwani.

About 79,000 applications are pending before the government for grant of patents, with mechanical engineering and chemicals segment accounting for nearly a third of the requests, Parliament was informed today.

The Supreme Court on Monday directed private telecom firms to give their financials to the government auditor CAG, but stopped the auditor from vetting the papers till a case on jurisdiction was decided by the High Court.

Global investors are chasing India for its strong and high growth, says Richard Kang, CIO, Emerging Global Advisors. He is betting on India outperforming in the coming years and sees no reason why India cannot generate its own form of soft landing.

Sushil Finance is bullish on Allied Digital and has recommended buy rating on the stock with a target of Rs 325.

Buy Bajaj Auto, says Jigar Shah of Kim Eng Securities.

Buy Bharti Airtel at around Rs 260265, says Technical Analyst, Vijay Bhambwani.

Hold Bank of India, says Jigar Shah of Kim Eng Securities.

Two-wheeler maker Suzuki Motorcycle India today reported a 47.64 per cent growth in sales in July to 18,512 units compared to same month last year.

IOC, HPCL & BPCL have seen their revenue loss on fuel sale widening to Rs 57,000 cr this fiscal, up from Rs 53,000 cr estimated at the time of June price hike.

Mineral production in May rose 8.69 per cent compared to the corresponding period last year on account of a steady rise in demand from user industries, the Mines Ministry said today.

Puravankara Projects is basically giving a breakout, so it makes sense to stay into the stock and it is looking good for a good move up, says Anu Jain, Vice President IIFL Private Wealth Management.

Sushil Finance is bullish on 3i Infotech and has recommended buy rating on the stock with a target of Rs 116, in its July 31, 2010.

State-owned Steel Authority of India (SAIL) on Monday said it has invited merchant bankers to manage the first phase of its share sale programme, which may raise an estimated Rs 8,000 crore.

Gold prices rose by Rs 15 to Rs 18,040 per ten gram in futures market today as speculators enlarged their positions in tandem with firm global trend.

Bajaj Corp said it has received investment of about Rs 52 crore from 12 anchor investors for its initial public offer (IPO), which opened for subscription on Monday.

Consumer durables major Videocon is setting up a TV manufacturing unit at Manamadurai in Tamil Nadu with an investment of Rs 1,500 crore.

Mahindra & Mahindra today reported an increase of 24.31 per cent in total sales at 28,049 units for July this year.

General Motors India today reported total sales of 7,124 units for July, up 45 per cent from that in the same month last year.

Hyundai Motor India Ltd (HMIL) today reported sales of 50,411 units for July, up 10.7 per cent from 45,539 units in the same month last year.

HCL Infosystems Ltd on Monday said the company led consortium with Accor Services and Virgo Softech has been awarded a contract by the Madhya Pradesh government for implementing food-coupon based targeted public distribution systems in the state.

Bajaj Corporation has allotted 8.10 lakh shares to 12 investors at Rs 650 per share.

BNP Paribas SA said Monday its net profit soared 31 percent in the second quarter as steep retail banking gains in France and the Benelux region offset declines in its investment banking operations.

Royal Orchid Hotels is going to issue warrants to promoters

There was a block deal of 12.5 lakh Fortis Healthcare shares on NSE at Rs 156.55 per share

Stay away from telecom space, says Sandeep Bhatia, Executive Director Head of Sales, Kotak Institutional Equities.

Bajaj Auto has posted its highest monthly sales this July, yearonyear. Total sales in July are up 65% at 3.18 lakh units as compared to 1.92 lakh units in the same period last year.

Reliance Communications may hit Rs 185, says Shailesh Kadam, AVP Institutional Derivatives, PINC.

Andhra Cement has approved allotment of shares up to Rs 18.6 crore to HDFC and IDFC

Karnataka Bank has approved rights issue ratio of 2:5

Oil rose towards 12-week highs above $79 on Monday, driven by investor appetite for commodities and energy risk, with macroeconomic indicators in top consumers the United States and China showing slower but sustained growth.

Maruti Suzuki’s July sales were at 100,857 units, the company said on Monday.

Manufacturing in China contracted for the first time in 16 months in July, an independent survey showed Monday, lifting Chinese shares due to hopes that policymakers will refrain from new tightening moves.

Buy Bank of Baroda around Rs 733, says Anu Jain, Vice President IIFL Private Wealth Management.

Sandeep Bhatia, Executive Director Head of Sales, Kotak Institutional Equities is underweight on cement sector.

Buy Kingfisher Airlines, says Anu Jain, Vice President IIFL Private Wealth Management.

The rupee strengthened to its highest level in more than a month on Monday morning boosted by near 1 per cent gains in local shares with sentiment also buoyed by strong regional peers.

Credit Suisse said it has raised ICICI Bank to “outperform” from “neutral”, and raised the 12-month target price to 1,079 rupees from 826 rupees.

Larsen & Toubro said on Monday it received an order worth 65 billion rupees ($1.4 billion) from Jaiprakash Group .

The rupee is likely to gain this week after having broken the key 46.50/$ level on Friday. The market will take cue from global equities and a stronger euro. The range for the rupee is seen between 46.2046.60/$, says Manis Thanawala, Greenback Forex Services.

Buy Voltas on dips, says Anu Jain, Vice President IIFL Private Wealth Management.

Exide Industries has target of Rs 148151, says Anu Jain, Vice President IIFL Private Wealth Management.

Vijaya Bank can move upto Rs 78.30, says Anu Jain, Vice President IIFL Private Wealth Management

Indian economy to touch $2 trillion mark Pegging GDP growth at 9%, the economy would reach a level of $1.72 trillion in 2011-12, the PMEAC report said.

IT solutions provider Trimax IT Infrastructure and Services is eyeing a revenue of around Rs 535 crore in FY11 on the back of growth in its systems integration, managed IT infrastructure and data centre businesses, a senior company official said.

Borrowing by small US businesses edged up in June, data released by PayNet Inc on Monday showed, but the bounce fell well short of suggesting the economy is gaining steam.

The Asian markets have opened in the green. The Hang Seng is at 21,259, stronger by 229 points or 1% and the Nikkei is at 9,655, higher by 118 points or 1.2%.

Financial markets continue to price in asymmetric returns. Gold is weakening, while oil remains range bound, says Sean Darby of Nomura.

Operating or financial performance in Q1 turned out to be below expectation for a variety of reasons, says Sanjeev Prasad of Kotak Institutional.

Bharti Infratel, a unit of India’s top mobile operator Bharti Airtel, on Sunday said it had appointed Devender Singh Rawat as its chief executive officer.

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