News Capsule (30 Aug 10)

The government has approved 1000 MW of grid-connected solar power projects, New and Renewable Energy minister Farooq Abdullah said today.

Reliance Communications (RCom) today said it has appointed Prashant Gokarn as the Head for its 3G Business operations.

Foreign institutional investors (FIIs) were net buyers of Rs 184.41 crore (provisional) today, according to data released by BSE.

India’s foreign direct investment (FDI) inflows in the first six months of this year were down 18 per cent to $10.78 billion from a year ago, the industry secretary said, on heightened risk aversion among global investors.

India’s foreign direct investment (FDI) inflows in the first six months of this year were down 18 per cent to $10.78 billion from a year ago, the industry secretary said, on heightened risk aversion among global investors.

British mining major Rio Tinto will be investing Rs 370 crore (rs 3.7 billion), for exploration and mining of diamonds in Madhya Pradesh’s Bunder town, over the next three years, a senior State Government official on Monday said.

Oman has awarded Saudi National Contracting Co and India’s Larsen & Toubro two separate contracts worth 32.1 million rials ($83.4 million) to build power transmission units, a government statement said.

Buy Sandur Manganese and Iron Ores at lower levels, says Investment Analyst, Ashish Chugh.

PINC Research is bullish on Hero Honda Motors and has recommended buy rating on the stock with a target of Rs 2049, in its August 30, 2010 research report.

Drugmaker Jubilant Organosys said on Monday it has signed a longterm contract worth USD 33 million with a US life sciences company for its custom research and manufacturing services (CRAMS) business.

Usher Agro was granted approval to raise Rs 100 crore by its EGM said the company’s Managing Director, Vinod Kumar Chaturvedi. It will be raised via qualified institutional buyers (QIBs) or private equity (PE) within the next 12 months.

IIFL has maintained reduce rating on Maruti Suzuki with a target of Rs 1200, in its August 30, 2010 research report.

Buy Infosys Technologies at around Rs 2550, says Technical Analyst, Ashwani Gujral.

Book profits in banking stocks, says Technical Analyst, Ashwani Gujral.

Buy Vishal Retail with a target of Rs 6162, says Salil Sharma, Technical Analyst at Kapur Sharma Co.

Buy ITC closer to Rs 150152, says Salil Sharma, Technical Analyst at Kapur Sharma Co.

Below Rs 301, DLF may correct to Rs 280, says Salil Sharma, Technical Analyst at Kapur Sharma Co.

Radhika Gupta, Director of Forefront Capital Management is bearish on the cement sector.

Videocon Industries is planning to sell 26% equity of its mobile business.  Venugopal Dhoot, Chairman of the company has said that it is eyeing a valuation of Rs 15,000 crore from the stake sale.

Radico Khaitan Ltd, India’s No. 2 liquor maker, is scouting for marketing tieups with international firms to expand its distribution network in India, chairman Lalit Khaitan told reporters on Monday.

Borosil Glass Works has sold Andheri land for Rs 830 crore

Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company said today.

Nokia will host an email server in India from November 5, D Shivakumar, vice president and managing director of Nokia India, said on Monday.

NTPC may offer upto 49 per cent equity stake to Qatar Petroleum in its gas-based project at Kerala, to secure fuel supply for its power plant.

On August 27, 2010 Dhananjaya Money Management Services Pvt Ltd bought 1,757,582 shares of Ruchi Soya at Rs 129.74. On Friday the share closed at Rs 129.80.

Reliance Life Insurance has been awarded a high rating in customer satisfaction for the third year in a row, according to a survey.

If United Breweries can hold on to those Rs 377 levels, there is a possibility of another couple of percentage points. Keep stop loss closer to Rs 368-367, says Anu Jain, IIFL Private Wealth Management, India Infoline.

On August 27, 2010 Primus Real Estates Private Limited bought 350,000 shares of Silverline Animation Technologies at Rs 20.50 on the BSE. It closed at Rs 20.50.

If Tata Steel holds on the levels of 524, then the targets would be Rs 533 and 555, says Anu Jain, IIFL Private Wealth Management, India Infoline.

Angel Broking is bullish on PTC India and has recommended buy rating on the stock with a target of Rs 136, in its August 28, 2010 research report.

On August 27, 2010 Tmt Viniyogan Limited sold 375,736 shares of Rama Newsprint at Rs 16.47 on the NSE. On Friday share ended at Rs 15.90.

Ruchi Soya at its meeting held on August 28, 2010 has declared dividend at 25% i:e Re 0.50 per share of face value of Rs 2 each.

On August 27, 2010 Paramount Pharma Private Limited bought 10,000,000 shares of Piramal Health at Rs 499 and Phl Holdings Private Limited sold 10,000,000 shares at Rs 499 on the BSE. On Friday the share closed at Rs 487.55.

Exit Sterlite Industries, says Radhika Gupta, Director of Forefront Capital Management.

Tata Steel is looking attractive, says Radhika Gupta, Director of Forefront Capital Management.

Hold Sesa Goa, says Radhika Gupta, Director of Forefront Capital Management.

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

Karur KCP Packkagings has its Board of Directors meeting on September 02, 2010 to consider and approve the audited annual accounts dividend.

LIC Housing Finance can go upto Rs 1300, says Hemant Thukral, Asian Markets Securities Pvt Ltd.

IIFL is bullish on Indraprastha Gas and has recommended buy rating on the stock with a target of Rs 350, in its August 30, 2010.

Novartis India has got US FDA nod for new Hypertension drug Tekamlo

The Indian rupee appreciated by 10 paise to Rs 46.79 a dollar in early trade on the Interbank Foreign Exchange today.

Pantaloon Retail at its meeting held on August 28, 2010 has declared dividend of Re 0.80 i:e 40% per share of Rs 2 each.

Amar Remedies at its meeting held on August 28, 2010 has declared dividend at 10% i:e Re 1 per share of Rs 10 each.

Metrochem Industries at its meeting held on August 28, 2010 has declared dividend of Rs 2 per share i:e 20%.

Murli Industries has its Board of Directors meeting on September 02, 2010 to consider and approve the audited annual accounts dividend.

Rama Pulp Papers has its Board of Directors meeting on August 31, 2010 to consider and approve the audited annual accounts dividend.

Tata Steel today surged nearly 4 per cent on its European arm Corus’ deal with Thailand-based Sahaviriya Steel Industries (SSI) to sell its Teesside Cast Products plant in the UK.

President Barack Obama said on Sunday the US economy was expanding, but not quickly enough, and there was no “magic bullet” that will fix its problems.

Anu Jain of IIFL Private Wealth Management is bullish on PFC, Opto Circuit, ITI, Tata Motors and Reliance Communication. She advises traders to buy into these scrips.

Japanese shares jumped over 3 percent while the yen fell as the Bank of Japan held an emergency meeting to curb a rise in the Japanese currency that is threatening a fragile economic recovery.

Friday looked a bit scary but today we have better news to play with. The global markets have turned around at least for the day. The gross domestic product (GDP) numbers in the US were not as bad as the markets feared and that’s lead to a powerful back in the US and sparked off some recovery across the world of equities and commodities.

The rupee is likely to be marginally firm on the back of positive Asian equity and also the expectation of a domestic equity to open on a positive note, says Subramanian Sharma, Greenback Forex Services.

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