n News clippings
n The Government is not opposed to Posco getting a majority stake in the proposed about Rs 12,000-crore joint venture between the South Korean giant and Steel Authority of India Ltd. SAIL and Posco are in discussions to set up a 1.5-million-tonne integrated plant in Bokaro to produce high grade steel from low-grade iron ore and non-coking coal by using the world’s third largest steel company’s FINEX Technology.
n Indian Oil Corp (IOC) will increase petrol prices by Rs 0.27/litre from Today, while Hindustan Petroleum Corp Ltd (HPCL) will raise prices by Rs 0.28/litre from Tomorrow.
n KSK Energy Ventures has tied up and has secured the total capital outlay for the project, which is estimated be USD 3.6 billion for its 3,600 megawatt thermal power project in central India.
n Steel Strips Wheels (SSWL) has bagged repeat export order by leading suppliers based in Germany catering to the European after market.
n Piramal Life initiates Phase II trials for Type II Diabetes in India and Europe. Type 2 Diabetes Meliitus (T2DM) or Non-Insulin Dependent Diabetes (NIDDM) accounts for about 90%~95% of the diabetic population. In the US$20.8mn people, i.e. about 7% of the total population suffer from diabetes
n Anticipating better production in 2010-11 sugar year starting next month, the government may cut the quantity of sugar that mills have to contribute for supply through ration shops to 12 per cent of country's total output from the current 20 per cent.
n Technical Comments
Rally across the board
Nifty posted smart rally on Monday led by FMCG, financial, telecom, auto, oil & gas and metal companies' shares. The rally was also aided by positive advance-decline ratio. Nifty with a gain of 96 points, was just 20 points short of kissing the milestone of 6000-mark. The market is clearly looking up and will continue moving up atleast for a while and we are looking for level of 6250 in the near future.
BSE Metal:
The index resumed its uptrend after finding support at the 200-days simple moving average. So going forward we feel that the positive momentum will continue to rule and one should look for the target of 17000-level in the near future.
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