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Views on markets today
· Indian markets bounced back and closed positive yesterday supported by world equities on the back of Irish rescue deal, but investors eyed further developments on the local political situation. An agreement from the European Union and the International Monetary Fund to lend Ireland cash to tackle its banking and budget crisis gave positive sentiments to the investors. All the sectoral indices closed positive with banks, consumer durable, IT and real estate were major gainers. Reliance Industries rose 1.5% after it has safely restarted its crude distillation unit at its Jamnagar refinery.
· Market breadth was strong at ~1.78x as investors bought large cap stocks. Both FIIs and domestic institutions bought equities worth `3.35bn and `2.12bn, respectively.
· Asian shares are down today as investors continued to worry over Europe's debt crisis. Japanese markets were closed today for a public holiday while the Hang Seng index was down by over 1%.
· We expect a weak opening for the Indian markets following the cues from the Asian markets. Auto stocks will see a momentum after the news of M&M's acquisition of South Korea's Ssangyong Motors for $464mn.
Economic and Corporate Developments
· Government likely to decontrol the retail price of Urea and shift it to the nutrient based subsidy regime by 2011-12.
· Navi Mumbai airport gets a green nod from the environment ministry but with riders.
Buzzing Stocks
· Mahindra & Mahindra has signed the final contract to acquire the debt-ridden South Korean sports utility vehicle (SUV) maker Ssangyong Motor for a total of $462.3mn.
· Jet Airways international passenger traffic in October grew 18%, while its domestic passenger traffic rose 11%.
· Bharati Shipyard is planning to acquire 51% in Chennai based Tebma Shipyard for Rs75.75Cr according to news reports.
· Zensar Technologies signed a definitive agreement to acquire US-based PSI Holdings Inc's unit Akibia for $66mn in cash in bid to increase its on-site presence.
· Tata Chemicals announced the launch of ‘Paras Farmoola', the country's first ever customised fertiliser product specifically targeted at farmers in western-central Uttar Pradesh.
· The government has approved stock split of ONGC share into two, making it affordable for investors ahead of its FPO.
· Kalpataru Power Transmission and Techno Electric and Engineering have achieved financial closure of a design, build, finance, operate and transfer project of 400 kV, 100 km power transmission line from Jharli to Bawana project from the Haryana Vidyut Prasaran Nigam.
· BHEL has joined hands with GE India Industrial Private Ltd, a wholly owned subsidiary of GE, US, for manufacturing water treatment equipment.
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