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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Wall Street finished marginally lower disregarding the better
than expected economic data on Existing home sales which spiked
12.3% as traders looked for cues amongst the day’s corporate earnings
report meanwhile as the Energy and commodity prices remained under
pressure after faster economic growth in China raised concerns about
further monetary tightening.
Asian stock markets are trading mixed after witnessing deep
cuts in the early morning. The Domestic markets should open lower
while during the day we may see the index move between red and green
consistently. The NIFTYmay get opening Support at 5662. If it fails to
hold this level during the day, it can slowly drift towards the Major
Support at 5638. Overall mood will be cautious ahead of Q3 figures
from key Nifty companies. The Critical level for positive sentiment is
seen at 5690 on crossing which; we may see some strength for the bulls.
First Target for the day seen at 5735 and on top of this we may see good
rally towards the Major Resistance at 5762.
US stocks closed modestly lower due to weak earnings and over worries that
China might have resort to further monetary tightening after its economy
expanded by 9.8% in the fourth quarter. The Dow Jones industrial average and
The S&P500 lost less than 0.1% each while The Nasdaq Composite fell 0.7%.
European stock markets added to prior session’s losses led by Mining and
Energy stocks as global commodities came under pressure on expectation of
additional monetary tightening measures from China. The UK’s FTSE 100
dropped 1.8%, The Germany’s DAX 30 shed 0.8% and The France’s CAC 40
dipped 0.3%.
Crude oil prices fell nearly 2% after an unexpected rise in US crude
stockpiles and on worries that China may raise interest rates to combat
inflation. Currently it is trading below the $90 per barrel level.
Asian stock markets are trading mixed. Hong Kong’s Hang Seng advanced
0.3%, Singapore’s Straits Times added 0.1% and China’s Shanghai Composite
surged 2.2%. However, , Taiwan’s Taiwan Weighted came down by 0.4% and
Japan’s Nikkei 225 declined 0.9%.
Wipro Q3 net up; meets forecast but no positive surprises: Wipro Ltd. said today
that its Q3 FY11 consolidated net profit stood at Rs 1,319 crores versus Rs 1,276
crores in the previous quarter, showing a rise of 3.4% QoQ. Consolidated revenues
for the reporting quarter are at Rs 7,829 crores versus Rs 7,731 crores in Q2 FY11.
Global IT revenues for Q3 FY11 are up 5.6% sequentially at US$1.34bn. Wipro said
that ITservices revenues are seen rising 3-5% QoQ in Q4 FY11 at US$1.38-1.41bn.
Support -473,468; Resistance 488,494
Dr Redd ' y s launches generic Protonix drug in US:
Support – 1654,1640; Resistance 1678,1690
Dr Reddy's Laboratories Ltd
had launched a generic version of Protonix, a drug used to control the amount of acid
in the stomach, in the United States. it has launched generic pantoprazole sodium
delayed-release tablets in 20- and 40-milligram strengths. The tablets had total US
sales of about $1.8 billion for the twelve months to Sept. 30, 2010.
Coal India cuts output targets for fiscal & 2011-12: Coal India has lowered its
production targets downwards for the current and the next fiscal years as a pollution
norm has hit output from almost all its mines. Targets have been cut by 20 million
tonnes in the current fiscal and by almost 40 million tonnes during 2011-12.
Support – 309,305; Resistance 320,324
SKS Microfinance has loan sanction of Rs 2,000-crore, says CFO:
Support -677,,660; Resistance 702,716
SKS
Microfinance said it has a loan sanction of Rs 2,000 crore from various banks.It has
been disbursed an incremental loan of Rs 400 crore over since the ordinance was
implemented by the State Government.
Kajaria enters sanitaryware with Turkish partner : Kajaria Ceramics Ltd has
entered the sanitaryware and bath-fittings segment by tying up with European brand
Vitra, owned by Eczacibasi of Turkey. The 50:50 partnership is for five years and the
joint venture is looking at possibilities of manufacturing in India.
Support – 72,69; Resistance 77,80
Economy / Sector News
Food inflation slows in Jan but worries remain
Food inflation slowed for the second consecutive week
in January but inflationary pressures remained as prices of
onions and vegetables still rule high.
Data released on Thursday showed food inflation rose to
15.52% in the week ended January 8, slowing from the previous
week's 16.91%. It had shot up to a year-high of 18.32% in late
December, prompting the government to announce measures to
cool prices. But economists said the impact of the steps would be
negligible. Food inflation has remained above 12% for the past
five weeks.
Govt targeting FDI of $250 b in 5 years: Sharma
The Government is targeting a foreign direct investment
inflow of $250 billion in the next five years, the Commerce and
Industry Minister, Mr Anand Sharma said on Thursday.
Addressing the Business Session, the Minister said the
Government is taking steps to attract FDI by simplifying policies
and also considering easing FDI norms in sectors like multibrand retail and defence among others.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Wall Street finished marginally lower disregarding the better
than expected economic data on Existing home sales which spiked
12.3% as traders looked for cues amongst the day’s corporate earnings
report meanwhile as the Energy and commodity prices remained under
pressure after faster economic growth in China raised concerns about
further monetary tightening.
Asian stock markets are trading mixed after witnessing deep
cuts in the early morning. The Domestic markets should open lower
while during the day we may see the index move between red and green
consistently. The NIFTYmay get opening Support at 5662. If it fails to
hold this level during the day, it can slowly drift towards the Major
Support at 5638. Overall mood will be cautious ahead of Q3 figures
from key Nifty companies. The Critical level for positive sentiment is
seen at 5690 on crossing which; we may see some strength for the bulls.
First Target for the day seen at 5735 and on top of this we may see good
rally towards the Major Resistance at 5762.
US stocks closed modestly lower due to weak earnings and over worries that
China might have resort to further monetary tightening after its economy
expanded by 9.8% in the fourth quarter. The Dow Jones industrial average and
The S&P500 lost less than 0.1% each while The Nasdaq Composite fell 0.7%.
European stock markets added to prior session’s losses led by Mining and
Energy stocks as global commodities came under pressure on expectation of
additional monetary tightening measures from China. The UK’s FTSE 100
dropped 1.8%, The Germany’s DAX 30 shed 0.8% and The France’s CAC 40
dipped 0.3%.
Crude oil prices fell nearly 2% after an unexpected rise in US crude
stockpiles and on worries that China may raise interest rates to combat
inflation. Currently it is trading below the $90 per barrel level.
Asian stock markets are trading mixed. Hong Kong’s Hang Seng advanced
0.3%, Singapore’s Straits Times added 0.1% and China’s Shanghai Composite
surged 2.2%. However, , Taiwan’s Taiwan Weighted came down by 0.4% and
Japan’s Nikkei 225 declined 0.9%.
Wipro Q3 net up; meets forecast but no positive surprises: Wipro Ltd. said today
that its Q3 FY11 consolidated net profit stood at Rs 1,319 crores versus Rs 1,276
crores in the previous quarter, showing a rise of 3.4% QoQ. Consolidated revenues
for the reporting quarter are at Rs 7,829 crores versus Rs 7,731 crores in Q2 FY11.
Global IT revenues for Q3 FY11 are up 5.6% sequentially at US$1.34bn. Wipro said
that ITservices revenues are seen rising 3-5% QoQ in Q4 FY11 at US$1.38-1.41bn.
Support -473,468; Resistance 488,494
Dr Redd ' y s launches generic Protonix drug in US:
Support – 1654,1640; Resistance 1678,1690
Dr Reddy's Laboratories Ltd
had launched a generic version of Protonix, a drug used to control the amount of acid
in the stomach, in the United States. it has launched generic pantoprazole sodium
delayed-release tablets in 20- and 40-milligram strengths. The tablets had total US
sales of about $1.8 billion for the twelve months to Sept. 30, 2010.
Coal India cuts output targets for fiscal & 2011-12: Coal India has lowered its
production targets downwards for the current and the next fiscal years as a pollution
norm has hit output from almost all its mines. Targets have been cut by 20 million
tonnes in the current fiscal and by almost 40 million tonnes during 2011-12.
Support – 309,305; Resistance 320,324
SKS Microfinance has loan sanction of Rs 2,000-crore, says CFO:
Support -677,,660; Resistance 702,716
SKS
Microfinance said it has a loan sanction of Rs 2,000 crore from various banks.It has
been disbursed an incremental loan of Rs 400 crore over since the ordinance was
implemented by the State Government.
Kajaria enters sanitaryware with Turkish partner : Kajaria Ceramics Ltd has
entered the sanitaryware and bath-fittings segment by tying up with European brand
Vitra, owned by Eczacibasi of Turkey. The 50:50 partnership is for five years and the
joint venture is looking at possibilities of manufacturing in India.
Support – 72,69; Resistance 77,80
Economy / Sector News
Food inflation slows in Jan but worries remain
Food inflation slowed for the second consecutive week
in January but inflationary pressures remained as prices of
onions and vegetables still rule high.
Data released on Thursday showed food inflation rose to
15.52% in the week ended January 8, slowing from the previous
week's 16.91%. It had shot up to a year-high of 18.32% in late
December, prompting the government to announce measures to
cool prices. But economists said the impact of the steps would be
negligible. Food inflation has remained above 12% for the past
five weeks.
Govt targeting FDI of $250 b in 5 years: Sharma
The Government is targeting a foreign direct investment
inflow of $250 billion in the next five years, the Commerce and
Industry Minister, Mr Anand Sharma said on Thursday.
Addressing the Business Session, the Minister said the
Government is taking steps to attract FDI by simplifying policies
and also considering easing FDI norms in sectors like multibrand retail and defence among others.
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