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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Indian Markets
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The BSE Sensex fell 189 points – or almost 1%, on Monday. Other indices including the midcap and smallcap index also fell, albeit a little less. Apart from weak global cues, indices were also hit by poor numbers for IIP – the Index of Industrial Production. The worst hit in the Sensex were real estate and auto stocks such as DLF, Tata Motors and M&M. The BSE auto and realty indices were both down over 2%. Interest rate sensitive sectors are vulnerable to a possible hike in policy rates, which the Reserve Bank is expected to hike on May 3.
US Markets
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Wall Street slipped in the red after spending a few days around key technical levels to close nearly a percent lower. DJIA ended at 12263.05, down 0.95% while the NASDAQ closed at 2744.79, down 0.96% on Tuesday. Alcoa’s lower than expected revenues disappointed US markets, while energy stocks saw a sharp slide as crude prices fell from nearly 2 ½ year highs. Crude has fallen sharply from nearly $113/barrel to $106/barrel levels. While the CBOE VIX has also retraced its advance from over 18 levels back to 17.09 levels.
Asian Markets
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Asia markets are trading marginally lower today except the Kospi that is up 0.3%. Hang Seng, Nikkei, Shanghai and Taiwan indices are down 0.1-0.5%. Japan’s increasing radiation level has created some uncertainty and nervousness amongst investors as the country issued a warning of radiation level 7, the highest internationally. Markets may remain subdued due to lack of positive news.
Corporate Headlines
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IndusInd Bank purchases the credit card business of Deutsche Bank in India for a little over the book value of Rs 224 crore. This gets IndusInd Bank a customer base of 2 lakh card holders.
Tata Chemicals has acquired a 25.1% stake in a fertilizer manufacturing project in Gabon, Africa for $290 mn. The company may invest another $170 mn in the project’s second phase.
Punj Lloyd has acquired a 50% stake in an Indonesian coal mine with potential reserves of 134 million tons.
Essar Oil recorded a net profit of Rs 321 crore for the March quarter, versus Rs 180 crore for the same period last year – on higher volumes and higher refining margins. The oil refinery will be shut down in Sept-Oct 11 for installation of new equipment that will expand the refinery capacity to 18 mn tons from 10.5 mn tons now.
Tata Power has bagged an order worth Rs 1,000 crore for modernization of 30
Economic & Political Headlines
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IIP, which measures the growth in industrial output, dipped to 3.6% for February 2011. This is a sharp fall from the 15.1% seen for the same period last year.
Japan has raised the emergency level of the Fukushima radiation leak to level 7, the highest alert internationally. The level was raised after it was discovered that more radiation had leaked from the plant than what had been initially estimated.
Kapil Sibal announced the broad contours of the new telecom policy. Key measures include reducing the time for which licenses are given out to 10 years from 20 at present and a uniform license fee. Post M&A, the number of players per circle should be at least 6.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Indian Markets
__________________________________________________________________________________________________________________________________
The BSE Sensex fell 189 points – or almost 1%, on Monday. Other indices including the midcap and smallcap index also fell, albeit a little less. Apart from weak global cues, indices were also hit by poor numbers for IIP – the Index of Industrial Production. The worst hit in the Sensex were real estate and auto stocks such as DLF, Tata Motors and M&M. The BSE auto and realty indices were both down over 2%. Interest rate sensitive sectors are vulnerable to a possible hike in policy rates, which the Reserve Bank is expected to hike on May 3.
US Markets
__________________________________________________________________________________________________________________________________
Wall Street slipped in the red after spending a few days around key technical levels to close nearly a percent lower. DJIA ended at 12263.05, down 0.95% while the NASDAQ closed at 2744.79, down 0.96% on Tuesday. Alcoa’s lower than expected revenues disappointed US markets, while energy stocks saw a sharp slide as crude prices fell from nearly 2 ½ year highs. Crude has fallen sharply from nearly $113/barrel to $106/barrel levels. While the CBOE VIX has also retraced its advance from over 18 levels back to 17.09 levels.
Asian Markets
__________________________________________________________________________________________________________________________________
Asia markets are trading marginally lower today except the Kospi that is up 0.3%. Hang Seng, Nikkei, Shanghai and Taiwan indices are down 0.1-0.5%. Japan’s increasing radiation level has created some uncertainty and nervousness amongst investors as the country issued a warning of radiation level 7, the highest internationally. Markets may remain subdued due to lack of positive news.
Corporate Headlines
__________________________________________________________________________________________________________________________________
IndusInd Bank purchases the credit card business of Deutsche Bank in India for a little over the book value of Rs 224 crore. This gets IndusInd Bank a customer base of 2 lakh card holders.
Tata Chemicals has acquired a 25.1% stake in a fertilizer manufacturing project in Gabon, Africa for $290 mn. The company may invest another $170 mn in the project’s second phase.
Punj Lloyd has acquired a 50% stake in an Indonesian coal mine with potential reserves of 134 million tons.
Essar Oil recorded a net profit of Rs 321 crore for the March quarter, versus Rs 180 crore for the same period last year – on higher volumes and higher refining margins. The oil refinery will be shut down in Sept-Oct 11 for installation of new equipment that will expand the refinery capacity to 18 mn tons from 10.5 mn tons now.
Tata Power has bagged an order worth Rs 1,000 crore for modernization of 30
Economic & Political Headlines
__________________________________________________________________________________________________________________________________
IIP, which measures the growth in industrial output, dipped to 3.6% for February 2011. This is a sharp fall from the 15.1% seen for the same period last year.
Japan has raised the emergency level of the Fukushima radiation leak to level 7, the highest alert internationally. The level was raised after it was discovered that more radiation had leaked from the plant than what had been initially estimated.
Kapil Sibal announced the broad contours of the new telecom policy. Key measures include reducing the time for which licenses are given out to 10 years from 20 at present and a uniform license fee. Post M&A, the number of players per circle should be at least 6.
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