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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 broke its 5 day losing streak on Wednesday and surged 434 points, or 2.25%. The Nifty also gained 2.17% during the day. The jump in stock markets is being attributed to short covering ahead of Infosys results to be released today. The biggest gains were seen in capital goods, auto, banks, FMCG and IT sectors – the sectoral indices were up by over 2% for all of them.
US Markets
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Wall Street sees a tepid close as DJIA inches 14 points higher at 12285.15, while the NASDAQ closes 1.30 points lower at 2760.22 for the day. Growth worries and inflation remain key concerns for investors in US. Adding to the bearish sentiment, Google shares fell as the company reported lower than estimated first-quarter earnings due to sharp rise in operating expenses. Energy shares moved up as crude oil futures went up nearly 1% to settle the day at $108.11/barrel.
Asian Markets
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Asian markets have bounced back from the lows of the day. Asian stocks fell in the morning as data from US markets and likely rise in Chinese inflation gave traders a pretext to book profits. Hang Seng, Straits Times, Taiwan, Shanghai and Kospi have retraced early morning losses and are up 0.1-0.7%, while the Nikkei is still down 0.4%. The dollar continues to struggle at 16-month lows as the possibility of Fed tightening remains low for the near term given the focus on unemployment rather than on inflation.
Corporate Headlines
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GMR to start mining coal in Indonesia next month. The company had acquired the mine in 2009 and will use the coal for a power plant in India. The group is also planning to raise $150 mn from PE investors.
Hero Honda declares an interim dividend of Rs 70/share, or 3,500%
Fortis Healthcare purchases Super Religare Laboratories, a group firm which runs diagnostic laboratories across India.
Muthoot Finance declares price band of Rs 160-175/share for its IPO. The gold lender hopes to raise Rs 844-900 crore from investors.
Development Credit Bank records a net profit of Rs 11.4 crore for Q4 against a loss for the same period last year.
Infosys to announce Q4 results and FY12 guidance today
Economic & Political Headlines
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Polling over in Tamil Nadu, Pondicherry and Kerela with a high voter turnout. Kerela recorded a turnout of 74.6%, while in Tamil Nadu the voter turnout was 83.6%.
RIL tells government that it cannot prioritize the reduced gas supply from KG-D6 for some customers at expense of others.
Murli Deora indicates that some provisions of the draft M&A bill could be toned down.
In her deposition to CBI, lobbyist Niira Radia says Unitech’s Sanjay Chandra offered to sell his telecom arm to Mukesh Ambani. She has also said that there was a perception that the 2G license for DB Realty was facilitated by Mr. Sharad Pawar.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Indian Markets
__________________________________________________________________________________________________________________________________
The BSE Sensex broke its 5 day losing streak on Wednesday and surged 434 points, or 2.25%. The Nifty also gained 2.17% during the day. The jump in stock markets is being attributed to short covering ahead of Infosys results to be released today. The biggest gains were seen in capital goods, auto, banks, FMCG and IT sectors – the sectoral indices were up by over 2% for all of them.
US Markets
__________________________________________________________________________________________________________________________________
Wall Street sees a tepid close as DJIA inches 14 points higher at 12285.15, while the NASDAQ closes 1.30 points lower at 2760.22 for the day. Growth worries and inflation remain key concerns for investors in US. Adding to the bearish sentiment, Google shares fell as the company reported lower than estimated first-quarter earnings due to sharp rise in operating expenses. Energy shares moved up as crude oil futures went up nearly 1% to settle the day at $108.11/barrel.
Asian Markets
__________________________________________________________________________________________________________________________________
Asian markets have bounced back from the lows of the day. Asian stocks fell in the morning as data from US markets and likely rise in Chinese inflation gave traders a pretext to book profits. Hang Seng, Straits Times, Taiwan, Shanghai and Kospi have retraced early morning losses and are up 0.1-0.7%, while the Nikkei is still down 0.4%. The dollar continues to struggle at 16-month lows as the possibility of Fed tightening remains low for the near term given the focus on unemployment rather than on inflation.
Corporate Headlines
__________________________________________________________________________________________________________________________________
GMR to start mining coal in Indonesia next month. The company had acquired the mine in 2009 and will use the coal for a power plant in India. The group is also planning to raise $150 mn from PE investors.
Hero Honda declares an interim dividend of Rs 70/share, or 3,500%
Fortis Healthcare purchases Super Religare Laboratories, a group firm which runs diagnostic laboratories across India.
Muthoot Finance declares price band of Rs 160-175/share for its IPO. The gold lender hopes to raise Rs 844-900 crore from investors.
Development Credit Bank records a net profit of Rs 11.4 crore for Q4 against a loss for the same period last year.
Infosys to announce Q4 results and FY12 guidance today
Economic & Political Headlines
__________________________________________________________________________________________________________________________________
Polling over in Tamil Nadu, Pondicherry and Kerela with a high voter turnout. Kerela recorded a turnout of 74.6%, while in Tamil Nadu the voter turnout was 83.6%.
RIL tells government that it cannot prioritize the reduced gas supply from KG-D6 for some customers at expense of others.
Murli Deora indicates that some provisions of the draft M&A bill could be toned down.
In her deposition to CBI, lobbyist Niira Radia says Unitech’s Sanjay Chandra offered to sell his telecom arm to Mukesh Ambani. She has also said that there was a perception that the 2G license for DB Realty was facilitated by Mr. Sharad Pawar.
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