BUY INFOYSY TILL RESULT target 1800+
IT stocks were in the limelight ahead of Infosys result on January 11
Today, Nifty has support at 6,162 and resistance at 6,348 and BSE Sensex has support at 20,523 and resistance at 21,091.
What the FIIs are doing
FIIs were net buyers of Rs5.71bn (provisional) in the cash segment on Tuesday while the local institutions were net buyers of just Rs920.8mn. In the F&O segment, foreign funds were net sellers of Rs1.48bn.
On Monday, FIIs were net sellers of Rs809mn in the cash segment. Mutual Funds were net buyers of Rs300mn on the same day.
Metal stocks could be under some pressure amid reports that the Government is considering sifting to an Ad Valorem rates of royalty on all sorts of ores. Unitech, HFCL, BPL, RCOM, Idea and Shyam Tele could gain as a financial daily says that these companies will get LoIs from the DoT soon. What they will do with it remains to be seen. 3i Infotech, Aztecsoft and MindTree will attract attention amid reports of some M&A action. TVS Motor might gain as the Supreme Court has refused to stay the sales of its 125 cc bike, the Flame
News Snippets:
Bajaj Auto unveils the prototype of its small car; company to roll out its LCV by 2009.
Power Grid Corp plans to enter entertainment and telecom business.
Maruti Suzuki India has ruled out any possibilities of price cut for Maruti 800.
DoT is set to issue Letter of Intent to new players; Unitech, HFCL, Sterlite amongst those likely to get LoIs. (FE)
ABG Shipyard is raising Rs8bn through QIP to double capacity at its Surat facility.
Reliance Industries is to invest Rs200bn to develop KG basin.
ONGC looking for an alliance with overseas players to bid for blocks offered under NELP VII round.
BHEL in tie up talks with overseas shipyards for building offshore rigs.
Aditya Birla Nuvo will consider raising fund through preferential allotment to promoters and promoters group.
Vedanta Resources plans to invest Rs500bn over next few years in metals, mining and power generation.
NDTV may sell 25-30% in its UK based to NBC Universal; deal valued at Rs6.5-8bn.
ICICI Bank and SBI have together acquired 3% in Jaiprakash Power Venture, subsidiary of Jaiprakash Associates.
Adani Enterprises plans to raise Rs30bn through the QIP route in first quarter of current year.
Ford India is expanding its manufacturing capabilities to make a small car for India.
Bartronics India raises US$50mn via FCCB issue.
Omaxe is in talks with Starwood Hotels & Resorts of US; to invest Rs20bn in hotel projects.
L&T may stop production of 3-4 products due to cheaper imports from China.
SBI picks up 2% stake in Mahindra Holidays and Resorts for Rs800mn in an pre-IPO placement.
Planning Commission recommends state government should grant more licenses for distilleries, imported and country liquor and breweries.
The government is considering to raise price of petrol and diesel by Rs2 and Rs1 per liter respectively.
Passenger vehicle sales grew 8% in December as compared to last year.
Farm sector NPAs could get budget relief.
The Slum Rehabilitation Authority to call for financial bids for the Rs93.5bn Dharavi Redevelopment Project.
Government has issued notification that effectively allows only sugar mills to produce ethanol from sugarcane.
PM acknowledges rising interest rates and appreciating rupee have caused economic slowdown and job losses; constitutes group to suggest revival.
Sluggish performance by crude oil sector leads to decline in core sector growth to 5.3% in November.
Sugar production for 2007-08 seen below projected levels due to delays in crushing and lower yields.
The Board of Approvals of the union commerce department ha cancelled the ‘in-principal SEZ’ status granted to the New Kolkata International Development, the SPV formed by Indonesia’s Salim group.