Nifty at a support of 4450 and 4372 with resis at 4610 and 4725
Markets at a support of 14678 & 14786 and resistance at 15151 & 15351 levels
Buy : Ongc at dips
Buy : RIL at dips
Buy : HLL & ITC
Buy : LT at dips
Buy : Nalco & MTNL at dips
Dark Horse : ONGC , Kohinoor , RIL , LT , ITC & HLL
Corporate Front Page
ICICI Bank and ICICI Lombard have come under the scanner of fair trade practices body MRTPC for imposing “unfair and unjust” conditions on the insurance cover provided to the credit card customers.
Tata Steel may raise ~Rs40bn through an issue of non-fungible GDRs.
JSW Steel Group has signed a $2bn deal with a Japanese shipping firm for transportation of coal over ten years.
JSW Steel inaugurated a 1mn ton capacity cold rolling mill complex at its Vijayanagar works.
Expert Committee on Infrastructure development and Miscellaneous Projects has granted the Coastal Regulation Zone clearance to Reliance Power’s its 4,000 MW Krishnapatnam ultra mega power project in Andhra Pradesh.
China Light and Power Holdings has emerged the lowest bidder for setting up the 1,326 mw power generation project at Jhajjar in Haryana, ahead of Lanco Infratech.
BPCL has been slapped a penalty of Rs330mn by the income tax department (Mumbai) for non-payment of proper advance taxes for 2006-07.
Tata BP Solar, a venture of Tata Power and BP Solar have signed an agreement with Calyon Bank, BNP Paribas and others to raise US$78mn for expansion.
Godrej Industries has received shareholders approval for further investing up to Rs3.6bn in Godrej Consumer Products.
Dubai-based Emaar Properties is planning to launch private residences designed by Giorgio Armani.
Future Group is picking up a 70% stake in Aadhaar, Godrej Group’s rural retailing initiative.
ACC, Ambuja Cement and Lafarge are looking at buying the closed manufacturing facilities of Cement Corporation of India.
With the Ministry of Civil Aviation not indicating a fresh date for shifting of operations the new Rajiv Gandhi International Airport, the GMR Hyderabad International Airport is set to incur significant losses.
Delhi-based Selan Exploration Technology has roped in Malaysia-based Kejuruteraan Samudra Timur (KSTB) to provide land drilling rig services in Ahmedabad, Gandhinagar and Mehsana districts in Gujarat.
Union Bank of India has readied a reverse mortgage loan product, which will be launched in couple of weeks.
The Chhattisgarh government has denied that it has ever signed any pact with NTPC to draw water from the state’s resources for its 2,980-Mw Sipat power project in Bilaspur district.
In a strongly-worded letter, the CPI (M) has sought Prime Minister Manmohan Singh’s urgent intervention to shore up BSNL’s mobile capacity.
High coffee bean prices have affected the profit margins of Hindustan Unilever’s (HUL) beverage segment.
The steel ministry is considering withdrawal of SAIL and Rashtriya Ispat Nigam from the JV with NMDC for setting up a 4mn ton steel plant in Chhattisgarh.
Russian conglomerate, Sistema plans to invest as much as US$5bn in India over the next three years.
DHL Express plans to open 1,000 retail points across the country by 2010 up from current 150 centers.
Signet Solar Inc, manufacturers of silicon thin film photovoltaic (PV) modules, will set up its first manufacturing plant at Sriperumbudur at an investment of Rs20bn and has signed an MoU with the Tamil Nadu government.
West Bengal Govt. plans to set up Rs4bn retail chain.
Economic News
Private equity and overseas venture capital investments in Indian Companies could soon be included in FDI caps for each sector.
After RBI, it is now the income tax authorities who have put banks and companies disclosing losses in their foreign exchange derivative structures under the scanner.
Non-food credit offtake in the fortnight ended February 29, 2008, has risen up by Rs400bn to Rs22,069bn, as against Rs7.9bn in the previous fortnight.
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IIP’s Feb data may show manufacturing slump in February, as the output increase rate and new orders have been weakest in the last six months.
The number of POIs (points of interconnection) with congestion has fallen to 315 during the three-month period ended December 2007, compared with 348 registered during the same period ended September 2007.
The government has said that the country will have electricity on demand by 2012 and it needs nuclear energy to meet future demand.
The country’s power shortage rose to its highest level at 12.8% in January 2008 as compared to 12.51% in January 2007.
The scope of the Rs600bn farm loan waiver package will be extended and dry-land farmers having more than five acres will also be able to benefit from the scheme.
The Congress government in Andhra Pradesh today announced loan waiver for weaker sections, physically challenged persons, minorities and women, amounting to Rs16.9bn and covering about 4.38mn beneficiaries.
In a relief to direct-to-home (DTH) operators facing exorbitant pricing of channels from the broadcasters, the Punjab and Haryana High Court has directed the sector regulator Trai to decide on the pricing issue within eight weeks.
According to the Solvent Extractors Association of India (SEA), edible oil imports increased to 0.43mn tons against 0.15mn tons during the same period a year ago.
The Andhra Pradesh Cabinet on Monday approved the lowering of sales tax from 33% to 4% on ATF.
Telecom Regulatory body TRAI will impose a fine of up to Rs20,000 on service providers for non-compliance of its directive regarding unsolicited tele-marketing calls and messages.
China has authorized coal exports of 31.8mn tons in 2008.