NW18: Stocks To Watch: ITC, Mahindra Holidays, MCX, DLF, IL&FS Engg
.TOP EVENTS TODAY
* Board Meetings of:
+ Kesar Enterprises, to consider preference shares conversion.
+ Rasi Electrodes, to consider allotment of convertible warrants.
+ Southern Ispat and Energy, to consider raising funds.
+ Southern Petrochemicals Industries Corp, to mull issue of conv warrants.
INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, Mar 6: FII 5.24, DII (6.0)
Institutional net buy/(sale) in bln rupees, Mar 5: FIIs 3.04, MF (0.28)
* FII NSE futures net buy/(sale) in bln rupee, Mar 6: index 1.91, shr 6.10
* Sensex 19252.61, up 109.44 points; Nifty 5818.60, up 34.35 points.
* Crude: $90.43/bbl; Rupee: 54.72/$1; Gold: $1,574.9/ounce; 10-yr yld: 7.8601%
OUTLOOK
* Indices are likely to open on a weak note due to mixed cues from key Asian
markets, with Nifty likely to face resistance near 5850.
GLOBAL STOCK MARKETS
* US indices ended up on Wednesday, as investors cheered better-than-expected
private payrolls data for February.
* ASIA: Key equities were trading mixed and most indices witnessed profit
booking after two sessions of gains. Japan's Nikkei was up, as investors
expect Bank of Japan to adopt a reflationary monetary policy.
IPO NEWS
========
* Bothra Metals & Alloys' 4.88-mln-share issue to open on Mar 12, and close
on Mar 14. Issue price is set at 25 rupees. Shares proposed to be listed
on the BSE SME platform.
SECTOR NEWS
===========
* AVIATION: Singapore-based Tiger Airways to offer low-cost tickets from six
Indian destinations to Singapore. (NW18)
Indian skies saw air traffic fall 3.0% during 2012, and 3.8% in
January.
(NW18)
Ratan Tata has said the approval by the Foreign Investment Promotion
Board to Malaysian carrier AirAsia for taking 49% stake in a proposed
joint venture with Tata Sons would reinforce investment sentiment in
India. (NW18)
.
* ENERGY: The government has constituted a steering committee on offshore
wind energy to push development of such projects in the country. (NW18)
Oil minister has said state-owned oil-marketing companies need to be
compensated for the revenue losses incurred by them on sale of subsidised
fuels or they would end up in the red soon. (NW18)
.
* FINANCE: Everstone Capital to buy 15% stake in Hinduja Leyland Finance for
2 bln rupees. (ET)
.
* INFORMATION TECHNOLOGY: Embassy Group and private equity major Blackstone
to buy IT park in Bengaluru for 19.51 bln rupees. (ToI)
.
* PENSION FUNDS: India's pension fund regulator has allowed fund managers of
the National Pension System to invest directly in stocks. (Mint)
.
* REGULATORY: The RBI has sought complete verification of the beneficiaries'
list under the farm loan waiver scheme, with priority on areas where
indebtedness was high. (NW18)
SEBI at its board meet on Friday said it is likely to tweak preference
share norms allowing them to be listed on the stock exchanges to make
it easier for banks and companies to raise funds. (ET)
SEBI plans to shift illiquid stocks from the normal trading platform
to "call auction" system in a bid to curb share price manipulation.
ITDC, WESTLIFE DEVELOPERS, PILANI INVESTMENT are some of the likely
illiquid stocks. (ET)
.
* SPECIAL ECONOMIC ZONE: The revised special economic zone norms are likely
to be announced along with India's foreign trade policy in March. (NW18)
.
* STEEL: Rajasthan has reduced local tax on stainless steel wire and wire rod
to 5% from 14% earlier. (NW18)
.
* STOCK EXCHANGE: The Inter-connected Stock Exchange of India is looking to
sell its broking arm ISE Securities & Services and has invited bids
for the same until Mar 22. (BS)
.
* TAXATION: The government is looking to cut the withholding tax on foreign
investments in corporate bonds. (ET)
.
* TOBACCO: Rajasthan has hiked the value-added tax rate for tobacco products
to 65% from 50% in the state's Budget for 2013-14 (Apr-Mar). (NW18)
.
* TELECOM: The Empowered Group of Ministers on spectrum has decided that the
telecom department will approach the Supreme Court after the conclusion of
Mar 11 auction of 2G spectrum. (NW18)
.
.
STOCKS
======
* ABG SHIPYARD: The company and private investment fund Tano Capital to
sell Italian electric motor maker Cemp, which they acquired in 2007,
for about 3 bln rupees. (ToI)
* ADITYA BIRLA CHEMICALS (INDIA): Has commissioned commercial production of
caustic soda at its brownfield unit at Renukoot in Uttar Pradesh. (NW18)
.
* BANK OF INDIA: Has allotted 22.12 mln shares to the government on
preferential basis at 365.70 rupees a share. (NW18)
.
* COAL INDIA: Has said it may have to cut prices of its high-quality coal. (BS)
.
* DLF: Board has approved institutional placement programme and other routes
to trim its promoter stake to meet SEBI's minimum public shareholding norm.
(NW18)
.
* ELDER PHARMACEUTICALS: Is planning to set up a joint venture with Japanese
company KOSE Corp for manufacturing and selling cosmetics in India. (NW18)
.
* HINDUSTAN PETROLEUM CORP: Board has approved setting up a 9-mln-tn refinery-
cum-petrochemicals complex in Rajasthan at an investment of around 370 bln
rupees. (NW18)
The company along with Shapoorji Pallonji will set up a 50-bln-rupee
terminal on Gujarat coast to import liquefied natural gas. (HT)
.
* HOUSING DEVELOPMENT FINANCE CORP: Will raise 5 bln rupees through five-year
bullet redemption bonds. (NW18)
.
* ICICI BANK: Will this month auction 25 kg gold jewellery pledged with it
for loans to recover dues. (PTI)
.
* IL&FS ENGINEERING: SEBI has disposed off the case against a couple charged
with fraudulent trading in shares of the company. (FE)
.
* MAHINDRA HOLIDAYS & RESORTS INDIA: Promoter MAHINDRA & MAHINDRA to sell
3.4 mln shares of the company, or 4.02% stake, via an offer for sale today,
floor price for which has been set at 270 rupees per share. (NW18)
.
* MAHINDRA & MAHINDRA: Workers at Nashik unit have been on a tool-down strike
since 1800 IST on Tuesday following the suspension of the general secretary
and another leader of the labour union at the plant. (NW18)
Company's President Goenka said the current duty structure on electric
cars is quite disappointing and it may impact the company's sales volume.
(NW18)
.
* MCNALLY BHARAT ENGINEERING CO: Has issued 400 mln cumulative non-convertible
redeemable preference shares to Tata Capital Financial Services. (NW18)
.
* MULTI COMMODITY EXCHANGE: NYSE Euronext to sell 2.44 mln shares
representing
4.8% stake in the exchange via a block deal today in a price range of
1,005 rupees to 1,026 rupees per share. (var)
.
* NIMBUS PROJECTS: Is planning to buy 100% stake in a Delhi-based company and
will seek the approval of the board for the same on Mar 13. (NW18)
.
* RASHTRIYA CHEMICALS AND FERTILIZERS: Government to sell 68.96 mln shares,
or 12.5% stake, of the company through offer for sale on Friday. (NW18)
.
* RELIANCE INDUSTRIES: The Bombay High Court has disposed off the petition
filed by SEBI against the Chief Information Commissioner directing it to
disclose information regarding the 2007 insider trading in the company. (BS)
.
* ROLLATAINERS: Has entered a joint venture pact with Japan's Toyo Machine
Manufacturing Co for production of packaging-related machines and
spare parts. (NW18)
.
* TATA STEEL: Plans to raise $1 bln through overseas bond issue by March
end. (ETNow)
.
* ULTRATECH CEMENT: Has despatched 3.31 mln tn cement in February, 6% lower
than a year ago, while production during the month fell 4% to 3.32 mln tn.
(NW18)
End
.
Sources - Print or Web editions of:
AA--The Asian Age; BB--Bloomberg; BS--Business Standard; BL--The Hindu
Business Line; NW18--NewsWire18; DNA--Daily News and Analysis; ET--The
Economic Times; FT--Financial Times; FE--The Financial Express; FC--Financial
Chronicle; HT--Hindustan Times; IE--Indian Express; MWA--MarketWatch;
PTI--Press Trust of India; RTR--Reuters; TH--The Hindu; ToI--The Times of
India; var--various.
.
Compiled by Vidya Sreedhar, Saket Sundria, and Priyanka Salve
.TOP EVENTS TODAY
* Board Meetings of:
+ Kesar Enterprises, to consider preference shares conversion.
+ Rasi Electrodes, to consider allotment of convertible warrants.
+ Southern Ispat and Energy, to consider raising funds.
+ Southern Petrochemicals Industries Corp, to mull issue of conv warrants.
INDICATORS (previous session)
* NSE provisional net buy/(sale) in bln rupees, Mar 6: FII 5.24, DII (6.0)
Institutional net buy/(sale) in bln rupees, Mar 5: FIIs 3.04, MF (0.28)
* FII NSE futures net buy/(sale) in bln rupee, Mar 6: index 1.91, shr 6.10
* Sensex 19252.61, up 109.44 points; Nifty 5818.60, up 34.35 points.
* Crude: $90.43/bbl; Rupee: 54.72/$1; Gold: $1,574.9/ounce; 10-yr yld: 7.8601%
OUTLOOK
* Indices are likely to open on a weak note due to mixed cues from key Asian
markets, with Nifty likely to face resistance near 5850.
GLOBAL STOCK MARKETS
* US indices ended up on Wednesday, as investors cheered better-than-expected
private payrolls data for February.
* ASIA: Key equities were trading mixed and most indices witnessed profit
booking after two sessions of gains. Japan's Nikkei was up, as investors
expect Bank of Japan to adopt a reflationary monetary policy.
IPO NEWS
========
* Bothra Metals & Alloys' 4.88-mln-share issue to open on Mar 12, and close
on Mar 14. Issue price is set at 25 rupees. Shares proposed to be listed
on the BSE SME platform.
SECTOR NEWS
===========
* AVIATION: Singapore-based Tiger Airways to offer low-cost tickets from six
Indian destinations to Singapore. (NW18)
Indian skies saw air traffic fall 3.0% during 2012, and 3.8% in
January.
(NW18)
Ratan Tata has said the approval by the Foreign Investment Promotion
Board to Malaysian carrier AirAsia for taking 49% stake in a proposed
joint venture with Tata Sons would reinforce investment sentiment in
India. (NW18)
.
* ENERGY: The government has constituted a steering committee on offshore
wind energy to push development of such projects in the country. (NW18)
Oil minister has said state-owned oil-marketing companies need to be
compensated for the revenue losses incurred by them on sale of subsidised
fuels or they would end up in the red soon. (NW18)
.
* FINANCE: Everstone Capital to buy 15% stake in Hinduja Leyland Finance for
2 bln rupees. (ET)
.
* INFORMATION TECHNOLOGY: Embassy Group and private equity major Blackstone
to buy IT park in Bengaluru for 19.51 bln rupees. (ToI)
.
* PENSION FUNDS: India's pension fund regulator has allowed fund managers of
the National Pension System to invest directly in stocks. (Mint)
.
* REGULATORY: The RBI has sought complete verification of the beneficiaries'
list under the farm loan waiver scheme, with priority on areas where
indebtedness was high. (NW18)
SEBI at its board meet on Friday said it is likely to tweak preference
share norms allowing them to be listed on the stock exchanges to make
it easier for banks and companies to raise funds. (ET)
SEBI plans to shift illiquid stocks from the normal trading platform
to "call auction" system in a bid to curb share price manipulation.
ITDC, WESTLIFE DEVELOPERS, PILANI INVESTMENT are some of the likely
illiquid stocks. (ET)
.
* SPECIAL ECONOMIC ZONE: The revised special economic zone norms are likely
to be announced along with India's foreign trade policy in March. (NW18)
.
* STEEL: Rajasthan has reduced local tax on stainless steel wire and wire rod
to 5% from 14% earlier. (NW18)
.
* STOCK EXCHANGE: The Inter-connected Stock Exchange of India is looking to
sell its broking arm ISE Securities & Services and has invited bids
for the same until Mar 22. (BS)
.
* TAXATION: The government is looking to cut the withholding tax on foreign
investments in corporate bonds. (ET)
.
* TOBACCO: Rajasthan has hiked the value-added tax rate for tobacco products
to 65% from 50% in the state's Budget for 2013-14 (Apr-Mar). (NW18)
.
* TELECOM: The Empowered Group of Ministers on spectrum has decided that the
telecom department will approach the Supreme Court after the conclusion of
Mar 11 auction of 2G spectrum. (NW18)
.
.
STOCKS
======
* ABG SHIPYARD: The company and private investment fund Tano Capital to
sell Italian electric motor maker Cemp, which they acquired in 2007,
for about 3 bln rupees. (ToI)
* ADITYA BIRLA CHEMICALS (INDIA): Has commissioned commercial production of
caustic soda at its brownfield unit at Renukoot in Uttar Pradesh. (NW18)
.
* BANK OF INDIA: Has allotted 22.12 mln shares to the government on
preferential basis at 365.70 rupees a share. (NW18)
.
* COAL INDIA: Has said it may have to cut prices of its high-quality coal. (BS)
.
* DLF: Board has approved institutional placement programme and other routes
to trim its promoter stake to meet SEBI's minimum public shareholding norm.
(NW18)
.
* ELDER PHARMACEUTICALS: Is planning to set up a joint venture with Japanese
company KOSE Corp for manufacturing and selling cosmetics in India. (NW18)
.
* HINDUSTAN PETROLEUM CORP: Board has approved setting up a 9-mln-tn refinery-
cum-petrochemicals complex in Rajasthan at an investment of around 370 bln
rupees. (NW18)
The company along with Shapoorji Pallonji will set up a 50-bln-rupee
terminal on Gujarat coast to import liquefied natural gas. (HT)
.
* HOUSING DEVELOPMENT FINANCE CORP: Will raise 5 bln rupees through five-year
bullet redemption bonds. (NW18)
.
* ICICI BANK: Will this month auction 25 kg gold jewellery pledged with it
for loans to recover dues. (PTI)
.
* IL&FS ENGINEERING: SEBI has disposed off the case against a couple charged
with fraudulent trading in shares of the company. (FE)
.
* MAHINDRA HOLIDAYS & RESORTS INDIA: Promoter MAHINDRA & MAHINDRA to sell
3.4 mln shares of the company, or 4.02% stake, via an offer for sale today,
floor price for which has been set at 270 rupees per share. (NW18)
.
* MAHINDRA & MAHINDRA: Workers at Nashik unit have been on a tool-down strike
since 1800 IST on Tuesday following the suspension of the general secretary
and another leader of the labour union at the plant. (NW18)
Company's President Goenka said the current duty structure on electric
cars is quite disappointing and it may impact the company's sales volume.
(NW18)
.
* MCNALLY BHARAT ENGINEERING CO: Has issued 400 mln cumulative non-convertible
redeemable preference shares to Tata Capital Financial Services. (NW18)
.
* MULTI COMMODITY EXCHANGE: NYSE Euronext to sell 2.44 mln shares
representing
4.8% stake in the exchange via a block deal today in a price range of
1,005 rupees to 1,026 rupees per share. (var)
.
* NIMBUS PROJECTS: Is planning to buy 100% stake in a Delhi-based company and
will seek the approval of the board for the same on Mar 13. (NW18)
.
* RASHTRIYA CHEMICALS AND FERTILIZERS: Government to sell 68.96 mln shares,
or 12.5% stake, of the company through offer for sale on Friday. (NW18)
.
* RELIANCE INDUSTRIES: The Bombay High Court has disposed off the petition
filed by SEBI against the Chief Information Commissioner directing it to
disclose information regarding the 2007 insider trading in the company. (BS)
.
* ROLLATAINERS: Has entered a joint venture pact with Japan's Toyo Machine
Manufacturing Co for production of packaging-related machines and
spare parts. (NW18)
.
* TATA STEEL: Plans to raise $1 bln through overseas bond issue by March
end. (ETNow)
.
* ULTRATECH CEMENT: Has despatched 3.31 mln tn cement in February, 6% lower
than a year ago, while production during the month fell 4% to 3.32 mln tn.
(NW18)
End
.
Sources - Print or Web editions of:
AA--The Asian Age; BB--Bloomberg; BS--Business Standard; BL--The Hindu
Business Line; NW18--NewsWire18; DNA--Daily News and Analysis; ET--The
Economic Times; FT--Financial Times; FE--The Financial Express; FC--Financial
Chronicle; HT--Hindustan Times; IE--Indian Express; MWA--MarketWatch;
PTI--Press Trust of India; RTR--Reuters; TH--The Hindu; ToI--The Times of
India; var--various.
.
Compiled by Vidya Sreedhar, Saket Sundria, and Priyanka Salve
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