Government had agreed to give Bharti Airtel additional spectrum in five service areas of the 10 circles it had applied. There is a formal commitment for 5 out of the 10. TCS won a £100 million ($199 million) order from Sun Life Financial Inc.’s U.K. division.
Tata Consultancy will provide back office services. Ferro Alloys Corp Ltd plans to invest 27.5 billion rupees in new steel and power plants. Ferro Alloys plans to set up a 500,000 million tonne steel plant, a 250- megawatt power plant and a 45-megawatt captive power plant.
ICSA India Ltd received contract worth 389.4 million rupees to erect power substations in Andhra Pradesh state. ICSA makes software to monitor transmission and distribution losses in the power and oil sector. Arvind Mills Limited will invest nearly $100 million in a Bangladesh special industrial zone.
AML signed the deal to set up a high-end denim fabricmanufacturing factory in Comilla export processing zone. Sadbhav Engineering Ltd had got a contract worth 475.6 million rupees from Western Coalfield Ltd. Akruti City Ltd has approved raising up to 2 billion rupees through an issue of optionally convertible debentures to Reliance Capital. Essar Oil plans to raise up to $2 billion to fund expansion and expects its expanded 210,000 barrels per day Vadinar refinery to be ramped up to full capacity by March, not end-January as was expected. It will use the proceeds for exploration and expansion of its refinery and marketing network as well as working capital needs.
Lumax Industries Ltd has approved the closure and sale of its Chennai unit. Net profit of Ess Dee Aluminium rose 147.80% to Rs 15.19 crore in the quarter ended December 2007 as against Rs 6.13 crore during the previous quarter ended December 2006. Sales rose 107.06% to Rs 61.89 crore. Net profit of Crompton Greaves rose 49.49% to Rs 67.90 crore in the quarter ended December 2007 as against Rs 45.42 crore during the previous quarter ended December 2006. Sales rose 12.56% to Rs 915.17 crore. Net profit of EIH rose 16.76% to Rs 72.40 crore in the quarter ended December 2007 as against Rs 62.01 crore during the previous quarter ended December 2006. Sales rose 17.57% to Rs 308.61 crore.
India’s domestic oil product sales in December rose 4 percent from a year earlier to 10.95 million tonnes. Domestic diesel sales were up 10.7 percent to 4.36 million tonnes from a year earlier. The Union Cabinet reviewed and approved FDI policy for further liberalisation in following sectors such as civil aviation, petroleum and natural gas, commodity exchanges, credit information services, mining in titanium, industrial parks and construction and development.
India hopes to attract foreign investment of $26 billion in the 2007/08 fiscal year that ends in March, substantially higher than $16 billion a year earlier. Among the Base metals, demand for Tin may increase as uncertainty concerning the level of tin production from Indonesia has supported the market in recent months. Also demand for Copper may increase on account of dwindling stockpiles and on speculation of Fed rate cut.
The markets on Jan 28: The area of 5000 according to Nifty provides market good support. LOOKING AHEAD: Even though global markets were extremely weak, our markets managed to close higher as compared to the opening levels on Monday. An intra-day recovery in banking, power and metal scrips helped the market to move higher in the second half of the trading session. According to micro analysis of the Nifty/Sensex chart, it seems the market is still in the process of a pull back mode to the bearish rally between 21200/6350 and 15300/ 4450. The way the market recovered from lower levels it seems there are enough chances the market may cross the immediate highs of 18406/5399.
In that case, we may see the levels of 18900/5600 as there is no major resistance between 18400 and 20000 (5400 and 6000 for the Nifty). As we are in a pull back mode, we should be cautious while trading, that is, we must trade with the necessary precaution. For any long position, the stop loss must be at 17500/5050. Protect all the short sell positions with a stop loss at 18410/5410. There was momentum in banks and auto stocks, especially in two wheeler stocks on Monday. However, the rally was mainly due to the expectation of a positive outcome in the Credit Policy which is due on Tuesday. Our advice is to look for buying or selling opportunities in Nifty or the basket of Nifty heavyweight stocks as sector specific genuine action is still missing.
|