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Tuesday, April 26, 2011
Markets may open on a flat note; RIL eyed
The Indian indices are likely to begin the new week on a flat to negative note as the results of industry mammoth Reliance Industries were below expectations
Headlines for the day:
RBI likely to pull up 7 banks for flouting currency regulations
RIL likely to invest over Rs1.5 lakh crore in next 5 yrs
Like ONGC, OIL may also go for stock split
Grey Market Premiums - Apr 26 2011
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Muthoot Finance | 160 to 175 | 26 to 27 |
| Paramount Print Packaging | 32 to 35 | 4 to 4.50 |
| Future Ventures | 10 to 11 | 0.60 to 0.75 |
| Innoventive Industries | 117 to 120 | 13 to 14 |
| Servalakshmi Paper Ltd. | 27 to 29 | 3 to 3.50 |
| Vaswani Ind. | 45 to 48 | 4 to 4.25 |
Daily News Roundup - Apr 26 2011
Oil Ministry has ordered RIL to immediately stop natural gas sales to non-core users like Essar Steel to meet the full demand of fertilizer and power plants. (FE)
M&M plans to set up assembly plants in Tunisia, Morocco, South Africa, Kenya, Ethiopia and Zambia to boost its manufacturing prowess and ramp up presence in the fast-growing African economy. (ET)
Marico will invest up to Rs370mn to set up a manufacturing plant in Bangladesh. (ET)
Kalpataru Power Transmission has bagged three orders worth over Rs13.5bn, including those from Ukraine and Tanzania. (ET)
Senses drifts lower in insipid session...RIL slips
Global cues too were rather indecisive with the European markets shut for the extended Easter holidays.
The Indian market closed virtually unchanged on Monday at the end of a highly listless session, with the key equity benchmarks trading in a narrow range.
The undertone was more or less subdued right from the start and the market never really looked like accelerating the tempo. Investors chose to remain on the sidelines ahead of the Fed policy meet and the F&O expiry later in the week.
Lack of excitement
When I'm inspired, I get excited because I can't wait to see what I'll come up with next. - Dolly Parton.
Inspiration and excitement seem to have taken a break these days and investors will hope to shake off the weariness. But with global cues being uncertain, the start may once again be tepid. We do not rule out some pick-up in momentum as the day progresses. Much will hinge on how trading in Asia and Europe unfolds. As usual, companies due to announce earnings will remain in the spotlight.
Market may fall on weak Asian stocks
The market may edge lower in early trade tracking weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 3.50 points at the opening bell.
Among corporate news, Reliance Infrastructure said after market hours on Monday that it bought back 1 lakh shares on Monday under the buyback program. It added it so far bought back 8 lakh shares under the buyback program. The company has announced buyback of shares for an aggregate amount of upto Rs 1000 crore.
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