Market Outlook: - Global cues continue to haunt markets, pushing Nifty below crucial 7,800 mark. - Early trades could see markets revival, inline with overseas peers as investors take solace from a Fed officials comments to delay end of bond purchases. - We would be watchful of closing today, as anything below 7800 could be troublesome. - Meanwhile we continue to bullish on OMC pack, benefitting from weak crude prices. News: - TTMT IN: UK subsidiary - JLR Sep-14 sales declined by 8.4% YoY to 32,858 units (est. 38,256) driven by decline in both Land Rover & Jaguar. Declines can be attributed to production constraints on account of transition to upcoming launches of Jaguar XE, Discovery Sport & start of China JV in 4QFY15. - Boards of CMC (CMC IN) & TCS (TCS IN) have approved merger of the two Tata group IT firms. Shareholders of CMC will get 79 equity shares of Re 1 each of TCS for every 100 equity shares of Rs 10 each they hold. - AXSB IN: Become the first lender to cut base rate in 7-months as liquidity improved & bond yields softened. The cut was a token 10bps to 10.15%. - RBXY IN: Agreed to settle a litigation about its participation in a US health care plan. It will make payments to the state of Texas totalling $39.75 mn. - JPA IN: As per media reports, Co. is in advanced talks to sell its 2.1mn tn Bhilai Cement unit to rival Shree Cement (SRCM IN) for an EV of Rs 18bn. - CRG IN: Announced demerger of its consumer business into a separate co. On completion of demerger, Co will hold 25% in consumer products company. Promoters - Avantha group will own about 32% & remaining will held by other investors. bit.ly/1xXlHk6
Posted on: Fri, 17 Oct 2014 03:35:38 +0000
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