Outlook: - Nifty turned negative after four successive days of gains as investors resort to booking gains with markets ruling near record highs. - Globally markets are in buoyant mood as Fed minutes of meeting showed policy makers were mum on rate hikes. - China’s manufacturing gauge too topped estimates, boosting sentiments further. - Locally we believe, after the sharp run-up bourses may witness some unwinding. - We believe one must use the opportunity to add-in names from long term perspective News: - RBI liberalized gold import norms under 80:20 rule. Star and premier export houses has been allowed to import gold, while banks and nominated agencies has been allowed to provide gold for domestic use as loans to jewelers and bullion traders. - COAL IN: As per media reports, PM-elect Narendra Modi is exploring breaking up of Coal India and opening up sector to foreign investment to boost output and cut imports. - MM IN: M&M announced stoppage of production for up to 3-days during rest of the ongoing month in view of the slump in demand. - BJAUT IN: Bajaj Auto will resume exports to Egypt in June, following the local Govt’s decision to lift ban that came into effect in February on import of such vehicles.Starting next month, it plans to export 5,500 3-wheelers and 3,500 motorcycles. - HPCL IN: As per media reports, HPCL is likely to buy 11-15% stake in Petronet LNG (PLNG IN) Rs 50bn import terminal on east coast. - MCF IN: UB Group and Adventz Group have provided each other a right of first refusal in relation to sale of their holdings in Mangalore Chemicals and Fertilizers. bit.ly/1lFxueO
Posted on: Thu, 22 May 2014 03:34:15 +0000
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