31-07-2008 Corporate Annoncements

31-07-2008 Corporate Annoncements

ONGC Videsh Ltd (OVL), the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), is believed to be close to make a $2.5 billion bid to takeover Russia-focused oil company Imperial Energy.Imperial Energy is an upstream oil and gas exploration and production company focused on the Commonwealth of Independent States, and has oil producing blocks in Tomsk region of western Siberia in Russia and Kastanai in north-central Kazakhstan.

ABB bags Rs 455-cr Vedanta order : ABB India has bagged an order worth Rs 455 crore for power, automation systems from Vedanta Aluminium Ltd for the expansion of their aluminium smelter plant at Jharsuguda in Orissa.ABB will design, supply, build and commission 24 sets of high power diode rectifier systems for four .

M&M drives away with Kinetic for Rs 110 crore: Mahindra & Mahindra signalled its entry into the two-wheeler segment by agreeing to buy the assets of Kinetic Motor Company for Rs 110 crore. M&M will buy the assets through a new company called Mahindra Kinetic Scooters and Motorcycles, which will own the assets of the Pune-based Kinetic Motor. M&M will own 80% of the new company.

Indiabulls Power Services to set up project in MP : Indiabulls Power Services, a subsidiary of Indiabulls Real Estate on Wednesday said it will set up a 2640 MW power project in Madhya Pradesh. The power project would be set up in two stages of 1,320 MW each. According to the MoU, the government would facilitate and extend "all reasonable help and assistance to IPSL for setting up the project.

Reliance refinery trial runs by Sept: Reliance Industries plans to test-run its new refinery by September and has already started filling its tanks with Saudi crude oil, a top company official said. additional Saudi crude would feed the new 580,000 barrels per day (bpd) refinery being built by subsidiary Reliance Petroleum adjacent to an existing 660,000-bpd plant at Jamnagar in western India.

CESC signs pact with Bihar Govt for 2,000 MW power plant: CESC Ltd has entered into a memorandum of understanding with the Government of Bihar to set up a 2,000-MW power plant in the State’s Bhagalpur district at an investment of Rs 10,000 crore, according to Mr Sanjiv Goenka, Vice-Chairman of the company. It would be set up in two phases under a 100 per cent subsidiary. In the first phase, a 660-MW plant would be set up at an investment of Rs 3,250 crore. In the second phase, two plants of 660-MW capacity each would be set up. The Union Ministry of Coal has been approached for facilitation of coal linkages or allotment of captive mines.

Britannia to invest Rs 100 cr in biscuit units: Britannia Industries Ltd will invest nearly Rs 100 crore at its biscuit manufacturing units across the country this year. The investment would be used for capacity expansion and procurement of new machinery at its existing plants.

Lupin acquires Hormosan of Germany: Lupin Ltd has acquired Germany’s Hormosan Pharma GmbH, a sales and marketing generics company that specialises in supplying Central Nervous System (CNS) medicines, at an undisclosed sum.

Discontinuation of F& O Contracts on the underlying Sun TV Limited (scrip code 532733): In accordance with the guidelines laid down by SEBI on the Eligibility Criteria for stocks, the underlying Sun TV Ltd has ceased to fulfill the eligibility requirement. In view of the above, derivatives contracts for the far month i.e. October 2008, will not be introduced on the underlying Sun TV Ltd. upon expiry of July 2008 contract i.e. on July 31, 2008. Also, no fresh contract month would be issued thereafter in respect of the above mentioned underlying.

31-07-2008 Market Today

SENSEX (Close- 14287.21)
We have seen a strong rebound after credit policy shock. Better part of last trading session that it has moved above 14000 marks only. I have already talked about the move towards 14500 in recovery. For medium term Sensex will trade in a range only. It would not be directive call of up or down. Stock specific action is expected. Till now buying was focused on key blue-chip stocks. Technically there are few stocks which are ready for a moderate up side. I am not betting anything on mid cap stocks as it will be too early to take any call on this pack. Caution required if you are buying mid cap stocks.
Support - 14189/14065/13940
Resistance - 14480/14650/14800


NIFTY (Close- 4313.55)
Nifty has closed above crucial level of 4300. Technical levels suggests that it should take a move towards 4400+ levels. Most crucial levels to watch for is still too far i.e. 4500 marks. Its too early to say about stability but let us see.

Support - 4280/4238/4180
Resistance - 4345/4378/4409