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Reports India

Indian stock market and companies daily report (April 01, 2014, Tuesday)

April 1, 2014, Tuesday, 05:10 GMT | 00:10 EST | 08:40 IST | 11:10 SGT
Contributed by Angel Broking

Indian markets are expected to open flat to positive today tracking positive start to SGX Nifty and most of the Asian indices. The market participants would keenly await RBI's monetary policy outcome which is scheduled to be announced today, with economists expecting the central bank to leave interest rates unchanged.

US markets closed higher on Monday as Federal Reserve Chair Janet Yellen reassured investors on ultra easy monetary policy. Yellen said, Fed is likely to begin raising interest rates by the middle of next year. Meanwhile, traders largely shrugged off a report from MNI Indicators showing that Chicago area business activity grew at a notably slower rate in the month of March. European markets, however, ended the day mixed, owing to mounting speculation that the European Central Bank will offer stimulus to combat low inflation.

Back home, Indian markets continued to hit record highs for the sixth consecutive session on the back of sustained foreign fund inflows.

Markets Today

The trend deciding level for the day is 22,369/6,699 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 22,484 - 22,583/6,735 - 6,767 levels. However, if NIFTY trades below 22,369/6,699 levels for the first half-an-hour of trade then it may correct 22,271 - 22,156/6,668 - 6,631 levels.

TRAI raises tariff ceiling in analogue cable areas

Telecom Regulatory Authority of India (TRAI) has revised the tariff ceilings in places where digitization is yet to be completed. It has allowed an overall 27.5% hike in the tariff ceilings based on hike in the wholesale price index (WPI) over the past five years. The hike will be implemented in 2 phases. The hike in first phase will be 15%, effective from 1st April 2014 and the remaining hike will be implemented in second phase, effective from 1st January 2015. MSOs such as DEN and Hathway, among others are likely to benefit from TRAI's order as it allows them to hike rates at most by 15% immediately.

Larsen and Toubro wins new orders worth Rs.1,009cr

L&T has received orders worth Rs.1,009cr which includes Rs.573cr order in buildings and factories business, Rs.316cr order in transportation infrastructure business and Rs.120cr order in power transmission and distribution business. The orders in buildings and factories business includes order for construction of a community centre in Bangalore and from a leading real estate company for construction in Lucknow, The company has also bagged additional orders from an ongoing project in Hyderabad for the work of transit oriented development. In the transportation infrastructure business, L&T has won orders from a road developer for design, engineering and construction of an elevated road between Jinzira Bazaar and Batanagar on the Budge Budge trunk road in Kolkata. The company also bagged Rs.120cr order from Odisha Power Transmission Corporation Ltd for engineering, supply, erection and commissioning of 33/11 kV sub-stations and associated lines for the Odisha Distribution System Strengthening Project which is a part of power transmission and distribution business. We maintain Accumulate on L&T with a target price of Rs.1,435.

IFB Agro to consider acquisition of CO2 and dry ice business

As per BSE announcement, IFB Agro's board of directors will meet on April 7, 2014 to consider purchase of Carbon dioxide (Co2) and dry ice business of Nurpur Gases Pvt. Ltd. Earlier, in board meeting held on March 13, 2014, board has approved preferential allotment of 3,62,000 equity shares of Rs.10 each at a premium of Rs.178 per share to Nurpur Gases Pvt. Ltd. and deferred its decision on purchase of these businesses of Nurpur Gases Pvt. Ltd. We await further clarity on this deal and maintain our Buy recommendation on the stock with the target price Rs.249.

Economic and Political News

- Ministry drafts MRO policy to provide fiscal incentives to stakeholders

- Companies mop up Rs.71,300cr in FY2014; debt market most preferred

- SC appoints former Australian judge as third arbitrator in RIL case

Corporate News

- M&M completes the merger of trucks and buses vertical of MTBL with itself

- Rel iance Communications launches two international roaming packs

- BHEL wins Rs.125cr order for hydro power project in Uttarakhand

- Hindustan Motors transfers Chennai plant to Hindustan Motor Finance