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Reports India

Indian stock market and companies daily report (July 03, 2014, Thursday)

July 3, 2014, Thursday, 04:36 GMT | 23:36 EST | 08:06 IST | 10:36 SGT
Contributed by Angel Broking

Indian markets are expected to open on a positive note tracking positive opening in SGX Nifty and most of the Asian markets.

The US market inched higher on Wednesday as a report from payroll processor ADP showed better-than-expected report on private-sector hiring (281,000 new private-sector jobs). However, the traders remained reluctant to make any significant moves ahead of the Thursday's monthly jobs report which is expected to show a net gain of 215,000 non-farm jobs and a steady 6.3% unemployment rate. Meanwhile, European stocks gave back early gains and finished in negative territory on Wednesday, as investors remained nervous about tensions in Iraq.

Back home, the markets hit new life-time highs and closed at record levels post the comment from the Finance Minister that the Union Budget next week would outline strong steps to pursue fiscal prudence and revive economic growth. The rupee also rose to over two-week high of 59.65 against the dollar in the forex market.

Markets Today

The trend deciding level for the day is 25,789 / 7,712 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,917 - 25,993 / 7,746 - 7,767 levels. However, if NIFTY trades below 25,789 / 7,71 2 levels for the first half-an-hour of trade then it may correct 25,71 3 - 25,584 / 7,691 - 7,657 levels.

ITD Cementation eyes completion of Rs.150cr QIP by August end

The board of ITD Cementation approved the fund raising proposal through equity issue on Tuesday. The company plans to raise ~Rs.150cr mainly through QIP. The company expects to complete this fund raising exercise by August, 2014. The main rationale behind the fund raising is to manage company's long-term resources. The company has an order book of ~ Rs.4,100cr as on March 31, 2014 and it wants to reduce the dependence on bank borrowings for the working capital requirement. We maintain Neutral on the stock.

Economic and Political News

- Diesel price may be deregulated over next 12 months: Moody's

- India Inc needs US$1.52bn to refinance debt: RBS

- Pharma body calls for policy measures to encourage innovation in sector

- Def Min suggests 49% FDI in defence sector

- Mutual fund industry AUM rises by Rs.80,000cr to Rs.9.85lakh cr in Apr-Jun qtr

- PE investments decline 28% to US$1.94bn in Apr-Jun qtr

- Rail budget: disposable linen, automatic doors in premier trains planned

- Government raises onion export price to cool local prices

Corporate News

- Coal India misses output target in June; production at 34.5 MT

- Diageo buys 26% in United Spirits for Rs.11,449cr

- Tech Mahindra forms JV with Saudi Arabia's Midad Holding

- Coal India misses output target in June; production at 34.5 MT

- GMR Infrastructure launches share sale at 33.14/share

- Apollo Tyres to invest US$340mn to upgrade facilities

- US, European funds buy majority of RCom's QIP

- Reliance Group to merge entertainment arm with Prime Focus

- Muthoot Fincorp plans to raise up to Rs 200 crore via NCDs