New York: 23:06 || London: 04:06 || Mumbai: 07:36 || Singapore: 10:06

Reports India

Indian stock market and companies daily report (June 17, 2014, Tuesday)

June 17, 2014, Tuesday, 06:16 GMT | 01:16 EST | 09:46 IST | 12:16 SGT
Contributed by Angel Broking

Indian markets are expected to open flat with a negative bias tracking negative opening in SGX Nifty and most of the Asian markets.

The US Stocks showed a lack of direction throughout the trading day on Monday as trader weighed worries about the deteriorating security situation in Iraq against a batch of upbeat U.S. economic data. The modest strength seen at the close of trading partly reflected a positive reaction to better than expected readings on New York manufacturing activity, industrial production, and homebuilder confidence. The choppy trading came on the heels of the pullback seen last week. Meanwhile, the European stocks edged down for a second consecutive session on Monday, even as tame inflation data raised expectations for further stimulus from the European Central Bank. Final data from Eurostat showed that inflation eased to 0.5% in May from 0.7 % in April. The rate came in line with the flash estimate published on June 3.

Indian shares ended slightly lower on Monday, with rising oil prices, a weakening rupee and disappointing inflation data weighing on sentiment. The Indian rupee weakened to its lowest level in more than a month, breaching the 60-level against the greenback, after government data showed India's wholesale price inflation surged to a five-month high of 6.01%.

Markets Today

The trend deciding level for the day is 25,174 / 7,523 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,285 - 25,379 / 7,559 - 7,584 levels. However, if NIFTY trades below 25,174 / 7,523 levels for the first half-an-hour of trade then it may correct 25,080 - 24,970 / 7,498 - 7,462 levels.

Lupin seeks Europe Generics acquisitions up to US $1bn

Lupin, is seeking to build its business in Europe by acquiring generics manufacturers for as much as US $1bn.Lupin is looking for companies with capabilities in complex generics like inhalation products and injectables, dermatology products, and biosimilar drugs. Europe is attractive because it has clearer regulations than the U.S. on biosimilars, or copies of biotechnology therapies. Europe, unlike US is not a key market for the company, and through accusation the company is trying to enhance its presence there. In Europe, where the company is really small, it plans to focus in looking at building a specialty presence as well as a generics presence. We recommend a buy with a price target of Rs.1,122.

Economic and Political News

- Convergence of regulators on the back burner for now

- WPI inflation at five-month high of 6.01% in May

- Goyal meets top officials on coal pricing, quality

Corporate News

- Mahind ra group forays into affordable housing

- Wipro bags IT infrastructure deal from 7-Eleven in Australia

- ONGC to allow Cairn to run oil block in return for higher stake

- Don't allocate Sukinda chromite deposits to Tata Steel till Thursday: HC to Odisha