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Reports India

Indian stock market and companies daily report (June 23, 2014, Monday)

June 23, 2014, Monday, 05:53 GMT | 00:53 EST | 09:23 IST | 11:53 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.

After ending the previous session nearly flat, US stocks moved modestly higher over the course of the trading day on Friday. While buying interest remained somewhat subdued, the Dow and the S&P 500 both reached new record closing highs. The modest strength on Wall Street came despite a lack of major catalysts and partly reflected the recent upward momentum for the markets, with the Dow and S&P 500 closing higher for the sixth consecutive session. Nonetheless, an absence of U.S. economic news led to light trading activity as investors looked ahead to some key data due to be released next week which includes reports on new and existing home sales, durable goods orders and personal income and spending. Meanwhile, European stocks edged lower on Friday, cutting into weekly gains amid mounting concerns about sectarian violence in Iraq.

Back home, Indian shares were subdued in early trading on Friday, tracking weak Asian cues after U.S. President Barack Obama said the United States would send up to 300 military advisers to help Iraq fight Sunni militants, raising concerns about the escalating conflict.

Markets Today

The trend deciding level for the day is 25,146 / 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 25,236 - 25,366 / 7,549 - 7,586 levels. However, if NIFTY trades below 25,146 / 7,523 levels for the first half-an-hour of trade then it may correct 25,016 - 24,926 / 7,486 - 7,460 levels.

UPL - 50% stake sale in the Brazilian Agrochemical company

The company has announced complete 50% stake sale in the Brazillian agrochemical company Sipcam UPL Basil S.A. In April this year, the company's overseas subsidiary entered into an agreement with Sipcam to divest its entire stake in Sipcam S.P.A. for a gross consideration of US$58.5mn (around Rs.351cr). Sipcam is the current 50% joint venture partner with UPL in Sipcam UPL Brasil S.A. UPL has its major presence in Brazil through two companies, namely, UPL do Brasil Industria e Comerciode Insumos Agropecuarios S.A., wherein UPL has recently raised its stake to 73% and Sipcam UPL Brasil S.A., wherein UPL has 50% stake, and this has been fully divested now. The funds realized from the stake sale will be utilized for new opportunities and meet growing business requirements. It will also help UPL to have more focused approach for Brazilian agrochemical market which is one of the largest agrochemicals market in the world. We maintain accumulate rating on the stock with a price target of Rs.353.

Economic and Political News

- India's energy imports may rise to $230 billion by FY23: Goldman

- Cement demand may increase by up to 7% in southern region

- UP CM presents budget of Rs.2,74,705cr for FY2014-1 5

- Gold climbs to fresh 1-month high; up by Rs.100 at Rs.28,725/1 0gm

Corporate News

- Govt forms panel to probe accident at SAIL's Bhilai plant

- PFC gets shareholdersRs. nod for raising up to Rs.44,000cr

- BoI seeks Rs.2,000cr fund infusion from govt

- United India pays Rs.106cr dividend to govT