New York: 06:19 || London: 09:19 || Mumbai: 14:49 || Singapore: 17:19

Reports India

Indian stock market and companies daily report (March 11, 2014, Tuesday)

March 11, 2014, Tuesday, 06:08 GMT | 03:08 EST | 11:38 IST | 14:08 SGT
Contributed by Angel Broking

The Indian Markets are expected to open flat tracking SGX Nifty, which is trading flat in early trade. Most of the Asian markets are trading in the positive territory.

US markets which were under pressure since the beginning of trade ended the day in the red after regaining some ground over the course of the trading session. The early weakness was due to a disappointing report from the Chinese General Administration of Customs showing that China swung to a trade deficit in February. The report showed a trade deficit of nearly $23 billion in February 2014 compared to a surplus of $31.9 billion in February 2013. European markets too ended the day lower impacted by weak Chinese trade data.

The Indian markets ended a volatile session slightly higher on Monday despite weak cues from other Asian markets as disappointing trade and inflation data out of China and tensions over Ukraine resulted in weak investor sentiment.

Markets Today

The trend deciding level for the day is 21,921 / 6,529 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 22,037 - 22,140 / 6,571 - 6,604 levels. However, if NIFTY trades below 21,921 / 6,529 levels for the first half-an-hour of trade then it may correct 21,819 - 21,703 / 6,496 - 6,454 levels.

L&T Construction wins orders worth Rs.2,935cr

L&T Construction has secured orders worth Rs.2,935cr across various business segments in February and March 2014. The transportation infrastructure business bagged new orders worth Rs.1,035cr which includes major EPC order from Rail Vikas Nigam for a railway project in Odisha. Power transmission and distribution segment bagged orders worth Rs.502cr while Water & Renewable Energy business segment has bagged orders worth Rs.553cr. Building and factories business segment bagged new orders worth Rs.562cr. The remaining orders worth Rs.283cr were bagged by L&TRs.s heavy civil infrastructure business and Metallurgical and Material Handling segment. We recommend Accumulate on the stock with a target price of Rs.1,320.

HCL Technologies signs deal with UK firm for payment service solutions

HCL Tech has bagged a deal from UK-based government firm Student Loans Company (SLC) offer lending and payments services. HCL Great Britain, a subsidiary of HCL Technologies, will work with financial advisory services firm Deloitte and banking and management solutions provider Misys to provide an automated, secure and streamlined customer experience across multiple channels, including digital. The financial details of the deal were not disclosed. HCL Tech will work with Deloitte and Misys on core systems replacement programme. It will lead the programme as prime systems integration partner with support from Deloitte as an implementation partner and Misys providing the core banking software. We maintain our Neutral rating on HCL Tech.

Economic and Political News

- Coal blocks scam: CBI charge sheets Navabharat Power

- CIL yet to sign 15 fuel supply pacts with power plants

- GM crops: Approval likely soon for field trials

Corporate News

- GSK pays USD 1bn to lift stake in Indian unit to 75%

- Tata Power to allot 7 shares for every 50 under rights issue

- Coal block review: Ministry fines JSPL with bank guarantee of Rs.68.5cr

- CG to supply power transformers and switchgear to Ukraine