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Reports India

Indian stock market and companies daily report (May 20, 2014, Tuesday)

May 20, 2014, Tuesday, 06:48 GMT | 02:48 EST | 11:18 IST | 13:48 SGT
Contributed by Angel Broking

The Indian markets are expected to open in green tracking positive opening in SGX Nifty and most of the Asian markets.

While trading activity was somewhat subdued, US stocks moved mostly higher over the course of the trading day on Monday. The gains on the day extended the upward move seen late last Friday, further offsetting the sharp pullback seen in the middle of last week. The strength that emerged on Wall Street was partly due to a rally by tech stocks, as reflected by the outperformance by the Nasdaq which rose 0.9% to 4,126. Meanwhile, European markets reported mixed performance on Monday after losing ground on renewed worries about the Euro zone economy last week.

Indian shares rose sharply on Monday, extending last week's rally, on strong capital inflows after Indian citizens voted for a stable government with full majority for the first time in 30 years. With election of majority government, investors are pinning hopes that the new government will not suffer from the coalition constraints.

Markets Today

The trend deciding level for the day is 24,307 / 7,249 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 24,505 - 24,647 / 7,305 - 7,347 levels. However, if NIFTY trades below 24,307 / 7,249 levels for the first half-an-hour of trade then it may correct 24,165 - 23,966 / 7,208 - 7,152 levels.

TGBL's UK subsidiary acquires 100% stake in Bronski Eleven

Tata Global Beverages' (TGBL) overseas subsidiary based in UK has acquired a 100% stake in Bronski Eleven Pty Ltd, Australia, which is engaged in coffee business under the MAP brand, with presence in the R&G coffee and coffee in Pods (single service portions) segments in Australia. The acquisition would help TGBL to expand its portfolio to include high growth contemporary single serve business. At the CMP, the stock is trading at 17.1x its FY2016E EPS. We maintain our Neutral rating on the stock.

ICICI bank cuts home loan rates by 10bp

ICICI bank cuts home loan rates for salaried and woman borrowers by 10bp to 10.15%. The revised rates are applicable only for new customers and loans upto '75Lakh with the scheme valid till June 30. The move will make ICICI bank at par with SBI at 10.15%.

Economic and Political News

- Strong majority government at Centre is credit positive for India: Moody's

- New govt must get stalled projects off the ground on priority: bankers

- India needs to invest $834 bn to lower emissions by 2030

- Govt likely to borrow Rs 80k cr more in FY15

Corporate News

- Tata Comm sells stake in South African arm Neotel

- DLF told to pay Rs 630 crore fine

- Bhel signs pact with Indonesian firm to set up power plant

- Mahindra Lifespace acquires land in Chennai for biz city