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Stock Market Break Fast 31st March 2015

Just when the market was running out of patience, the markets world over seem to have got a fresh lease of life. Expectations of monetary policy easing and infrastructure spending improvement in China have topped headlines as even as China unveiled details of its “New Silk Road” plan to boost trade and economic relations with Eurasia and Africa. The indices were anyways waiting for a reason to rise after being subdued for around 8 days.

The outlook is a smooth start with the Nifty managing to bounce back before touching its 200-DMA. The Bank Nifty too has staged a smart recovery. The 8540 level will be watched on the upside as it is the 100 DMA. Profit booking could set in later in the day. Stocks like ICICI & HDFC Bank will see action after they cut rates. Colgate Palmolive India could smile as it considers third interim dividend today. State Bank of Mysore will also consider interim dividend today. VHCL Industries may consider issue of bonus shares today. EGMs for the day include Canara Bank, Vesuvius India and ZF Steering Gear India. Data awaited for the day includes core sector growth for February and government finances.

Global cues are positive. US markets closed higher with Down adding 1.5% and S&P closing 1.2% up. Nasdaq notched gains of 1.15%. Asian markets are all trading marginally higher for now.

Wipro is prepared to cope with the eventual exit of billionaire chairman Azim Premji, whenever that happens, outgoing finance chief Suresh C Senapaty said in an interview to ET.

Bhushan Steel is reportedly in advance discussions with promoters of Orissa Sponge Iron & Steel Ltd (OSISL) and Monnet Group to acquire the company and secure raw material for their Odhisa plant.

GVK Power & Infrastructure Ltd is likely to file a draft prospectus for an up to $250 million initial public offer (IPO) of its airport unit soon.

Indian Hotels will see action as Belmond (Orient Express Hotels) has announced a share buyback program for its shareholders which will allow the Taj Group to exit the company, says a report.

Avantha Group Company CG has bagged a significant order from Power Grid Corporation of India Limited (PGCIL) for the supply of 80 MVAR 765kV Shunt Reactors valued at Rs 115 Crore. The scope of this contract to be executed in 20 months includes design, engineering, manufacture, shop testing, supply, erection testing and commissioning at site, and other associated civil works.

Magma Fincorp Ltd announced that its Board of Directors have approved preferential allotment of equity shares worth Rs 500 crore (~US$80 million) to a clutch of investors including KKR; Indium V, an investment vehicle advised by India Value Fund Advisors (“IVFA”); and LeapFrog Investments (“LeapFrog”). The transaction is subject to customary regulatory approvals.Indium and LeapFrog, both new investors in the company, will invest Rs 220 crore and Rs 200 crorerespectively. KKR, which first invested in Magma in 2011, will inject an additional Rs 80 crore. The company will issue 4.63 crore equity shares at a price of Rs 108 per share (face value of Rs 2 and a premium of Rs 106).

Piramal Fund Management has committed Rs 1,200cr to Omkar Group’s luxury residential development in Worli, Mumbai as project specific debt, in one of the largest single project financing transactions in India. Rs 400cr of this amount is being used to part refinance existing senior lenders against pari passu senior charge on the cash flows and development rights. The balance Rs 800cr is innovatively secured against a 20:80 scheme and is intended to be drawn as a line towards construction progress over the next two years.

The newly formed Telangana state utility, Telangana State Power Generation Corporation Limited (TSGENCO) has awarded Bharat Heavy Electricals Limited (BHEL) with an EPC (Engineering, Procurement & Construction) order for setting up a 4×270 MW thermal power plant in the state.

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