FOR THE DAY: 12/12/2011

FOR THE DAY:

Trade long in Nifty above 4920 with stop loss placed at 4900 levels for targets of 4950 and 4970 levels. Alternatively, trade short if Nifty slips below 4900 levels with stop loss placed at 4920 targeting 4880 and 4850 levels.

Morning Buzz: 12/12/2011

  • GAIL India said it has signed an agreement to buy 3.5 million tonnes a year of LNG for 20 years from a US firm to meet India’s growing energy needs.
  • SBI is likely to get an equity infusion of between Rs.3, 000 crore and Rs.4, 000 crore within this fiscal year, Chairman Pratip Chaudhuri said.
  • With KG-D6 gas output lagging target by over 30%, the Oil Ministry is taking “scrupulous” action against Reliance Industries based on the advice of the Solicitor General of India, a top source in the ministry said.
  • Kingfisher Airlines Ltd. (KAIR), the Indian carrier seeking cash after losses, pledged assets ranging from its brand to office furniture for bank loans of as much as 64.2 billion rupees ($1.2 billion).
  • The country’s largest car maker Maruti Suzuki India expects to complete land acquisition for a plant in Gujarat in a month but has no immediate plan to start construction work. (ET)
  • Infosys Technologies will start construction work on its first software development centre in West Bengal, at Rajarhat near here, in three to six months, a top company official said. Infosys to hire 10,000 by March 2012. (PTI)
  • Drug maker Lupin is eyeing a jump of over 80% in its revenues to $300 million (Rs 1,557 crore) from the Japanese market in the next two years on the back of its enhanced presence in the country.(BS)
  • IFCI, the country’s oldest financial institution, is in the process of rising more than Rs 100 crore from tax saving infrastructure bonds to fund infra projects.
  • The Civil Aviation Ministry has agreed to the proposal of allowing foreign carriers to buy 26% stake in private airlines, sources said. (BS)
  • European markets rose after euro-zone leaders agreed to forge closer fiscal ties as part of efforts to address the sovereign debt crisis.
  • European leaders meeting in Brussels agreed to lend the IMF as much as 200 billion euros ($268 billion), opening the way for aid from nations such as Brazil and South Korea. (Bloomberg)