Nifty--- 08042011

The Nifty opened on a positive note but soon started to slip forming lower tops and lower bottoms. On the hourly charts the Nifty has broken down the bearish head-andshoulders pattern and is now targetting 5787 with reversal placed at 5930. The Nifty is finding resistance around 5940 from the trendline drawn from the high of 6335 and lower top of 6181, which now remains a key hurdle going forward. On the daily as well as hourly charts the Nifty has taken off the trendline drawn from the previous two peaks which was placed at the 5620 area, which should now act as the strongest support in any short-term correction.

On the hourly charts, the momentum indicator is in sell mode and is trading below the zero line. The Nifty is trading below its 20-hourly moving average (HMA) and its 40-HMA, ie 5889 and 5871 respectively. The market breadth is negative with 349 advances and 1,036 declines.

Hold NTPC; target of Rs 216: PINC Research

http://www.moneycontrol.com/news_html_files/news_attachment/2011/NTPC_PINC_070411.pdfPublished on Fri, Apr 08, 2011 at 10:13   |  Updated at Fri, Apr 08, 2011 at 11:20   |  Source : Moneycontrol.com

PINC Research has recommended hold rating on NTPC with a target of Rs 216, in its April 7, 2011 research report.

“NTPC grossed up its RoE by corporate tax rate against MAT during 9M FY11, thus translating into 18% and 16% improvement in average realisation for Q4FY11 and FY11 to Rs 2.50/unit and Rs 2.44/unit respectively. This aided 17% and 24% YoY growth in Q4FY11 revenues and PAT to Rs 145 billion and Rs 25 billion respectively. Although NTPC’s PLF contracted to 88.3% during FY11 from 90.9% in the corresponding period last year, its PAF improved marginally to 91.6% from 91.4% last year.”

“During FY11 NTPC commissioned 2,490MW against its revised target of 3,150MW – in line with CEA’s estimate. During Q4FY11 the company commercialised 500MW each at Jhajjar and Korba, commissioned 500MW each at Farakka and Simhadri and synchronized 660MW at Sipat. With the commissioning of these projects, NTPC’s installed capacity increased to 34.2GW. NTPC plans to add 4,320MW during FY12. Contrary to NTPC’s target addition of 4,320MW during FY12, CEA’s latest document suggests NTPC shall be able to add only 3,000MW. NTPC plans to commission 1,320MW at Sipat, 1,000MW each at Jhajjar and Vallur and 500MW each at Simhadri and Mouda during the year. As of now we factor in an addition of 4,320MW, in line with the company’s target. NTPC currently has 14.7GW under construction which is expected to commission during the XIIth Plan.”

“With NTPC missing its capacity addition target yet again in FY11, we remain skeptical on its capacity addition plan for FY12. However, we continue to build in its targeted addition for the year and will review it when the audited results will be declared in May. Despite this, we believe it offers better safety and steady returns vis-à-vis its private IPPs like JSW Energy. NTPC has tied up 100GW under long term PPAs thus providing steady returns. At the current price, NTPC trades at 2.2x FY12E book. We value the stock at 2.1x FY13E book to arrive at our target price of Rs 216, maintain HOLD,” says PINC Research report.

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Bombay Rayon Fashions Ltd

Axis Bank Ltd ("Manager to the Offer") on behalf of AAA United B.V. (the "Acquirer") along with Aktieselskabet af 1/8 2004 ("PAC1") and Ashwell Holding Company Pvt Ltd ("PAC 2"), being the persons acting in concert ("PAC 1", and "PAC 2" are jointly referred to as "PACs"), has informed this Public Announcement ("PA") to the equity shareholders of Bombay Rayon Fashions Ltd ("Target Company"), pursuant to regulation 10 and regulation 12 of, and in compliance with, the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto (the "SEBI (SAST) Regulations").

The Offer:

The Acquirer along with the PACs are making this Offer under regulations 10 and 12 of the SEBI (SAST) Regulations to the equity shareholders of the Target Company to acquire up to 2,84,20,000 (Two Crore eighty four lacs twenty thousand) Equity Shares, being 20.00% of the Emerging Voting Capital of the Target Company (the "Offer Size") at a price of Rs. 300/- (Rupees Three hundred only) per Equity Share ("Offer Price"), payable in cash, in accordance with the SEBI (SAST) Regulations and subject to the terms and conditions mentioned in the PA and in the letter of offer in accordance with the SEBI (SAST) Regulations (the "Letter of Offer"). The Offer Size of 20.00% of Emerging Voting Capital being 2,84,20,000 (Two Crore eighty four lacs twenty thousand) Equity Shares are reckoned on the basis of Emerging Voting Capital in terms of regulations 21(1) and 21(5) of the SEBI (SAST) Regulations.

Schedule of Activities:

Specified Date - April 29, 2011

Date of Opening of the Offer - May 30, 2011

Date of Closing of the Offer - June 18, 2011

Rammaica India Ltd

Systematix Corporate Services Ltd ("Manager to the Offer"), for and on behalf of Kyner Trading Pvt Ltd and Tien Trading Pvt Ltd ("Acquirers") has issued this Corrigendum to the Public Announcement ("Second Corrigendum") to the shareholders of Rammaica India Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated January 28, 2011, First Corrigendum dated March 11, 2011 and the Letter of Offer dated March 10, 2011, pursuant to and in compliance with, among others, Regulation 10 and 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("Regulations").

The terms used but not defined in this Second Corrigendum shall have the same meanings assigned to them in the original PA.

The Shareholders of the Target Company who are holding their equity shares in electronic / demateralised form shall read para 10.6 in the original PA and para 8.2 of the Letter of Offer related to the Open Offer.

MindTree Ltd

MindTree Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 21, 2011, inter alia, to consider the audited financial results of the Company for the quarter and year ended March 31, 2011 and to consider recommendation of final dividends, if any.

Zuari Industries Ltd

Zuari Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 09, 2011, to consider the audited accounts for the year ended March 31, 2011 and to consider, recommendation of dividend, if any.

GM Breweries

GM Breweries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 07, 2011, inter alia, has recommended a dividend on equity shares @ 25% i.e. Rs. 2.50 /- per equity share.