Market Wrap-Up - EF Market Times - December 10, 2012 - Eastern Financiers

Markets failed to gain ground and ended in red in the last trading day of the week despite the Government's emphatic win in the vote for FDI in multi-brand retail in the Rajya Sabha. The Nifty just managed to hold on to the 5900 mark, ending the day with losses of 23.50 points or 0.40 percent at 5907.40 and the Sensex lost 62.70 points or 0.32 percent to close at 19424.10. The Sectoral indices were mostly in the red with the exception of the Consumer Durables and the Auto Indices, which gained half-a-percentage points each. All other indices lost in the range of 0.03-1.68 percent.

Domestic Update

- The Asian Development Bank (ADB) has cut India's growth forecast to 5.4% in 2012-13 fiscal, barely two months after it had made a projection of 5.6% growth for the Asia's third largest economy.

- Promoters of a listed company need to have made their shareholding disclosures at least three years before any transfer of shares between themselves without triggering an open offer for public investors, SEBI has said.

Sector Update

- The Government has won the vote on allowing FDI in multi-brand retail in Rajya-Sabha as well, paving the path for the entry of multinational retailers in India.

- Hyderabad, Bangalore, Chennai, Pune, Noida and Navi Mumbai, in that pecking order, are the top residential property investment destinations, said Jones Lang LaSalle, a global property consultant.

- Goldman Sachs has stated that the IT spends by companies on regulatory-compliance will grow five times to $76 billion in 2015 from $15 billion per annum in 2011, which could put India's tech giants in a sweet spot.

Corporate Update

- Realty major DLF has said it will raise up to Rs 3,000 crore by end of this fiscal from sale of its 2 non-core business assets - luxury hotel chain Amanresorts and wind energy business. The company also said it will launch three-four projects in Gurgaon by March 2013, which would generate about Rs 15,000 crore sales realizations over the next threefour years.

- Claris Lifesciences has entered into a joint venture with Japan's Otsuka Pharmaceutical Factory Inc and Mitsui & Co Ltd for its infusion business in India and emerging markets. The business is valued at Rs 1313 crore, and Claris would receive total cash consideration of Rs 1050 crore over multiple agreements.

- IT, BPO and consulting services firm Hexaware Technologies has lowered its revenue outlook for the October-December quarter, citing changes in a contract and a $450,000 hit on account of Hurricane Sandy.

- Microfinance major SKS Microfinance Limited has raised Rs 54.48 crore through a securitization transaction. It has raised the money by securitizing receivables from 64,579 micro loans extended to rural women entrepreneurs to a special purpose vehicle and pass through certificates (PTCs) have been purchased by a non-banking entity.

- Larsen & Toubro's subsidiary, L&T Infrastructure Development Projects (L&T IDPL) has achieved financial closure for two of its road projects in Maharashtra.

Source : Equity Bulls

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