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Stock Picks for today 23 August :-

• IRB BUY ABV 126 TGT 129 SL 125
• JSWSL BUY ABV 730 TGT 740 SL 726(CMP 729)
• Buy HDFC Fut @ 733-734 SL: 730.
• BUY BANKINDIA @ 283-283.5 SL:279 TGTS: 290-292

Major Results Today:

Gillette India, Navneet Pub., P&G, Shree Cement.

News Update:

• A fall in thermal coal prices by 25% in the past few months has helped power generators in India to cut production costs
• The FM cleared a proposal to raise foreign direct investment limit in insurance and pension sectors to 49%.
• NPAs of PSU banks have gone up by nearly Rs110 bn to over Rs1.23 tn at June-end.
• BSNL and MTNL to reduce their workforce by 1,21,000 by offering VRS to staff will cost them over Rs174.45 bn.
•  7 Foreign banks have been given approval to open new branches in the country in 2012 till mid-August, 2012.
• IndiaInfoline is in talks with commodity exchange NMCE’s promoter to pick up part of his stake in the bourse.
• CairnIndia plans to invest $2bn over the next 2 years in oil & gas exploration and production both in India as well as abroad.
• Alstom India bagged a Rs7 bn contract to be implemented alongwith BHEL for supplying power equipment to Nuclear Power Corp.
• Transglobal Securities sold 74,52,261 of Kingfisher Airlines at Rs 9.98 apiece valuing the deal at over Rs74.4 mn.
• Jaypee Group has reached an understanding with CRH to sell 51% stake in its Gujarat cement facility for Rs 42 bn.
• AxisBank joined its larger peers like SBI and ICICI Bank to sell overseas dollar bonds, mopping up $250mn at a coupon of 5.13%
• Kamdhenu Ispat is in talks with PE firms to raise Rs1bn for setting up a plant to produce raw material for paints & WC needs.
• Vedanta Group may spend Rs216bn; 25% more than planned for buying Government's remaining stakes in HindustanZinc & Balco
• Ranbaxy Laboratories has withdrawn 27 drugs from the US market due to commercial reasons.

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