MARKET OUTLOOK
NIFTY has formed a Doji. 4910-4940 region is the strong resistance zone. Tested and closed below
the bearish flag. Downside trigger level is 4820. Upside trigger level is 4930. Forming very narrow
range candles for the last four days. A strong volatile movement on either side is on card. For
Friday, Support - 4830 / 4790 and Resistance - 4910 / 4950.
Corporate Highlights
• January Infra sector growth at 9.4% Vs 2.2% (YoY); April-January Infra sector growth at 5.4% Vs 3% (YoY)
• Rahul Bajaj sells 35.35 lakh shares or 50% stake of Bajaj Electricals to Shekhar & Anant Bajaj
• Gammon India bags Rs 137.3 cr order from ISKCON
• Orchid Chemicals gets US FDA nod for allergy drug generic Clarinex. Orchid,Schering-Plough settled Clarinex
patent row in August.
• Sasken Communication fixes preferential issue of warrants at Rs 176 to promoters
• Torrent Pharma gets US FDA nod for diabetes drug generic Glucophage
• ICICI Bank hikes rates on some deposits effective from today. HDFC Bank has raised deposit rates across
maturities by 25-150 bps on February 20.
• Cadila Healthcare board okays 1 bonus share for every 2 held on the record date
• Mahindra Forging said that the company had 10 strong investors In the QIP. The company will use Rs 100 crore of
funds for inceasing capacity in machining.
• Elgi Equipments scheduled a board meet on 1 March 2010 to consider the terms of acquisition of a company in
Europe.
• Ranbaxy Laboratories reported net profit of Rs 488.23 crore in the quarter ended December 2009 as against net
loss of Rs 819.02 crore during the previous quarter ended December 2008. Sales rose 58.99% to Rs 1522.88 crore
in the quarter ended December 2009 as against Rs 957.86 crore during the previous quarter ended December 2008.