TOP CORPORATE NEWS 28 August 2014

•    Tata Motors enters Algeria with a range of passenger cars

Tata Motors in association with SPA Elsecom has setup dealerships at Algiers and Oran, with further plans underway to establish 10 additional sales and service centers, to cover important regions, by the end of this year.

•    RIL to save $450 mn/yr by importing ethane from US

Reliance Industries will save about USD 450 million annually by importing 1.5 million tons ethane from US for its petrochemical plant. Imported Ethane will substitute its current propane imports and a portion of naphtha used for ethylene production.

•    Adani buys Australia coal mine royalty rights from Linc

Adani Enterprises has agreed to pay Australian dollar 155 million (USD 145 million) to Linc Energy to buy out the Australian firm's rights to future royalties from Adani's huge.

•    Tata Comm up on reports of foreign brokerage

Shares of Tata Communications gained over 4%, touching, on reports that a foreign brokerage has re-initiated coverage on the stock with a buy rating. The company is back on growth and profitability track and its core business turnaround will be led by enterprise data.

INDIAN BENCHMARKS mark record closing high ahead of F&O expiry

INDIAN EQUITY BENCHMARKS ended with gains for the second consecutive trading session ahead of the F&O expiry tomorrow. Sentiment was on the positive side as the ongoing geopolitical tension in Israel, which was a major cause for concern seems to be finally ending as Hamas and Israel agreed to an open-ended cease-fire.

•    DLF fell 4.6 percent on Supreme Court order asking company to pay Rs 630 crore fine within three months.

•    Further, HDFC Bank declined 0.7 percent on the matter related to increase in FII investment limit may not be taken up by Foreign Investment Promotion Board in its meeting scheduled on August 29.

The crucial resistance for Nifty is now seen at 7945 and above this 7970. Support for the immediate term is now placed at 7915 and next support will be 7860.

COMMODITY MARKET STRATEGY 27 August 2014

BASE METAL WRAP: Aluminium traded near an 18-month high on speculation demand is rising amid signs a recovery is gathering pace in the U.S. and before data forecast to show the country’s economy expanded for the second quarter.

ENERGY WRAP: West Texas Intermediate traded near a three-day high before a government report forecast to show crude stockpiles dropped for a second week in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP: Gold held below $1,300 an ounce as investors weighed a strengthening U.S. economy and dollar against signs of easing tensions around the world.

                                             

GLOBAL EVENTS TO WATCH: Crude Oil Inventories.

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MORNING MAIL 27 August 2014

INDIAN BENCHMARK open on a bullish note tracking a firm trend across markets in Asia after reports from US indicated that the world’s largest economy is strengthening.

FURTHER, Shares of defence equipment makers rose after the government notifies increase in FDI limit to 49% through approval route in the defence sector. ONGC rose over 2%, on hopes of reforms on subsidies and gas prices ahead of ONGC's share sale.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Tuesday while the DIIs were net sellers of Rs. 259cr, as per the provisional figures released by the NSE.

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