Greece’s pledge to ramp up planned budget-deficit cuts

Greece’s pledge to ramp up planned budget-deficit cuts by half failed to yield commitments of financial assistance from Germany, Europe’s biggest economy, to help solve its financial crisis. Reliance Industries Ltd. has no plans to increase its bid for bankrupt chemicals maker LyondellBasell Industries AF after creditors rejected a $14.5 billion offer. Japanese businesses cut spending for an 11th quarter even as their earnings rebounded, signaling a revival in exports remains insufficient to prompt investment that would spur the recovery. Australia’s trade deficit narrowed in January to the smallest gap in seven months as exports of iron ore rose and imports of gasoline declined. The shortfall shrank to A$1.18 billion ($1.07 billion) from a revised A$2.17 billion in December, the Bureau of Statistics said in Sydney. President Barack Obama said health- care overhaul legislation should get an up-or-down vote, and he urged Congress to act in the next few weeks. Toyota said it will spend $250 million to assist employees at a Northern California factory slated to be closed next month. Rupee has hit 6-week high at Rs.45.82 against the dollar. Iron ore prices may rise 60 per cent this year on strong Asian demand.
Cement sales in the country have risen by an average 28% in February, under-scoring a sharp pick up in the consumption of the key building commodity, following the government’s thrust on infrastructure spending and a revival in real estate. Indian IT companies are planning 8-12% hike in salaries for FY’10-11. UK rail sector is keen to become partner in the Indian Railway’s bid to be a key player in the country’s growth. PSUs may have to buy 20% of their annual sales from small units.
Aban Offshore is negotiating with State Bank of India and Punjab National Bank for moratorium on short-term loans. BSNL is overstaffed to the extent of 1 lac employees. Standard Chartered Bank plans to list its Indian arm this year. The listing would be by issuing IDRs. Steel Authority of India has hiked prices by Rs.600/tonne. Jaypee Infra ( a part of the Jaiprakash group) is planning an IPO of Rs.2600 crore in the next two months. Uco Bank FPO is expected to hit the markets in Q1FY’11. Nifty March contracts ends the Day up by 58.30 points at a discount of 7.00 points adding OI by 9.4%. Nifty OI PCR at 1.273 compared to 1.243 at the close of last Day. Nifty puts sees addition of 41.21 Lakhs and calls sees addition of 22.52 Lakhs over the day. Highest OI in Nifty calls seen at 5100 March strike and puts at 4800 March strike. Nifty VIX at 20.75 from 21.63 last day. Long build up seen in MUNDRAPORT, JISLJALEQS, BOSCHLTD, PFC, SIEMENS, PANTALOONR, JSWSTEEL, MCLEODRUSS, TRIVENI, AREVAT&D, ZEEL, INDIANB, MCDOWELL-N, JPASSOCIAT, DENABANK, GODREJIND, ANDHRABANK, ALBK, NTPC, FEDERALBNK, MINIFTY, ADANIENT, DCHL, IOB & INDIACEM etc during the day. Long unwinding seen in BAJAJHIND, EKC, ASIANPAINT, GMRINFRA, BALRAMCHIN, DISHTV, TATACHEM, PTC & JINDALSTEL etc. FII side over the Day saw short covering and long build up in Nifty futures and Nifty options was seen to be bought. Long build up was seen in stock futures segment from the FII side.