Asian stocks gained, driving the MSCI Asia Pacific.

Asian stocks gained, driving the MSCI Asia Pacific Index higher for the fifth straight day, as investors bet the Federal Reserve will leave the benchmark U.S. interest rate at a record low. Federal Reserve policymakers are worried that the economic recovery may lose steam going forward, despite recent moderate improvements, according to minutes from their recent policy meeting released on Tuesday. Though the latest data suggest an uptick in economic activity, Fed members believe that some sectors of the economy could stifle overall growth, the minutes from the March 16 meeting said. U.S. Treasury Secretary Timothy F. Geithner is putting the Group of 20’s enhanced power to the test as he tries to prod China into revaluing the yuan.
Top Indian steel makers witnessed upto 15% rise in sales in the month of March 2010.
The rupee weakened on RBI intervention after hitting 19 month high levels. The Securities and Exchange Board of India has cut the listing time to 12 days. This order is effective from May 1, 2010. Godrej Consumer Products has acquired an Indonesian company, PT Megasari Makmur Group and its distribution company in Indonesia. Punj Lloyd has bagged orders worth Rs.235 crore. BPCL’s first discovery in Brazil’s offshore basin is capable of producing 15000 barrels of crude daily. This well is jointly managed by BPCL along with consortium partners. Temasek Holdings is in talks to acquire stake in GMR Group. Jindal Power has tied up debt of Rs.10000 crore for its upcoming 2400 MW power plant. GSK Consumer Healthcare will invest Rs.270 crore over the next three years. Essar Group is looking for oil and gas assets in Africa and Southeast Asia. Coal India plans to invest Rs.6000 crore for acquistions. Profit of the company jumped 300% during FY’10. Unitech has appointed E&Y and two other advisors for exploring opportunities for potential restructuring. NTPC plans to borrow Rs.20000 crore in FY’11 to fund its capacity expansion plans.
Spicejet will start its international operations soon as the Ministry has cleared its proposal. Electrotherm is expanding its presence in the southern markets to push its 40-tonne furnace as cost-effective option. Wipro plans to exit baby care and Vanaspathi business. Nifty April contracts ends the Day marginally up by 1.20 points at a premium of 1.10 points in April contracts and paring OI by 1.1%. Nifty VIX at 17.20% compared to 17.17 % previous Day. Nifty OI PCR at 1.286 compared to 1.267 the previous day. Nifty active puts sees addition of 26.92 Lakhs and calls sees addition of 14.67 Lakhs over the Day. Highest OI in Nifty calls seen at 5400 April strike and puts at 5200 April strike. Long build up was seen in ONMOBILE, PFC, ANDHRABANK, VIDEOIND, RELMEDIA, FEDERALBNK, IOB, MLL, RECLTD, MTNL, ISPATIND, GTOFFSHORE, PIRHEALTH, RPOWER etc over the Day. Short build up during the Day seen in BEL, HCLTECH, MCDOWELL-N, CIPLA, PRAJIND, M&M, LUPIN & MCLEODRUSS etc over the Day. Short covering and marginal long build up was seen in Nifty futures from the FII side. Marginal long build up seen in Stock futures from the FII side. Addition in Nifty options seen during the day from the FII side. Bank credit has gone up 16.75% as on March 26, 2010. The SEBI has allowed institutional investors to use the ASBA route for investing in public offerings. The order book of Indian Corporates has doubled in the March quarter compared to the same period last year. Essar Energy may launch an overseas initial public offer of USD2.5 billion. United Spirits is world’s no.2 spirits maker after Diageo. Drug price regulator NPPA has issued a show-cause notice to Piramal Healthcare for selling eye drop without getting the approval from the regulator. The Cabinet is likely to discuss the FPO of SAIL in parliament today.
Bharati Shipyard has marginally hiked its stake in Great Offshore to 49.73%. Oil India is planning to hive off its overseas exploration and production assets into a new subsidiary. Ackruti City Ltd. is looking for immediate funding of Rs.250 crore, in addition to the Rs.1000 crore tied up in December 2009. M&M has hiked prices of its utility vehicles by up to Rs.26100. NTPC is planning of setting up a coal-based power plant in Bangladesh. Redington India Ltd. is looking to acquire companies in Africa and West Asia in the next six to eight months. JSW Steel’s output for the quarter ended March 2010 rose 66%.Blackstone will be investing Rs.225 crore in Jagran Media Network Private Limited. The Government is likely to set up a panel of group of ministers to take call on BSNL divestment. JSW Steel has planned a capex of Rs.7000 crore for FY’11. Emami Group will set up a power plant in Ethiopia. Elecon Engineering has won an order of Rs.89 crore. Nifty April contracts ends the Day marginally up by 11.85 points at a premium of 4.30 points in April contracts and adding OI by 1.0%. Nifty VIX at 17.32% compared to 17.20 % previous Day. Nifty OI PCR at 1.317 compared to 1.286 the previous day. Nifty active puts sees addition of 24.92 Lakhs and calls sees addition of 8.24 Lakhs over the Day. Highest OI in Nifty calls seen at 5400 April strike and puts at 5200 April strike. Long build up was seen in GODREJIND, GAIL, ALBK, EKC, NAGARCONST, HOTELEELA, APOLLOTYRE, GRASIM, AMBUJACEM, PIRHEALTH, IVRCLINFRA & POWERGRID etc over the Day. Short build up during the Day seen in FORTIS, AUROPHARMA, HINDUNILVR, JISLJALEQS, INDIAINFO, VIDEOIND, LITL, GMRINFRA, MTNL, CESC & RELMEDIA etc over the Day. Marginal long unwinding was seen in Nifty futures from the FII side. Marginal short build up seen in Stock futures from the FII side. Marginal unwinding of Nifty options seen from the FII side.