Japan’s industrial production fell in February

Japan’s industrial production fell in February and the unemployment rate held at the lowest level since March 2009, underscoring an uneven economic recovery that has yet to end deflation. Asian stocks rose, driving the MSCI Asia Pacific Index to its highest level in 10 weeks, after U.S. consumer spending increased for a fifth month and European confidence in the economic outlook improved. UBS AG generated about $2.3 billion of revenue at its fixed-income division in the first quarter as Switzerland’s biggest bank rebuilt the unit following record losses. The Wall Street Journal reported, that Sony Corp. is close to exiting talks to purchase rights to the music catalog of EMI Group Ltd. In 2009, U.S. passenger traffic fell by more than 5%, mostly in response to the recession. The number of domestic and international passengers on U.S. airlines declined 5.3% in 2009 compared to the year before, the Bureau of Statistics reported. Subprime-mortgage securities are rising at an accelerating pace as the U.S. begins to encourage reductions to homeowners’ balances, which may lead to fewer foreclosures and a quicker end to the housing slump. Japan has committed 215 billion yen (Rs 10,535 crore) for six infrastructure projects in India, including Phase II of the Mass Rapid Transport System (MRTS) for Delhi. RBI will sell Rs. 2.87 trillion ($64 billion) of bonds in the first half of 2010/11, 63 percent of its record full-year target, less than market expectations, sending yields down. The Government has approved 23 Foreign Direct Investment (FDI) proposals worth over Rs 2,325.21 crore, including that of auto components maker Bharat Forge. Indian companies saw 16 M&A deals worth $981 million in the mining space in 2009, as per global consultancy firm Ernst and Young. Central Board of Direct Taxes (CBDT) has clarified that a company that makes a notional loss on a forex derivative because of a fall in its value cannot deduct the loss from its taxable income since it still owns the derivative. Gayatri Projects has bagged contracts worth Rs 602 cr from NHAI.
Hindustan Dorr-Oliver has won orders worth Rs 2.67 billion from various sectors.
IVRCL Infrastructures & Projects Limited (IVRCL) Water Division has bagged orders worth Rs 867.57 crores for various infrastructure works. Bharti to sign Zain deal today. The country's largest coal producer Coal India Ltd (CIL) has seen an estimated two-fold jump in profit to Rs 10,616 crore in 2009-10. Hindustan Unilever has exited from BPO firm Capgemini Business Services India by selling its remaining 49 per cent stake to IT consultancy firm Cap Gemini SA for an undisclosed sum. Larsen & Toubro has bagged an order worth Rs 1,400 crore from the Indian Oil Corporation (IOC) to develop reactor for fuel refinery at Orissa. Suven Life Sciences has been issued patent to one of its compounds, which is used in treating disorders like Alzheimer's, Parkinson and Schizophrenia, by the European Patent Office (EPO). Aqua Logistics Ltd’s unit Aqua Logistics HK Pvt Ltd will buy three Hong-Kong based logistics companies. TTK Prestige has commenced production at its Rs 11 crore new plant in Roorkee, Uttarakhand. Havells India will increase its marketing spend by over 40 per cent, to Rs 100 crore, by next fiscal and plans to enhance retail overseas footprints, starting with Africa. Indoco Remedies has entered into a long-term drug supply pact with Aspen Pharmacare, the largest pharmaceutical manufacturer in Africa and one of the top 20 generics manufacturers in the world. Texas Pacific Group (TPG) is set to pick up 20% in Shriram Capital. Essar Shipping has raised Rs. 6000 cr this fiscal for expansion. GMDC will invest Rs. 484 cr, in wind power, over the next two years. Nifty April contracts ends the Day up by 21.85 points at a premium of 15.95 points in April contracts and adding OI by 3.8%. Nifty VIX at 18.73% compared to 17.89% previous day. Nifty OI PCR at 1.162 compared to 1.174 the previous day. Nifty puts sees addition of 21.5 Lakhs and calls sees addition of 22.09 Lakhs over the Day. Highest OI in Nifty calls seen at 5400 April strike and puts at 5200 April strike. Long build up during the session seen in MUNDRAPORT, HINDALCO, ALBK, HOTELEELA, RENUKA, IOB, STER, AMBUJACEM, LICHSGFIN, SYNDIBANK & NAGARFERT. Short build up was seen in DABUR, TATAMOTORS, COLPAL, MPHASIS, INFOSYSTCH, PIRHEALTH, EDUCOMP, PUNJLLOYD, BIOCON & ONMOBILE etc. Long build up was seen in Nifty futures from the FII side. Short build up seen in Stock futures from the FII side. Good addition in Nifty options seen during the day from the FII side.