Stocks In Action For September 28, 2012

In a major relief for the government, the Supreme Court on Thursday clarified that the auction order in the 2G scam was only restricted to the telecom spectrum and not for all natural resources. The Supreme Court has held that the 2G Presidential Reference as maintainable. Post the judgement one can expect positive movement in the mining stocks today. 

A report in Business Standard stated that LIC Housing Finance has hired five banks, including Citigroup and HSBC, for an institutional share sale to raise between USD 250 million and USD 270 million. The mortgage lender has also hired Nomura, Kotak Mahindra Bank and Avendus Capital for the share sale, which is expected to be launched in the next couple of weeks. One may see some volatility in the scrip today. 

Consulting, IT services and engineering solutions provider, Mahindra Satyam, yesterday launched globally its new infotainment solution under the aegis of its ‘Connected Vehicle Concept’. Combined with elements of infotainment and telematics, the solution is differentiated with an automotive grade in-vehicle infotainment device, integrated with a service delivery platform to provide an entire gamut of value-added services. On the back of this news we may see some positive momentum in the stock today. 

Arvind Ltd is looking at launching its fashion brand Flying Machine and French brand Elle in Afican countries and the Middle East, said a senior executive of the company. In a press release the company has said that it is looking to launch Flying Machine in Africa and the Middle East and exploring the potential of launching Elle in these markets too though a plan to this effect has not been finalised. The scrip may see some positive momentum today. 

In a BSE filing on Thursday, Aurobindo Pharma Limited, a city-based manufacturer of generic pharmaceuticals and active pharmaceutical ingredients, has announced receiving tentative approval from the US Food & Drug Administration (USFDA) for pioglitazone hydrochloride and metformin hydrocloride tablets in 15 mg (base)/500 mg and 15 mg (base)/850 mg strengths. The company said that the product will be eligible for final approval upon the expiration of the 180-day generic drug exclusivity. Post this news one can expect a positive movement in the scrip today. 

Shares of Kingfisher Airlines may show negative trades as yesterday’s meeting with its lenders ended with no firm conclusion. The company management failed to assure the banks. The next meeting will be in October and Kingfisher will not participate in the same. The stock has shown some strength in last few days but now may show decline on this news.