Stock Watch

Aluminium
Aluminium has remained weak but seems to be getting support at the $2000 level. We prefer to wait & watch but retain our positive bias for the overall trend.
Aluminium ($2023)
Supports 2025 2000
Resistances 2100 2140

Zinc
Zinc prices continue trading below its 200 DMA(2166). The present movements are in line with our view that a consolidation is taking place in the trend. Our overall bias remains positive.
Zinc ($2050)
Supports 2025 1950
Resistances 2125 2175

Copper

The Rs 10,000 crore defamation suit that was charged against Mukesh Ambani at the high court of Bombay was withdrawn by younger brother anil Ambani. This withdrawal was done in order to create a more harmonious relationship between the brothers.

Anil Ambani's lawyers did not comment on the questions posted against them as to why there was a change in the decision made, by the lawyers made it clear that they did not want to go forward with the suit that was against Mukesh Ambani.

According to the verdict, the Supreme court in the case Reliance Industries and Reliance Natural Resources has brought crystal clear clarity to the supreme role of the government in the gas sector and the government will take the final call on pricing, marketing and utilization of gas. The shares of RNRL surged nearly 5 percent before closing flat at Rs 50.15 on the Bombay Stock Exchange today. RNRL, climbed 4.88 percent touch an intra day high of Rs 52.60 on BSE, supported by heavily buying by the investors with huge volumes by cutting short its two day falling streak.

On Friday, Commerce and Industry Minister, Anand Sharma said that the Government is dedicated to twofold India’s exports by 2014 and its share in the world trade in the upcoming years.

He told journalists that they have come out of the financial crisis and are rising at a good speed. They intend to sustain the impetus and twofold their exports in 2014 as compared to the statistics in 2008.

He said that they have also set a goal to twofold their share, in percentage terms, in the world trade by 2020. They have employed various steps in this direction.

Blackstone Group one on the world’s largest equity companies along with Thomas H.

Lee and TPG Capital plan to takeover Fidelity National Information Services Inc.

The sources of this information come from people who are a part of this deal who refuse to reveal their identity and there is speculation that the deal might not even proceed any further. TPG and Thomas H. Lee refused to comment and so did Blackstone and Fidelity National spokesperson in regard to the transaction.

Riding high on the back of the rural boom, the Indian two-wheeler industry is all set to cross 13.4 million units by 2013-14 from the FY10 level of 9.4 million units, witnessing a CAGR of 9.7%, according to a latest report of CARE Research. In fact, the report further highlights the fact that almost 65% of population can afford two-wheelers in urban areas.

The Confederation of Indian Industries (CII) in its report said that the service industry has finally come out of the recessionary phase and has managed to maintain a high rate of growth.

Most of this growth was visible in the third and last quarter of 2010, the survey said.

The sector showed a growth of around 20 per cent in 51 sectors that were monitored. This is excellent considering the level of 5.88 per cent that they have achieved in the April-March, 2009 period.

Anand Sharma, Union Commerce and Industry Minister voiced that labor-intensive sectors like engineering goods, leather and garments which are on the verge of improvement, would be provided with stimulus package. He also added that the Finance Minister Mr. Pranab Mukherjee is quite willing to retain stimulus for such sectors in the upcoming Budget.

Prime Minister Manmohan Singh, himself an economist of international repute, hoped double digit GDP growth rate for the economy in next couple of years given to potential and enormous opportunities present in India.

Urging NRIs at the Pravasi Bharatiya Divas, Dr. Singh expressed government’s commitment to provide investment friendly environment in the country by reducing all hurdles for setting up project in India. His assurance came a day after steel tycoon LN Mittal counted challenges for executing mega projects in the country.

In November, India’s exports reached the record breaking height of 18.2 percent, the highest in 14 months, amounting to $13.2 billion. This decreased the trade deficit of the country by $9.69 billion in November 2009 from $12.33 in November 2008.

Imports reduced by 2.6 percent as for November 2009 at $22.88 billion, while for the same month in 2008 they were $23.48 billion.