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F&O Outlook: More correction possible in coming days
The Nifty ignored all bullish indicators and closed below 5,000 on profit-booking and weak global cues. The close of 4,953 is marginally above the 61.8 per cent retracement level of 4,940. Hence, if it falls below this, it can retreat to 4,860. Also, the Nifty has gained over 10 per cent since the last week’s low of 4,538 and so more correction is possible in the coming days.

Century Textiles, TTML, Glenmark Pharma, MRF Q1 result
Century Textiles

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Taro may cost Sun Rs 1,000 cr
Indian drug firm Sun Pharma may have to shell out up to Rs 1,000 crore for acquiring the Israel-based Taro Pharma-ceuticals. “If we are able to get all the shares of Taro pharma-ceuticals, including promo-ters’, then the total cost would be up to Rs 1,000 crore,” the firm said.
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GE Hitachi in talks with BHEL, Bharat Forge for nuke equipment

Hoping to get the US government"s nod to go ahead with its business in India, GE Hitachi has begun talks with domestic companies like BHEL, Bharat Forge and Larsen & Toubro for making atomic power equipment. - BHEL to supply equipment to APGENCO project - Nine of top-10 firms add Rs 49,000 cr in m-cap - Alstom to have 33.3% stake in NPCIL-BHEL venture - BHEL drops Singur idea - BHEL may not set up plant at Singur - Bengal to take back Singur land for power project with BHEL "We are talking to several vendors -- BHEL, Bharat Forge and L&T for manufacturing castings and forgings for the nuclear power plants," GE Hitachi Senior Vice-President (Nuclear Plant Projects) Daniel L.Roderick told reporters here. Larsen & Toubro (L&T) has already signed an agreement with Nuclear Power Corporation of India (NPCIL) for manufacturing nuke power equipment. "We want a reliable component supplier, we want them (L&T-NPCIL) to make forgings for us...As we are the technology provider," Roderick said. "If we are able to receive approvals from the US government next year, the first unit can only be commissioned by 2018-19 and after that every two years new units would follow," he said. The company would manufacture 1,500 Mw and above units for the nuclear power projetcts in India. GE Hitachi hopes to feed more than half of its clientele by manufacturing the castings and forgings in India. "50-70 per cent of the equipment can be made here for both India and international market," he said adding that manufacturing here can save as much as 50 per cent cost.


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