RIL, Coal India, NTPC and Tata Motors may grab investors attention today
Reliance Industries (RIL) has agreed to a Comptroller and Auditor General (CAG) audit of its pending on KG-D6 fields and issues over scope and extent of its scrutiny have been resolved. The CAG had at the end of its first sitting with RIL in January suspended the audit of spending on the flagging KG-D6 block following differences with RIL over the scope and extent of the scrutiny. RIL had previously stated that CAG cannot contractually perform a performance audit on it and Production Sharing Contract (PSC) only provides for a government appointed auditor to verify reasonableness of all charges and credits. CAG too has now stated that it is not planning to a do a performance audit of the company but only wants to examine propriety of expenses made. For doing that, CAG wants the discretion for records to be requisitioned to be vested with the government or its auditor (CAG).
Stock Tips
BUY AJAANTAPHARMA 772
TGT 810 815. SL 763
BUY ESSAROIL 80. 80.5
TGT 82 85 SL 78
MARKET WRAP
Sensex up 1.26%@18801.65 pts, while Nifty up 1.31%@5672.90 pts resp.
European indices CAC, DAX & FTSE were down from 0.10% to 0.40% resp.
NASDAQ was up 0.48% while Dow Jones Ind. Avg. was up with 0.61%. resp.
Sensex down 239.31@18801.65 Nifty down 75.20@5672.90. The Index fall today after four day gaining. The biggest falls in two weeks as auto sector & Banking stocks such as Tata Motors, central bank & Bank of India were hit by weak March low level. Continued political uncertainty and worries about early elections also weighed on market sentiment.
NIFTY OUTLOOK
Trend: - CONSOLIDATE
Resistance: - 5756, 5840
Support: - 5600, 5520
Strategy: - SELL ON HIGH
BANK NIFTY OUTLOOK
Trend: - CONSOLIDATE
Resistance: -11645, 11800
Support: -11195, 11000
Strategy: - SELL ON HIGH
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