ndian stocks are likely to open flat today

Indian stocks are likely to open flat today. SGX Nifty is trading at 4915, up by about 9 points than previous closing.

Asian markets were trading lower. China's Shanghai Composite slipped 1.55% or 40.72 points at 2,585.07. Hong Kong's Hang Seng fell 0.94% or 180.56 points at 19,015.89. Japan's Nikkei was down 0.43% or 40.99 points at 9,481.67. Singapore's Straits Times was down 0.40% or 10.75 points at 2,685.27. South Korea's Seoul Composite was flat at 1,581.48. Taiwan's Taiwan Weighted shed 0.57% or 41.12 points at 7,126.23.

US economic data contained a couple of positive surprises. New home sales for April spiked more-than-expected to an annualized rate of over 5 lakh units, which was the highest level in two years. Meanwhile the total durable goods orders for April proved to be stronger-than-expected with nearly 3% increase.

The US markets closed lower and the Dow ended the session below the 10,000 mark as traders booked gains in the latter half. Financials and technology led the market fall.

Mahindra takes control of Reva: 

The company, which will buy out the promoters' stake and make a Rs45 crore infusion of fresh equity, declined to disclose the total value of the transaction in which it will get a 55.2% stake in the Bangalore-based firm, which will be renamed Mahindra Reva Electric Vehicle Co. Ltd.

The deal comes just after M&M bought out Renault in a joint venture that makes and markets the Logan sedan, and is a part of chairman Anand Mahindra's strategy to expand his $6.3 billion (around Rs30,000 crore) group through acquisitions.

OIL Q4 net rises 20.76% on increased production: State-owned Oil India Ltd, or OIL, said net profit rose 20.76% in the fiscal year ended March on account of a production increase, a rise in the realization price and forex earnings.

Net profit for the year rose to Rs2,610.52 crore on a 9.17% increase in revenue to Rs7,905.55 crore in the year, said OIL, which declared a dividend payout of 340%. OIL had already announced an interim dividend of 180%. The explorer's share of the subsidy on fuel sales fell to Rs1,548.81 crore

PSU divestment nod will come with names of merchant bankers: 

The government on Wednesday announced measures to streamline and fasten the process of divesting stake in public sector units, as it tries to meet the Rs 40,000 crore target from disinvestment proceeds in 2010-11. It will now clear the appointment of merchant bankers and other market intermediaries at the same time as it approves the case for disinvestment in public sector unit.

Air India in damage-control mode: With over 120 flights cancelled in the span of two days and hundreds of passengers facing inconvenience. While the airline operated a modified schedule till midnight on Wednesday, they had plans of roping in larger aircraft to deal with loads on busy sectors and deploying extra manpower to manage passengers from Thursday.

Siemens mulls 35 million euro for India, China ops: Siemens group plans to invest e35 million by 2013 in India and China to strengthen local operations of its wholly-owned metal andmining technology from Siemens. The investment will fund expansion of local production, engineering and project handling capabilities in the two key emerging markets. As a part of the expansion it also plans to add 300 engineers and projects managers besides 200 sales personnel in the two countries over the next 2-3 years

Chinese ban to hit Indian iron ore exports: Nearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low grade iron ore while major Chinese companies are buying up ore mines with two billion worth of reserves in Africa. "The ban will surely have an effect because about 50% of our exports are low grade iron ore," Royston Machado, an industry consultant working jointly with China Inspection and Quarantine, said. India sold 107 million tonnes accounting for 18% of Chinese imports in 2009.

RBI moves to prevent a possible liquidity crunch: 

THE Reserve Bank of India has announced measures to help money markets tide over an imminent cash crunch in June. The measures will result in Rs 22,600 crore additional funds being made available to banks through the central bank's overnight lending facility. The measures announced are in effect a temporary half percentage point reduction in statutory liquidity ratio requirement — a norm which prescribes the extent of government bonds banks need to hold. RBI has also said it will make overnight loans available to banks twice a day under its liquidity adjustment facility (LAF) against the present system where banks bid for funds under an auction once every morning.

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