Market cues: 10 stocks to track today

Indian markets are likely to trend lower in early trade according to Nifty futures. The 50-share Nifty is now firmly below the key support of 5,300, which means further downsides are possible. Trade is likely to be choppy ahead of F&O expiry. "The Nifty is likely to move in a 50-60 points range... 5,250-5,320 are crucial medium term supports," independent analyst Sarvendra Srivastava said. 1) Tech Mahindra: British telecom is selling about 5 per cent of its stake in the Indian IT service provider for about $100 million, sources told Reuters. The price band is Rs 735 to Rs 790 per share, a discount of 5 to 12 per cent from Wednesday's closing price of Rs 834.90. BT is the second-largest stakeholder in Tech Mahindra. Tech Mahindra, which provides technology services to telecoms companies including BT and AT&T, is majority-owned by Mahindra & Mahindra, India's larger maker of sports utility vehicles and tractors. 2) Hero MotoCorp: Credit Suisse has downgraded the stock to neutral with a target of Rs 2,056. The brokerage is cautious about the company's near-term progress. Retail volumes in the Indian two-wheeler market have slowed significantly. Credit Suisse has cut its FY13/14 earnings estimates by 6-7 per cent. 3) Bharti Airtel: Brokerage major Nomura has said margins are unlikely to recover soon, which will be an overhang on the stock. 4) Reliance Industries: Brokerage firm Macquarie has recommended "neutral" call on the stock with a target of Rs 759. Macquarie estimates RIL's shale gas contribution to ebitda at 8-9 per cent against 12 per cent by FY15E earlier. It has also cut FY14-15E net profit forecast by 1-3 per cent on lowered earnings estimates from shale gas. 5) Orchid Chemicals: It has sold Penicillin API business to Hospira for $200 million, which accounted for 23 per cent of total sales of Orchid Chemicals. The company will use the proceeds to part pay the Rs 2,200 crore debt on its books. 6) Lanco Infra: The CERC has approved interim tariff for Udupi power plant till March 2014. 7) MphasiS: IT and BPO services provider MphasiS has reported Rs 209 crore in net profit for the quarter ended July against Rs 189 crore in the previous quarter. 8) Sesa Goa: JP Morgan has initiated coverage on the stock with an "overweight" call and a target of Rs 240. Sesa Sterlite entity would offer investors best in class resource diversification, it said. Earnings growth in next 2-3 years will be driven by volume growth. 9) Zee TV: CLSA is positive on the stock with a target of Rs 195. Positive surprise expected in ad revenue growth. Domestic subscription growth story led by DTH continues. 10) Tata Steel: Bofa-ML has maintained "underperform" on the stock with a target of Rs 350 citing margin headwinds ahead.

Market cues: 10 stocks to track today

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