Daily Indian Stock Market Outlook Fundamental Picks by FairWealth Securities

Daily Indian Stock Market Outlook Fundamental Picks by FairWealth SecuritiesInvestors with horizon of 6-12 months can consider following scripts for their investment. These companies have potential to give higher returns than index over a long term.

Corporate Highlights - Mahindra & Mahindra, country's largest utility vehicles maker, will invest more than Rs 300 crore in a new tractor plant in Andhra Pradesh. The plant will have a capacity to make 100,000 tractors every year and production will start in 2012, the company said in a statement.

• Pipavav Shipyard Ltd said on Thursday it has received clearance from the Foreign Investment Promotion Board for warship building in the defence sector. The clearance will help Pipavav bid for warship projects of the Indian Navy.

• India's top software services exporter Tata Consultancy Services Ltd had received a contract to provide its banking software technology solution to Shanghai Rural Commercial Bank.

• State-owned BHEL has won a contract from PowerGrid Corp along with Swedish firm ABB for supplying equipment for the construction of a transmission link. The link comprises three converter terminals and a power transmission system with a built-in capacity of up to 8,000 MW. The use of Ultra High Voltage (+ 800 kilovolt) minimises transmission losses.

• JSW Steel has raised offer price to acquire up to 20% stake in Ispat industries to Rs 22.25 a share from an earlier offer of Rs 20.54 a share. JSW Steel will now pay up to Rs 1,440 crore to buy up to 20% shares in the Ispat industries.

• Kotak Mahindra Bank launched Interbank Mobile Payment Service (IMPS) for its customers. With this facility, customers will enjoy 24x7 instant funds transfer, thereby enabling the beneficiary to avail of the credit immediately, the lender said in a statement.

Economic Highlights

After easing for 3 consecutive weeks, food price index rose to 10.05% YoY in the week to March 12, 2011, up from 9.42% in the preceding week. The rise can be attributed to higher prices of vegetables. The fuel inflation came in at 12.79% in the same week. During the week under review, prices of vegetables went up by 11.20% year-on-year. While potatoes became 2.82% more expensive, onions became dearer by 10.80% on an annual basis.