News Capsule (23 Jun 10)

  • Indian Oil Corp (IOC), the country’s biggest oil retailer, is currently incurring a daily revenue loss of Rs 115 crore ($24.9 million) on fuel sales in the domestic market, its chairman told reporters on Wednesday.
  • Satyam shares rally on good earnings hope Shares rise to their highest level in over a month. Analysts say buy fueled by hopes of strong revised numbers.
  • Inflation could ease to below 10 per cent in June from a year ago, the government’s chief statistician said on Wednesday.
  • Malaysian state investor Khazanah’s $835 million partial takeover bid for Singapore healthcare firm Parkway Holdings is reasonable but not compelling, independent adviser Morgan Stanley said on Wednesday.
  • Indian IT companies’ margins may slip to 15 per cent  said John C McCarthy, Vice-president, Forrester Research said profit margins of TCS, Infosys & Wipro will drop to around 15% over next 2-3 years.
  • Rabobank moved a step closer to setting up its banking unit in India as it cut its stake in midsized local lender Yes Bank for about USD 213 million, to meet regulatory requirements.
  • Bharat Sanchar Nigam (BSNL) is in talks with the Department of Telecommunication (DoT) for extending the deadline for payment towards broadband wireless access (BWA) spectrum.
  • Mahanagar Telephone Nigam (MTNL) has paid the Rs 4,533.97 crore to the government towards broadband wireless access (BWA) spectrum. The entire amount has been raised from three banksICICI Bank, Central Bank and YES Bank.
  • Reliance Industries plans to invest more than USD 3 billion over the next four to five years to build capacity for its entry into the fertiliser sector, a source with direct knowledge of the plan said.
  • Reliance Industries, which sources said is investing about USD 1.35 billion for a stake in a shale gas field controlled by Pioneer Natural Resources, will pay USD 300 million in cash and the rest in capital expenditure over four years, one of the sources said.
  • ArcelorMittal, the world’s largest steel maker, said on Tuesday apparent and real demand for steel remains positive in the second quarter in the United States and Europe but would be slower in the second half of the year.
  • Rahul Mohindar of Viratechindia is of the view that one can buy Dena Bank with a stop loss of Rs 88.
  • Buy Sterlite Technologies, says Technical Analyst, Ashwani Gujral.
  • Buy Jayshree Tea and Industries, says Technical Analyst, Ashwani Gujral.
  • Apollo Tyres Ltd will raise its limit for foreign institutional investors holding by up to 30% of equity, the Reserve Bank of India said in a statement on its website.
  • Rahul Mohindar of Viratechindia is of the view that one can buy TCS, Wipro on decline.
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