News Capsule (28 Jun 10)

Also read: Stock Market Guru

  • Tata Motors plans to raise about Rs 4,700 crore ($1.02 billion) through a combination of shares, bonds, debentures and other equity-linked instruments to cut debt and grow its business.
  • Rajan Raheja group firm Prism Cement today said it has acquired the remaining 50 per cent stake in Milano Bathroom Fittings (MBF) for an undisclosed sum.
  • Foreign institutional investors (FIIs) were net buyers of Rs 792.79 crore (provisional) today, according to data released by BSE.
  • The Reserve Bank may wait for a few weeks before raising policy rates to contain inflation in view of tight liquidity in the system as well as global economic uncertainty, said a Citigroup report.
  • South Africa’s MTN denied on Monday it is in talks with Loop Telecom after a report said it was looking to buy a stake in the Indian mobile operator to gain entry into the world’s fastest growing wireless market.
  • Power Grid plans to invest Rs 58,000 crore to build nine high capacity corridors, reports CNBCTV18, quoting sources. Power Grid expects funding for this project from the World Bank and the Asian Development Bank and internal accruals.
  • Rolta, which offers geo-spatial and IT solutions, has acquired geo-imaging technology used in earth imaging, remote sensing and related geopositioning solutions from Canada-based PCI Geomatics Enterprises.
  • The Reserve Bank of India can hike rates at any point in time, Deputy Governor K.C. Chakrabarty said on Monday.
  • The charts of Alok Industries are looking interesting and buying opportunity exists for momentum traders, for shortterm traders and for someone who wants to invest, says Technical Analyst, Sudarshan Sukhani.  Arvind Mills is not as interesting; it’s rallying a bit but if it comes down, its more in a trading range. So Alok would probably be better for shortterm traders, says Technical Analyst, Sudarshan Sukhani.
  • IOC has not done much over the many year’s charts. So if one want momentum, focus on HPCL or BPCL instead of IOC, says Technical Analyst, Sudarshan Sukhani.
  • IIFL is bullish on Finolex Cables and has recommended buy rating on the stock with a target of Rs 53, in its June 28, 2010 research report.
  • RIL finds more oil in Cambay basin Seventh oil discovery in Cambay basin. Oil flow at 410 barrels per day. RIL says gas find to raise hydrocarbon potential at block. Gainers, losers
  • Loop Telecom has been looking for a strategic investor for some time now and people close to the development said the telecom operator was willing to sell up to 45 per cent stake in the firm.
  • Shares of Reliance Communications today climbed over 6% in the early trade, a day after the announcement of a deal to merge its telecom tower business with GTL infrastructure, whose shares sky rocketed 20%.
  • Buy Maruti Suzuki for long term, says Technical Analyst, Sudarshan Sukhani.
  • Tata Motors will setup a new manufacturing plant for 2nd plant for ACE, reports Business Standard.
  • Lumax Auto Technologies has a board meeting on June 26 for preferential allotment to promoters, reports CNBCTV18.
  • Energy major Reliance Industries and Mexican staterun oil giant Pemex may soon join hands to develop a greenfield refinery in Mexico, the Economic Times reported.
  • India and Canada have signed a civil nuclear cooperation pact
  • Arvind is going to form JV with B Safal group for residential project
  • Atul Auto has okayed 1:4 rights issue at Rs 30 per share, reports CNBCTV18.
  • Essar Oil has declared as a winner of four Coal Bed Methane blocks
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