News Capsule (29 Jun 10)

  • Saudi Telecom Company (STC), the Arab world’s largest telecom company by market value, has denied a report it was discussing buying a stake in GTL-Reliance Infratel tower unit.
  • Oil and Natural Gas Corporation (ONGC) and its’ partners will tomorrow sign contracts for half of 34 oil and gas blocks awarded in the latest round of auction under the New Exploration Licensing Policy (NELP).
  • India has finally gained membership to the Financial Action Task Force, a global body that chalks policies to counter financial frauds and provides members access to information on suspicious transactions in countries including Switzerland, China, the US and the UK.
  • Taking serious note of complaints of Alphonso mango growers, the Environment Ministry has warned power producer JSW Energy Ltd that it will have to shut down its proposed plant in Ratnagiri in Maharashtra if its operations have adverse impact on fruit production.
  • Pantaloon Retail, India’s largest listed retailer, on Tuesday said it would raise Rs4 billion ($86 million) by issuing convertible warrants to founders at Rs400 each.
  • JSW Steel, India’s No 3 producer of the alloy, is aggressively raising capacity and scouting for iron ore and coking coal mine for raw material security.
  • The qualified institutional placement, which opened on Monday and closed a day later, has been priced at Rs168.25 a share.
  • Apollo Tyres Ltd, the country’s second largest tyre maker by sales, is considering increasing product prices next week, as rubber prices soared to a record high.
  • Asit C Mehta is bullish on Amara Raja Batteries and has recommended buy rating with a target of Rs 192 in its June 29, 2010 research report.
  • IIFL is bullish on Tata Coffee and has recommended buy rating on the stock with a target of Rs 462, in its June 29, 2010 research report.
  • Uflex is planning to sell holding in Gambia Telecom company, Q Cell. Uflex owns 40% stake in Q Cell
  • MMTC has okayed 1:1 bonus and 10:1 stock split
  • Rajasthan Electronics & Instruments Limited (REIL), a joint initiative of the Central and Rajasthan government, today said it has received a Rs 300 crore order from the state to set up solar power packs.
  • Gujarat has offered four sites to the Power Ministry to construct two ultra mega power projects of 4,000 MW each in the western state.
  • China’s key stock index tumbled more than 4 percent to a 14-month low on Tuesday as money flew out of existing shares to subscribe to a major initial public offering by Agricultural Bank of China.
  • Londonlisted mining company Vedanta Resources Plc could get an environmental clearance to mine bauxite in the eastern state of Orissa, The Economic Times newspaper reported on Tuesday citing an unnamed government official.
  • Staterun Oil and Natural Gas Corp is planning an investment of Rs 4580 croe (USD 986 million) to buy 14 oil and gas rigs, the Mint newspaper reported on Tuesday, citing an unnamed company official.
  • Sulzer AG, the founder of Sulzer India Ltd, plans to acquire 19.97 per cent fully paid up equity shares of the company from share holders, an advertisement published by ICICI Securities said on Tuesday.
  • Aqua Logistics Ltd said its board on Monday approved a 10for1 stock split.
  • Essar Steel, part of the shippingtotelecoms conglomerate Essar Group, said on Monday its unit has bought Servosteel, an independent steel processor in the UK.
  • ILandFS Transportation Networks has bagged NHAI order worth Rs 2519 crore
  • Maytas Infra has declared its financial year 200910 results. It has reported consolidated loss of Rs 252 crore as against loss of Rs 474 crore.
  • Saudi Telecom Company, the Arab world’s largest telecom company by market value, may buy 10% to 15%stake in a newly created GTLReliance Infratel tower unit, the Business Standard reported on Tuesday.
  • Ahead of the Reserve Bank of India’s (RBI) review of monetary policy on 27 July, State Bank of India (SBI) has set base rate at 7.5%
  • Arvind has announced an equal joint venture with the B Safal Group on Tuesday for residential land development at Ahmadabad.
  • The India Meteorological Department (IMD) has upgraded its forecasts on the monsoon. As per the second stage forecasts for southwest monsoon, rainfall is likely to be normal.
  • Staterun Rashtriya Chemicals and Fertilizers (RCF) is planning to set up a USD 1.5 billion, 2.3 million tonnes per annum gasbased urea and ammonium nitrate unit in Ghana, its head said late on Monday.
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