News Capsule (19 Jul 10)

  • Coal India, which is likely to hit the capital markets in October, “will be in the list of Fortune 500 the day it is listed on the stock exchange,” the head of a government panel on public sector units said today.
  • Foreign institutional investors (FIIs) were net buyers of Rs 153.79 crore (provisional) today, according to data released by BSE.
  • The world’s largest steel maker ArcelorMittal is understood to be jointly working with its domestic partner Uttam Galva for setting up a Rs 15,000-crore steel plant in Maharashtra.
  • Technical Analyst, Ashwani Gujral is of the view that Whirlpool of India has target of Rs 380.
  • Technical Analyst, Ashwani Gujral is of the view that Ashok Leyland can go upto Rs 85.
  • India’s gems and jewellery exports for the quarter to June rose 67.6 per cent on year to $8.89 bln, data from the Gem and Jewellery Export Promotion Council (GJEPC) showed.
  • India’s fuel consumption rose 1.7 per cent to 12.09 million tons in June on back of high demand for auto fuel, official data released here said.
  • Bharti Airtel, is looking to launch Apple’s iPhone 4 in India in September or October, Chief Executive Officer for India and South Asia Sanjay Kapoor said on Monday.
  • Buy IDFC on dips, says Salil Sharma, Technical Analyst of Kapur Sharma Co.
  • Punjab and Haryana will raise planting of basmati rice as floods have washed away the recently sown regular grades, farmers and trade officials said on Monday.
  • Reliance Communication is getting resistance around that Rs 194Rs 195 levels, says Anu Jain, IIFL Private Wealth Management.
  • Kavveri Telecom Products board has approved allotment of 40 lakh warrants to promoters
  • L&T General Insurance Company Ltd, an arm of engineering and construction firm Laresn & Toubro Ltd, has receieved a license to commence its business from insurance sector regulator, it said on Monday.
  • Areva T&D India has won an order worth Rs 130 crore from GMR Infrastructure group for its 600 MW plant in Maharashtra, it said on Monday.
  • The International Monetary Fund (IMF) wants to boost its lending resources to $1 trillion from $750 billion in order to prevent future financial crises, a business daily said on Monday.
  • GTL Infrastructure Ltd said on Monday its expects annual recurring revenues of Rs 720 crore from Aircel’s telecom towers acquisition for the next 15 years.
  • Oil and Natural Gas Corporation has told oil regulator Directorate General of Hydrocarbons (DGH) that its KG basin block may hold about 3 trillion cubic feet of gas reserves from which it plans to produce 25-30 million unit a day by 2016.
  • Cooling solutions provider for transportation systems Thermo King India today said it has entered into a distribution tie-up with TVS & Sons to sell its climate control products in the country.
  • Vardhaman Textiles Ltd said on Monday it will spin off its steel business and merge it with its unit, Vardhaman Special Steels Ltd.
  • India’s largest auto air-conditioning Maker, Subros Ltd, said it expects revenues worth Rs 1200 crore in the current fiscal, a top official said.
  • Angel Broking is bullish on Kesoram Industries and has recommended buy rating on the stock with a target of Rs 437 in its July 17, 2010 research report.
  • Reliance Communications can test Rs 220-223, says Anu Jain, IIFL Private Wealth Management, India Infoline.
  • BP Yadav, Director of the MET in an interview with CNBCTV18 said that the rainfall last week was disappointing. However, he added that the distribution of rainfall was sufficient for sowing and that he still saw the monsoon ending at 102% of the average rainfall.
  • No. 2 Indian telecoms firm Reliance Communications said on Monday it added 2.8 million mobile customers in June, taking its total number of customers to more than 110 million.
  • US fund manager Templeton, one of Parkway Holdings’ largest institutional shareholders, has cut its stake in the Singapore healthcare firm following a series of sales earlier this month.
  • Bharat Heavy Electricals said on Monday it got an order worth Rs 2665 crore ($567 million) for setting up a 1,200 megawatts thermal power plant from Dainik Bhaskar Power Ltd.
  • The Securities & Exchange Board of India’s takeover panel on Monday recommended hiking the open offer trigger to 25 per cent from 15 per cent.
  • Oil prices fell slightly to below $76 a barrel on Monday in Asia as traders eyed falling global stock markets ahead of more key corporate earnings reports this week.
  • Keep Rs 32.80 stoploss in Noida Toll Bridge, says Anu Jain, IIFL Private Wealth Management, India Infoline.
  • Buy Power Finance Corporation on dips, says Anu Jain, IIFL Private Wealth Management, India Infoline.
  • Torrent Pharmaceuticals has got US FDA tentative nod for Singulair Generic
  • IOL Chemicals and Pharmaceuticals Ltd said on Monday its board approved issuing 1.5 million warrants to G Consultants and Fabricators Ltd on a preferential basis.
  • The rupee today lost 27 paise to trade at a two-week low against the US currency in early trade largely on foreign fund capital outflows from equities and increased demand for dollar from importers.
  • Energy major Reliance Industries is in talks with Texas-based Quicksilver Resources, including for a possible buyout of the US firm that develops shale gas and coal-bed methane, a newspaper reported on Monday.
  • Emirates Telecommunications Corp (Etisalat) is close to buying a 26 per cent stake in No. 2 Indian telecoms firm Reliance Communications, a business daily reported, citing people familiar with the negotiations.
  • Malaysian state investor Khazanah may have to pay more than S$4.00 a share for Singapore’s Parkway, or at least 3.1 per cent above its share price to ward off rival bidder Fortis Healthcare.
  • Cairn India Ltd, which recently reached 1 lakh barrels of oil per day (bopd) production from its Rajasthan fields, is supplying 70,000 barrels to Reliance Industries
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