News Capsule (20 Jul 10)

  • Vishal Retail on Tuesday said it was not in talks with Chennaibased Shriram Group for any business transaction denying a newspaper report which said Shriram Group may take over its retail arm.
  • Compact Disc India through its subsidiary Premier Brands Pvt Ltd has been appointed as the main licensee for merchandising programme of the Commonwealth Games into branding of licensing and merchandising business.
  • State-run BHEL today said it has bagged a Rs 2,665 crore contract for setting up a 1,200 MW coal-based thermal power plant in Chhattisgarh.
  • The country’s largest hydro power generator NHPC is working on setting up three projects in Orissa in a joint venture with the state government.
  • Sunil Hitech Engineers has bagged order worth Rs 173.5 crore
  • ADB, which came out with a Special Note on economies, however, kept the projections for India and China unchanged 8.2 per cent and 9.6 per cent, respectively.
  • Fiat India today said that it was looking to export its cars in South Asian Association for Regional Cooperation (Saarc) countries to boost its export volumes.
  • Upping its ante against the oil ministry, Reliance Industries has refused to give natural gas to new customers by cutting supplies to power and fertiliser plants saying the ministry’s order was in violation of the gas utilisation policy and wants panel of ministers to discuss it.
  • Buoyed by the prospects of a good monsoon, the government today said inflation would halve to 5-6 per cent by December end and the economic growth would accelerate to 8.5 per cent during the current fiscal.
  • Trading firm Adani Enterprises has launched a share sale to institutional investors to raise up to $750 million, three sources with direct knowledge of the deal said on Tuesday.
  • Nalco has raised aluminium product prices by Rs 3,500 per tonne
  • Accumulate sugar stocks on dip, says Akshata Deshmukh of Networth Stock Broking.
  • Lakshmi Vilas Bank can test Rs 110-115, says Akshata Deshmukh of Networth Stock Broking.
  • Accumulate Aegis Logistics on dips, says Akshata Deshmukh of Networth Stock Broking.
  • IDBI Bank has board meeting on July 22 to consider preferential issue of 25.9 crore shares to government at Rs 120.19 per share
  • The offer opening date to buy 20% additional shares in Areva TD India by a consortium of Alstom Holdings and Schneider Electric and others, has been postponed, the manager to the offer said on Tuesday.
  • Varun Industries plans to set up 5 windmills in South India during the current year. This is in addition to the windmills set up in Jaisalmer, Rajasthan in 2006. Commenting on the plans, Mr. Kiran Mehta, Chairman Managing Director, Varun Industries Limited says clean renewable solar and wind energy are the businesses of the future.
  • Fortis Healthcare said on Tuesday its founder firm Fortis Healthcare Holdings has pledged 33 million shares or 37.78 per cent of total equity shares of the former on July 9.
  • Dhanalakshmi Bank today said it has raised Rs 380.73 crore by selling shares to investors through qualified institutional placement (QIP). The bank has sold 21 million shares at Rs 181.30 apiece, it said.
  • Buy Unitech with a target of Rs 86-88-98, says Mitesh Thacker, technical analyst, on CNBC TV18.
  • RK Jain, Group PresidentFinance, Uflex says that the company is going to launch rights issue around September end.
  • Andhra Pradesh High Court grants bail to B Rama Raju and three others accused in Satyam scam.
  • India’s largest automaker Maruti Suzuki will limit exports to the last year’s level due to capacity constraints, a top official of the carmaker has said.
  • Geodesic Ltd said on Tuesday it has signed a strategic deal with Zee Entertainment Enterprises to launch real time entertainment applications for mobile and internet-enabled devices.
  • Oil prices rose slightly to near $77 a barrel on Tuesday in Asia as crude traders wait for clearer signals on the strength of the global economy and stock markets.
  • Anil Ambani group company Reliance MediaWorks today said it along with two other group firms has purchased another 0.11 per cent stake in Fame India, hiking their combined stake in the multiplex chain to 15.88 per cent.
  • Koushik Chatterjee, the group CFO of Tata Steel told  CNBCTV18 that the steel prices were significantly higher than last year, however, he sees a seasonal slowdown in August and expects iron ore prices to soften further.
  • Telecom products manufacturer Kavveri Telecom has initiated talks with several investors for preferential allotment, to raise 60-70Cr. The placement is likely at Rs 110 per share.
  • Resurgere Mines and Minerals India has board meeting on July 27 to consider bonus, stock split, reports CNBCTV18.
  • The Chennai-based Shriram Group is likely to take over the cash-strapped front-end retail company of Vishal Retail Ltd, after leading private equity investor Texas Pacific Group takes charge of its wholesale division. This will be subject to approval from all stakeholders and regulators.
  • Get in GMR Infrastructure with short term perspective, says Technical Analyst, Sudarshan Sukhani.
  • Bayer Cropscience board has approved selling 100 acres of land at Thane
  • Hindustan Media Ventures (HMV), a subsidiary of newspaper publisher HT Media has fixed July 21, 2010 (Wednesday) as a listing date for its equity shares, which recently issued via public issue.
  • Mahindra and Mahindra is likely to outperform Maruti Suzuki in the short term, says Technical Analyst, Sudarshan Sukhani
  • Government has approved disinvestment of 10% in Hindustan Copper
  • Bajaj Hindusthan and Shree Renuka Triveni Engineering may see lower levels: VK Sharma, says VK Sharma, HDFC Securities.
  • Steel pipemaker Jindal Saw Ltd will see increased competition and slower orderflow compressing its margin for the rest of this fiscal, a top official said on Monday
  • Business Line recommend a buy in the stock of ETC Networks from a short-term perspective.
  • Exports from special economic zones (SEZs) grew by 67 per cent year-on-year at Rs 58,756.68 crore in the first quarter of this financial year.
  • Chinese export growth will slow in the second half of this year, due in part to belt-tightening by heavily indebted euro zone countries, the Ministry of Commerce said on Tuesday.
  • Tata Steel has started talks with lenders including Citigroup to refinance as much as 3.5 billion pounds ($5.4 billion ) in loans for its British unit, Bloomberg reported, citing six sources with knowledge of the matter.
  • According to investment banking sources, the Gujarat-based Adani Group is close to acquiring IPL 2009 winner Deccan Chargers for $280-300 million, reported a television business news channel.
  • The rupee weakened to its lowest level in six weeks on Tuesday morning as dollar demand from some local corporates offset the positive sentiment due to firm domestic shares, dealers said.
  • SKIL Infrastructure will make an open offer for shares of Everonn Education after the latter’s board approved preferential allotment of 4 million optionally convertible debentures to SKIL Infrastructure, its Chairman said on Tuesday.
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