News Capsule (21 Jul 10)

  • Private sector lender YES Bank plans to raise Rs 1,500 crore of debt in the current fiscal, which will help the lender fuel its business growth, a top bank official said here today.
  • Looking at the investor’s perspective and timeframe, one should be starting to book profits in Hindalco at Rs 162164 levels, says Technical Analyst, Vijay Bhambwani.
  • Shares of Hindustan Media Ventures (HMV), a subsidiary of newspaper publisher HT Media, have seen huge demand, which was inline with expectations on listing day.
  • Networth Stock Broking is bullish on Sun Pharmaceutical Industries and has recommended buy rating on the stock with a target of Rs 2070 in its July 21, 2010 research report.
  • Emkay Global Financial Services is bullish on Manappuram General Finance Leasing and has recommended buy rating on the stock with a target of Rs 90 in its July 21, 2010 research report.
  • The Handloom Export Promotion Council (HEPC) will participate in overseas textile festivals during this year for identification of new markets and better penetration in existing ones to achieve the export target of Rs 1,350 crore, a top official said.
  • SAR Group Company Wynn Telecom today said that it would set up a mobile phone making facility in SAR Groupwith an investment of Rs 270 crore and the plant will be commissioned by next year.
  • Foreign institutional investors (FIIs) were net buyers of Rs 362.44 crore (provisional) today, according to data released by BSE.
  • Finance Minister Pranab Mukherjee today proposed a three-rate structure for the Goods and Services Tax (GST) — which will simplify the indirect tax regime — under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent.
  • An Empowered Group of Ministers (EGoM) on Food is scheduled to meet on July 26 to consider imposing import duty on refined sugar and the sale of an additional 30 lakh tonnes of wheat and rice through ration shops.
  • Prime Minister Manmohan Singh will be briefed on the state of the economy and the growth outlook by his economic advisory council on Friday.
  • Aiming to diversify into steel making, the country’s largest iron ore exporter Sesa Goa targets to buy land for the proposed plant in Jharkhand this financial year.
  • The public offer of 3.36 crore equity shares of Rs 5 each will open on July 27 and closes on July 29 for qualified institutional buyers and on July 30 for the rest (retail and HNIs), the company said in a public statement.
  • Rural Electrification Corp plans to raise $1bn through overseas borrowing in the second week of August, with Bank of Tokyo and Mitsui along with SBI mandated to arrange the issue
  • The world’s largest independent telecom masts player GTL Infrastructure today said its expects to complete the merger of Reliance Infratel’s tower operations with itself by the middle of next month.
  • Oil rose towards $78 a barrel on Wednesday after strong US corporate earnings raised optimism over the strength of economic recovery in the world’s largest energy consumer.
  • Dubai-based alternative investment firm, Evolvence Capital, today announced the launch of Evolvence India Fund II–its third India focused fund.
  • India’s engineering exports jumped by about 90 per cent on year-on-year basis in June to $5.1 billion despite concerns of financial problems in some European economies.
  • India’s state-run lender Rural Electrification Corp (REC) aims to raise $1 billion through external commercial borrowings in the current financial year, the company’s director of finance H D Khunteta said on Wednesday.
  • Real estate firm SVP Group today said it would invest Rs 140 crore to develop a group housing project at Ghaziabad in Uttar Pradesh.
  • Buy Lanco Infratech above Rs 75, says Technical Analyst, Vijay Bhambwani.
  • Toyota’s India unit sees its sales close to trebling in 2011 from last year as sales of its compact Etios cars get under way, a senior executive said on Wednesday.
  • Ruia Group, which controls tyremakers Dunlop Ltd and Falcon Tyres, will make a bid for troubled South Korean carmaker Ssangyong Motor by August 10, a spokesman for the Ruia Group told Reuters.
  • Oil Minister Murli Deora flew into the Vietnamese Capital this morning with heads of bluechip Indian oil firms to lay a claim with Hanoi on BP’s stake in two offshore gas fields, a pipeline and power project — together referred as Nam Con Son, Vietnam’s largest gas project.
  • Bharat Heavy Electricals and a unit of GE have signed a 10year licensing pact to manufacture oil and gas compressors at the Indian firm’s facility in south India.
  • Radhika Gupta, Director of Forefront Capital Management is bullish on Hero Honda, Bajaj Auto.
  • Central Bank of India has board meeting on July 29 to consider rights issue
  • LT would be an outperformer, says Gaurav Kedia of Antique Stock Broking.
  • Hindalco Industries said on Tuesday its Hirakud aluminium smelter in eastern India was affected by bad weather and heavy rains, which is likely to reduce output by 20,000 tons this fiscal year.
  • Buy Hindustan Construction , says Technical Analyst, Ashwani Gujral.
  • The Indian rupee opened at Rs 47.25 per dollar versus Rs 47.35 yesterday.
  • Buy Dena Bank on dips, says Technical Analyst, Ashwani Gujral.
  • Hindustan Media Ventures Ltd (HMVL), a unit of HT Media Ltd, on Wednesday notched up more than 13 per cent on its market debut, in line with other positive listings this year.
  • The new management of budget airline SpiceJet Ltd is considering a rights issue after the open offer of media baron Kalanithi Maran closes on Aug 25, a newspaper said on Wednesday, citing two sources familiar with the development.
  • The foreign institutional investors (FIIs) were net buyers of Rs 75.88 crore in futures and options segments on Tuesday.
  • Buy Bajaj Hindusthan at lower levels, says Technical Analyst, Ashwani Gujral.
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