News Capsule (26 Jul 10)

  • After selling its entire stake in hospital chain Parkway Holdings for about Rs 3,800 crore, domestic healthcare major Fortis today said it plans to list the firm on the Singapore Stock Exchange.
  • Making its first ever overseas acquisition, FMCG player Dabur today said it has acquired Turkish personal care firm Hobi Kozmetik Group for $69 million (about Rs 324 crore) as part of its strategy to strengthen its presence in the Middle East and North Africa.
  • SAIL on Monday said it will invest Rs 100 crore (Rs 1 billion) to revive its Uttar Pradesh unit, formerly known as Malvika Steel, which the steelmaker acquired last year.
  • The special court dealing with the multi-crore Satyam scam case today adjourned examination and hearing of charges against the accused to July 29.
  • Fortis Healthcare will be debtfree following the sale of its stake in Singapore healthcare firm Parkaway Holdings, Yogesh Sareen, chief financial officer of Fortis said on Monday.
  • Get in Maruti Suzuki, says Prakash Diwan, HeadInstitutional Business, Networth Stock Broking.
  • Book profits in KPIT Cummins Infosystems, says Jigar Shah, Sr VP, HOR at KIM ENG Securities.
  • Jet Airways (India) Ltd expects seat factors on international routes to improve in the second quarter ending Sept 30, Saroj Datta, executive director said in a conference call with analysts.
  • Non-banking finance company Religare Finvest today said that it plans to triple business volume to Rs 10,000 crore by the end of the next fiscal and increase its focus on consumer finance business.
  • State-run Dena Bank expects an infusion of Rs 600 crore from the government in FY11, D L Rawal, chairman and managing director, told reporters on the sidelines of an earnings press conference on Monday.
  • Buy Jaiprakash Associates at around Rs 120, says Investment Advisor, SP Tulsian.
  • Dabur India board has approved 1:1 bonus issue
  • Fortis Healthcare made a profit of S$116.7 million on its deal to accept an offer from Malaysian state investor Khazanah for Singapore’s Parkaway Holdings, a Fortis spokesman said.
  • Water scarcity in Madhya Pradesh due to scanty rain has hit production at Grasim Industries’ Nagda plant. This has forced the company to temporarily suspend operations at the plant.
  • Shares in Maruti Suzuki plunged more than 12% in heavy volume on Monday after the leading Indian car maker announced an unexpected 20% drop in quarterly profit.
  • Heavy showers, particularly in soybean regions, have narrowed the shortfall in India’s monsoon rains to 9 per cent, raising hopes of strong harvests in the world’s leading consumer of rice, vegetable oils and sugar.
  • Moody’s Investors Service has upgraded India’s local currency government bond rating to Ba1 from Ba2.
  • The Indian rupee gained 3 paise to 46.90 against the US dollar in early trade today on the Interbank Foreign Exchange, largely on the back of fresh foreign capital inflows into equities.
  • Shares of state-run Engineers India Ltd on Monday plummeted by nearly 13 per cent on the BSE, a day after the government set the price band of the company’s follow-on public offer at Rs 270-290, which is at a discount from the current market price.
  • Fortis Healthcare likely to tender entire shareholding in Khazanah offer, quoting Sources, reports CNBCTV18.
  • SKS Microfinance has fixed Rs 850-995 as a price band for its public issue of 16,791,579 equity shares, which will open on July 28, 2010.
  • Exit Bharti Airtel on upside, says Shailesh Kadam, PINC.
  • The markets are anxiously awaiting RBI’s response tomorrow, says Nandan Chakraborty of Enam.
  • Buy UCO Bank on dips, says Technical Analyst, Ashwani Gujral.
  • Buy Jindal Steel Power, says Technical Analyst, Ashwani Gujral.
  • Vodafone Group Plc may sell its minority stake of 4.39% in Bharti Airtel that is valued at Rs 5200 (USD 1.1 billion) at current market price, the Business Standard reported on Monday.
  • The euro hit a seven-week high against the yen on Monday as a rise in shares prompted dealers to unwind long yen positions.
  • Shares in Fortis Healthcare rose as much as 4.6 per cent on Monday, after sources told Reuters Malaysian state investor Khazanah was poised to offer to buy all outstanding shares of Singapore’s Parkway Holdings, bettering Fortis’ offer.  Khazanah’s latest offer will be around S$3.95 ($2.88) per share of the Singapore healthcare firm in response to the S$3.80 offered by Fortis, the sources said.
  • Gail can touch Rs 515520, says Technical Analyst, Ashwani Gujral.
  • The Empowered Group of Ministers has fixed the price band of Rs 270-290 for the followon public offer of Staterun Engineers India.
  • United Breweries can head upto Rs 425, says Technical Analyst, Ashwani Gujral.
  • United Bank of India has declared its results for the quarter ended June 2010.
  • Bajaj Hindusthan can test Rs 130135, says Technical Analyst, Ashwani Gujral.
  • Buy Tata Steel on declines, says Technical Analyst, Ashwani Gujral.
  • Honda is likely to divest about 6% stake in Hero Honda Motors, quoting Sources, reports CNBCTV18.
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