News Capsule (09 Aug 10)

Vascon Engineers said on Monday its board approved acquisition of 90% shares in manufacturing firm GMP Technical Solutions for Rs 626.3 million rupees.

With major cellular operators Bharti Airtel and Reliance Communication expecting to roll out third generation (3G) services by year end, Telecom Minister A Raja too has announced that the bandwidth for the same will be allotted after September 1.

Britannia Industries Ltd expects a 20% growth in its FY11 turnover, Chairman Nusli Wadia told shareholders at the company’s annual general meeting on Monday.

Orchid Chemicals & Pharmaceuticals today said it has received US health regulator’s approval to sell anti-epileptic levetiracetam tablets in the American market.

BHEL today said it has bagged a contract worth Rs 2,525 crore from Abhijeet Infra for setting up a 1,080 MW thermal power plant (4×270 MW) in Jharkhand.

Oil prices rose to above $81 a barrel on Monday, as a weaker dollar supported prices that had fallen for three straight days last week, in part on poor US economic data.

South Korean POSCO’s $12 billion steel mill project in India could be cleared soon after a panel investigating a breach of law in acquiring land for the plant submits its report on August 16, a top official said on Monday.

As part of its Rs 70,000 crore expansion programme, SAIL today commissioned a Rs 39.4 crore unit at its Salem steel plant.

Switch the cement part of the business to Ambuja Cements or a Shree Cement which will give one faster returns, and part of the JP Associates’ portfolio in construction and infrastructure should be put into HCC, says Rajesh Jain, Independent Market Strategist.

JP Associates could give a big boost of momentum and then probably take it as high as Rs 160 also. So one can add more at those levels and then make a good profit out of the next movement, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

If close back, once Bharti Airtel manages to get pass levels of around Rs 338-340. I think Rs 380 would be a good target for kind of horizon of beyond 3-4 months, Mitesh Thacker, Technical Analyst, miteshthacker.com.

Construction firm BL Kashyap and Sons today said it has approved the issue of one new share for every one equity held by existing shareholders in the company.

Orchid Chemicals & Pharmaceuticals on Monday said it has received US health regulator’s approval to sell anti-epileptic levetiracetam tablets in the American market.

State Bank of India may launch a Rs 20000 crore rights issue by March 2011, reports CNBCTV18 quoting agencies.

NTPC may appoint global consultants Macquaire and KPMG for carrying out due diligence to acquire coal mines in Australia, a senior company official said today.

Jaihind Projects received a contract from the Rajkot Municipal Corporation today for Rs 43.09 crore. The contract is for providing lowering, laying, jointing and testing work for sewage collective system under the Rajkot Underground Sewage Project.

Tide Water Oil has touched a 52 week high of Rs 10,399.00. Tide Water Oil has touched an intraday high of Rs 10,399.00 and an intraday low of Rs 8,593.10.

Angel Broking is bullish on Prakash Industries and has recommended buy rating on the stock with a target of Rs 232, in its August 06,2010 research report.

China’s economy will enjoy a strong, stable second half, putting it on course for full-year growth of about 10-11 per cent, a leading government economist said in comments published on Monday.

BP said the cost of dealing with its ruptured oil well in the Gulf of Mexico has risen to $6.1 billion, including $319 million in compensation payments to businesses and individuals affected by the spill.

According to the figures released by the Society of Indian Automobile Manufacturers (SIAM) today, automobile sales grew by 31.50 per cent to 12,37,461 units in July compared to 9,41,070 units in the same month last year.

KSK Energy Ventures Limited, a Hyderabad-based power project development company, has commenced steam blowing with respect to the Unit-II (135Mw) of the 540-Mw Wardha Warora Project in Maharasthra.

Allahabad Bank today informed the Bombay Stock Exchange that the Board of Directors of the Bank has given their approval to raise Rs 1,400 crore via debt instruments. The funds will be raised in the form of innovative perpetual debt Instrument (Tier One Capital), debt capital instrument (Upper Tier Two Bonds) and subordinated debts (Tier Two Capital) in the current financial year to support the Bank’s business plans.

Sudarshan Sukhani of Technical Trends feels that Chambal Fertilisers is the likely outperformer in fertiliser sector.

Sudarshan Sukhani of Technical Trends has advised buying in Zee Entertainment on dips.

Ford Motor is planning to win back its investment grade credit rating that it lost in 2005, the Wall Street Journal said, citing people familiar with the situation.

Sudarshan Sukhani of Technical Trends is of the view that IDFC is an attempt to buy on sharp correction and it is good for long term.

Sudarshan Sukhani of Technical Trends advised selling HDFC at current levels.

Unitech shareholders have passed the resolutions with requisite majority approving the scheme of arrangement among Aditya Properties Pvt. Ltd, Unitech Holdings Ltd, Unitech Ltd and Unitech Infra Ltd.

Engineering procurement and construction (EPC) and real estate company Vascon Engineers said it has acquired 90 per cent of equity shares of GMP Technical Solutions Pvt Ltd a Company with a turnover of over Rs 120 crore for Rs 62.63 crore a sum that was raised internally.

Bonanza Research has come out with a research report on commodities. The broking firm advised buying gold October contract at around Rs 18100/10 grams.

DCM has won 250 acre litigation case.The litigation case was going on since 19891990. DCM has 3 divisions, namely Textiles, Information Technology and Real Estate

India has inflation and it reflects the fundamental growth, Christopher Wood, equity strategist, CLSA, said at ET Now Mkt Summit-2010.

Infosys Technologies, India’s No. 2 software exporter, will commence the task of finding a replacement for its chairman and chief mentor N R Narayana Murthy from January next year, The Economic Times reported on Monday citing three sources.

BL Kashyap and Sons has approved split of each equity share of face value of Rs. 5/ each into 5 equity shares of face value of Re. 1/ each. The board also approved issue of bonus shares in the ratio of 1:1

The Indian rupee has opened at Rs 46.04/46.05 per dollar as against Rs 46.15 per dollar on Friday.

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