News Capsule (12 Aug 10)

Cigarette-to-hospitality major ITC may buy the de-merged cigarette division of Kolkata-based RDB Industries in a deal worth Rs 300-350 crore, according to sources close to the development.

June industrial output growth fell below expectations, Finance Minister Pranab Mukherjee said on Thursday.

‘India going to be 2-3 times its current size’ Manish Chokhani, Director, ENAM Securities says that India is going to be 2-3 times its current size over the next 5 to 10 years.

India’s factory output growth is expected to remain in high single digits in the current fiscal year, the deputy chairman of the Planning Commission Montek Singh Ahluwalia said on Thursday

Pharma major Dr Reddys Laboratories today said that Andhra Pradesh High Court has approved the scheme of arrangement for issue of bonus debetures.

Tata Motors is looking at setting up a new plant in India to manufacture small trucks, the company’s India head P M Telang said on Thursday.

Reliance Capital Asset Management has enhanced its exposure in the information technology, services and banking financial services sector. However, it slashed its exposure in the oil gas, pharmaceuticals and metals mining space.

Karvy Stock Broking is bullish on IVRCL Infrastructure and Projects and has recommended buy rating on the stock with a target of Rs 176, in its August 11, 2010 research report.

Tata Motors has strong potential for the truck business globally, Group Chief Executive and Managing Director Carl-Peter Forster said on Thursday.

Nagarjuna Construction Company Limited (NCCL), a Hyderabad-based infrastructure development company, has secured new orders aggregating Rs 673 crores.

India will impose a 10 per cent import tax on power equipment for big projects within weeks to help level the playing field between domestic and foreign firms jostling in what may soon be the world’s biggest market.

Hair oil maker Bajaj Corp Ltd has set an issue price of Rs 660 for its Rs 300 crore public share offering, it said in a an adevertisement in a newspaper on Thursday.

Sterlite Industries may correct to Rs 158159, says Hemant Thukral of Asian Markets Securities.

Buy Unitech at Rs 83-84, says Hemant Thukral of Asian Markets Securities.

Info Edge board has approved 1:1 bonus

The rupee depreciated by 32 paise to 47.02 a dollar in the early trade today, weighed down by dollar’s gain overseas.

Buy United Breweries on correction, says Technical Analyst, Sudarshan Sukhani.

Shares in Indian top utility vehicles maker Mahindra & Mahindra fell more than 1 per cent on Thursday after South Korea’s troubled Ssangyong Motor named it as the preferred bidder.

Buy United Breweries on correction, says Technical Analyst, Sudarshan Sukhani.

Buy HPCL and BPCL on dip, says Technical Analyst, Sudarshan Sukhani.

Refuting talks that Bharti Shipyard and Great Offshore will merge, PC Kapoor, ED, Great Offshore said there is no such plan at the moment.

Nikkei average slid more than 2 percent to a 13-month low on Thursday, battered as fears about a slowdown in the global economy pushed the dollar to its weakest in 15 years against the yen.

Reliance Power said on Thursday it will consider shareholder approval through postal ballot for raising funds via share sale to institutions or by issuing securities overseas.

India’s gems and jewellery exports are expected to rise by 15%-20% in 2010-11 on the back of increased market share in the US and also in other countries.

Punjab Energy Development Agency has allotted five solar power projects to construction major Punj Lloyd to be set up at locations, including the Golden Temple and the Punjab Assembly.

Reliance Infrastructure is planning to set up a joint venture with China’s road developer Jiangsu Provincial Transportation Engineering Group Company. JTEG will hold 26% stake in the JV company and the balance will be with Reliance Infrastructure.

The country’s largest private sector telecom operator Bharti Airtel added 6,489 employees during the April-June period, taking its total headcount to 24,843 at the end of the first quarter of current fiscal.

Steel-maker Uttam Galva today said it has exported a consignment of over 30,000 tonnes of galvanised steel coils to the US, the single biggest shipment of the commodity to America by any Indian entity.

Led by the FMCG sector, total advertisement volume on television grew 36 per cent in the first six months this year compared to the same period last year, according to data released by TAM Media Research today.

The country witnessed an almost 16 per cent jump in transactions carried out by means of credit cards during the first three months of the current fiscal at Rs 16,947.86 crore.

The Reserve Bank of India (RBI) today said credit offtake from banks grew by 19.73 per cent during the one-year period ended July 30, up from 15.14 per cent a year-ago.

Mahindra & Mahindra has emerged the most likely candidate to take over Korea’s SsangYong Motor after Renault-Samsung withdrew from the race.

Yes Bank is planing to buy one per cent in the United Stock Exchange (USE), which plans to go live with currency trading this month, reports Business Standard. After the deal, USE will have 27 banks as its shareholders. The bank is still awaiting a formal approval from the Reserve Bank of India.

Raj Oil Mills has target of Rs 53, says SP Tulsian

Essar Shipping Ports Logistics has target of Rs 134, says SP Tulsian

KSK Energy is looking cheap, says Satish Betadpur, MD of IIR Group.

Buy Orient Paper Industries, says Technical Analyst, Sudarshan Sukhani.

Sell IDBI Bank, says Technical Analyst, Sudarshan Sukhani.

Sell HDFC Bank, says Technical Analyst, Sudarshan Sukhani.

Prakash Industries is in talk to buy Nova Iron and Steel, reports DNA.

Hindustan Unilever (HUL) is going to buy back maximum of 545.4 million shares. The share buyback will start from August 23

Crude prices fell more than 3% to below USD 78, its biggest drop in six weeks after a rise in US gasoline stocks. Currently it is trading at USD 77.35 per barrel.

Four billion dollar of trade will be lost if the oil spill off the Mumbai coast is not dealt with by the weekend. The situation has already prompted exporters and importers to ask the government for financial relief.

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