News Capsule (14 Aug 10)

Angel Broking has recommended accumulate rating on State Bank of India, SBI with a target of Rs 3185, in its August 12, 2010 research report.

The State Bank of India (Canada) has decided to introduce new products and services to expand its reach among one million Indo-Canadians, the bank’s president and chief executive officer Sunil K Tandon said on Friday.

Multiplex chain operator Fame India today said Vishal Nevatia has resigned from the directorship of the company with immediate effect.

Dhanalakshmi Bank today said it has received an approval for name change of the company from ‘The Dhanalakshmi Bank Ltd’ to ‘Dhanlaxmi Bank Ltd’.

The Indian Railways has invited bids from private developers for creating multi-functional complexes (MFCs) in 93 railway stations across its entire network.

‘India has entered the golden age of growth’ India’s stock valuations are high now, but there’s still money to be made, says Michael Dommermuth, MD- Asia, MFC Global.

The Organization of Oil Exporting Countries (OPEC) today revised upwards its world oil demand growth estimate for 2010 to 1.2 per cent but urged caution in predicting future trends.

The foreign institutional investors (FIIs) were net buyers of Rs 1215.23 crore in futures and options segments on Friday.

Lossmaking Wockhardt Ltd said on Friday its board has approved a preferential issue of up to 400 million convertible or nonconvertible redeemable preference shares.

Marico Ltd said on Friday its South African unit has acquired overthecounter health care brand ‘Ingwe’ from Guideline Trading CC, South Africa, for an undisclosed sum.

Tata Steel held its 103rd annual general body meeting today in Mumbai. Speaking at the event, Ratan Tata said steel production would reach 100 million tonnes by 2014 from the current 57 million tones.

HDFC Chairman Deepak Parekh has welcomed Reserve Bank of India’s (RBI) much awaited discussion paper on new bank license. He says that that RBI’s move will open up banking sector to rural areas and fetch in whiff of fresh air in the sector. He adds that the discussion paper is very comprehensive.

India Gelatine Chemicals at its meeting held on August 11, 2010 has declared dividend of Rs 2.00/share of Rs 10 each for the year March 31, 2010.

Monnet Ispat Energy is in advanced talks to acquire coal mines in Mozambique or South Africa as it looks to secure raw material supplies for its steel and power businesses, a top official said on Friday.

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