News Capsule (25 Aug 10)

State-owned power finance companies — Rural Electrification Corporation and Power Finance Corporation — are contemplating a foray into banking in order to get access to cheaper funds, a senior official said today.

“By 2020, the average load of steel plants, including the power requirement of mines, is likely to grow to about 4,600 Mw, which the company plans to meet through captive sources,” SAIL Chairman C S Verma said in a statement here.

Marico today said it is looking at increasing the prices of its flagship hair oil brand ‘Parachute’ and edible oil brand ‘Saffola’ to offset the rising input cost.

Realty group Omkar Realtors & Developers, which has just achieved financial closure worth Rs 550 crore for its two upcoming projects in Malad and Worli in the city, today said it will raise about Rs 200 crore through private equity in the next two-three months.

A shareholder of Sesa Goa today moved the Supreme Court seeking to restrain it from participating in Cairn India’s takeover by parent Vedanta group, saying the company was under probe for alleged serious frauds.

Oil prices continued to slip below $72 a barrel Wednesday, extending a 13% fall over 3 weeks, as poor economic indicators fueled worries.

Technical Analyst, Vijay Bhambwani feels that below Rs 94, India Infoline may slip another 810%.

Asit C Mehta is bullish on Nava Bharat Ventures and has recommended buy rating on the stock with a target of Rs 433, in its August 25, 2010 research report.

Government today said that four nuclear plants proposed to be set up in different states by Nuclear Power Corporation of India Limited (NPCIL) are awaiting environmental clearance from the Ministry of Environment and Forests.

Gold loan company, Manappuram General Finance, is looking at raising funds via a qualified institutional placement (QIP). To add to next year’s growth plan, the NBFC is looking at raising Rs 1,000 crore in the third quarter of FY11.

Mahindra & Mahindra to complete Ssangyong buy in 4 months.  M&M said that Ssangyong will be retained as a separate unit and will have a South Korean chief executive.

One should ideally exit out from Rel Comm because longer term monthly charts are not too good, whereas they are quite good for Bharti Airtel. So one can switch from Rel Comm to Bharti Airtel, says Shardul Kulkarni of Angel Broking.

Dubai World plans to sell its prized assets over a period of eight years to generate as much as $19.4 billion to pay off creditors burned by its overambitious expansion, according to a restructuring document obtained by Reuters on Wednesday.

Expect Reliance to move upwards in a significant manner, probably up to Rs 1040Rs 1050 levels which will intentionally propel Nifty on the upside, says Shardul Kulkarni of Angel Broking.

Engine maker Cummins India Ltd plans to invest up to Rs 750 crore over the next two years to expand capacity at their site in Maharashtra, a company official told Reuters late on Tuesday.

The Nikkei average hit a 16-month closing low on Wednesday, at one point falling over 2 per cent, as disappointment spread over the lack of policy action by Japan to rein in the strong yen, which threatens a fragile economic recovery.

The Planning Commission today said that Rs 50,000-crore Infra Debt Fund for financing infrastructure projects will become operational by beginning of next fiscal.

TCS is a good bet for long term, says Radhika Gupta, Director, Forefront Capital Management.

Clariant Chemicals India board has approved selling Thane property for Rs 240 crore

Info Edge, owner of leading job portal, today said it plans to invest Rs 4.7 crore in an online food guide and directory, Foodiebay.

Radhika Gupta, Director, Forefront Capital Management is negative on Ranbaxy Laboratories.

Atlanta has bagged order worth Rs 54.72 crore from the Chief Engineer, National Highways, Orissa for the Execution of the Widening and Strengthening.

Prakash Steelage today made a stellar debut and zoomed over 23 per cent in early trade on the BSE, as against the IPO issue price of Rs 110 per share.

UK lender HSBC Holdings plans to beef up its investment banking operations in India, leveraging its balance sheet to help it grow in a deal-making market that is both fast-growing and fiercely competitive.

Asian stocks fell on Wednesday, as investors moved out of risky sectors after a spate of worrying US economic data, while the yen retreated from 15-year highs on views Tokyo may take steps to cap the currency’s strength.

Rural Electrification Corp expects loan disbursement of about Rs 28,000 in FY11, Chairman and Managing Director J.M. Phatak told a Confederation of Indian Industry conference on Wednesday.

State-run BHEL on Wednesday said it has commissioned a captive gas-based power station at a refinery in Oman.

Motilal Oswal is bullish on Divis Laboratories and has recommended buy rating on the stock with a target of Rs 838, in its research report.

State Bank of India, the country’s top lender, has no plans to raise lending rates further in the short term, Chairman O P Bhatt told reporters on the sidelines of a conference.

Malvinder Mohan Singh and Shivinder Mohan Singh, promoters of Religare Enterprises, on Wednesday proposed to make an open offer representing 20 per cent of the diluted capital of the company to other shareholders.

Patni Computer Services on Wednesday said it has secured a seven-figure contract over three years from Codan Group to provide application management services in Scandinavia.

Nitin Fire Protection Industries board has approved fund raising up to USD 50 million via GDR/FCCB/QIP

On August 24, 2010 Reliance Capital Ltd sold 100,000 shares of Prime Focus at Rs 575 on the NSE and 100,000 shares of Prime Focus at Rs 575 on the BSE. Yesterday the share closed at Rs 578.

On August 24, 2010 Sushil Kumar Agarwal bought 255,553 shares of Jagson Airlines at Rs 14.88 on the BSE. Yesterday the stock closed at Rs 14.59.

The Maharashtra State Road Development Corporation has invited proposals for leasing out six land-parcels along the Mumbai-Pune Expressway aggregating to 26.43-acres at Sanjgaon in Raigad district for 80-years, a senior government official said.

India’s gold demand in the quarter to end June inched up to 164.5 tonnes from 164.2 tonnes a year ago, data from the World Gold Council showed on Wednesday.

Natco Pharma can head upto Rs 280, says Technical Analyst, Ashwani Gujral.

Buy Cairn India 350 September Call Option, says VK Sharma, HDFC Securities.

Short Bombay Dyeing, says Technical Analyst, Ashwani Gujral.

Tata Consultancy Services (TCS) has bagged Rs 150 crore orders from MP government

Sell Tata Steel, says Technical Analyst, Ashwani Gujral.

Keep Rs 280 stoploss in Glenmark Pharma, says Technical Analyst, Ashwani Gujral.

Buy Amar Remedies, says Technical Analyst, Ashwani Gujral.

Jet Airways can test Rs 1050, says Technical Analyst, Ashwani Gujral.

HDIL has support at Rs 260, says Technical Analyst, Ashwani Gujral.

Temptation Food has allotted 1.53 crore shares at Rs 36 per share to nonpromoters on preferential basis

Mahamaya Steel Industries Ltd informed the Board of Directors of the Company at its meeting held on August 10, 2010, recommended dividend @ 5 % .

The market is likely to open weak but we will see a bounce-back after that, says Anil Singhvi, market analyst, on CNBC Awaaz.

The Nifty level of 5470 should be a trigger for going short in the market, says Ashwani Gujral, technical analyst

Lalit Suri Hospitality Group, which runs the Lalit chain of hotels, today said it will invest Rs 2500 crore by 2014 for expansion across luxury and mid-segment properties.

B K Birla Group company Mangalam Cement today said its board has given in-principle nod for the merger of sister firm Mangalam Timber Products with itself.

The Central Electricity Authority (CEA), responsible for monitoring power projects, today said the power deficit during peak hours would substantially come down from the present level of 12 per cent by fiscal-end.

Realty major Ansal Properties & Infrastructure is understood to be planning to raise up to Rs 400 crore through institutional placement of shares within the next 15-20 days, mainly to reduce its debt.

Sales of previously owned US homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said on Tuesday, implying further loss of momentum in the economic recovery.

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