News Capsule (15 Sep 10)

Engineering and construction major Punj Lloyd today said its Saudi Arabia-based group firm Dayim Punj Lloyd has secured a contract from state oil company — Saudi Aramco for construction of a pipeline.

The government increased the interest rate offered in the employees’ provident fund by 1 percentage point to 9.5 per cent for the fiscal year that ends in March 2011, Harish Rawat, Minister of State for Labour, told reporters on Wednesday.

Assam Company Limited (Assamco) today received the go ahead from the energy and petrochemicals department of Gujarat government to set up 1050 MW gas-based combined cycle power plant at Bharuch.

PINC Research is bullish on Glenmark Pharma and has recommended buy rating on the stock with a target of Rs 353 in its research report.

PINC Research is bullish on Usha Martin and has recommended buy rating on the stock with a target of Rs 120 in its research report.

PINC Research is bullish on Patel Engineering Company and has recommended buy rating on the stock with a target of Rs 567 in its research report.

PINC Research is bullish on Mahindra and Mahindra and has recommended buy rating on the stock with a target of Rs 824 in its research report.

Reliance Industries (RIL) is looking good for investment, says Deven Choksey, MD, KR Choksey Securities.

PINC Research is bullish on Tata Steel and has recommended buy rating on the stock with a target of Rs 690 in its research report.

Buy Reliance Infrastructure on dips, says Phani Sekhar Of Angel Broking.

PINC Research is bullish on Shree Cements and has recommended buy rating on the stock with a target of Rs 2697 in its research report.

Bharti Airtel, India’s top mobile operator, signed up 2.03 million mobile subscribers in August, taking its total in the country to 141.3 million, data from an industry body showed on Wednesday.

Power Grid Corp said on Wednesday its board has approved investing Rs 2,075 crore to set up a transmission grid in Orissa.

Servalakshmi Paper, engaged in the business of manufacturing printing and writing paper and newsprint, has filed draft red herring prospectus (DRHP) with market regulator SEBI for an IPO.

PINC Research is bullish on Ranbaxy Laboratories and has recommended buy rating on the stock with a target of Rs 792 in its research report.

Naval Technoplast Industries at its meeting held on August 31, 2010 has declared dividend at Re 0.10 per share for the financial year March 31, 2010.

SBI pays 19.24 bn rupees advance tax in July-SeptSBI pays 19.24 bn rupees advance tax in July-Sept

Infrastructure firm C&C Construction today said it has tied up with Spanish firm Isolux Corsan to enhance their combined footprint in Asia, with plans to jointly bid for projects worth about Rs 8,000 crore this fiscal.

Solar power equipment manufacturer Indosolar Ltd’s Rs 357 crore initial public offer has been almost fully subscribed, hours before it closes today.

Micro finance sector lender S E Investments today said it will be venturing into Uttarakhand and Rajasthan this fiscal and plans to add one lakh new customers.

GMR Infra has achieved financial closure for their 99 km HungundHospet Highway.

Stay with RIL, says Vivek Mavani, Vice President Senior Portfolio Manager, Brics Securities.

Hold Tata Motors, says Vivek Mavani, Vice President Senior Portfolio Manager, Brics Securities.

Karuturi Global has touched a 52week high of Rs 27. It has touched an intraday high of Rs 27 and an intraday low of Rs 24.90.

Hold Wipro, says Vivek Mavani, Vice President Senior Portfolio Manager, Brics Securities.

Tata Motors Ltd said on Wednesday its global vehicle sales in August rose 29 percent from a year earlier to 85,114 units.

The world economic recovery is slowing down but there is no prospect of a double-dip recession in the rich world excluding Japan, the OECD Secretary-General Angel Gurria said.

Angel Broking has maintained neutral rating on ABB India in its September 15, 2010 research report.

Aditya Birla Money is bullish on Triveni Engineering and Industries and has recommended buy rating on the stock with a target of Rs 116/130 in its September 15, 2010 research report.

Aditya Birla Money is bearish on Century Textiles and Industries and has recommended sell rating on the stock with a target of Rs 492 in its September 15, 2010 research report.

Karvy Stock Broking has maintained an outperformer rating on Kalpataru Power Transmission with a target of Rs 240, in its September 14, 2010 research report.

Tata Motors can touch Rs 1100-1120, says Ambareesh Baliga, Karvy Stock Broking.

Book some profits in IT stocks, says Ambareesh Baliga, Karvy Stock Broking.

Cairn India Ltd, the energy firm that London-listed Vedanta Resources is seeking to buy, today said the giant Mangala oilfield in Rajasthan can produce 150,000 barrels per day, 20 per cent more than the previously approved peak production.

SVC Resources has touched an intraday high of Rs 268.90 and an intraday low of Rs 265.60. At 10:45 hours the share was trading at Rs 266.65, up Rs 0.45, or 0.17%, with volumes of 93,505 shares.

Kamanwala Housing Construction has touched an intraday high of Rs 40.25 and an intraday low of Rs 39.45. At 10:44 hours the share was trading at Rs 39.95, up Rs 1.50, or 3.90%, with volumes of 13,491 shares.

Compucom Soft has touched an intraday high of Rs 37.45 and an intraday low of Rs 36.75. At 10:40 hours IST the share was trading at Rs 37, up Rs 0.20, or 0.54%, with volumes of 181,587 shares.

On September 14, 2010 Merrill Lynch Capital Markets Espana S.a. Svb sold 502,768 shares of Vakrangee Software at Rs 225.02 on the NSE and sold 501,232 shares at Rs 225.01 on the BSE.

Power utility CESC Ltd said on Wednesday it has signed an agreement with Australia-based Resource Generation to purchase 37 million tonne of coal over 20 years.

Eros International Media Ltd, a unit of Eros International Plc , has set a price band of Rs 158-175 a share for its intial public offer (IPO), it said in a newspaper advertisement on Wednesday.

Suzlon Energy arm REpower has got 3 wind turbines order from Sweden Company

On September 14, 2010 Birla Mutual Fund bought 1,140,000 shares of Torrent Pharmaceuticals at Rs 550 on the NSE. Yesterday it closed at 561.55.

On September 14, 2010 Prusik Asia Fund Public Limited Company bought 253,760 shares of Talwalkars Better value Fitness at Rs 250.44. Yesterday it closed at Rs 248.55.

On September 14, 2010 Deutsche Securities Mauritius Limited bought 3,039,642 shares of Shriram Transport Finance Corporation at Rs 790.33 on the NSE.

IFGL Refractories has allotted 14.5 lakh preference shares of Rs 100 per share

Wockhardt shareholders has approved preferential issue of Rs 40 crore via preference shares and issue of FCCB’s in exchange of existing FCCB’s

Indian software firm Tata Consultancy Services (TCS) today said it has entered into a multi-year deal with North American grocery retailer SUPERVALU for a full services engagement.

Business sentiment at Asia’s top companies fell in the third quarter, marking the first decline in six quarters, as growing concerns about the global economic outlook dented optimism.

The crucial support on the downside for the Nifty is 5700 and resistance at 5879.

Spanish firm Accelya Holding World S.L. will make an open offer to shareholders of Kale Consultants at Rs 172 per share to acquire 20%, the manager to the offering said on Tuesday.

Sanwaria Agro Oils said on Tuesday it has received board approval to enter into basmati processing and export business.

GMR Energy has just finished the financial closure for its gasbased plant in Rajahmundry, and is looking to expand its capacity by nearly four times the current size by 2012.

BPL is likely to emerge out of corporate debt restructuring soon. Sources indicate that the company is looking to monetise part of its 500 acre land bank to retire outstanding debt.

Tata Steel is set to acquire 80% interest in the Direct Shipping Ore (DSO) project of New Millennium Capital Corp (NML), Canada

Noida Toll Bridge Co Ltd said on Tuesday Harish Mathur will take over as the new chief executive, replacing Pradeep Puri effective Sept. 30.

Motilal Oswal is bullish on Jaiprakash Associates and has recommended buy rating on the stock with a target of Rs 136 in its September 13, 2010 research report.

JP Associates can test Rs 140, says Technical Analyst, Ashwani Gujral.

Wipro has target of Rs 445, says Technical Analyst, Ashwani Gujral.

Buy Kotak Mahindra Bank, says Technical Analyst, Ashwani Gujral.

Tata Motors has target of Rs 1080, says Technical Analyst, Ashwani Gujral.

The yen hit a 15year high versus the US dollar on Tuesday after Japan’s ruling party survived a leadership vote, while global share prices traded flat as investors survey the landscape from multiweek peaks.  Japan has intervened in the currency market on Wednesday for the first time in six years, buying the dollar to stem a rise in the yen that is threatening a fragile economic recovery.

Gold closed at USD 1271.7/ounce. Its previous alltime intraday high was USD 1,266.50 on June 21. Deutsche Bank expects gold to average USD 1400/oz in Q4.

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