Indian Stock Market News & Trends
Market News & Trends
Market News & TrendsHOt Stock News
* BHUSHAN STEEL : rpts co looking to sell a 5% stake to strategic investors for
Rs4bn.. funds raised will be used to finance its capacity expansion
* NJCC : plans a JV with Indonesian coal mining co to aid supply of coal for its
Rs140bn thermal power plant in Andhra Pradesh
* HDFC : expects interest rates to go up by 25-50bps in 1Q next fiscal
* PANTALOON RETAIL : raising Rs 4-5bn thru share sale to institutional
investors @ Rs 316/share
* WELSPUN GUJARAT : launches a $50mn share sale to institutional investors with
a green shoe option for $50mn
* NDTV : finds strategic partner Scripps Network Interacitve of US for its
lifestyle channel.. also reduces debt burden by repurchasing $100mn bonds
* THERMAX : bags order worth Rs 4.77bn in Orissa to construct and commission a
turnkey captive power plant
* CANARA BANK : to look for acquisitions to strengthen presence in Gujarat,
Haryana and Maharashtra
* MUNDRA PORT & SEZ : receives LOI for development of non-LNG port facilities
at Hazira
* WIPRO : Sub Infocrossing enters into a multi-year agreement to provide
infrastructure services for Cliffs Natural Resources, Inc.
* THERMAX : wins order for Rs 4.77bn from a leading conglomerate in Orissa for
constructing and commissioning a turnkey captive power plant for its ferro
alloy unit in Orissa
Corporate News Industry trends
* SUZLON Energy sold a 35.22% stake in Belgium-based subsidiary
Hansen Transmission through a secondary placement of depository
interest for US$370 mn, as part of its efforts to retire mounting debt
(BS)
* Uncertainty over auctions of 3G telecom services ended today, with
the empowered group of ministers deciding to stick to the January 14
date with a slight modification (BS)
* The government said it was considering a 20% stake sale in steel
major SAIL, proceeds of which would partly fund the companys Rs
700bn expansion projects (BS)
* THE largest telecom operator in India Bharti Airtel has slipped to third
position in terms of monthly additions; Bharti Airtel in October added
about 2.7 mn new users, lower than 2.9 mn added by Vodafone Essar
and over 3.8 mn added by Tata Teleservices. All the mobile operators
in the country (GSM and CDMA) have added over 16 mn new
subscribers in the month of October. The total number of GSM users in
the country has now risen to 482 mn (ET)
* Indias leading drug maker Ranbaxy has initiated a voluntary recall of
4,348 cartons of its skin infection drug Sotret (isotretinoin) in the
United States. The entire lot pertains to a single batch of tablets which
were found to be out of specification (ET)
* THE Delhi-based Bhushan Steel is looking to sell a 5% stake to
strategic investors for close to Rs 4bn, a person familiar with the
development said (ET)
* INFRASTRUCTURE firm Nagarjuna Constructions Company (NCC)
is set to form a joint venture with an Indonesian coal mining company
to aid supply of coal for its Rs 140bn thermal power plant in Andhra
Pradesh (ET)
* THE Tatas have made a killing by selling a significant part of their
differential voting rights holdings in Tata Motors over the past few
months. Tata Sons, the Tata groups holding company, and Tata Steel
together have sold 21% DVR stake in the groups commercial vehicle
major to raise over Rs 6bn between September and November (ET)
* JSW Steel has entered into a technical pact with JFE Steel Corporation
of Japan to produce auto-grade steel at its Vijayanagar plant in
Karanataka (BL)
* The takeover battle for Great Offshore has taken a new turn with the
market regulator SEBI rejecting Bharati Shipyards request for taking
management control of the company (BL)
Economic/Regulatory development
* Fuelled by higher prices of staple items like potatoes, onions and
pulses, food inflation rose to 14.55% in the first week of
November. On a weekly basis, inflation rose 0.87% points from
13.68% (BS)
* To reduce the dependence on fossil fuels, the Cabinet approved the
Jawaharlal Nehru National Solar Mission. The mission aims to feed
20,000 MW to the national grid by 2022, with an initial investment of
Rs 43.3bn (BL)
Commodity/Money Market News
* The Manmohan Singh government is trying to find a middle path in the
impasse over the recent sugarcane pricing Ordinance that created
uproar inside and outside Parliament today. According to top sources in
the UPA, the government may rework the Sugarcane (Control) Order
to relieve the states burden and appease a united Opposition that
claims to have the power to defeat the Bill in the Upper House (BS)
* The cotton growers in Maharashtras Vidarbha, Marathwada
and Khandesh regions are facing a peculiar problem. Unlike the
sugarcane farmers of Western Maharashtra-Marathwada or the grape
farmers in Nashik, the cotton growers have no political leadership
which can represent their problems even at the state level, reports
Abhiram Ghadyalpatil in Mumbai (ET)
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