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Published on Friday, June 12th, 2009 at 11:44 AMAuthor: INSIGHT TECHNICAL (30 Articles)
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Corporate News – Industry trends
India adds 8.3 mn GSM mobile users in May, taking the total user base to 306.45mn (Mint)
Sesa Goa, a subsidiary of London listed Vedanta Resources, acquired Goa-based Dempo group’s mining and maritime businesses for Rs 17.5bn in an all-cash deal (BS)
Pantaloon Retail’s same-store sales in May grew the highest in the last seven months, as a revival in consumer demand propped up the company’s sales numbers. Same-store numbers in value retailing (led by Big Bazaar and Food Bazaar) grew 8.14%, the highest since November to Rs 3,395mn, while lifestyle retailing grew 8.35% to Rs 1231mn (BS)
SBI and LIC are discussing a proposal with the government to exit UTI Asset Management Company, the country’s fourth-largest mutual fund (BS)
Larsen and Toubro (L&T) has offloaded its entire 11.49% stake in UltraTech Cement for about Rs 10.3bn and the fund will be used for the capital expenditure and investment in new initiatives (BS)
Essar plans to raise US$900 mn; unlisted telecom arm of the group, ETHL, to pledge part of 33% in Vodafone Essar with banks, insurance firms (Mint)
A real estate private equity fund has bought up 18% in a unit of Parsvnath developers Ltd for Rs 900 mn (Mint)
HDFC Mutual Fund has hikes its stake from 5.12% in Oct’2008 to 7.12% in June 2009 in Nagarjuna Construction Company Ltd by acquiring shares from the market (BL)
ONGC will borrow Rs 270 bn in the next three to four years to fund its projects. It’s foreign arm ONGC Videsh will require Rs 50 bn by January 2010, to repay the bridge loan it had taken for the acquisition of Imperial Energy (ET)
Economic/Regulatory development
The inflation rate for the week ended May 30 came down to 0.13%, the lowest since the new series started in 1993-94, primarily due to the decrease in prices of manufactured products (BS)
Companies can be delisted only if the promoters hike their stake to 90%, or acquire at least 50% through a share purchase offer aimed at giving the shareholders an exit opportunity, SEBI said in a notification issued on delisting norms (BS)
DoT willing to hike 3G bid price, ready to increase reserve price to Rs 35.4 bn, auction eight slots of spectrum (ET)
International trends
China car sales zoom; Zhao Hang, who helped devise China’s autostimulus package, is facing demand from car buyers battling an unexpected consequence — two-month waiting lists (BS)
Fiat SpA bought a stake in most of Chrysler LLC’s assets, creating the world’s sixth-largest carmaker in Chief Executive Officer Sergio Marchionne’s plan to survive the recession by setting up a global alliance (BS)
WTO may further reduce its forecast for a 9% fall in global trade this year as the global economic crisis bites (Mint)
UK Industrial output data spurs recovery hopes; April production sees 0.3% rise over the previous month; first in 14 months (Mint)
Stock News
* ECONOMY : Index of Industrial Prodn (IIP) for Apr’09 to be released today ~ noon IST.. berg consensus est @ -0.1% v/s -2.3% in the previous mth
* TELECOM : Bharti adds 2.8mn subscribers in May’09 FLAT MoM while Idea Cellular adds 1.34mn subscribers +20% MoM
* STEEL : steel secretary expects domestic steel demand to grow 10% this fiscal
* SESA GOA : acquires Goa-based Dempo Group’s mining assets for Rs17.5bn in an all-cash deal
* SAIL : plans to cut its Rs780bn expansion plan by 13% to save Rs100bn
* TCS : is competing for 5-6 BPO deals worth up to $150-200mn.. deals are largely in verticals such as banking/financial service, retail & utilities
* INFOSYS : in talks with 5-6 clients in US & Europe to buy their tech units.. also bidding for $3bn worth of orders
* TECH MAHINDRA : to make a preferential issue to raise holding in Satyam to 42% if the open offer flounders
* CAIRN : pvt refiners like Essar & RIL in talks with Petro Min to lift portion of Mangala crude from Rajasthan
* DLF : plans to offload its stake in construction arm.. to recover ~Rs 2.5bn from stake sale
* ONGC : to raise Rs 270bn in next 3-4 rs to fund its projects
* REL POWER : to raise RS 120bn debt for its 4k MW UMPP in Andra Pradesh
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pls send me all update news