HOT Stock Market News
Published on Friday, November 6th, 2009 at 12:18 PMAuthor: insightt95in (167 Articles)
* DISINVESTMENTS : PM yday annd a bold disinvt policy that cud see unlisted cos with a positive networth divest part of govt holdings to raise cash that will be used for social spending.. target to raise Rs600bn via disinvts
* BANKS : RBI not to allow banks to include loan write-offs while calculating the loan-loss coverage ratio
* PNB : cuts rates on auto loans by 50bps and waives off processing fees
* AXIS BANK : launches home loan scheme under which int rates for 1st year @ 8%
* CORPORATION BANK : mgt says sees loan growth @ 22% for FY10.. growth seen in infra, sugar, steel adn cement sectors
* M&M : plans to launch a motorcycle next year & scouting for an acquisition in the electronics scooter space
* L&T : in preliminary talks with China’s Dongfang for joint participation in
hydro electric power project
* JAI CORP : Govt considering relaxation in some key rules relating to
construction of bridges & underpasses in SEZs
Corporate News – Industry trends
* To boost its consumer care and lighting business, which contributes
close to 9% to its top line, Wipro has acquired the business of Yardley
in Asia, West Asia, Australasia and certain African markets from UK
based Lornamead Group for US$45.5 mn. The transaction is expected
to be completed by mid-December and revenue would start flowing
from the March quarter (BS)
* Tata Teleservices (Maharashtra) Ltd plans to raise US$250 mn to
fund its expansion plans, a top company official said. “We have
received approvals to raise US$250 mn at any time (BS)
* GVK Power & Infrastructure Ltd, the Rs 20bn Hyderabad-based
company, has acquired 12% in Bangalore International Airport Ltd for
Rs 4.8bn from Flughafen Zurich AG through GVK Airport Developers
Pvt Ltd, a wholly owned subsidiary of GVKPIL (ET)
* Maytas Infra Ltd has announced that it has bagged the Rs 7900 mn
Pune Solapur road contract from IL&FS Transportation Networks Ltd.
The project is to be completed in 20 months (BS)
* Vedanta Resources will invest other Rs 401bn towards building its
capacity in aluminium, zinc, copper, iron ore and power in India. With
the revival in market conditions, the company has also decided to
begin construction of its power project in Punjab, which was on hold
after the financial downturn (BS)
* Catamaran Investment Pvt Ltd, the venture capital fund floated by
the Infosys Chairman and Chief Mentor, Mr N. R. Narayana Murthy, got
a shot in the arm on Thursday after his wife Ms Sudha Murty pitched in
with approximately Rs 4300 mn (BL)
* Suzlon Energy pledged on additional 1.79% stake to Indiabulls
Financial Services (Mint)
* Bank of Rajasthan said it has reduced rates on home loans to 7.5%
under its “Apna Ghar Scheme” effective November 9 (Mint)
Economic/Regulatory development
* Food inflation inched up to 13.3% for the week ended October 24
primarily due to the rise in prices of potatoes and onions, compared
with 12.85% in the week ended October 17. With this, the government
introduced a new system for presenting inflation data of only primary
and fuel products on a weekly basis (BS)
* Direct tax collections grew 3.92% to Rs 1,73,447 crore for the first
seven months of the current fiscal, around Rs 2 lakh crore short of the
target for the mop-up (BS)
* The United Progressive Alliance government announced a bold
disinvestment policy that could see unlisted companies with a positive
net worth going to the stock market and the proceeds from sale of
government equity being used entirely for social sector programmes
for a three-year period (BS)
* In the next few months new operators offering a large number of free
SMS deals to attract mobile subscribers might soon find it difficult to
do so. Telecom operators that have contracted bulk deals with
companies to send unsolicited messages to operators in other networks
might also find it more expensive (BS)
Commodity/Money Market News
* The government fixed the minimum support price of wheat at Rs
1,100 per quintal, an increase of a meagre Rs 20, or 1.86%, over last
year’s figure. This was informed after a meeting of the Cabinet
Committee on Economic Affairs (BS)
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