Stock in News

Moody's downgrades outlook on Tata Steel from stable to negative.

Anant Raj Industries plans to set-up 16 hotels in four and five-star category in NCR by 2010.

Educomp acquires 70.5% stake in a Canada-based e-learning company Savvica.

Pantaloon Retail receives shareholders approval to raise Rs12.6bn.

Hotel Leelaventure has earmarked Rs22bn in next three years for developing hotels.

DLF Assets, a privately held company promoted by DLF promoters, plans to raise US$2bn in Singapore through listing as a Real Estate Investment Trust.

Maruti Suzuki India is planning to set up JV with Japanese component Futaba Industrial Company for making exhaust system components for its cars.

GAIL plans to borrow Rs70bn in the next four years to partially fund its capex.

BPCL plans to submit a US$350mn non-binding bid to acquire 10% in a Congo oil field.

Gati has postponed the launch of its dedicated freighter service from its original plan of Sept 15 to mid October.

Crompton Greaves has won bid to distribute and bill power in three major divisions in Nagpur.

Aditya Birla Nuvo expects revenues of Rs17bn from its textiles and garments businesses in the current fiscal.

PSL has bagged $17mn contract from UK based Fusion Provida.

SBI is likely to merge its seven associate banks with itself by March 2009.

Orient Express Hotels has rejected Tata Group's offer to forge a strategic alliance.

IOC is eyeing an annual turnover of Rs20bn from non-fuel retail in next five years.

Kirloskar Brothers is planning to buy a steel casting company to strengthen core operations.

ITC is planning to set up a third food factory in Bangalore.

Trent is scouting for partnerships with premium apparel brands.

Hikal Technologies, a 100% subsidiary of Hikal, is setting up a contract research and development facility at the International Biotech Park in Hinjhewadi, Pune.

Fund Activity:

FIIs were net buyers of Rs233.8mn (provisional) in the cash segment on Tuesday and the local institutions pulled out Rs2.33bn. In the F&O segment, foreign funds were net sellers of Rs5.47bn.

On Monday, FIIs were net sellers to the tune of Rs2.67bn in the cash segment. Mutual Funds were net sellers of Rs2.04bn on the same day.