Reliance Power shareholders should be somewhat relieved that a bonus of 3:5 has been announced. Reliance Energy may have nothing to lose because Anil Ambani has decided to let his personal holding in Reliance Power fall to 40%from 45% to enable Reliance Energy's stake in Reliance Power to be maintained at 45%. While many will cheer this gift or sacrifice, there are others who feel the promoters invested just Rs2,000 crore and post-listing the value moved to around Rs75,000 crore. So giving away Rs5000 crore need not be cheered.
Whatever anyone may say, the ADAG group of stocks look set for a decent run at least at start. Then we have HDFC Bank all set to Centurion Bank of Punjab in an all-stock deal. The swap ratio is 1 share of HDFC Bank to every 29 shares of CBoP.
Given the global cues, we can expect a better opening. But the recent trading sessions have shown that there is tremendous resistance at higher levels. A rescue plan for bond guarantors has kept global markets positive. Reports state that New York-based Ambac Financial Group Inc. will get new capital to salvage its AAA credit rating, averting further writedowns for global financial companies.
Infrastructure Developers Ltd, which raised about Rs9.44bn through its IPO last month, will list on the bourses today. The company has fixed the issue price at the lower end of price band of Rs185-220. IRB Infrastructure offered 51mn equity shares through the IPO, constituting 15.36%of its fully diluted post issue paid-up capital. The issue got subscribed by over four times
Japan's Nikkei 225 Stock Average climbed 2.4 percent to 13,827.16. Indexes also gained in South Korea, Australia and New Zealand. The Philippines is closed for a holiday.
U.S. stocks rallied in the final 30 minutes of trading on Feb. 22, helping the Standard & Poor's 500 Index climb 0.8 percent.
Kishore Biyani promoted PE fund Indivision India Partners withdraws from Dish TV deal.
Future Ventures India, the VC arm of Future Group, likely to come with an initial public offer of around Rs38bn.
M&M plans to launch a premium SUV codenamed 'W201' by 2009 and the Ingenio MUV by end August of this year.
DoT draws up priority list for new telecom license holders; Datacom Solutions, in which Videocon's Venugopal Dhoot holds a stake, has topped the list of companies in terms of precedence in converting its LoI into a license
Indian Oil Corp is on the look out to acquire stakes in oil sand blocks in Canada.
GSK Pharmaceuticals plans to launch four drugs in India within the next three months.
Reliance Retail is in talks with UK's Mark & Spencer to float an equal JV.
Markets erase gains
Markets erased all its previous session gains as traders and investors preferred to book profits and enjoy the weekend. After a negative start, key indices struggled for any clear direction throughout the day. Unless selling intensified towards the end of the days, which was seen in the Banking, IT and the Oil & Gas stocks. Finally, the 30-share Sensex closed at 17,349 losing 385 points. The NSE Nifty closed at 5,110 dropping 81 points.
Overall about 962 stocks advanced, 1,762 stocks declined while 71 stocks remained unchanged. Among the BSE 30 index 27 stocks declined while only 3 stocks advanced.
Among the 30-scrips of Sensex, RIL, ICICI Bank, Infosys and HDFC Bank were among the major laggards. However, Cipla, Hindalco and Maruti bucked the trend being among the only gainers in the index.
Garware Offshore was up by 3% to Rs214. The company announced that it entered into a Memorandum of Understanding (MoU) for the acquisition of one Anchor Handling Tug Cum Supply Vessel (AHTSV) of 60 Tons Bollard Pull fitted with Fire Fighting Equipment (FIFI 1) and Dynamic Position System (DP1). The scrip touched an intra-day high of Rs230 and a low of Rs201 and recorded volumes of over 14,000 shares on NSE.
ICSA India was up by 1% to Rs457 after the company announced that it won Rs439.7mn order. The scrip touched an intra-day high of Rs469 and a low of Rs436 and recorded volumes of over 22,000 shares on NSE.
Suzlon slipped 1.5% to Rs303. The company announced that it would t spend $1bn on India expansion over three years. The scrip touched an intra-day high of Rs307 and a low of Rs300 and recorded volumes of over 18,00,000 shares on NSE.
Glaxo Pharma gained over 2.3% to Rs953 after the company announced its fourth quarter results with a net profit of Rs809mn for the quarter ended December 31, 2007 where as the same was at Rs677.90mn for the quarter ended December 31, 2006. Total Income is Rs3679.40mn for the quarter ended December 31, 2007 where as the same was at Rs3424.30mn for the quarter ended December 31, 2006. The scrip touched an intra-day high of Rs965 and a low of Rs920 and recorded volumes of over 73,000 shares on NSE.
Rain Commodities gained by 1% to Rs191 after the company is considering starting plant in China. The scrip touched an intra-day high of Rs193 and a low of Rs187 and recorded volumes of over 44,000 shares on NSE.
Sakthi Sugar lost 1.8% to Rs81. The company announced that its European unit has acquired Arvika Gjuteri. The scrip touched an intra-day high of Rs86 and a low of Rs81 and recorded volumes of over 11,00,000 shares on NSE.
News Snippets:
SAIL forms a JV company with Jaiprakash Associates to set up a 2.1mn ton cement plant in Bokaro, with an investment of Rs4.1bn.(BL)
- NHAI awards five projects worth Rs109bn for six-laning of highways under NHDP-V to infrastructure developers, including L&T, IRB among others.(DNA)
- BPCL, HPCL and IOC will jointly invest Rs24bn to buy/lease plantations to produce ethanol in Brazil. (TOI)
- BHEL and Nuclear Power Corporation of India are planning to float a JV to take up construction activities for nuclear power plant. (DNA)
- Shree Cement upcoming Rs20bn cement project in MP is getting delayed due to land procurement hassles. (DNA)
- Nalco's 1.5mn ton aluminum refinery and a 257,000 ton smelter gets approval from Andhra Pradesh government.(BS)
- Deccan Aviation plans to raise Rs16bn by way of domestic or overseas offerings to institutional investors.(BL)
- National Aviation Company to invite bids for the country's largest aviation insurance policy with a cover of US$7bn.(Mint)
- Hindustan Aeronautics in talks with Honeywell International to manufacture 1,000 small plane engines locally for global market.(Mint)
- Sakthi Sugars European subsidiary has bought a Swedish auto –part maker. (TOI)
- Ambuja Cements to buy three cargo ships for investment of Rs1.5bn, taking total fleet size to ten ships.(BS)
- Reliance Energy has approached the Haryana government for an extension of deadline for commissioning a 600-MW power project. (DNA)
- Asset Reconstruction Company India plans to acquire Rs20bn worth of bad loans by March.(BL)
- Kalyani group plans to set up a 1mn ton steel plant and a 500MW power plant at an investment of Rs65bn in WB. (ET)
- State run fertilizer firm RCF to form a JV for phosphoric acid and granulation unit, in collaboration with Industrial Development Corporation of South Africa and Foskor.(FE)
- ICSA India secures order worth Rs 440mn from Northern Power Distribution Company of AP Ltd, Warangal.(DNA)
- Renault and Nissan to invest Rs45bn for their 50:50 JV planned near Chennai; first car expected to roll out in 2010.(BL)
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