Reliance Industries may hog limelight

Reliance Industries (RIL), which raised Rs 2,675 crore through the sale of treasury shares on Monday, 4 January 2010, is reportedly looking to generate a similar amount over the next few weeks by selling more stock to institutional investors. The stake is likely to be offered at a discount of 2-4% as part of a strategy to beef up its cash reserve.
The fund would be used for its immediate requirement in exploration and production (E&P), debt repayments and acquisition of bankrupt chemical giant LyondellBasell.
Meanwhile RIL which has proposed to invest $1.5 billion more in developing satellite gas finds in the prolific KG—D6 block, will drill six wells this year. RIL has till date made 19 discoveries-18 gas and one oil-in deep-sea block KG-DWN-98/3 or KG-D6. Of these, it developed Dhirubhai-1 and 3 gas fields in the first phase at an investment of $8.836 billion. It has now proposed to invest another $1.5 billion in bringing to production four satellite finds in the block.
Telecom stocks may come in spotlight on reports the nine-member empowered group of ministers (EGoM) headed by finance minister Pranab Mukherjee will meet in Delhi today, 9 January 2009, to take a final call on the payment timeline for the third generation (3G) spectrum auctions, as there is no consensus between finance and telecom ministries on this issue.
Shares of commercial vehicle manufacturers will see action on reports they have either increased or are in the process of hiking prices of trucks on the back of runaway commodity prices.
Prices of key input items like steel, copper, aluminum; rubber and crude are heading north.
Meanwhile, addressing a press conference at the Auto Expo in New Delhi on Wednesday, Mr Ravi Pisharody, President – Commercial Vehicles Business Unit, Tata Motors said he expects the recent buoyancy in demand in the segment to continue for some more time. It anticipates double-digit growth in sales in 2010-11.
ICICI Merchant Services, the newly-formed joint venture (JV) between ICICI Bank and First Data Corporation (FDC), plans to expand its Point-of-sale (PoS) terminal network to 500,000 over the next five years, reports suggested. At present, the bank has a merchant acquiring network of 150,000 terminals. FDC will own 81% stake in the JV with ICICI Bank holding the remaining stake.
As per reports the Bharti Airtel-Warid deal is underway and is nearing completion. The green signal for the deal is likely when Bangladesh Prime Minister Sheikh Hasina visits India next week. The Bangladesh telecom regulator has already approved Bharti's proposal. Bharti Airtel is likely to invest $300 million for a 70% stake in Warid.
Strides Arcolab has entered an agreement with Pfizer Inc. to supply the U.S. company with non-patent injectable and oral drugs. The generic drugs will be produced by two joint ventures between Strides Arcolab and South Africa's Aspen Pharmacare Holdings. The two ventures are called Onco Laboratories and Onco Therapies. The agreement, financial terms of which were not disclosed, is for 40 off-patent products, many of which are for treating cancer.
ABG Shipyard through a unit has acquired 57 lakh shares, or 15.2%, of Great Offshore through an open offer. The open offer for acquiring a 20% stake in Great Offshore was made at Rs 590 a share.