CORPORATE NEWS
BHARATI
In a move that could have implications for the
talks between Bharti and South Africa's MTN
for a cash-and-share-swap deal, the Securities
and Exchange Board of India (Sebi) today
decided to amend the Takeover Code to
mandate an open offer if American Depository
Receipts (ADRs) and Global Depository Receipts
(GDRs) with voting rights cross the prescribed
threshold.
Oil and Natural Gas Corporation (ONGC),
wants to hire an ultra deep-sea drill rig, the
daily cost of which is about Rs 5 crore. This is to
improve exploration in the western offshore
blocks.
After a series of flip-flops, NTPC is likely to
finally sign an agreement with Reliance
Industries Ltd (RIL) this week to buy
government alloted natural gas at an officially
approved price of $4.20 per mBtu.
Cipla will sell about four per cent of its equity to
institutional investors to raise close to $175
million (Rs 840 crore) to fund its capital
expansion plans.
Dewan Housing Finance (DHFL)
has raised Rs 250 crore through private placement of debt
and plans to raise another Rs 500 crore through
private placement of non-convertible debentures
(NCDs) in the current financial year.
Kingfisher Airlines
plans to raise up to 175 million dollars (about Rs 840 crore) before
March next year through rights issue and global
depository receipts (GDR).
Pipavav Shipyard
has fixed the issue price of its initial public offer (IPO) at Rs 58, a little less
than the upper end of its price band.
Gati will raise a total of over Rs 78.91 crore by
issue of warrants to different promoters and The
Infrastructure Fund of India LLC.
In a move that could have implications for the
talks between Bharti and South Africa's MTN
for a cash-and-share-swap deal, the Securities
and Exchange Board of India (Sebi) today
decided to amend the Takeover Code to
mandate an open offer if American Depository
Receipts (ADRs) and Global Depository Receipts
(GDRs) with voting rights cross the prescribed
threshold.
Gati will raise a total of over Rs 78.91 crore by
issue of warrants to different promoters and The
Infrastructure Fund of India LLC.and South Africa's MTN
for a cash-and-share-swap deal, the Securities
and Exchange Board of India (Sebi) today
Gati
will raise a total of over Rs 78.91 crore by
issue of warrants to different promoters and The
Infrastructure Fund of India LLC.
Saturday, September 26, 2009
Prime Minister Manmohan Singh strongly backed Bharti group's efforts
for acquiring stakes in South African telecom gaint MTN when he took up the issue with President Jacob Zuma and hoped that the deal will go through without any "discrimination".
"As far as MTN issue is concerned, I mentioned it to (President) Zuma. I sincerely hope that this deal would go through and there will be no discrimination against it," he told reporters in reply to a question at a press conference in Pittsburgh.
Singh said officials of the two countries would discuss the issue.
Bharti and MTN are looking at an USD 23 billion deal to create the world's third largest mobile firm with over 200 million subscribers. According to the initial agreement, MTN and its shareholders would acquire 36 per cent stake in Bharti and Bharti would acquire 49 per cent stake in MTN.
No economic crisis in India: PM
Prime Minister Manmohan Singh said on Friday that there is no economic crisis in the country. "There is no economic crisis in India. It is certainly true that as a sequel to the global economic crisis our exports have suffered that has affected the rate of growth, but even then our economy is growing at a rate of six and half per cent. Therefore there is no crisis, as such in India," Singh said.
However, the Prime Minister acknowledged that in a highly interdependent world, India has a stake in the stability and growth of the world economy.
"If world economy collapses, there is obviously some effect on our country. Already the rate of our growth of our economy particularly our exports have suffered," he said, adding that this has led to decline in exports of important labour intensive products like gems and jewellery, leather goods textiles.
for acquiring stakes in South African telecom gaint MTN when he took up the issue with President Jacob Zuma and hoped that the deal will go through without any "discrimination".
"As far as MTN issue is concerned, I mentioned it to (President) Zuma. I sincerely hope that this deal would go through and there will be no discrimination against it," he told reporters in reply to a question at a press conference in Pittsburgh.
Singh said officials of the two countries would discuss the issue.
Bharti and MTN are looking at an USD 23 billion deal to create the world's third largest mobile firm with over 200 million subscribers. According to the initial agreement, MTN and its shareholders would acquire 36 per cent stake in Bharti and Bharti would acquire 49 per cent stake in MTN.
No economic crisis in India: PM
Prime Minister Manmohan Singh said on Friday that there is no economic crisis in the country. "There is no economic crisis in India. It is certainly true that as a sequel to the global economic crisis our exports have suffered that has affected the rate of growth, but even then our economy is growing at a rate of six and half per cent. Therefore there is no crisis, as such in India," Singh said.
However, the Prime Minister acknowledged that in a highly interdependent world, India has a stake in the stability and growth of the world economy.
"If world economy collapses, there is obviously some effect on our country. Already the rate of our growth of our economy particularly our exports have suffered," he said, adding that this has led to decline in exports of important labour intensive products like gems and jewellery, leather goods textiles.
Stocks to watch: BHEL, Tech Mahindra, TCS,
Wipro, Jet Airways, Reliance Infra, Lanco
25 Sep 2009, 1005 hrs
Crude oil prices bounced back after sharp fall of over 4 per cent on Friday. US crude for November delivery was up at $66.36 per barrel and
London Brent crude gained to $65.43. The Indian rupee fell Friday on fears of capital outflows from the domestic stock market. At 9:05 a.m., the partially convertible rupee was at 48.23 against its previous close of 47.95. Engineering major Bharat Heavy Electricals Limited has bagged Rs 365 crore order from the Nuclear Power Corporation of India for supply of four steam generators for India's second 700 MWe nuclear power station, being set up at Rajasthan Atomic Power Project, Kota. Tech Mahindra, IBM and TCS are vying for a $400-million (Rs 1,800 crore) IT outsourcing contract from Sistema Shyam Teleservices. Negotiations are on with these companies for a 10-year deal, but the contract will contain a clause that will allow Sistema Shyam to exit after five years. Jet Airways shareholders on Thursday approved the fund-starved airline’s plan to raise up to $400 million, or about Rs 1,920 crore, at an extra-ordinary general meeting as it desperately looks to raise money to avoid loan defaults. The company is burdened with a debt of Rs 16,000 crore. Reliance Infrastructure, Vedanta’s Sterlite Energy and Lanco Infratech have submitted financial bids for Power Finance Corporation’s mega transmission project that aims to evacuate power from the North-East and eastern states to the northern region. The bids for the project, which is estimated to cost Rs 1,800 crore, are likely to be opened on September 29. IT services provider Wipro Technologies on Thursday said it has signed a co-development agreement with Oracle to develop multiple industry solutions. Under this agreement, Wipro and Oracle would co-develop process solutions for five different industries, communication, retail, consumer products, hi-tech and industrial manufacturing, Wipro said in a statement. Punjab & Sind Bank has appointed IT giant Wipro to implement core banking solutions after Satyam’s new promoter Tech Mahindra voluntarily opted out of the contract. In September 2006, the bank had awarded Satyam Computer Services a Rs 135 crore contract.
( Economic Times )
Wipro, Jet Airways, Reliance Infra, Lanco
25 Sep 2009, 1005 hrs
Crude oil prices bounced back after sharp fall of over 4 per cent on Friday. US crude for November delivery was up at $66.36 per barrel and
London Brent crude gained to $65.43. The Indian rupee fell Friday on fears of capital outflows from the domestic stock market. At 9:05 a.m., the partially convertible rupee was at 48.23 against its previous close of 47.95. Engineering major Bharat Heavy Electricals Limited has bagged Rs 365 crore order from the Nuclear Power Corporation of India for supply of four steam generators for India's second 700 MWe nuclear power station, being set up at Rajasthan Atomic Power Project, Kota. Tech Mahindra, IBM and TCS are vying for a $400-million (Rs 1,800 crore) IT outsourcing contract from Sistema Shyam Teleservices. Negotiations are on with these companies for a 10-year deal, but the contract will contain a clause that will allow Sistema Shyam to exit after five years. Jet Airways shareholders on Thursday approved the fund-starved airline’s plan to raise up to $400 million, or about Rs 1,920 crore, at an extra-ordinary general meeting as it desperately looks to raise money to avoid loan defaults. The company is burdened with a debt of Rs 16,000 crore. Reliance Infrastructure, Vedanta’s Sterlite Energy and Lanco Infratech have submitted financial bids for Power Finance Corporation’s mega transmission project that aims to evacuate power from the North-East and eastern states to the northern region. The bids for the project, which is estimated to cost Rs 1,800 crore, are likely to be opened on September 29. IT services provider Wipro Technologies on Thursday said it has signed a co-development agreement with Oracle to develop multiple industry solutions. Under this agreement, Wipro and Oracle would co-develop process solutions for five different industries, communication, retail, consumer products, hi-tech and industrial manufacturing, Wipro said in a statement. Punjab & Sind Bank has appointed IT giant Wipro to implement core banking solutions after Satyam’s new promoter Tech Mahindra voluntarily opted out of the contract. In September 2006, the bank had awarded Satyam Computer Services a Rs 135 crore contract.
( Economic Times )
Friday, September 25, 2009
Morgan Stanley includes Cairn India in its ‘focus’ list
CAIRN INDIA
CMP: RS 261.25
TARGET PRICE: NA
Morgan Stanley has included Cairn India in its ‘focus’ list, saying the stock was a direct play on crude oil prices, which according to the brokerage, are likely to rise. “Cairn India is a direct play on crude oil prices, which our global commodities team believes are likely to rise. Cairn India is a good hedge in our focus list against a sudden spike in oil prices, which can negatively affect the equity market. Cairn has underperformed the market year to date,” said a Morgan Stanley note to client. “Cairn India’s correlation to crude oil prices is among the highest in the region. The company has strong production growth and high reserve potential, and the stock is attractively valued,” the note added.
CAIRN INDIA
CMP: RS 261.25
TARGET PRICE: NA
Morgan Stanley has included Cairn India in its ‘focus’ list, saying the stock was a direct play on crude oil prices, which according to the brokerage, are likely to rise. “Cairn India is a direct play on crude oil prices, which our global commodities team believes are likely to rise. Cairn India is a good hedge in our focus list against a sudden spike in oil prices, which can negatively affect the equity market. Cairn has underperformed the market year to date,” said a Morgan Stanley note to client. “Cairn India’s correlation to crude oil prices is among the highest in the region. The company has strong production growth and high reserve potential, and the stock is attractively valued,” the note added.
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