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Stock in news - Reliance Power, Tourism Finance, IRB Infra, IOC and many other stocks hit the headlines today.


IRB Infrastructure is listing on the bourses today.

Tourism Finance is planning a Rs 400 crore equity fund reports Mint. Earlier RBI permitted FII's to increase stake in the company.

Entertainment Network India Limited is likely to benefit from TRAI's recommendation of FM radio channels allowing broadcasting news and increasing FDI

Bombay Dyeing is reporedly planning Rs 60 cr retail expansion, foray to UAE.

Reliance Power approved bonus in the ratio of 3:5

Renaissance Jewellery is likely to sell its retail venture soon

On the upside market faces an immediate resistance at 5160 - 5180 upon successfully crossing this level and stay above this level can take Nifty straight to 5310.Above which the market can even touch 5440.

But again remember the level between 5380 - 5410 is an important resistance currently Nifty is facing, we have seen from past few days that reversal happening around this level. So be careful.

On the downside market finds immediate support at 5090, If this level is broken then we can see more fall and the Nifty could show 5020

We are now in a do-or-die zone with the biggest possible trigger, the Union Budget coming up on Friday Feb 29th. All eye are on Mr.Chidambaram to deliver the goods. Low expectations can be considered as a welcome sign. Export driven sectors are hoping for a relief package and are likely to get the same. All in all a populist budget is expected from the FM taking next year's general elections into consideration. At the same time Mr.PC cannot take the chance of neglecting the country's economic growth. Infrastructure needs a big boost and there might good news on the taxation front for common man.

Reliance Power declared a 3:5 bonus in yesterday's board meeting. The price after bonus works out to be Rs.269 for a retail shareholder and Rs.281 for a HNI. We leave it to Mr.Ambani to decide whether the bonus is in agreement to the extreme high valuation of the IPO or a sympathy towards the retail investor. The stock is likely to react positively to the news though we do not see a huge rally in the coming days.

Private banks are likely to be re-rated on the news of HDFC-Centurion bank merger. Stocks to watch in this space include Bank of Rajasthan, Dhanalakshmi Bank, IndusInd Bank, City Union Bank and South Indian Bank.

Given the volatility and the drag in the capital markets not many investors are likely to believe in our theory. In case of a subdued market response to the budget we are unlikely to see rallies till Q1 results or any global news that impacts Indian bourses. So in short it is a 'Now or Never' situation for Indian markets to perform.

We expect the markets to open strongly and hold on to the gains. The extent of gains are largely dependant on the pre-budget rally, which we believe will set in any time.

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On the downside market finds immediate support at 5125, If this level is broken then we can see more fall and the Nifty could show 5030. Market expected to be range bound between 5050 - 5230, opening could be negative .On the upside market faces an immediate resistance at 5210 - 5230 upon successfully crossing this level and stay above this level can take Nifty straight to 5305

Indian Markets have never witnessed this kind of drag phase in the last 4 years. Not to say there are 3-4 thousand point plunges in the Sensex but the recoveries are smart enough barring this time. It is a million rupees question for Indian investors whether to get out of stocks or stay invested in the market. We believe there is absolutely no point in getting out of the market and we strongly take this as another prolonged bear cycle with in the bull phase. Stay invested but with more patience as things cannot turn overnight.

Technology stocks as expected rejoiced yesterday on weak rupee. Markets are likely to open down a big way but recovery from the lows is a certainity. Sensex is likely to lose somewhere between 200-300 points unless pre-budget rally sets in.

Government in an unprecedented move approved a fresh Rs 500 crore assistance to help exporters after a Rs 300 crores alloted recently. Textiles and farm product related companies are likely to benefit immensely from the forthcoming budget. Infrastructure and logistics are the other sectors to watch for in the budget.

STOCK IN NEWS- Centurion Bank, Jai Corp, Financial Tech, HDIL, Indiabulls Financial Services,Wockhardt, Bharat Forge and many more stocks hit the headlines today.


Bharat Forge is planning to set up a steel unit in West Bengal.

Reports of political uncertainities in Kenya is likely to push Tea prices higher. Keep a watch on Tea stocks like Mcleod Russel and others.

Centurion Bank is likely to merge with HDFC Bank in an all-stock deal. The deal is reported to be worked out at a market price of Rs.57 a share of Centurion Bank. Buy on rumours sell on news.

Wockhardt Ltd after withdrawing its IPO for the hospital venture is looking for funds from PE companies to raise upto Rs.800 crores.

Indiabulls announced that SEBI has approved to set up mutual fund business in the country.

Bajaj Auto is likely to list the de-merged entity(Bajaj Holdings & Investment Ltd)on the stock exchange by the end of April.

RBI has permitted FIIs to pick up stakes in three companies Tourism Finance Corporation of India, Tulip IT Services and Info Edge India under the portfolio investment scheme

Housing Development & Infrastructure Ltd(HDIL) inline with the rumours has sold the Andheri property to a private company for nearly Rs 900 crores.

Jai Corp is likely to launch a mega realty fund to invest in famour "The World islands project", dubai reports ET

The Centre on Thursday cleared a new Rs. 500-crore package in the form of interest subvention for exporters, in addition to Rs. 300-crore package announced recently

FERTILIZER,AUTO,IT SECTOR ARE GOOD

Essar oil ONGC BPCL GMR REL ENGY shall be good for Intraday traders,go positive in these counter.
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Market still looks positive to me as long as market stays above 5120
Break of 5120 can drag the market down to 5035 and break of this to 4940
And especially 4940 is not expected to broken.
On the upside market faces immediate resistance at 5180 and a good resistance at 5235
Break of 5235 successfully and trade above this can take us to 5270 and then finally a good resistance zone between 5330 - 5350 followed by another good resistance zone at 5410 - 5420.

Always remember the zone between 5330 - 5350 and 5410 - 5420 have proved to be hard for the nifty to break and the reversal had many times near these levels

Pick No 1 - K S Oils - Our clients are holding this call, you can also look to buy around 85. Good for intraday and delivery. Stop loss and target only for clients. Clients will get proper target and proper stop loss of it. Remember don't execute any calls at hurry, wait for market to settle and don't buy in negative trend

Pick No 2 - Essar Oil - Again showing some positive sign, look to buy around the level of 240 and keep stop loss 233. Clients will get proper target and proper stop loss of it. Remember don't execute any calls at hurry, wait for market to settle and don't buy in negative trend

Indian Markets appear more concerned about US Economy, than the Wall Street. Any negative news across the globe is taken as advantage by the market players to short the market heavily. This implies we have a show on the cards with shorts still in play and any major upswings will push the Sensex wildly further. But technicals will support the rally only above 19.240, till then it is a cat and mice play.

Rupee is getting weaker and this augurs well for Technology stocks and other export oriented stocks like Textiles and Auto ancillaries. Yesterday's weak trade shows the promise in these sectors. Midcap IT showed strength on Tuesday and were silent yesterday. Today we expect them to fire again. PE funds are looking actively looking in the logistics space (Blackstone buys 10 percent stake in Allcargo). We like another stock here(Leader in Logistics).

Markets are likely to trade up with minor bouts of volatility and with strength appears tilting towards Bulls

Stock in news - ABB, Tata Motors, Reliance Capital, Accential Tech, Omnitech, Wockhardt and many more are the stocks in news today.

ABB is in talks for Rs2,000 crore orders from power companies

SBI and Canara bank reduced the benchmark prime lending rates (PLRs) by 25 basis points, second time in less than one week.

Wockhardt posted a 23 per cent jump in net profit to Rs 106.9 crore in the fourth quarter ended December 31, 2007, courtesy acquisitions and European business

Reliance Energy today outbid Reliance Industries consortium to win the prestigious Rs 6,000-crore trans-harbour link project in Mumbai.

ADAG led Reliance Capital (RCL) on Tuesday got the Reserve Bank of India’s nod to venture into the asset reconstruction business.

Orchid gets nod from USFDA for Cefuroxime Axetil tablets

Mumbai based Omnitech InfoSolutions, today said it planned to raise $35 million from overseas markets to fuel its domestic expansion.

The much hyped Tata Motors' Nano car is likely to roll out production in October 2008

Nifty opening down and might recover -Join to know more

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Indian Markets are likely to witness another dull day after a lacklustre Monday and Tuesday, though volatility is not ruled out. Midcaps are likely to outshine largecaps though broad based rallies cannot be expected given the macro economic scenarion. Expectations on the budget are likely to start building up and Textiles, Infrastructure, Power and IT sectors are likely to benefit from the same. FDI in Cable TV and more sops to agriculture sector are in the pipeline.

Crude closed at $100 per barrel for the first time ever. Wall street lost all the gains to end the negative zone with Dow Jones losing 11 points to close at 12,377 and Nasdaq closing at 2,306 down 15 points. Zurich-based Credit Suisse, Switzerland's second-biggest bank, today announced a USD 2.85 billion in writedowns blaming on the credit turmoil. After hours Hewlett-Packard declared street beating results and raised the outlook.

Japanese markets are currently trading down 77 points on the weak global cues. We beleive Japanese markets have already bottomed out just below 13,000 levels 10 days back. We do not expect big losses in Japanese markets in the coming days.

Govt in a surprising move today extended tax sops to exporters covering transport and storage of goods. Taxes will be refunded back to the exporters. Logistics companies are likely to benefit from this move. Gateway Distriparks, Container Coporation, Patel Integrated Logistcs are few listed players in this segment.

Reuters reports that government is likely to levy 10 percent export tax on Iron Ore exporters, courtesy powerful Steel Industry lobbying. Sesa Goa is likely to take the hit. Rupee hits a 5-month low on shortage of dollars, in conjunction with other International currencies against the greenback(USD). IT Stocks started looking up with midcap stocks picking up steam. Though IT Stocks tried to come back many times in the last 4-5 months, many a time turned out to be one day wonders. This time weak Rupee is working to their advantage.

OnMobile Global surprised the street with better than expected listing on the bourses. Bang Overseas Ltd & Shriram EPC Ltd are listing on BSE today. On the IPO front REC(Rural Electrification Corporation), the govt. owned power finance corporation subscribed in the first 30 mins of its opening.

Stock in News -Nagarjuna Constructions, Polaris, Indus Indbank, BEML, L&T, Punj Lloyd and many more are the stocks in news today.

Nagarjuna Constructions is likely to sell its stake in subsidiaries NCC

Infrastructure Holdings Ltd and NCC Urban Infrastructure Ltd to PE Firms in the next 2 years.

Orderbook of BEML(Bharat Earth Movers limited) is expected to cross Rs.4,000-crore mark in the current fiscal, compared to the current order book of Rs.3,200 crore

Anil Ambani-led Reliance Power complained to market regulator SEBI about the possibility of a manipulation of its stock price immediately on its listing on February 11.

Mint reports that the central intelligence unit of Indian customs here has launched a series of cases alleging import duty evasion by nine infrastructure firms including listed firms like Punj Lloyd, Era Constructions, Gammon India and Maytas Infra Pvt. Ltd.

Polaris Software Lab has entered into a strategic partnership with City Networks, a software and services developer for the treasury, securities and derivatives markets. Under the agreement, Polaris will provide product development and support services to City Networks.

CNI Research Ltd has signed a consulting agreement with Wakabayasbi Fund, LLC, a Japanese limited liability company, a corporation formed under the laws of the Japan. The agreement is for liaison of capital funding and institutional relationship (non exclusive in India and overseas). The alliance would improve the topline of CNI Research Ltd.

Larsen and Toubro bagged a contract worth $431 million as part of an upgrade of two of Kuwait's three refineries for environment-friendly products.

ET reports one of the country’s largest banks, Canara Bank is reportedly eyeing an Indonesian bank to expand its international footprint.

Private sector bank IndusInd Bank has decided to sell up to 10 per cent of its existing equity capital.

The finance ministry today extended the service tax refund scheme for exporters to three more services : Goods transportation agencies and transport of export consignments by rail containers to sea ports, airports and inland container depots

News Snippets:

- Ranbaxy board approves de-merger of its R&D unit. The swap ratio has been fixed at 4:1.

- Reliance Capital gets RBI approval for ARC business.
- British Gas (BG) picks up stake in ONGC’s two deep water exploration blocks.

- M&M is targeting revenues worth US$3bn over the next ten years from deals in the defense space involving supply of land equipment systems to the armed forces.

- NTPC selects three foreign companies for a 40% stake in its renewable energy JV with ADB.

- Reliance Communications likely to place an order for 5mn set top boxes for its proposed DTH broadcasting venture.

- Bajaj Auto gets High Court approval for the proposed de-merger.

- Bhel and Alstom bids for 740MW gas power project by ONGC Tripura Power Corporation.

- BEML order book to increase by 25% this fiscal.

- Satyam Computers sets up a 350-seater delivery centre in Hyderabad.

- JSW Steel top increase its galvalume steel capacity to 0.6mtpa by October 2008.

- Tata Group invests an undisclosed sum in Singapore-based private jet operator, BJETS.

- UB Group to expand its product basket by launching about 80 wine brands including imported brands this year.

- BEML signs agreements with different companies to manufacture defence equipment in India.

- Bharat Electronics signs MoU with Israel’s defence equipment maker for making missile electronics and missile guiding systems for Indian military.

- Stand-alone tower companies such as Essar Telecom Tower, GTL Infra, Quipo, Xcel Telecom and TowerVision are planning to consolidate their businesses to compete with existing big three tower companies.

- Parsvnath Hotels, a subsidiary of Parsvnath Developers, has formed a JV with Royal Orchid Hotels which will develop ten hotels at an investment of Rs5bn.

- Biocon acquires majority 70% stake in Germany-based AxiCorp Pharmaceuticals for Euro 30mn.

- Patel Engineering in a JV with KNR Constructions has bagged a Rs2.1bn NHAI contract.

- Bhushan Steel sings an agreement with MP Government for setting-up coke and cement plants with an investment of Rs30bn.

- Coal India and IL&FS to form a JV to undertake project development for mine, power and other coal-based projects.

- 3i Infotech plans a JV with Chinese company for servicing its domestic clients.

- Sun TV to launch FM Radio stations in Kerala and Karnataka on February 20th and 21 respectively.

- Government may cut excise and custom duties on petroleum products.

- Rupee hits a 5-month low of Rs39.95 against the US Dollar.

- Large power projects including UMPPs may soon get a total duty waiver for purchasing equipments without going through international competitive biding.

- Railway freight earnings up 12.3% to Rs383bn in April’07-January’08.

- Finance Ministry extends the service tax refund scheme for exporters to include three more services - couriers, goods transport agencies and container transportation by rail.

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The market is expected to open on a positive note today; traders are
advised to assume intraday long if Nifty manages to hold above
5300 for upside targets of 5380 and 5420 levels. Alternatively,
short positions can be assumed if Nifty fails to breach and hold
5400 levels with final stop loss placed at 5425 levels. Lower
supports of 5200 may as well be utilized to assume intraday
long positions

Nifty Feb futures have witnessed
closure of long positions; Feb futures have shed 1 lakh shares
in open interest with discount decreasing to 4.45 points from
11.65 points. The overall market has witnessed 0.90% addition
in open interest with average cost of carry at 1.67% suggesting
fresh build of long positions in stock futures. On the options
front, Nifty higher strike Call options have witnessed fresh
buying suggesting possible upsides from the current levels.

We have a moderately bullish view on Reliance; we recommend a Bull Call Spread strategy
o Buy One Reliance Feb 2700 CA @ 24 - 26
o Sell One Reliance Feb 2800 CA @ 14 - 16
o BEP: 2710
o Tgt: 2800
o Investment: Rs.48,000 (Approx)
o Time Frame: 6 - 8 Days

With lack of global cues Indian markets are likely to trade in a range with a positive bias. Yesterday's trade clearly indicates a tough fight between bulls and bears and the indecision is likely to continue today too.

A business newspaper reports that Indian tax department can now probe in Mauritius and this might act as a minor dampener to the sentiments. Coming to the positive front Government is likely to extend the sops for the 100% EOU's for another year. In another interesting development government today announced the issue of '7.95 per cent Fertilizer Companies Government of India Special Bonds, 2026’ for Rs 3,610 crore (nominal) to 23 fertiliser companies as compensation towards fertiliser subsidy during the current financial year. Chambal Fert, Magalore Fert, Nagarjuna Fert, RCF, Tata Chemicas, Deepak Fertiizers are reported to be eligible for the above mentioned bonds.

Crude continued to surge due to continued tensions between Venezuela and oil major Exxon Mobil. Cues from Asian markets are positive today with US markets closing on account of President's day. Midcap strength is a postiive sign and the big question is whether the small and midcaps take off??

We expect a pre-budget rally and technically crossing Sensex 19,250 is definitely a huge task. We do not see immediate resistances after Sensex 19.250 levels. There will be trading oppurtunities available today though taking quick profits is advisable to counter volatility. Have a great trading

Stock in news - Reliance Industries, NTPC, Essar Steel, India Bulls, United Phosporus, IT companies and other stocks hit headlines today


ET reports Reliance Industries is in advanced talks with the New York-based Vornado Realty Trust, one of the world’s top five real estate asset managers, to float a $1-billion plus fund

Government is likely to extend income-tax incentives for 100% EOU's for another one year.

Indiabulls Financial Services launched chartered aviation services after successful foray into financial services, broking, real estate, retail and power ventures.

Essar Steel plans a 6-million-tonne slab unit in Brazil reports Business Standard.

NTPC is likely to partner MCX’s power exchange.

Fortis Healthworld, a Rambaxy group company has tied up with Godrej Adhaar to extend its reach to rural India.

United Phosphorus Ltd (UPL) has purchased 100% stake through its subsidiary of Evofarms group of Companies (Evofarms), a major Marketing Company of generic products in the crop protection industry headquartered in Bogota, Colombia.

Everest Kanto Cylinder has granted an In Principle approval for acquisition of all the assets of a large manufacturing Company in the United States of America in a similar line of business, for approximately USD 70 million

1.) Sesa Goa: has witnessed fresh accumulation of long position in yesterday’s session. The stock had
seen 9.88 percent addition in open interest along with increase in cost of carry from 9.66 percent to 14.28 percent.
The stock surged by 5.80 percent to close above it resistance of 3300 levels. Long position can be assumed in stock
above 3335 levels for targets of 3400 and 3450 with final stop loss placed at 3300
.
2.) Tata Steel: Tata Steel futures have seen 9.55 percent addition in open interest along with increase in cost of
carry from 12.87 percent to 16.89 percent indicating fresh build of long position. Long positions can be assumed in
stock if it sustains above 820 levels for immediate targets of 830 and 845 levels with final stop loss placed at 810
levels.

3.) STER: STER futures have witnessed addition of long positions in yesterday’s trade; the stock has seen marginal
increase in open interest with cost of carry remained flat to spot levels. Long positions can be assumed in stock from
lower support of 765 levels with final stop loss placed at 750 levels.

4.) Reliance: Reliance has witnessed closure of short position and fresh build of long position in yesterday’s session.
The stock has seen 1.70 percent addition of open interest with cost of carry turned positive -1.03 percent to 9.29
percent. Long position can be assumed in stock at 2520-2530 with final stop loss placed at 2495 levels for immediate
targets of 2580 and 2600 levels.

5.) BPCL: BPCL futures have witnessed fresh build of long positions; the stock has seen 1472 percent addition in
open interest with cost of carry increasing from -7.18 percent to -4.30 percent. Long positions can be assumed in
stock above 460 levels for immediate targets of 480 and 490 levels with final stop loss placed at 450 levels.

6.) ONGC: ONGC has witnessed fresh build of short positions; ONGC futures have witnessed 1.24 percent addition
in open interest along with decrease in cost of carry to -13.58 percent from -4.49 percent. The stock immediate
support placed at 1000 levels where one can witness short covering. Long position can be assumed in stock it hold
above 1000 levels for immediate targets of 1025 and 1040 levels.

7.) DLF: DLF has witnessed closure of long position on account of profit taking; DLF futures have shed -1.07 percent
additions in open interest with slight decrease in cost of carry from 7.65 percent to 3.39 percent. Long position can
be assumed in stock at 850 levels for upside targets of 865 and 880 levels.

Our BTST will rock today watch out ..........

Today picks - Rpower,Utv,JP Ass,
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Nifty started entering a bullish phase.. but now once again we need to always be
careful of higher level because of two reason...
==> Budget month
==> Nifty again coming near to the level of 5400. Where previously it found difficult to cross. But as of now this level as per the charts has increased to 5415.

On the upside I see a clear upword move upto 5415. 5415 should act as good resistance.If cross 5415 successfully and trade above it successfully can take Nifty to 5650 in few days

Dalal Street is expected to continue its upward journey on Monday morning. The cues from all the Asian markets are positive with Nikkei rising more than 1.3 percent. We see a positive overall with broad based buying across the board.

Mid Caps are likely to participate actively in the upmove, as they have been beaten down hard in the recent carnage. Some significant events that might be the talk of the town today are, bonus issue announced by ADAG to the shareholders of Reliance Power, RBI nod to IndiaBulls for setting up an NBFC and reports of Disney picking up a stake in UTV Software.Investment bank UBS has pegged the Sensex level at 22,600 by the end of the year.

We advise our visitors to hold on to the positions and given a chance add some quality companies to your portfolios. Unless some shocking news rocks the boat and dampens the sentiment, the markets are definitely looking healthier than ever in 200 Expect a 1.5 to 2 percent up move in the Sensex with select mid caps stealing the show

Stocks in news - Canara Bank, Gammon India, Ess Dee Aluminium, Orient Express, UTV Software and many more


Canara Bank, Gammon India, Ess Dee Aluminium, Orient Express, Reliance Power, PFC, UTV Software and many more stocks hit the headlines over the weekend.

Canara Bank is all set to enter the booming broking business, to launch online trading soon.

Ess Dee Aluminium is reported to acquire reeling India Foils soon.

Nicholas Piramal signs agreement with US-based Eli Lilly to develop and commercialise latter’s certain pre-clinical drug products.

Reliance Power proposes bonus shares to non-promoters, board to meet on 24th Feb

UTV Software is reportedly selling 17.15% stake to Disney for a whopping Rs.1300 crores

Gammon India is floating a logistics firm and is investing Rs 300 cr in the venture.

US equity firm Clear Trade is in talks with PFC to sell stake in $12-bn fund

Tech Reliance, the information technology company being floated by Reliance Communications (RComm) is likely to tie up with Accenture

Madras high court barred the sale and manufacture of its Flame motorbike, ruling to affect TVS Motors

JSW group is likely to foray into ports, airports & shipyards

Will Indian markets change gears?

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As we told you 2 days back when nifty was 4850, that certain signals are showing that we are on a bullish trend and you could see what happen after that Nifty at 5200
Nifty looks minor bullish for tomorrow as long as it stays above 5235, but the direction is not clear yet.
The only concern was global clues which are down,On the downfall nifty finds a support at 5180 and then 5120.
5120 should act as a very good support any break below this can target 4940 on nifty
On upside we find immediate resistance at 5235 break past this level can take Nifty to 5400

Pick No 1 - buy jai prakash (cmp 273.55) - Looks set for rally looks a good buy at this level or upto 276 keep a stop loss of 268. Final target and final stop loss only to clients.

Pick No 2 - wwil (cmp - 46.35) - Wits on its way for another breakout. Can buy around 46 - 47. Ideal stop loss would be 44. Final target and stop loss only for clients.
Indian Markets as usual with no local news will try to bank on the global news with bears trying to take advantage. But we started late how can we go down tamely? We do not expect any major losses in the Indices today though subdued movement with wild swings not ruled out. Sensex has gained nearly 1200 points in the last two trading sessions and it requires a consolidation. Huge short interest build up is a definite positive for the Bulls.

Power sector was in the limelight yesterday after beaten down due to the R Power debacle. Technology stocks which held their nerve in the last one month took a back seat yesterday. Pre-budget expectations are likely to start building up some time next week. Textile is likely to be the major beneficiary from the budget this year. As per a pink paper report Central Govt is expected to raise allocation to two key support schemes for the industry, the Technology Upgradation Fund Scheme (TUFS) and Scheme for Integrated Textiles Parks (SITP), in the coming Budget. Financial Technologies is likely to be in the limelight on the news that New York Stock Exchange (NYSE) will pick up 5% stake in Multi Commodity Exchange (MCX).

Financial Technologies, PFC, Pyramid Saimira, NTPC, Lanco Infra, Wipro, Renaissance Jewellery, Parsvnath Developers are the stocks that hit the headlines today.


Renaissance Jewellery aquires JBR Inc for Rs 160 crore. JBR Inc's major clients include US retail gaints like JC Penny, Sears and others.

Pyramid Saimira is reportedly in talks with a theatre chain in UK for a potential take over. The company is planning to raise $400 million in funds for the said proposal.

Power Finance Corporation Ltd (PFC) is planning to raise $4 bn in 2009.

Parsvnath Developers is likely to be the front runner for land facing Citigroup Inc.’s office in Mumbai’s Bandra-Kurla area.

Parsvnath Developers is one of at least three Indian developers considering bids for land facing Citigroup Inc.’s office in Mumbai’s Bandra-Kurla area, undeterred by the city doubling the reserve price, bowing to the pressure from the Ministry of Commerce.

NTPC is planning to invest $40 b over next 5 years to to spread out operations across Asia and Africa. The company plans to set up power plants abroad is eyeing a 50,000 MW-plus capacity by 2012.

Lanco Infratech is planning to set up one of the country’s largest wind turbines manufacturing facilities in Karnataka

Wipro Infotech has won a five-year Rs 200 crore worth IT outsourcing contract from Pantaloon Retail (India) Ltd

News Snippets:

LN Mittal and Farallon Capital invest Rs15.8bn for 28.6% stake in Indiabulls Power Services.

NTPC to invest US$40bn over the next five year, to transform itself into an integrated regional energy player.

Mastek likely to buy a US-based IT firm System Task Group International for US$30mn.

Satyam Computer to add 3,000 employee’s by March end.

L&T Infotech has put its IPO plans on hold.

L&T wins an order from Qatar worth Rs3.11bn.

Haldia Petrochemicals is set to buy L&T 51% stake in HPL Cogeneration.

TCS plans to reach revenue of US$800mn-US$1bn from domestic market.

IOC to launch its marine fuel business globally.

Nirma set to mop up Rs15bn via QIP.

BHEL gets Rs2bn order from ONGC.

Wipro Infotech bags US$50mn 5 year outsourcing contract from Pantaloon retail.

Spanco Telesystems acquires Great IT for an undisclosed amount.

Orchid Chemical gets US FDA nod for Granisetron Hydrochloride tablets.

Sun Pharma receives tentative approval from US FDA for generic Depakote.

DE Shaw Valence picks up 5.7% stake in Orient Express Hotels.

Wipro may buy a German based company in next 6 months.

Tata’s and Boeing enter into a JV, to outsource and manufacture defence-related aero space component work in India.

HPCL to shut gas oil unit at its Vizag refinery for 10 days.

Kirloskar Brothers is looking to buy a European based pump manufacturing and marketing companies.

Shree Cement plans to set up a cement plant of 2MT per annum at a cost of Rs20bn.

EID Parry buys 51% stake in Phytoremedies.

Jubilant Energy discovers Oil and Gas in Cauvery basin.

Maruti Alto has crossed 1mn production mark.

PFC to enter financial advisory services.
Economy Front Page

The Government hikes petrol and diesel prices by Rs2 per litre and Re1 per litre respectively.

Steel companies agree to roll back price hike with immediate effect.

The DoT plans to change spectrum usage charges levied on telecom companies, to a fix percentage of revenue for each category circles.

PM panel suggest reduction in import duty from 10% to 5% in machinery and introduction of mechanism for textile sector.

PM says Indian can sustain 9% GDP growth.

RBI denies a rate cut in short-term citing high inflation.
Agriculture ministry has proposed 1%cess on direct taxes and 2% on indirect taxes.

Export from IT and ITES based SEZ to double in FY09