Indian Stock Market News & Trends

News that U can Use - HOT FROM THE PRESS

* BANKS/ECO : RBI Dy Governor says the reversal of easy monetary policy wud be
 a gradual process as the central bank is focussing on striking a balance
 between growth & inflation

* TATA STEEL : announces a partial closure of Corus' Teesside Cast Product plant
 in north England.. will result in loss of around 1700 jobs

* SBI : Insurance Australia Group will pick a 26% stake in SBI's general
 insurance venture for Rs5.4bn

* ABAN OFFSHORE : agrees to failing to meet some conditions set by its bankers..
 cos Singapore subsidiary has not fulfilled a few covenants contained in loan
 agreements with SBI/ICICI/PNB.. the co still negotiating a moratorium on
 repayment of principal amt of the loan for the next 2 years

* REL INFRA : plans to increase the value of its road assets to about Rs200 bn
 over the next 3 yrs

* DCB : Aga Khan Fund to reduce its stake in DCB from 24.86% to 10% in next 3-4
 yrs to comply with RBI rules

* GVK POWER : acquires 17% stk in Bangalore Intln Airport fm L&T for Rs 6.86bn

* ICICI BK : gets clearance from Singapore Govt to operate as a qualified full
 bank allowing it to open 15 branches and ATM centers

* REL POWER : planning to commission first phase of its 1200mw Rosa Power
 project before end Dec ie 3 mth ahead of schedule

* GMR INFRA : close to raising Rs 130bn from dom banks for funding its 4 power
 projects and 2 road projects

* ADAG GRP : in talks with govts in Maharashtra, Gujarat and Andhra Pradesh for
 possible reloction of its 8000mw Dadri gas based power plant

Corporate News – Industry trends

* GVK Power & Infrastructure has increased its stake in Bengaluru
International Airport (BIAL) by acquiring a 17% stake of L&T
Infrastructure Development Projects for Rs 6.86 bn (ET)

* Singapore has given clearance to ICICI Bank to operate as a qualified
full bank — a status which will allow it to open as many as 15 branches
and ATM centres (ET)

* JSW Steel may sell its coal mine in Mozambique to sister company
JSW Energy as the mine has become commercially unviable for the
steel producer, the deal size could be around Rs bn (ET)

* ETISALAT has accused GSM industry body Cellular Operators
Association of India (COAI) of representing the views of just two major
players — Bharti Airtel and Idea Cellular. Etisalat, has now asked
sector regulator Trai not to consider COAI’s representations on
spectrum allocation, M&As, extension of telecom licences, as that of
the GSM industry (ET)

* ONGC has put on hold its plans to float tenders inviting bids for
development of 21 marginal fields, till new fiscal regime for such fields
is in place. The current fiscal regime makes it unattractive for the
service contractors, who have to bear all the development cost, and
sell the crude from the fields at a capped price to ONGC. (BL)

* GMR Infrastructure, to raise about Rs 130 bn from domestic banks
for funding its four power projects and two road projects. The company
will invest about Rs 40 bn towards equity in these projects (BS)

* State Bank of India said its general insurance foray, in a joint
venture with Insurance Australia Group (IAG), will commence
operations in the first half of next year. Both the companies have
together invested over Rs 6.5 bn into the venture. (FE)

* The governments of Maharashtra, Gujarat and Andhra Pradesh have
started talks with the Anil Dhirubhai Ambani Group (ADAG) for a
possible relocation of the 8,000-Mw Dadri gas-based power plant from
Uttar Pradesh. (BS)

* NTPC has signed gas sale agreements (GSAs) with GAIL, IOC and
BPCL for supply of around 1.2 million tonne of re-gasified LNG (R-LNG)
per annum for a period of 20 years to its Rajiv Gandhi Combined Cycle
Power Project in Alappuzha district of Kerala. R-LNG will be supplied
from Petronet LNG’s upcoming Kochi (FE)

* Alstom - Bharat Forge to set up a Rs 24 bn equipment
manufacturing facility over 120 acres with capacity to manufacture
5000 MW high efficiency power generation equipments per annum at
Mundra SEZ of Mundra Port and Special Economic Zone Ltd (BS)

International trends

* Shanghai Automotive Industry Corporation Group (SAIC) and
General Motors, US, today announced the formation of a 50:50 joint
venture exclusively to cater to the Indian market and to South East
Asian countries.

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