Thursday, April 10, 2008

Everyday India Stock Market and Business Round up - Apr 11 2008

ArcelorMittal wins EU approval for JV
Sify.comToday at 6:23 AM
ArcelorMittal, the world's largest steel maker, won approval from the European Union (EU) on Thursday to form a flat carbon steel joint venture (JV) with Swedish company BE Sverige, Xinhua reported.

March gold imports drop 50% yr/yr
Sify.comYesterday at 8:32 PM
India's gold imports in March halved from a year ago to 27 tonnes, extending a sharp downward trend as high prices kept buyers away but recovering from a heavier fall in February, a top industry official said.

Food prices make inflation control difficult: PM
Sify.comYesterday at 8:18 PM
A steep rise in food prices will make inflation control more difficult, Prime Minister Manmohan Singh said on Thursday, as he urged the global community to act together to ease a supply-demand mismatch.

Bicycle industry may hike rates by 5%
Sify.comYesterday at 6:25 PM
The bicycle industry is thinking of increasing the prices of bicycles by atleast 5 per cent as the production cost of a bicycle has shot up following the imposition of a surcharge of Rs 5,000 per ton on hot rolled steel by the primary steel manufacturers.

BSL Board to consider dividend
Sify.comYesterday at 5:57 PM
BSL Ltd has informed the BSE that a board meeting will be held on April 30 for consideration and approval of audited financial results for the quarter and year ended March 31, 2008 and to consider recommendation of dividend for the year.

Madras Aluminium board to consider dividend
Sify.comYesterday at 5:43 PM
Madras Aluminium Co Ltd has informed BSE that a board meeting will be held on April 29 to consider the audited quarterly financial results and dividend for the period ended March 31, 2008.


Tata Motors shifts gears on overseas expansion plan
Sify.comYesterday at 5:31 PM
Tata Motors gained on Thursday on reports that the company plans to expand its business in Africa by setting up assembly facilities, mainly for commercial vehicles.

NTPC net up 4%, to double coal imports
Sify.comYesterday at 5:23 PM
NTPC Ltd, India's largest power producer, on Thursday reported a 4 per cent rise in full-year provisional net profit and said it would double coal imports in 2008/09 as it expands capacity.

FIIs make a case ahead of SEBI meet
The Economic TimesToday at 9:49 AM
FIIs have requested SEBI that margin money and collateral deposited with the exchanges be made fungible across cash and derivative segment

War on rising prices may leave exporters high, dry
The Economic TimesToday at 7:49 AM
The political focus on taming inflation has robbed this year’s update of Foreign Trade Policy and exporters looking for sops are in for disappointment.

Foreign companies may get to bid for 3G spectrum
The Economic TimesToday at 5:49 AM
Government wants a pie of the spectrum revenue to meet debt relief and other social sector obligations.

RIL to sell up to 10% in KG basin
The Economic TimesToday at 3:48 AM
The company is learnt to have mandated Goldman Sachs to scout for a strategic partner in lieu of technology for further exploration and production

Tata Motors' rating may be downgraded

The Economic TimesYesterday at 10:48 PM
Moody's said Tata Motors' liquidity position is weak since the company has a high reliance on domestic bank debt.

SEZ to attract Rs 15,000 cr investments
The Financial ExpressYesterday at 2:54 PM
TIDCO and AMR Constructions signed a MoU to implement the Nanguneri multiproduct SEZ.

Indian Hotels postpones rights issue to Sept 09
The Financial ExpressYesterday at 2:54 PM
In a release to the Bombay Stock Exchange, the company said that it has extended the closing date for the issue by nine days and has pushed the exercise of warrants to next year.

Alternative use matter of concern for rising food price
The Financial ExpressYesterday at 2:54 PM
Prime Minister, Manmohan Singh, expressed deep concern over the rising commodity and food prices both at the global level and in the country. He said that the situation was becoming complex due to alternative uses being developed like for production of bio-fuel.


Rice stocks fall as AP tightens supply
The Financial ExpressYesterday at 2:54 PM
Rice stocks have fallen to alarming levels in Kerala after Andhra Pradesh government earmarked the lion's share of its 19 million tonne bumper paddy harvest for its own 'Rs 2 per kilo' rice scheme.

ICICI Bank buys back $50 m bonds

The Financial ExpressYesterday at 2:54 PM
ICICI Bank Ltd, the nation's second biggest bank, has bought back $50 million of bonds out of the $2 billion issued by its Bahrain branch in October, a statement from the bank said.

Global real estate investment to take 30%-hit, says report
The Financial ExpressYesterday at 2:54 PM
After a record year in 2007 for direct real estate investment globally, with volumes up 8% year-on-year to $759 billion, the investment outlook for 2008 expected to be down over 30% on 2007.

Ranbaxys twin presence in Orchid under sharp focus
The Financial ExpressYesterday at 2:54 PM
Even as the Ranbaxy group made it clear that it wasn't interested in hostile takeovers, the group's presence in the Orchid Pharmaceuticals case on two separate occasions is now the topic of intense discussion in market circles.

SBI, SBS merger likely to take a backseat
The Financial ExpressYesterday at 2:54 PM
The SBI is likely to put its merger with associate bank SBS on the backburner. The contentious issue would not be brought up at SBI's board meeting to be held on May 2, sources said.

RK
http://yourmitra.wordpress.com

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