Stocks to watch: Satyam, M&M, ONGC, GATI, MTNL
Equities are likely to open their last trading day of 2008 on a firmer note. But trade is likely to remain choppy through the session amid thin volumes.
By ET Online |
MUMBAI: Equities are likely to open their last trading day of 2008 on a firmer note. But trade is likely to remain choppy through the session amid thin volumes.
World crude oil prices steadied below $39 as Middle East tension and hopes for another Saudi output cut did little to counter the grim economic outlook. US crude fell to $38.75 per barrel.
Indian rupee was higher Wednesday following rise in the Asian markets and due to some month-end dollar demand from importers and oil refiners. At 9:10 a.m., partially convertible rupee was at 48.42 per dollar compared with Tuesday's close of
48.47.
Hewlett-Packard is evaluating the possibility of acquiring a stake in IT services provider Satyam Computer, attracted by the Satyam's board members latter���s lucrative business software practice. HP executives are busy evaluating the option even during the Christmas-New Year holiday season.
In another development, Maytas Properties, a firm linked to Satyam Computer Services chairman S Ramalinga Raju���s family, is looking at raising funds through several of its real estate-related ventures after a potential $1.3-bn sale to Satyam was called off, following investor backlash.
ONGC Videsh, the overseas investment arm of India's largest oil exploration company Oil & Natural Gas Corporation, is unlikely to scrap the acquisition of the UK-listed Imperial Energy even if its shareholders offer less than the 90 per cent stakes by the 1 PM-deadline.
Logistics service provider Gati has identified three cargo companies in China and may be willing to buy any one of them for up to $5 million. The timing of the acquisition is yet to be decided.
State-owned MTNL, which had emerged as the front-runner to acquire Sri Lankan telco Suntel for about $180 mn, is learnt to have put the acquisition plan on the back burner.
Anil Ambani-led Reliance Communications on Tuesday announced the rollout of GSM mobile services, which will be available in 11,000 towns countrywide. Announcing the rollout, Anil Ambani told reporters that the company has invested over Rs 10,000 crore in the project, which was completed six months ahead of schedule. Reliance Communications mobile users will now have a choice of both CDMA and GSM services.
World crude oil prices steadied below $39 as Middle East tension and hopes for another Saudi output cut did little to counter the grim economic outlook. US crude fell to $38.75 per barrel.
Indian rupee was higher Wednesday following rise in the Asian markets and due to some month-end dollar demand from importers and oil refiners. At 9:10 a.m., partially convertible rupee was at 48.42 per dollar compared with Tuesday's close of
48.47.
Hewlett-Packard is evaluating the possibility of acquiring a stake in IT services provider Satyam Computer, attracted by the Satyam's board members latter���s lucrative business software practice. HP executives are busy evaluating the option even during the Christmas-New Year holiday season.
In another development, Maytas Properties, a firm linked to Satyam Computer Services chairman S Ramalinga Raju���s family, is looking at raising funds through several of its real estate-related ventures after a potential $1.3-bn sale to Satyam was called off, following investor backlash.
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Mahindra & Mahindra has decided to exit commercial vehicle maker Swaraj Mazda by selling its 14.04 per cent stake to Sumitomo of Japan, as the Mumbai-based company already has a light commercial vehicle venture with International Truck & Engine Corporation. ONGC Videsh, the overseas investment arm of India's largest oil exploration company Oil & Natural Gas Corporation, is unlikely to scrap the acquisition of the UK-listed Imperial Energy even if its shareholders offer less than the 90 per cent stakes by the 1 PM-deadline.
Logistics service provider Gati has identified three cargo companies in China and may be willing to buy any one of them for up to $5 million. The timing of the acquisition is yet to be decided.
State-owned MTNL, which had emerged as the front-runner to acquire Sri Lankan telco Suntel for about $180 mn, is learnt to have put the acquisition plan on the back burner.
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Industrial Development Bank of India is learnt to be in talks with GE Commercial Finance ��� the financial arm of GE ��� to pick up around 25 per cent stake in the latter���s construction equipment finance business in India. Infrastructure Development Finance Company will also hold around 35 per cent stake in it. Anil Ambani-led Reliance Communications on Tuesday announced the rollout of GSM mobile services, which will be available in 11,000 towns countrywide. Announcing the rollout, Anil Ambani told reporters that the company has invested over Rs 10,000 crore in the project, which was completed six months ahead of schedule. Reliance Communications mobile users will now have a choice of both CDMA and GSM services.
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