Stocks to watch: M&M, Tata Teleservices, Datacom Solutions
Equities are likely to open sharply higher Monday cheering crude oil's slide which has kept the sentiment upbeat across global markets.
By ET Online |
MUMBAI: Equities are likely to open sharply higher Monday cheering crude oil's slide which has kept the sentiment upbeat across global markets. However, gains may be limited ahead of the SEBI board meeting on Wednesday to review FII regulations, where it may revisit the norms relating to P-notes and securities lending and borrowing mechanism.
Oil prices climbed above $116 per barrel Monday on worries that fighting between Russia and Georgia would disrupt energy exports.
The rupee was at 41.90/91 against the dollar as declining oil prices turned sentiments bullish on expectations of fresh bout of foreign inflows.
The government has rejected Societe Generale���s proposed 35:65 joint venture with India���s largest bank, the SBI, for custodial and depository services, after the RBI raised concerns about the securities scam in Europe. The central bank also highlighted that SocGen was found violating trading norms in Zurich.
Come 2009, Tata Tea will storm the Chinese and Far East markets with its range of green tea polyphenols, other green tea extracts, cold and hot water soluble instant tea, liquid tea concentrates and other value-added tea beverage products. The 70:30 JV between Tata Tea and Chinese tea major Zhejiang Tea Import & Export will manufacture and market the teas from the second quarter of 2009.
Austral Coke has filed a Rs 600-crore defamation suit against the promoters of Gujarat NRE in the Bombay High Court for maligning Austral Coke���s ongoing initial public offer. The defamation suit was filed on Friday on grounds that Gujarat NRE has been issuing false statements at a time when the IPO is open. The offer opened for subscription on August 7 and will close on August 13.
Oil prices climbed above $116 per barrel Monday on worries that fighting between Russia and Georgia would disrupt energy exports.
The rupee was at 41.90/91 against the dollar as declining oil prices turned sentiments bullish on expectations of fresh bout of foreign inflows.
The government has rejected Societe Generale���s proposed 35:65 joint venture with India���s largest bank, the SBI, for custodial and depository services, after the RBI raised concerns about the securities scam in Europe. The central bank also highlighted that SocGen was found violating trading norms in Zurich.
Come 2009, Tata Tea will storm the Chinese and Far East markets with its range of green tea polyphenols, other green tea extracts, cold and hot water soluble instant tea, liquid tea concentrates and other value-added tea beverage products. The 70:30 JV between Tata Tea and Chinese tea major Zhejiang Tea Import & Export will manufacture and market the teas from the second quarter of 2009.
Austral Coke has filed a Rs 600-crore defamation suit against the promoters of Gujarat NRE in the Bombay High Court for maligning Austral Coke���s ongoing initial public offer. The defamation suit was filed on Friday on grounds that Gujarat NRE has been issuing false statements at a time when the IPO is open. The offer opened for subscription on August 7 and will close on August 13.
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Mahindra and Mahindra plans to list its newly-formed two-wheeler venture on the stock markets to raise money for expansion and unlock shareholders value, when the venture attains profitability, reports Times of India. The company is also open to fresh investments for a new two-wheeler factory, for expanding beyond Kinetic's current 500,000 annual capacity that it has acquired.
Tata Teleservices has unveiled plans to invest $2 billion (over Rs 8,000 crore) to expand telecom business over the next couple of years, with a major chunk to go in for roll out of GSM mobile services in the country. The company, which currently offers mobile services on the CDMA platform, is planning to launch the service by the end of this year, but is concerned about the slow pace of spectrum allocation by the government.
Lakshmi Niwas Mittal, London-based billionaire, is believed to have evinced interest in buying low-cost carrier Spicejet, reports DNA Money.
Aiming to almost double the return on invested capital in five years, Tata Steel Group might dispose of some of the low-profit yielding assets of Corus, the Anglo-Dutch steel maker which it had acquired for $12.9 billion last year. The Tata Steel Group has set itself an ambitious target to improve RoIC of its existing assets to 30 per cent from the current 19 per cent over the next five years.
Talks have failed between the Dhoots of the Videocon group and Mahendra Nahata of Himachal Futuristic Communications to buy out the latter's 36 per cent stake in all-India mobile licence-holder Datacom Solutions, reports Business Standard. The failure of a settlement could delay Datacom���s ambition to be the first telco among the new licencees to roll out GSM mobile services by the end of this year.
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Datacom Solutions, the telecom services arm of consumer electronics major Videocon Group, has short-listed four IT majors for supplying technology solutions on a revenue sharing basis. The contract, according to sources, is valued around Rs 3,000 crore spread over a seven-year period, reports Business Standard. The company is in the final stages of negotiations with International Business Machines Corporation, Tata Consultancy Services, Tech Mahindra and Wipro.Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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