Stocks to watch: SBI, Essar Steel, Reliance Infra, IndusInd Bank, Tata Motors
State Bank of India has signalled it may fix the base rate for lending at 8% or less, which may prompt some private banks to offer lower rates to ensure corporate borrowers remain loyal.
By ET Bureau |
MUMBAI: State Bank of India has signalled it may fix the base rate for lending at 8% or less, which may prompt some private banks to offer lower rates to ensure corporate borrowers remain loyal.
The Ruias-controlled Essar Steel on Monday acquired the UK-based steel processor Servosteel for an undisclosed amount, making it their first buyout in the country where the billionaire brothers listed their energy firm three months ago.
Anil Ambani’s Reliance Infrastructure will borrow around Rs 2,600 crore for the Bandra-Worli-Haji Ali Sea Link project in Mumbai, part of which will be constructed by a consortium led by the company. The total cost of the project which includes both phases of the sea link — the first phase between Bandra and Worli is already operational and will be bought over by Reliance Infrastructure — is about Rs 5,100 crore.
Private lender IndusInd Bank will embark on its third fund-raising effort in as many years to collect up to Rs 1,000 crore through a share sale for strengthening the balance sheet and meeting its growth ambitions. IndusInd, founded by the Hindujas, will look to raise the money through a qualified institutional placement or issue of global depository receipts (GDRs) during this financial year.
Global engines major Cummins said it will invest $300 million (about Rs 1,390 crore) with local partners in India over the next five years to set up four facilities, including an engine unit. The company expects its revenue from India operations to touch $2 billion (about Rs 9,200 crore) in 2010 on account of good growth across different segments.
The diversified $3-billion Siva Group, headed by NRI C Sivasankaran, has acquired a 13.88% stake in Chennai-based Arihant Foundations and Housing. Arihant informed BSE on Monday the stake has been picked up by Siva Projects Engineering and Enterprises, Saravna Enterprises and S Jayalakshmi.
Tata Motors will raise Rs 4,700 crore through a combination of equity, convertible bonds, debentures and warrants to reduce debt and fund expansion. India’s largest maker of trucks will seek the approval of its shareholders for the fund-raising, the timing of which will be determined later, Tata Motors said in a regulatory filing on Monday.
The Ruias-controlled Essar Steel on Monday acquired the UK-based steel processor Servosteel for an undisclosed amount, making it their first buyout in the country where the billionaire brothers listed their energy firm three months ago.
Anil Ambani’s Reliance Infrastructure will borrow around Rs 2,600 crore for the Bandra-Worli-Haji Ali Sea Link project in Mumbai, part of which will be constructed by a consortium led by the company. The total cost of the project which includes both phases of the sea link — the first phase between Bandra and Worli is already operational and will be bought over by Reliance Infrastructure — is about Rs 5,100 crore.
Private lender IndusInd Bank will embark on its third fund-raising effort in as many years to collect up to Rs 1,000 crore through a share sale for strengthening the balance sheet and meeting its growth ambitions. IndusInd, founded by the Hindujas, will look to raise the money through a qualified institutional placement or issue of global depository receipts (GDRs) during this financial year.
Global engines major Cummins said it will invest $300 million (about Rs 1,390 crore) with local partners in India over the next five years to set up four facilities, including an engine unit. The company expects its revenue from India operations to touch $2 billion (about Rs 9,200 crore) in 2010 on account of good growth across different segments.
The diversified $3-billion Siva Group, headed by NRI C Sivasankaran, has acquired a 13.88% stake in Chennai-based Arihant Foundations and Housing. Arihant informed BSE on Monday the stake has been picked up by Siva Projects Engineering and Enterprises, Saravna Enterprises and S Jayalakshmi.
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Tata Motors will raise Rs 4,700 crore through a combination of equity, convertible bonds, debentures and warrants to reduce debt and fund expansion. India’s largest maker of trucks will seek the approval of its shareholders for the fund-raising, the timing of which will be determined later, Tata Motors said in a regulatory filing on Monday.
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