MARKET NEWS
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MARKET NEWS HIGHLIGHTS DEC 7th, 2009
The GVK Power has acquired 17% in Bangalore International Airport (BIAL) from Larsen & Toubro for Rs 686 crore. The stake was acquired through its subsidiary and the acquisition was priced at Rs 105 a share. With this acquisition, GVK will now hold 29% stake in BIAL. The deal values BIAL at around Rs 4,040 crore. Speaking on the acquisition, GV Krishna Reddy, Chairman and MD, GVK Power & Infrastructure…
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MARKET NEWS HIGHLIGHTS DEC 4th, 2009
The Apollo Hospitals Group will nurture Apollo Pharmacy, its retail brand, for another six months before taking a `strategic decision` in June next year, .Managment will decide in June if they should hive off the pharmacy business, sell stake, find a strategic partner or explore other options, adding the pharma division now was on a growth path. Apollo had hinted at hiving off the pharmacy division last year…
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MARKET NEWS HIGHLIGHTS DEC 3rd, 2009
Apollo to expand pharmacy brand: The Apollo Hospitals Group will nurture Apollo Pharmacy, its retail brand, for another six months before taking a `strategic decision` in June next year, .Managment will decide in June if they should hive off the pharmacy business, sell stake, find a strategic partner or explore other options, adding the pharma division now was on a growth path. Apollo had hinted…
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MARKET NEWS HIGHLIGHTS DEC 2nd, 2009
Aban Offshore is looking to list its Singapore subsidiary Aban Singapore on the SGX sometime early next year. Aban is going to raise about USD 400 million through this listing by dilution of about 10% equity stake. Aban has a debt of about Rs 16,000 crore on its books. the proceeds from this IPO will go towards the repayment of this debt. Also Aban has a provision of raising about Rs 2,000 crore via equity …
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MARKET NEWS HIGHLIGHTS DEC 1st, 2009
Aban Offshore is looking to list its Singapore subsidiary Aban Singapore on the SGX sometime early next year. Aban is going to raise about USD 400 million through this listing by dilution of about 10% equity stake. Aban has a debt of about Rs 16,000 crore on its books. the proceeds from this IPO will go towards the repayment of this debt. Also Aban has a provision of raising about Rs 2,000 crore via equity…
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MARKET NEWS HIGHLIGHTS NOV 30th, 2009
The country’s top mutual fund houses, including UTI Mutual Fund, are keen to join the National Stock Exchange’s new mutual fund service system (MFSS), which will be launched on Monday. According to market sources, UTI Mutual Fund will be the first to leverage the NSE’s mutual fund platform, which would enable exchange’s members to use its existing infrastructure for transaction in MF schemes. Initially, UTI will list its equity and debt schemes…
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MARKET NEWS HIGHLIGHTS NOV 26th, 2009
Power firm JSW Energy will launch its initial public offering (IPO) to raise 27 billion rupees on Dec 7, a top official of the JSW group, which owns India’s third biggest steel maker JWS Steel. The price band will be declared on Dec 3. JSW Energy has current operational capacities worth 995 MW and is already in profit zone. the firm has consolidated debt of 76.76 billion rupees and would usethe proceeds…
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MARKET NEWS HIGHLIGHTS NOV 25th, 2009
Power firm JSW Energy will launch its initial public offering (IPO) to raise 27 billion rupees on Dec 7, a top official of the JSW group, which owns India’s third biggest steel maker JWS Steel. The price band will be declared on Dec 3. JSW Energy has current operational capacities worth 995 MW and is already in profit zone. the firm has consolidated debt of 76.76 billion rupees and would use the proceeds from IPO…
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MARKET NEWS HIGHLIGHTS NOV 24th, 2009
Power firm JSW Energy will launch its initial public offering (IPO) to raise 27 billion rupees on Dec 7, a top official of the JSW group, which owns India’s third biggest steel maker JWS Steel. The price band will be declared on Dec 3. JSW Energy has current operational capacities worth 995 MW and is already in profit zone. the firm has consolidated debt of 76.76 billion rupees and would use the proceeds from IPO…
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MARKET NEWS HIGHLIGHTS NOV 23rd, 2009
Listing time should come down to 7 days: Bhave– Sebi wants companies going public to list their shares within seven days after closing the IPO subscription process, a move that could lower the risks and costs associated with a longer gestation period of about 20 days currently in place. ‘‘The listing time should come down to seven days,” C B Bhave, chairman, Sebi, said. The top regulator, who was speaking at an industry…
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MARKET NEWS HIGHLIGHTS NOV 20th, 2009
Bhave– Sebi wants companies going public to list their shares within seven days after closing the IPO subscription process, a move that could lower the risks and costs associated with a longer gestation period of about 20 days currently in place. ‘‘The listing time should come down to seven days,” C B Bhave, chairman, Sebi, said. The top regulator, who was speaking at an industry conference, said that several changes take place during the time an IPO…
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MARKET NEWS HIGHLIGHTS NOV 19th, 2009
Listing time should come down to 7 days: Bhave– Sebi wants companies going public to list their shares within seven days after closing the IPO subscription process, a move that could lower the risks and costs associated with a longer gestation period of about 20 days currently in place. ‘‘The listing time should come down to seven days,” C B Bhave, chairman, Sebi, said. The top regulator, who was speaking at an industry…
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MARKET NEWS HIGHLIGHTS NOV 18th, 2009
Global telcos give 3G a missed call– The government on Monday asked mobile phone firms to come back next month for clarity on key questions relating to the auction of 3G spectrum, postponing the problem yet again at a pre-bid conference that was expected to shed light on several complicated issues. With less than two months to go before the auction on January 14, foreign mobile phone…
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MARKET NEWS HIGHLIGHTS NOV 12th, 2009
RILmay sell stake in overseas blocks. (ET)
Aditya Birla Group may hike its stake in Grasim to fend off any hostile take over bid. (ET)
Infosyshas announced a partnership with Nvidia to set up a technology campus. (BS)
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MARKET NEWS HIGHLIGHTS NOV 11th, 2009
Reliance Industries announced the first discovery of oil in the Cambay basin, which, if proven, will add significantly to its hydrocarbon reserves. (ET)
Reliance Industries said the KG-D6 field is operating at less than 70% of the capacity as the government is yet to notify additional customers. (BS)
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MARKET NEWS HIGHLIGHTS NOV 9th, 2009
Reliance Industries is looking to acquire a part of the assets owned by LyondellBasell. (ET)
SBI has cut interest rates by 25-50bps on deposits up to five years duration. (BL)
BSNL has joined the ongoing mobile tariff war by announcing a slew of initiatives including a scheme based per second billing. (BL)
