STOCKS ALERT: 07.09.2012
rupeedesk
* BAJAJ FINSERV: 1-for-10 rights issue of 14.5 mln shares at 650 rupees each will open on Sep 21 and close on Oct 8.
* EXIDE INDUSTRIES: Is intensifying efforts to buy-out Dutch financial conglomerate ING's 26% stake in their insurance joint venture.
* FINANCIAL TECHNOLOGIES INDIA : Competition Appellate Tribunal has reserved its order on the company's plea to be made a party in the petition filed by the National Stock Exchange challenging the penalty imposed by the Competition Commission of India.
* FORCE MOTORS: Has put on hold its 3-bln-rupee investment plan to launch a small commercial vehicle.
* FUTURE CAPITAL HOLDING: Government has approved private equity firm Warburg Pincus' acquisition of a majority stake in the company.
* GREAVES COTTON: To pay an interim dividend of 0.3 rupees a share.
* HOUSING DEVELOPMENT FINANCE CORP: Has allotted 841,300 shares on warrant conversion.
* IDBI BANK: Has reduced home loan rates and also cut processing fees on such
loans by at least 50%.
* HERO MOTOCORP: Plans to lower production by 18% to avoid an inventory pile-up.
* KOTAK MAHINDRA BANK: May have to cut its 30% loan growth target for 2012-13 if the current weak environment continues.
* LLOYDS STEEL INDUSTRIES: Has settled a loan recast suit with Asset Reconstruction Co.
* MAHANAGAR TELEPHONE NIGAM: Will not participate in the 2G spectrum auction. It has planned a capital expenditure of 3-4 bln rupees in 2012-13 (Apr-Mar). Aims to generate revenue of 1 bln rupees in 2012-13 by renting out built-up area.
* MAHINDRA & MAHINDRA: Aims to price its Reva NXR electric car at a 20% premium to petrol-run hatchbacks.
* MAHINDRA UGINE STEEL CO: Japanese steel manufacturers and traders Mitsui and Sanyo Special Steel have together bought 49% stake in the company for 2.18 bln rupees.
* NMDC: Has formed a joint venture with Jharkhand State Mineral Development Corp in which it holds 60% stake.
* TATA MOTORS: Plans to launch 30 new commercial vehicle models and variants in the current financial year ending March. Arm Jaguar Land Rover has invested 370 mln pound sterling in upgrading its UK manufacturing facilities and for setting up an assembly plant in Pune.
* VIDEOCON INDUSTRIES: Is in the race to buy cricket team Deccan Chargers, which plays in the Indian Premier League. Reliance-Anil Dhirubhai Ambani Group and Adani Group are also likely bidders for the team.
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