Stocks to watch: M&M, DLF, GVK, GMR, Tata Power, Torrent, Petronet LNG, MTNL, Moser Baer
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B. Karthick
Jul 9, 2009, 1:11:36 AM7/9/09
to Kences1
Crude oil arrested fall after correcting sharply following rise in
inventories in the US. Crude for August delivery rose to $60.70.
London Brent crude moved to $61
The Indian rupee dropped to its lowest level in seven weeks early on
Thursday, weighed down by lower Asian stocks. At 9:02 a.m., the
partially convertible rupee was at 49 per dollar. It had closed at
48.88 on Wednesday.
Mahindra & Mahindra is stepping up plans to launch diesel-powered pick-
up trucks in the US, even as global carmakers such as Honda, Toyota,
Nissan and Ford have put similar pick-up launches in the US, on hold.
The Mumbai-based company wants to cash in on the opportunity created
by the disinterest of global majors, by competitively pricing its
products in the American market.
DLF has sold its stake in 50:50 joint venture with Mumbai-based
Ackruti City for developing a commercial project in Mumbai to a US-
based real estate fund for over Rs 200 crore. The JV firm is
developing two office buildings spread over nine million sq ft at
Andheri, Mumbai.
The Ambani vs Ambani battle over the supply of KG basin gas has put
some corporates in a spot of bother. Companies like GVK, GMR, Tata
Power and Torrent have sought government intervention to ensure that
the Bombay High Court judgement in the RIL-RNRL gas dispute does not
affect their gas supply arrangements.
MTNL is finally breaking out of its slumber by teaming up with a
telecom MNC to take on powerful brands like Airtel, Vodafone,
Reliance, Tata and Idea in 3G services. This is historic as this is
the first time any state-owned firm in India has attempted such a
brave and far-sighted move.
Petronet LNG expects to take possession of its expanded LNG import
terminal in Dahej from contractors next week, saying that the
technical problems that arose during the commissioning have been
solved. The company had expected that the expanded terminal would be
able to operate at its full capacity by May 2009, but technical
problems forced it to reschedule several cargoes.
Moser Baer India posted net loss of Rs 150.88 crore for the year ended
March 31, 2009 as compared to net loss of Rs 78.91 crore in the same
quarter a year ago. Total income increased to Rs 2324.91 crore from Rs
2001.73 crore.
The minority shareholders of Zenotech Laboratories, led by managing
director Jayaram Chigurupati, have moved the Company Law Board
alleging mismanagement by Ranbaxy Laboratories, which holds 47% stake
in the company. The development follows the face-off between the two
companies after Zenotech shareholders refused to accept the open offer
price of Rs 113.62 a share from Daiichi Sankyo, the new owner of
Ranbaxy.
MIC Electronics has entered Memorandum Of Understanding with Indian
Oil Corporation for marketing of Solar LED Lantern. The lantern will
be launched on June 30.
Seamec has informed BSE that contract for the vessel SEAMEC II with
Rana Diving Contractors, Italy working in Congo has been further
extended for one month till August 09, 2009.
B.Karthick
Research Analyst.
inventories in the US. Crude for August delivery rose to $60.70.
London Brent crude moved to $61
The Indian rupee dropped to its lowest level in seven weeks early on
Thursday, weighed down by lower Asian stocks. At 9:02 a.m., the
partially convertible rupee was at 49 per dollar. It had closed at
48.88 on Wednesday.
Mahindra & Mahindra is stepping up plans to launch diesel-powered pick-
up trucks in the US, even as global carmakers such as Honda, Toyota,
Nissan and Ford have put similar pick-up launches in the US, on hold.
The Mumbai-based company wants to cash in on the opportunity created
by the disinterest of global majors, by competitively pricing its
products in the American market.
DLF has sold its stake in 50:50 joint venture with Mumbai-based
Ackruti City for developing a commercial project in Mumbai to a US-
based real estate fund for over Rs 200 crore. The JV firm is
developing two office buildings spread over nine million sq ft at
Andheri, Mumbai.
The Ambani vs Ambani battle over the supply of KG basin gas has put
some corporates in a spot of bother. Companies like GVK, GMR, Tata
Power and Torrent have sought government intervention to ensure that
the Bombay High Court judgement in the RIL-RNRL gas dispute does not
affect their gas supply arrangements.
MTNL is finally breaking out of its slumber by teaming up with a
telecom MNC to take on powerful brands like Airtel, Vodafone,
Reliance, Tata and Idea in 3G services. This is historic as this is
the first time any state-owned firm in India has attempted such a
brave and far-sighted move.
Petronet LNG expects to take possession of its expanded LNG import
terminal in Dahej from contractors next week, saying that the
technical problems that arose during the commissioning have been
solved. The company had expected that the expanded terminal would be
able to operate at its full capacity by May 2009, but technical
problems forced it to reschedule several cargoes.
Moser Baer India posted net loss of Rs 150.88 crore for the year ended
March 31, 2009 as compared to net loss of Rs 78.91 crore in the same
quarter a year ago. Total income increased to Rs 2324.91 crore from Rs
2001.73 crore.
The minority shareholders of Zenotech Laboratories, led by managing
director Jayaram Chigurupati, have moved the Company Law Board
alleging mismanagement by Ranbaxy Laboratories, which holds 47% stake
in the company. The development follows the face-off between the two
companies after Zenotech shareholders refused to accept the open offer
price of Rs 113.62 a share from Daiichi Sankyo, the new owner of
Ranbaxy.
MIC Electronics has entered Memorandum Of Understanding with Indian
Oil Corporation for marketing of Solar LED Lantern. The lantern will
be launched on June 30.
Seamec has informed BSE that contract for the vessel SEAMEC II with
Rana Diving Contractors, Italy working in Congo has been further
extended for one month till August 09, 2009.
B.Karthick
Research Analyst.
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