16-Jun-08 Report

16-June-08
Intraday Report Card



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Era Infra

Era Infra Engineering Ltd has bagged two contracts from Birla Tyres for construction of two tyre plants valuing Rs 30 crores and 25 crores. The company has also bagged a contract from Alps Industries Ltd for construction of Weaving & Processing Unit valuing Rs 10.5 crores.

SAIL

Advance Tax Figures::: SAIL Q1 ADVANCE TAX PAYMENT AT 457CR Vs 454 CR

JSW Steel

JSW Steel has entered into a joint venture for setting up a steel plant in Georgia with an initial capacity of 1.75 lakh tonnes re-highsale bars per annum. The company has decided to invest 49 per cent of the equity.

D S: Government of India authorises issuance of existing debt instruments such as treasury bills and dated securities under the Market Stabilization Scheme. The MTM losses on these bills are expected to be to the tune of Rs 60000-65000 crore. This has not been provided for and has been suppressed till now. But one Mr.Kelkar from Pune has approached the High Court regarding this matter. If this matter is published in the newspapers in the coming days, it could have a negative impact on the market. This news, though from a reliable source could turn out to be a rumour or this news could be suppressed.. Please be careful and trade with stop losses…

Lehman Brothers Real Estate Partners will invest approximately Rs 740 crore to acquire a 50 per cent stake in the initial phase of a project on the Western Expressway of Mumbai, jointly developed by Unitech and its local Mumbai partners. The initial phase entails development of 1 mn sq ft of office space out of the total developable area of nearly 18 mn sq ft. Lehman Brothers Real Estate Partners and the Western Expressway JV will each contribute 50 per cent of the construction cost.

South Africa’s MTN Group is willing to extend the 45-day exclusive deadline with Reliance Communicaiton for talks to discuss the potential combination of their businesses.The deadline will end on July 8. A high level team from MTN is also expected to meet Reliance Industries to take stock of the situation. Meanwhile, Reliance Communications has threatened to claim damages from RIL in case it takes recourse to legal action

Saudi Arabia will increase its oil production by 200,000 barrels a day from July, its oil minister tells the United Nations

16-Jun News

16-Jun-08

Headlines for the day

Corporate News Headline
SAIL
would be investing Rs. 1 bn in its fourth steel processing unit at
Bandaka Industrial Area in the Ujjain district of Madhya Pradesh. (BS)
Power
Grid Corp would seek fresh loan of USD 600 mn from the World Bank and
the ADB to fund its mega transmission projects. (ET)
3i
Infotech acquired the US-based Regulus Group, an independent remittance
and document processing services provider, for USD 100 mn. (BS)

Economic and Political Headline
The
WPI-based inflation for the week ended May 31 rose to 8.75% as compared
to 8.24% for the previous week due to an increase in the prices of
primary articles and manufactured products. (BS)
The
Finance Minister P Chidambaram has approved 13 FDI proposals worth Rs.
15.24 bn based on recommendations of the Foreign Investment Promotion
Board. (BS)
The US consumer prices rose 0.6% in May due to a soaring energy prices and a big jump in airline fares. (WSJ)