HOT STOCK NEWS

* NTPC : Cabinet approves stake sale to raise Rs 86bn from 5% dilution

* TCS : Q2 PAT Rs 16.4bn v/s 12.7bn (JMFe 15.3bn, street Rs 15.1bn), sales
+6.9% @ Rs 74.4bn (JMFe 73.69bn).. gets 2 large deals from Indian states, 2
large deals for e-governance project.. CFO says Cos order book as healthy as
"pre Lehman days", has enough orders to grow for 2-3 yrs

* RELIANCE IND / RELIANCE NATURAL RES : hearing on the ongoing gas dispute
begins in the Supreme Court today

* CEMENT : CMIE states cement pxs expected to weaken during remain period of
current fiscal on bk of highest ever capacity addition by industry

* RELIANCE CAPITAL : enters a strategic alliance to setup investment banking
business in India with Daiwa Securities

* RURAL ELECTRIFICATION (REC) : board approves follow up public offer plan

* TV18 : Q2 loss Rs 661mn v/s 275mn, revenues Rs 1.24bn v/s 1.3bn

* UNITECH : Govt approves Telenor Rs 37.4bn investment in Unitech Wireless
taking stake to 67%

* TANLA SOLUTIONS : signs agreement with Nokia for licence mgmt & mobile payments

Corporate News – Industry trends

* The governments disinvestment programme made a muted restart
with the Cabinet Committee on Economic Affairs (CCEA)
approving the part-sale of its stake in two power companies NTPC and
Satluj Jal Vidyut Nigam (SJVNL) — but postponing a decision on the
overall disinvestment policy (BS)

* The high-pitched Reliance Industries Ltd and Reliance Natural
Resources Ltd dispute is scheduled for an afternoon hearing in the
Supreme Court on Tuesday (BS)

* A CABINET committee approved the sale of 5% in NTPC in one of the
most ambitious equity sales in a state-owned firm that could fetch the
government around Rs 90bn at current market prices (ET)

* Megnasolace City Pvt Ltd, a special purpose vehicle set up for the
Mumbai IT/ITES SEZ project coming up at Thane, is looking at
raising US$216 mn through private equity to acquire up to 250 acres
to complete the first (BS)

* Mukesh Ambani, after completing the world’s largest oil refining
complex at Jamnagar in Gujarat, has now set his eyes on owning
refining assets in the US and Europe; His RIL has initiated preliminary
discussions with US-based refiners such as Valero Energy Corp, Sunoco
Inc and Flying J Inc for acquiring refineries, said sources (BS)

* Workers’ unions in the Gurgaon-Manesar industrial belt in Haryana
have called for a one-day strike on Tuesday to protest the death of a
labourer in a group clash at a plant of auto component maker, Rico
Auto (BS)

* Currency volatility is a concern for India’s largest information
technology company, Tata Consultancy Services. So much so, that it
has taken new hedging positions worth US$135 mn for the quarter
ending December 31 (BS)

* The government approved Norwegian telecom company Telenor’s
proposal to raise stake in its Indian joint venture Unitech Wireless to
74%, the maximum permitted in the sector (BS)

* TATA-QUIPPO, the telecom tower venture between the Tatas and
Kolkata-based Kanorias of Srei Group, is in advanced stages of
negotiations with New York-based private equity fund Apollo
Management to finance acquisition of cellular operator Aircel’s tower
assets, should it win the bid (ET)

* TVS Motor Company is gearing up to launch the country’s first
motorcycle with automatic clutch by the end of this calendar year (BL)

* Additional cement capacities of nearly 31 mn tonnes (across 33
projects) are expected to be commissioned in the second half of this
fiscal at an investment of Rs 79.6bn (BL)

*UCO Bank is likely to raise Rs 9-9.5 bn from a follow-on-public offer
after a strong rally in the stock market (Mint)

* A consortium of Lanco Infratech has won coal-bed methane gas
exploration blocks at Talcher and the ib valley in Orissa in the latest
round of bids that concluded on 12 October (Mint)

Economic/Regulatory development

The Centre, cleared a proposal to shift to a monthly Wholesale Price
Index series instead of the current weekly one, with the base year to
be changed to 2004-05 from 1993-94 at present (BL)
International trends

Federal investigators are gearing up to file charges against a wider
array of insider-trading networks, some linked to the criminal case
against billionaire hedge-fund manager Raj Rajaratnam that shook
Wall Street last week, people familiar with the matter said (BS).

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