Update 2
Strong market breadth
The market was range bound in early afternoon trade. ITC and Dr Reddy’s Lab firmed up. Cellular services major Bharti Airtel (BAL) dropped. Index heavyweight Infosys remained subdued. Cement, auto, and banking shares were in demand.
At 12:21 IST, Sensex was up 67 points at 13,669. Sensex moved in a range of 13,655 to 13,886 since 11:30 IST.Sensex had surged over 100 points in opening trade. It had pared gains later.The market breadth was strong. 1,847 shares rose on BSE as compared to 542 shares that declined. 51 shares were unchanged. Gainers outpaced losers by a ratio of 3.4:1.BSE clocked a turnover of Rs 2039 crore.
SAIL to invest Rs 100 bn for modernising IISCO steel plant
Steel Authority of India (SAIL) would invest around Rs 100 billion for modernising the Burnpur-based IISCO steel plant, besides modernisation of the alloy steels plant, reports Economic Times.
The expansion and upgradation programme of IISCO, which was merged with SAIL,would involve a cost of around Rs 100 billion, sources said.
Reliance Retail sets for Chennai
Within days of opening its first `Reliance Fresh` retail outlet in Hyderabad, Reliance Retail has set its eyes on Chennai as the next destination, reports Business Line.
It is understood that Reliance will be opening a clutch of 10 stores in the city to start with, around December 25.These stores are expected to range in size from 1,500 sq ft to 3,500 sq ft. The retailer may also open 6 to 7 stores in Jaipur around the same time and Delhi and Mumbai too are likely to see stores opening up by early January.By March, Reliance Retail expects to make its presence in 6 to 7 states.
Sandvik to set up Rs 450 mn plant in Pune
On an expansion drive in India, Sandvik Asia (SAL), a wholly owned subsidiary of the USD 8-billion Swedish group, Sandvik, announced plans of setting up a new high speed steel taps plant under the Sandvik Tooling division in Pune, reports Business Standard.
The plant is expected to go on stream in the beginning of 2008 and will require an investment of Rs 450 million. It will have a production capacity of one million pieces in the first year with potential for further expansion.
Hilton plans JV with DLF to set up 75 hotels
US-based hospitality giant, Hilton has plans to create a 26:74 joint venture with DLF to develop and own 75 hotels and service apartments in the country over the next seven years, at an investment of upto USD 143 million, reports Business Standard.
The announcement comes a day after Accor of Europe tied up with Emaar MGF to set up 100 hotels in the next few years at an investment of USD 300 million.
ONGC Videsh wins oil block in Brazil
OVL (ONGC Videsh), the overseas arm of state-run Oil and Natural Gas Corp (ONGC), become richer by winning an oil exploration block in Brazil, reports Business Standard.
OVL paid USD 6,80,000 for the offshore S-M-1103 block in the Santos basin. The block has a potential for natural gas and light oil.The company was among the host of global energy giants that were awarded six blocks in Brazil`s eighth annual auction of oil and gas concessions.
NDTV partners with Karan Johar`s production company
NDTV, the Delhi-based media house announced its partnership with film maker Karan Johar`s production company, Dharma Productions, reports Financial Express.
Last month, NDTV had announced its foray into the entertainment business with plans of launching NDTV Entertainment channel. Karan Johar and his production company, Dharma Productions, will work exclusively with NDTV for entertainment programming. Karan will help originate concepts and new programming ideas for the channel and will be an ambassador for the NDTV entertainment brand.
Dharma Productions will produce shows for NDTV`s entertainment channel. The channel will have the first right of refusal over any programmes that Dharma produces for television. Karan Johar will also be on the board of NDTV`s entertainment company, and his company Dharma productions will hold an equity stake in it.
Gujarat NRE Coke buys 85% in Zelos Resources
Gujarat NRE Coke has acquired a controlling stake of 85% in Zelos Resources NL (ZCO), which is listed on the Australian Stock Exchange (ASX). The company shall now be known as Gujarat NRE Resources NL (GUJ), after it recently received a nod from shareholders of Zelos.
Volkswagen to sign pact with Maharashtra govt for Pune plant today
Europe`s largest car manufacturer, Volkswagen has planned to set up a manufacturing plant in Pune by investing USD 530 million. It will sign an agreement with the Maharashtra government for the facility in New Delhi on November 29, reports Business Standard.
The unit will be the 45th manufacturing facility of the Volkswagen group, while India will be the 19th country to produce its vehicles. On an average, the company produces more than 21,000 vehicles a day. The car-maker plans to roll out the mid-sized Passat brand.
The market was range bound in early afternoon trade. ITC and Dr Reddy’s Lab firmed up. Cellular services major Bharti Airtel (BAL) dropped. Index heavyweight Infosys remained subdued. Cement, auto, and banking shares were in demand.
At 12:21 IST, Sensex was up 67 points at 13,669. Sensex moved in a range of 13,655 to 13,886 since 11:30 IST.Sensex had surged over 100 points in opening trade. It had pared gains later.The market breadth was strong. 1,847 shares rose on BSE as compared to 542 shares that declined. 51 shares were unchanged. Gainers outpaced losers by a ratio of 3.4:1.BSE clocked a turnover of Rs 2039 crore.
SAIL to invest Rs 100 bn for modernising IISCO steel plant
Steel Authority of India (SAIL) would invest around Rs 100 billion for modernising the Burnpur-based IISCO steel plant, besides modernisation of the alloy steels plant, reports Economic Times.
The expansion and upgradation programme of IISCO, which was merged with SAIL,would involve a cost of around Rs 100 billion, sources said.
Reliance Retail sets for Chennai
Within days of opening its first `Reliance Fresh` retail outlet in Hyderabad, Reliance Retail has set its eyes on Chennai as the next destination, reports Business Line.
It is understood that Reliance will be opening a clutch of 10 stores in the city to start with, around December 25.These stores are expected to range in size from 1,500 sq ft to 3,500 sq ft. The retailer may also open 6 to 7 stores in Jaipur around the same time and Delhi and Mumbai too are likely to see stores opening up by early January.By March, Reliance Retail expects to make its presence in 6 to 7 states.
Sandvik to set up Rs 450 mn plant in Pune
On an expansion drive in India, Sandvik Asia (SAL), a wholly owned subsidiary of the USD 8-billion Swedish group, Sandvik, announced plans of setting up a new high speed steel taps plant under the Sandvik Tooling division in Pune, reports Business Standard.
The plant is expected to go on stream in the beginning of 2008 and will require an investment of Rs 450 million. It will have a production capacity of one million pieces in the first year with potential for further expansion.
Hilton plans JV with DLF to set up 75 hotels
US-based hospitality giant, Hilton has plans to create a 26:74 joint venture with DLF to develop and own 75 hotels and service apartments in the country over the next seven years, at an investment of upto USD 143 million, reports Business Standard.
The announcement comes a day after Accor of Europe tied up with Emaar MGF to set up 100 hotels in the next few years at an investment of USD 300 million.
ONGC Videsh wins oil block in Brazil
OVL (ONGC Videsh), the overseas arm of state-run Oil and Natural Gas Corp (ONGC), become richer by winning an oil exploration block in Brazil, reports Business Standard.
OVL paid USD 6,80,000 for the offshore S-M-1103 block in the Santos basin. The block has a potential for natural gas and light oil.The company was among the host of global energy giants that were awarded six blocks in Brazil`s eighth annual auction of oil and gas concessions.
NDTV partners with Karan Johar`s production company
NDTV, the Delhi-based media house announced its partnership with film maker Karan Johar`s production company, Dharma Productions, reports Financial Express.
Last month, NDTV had announced its foray into the entertainment business with plans of launching NDTV Entertainment channel. Karan Johar and his production company, Dharma Productions, will work exclusively with NDTV for entertainment programming. Karan will help originate concepts and new programming ideas for the channel and will be an ambassador for the NDTV entertainment brand.
Dharma Productions will produce shows for NDTV`s entertainment channel. The channel will have the first right of refusal over any programmes that Dharma produces for television. Karan Johar will also be on the board of NDTV`s entertainment company, and his company Dharma productions will hold an equity stake in it.
Gujarat NRE Coke buys 85% in Zelos Resources
Gujarat NRE Coke has acquired a controlling stake of 85% in Zelos Resources NL (ZCO), which is listed on the Australian Stock Exchange (ASX). The company shall now be known as Gujarat NRE Resources NL (GUJ), after it recently received a nod from shareholders of Zelos.
Volkswagen to sign pact with Maharashtra govt for Pune plant today
Europe`s largest car manufacturer, Volkswagen has planned to set up a manufacturing plant in Pune by investing USD 530 million. It will sign an agreement with the Maharashtra government for the facility in New Delhi on November 29, reports Business Standard.
The unit will be the 45th manufacturing facility of the Volkswagen group, while India will be the 19th country to produce its vehicles. On an average, the company produces more than 21,000 vehicles a day. The car-maker plans to roll out the mid-sized Passat brand.
posted by SY at 12:43 PM
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