Stocks to watch: DLF, Amtek, GHCL

Stocks are headed for yet another whirlwind session Monday sensing the gloom spreading across global markets. That apart, on the domestic front, inflationary concerns, likelihood of another interest rate hike and fears of political uncertainty could propel the equities into a downward frenzy. Finance minister P Chidambaram, who, along with petroleum minister Murli Deora, attend an emergency meeting of oil producing and consuming countries called by Opec in Jeddah, has urged oil producing nations not to remain “passive spectators of speculation”, and has advocated adopting a “price band mechanism” to cool down crude oil prices. Crude oil rose 36 cents to $135.72 per barrel, reversing earlier losses of more than $1 after concerns of tension between Israel and Iran shadowed pledge by Saudi Arabia to pump more oil. Rupee opened weak Monday on anticipation that foreign funds will continue to exit stock market. Rupee was at 42.95 down 3 paise against close of 42.93/94 on Friday. In one of the largest private equity investments in the textile sector, S Kumars’ subsidiary Reid & Taylor is close to signing a deal for $100-million fund infusion. It couldn’t be ascertained how much stake Reid & Taylor was likely to dilute, but sources said the company may issue fresh equity to a Europe-based fund at the rate of Rs 150 per share. The company is likely to make an announcement next week. When contacted, S Kumars managing director Nitin Kasliwal neither confirmed nor denied the development. Real estate developer DLF will soon get around 5,000 acres near Greater Noida at less than market rate under the Taj Expressway Industrial Development Authority’s (TEA) scheme. Jaypee group, too, has qualified for allotment of 2,500 acres, while Unitech and Punj Lloyd are in queue for 2,500 acres each. As part of its foray into railcars, auto component major Amtek has entered into a strategic pact with Missouri-based American Railcar Industries. The JV has been signed through Amtek Transportation Division, a subsidiary of Amtek Auto. Big courier players such as Blue Dart, DTDC and AFL WIZ have revised their charges by 15-20 per cent on account of the rise in fuel prices and there are indications that courier rates are likely to be hiked yet again by at least 3 per cent. Diamond jewellery maker and exporter Suashish Diamonds is planning to invest Rs 150 crore in setting up a new manufacturing facility at Mumbai’s Santacruz Electronic Export Processing Zone (SEEPZ). The investments will be made through the company’s wholly-owned subsidiary Suashish Jewellery. At least three UK-based companies are interested in picking up a controlling stake in GHCL, which is into soda ash and textiles. One of the intending investors has offered $175 million for a 20 per cent stake in the company, reports Hindu Businessline. With global crude prices shooting through the roof, corporates are making a beeline to exploit India's vast reserves of black diamond for producing liquid gold through CTL (coal-to-liquid) technology, reports Times of India. Naveen Jindal-led Jindal Steel & Power has joined the bandwagon and told the coal ministry earlier this month that it planned to pump Rs 32,000 crore into such a project for extracting 80,000 barrels per day of oil by synthesising coal