India's largest stainless steel producer, Jindal Stainless Ltd, plans to set up an independent power project in Orissa, a senior official said on Friday.
The company, which is setting up a separate firm for an infrastructure foray, would start by entering the logistics sector with its own trucks, Arvind Parekh, director for strategy and business development told Reuters.
"We will kick off with logistics first and then we will enter the power sector," Parekh said.
The new firm, Jindal Infrastructure & Utility Ltd, will also provide stainless steel designs for projects such as airport upgradation, he said. The parent would invest up to 5 billion rupees in a phased manner for setting up the firm, Parekh said.
Friday, March 14, 2008
Microsoft and Yahoo met to discuss merger - WSJ
Microsoft Corp and Yahoo Inc met on Monday to discuss Microsoft's takeover offer for the Internet company, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The meeting was said to be the first since Microsoft made its unsolicited offer for Yahoo, worth nearly $42 billion, on Jan. 31. Yahoo rejected the offer as inadequate last month.
The Journal said the meeting wasn't a negotiation and that no bankers were present.
The session was intended to allow Microsoft to present its vision of a combined company, and Yahoo executives mostly listened, the Journal quoted one of the sources as saying.
Microsoft and Yahoo spokesmen declined to comment.
The meeting was said to be the first since Microsoft made its unsolicited offer for Yahoo, worth nearly $42 billion, on Jan. 31. Yahoo rejected the offer as inadequate last month.
The Journal said the meeting wasn't a negotiation and that no bankers were present.
The session was intended to allow Microsoft to present its vision of a combined company, and Yahoo executives mostly listened, the Journal quoted one of the sources as saying.
Microsoft and Yahoo spokesmen declined to comment.
Annual inflation at 5.11 pct on March 1
India's wholesale price index rose 5.11 percent in the 12 months to March 1, higher than the previous week's rise of 5.02 percent, government data showed on Friday.
The rate was higher than a median forecast of 4.97 percent in a Reuters poll of analysts, and the highest since May 26, 2007, when inflation was 5.15 percent.
The annual inflation rate was 6.51 percent during the corresponding week of the previous year.
The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is published weekly.
The rate was higher than a median forecast of 4.97 percent in a Reuters poll of analysts, and the highest since May 26, 2007, when inflation was 5.15 percent.
The annual inflation rate was 6.51 percent during the corresponding week of the previous year.
The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is published weekly.
MARKET UPDATES
BAJAJ AUTO (BAL)DEMERGED IN TO TWO ENTITY BAJAJAUTO HOLDING LTD(BHIL) BAJAJ FINANCIAL SERVICE(BFS) IN TO 1:1 RATIO.BAL WILL RENAME AS A BAJAJ AUTO HOLDING LTS(BHIL).
POST DEMERGER EQUITY CALCULATION AFTER I: 1 CALCULATION WOULD BE BAL 101.18 CR (FACE VALUE RS 10),BHIL 144.48(101.18+43.5)CR (FACE VALUE RS 10),BFS 72.34(21.75+50.55(101.18/2))CR(FACE VALUE OF RS 5).
BAJAJ AUTO WILL BE IN TWO WHEELER BUSINESS AND BFS WHICH WILL BE LISTED LATER WILL LOOK AFTER WIND POWER CONSUMER FINANCE,AND INSURANCE,AND FINANCIAL SERVICE BUSINESS.
The Centre on Thursday approved the long-delayed mining policy that is expected to increase the investments by foreign and domestic com- panies in the mining sector. Soon after the Union Cabinet meeting chaired by Prime Minister Manmohan Singh, a government spokesperson said: "The implementation of the new National Mineral Policy 2008, is likely to attract FDI to the tune of $250 million per annum in the sector in five years."
Pyramid Saimira Theatre Ltd has informed the BSE that it has entered into a strategic partnership with UK-based Spize TV for content, new channels and services.
SpizeTV is a pan-European direct-to-home (DTH) TV platform offering Asian and niche content to viewers in Europe.
The Nikkei was down 1.5 percent at 12,249.99. Analysts said the reason for this fall was the dollar hitting a new low against the yen.
Light sweet crude for April delivery rose 41 cents to settle at a record USD 110.33 a barrel on the New York Mercantile Exchange (NYMEX).
The Railways are planning to raise Rs 1,500 crore through initial public offering(IPO) of its three profit-making companies; Ircon, IRCTC and RailTel. The government has already decided to dilute its 28% equity stake in one of the Railways' wholly owned subsi- diary RITES through an IPO.
As part of its ambitious plan to become a 50,000-MW company by 2012, state-run NTPC Ltd on Thursday said it will invest Rs 13,000 crore for adding 2,700 MW capacity during the next financial year.
Inflation for week ended March 1 has come out at 5.11% versus 5.02% the previous week...
Economy News
RBI absorbs Rs 303.35 bn via 1- day reverse repo auction
Call rates remain in comfort zone
Six projects get nod under Industrial infrastructure upgradation scheme
Rupee remains steady at 40.44/USD
Forex earnings from tourism decline 25.3%
Forex derivative losses likely to touch USD 3-5 bn
China to maintain steady growth in exports
The Planning Commission has projected a tentative outlay of Rs 123.77 billion for the Ministry for the 11th Plan period. The Ministry has proposed a few schemes for the 11th Plan, which are yet to be approved by the Cabinet.
Over half a trillion dollars have been wiped off from the wealth of investors in Indian stocks since the beginning of 2008 as an unending turbulence on Thursday sent the market to its lowest level in about six-and-a-half months.
The total loss of about Rs 20,50,000 crore (506 billion dollars) include over 300 billion dollars of promoters of the listed Companies, while public shareholders have lost close to 200 billion dollars.
POST DEMERGER EQUITY CALCULATION AFTER I: 1 CALCULATION WOULD BE BAL 101.18 CR (FACE VALUE RS 10),BHIL 144.48(101.18+43.5)CR (FACE VALUE RS 10),BFS 72.34(21.75+50.55(101.18/2))CR(FACE VALUE OF RS 5).
BAJAJ AUTO WILL BE IN TWO WHEELER BUSINESS AND BFS WHICH WILL BE LISTED LATER WILL LOOK AFTER WIND POWER CONSUMER FINANCE,AND INSURANCE,AND FINANCIAL SERVICE BUSINESS.
The Centre on Thursday approved the long-delayed mining policy that is expected to increase the investments by foreign and domestic com- panies in the mining sector. Soon after the Union Cabinet meeting chaired by Prime Minister Manmohan Singh, a government spokesperson said: "The implementation of the new National Mineral Policy 2008, is likely to attract FDI to the tune of $250 million per annum in the sector in five years."
Pyramid Saimira Theatre Ltd has informed the BSE that it has entered into a strategic partnership with UK-based Spize TV for content, new channels and services.
SpizeTV is a pan-European direct-to-home (DTH) TV platform offering Asian and niche content to viewers in Europe.
The Nikkei was down 1.5 percent at 12,249.99. Analysts said the reason for this fall was the dollar hitting a new low against the yen.
Light sweet crude for April delivery rose 41 cents to settle at a record USD 110.33 a barrel on the New York Mercantile Exchange (NYMEX).
The Railways are planning to raise Rs 1,500 crore through initial public offering(IPO) of its three profit-making companies; Ircon, IRCTC and RailTel. The government has already decided to dilute its 28% equity stake in one of the Railways' wholly owned subsi- diary RITES through an IPO.
As part of its ambitious plan to become a 50,000-MW company by 2012, state-run NTPC Ltd on Thursday said it will invest Rs 13,000 crore for adding 2,700 MW capacity during the next financial year.
Inflation for week ended March 1 has come out at 5.11% versus 5.02% the previous week...
Economy News
RBI absorbs Rs 303.35 bn via 1- day reverse repo auction
Call rates remain in comfort zone
Six projects get nod under Industrial infrastructure upgradation scheme
Rupee remains steady at 40.44/USD
Forex earnings from tourism decline 25.3%
Forex derivative losses likely to touch USD 3-5 bn
China to maintain steady growth in exports
The Planning Commission has projected a tentative outlay of Rs 123.77 billion for the Ministry for the 11th Plan period. The Ministry has proposed a few schemes for the 11th Plan, which are yet to be approved by the Cabinet.
Over half a trillion dollars have been wiped off from the wealth of investors in Indian stocks since the beginning of 2008 as an unending turbulence on Thursday sent the market to its lowest level in about six-and-a-half months.
The total loss of about Rs 20,50,000 crore (506 billion dollars) include over 300 billion dollars of promoters of the listed Companies, while public shareholders have lost close to 200 billion dollars.
TODAY'S MARKET
MARKET WILL OPEN IN POSITIVE TERITORY BECAUSE GLOBAL MARKETS ARE IN POSITIVE NOTE.
CRUDE OIL CORRECT A BIT FROM $111.
NIFTY LEVEL FOR THE DAY 4570-4620-4700-4750.
BUY FROM LOWER LEVEL.. METAL WAS BEATEN UP BADLY,METAL COULD RECOVER FASTLY DUE TO SHORT COVERING.. IF MARKET TURNED TO POSITIVE NOTE.
IN AUTO SPACE MARUTI LOOKS POSITIVE.
IN SHORT SIDE BANKING AND FINANCIAL SERVICE AND SATYAM LOOKS NEGATIVE IF MARKET DO NOT TAKE SUPPORT AT DOWN LEVEL.
HAPPY TRADING DAY !!
-BY MR. SAM
CRUDE OIL CORRECT A BIT FROM $111.
NIFTY LEVEL FOR THE DAY 4570-4620-4700-4750.
BUY FROM LOWER LEVEL.. METAL WAS BEATEN UP BADLY,METAL COULD RECOVER FASTLY DUE TO SHORT COVERING.. IF MARKET TURNED TO POSITIVE NOTE.
IN AUTO SPACE MARUTI LOOKS POSITIVE.
IN SHORT SIDE BANKING AND FINANCIAL SERVICE AND SATYAM LOOKS NEGATIVE IF MARKET DO NOT TAKE SUPPORT AT DOWN LEVEL.
HAPPY TRADING DAY !!
-BY MR. SAM
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