Thursday, August 24, 2006

Stock Alert

NTPC may gain on expansion plan
NTPC has signed a deal with Haryana Power Generation Corp. and Indraprastha Power Generation Co. to set up a 1,500 megawatt coal-based power plant in Haryana state. The state-run power generation company said on Thursday it also signed a preliminary agreement with Delhi Transco to expand a thermal power station in capital New Delhi.

The union cabinet on Thursday approved changes in an act to enable the country's largest lender, State Bank of India to raise more capital and improve its operations. "The State Bank of India (Amendment) Bill will be introduced in parliament with such modifications," Information and Broadcasting Minister Priyaranjan Dasmunshi told reporters on Thursday.

The government has reportedly approved Infosys Technologies’ plans to set up three special economic zones for software and backoffice services. Two zones will come up in Karnataka and one will be set up in Maharashtra.

Construction firm Hindustan Dorr Oliver said on Thursday it got an order worth Rs 16.49 crore from a Maharashtra state government agency to build a sewage treatment plant.

Pantaloon Retail India said on Thursday it plans to raise up to Rs 960 crore ($206 million) by selling some stake in subsidiaries and issuing debt and equity to fund expansion. Pantaloon said it would raise up to Rs 500 crore by selling a maximum of 24 percent in its subsidiaries. It would raise Rs 260 crore by selling shares or equity-related bonds to the public and qualified institutional buyers.

The company said it would also issue 1.2 million convertible warrants at Rs 1635 per share to promoters to raise nearly Rs 200 crore.

Drug maker Kopran said on Thursday its board approved the issue of 2,26,000 shares to State Bank of India and 4,48,370 shares to Industrial Development Bank of India.

The West Bengal government has reportedly cleared Hindustan Motors's proposal to develop land at its plant near Kolkata. Hindustan Motors plans to develop a residential township, auto parts cluster and an information technology hub in 314 acres of the 700 acres it owns near Kolkata.

VSNL on Thursday announced up to 40% cut in prices for its international bandwidth services. The company expects to generate higher volumes and market share, from the price cut.

Tata Steel said on Thursday said it had raised $750 million in syndicated loans to expand capacity. The seven-year loans were raised at 54 basis points over LIBOR, the company said in a statement. Tata Steel plans to more than double its steel output in the next four years from the current 5.1 million tonnes.

In the last 18 months, Tata Steel, which had bought assets such as Singapore's NatSteel and Thailand's Millennium Steel PCL had raised about $900 million in syndicated loans and from the International Finance Corporation, it said.

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