On a larger front……….
Goldman Sachs & Co initiated coverage on the country's steel industry and gave it an “attractive” rating. The report said that the access to high-quality, low-cost iron ore reserves offers Indian steel companies an edge over regional and global peers. It also said that the robust steel prices will be sustained as demand momentum remains buoyant enabling global steel producers to pass on the costs from tight raw material and freight markets.
HSBC Holdings Plc raised its ratings on India to “overweight” from “underweight” meaning that investors should hold more of the nation's stocks than the representation in the benchmark indices. The report stated that India offers the lowest earnings volatility in global emerging markets, a number of interesting structural growth stories like consumption, infrastructure, telecommunications and service outsourcing. It also said that the economy should be fairly resilient to a US slowdown.
The Centre for Monitoring the Indian Economy (CMIE) raised its GDP forecast for FY08, from 9% to 9.1%. The RBI and government are confident of an 8.5% growth.
Indian Petrochemicals Ltd (IPCL) will be amalgamated with RIL. Hence, from October 5, 2007, there will be changes in the indices on which it is included.
Nifty: IPCL will be replaced by realty firm Unitech.
BSE 100 / BSE 200: IPCL will be replaced by realty firm DLF Ltd.
BSE 500: Sun Pharma Advanced Research Co Ltd to replace IPCL
Company specific …………
RIL was in the news. It secured government approval to sell natural gas. It is also the world's largest polyester maker and this week expectations were high that the acquisition of the assets of Malaysian-yarn maker Hualon Corp will help boost fabric exports.
ABG Shipyard, the country's biggest shipbuilder outside government control, said it plans to add four dockyards to repair vessels as demand for sea transport increases.
SBI plans to raise Rs 10,000 crore in a share sale this year but is yet to decide on whether to sell stock to the public or target only existing investors.
Indian construction company Gammon India faces criminal charges after an overpass being built by it in Hyderabad collapsed.
L&T said it won a Rs 762 crore order jointly with Germany's Outotec GmbH.
The state-run electric power transmission company Power Grid Corporation of India, witnessed a stupendous response to its IPO. The issue is aimed at meeting the capital requirements for the implementation of 15 identified transmission projects and for general corporate purposes.
Diamond Cables announced that they have secured orders for 2750 transformers.
IPCA Labs announced that it has acquired Australian Dossier Registration Company.
Dr Reddy's Lab announced that they have received USFDA approval for Ranitidine (Zantac).
Lupin announced that they have won Ramipril product patent challenge at the Federal circuit.
BPCL and Videocon Industries Ltd are to acquire a stake in a Brazilian oil exploration company owned by Canada's EnCana Corp.
Reports stated that Essel Propack (Indian maker of laminated tubes and packaging) plans to buy the packaging unit of Alcan Inc.
Tata Steel is supposed to be setting up a 5mn-tonne steel plant in South Africa.
Alchemist announced that they would acquire a majority stake in Kaiser Hospital.
Idea Cellular's board approved a plan to put its wireless towers and other infrastructure into a separate company.
Rallis (agrochemicals company belonging to the Tata group) plans to bid for Japan's Arysta LifeScience Corporation.
Cairn announced that it has secured government approval to build a pipeline.
Bharti Airtel secured a license from Singapore to offer global connectivity.
Reliance Communication announced that they have started blackberry Service in India.
The data is not comprehensive and is compiled from reports that appeared in the media over the past one week.