STOCK ALERT
Bharti Airtel may see action
Bharti Airtel has reportedly bid for 51% of South African telecommunications group MTN. According to reports, Bharti had tabled a bid for MTN at 165 rand per share and had secured $12 billion from banks to finance the deal, which would make Bharti a top player in emerging markets telecoms.
Punj Lloyd is reportedly looking to divest its stake in its telecom and broadband business, Spectranet. Spectranet is an Internet service provider (ISP) that offers a range of services to business customers. It also tests telecom equipment. It offers these services in New Delhi and its surrounding areas, Mumbai, and Bangalore.
Provogue India reportedly plans to complete twelve real estate development projects across India in the next five years. The projects involve setting up malls and shopping centres across tier 2 cities like Aurangabad, Indore, Nagpur and Jaipur and the first project is set for completion by mid next year, the reports added.
US-based VF Corp reportedly plans to buy Arvind Mills' 40% stake in the Indian joint venture VF-Arvind Brands that manufactures popular fashion brands like Lee, Wrangler, Nautica, Jansport and Kipling. According to reports, VF Corp is annoyed with Arvind for not aggressively expanding the retail network.
Finolex Industries has reportedly decided to sell off its special economic zone (SEZ) plot at Chinchwad near Pune. It is close to signing a deal with a US-based developer to sell the land for between Rs 350 crore and Rs 400 crore.
Net profit of P B A Infrastructure declined 7.20% to Rs 2.45 crore on 1.21% rise in sales to Rs 100.18 crore in Q4 March 2008 over Q4 March 2007.
Net profit of Astral Poly Technik rose 68.71% to Rs 5.23 crore on 43.64% increase in sales to Rs 46.31 crore in Q4 March 2008 over Q4 March 2007.
Development Credit Bank, Infomedia India, Torrent Pharmaceuticals, and Eveready Industries India among others will declare their results today.