STOCK ALERT
Bharti Airtel may reportedly face competition from companies from two other fast-growing emerging economies China and Russia in its bid to acquire Africa's largest mobile phone operator MTN.
Reliance Industries and Essar Oil are reportedly eyeing ONGC's Andhra Pradesh-based Kakinada refinery. Mangalore Refinery and Petrochemicals (MRPL) holds 26% stake in Kakinada refinery, IL&FS holds 51% and the remaining stake is held by the Andhra Pradesh government.
The government is reportedly considering divesting its 26% residual stake in Tata Communications (formerly VSNL), a deal that could fetch the exchequer about Rs 3,650 crore at current market prices.
Tata Steel along with Brazilian mining giant Vale and other joint venture partners, is reportedly undertaking a massive expansion of the Carborough Downs coal mine near Moranbah in Central Queensland, Australia, for an investment of $379.41 million (about Rs 1,555 crore).
The board of Autoline Industries approves preferential issue of up to 12.5 lakh shares, including 5 lakh each to Rakesh Jhunjhunwala and Rekha Jhunjhunwala at Rs 235. The board also approved preferential issue of up to 10.8 lakh convertible warrants to promoters at Rs 250.
Idea Cellular on Wednesday, 7 May 2008 slashed its long-distance call rates and roaming charges. As per the new tariffs, subscriber trunk dialling (STD) call charges have been reduced to Rs 1.30 per minute effective from Friday, 9 May 2008.
GE Shipping turns ex-dividend on a dividend of Rs 7.50 per share. Reliance Industries turns ex-dividend on a dividend of Rs 13 per share.
The government is reportedly considering relaxing rules that prevent power plants in special economic zones, or SEZs, from selling power outside such zones without paying significant extra taxes and levies, in an attempt to meet growing demand for power in a rapidly expanding economy.
Net profit of Mangalore Refinery And Petrochemicals rose 23.89% to Rs 225.34 crore on a 40.73% increase in sales to Rs 9465.13 crore in Q4 March 2008 over Q4 March 2007.
Net profit of Shree Cement rose 71.91% to Rs 41.07 crore on a 71.85% increase in sales to Rs 650.07 crore Q4 March 2008 over Q4 March 2007.
Mid-Day Multimedia reported net profit of Rs 0.23 crore in the quarter ended March 2008 as against net loss of Rs 2.88 crore during the previous quarter ended March 2007. Sales declined 2.19% to Rs 27.24 crore in Q4 March 2008 over Q4 March 2007.
Ashok Leyland, Birla Corporation, GIC Housing, Hindustan Motors, Premier, Voltamp Transformers among others will declare their March ended results today.