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Indian Stock Market open weak today.

Asian markets which opened today before the indian stock market are trading in losses. US Markets also declined yesterday due to increase in prices of crude oil per barrel as higher energy costs may result in higher inflation rate. Rise in the prices of crude oil may affect the inflation rate in india too.

Petronet LNG is looking at buying liquefied natural gas (LNG) from a proposed 6.3 million tonnes a year project in Papua New Guinea, its Director of Finance, Amitava Sengupta said on Tuesday.

Biocon has acquired a majority stake in AxiCorp Pharmaceuticals, a leading German company. Disclosing the deal at a joint news conference of the two companies in Frankfurt on Tuesday, Kiran Mazumdar Shaw, the founder and managing director of Biocon, said that her company took over a70% stake in the company at a cost of $30 million. It is a historic movement for Biocon, which has been quite successfully operating during the last 30 years, she said. The acquisition “heralds our foray into the European market.” Mazumdar Shaw left open whether Biocon will go in for a higher stake or will completely take over the company, which is located near Frankfurt and specialises in manufacturing and marketing a unique range of its own patent-free medicines as well as low-cost drugs from European Union nations.

Nifty strong support at 5125, all takers have a stop loss at this level

MUMBAI: Equities are seen flat-to-lower Wednesday tracking weak Asian markets. Crude prices rose to a record above $100 a barrel driving markets lower on concerns higher energy costs could fan inflation and crimp consumer spending and profits. Shares of oil exploration companies are likely to gain momentum. Parsvnath Hotels, a wholly-owned subsidiary of Delhi-based real estate developer Parsvnath Developers, is learnt to have formed a joint venture with Bangalore-based Royal Orchid Hotels.

The JV will develop 10 hotels at an investment of Rs 500 crore. Royal Orchid Hotels, promoted by C K Baljee, is listed on the Bombay Stock Exchange, and reported net sales of Rs 33 crore in the December quarter. Shares of Parsvnath Developers closed flat at Rs 282.35 and Royal Orchids ended 0.83 per cent higher at Rs 115.95.

A Third Front may be in the multi-billion dollar telecom tower business in India. Stand-alone tower companies such as Essar Telecom Tower & Infrastructure, GTL, Quipo, Xcel telecom, TowerVision are planning to consolidate their businesses to compete with the big threethe Bharti-Vodafone-Idea combine company Indus, Reliance Communications RTIL and Tatas yet-to-be named tower company. Shares of GTL ended 1.65 per cent lower at Rs 251.10.

Anil Ambanis Reliance Capital, one of the countrys biggest finance companies, has been allowed to trade in bad loans. On Tuesday, the company received the RBI approval that will enable its asset reconstruction firm to buy stressed assets from the Indian financial system. The system is estimated to have Rs 1,65,000 crore worth of stressed assets with an annual accumulation of nearly Rs 20,000 crore. Reliance Capital advanced 4.5 per cent to Rs 2,171.

The central intelligence unit of Indian customs here has launched a series of cases alleging import duty evasion by nine infrastructure firms, including Punj Lloyd, Era Constructions, Maytas Infrastructure and Gammon India, reports mint. These companies have evaded customs duty of at least Rs 20 crore and the amount may go even higher as the investigation progresses. Shares of Punj Lloyd, Era Constructions, Maytas Infrastructure and Gammon India may remain subdued on investigation in import duty evasion case.

Reliance Communication is planning to hit the DTH market with bang. The company has booked four transponders, with an option to add four transponders after a year on MEASAT-3. The capacity created through this move will enable RCom to provide DTH services to over 10 million subscribers in India and offer feed to over 15 million TV households, reports Business Standard.

DNA Money has reported that Reliance Communications is likely to place an order for 5 million set top boxes for its DTH business. Shares of Reliance Communication closed at Rs 605.75 down 1.13 per cent. Shares of Bang Overseas and Shriram EPC will list on stock exchanges today. The issue price of Bang Overseas is fixed at Rs 207 and that of Shriram EPC is Rs 300.

Reliance Communications Ltd on February 20, 2008 has announced a new umbrella brand "Reliance Globalcom" for all its Global initiatives. Reliance Globalcom brings under its fold a diverse portfolio of global communications business services, including Global Voice, Managed Network, Carrier Ethernet, and Fiber Capacity Businesses into a single group.

"In creating Reliance Globalcom, we are aligning our global communications strategies into a single vision to create one of the top five global communications Companies in the world," said Mr. Anil D Ambani, Chairman of Reliance Communications. "Reliance Globalcom, structured to serve the existing and emerging fast growing demands of our Global customers, would add significant value for the shareholders of India largest and most profitable Telecom enterprise".

Reliance Globalcom would target the fast growing potential in the Global Telecom arena with annual addressable revenue potential of $ 285 Bn (Rs 1,14,000 crore). With the consolidation of the Global Business, Reliance Globalcom will have annualized start-up revenues of US$ 1.32 Bn (Rs 5279 crore) and EBIDTA of US $ 334 Mn (Rs 1337 crore).

"Reliance Globalcom" will deliver a broad portfolio of data and voice services spanning across the Enterprise, Wholesale, Managed Services and Consumer segments by leveraging FLAG's global telecom infrastructure and Yipes expertise in the plug-n-play Ethernet technology. The voice services popularly known as Reliance India Call, Reliance Global call, Reliance Netcall and Reliance Passport will also come under the fold of "Reliance Globalcom".

Under this significant Consolidation to accelerate the growth of Global Business, Reliance Communications also announced the alignment of its subsidiaries. Yipes Enterprise Services Inc has changed its name to Reliance Globalcom Services Inc. and will now represent the Enterprise Division of the Company. The product portfolio of FLAG Telecom, world's largest undersea cable system, has been rebranded as "Reliance FLAG". Managed Services division of Reliance Globalcom would tap the exponential growth potential in the emerging areas of
Network Operating Center, Hosting & Storage Services, Call Center Solutions and Voice Portal amongst others.

Reliance Globalcom will have presence in over 50 countries including the top twenty financial centers in the world, including New York, London, Tokyo, Paris, Chicago, Toronto, Frankfurt, Seoul, Taipei, Hong Kong, Beijing, Shanghai, San Francisco, Los Angeles, Singapore, Rome and Milan. Reliance Globalcom would leverage the world class fully IP-enabled Global Infrastructure of Reliance Communications, and its subsidiaries, including 1,75,000 km of optic fibre and 20,000 km of Ethernet backbone in the US.

Buy Nifty at 5100-5150 levels, tgt 5225-5250

Market to open with gap tom take nifty futures home for today

Reliance Communications Ltd on February 21, 2008 has announced the acquisition of Uganda based Anupam Global Soft (U) Ltd a Company holding Public Infrastructure Provider License (PIPL) and Public Service Provider License (PSPL) issued by Uganda Communications Commission. The acquisition, made through a subsidiary of Reliance Communications Ltd, marks the first step in the Company's plans in the International Mobile market.

Under the existing Licenses, Reliance Communications targets to offer Mobile, Fixed Line, Internet, National and International Long Distance services, in addition to WiMax and Wifi services in Uganda.

This Company has received Spectrum allocation and plans to launch its Mobile services by end of 2008. Reliance Communications Group is targeting to invest upto US$ 500 million (Rs 2000 crore) in establishing a high quality, fully-IP enabled integrated telecom network in Uganda to capture the significant growth potential in this emerging African market.

Punit Garg, President, Global Business, Reliance Communications said, "Uganda telecom market is similar to what India was 8 years back. Our expertise in managing among worlds largest integrated telecom network, and deep understanding of diverse consumer segments makes us confident to achieve a significant position to add further value for our 2 million shareholders."

The Company plans to connect the African continent with rest of the world by laying a submarine cable system through its arm Reliance FLAG plans to spend USD1.5 Billion (Rs 6000 crore) in building a 1,15,000 Kms fully-IP enabled optic network to reach 2/3rd of World population.

Reliance Communications has ambitious global expansion plans and is concentrating on opportunities in emerging Asian and African markets. The Company has established a pan-India, next generation, integrated (wireless and wireline), convergent digital network that is capable of supporting best-of-class services spanning the entire Infocomm value chain.

Uganda has a population of approx. 30 million with a significant literacy rate of approx. 62%. There were 3.016 million mobile subscribers by end-March 2007 (source: UCC), equivalent to a penetration rate of 10%, providing ample scope of expansion. The existing telecom players have been witnessing healthy subscriber and ARPU growth recently.

close all you old nifty calls at 5250-75 levels