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debdeeps · #**541** 26th February 2008, 02:21 PM

Quote:

Originally Posted by neomustdie

check reuters {dot} com

Thanks Neo!!

JungleLion · #**542** 26th February 2008, 03:27 PM

stock market rebounds

rakeshmalik · #**543** 26th February 2008, 03:27 PM

Reliance Energy to mull buyback of shares

Mumbai, Feb 26: Anil Ambani Group firm Reliance Energy on said its board will consider buyback of shares at a meeting to be held on March 5.

"A meeting of the Board of Directors of the company will be held on March 5 to consider buyback of equity shares of the company," Reliance Energy said in a communique to the Bombay Stock Exchange.

Buyback means repurchase of outstanding shares by a company in order to reduce the number of shares available for open trading in the market, thus increasing the proportion of shares the company owns.

Shares of the company were trading at Rs 1,673.4, 3.12 per cent up, on BSE in morning trade.

Bureau Report

rakeshmalik · #**544** 26th February 2008, 03:30 PM

europe : market in deep green.its recovering. FTSE up 1% early as StanChart pushes banks higher.

rakeshmalik · #**545** 26th February 2008, 03:35 PM

ADB may exit Petronet LNG by yearend

New Delhi, Feb 26: Asian Development Bank is likely to exit Petronet LNG Ltd by selling its 5.2 percent holding in the country`s biggest liquefied natural gas importer possibly to promoters or billionaire Lakshmi Mittal.

ADB and German development bank KFW had recently approved a loan of USD 169 million to Petronet for its expansion projects at Dahej and new terminal at Kochi, but the multi-lateral lending agency`s internal norms prohibit it from having both debt and equity exposure in a given company.

"In 2004, ADB had sanctioned USD 75 million loan to Petronet. But once it took 5.2 percent stake for less than USD 8 million, ADB could not disburse the balance due to its internal regulations," Petronet CEO and Managing Director Prosad Dasgupta told here.

ADB norms also stipulate it to divest its equity holding in a company three years from the date of the company going public. Petronet`s IPO came in 2004 and ADB was supposed to exit Petronet in 2007, but was persuaded to stay on for a year.

Now with fresh debt, for which ADB and KFW have signed financing agreements, the Manila-based lending agency may exit Petronet by year end, he said. "Who they sell it to is none of our business."

Though Dasgupta refused to say if Mittal was interested in ADB stake in Petronet, industry sources say Mittal was keen but would first want company promoters GAIL India, Indian Oil, Bharat Petroleum and ONGC to waive their pre-emption rights.

The four state-run firms who have 12.5 percent stake each along with 10 percent partner GDF of France hold first right of refusal over ADB stake. Even though GAIL and IOC are keen to pick up ADB stake, they may not be allowed to do so by the Petroleum Ministry.

Bureau Report

jeetendra_poddar · #**546** 26th February 2008, 03:38 PM

if u have previous year question
pls send me

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rakeshmalik · #**547** 26th February 2008, 03:53 PM

RIL, Reliance Cap among Asia`s 20 best for future returns

New Delhi, Feb 25: Seven Indian firms, including Reliance Industries and Reliance Capital from the two Ambani groups, have been named among Asia-Pacific's 20 best companies in terms of expected investor returns over next five years.

The list titled "Tomorrow's Winners" prepared by global investment banking giant Morgan Stanley also includes telecom major Bharti Airtel, engineering and construction major Larsen & Toubro, Kishore Biyani-led Pantaloon Retail, infrastructure company IDFC and real estate firm Sobha Developers.

"Of the companies selected, more than half are listed in either China or India. Many of these are capitalising on major secular trends, such as infrastructure investment and per capita consumption growth," Morgan Stanley said in a report. "The rapid growth of Asian markets, India and China in particular, has led to an unparalleled focus on the region and its businesses," it said, adding that these are the companies "that can build on their competitive edge over the long term and consistently deliver outstanding shareholder returns."

"The companies chosen lead their domestic competitors and are strong enough to withstand competition from abroad. The majority operate in industries that have high barriers to entry," the report said.

The list was prepared after reviewing companies, their industries and respective competitive advantage. Besides seven Indian firms, there are six listed in Hong Kong, two each in China, Taiwan and Korea and one in Australia. The Hong Kong-listed firms are Belle International, China Mengninu Dairy, Espirit Holdings, Li and Fung, Tencent Holdings and Cayman Islands-based Tingyi Holding Corp. The two Korean firms are Samsung Techwin and Woori Finance Holdings, while those from Taiwan are Foxconn Tech and Gemtek Tech.

Bureau Report

rakeshmalik · #**548** 26th February 2008, 03:57 PM

Ford, Tata could agree Jaguar deal next week: Report

London, Feb 26: US automaker Ford Motor Co could announce as early as late next week the sale of its luxury Jaguar and Land Rover brands to Indian carmaker Tata Motors, said a source familiar with the matter.

The deal, which is now set to go ahead after Tata met a Ford UK labour union last week, could be announced on March 5 or March 6, although the timing could yet slip, the source said on Monday.

Tata, India`s top vehicle maker, has been in talks with Ford since it was chosen as the front-runner to buy the units a few days into 2008.

British labour union Unite said last Friday it had held constructive talks with Tata over its planned acquisition of Jaguar and Land Rover.

Unite is the main union representing workers at Land Rover and Jaguar, and has about 12,000 members there.

Ford declined to comment on Monday, but reiterated it expects a deal early in 2008.

Bureau Report

rakeshmalik · #**549** 26th February 2008, 04:52 PM

Government approves 10 more special economic zones

New Delhi, Feb 26 (IANS) The union government Monday granted formal approval to 10 special economic zones (SEZs), including one of Videocon Reality and Infrastructure Ltd in West Bengal, a state that has experienced protests over SEZs.

The go-ahead was given at a meeting of the Board of Approvals (BoA) of the Commerce and Industry Ministry, which is headed by Commerce Secretary G.K. Pillai.

The 22nd meeting of the BoA Monday took up 14 proposals for setting up a SEZ, of which 10 received the formal nod.

Besides Videocon, the other "in-principle" approval that got a formal nod was an automobile SEZ by the State Industries Promotion Corp of Tamil Nadu (SIPCOT).

Two of Mahindra Worldcity (Jaipur) Ltd`s SEZs coming up in Rajasthan for 103.11 and 104.35 hectares were also granted formal approval.

Two IT-ITeS SEZs by Devbhumi Realtors Pvt Ltd in Andhra Pradesh and Anant Raj Industries Ltd in Haryana for 10.12 and 10 hectares received the formal nod by BoA.

A 130-hectare SEZ developed by J.B. SEZ Pvt Ltd in Panoli in Gujarat for pharmaceuticals got approval along with Wardha Power Company Pvt Ltd`s SEZ in Chandrapur district in Maharashtra.

So far formal approvals have been granted for setting up of 439 SEZs out of which 201 have been notified, with an investment of Rs.67,347 crore (Rs.673.47 billion), Pillai said.

Direct employment of 97,478 persons has been generated in the new generation SEZs, which is in addition to the employment provided by the seven central government established SEZs, which is over 1.83 lakh (183,000) persons, he added.

Bureau Report

rakeshmalik · #**550** 26th February 2008, 06:41 PM

NO plans to enter into auto making: L&T

Mumbai, Feb 26: Engineering and construction major Larsen & Toubro (L&T) on Tuesday said it has no plans to venture into auto manufacturing.

"We have no plans to enter into auto manufacturing," an L&T spokesperson told reporters here today.

The company had inked a pact with Swedish truck and bus maker Scania in 2006 for distribution of its mining trucks in India.

Scania is reported to have plans to foray into the Indian market by putting up a manufacturing facility on its own, which would help it to reduce dependence on imports to feed the market here.

"We are in agreement with Scania for distribution and not for manufacturing. There is no change in the agreement," the spokesperson said when asked whether L&T would like to extend the relationship to go for auto manufacturing.

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