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Stocks in news: MBL Infra, Orchid Chem, RComm, Patni
Piramal Lifesciences | RIL | Valiant Communication | Hindustan Motors | Patni | MBL Infra | GVK Power | Orchid Chemicals | Reliance Communications | Reliance Infra | Punj Lloyd and HDFC Bank are stocks, which are in the news today.
Phaneesh Murthy, CEO, iGate- Patni says: -Looking at merging Patni with iGate -If delisting goes through, will aim to begin merger by December 2012 -May do away with the 'Patni' name eventually -US companies may increase ITbudgets by 1-2% -BFS may see a decline, which will impact the overall industry -H1B problem may impact numbers -Will complete integration with Patni By December 2012 -Reached level of USD 28 million cost saving per year -Investing USD 50-60 million in FY13 -Will add 4000 employees in 2012 -Pricing for similar services may be cut aggressively -Postal ballot for delisting to be completed by Jan 1st week -Price may be an issue for delisting -Could bring stake down to 74% in delisting doesn't go through -Paying USD 70 interest on debt taken for Patni -Will bring down debt within 5-6 years
HDFC Bank raises NRE fixed deposit rates to 9% effective Friday -Raises NRE fixed deposit rates to 9% from 3.8%
Govt may pledge SU-UTI assets to cut deficit -Govt holdings: ITC - 11.54%, Axis Bank - 23.58% & L&T - 8.27% -Govt may borrow Rs 50,000 crore by pledging land, shares to narrow budget deficit (BS)
After 3G, now 2G telecom companies write to government -2G telcos oppose move to charge additional fee for 1.8 Mhz -Reliance Comm, Tata Tele, Uninor, Videocon write to Kapil Sibal -MTS, HFCL Infotel & STel write to Kapil Sibal -DoT cannot violate existing license conditions -Valid legal contracts cannot be changed unilaterally -Fee for 1.8 Mhz over 4.4 MHz for GSM -Fee for 2.5 Mhz over 2.5 MHz for GSM
Bharti , Vodafone, Idea to move TDSAT on 3G order: Sources -Telcos will seek stay on DoT order banning 3G ICR -ICR: Intra-Circle Roaming -DoT may impose Rs 50 crore penalty per circle -Bharti won 3G in 13 circles, Vodafone in 9, Idea in 11 -Bharti, Vodafone, Idea paid Rs 30,000 crore for 3G spectrum -Telcos to challenge decision on several grounds -3 telcos have sought refund if 3G roaming cancelled -3 telcos await DoT order on 3G roaming bar -3G Intra-Roaming Ban -Bharti Airtel declines to comment on ban of 3G intra-circle roaming -Vodafone declines to comment on ban of 3G intra-roaming -Idea not received any communication from DoT yet
DK Mittal says -Expect minimum of Rs 3,000-4,000 crore capital infusion in SBI -SBI capital infusion before March 31, 2012 -Amount to be allocated in 3rd supplementary -DK Mittal is financial services secretary
Other stocks and sectors that are in news today: -Punj Lloyd forays into Kenya market with a road project worth Rs 286 crore -Airlines may get to import jet fuel directly, bypassing IOC; move to save Rs 2500 crore yearly on airlines (BS) -Lanco Infra files Rs 200 crore claim for Anpara delay under the advanced loss of profit policy (BS) -Orchid Chemicals gets USD 1.5 million payment from Merck for drug development collaboration (ET) -FCCB payout may put pressure on Reliance Communications for tower stake sale; company confident of meeting debt obligations (ET) -Reliance Infra plans Rs 500 crore fresh equity for BSES (BS) -MBL Infra bags projects worth Rs 315.8 crore -NHAI to launch bond issue of Rs 10,000 crore to part finance projects (FE) -GVK Power & Infra to sell stake in its Australian unit to raise USD 500 million (FE) -Hindustan Motors enters Bangladesh markets for producing taxis; JV with local group for assembly unit near Dhaka (BS) -Valiant Communication to buyback upto 10 lakh shares at a maximum price of Rs 18/sh (CMP: 12.30) -Piramal Lifesciences board meet today on scheme of arrangement for demerger of NCE Research unit of Piramal Lifesciences into healthcare -F&O ban: ABG Shipyard, Gitanjali Gems, Ruchi Soya -House panel calls for review of all contracts of RIL KG-D6 block (Reports)
