8th August, 2011 Morning Market Updates

8th August, 2011 Morning Market Updates 8:35


Stock in news
Results today: L&T, M&M, Tata Chemicals, PTC India, EIH, Bajaj Corp, Vadilal Industries, Sun Pharma Advanced Research, ARSS Infra, Jindal Polyfilms, Omaxe, Tata Coffee, DCW, Deepak Fertilizers, SEL Manufacturing, KNR Constructions, Astra Zeneca, Finolex Cables, Morepen Lab, Golden Tobacco, Zenith Exports, AP Paper Mills, Maxwell Ind, Infinite Computer Solutions, Money Matters, PVR, Laksmi Precision, Ansal Housing, Amrutanjan Healthcare

GoM on Urea decontrol:-No govt control on urea prices
-Urea companies to get nutrient-based subsidy
-Urea companies allowed to hike prices by 10% in first year
-No price control on urea after 1 year
-Gas-based urea plants to get pooled price for gas
-Additional govt support for high cost urea plants
-GoM decision to be approved by CCEA

SC allows NMDC to produce 1mt from its Bellary mines-SC directs NMDC to pay royalty of 10% market rate
-NMDC cannot export any iron ore from Bellary

SBI Chairman says-Gave govt various options relating to rights issue
-Govt will need to infuse Rs 11,000 crore for 55% share in SBI
-More dialogue needed to finalise SBI rights issue
-Finance Ministry expressed concern on NPAs in banking sector
-Govt may need to put in Rs 9,000- Rs 14,000 crore in SBI rights issue

Godrej - Jet Airways dealGodrej Prop says
-To take Rs 360 crore land debt of Jet Airways
-To pay Rs 135 crore for Bandra land to Jet Airways
-To develop 1 mt of  saleable area, office building
-To equally share profits with Jet Airways from land development
-To complete Bandra land development in 3 years

FM says -No proposal for introducing dual pricing for diesel
-No proposal to increase taxes to meet revenue shortfall

Other stocks and sectors that are in news today:- Sesa Goa to acquire 51% stake in Liberia-based Western Cluster for $ 90 million
- Anant Raj board meets on August 11 to consider allotment of NCD's aggregating to Rs 250 crore
-Kalanithi Maran pledges 5.69 lakh more Sun TV shares 
- India Nippon Electricals board to consider issue of bonus shares
-F&O Ban: Deccan Chronicle, Gitanjali Gems
-Cairn Energy to withdraw arbitration over cess payment & share ONGC ’s royalty burden in the Rajasthan block seeking time till September to complete formalities (ET)
- L&T bags three international orders totaling USD 889 million for hydrocarbon projects 
- SAIL gets CCEA nod to revive FCI’s Sindri unit to invest Rs 35000 crore to setup steel, power & fertilizer units 
-VSNL’s surplus land of 770 acre valued at worth Rs 6156 crore based on the prevailing govt rates & also the land cannot be used for residential purposes (ET)
-Indus Towers mulling the option of merging the company with Bharti Infratel ahead of its proposed listing (ET)
- JK Paper ’s right issue of 5.8 crore equity shares at Rs 42/share opens today - JK Lakshmi Cement drops its plan to acquire a cement company in Egypt for Rs 800 crore (BS)
- Wockhardt bond holders hearing over the repayment of matured bonds worth Rs 300 crore to be held next week