Hot Stock News

* JET AIRWAYS : FIPB refers Cos Rs 20bn fund raising plan to cabinet

* ONGC : Mittal has pulled out of project to develop an oil block in Kazakhstan
 with JV partner ONGC Videsh.. ONGC Videsh to develop it alone

* PATNI : Japan's NTT grp enters race to acquire 66% stake held by Patni         
Brothers & General Atlantic.. other contenders include L&T Infotech, Fujitsu

* SATYAM : gets legal notices from 37 firms claiming refunds of Rs 12.30bn they
 had given as temporary advances.. official says to expect significant growth   
in sales from its engineering services unit

* HINDALCO : Moody's changes Novelis outlook to stable from negative

* L&T : sells petroleum dispensing pump biz to US co for Rs 1.5bn

* SAIL : Jharkhand Govt agrees to renew lease for 1000mn tonnes of iron ore      
deposit in Chiria.. separately co plans to rasie ~$2bn from offering 10%       
stake in co to investors

* WOCKHARDT : media rpts co to meet Pfizer mgt to discuss proposal to buy part   
of its biz.. but Wockhardt officials say they are in no hurry to sell assets

* BSNL : likely to exit consortium of Vavasi, Al Bukhary to acquire 46% in       
Kuwait's Zain Telecom.. talks fall thru over valuations


Corporate News – Industry trends

* Bharat Sanchar Nigam Ltd is likely to exit the consortium comprising
Delhi-based Vavasi Group and Malaysias Al-Bukhary to acquire 46% in
Kuwait’s Zain Telecom; Talks, which have been on for two months,
have fallen through over valuations, and Vavasi is expected to
announce a new consortium partner in a week or two (BS)

* Nandan Nilekani-headed Unique Identification Authority of India
pegs its annual revenue potential through both address verification and
biometrics confirmation at about Rs 2881mn (BS)

* Jharkhand agrees to renew Chiria mine lease, says SAIL; PSU
steel major to invest Rs 100 bn on capex, upgradation; the lease for
810 mt of deposit in Budaburu will be renewed shortly and for the
balance 200 mt in due course.” (BL)

* LN MITTAL has pulled out of a project to develop an oil block in
Kazakhstan with joint venture partner ONGC Videsh, possibly signalling
the approaching end of what has been a moribund relationship for
years (ET)

* JAPANESE conglomerate NTT Group has entered the race to acquire a
majority stake in Mumbai-based Patni Computer Systems, the latest in
a growing list of potential suitors said to be sizing up India’s sixth
largest software services exporter; other potential suitors include L&T
Infotech and Japan’s Fujitsu (ET)

* Tata Motors, India’s biggest automotive company by revenue, has so
far raised Rs 2.6bn through the revised fixed deposit scheme which it
launched in August this year. The company is authorised to raise Rs
13bn from the revised scheme (BS)

* Hindalco Industries, the metals flagship company of the Aditya Birla
Group, said it had received approval from its shareholders for raising
funds of up to Rs 29bn through securities at the extra ordinary general
meeting of the company held on Tuesday (BS)

* Larsen and Toubro, the engineering and construction giant, is selling
its petroleum dispensing pump business to US company Gilbarco
Veeder-Root. Sources said the deal would be valued around Rs 1500
mn (BS)


* Reliance Industries’ gas production will increase substantially with
the development of nine more discoveries in the Krishna-Godavari D6
block.; The company has made 19 discoveries in the KG are of which
three are under production. In the producing wells, levels have crossed
six billion cubic metres and production will plateau by the second half
of 2010. RIL achieved 100% uptime in its 200 days of gas production
(BL)


* South Korean car manufacturer Hyundai Motor said the development
cost for its proposed small car for the Indian market was around Rs
8000 mn; the car would be less than its Santro brand in both price and
size, said Han Woo Park CEO of Hyundai Motor India Ltd (BS)

* Land acquisition issues have halted the pace of North based Shree
Cement in its aim to become a pan-India player. The company, which
had not ventured out of Rajasthan so far, obtained licences for mining
limestone in three states. However, the company says land acquisition
is proving a problem (BS)

* State-run National Aviation Company of India, which runs Air India
and Indian Airlines, said it would receive the first installment of equity
infusion by the government worth Rs 4bn by January (ET)

* The government has approved NRI billionaire Lakshmi Mittal-led
ArcelorMittal’s over Rs 5bn foreign direct investment for acquisition
of a 35% stake in steel products maker Uttam Galva (ET)

* MAHINDRA Satyam rejected claims worth Rs 12.3 bn made by 37
companies linked to the company’s former promoter B Ramalinga Raju
in a filing to the stock exchange. The company said the claims were
legally untenable (ET)

* Nitesh Estates is learnt to have planned to raise nearly Rs 10bn
through sale of shares of a special purpose vehicle (SPV) to finance
setting up Ritz Carlton hotel in Chennai (ET)

* AUSTRALIA’S University of Canberra, which awarded an
outsourcing contract to Wipro in May earlier this year, plans to bring
down its operational costs by up to 40% over the next three-four years
and focus better on its core business of teaching and research (ET)


Economic/Regulatory development

* Asian Development Bank said it will provide a loan of up to US$700
mn to India for accelerating infrastructure projects (Mint)


Commodity/Money Market News

* India, the second most populous nation, is in talks with Thailand and
Vietnam to secure rice supplies after a drought in half the country
destroyed crops (Mint)



* Chinese and US regulators are negotiating a pact aimed at

encouraging Chinese financial institutions to buy into small and

medium-sized banks in the United States, bankers briefed on the plan

said; Chinese bankers have complained that it’s been difficult for them

to set up branches or invest in banks in the world’s leading economy,

due partly to US regulators’ tough supervision and strict approval

process for financial deals (BS)



* Industrial production in the US rose less than forecast in October,

restrained by a reduction in auto manufacturing as the effects of tradein

incentives dissipated and a decline in demand for business

equipment (ET)