News from leading Sources

Moneycontrol.Com

Maytas Infra likely to see 35% plus premium: Experts
Bullish on steel, infra, power, telecom: India Infoline
Prabhudas Lilladher bullish on Suzlon, Thermax, Areva T&D
Timings of Muhurat trading session for Samavat Year 2064
LIC MF plans to Infrastructure Fund
NSE bars further F&O positions in Tata Tele (M)
Expect higher volatility till F&O expiry

Business Standard

Ipca launches new pain mgmt drug
NELP VII to be launched on Nov 5
Amara Raja to open 500 Powerzone stores
NEWS DIGEST: Top Newspaper Headlines
FinMin issues 'sweat equity' FBT norms
Investor moves SC against Sebi plan on P-notes


Rediff.Com

FII participation in bourses to rise: Sebi chief
Govt expects IT exports to touch $80 bn by 2011

Myiris.Com

Balmer Lawrie intends to acquire tour operating co.
Reliance Money, Corporation Bank inks pact for broking services
Dabur Pharma inks pact with Spain`s Combino Pharma
MSK Projects expects Rs 455 mn from Jalandhar project
BoB introduces e-payment for customs duty in Guajarat
Modern India to set up IT SEZ at Khopoli

Essar Steel acquires US-based Minnesota Steel
SEBI grants FII status to 20 entities
Barak Valley Cements IPO opens on Oct 29



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Headlines from ET

Maytas Infra may list @Rs 500 per share

MUMBAI: Maytas Infra is expected to list around Rs 500 on the exchanges Thursday, against the issue price of Rs 370 for the Rs 10 share. The initial public offering was subscribed 67.86 times and raised Rs 327.4 crore. The company plans to use the IPO proceeds for various built-operate-transfer projects including the Bangalore-Hosur elevated expressway, 300 MW coal-based KVK Nilachal power project in Orissa, 56 MW coal washery reject-based SV power plants, and 2.5 million MT per annum coal washery at Korba in Chhattisgarh.

“The company is likely to see 40 per cent upside on listing. It’s priced around 39 times FY07 earnings. The stocks is expensive than IVRCL but given the strong book, it looks good going ahead. We see good growth over next couple of years, fuelled by current order book of Rs 3,600 crore, which is 5.5 times FY07 revenues,” said Abhinav Bhandari, sector analyst at PINC.

Goldman Sachs eyes 33% stake in Bhatia's Nano City
MMTC to set up commodity exchange with Indiabulls

Honda plans low-cost hybrid in 2009
Honda to launch small car Jazz by '09
Shishir Bajaj sells 1% BAL stake for over Rs 200 cr
ICICI Bankbs new rock star
Global firms eye stake in UTI
Tanishq launches Zoya collection

Fortis inks pact with Microsoft
Binani Cement plans to invest Rs 1,800 cr
Satyam buys UK consulting firm Nitor for Rs 22 cr
No spectrum allocation till November 12: Govt
RBI may not change short-term interest rates: Analysts
Intel Capital invests in Tag Media


LIC's turning builder, buys land for commercial development
Reliance Life forms distribution tie-up with Muthoot Group
Future Capital mulls Rs 2,000 cr Berkshire-like investment arm
Zenotech plans to invest over Rs 90 crore in R&D
Wockhardt buys Morton Grove of US; Q3 net profit down 35%
Ma Foi opens subsidiary in Hong Kong

Emkay, Religare's 'Buy' on Venus Remedies
ADAG seeks SEBI probe into campaign against Reliance Power IPO
Central excise gears up to collect Rs 1250 cr
Kotak Mahindra to enter into credit card business
Govt gets Rs 167 lakh from FM channels as license fee

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Religare IPO to open on Oct. 29

Religare IPO to open on Oct. 29

Religare Enterprises, a financial services company promoted by India`s biggest drugmaker Ranbaxy Laboratories, is set to knock the doors of the capital market with initial public offering (IPO) of 7,576102 equity shares of Rs 10 each for cash at a price to be decided through a 100% book building process. The issue will open on Oct. 29, 2007 and will close on Nov. 1, 2007. The price band has been fixed between Rs 160 to Rs 185 a share.

The issue has been graded by ICRA with an IPO Grade 3 on a 5 point scale. The equity shares of the company, offered through this IPO, are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Religare Enterprises entered into an investment agreement with Indopark Holdings, an indirect wholly owned subsidiary of Merrill Lynch, wherein it has agreed to issue and allot 3,788,050 equity shares representing a 5.56% ownership of the paid-up share capital of the company worth Rs 606.09 million.

Religare Enterprises is a holding company of 11 subsidiaries, which are engaged in a wide range of financial products and services targeted at the retail, high networth individuals and the corporate and institutional clients. Along with its various subsidiaries, it offers a wide range of services ranging from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, investment banking and institutional broking services. It has divided its product and service offering under three broad client interface categories i.e. retail spectrum, wealth spectrum and institutional spectrum.

Religare Enterprises has a growing client base built on a well-recognised brand. As on Sep. 30, 2007, the company had six regional offices and 40 sub-regional offices across 392 cities and towns controlling 1,217 business locations (managed by it along with its business associates) all over India as well as a representative office in London.Religare Enterprises Limited (Q, N,C,F)*



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Results Calender from Indiaearnings.Com

Results Calender

ABB 25-Oct-07

Action Const 25-Oct-07

Alfa Laval 25-Oct-07

Alps Industries 25-Oct-07

Autoline Ind 25-Oct-07

Balaji Amines 25-Oct-07

Ballarpur Ind 25-Oct-07

BHEL 25-Oct-07

Bk Of Rajasthan 25-Oct-07

Cairn India 25-Oct-07

Century 25-Oct-07

Century Enka 25-Oct-07

Chambal Fert 25-Oct-07

Core Emballage 25-Oct-07

Cranes Software 25-Oct-07

Cummins 25-Oct-07

Datamatics Tech 25-Oct-07

DCM Financial 25-Oct-07

Decolight Ceram 25-Oct-07

DS Kulkarni 25-Oct-07

ECE Industries 25-Oct-07

Eimco Elecon 25-Oct-07

Elecon Eng 25-Oct-07

Euro Ceramics 25-Oct-07

Everest Ind 25-Oct-07

FAG Bearings 25-Oct-07

Federal Bank 25-Oct-07

Ganesh Forgings 25-Oct-07

Ganesh Housing 25-Oct-07

Gillette India 25-Oct-07

GlaxoSmithKline 25-Oct-07

Guj State Petro 25-Oct-07

Hitachi Home 25-Oct-07

HOV Services 25-Oct-07

Hyderabad Ind 25-Oct-07

ICDS 25-Oct-07

Idea Cellular 25-Oct-07

IL&FS Investsma 25-Oct-07

India Nippon 25-Oct-07

ING Vysya Bank 25-Oct-07

JK Paper 25-Oct-07

JSW Steel 25-Oct-07

Khandwala Se 25-Oct-07

Kothari Petro 25-Oct-07

Kothari Product 25-Oct-07

Kothari Sugars 25-Oct-07

Liberty Shoes 25-Oct-07

Lotte India 25-Oct-07

M&M Financial 25-Oct-07

Motherson Sumi 25-Oct-07

Munjal Showa 25-Oct-07

Nat Fert 25-Oct-07

Natco Pharma 25-Oct-07

Nicholas Pirama 25-Oct-07

NIIT 25-Oct-07

NIIT Tech 25-Oct-07

Nocil 25-Oct-07

Peninsula Land 25-Oct-07

Prime Focus 25-Oct-07

Punjab Chemical 25-Oct-07

Rane Brake 25-Oct-07

Rashtriya Chem 25-Oct-07

Ratnamani Metal 25-Oct-07

Redington 25-Oct-07

Rel Capital 25-Oct-07

Sagar Cement 25-Oct-07

Seshasayee Pape 25-Oct-07

Shrenuj and Co 25-Oct-07

Shriram TransFi 25-Oct-07

SRF 25-Oct-07

Sterling Tools 25-Oct-07

Sun Pharma 25-Oct-07

Tata Coffee 25-Oct-07

Tata Inv Corp 25-Oct-07

Tecil Chemicals 25-Oct-07

UTV Software 25-Oct-07

Vedant Hotels 25-Oct-07

Voltas 25-Oct-07

Wendt 25-Oct-07

Windsor 25-Oct-07

Zuari Inds 25-Oct-07


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Results: Dr. Reddys, Dabur, Lupin, UBI etc

Dr Reddys Q2 consolidated net falls 62.19%

Dr Reddys Laboratories (DRL), one of the largest drugmakers in India, registered a substantial fall 62.19% in consolidated net profit for the quarter ended September 2007. During the quarter, the company saw a rise in consolidated net profit to Rs 1,106 million from Rs 2,925 million in the same quarter of the previous year. The consolidated total income for the quarter dropped 33.09% to Rs 13,265.50 million compared with the corresponding quarter, a year ago.

Dabur India Q2 net up 23 pc at Rs 96 cr

MUMBAI: FMCG company Dabur India on Wednesday said it has posted a 22.81 per cent rise in net profit at Rs 96.59 crore for the second quarter ended September 30 as against Rs 78.65 crore for the corresponding period last year. The total income of the firm for the quarter under review increased to Rs 633.39 crore as compared to Rs 560.54 crore for the same quarter last year, the company informed in a filing to the Bombay Stock Exchange. The standalone profit of the company for the second quarter stood increased at Rs 85.81 crore, as against Rs 68.81 crore for the year-ago period.

Lupin Jul-Sep net profit climbs 103%

Lupin’s net profit climbed 103 per cent to Rs 118.08 crore for the quarter ended September 2007 compared with Rs 58.30 crore in the same quarter previous year.

Union Bank Q2 net profit jumps 42%

Union Bank of India’s July-September net profit rose 42 per cent to Rs 275.78 crore compared with Rs 194.16 crore in the same quarter previous year.

Vijaya Bank Jul-Sep net profit up 3%

Vijaya Bank’s July-September net profit rose 3 per cent to Rs 105.25 crore compared with Rs 102.33 crore in the same quarter previous year.

Sun TV Network’s Q2 net profit up 67%

Sun TV Network’s net profit rose 67 per cent to Rs 80.16 crore for July-September compared with Rs 47.96 crore in the same quarter of the previous year.

Pidilite Industries Q2 net profit up 69%

Wockhardt's consolidated net rises 46 pc in Q3

NALCO Q2 net dip 26.09 pc to Rs 439.73 cr

Punjab Tractors Q2 net profit down 46%


PTC net up 32.55% in Sep`07 qtr

Gujarat Gas consolidated net rises 82.77 % in Sep `07 qtr

Hotel Leela net up 81.86% in Sep`07 qtr

Cipla net rises 5.73% for Sep `07 qtr

Opto Circuits net up 56.65% in Sep`07 qtr

Marico net up 42.73% for Sep`07 qtr

JK Lakshmi Cement net rises 3.14 times in Sep `07 qtr

Dishman Pharma net up 9% in Sep`07 qtr

Areva T & D India net up 33.37% for Sep` 07 qtr

Mahindra Ugine net down 46% for Q2

Sakthi Sugars swings to loss in Q2

Blue Star net up 2.89 times in Sep`07 qtr

Bank of Maharashtra Q2 net up 48%

DCW net rises 2.05 times in Sep`07 qtr

Tele Data net rises 20.5% in Q2

Castrol Q3 net accelerates 60%

Deepak Fertiliser net rises 39% for Sep`07 qtr

Panacea Biotec net down 31.06% in Sep`07 qtr

Greenply Ind. net soars 2.35 times for Sep`07 qtr

MIC Electronics net drops 45.57% for Sep`07 qtr

TVS Motor net drops 51.99% in Sep` 07 qtr

Hindustan Motors Q2 net profit at Rs 28 lakh

GIC Housing Q2 net profit at Rs 15.5 crore

Anant Raj Q2 net profit at Rs 22.5 crore

Sadbhav Engg Q2 net profit at Rs 5.5 cr

MRO TEK Q2 net profit Rs 4.4 cr

Ashok Leyland Q2 net profit at Rs 80.34 cr



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Sensex ends with a marginal gain of 20 pts

Sensex ends with a marginal gain of 20 pts
Wednesday, 24 October , 2007, 16:25

SENSEX 18512.91 20.07
NIFTY 5496.15 22.45

It was a splendid start for the benchmark indices Sensex and the Nifty this morning as strong global markets triggered a rally in blue chip stocks. Short-covering in the derivatives segment also aided the surge. However, as the session progressed, movements turned highly volatile as participants chose to stay cautious and refrained from building up positions at higher levels. A reversal in trend on the Asian bourses also dampened the mood to an extent.

The Sensex, which opened with a positive gap of around 235 points at 18,727.90, hit a high of 18,832.49 in early trade, but soon plunged to 18,317.17 following a severe bout of selling pressure. After moving in a listless way thereafter, it finally ended the day with a small gain of 20.07 points or 0.11% at 18,512.91.

The Nifty, which touched a high of 5577.90 in morning trade, ended at 5496.15, well off its intra-day low of 5419.40 and recorded a gain of 0.41% or 22.45 points.

Capital goods, metal and realty stocks were in demand. Bank stocks, which moved up sharply in intra-day trades, shed some gains during the closing minutes of the session. Consumer durables stocks did fairly well. Auto and information technology, with a few exceptions, remained quite subdued. Oil, pharma and FMCG stocks turned in a lacklustre display.

Even as several large cap stocks found the going tough despite a bright start, a number of stocks from midcap and smallcap segments held firm almost till the end thanks to sustained buying support.
Reliance Energy attracted strong buying and ended with a handsome gain of 8.6%. State Bank of India moved up by 5.25% to Rs 1908. Tata Steel, Hindalco, HDFC Bank and Larsen & Toubro gained 2% - 2.25%.

NTPC (1.85%), Cipla (1.75%), Maruti Udyog (1.45%), ACC (1.25%) and Ranbaxy Laboratories (0.85%) also ended on a firm note. Reliance Industries closed with a modest gain at Rs 2609.50. Hindustan Unilever ended with a slender gain.
ONGC slipped by 3.15% to Rs 1107.90 on heavy selling at the counter. Tata Motors closed with a loss of 2.7% at Rs 774.65. IT bellwether Infosys Technologies ended lower by a little over 2% at Rs 1844.50.

Further, See: Sensex ends with a marginal gain of 20 pts


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Day's Quote/Corporate Story

Quote of the Day

" It is not only "the slow but steady wins the race", but the slow, steady, and staying on course wins the race."


Corporate/Personality of the Day

Lakshmi Narayanan

Lakshmi Narayanan is the vice chairman and ex-CEO of Cognizant Technology Solutions (CTS) . He was the CEO and president of Cognizant till 2006. [1]

Lakshmi Narayanan, CEO of Cognizant Technology Solutions
Lakshmi has played a leading role in the global information technology industry for more than 25 years, managing divisions and business units in Europe, India and the United States. Since joining Cognizant Technologies in 1994, he has been instrumental in formulating the company’s strategy and building and managing the organization’s development centers in India, where he is based. A member of Cognizant’s Board of Directors, Lakshmi spends time traveling extensively in the U.S. and Europe to meet clients.

Further, visit: http://en.wikipedia.org/wiki/Lakshmi_Narayanan



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VC, PE Updates

Suzlon To Raise $1.27-Billion From Domestic And Overseas Markets

Bahrain’s Gulf Finance House Raises $630M For Energy City India

Motilal Oswal Venture Capital Invests Rs 31 Crore In RT Outsourcing

IFMR Trust Plans Two Funds Of $140M To Support Rural Enterprises, MFIs

Agencyfaqs Nets Second Round Investment From Seedfund

Kotak Buys 10% In Sunteck; Ishaan Invests $272.5M In K Raheja Projects

Global Infrastructure Partners, Zeus Form JV To Buy 74% In East India Petroleum

GVFL Invests $1 Million In Sahajanand Laser Technology

The Pitfalls Of Investing In India And How To Avoid Them: Evalueserve Report

Kerala Ayurveda Ltd subsidiary acquires 51% stake in CMS-Katra Nursing LLC

Satyam to acquire 100% stake in Nitor Global Solutions

IDFC buys 48.4% in SMS Shivnath Infrastructure Limited

Sequoia Capital to invest US$ 500-600 mn. in India

Fishman sells 10% of Indian real estate co to Migdal for $60m

Deutsche likely to infuse $125 mn into Golden Gate

PE investments in pharma touch $400 m



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Economic Times Headlines

Two Indians on Time's global "Heroes of Environment" list
500 companies defy meltdown, add Rs 60K to investor kitty

R-Money offers free trading accounts
Reliance Ind Infra falls 5 per cent
KDDL eyes acquisition in Switzerland
Madhya Pradesh okays 83 investment proposals
Prudential 9-month sales up 15 pc
Block deal of 4.82 pc of United Breweries on BSE
Overseas growth drives ICICI Bank momentum

KS Oils July-Sept net at Rs 265.8 mn
Triveni in pact with GE for compressors
RIL to club eight discoveries to D1/D3 finds in KG basin
Siemens gets Rs 330 crore order from Tata Steel
Greenply to acquire plywood firms, plans new units

BSNL to invest Rs 60,000 cr by 2010, aims top slot in GSM
BSNL declares Rs 500 cr dividend for 2006-07
Reliance Ind Infra falls 5 per cent
Suzlon to list Belgium-based subsidiary on LSE

What to expect on October 25 SEBI meet?
Heard on the street



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