MORNING NOTES

~
Corporate News

􀂄 Steel Authority of India (SAIL), which has cut prices of some
of its products by up to Rs 1,500 a tonne, stated it will reduce
the rates further by about Rs 500 a tonne, mainly on falling
global demand. - BS

􀂄 Subhash Projects & Marketing today said it has bagged two
orders worth Rs 277.71 crore from different vendors for
construction related works. - BS

􀂄 Alstom Projects India reported that it has bagged orders
worth Rs 365 crore from Hindalco Industries, for supply and
installation of four gas treatment plants in the country. - BS

􀂄 Reliance Industries today announced discovery of an oilfield
130 km from Ahmedabad in Gujarat, its second major find
after the offshore MA field in the Krishna Godavari basin. BS

􀂄 Siemens announced that its energy unit has bagged an
order worth Rs 608 crore from Qatar's General Electricity &
Water Corporation (Kahramaa) for constructing high voltage
cables. - BS

􀂄 Nagarjuna Construction Company today secured five orders
aggregating to Rs 722 crore. - BS

􀂄 Moser Baer Photovoltaic, a wholly -owned subsidiary of
Moser Baer India, stated that it would invest $5 billion in its
manufacturing facilities in Chennai and Hyderabad over 10
years. - BS

􀂄 Asian stocks rose for a third day as Chinese car sales
jumped and exports improved in Taiwan and the Philippines.
The pound fell after Fitch Ratings said the U.K. was the
most at risk of losing its AAA rating. - Bloomberg

Macro Economic News

􀂄 Rising wages, coupled with pent-up demand for new
homes and cars, have given a fillip to retail lending by banks
across the country. - ET

􀂄 Sugar production in Uttar Pradesh is likely to decline
marginally at nearly 40 lakh tonne as the sugarcane area is
estimated to have dipped by 17 per cent in 2009-10 season
with more farmers switching to other crops. - BS

Global Cues

Asian stocks rose for a third day as Chinese car sales
jumped and exports improved in Taiwan and the Philippines.
The pound fell after Fitch Ratings said the U.K. was the
most at risk of losing its AAA rating. - Bloomberg
~~R`MONEY