MORNING NOTES

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Corporate News

􀂄 Bharat Sanchar Nigam Ltd (BSNL) stated that its proposed
acquisition of Kuwait's Zain Telecom is on hold, as the staterun
firm has not got the required information from domestic
company Vavasi, which was trying to rope in the PSU as a
consortium partner for the deal. - BS

􀂄 ABG Shipyard, which is locked in a take-over battle for Great
Offshore with Bharati Shipyard, today backed out of the race
by selling 8.27 per cent stake in the offshore drilling firm, a
day after its rival raised the open offer price to Rs 590 per
share. - BS

􀂄 Gammon India Ltd has informed that the company has been
awarded two projects by Coastal Energen Pvt Ltd, Chennai,
aggregating Rs 459 crore for construction and structural
works for 2 x 600 MW thermal power project near Tuticorin in
Tamil Nadu. - BL

􀂄 Fedders Lloyd Corporation Ltd has informed that the
company has been awarded Rs 120-crore contract for supply,
installation, testing, commissioning and maintenance of
High Voltage Distribution Systems in various districts of
Madhya Pradesh. - BL

􀂄 Asahi Infrastructure & Projects Ltd has informed that the
company has received Rs 7.75-crore work order from Central
and State Government for construction of housing and
infrastructure (scheme) at Nagar Parishad Umred district in
Nagpur. - BL

􀂄 Oil and Natural Gas Corp (ONGC) and its partners will invest
about $10 billion in two giant gas fields and an LNG project
in Iran. - BS

􀂄 Jaiprakash Associates (JAL) commissioned a Rs 1,500
crore cement facility in Gujarat with an annual capacity of 2.4
million tonnes. - BS

Macro Economic News

􀂄 The UPA government will not divest more than 10% stake in
the 50 public sector enterprises that are expected to be
listed over the next five years. - ET

Global Cues

􀂄 Japanese businesses cut spending at a record pace last
quarter, indicating they aren’t yet confident that the recovery
from the country’s deepest postwar recession will be
sustained. Capital spending excluding software fell 25.7 %
in the 3 months ended Sept. 30 from a year earlier -
Bloomberg
~R`money