MORNING NOTES

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Corporate News

􀂄 IDBI Bank is believed to have zeroed in on Federal Bank for
acquisition. IDBI Bank has also completed due diligence,
an exercise undertaken by the acquirer to assess the value
of the entity before purchasing it - ET

􀂄 Minister of State for Environment and Forests Jairam
Ramesh commissioned HPCL's Euro-IV compliant oil
refinery in Mumbai - ET

􀂄 Tata Communications had agreed to buy BT Group's mosaic
business that manages content and workflow for media
companies. - ET

􀂄 Suzlon Energy has forayed into the Swedish market with its
first order coming from Triventus AB, a wind power developer
and consultant. The order is for two S88-2.1 megawatt wind
turbines - BS

􀂄 Hindustan Composites has decided to sell its property in
Ghatkopar, a central Mumbai suburb for Rs.571cr. The
property was sold to real estate developer Raghuleela
Lessors and Developers Pvt Ltd. - BS

􀂄 India Cements's subsidiary ICL Financial Services Ltd has
complied with all formalities and obligations under its open
offer to Indo-Zinc shareholders. The company's
shareholding in Indo-Zinc has increased to 61.06 %
following the open offer of 20 % made recently. - BS

Macro Economic News

􀂄 The Reserve Bank says that it is complex issues to suck out
liquidity from the system and at the same time ensure credit
to crucial sectors, amid speculations that the bank may
squeeze money supply later this month to tame inflationary
expectations. - ET

Global Cues

􀂄 China's inflation rate may accelerate to as high as 8 percent
this year hurting banking, utility and phone stocks, China's
central bank last week unexpectedly raised the proportion
of deposits that banks must set aside as a credit boom
threatens to stoke inflation and create asset bubbles. -
Bloomberg
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R`MONEY