MORNING NOTES

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Corporate News

􀂄 Adani Power has been awarded a letter of intent (LOI) by the
Madhya Pradesh government for the development of a 1,320-
Mw power project at Chhindwara in the state - BS

􀂄 Ballarpur Industries (BILT) has bid close to $200 million for
Malaysia’s largest integrated paper manufacturer GS Paper
& Packaging Group (GSPP) - ET

􀂄 Ashok Leyland will increase prices of its products by up to
15 per cent once the new emission norms come into effect
from April, across the country. - BS

􀂄 Jaiprakash Power Ventures's $200 million (over Rs 925
crore) foreign currency convertible bonds issue, that closed
last week, has been fully subscribed. - BS

􀂄 MBL Infrastructure has bagged a Rs 100.12-crore order from
Reliance Infrastructure Ltd (RIL) for construction related
works at the Sasan Ultra Mega Power Project in Madhya
Pradesh. - BS

􀂄 PVR has terminated the acquisition agreement with DLF--
the country’s largest realty developer-- to acquire DT
cinemas. - BS

Macro Economic News

􀂄 Wholesale price index based inflation soared to a 15-month
high of 8.56% for the month of January, with the data showing
that inflation had spread to the manufacturing sector. - ET

Global Cues

􀂄 U.K. inflation probably accelerated in January to a 14-month
high, enough to trigger a public letter of explanation from
Bank of England Governor Mervyn King.Consumer prices
rose 3.5 percent from a year earlier, compared with a 2.9
percent gain in December. - Bloomberg
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MORNING NOTES

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Corporate News

􀂄 ONGC Videsh (OVL), the foreign arm of ONGC, will pick up
11% stake in the Venezuelan field Carabobo-1, while other
two Indian partners Indian Oil Corp (IOC) and Oil India (OIL)
will have 3.5% stake each - ET

􀂄 Hinduja Ventures's board has approved the acquisition of
pharma firm IDL Speciality Chemicals and also decided to
enter into an MoU to that effect. - ET

􀂄 Mahindra & Mahindra (M&M)t will foray into the motorcycle
segment with a full range of products by this year even as it
will take a final call on continuation of its joint venture with
French car maker Renault within the next 45 days. - BS

􀂄 Tata Teleservices entered into a franchisee agreement with
retail giant Future Group to offer GSM mobile telephony
services under a new brand-- T24 to tap the loyal customer
base of the Kishore Biyani firm - BS

􀂄 Ruchi Soya has approved the amalgamation of Palm Tech
India Ltd (PTIL) with itself with effect from April 1, 2009. As
part of the merger, the shareholders of Ruchi Soya would
received 25 shares in PTIL, while PTIL shareholders would
receive 19 shares in Ruchi Soya - BS

Macro Economic News

􀂄 India's food grain output may fall by 7.5 percent this year
after the weakest rains in nearly four decades, according to
a government forecast, driving up prices in the South Asian
nation - ET

Global Cues

􀂄 January sales at U.S. retailers climbed more than
anticipated, while consumer confidence unexpectedly fell
this month from a two-year high, showing a recovery in
household spending may be gradual.Retail purchases
increased 0.5 percent, the third gain in the past four months
- Bloomberg
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MORNING NOTES

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Corporate News

􀂄 Electrical and Gulf Projects Operating Company, a part of
L&T's construction division, has bagged orders aggregating
Rs 582 crore for four electrical projects in India and UAE. -
BS

􀂄 L&T Finance, the financial services arm of the engineering
giant Larsen & Toubro, today said it is planning to extend its
micro-finance business to Gujarat and Orissa soon - BS

􀂄 Mahindra & Mahindra Ltd and UK's BAE Systems will inject
a total of USD 21.25- million (Rs 99.4-crore) over a threeyear
period into their joint venture company, Defence Land
Systems India - ET

􀂄 The French auto major Renault ruled out breaking away
from its existing joint venture with the Mahindras, but said it
wants to restructure the operations of the partnership entity.
- ET

􀂄 GMR Infrastructure is in advanced discussions with a couple
of private equity funds to raise nearly Rs 1,500 crore for its
power subsidiary GMR Energy, to enable it to fund its planned
expansion - ET

􀂄 Sadbhav Engineering has bagged a road project worth Rs
1,225 crore in Karnataka from the National Highways
Authority of India (NHAI).A consortium led by the company
has bagged a four-laning project in Karnataka. The
concession period of the project is 20 years. - BS

Macro Economic News

􀂄 Industrial output to rise 12 percent in December from a year
earlier, the median forecast in a poll of 21 economists shows.
That is marginally higher than an annual rise of 11.7 percent
in November. - ET

Global Cues

􀂄 Inventories at U.S. wholesalers unexpectedly fell in
December following the biggest increase in more than five
years, indicating distributors had trouble keeping up with
demand. The 0.8 percent decrease in stockpiles followed a
revised 1.6 percent gain in November that was the largest
since July 2004. - Bloomberg
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MORNING NOTES

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Corporate News

􀂄 BHEL has secured a Rs.1016cr contract from
Punatsangchhu Hydroelectric Project Authority, Bhutan for
the electro-mechanical equipment package for a 1,200 MW
(6x200 MW) hydroelectric project - BS

􀂄 L&T Finance Ltd plans to raise up to Rs 500cr through an
issue of non-convertible debentures (NCDs) this month.
The NCDs will carry an interest rate of 8.40 per cent per
annum while the annualied yield will work out to 8.58 per
cent. - ET

􀂄 Areva T&D India has bagged two projects worth Rs 280
crore from the Power Grid Corp for installation of two substations
at Punjab and Haryana. - BS

􀂄 Lupin Ltd has received final approval from the US drug
regulator for marketing Amlodipine-Benazepril capsules,
used for treating high blood pressure, in America. - BS

􀂄 Tata Chemicals expects to sell 1mn units of the low-cost
water purifier Swach in the next 1yr. After launching the sub-
Rs.1000 water purifier in Maharashtra recently, the company
will be rolling out the product in other parts of the country,
with an aim to generate a revenue of Rs.100cre with the
sale of 1mn units. - ET

􀂄 Nagarjuna Construction has secured five orders
aggregating Rs 583cr. These include a Rs.238cr order
secured from the public health engineering dept, Kolkata,
an order valued at Rs.124cr from Mahanadi Coal Fields & a
Rs.85cr order from the National Water Supply and Drainage
Board, Sri Lanka. - BS

Macro Economic News

􀂄 Exports from SEZs, or tax free enclaves, during April-
December this fiscal grew by a robust 127 per cent to over
Rs 1,50,000 crore year-on-year despite slump in global
demand.As on December 2009, total investments in the
zones was at Rs 1,28,385 crore. - ET

Global Cues

􀂄 The U.S. unemployment rate surprisingly fell to a five-month
low of 9.7 percent in January and factory payrolls grew for
the first time since 2007, hinting at a labor market recovery
even though the economy lost 20,000 jobs. - Reuters
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MORNING NOTES

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Corporate News

􀂄 Larsen & Toubro is gearing up to enter the general insurance
business with no plans of a foray into the life insurance - BL

􀂄 Maruti Suzuki will now look for opportunities to export the
small car Ritz to South East Asia and the Middle East.The
company has sold over 51,000 units of Ritz since its
introduction in the domestic market in May, 2009. - BL

􀂄 NHPC Ltd and Satluj Jal Vidyut Nigam Ltd (SJVN) and the
government of Manipur to develop the Rs 8,138-crore
Tipaimukh power project in the north-eastern state is likely
to be signed by the end of the current financial year - BS

􀂄 Shree Renuka Sugars will put in the final bid for Brazil’s
Equipav Acucar E Alcool next week - ET

􀂄 Indiabulls Group will develop a Special Economic Zone
(SEZ) at Sinnar near Nashik in association with the
Maharashtra Industrial Development Corporation. - BS

􀂄 Eveready Industries India (EIIL) is on the prowl once again.
This time it’s looking to acquire a Rs 200-crore company in
the domestic FMCG space. - ET

Macro Economic News

􀂄 Foreign investment promotion Board will soon have the
authority to approve proposals involving foreign equity
investment of up to Rs 1,200 crore, facilitating faster
processing of overseas investment proposals. - ET

Global Cues

􀂄 China’s government netted 1.6 trillion yuan ($234 billion)
from land sales last year, or 40 percent of the cost of the
nation’s two-year stimulus package.China sold or allocated
319,000 hectares (788,266 acres) of land in 2009, 44
percent more than a year earlier - Bloomberg
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MORNING NOTES

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Corporate News

􀂄 Infosys Technologies would design and implement the
Research Informatics System (RISE) at Elan
Pharmaceuticals, Inc, to accelerate discovery research using
a co-creation engagement model that leverages Infosys'
existing intellectual property in this field. - ET

􀂄 Bajaj Auto today reported over two fold jump in its motorcycle
sales at 2,32,939 units in January.The company had sold
1,09,666 units in January last year, - BS

􀂄 Siemens Ltd, has received a contract from the Power Grid
Corporation of India to construct a new 765/400kV substation
at Meerut and augmentation of sub-stations at
Mandola (UP) and Baalabgarh (Haryana). – ET

􀂄 Adani Power Ltd (APL), belonging to $5 billion Adani group,
will set up a coal-based thermal power project of 1320 MW
in Chhindawara district in Madhya Pradesh. - BS

􀂄 UCO Bank’s board has resolved to raise funds via followon
public offer or placement to institutional investors. The
bank has federal government's approval for a follow-on
public offer. – ET

􀂄 Zylog Systems has acquired Canada-based consulting and
engineering company Brainhunter for 35 million Canadian
dollars (around Rs 150 crore). - BS

Macro Economic News

􀂄 Imports moved back to the positive terrain for the first time
since the financial crisis , clocking a 27% growth in
December, indicating that the domestic economy was well
on its way to recovery, aided by rapidly improving exports
that grew for the second successive month

Global Cues

European producer prices dropped on an annual basis for
a 12th month in December, the longest stretch of declines
in a decade, after the economic slump prompted companies
to cut costs and eliminate jobs. - Bloomberg
~R`MONEY

MORNING NOTES

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Corporate News

􀂄 NTPC Vidyut Vapyar Nigam Ltd (NVVNL), a wholly-owned
trading arm of NTPC and the national nodal agency, has
decided to procure solar power up to 1,000 MW by 2013.The
company will mix solar power tariff with the unallocated
thermal power before pushing it into the grid for a final price
of Rs 5-5.50 a unit. - BS

􀂄 ICICI Bank today ruled out overseas acquisitions, but said
it is open to buying local banks to increase presence and
business within the country. - ET

􀂄 Blue Star, is exploring options to set up an unit in south
India in the near future. The company has incurred a capital
expenditure of Rs 80.06 crore in FY 09, which includes
expenditure incurred for its fifth manufacturing facility at
Wada. - ET

􀂄 Alok Industries, will dilute a 33 per cent stake in its subsidiary,
Alok H&A, in return for a Rs 45 crore infusion from Asiabridge
Fund 1 LLC. Alok H&A plans to have a 1,000 store network
in the next four years from the present 154, all on a
dealership basis. - BS

􀂄 Dalmia Cement (Bharat) today said it has increased its
stake in OCL India to 45.4 per cent from 21.7 per cent at an
investment of Rs 177 crore as part of its plan to expand its
footprint in eastern India. - ET

Macro Economic News

􀂄 Fiscal deficit for the current year could overshoot even the
16-year high 6.8% budgeted for the current year as fertiliser
subsidy is likely to be higher and there is now greater chance
that the 3G auction may not happen this fiscal. - ET

Global Cues

􀂄 The surge in U.S. economic growth in the fourth quarter
depended on more than manufacturing and investment.
Households also played their part.GDP grew at a 5.7%
annual rate from October through December, more than
anticipated and the strongest performance since the third
quarter of 2003, figures from the Commerce Department -
Bloomberg
~R`MONEY

MORNING NOTES

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Corporate News

􀂄 Hindustan Petroleum Corp plans to invest Rs 25,000 crore
in setting up a 15 million tonnes a year refinery on the west
coast. The new refinery may be located anywhere between
Mumbai and Goa on the coast and is being mulled to make
up for space constraint that its Mumbai refinery faces at
present - ET

􀂄 L&T Infotech has bagged the e-governance implementation
project of the All India Council for Technical Education
(AICTE). L&T Infotech will implement Siebel CRM modules
and will also supply and execute a comprehensive System
Integration network including supply of the requisite
hardware for PCs and networking equipment - BS

􀂄 HCL Technologies has received a contract worth around
Rs 231 crore from UK-based defence equipment maker
Meggitt for providing engineering services.

􀂄 Yes Bank has raised $225 million (about Rs 1,034 crore)
through private placement of shares to institutional investors.
The bank will issue 3.84 crore equity shares at Rs 269.50
per share to institutional investors under the Qualified
Institutional Placement (QIP), which would raise the overall
capital adequacy of the bank to over 20 per cent. - ET

􀂄 Aptech, has sealed a major buyout in the animation and
multimedia education space by acquiring Maya Academy of
Advanced Cinematics (MAAC) for Rs 76 crore. - BS

􀂄 Mahindra Satyam moved an application before the Company
Law Board (CLB) seeking its approval to hive off its Chennaibased
animation division. The animation division that
comes under Satyam BPO has only 0.2 per cent contribution
to the company's networth. - BS

Macro Economic News

􀂄 India's food price index rose 17.40 percent in the 12 months
to January 16, rising for the first time after falling for three
consecutive weeks, while the fuel index was up 5.70 percent.
India's annual wholesale inflation rose to 7.31 percent in
December 2009, compared with 4.78 percent rise in
November and 6.15 percent a year ago - ET

Global Cues

􀂄 Japan’s retail sales unexpectedly fell for a 16th month in
December as dwindling paychecks and deteriorating job
prospects weighed on consumers in the world’s secondlargest
economy. Sales slid 0.3 percent from a year earlier
- Bloomberg
~R`MONEY

MORNING NOTES

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Corporate News

􀂄 Bharti Airtel has invited bids to outsource the management
of its 1,20,00 km-plus of inter-city optic fibre cable network
and hopes to close the deal before the end of this fiscal - ET

􀂄 Edelweiss Capital today said it will acquire domestic broking
house Anagram Capital for Rs 164 crore. Edelweiss plans
to operate Anagram as a subsidiary with focus on continuity
and building on the current business - BS

􀂄 Jaiprakash Power Ventures will raise up to $300 million
(around Rs 1,390 crore) by issue of bonds for meeting the
capital expenditure of the company, its joint ventures and
projects being implemented through company's
subsidiaries. - BS

􀂄 Lanco Infratech has bagged orders worth Rs 5,675 crore
from its subsidiary Lanco Mahanadi Power for setting up
power plant in Maharashtra. The company has received five
orders valued at Rs 5,675 crore for setting up of coal-based
power plant of 2 x 660 MW capacity. - ET

􀂄 Biocon’s clinical services arm Clingene is actively exploring
an alliance with Mumbai-based clinical research
organisation SIRO Clinpharm. - ET
Macro Economic News

􀂄 The Planning Commission said that the proposed Goods
and Services Tax (GST) is likely to miss the deadline of April
1, but it could be introduced in the next fiscal only. - ET

􀂄 24 of 25 economists expect 50 bps increase in the cash
reserve ratio (CRR), or the proportion of deposits banks
must keep with the Reserve Bank. That would take the level
to 5.5 percent. - ET

Global Cues

􀂄 Asian stocks rose for the first time in nine days, led by
electronics and technology companies, after Canon Inc.
forecast its biggest profit increase in a decade. - Bloomberg
~R`MONEY

MORNING NOTES

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Corporate News

􀂄 Gammon India has bagged an order worth Rs 308 crore
from Jindal Power for construction related works. - ET

􀂄 Yes Bank raised $250 million (about Rs 1,140 crore) by
private placement of shares to fund its expansion plans,
which include opening up to 250 branches next year. - ET

􀂄 Dhanlaxmi Bank is putting a strong emphasis on the NRI
remittance market, has partnered the Bank of New York
Mellon, one of the bigger correspondent banks globally, to
facilitate online remittance services from the US to India. ET

􀂄 Essar Exploration and Production Ltd, an arm of Essar Oil,
will invest $400 million (Rs 2,000 crore) in its coal bed
methane gas project at Ranigunj in West Bengal by 2012.ET

􀂄 Alstom and Scheider Electric have joined hands to acquire
the global transmission and distribution (T&D) business of
Areva. Alstom and Schneider Electric signed agreement with
Areva today for the acquisition of its T&D business - BS

􀂄 Mercator Line has signed a long term contract worth $224
million through its wholly owned subsidiary in Singapore.BS
Macro Economic News

􀂄 Food inflation based on the wholesale price index softened
to 16.81 per cent for the week ended January 9, although
potato and pulses continued to cost high. - ET

Global Cues

􀂄 The index of U.S. leading indicators increased more than
anticipated in December, a sign the economy will keep
growing through the first half of the year. The New Yorkbased
Conference Board’s gauge of the outlook for the next
three to six months rose 1.1 percent, the most in three
months, after climbing 1 percent in November. - Bloomberg
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MORNING NOTES

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Corporate News

􀂄 Oil and Natural Gas Corp, India's largest oil and gas
producer, will bear Rs 3,497 crore fuel subsidy in the third
quarter ended December 31, 2009. - BS

􀂄 Lupin Ltd has addressed all concerns related to its
manufacturing facility at Mandideep in Madhya Pradesh
raised by the US health regulator Food and Drug
Administration (FDA) - BS

􀂄 Yes Bank plans to raise $ 150-200-million through a
Qualified Institutional Placement (QIP) before end-this fiscal
- ET

􀂄 Coal India has bought mining equipment worth Rs 2,000
crore from foreign firms, including Caterpillar and Atlas
Copco, to improve productivity of its Chhattisgarh mines. -
BS

􀂄 Housing Development and Infrastructure (HDIL) has raised
Rs 425 crore as debt, in addition to Rs 400 crore raised last
month, to retire high cost loans. - BS

􀂄 Teva Pharma has filed a patent infringement suit in the US
against Lupin that prevents the Indian pharma company
from selling the generic, or copycat, version of Teva’s birth
control drug, LoSeasonique, for 30 months in a key market.- ET

Macro Economic News

􀂄 Inflation based on prices of products consumed by rural
labourers rose to 16.99 per cent in December as rice, wheat,
sugar and other food articles turned dearer. - BS

Global Cues

􀂄 Wholesale prices in the U.S. rose at a slower pace in
December, showing the economy is recovering without the
immediate threat of inflation. The 0.2 percent increase in
prices paid to factories, farmers and other producers
followed a 1.8 percent jump in November - Bloomberg
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R`MONEY

MORNING NOTES

~
Corporate News

􀂄 NTPC plans to invest a massive Rs 2,25,000 crore in the
next seven years in capacity expansion to become a 75,000-
Mw entity. NTPC, which has a production capacity of a little
over 30,000 Mw annually, constitutes 19 per cent of the
country's total installed capacity of 1,55,000 Mw. - BS

􀂄 Ranbaxy Laboratories will acquire Bangalore-based Biovel
Lifesciences for an undisclosed amount.The proposed
transaction will give Ranbaxy access to all of Biovel’s
products, pipeline, intellectual property know-how and
manufacturing facility. The products that are part of the
transaction are Typhoid Vi antigen and Hib conjugate
vaccines for which Ranbaxy also has the regulatory
approvals in India. - BS

􀂄 Siemens along with its Germany-based parent company
Siemens AG - has bagged a contract worth Rs 2,956 crore
from Qatar General Electricity & Water Corporation
(QGEWC).BL

􀂄 Dhanlaxmi Bank has partnered with Bank of New York to
facilitate online remittance services from the US to India. ET

􀂄 BGR Energy Systems's environmental engineering division
has bagged a contract worth Rs 15.6 crore from Adhunik
Power & Natural Resources for a water treatment plant at
its thermal plant in Jharkhand. - ET

􀂄 McNally Bharat Engineering has signed an exclusive
technical partnership agreement with Hiflux, Singapore for
constructing sea water desalination, water and waste water
plant in industrial, municipal and agricultural Sector in
India.BS

Macro Economic News

􀂄 The Finance Ministry will give Rs 12,000 crore in cash to
Indian Oil, Hindustan Petroleum and Bharat Petroleum to
cover for less than half of the losses they incurred on selling
LPG and kerosene this fiscal.- ET

Global Cues

􀂄 China property sales jumped 75.5 percent to 4.4 trillion yuan
($644 billion) last year, led by the eastern cities of Zhejiang
and Shanghai, as record new loans boosted buying.The
sales data follows last week’s announcement that
December property prices rose 7.8 percent, the fastest pace
in 18 months, adding urgency to government efforts to rein
in speculation. - Bloomberg
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R`MONEY

MORNING NOTES

~
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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MORNING NOTES

~
Corporate News

􀂄 Suzlon Energy's oversease arm won an order from Swedish
wind power developer and consultant Triventus AB. The order
consists of engineering, procurement and construction work
for two 2.1 MW wind turbines - ET

􀂄 Bharat Forge's board has approved raising $150 million
through equity-cum-debt issue for expansion into
non-automotive areas like power and oil and gas. The board
had earlier approved raising of funds through qualified
institutional placement (QIP). - BS

􀂄 ABG Shipyard has acquired more than 15.23 per cent stake
in Great Offshore for Rs 294.05 crore through open offer
route. ABG Shipyard acquired over 56.54 lakh equity shares,
representing 15.23 per cent shareholding in Great Offshore
at Rs 520 per share - BS

􀂄 Rural Electrification Corp's board will meet on January 23 to
discuss the papers for its proposed follow-on public offer.
Indian companies are expected to embark on a mega fund
raising spree this year to raise over Rs 50,000 crore by way
of public offers driven by sharp recovery in the stock market.-
BS

􀂄 Ruchi Soya Industries has entered into an agreement with
the Ethiopian Government for soyabean cultivation.The
company has signed memorandum of understanding with
the Ethiopian Government for cultivation of soyabean and
processing facilities on 61,775 acres of land on lease basis
for a period of 25 years - BS

􀂄 UTV Software Communications said the Bombay High
Court has approved the proposed merger of UMP Plc and
UTV Motion Pictures (Mauritius) with itself. - BS

Macro Economic News

􀂄 A hike in interest rates, apart from an increase in reserve
ratio, is now on the cards despite the government’s
keenness to nurture growth in the wake of last year’s
slowdown - ET

Global Cues

􀂄 Production in the U.S. rose for a sixth consecutive month,
consumers gained confidence and price increases slowed,
indicating the economic recovery is being sustained into
2010 without generating inflation. Output climbed 0.6
percent in December for a second month - Bloomberg
~R`MONEY

MORNING NOTES

~
Corporate News

􀂄 BHEL has won the order valued at Rs 200 crore, for the
supply of anti-fog porcelain disc insulators from PowerGrid
- BS

􀂄 Punj Lloyd has bagged a Rs 574-crore project in Thailand
for an offshore oil facility.It entails installing three compressor
units for a platform station in the Gulf of Thailand - ET

􀂄 Ansal Properties and Infrastructure (API) are going to buy
out the public-listed company’s education business
subsidiary Knowledge Tree Infrastructure (KTIL) after hiving
it off into a separate entity - ET

􀂄 GTL Infra agreed to buy the telecom mast assets of the
Malaysian controlled domestic mobile operator Aircel for
Rs 8,400 crore in an all cash deal, plans to have a footprint
of 50,000 towers over the next three years - BS

􀂄 Alstom and Schneider Electric will invest euro 70 million
(about Rs 462 crore) for launching a new venture capital
fund to finance innovative start-ups in the fields of energy
and environment. - BS

􀂄 IBM has signed a five-year business transformation deal
with UTV Software Communications. Under this agreement,
UTV would work with IBM to sharpen its focus within the
organisation on its core media business. - BS

Macro Economic News

􀂄 Government data showed inflation, as measured by the
wholesale price index, rose the most in more than 12
months to 7.31% from a year earlier, The inflation rate is
ahead of the Reserve Bank of India’s revised target of 6.5%
for the fiscal year. It was 6.15% last year. - ET

Global Cues

􀂄 Sales at U.S. retailers unexpectedly fell in December
following a bigger gain than previously estimated the prior
month, highlighting the risk that the largest part of the
economy will be slow to recover. The 0.3 percent decrease
came after a 1.8 percent jump the prior month - Bloomberg
~R`MONEY

MORNING NOTES

~
Corporate News

􀂄 The Adhunik Group of Industries, with interests in power,
steel, cement, transmission towers and mining businesses,
has initiated talks to acquire 50% stake in an Australian
coking coal mine for $100 million - ET

􀂄 Wockhardt has received tentative approval from the US drug
regulator to market Levofloxacin tablets, used for treatment
in a broad spectrum of bacterial infections. - Et

􀂄 Dishman Pharmaceuticals and Chemicals Ltd plans to set
up four new active pharmaceutical ingredient plants. The
company will spend Rs 1.25 billion on the expansion. It will
raise Rs 750 million via debentures, while internal accruals
will contribute the remaining Rs 500 million, - ET

􀂄 GTL Infrastructure has agreed to buy the tower assets of
Aircel for about Rs 85 billion ($1.8 billion) - ET

􀂄 IVRCL Infrastructures & Projects has bagged an order worth
Rs 1,550 crore from National Highway Authority of India
(NHAI) for construction of road. - BS

􀂄 Punjab Chemicals & Crop Protection will raise Rs 200 crore
by various routes from domestic and international markets-BS

Macro Economic News

􀂄 Farm product exports in value terms have surged about 40
per cent to over Rs 80,600 crore in the past three years, with
foodgrain, oilmeals and fruits and vegetables witnessing
maximum demand in the overseas market. - ET

Global Cues

􀂄 The number of mortgage applications in the U.S. rose 14
percent last week, led by a rebound in refinancing activity.The
Mortgage Bankers Association’s index of loan applications
climbed to 528.1 in the week ended Jan. 8, from 462.2 a
week earlier. - Bloomberg
~R`MONEY

MORNING NOTES

~
Corporate News

􀂄 Pfizer Inc. and Merck & Co. are each planning to eliminate
hundreds of jobs. Pfizer will eliminate nearly 1,200 jobs,
including 680 in Pennsylvania, 400 in New Jersey, and 116
in Rockland County, New York. Meanwhile Merck will cut
500 jobs in New Jersey. - ET

􀂄 Suzlon Energy bagged a repeat order from Gujarat Alkalies
& Chemicals (GACL) to set up, operate and maintain a 21
megawatt (Mw) wind energy project in Maliya Miyana in the
Rajkot district, Gujarat. The project will comprise of 14 units
of Suzlon's S82-1.5 Mw wind turbines. - BS

􀂄 REpower, a unit of Suzlon Energy, on Monday said it has
signed an agreement with its parent company, to promote
product sales in markets where Suzlon has a stronger
presence. - Et

􀂄 Zylog Systems is eying acquisition in Canada and its board
has given approval to go-ahead with the bidding process -
BS

􀂄 Bafna Pharmaceuticals has got approval from the United
Kingdom’s MHRA for its product -- Simvastatin in the strength
of 10 mg. – BS

Macro Economic News

􀂄 India's exports rose for the second consecutive month with
exports worth $14.6 billion in December. The government is
expected to take a final decision on extending sops to
exporters – ET

Global Cues

Japan’s current-account surplus widened for a fourth month
in November as a rebound in global demand bolstered
exports.The surplus grew 76.9 percent to 1.1 trillion yen
($11.9 billion) from a year earlier - Bloomberg
~R`money

MORNING NOTES

Corporate News

􀂄 Secondary steel maker Uttam Galva Steels hiked prices of
its products by Rs 3,000 a tonne citing increase in its input
cost and firming global demand trend. - BS

􀂄 Telecom service provider Aircel stated that it will finalise a
buyer for its 17,000 telecom towers across the country in
the next six weeks. - BS

􀂄 Sadbhav Engineering announced that it has bagged a road
project from the National Highways Authority of India (NHAI).
- BS

􀂄 IVRCL Infra and Projects announced that it has bagged
contracts worth Rs 958 crore for providing infrastructure
related works. - BS

􀂄 Maharashtra Electrosmelt (MEL), a SAIL subsidiary, will
invest Rs 200 crore to set up a furnace with capacity of
42,000 tonnes per annum at its Chandrapur plant. - BS

Macro Economic News

􀂄 Direct tax collections during April-December 2009 rose by
8.5 per cent to Rs 2.5 lakh crore on account of higher

corporate tax collections.

􀂄 India attracted net foreign capital of $23.6 billion in July-
September 2009 quarter, over three times that in the
corresponding quarter last year.

Global Cues

􀂄 Asian stocks rose, lifting the MSCI Asia Pacific Index to a 16-
month high after U.S. manufacturing expanded at the fastest
pace in more than three years and commodities gained. -
Bloomberg
~R`MONEY

MORNING NOTES

Corporate News

�� Larsen & Toubro has bagged an order worth Rs 987 crore
from GNFCfor setting up a gas generation plant at
Gujarat.ET

�� JSW Steel Ltd, has raised product prices by 3-5 per cent in
January on higher raw material costs and demand growth.ET

�� Zydus Cadila has received approval from the Drug Controller
General of India (DCGI) for conducting clinical trials for the
swine flu (H1N1) vaccine - ET

�� Suzlon Energy has won orders for 27 megawatt of wind
turbine capacity from hotel-to-cigarettes firm ITC - BS

�� Godrej Consumer Products is close to acquiring Indonesian
household products company Megasari in a deal estimated
to be worth Rs1,200-1,400cr and has placed an attractive
bid for the global pesticides business of Sara Lee Corp
with which it has a joint venture in India - BS

�� Marico Ltd's Malaysian unit acquired hair styling brand 'Code
10' from Colgate Palmolive Company for an undisclosed
sum. - BL

Global Cues

�� Asian stocks rose, led by electronics and mining companies,

after U.S. manufacturing expanded at the fastest pace in

more than three years and commodity prices advanced. -

Bloomberg

Macro Economic News

�� Oil rose to $81 a barrel, the highest in more than two months,

on news that Russia has halted oil supplies to Belarus and

on cold weather in the United States-ET

~R`MONEY

MORNING NOTES

Corporate News

􀂄 Tata Motors reported over 100 per cent growth in its sales
during the month of December 2009. The company sold
51,627 vehicles compared to 25,219 vehicles during the
same period last year - ET

􀂄 Ranbaxy Laboratories, announced the transfer of its entire
holding in the Chinese JV firm, Ranbaxy Guangzhou China
(RGCL), to state-owned Chinese firm HNG Chembio
Pharmacy. - ET

􀂄 Ashok Leyland will have no joint branding with Japan's
Nissan for light commercial vehicles to be manufactured by
a joint venture between the two firms. - ET

􀂄 Pantaloon Retail (India) today said it will transfer its value
retail business to its group company, Future Value Retail. -
BS

􀂄 Bain Capital would be investing about Rs 580 crore for over
35 per cent stake in Himadri Chemicals and Industries. -
BL

Macro Economic News

􀂄 India's forex reserves declined by $144 million to $283.499
billion in the week ended December 25 as compared to
$283.643 billion in the previous week, the Reserve Bank of
India (RBI) - ET

􀂄 India's exports rose an annual 18.2 per cent in November
to $13.2 billion, the first rise after 13 straight months of
decline - BS


Global Cues

􀂄 China's manufacturing expanded at the fastest pace in 20
months in December. The boost to Chinese manufacturing
from subsidies for home- appliance purchases and tax
rebates for exporters will continue this year as the
government extends policies to counter the financial crisis.
Industrial production grew in November at the fastest pace
since March 2008, exports dropped the least in 13 months
and imports surged. - Bloomberg