Stocks in news: HCL, Hindalco, ICICI Bank, Rel Comm

Stocks in news:

Results today: Axis Bank, BASF India, Orbit Corp, Refex Refrigerants, Repro India, Tata Investment
HCL -HCL EAS makes offer to Axon shareholders
-HCL to post offer document to Axon shareholders by October 24
-HCL EAS acquires 0.47% equity of Axon
-HCL offer conditional upon getting atleast 75% of equity
-HCL offer conditional upon closure of scheme by February 28, 2009

Hindalco: from Sources: -Rights issue undersubscribed: sources
-Promoters and Merchant Bankers underwrite to reach 90% subscription
-DFI's unlikely to have subscribed given stock price and market conditions
-Promoters underwrite 50%, merchant bankers underwrite 40%: sources
-Merchant bankers unlikely to underwrite entire 40%
-Promoters likely to underwrite over 40%

Hindalco rights issue devolves, LIC stays away from issue as prices falls below the offer prices: BS
Tata Motors -May set up car terminal at Mundra or Dholera port: NW18
-Eyes Ford’s Mazda stake – Reports
Tata Motors rights issue may be in trouble – BS
ICICI Bank: -S&P on ICICI Bank: Credit fundamentals remain sound backed by sound capitalisation of USD 10 billion
-Moody's reaffirms rating on ICICI Bank UK Plc Sr debt at Baa1
-Rules out cutting lending rates for customers post CRR cut
-UK’s Prudential to stay committed to ICICI Bank JV
Bakrie may sell 10% stake in Bumi to re-pay ICICI Bank
Payment to Ranbaxy shareholder will begin from Tuesday, followed by promoters selling its 34.5% stake to Daiichi – ET
Core Projects down 44%, reports suggest investors who converted FCCB at Rs 167 (16.75 lakh shares were converted)
McKinsey sues Reliance Communication on consultancy dues,
-Reliance Communication says not clear whether Rs 27.13 crore is due for it or from Reliance Industries – DNA
Telecom: -MTNL adds 38,478 GSM users in September versus 102,056 in August
-Spice adds 36,614 mobile users in September
-Idea Cellular adds 1.10 million mobile users in September versus 1.03 million in August -Bharti Airtel adds 2.70 million mobile users in September; unchanged from August
HEG buyback opens today; to buyback up to Rs 48.5 crore up to Rs 350/sh
Alkali Metals IPO closing date extended to Octobre 15 from October 10; price band revised to Rs 86-103/sh from Rs 90-105/sh
-It was subscribed only 0.34 times till October 10

New listing: Chemcel Bio-Tech; issue price Rs 16 per share
Era Infra bags order worth Rs 41.8 crore from Delhi Metro Rail Corp

Orient Express: -Shareholders defeat dissident shareholder proposal
-Alert: DE Shaw & Stephen Cohen proposed to convert class B shares into Tsry Stk

Ex-split: Provogue India in No-delivery period, out on October 13
Ex-split: AIA Engineering from Rs 10 to Re 2; goes into No-delivery period, out on October 20
Re-listing: Uniworth, Ashok Alco-Chem to resume trading from October 16
Cognizant re-affirms Q3 revenue guidance of USD 723 million and CY08 guidance of revenue 2.81 billion

Results: Mastek Q1 consolidated (QoQ)
-Net profit at Rs 41.18 crore versus Rs 38.56 crore
-Revenues at Rs 261.65 crore versus Rs 249.84 crore

Dow down 128 points; Bush reassures of coping with crisis

US markets end mixed after a rollercoaster session on Wall Street. The Dow saw its biggest point swing ever, a 1000 point swing. It recovered from a 697 points tumble and rose as much as 322 points in the last hour as an industry group said the bankruptcy auction of Lehman Brothers' debt won't worsen credit losses. But for the week the Dow posted the steepest ever weekly slide.

The Dow plunged 128 points, or 1.49%, to 8,451.49 and the S&P 500 index lost 10.70 points or 1.18%, to 899.22. The Nasdaq composite index gained 4.39 points, or 0.27%, to 1,649.51.