Monday, January 19, 2009

Stocks in Action for the day: Satyam, Maytas, TCS, Unitech’s, MMTC, Mangalam Cement

Indian ADRs: Satyam up 12%, Tata Motors up 5%, Infosys, ICICI Bank up 2%

Satyam update:
-Exclusive: Funds diverted to Maytas firms and onwards to other AP local entities: Srcs
-Govt To CLB: Former Satyam Directors Not To Be Allowed To Join Any Other Board
-Several Bankers Ready To Continue Lending To Satyam: Sources
-Banks free to sell Satyam assets – BS (PSU banks have lend Rs 2000 cr to Satyam Sub and have guarantee another Rs 1300 cr
-Hyderabad Metro rail project to be cancelled if Maytas-led consortium fails to achieve financial closure on March 18
-Satyam CEO, CFO should be an insider: Govt – BS
-Vinod Dham resigns from the board of Sasken
-Alert: New board to meet every week

L&T stakes claim for Satyam, says has plans to save the co, Naik has sought appointment from PM to drive home L&T’s point – ET (L&T holds 4% stake in Satyam)

MMTC pulls out of SEZ with Maytas

Pune based Eimco Elecon blocks Sandvik Asia’s plans to acquire majority stake in Revathi Equipment for Rs 500 cr.

Mangalam Cement buy back at max Rs 75/sh ((CMP Rs 50))

Zenotech Labs open offer from Daiichi Sankyo at Rs 113.62/sh ((CMP Rs 110))

Indian Hotels enters into agreement for restoration and operation of Sea Rock Hotel

Tailiya bids delayed by fortnight – DNA (Govt wants more details from firms)

IFCI sells Unitech’s pledged shares, sold 17.5m shares @ Rs 29.5/sh

Citi spilt will have no impact in TCS’s 2.5bn USD contract

Bharain’s Batelco acquires 49% in Chennai based GSM player S Tel for $225m – TOI

TRAI Says Telecom Growth Being Hindered By Vested Interests

Rel Comm close to tying up with Etisalat for tower biz, which may be around Rs 1,500-2,000 cr/year: Sources

RIL says to move motion-seeking documents on ECB fund raising for Dadri project

CBI Inspects Hyderabad-based Madhucon Projects For Possible EPF Scam

JK Tyre says to reduce prices of truck tyres on cut in Cenvat


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