Market News

[insight]

* INFLATION : Feb mthly WPI to be released @ noon today.. berg consensus est @ 9.65% v/s 8.56% prv mth

* RANBAXY : Daiichi Sankyo expects an 80% increase in Ranbaxy's income over the next two years.. expts annual turnover of Rs140bn in 2012

* CEMENT : rpts pxs are likely to go up by Rs20-25 a bag in various markets
across the country before end of March

* DLF : decides to change the end use of its Lower Parel propoerty in Mumbai fm commercial complex to a residential project

* INFOSYS : cud face a tax liability of Rs1bn for alleged violation of SEZ rules
at its Chandigarh SEZ.. separately cos BPO margins cud get affected between 4-7% once STPI holidays ends from 2011

* PUNJ LLOYD : targetting revenues of Rs27bn in 2010-11 fm its oil drilling biz

* ONGC : likely to invest upto $20bn on core upstream biz over next 10 yrs

* TATA STEEL : British Trade Body warns sub Corus to show concrete plans to protect the 1.6k jobs at Teesside by 15 March or face industrial action

* JSW STEEL : JFE Holdings unlikely to buy stk in JSW Steel as has been stated earlier, but rather in a SPV of their upcoming Bengal project

* NMDC : sets FPO price @ lower end of the band @ Rs 300/shr, issue o/s 1.25x

* GODREJ CONSUMER : acquires personal care brand Tura from Nigeria's Tura Grp.. co says may look at setting up its own plant in Africa within the next fiscal

* ZENSAR TECH : lines up $100mn for another overseas buy in US and UK

* KIRSOLKAR OIL : sets up new mfg plant in Maharashtra with investment of Rs 5bn

* ADANI ENTERPRISES : baord approves rights offering worth Rs 14.78bn in the ratio of 1:16 priced @ Rs 475/shr.. rights issue to open on 31st Mar'10

* GAIL : CMD says gas demand to rise 38% to 360mn cubic mtrs/day from current 260mn over the next 3 yrs

* OIL PSUs : Upstream cos like ONGC, GAIL & Oil India may have to take an addtnl hit of Rs160bn in current fiscal to absorb Oil Mkting cos under-recoveries on sales of kerosene & LPG as govt has made no fresh budgetary provisions