Daily Stock Market News - Oct 16, 2009

Posted by admin in News on Oct 15th, 2009 | no responses

October 16, 2009: Indian Stock Market News

NDTV Network, a group company of New Delhi Telivision (NDTV), announced that it will buyback the the 26% share that NBC Universal has in PLC. The financial details of the buyback deal have not been announced.
On Thurday, the last day of the public issue of India Bulls Power, the issues got a over-subscribed by 16.68 times. This has become possible because of the response from FIIs, which poured money at the IPO counters. By the end of thursday the IPO commanded bids worth 464.89 crores as against the issued shared worth 27.86 crores.
The board of directors of Hindalco Industries anounced that it has hiked its fund collection target by an additional 500 crores to 2900 crores. It has dicided to hike the FIIs share to 40%. An AGM will be arranged for the approval of the above proposals from the share holders.
On Thursday, the union cabinet agreed to sell the 26% share that the pulic sector engineering firm Andreu Yule & Co has in Phoenic Yule Ltd for a sum of 62.82 Crore. Phoenix Yule is a joint venture between Germany based Phoenix Aucty Angecel Shaft and Andrew Yule & Co.
Cairn India announce that it has raised a sum of $1.6 billion by selling a 2.3% stake to Malaysian Petro major Petronas.
Union Minister for Heavy Industries and Public Enterprises, Mr. Vilasrao Deshmukh announced that the government has no plan to disinvest it 67% stake in BHEL.
Mr. Lalit Jalaan, CFO and Director of the ADAG company Reliance Infra, announce that his form has pre-qualified for infrastructure projects worth 50,000 crores.
Tata Steel announced that it has got permission from the share holders to raise 5000 crores by issuing securities from the market.