Leading Daily Newes Paper Headlines

Before opening calls
Nifty 5277 Supp 5200 Res 5450
Buy Educomp (4084) SL 4060 Target 4130, 4150

Mint -

1. Hindalco and Nalco have raised prices by Rs8,000 a ton.
2. Bank of Baroda will consider lowering lending rates on February 23.
3. NTPC may partner MCX’s power exchange.
4. ONGC has been registered with Iraqi authorities for tenders to develop the world’s third-largest oil reserves.

The Economic Times

1. Reliance Industries is in advanced talks with the New York based Vornado Realty Trust to float an over US$1bn fund.
2. RCOM has added 1.6mn mobile subscribers in January, taking its user base to 42.6mn.
3. Polaris Software plans to enter six new markets with its banking software products.
4. Apar Industries has completed sale of its polymer division for Rs1.1bn and will use the proceeds for expansion.
5. Hindustan Motors to expand dealerships for Mitsubishi products to 45 by FY09.

DNA [Daily News & Analysis]

1. Tata Sons has made Tata Investment Corporation its subsidiary by consolidating its stake to ~55%.
2. IOC along with HPCL and BPCL would be importing an additional 73,000 ton LPG during February-March.
3. Unitech is developing 97 acres under slum redevelopment project near the Vakola flyover.
4. Everest Kanto Cylinders is acquiring a US company for ~US$70mn.
5. Dredging Corp of India is in talks with Belgium based Dredging International for a JV.

The Hindu Business Line

1. Bharti Airtel has overtaken BSNL as the largest national long distance service provider in terms of revenues.
2. Coal India plans to float a global tender for private participation in eight coal blocks on a long-term basis, by end-February.
3. Coal India may enter into fuel supply agreements with consumers beginning March.
4. The Reserve Bank of India has cleared the branch licence of Swiss bank UBS AG.

Business Standard

• United Phosphorus has acquired Colombia-based Evofarms, a marketing company in the crop protection industry, for an undisclosed amount.
• Tata Power has tied up with Thales to offer optronics solutions for India’s multi-role combat aircraft and other air-borne platforms.
• Indiabulls has entered into the aviation sector with the launch of chartered aviation services.
• Reliance Industries has accused the Petroleum Ministry of violating Parliament approved norms for oil and gas exploration.
• The Orissa Pollution Control Board has issued a closure notice to Bhushan Power and Steel for not making arrangements for the suitable disposal of solid waste.
• Essar Steel is considering setting up a 6mn tons a year slab making facility in Brazil.
• Assam Co is planning to list one of the group companies on the AIM part of the London Stock Exchange, by October.
• Uttar Pradesh Power Corporation will soon sign a MoU with NTPC to set up a 4,000 MW power plant in Lalitpur district of the Bundelkhand region.
• Indian Overseas Bank has entered into a joint venture with a private financial company to start a new asset reconstruction company.
• Aditya Birla Group is likely to enter into alloy steel production with a 2mn tons per annum plant through Vikram Ispat.
• Satyam Computer Services has lined up Rs8bn investment in SEZs.
• Merrill Lynch has increased its stake in Vakrangee Software to 7.72%.
• Real estate firm Landcraft Developers plans to invest about Rs10bn in the next five years.

Front Page

• The Finance Ministry has announced that fertilizer bonds for Rs36bn are being issued at par to 23 fertilizer companies.
• Banks will now have to make withdrawals from ATMs free of charge for their own customers. Requests for balance enquiries would have to be made free to customers of other banks as well.
• Payments of Rs10mn and above between banks, NBFCs, primary dealers and any other entities regulated by the RBI may be allowed only through electronic mode from April 1.
• Income generated from agricultural advances by state cooperative banks and district central cooperative banks is likely to be exempted from tax from 2008-09.
• The Union government has cleared seven projects, estimated to fetch a combined investment of about US$7bn over the next 10 years to the “Fab City” project in Hyderabad.
• Negotiations for iron ore prices for the financial year beginning April 1 began at 30% higher and it appears that it would be more than 65%.
• The information technology sector in West Bengal is likely to see addition of 20,000 jobs in 2008.
• To increase transparency in the banking system, the Government and the regulator are considering bringing the risk-based assessment of banks in the public domain.
• In the first one-and-half-months of 2008, 68 new FIIs have registered, almost a third of the total FIIs registered with Sebi in 2007.
• The Government proposes to extend the Industrial Infrastructure Upgradation Scheme in the 11th Plan period.
• The Government is considering one more tax-free year for 100% export-oriented units.
• SEZ exports increased to US$10bn during Apr-Dec’07.