News for Today

1) Board meetings:
HEG board to consider issue of convertible warrants on preferential basis to promoters.
United Phosphorus on transfer of Haldia Division of subsidiary SWAL Corporation.
Zicom Electronic on issue of warrants to non-promoters on preferential basis.
2) IFCI stake sale called off, management control reason behind deal being called off: IFCI not to pursue stake sale talks with any bidders. IFCI says will scraps entire plan to sell 26% stake.
3) Kingfisher to merge into Air Deccan; merged co to be subsidiary of UB Holdings; Deccan to remain listed, to be renamed Kingfisher Airlines later. Deccan, UB Borads to meet in Jan to finalise merger; Deccan's helicopter business to be demerged. Kingfisher-Deccan combines to have highest market share.
4) Bajaj Hindusthan to exercise entitlement of 5.7 cr shares at Rs 50/sh in Bajaj Hindusthan Sugar; to make open offer.
5) NSE F&O curb: New in curb: Adlabs, Triveni. Already in curb: Aptech, Essar Oil, Gitanjali Gems, IFCI, Nagar Fert, Power Grid. Out of curb: Alok Industries.
6) Madras HC restrains TVS from booking; distribution or selling recently launched 125cc Flame.
7) PSL receives gas pipe supply order worth Rs 125 cr.
8) Welspun India buys 76% stake in Portugal's Sorema; enterprise value Rs 60 cr.
9) Andrew Yule: Gets BIFR approval for Rs 491 cr revival package. Says to divest 26% stake in Tide Water.
10) M&M to hikes prices by up to Rs. 10,000 from Jan 1.
11) Thomas Cook says: No plans to go in for private placement of equity. Rights issue likely to be offered in second half of 2008.
12) Nicholas Piramal forms JV with Arkray Inc, Japan for marketing diagnostic products in India.
13) Prime Securities board meets on Dec 27 to consider: Withdrawal of special resolution for buy-back. Increase in FII investment limit. Issue of shares / warrants on preferential basis.
14) Phoenix Mills board approves splitting FV of shares from Rs 10 to Rs 2.
15) RIL, Tata Chem in talks for KG basin gas sale, deal only if HC lifts stay on third-party sale.
16) Tata Steel in talks with Vale, world's largest producer of iron ore to set up steel slab plant in Brazil.
17) MRF plans Rs 500 cr new facility in TN.

18) NTPC scouts for USD 1bn acquisition overseas, deal to open up opportunities to secure coal, gas.

Sources MC