Stock Alerts >> Dec 28 09:41 Reliance Energy may see action

Reliance Power, the power generation arm of the Reliance-Anil Dhirubhai Ambani Group, has reportedly edged closer to its mega initial public issue. As per reports, a two-member panel of the Securities and Exchange Board of India (Sebi) office directed that 20% of the equity held the promoter group be locked in for a period of five years, instead of the mandatory three years as per the guidelines on IPOs.

Transformers and Rectifiers (India) will list on the stock exchanges today, 28 December 2007. The company had fixed the issue price at the top end of the Rs 425-465 price band. At the IPO price of Rs 465, the PE multiple works out to 31.20, based on the year ended March 2007 EPS of Rs 14.90. The Transformers and Rectifiers (India) IPO had ended on 12 December 2007.

The issue was subscribed 91.31 times. The issue got bids for 27.35 crore shares against 29.95 lakh shares on offer. The qualified institutional buyers (QIBs) portion was subscribed 110.52 times, the non institutional investors' category was subcribed 121.69 times and the retail portion was subscribed 58.61 times.

DLF reportedly plans to raise $5 billion over the next three years by listing five of its business units, including DLF Homes, DLF Retail, DLF Hotels, DLF Utilities and DLF Infrastructure. There are no plans to further dilute equity in group flagship DLF.

Airfares are likely to come down, with the government planning to cut service tax on business and first-class tickets for international journeys. It may also cut duties on aviation turbine fuel from 10% to 5%, the reports suggest.

ONGC Videsh (OVL) has reportedly struck crude oil in Arabian Gulf block off Qatar. The Najwat Najem block is the first overseas project executed by OVL wherein the company has both 100% ownership and is the sole operator.

Unitech is reportedly making an aggressive entry into the booming realty market in the south. It is on the verge of announcing two joint development deals, involving over 1,400 acres of prime land in Hyderabad and Chennai.

The Government of Singapore Investment Corporation (GIC) has reportedly picked up a 8.5% stake in Delhi-based realty developer Anant Raj Industries for an approximate Rs 400 crore, at Rs 1,220 per share.

The Madras High Court in its order dated December 19, has declared that tyre manufacturer Dunlop India was out of the purview of Sick Industrial Companies (Special Provisions) Act 1985. A release issued by the company said that as at 31 March 2007, the networth of Dunlop had become positive and the entire accumulated losses had been wiped out.

Japan's Sumitomo Metal Industries has reportedly signed a memorandum of understanding (MoU) with Bhushan Steel, whereby the Japanese company will assist the Indian counterpart in its proposed integrated steel plant in Orissa.

Japan's Yamaha could reportedly team up with Bajaj Auto as part of its restructuring plan for India. This may then take the form of a new joint venture company where Bajaj will use one of its plants to create a common engine platform for high-end bikes.

Gail India had announced after market hours on Thursday, 27 December 2007 that the company and OIL India have signed a memorandum of understanding (M0U) for joint cooperation in various business areas.

Prime Securities had announced after market hours on Thursday, 27 December 2007 that its board at its meeting held on 27 December 2007, had approved to raise the present foreign institutional investors ceiling of 30% to 74% of the paid-up equity share capital of the company.

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