Pratish's Feed
Aug 12, 2010

India’s Tata Steel posts Q1 profit; outlook cautious

MUMBAI, Aug 12 (Reuters) – India’s Tata Steel (TISC.BO: Quote, Profile, Research, Stock Buzz),
the world’s No. 7 steelmaker, posted a June quarter profit that
lagged estimates, and warned that banking concerns and
government fiscal cuts in Europe presented risks to the
industry’s outlook.

Tata Steel bought Anglo-Dutch steelamker Corus, Europe’s
second-largest steelmaker, in 2007 for $13 billion in the
largest overseas acquisition made by an Indian company so far.
The deal vaulted Tata Steel to the world’s No. 5 steelmaker at
the time.

Aug 12, 2010

SBI Q1 profit up 25 pct; shares jump

MUMBAI (Reuters) – State Bank of India(SBI.BO: Quote, Profile, Research) posted its fastest profit increase in a year on rising net interest income, highlighting the attraction of Indian banks from foreign investors and sending shares in the country’s biggest lender to a record high.

SBI and rivals such as ICICI(ICBK.BO: Quote, Profile, Research), India’s No. 2 lender, are seeing an improvement in asset quality as consumer loan defaults slow in an economy forecast to grow about 8.5 percent this fiscal year.

Aug 12, 2010

State Bank Q1 profit up 25 pct; shares jump

MUMBAI (Reuters) – State Bank of India(SBI.BO: Quote, Profile, Research) posted its fastest profit increase in a year on rising net interest income, highlighting the attraction of Indian banks from foreign investors and sending shares in the country’s biggest lender to a record high.

SBI and rivals such as ICICI(ICBK.BO: Quote, Profile, Research), India’s No. 2 lender, are seeing an improvement in asset quality as consumer loan defaults slow in an economy forecast to grow about 8.5 percent this fiscal year.

Aug 12, 2010

India’s State Bank Q1 profit up 25 pct; shares jump

MUMBAI, Aug 12 (Reuters) – State Bank of India (SBI.BO: Quote, Profile, Research)
posted its fastest profit increase in a year on rising net
interest income, hiighlighting the attraction of Indian banks
from foreign investors and sending shares in the country’s
biggest lender to a record high.

SBI and rivals such as ICICI (ICBK.BO: Quote, Profile, Research), India’s No. 2
lender, are seeing an improvement in asset quality as consumer
loan defaults slow in an economy forecast to grow about 8.5
percent this fiscal year.

Aug 9, 2010

PSUs exempted from 25 pct float norm

NEW DELHI (Reuters) – The government has exempted state-owned firms from new rules requiring companies to have a public float of at least 25 percent, following two major share sales from government-owned firms earlier in the year that drew tepid responses.

The regulations, set out by the government in June, requires listed companies with a free float of less than 25 percent to increase it by a minimum of 5 percent a year.

Aug 9, 2010

India exempts state firms from minimum float rule

NEW DELHI, Aug 9 (Reuters) – India has exempted state-owned
firms from new rules requiring companies to have a public float
of at least 25 percent, following two major share sales from
government-owned firms earlier in the year that drew tepid
responses.

The regulations, set out by the government in June, requires
listed companies with a free float of less than 25 percent to
increase it by a minimum of 5 percent a year.

Aug 6, 2010

Coal India’s $3 bln IPO filing next week -sources

MUMBAI, Aug 6 (Reuters) – State-run Coal India, the world’s
largest coal miner, will file a draft prospectus for an initial
public offering to raise as much as $3 billion early next week,
three sources with direct knowledge of the matter told Reuters
on Friday.

The company’s public offer of about 630 million shares, or
a 10 percent stake, is expected to hit the market around
October 15, two of the sources said.

Aug 5, 2010

Reliance Industries: gas output worries overdone?

MUMBAI, Aug 5 (Reuters) – Reliance Industries’ (RELI.BO: Quote, Profile, Research, Stock Buzz)
shares have been a market underperformer as analysts cut
earnings estimates after India’s largest petrochemicals and oil
refining company warned it will delay boosting gas production.

The firm, with a 12.8 percent weighting – the biggest – in
the local benchmark stock index .BSESN, is making a big push
into power, telecoms, shale gas and financials as it seeks new
growth levers. It has interests in energy exploration and
retail.

Aug 5, 2010

Reliance to pay $392 mln for 60 pct in US shale JV

MUMBAI, Aug 5 (Reuters) – Reliance Industries (RELI.BO: Quote, Profile, Research, Stock Buzz),
India’s biggest-listed conglomerate, will aquire a 60 percent
stake in a joint venture with Carrizo Oil & Gas (CRZO.O: Quote, Profile, Research, Stock Buzz) at the
booming Marcellus Shale region, marking its third shale gas
purchase in the United States this year.

Reliance has been investing in new areas such as shale gas
as it seeks a foothold overseas and seeks to expand its
businesses beyond petrochemicals, refining, oil and gas
exploration, and retail.

Aug 3, 2010

SKS IPO success heralds more microfinance offers

MUMBAI (Reuters) – Lender SKS Microfinance raised about $358 million in an IPO after pricing the sale at the top end of an indicated price band, signalling strong investor appetite and the likelihood of more such offers coming to market.

The IPO, which values the firm that gives tiny loans to poor women at $1.6 billion, has drawn such high-profile investors as billionaire George Soros, venture capitalist Vinod Khosla and Infosys Technologies founder N.R. Narayana Murthy.