Essar in talks with ATC to sell tower co : Essar Telecom Infrastructure, India’s No. 2 independent mobile tower company, is in early-stage talks with American Tower Corporation (ATC) for a possible merger or a complete buyout of its operations by the Nasdaq-listed firm, at least three persons familiar with the matter said. ATC said it did not comment on market speculation while the Essar Group declined to comment. But two more persons, both asking not to be named, confirmed the discussions between ATC and Essar. ( Economic Times)
Eight Cos Listed For UMTP Projects
: Private sector power companies such as Reliance Power Transmission (RPTL), Essar Power, Larsen & Toubro and JSW Energy are among the eight companies that have been selected to place price bids for three large power transmission projects worth Rs 5,650 crore. The government is developing these ultra mega transmission projects (UMTP) on the successful model of ultra mega power projects, and has appointed Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) to oversee their implementation by setting up shell companies. ( Economic Times
PC software piracy in India touches $2.7 bn : Software piracy level in the personal computer segment in India showed just 1% drop for 2008 standing at 68% against 69% in 2007, according to a Global Software Piracy study conducted by Business Software Alliance (BSA) and IDC.
However, the software piracy in value terms rose to $2.7 billion in 2008 against $2 billion in 2007, the study said. ( Economic Times
US shouldn’t kill hi-tech talent: Steve Ballme
r : Microsoft chief executive Steve Ballmer provided a window into his family’s immigrant past to make a case for America keeping its doors wide open to allow the best and brightest to work in the land of opportunity. The son of a Swiss immigrant father and a Jewish-American mother, the 53-year-old evoked the example of his parents as he spoke of his unease with the protectionist measures that are being planned by the new Obama administration. ( Economic Times
FIIs inflow crosses $1 b in seven trading sessions : May 12 Inflows from FIIs appear to have accelerated in May, with the net equity investment crossing $1 billion in seven trading sessions.
FIIs’ net buy in April was $1.3 billion. FIIs have been net buyers of equity of $1.02 billion (or Rs 5,037 crore) in May, according to SEBI data. In March this figure was $0.11 billion (Rs 530 crore). ( Hindu Business Line
Atlas Group to enter realty, to invest Rs 1,000 cr: Atlas Group, which has carved out a niche of itself in the jewellery and healthcare industries across Gulf countries, is diversifying into real estate sector and plans to invest Rs 1,000 crore in Kerala in the next two to three years.
The group has planned three projects – two in Kochi and one in Kozhikode, Mr M.M. Ramachandran, Chairman of the Group, said. (Hindu Business Line
Jindal Steel arm finds gas in Bolivia : Jindal Steel and Power has tapped natural gas reserves in a well in eastern Bolivia, where the company acquired mining rights in 2007. When contacted the company confirmed it had got some gas in a well it was drilling. According to agency reports, which quote a manager of the Jindal subsidiary, Global Transport Logistics Incorporation, its is a “moderate reserve” in the El Palmar field, some 40 km from the city of Santa Cruz, Bolivia. (Hindu Business Line)
No headroom for institutional investments in Relianc
e : Portfolio managers of institutional investors are faced with a special problem while investing in Reliance Industries because of its growing market capitalisation, free float size and weight in indices against which investments are benchmarked. Fund managers are unable to avoid tracking error because of regulatory limits of investments or in-house rules. ( Hindu Business Line
UTI Mutual Fund to offload 26% stake by July-end : UTI Asset Management Company, the oldest fund house in the country, will rope in a strategic partner with 26 per cent stake.
While the government has given the go ahead for the move, the company is in the process of getting shareholder approval, UTI AMC Chairman and Managing Director U K Sinha told Business Standard in an interview. ( Business Standard
FinMin backs Sebi demand to access phone call transcripts
: The finance ministry has backed the capital market regulator’s request to give it more powers to access transcripts of telephone conversations and related information. This is aimed at strengthening the Securities and Exchange Board of India’s powers to investigate market-related offences. ( Business Standard
Godrej Shelves IPO Plans –
The Godrej group is putting on hold the plan by Godrej Properties to raise Rs 600 crore through an initial public offering (IPO). The plan, to offload a 13.5% stake in the real estate company, is being postponed till the IPO market shows signs of revival. Instead, funds for immediate need are being raised through banks or private equity funds. According to sources, the conditions in the market were too volatile to raise money despite the formal go ahead from the Securities & Exchange Board of India (SEBI). SEBI has extended the validity period for coming out with an IPO from three months to 12 months via the book building process. The additional time gives Godrej a larger window to monitor the market situation before it can launch the IPO. (Mydigitalfc.com
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