Bharti Airtel may see action

Bharti Airtel is reportedly learnt to have received a commitment from Standard Chartered Bank to raise a $4-billion bridge loan to finance its deal with MTN. According to reports, Standard Chartered has agreed to fully underwrite Bharti's net acquisition cost. However, it has not yet been decided whether the UK-headquartered bank will put together a syndicate to finance the deal.

Seperately, global rating agency Standard & Poor's on Tuesday said it has affirmed its ‘BBB-' long-term corporate credit rating on Bharti Airtel, with a stable outlook, following the company's renewed efforts for a partnership with South Africa-based MTN Group.

State-run banks reporteedly plan to cut lending rates by 100-150 basis points within a fortnight following a finance ministry directive to lower interest rates in line with falling cost of funds.

ITC will reportedly have to suspend production at all its factories to introduce pictorial warnings on cigarette packs from 1 June 2009, but it will make sure there was no supply gap in the market.

Wipro's chairman Azim Premji said the company's operations were expanding fast in the Middle East, which it sees as a main growth area. The Middle East's share of Wipro's total sales is 6%, said Premji, adding that this was set to increase in the future. He did not give figures.

Sobha Developers sold stake in projects in Bangalore and other cities for a total consideration of Rs 225 crore from Bangalore-based Purna Partners. The firm entered into a term sheet with Purna Partners and has received Rs 25 crore from the investor on Tuesday, 26 May 2009.

The government may reportedly dilute stakes in power sector firms such as NTPC, NHPC and Power Grid Corporation of India to 51% over the next few years for about Rs 60000 crore.

India is reportedly likely to double the price of natural gas sold through the administered price mechanism to $4.2 per million metric British thermal unit, which is equivalent to the price Reliance Industries gets for its KG basin gas, a move that could boost profits of ONGC and unlisted Oil India.

Unitech has reportedly sold its under-construction hotel in Gurgaon for Rs 200 crore to an unidentified individual and is close to selling a service apartment for Rs 200 crore.

Reliance Power, a unit of the Reliance-Anil Dhirubhai Ambani Group, has reportedly achieved financial closure for its 1,200 megawatt, coal-fired Rosa power plant in Uttar Pradesh by raising at least Rs 2400 crore from a domestic consortium.

Monnet Ispat & Energy has bought back 12.8 lakh shares at an average price of Rs 141.52 a share. The buyback begun on 8 December 2008 and closed effective 22 May 2009. The total amount invested in the buyback was Rs 18.20 crore, which is 24.27% of the maximum offer size authorised by the buyback.

Coromandel Fertilisers is reportedly in talks to invest Rs 3000 - Rs 4000 crore to set up a urea and ammonia manufacturing plant in a West Asian country, the details of which will be finalised close to December 2009. Net profit of Cummins India rose 56.32% to Rs 118.18 crore in the quarter ended March 2009 as against Rs 75.60 crore during the previous quarter ended March 2008. Sales rose 53.39% to Rs 1027.68 crore in the quarter ended March 2009 as against Rs 670.00 crore during the previous quarter ended March 2008.

Net profit of Tata Communications rose 439.66% to Rs 302.37 crore in the quarter ended March 2009 as against Rs 56.03 crore during the previous quarter ended March 2008. Sales rose 3.67% to Rs 886.93 crore in the quarter ended March 2009 as against Rs 855.53 crore during the previous quarter ended March 2008. The company earned a profit of Rs 347 crore during the latest March quarter from the sale of shares in group firm Tata Teleservices.

Cairn , BHEL (Audited), Britannia Industries, Godrej Industries, Jindal Steel & Power, Garware Wall & Ropes, NIIT, Shanti Gear, Tamil Nadu Newsprint & Papers, among others will declare March 2009 ended quarter results today, 27 May 2009.