Stock Watch - Reliance Infrastructure, Suzlon Energy

Promoters of wind turbine maker Suzlon Energy will reportedly sell 60 million shares, or 4% stake, in the company through block deals on today, 25 May 2009.

Reliance Infrastructure plans to raise Rs 4300 crore by issuing share warrants to its founders, as it gears up to bid for infrastructure contracts. Reliance Infrastructure will issue 4.29 crore warrants convertible into shares at Rs 1,000 each, a 10.8% discount to Friday's closing price, to founders' Anil Dhirubhai Ambani group. The founders' stake will rise to 48% from 38%.

The board of JSW Steel will meet on 28 May 2009, to consider raising funds through various means, including share sale to institutional buyers.

Parsvnath Developers reportedly plans to raise Rs 2500 crore via a qualified institutional placement of shares. It may also explore the option of issuing convertible and non-convertible debentures to raise a part of this fund.

The board Housing Development & Infrastructrure (HDIL) approved selling shares for up to $600 million to institutional investors. HDIL will seek shareholders approval for the share sale and a share warrants issue to founders on 17 June 2009.

Meanwhile, net profit of HDIL declined 91.26% to Rs 61.92 crore in the quarter ended March 2009 as against Rs 708.24 crore during the previous quarter ended March 2008. Sales declined 63.30% to Rs 357.86 crore in the quarter ended March 2009 as against Rs 975.08 crore during the previous quarter ended March 2008.

The new Congress-led coalition government reportedly plans to cap profits of crude oil producers such as Oil & Natural Gas Corporation, Reliance Industries and Cairn India as part of a transparent and sustainable subsidy-sharing system for the sector.

The commerce ministry has reportedly proposed a $5 billion trade finance facility, expected to roll out in the first 100 days of the new governments's rule, to augment resources for the export sector.

The new government will reportedly infuse about Rs 16000 crore fresh capital into 16 public sector banks in its first budget expected to be presented in July 2009.