Stocks to watch: BoB, PNB, ONGC...

Following stocks are likely to be in the limelight today, May 26.

Bank of Baroda (BoB) has reduced interest rates on its various maturity deposits by 0.25-0.75%. Shares of the bank closed up Rs 17.5, or 4.14%, at Rs 439.95**.

Punjab National Bank (PNB) is planning to open five overseas offices over the next one year. Shares of the bank closed down Rs 19.2, or 2.89%, at Rs 644.05**.

Oil & Natural Gas Corporation (ONGC) said it would lose about Rs 140 billion if it was forced to continue in Cairn India`s prolific Rajasthan oilfields as it would have to pay all government levies. Shares of ONGC closed down Rs 6.2, or 0.59%, at Rs 1,039.10**.

Tata Motors is likely to roll over close to USD 1.05 billion of debt remaining out of the USD 3-billion bridge loan it had taken in 2008 to fund the acquisition of British automobile company Jaguar and Land Rover. Shares of Tata Motors closed up Rs 0.25, or 0.07%, at Rs 345.95**.

Ranbaxy Laboratories missed the deadline of May 2009 to start supplying raw materials to British drugmaker Astrazeneca. Shares of Ranbaxy Laboratories closed up Rs 45.8, or 20.73%, at Rs 266.70**.

Bharti Airtel, India`s leading mobile telephone service provider, announced on Monday that it has renewed its effort for a significant partnership with MTN Group (`MTN`) and is exploring a potential transaction whereby, pursuant to a scheme of arrangement, Bharti would acquire a 49% shareholding in MTN and, in turn, MTN and its shareholders would acquire an approximate 36% economic interest in Bharti, of which 25% would be held by MTN with the remainder held directly by MTN shareholders. Bharti and MTN have agreed to discuss the potential transaction exclusively with one another until Jul. 31, 2009. Shares of the company closed down Rs 46.45, or 5.41%, at Rs 811.40**.

Rural Electrification Corporation (REC), a Navratna Public Sector company registered a sharp rise in net profit for the quarter ended March 2009. During the quarter, the company posted 65.05% rise in profit of Rs 3,880.40 million compared with Rs 2,351 million in the same quarter previous year. Total income for the quarter jumped 44.68% to Rs 14,470.90 million, when compared with the prior year period. Shares of the company closed up Rs 10.6, or 7.65%, at Rs 149.20**.

IDEA Cellular, one of the leading telecom operators in the country has now entered Tamil Nadu, with the launch of its GSM mobile services in 130 towns across the state. IDEA`s 2.75G EDGE enabled network will progressively cover Chennai and over 500 towns and villages by the end of current financial year. Shares of the company gained Rs 1.9, or 2.67%, to settle at Rs 72.95**.

Jet Airways India, leading airline operator, turned to profit for the quarter ended March 2009. During the quarter, the company posted profit of Rs 529.90 million compared with a loss of Rs 2,211.80 million in the same quarter previous year. Shares of the company closed up Rs 1.95, or 0.64%, at Rs 305.25**.

**Closing share prices as on, Monday, May 25.