Stocks to Watch - Reliance Communications, Satyam

Telecom tribunal TDSAT late Wednesday, 8 July 2009 dismissed a petition by Anil Ambani group firm Reliance Communications (RCom) seeking a clarification on its judgment on allocation of additional spectrum and dual technology regime. In its application, RCom, which has been allocated a start-up spectrum of 4.4 Mhz in all circles for GSM services, sought clarification that the TDSAT order is not a bar on geeting 6.2 MHz of spectrum.

Mahindra Satyam, formerly Satyam Computer Services, has announced that it had received approval from the Company Law Board to issue 19.86 crore shares of Rs 2 at a premium of Rs 56 to Venturbay Consultants Pvt. Ltd., a subsidiary of Tech Mahindra, on a preferential basis.

Tech Mahindra was allotted 31% equity shares of Satyam earlier at Rs 1,756 crore and Venturbay announced a public offer to take the balance 20% from the open market. However, the open offer failed to evoke response from subscribers with only 4.21 lakh shares including 2.69 lakh underlying American Depository Shares were validly tendered, representing less than 0.1% of the outstanding equity shares.

IndusInd Bank will raise around $100 million through a qualified institutional process (QIP) in the current quarter. The bank will dilute around 10-15% of its capital in the process. Post-issue, the promoter shareholding in the bank, currently at 25.63%, will come down by 3.5-4%.

Icra Management Consulting Services Limited (Imacs), an arm of Indian Credit Rating Agency (Icra) has formed a joint venture with Jeddah, Saudi Arabia-based investment firm Exsab International Holding Company for Trading Development, to offer advisory and consulting services in the Middle East and North Africa.

The joint venture will have operations in 21 countries, including Saudi Arabia, Qatar, UAE, Bahrain
, Kuwait, Oman, Iraq, Lebanon, Palestine, and Egypt, and will be headquartered in Riyadh, the companies said in a joint statement on Wednesday.

Net profit of TTK Healthcare declined 80.47% to Rs 2.10 crore in the quarter ended March 2009 as against Rs 10.75 crore during the previous quarter ended March 2008. Sales rose 20.70% to Rs 53.53 crore in the quarter ended March 2009 as against Rs 44.35 crore during the previous quarter ended March 2008.