Oil Marketing companies may witness action

State-run oil marketing companies on 15 August 2009, hiked jet fuel prices by 4.5% in step with firming international oil rates, the second time in a month. Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation raised Aviation Turbine Fuel (ATF) rates in Delhi by Rs 1,662 per kilolitre (kl) to Rs 38,585 per kl. The hike in ATF or jet fuel prices comes on the back of Rs 585 per kl or 1.6% hike on 1 August 2009.

Tata Motors is reportedly planning to invest about Rs 8,000 crore during the next three-four years as capital expenditure and product development. The money is likely to be spent on launching new models and scaling up its operations.

The board of HCL Infosystems approved raising up to Rs 500 crore via qualified institutional placement in domestic or international markets. The board also approved issuing convertible warrants not exceeding Rs 325 crore to one or more founders of the company.

Religare Enterprises has reortedly submitted a non-indicative bid to buy the Asian private banking assets of Dutch insurance and banking major ING Bank.

The promoters of Quippo Telecom Infrastructure, the telecom tower subsidiary of SREI Infrastructure Finance, will reportedly raise about Rs 900 crore by issuing fresh equity and selling shares in the secondary market.

The board of Provogue India approved spending Rs 50 crore to buy back 50 lakh shares at a maximum price of Rs 100 each. The buyback will remain open till 12 February 2010.

The board of Berger Paints India approved the issue of 72 lakh shares to Nalanda India Fund. The minimum price at which the shares can be sold will be determined on 17 August 2009 as per the market regulator's guidelines.