Daily Market Strategy - Oct 20 2011

Coromandel International has finalised plans to set up a greenfield Single Super Phosphate plant in Punjab at a cost of Rs1.16bn. (BL)

Gujarat NRE Group has received the go-ahead from the NSW Planning Assessment Commission for its US$122mn upgrade of infrastructure at NRE-1 mine in Russel Vale, Australia. (BL)

Hero MotoCorp is increasing output of its three plants in North India to around seven million units by March 2012 to meet the growing demand for fuel-efficient two-wheelers. (BL)

TCS will provide a range of technology outsourcing services to the Commercialbank of Qatar as part of a five-year deal worth ‘tens of millions of dollars'. (BL)



Tata Teleservices said that it will bring all its telecom services under the DOCOMO brand. (BL)

Infosys Ltd has inaugurated its new development centre at the Changi Business Park Crescent in Singapore. (BL)

Allahabad Bank has tied up with American Express Banking Corporation to offer credit cards to its customers. (BL)

Maruti Suzuki India Limited claimed it rolled out 200 vehicles from its Manesar facility on day 13 of the strike. (BS)

Everonn Education Limited got shareholders’ nod to dilute its 12% to Dubai-based Varkey Group for a consideration of around Rs1.38bn. (BS)

SAIL and Hindustan Copper have told the government they do not want to go for fresh equity. (BS)

Sahara Group has won an appeal against the I-T Department that will fetch it a refund of Rs.18bn. (ET)

The Department of telecom has slapped a Rs500mn fine on Idea Cellular for suppressing information, violating licence agreement and renting out more than 3,600 pre-activated post paid SIM cards in bulk to a Delhi-based company that further sub-rented them. (ET)
Economy Snippets

The National Housing Bank has asked housing finance companies not to levy penalty on pre-closure of loans, subject to certain situations. (BL)

High prices of iron ore routed through e-auctions and issues linked to iron content in dispatches are forcing steel and sponge iron-makers in Karnataka to look to Jharkhand and Orissa. (BL)

Petroleum and Natural Gas ministry has proposed to the Finance Ministry to impose duty on diesel-run passenger vehicles. (BL)

GSM subscriber addition improved marginally in September with 6.52 million new users compared with 5.34 million in August. (BL)

Rating agency, Crisil, estimated that loans accounting to Rs560bn to the power sector might come under risk. (BS)

The government will infuse sufficient funds in SBI and other public sector banks to enable them to achieve compliance with capital adequacy ratio norms, finance minister Pranab Mukherjee said. (FE)

A panel, in a report, has suggested increasing the tax on retail price of bidis from 7% to 33% and for cigarette sticks from 43% to 58%.(FE)

Bank loans have surged more than Rs500bn in just one fortnight, almost a third of what the banking system loaned in the first half of this fiscal. (ET)

A Supreme Court panel is likely to recommend auction of iron ore mines whose owners have been found guilty of breaching licensing norms. (ET)