Morning meeting notes from CLSA India Tuesday, 18 January 2011

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News headlines: Corporate 
‰ Tata Steel has fixed a price band of Rs594-610/share for its FPO.
Company plans to raise Rs33.8-34.8bn from the offering. (ET)
‰ ONGC has appointed merchant bankers for its FPO. (BS)
‰ Oil secretary has said that IOCL’s FPO will be delayed to FY12.
(BS)
‰ IOCL has said that it is losing Rs1.22/litre on petrol sale despite
the latest price hike on Saturday. (BS)
‰ Vedanta is likely to submit a fresh application for environment
approval for revival of its Niyamgiri bauxite mines and Lanjigarh
refinery expansion. (FE)

News headlines: Economic and political
‰ Government has reportedly indicated to RBI that well capitalized
industrial houses may be permitted for banking license. Minimum
capital of Rs10bn is likely to be suggested for a corporate entity
applying for banking license. (FE)

‰ Power ministry is likely to make it mandatory for privater players
to participate in tariff-based bidding for allocation of hydro power
projects. (FE)
‰ An export committee on Ethanol prices is expected to suggest a
price of around Rs27/litre for oil marketers to buy Ethanol. (ET)
‰ Indirect tax collections have risen 42.8% YoY to Rs2.37trn for the
Apr-Dec’10 period. (ET)
‰ Oil Minister Murli Deora has sought a meeting with Finance
Minister Pranab Mukherjee to discuss finances of state-owned oil
firms in view of rising oil prices. (BS)

News headlines: Corporate
‰ Tax authorities have raised a demand of Rs4.0bn against
Infosys for its onshore service offering. (ET)
‰ JSW Steel has said that it plans to invest Rs38bn in Ispat
industries in the next 2-3 years. (ET)
‰ Suzlon’s subsidiary Re-Power has won an order to supply 150
wind turbines totaling 300MW in Canada. (BS)
‰ Air India has asked Bombardier and Airbus for leasing 20 airplanes
each. (ET)
‰ L&T reported 3QFY11 net profit +11% YoY to Rs8.4bn. (BS)
‰ TCS reported 3QFY11 net profit +30% YoY to Rs23.7bn. (BS)
‰ Axis Bank reported 3QFY11 net profit +36% YoY to Rs8.9bn. (BS)
‰ PFC reported 3QFY11 net profit +17% YoY to Rs6.6bn. (BS)