Buzzing Stocks - Keynote Capitals (February-2-'11)

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Buzzing Stocks

·      ONGC Videsh Ltd has decided to relinquish its oil block in Egypt as it did not find the discovery commercially viable.

·      Indian Oil Corporation plans to invest `50bn to expand its Koyali refinery in Gujarat from 13.7 mn mtpa to a 18 mn mtpa refinery.

·      Oil ministry said it cannot decide on giving approval to Vedanta Resources’ US$9.6bn acquisition of Cairn India within the fixed timeframe.

·      SBI will raise `100bn through bonds to augment its capital base to meet the growing business requirements.

·      M&M said it plans to launch 8-10 new products, including a premium sports utility vehicle, across various segments by March 2012.

·      HDFC has entered the booming Indian education sector by picking up a stake in Indus World Schools, which is promoted by education company Career Launcher.

·      Bank of India would raise `300mn by way of issuance of fresh shares on a preferential basis or by offering global receipts.

·      Dabur has shut down its Egypt plant due to the ongoing unrest in the nation.

·      Elder Pharmaceuticals is targeting US$1bn revenue from the lucrative US$70bn Japanese pharma market.

·      RPP Infra Projects, in a joint venture with Resurgent Gabon, has bagged `1bn SEZ project at KNOK, Gabon, in west central Africa.