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Buzzing Stocks
· GMR Group to divest its 50% stake in U.S-based power utility InterGen to China Huaneng Group for $1.23bn to focus more on the Indian market. The deal, which is subject to regulatory approvals, is expected to close in the first half of 2011.
· IT and BPO service provider Patni Computer Systems plans to recruit 350 employees by the end of 2011.
· In a move to consolidate its businesses, United Breweries will merge its three of its group firms into itself in order to have better synergies and enabling cost savings. The proposal to merge Associated Breweries and Distilleries (ABDL), Millennium Alcobev (MAPL) and Empee Breweries (EBL) has been approved by shareholders as well as secured and unsecured creditors of the company.
· J K Lakshmi Cement is scouting for a suitable location to set up a 2mtpa cement manufacturing plant, which could entail an investment of around Rs750Cr.
· Engineering and construction firm Gammon India today said it has successfully acquired an 84.16% stake in Metropolitan Infrahousing.
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