Teen Traders' Blog

-Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam are undertaking due diligence to buy a stake in Zain, the Indian ambassador to Kuwait said in remarks published on Saturday. Last week, the two state-run firms said they had not decided on whether to join a consortium that is buying a 46 percent stake in Kuwaiti telecom Zain.-YahooFinance

-The Income Tax Department continued its raids for the second day in a row on the offices of Mumbai-based property developer HDIL and residences of some of its directors, according to sources in the I-T Department.HDIL has now been asked to pay tax of Rs 100 crore.BusinessStandard

-Indian drinks and aviation tycoon Vijay Mallya plans to gather his Formula One, cricket and soccer interests into one company and float it on the Mumbai stock exchange early next year.YahooFinance

-While appreciating the role of public sector banks (PSBs) in protecting the economy against the global economic turmoil, Finance Minister Pranab Mukherjee today assured them that the government would continue to support them.BusinessStandard

-Retail group Shopper’s Stop Ltd will add 500,000 square feet space by March, across four Shopper’s Stop stores and three Hypercity stores, a top official said on Friday-YahooFinance

-Day Five: Jet Airways today cancelled 281 flights, 21 of them international, as the strike by the pilots entered the fifth day after marathon talks between them and the management ended in a deadlock.¬BusinessStandard

-Sterlite Industries, the Vedanta group’s flagship, has raised its offer price by a fifth to $2.56 billion to acquire the US copper miner in an all-cash deal — its third bid in two years-BusinessStandard

-Domestic drug major Cipla Ltd has signed a long-term collaboration agreement with Swiss specialty pharmaceutical major Meda, to develop and market an anti-allergic rhinitis drug for various global markets.BusinessStandard

-The Petroleum Ministry has asked Cairn India to pay a production tax on the oil it has started to produce from its prolific Rajasthan fields even though the contract does not clearly lay the onus of the levy on it.BusinessStandard

-Betting big on the Indian growth story, South Korean consumer durables major LG today said it will invest about $1 billion here for marketing and research over the next five years.BusinessStandard

-Godrej Properties will hit the capital market with an initial public offer (IPO) in the next three months, its Chairman Adi Godrej said today.BusinessStandard

-Indian metal giant Sterlite Industries today stated that it has raised its offer price for purchase for bankrupt US copper miner Asarco to $2.56 billion from its earlier bid of $2.13 billion.BusinessStandard

-Factory productions expanded at a greater pace for the second month in a row growing by 6.8 per cent in July against 6.4 per cent a year ago, signalling an industrial recovery.BusinessStandard

-After the Income Tax Department raided various premises of real estate developer HDIL, directors of the company have admitted to concealing its income by Rs 350 crore, allege sources in the department. CNBC-TV18’s Ashwin Mohan reports.-Moneycontrol

-BHEL wins order worth Rs1300cr from NTPC

-Nifty may scale 5K in one month: Emkay Global.Moneycontrol

-India’s July Industrial Production Rises 6.8% From Year Ago.

-Indias Electricity Production Rises 4.2% In July

-India July Consumer Goods Production Rises 8.8%

-There is still no clarity over the Jet Airways-pilots impasse. Day four into the strike, the Jet management and the pilots held an eight-hour-long meeting at the Labour Commission’s office but sources say no firm conclusion has been arrived at yet. 495 pilotshave not reported today, 208 flights have been cancelled & 35 international flights have been cancelled.Moneycontrol