Teen Traders' Blog

-The initial public offer(IPO) of private ship-builder Pipavav Shipyard got subscribed 6.64 times till the final day today, getting a strong response from investors.BusinessStandard

-Bharat Sanchar Nigam (BSNL) would provide 1.5 lakh mobile connections during this fiscal, even as the much awaited 3G Mobile would be introduced very shortly in Coimbatore and Tiruppur, a top BSNL official said today.BusinessStandard

-Google Inc. said Apple Inc.’s top marketing executive personally told the company that its Google Voice application had been rejected because it duplicates the telephone dialer on the iPhone and could be used as a replacement.YahooFinance

-India’s foreign exchange reserves grew $3.32 billion in the week up to September 11, 2009, to $280.98 billion on the back of portfolio investments and revaluation of currencies.BusinessStandard

-World’s largest steelmaker ArcelorMittal has asked the Orissa government to treat its proposed Rs 50,000-crore project on the issue of mining lease at par with other big ticket investments.BusinessStandard

-Valuation norms for insurance cos soon: IRDA.IndiaInfoline

-Cinemax , the largest multiplex chain in Mumbai with 36 existing screens, is getting bigger by adding four more with the launch of its new property at Ghatkopar on September 19.BusinessStandard

-UBS in talks with Cognizant, Genpact to sell its BPO units-EconomicTimes

-Kolkota headquartered RPG Enterprises said it would enter the coffee chain  business by setting up a Joint Venture with an US Company.   BusinessStandard

-Gujarat to award contracts for US$10bn Solar Power Project.IndiaInfoline

-The Sensex ended flat after recovering from the lower levels to continue its winning streak for the fourth day.  BusinessStandard

-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

Bharti Airtel, India’s largest Telecom firm on Monday renewed its effort to acquire 49% in the South African telecom company MTN.

As we know, this is the second time the compnay is talking with Bharti and has previously has also talked with Reliance Communication but couldn’t proceed and talks were terminated. The Economist magazine had noted, “If anything, Bharti would be marrying up.”

The companies have now agreed discuss the potential transaction exclusively by July 31 this year.

The New Delhi based Bharti Airtel said in a statement “Bharti Airtel Ltd is pleased to announce that it has renewed its effort for a significant partnership with MTN Group… Bharti would acquire a 49 per cent shareholding in MTN and, in turn, MTN and its shareholders would acquire an approximate 36 per cent economic interest in Bharti, of which 25 per cent would be held by MTN with the remainder held directly by MTN shareholders,”

If the deal goes through, the combined entity will have revenues exceeding $20 Billion and a subscriber base of more than 200 Million.

The South Africa based mutinational, MTN has significant operations in many of the African and Middle Eastern Companies.

MTN often describes itself as “the leader in telecommunications in Africa and the Middle East”

Airtel has nearly 25% of the mobile connections in India.

CMD, Sunil Mittal said “We are delighted at the prospect of developing a partnership with MTN to create an emerging market telecom powerhouse. Both companies would stand to gain significant benefits from sharing each other’s best practices in addition to savings emanating from enhanced scale,” he added “We see real power in the combination and we will work hard to unleash it for all our shareholders. This opportunity also represents a first of its kind in developing an Indian-African initiative that would serve as a shining example of South-South cooperation.”

MTN shall have appropriate representation on the Bharti Board, the company told in statement.

“Singapore Telecommunications, a major existing shareholder of Bharti, will continue to be a strategic partner and significant shareholder after the implementation of the potential transaction,” the Bharti statement said.