Reliance Industries: The Company’s buy back offer has ended. RIL has bought 1.19 per cent stake in company at an average price of Rs 715. The promoter stake has increased marginally by 0.54 per cent at 45.65 per cent. RIL used $0.5 billion or Rs 2,794 crore for the buy back.
Coal India: The state-run miner's board will meet today to discuss price pooling and finalize the modified Fuel Supply Agreement (FSA). The board failed to reach a consensus on price pooling at last meeting.
TCS: India's biggest IT firm expects second quarter volume growth to be slower than the 5.3 per cent in the first quarter ended June 2012. Q2 earnings before interest and tax margins are seen growing at a slower pace than 27.5 per cent in the June quarter. However, Q2 deal momentum and pipeline remains steady, the company said at an analyst meet.
Tech Mahindra: India's sixth largest IT services provider has bought 51 per cent stake in mobile VAS provider Comviva for Rs 260 crore (largely debt-funded). Comviva's annual revenue was $70 million and the company is growing at 15-18 per cent CAGR over the last three-years. The valuation of the deal is at 1.35-times sales, which is in-line with past deals.
Infosys: Bank of America Merrill Lynch has upgraded the stock to buy with a target of Rs 3,200 saying management execution will gather steam.
JSPL: Ravi Uppal may join the private steel maker as managing director according to a PTI report.
Alstom T&D: Alstom Holdings has made an open offer for 6.2 crore shares at Rs 187.64 per share.
Reliance Infra: The Anil Ambani promoted firm has entered commercial cement market.
Tata Power, Hindalco: The Inter-Ministerial Group on coal has recommended encashment of bank guarantees of Tata Power and Hindalco.
SBI: India's largest public sector bank will decide on lending rate changes soon. The Asset Liability Committee (ALCO) will meet to review interest rates.