Reliance Capital Trustee picks up shares in ETC Networks

MUMBAI: Anil Ambani group firm Reliance Capital Trustee Company Ltd has picked up 1.2 per cent stake in Zee group-promoted ETC Networks for Rs 1.60 crore in open market transactions on the bourses. Reliance Capital Trustee Company bought one lakh equity shares of ETC Networks at a price of Rs 93.50 per share in a bulk deal at the Bombay Stock Exchange. It had bought 71.44 lakh shares on the National Stock Exchange at Rs 94.19 per share aggregating to Rs 67.28 crore on Thursday. Reliance Mutual Fund today also purchased one lakh shares in ETC Networks at a price of Rs 98 per share on the NSE. As on June 30, Zee Telefilms holds 55 per cent stake in ETC Networks. The scrip of ETC Networks closed at Rs 102.45, up 9.57 per cent at the Bombay Stock Exchange after touching a 52-week high of Rs 102.85.

NTPC replaces Dabur India on Nifty, CNX 100 indices

MUMBAI: State-run power major NTPC Ltd will replace Dabur India in two indices of National Stock Exchange - S&P CNX Nifty Index and CNX 100 index - from September 24.

The index maintenance sub-committee has decided to exclude Dabur from the two indices and inducted NTPC in its place during its periodic review. The changes would become effective from September 24, NSE said in a press release.

Besides, the committee excluded fifteen companies such as Aditya Birla Nuvo, United Spirits, Indiabulls Financial Services, Jindal Steel & Power and Bank of India from the CNX Midcap Index. In their place, 15 other companies such as Essar Steel, Lanco Infratech, Biocon, HT Media, Tata Tea and Yes Bank have been included, the release said.

Further, 10 companies were excluded from the S&P CNX 500 index and in their place 10 other were included namely - Idea Cellular, Sobha Developers, Television Eighteen India and Power Finance Corporation, the release added.

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Indian IT trioka fit for Buffett's portfolio: S&P

NEW DELHI: The world's greatest investor Warren Buffett may have shied away from putting his money in Indian companies so far, but those fulfilling his investment criteria include at least three companies based here -- namely Infosys, Wipro and Satyam Computer.

Standard and Poor's, one of the world's biggest investment services providers that compiles a list of stocks meeting the legendary investor's appetite twice a year, has named the three of the biggest names in Indian IT space in the latest model portfolio.

The American Depositary Receipts of the three Indian IT giants have been named alongside global giants Microsoft, Oracle, Ericsson, Cisco Systems, Diageo, China Mobile and SAP.

Besides, the list also includes 3M Company, Altria, British American Tobacco, Mcgraw-Hill Company and Qualcomm.

Read more in The Economic Times

India Inc eyes industrialised countries

NEW DELHI: North America and Asia have emerged as the most sought-after destinations for India Inc's acquisition bids, with takeover deals in the region touching $12 billion in the first four months of fiscal 2008, an Assocham Eco Pulse study said.

India Inc's acquisition deals in North America are valued at $7 billion while that in Asia totalled $4.2 billion, the chamber said.

Indian businesses signed deals worth $5.1 billion with US-based companies during April-July 2007, with the Tatas, Essar, Reliance and Infosys leading the brigade.

Tata Group remained at the forefront with total deal values worth $2.13 billion in steel, hospitality and automotives sector, followed by Essar's acquisition of Minnesota Steel for $1.65 billion. Reliance Communication expanded footprint in the US communications market by acquiring Yipes for $300 million.

Read more in The Economic Times