FreePress India - Breaking News and Editorial in Indian Business

Insider Trading – Reliance Mukesh Ambani Vs Rajaratnam of Galleon Hedge Fund – Difference is SEBI

November 24, 2009 by Editor's Desk

Reliance Industries Ltd led by Mukesh Ambani has been charged with Insider Trading of Reliance Petroleum prior to its merger with RIL in 2007. Now Business Line reports that,

The company has proposed a payment of Rs 2 crore towards settlement of the case, sources confirmed. SEBI is understood to have assessed the gains from the alleged insider trading at Rs 513 crore.

Is it notevident that RIL under Mukesh Ambani is accepting to the charges and that is why they have proposed a settlement of Rs 2 cr for making Insider Trading profits of Rs 513 cr [USD 110 mn].

Read moreInsider Trading – Reliance Mukesh Ambani Vs Rajaratnam of Galleon Hedge Fund – Difference is SEBI

Business Confidence Index: Up 21.2%QoQ

November 23, 2009 by Komal Meswani

Like many macro variables, the Oct 09 reading of the NCAER’s Business Confidence Index (BCI)1 indicates that sentiment is returning to pre-crisis levels. The index rose 21.2% on a QoQ basis and 19.8% on a YoY basis. While the uptrend can be attributed to seasonality (Oct is the festive season), it is supported by trends … Read more Business Confidence Index: Up 21.2%QoQ

GVK Infra Likely to Witness Re-Rating

November 23, 2009 by Editor's Desk

GVK currently holds 12%, which it acquired at Rs4.85B (US$100M) from Zurich Airport. We see potential to hike its stake to controlling levels of 44-49% in a few quarters from now, as it may take over the share of L&T (17%, via ZA) and Siemens (40%, partly locked in). GVK has publicly stated its intent to do so.

Post this purchase, GVK would have 2 operating airports including Mumbai, 3 operating power projects of 881MW in AP and Jaipur-Kishengarh expressway.

Peninsula Land receives Rs 275 crore from Alok Realtors

November 20, 2009November 20, 2009 by Komal Meswani

Peninsula Land, part of Ashok Piramal Group has received Rs. 275 crore from Alok Realtors Private Limited on November 19, 2009 for sale of 6.41 lakh sq. ft at Peninsula Business Park, Tower ‘B’, Lower Parel in Mumbai. Of the total deal consideration of Rs 1,100 crore, the company has received a sum of Rs … Read more Peninsula Land receives Rs 275 crore from Alok Realtors

FIIs net sellers of Rs 459.18 cr (prov) in the spot market on Thursday

November 20, 2009November 20, 2009 by Komal Meswani

Foreign institutional investors (FIIs) were net sellers of Rs 459.18 crore (provisional) in the spot market on Thursday, as per information posted on the BSE website. While FIIs made gross purchases of Rs 2,056.64 crore, their gross sales stood at Rs 2,515.82 crore.

On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 116.79 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,235.81 crore, their gross sales aggregated Rs 1,119.02 crore.

KEC bags orders worth Rs 114 crore from Ghana

November 19, 2009November 19, 2009 by Editor's Desk

KEC International (KEC), a global leader in the power transmission EPC business and an RPG Group company, has won a rural electrification order in the state of Madhya Pradesh and a substation order in Ghana Africa.

The rural electrification order comes from the Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company (MPMKVVCL) under the RGGVY programme in the district of Morena.