Morning Market Report

Corporate Announcements:
· Jindal Steel and Power’s $2.1 bn project to develop iron ore
reserves and build a steel plant at El Mutn could be delayed as
the Bolivian senate has returned to the chamber of deputies the
JV signed by the Bolivia government and the Company. (ET)
· Sterlite Optical Technologies is planning to double its
manufacturing capacity to 12 mn km with a capital expenditure
of Rs. 1.4 bn. (BS)
· IVRCL Infrastructure and Projects signed a share purchase
agreement to acquire 100% stake in Hyderabad based Alkor
Petroo, an unlisted oil and gas E&P company. (ET)
· Lanco Infratech won a Rs. 732 mn contract from Andhra
Pradesh government for the construction of a medical college,
hospital complex, hostels, and ancillary structures for RIMS at
Srikakulam. (BS)
· Reliance Industries won the exploration rights for Block 41, a
deepwater oil and gas block in Oman. (ET)
· Suryachakra Power Corporation has entered into an MoU
with China Guodian Corporation for a proposed 1,200 MW
coal-based power project. (BS)

Economic and Political Headline:
· The telecom tribunal directed the DoT not to issue fresh letters
of intent for spectrum allocation till December 12, the next date
of hearing of a petition filed by the GSM operators’ body. (BS)
· The country's growth of industrial production for September
2007, as determined by the Index for Industrial Production,
slipped to 6.4% from 12% in the corresponding month last year.
(BS)

International News Headline:
· Saudi Arabia may push for a 1.8% increase in OPEC output as
early as this week if oil prices continue to drive toward $100 a
barrel. (WSJ)
· Japan's current-account surplus increased 34.1% to $112.3 bn
in the six months ended September on a growing
investment-income surplus and firm exports. (WSJ)

Hang Seng and Nikkei edged lower
Asian markets ended sharply lower with investors looking for more clarity on how
the US subprime mortgage-related problems are affecting the broader banking
sector and the economy.
The Hang Seng Index ended down 3.88% at 27,665.73.
The Nikkei 225 index fell 2.48% to close at 15,197.09.