Sunday, June 7, 2009

Stocks to buy now

Crude oil prices rose Friday on hopes of rise in demand after the US jobs data showed new claims for jobless benefits fell for a third straight week. US. crude for July delivery was higher at $69.18 per barrel after peaking at $69.45 and London Brent gained to $68.92.

Rupee was firm in opening trade on expectations of inflows in the capital market. AT 9:15 am, partially convertible rupee was at 47.11 up 0.09 paise against the dollar.

GMR Infra’s consolidate net profit for quarter ended March rose to Rs 53.24 crore against Rs 50.02 crore in the same quarter a year agao. Total income was at Rs 13,27.07 crore in March quarter as compared to Rs 905.19 in same period a year ago.

Oil services firm Aban Offshore has told its bankers to moderate or change its huge debt repayment schedule and terms, as the massive loan taken for an overseas acquisition becomes an albatross around its neck. CDR is a process by which banks soften the terms of debt repayment in order to help a company tide over a crisis caused by huge loans and weak financial performance.

In a bid to broad-base company activities and access new coal resources, Gujarat NRE Minerals, the Australian subsidiary of Gujarat NRE Coke, is aiming to acquire an Australian Securities Exchange-listed company Rey Resources. On Thursday, GNM made an off-market takeover offer to the shareholders of Rey Resources to acquire all the shares issued by the target company.

The Company Law Board has directed Orissa Sponge Iron & Steel to consider Bhushan Group’s right to convert warrants owned by it in the sponge iron company into equity shares. Bhushan Group, which owns 15 per cent in Orissa Sponge, is one of the suitors in the three-way takeover battle of Orissa Sponge.

Nitin Fire Protection plans to raise $50 million through QIP / FCCB / GDR / preferential allotment.

Dewan Housing Finance plans to raise Rs 300 via qualified institutional buyers placement subject to the approval of the members of the company.

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