Stocks to watch: ONGC, BHEL, Bombay Dyeing, Austral Coke
4 Sep, 2008, 0931 hrs IST, ECONOMICTIMES.COM
MUMBAI: Equities are likely to open lower on Thursday after global markets fell on renewed economic concerns in the US. Investors fretted about the impact of a global slowdown on corporate bottom lines.
Oil prices were a little higher at $109.17 per barrel post a steep fall Tuesday. Rupee was at 44.42 per dollar from previous close of 44.38/39.
Bharat Heavy Electricals will set up a greenfield project for manufacturing locomotives. It is already in talks with global majors such as French train maker Alstom, German rail transit solutions firm Bombardier Transportation GmbH, Siemens AG and American firm General Electric for forming a joint venture. BHEL proposes to offer 49 per cent equity to its partner in the new venture. The project will start with an initial investment of Rs 1,000 crore.
Capital goods and power stocks may come under some pressure as Indo-US nuclear deal may hit a roadblock. The US state department told the Congress that the nuclear deal would be off if India conducts a nuclear test.
Board of directors of IBN18 Broadcast has approved of raising up to Rs 400 crore in India or overseas market.
ONGC may lists its subsidiary ONGC Videsh next year to finance the latter’s $2.8 billion acquisition of Imperial Energy, say reports.
Bombay Dyeing may raise Rs 900 crore by selling 4,50,000 square feet of commercial property that it is developing, say media reports.
Energy Development has received sub-contract for supply of equipment for Greater Imphal Project under APDRP scheme valued at Rs 51 crore. The order is to be executed in next 6-8 months.
Shares of Austral Coke and Projects will list on the exchanges Thursday. The company, engaged in manufacture of low ash metallurgical coke, has fixed the issue price at Rs 196 per share. Its initial public offering was subscribed 1.65 times.
Source: http://economictimes.indiatimes.com/ViewsRecommendations/Stocks_to_watch_ONGC_BHEL_Bombay_Dyeing_Austral_Coke/articleshow/3442803.cms
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