Indian Stock Market News, Information, Tips, Analysis, Reports

Sun TV network ltd has informed the stock exchanges that it has bagged the telecast rights for the forthcoming four nation one day international (ODI) cricket series to be held in Ireland, in local south Indian languages. Apart from India and Ireland, South africa and Pakistan will also be participating in this ODI cricket series. RAJ TV had bagged the rights for the bangladesh series, where many days of play were washed out due to rain. However RAJ TV seems to have lost out to SUN TV this time for the crucial Ireland ODI series which will involve sellout India-Pakistan matches. The clarity and commentry (in Tamil) was bad in RAJ TV. Lets hope SUN TV’s coverage is better. The Ireland ODI cricket series will be telecast with Tamil commentary in SUN News channel, Kannada commentary in Udaya Varthegalu channel and Telugu commentary in Gemini News channel. The Ireland cricket series begins on 23 June 2007 and ends on 3 July 2007. The SUN TV stock prices rose today after the announcement was made. Finally someting for SUN TV shareholders to cheer about.

The shareholders of Dunlop India have approved to increase the authorized capital of Dunlop India to Rs. 175 crores. Dunlop India will allot about 1 crore preference shares to foreign investors, holding  company, institutions, corporate bodies and to individuals.

Cairn India has informed the Indian Stock Exchanges that it recently made two new discoveries in the Rajasthan block in north India. Cairn India received a six month extension from the government for  further exploration in the Rajasthan block.

Leading regional television provider RAJ TV, through its innovation, plans to telecast the Bangladesh cricket series LIVE in south indian languages, Tamil and Telugu. It will telecast 3 ODI’s and 2 test matches on RAJ TV and Vissa TV. The feed would be obtained from neo TV owned by Nimbus.

RAJ TV came out with an IPO earler this year. Right from the day of listing, RAJ TV had underperformed the general market and has been trading at a discount to its IPO issue price. RAJ TV shareholders will be hoping that, this new initiative will bring good fortune to them.

Mercator Lines has informed the Indian Stock Exchanges that it has signed an agreement to acquire 4 new vessels at an estimated cost of about Rs. 1000 crores.  Mercator Lines has informed that the vessels are likely to be delevered between June and July 2007.

Zenith Birla Limited listed today on the Indian stock exchanges. On the NSE, Zenith Birla Limited listed at Rs. 37.85. However the shares of Zenith Birla Limited gradually but steadily kept declining and ended the day at Rs. 34.6 down by about 8.6%. Over 77000 shares of Zenith Birla Limited changed hands on the NSE today.

UTI Bank today informed the Indian stock exchanges that it plans to change its name from UTI Bank to Axis Bank. The date on which the name change becomes effective has not yet been announced by UTI Bank. UTI Bank is likely to announce this date in the coming few weeks.

India has signed a double taxation avoidance agreement / treaty with Luxembourg, which is a very small European country. As per this agreement Indian companies operating in Luxembourg need not pay taxes in India. They only need to pay tax in Luxembourg. The tax rates in Luxembourg are very low at between 5% and 12%, whereas the tax rates in India can be as high as 36%, the lowest being 16%. Many Indian companies are likely to set up their bases in Luxembourg, following the double taxation avoidance agreement / treaty, so that they have access to the European markets.

Sun TV Network has announced that it is all set to launch a new channel called Chutti TV targetting tamil kids all over the world. Chutti  TV will be the first of its kind 24 hours channel from the Sun TV Network targeting children in the age group 2 to 14, with regional and international flavour. Chutti TV will show popular cartoons like Tom & Jerry, He-Man and so on, but Chutti TV will show these cartoons in Tamil.

Gremach Infrastructure has announced that it has purchased about 200 acres of land at MIDC in Gandhinglaj. Gremach Infrastructure has said that it will use this land for its future expansion cum diversification plans. Gremach Infrastructure plans to set up an SEZ (Special Economic Zone) at this site. Gremach Infrastructure has already got the in-principle approval from the government for setting up the SEZ. This SEZ would employ about 18,000 people.