Shares of cement companies will be in focus on reports anti-monopoly watchdog Competition Commission of India (CCI) will slap penalties on 11 leading cement manufacturers for alleged cartelisation. According to reports, cement companies, which have been under scrutiny since past one year, had been allegedly inflating prices and decreasing production. Reports suggest that the final order of the CCI is expected later today, 20 June 2012. Those companies pronounced guilty will have to pay penalty at the rate of 8% of their average turnover in the last three years, reports added.
Telecom stocks will be watched on reports unlisted telecom entity, Vodafone, on Tuesday (19 June 2012) slashed 3G tariffs by up to 80%, becoming the fourth telecom service provider to reduce rates after Bharti Airtel, Idea Celluar and Reliance communication.
Shares of state-run power equipment maker Bhel will be watched on reports the Prime Minister's Office (PMO) has called a meeting today, 20 June 2012, to revive the contentious issue of imposing duty on foreign power equipment in the country.
GMR Infrastructure said its board allotted 1,000 secured non-convertible debentures (NCDs) to ICICI Bank aggregating to Rs 100 crore on 19 June 2012.
Carborundum Universal (CUMI) announced the signing of a binding agreement with Austrian company RHI to acquire the latter's wholly-owned fused minerals subsidiary RHI Isithebe as well as the plant of RHI Refractories Africa, all located in South Africa. The acquisition will be made by CUMI's wholly owned investment subsidiary CUMI International, Cyprus.
Jindal Steel & Power is reportedly likely to exit from a three-year long takeover tussle for listed Australian coal explorer Rocklands Richfield, following an aggressive bid by China's Linyi Mining Group, which has swung the support of Rocklands senior management to the Chinese offer.
Real estate company DLF will be watched on reports Bharat Light and Power, a cleantech company promoted by former president and chief executive of GE India, Tejpreet Chopra, and the Hyderabad-based Mytrah Energy are in the race to buy DLF's wind power business for around Rs 1000 crore. The board of DLF, which is selling non-core assets as part of a big debt restructuring exercise, has already approved the divestment and the company has sought shareholders' approval for the scheme this week.
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