Stock alert

Reliance Communications (RCom) after trading hours on Monday, 14 June 2010, said its board has approved a proposal to bring investors into its tower unit, Reliance Infratel to create an independent infrastructure business. RCom is looking at options including a demerger and/or other suitable value-creating options, and would be paid in cash and stock. RCom, which had earlier planned to sell 10% of Reliance Infratel through an initial public offering, said it was in advanced stage talks with several international and local strategic and financial players for the tower unit stake and expected to announce a deal shortly.

Reliance Industries (RIL) is reportedly planning to bid for the Surguja ultra mega power project (UMPP) in Chhattisgarh. The government has set 5 July 2010 as the deadline for submitting the bid. The Chhattisgarh entry would be RIL's second major diversification plan after the Ambani brothers last month cancelled the non-compete agreements that barred them from entering each other's businesses.

Infosys Technologies is reported to have paid Rs 275 crore as advanced tax in Q1 June 2010 versus Rs 230 crore in Q1 June 2009.

Strides Arcolab has received USFDA approval for Sumatriptan Succinate injection that is used in the treatment of migraine. The injection will be launched under a partnership with Sagent Pharmaceuticals who will market it. The total market for Sumatriptan in 2009 was approximated $200 million, the company said in a statement.

Mahindra Satyam (erstwhile Satyam Computers) has sought more time from authorities to file financial statements relating to financial years 2008 and 2009. The company has sought time till 30 September 2010 to file these statements. The Company Law Board had earlier set 30 June 2010 as the deadline for the filings.

Mahindra Satyam is also seeking exemption from publishing quarterly financial results for the period beginning from the three months ended 30 December 2008, through to 31 March 2010. The company has also sought permission from the Company Law Board to publish its results for the quarter ended 30 June 2010 when it reports results for the quarter ended 30 September 2010, it said in a statement to the stock exchange.

Star India is reportedly selling its 25.99% stake in Balaji Telefilms to Reliance Big Entertainment, an Anil Dhirubhai Ambani Group company. Star India had acquired the stake in Balaji through its affiliate Asian Broadcasting FZ-LLC for Rs 123 crore in 2004.

Bajaj Hindusthan's board will meet on 17 June 2010, to consider amalgamation of Bajaj Hindusthan Sugar and Industries, a 75% listed subsidiary, with the company.

Gayatri Projects' board will meet 17 June 2010, to consider proposal to enter into solar power generation business.


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