• Hindalco would hold a 70 per cent stake in a JV with a US-based company to set up a manufacturing unit for high strength aluminium alloys for various applications. The facility would cost Rs155 crore and would have a capacity of 46,000 tonnes.
  
  
• Tata Steel has denied media reports that it is planning an acquisition bid on Brazilian steel maker CSN.
  
  
• The board of Reliance Industries would meet next week to consider raising $2 billion in syndicated loans or by issuing convertible bonds
  
  
• JSW Steel has raised galvanised steel prices by Rs1,000 per tonne

Mid-Cap Action

Mid-caps and small caps also recovered from yesterday's decline and outperformed the large caps. Many mid-cap stocks saw significant price action after result announcements.

The CNX Mid-Cap index ended with gains of 24 points, or 0.5 per cent, at 4859. BSE mid-cap index gained 1.03 per cent and the BSE small cap index ended 0.79 per cent higher.

KEC International added 16.17 per cent while KEC Infrastructure was locked in 10 per cent upper circuit.

TV 18 added 10.71 per cent while Ruchi Soya and BL Kashyap were 2 other major gainers.

DCB, which was listed recently, saw another sharp surge and added 10.31 per cent.

IFB Industries and Sutlej Industries were both locked in 10 per cent upper circuits.

Deccan Aviation slipped 5.11 per cent after yesterday's rally.

IFGL Refractories, Agro Dutch, Manugraph, Oil Country Tubular, Shreyas Shipping, Nagreeka Exports, Unitech and Sirpur Paper were among the major mid-cap losers.

Mid-cap news flow

• The boards of Megasoft and Visualsoft have approved the merger of Visualsoft with Megasoft. The merger ratio has been fixed at 5 shares of Megasoft for every 8 shares of Visualsoft.
  
  
• Amtek Auto has formed an equal JV with a Canadian company for setting up an auto-ancillary manufacturing facility near Delhi.
  
  
• Moser Baer has filed a suit in the Delhi High Court against Philips, which had earlier sent legal notices to the company alleging patent violations.
  
  
• PSL has won a $20 million order from the Middle East for supply of pipes.
  
  
• Sun TV said its flagship Tamil television channel will become a pay channel with effect from early next month
  
  
• The board of Bombay Rayon Fashions would meet next week to consider preferential issue of equity shares and warrants.
  
  
• Sunil Hitech Engineers has received new orders worth Rs123.4 crore.
  
  
• KSL Industries would raise additional resources through private placement of equity shares or related instruments
  
  
• Deepak Nitrite has sold its factory land in Pune
  
  
• The board of Everest Kanto would meet this week to consider the issue of 18.97 lakh equity shares at a price of Rs485 per share
  
  
• Man Industries is planning to expand its HSAW pipe capacity by middle of next year. The company would also put up an additional 4.5 MW of wind power capacity.
  
  
• Kallam Spinning is planning to expand its manufacturing facilities at a cost of Rs36.75 crore. The company is planning a preferential issue of shares or warrants to promoters.
  
  
• Empire Industries has denied media reports that the company is planning to sell part of its real estate holdings.
  
  
• Steel Exchange would merge Vizag Profiles with the company
  
  
• Praj Industries has formed an alliance with a Belgian company to market brewery filters in the country.
  
  
• Himalaya International would raise funds from a rights issue to finance a project to set up cold chain facilities.
  
  
• Unity Infraprojects has formed a subsidiary to undertake real estate development and bid for BOT and BOOT projects. It would also form another subsidiary in the Middle East to bid for projects in that region.
  
  
• Dolphin Offshore would issue bonus shares in the ratio of 3 shares for every 5 shares held.
  
  
• Ginni Filaments would invest Rs47.5 crore for its expansion programme and would raise resources from a preferential issue.
  

*Disclaimer: The author may have positions in some of the stocks specifically mentioned above at the time of writing this article. This analysis / report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content the author or publisher shall not be held responsible for any loss caused to any person whatsoever.

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