Hyderabad-based GMR Infrastructure Ltd has bought 50 per cent stake in Intergen, a power company based at Burlington in the US, for $ 1.1 billion. The company bought the stake from AIG Highstar Capital II fund. GMR will jointly own Intergen with the Ontario Teachers” Pension Plan (Teachers”). Teachers” has been a 50 per cent owner of Intergen since 2005. With $108.5 billion in net assets, it is the largest single-profession pension plan in Canada.Intergen is an independent power producer with operations in the UK, Mexico, the Philippines, Australia and the Netherlands. It has a turnover of $1.65 billion and EBITDA of $ 613 million for the year ending December 2007.

Barak Valley Cements Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from July 21, 2008 to July 25, 2008 (both days inclusive) for the purpose of payment of dividend & Annual General Meeting (AGM) of the Company to be held on July 25, 2008.

Coromandel Agro Products and Oils Ltd has informed that the Board of Directors of the Company at its meeting held on June 23, 2008, inter alia, has recommended a Dividend of Rs 2.00 (20%) per equity share of Rs 10/- each.

Heritage Foods India Ltd has informed that a meeting of the Board of Directors of the Company will be held on June 30, 2008, inter alia, to transact the following business:

1. To approve and take on record the Audited Financial Results for the year ended March 31, 2008.

2. Appointment of Additional Director.

Unity Infraprojects Ltd has informed that a meeting of the Board of Directors of the Company will be held on June 28, 2008, to consider and take on records, Audited financial results of the Company for the year ended March 31, 2008 and to consider recommendation of dividend for the Financial Year 2007-08, if any.

The market has maintained its opening gains as strong buying is seen across the board. The buying support is seen in the Bank, Capital Goods, Power and Pharma stocks. However, the FMCG stocks are trading lower. The BSE Sensex is trading above the 15100 mark and the NSE Nifty is hovering around the 4500 mark. The Broader market is also trading higher as buying is seen in the Mid Cap and Small Cap stocks.

The overall market breadth is positive, as 1679 stocks are advancing while 712 stocks are declining and the 59 stocks remained unchanged on BSE.

The BSE Mid cap is higher by 55.39 points at 6,159.22 and the BSE small Cap advanced by 109.59 points to trade at 7,450.76.

At 12.30 pm, BSE Sensex was at 15,133.37 up by 244.11 points and Nifty was at 4,504.85 up by 55.05 points.

BSE Capital goods index advanced by 277.59 points to 11,895.16. The main gainers are BHEL (5.38%), L&T (2.79%), BEML (1.26%) and Bharat Electrical (1.84%).
BHEL has won Rs 3,588 crore turnkey order which has been placed by Pragati Power Corporation Ltd to set up a Combined Cycle Power Plant (CCPP) at Bawana here through international competitive bidding. The order also involves commissioning and supply of four gas turbines for Pragati-III CCPP.

BSE Oil & Gas index was trading 108.43 points higher at 9,799.65 as ABN Offshore (2%), Essar Oil (1.02%), RNRL (0.29%) and Indian Oil (0.41%) are trading in green.

BSE Auto grew by 70.83 points to 4,190.41. Leading to its gain are Hero Honda (3.63%), Ashok Leyland (2.73%), TVS Motor (2.11%) and Maruti Suzuki (1.92%).

BSE Realty increased by 51.12 points to 5,681.73. Leading to its gain are Omaxe Ltd. (3.16%), Purvankara (1.83%), Sobha Developers (1.04%), Unitech (0.28%) are trading lower.

BSE Metal index advanced by 197.08 points to trade at 15,463. The major gainers are Hindustan Zinc (3.97%), SAIL (3.10%), Gujarat NRE (2.42%) and Tata Steel (1.32%).

BSE Power index increased by 52.48 points to 2,659.44. The main gainers are BHEL (5.20%), NTPC (2.63%), Reliance Power (1.73%) and Suzlon Energy (1.50%).

BSE Bankex index is trading higher by 172.59 points at 7,034.92. Gainers are HDFC Bank (3.09%), Bank of Baroda (2.95%), Bank of India (2.59%) and ICICI Bank (1.63%).

BSE IT index inclined by 59.43 points to trade at 4,343.39 as TCS (2.18%), Tech. Mahindra (1.68%), Infosys Technologies (1.43%) and HCL Technologies (1.38%) are trading in green.

Punjab National Bank has informed that the Government of India, Ministry of Finance, Department of Financial Services in exercise of the powers conferred by clause (b) of sub-section 3 of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with sub-clause(1) of clause 3 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970 vide notification dated June 10, 2008 has nominated Smt. Ravneet Kaur, Joint Secretary, Deptt. of Financial Services as Govt. nominee Director on the Board of Punjab National Bank with immediate effect and until further orders in place of Shri. Rakesh Singh.

Jaihind Projects Ltd has informed that the Board of Directors of the Company at its meeting held on June 06, 2008, has decided to postpone the Extra Ordinary General Meeting (EGM) referred herein above in continuation with the issuance of 2000000 (Twenty Lacs) Convertible Warrants on Preferential basis as per SEBI Guidelines.
The aforesaid meeting will be held on July 03, 2008.

>компютриons Industries Ltd has informed that the Board of Directors of the Company at its meeting held on April 11, 2008, has discussed and resolved to allot 255700 Equity Shares on preferential basis to promoters and 1650000 Convertible Warrants to others, as per detail given below:
1. Shri. Jasjot Singh - 200000 Equity Shares
2. Smt. Amrit Kaur - 55700 Equity Shares
3. Ms. Surbhi Gulsia (Sole Prop M/s. Vista Developers) - 150000 Convertible Warrants
4. Mr. Arvind Gulsia - 150000 Convertible Warrants
5. Mrs. Gurvinder Kaur - 150000 Convertible Warrants
6. Mr. Gurcharan Singh - 150000 Convertible Warrants
7. Mr. Rajiv Agarwal - 400000 Convertible Warrants
8. M/s. Eagle Computer Forms Pvt Ltd - 650000 Convertible Warrants.

Today Stock market
Wednesday, the US stock market closed in red on the back of lower guidance from United Parcel Service(UPS) followed by the sharp rally in the crude oil prices that topped a record over $112 a barrel. These all factors fueled concerns about the economy and earnings. The financial sector was the main laggard of the day on the back of lower guidance from United Parcel Service(UPS). The company announced it expects its first quarter earnings to range from $0.86 to $0.87 per share, which is below the consensus estimate of $0.93 per share. Earlier, the market gained some momentum after The Wall Street Journal said that Citigroup is selling $12 billion in leveraged loans and bonds to a group of private equity players. The loans and bonds were initially issued to help finance business during the leveraged buyout boom.

The Dow Jones Industrial Average (DJIA) dropped by 49.83 points to close at 12,527.26. The S&P 500 (SPX) index decreased by 11.05 points to close at 1,354.49 and the NASDAQ Composite (RIXF) fell 26.64 points to close at 2,322.12.

Among the Dow’s 30 components, 21 components ended lower. Amog the Dow’s rising stocks was mainly led by the stocks like Citigroup and Boeing up by 0.8% and 4.8% respectively.
Citigroup shares were supported by a report in The Wall Street Journal that Citi plans to sell $12 billion in debt for nearly 90 cents on the dollar. Further, the shares of Boeing managed to end higher after the aircraft manufacturer said that a delay in delivery of its 787 Dreamliner to later this year doesn”t change its 2008 outlook.

A total of more than 1.6bn shares were traded on the NASDAQ, with declining stocks just overtook the declining stocks by 4 to 3. On NYSE around 3.5bn shares traded for the day, with declining stocks outpaced the advancing stocks by 3 to 2.

Crude oil futures for the month of May delivery closed higher by $2.37 at $110.87 per barrel on New York Mercantile Exchange. It touched a new all time high of $112.21. The crude prices grew after the crude inventories surprisingly fell for the week that ended on 4 April 2008 as reported by the Energy Department. The EIA reported that the crude inventory fell to 316 million barrels in the week ended 4 April as against the market expectation of a build up of inventories around 2.7 million barrels.

The gold prices for the month of June delivery grew by $19.50 to settle at $937.50 an ounce on the New York Mercantile Exchange. The gold prices grew after the dollar lost its momentum against major rivals Generally, a lower dollar pushes up the demand for dollar-denominated commodities as their demand lessens as it becomes cheaper for traders holding other currencies.