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Overbought markets likely to stay range-bound
The Nifty faced strong resistance above 5,300 and closed in a Doji pattern, indicating indecisiveness among participants.

Centre to develop plastic parks
The Centre, in a bid to help the Indian plastic industry increase economies of scale to take on the US, China and other countries, plans to set up plastic clusters or parks across the country.

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3G auction may start by Feb end or March 1st week
The much awaited auction of spectrum for 3G mobile services is likely to be delayed by more than a month and may commence from the first week of March next year -- schedule for which is to be announced soon.
Public Relations

Hindalco gets shareholders nod for raising Rs 2,900 cr

Hindalco Industries, the metals flagship company of the Aditya Birla Group, today said it has received approval from its shareholders for raising funds up to Rs 2,900 crore through issuing securities. - Alstom bags Rs 365 cr orders from Hindalco - Hindalco starts roadshow for Rs 2,900-cr QIP - Novelis reports profit of Rs 916 cr - Sensex regains strength - Markets plunge on weakness in metals, realty - Hindalco loses shine on net slump The shareholders, at the extra ordinary general meeting (EGM) of the company held today, resolved "to issue further securities of the company for the amount not exceeding Rs 2,900 crore," Hindalco said in a filing to the Bombay Stock Exchange (BSE). Shareholders of the company also approved to increase the limit of investment by foreign institutional investors (FIIs) to 40 per cent from 24 per cent in the company"s equity share capital, it said. Last month, the company"s board has approved raising of long term finance by way of Qualified Institutional Placement (QIP) or Global Depository Receipts or other securities with or without green shoe option up to Rs 2,900 crore. Shares of Hindalco Industries today closed at Rs 135, up 0.60 per cent from its previous close on the BSE.


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