Sterlite set up power plant Tuticorin Bharti acquires 70% stake RIL raises Rs 34.65 bn Bharati Shipyard hit upper circuit

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Sterlite to set up power plant at Tuticorin
Sterlite Industries, a subsidiary of London Stock Exchange-listed Vedanta Resources Plc, is planning to invest around Rs 6.5 billion to set up a power plant at Tuticorin in Tamil Nadu. Company chief operating officer Ramesh Nair said one of the major challenges for the company at its Tuticorin unit, which manufactures copper smelter, was power. The proposed 2X60 mega watt coal-based plant would not only help the company reduce the dependency but would also bring down the consumption cost.

Bharti acquires 70% stake in Warid Telecom
Telecom major Bharti Airtel has clinched a deal to buy a controlling stake (70%) in Bangladesh`s fourth-biggest mobile phone operator Warid Telecom. The deal will be announced in New Delhi on Tuesday, people familiar with the development. It is also learnt that, India`s largest telco has got political clearance from the Bangladesh government, including the country`s Prime Minister Sheikh Hasina who is currently on a visit to India.

RIL raises Rs 34.65 bn more for Lyondell bid
Reliance Industries (RIL) on Monday raised Rs 34.65 billion selling its own shares from the vault, taking total funds raised in four months to USD 2 billion, as it strengthens flanks in the battle for bankrupt petrochemicals company LyondellBasell.
RIL sold 33 million shares at Rs 1,050 each, 5% lower than Friday`s close. RIL confirmed the transaction, but did not reveal details. Five funds bought the shares, which were arranged by UBS, a person familiar with the matter said. RIL fell 2% to end at Rs 1,081 on BSE yesterday.

ABG and Bharati Shipyard hit upper circuit limits yesterday (Monday)
ABG Shipyard and Bharati Shipyard, the two largest private ship builders, gained 20 per cent on the BSE, hitting their upper circuits on the exchange. Both the companies were locked in a takeover battle for Great Offshore till last month. Stock of ABG closed at Rs 260.25 a share, while that of Bharati closed at Rs 296.40.