The Mint Report for 23 July 2010

The Mint Report for 23 July 2010

The battle for Parkway could get messy. A special investment vehicle belonging to the promoters of Fortis has complained against a unit of Malaysia’s Khazanah. According to the complaint, the Khazanah unit, called IHH, produced misleading press releases that gave the impression Khazanah would soon be in control of Parkway Healthcare. The complaint was sent to the Securities Industry Council of Singapore. India’s Fortis and Malaysia’s Khazanah are currently locked in a battle to control Singapore’s Parkway Healthcare.

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Idea Cellular’s profits have fallen in the first quarter. Net profit fell to Rs201 crore from Rs291 crore in the same period last year. Idea’s numbers were expected to fall because of the merger with Spice Communications. In the quarter ending June the company absorbed fresh debt of around Rs3,600 crore. The company also paid Rs5,768 crore to the government for 3G spectrum licenses.

Bajaj Auto has met street expectations with its quarterly numbers. Net profit sped up to Rs590 crore from just Rs293 crore. And sales increased 65% to Rs3,737 crore during the first quarter. Things could get even brighter for Bajaj Motors in the coming months, with the company expected to see its margins improve and spend less on wages.

Power Grid Corporation will go ahead with its stake sale, possibly in the next three months. On Thursday the union cabinet approved a selling a 20% stake in the company for about $1.8 billion. 10$ will be fresh equity and the other 10%, government stake. India plans to make some Rs40,000 crore this fiscal by selling PSU shares.

The Sensex closed at its highest in two and a half years on Thursday, taking its cue from surging European markets. The index jumped up 136 points to finish at 18,113. And the Nifty also made gains, shooting up 43 points to end at 5,442.