Market Commentary Wednesday, March 14, 2012 08:52 Hrs IST

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Rail-related stocks in focus ahead of today's Rail Budget

Shares of companies whose fortunes are linked to orders from Indian Railways including Kernex Microsystems, BEML, Texmaco, Stone India, Kalindee Rail Nirman, Titagarh Wagons will be in focus ahead of the Railway Budget to be presented by Union Railways Minister Dinesh Trivedi in Parliament today, 14 March 2012. It budget may prove to be ninth successive one in not hiking passenger and freight rates. The emphasis, reportedly, will be on modernisation, infrastructural overhaul and on a dedicated freight corridor. However, as per reports, the government is likely to impose a safety cess, at least on higher-class tickets. Also there is a possibility of an additional surcharge, called the Union government development surcharge.

Given the financial condition of railways, this Rail Budget is likely to seek a two-year moratorium on paying dividend to the government.

Wipro's promoters the Azim Premji Trust will today, 14 March 2012 sell up to 3.5 crore shares of the company via an offer for sale mechanism prescribed by Sebi. The auction through the stock exchanges mechanism will begin at 9:15 IST and end at 13:30 IST.

The shares on offer from the trust represent 1.42% of Wipro's equity capital. The Azim Premji Trust held 8.66% stake in Wipro as on 31 December 2011. Total promoter holding in Wipro stood at 79.15% as on 31 December 2011.

Coal India could reportedly raise the commodity's prices next quarter to offset the financial impact of the 25% wage rise announced for its mammoth workforce in January 2012.

Wipro's subsidiary Wipro Technologies is reportedly pursuing contracts worth around $3.5 billion. The Bangalore-based company is pursuing 15 $100-million deals and another 40 deals worth at least $50 million each.

HCL Technologies has reportedly bagged a large outsourcing deal from Swiss banking major, Union Bank of Switzerland (UBS).

REC is reportedly is set to raise Rs 656 crore from Germany-based KfW Bankengruppe for financing renewable energy projects in India at concessional interest rates.

JBF Industries has scheduled a board meeting on 19 March 2012, to allot and issue 61.77 lakh 2.5% Cumulative Redeemable Preference shares in favour of Bank of India.

Gitanjali Gems said it has through its Hong Kong based wholly owned subsidiary 'Aston Luxury Group', incorporated 'Leading Singapore Jewels Pte ', with a view to expand it's business in Singapore and Far Eastern regions. The main activity of 'Leading Singapore Jewels Pte.' is retailing and distribution of jewellery.

Hubtown is in the process of launching an unique scheme for sale of constructed premises of the company's commercial projects located in Andheri, wherein, the buyer shall be entitled to immediate permissive use of the premises against payment of a minimum of 40% of the total purchase price and the balance purchase price shall be payable over a period of 60 months at a specified rate of interest. The legal possession of the premises shall be transferred to the buyer on full payment of the total purchase price along with the fulfillment of certain other terms.

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