Vijay Mallaya owned United Spirits Ltd (USL) is all set to strike a strategic deal with Diageo, producer of leading brands Johnnie Walker whiskies and Smirnoff Vodka, in days to come, paving a way for representation in USL board by Diageo.
Diageo may pick up a minority stake of 14.9% in Mallya's United Spirits (USL) that controls about 55% of the spirits market in India. USL group that owns large reserves of treasury stocks may offload these stock reserves in order to arrange funds for its growing capital needs.
Asia's second-largest foreign telecoms operator, Telenor has scrapped its plans for a share issue to fund an Indian mobile operator, Unitech Wireless, following stiff opposition from shareholders. The firm said that it has also stopped dividend payout for 2008 and
2009.
The Norwegian telecom operator said that it would now arrange funds through debts and other financial modes. It has signed a loan worth Rs 8 billion Norwegian Krone that would be used to finance the Unitech Wireless deal.
India's largest passenger carmaker, Maruti Suzuki, has decided to hike prices of its various models following foreign currency fluctuations and rise in input prices. The prices have been revised in the range of Rs 5,000-10,000 and would be effective from January 28 onwards. However, prices of economy-end vehicles like M800, Omni, Alto, WagonR, Zen Estilo, Gypsy, and Versa besides the SUV Grand Vitara were not increased.
Rate rallies to resistance at the 1.4250 area and falls back to leave a huge wick. Holds lows so far but a reversal could be in the works if the sort-squeeze is over. Light stops seen on the move over the 1.4100 area as late shorts get squeezed.
The USD is continuing in two-way action as the majors continue to consolidate off their weekly lows; traders note conditions remain thin and the lack of US fundamentals are keeping some sidelined ahead of the FOMC rate announcement tomorrow. After early gains in the Greenback overnight better-than-expected overseas data helped to hold the GBPO and the EURO higher although both pairs looked for new lows in early New York but reversed losses to close better on the day as early intraday shorts covered back as the day wore on.
Rate follows GBP higher; scores highs overnight Europe but fails into early New York. Recovers late in the day suggesting short-term players on the short side covering back.
Rally less volatile and the rate holds tech resistance at 1.3325/30 area overnight. Rally all day today suggests a short-squeeze is in the works; fall back argues the squeeze is over. Stops around 1.3030 area likely under the market. More likely in-range but probably cleared on the pullback from highs.
Vijay Mallaya owned United Spirits Ltd (USL) is all set to strike a strategic deal with Diageo, producer of leading brands Johnnie Walker whiskies and Smirnoff Vodka, in days to come, paving a way for representation in USL board by Diageo.
Asia's second-largest foreign telecoms operator, Telenor has scrapped its plans for a share issue to fund an Indian mobile operator, Unitech Wireless, following stiff opposition from shareholders. The firm said that it has also stopped dividend payout for 2008 and 
India's largest passenger carmaker, Maruti Suzuki, has decided to hike prices of its various models following foreign currency fluctuations and rise in input prices. The prices have been revised in the range of Rs 5,000-10,000 and would be effective from January 28 onwards. However, prices of economy-end vehicles like M800, Omni, Alto, WagonR, Zen Estilo, Gypsy, and Versa besides the SUV Grand Vitara were not increased.
Rate rallies to resistance at the 1.4250 area and falls back to leave a huge wick. Holds lows so far but a reversal could be in the works if the sort-squeeze is over. Light stops seen on the move over the 1.4100 area as late shorts get squeezed. 
The USD is continuing in two-way action as the majors continue to consolidate off their weekly lows; traders note conditions remain thin and the lack of US fundamentals are keeping some sidelined ahead of the FOMC rate announcement tomorrow. After early gains in the Greenback overnight better-than-expected overseas data helped to hold the GBPO and the EURO higher although both pairs looked for new lows in early New York but reversed losses to close better on the day as early intraday shorts covered back as the day wore on. 
