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Corporate News

 -  Reliance Industries has announced that the company has allotted 3,18,711 equity shares of Rs 10 each, on 22 February 2011, pursuant to the Employees Stock Option Scheme.

 -  Reliance Power is reportedly looking to put in a bid for Australian coal mining company Whitehaven Coal, which has a current market cap of $3.5 billion. The Australian firm had mandated Goldman Sachs for a formal sell-off process, which began in October.

 -  Steel signed a $469 agreement to sell some assets of Teesside Cast Products (TCP) to Thailand's SSI which will reopen the plant by the end of 2011. TCP is based in the northeast of England and has a production capacity of 3.5 million tonnes of steel per year. It was mothballed about a year ago after a consortium of offtakers withdrew from a 10-year supply agreement.

Stock Future Updates

 - State Bank of India March 2011 futures were at premium at 2,585 compared with spot closing of      2,580.70.

 - Tata Steel March 2011 futures were at premium at 613 compared with spot closing of 609.55.

 - Tata Motors March 2011 futures were at discount at 1,094 compared with spot closing of 1,104.95.

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