MUMBAI: Oil prices extended gains in Asian trade on Friday as attacks on pipelines in crude producer Nigeria worsened and the US dollar took a
hit after a recent rally. New York’s main futures contract, light sweet crude for delivery in August, climbed 24 cents to $70.47 a barrel.

The rupee rose on Friday as shares are expected to gain slightly with the weakness
of the dollar against major currencies also underpinning sentiment. The Indian currency was at 48.5250/5350 per dollar, compared with Thursday’s close of 48.595/605.

Shares of Tata Steel will take a beating after its dismal performance in the fourth quarter. The steel major reported a 60 percent drop in consolidated net profit for the fiscal year ended March and said 2,045 jobs in Europe units were at risk. Meanwhile, Tata Motors will be watched ahead of its earnings declaration.

Real estate firm Sobha Developers is in talks with private equity firms, including JP Morgan, Actis and IL&FS, for selling stakes in some of its projects to raise funds.

The revenue department has raised objections to an application by United Breweries (Holdings) Ltd seeking approval for raising Rs 708 crore by issuing convertible warrants to FirStart Inc, owned by UB group promoter Vijay Mallya’s mother and based in British Virgin Islands. Shares of United Breweries may see some weakness following the development.

Tata Power Co, which supplies 500 megawatts of power to the Anil Dhirubhai Ambani group company Reliance Infrastructure’s distribution area in Mumbai, has decided to discontinue the supply from April 1, 2010.

Realty firm Unitech Ltd has sold one of its school plots in Gurgaon, near Delhi to Dubai-based GEMS Education for Rs 26 crore. The companies are also in talks for four more school plots, valued at Rs 80 crore, in the National Capital Region.

AIA Engineering will be in the limelight after the castings maker posted a 31 per cent rise in net profit to Rs 174 crore for the year ended March.

Matrix Laboratories may see an upside after the drugmaker said net profit for the year ended March was Rs 29.99 crore, compared with a loss of Rs 457 crore a year ago.

Companies reporting results on Friday include, BEML, Deccan Chronicle, Glenmark Pharmaceuticals, Gujarat State Petronet, Jai Corp, Max India, SpiceJet, TVS Motor and Zee Entertainment.

source: Economictimes

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