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Morning Meet Report

KEC International wins orders worth Rs.1018 crore
KEC International Ltd. (KEC) has won new orders to the tune of Rs 1,018 crore. In the Transmission Segment, the Company has secured 3 orders for 765 kV transmission lines construction. The orders are from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPN, India), Power Grid Corporation of India (PGCIL, India) and Eskom (South Africa). The RRVPN order is for construction of 765 kV Transmission line between Anta (Baran) Phagi (Jaipur) on turnkey basis. This is the 1st 765KV transmission line being constructed by any state utility in India. With these new orders and execution up to last month, the company’s order book stands at Rs 7400 crore.
NTPC signs PPA with Gridco for its proposed projects
NTPC today signed a Power Purchase Agreement (PPA) with the Power Grid Corporation of Orissa (Gridco) for sale of power from the central sector's proposed projects in three eastern states of Orissa, West Bengal and Bihar. NTPC, which was setting up thermal generation stations in the eastern region with an installed capacity of 7830 MW, would benefit states like Orissa, West Bengal, Bihar and others.
Lanco Infratech to hive off off its power busines
Lanco Infratech is hiving off its power business into a separate company with the aim of hitting the capital market with an IPO in 2012 for financing growth plans. It has an operational power generation capacity of 2,100 megawatts (mw) under eight special purpose vehicles or SPVs. It plans to raise its capacity to 4,000 mw by 2011 and subsequently to 15,000 mw by 2015. It operates in the infrastructure space both as a developer as well as a contractor of primarily power and road projects. The power business currently accounts for around 55% of the company's revenue.  
Promoters hike stake in Unitech to 48.57% for Rs 224.7 cr
Unitech’s promoters have increased their stake in the company by 1.2% to 48.6% by converting warrants worth Rs 224.7 crore. 5.9 crore equity shares of Rs 2 each has been allotted at a premium of Rs 48.75 per share to Harsil Projects Pvt Ltd, a promoter group company.
Holcim raising stake in ACC
Ambuja Cement India and three other Holcim entities have raised their stake in ACC by 2.01% to 48.21% through open market transactions between December 10 and 24. These purchases seems to be part of creeping acquisition that allows promoters to increase their stake in a company by up to 5% in a financial year without making of an open offer. Promoters can do this as long as their total holding is below 75%.

Hindustan Dorr bags Rs 135 cr order for mineral, water division
Hindustan Dorr-Oliver bagged orders worth Rs 135 crore for their mineral and water division. It bagged an order worth Rs 63 crore from heavy water Board, GOI towards designing, engineering and manufacturing at the Department of Atomic Energy at their Kalpakam facility and the completion period of the project is 16 months.Another order worth Rs 36.5 crore is for complete ETP plant for the first ever Aromatic complex from ONGC-Mangalore Petrochemicals Ltd. The order is for complete Effluent Treatment plant of capacity 200 cum/hr for the Atomic SEZ. The project is expected to be executed in 20 months. The third order worth Rs 35 crore from Bharat Aluminium Company Ltd (Balco) at Korba towards completion of In-plant Air and Water piping system, similar to two earlier projects from Vedanta. This contract is expected to be executed within a period of 10 months.
IGate close to buying Patni at about Rs500-525 per share
Media reports suggest iGate is ahead in the race to buy 62% stake in Patni Computer at a price of Rs500-525 per share. Patni brothers would be signing a non-compete agreement applicable for 2 years. At the price of Rs500-525, the company is valued at 12.4 – 13.1x FY2010E and FY2011E consensus earnings.  
Idea’s Mr. Sanjeev Aga to demit office as MD by April 2011
Idea Cellular’s Managing Director- Mr. Sanjeev Aga will be demitting Office as Managing Director with effect from April 01, 2011, before his formal retirement schedule. Mr. Himanshu Kapania, currently Director - Operations in charge of all the circles in the South and West, as the Managing Director of the Company with effect from April 01, 2011. However, Mr. Aga will continue as a Director on the Board of the Company.
BMW, Daimler, VW fall 5% each as Beijing caps on registration quota
Beijing plans to issue a quota of 240,000 new vehicle license plates through a lottery system next year to crack down on road congestion. Chinese Govt is also cutting stimulus measures including consumption-tax rebate for smaller vehicles, subsidies for rural car-buyers and incentives to trade in older models.
Global automotive industry was looking at China as a safe heaven for car consumption. Adverse policy changes to curtail congestion have caused considerable uncertainty in the Chinese market for future car demand outlook. Tata Motors JLR is also targeting Chinese market for its premium range which contributes 10% in its overall volumes. While the impact may be marginal, overall sentiments would be adversely impacted.