Indian stock Market is choppy in early trade.

The market today opened higher on the back of sharp positive cues from the global markets. But suddenly the market turned choppy and shed early morning gains. The significant buying is seen in the Consumer Durables, Metal, Realty and IT stocks. However, the FMCG and Oil stocks are trading marginally down. The BSE Mid Cap and BSE Small Cap are however trading higher in the opening trade.

The overall market breadth is positive as 1112 stocks are advancing whereas 627 stocks are declining on BSE.

At 10.30AM, the BSE Sensex was down by 29.70 points at 15,740.02 and the Nifty was down by 6.44 points to 4,670.50.

The BSE Mid Cap increased by 31.18 points to 6,431.48 and the BSE Small Cap advanced by 40.94 points to 7,776.54.

HDFC reported the top gainer from the BSE Sensex pack. It is trading with a gain of 2.20% at Rs.2445 while ONGC reported the top loser down by 1.68% at Rs.930.35.

BSE IT index advanced by 38.40 points to trade at 4,655.84. The major gainers are Satyam Computer, Infosys Technologies, HCL Technologies and TCS grew by (2.15%), (1.34%), (1.18%) and (1.08%) to Rs.523, Rs.2006, Rs.309.45 and Rs.992.50 respectively.

BSE Metal index improved by 115.91 points to trade at 15,830.50. The top gainers are Sterlite Industries inclined by (4.83%) to Rs.873.10, NALCO increased by (0.76%) at Rs.504 followed by Tata Steel up by (0.62%) to Rs.846.95.

Mahindra & Mahindra is trading higher by (1.24%) at Rs.570.05. The company is developing a small engine for a smaller version of its Uvs. The engine will have a capacity ranging between 650cc and 750cc.

M&M takes over two-wheeler design house

Mahindra & Mahindra Ltd. (M&M) said on June 5 that the company inked a pact with Italian two-wheeler design house, Engines Engineering, to buy its business. Engines Engineering''s with an annual revenue of about Rs 50 crore is primarily into two-wheeler design and developing of motorcycle prototype. Engines Engineering carries out a full range of activities comprising conception, design, styling, on line assembly, industrialisation and marketing, said a release from Mahindra. Its clients comprise international two-wheeler manufacturers Benelli, Ducati, Honda, LEM and Yahama. Mahindra has bought almost a dozen auto component/engineering companies in India and overseas during the last two and a half years.

Andhra Bank signs MoU with Crisil

Andhra Bank has forayed into a Memorandum of Understanding (MoU) with Credit Rating Information Services of India Ltd (Crisil) for rating their corporate borrowers. Andhra Bank said credit rating assumed importance due to migration of banks to Basel II norms by March 2009. At first corporate borrowers availing credit limit of Rs 50 crore and above will be rated by the rating agency.

Reliance Infrastructure receive MERC approval to raise power tariff

Reliance Infrastructure, controlled by billionaire Anil Ambani, on June 5, won regulatory clearance to increase power tariff by as much as 10.22 per cent. The move will assist the utility to charge more from its 2.6 million users in Mumbai. Reliance Infrastructure (Rel Infra) had urged the Maharashtra Electricity Regulatory Commission (MERC) for a 4.19 per cent increase in its annual revenue requirement (ARR). It was instead approved an increase of 10 per cent. The Ambani company will required to purchase power from the spot market. MERC was distributing power equitably between BEST and Rel Infra and the financial burden was also equitably shared by the organisations till last financial year, in the absence of a formal power purchase agreement between TPC and the distribution utilities.

Usha International fixes Record Date for Scheme of Amalgamation

Usha International Ltd has informed that the Scheme of Arrangement between Usha International Ltd (UIL) and Shriram Fuel Injection Industries Ltd (SFIL) with The Jay Engineering Works Ltd (JEW) and their respective Shareholders and Creditors under section 391 to 394 of the Companies Act, 1956 has been approved by the Honble High Court of Delhi vide its order dated May 26, 2008 and the said order has been filed with the Registrar of Companies on June 02, 2008.

Further, with reference to Point No. 6 of the said Scheme, wherein it was decided that:

a) 44 Exchange equity shares of Rs 10 each fully paid up in The Jay Engineering Works Ltd (Transferee Company) for every one equity share of Rs 10 each fully paid up held in Usha International Ltd (Transferor Company No 1 i.e. UIL); and

b) 31 Exchange equity shares of Rs 10 each fully paid up in The Jay Engineering Works Ltd (Transferee Company) for every ten equity share of Rs 10 each fully paid up held in Shriram Fuel Injection Industries Ltd (Transferor Company No. 2 i.e. SFIIL).

Further as per Point No. 6.3 of the said scheme where it is mentioned that upon coming into effect of this Scheme and after the reduction of the capital the transferee Company shall issue and allot to the Equity Shareholders of the Transferor Companies and the Transferee Company whose name would appear in the Register of Members as on the record date i.e. June 23, 2008 New Equity Shares in the following ratio:

1. 44 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 10 equity shares of Rs 10 each fully paid up held in Transferor Company No. 1 i.e. UIL.

2. 31 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 100 equity shares of Rs 10 each fully paid up held in Transferor Company No. 2 i.e. SFIIL.

3. 1 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 10 equity shares of Rs 10 each fully paid up held in Transferee Company.

International Combustion Board to consider dividend

International Combustion India Ltd has informed that a meeting of the Board of Directors of the Company will be held on June 25, 2008, inter alia, to consider the Annual Accounts for the year ended March 31, 2008 as well as for recommending Dividend, for the year 2007-08 to the Shareholders at the forthcoming Annual General Meeting.

Shivalik Bimetal Board declares second interim dividend

Shivalik Bimetal Controls Ltd has informed that the Board of Directors of the Company at its meeting held on June 06, 2008, inter alia, has declared 2nd Interim Dividend @ 12.50% on Paid up Equity Shares for the financial year ending March 31, 2008.

AXIS Bank - Raising of Tier II Capital on Private Placement Basis

AXIS Bank Ltd has informed that the Board of Directors of the Company at its meeting held on June 06, 2008, inter alia, have approved borrowing an amount of upto Rs 6520.24 crores in one or more tranches by way of Upper Tier II Capital in Indian / Foreign Currencies and / or Lower Tier II Capital in the form of Sub-ordinate Debenture.