Stock market: Reliance Communications, Reliance Power

Equities are set to open lower on Monday in line with Asian peers as rising oil prices and its impact of inflation will continue to weigh on investor sentiment. Analysts anticipate further weakness this week.

“The current range for Nifty is 4850-5080. Breakout of the band on the lower side and violation of 4720 would increase the probability of markets testing January ‘08 and March ‘08 lows,” cautions Bharat Dalal, fund manager at Dawnay Day AV Financial Services.

South Africa’s MTN and Anil Ambani owned Reliance Communications may shortly announce that they are in exploratory talks for an alliance. According to banking sources, discussions between the two began last week. MTN has offered RCOM a structure similar to the one that Bharti turned down.

In another development, Reliance Communications is close to take over London based global virtual network operator VANCO. The bids for the buyout were made on Friday.

Petrol, a fuel used primarily by urban consumers could soon be selling at market prices. This would mean an increase of Rs 10-16 per litre at current prices. Officials told ET that a proposal to sell petrol at market prices, while keeping diesel, cooking gas and kerosene at subsidised rates was under consideration.

Mid-size technology services and IT engineering company firm Rolta is learnt to be close to acquiring a US based IT firm in the area of business intelligence. The firm has been searching for an asset that will add to its skills on the IT side and complement its core strengths in geographic information systems and engineering.

Reliance Power which was awarded the Sasan ultra mega power project has advanced the date of commissioning of the UMPP by three years while Tata Power has advances dates for commissioning of Mundra UMPP by 17 months. This has been done on insistence of Centre which is struggling to achieve the targeted capacity addition of 78,500 mega watt in the 11th plan.

Reliance Power is also planning to bid for PowerSeraya and Senoko Power, which account for more than 60 per cent of the power produced in Singapore. GMR Infrastructure is also in the fray, reports Business Standard.

Housing Development and Infrastructure is diversifying into the oil and gas sector. The company will bid for 10 of the 57 hydrocarbon blocks on offer in the seventh round of the New Exploration Licensing Policy, reports DNA Money.

Initial public offering of Niraj Cement Structurals will open for subscription Monday. The price band of the issue is fixed between Rs 175-190. Issue closes May 30.