Software stocks may see action

Software stocks may see action as the Indian rupee opened weaker today, taking the appointment of a new central bank chief in its stride, as it focused on concerns about a widening trade deficit. At 9:03 IST, the rupee was trading at 44.22/23 per dollar, compared with previous close of 44.17/18.
Cement makers ACC, Ambuja Cements, JK Lakshmi Cement and Ultratech have reportedly raised cement prices in Mumbai by Rs 3 per 50 kilogram bag.

Reliance Industries has reportedly dropped plans to acquire the polyester manufacturing unit of US-based polyester maker Unifi, in which it planned to invest about $250 million.

ICICI Venture-controlled Ranbaxy Fine Chemicals is close to buying US speciality chemicals maker Mallinckrodt Baker, a unit of healthcare group Covidien, for $340 million. ICICI Venture may put in $100 million as equity contribution, while the balance will be provided as debt by ICICI Bank. ICICI Venture is a wholly-owned unit of ICICI Bank.

Kinetic Motor Company said on Monday, 1 September 2008 its board approved an investment of Rs 29.5 crore in Mahindra Two Wheelers, its joint venture with Mahindra & Mahindra. The company will also sub-license the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it added.

State-run Union Bank of India reportedly plans to raise Rs 1000 crore via debt in a month's time. The bank has headroom to raise up to Rs 3500 crore and it would try to raise the amount by the end of 2008, the reports added.