INDIAN STOCK MARKET / STOCK ALERT

Rural Electrification Corp may sizzle on filing papers for FPO:

Rural Electrification Corporation has filed the initial papers for its follow-on public offer (FPO) with regulator Securities and Exchange Board of India (Sebi). It would offer 17.17 crore shares, or 20% of the paid-up equity capital of the company in the FPO, it said in a statement to the BSE.

Walmart has reportedly selected three IT vendors in India - Infosys Technologies, and unlisted Cognizant Technology Solutions and UST Global - for multi-year contracts worth over $600 million.

Seperately, Infosys Technologies reportedly expects four new businesses it entered in the past three years and each contributing $250 million to $350 million a year currently, to generate at least $1 billion of revenue each by 2013.

Turner International is reportedly close to acquiring a controlling stake in entertainment company NDTV Imagine, a group company of New Delhi Television (NDTV) that runs three entertainment channels.

The appraisal committee of the ministry of environment and forest is reported to have rejected coal mining proposal of Adani Power and unlisted Maharashtra Coal Company, to mine coal in Lohara and Lohara east blocks respectively, near the Tadoba-Andhari tiger reserve (TATR) in Chandrapur district of Maharashtra.

Yes Bank has reportedly firmed up its plans to get into retail lending including key segments of home and auto loans as well as credit card business. The bank that now has 2,500 employees, will hire 7,000 to 9,000 people in the next five years, reports added.

Emami may reportedly join the race to buy Simple, one of the largest skincare brands in the UK. According to reports, the company is exploring all options and may approach the management of the UK-based company shortly.

Deccan Gold Mines has appointed consultants to evaluate gold mining prospects in Karnataka.