Markets Toggle consistently between red and green - Stocks to Watch

Equities are likely to remain rangebound on Wednesday tracking mixed cues from global shores and with the F&O expiry underway. US automaker Ford has agreed to sell its luxury brands Jaguar and Land Rover to India's Tata Motors for more than $2 billion, reports The Economic Times.

Ford, which signed the deal on Tuesday, plans to publicly announce the transaction in New York at 0800 EST on Wednesday, said another source. Shares of Tata Motors closed at Rs 679.95, up 2.66 per cent on the BSE. HSBC’S financial investment arm, HSBC Financial Services (Middle East), has hiked its stake in Yes Bank to 4.88 per cent from 0.89 per cent earlier. YES Bank share ended at Rs 172.05, up 20.53 per cent on the BSE. The government plans to dilute its stake in about half-a-dozen listed mini-ratna companies including MMTC, STC, Container Corporation and Shipping Corporation of India.

It will divest 5 per cent in these companies through follow-on public offers. Shares of the respective companies are likely to advance on stake sale reports. In an attempt to penetrate into the European Union (EU) market, Hyderabad-based Aurobindo Pharma, which has made three acquisition in the EU this financial year, is looking for a string of small buyouts to double its revenue from the region in 2008-09.

The company is in advanced talks with several marketing companies in few European nations and hopes to acquire more than two companies this financial year. The acquisition will be small but strategic buy outs in the range of $5-$10 million. Aurobindo Pharma gained 4.19 per cent to close at Rs 258.45 on the BSE. Foreign investment limit in private FM radio is likely to be increased from the current level of 20 per cent to 24 per cent, say reports.

Telecom Regulatory Authority of India had recently suggested raising the foreign equity limit in FM stations airing news and current affairs programmes to 26 per cent and to 49 per cent for entertainment stations. Shares of Mid-Day, ENIL and Sun TV are likely to move up. Phoenix Mills’, two project specific special purpose vehicles, Palladium Constructions and Platinum Hospitality Services have acquired, a parcel of land admeasuring 67,735 square meters at Rajaji Nagar, Bangalore.

Phoenix will own 70 percent stake in both the companies. The cost of the land including stamp duty and registration charges is Rs 352 crores. Shares of Phoenix Mills ended at Rs 395.05, up 0.24 per cent.