Market Update
* ECONOMY : FM says political allies not agreeing on easing in FDI limits in
sectors like Retail & Insurance
* RIL : new creditor grp led by PE firm Apollo Mgt expected to reject RIL bid
to pave way for Apollo to merge LB with its Hexion Specialty Chemicals ops
* TATA MOTORS : Feb vehicle sales +58% @ 69k units due to reveval in commercial
vehicles mkt & expanding passenger car portfolio
* CEMENT : cos increase pxs by Rs10-12 per bag in Western India to offset twin
effects of excise duty hike & rise in diesel rates
* VISHAL RETAIL : rpts TPG may takeover the assets of the co & convert it into
a cash-and-carry operation
* OIL PSUs : Prime Minister rules out possibility of a rollback in the increase
of petro & diesel pxs
* BHUSHAN STEEL : MD says to spend $6bn to setup plant in Karnataka
* ONGC : chairman says in talks with Petroleos de Venezuela SA to sell
controlling stake in unit ONGC Mangalore Chemicals
* STEEL : SAIL chairman says Co may hike prices by Rs 600/ton from 1st April
post the hike in excise duties
Corporate News – Industry trends
– Cement companies have increased prices in the range of Rs 10-12 a bag to
offset the twin effects of excise duty hike and rise in diesel rates. (ET)
– Reliance Industries is on the verge of losing its bid for Lyondell-Basell, as it
baulks at rising valuation due to the recovering global economy, but that may
help it focus on the possible acquisition of Canada’s Value Creation. (ET)
– The Tata’s will have to either buy out the 26% stake in its life insurance joint
venture or rope in another partner if Prudential UK buys out the Asian life
insurance business of American International Group (AIG). (BS)
– The Government has decided that telecom companies offering 3G services
will not be allowed to claim tax breaks under Section 80 IA of the Income Tax
Act. This could further queer the pitch for new and foreign players planning to
bid for the auction, expected to begin on April 9. (BL)
– Bhushan Steel will spend Rs280bn to build a 6 lakh tonnes steel plant in the
Bellary region of Karnataka. (DNA)
– Coal India will increase its spending by three-times to Rs98bn in the next
financial year, primarily to part-fund its expansion and acquisition
programmes. (ET)
– GVK Group is likely to take management control of the Bangalore
International Airport (BIAL), five months after buying stakes of L&T and Zurich
Airport to emerge as the airport’s second-highest shareholder. (ET)
– Hindustan Dorr-Oliver (HDO), part of Hyderabad-based IVRCL Infrastructures
and Projects Ltd, has acquired Sheffield-based Davy Markham, a 180-year-old
company involved in design, manufacture and assembly of large equipment
used in mining, power, oil, gas and nuclear sectors. (BS)
– Tata Steel ruled out raising Rs50bn in equity to meet its debt covenants,
which are progressively being reset from the current quarter. (BS)
– Tata Motors saw a 58% growth in sales in February due to the revival in the
commercial vehicles market and its expanding passenger car portfolio. The
company registered vehicle sales at 69,427 units, up from 43,811 units last
February. It has sold 5.67 lakh units so far this fiscal, registering a growth of
28% over the year-ago period. (BL)
– Maruti Suzuki India has increased its investments on various social welfare
schemes by over 5% during 2007-09 periods, according to an internal report.
(FE)
– Texas Pacific Group may take over the assets of the troubled Vishal Retail
and convert it to a cash-and-carry operation that will see the exit of RC
Agarwal. (ET)
Economic/Regulatory development
– Manufacturing output climbed the most in one-and-a-half years in February,
vindicating Finance Minister Pranab Mukherjee’s decision to raise taxes to
prevent excessive demand from fueling inflation. (BS)
– Prime Minister Manmohan Singh said there would be no rollback in the
increased prices of petrol and diesel, saying the economy had the capacity to
absorb the increase without triggering an inflationary spiral. (BS)
– Employees Provident Fund Organisation's (EPFO) key advisory body, finance
and investment committee has recommended 8.5% interest on Provident Fund
deposits for 2010-11, the same return given to subscribers for the past five
years. (Mint)
International trends
– Germany's Merck said it has agreed to buy US biotech tool maker Millipore Corp
in a deal worth about US$7.2bn to boost its laboratory equipment business. The
deal snatches Millipore away from rival bidder Thermo Fischer. (BS)
Sunday, February 14, 2010
Friday, January 29, 2010
Market Update
MARKET UPDATE
* DLF : mgt says to be able to raise only half of targeted Rs 55bn in FY10 thru
asset sales.. Co selling non core assets to reduce debt
* HIND UNILEVER : cuts px of its Rin detergent powder by 30%.. Rin contributes
~ 14% of cos washing powder category sales & ~ 2% of overall sales
* DABUR : CEO says fast moving consumer gds industry cud see demand contraction
probably from Q1 FY11 as consumers tighten spending
* HPCL : plans to invest Rs 250bn in setting up a refinery on the west coast
with annual capacity of 15mn tonnes
* BHEL : signs JV with Madhya Pradesh Power Gen co to set up 1600mw thermal
power plant
* M&M : plans to launch Scorpio SUV in USA in current qtr
* CAIRN : media rpts co to be ready to supply crude to IOCL from its Rajasthan
fields by end Feb or early March 2010
* HPCL : plans to invest Rs250bn to set up a refinery with an annual capacity of
15mn tonnes a year on the west coast
* HAVELLS INDIA : acquires Standard Electricals, a privately owned promoter grp
firm enagaged in electrical products for around Rs1.2bn
* LUPIN : receives US FDA approval for perindopril erbumine tablets, used to
treat hypertension with annual sales of $24mn
* TATA STEEL : to form JV with Nippon Steel Corp to produce steel sheets for
autos.. CFO says Co may raise prices next month.. seperately Corus raises
long product prices by £60/ton
Corporate News – Industry trends
– DLF is looking at raising Rs12.5bn by exiting projects, selling land plots and a
refund from the Haryana government (DNA)
– Tata Steel said its net profit on a standalone basis for the quarter ended
December 31 more than doubled to Rs11bn against Rs 4bn a year ago. The
company’s profit grew on the back of higher demand for steel from automakers
and builders. Sales for the company grew by 33% to Rs63bn in the period; the
company has formed a JV with Japan’s largest steel producer, Nippon Steel, to
set up an automobile steel venture in India. Tata Steel will have 51% stake in the
JV, which will invest about Rs18bn to set up a plant in the Indian company’s
Jamshedpur complex. (BS)
– Rural Electrification Corporations follow-on public offer, through which the
government plans to divest a stake of 20%, will open on February 19. (BS)
– Software firm HCL Technologies signed US$50mn agreement with UK-based
aerospace equipment maker Meggitt to provide it engineering services. (BS)
– State-run Hindustan Petroleum Corp plans to invest Rs250bn to set up a
refinery with an annual capacity of 15 mn tonnes a year on the west coast. (BS)
– Reliance Industries’ plan to grab a larger piece of the US market is gathering
pace, after the owner of the world’s largest oil refining complex leased gasoline
storage in the Caribbean. (BS)
– Havells India acquires Standard Electricals, for c. Rs1.20bn. Standard
Electricals will operate as a separate subsidiary of Havells India to maintain its
brand identity (ET)
– NTT DOCOMO could acquire a controlling stake in Tata Teleservices (TTSL) in
which it has a 26% stake, if the latter is unable to meet some performance
benchmarks (ET)
– HPCL to invest Rs250bn in setting up a refinery on the west coast with an
annual capacity of 15 million tonnes. (Mint)
– Bharat Heavy Electricals Ltd, the country’s largest power equipment
manufacturer, signed a JV deal with Madhya Pradesh Power Generation Company
Ltd for setting up a 1,600-Mw supercritical thermal power plant in Khandwa
district. (BS)
– Reliance Communications has written to the Department of Telecom stating
that the Government should ask incumbent mobile operators with more than 6.2
Mhz spectrum to surrender the excess radio waves. (BL)
– Srei Infrastructure Finance is merging Quippo Infrastructure, another Srei
group member, as part of a major integration process. The merged entity will
have a combined net worth of over Rs20bn and the merger will take place
through a swap ratio, whereby Quippo shareholders will get three Srei
Infrastructure Finance shares for every two Quippo shares held (DNA)
– Cairn India has completed its 590-km pipeline from Rajasthan to Gujarat and
has started supplying crude to Reliance Industries. The company has faced
delays in completing the pipeline work, threatening its aim of increasing
production from 20,000 barrels per day to 125,000 barrels (DNA)
– Essar Oilfields Services, a subsidiary of Essar Shipping Ports and Logistics,
has achieved financial closure, mobilising Rs 12.1 bn through a consortium of
banks led by IDBI for its two jack-up rigs order with ABG Shipyard. (DNA)
– IT training and education firm Aptech will acquire Maya Academy of Advance
Cinematics (Maac) from Maya Entertainment in a part-cash and part-stock deal.
The enterprise value of Maac is Rs760mn. (BS)
– Swiss bank UBS is caught in a bind, facing the possibility of further legal battles
with the US authorities, as Switzerland attempts to wrestle with its infamous
bank secrecy laws. (BL)
– On the eve of the monetary policy review, the Reserve Bank of India sounded
upbeat on growth but worried over inflation; in the Macroeconomic and
Monetary Developments report released this evening, the central bank drew
comfort from the forecasters’ survey - which estimated that the Indian economy
would grow by 6.9% this year - and improved business sentiments. (BS)
– In a bid to solve the problem of increasing job losses in the US, President
Barack Obama reiterated a campaign pledge to end tax breaks to American
firms that outsource jobs overseas; immediate reactions from Indian IT firms
suggest that there is little cause for worry. They believe that outsourcing is here
to stay since recession-hit US firms need to cut costs for which they have to
offshore to low-cost destinations like India. (BS)
Economic/Regulatory development
– After easing for three weeks in a row, food inflation inched up to 17.40% for the
week ended January 16, a development that may prompt the Reserve Bank to
hike key policy rates to tame. (BS)
– The government cleared 14 proposals for foreign direct investment, including
a Rs2,730mn application from Asset Reconstruction Company, which could
together bring in foreign investment worth Rs7,325mn. (BS)
– The Andhra Pradesh Government has announced a steep hike on the value
added tax on aviation fuel, in a move that would send bad signals to the aviation
industry. (BL)
* DLF : mgt says to be able to raise only half of targeted Rs 55bn in FY10 thru
asset sales.. Co selling non core assets to reduce debt
* HIND UNILEVER : cuts px of its Rin detergent powder by 30%.. Rin contributes
~ 14% of cos washing powder category sales & ~ 2% of overall sales
* DABUR : CEO says fast moving consumer gds industry cud see demand contraction
probably from Q1 FY11 as consumers tighten spending
* HPCL : plans to invest Rs 250bn in setting up a refinery on the west coast
with annual capacity of 15mn tonnes
* BHEL : signs JV with Madhya Pradesh Power Gen co to set up 1600mw thermal
power plant
* M&M : plans to launch Scorpio SUV in USA in current qtr
* CAIRN : media rpts co to be ready to supply crude to IOCL from its Rajasthan
fields by end Feb or early March 2010
* HPCL : plans to invest Rs250bn to set up a refinery with an annual capacity of
15mn tonnes a year on the west coast
* HAVELLS INDIA : acquires Standard Electricals, a privately owned promoter grp
firm enagaged in electrical products for around Rs1.2bn
* LUPIN : receives US FDA approval for perindopril erbumine tablets, used to
treat hypertension with annual sales of $24mn
* TATA STEEL : to form JV with Nippon Steel Corp to produce steel sheets for
autos.. CFO says Co may raise prices next month.. seperately Corus raises
long product prices by £60/ton
Corporate News – Industry trends
– DLF is looking at raising Rs12.5bn by exiting projects, selling land plots and a
refund from the Haryana government (DNA)
– Tata Steel said its net profit on a standalone basis for the quarter ended
December 31 more than doubled to Rs11bn against Rs 4bn a year ago. The
company’s profit grew on the back of higher demand for steel from automakers
and builders. Sales for the company grew by 33% to Rs63bn in the period; the
company has formed a JV with Japan’s largest steel producer, Nippon Steel, to
set up an automobile steel venture in India. Tata Steel will have 51% stake in the
JV, which will invest about Rs18bn to set up a plant in the Indian company’s
Jamshedpur complex. (BS)
– Rural Electrification Corporations follow-on public offer, through which the
government plans to divest a stake of 20%, will open on February 19. (BS)
– Software firm HCL Technologies signed US$50mn agreement with UK-based
aerospace equipment maker Meggitt to provide it engineering services. (BS)
– State-run Hindustan Petroleum Corp plans to invest Rs250bn to set up a
refinery with an annual capacity of 15 mn tonnes a year on the west coast. (BS)
– Reliance Industries’ plan to grab a larger piece of the US market is gathering
pace, after the owner of the world’s largest oil refining complex leased gasoline
storage in the Caribbean. (BS)
– Havells India acquires Standard Electricals, for c. Rs1.20bn. Standard
Electricals will operate as a separate subsidiary of Havells India to maintain its
brand identity (ET)
– NTT DOCOMO could acquire a controlling stake in Tata Teleservices (TTSL) in
which it has a 26% stake, if the latter is unable to meet some performance
benchmarks (ET)
– HPCL to invest Rs250bn in setting up a refinery on the west coast with an
annual capacity of 15 million tonnes. (Mint)
– Bharat Heavy Electricals Ltd, the country’s largest power equipment
manufacturer, signed a JV deal with Madhya Pradesh Power Generation Company
Ltd for setting up a 1,600-Mw supercritical thermal power plant in Khandwa
district. (BS)
– Reliance Communications has written to the Department of Telecom stating
that the Government should ask incumbent mobile operators with more than 6.2
Mhz spectrum to surrender the excess radio waves. (BL)
– Srei Infrastructure Finance is merging Quippo Infrastructure, another Srei
group member, as part of a major integration process. The merged entity will
have a combined net worth of over Rs20bn and the merger will take place
through a swap ratio, whereby Quippo shareholders will get three Srei
Infrastructure Finance shares for every two Quippo shares held (DNA)
– Cairn India has completed its 590-km pipeline from Rajasthan to Gujarat and
has started supplying crude to Reliance Industries. The company has faced
delays in completing the pipeline work, threatening its aim of increasing
production from 20,000 barrels per day to 125,000 barrels (DNA)
– Essar Oilfields Services, a subsidiary of Essar Shipping Ports and Logistics,
has achieved financial closure, mobilising Rs 12.1 bn through a consortium of
banks led by IDBI for its two jack-up rigs order with ABG Shipyard. (DNA)
– IT training and education firm Aptech will acquire Maya Academy of Advance
Cinematics (Maac) from Maya Entertainment in a part-cash and part-stock deal.
The enterprise value of Maac is Rs760mn. (BS)
– Swiss bank UBS is caught in a bind, facing the possibility of further legal battles
with the US authorities, as Switzerland attempts to wrestle with its infamous
bank secrecy laws. (BL)
– On the eve of the monetary policy review, the Reserve Bank of India sounded
upbeat on growth but worried over inflation; in the Macroeconomic and
Monetary Developments report released this evening, the central bank drew
comfort from the forecasters’ survey - which estimated that the Indian economy
would grow by 6.9% this year - and improved business sentiments. (BS)
– In a bid to solve the problem of increasing job losses in the US, President
Barack Obama reiterated a campaign pledge to end tax breaks to American
firms that outsource jobs overseas; immediate reactions from Indian IT firms
suggest that there is little cause for worry. They believe that outsourcing is here
to stay since recession-hit US firms need to cut costs for which they have to
offshore to low-cost destinations like India. (BS)
Economic/Regulatory development
– After easing for three weeks in a row, food inflation inched up to 17.40% for the
week ended January 16, a development that may prompt the Reserve Bank to
hike key policy rates to tame. (BS)
– The government cleared 14 proposals for foreign direct investment, including
a Rs2,730mn application from Asset Reconstruction Company, which could
together bring in foreign investment worth Rs7,325mn. (BS)
– The Andhra Pradesh Government has announced a steep hike on the value
added tax on aviation fuel, in a move that would send bad signals to the aviation
industry. (BL)
Thursday, December 17, 2009
Indian Market News Update & Trends
Market News & Trends
* TATA MOTOR : sub JLR registered 30% grwth in global sales in Nov @ 18.8k units
* GAIL : has sought $0.18 as mkting margin for APM gas.. gas is slod at APM px
and GAIL is not allowed to charge mkting margin on them
* CEMENT : media rpts shortage of rail wagons driving up cement pxs.. pxs up Rs
3-5/bag in most parts of the country
* TECH : Infosys, HCL in race to bag Australia's second biggest bank, Westpac's
$500mn outsourcing contract
* TCS : plans to scale up its "IT as a service" biz to cater to needs of small
and medium sized cos
* PNB : extends festival offer of discounted interest rates on housing loans to
borrowings upto Rs5mn fm Rs3mn
* RUCHI SOYA : plans to invest Rs1.5bn in palm plantations in India.. also in
advanced talks to acquire palm oil projects globally
* SHOPPERS STOP : plans to invest Rs 3.5bn to set up 32 stores and augment its
pan India network taking the total to 60 over next 5 yrs
Corporate News – Industry trends
* Leading steel companies such as SAIL, JSW, Essar and Bhushan
Steel may raise prices in January to cash in on the demand surge in
domestic markets (BS)
* Wipro Technologies, the global IT services business of Wipro Ltd,
has entered into a partnership for an “out-tasking” of testing services
initiative with Telefonica O2 Germany, a leading European
telecommunications company (BS)
* Improved economic conditions globally helped Tata-owned UK-based
brands Jaguar and Land Rover post 30% growth in November, selling
18,825 units compared with the same month last year (BS)
* Jagdish Khattar promoted Carnation has announced a partnership
with Rs 360bn Magneti Marelli, a Fiat Group company. The partnership
will allow Carnation, which operates 13 multi-brand auto sales and a
service network across the country (BS)
* Hindustan Copper will come out with a follow-on public offer to raise
Rs 17bn by diluting 10% stake for part-funding its expansion plans
(BS)
* The Ministry of New and Renewable Energy (MNRE) has
announced an incentive of 50 paise per unit of wind power fed by
independent power producers into the grid (BS)
* The four public sector general insurance companies — United India
Insurance, National Insurance Company, New India Assurance
and Oriental Insurance Company — have together grown at a
slightly faster rate than the private players during the April-November
period this year (BL)
* KEC International Ltd, an RPG Group company in the power
transmission EPC (engineering, procurement and construction)
business, has secured orders worth Rs 5.5bn from Algeria and Abu
Dhabi (BL)
* A unit of GVK Power and Infrastructure Ltd sold Rs6.85 bn worth of
bonds to fund the purchase of L&T’s stake in Bangalore International
Airport Ltd (Mint)
* Shoppers Stop plans to invest Rs 3.50 bn to set up 32 stores and
augment its pan-India network, taking the total to 60 over the next
five years (ET)
* Ruchi Soya Industries plans to invest Rs 1.5 bn in palm plantations
in India. It is also in advanced talks to acquire palm oil projects
globally (ET)
Economic/Regulatory development
* Wholesale food prices touched 10-year high with food inflation
inching to 19.95% for the week ended December 5, prompting
Finance Minister Pranab Mukherjee to commit food imports to maintain
supply in the domestic market (BS)
* Handloom manufacturers here have warned of an indefinite strike,
seeking a ban on the export of cotton and yarn. According to Mr G.
Subash Chandra Bose, President of Sellur Cloth Manufacturers
Association, the volatility in prices of raw materials is impairing the
sector (BL)
International trends
* The US House approved US$154 bn economic aid and a US$290 bn
rise in the legal limit on government borrowing as the House wrapped
up its legislative business for the year (BS)
* The index of US leading indicators rose for an eighth consecutive
month in November, a sign economic growth will extend into the first
half of 2010. The New York-based Conference Board’s gauge of the
outlook for the next three to six months rose 0.9%, more than
forecast, after climbing 0.3% in October (BS)
* Credit Suisse has agreed to pay US$536 mn to the United States for
flouting laws and doing business with and for countries which America
had specifically banned from its financial systems (BS)
* Australia’s second-biggest bank Westpac is seeking outsourcing
suppliers for contracts worth up to $0.5 bn, with India’s top tech firms
Infosys, HCL and others bidding against multinational rivals IBM and
HP-EDS. (ET)
Get Best Stock Market Nifty Intraday Tips on SMS,Yahoo Id to Get Assured 100-150% Return Expected.Check INTRADAY Performance - www.insighttechnical.net/performance-intradaytip.php to Subscribe at Discount.
* TATA MOTOR : sub JLR registered 30% grwth in global sales in Nov @ 18.8k units
* GAIL : has sought $0.18 as mkting margin for APM gas.. gas is slod at APM px
and GAIL is not allowed to charge mkting margin on them
* CEMENT : media rpts shortage of rail wagons driving up cement pxs.. pxs up Rs
3-5/bag in most parts of the country
* TECH : Infosys, HCL in race to bag Australia's second biggest bank, Westpac's
$500mn outsourcing contract
* TCS : plans to scale up its "IT as a service" biz to cater to needs of small
and medium sized cos
* PNB : extends festival offer of discounted interest rates on housing loans to
borrowings upto Rs5mn fm Rs3mn
* RUCHI SOYA : plans to invest Rs1.5bn in palm plantations in India.. also in
advanced talks to acquire palm oil projects globally
* SHOPPERS STOP : plans to invest Rs 3.5bn to set up 32 stores and augment its
pan India network taking the total to 60 over next 5 yrs
Corporate News – Industry trends
* Leading steel companies such as SAIL, JSW, Essar and Bhushan
Steel may raise prices in January to cash in on the demand surge in
domestic markets (BS)
* Wipro Technologies, the global IT services business of Wipro Ltd,
has entered into a partnership for an “out-tasking” of testing services
initiative with Telefonica O2 Germany, a leading European
telecommunications company (BS)
* Improved economic conditions globally helped Tata-owned UK-based
brands Jaguar and Land Rover post 30% growth in November, selling
18,825 units compared with the same month last year (BS)
* Jagdish Khattar promoted Carnation has announced a partnership
with Rs 360bn Magneti Marelli, a Fiat Group company. The partnership
will allow Carnation, which operates 13 multi-brand auto sales and a
service network across the country (BS)
* Hindustan Copper will come out with a follow-on public offer to raise
Rs 17bn by diluting 10% stake for part-funding its expansion plans
(BS)
* The Ministry of New and Renewable Energy (MNRE) has
announced an incentive of 50 paise per unit of wind power fed by
independent power producers into the grid (BS)
* The four public sector general insurance companies — United India
Insurance, National Insurance Company, New India Assurance
and Oriental Insurance Company — have together grown at a
slightly faster rate than the private players during the April-November
period this year (BL)
* KEC International Ltd, an RPG Group company in the power
transmission EPC (engineering, procurement and construction)
business, has secured orders worth Rs 5.5bn from Algeria and Abu
Dhabi (BL)
* A unit of GVK Power and Infrastructure Ltd sold Rs6.85 bn worth of
bonds to fund the purchase of L&T’s stake in Bangalore International
Airport Ltd (Mint)
* Shoppers Stop plans to invest Rs 3.50 bn to set up 32 stores and
augment its pan-India network, taking the total to 60 over the next
five years (ET)
* Ruchi Soya Industries plans to invest Rs 1.5 bn in palm plantations
in India. It is also in advanced talks to acquire palm oil projects
globally (ET)
Economic/Regulatory development
* Wholesale food prices touched 10-year high with food inflation
inching to 19.95% for the week ended December 5, prompting
Finance Minister Pranab Mukherjee to commit food imports to maintain
supply in the domestic market (BS)
* Handloom manufacturers here have warned of an indefinite strike,
seeking a ban on the export of cotton and yarn. According to Mr G.
Subash Chandra Bose, President of Sellur Cloth Manufacturers
Association, the volatility in prices of raw materials is impairing the
sector (BL)
International trends
* The US House approved US$154 bn economic aid and a US$290 bn
rise in the legal limit on government borrowing as the House wrapped
up its legislative business for the year (BS)
* The index of US leading indicators rose for an eighth consecutive
month in November, a sign economic growth will extend into the first
half of 2010. The New York-based Conference Board’s gauge of the
outlook for the next three to six months rose 0.9%, more than
forecast, after climbing 0.3% in October (BS)
* Credit Suisse has agreed to pay US$536 mn to the United States for
flouting laws and doing business with and for countries which America
had specifically banned from its financial systems (BS)
* Australia’s second-biggest bank Westpac is seeking outsourcing
suppliers for contracts worth up to $0.5 bn, with India’s top tech firms
Infosys, HCL and others bidding against multinational rivals IBM and
HP-EDS. (ET)
Get Best Stock Market Nifty Intraday Tips on SMS,Yahoo Id to Get Assured 100-150% Return Expected.Check INTRADAY Performance - www.insighttechnical.net/performance-intradaytip.php to Subscribe at Discount.
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