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  • Citigroup Inc. (NYSE:C) - Indian Motor Giant Appointed Citigroup for Stock Offering

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    Thursday August 19, 2010 at04:21 pm EST
     
    Citigroup Inc. (NYSE:C) appointed by TATA for Stock Offering
     
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    Tata Motors has appointed Citigroup Inc (NYSE:C) and Credit Suisse AG (NYSE: CS) for raising around $1 billion from selling securities.

    TATA bought Jaguar and Land Rover from Ford Motor Company (NYSE:F) last year. TATA may be considering options including a private placement, shares with differentiated voting rights or foreign currency convertible bonds.  Citigroup Inc. is yet to comment on their role and the amount of income they will generate from this. As per the report from Bloomberg, TATA has not determined how it will raise the funds yet.

    Umesh Karne, analyst at BRICS Securities, Mumbai told Bloomberg “This is one of the best times for Tata Motors to raise the funds, Jaguar Land Rover and Tata’s local sales are doing very well.”


    Citigroup Inc. (NYSE:C) has a good reputation in arranging securities sales in India and has a top rank for the same.
    Citigroup Inc. (NYSE:C) Shares closed at $3.80 on Thursday Which is near support level of $3.86. 
    Resistance levels - $3.98 and $4.1
    Support Levels - $3.74 and $3.46.

    Shares of Citigroup Inc (NYSE:C) are expected to follow the overall market sentiments for sometime. The 1.6% drop Today was also similar to dow Jones drop of 1.4%. Citi has been trying to stabilize itself and repay Uncle Sam at the earliest. There was a little setback on News that Settlement with SEC was rejected by Court. To improve its public image recently,  Citigroup Inc.(NYSE:C) Signed a deal with Apple iAd for Mobile Advertizing. Earlier it positioned to sell Egg, Its Online Banking in UK to get rid of its non-core business.



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