Corporate and Economic News round up by IIFL

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Corporate Front Page:

- State Bank of India is set to raise Rs10bn by issuing long-term bonds of 10 and 15-year duration to retail investors. (BL)

- ONGC reported oil find in its pre-NELP on-land block in the Cauvery Basin and gas discovery in its shallow offshore block in the Krishna Godavari Basin. (BL)

- Coal India received assurance from PMO that it could fully exploit its coal reserves, which were earlier constrained by the environment ministry. (BS)

- Tata Motors’ global sales grew 19% to 86,996 units in September and 38% to 0.51mn units this fiscal. (BL)

- ABG Shipyard will take control of Western Shipyard by raising its stake to 60.3% from 19.7%; however, there were no details on the timing of the open offer. (BL)

- GMR Infrastructure says it is entering the solar power area with a 25MW photovoltaic plant to be set up in Gujarat. (BL)

- Lupin has entered into a settlement with Warner Chilcott Plc and its subsidiary, on pending patent litigations involving oral contraceptive products. (BL)

- L&T plans to sell its entire holding in Kalindee Rail Nirman. (ET)

- Reliance Industries has raised US$1.5bn from a sale of dollar bonds. (BL)

- State Bank of India sees a rise in its lending rates shortly - including the base rate, prompted by tight liquidity conditions and rising cost of funds. (BS)

- Three leading US based PE firms will buy a 15-18% stake in Hero Honda, as a part of two-legged transaction that could see Japan’s Honda completely exiting the company. (ET)

- Gitanjali gems is set to acquire Italy’s DIT brands in a month’s time. (ET)

- Godrej Consumer Products will undertake an integration exercise in which a few of the brands it has acquired would be launched in India within 6 months. (ET)

- Bharti Airtel may have to pay more than Rs18bn to buy out Telecom Consultants of India’s 30% stake in its subsidiary Bharti Hexacom. (ET)

- Power Ministry asks NHPC to speed up projects to achieve targets. (ET)

- MMTC out of this year’s disinvestment list, says Finance Ministry. (ET)

- National Pharmaceutical Pricing Authority reduced prices of eight medicines sold by Cipla, Sun Pharma and Unichem by up to 85%, in one of the sharpest price cuts over the past few years. (ET)

- Suzlon Energy’s subsidiary Hansen Transmissions is planning to sell its industrial gearbox division to Sumitomo Heavy Industries for Rs 4.7bn. (BS)

- Bombay Rayon Fashions will raise US$79mn through an issuance of shares in overseas markets. (BS)

- Dredging Corp. has secured a capital dredging contract worth Rs 1.7bn from Ennore port. (BS)

- Dr Reddy's Laboratories says it had received an approval from the US FDA for lansoprazole delayed-release capsules. (DNA)

- ArcelorMital says it would cut the investment and size of its proposed Rs500bn Jharkhand plant by half for now. (FE)

- ONGC to invest Rs88bn for the redevelopment of Mumbai High. (FE)

- Hotel Leelaventure is set to foray into the mid-market brand with ‘Leela Garden’. (FE)

- Union bank of India raised base rates by 50bps. (FE)

- Indian Oil Corp hiked petrol prices by Re0.72/litre. (FE)

- Oil India is looking for tie-ups with shale gas companies in the US, Poland and Australia. (BS)

Economy Front Page:

- WPI rose 8.6% in September, higher than the 8.5% yoy rise seen in August, according to government data. (BL)

- Government launched the ninth round of bidding under NELP, putting up 34 oil and gas blocks for auction. (BS)

- Private project developers accounted for nearly 50% of the 4,935MW capacity commissioned in the first six months of the current year. (BL)

- GSM-based mobile operators added 12.4m subscribers in September to take their total tally to 494m. (BL)

- NSE and BSE will start the 15-minute pre-open session call auction from today to reduce price volatility and better price discovery. (DNA)

- Forex reserves rose US$1.6bn to US$296bn for the week ended October 8^th. (FE)

- IMF raised India’s growth forecast to 9.7% against 9.4% earlier. (ET)