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India Equity Research Reports, IPO and Stock News
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Economy News
4 PM Manmohan Singh succumbed to opposition pressure for a joint
parliamentary committee (JPC) probe into second-generation (2G)
spectrum allocation. (Mint)
4 An empowered panel of ministers will meet shortly to decide if fuel
prices should be raised, and by how much, top government officials said,
as continuing unrest in oil exporting countries such as Libya has hoisted
Brent crude oil to more than $108 a barrel. (ET)
4 The Department of Fertilizers will propose to the government to free the
maximum price at which urea is sold at the farm gate, and to buy gas
directly from suppliers and sell it to fertilizer plants at a uniform price.
(Mint)
4 The department of telecommunications (DoT) has drawn up a draft
strategic plan that includes spectrum sharing by operators, introduction
of mobile virtual network operators (MVNOs), setting up a committee to
review the use of spectrum and a uniform licence fee across services.
Many of these initiatives may be part of the New Telecom Policy, 2011.
(BS)
Corporate News
4 Reliance Industries Ltd and BP Plc may expand their relationship and
jointly participate in downstream opportunities in India, including
automobile fuel retail, two people familiar with the developments said.
(Mint)
4 A day after Reliance Industries Ltd announced sale of 30% interest in
its 23 oil and gas blocks, Canada-based Niko Resources, RIL’s partner in
three fields — D6, NEC 25 and D4 — said it has the option to increase its
stake in the fields by up to 30% from current working percentages. (BS)
4 Sun Pharmaceutical Industries and its subsidiaries are acquiring the
remaining 24.2% stake in US-based Caraco Pharmaceutical Laboratories.
Sun Pharma will pay $5.25 per share. This is $0.50 more than the
proposed price of $4.75 a share, which Sun Pharma had offered its
shareholders in its proposal to delist Caraco Pharma from stock exchange.
(BS)
4 L&T is in talks to supply nuclear equipment to Electricite de France, the
world’s largest nuclear power operator, a board member of the Indian
company said (ET)
4 BHEL is pursuing two opportunities with a combined value of about
$900mn in Bangladesh and Indonesia. BHEL is in talks with Bangladesh’s
Summit Group for setting up two gas based units of 375MW each. The
talks in Indonesia are with its government for setting up a 500MW plant
in Sumatra. (Mint)
4 As part of its business growth plans, private insurer, MetLife India, has
begun talks with at least three PSU banks for sale of up to 10% stake
and bring in a new distributor partner. MetLife is talking with
Corporation Bank, Vijaya Bank and UCO Bank among others to join it
as a distributor partner and has also offered them 5—10% stake, sources
said. (HBL)
4 National Aluminium Co Ltd (NALCO) has cut aluminium prices by
1,000 rupees ($22.17) per tonne in the domestic market, a senior
company official said. "Prices of all aluminium products have been
reduced after the rate of the metal dropped on the LME (London Metal
Exchange)," the official, who did not wish to be named due to company
policy, told Reuters. (ET)
News Round-up
The department of telecommunications will serve notices to Idea Cellular this week
on the termination of licences for violation of cross-holding norms in six circles,
following the merger with Spice Communications (SPCM IN) in October 2008. Idea
will also be fined around USD 66 mn for similar violations in other circles. (BSTD)
The Department of Telecommunications (DoT) has revived a proposal for the merger
of BSNL and MTNL (MTNL IN) to synergise their business operations across the
country. (BSTD)
A day after Reliance Industries Ltd (RIL IN) announced sale of 30% interest in its 23 oil
and gas blocks, Canada-based Niko Resources, RIL's partner in three fields, D6, NEC
25 and D4 - said it has the option to increase its stake in the fields by up to 30%
from current working percentages. (BSTD)
Coal India Ltd (COAL IN) has placed an order for two giant (91.7 tonne payload each)
electric mining shovels with 17-year maintenance and repair contract (MARC) worth
USD 131 mn to US based P&H mining equipment Inc. (THBL)
Bharat Petroleum Corporation (BPCL IN) is betting big on the bunker fuel supply
business where its Singapore based joint venture, Matrix bharat Fuels will play key
role. (THBL)
Chennai Metro rail ltd has awarded a USD 67mn contract for power supply and
overhead equipments to Siemens AG, Germany, and Siemens India Consortium.
(THBL)
Sun Pharma (SUNP IN) and its subsidiaries are acquiring the remaining 24.2% stake in
US-based Caraco Pharmaceutical Laboratories. Sun Pharma will pay USD 5.25 per
share. This is USD 0.50 more than the proposed price of USD 4.75 a share, which Sun
Pharma had offered its shareholders in its proposal to delist Caraco Pharma from
stock exchange. (BSTD)
Petronet (PLNG IN) will market natural gas, rather than just be an importer and
regassifier of LNG. (BSTD)
Dr Reddy's Laboratories (DRRD IN) will be taking its new anti-cholesterol drug, DRL
17822, to Phase-II trials by May. (BSTD)
Balrampur Chini Mils (BRCM IN) said its board had approved buying back of equity
share at a price not exceeding INR 85 a piece. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 PM Manmohan Singh succumbed to opposition pressure for a joint
parliamentary committee (JPC) probe into second-generation (2G)
spectrum allocation. (Mint)
4 An empowered panel of ministers will meet shortly to decide if fuel
prices should be raised, and by how much, top government officials said,
as continuing unrest in oil exporting countries such as Libya has hoisted
Brent crude oil to more than $108 a barrel. (ET)
4 The Department of Fertilizers will propose to the government to free the
maximum price at which urea is sold at the farm gate, and to buy gas
directly from suppliers and sell it to fertilizer plants at a uniform price.
(Mint)
4 The department of telecommunications (DoT) has drawn up a draft
strategic plan that includes spectrum sharing by operators, introduction
of mobile virtual network operators (MVNOs), setting up a committee to
review the use of spectrum and a uniform licence fee across services.
Many of these initiatives may be part of the New Telecom Policy, 2011.
(BS)
Corporate News
4 Reliance Industries Ltd and BP Plc may expand their relationship and
jointly participate in downstream opportunities in India, including
automobile fuel retail, two people familiar with the developments said.
(Mint)
4 A day after Reliance Industries Ltd announced sale of 30% interest in
its 23 oil and gas blocks, Canada-based Niko Resources, RIL’s partner in
three fields — D6, NEC 25 and D4 — said it has the option to increase its
stake in the fields by up to 30% from current working percentages. (BS)
4 Sun Pharmaceutical Industries and its subsidiaries are acquiring the
remaining 24.2% stake in US-based Caraco Pharmaceutical Laboratories.
Sun Pharma will pay $5.25 per share. This is $0.50 more than the
proposed price of $4.75 a share, which Sun Pharma had offered its
shareholders in its proposal to delist Caraco Pharma from stock exchange.
(BS)
4 L&T is in talks to supply nuclear equipment to Electricite de France, the
world’s largest nuclear power operator, a board member of the Indian
company said (ET)
4 BHEL is pursuing two opportunities with a combined value of about
$900mn in Bangladesh and Indonesia. BHEL is in talks with Bangladesh’s
Summit Group for setting up two gas based units of 375MW each. The
talks in Indonesia are with its government for setting up a 500MW plant
in Sumatra. (Mint)
4 As part of its business growth plans, private insurer, MetLife India, has
begun talks with at least three PSU banks for sale of up to 10% stake
and bring in a new distributor partner. MetLife is talking with
Corporation Bank, Vijaya Bank and UCO Bank among others to join it
as a distributor partner and has also offered them 5—10% stake, sources
said. (HBL)
4 National Aluminium Co Ltd (NALCO) has cut aluminium prices by
1,000 rupees ($22.17) per tonne in the domestic market, a senior
company official said. "Prices of all aluminium products have been
reduced after the rate of the metal dropped on the LME (London Metal
Exchange)," the official, who did not wish to be named due to company
policy, told Reuters. (ET)
News Round-up
The department of telecommunications will serve notices to Idea Cellular this week
on the termination of licences for violation of cross-holding norms in six circles,
following the merger with Spice Communications (SPCM IN) in October 2008. Idea
will also be fined around USD 66 mn for similar violations in other circles. (BSTD)
The Department of Telecommunications (DoT) has revived a proposal for the merger
of BSNL and MTNL (MTNL IN) to synergise their business operations across the
country. (BSTD)
A day after Reliance Industries Ltd (RIL IN) announced sale of 30% interest in its 23 oil
and gas blocks, Canada-based Niko Resources, RIL's partner in three fields, D6, NEC
25 and D4 - said it has the option to increase its stake in the fields by up to 30%
from current working percentages. (BSTD)
Coal India Ltd (COAL IN) has placed an order for two giant (91.7 tonne payload each)
electric mining shovels with 17-year maintenance and repair contract (MARC) worth
USD 131 mn to US based P&H mining equipment Inc. (THBL)
Bharat Petroleum Corporation (BPCL IN) is betting big on the bunker fuel supply
business where its Singapore based joint venture, Matrix bharat Fuels will play key
role. (THBL)
Chennai Metro rail ltd has awarded a USD 67mn contract for power supply and
overhead equipments to Siemens AG, Germany, and Siemens India Consortium.
(THBL)
Sun Pharma (SUNP IN) and its subsidiaries are acquiring the remaining 24.2% stake in
US-based Caraco Pharmaceutical Laboratories. Sun Pharma will pay USD 5.25 per
share. This is USD 0.50 more than the proposed price of USD 4.75 a share, which Sun
Pharma had offered its shareholders in its proposal to delist Caraco Pharma from
stock exchange. (BSTD)
Petronet (PLNG IN) will market natural gas, rather than just be an importer and
regassifier of LNG. (BSTD)
Dr Reddy's Laboratories (DRRD IN) will be taking its new anti-cholesterol drug, DRL
17822, to Phase-II trials by May. (BSTD)
Balrampur Chini Mils (BRCM IN) said its board had approved buying back of equity
share at a price not exceeding INR 85 a piece. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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