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India Equity Research Reports, IPO and Stock News
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Economy News
4 India and Japan have set a target of achieving $25 billion worth of
bilateral trade by 2014 from the present $10.3 billion even as both
countries have signed the much-awaited Comprehensive Economic
Partnership Agreement (Cepa) that will see about 94% tariff reduction in
goods. On a trade value basis, while Japan has agreed to 97% tariff
reduction in trade in goods, India has consented for 90% duty abolition.
As a result of this deal companies from both countries such as Mitsubishi
Religare Enterprises Ltd, Heavy Industries, Toshiba, Dai-Ichi, JSW, Hitachi,
L&T, NTPC, Panasonic, Sony and Marubeni India Pvt would stand to gain.
(BS)
4 MoEF lifts moratorium on new projects in 8 areas. The eight, areas
include Ludhiana (Punjab), Varanasi-Mirzapur (UP), Agra (UP), Bhavnagar
(Gujarat), Cuddalore (Tamil Nadu), Dombivalli (Maharashtra),
Aurangabad (Maharashtra) and Navi-Mumbai (Maharashtra). (BS)
Corporate News
4 Future Ventures is looking at tapping the primary market with a Rs.
7.5bn IPO next month, according to two persons with direct knowledge of
the matter. Future Ventures, the venture capital arm of Future Group,
had first applied with the SEBI for an IPO in 2008, but did not proceed
with it due to adverse market conditions. At that time, the company
aimed to raise Rs 37.3bn from the IPO. (BS)
4 Dish TV has launched 30 new channels in high definition (HD) format on
its platform, besides making it more affordable to consumers by lowering
the price for new connections. Dish TV believes that its latest move would
be a game-changer for the Indian broadcasting sector by taking digital
entertainment to the next level. (BL)
4 ONGC has even cited Clause 3.1.9 in the accounting procedure of the PSC
to argue that both Cairn and the government must share the stateowned
oil firm’s royalty payouts. But part sharing the royalty burden
would impact valuations, as it would lead to a $ 1.8-billion revenue hit for
Cairn. It would also mean a similar $2.6-billion hit in the government’s
share of profit. This issue may actually prove a deal breaker between
Cairn and Vedanta. (BS)
4 Ahead of a meeting of the group of ministers (GoM) tomorrow, on the
‘no-go’ issue related to coal projects, 16 coal projects, that have been
stuck for a year now, are set to get the environment ministry’s go-ahead.
Environment ministry has agreed to relax the comprehensive
environment pollution index (CEPI) moratorium allowing 16 projects of
Coal India in seven coalfields to take off. (BS)
4 Koutons Retail India Ltd on Wednesday said it has appointed SBI
Capital Markets to draft a debt recast scheme as it was unable to repay
short-term debt. The New Delhi-based retailer, valued at Rs 866 million,
has lost about 91% in market capitalisation in the past six months as
concerns mounted about the company's dipping sales and fears of
default. (ET)
4 The government has decided to infuse Rs 12.48bn into two public sector
banks — UCO Bank and United Bank of India — as part of
recapitalisation package to shore up equity capital. The government had
decided to infuse Rs 9.4bn into the Tier-I capital of UCO Bank by way of
preferential allotment of the equity. Besides, United Bank of India would
get Rs 3.08bn. (BS)
News Round-up
9.2% GDP growth for FY11: Centre for Monitoring Indian Economy (CMIE). (BSTD)
Government to infuse USD 271 mn in UCO, United Bank. (FNLE)
The National Bank for Agriculture and Rural development (NABARD) intends to raise
USD 1.1 bn before March,31,2011. (THBL)
Tata Steel (TATA IN) to raise USD 652 mn through a private placement of nonconvertible
debentures (NCD), in two tranches. (BSTD)
After Tata Steel (TATA IN) proposed issuance of perpetual bonds, 2 other Tata group
entities, Tata Power (TPWR IN) & Tata Motors (TTMT IN), are now planning to raise
USD 1.5bn through this instrument. (ECNT)
Mukesh Ambani led Reliance Ind. (RIL IN) plans major investments, totalling up to
USD 30bn over the next 5 years in its various businesses, including energy & telecom.
(ECNT)
Reliance (RIL IN) has a new partner in its Marcellus Shale gas assets in the US as Atlas
Energy shareholders approved its merger with Chevron. (BSTD)
India will soon become the sourcing ground for cans by global beverage majors such
as Pepsi & Coke. Hindalco Ind. (HNDL IN) will manufacture high-margin can sheets at
its upcoming facility in Hirakud, Orissa, through a plant relocated from its UK unit.
(ECNT)
The State Industrial Corp. of Maharashtra (Sicom) sold 10% in Shree Ashtavinayak
Cine Vision (SACV IN) in the market in the past three weeks, fear of margin call
default may have prompted state FI's move. (ECNT)
Asahi Infrastructure & Projects Ltd (ACHF IN) has bagged orders worth USD 14 mn for
various projects in housing and construction sectors. (BSTD)
United Spirits Ltd (UNSP IN) has witnessed a rise of USD 201 mn in its net debt level
in the first nine months of the current financial year, as it continues to invest in
growing its business. The company has also seen a rise of USD 158 mn in its gross
debt to USD 1.35 bn in the first nine months of the current financial year. (BSTD)
SAIL (SAIL IN) will set up a three-million tonne per annum (mtpa) in Mongolia at an
investment of around USD 3.29 bn, provided the country ensures linkages to raw
materials to feed the proposed facility. (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 India and Japan have set a target of achieving $25 billion worth of
bilateral trade by 2014 from the present $10.3 billion even as both
countries have signed the much-awaited Comprehensive Economic
Partnership Agreement (Cepa) that will see about 94% tariff reduction in
goods. On a trade value basis, while Japan has agreed to 97% tariff
reduction in trade in goods, India has consented for 90% duty abolition.
As a result of this deal companies from both countries such as Mitsubishi
Religare Enterprises Ltd, Heavy Industries, Toshiba, Dai-Ichi, JSW, Hitachi,
L&T, NTPC, Panasonic, Sony and Marubeni India Pvt would stand to gain.
(BS)
4 MoEF lifts moratorium on new projects in 8 areas. The eight, areas
include Ludhiana (Punjab), Varanasi-Mirzapur (UP), Agra (UP), Bhavnagar
(Gujarat), Cuddalore (Tamil Nadu), Dombivalli (Maharashtra),
Aurangabad (Maharashtra) and Navi-Mumbai (Maharashtra). (BS)
Corporate News
4 Future Ventures is looking at tapping the primary market with a Rs.
7.5bn IPO next month, according to two persons with direct knowledge of
the matter. Future Ventures, the venture capital arm of Future Group,
had first applied with the SEBI for an IPO in 2008, but did not proceed
with it due to adverse market conditions. At that time, the company
aimed to raise Rs 37.3bn from the IPO. (BS)
4 Dish TV has launched 30 new channels in high definition (HD) format on
its platform, besides making it more affordable to consumers by lowering
the price for new connections. Dish TV believes that its latest move would
be a game-changer for the Indian broadcasting sector by taking digital
entertainment to the next level. (BL)
4 ONGC has even cited Clause 3.1.9 in the accounting procedure of the PSC
to argue that both Cairn and the government must share the stateowned
oil firm’s royalty payouts. But part sharing the royalty burden
would impact valuations, as it would lead to a $ 1.8-billion revenue hit for
Cairn. It would also mean a similar $2.6-billion hit in the government’s
share of profit. This issue may actually prove a deal breaker between
Cairn and Vedanta. (BS)
4 Ahead of a meeting of the group of ministers (GoM) tomorrow, on the
‘no-go’ issue related to coal projects, 16 coal projects, that have been
stuck for a year now, are set to get the environment ministry’s go-ahead.
Environment ministry has agreed to relax the comprehensive
environment pollution index (CEPI) moratorium allowing 16 projects of
Coal India in seven coalfields to take off. (BS)
4 Koutons Retail India Ltd on Wednesday said it has appointed SBI
Capital Markets to draft a debt recast scheme as it was unable to repay
short-term debt. The New Delhi-based retailer, valued at Rs 866 million,
has lost about 91% in market capitalisation in the past six months as
concerns mounted about the company's dipping sales and fears of
default. (ET)
4 The government has decided to infuse Rs 12.48bn into two public sector
banks — UCO Bank and United Bank of India — as part of
recapitalisation package to shore up equity capital. The government had
decided to infuse Rs 9.4bn into the Tier-I capital of UCO Bank by way of
preferential allotment of the equity. Besides, United Bank of India would
get Rs 3.08bn. (BS)
News Round-up
9.2% GDP growth for FY11: Centre for Monitoring Indian Economy (CMIE). (BSTD)
Government to infuse USD 271 mn in UCO, United Bank. (FNLE)
The National Bank for Agriculture and Rural development (NABARD) intends to raise
USD 1.1 bn before March,31,2011. (THBL)
Tata Steel (TATA IN) to raise USD 652 mn through a private placement of nonconvertible
debentures (NCD), in two tranches. (BSTD)
After Tata Steel (TATA IN) proposed issuance of perpetual bonds, 2 other Tata group
entities, Tata Power (TPWR IN) & Tata Motors (TTMT IN), are now planning to raise
USD 1.5bn through this instrument. (ECNT)
Mukesh Ambani led Reliance Ind. (RIL IN) plans major investments, totalling up to
USD 30bn over the next 5 years in its various businesses, including energy & telecom.
(ECNT)
Reliance (RIL IN) has a new partner in its Marcellus Shale gas assets in the US as Atlas
Energy shareholders approved its merger with Chevron. (BSTD)
India will soon become the sourcing ground for cans by global beverage majors such
as Pepsi & Coke. Hindalco Ind. (HNDL IN) will manufacture high-margin can sheets at
its upcoming facility in Hirakud, Orissa, through a plant relocated from its UK unit.
(ECNT)
The State Industrial Corp. of Maharashtra (Sicom) sold 10% in Shree Ashtavinayak
Cine Vision (SACV IN) in the market in the past three weeks, fear of margin call
default may have prompted state FI's move. (ECNT)
Asahi Infrastructure & Projects Ltd (ACHF IN) has bagged orders worth USD 14 mn for
various projects in housing and construction sectors. (BSTD)
United Spirits Ltd (UNSP IN) has witnessed a rise of USD 201 mn in its net debt level
in the first nine months of the current financial year, as it continues to invest in
growing its business. The company has also seen a rise of USD 158 mn in its gross
debt to USD 1.35 bn in the first nine months of the current financial year. (BSTD)
SAIL (SAIL IN) will set up a three-million tonne per annum (mtpa) in Mongolia at an
investment of around USD 3.29 bn, provided the country ensures linkages to raw
materials to feed the proposed facility. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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