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Economy News
4 Food inflation eased to a nine week low in the first week of February as
prices of vegetables came down sharply from the previous week. It stood
at 11.05% for the week ended February 5 down from 13.1% a week
earlier (ET)
4 Exporters can start availing sops worth Rs 5 bn that were announced by
the government last week under the Market Linked Focus Product
Scheme (MLFPS) and Focus Product Scheme (FPS) (ET).
4 Higher load factors in the third quarter help airlines deal with cost
pressures from higher fuel prices, domestic airline passenger volumes
grew 16 per cent year-on-year to 5.2 million in December last year, a
record (BS).
4 India and Malaysia has signed a comprehensive trade liberalisation
agreement on Friday. The pact will prop up bilateral trade in goods to an
estimated $15 billion by 2015 and smoothen investment flows (ET).
Corporate News
4 Indian Oil Corp (IOC) is losing a record.2.4 bn per day on selling auto
and cooking fuel below cost as government continues to bar it from
raising rates in line with spurt in raw material cost (ET).
4 Close on the heels of a settlement of a Class Action law suit in the US for
$125 million, Mahindra Satyam is planning to sue the former Satyam
management and the company's erstwhile auditor Price Waterhouse for
a possible monetary damages claim (ET).
4 Gujarat NRE Coking Coal, an Australian subsidiary of Gujarat NRE, has
raised Rs 3.2 bn through an institutional placement to fund expansion at
two of its hard coking coal mines in Australia (ET).
4 Reliance Industries, Indias is planning to recruit middle-management
leaders from diverse backgrounds to groom them for leadership roles in
the companys growing operations (ET).
4 Glenmark Pharmaceuticals said it has filed an application in the
Netherlands to conduct human trials for its molecule GRC 17536, which
aims to treat pain and respiratory disorders (ET).
4 GVK Power and Infrastructure is in advanced talks to buy a coal mine
owned by Australias Hancock Prospecting (ET)
4 Marico speculated to be selling its edible oil brand Sweekar, will look to
restructure its portfolio including divestment of some brands as part of
its growth strategy (ET)
4 Essar Group is targeting 1 million barrels a day of oil processing capacity
by expanding its Indian plant, operated by Essar Oil and buying refineries
in Europe and Africa (ET).
4 The government will expedite a decision on the controversial $9.6-billion
Cairn-Vedanta deal but it will not accept any deadline from private
companies (ET).
4 Indian Oil Corporation (IOC) has asked the Centre for duty
restructuring on refined products as well as crude oil in the upcoming
Budget (BS).
News Round-up
Food inflation fell to a two-month low of 11.05% for the week ended February 5, as
onion prices moderated and pulses became cheaper. (BSTD)
The steel ministry has written to its petroleum and natural gas counterpart for
allocating gas to SAIL's (SAIL IN) proposed 1,000 Mw captive power project in Uttar
Pradesh. (BSTD)
Govt. will infuse USD 201.55mn as equity capital into two PSU lenders, Dena Bank
(DBNK IN) & Vijaya Bank (VJYBK IN), as part of recapitalisation package to shore up
equity capital. (ECNT)
The govt. has kicked off a roadshow to sell 5% stake in ONGC (ONGC IN) to meet its
fund raising target from stake sales. Govt. stake in ONGC will come down to 69.14%
after the proposed public issue. (ECNT)
Close on the heels of a settlement of a law suit in the US for USD 125mn, Mahindra
Satyam (SCS IN) is planning to sue former Satyam management & the company's
erstwhile auditor Pricewaterhouse. (ECNT)
With the legal battle over, Mahindra Satyam (SCS IN) will now actively pursue its
merger plans with parent company Tech Mahindra (TECHM IN). (ECNT)
Essar Group is likely to buy Royal Dutch Shell's Stanlow refinery in the United
Kingdom for about USD 350 mn. (BSTD)
GVK Power and Infrastructure (GVKP IN) is in advanced talks to buy a coal mine
owned by Australia's Hancock Prospecting. (BSTD)
Reliance Communications (RCOM IN) had signed an agreement with broadcast
company Radio Netherlands Worldwide. (BSTD)
Marico (MRCO IN) would look at restructuring its portfolio, including divestment of
some brands as part of its growth strategy. (BSTD)
Fortis Healthcare (FORH IN) joined hands with the International Centre for Robotic
Surgery that will enable the hospital chain to offer advanced robotic surgery at its
facilities. (BSTD)
Glenmark Pharmaceuticals (GNP IN) had filed an application for human trials in
Netherlands for its molecule 'GRC 17536', which aims to treat pain and respiratory
disorders. (BSTD)
Gujarat NRE Coking Coal, an Australian subsidiary of Gujarat NRE (GNC IN), has
raised USD 71.11mn through an institutional placement to fund expansion at two of
its hard coking coal mines in Australia. (ECNT)
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 Food inflation eased to a nine week low in the first week of February as
prices of vegetables came down sharply from the previous week. It stood
at 11.05% for the week ended February 5 down from 13.1% a week
earlier (ET)
4 Exporters can start availing sops worth Rs 5 bn that were announced by
the government last week under the Market Linked Focus Product
Scheme (MLFPS) and Focus Product Scheme (FPS) (ET).
4 Higher load factors in the third quarter help airlines deal with cost
pressures from higher fuel prices, domestic airline passenger volumes
grew 16 per cent year-on-year to 5.2 million in December last year, a
record (BS).
4 India and Malaysia has signed a comprehensive trade liberalisation
agreement on Friday. The pact will prop up bilateral trade in goods to an
estimated $15 billion by 2015 and smoothen investment flows (ET).
Corporate News
4 Indian Oil Corp (IOC) is losing a record.2.4 bn per day on selling auto
and cooking fuel below cost as government continues to bar it from
raising rates in line with spurt in raw material cost (ET).
4 Close on the heels of a settlement of a Class Action law suit in the US for
$125 million, Mahindra Satyam is planning to sue the former Satyam
management and the company's erstwhile auditor Price Waterhouse for
a possible monetary damages claim (ET).
4 Gujarat NRE Coking Coal, an Australian subsidiary of Gujarat NRE, has
raised Rs 3.2 bn through an institutional placement to fund expansion at
two of its hard coking coal mines in Australia (ET).
4 Reliance Industries, Indias is planning to recruit middle-management
leaders from diverse backgrounds to groom them for leadership roles in
the companys growing operations (ET).
4 Glenmark Pharmaceuticals said it has filed an application in the
Netherlands to conduct human trials for its molecule GRC 17536, which
aims to treat pain and respiratory disorders (ET).
4 GVK Power and Infrastructure is in advanced talks to buy a coal mine
owned by Australias Hancock Prospecting (ET)
4 Marico speculated to be selling its edible oil brand Sweekar, will look to
restructure its portfolio including divestment of some brands as part of
its growth strategy (ET)
4 Essar Group is targeting 1 million barrels a day of oil processing capacity
by expanding its Indian plant, operated by Essar Oil and buying refineries
in Europe and Africa (ET).
4 The government will expedite a decision on the controversial $9.6-billion
Cairn-Vedanta deal but it will not accept any deadline from private
companies (ET).
4 Indian Oil Corporation (IOC) has asked the Centre for duty
restructuring on refined products as well as crude oil in the upcoming
Budget (BS).
News Round-up
Food inflation fell to a two-month low of 11.05% for the week ended February 5, as
onion prices moderated and pulses became cheaper. (BSTD)
The steel ministry has written to its petroleum and natural gas counterpart for
allocating gas to SAIL's (SAIL IN) proposed 1,000 Mw captive power project in Uttar
Pradesh. (BSTD)
Govt. will infuse USD 201.55mn as equity capital into two PSU lenders, Dena Bank
(DBNK IN) & Vijaya Bank (VJYBK IN), as part of recapitalisation package to shore up
equity capital. (ECNT)
The govt. has kicked off a roadshow to sell 5% stake in ONGC (ONGC IN) to meet its
fund raising target from stake sales. Govt. stake in ONGC will come down to 69.14%
after the proposed public issue. (ECNT)
Close on the heels of a settlement of a law suit in the US for USD 125mn, Mahindra
Satyam (SCS IN) is planning to sue former Satyam management & the company's
erstwhile auditor Pricewaterhouse. (ECNT)
With the legal battle over, Mahindra Satyam (SCS IN) will now actively pursue its
merger plans with parent company Tech Mahindra (TECHM IN). (ECNT)
Essar Group is likely to buy Royal Dutch Shell's Stanlow refinery in the United
Kingdom for about USD 350 mn. (BSTD)
GVK Power and Infrastructure (GVKP IN) is in advanced talks to buy a coal mine
owned by Australia's Hancock Prospecting. (BSTD)
Reliance Communications (RCOM IN) had signed an agreement with broadcast
company Radio Netherlands Worldwide. (BSTD)
Marico (MRCO IN) would look at restructuring its portfolio, including divestment of
some brands as part of its growth strategy. (BSTD)
Fortis Healthcare (FORH IN) joined hands with the International Centre for Robotic
Surgery that will enable the hospital chain to offer advanced robotic surgery at its
facilities. (BSTD)
Glenmark Pharmaceuticals (GNP IN) had filed an application for human trials in
Netherlands for its molecule 'GRC 17536', which aims to treat pain and respiratory
disorders. (BSTD)
Gujarat NRE Coking Coal, an Australian subsidiary of Gujarat NRE (GNC IN), has
raised USD 71.11mn through an institutional placement to fund expansion at two of
its hard coking coal mines in Australia. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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