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India Equity Research Reports, IPO and Stock News
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Economy News
4 China’s central bank said it will raise its benchmark deposit and lending
rates by 0.25 ppt each, the first rate hike this year. The rate hike,
effective Wednesday, signals more tightening may follow in the months
ahead if consumer prices continue to rise. (WSJ)
4 A government appointed panel has proposed more weight for industries
such as textiles, tobacco, food & beverages and apparels in the Index of
Industrial Production, or IIP, to give true representation to the
contribution made by the unorganised sector, which accounts for more
than 90% of the country's workforce. (ET)
4 The budget for the next fiscal is likely to step up the target for farm
credit to Rs.4.5 trn, up 20% from the current year's Rs.3.75 trn. With the
agriculture sector seen growing at 5.4% in the current fiscal, the
government will push banks to disburse more to the sector to maintain
the momentum, said a senior government official. (ET)
4 Under fire for selling S-band to a Bangalore-based firm by bending laws,
the Indian Space Research Organisation (ISRO) said on Tuesday that the
deal, which had been under review since 2009, will be cancelled soon. (ET)
4 The government-opposition standoff over a JPC probe into the 2G
spectrum scandal appeared to be inching towards a resolution on
Tuesday, with the Centre giving up its reluctance to concede the demand.
(ET)
Corporate News
4 The oil ministry publicly supported the $9.6-billion Cairn-Vedanta deal
for the first time on Tuesday but it also backed ONGC's demand to
reduce its royalty burden. (ET)
4 GAIL (India) Ltd is in talks with GVK Power and Infrastructure Ltd and
GMR Group to set up a five mtpa LNG terminal estimated to cost Rs.40
bn. The proposed JV will ensure the two private sector firms, both of
which have investments in power, have assured infrastructure for natural
gas. (Mint)
4 Sun TV Network has informed the BSE that it is increasing
advertisement rates by 8-32%. The new rates will be effective April 1,
2011. Sun TV is increasing rates on the back of sustained viewership and
consistent ratings for its serials. (BS)
4 FMCG firm Dabur said it has resumed operations in Egypt after shutting
down for a week due to the political unrest in the country. (ET)
4 Coal India has warned of escalation in domestic coal prices this fiscal due
to the shortage in company production output caused by mining
restrictions imposed by the environment ministry. (HBL)
4 Tata Consultancy Services (TCS) said budgets of its clients, including
discretionary spends, are slated to increase in the next financial year,
2011-12. "Client's IT budgets are seen increasing in FY'12 and we also see
more discretionary IT spending," TCS CEO and MD N Chandrasekaran
said. (ET)
4 The State Bank of India may not be in a position to launch its proposed
rights offering aggregating Rs.200 bn this fiscal as it was not able to
secure approvals from its dominant shareholder - the government - by
early February. (ET)
4 JSW Energy is likely to join the race with Essar group, Hyderabad-based
GVK and Lanco Infratech to bid for the coal mines that have been put on
the block by Australian coal mining major Hancock Coal. (BS)
News Round-up
The Telecom Regulatory Authority of India (TRAI) will announce its recommendations
on differential pricing for 2G spectrum today.
Essentially, 2G spectrum up to 6.2 Mhz will be priced at 53% of 3G spectrum price
(arrived at through auctions) while beyond 6.2 Mhz, it will cost 136% of 3G rates.
(FNLE)
The oil ministry publicly supported the USD 9.6bn Cairn-Vedanta deal for the first
time, but it also backed ONGC's (ONGC IN) demand to reduce its royalty burden, a
sore point with the two London listed firms. (ECNT)
A govt. appointed panel has proposed more weight for industries such as textiles,
tobacco, food & beverages & apparels in the Index of Industrial Production (IIP), to
give true representation to the contribution made by the unorganized sector, which
accounts for more than 90% of the country's workforce. (ECNT)
SBI (SBIN IN) planned USD 4.44bn rights issue unlikely this fiscal as it was not able to
secure approvals from its dominant shareholder - the govt. (ECNT)
Bharti Airtel (BHARTI IN) plans to create tower companies in each of the 16 African
countries where it operates following its USD 9.7 bn purchase of assets from
Kuwait's Zain. (BSTD)
Jain Irrigation (JI IN) to invest USD 43 mn in NBFC venture. (THBL)
JSW Energy (JSW IN) is likely to join the USD 2 bn race for coal mines put on the
block by Hancock Coal of Australia. (BSTD)
HDFC (HDFC IN) plans to sell its investments in unlisted companies to private equity
companies. (BSTD)
The Supreme Court allows Sesa Industries-Sesa Goa (SESA IN) merger. (BSTD)
Monnet power Company, an arm of Monnet Ispat and Energy (MISP IN), plans to
invest about USD 717 mn for increasing power generation capacity of its plant being
built at Aungul in Orissa. (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 China’s central bank said it will raise its benchmark deposit and lending
rates by 0.25 ppt each, the first rate hike this year. The rate hike,
effective Wednesday, signals more tightening may follow in the months
ahead if consumer prices continue to rise. (WSJ)
4 A government appointed panel has proposed more weight for industries
such as textiles, tobacco, food & beverages and apparels in the Index of
Industrial Production, or IIP, to give true representation to the
contribution made by the unorganised sector, which accounts for more
than 90% of the country's workforce. (ET)
4 The budget for the next fiscal is likely to step up the target for farm
credit to Rs.4.5 trn, up 20% from the current year's Rs.3.75 trn. With the
agriculture sector seen growing at 5.4% in the current fiscal, the
government will push banks to disburse more to the sector to maintain
the momentum, said a senior government official. (ET)
4 Under fire for selling S-band to a Bangalore-based firm by bending laws,
the Indian Space Research Organisation (ISRO) said on Tuesday that the
deal, which had been under review since 2009, will be cancelled soon. (ET)
4 The government-opposition standoff over a JPC probe into the 2G
spectrum scandal appeared to be inching towards a resolution on
Tuesday, with the Centre giving up its reluctance to concede the demand.
(ET)
Corporate News
4 The oil ministry publicly supported the $9.6-billion Cairn-Vedanta deal
for the first time on Tuesday but it also backed ONGC's demand to
reduce its royalty burden. (ET)
4 GAIL (India) Ltd is in talks with GVK Power and Infrastructure Ltd and
GMR Group to set up a five mtpa LNG terminal estimated to cost Rs.40
bn. The proposed JV will ensure the two private sector firms, both of
which have investments in power, have assured infrastructure for natural
gas. (Mint)
4 Sun TV Network has informed the BSE that it is increasing
advertisement rates by 8-32%. The new rates will be effective April 1,
2011. Sun TV is increasing rates on the back of sustained viewership and
consistent ratings for its serials. (BS)
4 FMCG firm Dabur said it has resumed operations in Egypt after shutting
down for a week due to the political unrest in the country. (ET)
4 Coal India has warned of escalation in domestic coal prices this fiscal due
to the shortage in company production output caused by mining
restrictions imposed by the environment ministry. (HBL)
4 Tata Consultancy Services (TCS) said budgets of its clients, including
discretionary spends, are slated to increase in the next financial year,
2011-12. "Client's IT budgets are seen increasing in FY'12 and we also see
more discretionary IT spending," TCS CEO and MD N Chandrasekaran
said. (ET)
4 The State Bank of India may not be in a position to launch its proposed
rights offering aggregating Rs.200 bn this fiscal as it was not able to
secure approvals from its dominant shareholder - the government - by
early February. (ET)
4 JSW Energy is likely to join the race with Essar group, Hyderabad-based
GVK and Lanco Infratech to bid for the coal mines that have been put on
the block by Australian coal mining major Hancock Coal. (BS)
News Round-up
The Telecom Regulatory Authority of India (TRAI) will announce its recommendations
on differential pricing for 2G spectrum today.
Essentially, 2G spectrum up to 6.2 Mhz will be priced at 53% of 3G spectrum price
(arrived at through auctions) while beyond 6.2 Mhz, it will cost 136% of 3G rates.
(FNLE)
The oil ministry publicly supported the USD 9.6bn Cairn-Vedanta deal for the first
time, but it also backed ONGC's (ONGC IN) demand to reduce its royalty burden, a
sore point with the two London listed firms. (ECNT)
A govt. appointed panel has proposed more weight for industries such as textiles,
tobacco, food & beverages & apparels in the Index of Industrial Production (IIP), to
give true representation to the contribution made by the unorganized sector, which
accounts for more than 90% of the country's workforce. (ECNT)
SBI (SBIN IN) planned USD 4.44bn rights issue unlikely this fiscal as it was not able to
secure approvals from its dominant shareholder - the govt. (ECNT)
Bharti Airtel (BHARTI IN) plans to create tower companies in each of the 16 African
countries where it operates following its USD 9.7 bn purchase of assets from
Kuwait's Zain. (BSTD)
Jain Irrigation (JI IN) to invest USD 43 mn in NBFC venture. (THBL)
JSW Energy (JSW IN) is likely to join the USD 2 bn race for coal mines put on the
block by Hancock Coal of Australia. (BSTD)
HDFC (HDFC IN) plans to sell its investments in unlisted companies to private equity
companies. (BSTD)
The Supreme Court allows Sesa Industries-Sesa Goa (SESA IN) merger. (BSTD)
Monnet power Company, an arm of Monnet Ispat and Energy (MISP IN), plans to
invest about USD 717 mn for increasing power generation capacity of its plant being
built at Aungul in Orissa. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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