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Economy News
4 A Joint Parliamentary Committee to probe the 2G spectrum allocation
issue, being dubbed by the opposition as the biggest scam in independent
India, was set up on Thursday amid charges and counter charges between
the Government and the Opposition. (BL)
4 The Budget estimate for the fiscal deficit for 2011-12 will be 4.8 per cent
of gross domestic product (GDP). In the Union Budget he will present to
Parliament on Monday, Finance Minister Pranab Mukherjee will report
that fiscal consolidation is very much on track as prescribed by the
Thirteenth Finance Commission (TFC). (BS)
4 The government is likely to indicate a road map for allowing foreign
direct investment (FDI) in multi-brand retail in the Union Budget 2011 ,
which according to two policy-makers, will tame surging food prices and
help farmers realise better prices for their produce. (ET)
Corporate News
4 BP-Reliance Industries Ltd (RIL) is exploring the option of importing
LNG (liquefied natural gas) BP, which has gas sources in Australia,
Trinidad and Tobago, Egypt, and Indonesia, has supplied Petronet LNG
from its global portfolio. The hydrocarbons majors BP and RIL — which
recently set up a 50:50 joint venture for sourcing, distributing and
marketing gas in India may look at the availability of capacities at the
existing LNG terminals to bring gas. (BL)
4 Tata Steel UK has ended its 22-month search for a buyer for Teesside
Cast Products in northeast England after striking a deal with Thai firm
Sahaviriya Steel Industries, which values the business at $469 million. (BL)
4 BEML, a Defence public sector undertaking, may hive off one or two
businesses, possibly rail and metro, in a corporate restructure it plans to
roll out in fiscal 2012-13, according to its top official. Mr V. R. S. Natarajan,
CMD of BEML, said, “We have entrusted the job of looking at BEML's
second corporate plan to IIM-B [with the aim of] taking it from a turnover
of Rs 50 bn to Rs 100 bn [in five years.] The final meeting was held today
and the proposals will be submitted to us by the end of March.” (BL)
4 Reliance Power appears to be in the lead for the 3,000-MW long-term
power purchase agreement called for by the Uttar Pradesh Power
Corporation. Sources said six bidders were in fray for the PPA with the UP
state agency, of which two failed to qualify. (BL)
4 Car companies are likely to raise prices by up to 2-3% next month,
translating into an effective increase of around 10,000 for cars such as
Maruti Swift, Hyundai i20 and Honda Jazz. The premium models like
Toyota Camry or Skoda Superb will be costlier by over Rs 25,000. (ET)
4 Aurobindo Pharma Limited, which has suffered a setback in exports to
USA after USFDA's import ban alert on products manufactured at
Cephalosporin facility of APL at Chitkul village near here, said it may incur
a revenue loss to the extent of USD 2 million per month till the issue
remains unresolved. (FE)
4 Tata Motor's Nano has been ranked last among entry level small cars in
terms of customer satisfaction, according to market research firm TNS. In
the '2010 four-wheeler Total Customer Satisfaction (TCS)' study by TNS
Automotive, Maruti Suzuki India's (MSI) best selling model Alto topped
the entry level small car category. Omni and the once bread-and-butter
model M800 followed the list. (FE)
News Round-up
Food inflation rose marginally to 11.49% for the week ended February 12 from
11.05% in the previous week, driven by rising prices of milk, egg, meat and
vegetables. (BSTD)
BP-Reliance Industries Ltd (RIL IN) is exploring the option of importing LNG(liquefied
natural gas) BP, which has gas sources in Australia, Trinidad and Tobago, Egypt, and
Indonesia, has supplied Petronet LNG from its portfolio. (THBL)
PTC India Financial Services (PTCIN IN) IPO by March. (BSTD)
Power Finance Corporation's (POWF IN) proposed follow-on public offer is likely to hit
the markets in the first quarter of the next fiscal. (THBL)
Tata Steel UK (TATA IN) signed a definitive sale agreement to sell certain assets of
Teesside Cast Products (TCP) to Sahaviriya Steel Industries UK (SSI), a subsidiary of
Thailand's largest steel producer, in a deal valuing the business at USD 469 mn.
(BSTD)
RPower (RPWR IN) is looking to put in a bid for Australian coal mining company
Whitehaven Coal. (BSTD)
BEML (BEML IN) may hive off one or two business, possibly rail and metro, in a
corporate restructure it plans to roll out in fiscal 2012-13. (THBL)
Aurobindo Pharma (ARBP IN) has received an alert warning from the US drug
regulator for not meeting the compliance at one of its units in Hyderabad. The US
Food and Drug Administration (FDA) has raised concerns on APL's Unit VI and
banned shipment from this unit, which manufactures cephalosporins. FDA ban set to
cost Aurobindo USD 26 mn. (FNLE)
NMDC (NMDC IN) will be setting up a three lakh tonne capacity plant to make iron
ore concentrate from iron ore waste at an investment of USD 33 mn in Karnataka.
(BSTD)
IDFC (IDFC IN) plans to raise up to USD 483 mn via bonds. (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 A Joint Parliamentary Committee to probe the 2G spectrum allocation
issue, being dubbed by the opposition as the biggest scam in independent
India, was set up on Thursday amid charges and counter charges between
the Government and the Opposition. (BL)
4 The Budget estimate for the fiscal deficit for 2011-12 will be 4.8 per cent
of gross domestic product (GDP). In the Union Budget he will present to
Parliament on Monday, Finance Minister Pranab Mukherjee will report
that fiscal consolidation is very much on track as prescribed by the
Thirteenth Finance Commission (TFC). (BS)
4 The government is likely to indicate a road map for allowing foreign
direct investment (FDI) in multi-brand retail in the Union Budget 2011 ,
which according to two policy-makers, will tame surging food prices and
help farmers realise better prices for their produce. (ET)
Corporate News
4 BP-Reliance Industries Ltd (RIL) is exploring the option of importing
LNG (liquefied natural gas) BP, which has gas sources in Australia,
Trinidad and Tobago, Egypt, and Indonesia, has supplied Petronet LNG
from its global portfolio. The hydrocarbons majors BP and RIL — which
recently set up a 50:50 joint venture for sourcing, distributing and
marketing gas in India may look at the availability of capacities at the
existing LNG terminals to bring gas. (BL)
4 Tata Steel UK has ended its 22-month search for a buyer for Teesside
Cast Products in northeast England after striking a deal with Thai firm
Sahaviriya Steel Industries, which values the business at $469 million. (BL)
4 BEML, a Defence public sector undertaking, may hive off one or two
businesses, possibly rail and metro, in a corporate restructure it plans to
roll out in fiscal 2012-13, according to its top official. Mr V. R. S. Natarajan,
CMD of BEML, said, “We have entrusted the job of looking at BEML's
second corporate plan to IIM-B [with the aim of] taking it from a turnover
of Rs 50 bn to Rs 100 bn [in five years.] The final meeting was held today
and the proposals will be submitted to us by the end of March.” (BL)
4 Reliance Power appears to be in the lead for the 3,000-MW long-term
power purchase agreement called for by the Uttar Pradesh Power
Corporation. Sources said six bidders were in fray for the PPA with the UP
state agency, of which two failed to qualify. (BL)
4 Car companies are likely to raise prices by up to 2-3% next month,
translating into an effective increase of around 10,000 for cars such as
Maruti Swift, Hyundai i20 and Honda Jazz. The premium models like
Toyota Camry or Skoda Superb will be costlier by over Rs 25,000. (ET)
4 Aurobindo Pharma Limited, which has suffered a setback in exports to
USA after USFDA's import ban alert on products manufactured at
Cephalosporin facility of APL at Chitkul village near here, said it may incur
a revenue loss to the extent of USD 2 million per month till the issue
remains unresolved. (FE)
4 Tata Motor's Nano has been ranked last among entry level small cars in
terms of customer satisfaction, according to market research firm TNS. In
the '2010 four-wheeler Total Customer Satisfaction (TCS)' study by TNS
Automotive, Maruti Suzuki India's (MSI) best selling model Alto topped
the entry level small car category. Omni and the once bread-and-butter
model M800 followed the list. (FE)
News Round-up
Food inflation rose marginally to 11.49% for the week ended February 12 from
11.05% in the previous week, driven by rising prices of milk, egg, meat and
vegetables. (BSTD)
BP-Reliance Industries Ltd (RIL IN) is exploring the option of importing LNG(liquefied
natural gas) BP, which has gas sources in Australia, Trinidad and Tobago, Egypt, and
Indonesia, has supplied Petronet LNG from its portfolio. (THBL)
PTC India Financial Services (PTCIN IN) IPO by March. (BSTD)
Power Finance Corporation's (POWF IN) proposed follow-on public offer is likely to hit
the markets in the first quarter of the next fiscal. (THBL)
Tata Steel UK (TATA IN) signed a definitive sale agreement to sell certain assets of
Teesside Cast Products (TCP) to Sahaviriya Steel Industries UK (SSI), a subsidiary of
Thailand's largest steel producer, in a deal valuing the business at USD 469 mn.
(BSTD)
RPower (RPWR IN) is looking to put in a bid for Australian coal mining company
Whitehaven Coal. (BSTD)
BEML (BEML IN) may hive off one or two business, possibly rail and metro, in a
corporate restructure it plans to roll out in fiscal 2012-13. (THBL)
Aurobindo Pharma (ARBP IN) has received an alert warning from the US drug
regulator for not meeting the compliance at one of its units in Hyderabad. The US
Food and Drug Administration (FDA) has raised concerns on APL's Unit VI and
banned shipment from this unit, which manufactures cephalosporins. FDA ban set to
cost Aurobindo USD 26 mn. (FNLE)
NMDC (NMDC IN) will be setting up a three lakh tonne capacity plant to make iron
ore concentrate from iron ore waste at an investment of USD 33 mn in Karnataka.
(BSTD)
IDFC (IDFC IN) plans to raise up to USD 483 mn via bonds. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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