04 February 2011

Morning meeting notes from CLSA India Friday, 04 February 2011

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News headlines: Corporate
􀂉 NTPC will not open the Rs110bn 660MW equipment supply tender
following a High Court stay post Gammon-Ansaldo consortium’s
plea against their disqualification. (ET)
􀂉 NTPC will invite bids soon for supply of 9 units of 800MW
supercritical power equipment. (ET)
􀂉 SAIL chairman has said that they will launch an FPO of US$1.9bn
by March-end after deciding on bankers next week. (BS)
􀂉 Jet Airways has said that it plans to repay Rs10bn of debt each
year and may also prepay some of its high-cost rupee debt. (BS)
􀂉 The Power Ministry would send a note to the Cabinet next week for
approval for raising Rs70bn through a FPO of PFC. Issue is likely to
come during the first quarter of the next financial year. (BS)
􀂉 Jain Irrigation has said that it is in advanced talks with PEs to
sell 30% stake in its NBFC venture. (BS)

News headlines: Economic and political
􀂉 Coal Minister has said that a Group of Ministers (GoM) on Coal will
meet within a week to try and resolve the issues of ‘go’ and 'no-go'
areas in coal blocks. (BS)

􀂉 The Coal Minister has said that India's need for coal imports could
increase 70% YoY in FY12 to 142mt, as domestic output growth
faces regulatory hurdles. (BS)
􀂉 India has resolved its oil payments dispute with Iran by agreeing
to pay US$2bn of dues in Euros. (BS)
􀂉 India’s primary article inflation for week ended 22nd Jan was
reported at 18.44%, ahead of 17.26% last week. Food inflation
rose to 17.05% from 15.57% during the period. (FE)
􀂉 Committee of Secretaries will meet on February 7th to look into the
issue of introduction of nutrient-based subsidy scheme on urea.
(BS)
􀂉 IIFCL has said that it will lend up to Rs40bn in January-March
quarter to REC and PFC as part of its loan refinance business. (BS)
􀂉 Dish TV has said that it will accept 'Aadhaar' - the UID number - as
a KYC validation for address and identity proof. (BS)
News headlines: Corporate
􀂉 Vedanta has said that it will terminate its bid for Cairn India if it
were to accept ministry’s conditions like changing royalty
obligations. (ET)
􀂉 Canara Bank and Bank of Baroda have increased their BPLR by
50bps each. (BS)
􀂉 Nalco may invest Rs7bn for picking up stake in two mines of
Hindustan Copper. (BS)
􀂉 Vodafone’s 3QFY11 revenues rose 17% YoY to Rs71.3bn. (ET)

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