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Economy News
4 Central bank governor Duvvuri Subbarao pointed out the dangers of a
widening current account deficit on economic stability at a recent summit
of the regulators which may prompt some policy action by the
government. Subbarao flagged off his concerns on the dangers of relying
on volatile capital flows to finance the country's rising current account
deficit. (ET)
4 The Reserve Bank of India has laid down foolproof guidelines for the
introduction of credit default swaps - an insurance against bonds default,
speculation on which brought down the global finance to its knees in
2008. High capital requirements, restricting the participation to a few in
financial services, a tight transaction norm and limiting it to just vanilla
corporate bonds will ensure there is no trading risk on credit default
swaps, or CDS. (ET)
4 Worried about imports outpacing exports and the consequent widening
of the trade deficit, the Commerce Ministry on Wednesday released a
draft strategy paper to double goods exports to $450 billion by 2013-14.
The Ministry says goods exports in 2010-11 would be around $225 billion.
(BL)
4 The government will constitute a 30-member Joint Parliamentary
Committee (JPC) to probe 2G spectrum allocation, following the
Opposition's request. The initial plan was to have a 21-member JPC. The
panel, to be headed by Congress MP PC Chacko, will now have 20
members from the Lok Sabha and 10 from the Rajya Sabha. (ET)
Corporate News
4 The separation between the Munjal family-controlled Hero Group and
Japanese automobile major Honda Motors is closer to becoming a reality
as the Foreign Investment Promotion Board (FIPB) on Wednesday cleared
the proposal of the Indian promoter to raise Rs 45bn from overseas
investors. (ET)
4 Dunkin' Donuts, one of the largest coffee and baked goods chain and
Starbucks' biggest competition in the US, is in talks to enter India through
a franchisee deal with Jubilant Foodworks, two people familiar with
the development said. (ET)
4 Hindalco Industries, on Wednesday declared a lock out at its Alupuram
plant in Kerala in the wake of protest by workers. Hindalco operates an
extrusion unit, set up in 1955, in the plant with an annual capacity of
8,000 tonnes per annum. (BL)
4 Flying is set to become more expensive with Jet Airways announcing
plans to increase fuel surcharge on its domestic network from Saturday.
The airline will be charging Rs 100 more on routes under 1,000 km and Rs
200 on routes over 1,000 km, it said in a communication to travel agents
on Wednesday. (BL)
4 JSL Stainless Ltd is in talks with lenders of sick steel maker Shah Alloys
for a potential buyout, but is months away from a deal, a source directly
involved in the talks told. He said a deal would go through only if the
valuation was very attractive as JSL Stainless has just restructured its
debt and would need approval from its lenders for any deal. (BS)
News Round-up
The RBI has permitted foreign institutional investors as "users" in Corporate default
Swaps, in the draft guidelines on introduction of CDS. (THBL)
ONGC (ONGC IN) will file red herring prospectus (RHP) for its USD 2.58 bn share sale
on Monday. (FNLE)
SBI (SBIN IN) is planning to merge the remaining five associate banks with itself in the
next 12-18 months. (BSTD)
ICICI Bank (ICICIBC IN) upped the base rate by 50 bps to 8.75% and the BPLR to
17.5%. HDFC Bank raised the base rate by 45 bps to 8.20% though the BPLR
remains unchanged at 16.25%. (FNLE)
Maruti Suzuki (MSIL IN) has drawn up an aggressive strategy to retain its 45-50%
share of India's rapidly burgeoning car market that is expected to hit 5 million units
by 2015, from the current 2 million. The blueprint includes upgrades or possible new
models in the compact segment and a multi-utility vehicle. (BSTD)
SAIL (SAIL IN) agreed with Afripalm Resources Ltd to build a USD 2.95 bn South
African steel plant to rival Arcelor-Mittal South Africa Ltd. (BSTD)
MindTree (MTCL IN) has bagged two multi-year infrastructure management services
deals worth over USD 70 mn. (BSTD)
PFC (POWF IN) to raise USD 1.17 bn via infra bond issue. (BSTD)
The road shows to achieve the financial closure for Hindalco's (HNDL IN) Mahan
Aluminium project have begun. The project, slated at USD 2.03 bn, will have a 359
kilo tonne per year (ktpy) aluminium smelting capacity and 900 MW of captive
power. (BSTD)
Binani Cement (BINC IN) set to delist; promoters to take their holding above 90%.
The final offer price is determined as the one at which the largest number of shares
were offered. (BSTD)
Bharti Airtel (BHARTI IN) along with 16 other global telcos launched the Europe India
Gateway (EIG) cable system that will enhance diversify and capacity between Europe
and India. (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 Central bank governor Duvvuri Subbarao pointed out the dangers of a
widening current account deficit on economic stability at a recent summit
of the regulators which may prompt some policy action by the
government. Subbarao flagged off his concerns on the dangers of relying
on volatile capital flows to finance the country's rising current account
deficit. (ET)
4 The Reserve Bank of India has laid down foolproof guidelines for the
introduction of credit default swaps - an insurance against bonds default,
speculation on which brought down the global finance to its knees in
2008. High capital requirements, restricting the participation to a few in
financial services, a tight transaction norm and limiting it to just vanilla
corporate bonds will ensure there is no trading risk on credit default
swaps, or CDS. (ET)
4 Worried about imports outpacing exports and the consequent widening
of the trade deficit, the Commerce Ministry on Wednesday released a
draft strategy paper to double goods exports to $450 billion by 2013-14.
The Ministry says goods exports in 2010-11 would be around $225 billion.
(BL)
4 The government will constitute a 30-member Joint Parliamentary
Committee (JPC) to probe 2G spectrum allocation, following the
Opposition's request. The initial plan was to have a 21-member JPC. The
panel, to be headed by Congress MP PC Chacko, will now have 20
members from the Lok Sabha and 10 from the Rajya Sabha. (ET)
Corporate News
4 The separation between the Munjal family-controlled Hero Group and
Japanese automobile major Honda Motors is closer to becoming a reality
as the Foreign Investment Promotion Board (FIPB) on Wednesday cleared
the proposal of the Indian promoter to raise Rs 45bn from overseas
investors. (ET)
4 Dunkin' Donuts, one of the largest coffee and baked goods chain and
Starbucks' biggest competition in the US, is in talks to enter India through
a franchisee deal with Jubilant Foodworks, two people familiar with
the development said. (ET)
4 Hindalco Industries, on Wednesday declared a lock out at its Alupuram
plant in Kerala in the wake of protest by workers. Hindalco operates an
extrusion unit, set up in 1955, in the plant with an annual capacity of
8,000 tonnes per annum. (BL)
4 Flying is set to become more expensive with Jet Airways announcing
plans to increase fuel surcharge on its domestic network from Saturday.
The airline will be charging Rs 100 more on routes under 1,000 km and Rs
200 on routes over 1,000 km, it said in a communication to travel agents
on Wednesday. (BL)
4 JSL Stainless Ltd is in talks with lenders of sick steel maker Shah Alloys
for a potential buyout, but is months away from a deal, a source directly
involved in the talks told. He said a deal would go through only if the
valuation was very attractive as JSL Stainless has just restructured its
debt and would need approval from its lenders for any deal. (BS)
News Round-up
The RBI has permitted foreign institutional investors as "users" in Corporate default
Swaps, in the draft guidelines on introduction of CDS. (THBL)
ONGC (ONGC IN) will file red herring prospectus (RHP) for its USD 2.58 bn share sale
on Monday. (FNLE)
SBI (SBIN IN) is planning to merge the remaining five associate banks with itself in the
next 12-18 months. (BSTD)
ICICI Bank (ICICIBC IN) upped the base rate by 50 bps to 8.75% and the BPLR to
17.5%. HDFC Bank raised the base rate by 45 bps to 8.20% though the BPLR
remains unchanged at 16.25%. (FNLE)
Maruti Suzuki (MSIL IN) has drawn up an aggressive strategy to retain its 45-50%
share of India's rapidly burgeoning car market that is expected to hit 5 million units
by 2015, from the current 2 million. The blueprint includes upgrades or possible new
models in the compact segment and a multi-utility vehicle. (BSTD)
SAIL (SAIL IN) agreed with Afripalm Resources Ltd to build a USD 2.95 bn South
African steel plant to rival Arcelor-Mittal South Africa Ltd. (BSTD)
MindTree (MTCL IN) has bagged two multi-year infrastructure management services
deals worth over USD 70 mn. (BSTD)
PFC (POWF IN) to raise USD 1.17 bn via infra bond issue. (BSTD)
The road shows to achieve the financial closure for Hindalco's (HNDL IN) Mahan
Aluminium project have begun. The project, slated at USD 2.03 bn, will have a 359
kilo tonne per year (ktpy) aluminium smelting capacity and 900 MW of captive
power. (BSTD)
Binani Cement (BINC IN) set to delist; promoters to take their holding above 90%.
The final offer price is determined as the one at which the largest number of shares
were offered. (BSTD)
Bharti Airtel (BHARTI IN) along with 16 other global telcos launched the Europe India
Gateway (EIG) cable system that will enhance diversify and capacity between Europe
and India. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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