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India Equity Research Reports, IPO and Stock News
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Economy News
4 The Indian economy is likely to grow by 8.6% in the current fiscal, below
the upper limit of the finance ministry’s expectations, despite agriculture
growth being pegged at over 5%. Manufacturing is likely to expand at
the same rate as last fiscal, 8.8%, but substantially lower than the 13%
and 9.8% recorded in the previous two quarters, according to advance
data of GDP for 2010-11. (BS)
4 Helped by robust economic growth, the government collected Rs.3175 bn
from direct taxes during April-January 2010-11, up 20.37% from the
year-ago period. Corporate income tax was up by 24.78%, while personal
income tax grew by 11.87% during this ten-month period. (ET)
4 ASBA or applications supported by blocked amount, has been made
mandatory for qualified institutional buyers and high net-worth investors
from May 1 onwards when applying for public or rights issues. (BS)
4 A panel appointed by the SEBI has cleared a proposal that requires listed
companies to restate their financial statements if their auditor comes up
with adverse comments, commonly called audit qualifications. (ET)
Corporate News
4 RIL’s ambitions to become a key shale gas player will push it to accept
the $3.2 bn Chevron-Atlas Energy deal despite concerns, but its strategy
would be finalized later this week when the board of its subsidiary that
acquired shale acreages in the US considers its options. (ET)
4 The government’s approval on the Cairn-Vedanta deal remains in a
limbo with the issue of royalty payment raised by ONGC remaining
unresolved. (BL)
4 SAIL is forming an equal equity JV with Japan’s forth largest steel firm
Kobe steel, for a new plant in Durgapur, in one of the biggest cross
border ventures by a government run company. (ET)
4 A fortnight after announcing a change of guard at the helm of affairs,
Wipro said that it has realigned its organizational structure in line with
the changed business environment. In the realigned set-up, Metals &
Minerals will be a new vertical. Pharmaceutical, Healthcare and Life
Sciences and Services, which are related industry verticals are getting
organized as an SBU for better synergies under Sangita Singh's
leadership. (BS)
4 Mahindra & Mahindra has announced its entry into the construction
equipment business with the launch of the first indigenously developed –
Mahindra Earth Master-backhoe loader. (ET)
4 JSW steel has deferred the open offer for picking an additional stake of
20% in ISPAT industries. The open offer was earlier scheduled to hit the
market on February 12, 2011. (BS)
News Round-up
` GDP seen growing at 8.6% this fiscal. Agriculture rebounds smartly, manufacturing a
concern. (BSTD)
` SEBI is proposing to the govt. to include a clause in the Companies Bill, pending
before Parliament, which will bar shareholder of a company who have interest in a
particular decision of the same company from voting in such special resolutions. The
regulator also made ASBA compulsory for all non-retail investors (high-net-worth),
corporate & institutional investors, in any public offer. (TTOI)
` Reliance Ind. (RIL IN) ambitions to become a key shale gas player will push it to accept
the USD 3.2bn Cheveron-Atlas Energy deal despite concerns, but its strategy would
be finalized later this week when the board of its subsidiary that acquired shale gas
acreages in the US considers its options. (ECNT)
` The Supreme Court has stayed the Allahabad High Court order directing the Uttar
Pradesh govt. to reconsider its decision to deny tax benefits to Bajaj Hindustan (BJH
IN) under its industry promotion policy. (ECNT)
` NTPC (NATP IN) will soon see 7% of its generation vanish off the grid, thanks to
wagon breakers who managed to topple a rake carrying coal to its Kahalgaon
Thermal Power Station in Bihar, rendering the track unusable for minimum 4-5 days.
(ECNT)
` SAIL (SAIL IN) is forming an equal JV with Japan's Kobe Steel for a new USD
333.33mn plant in Durgapur, in one of the biggest cross-border ventures by a govt.
run company. (ECNT)
` JSW Steel (JSTL IN) has deferred an open offer for an additional 20% stake in Ispat
Industries. (BSTD)
` BPCL (BPCL IN) and its partners have made a major natural gas discovery in offshore
Mozambique. (BSTD)
` Bharti Airtel (BHARTI IN) said the company is seeking an exit option from the rural
telephony scheme. (BSTD)
` Kavveri Telecom Products (KTPL IN) will launch an open offer to by back a further
20% in the firm at INR 116.4 each. (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 The Indian economy is likely to grow by 8.6% in the current fiscal, below
the upper limit of the finance ministry’s expectations, despite agriculture
growth being pegged at over 5%. Manufacturing is likely to expand at
the same rate as last fiscal, 8.8%, but substantially lower than the 13%
and 9.8% recorded in the previous two quarters, according to advance
data of GDP for 2010-11. (BS)
4 Helped by robust economic growth, the government collected Rs.3175 bn
from direct taxes during April-January 2010-11, up 20.37% from the
year-ago period. Corporate income tax was up by 24.78%, while personal
income tax grew by 11.87% during this ten-month period. (ET)
4 ASBA or applications supported by blocked amount, has been made
mandatory for qualified institutional buyers and high net-worth investors
from May 1 onwards when applying for public or rights issues. (BS)
4 A panel appointed by the SEBI has cleared a proposal that requires listed
companies to restate their financial statements if their auditor comes up
with adverse comments, commonly called audit qualifications. (ET)
Corporate News
4 RIL’s ambitions to become a key shale gas player will push it to accept
the $3.2 bn Chevron-Atlas Energy deal despite concerns, but its strategy
would be finalized later this week when the board of its subsidiary that
acquired shale acreages in the US considers its options. (ET)
4 The government’s approval on the Cairn-Vedanta deal remains in a
limbo with the issue of royalty payment raised by ONGC remaining
unresolved. (BL)
4 SAIL is forming an equal equity JV with Japan’s forth largest steel firm
Kobe steel, for a new plant in Durgapur, in one of the biggest cross
border ventures by a government run company. (ET)
4 A fortnight after announcing a change of guard at the helm of affairs,
Wipro said that it has realigned its organizational structure in line with
the changed business environment. In the realigned set-up, Metals &
Minerals will be a new vertical. Pharmaceutical, Healthcare and Life
Sciences and Services, which are related industry verticals are getting
organized as an SBU for better synergies under Sangita Singh's
leadership. (BS)
4 Mahindra & Mahindra has announced its entry into the construction
equipment business with the launch of the first indigenously developed –
Mahindra Earth Master-backhoe loader. (ET)
4 JSW steel has deferred the open offer for picking an additional stake of
20% in ISPAT industries. The open offer was earlier scheduled to hit the
market on February 12, 2011. (BS)
News Round-up
` GDP seen growing at 8.6% this fiscal. Agriculture rebounds smartly, manufacturing a
concern. (BSTD)
` SEBI is proposing to the govt. to include a clause in the Companies Bill, pending
before Parliament, which will bar shareholder of a company who have interest in a
particular decision of the same company from voting in such special resolutions. The
regulator also made ASBA compulsory for all non-retail investors (high-net-worth),
corporate & institutional investors, in any public offer. (TTOI)
` Reliance Ind. (RIL IN) ambitions to become a key shale gas player will push it to accept
the USD 3.2bn Cheveron-Atlas Energy deal despite concerns, but its strategy would
be finalized later this week when the board of its subsidiary that acquired shale gas
acreages in the US considers its options. (ECNT)
` The Supreme Court has stayed the Allahabad High Court order directing the Uttar
Pradesh govt. to reconsider its decision to deny tax benefits to Bajaj Hindustan (BJH
IN) under its industry promotion policy. (ECNT)
` NTPC (NATP IN) will soon see 7% of its generation vanish off the grid, thanks to
wagon breakers who managed to topple a rake carrying coal to its Kahalgaon
Thermal Power Station in Bihar, rendering the track unusable for minimum 4-5 days.
(ECNT)
` SAIL (SAIL IN) is forming an equal JV with Japan's Kobe Steel for a new USD
333.33mn plant in Durgapur, in one of the biggest cross-border ventures by a govt.
run company. (ECNT)
` JSW Steel (JSTL IN) has deferred an open offer for an additional 20% stake in Ispat
Industries. (BSTD)
` BPCL (BPCL IN) and its partners have made a major natural gas discovery in offshore
Mozambique. (BSTD)
` Bharti Airtel (BHARTI IN) said the company is seeking an exit option from the rural
telephony scheme. (BSTD)
` Kavveri Telecom Products (KTPL IN) will launch an open offer to by back a further
20% in the firm at INR 116.4 each. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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