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India Equity Research Reports, IPO and Stock News
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Economy News
4 CBI on Wednesday arrested former telecom minister A Raja along with
former telecom secretary Siddharth Behura for taking bribes to allot 2G
mobile spectrum licences to companies of his choice, including Swan and
Unitech. Raja's former personal secretary R K Chandolia was also
arrested. (ET)
4 India and Norway signed a new double taxation avoidance agreement
(DTAA) that would pave the way for exchange of banking-related
information between the two countries for tax administration purposes.
The DTAA was signed by the Finance Minister, Mr Pranab Mukherjee, and
the Norwegian Minister of Research and Higher Education, Ms Tora
Aasland. (BL)
4 The Finance Minister, Mr Pranab Mukherjee, assured the textiles industry
of the Government's continuous support to technology upgradation in
the sector and continuation of conducive policy environment to facilitate
growth. (BL)
4 The Government plans to create a biometric data base of all workers
covered under its flagship Mahatma Gandhi National Rural Employment
Guarantee (NREGA) scheme and use it to authenticate work applications,
work-site attendance and wage payments. (BL)
Corporate News
4 Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will
invest about Rs2-2.5 bn in developing a coal mine in the Batuah region of
Kalimantan province in Indonesia as part of its strategy to increase its
presence in the high-margin mining industry. Total reserves in the
Indonesian mines owned by Mercator Lines is about 70 million tonnes and
the company plans to raise the total deposits to 100 million tonnes. (ET)
4 Maruti Suzuki India launched its luxury sedan Kizashi at an introductory
price of up to Rs1.75 mn. Maruti, known for its small cars like Alto and
WagonR, will import the Kizashi from its parent Suzuki's Japan facility.
The car would be pitted against Honda's Accord, Skoda's Superb and
Volkswagen's Jetta. (ET)
4 Hindustan Construction Company has bagged Rs3,453mn
engineering, procurement and construction contract from Sardar Sarovar
Narmada Nigam Ltd to construct 57 km of Kutch Branch Canal (package
II). The contract involves designing and construction canal, services and
approach roads and maintenance work for the period of five years from
the date of commissioning. (BL)
4 Bajaj Auto on Tuesday reported an 18 per cent jump in sales during
January, 2011. The company sold 3,13,583 units during the month. During
the April-January period, the company clocked a 38 per cent jump in total
sales to 3,189,339 units, as against 2,309,625 units in the corresponding
10-month period of the previous financial year. (BL)
4 Tata Steel is trying hard not to dilute the promoter's stake and yet raise
money for its long-term needs. The company plans to raise $500 million
by issuing bonds, preferably perpetual bonds. (BS)
News Round-up
Finance ministry Pranab Mukherjee sought to calm the jittery stock markets saying
that India's macroeconomic fundamentals are strong & the country will clock 8.5%
growth in the current financial year. (ECNT)
Govt. may convert its perpetual bonds & preference shares in state-run banks into
equity to help the lenders meet the Basel-III norms, a finance ministry official said.
(ECNT)
Cement prices to rise further. Companies may increase prices by INR 5-10 per bag
due to rising raw material prices. (BSTD)
National Aluminium Company Ltd (NACL IN) has decided to go for capital
restructuring by splitting a share of INR 10 into two shares of INR 5 each. The
company board also approved a proposal to issue one bonus share for each share
held. The moves mean a person holding a Nalco share of INR 10 will own four shares
of INR 5 each. (BSTD)
Tata Steel (TATA IN) is trying hard not to dilute the promoter's stake and yet raise
money for its long-term needs. The company plans to raise USD 500 mn by issuing
bonds, preferably perpetual bonds. (BSTD)
Vodafone Essar may sell the telecom towers in the seven service areas outside the
Indus Towers agreement to Bharti Airtel (BHARTI IN) or Indus Towers. (ECNT)
Venus Remedies (VNR IN) said it has received UK health regulator's approval to
market Gemcitabine, used in treating cancer, in the UK market. (FNLE)
HCC (HCC IN) bags USD 75 mn order from Sardar Sarovar. (FNLE)
ITC (ITC IN) to raise packaged food prices by 7-8%. (FNLE)
Ireland's Allied Irish Banks is suing Oracle Financial Services Software (OFSS IN) for
USD 117.55mn alleging problems with its product for retail banking. The software
firm has said it will file a counter-claim against the bank for breach of contract &
outstanding fees. (ECNT)
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 CBI on Wednesday arrested former telecom minister A Raja along with
former telecom secretary Siddharth Behura for taking bribes to allot 2G
mobile spectrum licences to companies of his choice, including Swan and
Unitech. Raja's former personal secretary R K Chandolia was also
arrested. (ET)
4 India and Norway signed a new double taxation avoidance agreement
(DTAA) that would pave the way for exchange of banking-related
information between the two countries for tax administration purposes.
The DTAA was signed by the Finance Minister, Mr Pranab Mukherjee, and
the Norwegian Minister of Research and Higher Education, Ms Tora
Aasland. (BL)
4 The Finance Minister, Mr Pranab Mukherjee, assured the textiles industry
of the Government's continuous support to technology upgradation in
the sector and continuation of conducive policy environment to facilitate
growth. (BL)
4 The Government plans to create a biometric data base of all workers
covered under its flagship Mahatma Gandhi National Rural Employment
Guarantee (NREGA) scheme and use it to authenticate work applications,
work-site attendance and wage payments. (BL)
Corporate News
4 Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will
invest about Rs2-2.5 bn in developing a coal mine in the Batuah region of
Kalimantan province in Indonesia as part of its strategy to increase its
presence in the high-margin mining industry. Total reserves in the
Indonesian mines owned by Mercator Lines is about 70 million tonnes and
the company plans to raise the total deposits to 100 million tonnes. (ET)
4 Maruti Suzuki India launched its luxury sedan Kizashi at an introductory
price of up to Rs1.75 mn. Maruti, known for its small cars like Alto and
WagonR, will import the Kizashi from its parent Suzuki's Japan facility.
The car would be pitted against Honda's Accord, Skoda's Superb and
Volkswagen's Jetta. (ET)
4 Hindustan Construction Company has bagged Rs3,453mn
engineering, procurement and construction contract from Sardar Sarovar
Narmada Nigam Ltd to construct 57 km of Kutch Branch Canal (package
II). The contract involves designing and construction canal, services and
approach roads and maintenance work for the period of five years from
the date of commissioning. (BL)
4 Bajaj Auto on Tuesday reported an 18 per cent jump in sales during
January, 2011. The company sold 3,13,583 units during the month. During
the April-January period, the company clocked a 38 per cent jump in total
sales to 3,189,339 units, as against 2,309,625 units in the corresponding
10-month period of the previous financial year. (BL)
4 Tata Steel is trying hard not to dilute the promoter's stake and yet raise
money for its long-term needs. The company plans to raise $500 million
by issuing bonds, preferably perpetual bonds. (BS)
News Round-up
Finance ministry Pranab Mukherjee sought to calm the jittery stock markets saying
that India's macroeconomic fundamentals are strong & the country will clock 8.5%
growth in the current financial year. (ECNT)
Govt. may convert its perpetual bonds & preference shares in state-run banks into
equity to help the lenders meet the Basel-III norms, a finance ministry official said.
(ECNT)
Cement prices to rise further. Companies may increase prices by INR 5-10 per bag
due to rising raw material prices. (BSTD)
National Aluminium Company Ltd (NACL IN) has decided to go for capital
restructuring by splitting a share of INR 10 into two shares of INR 5 each. The
company board also approved a proposal to issue one bonus share for each share
held. The moves mean a person holding a Nalco share of INR 10 will own four shares
of INR 5 each. (BSTD)
Tata Steel (TATA IN) is trying hard not to dilute the promoter's stake and yet raise
money for its long-term needs. The company plans to raise USD 500 mn by issuing
bonds, preferably perpetual bonds. (BSTD)
Vodafone Essar may sell the telecom towers in the seven service areas outside the
Indus Towers agreement to Bharti Airtel (BHARTI IN) or Indus Towers. (ECNT)
Venus Remedies (VNR IN) said it has received UK health regulator's approval to
market Gemcitabine, used in treating cancer, in the UK market. (FNLE)
HCC (HCC IN) bags USD 75 mn order from Sardar Sarovar. (FNLE)
ITC (ITC IN) to raise packaged food prices by 7-8%. (FNLE)
Ireland's Allied Irish Banks is suing Oracle Financial Services Software (OFSS IN) for
USD 117.55mn alleging problems with its product for retail banking. The software
firm has said it will file a counter-claim against the bank for breach of contract &
outstanding fees. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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