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India Equity Research Reports, IPO and Stock News
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Economy News
4 PSU banks are set to report a spurt in bad loans beginning next month
when they shift to a new technology platform. The platform
automatically processes and updates transactions, helping identify NPAs
on a daily basis. (ET)
4 NSE will launch CNX SmallCap Index with effect from March 30, 2011. The
Bombay Stock Exchange had introduced a similar index called BSE
Smallcap Index in 2005. (BL)
4 India’s core infrastructure industries grew 6.8% in February from a year
ago, raising prospects of overall industrial growth in the quarter ending
March. (ET)
4 Swan Telecom and Loop Telecom were used as fronts by the ADA Group
and Essar Telecom, respectively, to get 2G spectrum illegally during the
tenure of former telecom minister A Raja, CBI has told the Supreme
Court. (BS)
4 Under pressure from Railway Minister Mamata Banerjee and concerned
over rising inflation, the government has once again deferred a decision
on levying service tax on transport of goods by rail to July 1. This is the
fourth time that the government is postponing a decision on service tax
on rail freight which was to be implemented from April 1, 2010. (BS)
Corporate News
4 US-based paper and packaging company International Paper (IP) said it
would acquire the control of Andhra Pradesh Paper Mills (APPM) for
$361 million (Rs.16.24 bn) to become the first global company with a
direct presence in India's fast-growing paper industry. (BS)
4 Essar Energy has signed an agreement with Shell to buy its Stanlow
refinery in UK for $350 million. The transaction should be completed in
the second half of 2011. (ET)
4 NDTV and the Indian arm of Rupert Murdoch's STAR signed an
agreement under which the latter will be the sole and exclusive
representative of NDTV 24x7, NDTV India and NDTV Profit. In addition to
the frontline sales, STAR India will also be responsible for commercial
back-office management such as traffic, scheduling, billing and
collections. (BS)
4 The Reserve Bank of India (RBI) has questioned the valuation and
structure of the high-profile deal cut by private lender Axis Bank last
November to buy Enam Securities at a transaction worth Rs.20.67bn. (ET)
4 Hyderabad-based Aurobindo Pharma is going in for large-scale
automation of its manufacturing processes as part of a corrective action
plan to reduce manual intervention. The company had embarked on the
corrective after the US Food and Drug Administration issued an import
alert last month for detention of its Cephalosporin products produced at
its facility here. (BS)
4 Offshore drilling contractor Aban Offshore said its subsidiary Sinvest AS
will sell its entire 50 per cent stake in Venture Drilling AS to Norway's
Petrolia ASA for $34 million (about Rs.1520 mn). Aban Offshore, through
arm Aban Singapore Pte, had bought a stake in Norwegian company
Sinvest in 2006. (BL)
4 Kirloskar Oil Engines has entered into a licence agreement with
Daihatsu Diesel Manufacturing Company, Japan for manufacture of
diesel engines in range of 610 KW to 2,560 KW to cater to the
commercial marine market segment. (BL)
4 Andhra Bank said the government has infused Rs.11.7bn into the bank
as part of recapitalization package. The shareholders of the bank had
earlier approved issuance of over 74.5 mn shares at a price of Rs.157.28 a
share on preferential basis. (BS)
FDI down by 30% in February to USD 1.2 bn. (THBL)
Core sector grows 6.8% in February. (BSTD)
ONGC (ONGC IN) awaits green nod to drill five blocks off Tamil Nadu. (FNLE)
Cairn India (CAIR IN) will complete the first full year of producing oil from its
Rajasthan block with a net profit of around USD 1.46bn on March 31 & has projected
it to jump by 34% next fiscal year. (ECNT)
RBI has questioned the valuation & structure of the high profile deal cut by Axis Bank
(AXSB IN) last November to buy Eman Securities. (ECNT)
Private equity firm L Capital is likely to pick up a minority stake in Gitanjali Gems Ltd
(GITG IN) for an estimated amount between USD 100-125 mn. (BSTD)
Aban Offshore Ltd (ABAN IN) will set its 50% stake in Venture Drilling AS (VDAS),
which the company owns through its step down subsidiary, Sinvest AS. VDAS is a
50:50 joint venture between Sinvest and Norway-based Petrolia ASA. The
consideration for selling the subsidiary is around USD 34 mn. (BSTD)
Aurobindo Pharma (ARBP IN) is going in for large-scale automation of its
manufacturing processes as part of a corrective action plan to reduce manual
intervention. (BSTD)
SKS Microfinance (SKSM IN) said it had securitised micro-finance loans worth USD
136 mn with some banks and a non-banking finance corporation. The transactions
will improve the company's liquidity and allow it to opt out of a debt recast
programme suggested by its lenders. (BSTD)
Tata Tele (TTLS IN) to sell shares worth USD 667 mn to build network.
Foreign partner NTTDoCoMo will buy shares to maintain 26% stake in firm. (FNLE)
McNally Bharat (MCNA IN) gets USD 26 mn order from Neyveli Lignite. (FNLE)
International Paper to buy 53.5% in Andhra Pradesh Paper Mill (APPM IN) for USD
257 mn. (THBL)
Ashok Leyland (AL IN) enters LCV segment with Dost. 1.25-tonne payload; price to be
announced closer to launch. (THBL)
Essar Energy signs pact with Shell for Stanlow refinery. Essar to pay USD 350 mn in
cash. (THBL)
Lanco Infratech (LANCI IN) has raised debt of USD 1.22bn from a consortium of
financiers led by Power Finance Corp. (POWF IN) to finance its upcoming 1320MW
power generation unit in Chhattisgarh. (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 PSU banks are set to report a spurt in bad loans beginning next month
when they shift to a new technology platform. The platform
automatically processes and updates transactions, helping identify NPAs
on a daily basis. (ET)
4 NSE will launch CNX SmallCap Index with effect from March 30, 2011. The
Bombay Stock Exchange had introduced a similar index called BSE
Smallcap Index in 2005. (BL)
4 India’s core infrastructure industries grew 6.8% in February from a year
ago, raising prospects of overall industrial growth in the quarter ending
March. (ET)
4 Swan Telecom and Loop Telecom were used as fronts by the ADA Group
and Essar Telecom, respectively, to get 2G spectrum illegally during the
tenure of former telecom minister A Raja, CBI has told the Supreme
Court. (BS)
4 Under pressure from Railway Minister Mamata Banerjee and concerned
over rising inflation, the government has once again deferred a decision
on levying service tax on transport of goods by rail to July 1. This is the
fourth time that the government is postponing a decision on service tax
on rail freight which was to be implemented from April 1, 2010. (BS)
Corporate News
4 US-based paper and packaging company International Paper (IP) said it
would acquire the control of Andhra Pradesh Paper Mills (APPM) for
$361 million (Rs.16.24 bn) to become the first global company with a
direct presence in India's fast-growing paper industry. (BS)
4 Essar Energy has signed an agreement with Shell to buy its Stanlow
refinery in UK for $350 million. The transaction should be completed in
the second half of 2011. (ET)
4 NDTV and the Indian arm of Rupert Murdoch's STAR signed an
agreement under which the latter will be the sole and exclusive
representative of NDTV 24x7, NDTV India and NDTV Profit. In addition to
the frontline sales, STAR India will also be responsible for commercial
back-office management such as traffic, scheduling, billing and
collections. (BS)
4 The Reserve Bank of India (RBI) has questioned the valuation and
structure of the high-profile deal cut by private lender Axis Bank last
November to buy Enam Securities at a transaction worth Rs.20.67bn. (ET)
4 Hyderabad-based Aurobindo Pharma is going in for large-scale
automation of its manufacturing processes as part of a corrective action
plan to reduce manual intervention. The company had embarked on the
corrective after the US Food and Drug Administration issued an import
alert last month for detention of its Cephalosporin products produced at
its facility here. (BS)
4 Offshore drilling contractor Aban Offshore said its subsidiary Sinvest AS
will sell its entire 50 per cent stake in Venture Drilling AS to Norway's
Petrolia ASA for $34 million (about Rs.1520 mn). Aban Offshore, through
arm Aban Singapore Pte, had bought a stake in Norwegian company
Sinvest in 2006. (BL)
4 Kirloskar Oil Engines has entered into a licence agreement with
Daihatsu Diesel Manufacturing Company, Japan for manufacture of
diesel engines in range of 610 KW to 2,560 KW to cater to the
commercial marine market segment. (BL)
4 Andhra Bank said the government has infused Rs.11.7bn into the bank
as part of recapitalization package. The shareholders of the bank had
earlier approved issuance of over 74.5 mn shares at a price of Rs.157.28 a
share on preferential basis. (BS)
FDI down by 30% in February to USD 1.2 bn. (THBL)
Core sector grows 6.8% in February. (BSTD)
ONGC (ONGC IN) awaits green nod to drill five blocks off Tamil Nadu. (FNLE)
Cairn India (CAIR IN) will complete the first full year of producing oil from its
Rajasthan block with a net profit of around USD 1.46bn on March 31 & has projected
it to jump by 34% next fiscal year. (ECNT)
RBI has questioned the valuation & structure of the high profile deal cut by Axis Bank
(AXSB IN) last November to buy Eman Securities. (ECNT)
Private equity firm L Capital is likely to pick up a minority stake in Gitanjali Gems Ltd
(GITG IN) for an estimated amount between USD 100-125 mn. (BSTD)
Aban Offshore Ltd (ABAN IN) will set its 50% stake in Venture Drilling AS (VDAS),
which the company owns through its step down subsidiary, Sinvest AS. VDAS is a
50:50 joint venture between Sinvest and Norway-based Petrolia ASA. The
consideration for selling the subsidiary is around USD 34 mn. (BSTD)
Aurobindo Pharma (ARBP IN) is going in for large-scale automation of its
manufacturing processes as part of a corrective action plan to reduce manual
intervention. (BSTD)
SKS Microfinance (SKSM IN) said it had securitised micro-finance loans worth USD
136 mn with some banks and a non-banking finance corporation. The transactions
will improve the company's liquidity and allow it to opt out of a debt recast
programme suggested by its lenders. (BSTD)
Tata Tele (TTLS IN) to sell shares worth USD 667 mn to build network.
Foreign partner NTTDoCoMo will buy shares to maintain 26% stake in firm. (FNLE)
McNally Bharat (MCNA IN) gets USD 26 mn order from Neyveli Lignite. (FNLE)
International Paper to buy 53.5% in Andhra Pradesh Paper Mill (APPM IN) for USD
257 mn. (THBL)
Ashok Leyland (AL IN) enters LCV segment with Dost. 1.25-tonne payload; price to be
announced closer to launch. (THBL)
Essar Energy signs pact with Shell for Stanlow refinery. Essar to pay USD 350 mn in
cash. (THBL)
Lanco Infratech (LANCI IN) has raised debt of USD 1.22bn from a consortium of
financiers led by Power Finance Corp. (POWF IN) to finance its upcoming 1320MW
power generation unit in Chhattisgarh. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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