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India Equity Research Reports, IPO and Stock News
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Economy News
4 The Reserve Bank of India (RBI) is ready to allow big industrial houses to
set up banks, but only after it gets the power to supersede boards of
banks that are not being run properly. RBI also wants the right to oversee
the operations of the promoting company and any affiliates that will
have business relationships with the bank. (Mint)
4 The Union government has allowed the states to impose tax on sugar
and textiles for the first time in 54 years. The finance minister proposed
to amend the Additional Duties of Excise (goods of special importance)
Act, 1957, and decided to remove sugar and textile from its schedule.
After this amendment, states are free to levy value added tax on these
commodities after 54 years. (BS)
4 The fall in cotton prices last week was short-lived after the cotton
advisory board (CAB) reduced the crop estimates for cotton. The CAB, the
apex trade body, reduced its estimates for cotton crop in the current
cotton year (October-September) by five per cent to 31.2 million bales (1
bale is 170 kg). (BS)
4 Cement makers are unwilling to apply brakes on the continuous rise in
prices, despite the finance minister’s claim of giving relief to the industry.
A day after the Union Budget was presented, prices in the Mumbai
market, the largest domestic one, were raised by Rs 10 for a 50-kg bag.
Industry analysts and dealers of cement said other regions would soon
follow suit, especially northern and eastern markets. (BS)
4 Paper companies look to raise prices by up to 8 per cent following the
steep rise in coal and wood prices. Coal India, the biggest coal producer in
the country has recently raised prices. (BS)
4 Car and sports utility vehicle makers say they’re taken aback by the
Union finance ministry's proposal to bring locally assembled models into
the same duty structure as imported units. They say the move would
cripple demand, following a substantial rise in vehicle prices. (BS)
Corporate News
4 Srei, a leading infrastructure provider and financing company, is planning
to float a private equity (PE) fund dedicated to India’s defence and
security sector. The fund, with an initial corpus of $150 million, is set to be
the first of its kind. (BS)
4 Consumer product firms GCPL and Emami have expressed interest in
acquiring Chennai-based Henkel India's haircare business. Henkel
announced yesterday that it proposed to dispose its movable assets and
other components of the haircare division, subject to shareholders'
approval. The move is part of its attempts to restructure operations in
India. (BS)
4 GVK Airport Holdings, a subsidiary of Hyderabad-based infrastructure
developer GVK Power & Infrastructure Limited (GVKPIL), has signed a
share purchase agreement with Bid Services Division Mauritius (BSDM) to
buy 13.5 per cent in Mumbai International Airport Private Limited (MIAL).
The value of the deal was not disclosed. (BS)
4 Warren Buffett’s Berkshire Hathaway will enter India’s insurance turf as
a corporate agent for Bajaj Allianz General Insurance (BAGI).
Berkshire India, which is a Berkshire Hathaway subsidiary, will sell and
distribute general insurance products through its online distribution
portal and a telemarketing channel on behalf of BAGI. It will initially
focus on the motor insurance space. (ET)
4 With the finance ministry’s economic survey backing State Bank of
India’s (SBI) controversial yet popular home loan scheme, bank chairman
O P Bhatt said SBI will not have to make any special provisioning for such
loans. (BS)
News Round-up
` Cairn India & its JV partners are all set to undertake a USD 44mn drilling campaign in
the eastern offshore Ravva field of the Krishna Godavari basin from April 1 this year.
(ECNT)
` Tata Steel (TATA IN) has increased its stake in Riversdale Mining, Australia by close to
2%. The move gives a clear sense that the company has no intention to exit
Riversdale anytime soon, putting to rest speculations to the contrarary. (BSTD-Wed)
` GVK Airport Holdings, a subsidiary of GVK Power & Infrastructure Ltd (GVKP IN), has
signed a share purchase agreement with Bid Service Division Mauritius to buy 13.5%
in Mumbai International Airport Private Ltd. The value of deal was not disclosed.
(BSTD)
` PFC (POWF IN) expects its rate of loan disbursement to increase 27% to USD 7.28 bn
during the current financial year, as compared to USD 5.74 bn in 2009-10. (BSTDWed)
` Zee Entertainment (Z IN) is expanding its online offerings as it targets global sales of
up to USD 100 mn in the next 3-5 years from its digital media business. (BSTD-Wed)
` SKS Micro (SKSM IN) has closed a USD 13 mn securitisation deal with a non-banking
finance company. (BSTD-Wed)
` SREI (SREI IN) is planning to float a private equity fund dedicated to India's defence
and security sector. The company may rope in foreign partners as co-investors for the
fund by using the offset clauses in the different bilateral agreements to get foreign
partners on board. (BSTD)
` Warren Buffet's Berkshire Hathaway will enter India's insurance turf as a corporate
agent for Bajaj Allianz General Insurance. Berkshire India will sell insurance products
through its online portal & telemarketing channel. (ECNT)
` BHEL (BHEL IN) has bagged an order worth USD 715.55mn related to a thermal
power project in West Bengal. (ECNT)
` Tata Motors (TTMT IN) unveiled a new concept car based on the Tata Nano platform,
and featuring new-age styling and high end technology at the 2011 edition on
Tuesday at Geneva. (THBL-THU)
` SAIL (SAIL IN) wants to build steel plant on Fertiliser Corp. of India's unused
6500acres land at Sindri unit in Jharkhand, but will wait for liberal terms from the
govt. before moving forward. (ECNT)
` HDFC (HDFC IN) hikes home loan rates by another 25 basis points across all slabs.
(ECNT-Wed)
` Nalco (NACL IN) will complete capacity expansion and fully commission its 5.25 lakh
tonnes a year refinery at Damanjodi in Orissa's Koraput district in three weeks.
(THBL-THU)
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 Reserve Bank of India (RBI) is ready to allow big industrial houses to
set up banks, but only after it gets the power to supersede boards of
banks that are not being run properly. RBI also wants the right to oversee
the operations of the promoting company and any affiliates that will
have business relationships with the bank. (Mint)
4 The Union government has allowed the states to impose tax on sugar
and textiles for the first time in 54 years. The finance minister proposed
to amend the Additional Duties of Excise (goods of special importance)
Act, 1957, and decided to remove sugar and textile from its schedule.
After this amendment, states are free to levy value added tax on these
commodities after 54 years. (BS)
4 The fall in cotton prices last week was short-lived after the cotton
advisory board (CAB) reduced the crop estimates for cotton. The CAB, the
apex trade body, reduced its estimates for cotton crop in the current
cotton year (October-September) by five per cent to 31.2 million bales (1
bale is 170 kg). (BS)
4 Cement makers are unwilling to apply brakes on the continuous rise in
prices, despite the finance minister’s claim of giving relief to the industry.
A day after the Union Budget was presented, prices in the Mumbai
market, the largest domestic one, were raised by Rs 10 for a 50-kg bag.
Industry analysts and dealers of cement said other regions would soon
follow suit, especially northern and eastern markets. (BS)
4 Paper companies look to raise prices by up to 8 per cent following the
steep rise in coal and wood prices. Coal India, the biggest coal producer in
the country has recently raised prices. (BS)
4 Car and sports utility vehicle makers say they’re taken aback by the
Union finance ministry's proposal to bring locally assembled models into
the same duty structure as imported units. They say the move would
cripple demand, following a substantial rise in vehicle prices. (BS)
Corporate News
4 Srei, a leading infrastructure provider and financing company, is planning
to float a private equity (PE) fund dedicated to India’s defence and
security sector. The fund, with an initial corpus of $150 million, is set to be
the first of its kind. (BS)
4 Consumer product firms GCPL and Emami have expressed interest in
acquiring Chennai-based Henkel India's haircare business. Henkel
announced yesterday that it proposed to dispose its movable assets and
other components of the haircare division, subject to shareholders'
approval. The move is part of its attempts to restructure operations in
India. (BS)
4 GVK Airport Holdings, a subsidiary of Hyderabad-based infrastructure
developer GVK Power & Infrastructure Limited (GVKPIL), has signed a
share purchase agreement with Bid Services Division Mauritius (BSDM) to
buy 13.5 per cent in Mumbai International Airport Private Limited (MIAL).
The value of the deal was not disclosed. (BS)
4 Warren Buffett’s Berkshire Hathaway will enter India’s insurance turf as
a corporate agent for Bajaj Allianz General Insurance (BAGI).
Berkshire India, which is a Berkshire Hathaway subsidiary, will sell and
distribute general insurance products through its online distribution
portal and a telemarketing channel on behalf of BAGI. It will initially
focus on the motor insurance space. (ET)
4 With the finance ministry’s economic survey backing State Bank of
India’s (SBI) controversial yet popular home loan scheme, bank chairman
O P Bhatt said SBI will not have to make any special provisioning for such
loans. (BS)
News Round-up
` Cairn India & its JV partners are all set to undertake a USD 44mn drilling campaign in
the eastern offshore Ravva field of the Krishna Godavari basin from April 1 this year.
(ECNT)
` Tata Steel (TATA IN) has increased its stake in Riversdale Mining, Australia by close to
2%. The move gives a clear sense that the company has no intention to exit
Riversdale anytime soon, putting to rest speculations to the contrarary. (BSTD-Wed)
` GVK Airport Holdings, a subsidiary of GVK Power & Infrastructure Ltd (GVKP IN), has
signed a share purchase agreement with Bid Service Division Mauritius to buy 13.5%
in Mumbai International Airport Private Ltd. The value of deal was not disclosed.
(BSTD)
` PFC (POWF IN) expects its rate of loan disbursement to increase 27% to USD 7.28 bn
during the current financial year, as compared to USD 5.74 bn in 2009-10. (BSTDWed)
` Zee Entertainment (Z IN) is expanding its online offerings as it targets global sales of
up to USD 100 mn in the next 3-5 years from its digital media business. (BSTD-Wed)
` SKS Micro (SKSM IN) has closed a USD 13 mn securitisation deal with a non-banking
finance company. (BSTD-Wed)
` SREI (SREI IN) is planning to float a private equity fund dedicated to India's defence
and security sector. The company may rope in foreign partners as co-investors for the
fund by using the offset clauses in the different bilateral agreements to get foreign
partners on board. (BSTD)
` Warren Buffet's Berkshire Hathaway will enter India's insurance turf as a corporate
agent for Bajaj Allianz General Insurance. Berkshire India will sell insurance products
through its online portal & telemarketing channel. (ECNT)
` BHEL (BHEL IN) has bagged an order worth USD 715.55mn related to a thermal
power project in West Bengal. (ECNT)
` Tata Motors (TTMT IN) unveiled a new concept car based on the Tata Nano platform,
and featuring new-age styling and high end technology at the 2011 edition on
Tuesday at Geneva. (THBL-THU)
` SAIL (SAIL IN) wants to build steel plant on Fertiliser Corp. of India's unused
6500acres land at Sindri unit in Jharkhand, but will wait for liberal terms from the
govt. before moving forward. (ECNT)
` HDFC (HDFC IN) hikes home loan rates by another 25 basis points across all slabs.
(ECNT-Wed)
` Nalco (NACL IN) will complete capacity expansion and fully commission its 5.25 lakh
tonnes a year refinery at Damanjodi in Orissa's Koraput district in three weeks.
(THBL-THU)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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