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India Equity Research Reports, IPO and Stock News
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Economy News
4 Telecom firms may get more spectrum for wireless broadband. Despite
opposition from the Department of Space and the Ministry of
Information and Broadcasting, the Department of Telecom has identified
the S-band and the 700 Mhz frequency, along with a bunch of other new
spectrum bands, for wireless broadband services. (BL)
4 The government will release the revised consolidated FDI policy paper, a
ready reckoner on foreign investment related regulations, on Thursday.
The new Circular may also give relaxation in a 13-year FDI rule by
allowing foreign investors to bring in fresh money and technology to India
irrespective of the impact on local partners in any existing joint venture.
(ET)
4 India is looking to wrap up comprehensive trade pacts with Thailand and
Indonesia, eyeing the lucrative health, education and accountancy sectors
in the two Asean nations. (ET)
Corporate News
4 The Ministry of Environment and Forests (MoEF) has granted ‘conditional’
approval to HCC subsidiary Lavasa Corporation to complete the buildings
under construction at its housing project site near Pune. It has ‘permitted’
Lavasa Corporation to complete the construction of the 257 buildings
which are above the plinth level at its hill city. (BS)
4 Shri Lakshmi Cotsyn has drawn a capital expenditure plan of Rs.9.93bn
for its venture into high-margin technical textile and enhancing its denim
capacity by next fiscal end. The company will double its denim capacity to
40 mn metres and fusible interlining fabric to 25 mn metres from 12.5
mn metres through brownfield expansion in Uttar Pradesh. (BL)
4 Sebi clears Sesa Goa open offer for Cairn India. Sebi approved the open
offer after Vedanta carried out a few changes in the share purchase
agreement it had entered into with Cairn Energy Plc and also agreed to
provide more disclosures. (ET)
4 The government has infused Rs 17.4bn into Oriental Bank of
Commerce. This will increase the government’s shareholding in the
Delhi-based bank from 51.09% to 58 %. The shareholders unanimously
approved the special resolution for the issue and allotment of 412mn
equity shares of Rs.10 each at Rs.422.11 per share. (BS)
4 Dr Reddy's Laboratories has completed acquisition of
GlaxoSmithKline's (GSK) oral penicillin facility and product portfolio in the
US. The two companies had signed an agreement on November 23, 2010.
DRL now assumes the ownership of the penicillin manufacturing site in
Bristol, Tennessee and rights for the Augmentin and Amoxil brands in the
US. (BS)
4 Andhra Pradesh High Court today directed Mahindra Satyam to deposit
Rs 3.5bn with Central Board of Direct Taxes (CBDT) and also issue it bank
guarantee of Rs 2.67 bn in its ongoing tax dispute with the Income Tax (IT)
department. CBDT has demanded Rs.6.17bn from the company as tax.
(BS)
4 Specialised packaging company Essel Propack Ltd said on Wednesday
that its new plant in Mexico has started production. It had been
prompted to open a new plant as the business had posted rapid growth
in the last two years and its old plant had limited scope for expansion to
cater to it. (BL)
News Round-up
The Central Bureau of Investigation is likely to charge sheet three officials of the Anil
Dhirubhai Ambani Group & senior executives of real estate firm Unitech (UT IN), in
addition to former telecom minister A Raja, former telecom secretary Siddharth
Behura & realtor Shahid Balwa, on April 2. (ECNT)
SEBI clears Sesa Goa (SESA IN) open offer for Cairn India (CAIR IN), Vedanta makes
necessary changes in share purchase pact & agrees to more disclosure. (ECNT)
Andhra Pradesh High Court tells Mahindra Satyam (SCS IN) to pay USD 77.78mn to
Central Board of Direct Taxes. (ECNT)
Tata Motors (TTMT IN) is getting ready to launch the electric version of Indica Vista in
the United Kingdom and has established an electric vehicle manufacturing centre in
Conventry. (BSTD)
BHEL (BHEL IN) has bagged USD 1.21 bn contract from Lalit Power Generation
company, a Bajaj group company, for supplying power equipments to set 1,980 Mw
thermal supercritical power project. (BSTD)
Dr Reddy's Laboratories (DRRD IN) has completed acquisition of GlaxoSmithKline's
oral penicillin facility and product portfolio in the US. The two companies had signed
an agreement on November 23, 2010. (BSTD)
Deepak Fertilisers (DFPC IN) is setting up a technical ammonium nitrate (Tan)
manufacturing unit in Australia with an investment of around USD 333 mn. (BSTD)
Nalco (NACL IN) is likely to increase the price of the metal by INR 2000 - 3000 a
tonne with effect from April, in sync with firming global prices. (BSTD)
Financial Technologies (FTECH IN) repays IFCI (IFCI IN) USD 40 mn for MCX stock
deal. Amount is to compensate for higher valuation paid earlier by IFCI. (FNLE)
Aurobindo Pharma Ltd (ARBP IN) has received final approval from the USFDA to
manufacture and market Galantamine tablets. (THBL)
Hindalco Ind. (HNDL IN) is close to signing an agreement to borrow USD 1.76bn in
loans. (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 Telecom firms may get more spectrum for wireless broadband. Despite
opposition from the Department of Space and the Ministry of
Information and Broadcasting, the Department of Telecom has identified
the S-band and the 700 Mhz frequency, along with a bunch of other new
spectrum bands, for wireless broadband services. (BL)
4 The government will release the revised consolidated FDI policy paper, a
ready reckoner on foreign investment related regulations, on Thursday.
The new Circular may also give relaxation in a 13-year FDI rule by
allowing foreign investors to bring in fresh money and technology to India
irrespective of the impact on local partners in any existing joint venture.
(ET)
4 India is looking to wrap up comprehensive trade pacts with Thailand and
Indonesia, eyeing the lucrative health, education and accountancy sectors
in the two Asean nations. (ET)
Corporate News
4 The Ministry of Environment and Forests (MoEF) has granted ‘conditional’
approval to HCC subsidiary Lavasa Corporation to complete the buildings
under construction at its housing project site near Pune. It has ‘permitted’
Lavasa Corporation to complete the construction of the 257 buildings
which are above the plinth level at its hill city. (BS)
4 Shri Lakshmi Cotsyn has drawn a capital expenditure plan of Rs.9.93bn
for its venture into high-margin technical textile and enhancing its denim
capacity by next fiscal end. The company will double its denim capacity to
40 mn metres and fusible interlining fabric to 25 mn metres from 12.5
mn metres through brownfield expansion in Uttar Pradesh. (BL)
4 Sebi clears Sesa Goa open offer for Cairn India. Sebi approved the open
offer after Vedanta carried out a few changes in the share purchase
agreement it had entered into with Cairn Energy Plc and also agreed to
provide more disclosures. (ET)
4 The government has infused Rs 17.4bn into Oriental Bank of
Commerce. This will increase the government’s shareholding in the
Delhi-based bank from 51.09% to 58 %. The shareholders unanimously
approved the special resolution for the issue and allotment of 412mn
equity shares of Rs.10 each at Rs.422.11 per share. (BS)
4 Dr Reddy's Laboratories has completed acquisition of
GlaxoSmithKline's (GSK) oral penicillin facility and product portfolio in the
US. The two companies had signed an agreement on November 23, 2010.
DRL now assumes the ownership of the penicillin manufacturing site in
Bristol, Tennessee and rights for the Augmentin and Amoxil brands in the
US. (BS)
4 Andhra Pradesh High Court today directed Mahindra Satyam to deposit
Rs 3.5bn with Central Board of Direct Taxes (CBDT) and also issue it bank
guarantee of Rs 2.67 bn in its ongoing tax dispute with the Income Tax (IT)
department. CBDT has demanded Rs.6.17bn from the company as tax.
(BS)
4 Specialised packaging company Essel Propack Ltd said on Wednesday
that its new plant in Mexico has started production. It had been
prompted to open a new plant as the business had posted rapid growth
in the last two years and its old plant had limited scope for expansion to
cater to it. (BL)
News Round-up
The Central Bureau of Investigation is likely to charge sheet three officials of the Anil
Dhirubhai Ambani Group & senior executives of real estate firm Unitech (UT IN), in
addition to former telecom minister A Raja, former telecom secretary Siddharth
Behura & realtor Shahid Balwa, on April 2. (ECNT)
SEBI clears Sesa Goa (SESA IN) open offer for Cairn India (CAIR IN), Vedanta makes
necessary changes in share purchase pact & agrees to more disclosure. (ECNT)
Andhra Pradesh High Court tells Mahindra Satyam (SCS IN) to pay USD 77.78mn to
Central Board of Direct Taxes. (ECNT)
Tata Motors (TTMT IN) is getting ready to launch the electric version of Indica Vista in
the United Kingdom and has established an electric vehicle manufacturing centre in
Conventry. (BSTD)
BHEL (BHEL IN) has bagged USD 1.21 bn contract from Lalit Power Generation
company, a Bajaj group company, for supplying power equipments to set 1,980 Mw
thermal supercritical power project. (BSTD)
Dr Reddy's Laboratories (DRRD IN) has completed acquisition of GlaxoSmithKline's
oral penicillin facility and product portfolio in the US. The two companies had signed
an agreement on November 23, 2010. (BSTD)
Deepak Fertilisers (DFPC IN) is setting up a technical ammonium nitrate (Tan)
manufacturing unit in Australia with an investment of around USD 333 mn. (BSTD)
Nalco (NACL IN) is likely to increase the price of the metal by INR 2000 - 3000 a
tonne with effect from April, in sync with firming global prices. (BSTD)
Financial Technologies (FTECH IN) repays IFCI (IFCI IN) USD 40 mn for MCX stock
deal. Amount is to compensate for higher valuation paid earlier by IFCI. (FNLE)
Aurobindo Pharma Ltd (ARBP IN) has received final approval from the USFDA to
manufacture and market Galantamine tablets. (THBL)
Hindalco Ind. (HNDL IN) is close to signing an agreement to borrow USD 1.76bn in
loans. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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