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Economy News
4 The government is considering a move to end the automatic approval
regime for foreign direct investment (FDI) in seed development, animal
husbandry, pisciculture and aquaculture in controlled conditions. (BS)
4 Iron ore spot prices in Orissa, a leading producer of the ore in the country,
may fall by at least 6 percent within next two weeks because of the new
export duty that comes into effect from April 1 and slowdown in global
demand after natural disaster in Japan, said industry sources. (BS)
4 The domestic latex industry has asked for immediate correction in
inverted duty structure on natural rubber latex on the lines of natural
rubber done recently. The All-India Rubber Industries Association (AIRIA)
said that the latex prices continued to rise over the last two years and
even its availability has been a serious concern. (BS)
Corporate News
4 India's biggest gas transportation firm Gail India has endorsed
petroleum sector regulator's proposal allowing pipeline companies to
charge tariffs lower than approved rates but the move has been opposed
by Reliance Gas Transportation Ltd. (ET)
4 Ranbaxy’s right to sell a generic version of Pfizer’s cholesterol-lowering
drug, Lipitor, in the United States for six months has been challenged in a
court. This is considered a $600-million (Rs 27 Bn) opportunity for the
company. (BS)
4 Jyothy Laboratories (JLL), which last week acquired a 14.9 per cent
stake in Henkel India, is looking to aggressively turnaround the business if
it triumphs in its bid for parent Henkel AG's 50.97 per cent in the Indian
unit. (BS)
4 Integrated (Mauritius) Healthcare Holdings, an arm of Khazanah
Nasional Bhd, has acquired 8.82 per cent stake in corporate hospital chain
Apollo Hospitals from Bisikan Bayu Investments, another arm of the
Malaysian sovereign fund, for Rs 4.7 Bn. (BS)
4 Essar Energy Plc will sign an agreement with Royal Dutch Shell in the
next 10 days to acquire its refinery in Stanlow, northwest England. (BS)
4 Godrej Interio, home and office furniture manufacturer is setting up a
new facility at Shirwal near Pune. The company is investing Rs 600 Mn for
this new plant and it will get fully operational by June 2012. (BS)
4 Ganesh Polytex is eyeing Rs 10 Bn revenue in the next five years on the
back of growing demand for polyester fibre, both in the global as well as
the domestic market, a top company executive has said. (BS)
4 Tata Communications Ltd asserted it had no intention of holding on to
770 acres of surplus land that came under its fold as part of the
privatisation of former long-distance monopoly VSNL, because the delay
in taking a decision was hurting the company as it was unable to raise
equity. (ET)
4 The first major casualty of the projected fall in gas output from Reliance
Industries' KG-D 6 basin is arch competitor Essar Energy Plc, whose
plans to sign a gas sales purchase agreement with RIL for supply of 0.6
million metric standard cubic meters of gas for its Vadinar refinery in
Gujarat has now hit a stumbling block. (ET)
News Round-up
` The government is considering a move to end the automatic approval regime for
foreign direct investment (FDA) in seed development, animal husbandry, pisciculture
and aquaculture in controlled conditions. The step has been triggered by concerns
over the quality of generically modified and hybrid seeds present in the food chain.
(BSTD)
` For the first time since the Lehman crisis that forced customers to shelve projects &
bargain for lower billing rates, TCS (TCS IN), Infosys (INFO IN), Wipro (WPRO IN) &
HCL (HCLT IN) are beginning to see an uptick of up to 5% in pricing, driven by
higher salary costs & improved business environment. (ECNT)
` GAIL India (GAIL IN) has endorsed petroleum sector regulator's proposal allowing
pipeline cos. to charge tariffs lower than approved rates but the move has been
opposed by Reliance Gas Transportation ltd. (ECNT)
` Tata Communications (TCOM IN) asserted it had no intention of holding on to 770
acres of surplus land that came under its fold as part of the privatisation of former
VSNL, because delay in taking decision was hurting the company as it was unable to
raise equity. (ECNT)
` Ranbaxy's (RBXY IN) right to sell a generic version of Pfizer's cholesterol-lowering
drug, Lipitor, in the United States for six months has been challenged in a court. This
is considered a USD 600 mn opportunity for the company. US-based Mylan
Laboratories has sued the USFDA for giving this opportunity to Ranbaxy. (BSTD)
` Bajaj Auto (BJAUT IN) is on course with the development of the ultra low-cost (ULC)
car whose prototypes will be shown to its partner, Renault, during the course of this
calendar year. (THBL)
` A subsidiary of Malaysian sovereign fund Khazanah has acquired a 8.82% stake in
Apollo Hospital (APHS IN) for USD 104 mn from another subsidiary. (BSTD)
` Essar group company ETHL Communications Holdings (ECHL) announced it had
opted for an early redemption of bonds it had issued against its 10.97% stake in
Vodafone Essar. The company paid around USD 940 mn to buy back rated, listed
zero-coupon non-convertible debentures. (BSTD)
` Reliance Power (RPWR IN) has bagged five new hydroelectric power projects in
Himachal Pradesh for 672 mega watt in a competitive bidding process. (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 government is considering a move to end the automatic approval
regime for foreign direct investment (FDI) in seed development, animal
husbandry, pisciculture and aquaculture in controlled conditions. (BS)
4 Iron ore spot prices in Orissa, a leading producer of the ore in the country,
may fall by at least 6 percent within next two weeks because of the new
export duty that comes into effect from April 1 and slowdown in global
demand after natural disaster in Japan, said industry sources. (BS)
4 The domestic latex industry has asked for immediate correction in
inverted duty structure on natural rubber latex on the lines of natural
rubber done recently. The All-India Rubber Industries Association (AIRIA)
said that the latex prices continued to rise over the last two years and
even its availability has been a serious concern. (BS)
Corporate News
4 India's biggest gas transportation firm Gail India has endorsed
petroleum sector regulator's proposal allowing pipeline companies to
charge tariffs lower than approved rates but the move has been opposed
by Reliance Gas Transportation Ltd. (ET)
4 Ranbaxy’s right to sell a generic version of Pfizer’s cholesterol-lowering
drug, Lipitor, in the United States for six months has been challenged in a
court. This is considered a $600-million (Rs 27 Bn) opportunity for the
company. (BS)
4 Jyothy Laboratories (JLL), which last week acquired a 14.9 per cent
stake in Henkel India, is looking to aggressively turnaround the business if
it triumphs in its bid for parent Henkel AG's 50.97 per cent in the Indian
unit. (BS)
4 Integrated (Mauritius) Healthcare Holdings, an arm of Khazanah
Nasional Bhd, has acquired 8.82 per cent stake in corporate hospital chain
Apollo Hospitals from Bisikan Bayu Investments, another arm of the
Malaysian sovereign fund, for Rs 4.7 Bn. (BS)
4 Essar Energy Plc will sign an agreement with Royal Dutch Shell in the
next 10 days to acquire its refinery in Stanlow, northwest England. (BS)
4 Godrej Interio, home and office furniture manufacturer is setting up a
new facility at Shirwal near Pune. The company is investing Rs 600 Mn for
this new plant and it will get fully operational by June 2012. (BS)
4 Ganesh Polytex is eyeing Rs 10 Bn revenue in the next five years on the
back of growing demand for polyester fibre, both in the global as well as
the domestic market, a top company executive has said. (BS)
4 Tata Communications Ltd asserted it had no intention of holding on to
770 acres of surplus land that came under its fold as part of the
privatisation of former long-distance monopoly VSNL, because the delay
in taking a decision was hurting the company as it was unable to raise
equity. (ET)
4 The first major casualty of the projected fall in gas output from Reliance
Industries' KG-D 6 basin is arch competitor Essar Energy Plc, whose
plans to sign a gas sales purchase agreement with RIL for supply of 0.6
million metric standard cubic meters of gas for its Vadinar refinery in
Gujarat has now hit a stumbling block. (ET)
News Round-up
` The government is considering a move to end the automatic approval regime for
foreign direct investment (FDA) in seed development, animal husbandry, pisciculture
and aquaculture in controlled conditions. The step has been triggered by concerns
over the quality of generically modified and hybrid seeds present in the food chain.
(BSTD)
` For the first time since the Lehman crisis that forced customers to shelve projects &
bargain for lower billing rates, TCS (TCS IN), Infosys (INFO IN), Wipro (WPRO IN) &
HCL (HCLT IN) are beginning to see an uptick of up to 5% in pricing, driven by
higher salary costs & improved business environment. (ECNT)
` GAIL India (GAIL IN) has endorsed petroleum sector regulator's proposal allowing
pipeline cos. to charge tariffs lower than approved rates but the move has been
opposed by Reliance Gas Transportation ltd. (ECNT)
` Tata Communications (TCOM IN) asserted it had no intention of holding on to 770
acres of surplus land that came under its fold as part of the privatisation of former
VSNL, because delay in taking decision was hurting the company as it was unable to
raise equity. (ECNT)
` Ranbaxy's (RBXY IN) right to sell a generic version of Pfizer's cholesterol-lowering
drug, Lipitor, in the United States for six months has been challenged in a court. This
is considered a USD 600 mn opportunity for the company. US-based Mylan
Laboratories has sued the USFDA for giving this opportunity to Ranbaxy. (BSTD)
` Bajaj Auto (BJAUT IN) is on course with the development of the ultra low-cost (ULC)
car whose prototypes will be shown to its partner, Renault, during the course of this
calendar year. (THBL)
` A subsidiary of Malaysian sovereign fund Khazanah has acquired a 8.82% stake in
Apollo Hospital (APHS IN) for USD 104 mn from another subsidiary. (BSTD)
` Essar group company ETHL Communications Holdings (ECHL) announced it had
opted for an early redemption of bonds it had issued against its 10.97% stake in
Vodafone Essar. The company paid around USD 940 mn to buy back rated, listed
zero-coupon non-convertible debentures. (BSTD)
` Reliance Power (RPWR IN) has bagged five new hydroelectric power projects in
Himachal Pradesh for 672 mega watt in a competitive bidding process. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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