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Economy News
4 All government banks are reporting an increase in their bad debts on
farms loans ranging between 80% and 2000% in the first nine months of
2010-11. The total lending by all public sector banks till December 2010
stood at Rs 2,940 bn. The net NPAs of these banks in this period increased
by 70% compared to 46% in 2009-10. (ET)
4 Helped by rising demand in the US, India's apparel exports in January
grew by 19.5 per cent year-on-year -- the highest in this fiscal -- to USD
1.14 billion, according to Apparel Export Promotion Council. The exports
stood at USD 957 million in January 2009-10. The US accounts for about
40 per cent of India's total garment exports. (FE)
4 Concerned over worsening political turmoil in the Middle-East and the
impact of rising global crude prices on the domestic economy, the Finance
Ministry has suggested the Reserve Bank to focus on steps to contain
inflation. An indication to this effect was given by Finance Minister Mr
Pranab Mukherjee to the RBI, which is slated to announce its midquarterly review of the monetary policy. (BL)
Corporate News
4 NTPC, which plans to set up a 15-Mw solar power plant at Anta in
Rajasthan, is in talks with German bank KfW, among others, to tie-up for
funds.It is understood the power utility would be signing a loan
agreement with KfW for $100-mn. (BS)
4 Environmental delays and contractual problems pulled down the internal
resource mobilisation of state-run power company NTPC by 29 per cent
to Rs 158.2 Bn in the current financial year. (BS)
4 GMR Energy, the flagship energy subsidiary of GMR Infrastructure, has
raised around Rs 500 crore of debt from Power Finance Corporation (PFC)
to achieve financial closure of its various power projects. (BS)
4 Honda, the market leader in two-wheelers globally, is to get aggressive
in India after its exit from Hero Honda, its joint venture with the Hero
Group. Honda Motorcycle & Scooters India (HMSI), its fully-owned arm set
up in 1999, plans to launch two new moto cycles every year, expand its
reach and bring in a new mass market 100cc bike. (BS)
4 ONGC, India’s most profitable company, will lose Navratna status and the
accompanying financial autonomy in a rush to launch the Rs 115 Bn share
sale next month. (BS)
4 India Yamaha Motors India is gearing up to foray into the fast growing
scooter segment in the country with an all-new product that parent
Yamaha Motor Corporation (YMC) is developing specifically for the Indian
market. (BS)
4 With major hotel chains building about 80,000 more rooms, to be
delivered over the next two to three years in various cities and tourist
hotspots, hoteliers fear lack of any significant upside in room rates on
existing properties over the next few years. (BS)
News Round-up
` DMK withdrew its ministers from the United Progressive Alliance (UPA) government
led by the Congress and offered only issue-base support. (BSTD-Sun)
` ONGC (ONGC IN) will lose the Navratna status in its rush to the USD 2.5 bn share sale
scheduled next month. (FNLE)
` Coal India Ltd (COAL IN) has revised its annual output target downward from initial
460 mn tones to 440 mn tones for the current financial year. (BSTD-Sat)
` Dr Reddy's Laboratories (DRRD IN) aims to earn revenue of USD 1 bn per year from
branded generics for the next three years. (BSTD)
` Bank of India (BOI IN) is set to re-enter the mutual fund business. It is close to buying
a 51% stake in Bharti Axa Investment Managers. (BSTD-Sat)
` L&T (LT IN) will raise USD 2.53 bn debt from a consortium of 10 banks led by SBI.
(BSTD)
` GMR Energy has raised around USD 111 mn of debt from PFC (POWF IN) to achieve
financial closure of its various power projects. (BSTD)
` L&T (LT IN), which is in the process of achieving financial closure for its recently
bagged Hyderabad Metrorail project, will be raising USD 2.53bn debt from a
consortium of ten banks led by SBI (SBIN IN). (ECNT)
` Kotak Realty Funds Group, the private equity arm of Kotak Bank (KMB IN), has sold its
commercial building in Goregaon, Mumbai, to Tata Realty for USD 116.67mn. (ECNT)
` Lanco Infratech (LANCI IN) agreed to acquire Australia's Griffin Coal for USD
755.55mn extending the recent spate of buyouts by Indian cos. eager to secure
resources to feed their units. (ECNT-Sat)
` Hero Honda (HH IN) promoters has pledged 5.32% stake with IL&FS Trust for an
estimated USD 352.22mn. (ECNT-Sat)
` DB Power is close to raising USD 583.33mn to part-finance its mega power project in
Chhattisgarh. (ECNT-Sat)
` Hindustan Dorr Oliver Ltd (HDOR IN) has bagged orders worth USD 28 mn from
various public sector undertaking. (THBL SAT)
` Marico Industries (MRCO IN) which has a presence in the troubled West Asia and
North Africa, said the recent political turmoil in Egypt has affected its production in
the country by up to 70 percent and will hurt its revenues for at least one quarter.
(THBL SAT)
` Canara Bank (CBK IN) has raised USD 350 mn under the medium term note
programme to fund its credit growth in its overseas branches. (THBL SAT)
` Titan Industries Ltd (TTAN IN) has decided to merge Tanishq (India) Ltd, the wholly
owned subsidiary of the company. (THBL SUN)
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 All government banks are reporting an increase in their bad debts on
farms loans ranging between 80% and 2000% in the first nine months of
2010-11. The total lending by all public sector banks till December 2010
stood at Rs 2,940 bn. The net NPAs of these banks in this period increased
by 70% compared to 46% in 2009-10. (ET)
4 Helped by rising demand in the US, India's apparel exports in January
grew by 19.5 per cent year-on-year -- the highest in this fiscal -- to USD
1.14 billion, according to Apparel Export Promotion Council. The exports
stood at USD 957 million in January 2009-10. The US accounts for about
40 per cent of India's total garment exports. (FE)
4 Concerned over worsening political turmoil in the Middle-East and the
impact of rising global crude prices on the domestic economy, the Finance
Ministry has suggested the Reserve Bank to focus on steps to contain
inflation. An indication to this effect was given by Finance Minister Mr
Pranab Mukherjee to the RBI, which is slated to announce its midquarterly review of the monetary policy. (BL)
Corporate News
4 NTPC, which plans to set up a 15-Mw solar power plant at Anta in
Rajasthan, is in talks with German bank KfW, among others, to tie-up for
funds.It is understood the power utility would be signing a loan
agreement with KfW for $100-mn. (BS)
4 Environmental delays and contractual problems pulled down the internal
resource mobilisation of state-run power company NTPC by 29 per cent
to Rs 158.2 Bn in the current financial year. (BS)
4 GMR Energy, the flagship energy subsidiary of GMR Infrastructure, has
raised around Rs 500 crore of debt from Power Finance Corporation (PFC)
to achieve financial closure of its various power projects. (BS)
4 Honda, the market leader in two-wheelers globally, is to get aggressive
in India after its exit from Hero Honda, its joint venture with the Hero
Group. Honda Motorcycle & Scooters India (HMSI), its fully-owned arm set
up in 1999, plans to launch two new moto cycles every year, expand its
reach and bring in a new mass market 100cc bike. (BS)
4 ONGC, India’s most profitable company, will lose Navratna status and the
accompanying financial autonomy in a rush to launch the Rs 115 Bn share
sale next month. (BS)
4 India Yamaha Motors India is gearing up to foray into the fast growing
scooter segment in the country with an all-new product that parent
Yamaha Motor Corporation (YMC) is developing specifically for the Indian
market. (BS)
4 With major hotel chains building about 80,000 more rooms, to be
delivered over the next two to three years in various cities and tourist
hotspots, hoteliers fear lack of any significant upside in room rates on
existing properties over the next few years. (BS)
News Round-up
` DMK withdrew its ministers from the United Progressive Alliance (UPA) government
led by the Congress and offered only issue-base support. (BSTD-Sun)
` ONGC (ONGC IN) will lose the Navratna status in its rush to the USD 2.5 bn share sale
scheduled next month. (FNLE)
` Coal India Ltd (COAL IN) has revised its annual output target downward from initial
460 mn tones to 440 mn tones for the current financial year. (BSTD-Sat)
` Dr Reddy's Laboratories (DRRD IN) aims to earn revenue of USD 1 bn per year from
branded generics for the next three years. (BSTD)
` Bank of India (BOI IN) is set to re-enter the mutual fund business. It is close to buying
a 51% stake in Bharti Axa Investment Managers. (BSTD-Sat)
` L&T (LT IN) will raise USD 2.53 bn debt from a consortium of 10 banks led by SBI.
(BSTD)
` GMR Energy has raised around USD 111 mn of debt from PFC (POWF IN) to achieve
financial closure of its various power projects. (BSTD)
` L&T (LT IN), which is in the process of achieving financial closure for its recently
bagged Hyderabad Metrorail project, will be raising USD 2.53bn debt from a
consortium of ten banks led by SBI (SBIN IN). (ECNT)
` Kotak Realty Funds Group, the private equity arm of Kotak Bank (KMB IN), has sold its
commercial building in Goregaon, Mumbai, to Tata Realty for USD 116.67mn. (ECNT)
` Lanco Infratech (LANCI IN) agreed to acquire Australia's Griffin Coal for USD
755.55mn extending the recent spate of buyouts by Indian cos. eager to secure
resources to feed their units. (ECNT-Sat)
` Hero Honda (HH IN) promoters has pledged 5.32% stake with IL&FS Trust for an
estimated USD 352.22mn. (ECNT-Sat)
` DB Power is close to raising USD 583.33mn to part-finance its mega power project in
Chhattisgarh. (ECNT-Sat)
` Hindustan Dorr Oliver Ltd (HDOR IN) has bagged orders worth USD 28 mn from
various public sector undertaking. (THBL SAT)
` Marico Industries (MRCO IN) which has a presence in the troubled West Asia and
North Africa, said the recent political turmoil in Egypt has affected its production in
the country by up to 70 percent and will hurt its revenues for at least one quarter.
(THBL SAT)
` Canara Bank (CBK IN) has raised USD 350 mn under the medium term note
programme to fund its credit growth in its overseas branches. (THBL SAT)
` Titan Industries Ltd (TTAN IN) has decided to merge Tanishq (India) Ltd, the wholly
owned subsidiary of the company. (THBL SUN)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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