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Economy News
4 In a relief to the branded garments industry, which has been slapped a
10% excise levy in the budget, the government has decided that the
sector will be eligible for taxes paid on inputs and can avail cenvat credit.
(ET)
4 The government's tax revenue this fiscal is set to exceed its own upward
revised estimate presented in the Budget for 2011-12. (ET)
4 Suspecting the use of black money to finance deals in the country's
booming real estate sector, the Income Tax Department is keeping close
tabs on the sources of funding for developers' lucrative projects (ET)
4 Hitting out at the Finance Minister for increasing export duty on iron ore,
the Federation of Indian Mineral Industries has written to Pranab
Mukherjee requesting a roll back to the pre-Budget level. (ET)
4 Power generation capacity added in the country during the 2010-11 fiscal
is slated to be around 15,000 MW. But this figure is 5,000 MW less than
target of 20,359 MW for 2010-11. (BL)
4 India and Brazil has agreed to set up a CEOs Forum and identified the
priority sectors – energy, oil, tourism, pharma, value-added
manufacturing, mining and agro-processing. According to the Indian
commerce minister, the India-Brazil bilateral trade would increase to $10
bn in the next few years from $7.73 bn in 2010. (BL)
Corporate News
4 The Hero Group, owned by New Delhi-based Munjal family, will pay
Rs.38.33 bn to acquire a 26% stake from its 27-year-old Japanese joint
venture partner Honda Motor Co in the two-wheeler major Hero Honda.
(ET)
4 Japanese auto major Honda could end up paying Rs 7.91 bn as capital
gains tax, including the education cess, in the deal to divest its 26%
holding in Hero Honda, a joint venture company with B M Munjal-led
Hero Group. (ET)
4 Jubilant Life Sciences (JLS) has said it is setting up a manufacturing
plant to produce Symtet, a key ingredient for making insecticide
'Chlorpyrifos', at Bharuch in Gujarat, as part of its nearly Rs 3.5 bn
capacity expansion plans for the next fiscal. (BL)
4 The government will reserve the right to decide on the cost recoverability
of royalty from Cairn India's block in Barmer while clearing Cairn
Energy's sale of its Indian subsidiary to Vedanta Resources (BS)
4 Bharat Heavy Electricals Ltd, Tiruchi, has chalked out a major capacity
expansion programme in the next two years at an investment of Rs 6 bn.
This includes the Phase III expansion for a high pressure boiler plant at the
existing unit and the Thirumayam unit, which will cater to the demand
from petrochemical industries and nuclear equipment manufacturers.
(BL)
4 Kabra Extrusiontechnik plans to invest Rs 200 mn for a minority equity
stake in US-based Gloucester Engineering Company Inc. (BL)
4 Magma Fincorp, a non-banking finance company (NBFC) funding
equipment and small and medium enterprises, plans to securitise an asset
portfolio of about Rs 25 bn for the current financial year. This is about 45
per cent of the loans it had made in 2010-11. (BS)
News Round-up
` Tata Steel (TATA IN) plans to install a new line to double the slitting capacity of its
service centre at Gelsenkirchen, in Germany. (BSTD)
` Bharti Airtel (BHARTI IN) launches 3G service in Mumbai. (BSTD)
` Tata Communications (TCOM IN) said it was the first Indian telecom company to offer
cloud computing solutions globally, by launching services in Singapore. (BSTD)
` M&M (MM IN) entered into a global strategic collaboration with US networking
equipment major Cisco. The alliance will allow both to collaborate on go-to-market
strategies in smart cities, virtual dealership, sports & entertainment and cloud
services. (BSTD)
` M&M (MM IN) will be completing the SsangYong Motor Company acquisition in the
next three to four weeks. Korean company to become debt-free under M&M fold.
(FNLE)
` Jubilant Life Sciences Ltd (JOL IN) is setting up a manufacturing plant for Symtet with
a capacity of 24,000 tonne per annum and another one for chlorinated pyridine
derivatives at its Bharuch special economic zone. (BSTD)
` Dabur India (DABUR IN) planned a turnover of USD 1.11 bn for 2011-12, with more
acquisitions in the personal and healthcare segments. (BSTD)
` JSW Steel (JSTL IN) will be raising USD 222 mn from an export credit agency and USD
280 mn via external commercial borrowing (ECB) to fund its 2.3 mn tonne coldrolling mill to be set up at its flagship Vijaynagar (Bellary) steel factory. (BSTD)
` United Spirits Ltd (UNSP IN) has an ambitious plan to more than double revenues and
triple its EBITDA in five years. It will take its current revenue of USD 1.33 bn to USD
3.55 bn. Currently 20% of USL's revenues come from exports and international
markets and the company aims to take that to 35%. (FNLE)
` Bharat Heavy Electricals Ltd (BHEL IN), Tiruchi, has chalked out a major expansion
programme in the next two years at an investment of USD133mn. (THBL)
` Fortis Healthcare Ltd (FORH IN) plans to set up a Cardiac Centre at Deen Dayal
Upadhaya Hospital at Dehradun under public private partnership (PPP) with the
Government of Uttarakhand. (THBL)
` After getting the approval from the Foreign Investment Promotion Board (FIPB) to
raise the foreign holding cap from the current 24 percent to 35, Karur Vysya Bank
(KVB IN) is now in the process of getting the resolution passed by its board. (THBL)
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 In a relief to the branded garments industry, which has been slapped a
10% excise levy in the budget, the government has decided that the
sector will be eligible for taxes paid on inputs and can avail cenvat credit.
(ET)
4 The government's tax revenue this fiscal is set to exceed its own upward
revised estimate presented in the Budget for 2011-12. (ET)
4 Suspecting the use of black money to finance deals in the country's
booming real estate sector, the Income Tax Department is keeping close
tabs on the sources of funding for developers' lucrative projects (ET)
4 Hitting out at the Finance Minister for increasing export duty on iron ore,
the Federation of Indian Mineral Industries has written to Pranab
Mukherjee requesting a roll back to the pre-Budget level. (ET)
4 Power generation capacity added in the country during the 2010-11 fiscal
is slated to be around 15,000 MW. But this figure is 5,000 MW less than
target of 20,359 MW for 2010-11. (BL)
4 India and Brazil has agreed to set up a CEOs Forum and identified the
priority sectors – energy, oil, tourism, pharma, value-added
manufacturing, mining and agro-processing. According to the Indian
commerce minister, the India-Brazil bilateral trade would increase to $10
bn in the next few years from $7.73 bn in 2010. (BL)
Corporate News
4 The Hero Group, owned by New Delhi-based Munjal family, will pay
Rs.38.33 bn to acquire a 26% stake from its 27-year-old Japanese joint
venture partner Honda Motor Co in the two-wheeler major Hero Honda.
(ET)
4 Japanese auto major Honda could end up paying Rs 7.91 bn as capital
gains tax, including the education cess, in the deal to divest its 26%
holding in Hero Honda, a joint venture company with B M Munjal-led
Hero Group. (ET)
4 Jubilant Life Sciences (JLS) has said it is setting up a manufacturing
plant to produce Symtet, a key ingredient for making insecticide
'Chlorpyrifos', at Bharuch in Gujarat, as part of its nearly Rs 3.5 bn
capacity expansion plans for the next fiscal. (BL)
4 The government will reserve the right to decide on the cost recoverability
of royalty from Cairn India's block in Barmer while clearing Cairn
Energy's sale of its Indian subsidiary to Vedanta Resources (BS)
4 Bharat Heavy Electricals Ltd, Tiruchi, has chalked out a major capacity
expansion programme in the next two years at an investment of Rs 6 bn.
This includes the Phase III expansion for a high pressure boiler plant at the
existing unit and the Thirumayam unit, which will cater to the demand
from petrochemical industries and nuclear equipment manufacturers.
(BL)
4 Kabra Extrusiontechnik plans to invest Rs 200 mn for a minority equity
stake in US-based Gloucester Engineering Company Inc. (BL)
4 Magma Fincorp, a non-banking finance company (NBFC) funding
equipment and small and medium enterprises, plans to securitise an asset
portfolio of about Rs 25 bn for the current financial year. This is about 45
per cent of the loans it had made in 2010-11. (BS)
News Round-up
` Tata Steel (TATA IN) plans to install a new line to double the slitting capacity of its
service centre at Gelsenkirchen, in Germany. (BSTD)
` Bharti Airtel (BHARTI IN) launches 3G service in Mumbai. (BSTD)
` Tata Communications (TCOM IN) said it was the first Indian telecom company to offer
cloud computing solutions globally, by launching services in Singapore. (BSTD)
` M&M (MM IN) entered into a global strategic collaboration with US networking
equipment major Cisco. The alliance will allow both to collaborate on go-to-market
strategies in smart cities, virtual dealership, sports & entertainment and cloud
services. (BSTD)
` M&M (MM IN) will be completing the SsangYong Motor Company acquisition in the
next three to four weeks. Korean company to become debt-free under M&M fold.
(FNLE)
` Jubilant Life Sciences Ltd (JOL IN) is setting up a manufacturing plant for Symtet with
a capacity of 24,000 tonne per annum and another one for chlorinated pyridine
derivatives at its Bharuch special economic zone. (BSTD)
` Dabur India (DABUR IN) planned a turnover of USD 1.11 bn for 2011-12, with more
acquisitions in the personal and healthcare segments. (BSTD)
` JSW Steel (JSTL IN) will be raising USD 222 mn from an export credit agency and USD
280 mn via external commercial borrowing (ECB) to fund its 2.3 mn tonne coldrolling mill to be set up at its flagship Vijaynagar (Bellary) steel factory. (BSTD)
` United Spirits Ltd (UNSP IN) has an ambitious plan to more than double revenues and
triple its EBITDA in five years. It will take its current revenue of USD 1.33 bn to USD
3.55 bn. Currently 20% of USL's revenues come from exports and international
markets and the company aims to take that to 35%. (FNLE)
` Bharat Heavy Electricals Ltd (BHEL IN), Tiruchi, has chalked out a major expansion
programme in the next two years at an investment of USD133mn. (THBL)
` Fortis Healthcare Ltd (FORH IN) plans to set up a Cardiac Centre at Deen Dayal
Upadhaya Hospital at Dehradun under public private partnership (PPP) with the
Government of Uttarakhand. (THBL)
` After getting the approval from the Foreign Investment Promotion Board (FIPB) to
raise the foreign holding cap from the current 24 percent to 35, Karur Vysya Bank
(KVB IN) is now in the process of getting the resolution passed by its board. (THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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