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Economy News
4 State-run oil firms propose to raise petrol prices by up to Rs 4 a litre this
week to offset rising crude oil costs as the Budget has ignored their
demand to cut duties on the fuel. The chairmen of at least two state-run
oil companies are meeting oil minister S Jaipal Reddy on Tuesday to
secure his informal approval, senior oil ministry officials and top
executives of the oil firms said requesting anonymity. (ET)
4 Garment manufacturers today began their two-day strike, closing down
their factories across India demanding rollback of 10 per cent excise duty
imposed on branded apparel in Budget 2011—12. (BL)
4 India's tyre exports grew by over 17% year-on-year to 29.19 lakh units
during April-September 2010, Parliament was informed today. During
April-September 2009, the country exported 24.81 lakh units tyres,
Minister of State for Commerce and Industry Jyotiraditya Scindia said in a
written reply to Lok Sabha. (BS)
Corporate News
4 Hotel Leelaventure today said it is in talks with four private equity
players to sell 14.9% equity in order to raise Rs 6.0 bn. "We are currently
in talks with four private equity players and will finalise deal with one of
them in the next 3-4 months to raise Rs 6.0 bn," Hotel Leelaventure ViceChairman and Managing Director Vivek Nair told reporters here. Postequity sale, promoters holding in the firm will come down to 50.5% from
55% at the moment. (BS)
4 Market regulator Securities and Exchange Board of India (SEBI) has
sought clarifications on the $1.22-billion (more than Rs 54 bn) takeover of
India’s sixth largest IT firm Patni Computer by the US-based iGate, which
is awaiting regulatory nod for about two months. (BL)
4 Reliance Life Insurance, a wholly-owned subsidiary of Reliance Capital
Ltd, has decided to rope in Nippon Life Insurance Company as a strategic
partner with 26 per cent stake. The Japanese insurance major will invest
Rs 30.6 bn ($680 million) for acquiring the stake. (BL)
4 Market regulator SEBI has cleared the acquisition of Ispat Industries by
JSW Steel, paving the way for the acquirer to make a fresh offer for
buying up to 20 per cent stake from public shareholders. The SEBI has
issued its final observations on the Rs 1,329 crore open offer for
acquisition of 20 per cent stake in Ispat from public shareholders by the
acquirer JSW Steel. The open offer was earlier scheduled to begin on
February 12, but got delayed due to lack of SEBI approval. (BL)
4 PTC India Financial Services has fixed the price band for its initial
public offering at Rs 26-28 per share, which would fetch the company
nearly Rs 4.4 bn. A fully-owned subsidiary of power trading firm PTC
India, the company would be coming out with its IPO on March 16. (BL)
4 Diamond Power Infrastructure said on Monday it received several
orders to supply 400 KV high voltage direct current line conductors from
different firms. It has won two orders to supply conductors from Power
Grid Corporation and Gayatri Projects, it said, without giving financial
details. Diamond Power has won another order worth Rs 853.7 mn to
supply conductors for Krishnapatnam-Nellore transmission line, it said.
The firm's total order book stood at Rs 16.50 bn, it said. (BS)
News Round-up
` Inflation rises to 8.31% sets stage for rate hike. Provisional December number revised
to 9.41%. (FNLE)
` SEBI has sought clarifications on the USD 1.22 bn takeover of Patni Computer (PATNI
IN) by US-based iGate. (BSTD)
` SEBI has given its nod for JSW Steel's (JSTL IN) USD 295 mn open offer for Ispat
Industries (NDEN IN). The offer will open on March 17 and will close on April 5.
(BSTD)
` HDFC Bank (HDFCB IN) has raised its base rate by 50 basis points and benchmark
prime lending rate by 75 basis points. (BSTD)
` Reliance Capital (RCFT IN) has agreed to sell 26% stake in its life insurance arm to
Japan's Nippon Life Insurance for USD 680 mn. The deal, the largest foreign direct
investment (FDI) in the country's insurance sector, values Reliance Life at USD 2.54
bn. (BSTD)
` ONGC (ONGC IN) said it has made a significant gas discovery in Tripura but did not
give reserves the latest find may contain. (BSTD)
` ONGC (ONGC IN) may have lost out on Exxon Angolan oil field. ONGC is believed to
have offered close to USD 2 bn for the stake in block 31 off Angola's coast. (FNLE)
` Indian Oil Corporation (IOCL IN) has signed a MoU with the government on
sustainable development, corporate governance and research & development. (FNLE)
` The Steel Ministry on Monday announced a USD 2.21 bn package for building a hitech steel making facility in Steel Authority of India Ltd's (SAIL IN) Jagdishpur unit.
(THBL)
` SAIL (SAIL IN), Kobe to continue talks on USD 2.21 bn plant at Jagdishpur. (FNLE)
` PEs in talks to buy 25% in Dhanlaxmi Bank (DHLBK IN) for USD 111 mn. (TTOI)
` Vishal Retail (VISH IN) has completed the sale of retail and wholesale businesses to
the Shriram Group and private equity company TPG, respectively, for USD 15 mn.
(BSTD)
` Suzlon Energy (SUEL IN) has announced that two of its promoters sold 40 million
shares in the company, which accounts to 2.25% of its paid-up capital. (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 State-run oil firms propose to raise petrol prices by up to Rs 4 a litre this
week to offset rising crude oil costs as the Budget has ignored their
demand to cut duties on the fuel. The chairmen of at least two state-run
oil companies are meeting oil minister S Jaipal Reddy on Tuesday to
secure his informal approval, senior oil ministry officials and top
executives of the oil firms said requesting anonymity. (ET)
4 Garment manufacturers today began their two-day strike, closing down
their factories across India demanding rollback of 10 per cent excise duty
imposed on branded apparel in Budget 2011—12. (BL)
4 India's tyre exports grew by over 17% year-on-year to 29.19 lakh units
during April-September 2010, Parliament was informed today. During
April-September 2009, the country exported 24.81 lakh units tyres,
Minister of State for Commerce and Industry Jyotiraditya Scindia said in a
written reply to Lok Sabha. (BS)
Corporate News
4 Hotel Leelaventure today said it is in talks with four private equity
players to sell 14.9% equity in order to raise Rs 6.0 bn. "We are currently
in talks with four private equity players and will finalise deal with one of
them in the next 3-4 months to raise Rs 6.0 bn," Hotel Leelaventure ViceChairman and Managing Director Vivek Nair told reporters here. Postequity sale, promoters holding in the firm will come down to 50.5% from
55% at the moment. (BS)
4 Market regulator Securities and Exchange Board of India (SEBI) has
sought clarifications on the $1.22-billion (more than Rs 54 bn) takeover of
India’s sixth largest IT firm Patni Computer by the US-based iGate, which
is awaiting regulatory nod for about two months. (BL)
4 Reliance Life Insurance, a wholly-owned subsidiary of Reliance Capital
Ltd, has decided to rope in Nippon Life Insurance Company as a strategic
partner with 26 per cent stake. The Japanese insurance major will invest
Rs 30.6 bn ($680 million) for acquiring the stake. (BL)
4 Market regulator SEBI has cleared the acquisition of Ispat Industries by
JSW Steel, paving the way for the acquirer to make a fresh offer for
buying up to 20 per cent stake from public shareholders. The SEBI has
issued its final observations on the Rs 1,329 crore open offer for
acquisition of 20 per cent stake in Ispat from public shareholders by the
acquirer JSW Steel. The open offer was earlier scheduled to begin on
February 12, but got delayed due to lack of SEBI approval. (BL)
4 PTC India Financial Services has fixed the price band for its initial
public offering at Rs 26-28 per share, which would fetch the company
nearly Rs 4.4 bn. A fully-owned subsidiary of power trading firm PTC
India, the company would be coming out with its IPO on March 16. (BL)
4 Diamond Power Infrastructure said on Monday it received several
orders to supply 400 KV high voltage direct current line conductors from
different firms. It has won two orders to supply conductors from Power
Grid Corporation and Gayatri Projects, it said, without giving financial
details. Diamond Power has won another order worth Rs 853.7 mn to
supply conductors for Krishnapatnam-Nellore transmission line, it said.
The firm's total order book stood at Rs 16.50 bn, it said. (BS)
News Round-up
` Inflation rises to 8.31% sets stage for rate hike. Provisional December number revised
to 9.41%. (FNLE)
` SEBI has sought clarifications on the USD 1.22 bn takeover of Patni Computer (PATNI
IN) by US-based iGate. (BSTD)
` SEBI has given its nod for JSW Steel's (JSTL IN) USD 295 mn open offer for Ispat
Industries (NDEN IN). The offer will open on March 17 and will close on April 5.
(BSTD)
` HDFC Bank (HDFCB IN) has raised its base rate by 50 basis points and benchmark
prime lending rate by 75 basis points. (BSTD)
` Reliance Capital (RCFT IN) has agreed to sell 26% stake in its life insurance arm to
Japan's Nippon Life Insurance for USD 680 mn. The deal, the largest foreign direct
investment (FDI) in the country's insurance sector, values Reliance Life at USD 2.54
bn. (BSTD)
` ONGC (ONGC IN) said it has made a significant gas discovery in Tripura but did not
give reserves the latest find may contain. (BSTD)
` ONGC (ONGC IN) may have lost out on Exxon Angolan oil field. ONGC is believed to
have offered close to USD 2 bn for the stake in block 31 off Angola's coast. (FNLE)
` Indian Oil Corporation (IOCL IN) has signed a MoU with the government on
sustainable development, corporate governance and research & development. (FNLE)
` The Steel Ministry on Monday announced a USD 2.21 bn package for building a hitech steel making facility in Steel Authority of India Ltd's (SAIL IN) Jagdishpur unit.
(THBL)
` SAIL (SAIL IN), Kobe to continue talks on USD 2.21 bn plant at Jagdishpur. (FNLE)
` PEs in talks to buy 25% in Dhanlaxmi Bank (DHLBK IN) for USD 111 mn. (TTOI)
` Vishal Retail (VISH IN) has completed the sale of retail and wholesale businesses to
the Shriram Group and private equity company TPG, respectively, for USD 15 mn.
(BSTD)
` Suzlon Energy (SUEL IN) has announced that two of its promoters sold 40 million
shares in the company, which accounts to 2.25% of its paid-up capital. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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