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Economy News
4 The telecom department (DoT) believes that the exchequer can get a
minimum of.Rs.858.5bn by selling just 50% of the airwaves the defence
ministry vacates.Its calculations are based on the assumption that about
20 MHz of second (2G) generation and an equal amount of third
generation (3G) airwaves can be sold to mobile phone companies if the
defence ministry was to free up these radio frequencies. (ET)
4 Banks have come under fire from the Reserve Bank of India (RBI) for
lending funds borrowed under the liquidity adjustment facility (LAF) in
the overnight money market. LAF funds are meant to meet banks’
reserve requirement. At least twice last week, RBI officials told bank
managements about their discomfort with lending of LAF funds in the
overnight money market. (BS)
4 New business premium (for individual regular policies) collections for life
insurers fell 31% in February, one of the steepest fall in recent months.
The continued decline comes in the wake of more stringent norms
imposed by the IRDA on guaranteeing a minimum return on pension
policies besides scaling down the amount of commission payable to the
agents. The public sector giant LIC saw an even more sizeable decline
with its new business premium collections registering a 44% drop
compared with the same time last year. (BL)
Corporate News
4 The finance ministry has said the government should not arm-twist Cairn
Energy by linking approval for the $9.6-billion Cairn-Vedanta deal with
disputes between the British explorer and its estranged partner,state-run
ONGC. The finance ministry told the oil ministry not to make the grant of
consent for the deal conditional upon settlement of disputes and instead
seek a legal opinion from the law ministry on the issue of cost recovery of
royalty paid by ONGC before taking the proposal to the Cabinet. (ET)
4 Ashok Leyland and Nissan joint venture is to invest around Rs 25bn for
setting up a factory near this city to manufacture light commercial
vehicles (LCVs). The two partners have said they’d produce 150,000
vehicles as part of the phase-I plan from their existing facilities in the
state, till the new factory goes on stream. (BS)
4 Bafna Pharmaceuticals Ltd is said to have concluded talks with Johnson
& Johnson Ltd to acquire one of the brands of the latter. Bafna is
expected to pay close to Rs 300 mn for the brand acquisition. The brand
that is to be acquired from Johnson & Johnson sells about Rs120mn a
year “without any marketing support (BL)
4 Bharati Shipyard plans to focus strongly on the offshore and defence
segments and expects over Rs20bn of orders over the next one year,a top
company official said. The off-shore and defence segments hold an
immense potential. It is betting big on both and expect huge orders from
them in the course of the next one year. (ET)
4 REC plans to raise around $ 1-billion in 2011-12 through a corporate bond
issue in the USA, a senior company official said. The Corporation has
recently raised $ 500-million through a bond issue in the international
market. (BL)
News Round-up
` Nine days after the Directorate General of Hydrocarbons (DGH) said that Reliance
Industries (RIL IN) is expected to increase gas production, RIL has told DGH that
production of natural gas and crude oil from its most prolific Krishna-Godavari (KG)
basin may fall. The news that gas production from the block could come down to 38
mscmd, from the present 50-51 mscmd, next financial year. (BSTD-Sat)
` Cairn (CAIR IN) deal gets Sebi green signal. The USD 9.6 bn takeover now awaits
Cabinet approval. Vedanta will have to announce a fresh schedule for the open offer
which will be finalised within a fortnight. (BSTD-Sat)
` For the first time in five years, contract prices of iron ore will soften, as Japanese steel
mills, that account for about 13% of global iron ore consumption, have cut down on
their requirement following production cutbacks. (ECNT)
` Paper Industry begins to feel the heat of Japan disaster, Global Pulp Prices rise on
hopes of higher demand. (THBL)
` Tata Motors (TTMT IN) will hike prices of its passenger vehicles by up to INR 36,000
from April 1, while rivals Maruti Suzuki (MSIL IN) & Hyundai are also mulling a similar
move in order to offset rising input costs. (ECNT-Sat)
` Tata Steel (TATA IN) raises USD 333 mn through perpetual bonds. Company first
non-finance firm to adopt this route. Call option after 10 years. (FNLE-Sat)
` Both lenders & promoters will pick up equity in debt-laden Kingfisher Airlines at a
substantial 64% premium to its current market price March 31, if the company keeps
its commitment on timelines earlier agreed upon. (ECNT)
` The Ashok Leyland (AL IN) and Nissan joint venture to invest around USD 555 mn for
setting up a factory to manufacture light commercial vehicle. (BSTD)
` Bharti Shipyard (BHSL IN) plans to focus strongly on the offshore and defence
segments and expects USD 444 mn of orders over the next year. (BSTD)
` Monnet Ispat and Energy (MISP IN) has bought a 100 mn tonne coal mine in
Indonesia. (BSTD)
` REC (RECL IN) plans to raise around USD 1 bn in 2011-12 through a corporate bond
issue in the USA. (BSTD)
` Cadbury India has agreed to pay the same price to all minority shareholders for its
buyback programme, irrespective of whether or not they were among the petitioners
in a legal tussle to get a higher price. (BSTD-Sat)
` Titan (TTAN IN) to enter Indonesia, to set up 25 more stores in India. (FNLE-Sat)
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 telecom department (DoT) believes that the exchequer can get a
minimum of.Rs.858.5bn by selling just 50% of the airwaves the defence
ministry vacates.Its calculations are based on the assumption that about
20 MHz of second (2G) generation and an equal amount of third
generation (3G) airwaves can be sold to mobile phone companies if the
defence ministry was to free up these radio frequencies. (ET)
4 Banks have come under fire from the Reserve Bank of India (RBI) for
lending funds borrowed under the liquidity adjustment facility (LAF) in
the overnight money market. LAF funds are meant to meet banks’
reserve requirement. At least twice last week, RBI officials told bank
managements about their discomfort with lending of LAF funds in the
overnight money market. (BS)
4 New business premium (for individual regular policies) collections for life
insurers fell 31% in February, one of the steepest fall in recent months.
The continued decline comes in the wake of more stringent norms
imposed by the IRDA on guaranteeing a minimum return on pension
policies besides scaling down the amount of commission payable to the
agents. The public sector giant LIC saw an even more sizeable decline
with its new business premium collections registering a 44% drop
compared with the same time last year. (BL)
Corporate News
4 The finance ministry has said the government should not arm-twist Cairn
Energy by linking approval for the $9.6-billion Cairn-Vedanta deal with
disputes between the British explorer and its estranged partner,state-run
ONGC. The finance ministry told the oil ministry not to make the grant of
consent for the deal conditional upon settlement of disputes and instead
seek a legal opinion from the law ministry on the issue of cost recovery of
royalty paid by ONGC before taking the proposal to the Cabinet. (ET)
4 Ashok Leyland and Nissan joint venture is to invest around Rs 25bn for
setting up a factory near this city to manufacture light commercial
vehicles (LCVs). The two partners have said they’d produce 150,000
vehicles as part of the phase-I plan from their existing facilities in the
state, till the new factory goes on stream. (BS)
4 Bafna Pharmaceuticals Ltd is said to have concluded talks with Johnson
& Johnson Ltd to acquire one of the brands of the latter. Bafna is
expected to pay close to Rs 300 mn for the brand acquisition. The brand
that is to be acquired from Johnson & Johnson sells about Rs120mn a
year “without any marketing support (BL)
4 Bharati Shipyard plans to focus strongly on the offshore and defence
segments and expects over Rs20bn of orders over the next one year,a top
company official said. The off-shore and defence segments hold an
immense potential. It is betting big on both and expect huge orders from
them in the course of the next one year. (ET)
4 REC plans to raise around $ 1-billion in 2011-12 through a corporate bond
issue in the USA, a senior company official said. The Corporation has
recently raised $ 500-million through a bond issue in the international
market. (BL)
News Round-up
` Nine days after the Directorate General of Hydrocarbons (DGH) said that Reliance
Industries (RIL IN) is expected to increase gas production, RIL has told DGH that
production of natural gas and crude oil from its most prolific Krishna-Godavari (KG)
basin may fall. The news that gas production from the block could come down to 38
mscmd, from the present 50-51 mscmd, next financial year. (BSTD-Sat)
` Cairn (CAIR IN) deal gets Sebi green signal. The USD 9.6 bn takeover now awaits
Cabinet approval. Vedanta will have to announce a fresh schedule for the open offer
which will be finalised within a fortnight. (BSTD-Sat)
` For the first time in five years, contract prices of iron ore will soften, as Japanese steel
mills, that account for about 13% of global iron ore consumption, have cut down on
their requirement following production cutbacks. (ECNT)
` Paper Industry begins to feel the heat of Japan disaster, Global Pulp Prices rise on
hopes of higher demand. (THBL)
` Tata Motors (TTMT IN) will hike prices of its passenger vehicles by up to INR 36,000
from April 1, while rivals Maruti Suzuki (MSIL IN) & Hyundai are also mulling a similar
move in order to offset rising input costs. (ECNT-Sat)
` Tata Steel (TATA IN) raises USD 333 mn through perpetual bonds. Company first
non-finance firm to adopt this route. Call option after 10 years. (FNLE-Sat)
` Both lenders & promoters will pick up equity in debt-laden Kingfisher Airlines at a
substantial 64% premium to its current market price March 31, if the company keeps
its commitment on timelines earlier agreed upon. (ECNT)
` The Ashok Leyland (AL IN) and Nissan joint venture to invest around USD 555 mn for
setting up a factory to manufacture light commercial vehicle. (BSTD)
` Bharti Shipyard (BHSL IN) plans to focus strongly on the offshore and defence
segments and expects USD 444 mn of orders over the next year. (BSTD)
` Monnet Ispat and Energy (MISP IN) has bought a 100 mn tonne coal mine in
Indonesia. (BSTD)
` REC (RECL IN) plans to raise around USD 1 bn in 2011-12 through a corporate bond
issue in the USA. (BSTD)
` Cadbury India has agreed to pay the same price to all minority shareholders for its
buyback programme, irrespective of whether or not they were among the petitioners
in a legal tussle to get a higher price. (BSTD-Sat)
` Titan (TTAN IN) to enter Indonesia, to set up 25 more stores in India. (FNLE-Sat)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line
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