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Economy News
According to the latest data by the Reserve Bank of India (RBI), bank
credit grew by 23.2% on a year-on-year basis at the end of February 25
to Rs 38,104bn. RBI has targeted a credit growth of 20% and deposit
growth of 18% for this financial year. (ET)
Direct tax collections between April 2010 and February 2011 increased
20.75 per cent to Rs 3,361 bn, against Rs 2,784 bn in the corresponding
period of the previous financial year. (BS)
Car sales in India hit a record monthly high of 1.89 lakh units in February
as customers advanced purchases in anticipation the government may
hike excise duty in the Budget. Car sales rose by 23% in February
compared with a year earlier, data released by industry body Society of
Indian Automobile Manufacturers (SIAM) showed Wednesday. The
February sales number is higher than the record 1.84 lakh cars sold in
January. (ET)
By February-end, around 3.83 mn people had opted for MNP, a service
that allows subscribers to switch service providers but retain their original
cellphone number, Telecom Regulatory Authority of India said on
Wednesday. Till February 5, about 1.71 mn subscribers had put in
requests for changing their mobile service provider. However, the MNP
impact has been limited, given that only a fraction of the 771 million
mobile subscribers have so far opted for MNP. (ET)
Corporate News
Essel Propack, the world's biggest specialty packaging company, will shut
two plants each in the US and Egypt, and consolidate its operations in
Europe to rationalise costs and streamline its global operations in line
with its clients. Essel Propack is also looking to reduce its debt through
financial restructuring. (ET)
State-owned lender Canara Bank is raising up to $440 million by selling
shares to institutional investors, two sources with direct knowledge of
the development said on Wednesday. The shares are being sold at Rs 604
a share, the sources said, a discount of nearly 3% to their Wednesday's
closing price of Rs 620.70 a share. (ET)
Reliance Industries Ltd (RIL) is expected to increase gas output by 30
per cent from its D6 block in the Krishna-Godavari (K-G) basin in the
coming financial year, to 67 million standard cubic metres per day
(mscmd) from the current 50-51 mscmd. (BS)
NTPC knocked the doors of the Supreme Court on Wednesday, seeking
disqualification of Ansaldo Caldaie from a Rs 110 bn equipment tender
after the bidder successfully challenged its disqualification in the high
court. The state-run power company has filed a special leave petition in
the Supreme Court, a senior company official said. (ET)
ITC Ltd will export approximately Rs 300 mn worth of soyabean meal, a
raw material for producing poultry feed, to China. The Indian FMCG
major on Wednesday entered into a memorandum of agreement with
the Chinese importer Yunnan Huijia Imp and Exp Co Ltd for exporting
3,000 tonnes of soyabean meal. (BL)
Tata Power Company Ltd is likely to have a little over 1,300 MW
capacity ready for generation, in the next two months, according to
sources.Though confirmation in this regard was not available from Tata
Power, sources that construction of the first 525-MW unit of Maithon
Power Ltd (MPL) would be completed next week. (BL)
News Round-up
` Exit load redefinition by SEBI raises hopes of more flexible commission regime in
coming days. (ECNT)
` Reliance Industries Ltd (RIL IN) is expected to increase gas output from its KG D6
block by over 30% to 67 million standard cubic metres per day from April. (BSTD)
` Tata Power Company Ltd (TPWR IN) is likely to have a little over 1300 MW capacity
ready for generation in the next two months. (THBL)
` Tata Motors (TTMT IN) set to roll out new buses early next fiscal, New launches
include Interceptor van and Divo inter-city coach. (THBL)
` Satyam Computer Services Ltd (SCS IN) is in talks with the US Securities and Exchange
Commission to shorten the time frame for which the company would need to restate its earnings under US accounting standard. (THBL)
` Infosys (INFO IN) is searching for acquisitions to add companies that specialize in
providing healthcare and government services. (BSTD)
` Dr Reddy's Laboratories Ltd (DRRD IN) to issue USD 116 mn debentures. (BSTD)
` PFC (POWF IN) is in the process of creating a wholly-owned subsidiary for the
renewable energy sector, in a couple of weeks, to be called PFC Green Energy Ltd.
(BSTD)
` PFC (POWF IN) has sanctioned USD 1.57 bn to fund a thermal power project to be set
up by Raichur Power Corporation in Karnataka. (FNLE)
` HDFC (HDFC IN) is planning to monetise some of its non-core investments over the
next 6-12 months to garner a windfall gain of as much as USD 889 mn. (BSTD)
` Anil Ambani group firm Reliance Comm. (RCOM IN) has completed the procedure for
obtaining an USD 1.93bn loan from China Development Bank to part-finance the
cost of 3G spectrum & equipment purchase. (ECNT)
` Realty developer Kalpataru close to buying Bayer Cropscience's (BYRCS IN) 108 acres
land parcel in Thane for USD 311.11mn. (ECNT)
` Hero Honda's (HH IN) promoters Hero Investments has raised USD 200mn by
pledging shares to Axis Trustee Services. (ECNT)
` M&M Financial Services (MMFS IN) plans to sell as much as 5% new shares to
investors that may include some private funds as it prepares to meet higher capital
norms & raise lending in the economy, where agriculture is growing at 4%. (ECNT)
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
According to the latest data by the Reserve Bank of India (RBI), bank
credit grew by 23.2% on a year-on-year basis at the end of February 25
to Rs 38,104bn. RBI has targeted a credit growth of 20% and deposit
growth of 18% for this financial year. (ET)
Direct tax collections between April 2010 and February 2011 increased
20.75 per cent to Rs 3,361 bn, against Rs 2,784 bn in the corresponding
period of the previous financial year. (BS)
Car sales in India hit a record monthly high of 1.89 lakh units in February
as customers advanced purchases in anticipation the government may
hike excise duty in the Budget. Car sales rose by 23% in February
compared with a year earlier, data released by industry body Society of
Indian Automobile Manufacturers (SIAM) showed Wednesday. The
February sales number is higher than the record 1.84 lakh cars sold in
January. (ET)
By February-end, around 3.83 mn people had opted for MNP, a service
that allows subscribers to switch service providers but retain their original
cellphone number, Telecom Regulatory Authority of India said on
Wednesday. Till February 5, about 1.71 mn subscribers had put in
requests for changing their mobile service provider. However, the MNP
impact has been limited, given that only a fraction of the 771 million
mobile subscribers have so far opted for MNP. (ET)
Corporate News
Essel Propack, the world's biggest specialty packaging company, will shut
two plants each in the US and Egypt, and consolidate its operations in
Europe to rationalise costs and streamline its global operations in line
with its clients. Essel Propack is also looking to reduce its debt through
financial restructuring. (ET)
State-owned lender Canara Bank is raising up to $440 million by selling
shares to institutional investors, two sources with direct knowledge of
the development said on Wednesday. The shares are being sold at Rs 604
a share, the sources said, a discount of nearly 3% to their Wednesday's
closing price of Rs 620.70 a share. (ET)
Reliance Industries Ltd (RIL) is expected to increase gas output by 30
per cent from its D6 block in the Krishna-Godavari (K-G) basin in the
coming financial year, to 67 million standard cubic metres per day
(mscmd) from the current 50-51 mscmd. (BS)
NTPC knocked the doors of the Supreme Court on Wednesday, seeking
disqualification of Ansaldo Caldaie from a Rs 110 bn equipment tender
after the bidder successfully challenged its disqualification in the high
court. The state-run power company has filed a special leave petition in
the Supreme Court, a senior company official said. (ET)
ITC Ltd will export approximately Rs 300 mn worth of soyabean meal, a
raw material for producing poultry feed, to China. The Indian FMCG
major on Wednesday entered into a memorandum of agreement with
the Chinese importer Yunnan Huijia Imp and Exp Co Ltd for exporting
3,000 tonnes of soyabean meal. (BL)
Tata Power Company Ltd is likely to have a little over 1,300 MW
capacity ready for generation, in the next two months, according to
sources.Though confirmation in this regard was not available from Tata
Power, sources that construction of the first 525-MW unit of Maithon
Power Ltd (MPL) would be completed next week. (BL)
News Round-up
` Exit load redefinition by SEBI raises hopes of more flexible commission regime in
coming days. (ECNT)
` Reliance Industries Ltd (RIL IN) is expected to increase gas output from its KG D6
block by over 30% to 67 million standard cubic metres per day from April. (BSTD)
` Tata Power Company Ltd (TPWR IN) is likely to have a little over 1300 MW capacity
ready for generation in the next two months. (THBL)
` Tata Motors (TTMT IN) set to roll out new buses early next fiscal, New launches
include Interceptor van and Divo inter-city coach. (THBL)
` Satyam Computer Services Ltd (SCS IN) is in talks with the US Securities and Exchange
Commission to shorten the time frame for which the company would need to restate its earnings under US accounting standard. (THBL)
` Infosys (INFO IN) is searching for acquisitions to add companies that specialize in
providing healthcare and government services. (BSTD)
` Dr Reddy's Laboratories Ltd (DRRD IN) to issue USD 116 mn debentures. (BSTD)
` PFC (POWF IN) is in the process of creating a wholly-owned subsidiary for the
renewable energy sector, in a couple of weeks, to be called PFC Green Energy Ltd.
(BSTD)
` PFC (POWF IN) has sanctioned USD 1.57 bn to fund a thermal power project to be set
up by Raichur Power Corporation in Karnataka. (FNLE)
` HDFC (HDFC IN) is planning to monetise some of its non-core investments over the
next 6-12 months to garner a windfall gain of as much as USD 889 mn. (BSTD)
` Anil Ambani group firm Reliance Comm. (RCOM IN) has completed the procedure for
obtaining an USD 1.93bn loan from China Development Bank to part-finance the
cost of 3G spectrum & equipment purchase. (ECNT)
` Realty developer Kalpataru close to buying Bayer Cropscience's (BYRCS IN) 108 acres
land parcel in Thane for USD 311.11mn. (ECNT)
` Hero Honda's (HH IN) promoters Hero Investments has raised USD 200mn by
pledging shares to Axis Trustee Services. (ECNT)
` M&M Financial Services (MMFS IN) plans to sell as much as 5% new shares to
investors that may include some private funds as it prepares to meet higher capital
norms & raise lending in the economy, where agriculture is growing at 4%. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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