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Economy News
4 India’s index for industrial production (IIP) grew 3.6 % in February, yearon-
year due to the high base effect and continued weakness in capital
goods dragged the index further down (BS)
4 IMF has scaled down India’s economic growth to 8.2 % for 2011. The
Indian economy grew 10.4 % in 2010 and is expected to grow by 7.8 % in
2012 (BS).
4 The finance ministry is likely to review the loan portfolio of public sector
banks to ensure they are lending directly to the priority sector and not
buying loans from regional rural banks (RRBs) or microfinance institutions
(MFIs) to meet their mandatory lending requirements (ET).
4 Urban households expect inflationary pressure to sustain through 2011
and feel there may not be any softening of food prices, an RBI survey
shows. While year end 2011 household inflation is expected to be 13.1
per cent, up from the perceived 11.8 per cent in December 2010, dailywage
workers and housewives expected higher inflation rates to
continue. As per the ‘Inflation Expectations Survey of Households:
December 2010 (Round 22)’ conducted by the apex bank, the rise will be
mainly on account of movement in food prices. (BL)
4 The finance ministry has asked the telecom department (DoT) to
investigate the role of mobile phone service providers in leaking Niira
Radia tapes as it looks to identify individuals involved in making the
telephonic intercepts public. (ET)
4 Prime Minister Manmohan Singh has pitched for greater Indian exports
to China to reduce the trade deficit between the two countries and
expressed confidence that the bilateral trade would surpass $100 billion
by 2015. "I am confident that we will surpass our bilateral trade target of
$100 billion dollars by 2015, but we have to make more efforts to
promote greater Indian exports to China to reduce the trade deficit,"
Singh said in an interview to China's state-run Xinhua news agency. (ET)
Corporate News
4 Banks which lend to microfinance institutions (MFIs) are fighting among
themselves over restructuring these loans. Some banks, including ICICI,
want to restructure securitised advances along with other loans. This is
being opposed by Axis Bank, IndusInd Bank and YES Bank. (BS)
4 French power equipment maker Alstom may tie-up with state-owned
BHEL for manufacturing locomotives for Indian railways. “For
refurbishment or new loco projects we intend to go with a local partner,”
Alstom Chairman and CEO Mr Patrick Kron told reporters. (BL)
4 Steel Authority of India Ltd has finally obtained environmental
clearance for the McLellan Iron Ore Mining Project, exclusively for
Budhaburu lease, having the largest reserves (1,166.14 million tonnes)
among the Chiria group of mines in Jharkhand. (BL)
4 Larsen & Toubro's Electrical and Automation (E&A) division is
benchmarking its innovations in products to revenues. For 2011, new
products account for 41 per cent of the division's total revenue of about
Rs 36.7 bn, said Mr Sharat C Bhargava, Senior Vice-President, Electrical
and Automation. (BL)
4 Coal India is planning to invite CBM (coal-bed-methane) players to
capture methane in the five existing underground mines in the Jharia and
Bokaro coalfields in Jharkhand. (BL)
4 The first 525 MW unit of the 2 x 525 Maithon Power Ltd (MPL) is
expected to be commercialised this month, according to sources. The unit
was synchronised on March 28. MPL is a 74:26 thermal power joint
venture between Tata Power and Damodar Valley Corporation. BHEL
was the BTG (boiler-turbine-generator) contractor for the project. (BL)
News Round-up
Industrial growth stayed below the 5% mark for the fourth month in a row. The
index for industrial production (IIP) grew by 3.6% in February. (BSTD-Tues)
The govt. is considering sweeping changes in the Companies Act & other laws to
identify the "beneficial ownership" of assets, including cos., as opposed to legal
owners, to counter the menace of black money & money laundering. (ECNT)
The government plans to renew telecom licences every 10 years instead of the 20
years at present. It is also considering easier merger and acquisition rules for telecom
companies. (BSTD-Tues)
Oil ministry has sought security clearance from the home ministry for UK's BP to buy
30% stake in most of Reliance Ind. oil & gas blocks, including the gigantic eastern
offshore KG-D6 fields. (ECNT)
The RBI is expected to raise key rates by 25 bps while announcing its monetary policy
for 2011 in early May although the index of industrial production (IIP) points to a
slow down in investments. (TTOI)
Following in the footsteps of Reliance Industries (RIL IN), GAIL (GAIL IN) plans to buy
shale gas assets abroad. The state-run company may soon buy nearly 20% stake in
two shale gas acreages-Eagle Ford shale and Barnett shale - in the US. The deal size
may be over 227 mn. GAIL plans to build expertise in shale gas technology so that it
can bid in shale gas auctions. (BSTD-Tues)
Reliance Infra (RELI N) has started its share buyback to the tune of USD 222.22mn
through open market purchases. (ECNT-Tue)
Blackstone is in talks with security services provider APS Group to acquire Securitrans
India Pvt. Ltd., the latter's cash management arm, the deal is valued at USD
33.33mn. (ECNT)
JK Paper (CPM IN) is raising USD 50mn from a consortium of international
development financial institutions including FMO, DEG & Proparco through FCCBs, to
part finance capacity expansion. (ECNT-Tue)
Warburg Pincus to invest USD 100mn in Chennai based logistics firm Continental
Warehousing, a flagship of the NRD Group. (ECNT-Tue)
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 India’s index for industrial production (IIP) grew 3.6 % in February, yearon-
year due to the high base effect and continued weakness in capital
goods dragged the index further down (BS)
4 IMF has scaled down India’s economic growth to 8.2 % for 2011. The
Indian economy grew 10.4 % in 2010 and is expected to grow by 7.8 % in
2012 (BS).
4 The finance ministry is likely to review the loan portfolio of public sector
banks to ensure they are lending directly to the priority sector and not
buying loans from regional rural banks (RRBs) or microfinance institutions
(MFIs) to meet their mandatory lending requirements (ET).
4 Urban households expect inflationary pressure to sustain through 2011
and feel there may not be any softening of food prices, an RBI survey
shows. While year end 2011 household inflation is expected to be 13.1
per cent, up from the perceived 11.8 per cent in December 2010, dailywage
workers and housewives expected higher inflation rates to
continue. As per the ‘Inflation Expectations Survey of Households:
December 2010 (Round 22)’ conducted by the apex bank, the rise will be
mainly on account of movement in food prices. (BL)
4 The finance ministry has asked the telecom department (DoT) to
investigate the role of mobile phone service providers in leaking Niira
Radia tapes as it looks to identify individuals involved in making the
telephonic intercepts public. (ET)
4 Prime Minister Manmohan Singh has pitched for greater Indian exports
to China to reduce the trade deficit between the two countries and
expressed confidence that the bilateral trade would surpass $100 billion
by 2015. "I am confident that we will surpass our bilateral trade target of
$100 billion dollars by 2015, but we have to make more efforts to
promote greater Indian exports to China to reduce the trade deficit,"
Singh said in an interview to China's state-run Xinhua news agency. (ET)
Corporate News
4 Banks which lend to microfinance institutions (MFIs) are fighting among
themselves over restructuring these loans. Some banks, including ICICI,
want to restructure securitised advances along with other loans. This is
being opposed by Axis Bank, IndusInd Bank and YES Bank. (BS)
4 French power equipment maker Alstom may tie-up with state-owned
BHEL for manufacturing locomotives for Indian railways. “For
refurbishment or new loco projects we intend to go with a local partner,”
Alstom Chairman and CEO Mr Patrick Kron told reporters. (BL)
4 Steel Authority of India Ltd has finally obtained environmental
clearance for the McLellan Iron Ore Mining Project, exclusively for
Budhaburu lease, having the largest reserves (1,166.14 million tonnes)
among the Chiria group of mines in Jharkhand. (BL)
4 Larsen & Toubro's Electrical and Automation (E&A) division is
benchmarking its innovations in products to revenues. For 2011, new
products account for 41 per cent of the division's total revenue of about
Rs 36.7 bn, said Mr Sharat C Bhargava, Senior Vice-President, Electrical
and Automation. (BL)
4 Coal India is planning to invite CBM (coal-bed-methane) players to
capture methane in the five existing underground mines in the Jharia and
Bokaro coalfields in Jharkhand. (BL)
4 The first 525 MW unit of the 2 x 525 Maithon Power Ltd (MPL) is
expected to be commercialised this month, according to sources. The unit
was synchronised on March 28. MPL is a 74:26 thermal power joint
venture between Tata Power and Damodar Valley Corporation. BHEL
was the BTG (boiler-turbine-generator) contractor for the project. (BL)
News Round-up
Industrial growth stayed below the 5% mark for the fourth month in a row. The
index for industrial production (IIP) grew by 3.6% in February. (BSTD-Tues)
The govt. is considering sweeping changes in the Companies Act & other laws to
identify the "beneficial ownership" of assets, including cos., as opposed to legal
owners, to counter the menace of black money & money laundering. (ECNT)
The government plans to renew telecom licences every 10 years instead of the 20
years at present. It is also considering easier merger and acquisition rules for telecom
companies. (BSTD-Tues)
Oil ministry has sought security clearance from the home ministry for UK's BP to buy
30% stake in most of Reliance Ind. oil & gas blocks, including the gigantic eastern
offshore KG-D6 fields. (ECNT)
The RBI is expected to raise key rates by 25 bps while announcing its monetary policy
for 2011 in early May although the index of industrial production (IIP) points to a
slow down in investments. (TTOI)
Following in the footsteps of Reliance Industries (RIL IN), GAIL (GAIL IN) plans to buy
shale gas assets abroad. The state-run company may soon buy nearly 20% stake in
two shale gas acreages-Eagle Ford shale and Barnett shale - in the US. The deal size
may be over 227 mn. GAIL plans to build expertise in shale gas technology so that it
can bid in shale gas auctions. (BSTD-Tues)
Reliance Infra (RELI N) has started its share buyback to the tune of USD 222.22mn
through open market purchases. (ECNT-Tue)
Blackstone is in talks with security services provider APS Group to acquire Securitrans
India Pvt. Ltd., the latter's cash management arm, the deal is valued at USD
33.33mn. (ECNT)
JK Paper (CPM IN) is raising USD 50mn from a consortium of international
development financial institutions including FMO, DEG & Proparco through FCCBs, to
part finance capacity expansion. (ECNT-Tue)
Warburg Pincus to invest USD 100mn in Chennai based logistics firm Continental
Warehousing, a flagship of the NRD Group. (ECNT-Tue)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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