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Economy News
4 The government on Tuesday forecast normal monsoon rains for the
country in 2011. Quantitatively, the overall rainfall is likely to be 98% of
the long-period average with a 5% margin of error, minister for earth
sciences Pawan Kumar Bansal said. (ET)
4 India's exports surged 37.5% in 2010-11-their fastest annual growth since
independence. The country shipped goods worth $245.9 billion during the
year as attempts to diversify markets and increase regional trade paid
off. Exports surpassed the government's initial target of $200 billion. (ET)
4 Government owned banks will take a collective hit of Rs.40 bn, with the
RBI spelling out they will have to account for pension liability of retired
employees as they finalise their balance sheets for FY2011. (ET)
Corporate News
4 Vedanta Resources bought a 10.4% stake in Cairn India from Petronas
on Tuesday, becoming the second-largest shareholder in the company.
Vedanta's subsidiary Sesa Goa bought the 200 million shares for Rs.331 a
piece in a block deal after Petronas International Corp of Malaysia
decided to sell its 15% stake in Cairn India. (ET)
4 Vodafone Group is likely to start taking the legal and regulatory steps
needed to list its Indian operations by the year-end if it gets the better of
India's tax authorities in a long-running legal dispute over a $2.6-billion
tax claim, its chief executive said. (ET).
4 Bharat Heavy Electricals (BHEL) said its consortium with Alstom has
won a Rs.16 bn ($360 million) contract for steam turbine generators for
the Kakrapur nuclear power station in western India. Bhel’s share of the
contract is Rs.8.80 bn, it said in a statement. (Mint)
4 Larsen & Toubro will hive off its electrical and automation business as a
part of its restructuring, the company said on Tuesday. The sale has been
widely anticipated for months, with Francebased Schneider Electric and
NYSE-listed Eaton Corporation believed to be in the race to acquire the
business. (ET)
4 The US Food and Drug Administration (USFDA) has recalled all lots of
Lupin Pharma's cholesterol-lowering drug perindopril for "not meeting
specifications overtime", according to information on US drug wholesaler
Morris & Dickson's website.
4 Wockhardt has received final approval from the US health regulator to
sell its generic Venlafaxine Hydrochloride capsules used for treating
depression in the American market. (HBL)
4 Fortis Healthcare (India) Ltd will buy 86% stake in Super Religare
Laboratories (SRL) from its promoters at the same value at which private
equity firm Avigo Partner is acquiring a minority stake. This could cost the
hospital chain around Rs.8.42 bn. (ET)
4 The State Bank of India has made loans dearer by raising base rate by
25 basis points. Other banks may follow the leader and keep raising rates
for most part of the year as the central bank is likely to raise policy rates
to curb demand that's far exceeding the ability of manufacturers to ramp
up supply.
4 Pipavav Shipyard Ltd is in advanced talks to sell stake to an
international shipyard and a deal is likely within the next two weeks, a
source said on Tuesday. Pipavav hopes to sell the shares at a 20%
premium to its current market price, the source, who declined to be
identified ahead of a public announcement, told Reuters. (ET)
News Round-up
It will be a normal monsoon this year, forecasts Met, Rains likely to hit Kerala on
June 1. (TTOI)
DGH asks Reliance (RIL IN) to drill more wells in D6. (THBL)
The oil regulator refused to approve Reliance Industries' (RIL IN) spending plan for the
KG-D6 gas fields unless the company agrees to drill more wells in the prolific gas
block. (BSTD)
Next-generation security & disaster management business seems to be next on the
radar of Reliance Ind. (RIL IN), which will utilise its 4G telecom services for this new
initiative. (ECNT)
SBI (SBIN IN) has increased its base rate - the reference rate for loans - by 25 basis
points to 8.5% from April 25. The bank has 17% share of the loan market. (BSTD)
Vedanta secures a foothold in Cairn (CAIR IN). Petronas exits Cairn India, sells 10.4%
stake for USD 1.49 bn. (BSTD)
Vodafone looks to list India arm, to list arm only it wins tax suit, to review investment
it loses. Won't pay Essar more than USD 5bn. (ECNT)
BHEL (BHEL IN) said its consortium with Alstom has won a USD 363 mn contract from
steam turbine generators for the Kakrapur Nuclear Power Station in Gujarat. (BSTD)
Kishore Biyani promoted Future Ventures will be looking to raise USD 170.45mn via
IPO. The co. has fixed a price band of INR 10-11 per share. (ECNT)
Future Group announced its joint venture with UK footwear brand, Clarks. (BSTD)
The Miglanis, promoters of Uttam Galva (UTTM IN), are close to acquiring Lloyds
Steel. (BSTD)
Yes Bank (YES IN) has revived its plans of foraying into securities broking and aims to
start operations in the current financial year. Yes Bank also plans to set up Yes
Foundation, through which it plans to carry out several social initiatives. This would
be a Section 25 company, with Yes Bank as the single-largest stakeholder. (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 The government on Tuesday forecast normal monsoon rains for the
country in 2011. Quantitatively, the overall rainfall is likely to be 98% of
the long-period average with a 5% margin of error, minister for earth
sciences Pawan Kumar Bansal said. (ET)
4 India's exports surged 37.5% in 2010-11-their fastest annual growth since
independence. The country shipped goods worth $245.9 billion during the
year as attempts to diversify markets and increase regional trade paid
off. Exports surpassed the government's initial target of $200 billion. (ET)
4 Government owned banks will take a collective hit of Rs.40 bn, with the
RBI spelling out they will have to account for pension liability of retired
employees as they finalise their balance sheets for FY2011. (ET)
Corporate News
4 Vedanta Resources bought a 10.4% stake in Cairn India from Petronas
on Tuesday, becoming the second-largest shareholder in the company.
Vedanta's subsidiary Sesa Goa bought the 200 million shares for Rs.331 a
piece in a block deal after Petronas International Corp of Malaysia
decided to sell its 15% stake in Cairn India. (ET)
4 Vodafone Group is likely to start taking the legal and regulatory steps
needed to list its Indian operations by the year-end if it gets the better of
India's tax authorities in a long-running legal dispute over a $2.6-billion
tax claim, its chief executive said. (ET).
4 Bharat Heavy Electricals (BHEL) said its consortium with Alstom has
won a Rs.16 bn ($360 million) contract for steam turbine generators for
the Kakrapur nuclear power station in western India. Bhel’s share of the
contract is Rs.8.80 bn, it said in a statement. (Mint)
4 Larsen & Toubro will hive off its electrical and automation business as a
part of its restructuring, the company said on Tuesday. The sale has been
widely anticipated for months, with Francebased Schneider Electric and
NYSE-listed Eaton Corporation believed to be in the race to acquire the
business. (ET)
4 The US Food and Drug Administration (USFDA) has recalled all lots of
Lupin Pharma's cholesterol-lowering drug perindopril for "not meeting
specifications overtime", according to information on US drug wholesaler
Morris & Dickson's website.
4 Wockhardt has received final approval from the US health regulator to
sell its generic Venlafaxine Hydrochloride capsules used for treating
depression in the American market. (HBL)
4 Fortis Healthcare (India) Ltd will buy 86% stake in Super Religare
Laboratories (SRL) from its promoters at the same value at which private
equity firm Avigo Partner is acquiring a minority stake. This could cost the
hospital chain around Rs.8.42 bn. (ET)
4 The State Bank of India has made loans dearer by raising base rate by
25 basis points. Other banks may follow the leader and keep raising rates
for most part of the year as the central bank is likely to raise policy rates
to curb demand that's far exceeding the ability of manufacturers to ramp
up supply.
4 Pipavav Shipyard Ltd is in advanced talks to sell stake to an
international shipyard and a deal is likely within the next two weeks, a
source said on Tuesday. Pipavav hopes to sell the shares at a 20%
premium to its current market price, the source, who declined to be
identified ahead of a public announcement, told Reuters. (ET)
News Round-up
It will be a normal monsoon this year, forecasts Met, Rains likely to hit Kerala on
June 1. (TTOI)
DGH asks Reliance (RIL IN) to drill more wells in D6. (THBL)
The oil regulator refused to approve Reliance Industries' (RIL IN) spending plan for the
KG-D6 gas fields unless the company agrees to drill more wells in the prolific gas
block. (BSTD)
Next-generation security & disaster management business seems to be next on the
radar of Reliance Ind. (RIL IN), which will utilise its 4G telecom services for this new
initiative. (ECNT)
SBI (SBIN IN) has increased its base rate - the reference rate for loans - by 25 basis
points to 8.5% from April 25. The bank has 17% share of the loan market. (BSTD)
Vedanta secures a foothold in Cairn (CAIR IN). Petronas exits Cairn India, sells 10.4%
stake for USD 1.49 bn. (BSTD)
Vodafone looks to list India arm, to list arm only it wins tax suit, to review investment
it loses. Won't pay Essar more than USD 5bn. (ECNT)
BHEL (BHEL IN) said its consortium with Alstom has won a USD 363 mn contract from
steam turbine generators for the Kakrapur Nuclear Power Station in Gujarat. (BSTD)
Kishore Biyani promoted Future Ventures will be looking to raise USD 170.45mn via
IPO. The co. has fixed a price band of INR 10-11 per share. (ECNT)
Future Group announced its joint venture with UK footwear brand, Clarks. (BSTD)
The Miglanis, promoters of Uttam Galva (UTTM IN), are close to acquiring Lloyds
Steel. (BSTD)
Yes Bank (YES IN) has revived its plans of foraying into securities broking and aims to
start operations in the current financial year. Yes Bank also plans to set up Yes
Foundation, through which it plans to carry out several social initiatives. This would
be a Section 25 company, with Yes Bank as the single-largest stakeholder. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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