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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 A court on Wednesday rejected the bail applications of five top
executives of telecom companies accused in the country's biggest scam
involving award of telecom licences and spectrum in 2008. The five are
Sanjay Chandra, the managing director of Unitech and chairman of
Unitech Wireless; Gautam Doshi, group MD, Reliance Anil Dhirubhai
Ambani Group (ADAG); Surendra Pipara, senior vice-president of ADAG;
Hari Nair, senior vice-president of ADAG; and Vinod Goenka, the MD of
DB Realty and Swan Telecom (now Etisalat DB). (BS)
4 India's farm growth may cross 4% in 2011-12 on the back of monsoon
rains, which are expected to be normal this year as per the Met
Department. "Our efforts will be to maintain four per cent agriculture
growth this year and beyond that if monsoon cooperates," Agriculture
Minister Sharad Pawar said. (ET)
4 The Planning Commission is likely to set a realistic average growth target
of 9% for the 12th plan. "A 9% target is feasible and we can go till 9.5%,
but targeting 10% growth is unrealistic," said Planning commission
deputy chairman Montek Singh Ahluwalia . (ET)
4 Global crude steel production in March has gone up by 7 per cent y-o-y to
129 million tonnes (MT) in which India contributed only 6.35 MT, according
to World Steel Association (WSA). (BL)
Corporate News
4 The State Bank of India scrapped the so-called teaser home loans as the
Reserve Bank of India stuck to its view that the product was akin to the
US subprime loans that sank the global financial system. Now,
repayments will be a flat rate linked to its base rate , instead of a lower
rate in early years that rose after three years. (ET)
4 Tata Steel and British-Australian mining major Rio Tinto have signed a
licensing agreement for the technological and commercial development
of the environmentally friendly direct iron smelting process called
HIsarna. The agreement covers how the partners will operate together
and share their existing knowledge of the two technologies that are used
in the new process. (BL)
4 With an eye on the growing domestic sports bike market, Pune-based
Garware Motors announced on Thursday a tie-up with South Korean
two-wheeler maker S&T Motors Co to assemble and market motorbikes.
The company has launched the first two products in the country from the
S&T-owned Hyosung range. (BL)
4 VIP Industries, India's largest travel-wear maker, is likely to sell its stake
in the BSE-listed machine manufacturer Windsor Machines Ltd, to
Renaissance Equipment Pvt Ltd, along with other promoters. VIP, one of
the promoters, holds 17.49 per cent stake in Windsor Machines. (BS)
4 Jindal Steel and Power Ltd (JSPL) has made an open offer to acquire
Australian coal firm Rocklands Richfield Ltd at A$0.25 a share. The onmarket
cash offer is being made by JSPL's Australian subsidiary Jindal
Steel and Power (Australia) Pty Ltd (JSPA) for all shares of Rocklands
listed on the Australian Stock Exchange. The total value of the offer is
estimated at A$88 million. (BL)
4 Tata Power said its wholly owned subsidiary Bhira Investments has priced
a 60 year non-callable for five years (Reg S) hybrid capital offering of $
450 million at 8.5 per cent annually, payable semi-annually. The securities
are guaranteed by Tata Power. (BL)
News Round-up
�� ONGC's (ONGC IN) FPO is likely to hit markets between June & July this year,
according to top official. (ECNT)
�� The global war between miners & steelmakers that pushed up coking coal prices by
52% has put Indian steel cos. in a dilemma. While steelmakers may not be able to
raise prices due to resistance from users such as car makers, the sector could instead
explore options of production cuts to protect margins. (ECNT)
�� Jyothy Laboratories (JYL IN) is likely to rope in Apax Partners for a USD 100 mn
funding to buy Henkel's India business. (BSTD)
�� Tata Power (TPWR IN) announced the price of its USD 450 mn bond issue at 8.5%
per annum, payable semi-annually. (BSTD)
�� Tata Steel (TATA IN) may not have accepted Rio Tinto's ongoing share as yet, but it
has signed a licensing agreement with the global miner to support technological and
commercial development of the environmentally friendly process called HIsarna.
(BSTD)
�� Power Grid (PWGR IN) has signed a MoU with Kenya for providing consulting service
to develop their power transmission network. (BSTD)
�� After one prior failed attempt to acquire Australian coal miner Rocklands Richfield,
Jindal Steel and Power (JSP IN) is at it again with a second try. The company has
launched an open offer to acquire all shares of the company at USD 0.25 per share
valuing it at USD 88 mn. (BSTD)
�� Yes Bank (YES IN) set to raise up to USD 500 mn in FY12. The fund would be raised
either through GDRs, ADRs or QIPs. (BSTD)
�� VIP Industries (VIP IN) is likely to sell its stake in Windsor Machines Ltd, to Renaissance
Equipment Pvt Ltd, along with other promoters. (BSTD)
�� Lupin (LPC IN) gets tentative FDA nod for diabetic drug. (FNLE)
�� Wednesday for the first time ever as worries over the outlook for the US economy
boosted the metal as a safe haven, while rising inflation lifted Asian demand. (THBL)
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 A court on Wednesday rejected the bail applications of five top
executives of telecom companies accused in the country's biggest scam
involving award of telecom licences and spectrum in 2008. The five are
Sanjay Chandra, the managing director of Unitech and chairman of
Unitech Wireless; Gautam Doshi, group MD, Reliance Anil Dhirubhai
Ambani Group (ADAG); Surendra Pipara, senior vice-president of ADAG;
Hari Nair, senior vice-president of ADAG; and Vinod Goenka, the MD of
DB Realty and Swan Telecom (now Etisalat DB). (BS)
4 India's farm growth may cross 4% in 2011-12 on the back of monsoon
rains, which are expected to be normal this year as per the Met
Department. "Our efforts will be to maintain four per cent agriculture
growth this year and beyond that if monsoon cooperates," Agriculture
Minister Sharad Pawar said. (ET)
4 The Planning Commission is likely to set a realistic average growth target
of 9% for the 12th plan. "A 9% target is feasible and we can go till 9.5%,
but targeting 10% growth is unrealistic," said Planning commission
deputy chairman Montek Singh Ahluwalia . (ET)
4 Global crude steel production in March has gone up by 7 per cent y-o-y to
129 million tonnes (MT) in which India contributed only 6.35 MT, according
to World Steel Association (WSA). (BL)
Corporate News
4 The State Bank of India scrapped the so-called teaser home loans as the
Reserve Bank of India stuck to its view that the product was akin to the
US subprime loans that sank the global financial system. Now,
repayments will be a flat rate linked to its base rate , instead of a lower
rate in early years that rose after three years. (ET)
4 Tata Steel and British-Australian mining major Rio Tinto have signed a
licensing agreement for the technological and commercial development
of the environmentally friendly direct iron smelting process called
HIsarna. The agreement covers how the partners will operate together
and share their existing knowledge of the two technologies that are used
in the new process. (BL)
4 With an eye on the growing domestic sports bike market, Pune-based
Garware Motors announced on Thursday a tie-up with South Korean
two-wheeler maker S&T Motors Co to assemble and market motorbikes.
The company has launched the first two products in the country from the
S&T-owned Hyosung range. (BL)
4 VIP Industries, India's largest travel-wear maker, is likely to sell its stake
in the BSE-listed machine manufacturer Windsor Machines Ltd, to
Renaissance Equipment Pvt Ltd, along with other promoters. VIP, one of
the promoters, holds 17.49 per cent stake in Windsor Machines. (BS)
4 Jindal Steel and Power Ltd (JSPL) has made an open offer to acquire
Australian coal firm Rocklands Richfield Ltd at A$0.25 a share. The onmarket
cash offer is being made by JSPL's Australian subsidiary Jindal
Steel and Power (Australia) Pty Ltd (JSPA) for all shares of Rocklands
listed on the Australian Stock Exchange. The total value of the offer is
estimated at A$88 million. (BL)
4 Tata Power said its wholly owned subsidiary Bhira Investments has priced
a 60 year non-callable for five years (Reg S) hybrid capital offering of $
450 million at 8.5 per cent annually, payable semi-annually. The securities
are guaranteed by Tata Power. (BL)
News Round-up
�� ONGC's (ONGC IN) FPO is likely to hit markets between June & July this year,
according to top official. (ECNT)
�� The global war between miners & steelmakers that pushed up coking coal prices by
52% has put Indian steel cos. in a dilemma. While steelmakers may not be able to
raise prices due to resistance from users such as car makers, the sector could instead
explore options of production cuts to protect margins. (ECNT)
�� Jyothy Laboratories (JYL IN) is likely to rope in Apax Partners for a USD 100 mn
funding to buy Henkel's India business. (BSTD)
�� Tata Power (TPWR IN) announced the price of its USD 450 mn bond issue at 8.5%
per annum, payable semi-annually. (BSTD)
�� Tata Steel (TATA IN) may not have accepted Rio Tinto's ongoing share as yet, but it
has signed a licensing agreement with the global miner to support technological and
commercial development of the environmentally friendly process called HIsarna.
(BSTD)
�� Power Grid (PWGR IN) has signed a MoU with Kenya for providing consulting service
to develop their power transmission network. (BSTD)
�� After one prior failed attempt to acquire Australian coal miner Rocklands Richfield,
Jindal Steel and Power (JSP IN) is at it again with a second try. The company has
launched an open offer to acquire all shares of the company at USD 0.25 per share
valuing it at USD 88 mn. (BSTD)
�� Yes Bank (YES IN) set to raise up to USD 500 mn in FY12. The fund would be raised
either through GDRs, ADRs or QIPs. (BSTD)
�� VIP Industries (VIP IN) is likely to sell its stake in Windsor Machines Ltd, to Renaissance
Equipment Pvt Ltd, along with other promoters. (BSTD)
�� Lupin (LPC IN) gets tentative FDA nod for diabetic drug. (FNLE)
�� Wednesday for the first time ever as worries over the outlook for the US economy
boosted the metal as a safe haven, while rising inflation lifted Asian demand. (THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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