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Economy News
4 Blaming rising interest rates for the investment slowdown in the
economy, industry chamber CII’s new president and vice-chairman of Tata
Steel, B Muthuraman, today asked Reserve Bank of India (RBI) to
moderate its tight monetary stance. The central bank is slated to
announce its annual policy for 2011-12 just about a week later. (BS)
4 The National Highways Authority of India (NHAI) is facing arbitration
claims of over Rs 110 Bn in tribunals and various courts. Of the total
disputes, 1,099 disputes amounting to Rs 10,219.13 crore are in tribunals
and 536 disputes amounting to Rs.865.40 crore are in various courts. (BS)
Corporate News
4 RIL plan to build a Rs.50-60 Bn port project at Rewas, in Maharashtra, and
a liquefied natural gas (LNG) import facility have been currently put on
hold, said Niraj Ambani, president, logistics, Reliance Industries. "The
Rewas port is a part of the Maha Mumbai SEZ project that is awaiting
regulatory clearances for land acquisition. So for now the Rewas Port
project is on hold," Ambani said. (ET)
4 An independent review of Reliance Industries’ operations in the KG D6
block off the east coast has found the company responsible for the fall in
gas production from the country’s most-prolific field. The report,
submitted to the government last week, says the slow pace of field
development is the reason production has fallen to 50 million standard
cubic metres a day (mscmd) from a peak of 60 mscmd last year. The
review was commissioned by the oil regulator, the Directorate General of
Hydrocarbons. (BS)
4 Indian Oil Company, the country’s biggest oil marketer, is exploring a
foray into merchant power and setting up a coastal refinery to cater to
demand abroad. On passing on the price increase in petrol, a decontrolled
product, the company said it would do so “at the earliest”. (BS)
4 TCS, the country's largest software maker, today said it expects to hire
6,000 employees overseas, which is 10% of the total 60,000 people it
plans to recruit this fiscal. "The overseas hiring will be similar to the 10%
which we have done earlier," (BS)
4 Mahindra Holidays & Resorts India, a wholly-owned subsidiary of
Mahindra & Mahindra (M&M), today said it has lined up a capex of Rs.7 bn
for this fiscal. Presently, the leisure hospitality provider has 1,650 rooms
and operates 36 resorts across India and Thailand. (BS)
4 Navratna PSU Nalco's Rs.44 bn expansion plan to raise alumina refinery
capacity from 1.575 million tonnes to 2.1 million tonnes are at advance
stages of commissioning, company sources. The National Aluminium
Company Ltd (Nalco) has started commissioning various expanded
capacities of its alumina refinery at Damanjodi, including cogeneration
power plant, evaporation plant, stacker and bauxite circuit for production
of alumina. (BS)
4 Power Finance Corporation (PFC) today said its board has approved
the final papers for coming out with a follow on public offer (FPO). "The
board of directors of the company at its meeting on April 24 have
approved the Red Herring Prospectus (RHP) in respect of the proposed
further public offer," PFC said in a filing to the Bombay Stock Exchange.
The company plans to come out with an FPO of 229.5 Mn shares,
comprising a fresh issue of 172.1 Mn equities and an offer for sale of 57.3
Mn shares. (BS)
4 The Supreme Court has issued notices to ONGC and Punj Lloyd on
Singapore based off-shore construction major Swiber's plea, challenging
Bombay High Court order which had set aside a $125-million ONGC
contract to Swiber for laying off-shore pipelines along the country's west
coast. (ET)
News Round-up
An independent review of Reliance Industries' (RIL IN) operations in the KG D6 block
off the east coast has found the company responsible for the fall in gas production
from the country's most-prolific field. The report, submitted to the government last
week, say's the slow pace of field development is the reason production has fallen to
50 millions standard cubic metres a day (mscmd) from a peak of 60 mscmd last
year.(BSTD)
The government has asked Reliance Industries' (RIL IN) to immediately stop supplying
gas from its KG D6 block to "non-priority consumers" like refineries, steel makers
and petrochemical producers. (FNLE)
Reliance Ind. (RIL IN) plan to build a USD 1.36bn port project at Rewas, Maharashtra,
& its ambition to build a liquefied natural gas (LNG) import facility have been put on
hold. (ECNT)
MSD Pharmaceuticals, the Indian arm of US-based Merck & Co, and Sun
Pharmaceutical have formed an India-specific partnership agreement.
According to the agreement, Sun Pharma (SUNP IN) will market, promote and
distribute MSD's diabetes products - Sitagliptin and Sitagliptin plus Metformin - under
different brand names in India. (BSTD)
Indian Bank (INBK IN) said it was planning a follow-on-public offer of USD 341 mn by
September. (BSTD)
IOC (IOCL IN) is planning major foray into thermal power generation and power
trading. (FNLE)
Undeterred by the lack of assurance on domestic gas supplies Reliance Power (RPWR
IN) has accelerated work on its 2,400 MW Samalkot expansion project in Andhra
Pradesh and plans to complete atleast two units in the current calendar year. (FNLE)
TCS (TCS IN) is eyeing acquisitions in Germany and Japan in the healthcare sector.
(FNLE)
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 Blaming rising interest rates for the investment slowdown in the
economy, industry chamber CII’s new president and vice-chairman of Tata
Steel, B Muthuraman, today asked Reserve Bank of India (RBI) to
moderate its tight monetary stance. The central bank is slated to
announce its annual policy for 2011-12 just about a week later. (BS)
4 The National Highways Authority of India (NHAI) is facing arbitration
claims of over Rs 110 Bn in tribunals and various courts. Of the total
disputes, 1,099 disputes amounting to Rs 10,219.13 crore are in tribunals
and 536 disputes amounting to Rs.865.40 crore are in various courts. (BS)
Corporate News
4 RIL plan to build a Rs.50-60 Bn port project at Rewas, in Maharashtra, and
a liquefied natural gas (LNG) import facility have been currently put on
hold, said Niraj Ambani, president, logistics, Reliance Industries. "The
Rewas port is a part of the Maha Mumbai SEZ project that is awaiting
regulatory clearances for land acquisition. So for now the Rewas Port
project is on hold," Ambani said. (ET)
4 An independent review of Reliance Industries’ operations in the KG D6
block off the east coast has found the company responsible for the fall in
gas production from the country’s most-prolific field. The report,
submitted to the government last week, says the slow pace of field
development is the reason production has fallen to 50 million standard
cubic metres a day (mscmd) from a peak of 60 mscmd last year. The
review was commissioned by the oil regulator, the Directorate General of
Hydrocarbons. (BS)
4 Indian Oil Company, the country’s biggest oil marketer, is exploring a
foray into merchant power and setting up a coastal refinery to cater to
demand abroad. On passing on the price increase in petrol, a decontrolled
product, the company said it would do so “at the earliest”. (BS)
4 TCS, the country's largest software maker, today said it expects to hire
6,000 employees overseas, which is 10% of the total 60,000 people it
plans to recruit this fiscal. "The overseas hiring will be similar to the 10%
which we have done earlier," (BS)
4 Mahindra Holidays & Resorts India, a wholly-owned subsidiary of
Mahindra & Mahindra (M&M), today said it has lined up a capex of Rs.7 bn
for this fiscal. Presently, the leisure hospitality provider has 1,650 rooms
and operates 36 resorts across India and Thailand. (BS)
4 Navratna PSU Nalco's Rs.44 bn expansion plan to raise alumina refinery
capacity from 1.575 million tonnes to 2.1 million tonnes are at advance
stages of commissioning, company sources. The National Aluminium
Company Ltd (Nalco) has started commissioning various expanded
capacities of its alumina refinery at Damanjodi, including cogeneration
power plant, evaporation plant, stacker and bauxite circuit for production
of alumina. (BS)
4 Power Finance Corporation (PFC) today said its board has approved
the final papers for coming out with a follow on public offer (FPO). "The
board of directors of the company at its meeting on April 24 have
approved the Red Herring Prospectus (RHP) in respect of the proposed
further public offer," PFC said in a filing to the Bombay Stock Exchange.
The company plans to come out with an FPO of 229.5 Mn shares,
comprising a fresh issue of 172.1 Mn equities and an offer for sale of 57.3
Mn shares. (BS)
4 The Supreme Court has issued notices to ONGC and Punj Lloyd on
Singapore based off-shore construction major Swiber's plea, challenging
Bombay High Court order which had set aside a $125-million ONGC
contract to Swiber for laying off-shore pipelines along the country's west
coast. (ET)
News Round-up
An independent review of Reliance Industries' (RIL IN) operations in the KG D6 block
off the east coast has found the company responsible for the fall in gas production
from the country's most-prolific field. The report, submitted to the government last
week, say's the slow pace of field development is the reason production has fallen to
50 millions standard cubic metres a day (mscmd) from a peak of 60 mscmd last
year.(BSTD)
The government has asked Reliance Industries' (RIL IN) to immediately stop supplying
gas from its KG D6 block to "non-priority consumers" like refineries, steel makers
and petrochemical producers. (FNLE)
Reliance Ind. (RIL IN) plan to build a USD 1.36bn port project at Rewas, Maharashtra,
& its ambition to build a liquefied natural gas (LNG) import facility have been put on
hold. (ECNT)
MSD Pharmaceuticals, the Indian arm of US-based Merck & Co, and Sun
Pharmaceutical have formed an India-specific partnership agreement.
According to the agreement, Sun Pharma (SUNP IN) will market, promote and
distribute MSD's diabetes products - Sitagliptin and Sitagliptin plus Metformin - under
different brand names in India. (BSTD)
Indian Bank (INBK IN) said it was planning a follow-on-public offer of USD 341 mn by
September. (BSTD)
IOC (IOCL IN) is planning major foray into thermal power generation and power
trading. (FNLE)
Undeterred by the lack of assurance on domestic gas supplies Reliance Power (RPWR
IN) has accelerated work on its 2,400 MW Samalkot expansion project in Andhra
Pradesh and plans to complete atleast two units in the current calendar year. (FNLE)
TCS (TCS IN) is eyeing acquisitions in Germany and Japan in the healthcare sector.
(FNLE)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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