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Economy News
4 After being left unchanged for more than 10 months, diesel prices may
see an increase of around Rs 2 per litre next month, providing marginal
relief to the oil marketing companies (OMCs) that incur a loss of Rs 16.10
on selling every litre. (BS)
4 Asian Development Bank said that rising food and fuel prices could hurt
growth in India and push millions of countrymen into extreme poverty
(BS)
4 Govt may consider additional unrestricted sugar exports after receiving
final output figures for the current season from October, said Food
Secretary B C Gupta (ET)
4 The Income Tax Department will refund about Rs 400 bn by the end of
April or early May, as part of the initiative by the Central Board of Direct
Taxes (CBDT) to complete the entire refunding process in the very first
month of a fiscal year (ET)
Corporate News
4 The State Bank of India, ICICI Bank , Citibank and Axis are among
the 19 banks penalised by the Reserve Bank of India for violating currency
derivatives norms and selling products to companies which did not
understand them, ending a three-year dispute between banks and small
companies burnt by derivatives. (ET)
4 India’s largest car maker, Maruti Suzuki, has put in place a new strategy
to reduce its dependence on Japan for auto parts. It will source parts
from new geographies such as Thailand and Germany, and hopes the
move will help it save five to 10 per cent on the cost of production (BS)
4 The Supreme Court on Tuesday said the private operator of India's
busiest airport, Mumbai, will not be allowed to collect airport
development fee (ADF). The court asked the consortium led by GVK
Group to seek permission to levy these fees from the Airports Economic
Regulatory Authority (AERA), set up to regulate airport tariffs. The GMRled
Delhi International Airport Ltd (DIAL) said it will continue collecting Rs
200 from domestic passengers and Rs 1,300 from international
passengers as the regulator, AERA, had allowed DIAL to levy ADF. (ET)
4 Vedanta Group firm Sesa Goa said it is looking at setting up small steel
plants of 1—1.5 million tonnes capacity in Orissa and Jharkhand. (BL)
4 Bhushan Steel, the country's third-largest producer of secondary steel,
said it plans to invest about Rs 50 bn for setting up 1.8 MT of new
capacity in Odisha. (ET)
4 Gammon India looks to sell stake in its European offshore power
subsidiary Gammon Holdings BV to strategic investors to raise close to Rs
7-10 bn, thereby clearing the debt burden on the balance sheet of the
Indian entity. (ET)
4 Telecom equipment manufacturer GTL Infrastructure has said its
shareholders have approved the amalgamation of Chennai Network
Infrastructure Ltd with itself. The scheme envisages an exchange ratio of
one equity share of GTL Infra for every four equity shares of CNIL. (BL)
News Round-up
Maruti (MSIL IN) seeks to reduce dependence on Japan. Will source parts from
Thailand and Germany to cut cost. (BSTD)
Maruti Suzuki (MSIL IN) eyes tax sops with local sourcing in Europe.
In Europe, OEMs sourcing 40% or more components from Europe are liable to get
reduction in tax and VAT. (FNLE)
Lupin Pharmaceuticals, Inc and Lupin Atlantis Holding SA, subsidiaries of Lupin Ltd
(LPC IN), have entered into a licence agreement with Abbott Laboratories and
Laboratories Fournier SA for various Abbott patents for cholesterol-lowering drug -
Antara (Fenofibrate) Capsules in the US market. (BSTD)
Suven Life Sciences (SVLS IN) received seven product patents from several countries
for its new chemical entities (NCEs), indicated for the treatment of nervous system
diseases like Parkinson's, Alzheimer's and schizophrenia. (BSTD)
After being left unchanged for 10 months, diesel prices may see an increase of
around INR 2 per litre next month, providing marginal relief to the oil marketing
companies (OMCs) that incur a loss of INR 16.10 on selling every litre. (BSTD)
Yes Bank (YES IN) set to approach overseas development funds. The proposed
funding would supplement the lender's plan of raising USD 170 - 227 mn from the
domestic market through the issue of upper and lower Tier II bonds with maturity
periods of 10-15 years. (BSTD)
IOC (IOCL IN) to augment LNG trading business 4-5 times. To step up annual regassification
capacity to 10 million tonne. (FNLE)
NTPC (NTPC IN) will allocate 500 mw of green energy to various states to help them
meet the Renewable Energy Purchase Obligations (RPO) as mandated in the National
Tariff Policy. (FNLE)
BEL (BHE IN) has set a target to achieve USD 1.39 bn in turnover in 2011-12 as
demand for its products has been increasing in the domestic and overseas markets.
(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 After being left unchanged for more than 10 months, diesel prices may
see an increase of around Rs 2 per litre next month, providing marginal
relief to the oil marketing companies (OMCs) that incur a loss of Rs 16.10
on selling every litre. (BS)
4 Asian Development Bank said that rising food and fuel prices could hurt
growth in India and push millions of countrymen into extreme poverty
(BS)
4 Govt may consider additional unrestricted sugar exports after receiving
final output figures for the current season from October, said Food
Secretary B C Gupta (ET)
4 The Income Tax Department will refund about Rs 400 bn by the end of
April or early May, as part of the initiative by the Central Board of Direct
Taxes (CBDT) to complete the entire refunding process in the very first
month of a fiscal year (ET)
Corporate News
4 The State Bank of India, ICICI Bank , Citibank and Axis are among
the 19 banks penalised by the Reserve Bank of India for violating currency
derivatives norms and selling products to companies which did not
understand them, ending a three-year dispute between banks and small
companies burnt by derivatives. (ET)
4 India’s largest car maker, Maruti Suzuki, has put in place a new strategy
to reduce its dependence on Japan for auto parts. It will source parts
from new geographies such as Thailand and Germany, and hopes the
move will help it save five to 10 per cent on the cost of production (BS)
4 The Supreme Court on Tuesday said the private operator of India's
busiest airport, Mumbai, will not be allowed to collect airport
development fee (ADF). The court asked the consortium led by GVK
Group to seek permission to levy these fees from the Airports Economic
Regulatory Authority (AERA), set up to regulate airport tariffs. The GMRled
Delhi International Airport Ltd (DIAL) said it will continue collecting Rs
200 from domestic passengers and Rs 1,300 from international
passengers as the regulator, AERA, had allowed DIAL to levy ADF. (ET)
4 Vedanta Group firm Sesa Goa said it is looking at setting up small steel
plants of 1—1.5 million tonnes capacity in Orissa and Jharkhand. (BL)
4 Bhushan Steel, the country's third-largest producer of secondary steel,
said it plans to invest about Rs 50 bn for setting up 1.8 MT of new
capacity in Odisha. (ET)
4 Gammon India looks to sell stake in its European offshore power
subsidiary Gammon Holdings BV to strategic investors to raise close to Rs
7-10 bn, thereby clearing the debt burden on the balance sheet of the
Indian entity. (ET)
4 Telecom equipment manufacturer GTL Infrastructure has said its
shareholders have approved the amalgamation of Chennai Network
Infrastructure Ltd with itself. The scheme envisages an exchange ratio of
one equity share of GTL Infra for every four equity shares of CNIL. (BL)
News Round-up
Maruti (MSIL IN) seeks to reduce dependence on Japan. Will source parts from
Thailand and Germany to cut cost. (BSTD)
Maruti Suzuki (MSIL IN) eyes tax sops with local sourcing in Europe.
In Europe, OEMs sourcing 40% or more components from Europe are liable to get
reduction in tax and VAT. (FNLE)
Lupin Pharmaceuticals, Inc and Lupin Atlantis Holding SA, subsidiaries of Lupin Ltd
(LPC IN), have entered into a licence agreement with Abbott Laboratories and
Laboratories Fournier SA for various Abbott patents for cholesterol-lowering drug -
Antara (Fenofibrate) Capsules in the US market. (BSTD)
Suven Life Sciences (SVLS IN) received seven product patents from several countries
for its new chemical entities (NCEs), indicated for the treatment of nervous system
diseases like Parkinson's, Alzheimer's and schizophrenia. (BSTD)
After being left unchanged for 10 months, diesel prices may see an increase of
around INR 2 per litre next month, providing marginal relief to the oil marketing
companies (OMCs) that incur a loss of INR 16.10 on selling every litre. (BSTD)
Yes Bank (YES IN) set to approach overseas development funds. The proposed
funding would supplement the lender's plan of raising USD 170 - 227 mn from the
domestic market through the issue of upper and lower Tier II bonds with maturity
periods of 10-15 years. (BSTD)
IOC (IOCL IN) to augment LNG trading business 4-5 times. To step up annual regassification
capacity to 10 million tonne. (FNLE)
NTPC (NTPC IN) will allocate 500 mw of green energy to various states to help them
meet the Renewable Energy Purchase Obligations (RPO) as mandated in the National
Tariff Policy. (FNLE)
BEL (BHE IN) has set a target to achieve USD 1.39 bn in turnover in 2011-12 as
demand for its products has been increasing in the domestic and overseas markets.
(FNLE)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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