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Economy News
4 The Supreme Court issues a notice to the central government on the
appeal of the Federation of Indian Airlines (FIA) challenging on the new
ground handling policy, which was scheduled to come into force from
April 1. The SC has sought an explanation from government on why the
present system was being disturbed when it was working efficiently. The
court will hear the case again on April 25 after receiving the reply of the
civil aviation ministry and other authorities. (BL)
4 The price of the Indian basket of crude averaged $85.09 per barrel in
2010-11, up 22 per cent from the $69.8 per barrel in 2009-10. This
resulted in an estimated gross loss of Rs 780 Bn for the public sector oil
marketing companies (OMCs) — Indian Oil, Bharat Petroleum and
Hindustan Petroleum in the previous financial year. (BS)
4 The Union health ministry has constituted a taskforce to address issues
faced by the pharmaceutical industry and evolve a long-term strategy for
the sector. Prevention of takeover of domestic pharma companies by
MNCs is one of the areas that the taskforce will look at. (BS)
4 The Securities and Exchange Board of India (Sebi) will address the
concerns of the central bank while framing the guidelines for allowing
foreign individual investors to invest directly in registered mutual funds.
(BS)
Corporate News
4 Tata Motors which sold 8,707 units in March 2011, nearing its all-time
peak of 9,000 units sold in July last year,would double production plans
for the small car by up to 20,000 units a month in FY12. (BL)
4 Bharat Heavy Electricals Ltd (BHEL) announced a 40 % rise in net
profit to Rs 60.21 Bn in FY11. BHEL has a capex programme of Rs 17 Bn in
FY12. It secured record orders worth Rs 605.07 Bn in FY11 taking the
figure for total orders in hand to Rs 1.64 Tn. (BS)
4 Hyderabad-based GVK group has been shortlisted to acquire Hancock
Coal. GVK has signed an exclusivity pact; deal size likely at $8 billion. (BS)
4 Suzlon Energy which owns 95.16 % stake in REpower through its
subsidiary AE-Rotor Holding BV (AERH) directly and indirectly has initiated
steps to acquire the remaining stake in the German entity. (BL)
4 Aditya Birla Group which owns 47% stake in Idea Cellular had denied
selling stake in the company as reported by Bloomberg. (ET)
4 Gravita India has acquired 60% stake in Jammu- based KM Udyog, which
has an installed lead manufacturing and refining capacity of 7,200 tonne
per annum. The addition of KM Udyog, Jammu, is expected to improve
the top and bottom line of the company by around Rs 650 Mn and Rs 30
Mn respectively in FY12. (ET)
4 SpiceJet will recruit 150 pilots and 300 cabin crew to launch the regional
service connecting smaller towns with metro cities in south India in near
term. The airline currently has 15 Bombardier Q400 turboprop aircraft on
order for the same. (ET)
4 L&T Finance Holding has filed the draft paper with Securities and
Exchange Board of India (Sebi) for an Rs 17.5 Bn IPO. (ET)
4 Edinburgh-based Cairn Energy Plc will need to take consent of partner
ONGC before selling its majority stake in its Indian unit to Vedanta, Oil
Secretary S Sundareshan said today. (BS)
News Round-up
Reliance Industries Ltd (RIL IN) has set its eyes on the "wild cat" Cauvery-Palar
offshore to quench its hydrocarbons thirst. (THBL)
Cairn Energy Plc will need to take the consent of partner ONGC (ONGC IN) before
selling majority stake in its Indian unit to Vedanta. (BSTD)
Idea Cellular's (IDEA IN) controlling shareholder is considering selling its stake in
India's third-largest mobile-phone company and has held talks with potential buyers
including the MTN group. (BSTD)
GVK group set to buy Hancock Coal. Signs exclusively pact; deal size likely at USD 8
bn. Over and above the USD 4 bn equity, GVK will have to pay another USD 4 bn as
debt and mining development costs over the next six years. (BSTD)
Nalco (NACL IN) has increased the price of the metal across the categories by INR
5,000 a tonne in the wake of firming up of the prices in the London Metal Exchange
(LME). (BSTD)
Suzlon Energy (SUEL IN) is all set to acquire the residual stake in German company
REpower, to get 100% control of the company. (BSTD)
Maruti (MSIL IN) expects its sales around 15% this time from nearly 25% last financial
year. (BSTD)
BHEL (BHEL IN) is planning to buy German firm AE&E Lentjes to access its high-end
CFBC boiler manufacturing technology. (FNLE)
BHEL (BHEL IN) profit up 40%, looks for gas turbine business in Japan. (BSTD)
Lupin (LPC IN) sued by Allergan in US over eye drug. Japanese firms Senju & Kyorin
join Allergan in filing patent lawsuit. (FNLE)
Pfizer (PFIZ IN) agreed to sell Capsugel business to Kohlberg Kravis Roberts for USD
2.38 bn in cash, and said it will buyback additional shares and lower its revenue
forecasts. (FNLE)
Shi-Vani Oil (SVOG IN) to raise USD 111 mn through QIP. (FNLE)
Gurgaon based budget airline SpiceJet (SJET IN) will recruit 150 pilots & 300 cabin
crew to launch the regional airline connecting smaller towns with metro cities in
South India shortly. (ECNT)
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 Supreme Court issues a notice to the central government on the
appeal of the Federation of Indian Airlines (FIA) challenging on the new
ground handling policy, which was scheduled to come into force from
April 1. The SC has sought an explanation from government on why the
present system was being disturbed when it was working efficiently. The
court will hear the case again on April 25 after receiving the reply of the
civil aviation ministry and other authorities. (BL)
4 The price of the Indian basket of crude averaged $85.09 per barrel in
2010-11, up 22 per cent from the $69.8 per barrel in 2009-10. This
resulted in an estimated gross loss of Rs 780 Bn for the public sector oil
marketing companies (OMCs) — Indian Oil, Bharat Petroleum and
Hindustan Petroleum in the previous financial year. (BS)
4 The Union health ministry has constituted a taskforce to address issues
faced by the pharmaceutical industry and evolve a long-term strategy for
the sector. Prevention of takeover of domestic pharma companies by
MNCs is one of the areas that the taskforce will look at. (BS)
4 The Securities and Exchange Board of India (Sebi) will address the
concerns of the central bank while framing the guidelines for allowing
foreign individual investors to invest directly in registered mutual funds.
(BS)
Corporate News
4 Tata Motors which sold 8,707 units in March 2011, nearing its all-time
peak of 9,000 units sold in July last year,would double production plans
for the small car by up to 20,000 units a month in FY12. (BL)
4 Bharat Heavy Electricals Ltd (BHEL) announced a 40 % rise in net
profit to Rs 60.21 Bn in FY11. BHEL has a capex programme of Rs 17 Bn in
FY12. It secured record orders worth Rs 605.07 Bn in FY11 taking the
figure for total orders in hand to Rs 1.64 Tn. (BS)
4 Hyderabad-based GVK group has been shortlisted to acquire Hancock
Coal. GVK has signed an exclusivity pact; deal size likely at $8 billion. (BS)
4 Suzlon Energy which owns 95.16 % stake in REpower through its
subsidiary AE-Rotor Holding BV (AERH) directly and indirectly has initiated
steps to acquire the remaining stake in the German entity. (BL)
4 Aditya Birla Group which owns 47% stake in Idea Cellular had denied
selling stake in the company as reported by Bloomberg. (ET)
4 Gravita India has acquired 60% stake in Jammu- based KM Udyog, which
has an installed lead manufacturing and refining capacity of 7,200 tonne
per annum. The addition of KM Udyog, Jammu, is expected to improve
the top and bottom line of the company by around Rs 650 Mn and Rs 30
Mn respectively in FY12. (ET)
4 SpiceJet will recruit 150 pilots and 300 cabin crew to launch the regional
service connecting smaller towns with metro cities in south India in near
term. The airline currently has 15 Bombardier Q400 turboprop aircraft on
order for the same. (ET)
4 L&T Finance Holding has filed the draft paper with Securities and
Exchange Board of India (Sebi) for an Rs 17.5 Bn IPO. (ET)
4 Edinburgh-based Cairn Energy Plc will need to take consent of partner
ONGC before selling its majority stake in its Indian unit to Vedanta, Oil
Secretary S Sundareshan said today. (BS)
News Round-up
Reliance Industries Ltd (RIL IN) has set its eyes on the "wild cat" Cauvery-Palar
offshore to quench its hydrocarbons thirst. (THBL)
Cairn Energy Plc will need to take the consent of partner ONGC (ONGC IN) before
selling majority stake in its Indian unit to Vedanta. (BSTD)
Idea Cellular's (IDEA IN) controlling shareholder is considering selling its stake in
India's third-largest mobile-phone company and has held talks with potential buyers
including the MTN group. (BSTD)
GVK group set to buy Hancock Coal. Signs exclusively pact; deal size likely at USD 8
bn. Over and above the USD 4 bn equity, GVK will have to pay another USD 4 bn as
debt and mining development costs over the next six years. (BSTD)
Nalco (NACL IN) has increased the price of the metal across the categories by INR
5,000 a tonne in the wake of firming up of the prices in the London Metal Exchange
(LME). (BSTD)
Suzlon Energy (SUEL IN) is all set to acquire the residual stake in German company
REpower, to get 100% control of the company. (BSTD)
Maruti (MSIL IN) expects its sales around 15% this time from nearly 25% last financial
year. (BSTD)
BHEL (BHEL IN) is planning to buy German firm AE&E Lentjes to access its high-end
CFBC boiler manufacturing technology. (FNLE)
BHEL (BHEL IN) profit up 40%, looks for gas turbine business in Japan. (BSTD)
Lupin (LPC IN) sued by Allergan in US over eye drug. Japanese firms Senju & Kyorin
join Allergan in filing patent lawsuit. (FNLE)
Pfizer (PFIZ IN) agreed to sell Capsugel business to Kohlberg Kravis Roberts for USD
2.38 bn in cash, and said it will buyback additional shares and lower its revenue
forecasts. (FNLE)
Shi-Vani Oil (SVOG IN) to raise USD 111 mn through QIP. (FNLE)
Gurgaon based budget airline SpiceJet (SJET IN) will recruit 150 pilots & 300 cabin
crew to launch the regional airline connecting smaller towns with metro cities in
South India shortly. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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