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India Equity Research Reports, IPO and Stock News
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Economy News
4 External commercial borrowings (ECB) raised by Indian companies hit
record highs and have increased by $18.5 bn in the first three quarters of
FY11 as companies sought to benefit from lower borrowing costs (BL).
4 Realty firms are turning towards private equity investors for money to
repay mounting debt portfolios. With commercial banks turning cautious
about lending to the real estate sector, industry players strapped for cash
are seeking equity capital to ease liquidity crunch (ET).
Corporate News
4 Promius Pharma, a wholly-owned subsidiary of Dr Reddy's Laboratories
(DRL), has entered a collaborative agreement with US-based Valeant
Pharmaceuticals International, to market Cloderm cream in the US
market (BS).
4 ONGC Videsh Ltd (OVL), the overseas exploration arm of Oil and Natural
Gas Corporation (ONGC), has invoked force majeure clause for its
Libyan block following a war-like situation in the African nation (BS).
4 Zuari Industries Ltd is looking to set up a phosphoric acid plant abroad
as well as scouting for rock phosphate mines in North Africa and
Australia (BS).
4 Dunlop India has issued a layoff notice to about 900 workers of its
Sahagunj tyre factory, two hours from here in the adjoining district of
Hooghly (BS).
4 CBI has filed its first charge-sheet in the 2G spectrum allocation case
before a Special Court in New Delhi. Names include Managing Director of
Unitech Ltd and three senior officials of Reliance-ADAG group (BL).
4 MindTree Consulting Ltd has decided not to go ahead with its plan to
set up a 20 acres software development centre in Bhuvaneshwar (BS).
4 GMR Industries is in talks with major aircraft engine manufacturers to
set up engine MRO (maintenance, repair and overhaul) facilities (ET).
4 The Supreme Court has directed Glaxo India to pay Rs.712.1 mn to the
state in a 20-year-old dispute over pricing of the drugs scheduled under
the Drug Price Control Order (DPCO) (ET).
4 United Spirits Ltd has acquired 41.54 per cent stake in Karnataka-based
Sovereign Distilleries for Rs.35 mn to increase distillation capacity of the
company, as part of its backward integration plan (BS).
4 Temasek Holdings is in talks with PE major TPG Capital to buy a part of
its stake in Shriram Transport Finance Company (STFC), India’s
largest commercial vehicle financing company (BS).
News Round-up
` Credit facility Fitch has downgraded Indian economy's growth projections to 8.3%
for 2011-12 on account of high inflationary pressures that has forced the RBI to hike
key rates. (ECNT)
` The Reserve Bank of India has asked non-banking finance companies (NBFC's) to
desist from contributing capital to any partnership firm or be a partner in partnership
firm. (THBL)
` Domestic passenger car sales rise 25.1% in March. (BSTD-Sat)
` The Delhi High Court has stayed the merger between Idea Cellular (IDEA IN) and
Spice Telecom on a compliant filed by the Department of Telecom that the deal
between the two operators was in violation of the licence conditions. (THBL SAT)
` Temasek looks to buy TPG's stake in Shriram Transport (SHTF IN). TPG Capital's partexit may deliver it eight-fold returns in five years; deal size seen at USD 556 mn.
(BSTD)
` Lazard India Pvt Ltd on behalf of IP Holding Asia Singapore Pte Ltd, along with
International Paper Company, together persons acting in consort (PAC) has come up
with an open offer to acquire additional 21.5 per cent stake in Andhra Pradesh Paper
Mills Ltd (APPM IN). (THBL SAT)
` Anticipating a sharp rise in valuations after Andhra Pradesh Paper's purchase by USbased International Paper, Ballarpur Industries (BILT IN) has put on hold its plan to
launch a USD 330 mn initial public offer (IPO) of its UK subsidiary. (BSTD-Sat)
` Ballarpur Ind. (BILT IN) shelves LSE issue, sees better valuation in India. (ECNT-Sat)
` SAIL (SAIL IN) production may touch 12.6 million tonnes in the current financial year.
(BSTD)
` JSW Steel (JSTL IN) has revived its plans to list on the London Stock Exchange. (BSTD)
` GMR Group is in talks with major aircraft engine manufactures to set up engine MRO
(maintenance, repair and overhaul) facilities. (BSTD)
` Zuari Industries Ltd (ZUAR IN) is looking to set up a phosphoric acid plant abroad as
well as scouting for rock phosphate mines in North Africa and Australia. (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 External commercial borrowings (ECB) raised by Indian companies hit
record highs and have increased by $18.5 bn in the first three quarters of
FY11 as companies sought to benefit from lower borrowing costs (BL).
4 Realty firms are turning towards private equity investors for money to
repay mounting debt portfolios. With commercial banks turning cautious
about lending to the real estate sector, industry players strapped for cash
are seeking equity capital to ease liquidity crunch (ET).
Corporate News
4 Promius Pharma, a wholly-owned subsidiary of Dr Reddy's Laboratories
(DRL), has entered a collaborative agreement with US-based Valeant
Pharmaceuticals International, to market Cloderm cream in the US
market (BS).
4 ONGC Videsh Ltd (OVL), the overseas exploration arm of Oil and Natural
Gas Corporation (ONGC), has invoked force majeure clause for its
Libyan block following a war-like situation in the African nation (BS).
4 Zuari Industries Ltd is looking to set up a phosphoric acid plant abroad
as well as scouting for rock phosphate mines in North Africa and
Australia (BS).
4 Dunlop India has issued a layoff notice to about 900 workers of its
Sahagunj tyre factory, two hours from here in the adjoining district of
Hooghly (BS).
4 CBI has filed its first charge-sheet in the 2G spectrum allocation case
before a Special Court in New Delhi. Names include Managing Director of
Unitech Ltd and three senior officials of Reliance-ADAG group (BL).
4 MindTree Consulting Ltd has decided not to go ahead with its plan to
set up a 20 acres software development centre in Bhuvaneshwar (BS).
4 GMR Industries is in talks with major aircraft engine manufacturers to
set up engine MRO (maintenance, repair and overhaul) facilities (ET).
4 The Supreme Court has directed Glaxo India to pay Rs.712.1 mn to the
state in a 20-year-old dispute over pricing of the drugs scheduled under
the Drug Price Control Order (DPCO) (ET).
4 United Spirits Ltd has acquired 41.54 per cent stake in Karnataka-based
Sovereign Distilleries for Rs.35 mn to increase distillation capacity of the
company, as part of its backward integration plan (BS).
4 Temasek Holdings is in talks with PE major TPG Capital to buy a part of
its stake in Shriram Transport Finance Company (STFC), India’s
largest commercial vehicle financing company (BS).
News Round-up
` Credit facility Fitch has downgraded Indian economy's growth projections to 8.3%
for 2011-12 on account of high inflationary pressures that has forced the RBI to hike
key rates. (ECNT)
` The Reserve Bank of India has asked non-banking finance companies (NBFC's) to
desist from contributing capital to any partnership firm or be a partner in partnership
firm. (THBL)
` Domestic passenger car sales rise 25.1% in March. (BSTD-Sat)
` The Delhi High Court has stayed the merger between Idea Cellular (IDEA IN) and
Spice Telecom on a compliant filed by the Department of Telecom that the deal
between the two operators was in violation of the licence conditions. (THBL SAT)
` Temasek looks to buy TPG's stake in Shriram Transport (SHTF IN). TPG Capital's partexit may deliver it eight-fold returns in five years; deal size seen at USD 556 mn.
(BSTD)
` Lazard India Pvt Ltd on behalf of IP Holding Asia Singapore Pte Ltd, along with
International Paper Company, together persons acting in consort (PAC) has come up
with an open offer to acquire additional 21.5 per cent stake in Andhra Pradesh Paper
Mills Ltd (APPM IN). (THBL SAT)
` Anticipating a sharp rise in valuations after Andhra Pradesh Paper's purchase by USbased International Paper, Ballarpur Industries (BILT IN) has put on hold its plan to
launch a USD 330 mn initial public offer (IPO) of its UK subsidiary. (BSTD-Sat)
` Ballarpur Ind. (BILT IN) shelves LSE issue, sees better valuation in India. (ECNT-Sat)
` SAIL (SAIL IN) production may touch 12.6 million tonnes in the current financial year.
(BSTD)
` JSW Steel (JSTL IN) has revived its plans to list on the London Stock Exchange. (BSTD)
` GMR Group is in talks with major aircraft engine manufactures to set up engine MRO
(maintenance, repair and overhaul) facilities. (BSTD)
` Zuari Industries Ltd (ZUAR IN) is looking to set up a phosphoric acid plant abroad as
well as scouting for rock phosphate mines in North Africa and Australia. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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