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Economy News
4 Inflation continues to be the main concern for the Reserve Bank of India
(RBI), which “cannot be idle to the threat even if it is driven by supply-side
factors”, deputy governor Subir Gokarn told a meeting of businessmen
on Tuesday in what is seen as a signal that interest rate increases may
continue. (Mint)
4 Growth in India’s service sector slowed in March from February’s
blistering seven-month high as new business growth moderated slightly,
while price pressures, particularly wages, continued to rise. The seasonally
adjusted HSBC Markit Business Activity index, based on a survey of over
450 companies, slipped to 58.8 in March from February’s 60.2, but
remained above the 50 mark that denotes expansion for the 23rd
consecutive month. (Mint)
4 The government may consider setting up a regulator for the fertilizer
industry if urea prices are freed from state control, two senior
government officials said. The regulator may be given similar powers as
the Telecom Regulatory Authority of India (Trai), the officials
independently confirmed. (Mint)
4 The new regime for FM radio stations royalties to music companies will
continue for now after the Supreme Court refused to stay a judgment on
the Copyright board that was issued on 25th August. (Mint)
4 India's drug price regulator has prevented several global drugmakers
from increasing the prices of their imported medicines after they refused
to share pricing details of their imported brands for the local market. (ET)
Corporate News
4 The Securities and Exchange Board of India (Sebi) has given its nod to UKbased
Vedanta Resources’ Rs.131.6 bn open offer for Cairn India, said
Vedanta Chairman Anil Agarwal. The Cabinet Committee on Economic
Affairs (CCEA) is also likely to approve the Cairn-Vedanta deal, eight
months after it was signed. The deadline for completion of the deal is
April 15. (BS)
4 Maruti Suzuki India Limited (MSIL) said it had increased prices of its
vehicles across all models by up to Rs 9,000 to offset rising input costs. (BS)
4 Jyothy Laboratories has emerged as the sole bidder for acquiring a
majority stake in Henkel India from its German parent, as the bidding
process closed on Tuesday. People close to the situation told ET that
Jyothy has offered Rs 10 per share for the stake, a steep 80% discount to
the current market price. (ET)
4 Mumbai-based drugmaker Lupin has filed a second suit in the US against
Ranbaxy Laboratories to prevent the country's largest drugmaker from
launching fenofibrate, a generic version of Lupin's cholesterol lowering
drug Antara in the US. (ET)
4 L&T Metro Rail Hyderabad (L&T MRHL), the SPV of Larsen & Toubro, has
achieved financial closure for the Hyderabad Metro Rail Project. A
consortium of banks led by SBI has sanctioned the debt requirement of
Rs.114.8 bn for the project. (FE)
4 Eight months after Karnataka stopped iron ore exports, the Supreme
Court on Tuesday passed an order which, in effect, lifts the ban. This
order will come into effect from April 20. In the interim order, the apex
court gave the State Government 15 days to implement the new rules
for regulating iron ore mining and transportation. Companies such as
Sesa Goa, MSPL and S B Minerals, which had challenged the State
Government ban, are the biggest gainers from the apex court order. (ET)
News Round-up
SEBI had approved Vedanta Resources' open offer for Cairn India (CAIR IN). The
Cabinet Committee on Economic affairs (CCEA) okay for deal expected today, but on
what conditions still unclear. (BSTD)
Jyothy Labs (JYL IN) has emerged the sole bidder for acquiring a majority stake in
Henkel India (HNKL IN) from its German parent, as the bidding closed on Tuesday,
Jyothy has offered INR 10 per share for the stake, a steep 80% discount to the
current market price. (ECNT)
Maruti Suzuki (MSIL IN) has increased the prices of its vehicles across all models by up
to INR 9000 to offset rising input costs. (ECNT)
L&T (LT IN) has achieved financial closure for the USD 3.67 bn Hyderabad Metro Rail
project, with a consortium led by SBI (SBIN IN) with USD 2.57 bn debt, meeting 70
per cent of the total cost. (THBL)
United Phosphorus Ltd (UNTP IN) acquired 50% stake in Spicam Isagro Brasil, which
gives the domestic agro chemical manufacturer a foothold in Brazil, one of the
biggest global crop protection markets. (BSTD)
Ashok Leyland (AL IN) planning to launch a 40-feet boat. (BSTD)
Future Capital Holdings (FCHL IN) is planning to set up 100 branches (financial
superstores) in large Future Group stores to sell loans, insurance and real estate
broking services. (BSTD)
The Tiruchirappalli unit of BHEL (BHEL IN) is looking at the super critical boilers
segment in a big way. (FNLE)
Voltas (VOLT IN) said it has increased its stake to 60% in Lalvol, a joint venture
between the Indian company and Oman-based Lalbuksh Contracting and Trading
Establishment. (FNLE)
Suzlon (SUEL IN) sets conversion price for FCCBs at INR 54. (FNLE)
Lupin (LPC IN) has filed a second suit in the US against Ranbaxy Labs. (RBXY IN) to
prevent it from launching fenofibrate, a generic version of Lupin's cholesterol
lowering drug Antara in the US. (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 Inflation continues to be the main concern for the Reserve Bank of India
(RBI), which “cannot be idle to the threat even if it is driven by supply-side
factors”, deputy governor Subir Gokarn told a meeting of businessmen
on Tuesday in what is seen as a signal that interest rate increases may
continue. (Mint)
4 Growth in India’s service sector slowed in March from February’s
blistering seven-month high as new business growth moderated slightly,
while price pressures, particularly wages, continued to rise. The seasonally
adjusted HSBC Markit Business Activity index, based on a survey of over
450 companies, slipped to 58.8 in March from February’s 60.2, but
remained above the 50 mark that denotes expansion for the 23rd
consecutive month. (Mint)
4 The government may consider setting up a regulator for the fertilizer
industry if urea prices are freed from state control, two senior
government officials said. The regulator may be given similar powers as
the Telecom Regulatory Authority of India (Trai), the officials
independently confirmed. (Mint)
4 The new regime for FM radio stations royalties to music companies will
continue for now after the Supreme Court refused to stay a judgment on
the Copyright board that was issued on 25th August. (Mint)
4 India's drug price regulator has prevented several global drugmakers
from increasing the prices of their imported medicines after they refused
to share pricing details of their imported brands for the local market. (ET)
Corporate News
4 The Securities and Exchange Board of India (Sebi) has given its nod to UKbased
Vedanta Resources’ Rs.131.6 bn open offer for Cairn India, said
Vedanta Chairman Anil Agarwal. The Cabinet Committee on Economic
Affairs (CCEA) is also likely to approve the Cairn-Vedanta deal, eight
months after it was signed. The deadline for completion of the deal is
April 15. (BS)
4 Maruti Suzuki India Limited (MSIL) said it had increased prices of its
vehicles across all models by up to Rs 9,000 to offset rising input costs. (BS)
4 Jyothy Laboratories has emerged as the sole bidder for acquiring a
majority stake in Henkel India from its German parent, as the bidding
process closed on Tuesday. People close to the situation told ET that
Jyothy has offered Rs 10 per share for the stake, a steep 80% discount to
the current market price. (ET)
4 Mumbai-based drugmaker Lupin has filed a second suit in the US against
Ranbaxy Laboratories to prevent the country's largest drugmaker from
launching fenofibrate, a generic version of Lupin's cholesterol lowering
drug Antara in the US. (ET)
4 L&T Metro Rail Hyderabad (L&T MRHL), the SPV of Larsen & Toubro, has
achieved financial closure for the Hyderabad Metro Rail Project. A
consortium of banks led by SBI has sanctioned the debt requirement of
Rs.114.8 bn for the project. (FE)
4 Eight months after Karnataka stopped iron ore exports, the Supreme
Court on Tuesday passed an order which, in effect, lifts the ban. This
order will come into effect from April 20. In the interim order, the apex
court gave the State Government 15 days to implement the new rules
for regulating iron ore mining and transportation. Companies such as
Sesa Goa, MSPL and S B Minerals, which had challenged the State
Government ban, are the biggest gainers from the apex court order. (ET)
News Round-up
SEBI had approved Vedanta Resources' open offer for Cairn India (CAIR IN). The
Cabinet Committee on Economic affairs (CCEA) okay for deal expected today, but on
what conditions still unclear. (BSTD)
Jyothy Labs (JYL IN) has emerged the sole bidder for acquiring a majority stake in
Henkel India (HNKL IN) from its German parent, as the bidding closed on Tuesday,
Jyothy has offered INR 10 per share for the stake, a steep 80% discount to the
current market price. (ECNT)
Maruti Suzuki (MSIL IN) has increased the prices of its vehicles across all models by up
to INR 9000 to offset rising input costs. (ECNT)
L&T (LT IN) has achieved financial closure for the USD 3.67 bn Hyderabad Metro Rail
project, with a consortium led by SBI (SBIN IN) with USD 2.57 bn debt, meeting 70
per cent of the total cost. (THBL)
United Phosphorus Ltd (UNTP IN) acquired 50% stake in Spicam Isagro Brasil, which
gives the domestic agro chemical manufacturer a foothold in Brazil, one of the
biggest global crop protection markets. (BSTD)
Ashok Leyland (AL IN) planning to launch a 40-feet boat. (BSTD)
Future Capital Holdings (FCHL IN) is planning to set up 100 branches (financial
superstores) in large Future Group stores to sell loans, insurance and real estate
broking services. (BSTD)
The Tiruchirappalli unit of BHEL (BHEL IN) is looking at the super critical boilers
segment in a big way. (FNLE)
Voltas (VOLT IN) said it has increased its stake to 60% in Lalvol, a joint venture
between the Indian company and Oman-based Lalbuksh Contracting and Trading
Establishment. (FNLE)
Suzlon (SUEL IN) sets conversion price for FCCBs at INR 54. (FNLE)
Lupin (LPC IN) has filed a second suit in the US against Ranbaxy Labs. (RBXY IN) to
prevent it from launching fenofibrate, a generic version of Lupin's cholesterol
lowering drug Antara in the US. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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