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Economy News
4 The government on Wednesday said coal linkage for 80,000 MW projects
in various stages of implementation has been achieved, out of the 12th
plan period target of 1,00,000 MW (ET).
4 The government may allow central public sector enterprises to call for
competitive bids from banks before they decide to park their surplus
funds. It may also permit these companies to keep more of their surplus
money with private banks (ET).
4 An empowered group of ministers on infrastructure has decided that
95% of road projects awarded in the current year should be through
build operate- transfer (BOT) model to ensure the builder is engaged
with the projects for many years (ET).
Corporate News
4 The Bombay High Court today directed Jet Airways to pay Sahara India
Rs 4.8 bn within two weeks. This would complete Jet's Rs 14.5-takeover
of Sahara Airlines (BL).
4 Unitech will invest Rs 20 bn in FY12 - 33 per cent more than last year - in
construction of new projects, mostly housing, across the country (BL).
4 Hero Honda's operating profit margin declined 190 basis points year-onyear
to 15.4% in the fourth quarter, despite a 30.8% rise in net sales to
Rs 54 bn in the period under review (ET)
4 PNB's net profit for the quarter grew 5.8 per cent to Rs 12 bn with total
income growing 31 per cent YoY to Rs 85.9 bn (BL)
4 LIC Housing Finance has launched a new floating rate scheme under
which it will offer home loans at 300-385 basis points below its prime
lending rate (PLR) (BL).
4 Yes Bank has raised its base rate and prime lending rate by 50 basis
points each with immediate effect (ET).
4 Bharat Petroleum Corp Ltd (BPCL) will raise capacity at its just
commissioned Bina refinery in Madhya Pradesh to 9 million tones from 6
million tonnes (ET)
4 RIL to invest $12 billion in chemicals business to tap growing market for
healthcare products (ET).
4 The Delhi High Court has approved the demerger of nutrition business of
Wockhardt of its unit Vinton Healthcare Ltd, effective January (ET).
News Round-up
Government mulls ultra mega projects for steel sector. Move part of steel ministry's
plan to meet the growing demand. (FNLE)
Fuel prices will rise next week as the govt. is planning to increase the state-set price
of diesel by up to INR 5 per litre while oil cos. are preparing to raise petrol rates by a
similar amount after assembly polls end on May 10. (ECNT)
RBI clarified that bank loans to NBFCs, excluding microfinance institutions which are
categorized as NBFC, would not be classified as priority sector loans. Cost of funds of
most NBFCs will go up. (BSTD)
After RBI review, banks raise their base rates. PNB (PNB IN), OBC (OBC IN) and Yes
Bank (YES IN) raised their base rates. PNB increased its base rate by 50 bps to 10%,
citing an increase in the cost of funds. Expect to a few specific sectors, banks are not
allowed to lend below the base rate. (BSTD)
New private banks are contemplating forays into the secured retail loan market
through distribution tie-ups, instead of launching their own products. (BSTD)
The Union government has approved Indian Bank's (INBK IN) proposed follow-on
public offer (FPO), through which the banks plans to raise USD 341 mn. The FPO is
expected in September. After the FPO the government's stake in the bank would
decline from 80% to 70%. (BSTD)
SAIL's (SAIL IN) first phase follow-on public offer of 10 per cent, including 5 per cent
disinvestment, in on for June as planned. (THBL)
Reliance Ind. (RIL IN) promoter group entities Priyash Commercials & Reliance
Property Management Services bought 6.5mn shares worth USD 139.55mn in RIL. As
on March 31, 2011 the promoter & promoter group held 44.72% in RIL. (TTOI)
Reliance Ind. (RIL IN) is drawing up ambitious plans to be a world leader in rubber and
is investing USD 12bn in the chemicals business to tap the rapidly growing market for
hygiene & healthcare products. (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 government on Wednesday said coal linkage for 80,000 MW projects
in various stages of implementation has been achieved, out of the 12th
plan period target of 1,00,000 MW (ET).
4 The government may allow central public sector enterprises to call for
competitive bids from banks before they decide to park their surplus
funds. It may also permit these companies to keep more of their surplus
money with private banks (ET).
4 An empowered group of ministers on infrastructure has decided that
95% of road projects awarded in the current year should be through
build operate- transfer (BOT) model to ensure the builder is engaged
with the projects for many years (ET).
Corporate News
4 The Bombay High Court today directed Jet Airways to pay Sahara India
Rs 4.8 bn within two weeks. This would complete Jet's Rs 14.5-takeover
of Sahara Airlines (BL).
4 Unitech will invest Rs 20 bn in FY12 - 33 per cent more than last year - in
construction of new projects, mostly housing, across the country (BL).
4 Hero Honda's operating profit margin declined 190 basis points year-onyear
to 15.4% in the fourth quarter, despite a 30.8% rise in net sales to
Rs 54 bn in the period under review (ET)
4 PNB's net profit for the quarter grew 5.8 per cent to Rs 12 bn with total
income growing 31 per cent YoY to Rs 85.9 bn (BL)
4 LIC Housing Finance has launched a new floating rate scheme under
which it will offer home loans at 300-385 basis points below its prime
lending rate (PLR) (BL).
4 Yes Bank has raised its base rate and prime lending rate by 50 basis
points each with immediate effect (ET).
4 Bharat Petroleum Corp Ltd (BPCL) will raise capacity at its just
commissioned Bina refinery in Madhya Pradesh to 9 million tones from 6
million tonnes (ET)
4 RIL to invest $12 billion in chemicals business to tap growing market for
healthcare products (ET).
4 The Delhi High Court has approved the demerger of nutrition business of
Wockhardt of its unit Vinton Healthcare Ltd, effective January (ET).
News Round-up
Government mulls ultra mega projects for steel sector. Move part of steel ministry's
plan to meet the growing demand. (FNLE)
Fuel prices will rise next week as the govt. is planning to increase the state-set price
of diesel by up to INR 5 per litre while oil cos. are preparing to raise petrol rates by a
similar amount after assembly polls end on May 10. (ECNT)
RBI clarified that bank loans to NBFCs, excluding microfinance institutions which are
categorized as NBFC, would not be classified as priority sector loans. Cost of funds of
most NBFCs will go up. (BSTD)
After RBI review, banks raise their base rates. PNB (PNB IN), OBC (OBC IN) and Yes
Bank (YES IN) raised their base rates. PNB increased its base rate by 50 bps to 10%,
citing an increase in the cost of funds. Expect to a few specific sectors, banks are not
allowed to lend below the base rate. (BSTD)
New private banks are contemplating forays into the secured retail loan market
through distribution tie-ups, instead of launching their own products. (BSTD)
The Union government has approved Indian Bank's (INBK IN) proposed follow-on
public offer (FPO), through which the banks plans to raise USD 341 mn. The FPO is
expected in September. After the FPO the government's stake in the bank would
decline from 80% to 70%. (BSTD)
SAIL's (SAIL IN) first phase follow-on public offer of 10 per cent, including 5 per cent
disinvestment, in on for June as planned. (THBL)
Reliance Ind. (RIL IN) promoter group entities Priyash Commercials & Reliance
Property Management Services bought 6.5mn shares worth USD 139.55mn in RIL. As
on March 31, 2011 the promoter & promoter group held 44.72% in RIL. (TTOI)
Reliance Ind. (RIL IN) is drawing up ambitious plans to be a world leader in rubber and
is investing USD 12bn in the chemicals business to tap the rapidly growing market for
hygiene & healthcare products. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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