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Economy News
4 The finance ministry is going ahead with its plans to set up a full-fledged
Debt Management Office (DMO) to manage the government debt
despite reservations expressed by the Reserve Bank of India (RBI) on the
same (BS).
4 Uttar Pradesh has announced a new land acquisition policy, which stresses
that approval of any development project in the private sector would
depend upon the consent of at least 70 percent of the affected farmers
(BS).
4 Housing finance companies (HFCs) are set to face higher provisioning
norms, with the National Housing Bank (NHB), the regulator for housing
finance companies planning to introduce standard asset provisioning of
0.4 percent on retail advances (BS).
4 An increase in petrol prices last month has pushed up fuel and power
inflation to a four-week high of 12.54 percent for the week ended May
21, even as the rate of price rise in food items declined marginally to 8.06
percent (BS).
4 The World Bank has approved a $975-million (~44 bn) loan for developing
the first phase of the eastern arm of the Rs 770 bn Dedicated Freight
Corridor (DFC) Project in India (BS).
Corporate News
4 Bosch Group would invest Rs 25 bn in India in the next two years to set
up plants and expand capacity (BS).
4 Coal India Ltd (CIL) has got 18 tenders from international companies
for long-term thermal coal off take agreements. The company will
shortlist and strike a deal from this, based on the price and quantity of
coal to be supplied within five months (BS).
4 Share price of Sun TV and SpiceJet went into a free fall after news of
the CBI conducting a "preliminary investigation" into corruption
allegations against the Union Textiles Minister, Mr. Dayanidhi Maran (BL).
4 Siemens has formed a joint venture with its Russian counterpart Sinara
Group to supply 240 train sets (1,200 cars), worth €2 billion to the Russian
Railways (RZD) (BL).
4 Areva T&D India's board has given a final approval to demerge its power
distribution business into a new company with effect from April 1. The
new company would be called Smart Automation Distribution and
Switchgear (BL).
4 As part of its diversification plans, National Aluminium Company
Limited (NALCO) would start a 50.4 MW Wind Power Project at
Gandikota in Kadapa district of Andhra Pradesh (ET).
4 Honda Motorcycle & Scooter India (HMSI) has reported a six percent
increase in total sales for May at 1,45,729 units against 1,37,842 units in
the corresponding month of the previous year (BL).
4 Panacea Biotec will foray into the healthcare sector and plans to set up
a super specialty hospital in Gurgaon at an investment of nearly Rs 1.45
bn which will be operational by 2012 (BL).
4 IndusInd Bank has signed an agreement with ElectraCard Services (ECS),
to extend technology and processing services for its credit card business
(BL).
News Round-up
SEBI okays market making in F&O, decision may revive action in the segment on BSE.
(TTOI)
An increases in petrol prices last month pushed up fuel and power inflation to a fourweek
high of 12.54% for the week ended May 21, even as the rate of price rise in
food items declined marginally to 8.06%. (BSTD)
Coal India Ltd (COAL IN) has got 18 tenders from international companies for longterm
thermal coal offtake agreements. The Maharatna company will shortlist and
strike a deal from this - based on the price and quantity of coal to be supplied -
within five months. (BSTD)
Coal India Ltd (COAL IN) has offered to supply 347 million tonnes of coal to power
utilities during 2011-12, higher than 319 million tonnes it had indicated earlier.
(THBL)
JSW Steel (JSTL IN) & Essar Steel have hiked prices for flat products by up to INR 1000
per tonne in wake of rising raw material costs. (ECNT)
After termination of the joint venture with Honda Motor Corporation, Hero Honda
has begun scouting for partners globally to source technology and designing
expertise. (BSTD)
Wipro (WPRO IN) has bagged a contract from Chaucer Syndicates. The company did
not disclose the contract size. However, according to industry sources, the contract is
estimated to be in the range of USD 5 - 6 mn. (BSTD)
BOC India (BOC IN) is eyeing the petroleum and petrochemicals sectors for growth.
(BSTD)
BHEL (BHEL IN) secured an order worth USD 14 mn to set up a solar power project
for Karnataka Power Corporation Ltd at Belakavadi village in Karnataka. (BSTD)
Bosch Group would invest USD 555 mn in India in the next two years to set up plants
and expand capacity. (BSTD)
Areva T&D (ATD IN) is demerging its distribution business to a wholly owned
subsidiary called Smartgrid Automation Distribution and Switchgear. (BSTD)
Siemens (SIEM IN) has formed a joint venture with its Russian counterpart Sinara
Group to supply 240 train sets (1,200 cars), worth Euro 2 bn to the Russian Railways.
(THBL)
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 finance ministry is going ahead with its plans to set up a full-fledged
Debt Management Office (DMO) to manage the government debt
despite reservations expressed by the Reserve Bank of India (RBI) on the
same (BS).
4 Uttar Pradesh has announced a new land acquisition policy, which stresses
that approval of any development project in the private sector would
depend upon the consent of at least 70 percent of the affected farmers
(BS).
4 Housing finance companies (HFCs) are set to face higher provisioning
norms, with the National Housing Bank (NHB), the regulator for housing
finance companies planning to introduce standard asset provisioning of
0.4 percent on retail advances (BS).
4 An increase in petrol prices last month has pushed up fuel and power
inflation to a four-week high of 12.54 percent for the week ended May
21, even as the rate of price rise in food items declined marginally to 8.06
percent (BS).
4 The World Bank has approved a $975-million (~44 bn) loan for developing
the first phase of the eastern arm of the Rs 770 bn Dedicated Freight
Corridor (DFC) Project in India (BS).
Corporate News
4 Bosch Group would invest Rs 25 bn in India in the next two years to set
up plants and expand capacity (BS).
4 Coal India Ltd (CIL) has got 18 tenders from international companies
for long-term thermal coal off take agreements. The company will
shortlist and strike a deal from this, based on the price and quantity of
coal to be supplied within five months (BS).
4 Share price of Sun TV and SpiceJet went into a free fall after news of
the CBI conducting a "preliminary investigation" into corruption
allegations against the Union Textiles Minister, Mr. Dayanidhi Maran (BL).
4 Siemens has formed a joint venture with its Russian counterpart Sinara
Group to supply 240 train sets (1,200 cars), worth €2 billion to the Russian
Railways (RZD) (BL).
4 Areva T&D India's board has given a final approval to demerge its power
distribution business into a new company with effect from April 1. The
new company would be called Smart Automation Distribution and
Switchgear (BL).
4 As part of its diversification plans, National Aluminium Company
Limited (NALCO) would start a 50.4 MW Wind Power Project at
Gandikota in Kadapa district of Andhra Pradesh (ET).
4 Honda Motorcycle & Scooter India (HMSI) has reported a six percent
increase in total sales for May at 1,45,729 units against 1,37,842 units in
the corresponding month of the previous year (BL).
4 Panacea Biotec will foray into the healthcare sector and plans to set up
a super specialty hospital in Gurgaon at an investment of nearly Rs 1.45
bn which will be operational by 2012 (BL).
4 IndusInd Bank has signed an agreement with ElectraCard Services (ECS),
to extend technology and processing services for its credit card business
(BL).
News Round-up
SEBI okays market making in F&O, decision may revive action in the segment on BSE.
(TTOI)
An increases in petrol prices last month pushed up fuel and power inflation to a fourweek
high of 12.54% for the week ended May 21, even as the rate of price rise in
food items declined marginally to 8.06%. (BSTD)
Coal India Ltd (COAL IN) has got 18 tenders from international companies for longterm
thermal coal offtake agreements. The Maharatna company will shortlist and
strike a deal from this - based on the price and quantity of coal to be supplied -
within five months. (BSTD)
Coal India Ltd (COAL IN) has offered to supply 347 million tonnes of coal to power
utilities during 2011-12, higher than 319 million tonnes it had indicated earlier.
(THBL)
JSW Steel (JSTL IN) & Essar Steel have hiked prices for flat products by up to INR 1000
per tonne in wake of rising raw material costs. (ECNT)
After termination of the joint venture with Honda Motor Corporation, Hero Honda
has begun scouting for partners globally to source technology and designing
expertise. (BSTD)
Wipro (WPRO IN) has bagged a contract from Chaucer Syndicates. The company did
not disclose the contract size. However, according to industry sources, the contract is
estimated to be in the range of USD 5 - 6 mn. (BSTD)
BOC India (BOC IN) is eyeing the petroleum and petrochemicals sectors for growth.
(BSTD)
BHEL (BHEL IN) secured an order worth USD 14 mn to set up a solar power project
for Karnataka Power Corporation Ltd at Belakavadi village in Karnataka. (BSTD)
Bosch Group would invest USD 555 mn in India in the next two years to set up plants
and expand capacity. (BSTD)
Areva T&D (ATD IN) is demerging its distribution business to a wholly owned
subsidiary called Smartgrid Automation Distribution and Switchgear. (BSTD)
Siemens (SIEM IN) has formed a joint venture with its Russian counterpart Sinara
Group to supply 240 train sets (1,200 cars), worth Euro 2 bn to the Russian Railways.
(THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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