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Economy News
4 Core sector grows slowest in 5 months at 5.2% in April. The output of
crude oil, petroleum refinery products, coal, electricity, cement, finished
(carbon) steel grew 5.2% in April, industry ministry data showed. The six
core industries, which have a combined weight of 26.7% in the IIP. (ET)
4 India's exports stood at $23,849 million, or Rs 1058.2 Bn, in April. In rupee
terms, they grew 34% Y/Y. Imports grew at a lesser pace of 14.1%t to
$32.8 Bn in April, while the trade deficit narrowed to $8.9 billion from
$11 billion a year ago. (BS)
4 Twelve out of 18 passenger vehicle makers, accounting for more than 90
per cent sales, collectively posted an increase of only 8% compared to
14% in April. The companies sold 190,838 units in May as compared to
176,432 units in the same month of 2010. The Society of Indian
Automobile Manufacturers (SIAM) has revised its yearly growth forecast
for passenger cars from 16-18% to 14-16%. (BS)
4 Finance ministry is considering a proposal to increase the excise duty on
diesel cars. This comes on account of a widening gap between retail prices
of diesel and petrol. (BS)
4 India's coffee exports jumped up by 42% in May this year to 80,367
tonnes. The total export realisation rose by more than two-fold to
$244.41 million in May 2011 as compared to $113.42 Y/Y. (BL)
Corporate News
4 Tata Power has launched an offering of perpetual debentures of Rs 15
Bn. The mandated joint lead arrangers for the issuance are Standard
Chartered Bank and Yes Bank Ltd. (BL)
4 Ceat Ltd may roll out another round of price hike this month (2-3%
towards June end), as high rubber prices continue to put the squeeze
margins. It had raised tyre prices by an average of 3-4% across different
categories last month. Ceat is simultaneously ramping up production at
its 150 tonnes per day Halol plant, which was commissioned in late March
this year. (BL)
4 Five firms, including one from South Korea , have bid for NTPC's Rs 90 bn
tender for supply of nine units of supercritical power equipment. BHEL,
L&T-Mitsubishi Heavy Industries, Thermax-Babcock & Wilcox, Alstom-
Bharat-Forge and BGR-Hitachi, and South Korea's Doosan Heavy
Industries had placed bids. NTPC would evaluate the five bids and call for
price bids in 1-2 months. (ET)
4 Jyothy Laboratories is close to raising about $150-$200 mn from private
equity funds, with a deal likely to be announced in 6-8 weeks, three
sources with direct knowledge of the matter told media. The Indian
maker of fabric whiteners and detergents is in talks with a clutch of
private-equity funds including the Carlyle Group , Actis, TPG Capital and
Apax Partners to sell a minority stake, sources said. (ET)
4 Claris Lifesciences Ltd said it has received an in-principle approval for
its anaesthetic drug Propofol in the EU, enabling the company to process
its registration across 25 countries in the Union. The market size for
Propofol is estimated to be at $750 million worldwide and $150 million in
the EU. (BL)
4 Godrej Consumer Products Ltd (GCPL) has entered into an
agreement with African hair care company Darling Group Holdings to
acquire 51 per cent stake in the firm. It will acquire the African hair
extensions company in three phases; acquisition to be funded through
internal accruals and debt. Darling operates in 14 countries in sub-
Saharan Africa. Its flagship brand shares the name of the firm, with a
second brand, Amigos, which operates in a few African markets. (BS)
News Round-up
A decline in cement output and lower growth in finished steel production slowed the
growth of infrastructure industries to 5.2% annually in April. (BSTD)
SAIL's (SAIL IN) follow on offer in mid-June has been delayed due to unfavourable
market conditions. (ECNT)
Car sales slowdown on high fuel prices & hardening interest rates. Though two
wheeler sales remained healthy with Hero Honda (HH IN) & TVS clocking double digit
growth. (TTOI)
ACC (ACC IN) reported a 13.7% increase in sales in May at 1.99 million tones (MT)
over 1.75 MT in the corresponding month last year. (FNLE)
Vodafone has paid the first tranche of USD 1.9 bn to the Essar group to seal the deal
for buying the latter's stake in Vodafone Essar. (BSTD)
Godrej Consumer Products Ltd (GCPL IN) has entered into an agreement with African
hair care company Darling Group Holdings to acquire 51% stake in the firm. (BSTD)
Lupin (LPC IN) has signed a licensing agreement with NeuClone Private Ltd for cell
line technology to develop cancer treatment medicines. (BSTD)
Tata Power (TPWR IN) came up with an offering of perpetual debenture worth USD
333 mn, with a coupon rate of 11.4% per annum. (BSTD)
Netherlands-based Danieli Corus has won a USD 400 mn contract from NMDC
(NMDC IN) to design and supply the country's largest blast furnace. (BSTD)
Chinese telecom company Huawei has won a USD 400 mn contract from Bharti Airtel
(BHARTI IN) for expansion and management of its network in Africa. (BSTD)
Honda's 2-wheeler arm for India plans to invest USD 311 mn, inaugurates 2nd plant.
(BSTD)
SCI (SCI IN) is planning to place orders for 24 ships this financial year. (BSTD)
Adani Enterprises (ADE IN) may sell shares in a unit that holds mining rights in the
Asia-Pacific region to international investors and use the proceeds to add energy
assets. (FNLE)
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 Core sector grows slowest in 5 months at 5.2% in April. The output of
crude oil, petroleum refinery products, coal, electricity, cement, finished
(carbon) steel grew 5.2% in April, industry ministry data showed. The six
core industries, which have a combined weight of 26.7% in the IIP. (ET)
4 India's exports stood at $23,849 million, or Rs 1058.2 Bn, in April. In rupee
terms, they grew 34% Y/Y. Imports grew at a lesser pace of 14.1%t to
$32.8 Bn in April, while the trade deficit narrowed to $8.9 billion from
$11 billion a year ago. (BS)
4 Twelve out of 18 passenger vehicle makers, accounting for more than 90
per cent sales, collectively posted an increase of only 8% compared to
14% in April. The companies sold 190,838 units in May as compared to
176,432 units in the same month of 2010. The Society of Indian
Automobile Manufacturers (SIAM) has revised its yearly growth forecast
for passenger cars from 16-18% to 14-16%. (BS)
4 Finance ministry is considering a proposal to increase the excise duty on
diesel cars. This comes on account of a widening gap between retail prices
of diesel and petrol. (BS)
4 India's coffee exports jumped up by 42% in May this year to 80,367
tonnes. The total export realisation rose by more than two-fold to
$244.41 million in May 2011 as compared to $113.42 Y/Y. (BL)
Corporate News
4 Tata Power has launched an offering of perpetual debentures of Rs 15
Bn. The mandated joint lead arrangers for the issuance are Standard
Chartered Bank and Yes Bank Ltd. (BL)
4 Ceat Ltd may roll out another round of price hike this month (2-3%
towards June end), as high rubber prices continue to put the squeeze
margins. It had raised tyre prices by an average of 3-4% across different
categories last month. Ceat is simultaneously ramping up production at
its 150 tonnes per day Halol plant, which was commissioned in late March
this year. (BL)
4 Five firms, including one from South Korea , have bid for NTPC's Rs 90 bn
tender for supply of nine units of supercritical power equipment. BHEL,
L&T-Mitsubishi Heavy Industries, Thermax-Babcock & Wilcox, Alstom-
Bharat-Forge and BGR-Hitachi, and South Korea's Doosan Heavy
Industries had placed bids. NTPC would evaluate the five bids and call for
price bids in 1-2 months. (ET)
4 Jyothy Laboratories is close to raising about $150-$200 mn from private
equity funds, with a deal likely to be announced in 6-8 weeks, three
sources with direct knowledge of the matter told media. The Indian
maker of fabric whiteners and detergents is in talks with a clutch of
private-equity funds including the Carlyle Group , Actis, TPG Capital and
Apax Partners to sell a minority stake, sources said. (ET)
4 Claris Lifesciences Ltd said it has received an in-principle approval for
its anaesthetic drug Propofol in the EU, enabling the company to process
its registration across 25 countries in the Union. The market size for
Propofol is estimated to be at $750 million worldwide and $150 million in
the EU. (BL)
4 Godrej Consumer Products Ltd (GCPL) has entered into an
agreement with African hair care company Darling Group Holdings to
acquire 51 per cent stake in the firm. It will acquire the African hair
extensions company in three phases; acquisition to be funded through
internal accruals and debt. Darling operates in 14 countries in sub-
Saharan Africa. Its flagship brand shares the name of the firm, with a
second brand, Amigos, which operates in a few African markets. (BS)
News Round-up
A decline in cement output and lower growth in finished steel production slowed the
growth of infrastructure industries to 5.2% annually in April. (BSTD)
SAIL's (SAIL IN) follow on offer in mid-June has been delayed due to unfavourable
market conditions. (ECNT)
Car sales slowdown on high fuel prices & hardening interest rates. Though two
wheeler sales remained healthy with Hero Honda (HH IN) & TVS clocking double digit
growth. (TTOI)
ACC (ACC IN) reported a 13.7% increase in sales in May at 1.99 million tones (MT)
over 1.75 MT in the corresponding month last year. (FNLE)
Vodafone has paid the first tranche of USD 1.9 bn to the Essar group to seal the deal
for buying the latter's stake in Vodafone Essar. (BSTD)
Godrej Consumer Products Ltd (GCPL IN) has entered into an agreement with African
hair care company Darling Group Holdings to acquire 51% stake in the firm. (BSTD)
Lupin (LPC IN) has signed a licensing agreement with NeuClone Private Ltd for cell
line technology to develop cancer treatment medicines. (BSTD)
Tata Power (TPWR IN) came up with an offering of perpetual debenture worth USD
333 mn, with a coupon rate of 11.4% per annum. (BSTD)
Netherlands-based Danieli Corus has won a USD 400 mn contract from NMDC
(NMDC IN) to design and supply the country's largest blast furnace. (BSTD)
Chinese telecom company Huawei has won a USD 400 mn contract from Bharti Airtel
(BHARTI IN) for expansion and management of its network in Africa. (BSTD)
Honda's 2-wheeler arm for India plans to invest USD 311 mn, inaugurates 2nd plant.
(BSTD)
SCI (SCI IN) is planning to place orders for 24 ships this financial year. (BSTD)
Adani Enterprises (ADE IN) may sell shares in a unit that holds mining rights in the
Asia-Pacific region to international investors and use the proceeds to add energy
assets. (FNLE)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line
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