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Economy News
4 After remaining above the 8% mark for almost 18 months, inflation
would moderate to 7.93% by the end of July, Institute of Economic
Growth (IEG) has said in its forecast. (BS)
4 The European Union has sought concessions for its banks if they are
asked to migrate to the wholly-owned subsidiary model proposed by the
Reserve Bank of India. (ET)
4 The government expects to achieve additional power generation capacity
of 16,000 MW in the remaining 10 months of the 11th five-year plan,
more than half of the total capacity added in the last four years. (ET)
4 Indian offshore companies are making substantial investments to acquire
vessels to tap the oil exploration and drilling services market in emerging
markets, led by Brazil, to scale up revenues in the coming years. (ET)
4 India's manufacturing sector growth during quarter ended March 31 this
year stood at 5.1 per cent, which is one-third of China's factory output of
15 per cent and also lower than the world average of 6.5 per cent,
according to a UN body report. (ET)
Corporate News
4 In a Rs 890 Mn deal, Hindustan Sanitaryware and Industries Ltd
(HSIL), the ceramics major, has entered into a share purchase agreement
with Garden Polymers Pvt Ltd and its promoters, acquiring 60 per cent
stake in the company. The balance 40 per cent is being bought over by
the promoters of HSIL on the same terms. (BS)
4 Gujarat Mineral Development Corporation (GMDC) is looking to add
value to its mineral products with private partnerships. It sells raw
bauxite and plans to set up a project for value addition in bauxite
products at Kutch. (BS)
4 Negotiations between workers of Maruti Suzuki's plant in Manesar in
Haryana who struck work on Sunday and the management are expected
to begin again on Monday. The 2,500 workers are demanding recognition
of a new union - Maruti Suzuki Employees Union (MSEU) - independent of
the union at Maruti's Gurgoan plant. They are also demanding retention
of contract labourers for the two units coming up inside the complex. (BS)
4 The Rs 8000 Mn Elder Pharmaceuticals Limited plans to launch almost
three dozen new products in the coming 30 months, a top company
official said. (ET)
4 Lanco Infratech and GMR Group, two major private power producers,
have sought clarity from the government on natural gas supplies to the
new plants from Reliance Industries' (RIL) D-6 block in Krishna-Godavari
basin. (ET)
4 IT services firm Mahindra Satyam has sought additional time for setting
up an IT/ITES SEZ at Hitec City in Madhapur here. The Union Ministry of
Commerce had already given two extensions for the SEZ and the validity
of the last extension is up to June 19. (BS)
4 Rural Electrification Corporation (REC) is planning to raise up to $1.75
billion, equivalent to nearly 79 Bn crore, through a combination of foreign
currency convertible bonds (FCCBs) and external commercial borrowings
by November this year. (ET
News Round-up
Banks, MFIs reach debt recast deal. MFI promoters agree to pledge 100%
shareholding; banks refuse to give fresh loans to the sector. About USD 1.42 bn
loans have been prevented from becoming non-performing assets. (BSTD-Sat)
In a major haul of the FDI norms in the content distribution space, the government
has put 49% of the foreign investments in the direct-to-home (DTH) sector on the
automatic route while increasing the overall cap to 74%. (FNLE)
To meet the additional credit requirements in a market plagued by high interest rates
and lowersales, Tata Motors (TTMT IN) has infused an additional USD 167 mn into its
wholly-owned Tata Motors Finance by expanding the equity base from USD 444 mn
to USD 611 mn. (FNLE)
RIL (RIL IN) to be free of debt this year. (BSTD-Sat)
HDIL (HDIL IN) has indicated it would clock 0.7-1 million sq ft if transfer of
development right (TDR) sales for 2011-12, a drop of 20% compared to last year.
(BSTD-Sat)
IDFC (IDFC IN) and Khazanah will form a joint venture company to develop road
projects in India. Khazanah will hold 80.1% stake in the proposed JV and IDFC the
balance. Both would also invest in convertible instruments issued by the JV. (BSTDSat)
The Steel Authority of India Ltd (SAIL IN) will set up four pellet plants over the next
two-to -three years to utilise fines generated by its mines. (THBL SAT)
REC (RECL IN) to raise $1.75 bn Via Foreign Currency Bonds. (ECNT)
M&M (MM IN) asks suppliers to Focus on cost cuts, On-time Delivery. (ECNT)
Ashok Leyland (AL IN) sales drop 12% in May. (BSTD-Sat)
Raheja group may exit Crossword. Big retailers Tata, Reliance, Birla seen as potential
suitors. (BSTD)
GMDC (GMDC IN) is looking to add value to its mineral products with private
partnerships. It sells raw bauxite and plans to set up a project for value addition in
bauxite products at Kutch. (BSTD)
Hindustan Sanitaryware takes 60% in Garden Polymers. Deal worth USD 20 mn, to
buy rest of stake, too; aims at growing subsidiary 40% yearly for next 5 years. (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 After remaining above the 8% mark for almost 18 months, inflation
would moderate to 7.93% by the end of July, Institute of Economic
Growth (IEG) has said in its forecast. (BS)
4 The European Union has sought concessions for its banks if they are
asked to migrate to the wholly-owned subsidiary model proposed by the
Reserve Bank of India. (ET)
4 The government expects to achieve additional power generation capacity
of 16,000 MW in the remaining 10 months of the 11th five-year plan,
more than half of the total capacity added in the last four years. (ET)
4 Indian offshore companies are making substantial investments to acquire
vessels to tap the oil exploration and drilling services market in emerging
markets, led by Brazil, to scale up revenues in the coming years. (ET)
4 India's manufacturing sector growth during quarter ended March 31 this
year stood at 5.1 per cent, which is one-third of China's factory output of
15 per cent and also lower than the world average of 6.5 per cent,
according to a UN body report. (ET)
Corporate News
4 In a Rs 890 Mn deal, Hindustan Sanitaryware and Industries Ltd
(HSIL), the ceramics major, has entered into a share purchase agreement
with Garden Polymers Pvt Ltd and its promoters, acquiring 60 per cent
stake in the company. The balance 40 per cent is being bought over by
the promoters of HSIL on the same terms. (BS)
4 Gujarat Mineral Development Corporation (GMDC) is looking to add
value to its mineral products with private partnerships. It sells raw
bauxite and plans to set up a project for value addition in bauxite
products at Kutch. (BS)
4 Negotiations between workers of Maruti Suzuki's plant in Manesar in
Haryana who struck work on Sunday and the management are expected
to begin again on Monday. The 2,500 workers are demanding recognition
of a new union - Maruti Suzuki Employees Union (MSEU) - independent of
the union at Maruti's Gurgoan plant. They are also demanding retention
of contract labourers for the two units coming up inside the complex. (BS)
4 The Rs 8000 Mn Elder Pharmaceuticals Limited plans to launch almost
three dozen new products in the coming 30 months, a top company
official said. (ET)
4 Lanco Infratech and GMR Group, two major private power producers,
have sought clarity from the government on natural gas supplies to the
new plants from Reliance Industries' (RIL) D-6 block in Krishna-Godavari
basin. (ET)
4 IT services firm Mahindra Satyam has sought additional time for setting
up an IT/ITES SEZ at Hitec City in Madhapur here. The Union Ministry of
Commerce had already given two extensions for the SEZ and the validity
of the last extension is up to June 19. (BS)
4 Rural Electrification Corporation (REC) is planning to raise up to $1.75
billion, equivalent to nearly 79 Bn crore, through a combination of foreign
currency convertible bonds (FCCBs) and external commercial borrowings
by November this year. (ET
News Round-up
Banks, MFIs reach debt recast deal. MFI promoters agree to pledge 100%
shareholding; banks refuse to give fresh loans to the sector. About USD 1.42 bn
loans have been prevented from becoming non-performing assets. (BSTD-Sat)
In a major haul of the FDI norms in the content distribution space, the government
has put 49% of the foreign investments in the direct-to-home (DTH) sector on the
automatic route while increasing the overall cap to 74%. (FNLE)
To meet the additional credit requirements in a market plagued by high interest rates
and lowersales, Tata Motors (TTMT IN) has infused an additional USD 167 mn into its
wholly-owned Tata Motors Finance by expanding the equity base from USD 444 mn
to USD 611 mn. (FNLE)
RIL (RIL IN) to be free of debt this year. (BSTD-Sat)
HDIL (HDIL IN) has indicated it would clock 0.7-1 million sq ft if transfer of
development right (TDR) sales for 2011-12, a drop of 20% compared to last year.
(BSTD-Sat)
IDFC (IDFC IN) and Khazanah will form a joint venture company to develop road
projects in India. Khazanah will hold 80.1% stake in the proposed JV and IDFC the
balance. Both would also invest in convertible instruments issued by the JV. (BSTDSat)
The Steel Authority of India Ltd (SAIL IN) will set up four pellet plants over the next
two-to -three years to utilise fines generated by its mines. (THBL SAT)
REC (RECL IN) to raise $1.75 bn Via Foreign Currency Bonds. (ECNT)
M&M (MM IN) asks suppliers to Focus on cost cuts, On-time Delivery. (ECNT)
Ashok Leyland (AL IN) sales drop 12% in May. (BSTD-Sat)
Raheja group may exit Crossword. Big retailers Tata, Reliance, Birla seen as potential
suitors. (BSTD)
GMDC (GMDC IN) is looking to add value to its mineral products with private
partnerships. It sells raw bauxite and plans to set up a project for value addition in
bauxite products at Kutch. (BSTD)
Hindustan Sanitaryware takes 60% in Garden Polymers. Deal worth USD 20 mn, to
buy rest of stake, too; aims at growing subsidiary 40% yearly for next 5 years. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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