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Economy News
4 Food inflation for the week rose to 10.6% as compared to9.32% in the
previous year same week (BS).
4 The government will launch its first infrastructure debt fund (IDF), with a
likely corpus of $3 billion, within this fiscal, but will restrict participation to
domestic investors (ET).
4 The much-awaited pact on trade in services and investment between
India and the Association of Southeast Asian Nations (Asean) has made
"some progress towards conclusion" during the last round of
negotiations that took place here last week, even as New Delhi's hope of
getting more market access for its professionals seems futile (ET).
4 There is no plan to revise the annual production target of Coal India Ltd
(CIL) downward even as most of the coal mines of the navratna public
sector coal company have reported negative growth in the first six
months of the current fiscal, pushing thermal power stations across the
country into deep crisis (BS).
4 Mumbai's realty sector has received a much needed boost as the
Maharashtra government has announced a crucial decision to allot 33 per
cent floor space index (FSI) in suburbs for premium. This is expected to
substantially bring down the TDR (transfer of development right) prices,
increase housing stock and reduce their prices (BS).
Corporate News
4 Infosys plans to add 600 employees to its Singapore operations to take
advantage of the shift in investments from the US and Europe to Asia
(ET).
4 SEBI is investigating whether an associate company of DLF duped an
investor by using a maze of intermediary companies while purchasing
land. The Delhi High Court had directed the Securities and Exchange
Board of India (Sebi) to investigate the issue (BS).
4 Biocon's net profit dipped 3.9% to Rs 857 mn for the second quarter of
this fiscal. However, on a like-to-like basis without the contribution of
Axicorp,the firm posted a 5% increase in profit (Bl).
4 The promoter group of automaker Mahindra & Mahindra Ltd has
raised its stake to over 25 per cent (ET).
4 Tata Motors is looking to raise $750 million via overseas borrowing to
meet working capital requirements and reduce debt. The external
commercial borrowing (ECB), with a spread of six years, would be priced
about 350 basis points above the London Interbank Offered Rate (BS)
4 Exide Industries registered a net profit of Rs512 mn for the 2QFY12
compared to Rs 2.1 bn in the year-ago due to lower OEM off take of
automotive battery and lower replacement sales volume (ET).
4 Reliance Media Works, has partnered Hyderabad-based Annapurna
Studios. Under the strategic alliance, Annapurna's studio will also operate
and expand the studio's digital post-production facilities that cater to the
needs of the motion picture and television commercials industry (BS).
4 Nestle said that weakening consumer sentiment in developed markets
would make it harder to improve margins as it raised its sales growth
outlook for 2011 after reducing forecasts for the first nine months (BS).
News Round-up
Food inflation shot up to a 25 week high, moving again into double-digit territory &
increasing the likelihood the RBI will raise interest rates yet again at next week's
monetary policy review. Food inflation for the week to Oct. 8 rose to 10.6% from a
year ago compared with 9.32% in the previous week. (ECNT)
Shares of housing finance cos. fell in a weak market on concern the regulatory move
to ban these firms from penalising pre-payment of loans would affect their profits.
(ECNT)
The Directorate General of Hydrocarbon's move to arm-twist Reliance Ind. (RIL IN)
into spending about USD 612.24mn to drill four new wells at the KG-D6 block faces
scrutiny by the national auditor as the wells turned out to be dry & the govt. will have
to foot the bill. (ECNT)
SEBI set to probe alleged disclosure & investor protection rule violation by DLF (DLFU
IN). (ECNT)
Hindustan Zinc (HZ IN) has discovered zinc & lead reserves in Ajmer district of
Rajasthan. The co. has found proven reserves of 10-12 million tonne zinc & expects it
can go further after exploration. (TTOI)
SBI (SBIN IN) hikes home loan tenure to 30 years. Rising rates prompt extension by 10
more years; others may follow suit. (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 Food inflation for the week rose to 10.6% as compared to9.32% in the
previous year same week (BS).
4 The government will launch its first infrastructure debt fund (IDF), with a
likely corpus of $3 billion, within this fiscal, but will restrict participation to
domestic investors (ET).
4 The much-awaited pact on trade in services and investment between
India and the Association of Southeast Asian Nations (Asean) has made
"some progress towards conclusion" during the last round of
negotiations that took place here last week, even as New Delhi's hope of
getting more market access for its professionals seems futile (ET).
4 There is no plan to revise the annual production target of Coal India Ltd
(CIL) downward even as most of the coal mines of the navratna public
sector coal company have reported negative growth in the first six
months of the current fiscal, pushing thermal power stations across the
country into deep crisis (BS).
4 Mumbai's realty sector has received a much needed boost as the
Maharashtra government has announced a crucial decision to allot 33 per
cent floor space index (FSI) in suburbs for premium. This is expected to
substantially bring down the TDR (transfer of development right) prices,
increase housing stock and reduce their prices (BS).
Corporate News
4 Infosys plans to add 600 employees to its Singapore operations to take
advantage of the shift in investments from the US and Europe to Asia
(ET).
4 SEBI is investigating whether an associate company of DLF duped an
investor by using a maze of intermediary companies while purchasing
land. The Delhi High Court had directed the Securities and Exchange
Board of India (Sebi) to investigate the issue (BS).
4 Biocon's net profit dipped 3.9% to Rs 857 mn for the second quarter of
this fiscal. However, on a like-to-like basis without the contribution of
Axicorp,the firm posted a 5% increase in profit (Bl).
4 The promoter group of automaker Mahindra & Mahindra Ltd has
raised its stake to over 25 per cent (ET).
4 Tata Motors is looking to raise $750 million via overseas borrowing to
meet working capital requirements and reduce debt. The external
commercial borrowing (ECB), with a spread of six years, would be priced
about 350 basis points above the London Interbank Offered Rate (BS)
4 Exide Industries registered a net profit of Rs512 mn for the 2QFY12
compared to Rs 2.1 bn in the year-ago due to lower OEM off take of
automotive battery and lower replacement sales volume (ET).
4 Reliance Media Works, has partnered Hyderabad-based Annapurna
Studios. Under the strategic alliance, Annapurna's studio will also operate
and expand the studio's digital post-production facilities that cater to the
needs of the motion picture and television commercials industry (BS).
4 Nestle said that weakening consumer sentiment in developed markets
would make it harder to improve margins as it raised its sales growth
outlook for 2011 after reducing forecasts for the first nine months (BS).
News Round-up
Food inflation shot up to a 25 week high, moving again into double-digit territory &
increasing the likelihood the RBI will raise interest rates yet again at next week's
monetary policy review. Food inflation for the week to Oct. 8 rose to 10.6% from a
year ago compared with 9.32% in the previous week. (ECNT)
Shares of housing finance cos. fell in a weak market on concern the regulatory move
to ban these firms from penalising pre-payment of loans would affect their profits.
(ECNT)
The Directorate General of Hydrocarbon's move to arm-twist Reliance Ind. (RIL IN)
into spending about USD 612.24mn to drill four new wells at the KG-D6 block faces
scrutiny by the national auditor as the wells turned out to be dry & the govt. will have
to foot the bill. (ECNT)
SEBI set to probe alleged disclosure & investor protection rule violation by DLF (DLFU
IN). (ECNT)
Hindustan Zinc (HZ IN) has discovered zinc & lead reserves in Ajmer district of
Rajasthan. The co. has found proven reserves of 10-12 million tonne zinc & expects it
can go further after exploration. (TTOI)
SBI (SBIN IN) hikes home loan tenure to 30 years. Rising rates prompt extension by 10
more years; others may follow suit. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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