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India Equity Research Reports, IPO and Stock News
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Economy News
4 The Maharashtra government and the Maharashtra Chamber of Housing
Industry (MCHI) have estimated that there has been at least 30 per cent
reduction in the real estate business in Mumbai (BS).
4 Finance ministry has accepted most of the recommendations of the
Ashok Chawla Committee that has suggested a transparent and marketbased
framework for allocation of natural resources (ET).
4 Bilateral trade between India and Africa is set to double from the current
$53 billion in the next five years, primarily triggered by the transport
equipment, services, healthcare and agriculture sectors (BS).
4 Food inflation declined marginally to 9.32% for the week ended October
1 (ET).
Corporate News
4 The sixteen-day tool-down strike declared by Bosch's union is called off
after the government of Karnataka issued a prohibitory order. The
employee union was against the firm's decision to outsource non-core
and support processes (ET).
4 Century Textile's cement biz set to merge with UltraTech. The deal is
likely to get over in next few months (BS).
4 Zenith Infotech has defaulted on the payment due to its FCCB holders
on September 21,2011. The company had raised $33 million through
FCCB, which were due for payment in September 2011 and another
tranche of $50 million due for repayment or conversion in August 2012
(ET).
4 Moser Baer is looking to set up 200 megawatt (Mw) solar power
capacities in India in next one year with 95 Mw to be set up in Gujarat.
Company has laid out plans to make heavy investments in clean energy
vertical of its operations as it intends to set up nearly 1500 Mw of solar
power generation capacities in India by 2015 (BS).
4 Coal India's management has called for a nationwide strike on
November 15 to demand payment of salary arrears (ET).
4 Pantaloon Retail has announced that it would raise up to Rs 15 bn
through a convertible issue or debt instruments with warrants. It is also
looking to exit non-core (non-retail) businesses, including Future Capital
Holdings, within a year. This could fetch the company around Rs 35 bn
(BS).
4 Lupin has launched the generic version of Watsons Fortamet despite an
impeding patent suit against Lupin in the US (ET).
4 GAIL, in association with other companies, is planning to set up an RLNG
terminal with a capacity of 2.5 mtpa or 10 mmscmd keeping in view the
natural gas shortage faced by power plants and other industries located
in Andhra Pradesh (BS).
4 Reliance Infrastructure is in talks to acquire national highway road
projects in Tamil Nadu and Karnataka worth Rs20 bn (ET).
4 Sebi is again investigating some employees of HDFC Asset Management
Company (subsidiary of HDFC) for allegedly indulging in front-running
(ET).
News Round-up
Fearing slowdown in exports due to external head-winds, the government
announced a slew of measures to boost exports from the high-value engineering,
pharma and chemical sectors as well as traditional textile items, at a review of the
Foreign Trade Policy, will have revenue implications of USD 163-183 mn this fiscal.
Along with a 2% interest subvention on rupee export credit to some labour intensive
sectors announced by RBI two days back, these steps will hit the exchequer by USD
347 mn this fiscal. (BSTD)
In what could cripple real estate companies' ability to raise capital, the government
has closed a circuitous route which these firms have been using to attract foreign
funds into their businesses. The Department of industrial policy and promotion (DIPP),
which anchors policymaking on FDI, has clarified that equity instruments like fully
convertible debentures with in-built put options would now be treated as ECB, not
FDI. (FNLE)
15% higher rail freight rates to jack up industrial costs. Higher expenditure behind
steep rise; industry to take USD 1.22 - 1.42 bn hit. (BSTD)
Private equity funds are caught in a fix as both raising funds and exits become tough,
along with some regulations posing hurdles to investment. Limited partners (LPs),
who invest in PE funds, are now more cautious to invest money in India-focused PE
funds as the internal rate of return or IRR does not match their expectations. (FNLE)
Telecom policy mum on M&As as DoT, Trai differ on spectrum consolidation. As per
existing rules, there can be no merger between a big telecom operator and a small
one, which is required to bring about the much-needed consolidation in the sector.
(FNLE)
Analogue transmission in Indian cable television is all set to be phased out with the
govt. deciding to promulgate on ordinance that makes digitization of such services
mandatory. (ECNT)
Tax collection by way of tax deducted at source (TDS) rose 33% for the April-Sept.
period, which could be a pointer to higher tax receipts by the end of the fiscal.
(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 Maharashtra government and the Maharashtra Chamber of Housing
Industry (MCHI) have estimated that there has been at least 30 per cent
reduction in the real estate business in Mumbai (BS).
4 Finance ministry has accepted most of the recommendations of the
Ashok Chawla Committee that has suggested a transparent and marketbased
framework for allocation of natural resources (ET).
4 Bilateral trade between India and Africa is set to double from the current
$53 billion in the next five years, primarily triggered by the transport
equipment, services, healthcare and agriculture sectors (BS).
4 Food inflation declined marginally to 9.32% for the week ended October
1 (ET).
Corporate News
4 The sixteen-day tool-down strike declared by Bosch's union is called off
after the government of Karnataka issued a prohibitory order. The
employee union was against the firm's decision to outsource non-core
and support processes (ET).
4 Century Textile's cement biz set to merge with UltraTech. The deal is
likely to get over in next few months (BS).
4 Zenith Infotech has defaulted on the payment due to its FCCB holders
on September 21,2011. The company had raised $33 million through
FCCB, which were due for payment in September 2011 and another
tranche of $50 million due for repayment or conversion in August 2012
(ET).
4 Moser Baer is looking to set up 200 megawatt (Mw) solar power
capacities in India in next one year with 95 Mw to be set up in Gujarat.
Company has laid out plans to make heavy investments in clean energy
vertical of its operations as it intends to set up nearly 1500 Mw of solar
power generation capacities in India by 2015 (BS).
4 Coal India's management has called for a nationwide strike on
November 15 to demand payment of salary arrears (ET).
4 Pantaloon Retail has announced that it would raise up to Rs 15 bn
through a convertible issue or debt instruments with warrants. It is also
looking to exit non-core (non-retail) businesses, including Future Capital
Holdings, within a year. This could fetch the company around Rs 35 bn
(BS).
4 Lupin has launched the generic version of Watsons Fortamet despite an
impeding patent suit against Lupin in the US (ET).
4 GAIL, in association with other companies, is planning to set up an RLNG
terminal with a capacity of 2.5 mtpa or 10 mmscmd keeping in view the
natural gas shortage faced by power plants and other industries located
in Andhra Pradesh (BS).
4 Reliance Infrastructure is in talks to acquire national highway road
projects in Tamil Nadu and Karnataka worth Rs20 bn (ET).
4 Sebi is again investigating some employees of HDFC Asset Management
Company (subsidiary of HDFC) for allegedly indulging in front-running
(ET).
News Round-up
Fearing slowdown in exports due to external head-winds, the government
announced a slew of measures to boost exports from the high-value engineering,
pharma and chemical sectors as well as traditional textile items, at a review of the
Foreign Trade Policy, will have revenue implications of USD 163-183 mn this fiscal.
Along with a 2% interest subvention on rupee export credit to some labour intensive
sectors announced by RBI two days back, these steps will hit the exchequer by USD
347 mn this fiscal. (BSTD)
In what could cripple real estate companies' ability to raise capital, the government
has closed a circuitous route which these firms have been using to attract foreign
funds into their businesses. The Department of industrial policy and promotion (DIPP),
which anchors policymaking on FDI, has clarified that equity instruments like fully
convertible debentures with in-built put options would now be treated as ECB, not
FDI. (FNLE)
15% higher rail freight rates to jack up industrial costs. Higher expenditure behind
steep rise; industry to take USD 1.22 - 1.42 bn hit. (BSTD)
Private equity funds are caught in a fix as both raising funds and exits become tough,
along with some regulations posing hurdles to investment. Limited partners (LPs),
who invest in PE funds, are now more cautious to invest money in India-focused PE
funds as the internal rate of return or IRR does not match their expectations. (FNLE)
Telecom policy mum on M&As as DoT, Trai differ on spectrum consolidation. As per
existing rules, there can be no merger between a big telecom operator and a small
one, which is required to bring about the much-needed consolidation in the sector.
(FNLE)
Analogue transmission in Indian cable television is all set to be phased out with the
govt. deciding to promulgate on ordinance that makes digitization of such services
mandatory. (ECNT)
Tax collection by way of tax deducted at source (TDS) rose 33% for the April-Sept.
period, which could be a pointer to higher tax receipts by the end of the fiscal.
(ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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