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Economy News
4 Food inflation entered negative territory for the first time in nearly six
years at -3.36%, raising hopes that the Reserve Bank of India (RBI) might
ease back on lending rates soon. (BL)
4 Indian Drug Manufacturers Association (IDMA), the largest body of small
and mid-sized pharma companies, has taken up several concerns of the
pharmaceutical industry with the government. The matters include issues
such as Chinese competition for the Active Pharmaceutical Ingredients
(API) market, pharma pricing and foreign direct investment (FDI) in the
sector. (BS)
4 The finance ministry has decided not to pressurize cash-starved public
sector banks to pay higher dividend to the government this fiscal or to
support its disinvestment programme by buying equity in state-run
enterprises. (ET)
Corporate News
4 State Bank of India has said that its exposure to the ailing private
carrier Kingfisher Airlines has turned a bad loan or a non-performing
asset. SBIs outstanding exposure to Kingfisher is Rs15.8 bn and it will now
have to make a provisioning of Rs2.5-2.8 bn (ET).
4 There is uncertainty whether Indian Hotels will continue to run the Taj
Mahal Hotel near India Gate with the New Delhi Municipal Corporation
(NDMC) mulling the option of inviting fresh bids for the property as the
extended lease for its use ends in October this year (BS).
4 Adani Power, battling authorities to scrap an electricity-sales contract
because of fuel supply uncertainty and unexpected rise in cost of
imported coal, has approached the Supreme Court to terminate the pact
in a case that can make or break mega projects worth Rs1.6 trillion and
their lenders (ET).
4 Cable TV companies Den Networks and Hathway Cable & Datacom
will launch a joint media campaign, beginning with Delhi this weekend,
informing consumers about the need to install set-top boxes by June 30
as mandated by the government (BS).
4 Suzuki Motor Corporation's Indian subsidiary, Maruti Suzuki India Ltd
(MSIL), is going to play an increasingly important role in designing and
developing global vehicles for the Japanese auto company in the coming
years (BL).
4 Hyderabad-based Ramky Infrastructure Limited, an integrated
infrastructure development and management company, has bagged new
orders valued at Rs 10.5 bn across roads, industrial, water and waste
water, power, irrigation and building verticals (BS)
4 SREI Infrastructure Finance Ltd (SIFL) has announced plans to raise Rs
14 bn through a public issue of long term infrastructure bonds. The
secured redeemable non-convertible debentures will be raised in
tranches. The shelf limit for this fiscal is Rs 5 bn and the company opened
subscription for Rs 3 bn which is the first tranche (BL).
4 Oil and Natural Gas Corp (ONGC) has discovered about 4 trillion cubic
feet (Tcf) of gas reserves off the Daman coast,which can produce 7
million cubic meters a day of gas in four years.ONGC has over the past
few years made several discoveries some 50-km off the Daman coast
(ET).
4 J Kumar Infra bagged projects worth Rs 1653 mn for construction of
flyovers in Pune and supply of RMC (BSE).
News Round-up
Food inflation for the week of December 24, 2011 went negative for the first time in
six years (-3.36%).
India's aviation minister has said that he will not let any Indian airline go bankrupt.
(ECNT)
State Bank of India's (SBIN IN) exposure to Kingfisher Airlines (KAIR IN) now being
classified as a NPA. (THBL)
State Bank of India (SBIN IN) said it is likely to get a capital infusion of up to USD
1.13bn in the current fiscal from the Government that will help the lender increase its
operation. (THBL)
The Chemical & Fertilizer Ministry will agree to cuts on natural gas supply from
Reliance Industries (RIL IN), KG-D6 field to decontrol the phosphatic and potash
fertilizer unites provided the priority on supply is continued for producers of urea, the
mass use fertilizer that is still under price control. (FNLE)
ONGC (ONGC IN) finds 4 Trillion Cubic Feet (TCF) of gas reserves off the Daman
coast, which can produce 7mn cubic meters a day of gas in four years time. (FNLE)
The Department of Telecom may impose fresh USD 60mn penalty on IDEA (IDEA IN).
(ECNT)
SREI Infrastructure (SREI IN) has come out with a maiden issue of tasx-saving bonds
and would be looking to raise up to USD 60mn in the first tranche. (BSTD)
An American company Trinity Structural Towers Inc has filed a breach of contract law
suit against Suzlon Wind Energy corporation (SUEL IN) charging the latter with failure
to purchase wind towers. (THBL)
Ramco Systems (RMCS IN) has entered into an agreement with Orange Issuer Trust,
to deploy its ‘Series 5” aviation M&E software. (FNLE)
Ramky Infrastructure (RMKY IN) has bagged new orders aggregating to USD 202mn
in roads, industrial, water & waste water and irrigation sectors. (THBL)
Mahindra & Mahindra (MM IN) will launch the Rexton sport utility vehicle from the
SsangYong stable in the second half of next financial year. (THBL)
Ashok Leyland (AL IN) unveiled "Jan Bus" a single-step, front engine, fully flat floor
bus. (THBL)
Maruti Suzuki ((MSIL IN) unveiled the concept of a compact sport utility vehicle
named XA Alpha. (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 Food inflation entered negative territory for the first time in nearly six
years at -3.36%, raising hopes that the Reserve Bank of India (RBI) might
ease back on lending rates soon. (BL)
4 Indian Drug Manufacturers Association (IDMA), the largest body of small
and mid-sized pharma companies, has taken up several concerns of the
pharmaceutical industry with the government. The matters include issues
such as Chinese competition for the Active Pharmaceutical Ingredients
(API) market, pharma pricing and foreign direct investment (FDI) in the
sector. (BS)
4 The finance ministry has decided not to pressurize cash-starved public
sector banks to pay higher dividend to the government this fiscal or to
support its disinvestment programme by buying equity in state-run
enterprises. (ET)
Corporate News
4 State Bank of India has said that its exposure to the ailing private
carrier Kingfisher Airlines has turned a bad loan or a non-performing
asset. SBIs outstanding exposure to Kingfisher is Rs15.8 bn and it will now
have to make a provisioning of Rs2.5-2.8 bn (ET).
4 There is uncertainty whether Indian Hotels will continue to run the Taj
Mahal Hotel near India Gate with the New Delhi Municipal Corporation
(NDMC) mulling the option of inviting fresh bids for the property as the
extended lease for its use ends in October this year (BS).
4 Adani Power, battling authorities to scrap an electricity-sales contract
because of fuel supply uncertainty and unexpected rise in cost of
imported coal, has approached the Supreme Court to terminate the pact
in a case that can make or break mega projects worth Rs1.6 trillion and
their lenders (ET).
4 Cable TV companies Den Networks and Hathway Cable & Datacom
will launch a joint media campaign, beginning with Delhi this weekend,
informing consumers about the need to install set-top boxes by June 30
as mandated by the government (BS).
4 Suzuki Motor Corporation's Indian subsidiary, Maruti Suzuki India Ltd
(MSIL), is going to play an increasingly important role in designing and
developing global vehicles for the Japanese auto company in the coming
years (BL).
4 Hyderabad-based Ramky Infrastructure Limited, an integrated
infrastructure development and management company, has bagged new
orders valued at Rs 10.5 bn across roads, industrial, water and waste
water, power, irrigation and building verticals (BS)
4 SREI Infrastructure Finance Ltd (SIFL) has announced plans to raise Rs
14 bn through a public issue of long term infrastructure bonds. The
secured redeemable non-convertible debentures will be raised in
tranches. The shelf limit for this fiscal is Rs 5 bn and the company opened
subscription for Rs 3 bn which is the first tranche (BL).
4 Oil and Natural Gas Corp (ONGC) has discovered about 4 trillion cubic
feet (Tcf) of gas reserves off the Daman coast,which can produce 7
million cubic meters a day of gas in four years.ONGC has over the past
few years made several discoveries some 50-km off the Daman coast
(ET).
4 J Kumar Infra bagged projects worth Rs 1653 mn for construction of
flyovers in Pune and supply of RMC (BSE).
News Round-up
Food inflation for the week of December 24, 2011 went negative for the first time in
six years (-3.36%).
India's aviation minister has said that he will not let any Indian airline go bankrupt.
(ECNT)
State Bank of India's (SBIN IN) exposure to Kingfisher Airlines (KAIR IN) now being
classified as a NPA. (THBL)
State Bank of India (SBIN IN) said it is likely to get a capital infusion of up to USD
1.13bn in the current fiscal from the Government that will help the lender increase its
operation. (THBL)
The Chemical & Fertilizer Ministry will agree to cuts on natural gas supply from
Reliance Industries (RIL IN), KG-D6 field to decontrol the phosphatic and potash
fertilizer unites provided the priority on supply is continued for producers of urea, the
mass use fertilizer that is still under price control. (FNLE)
ONGC (ONGC IN) finds 4 Trillion Cubic Feet (TCF) of gas reserves off the Daman
coast, which can produce 7mn cubic meters a day of gas in four years time. (FNLE)
The Department of Telecom may impose fresh USD 60mn penalty on IDEA (IDEA IN).
(ECNT)
SREI Infrastructure (SREI IN) has come out with a maiden issue of tasx-saving bonds
and would be looking to raise up to USD 60mn in the first tranche. (BSTD)
An American company Trinity Structural Towers Inc has filed a breach of contract law
suit against Suzlon Wind Energy corporation (SUEL IN) charging the latter with failure
to purchase wind towers. (THBL)
Ramco Systems (RMCS IN) has entered into an agreement with Orange Issuer Trust,
to deploy its ‘Series 5” aviation M&E software. (FNLE)
Ramky Infrastructure (RMKY IN) has bagged new orders aggregating to USD 202mn
in roads, industrial, water & waste water and irrigation sectors. (THBL)
Mahindra & Mahindra (MM IN) will launch the Rexton sport utility vehicle from the
SsangYong stable in the second half of next financial year. (THBL)
Ashok Leyland (AL IN) unveiled "Jan Bus" a single-step, front engine, fully flat floor
bus. (THBL)
Maruti Suzuki ((MSIL IN) unveiled the concept of a compact sport utility vehicle
named XA Alpha. (THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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