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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Less hope, just cope!
Everything that is done in the world is done
by hope. - Martin Luther
We hoped to share some brighter backdrop before
the open. But alas, Friday the 13th hit the debtstricken
eurozone hard as Standard & Poor’s
lowered the debt ratings of as many as nine
nations. S&P stripped France of its coveted “AAA”
rating and reduced Portugal’s debt status to junk.
Separately, talks aimed at finalizing voluntary
writedowns for holders of Greek sovereign debt fell
through, raising concerns about a default.
The euro tumbled in the wake of S&P’s shock and
awe action. The Dollar index is ruling comfortably
above the 81 mark. Brent crude is around $110 a
barrel and Gold is above $1,600 an ounce.
In the US, markets fell on talk of imminent
downgrades in Europe and JP Morgan’s
disappointing results.
In short, the backdrop is not bright as we kick off a
new trading week. The start is likely to be down as
most Asian peers are in the red. No ‘big’ earnings
are due from the domestic side today. The
important event for our markets will be the
inflation data for December. The rally in the
broader market looks too good to be true. Be
extremely cautious and vigilant. US markets are
shut today for the Martin Luther King day holiday.
Corporate snippets
Reliance Industries is planning to pick up a
minimum 26% stake in leading cable
operators, including multi-system
operators. (BS)
Funds belonging to the IL&FS group have
picked up 9.36% stake in a subsidiary of
Indiabulls Real Estate for Rs2bn. (BS)
ASK Group is on the road to raise as much as
Rs30bn for two funds it is advising. (BS)
Shree Cement has placed equipment orders of
nearly Rs7bn for its kiln unit in Rajasthan, even
as projects amounting to more than Rs130bn
are running behind schedule. (BS)
The state government is considering a proposal
to extend the validity period of the MoU signed
with Monnet Power Company Ltd for a 1.050
Mw power plant at Angul. (BS)
GMR Energy Limited a subsidiary of GMR
Infrastructure Limited has commissioned its
first 25 MW Solar Power Plant at Patan district
in Gujarat at a cost of Rs3bn. (BS)
State Bank of India will increase the interest
rate on car loans by at least 50 basis points to
bring these in line with competing banks. (BS)
NTPC Electric Supply Company Ltd is looking
at various business models, including forming
joint ventures with the existing distribution
companies as well as getting into franchise.
(BL)
Telenor, Unitech Spar over JV Valuation. (ET)
UB Group will consolidate its foreign liquor
assets under Whyte & Mackay and list it as part
of a strategy to overcome the financial crisis
caused by its floundering airlines business. (ET)
Directorate General of Hydrocarbons has told
the government it cannot stop Reliance
Industries from recovering costs incurred in
the D6. (ET)
Apollo Tyres has been asked to cough up
Rs300Mn as penalty for indulging in
cartelisation in South Africa. (ET)
Jet Airways is merging Jet Lite with its own
low-cost brand Jet Konnect. (FE)
Indian Railways has started negotiations with
SAIL for a project to construct a coach
manufacturing factory at Kanchrapara. (FE)
Jet Airways will be inducting 17 new Boeing
737 aircraft at cost of around US$1bn
beginning 2013, on sale and lease-back. (FE)
An agreement is almost finalised between
unions and Coal India and the wage hike will
be around 25%. (FE)
Reliance Communications is expected to
issue Rs30bn worth NCDs to replace some of
its high-cost debt and fund its capex
requirements. (FE)
Economy snippets
Scarcity of iron ore and high prices of coking
coal are forcing steel makers, especially smaller
ones, into debt restructuring. (BS)
Rating agency Standard and Poor's has lowered
the sovereign ratings of nine euro zone
countries, including France and Italy, a move
that reignited concerns over fiscal sustainability
of the region. (FE)
A slew of public offers of unlisted public sector
undertakings is likely in the next few years if
the recommendations of a governmentappointed
panel are accepted. (BS)
The country’s first special investment region at
Dholera in Gujarat is set to take off. (BS)
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Less hope, just cope!
Everything that is done in the world is done
by hope. - Martin Luther
We hoped to share some brighter backdrop before
the open. But alas, Friday the 13th hit the debtstricken
eurozone hard as Standard & Poor’s
lowered the debt ratings of as many as nine
nations. S&P stripped France of its coveted “AAA”
rating and reduced Portugal’s debt status to junk.
Separately, talks aimed at finalizing voluntary
writedowns for holders of Greek sovereign debt fell
through, raising concerns about a default.
The euro tumbled in the wake of S&P’s shock and
awe action. The Dollar index is ruling comfortably
above the 81 mark. Brent crude is around $110 a
barrel and Gold is above $1,600 an ounce.
In the US, markets fell on talk of imminent
downgrades in Europe and JP Morgan’s
disappointing results.
In short, the backdrop is not bright as we kick off a
new trading week. The start is likely to be down as
most Asian peers are in the red. No ‘big’ earnings
are due from the domestic side today. The
important event for our markets will be the
inflation data for December. The rally in the
broader market looks too good to be true. Be
extremely cautious and vigilant. US markets are
shut today for the Martin Luther King day holiday.
Corporate snippets
Reliance Industries is planning to pick up a
minimum 26% stake in leading cable
operators, including multi-system
operators. (BS)
Funds belonging to the IL&FS group have
picked up 9.36% stake in a subsidiary of
Indiabulls Real Estate for Rs2bn. (BS)
ASK Group is on the road to raise as much as
Rs30bn for two funds it is advising. (BS)
Shree Cement has placed equipment orders of
nearly Rs7bn for its kiln unit in Rajasthan, even
as projects amounting to more than Rs130bn
are running behind schedule. (BS)
The state government is considering a proposal
to extend the validity period of the MoU signed
with Monnet Power Company Ltd for a 1.050
Mw power plant at Angul. (BS)
GMR Energy Limited a subsidiary of GMR
Infrastructure Limited has commissioned its
first 25 MW Solar Power Plant at Patan district
in Gujarat at a cost of Rs3bn. (BS)
State Bank of India will increase the interest
rate on car loans by at least 50 basis points to
bring these in line with competing banks. (BS)
NTPC Electric Supply Company Ltd is looking
at various business models, including forming
joint ventures with the existing distribution
companies as well as getting into franchise.
(BL)
Telenor, Unitech Spar over JV Valuation. (ET)
UB Group will consolidate its foreign liquor
assets under Whyte & Mackay and list it as part
of a strategy to overcome the financial crisis
caused by its floundering airlines business. (ET)
Directorate General of Hydrocarbons has told
the government it cannot stop Reliance
Industries from recovering costs incurred in
the D6. (ET)
Apollo Tyres has been asked to cough up
Rs300Mn as penalty for indulging in
cartelisation in South Africa. (ET)
Jet Airways is merging Jet Lite with its own
low-cost brand Jet Konnect. (FE)
Indian Railways has started negotiations with
SAIL for a project to construct a coach
manufacturing factory at Kanchrapara. (FE)
Jet Airways will be inducting 17 new Boeing
737 aircraft at cost of around US$1bn
beginning 2013, on sale and lease-back. (FE)
An agreement is almost finalised between
unions and Coal India and the wage hike will
be around 25%. (FE)
Reliance Communications is expected to
issue Rs30bn worth NCDs to replace some of
its high-cost debt and fund its capex
requirements. (FE)
Economy snippets
Scarcity of iron ore and high prices of coking
coal are forcing steel makers, especially smaller
ones, into debt restructuring. (BS)
Rating agency Standard and Poor's has lowered
the sovereign ratings of nine euro zone
countries, including France and Italy, a move
that reignited concerns over fiscal sustainability
of the region. (FE)
A slew of public offers of unlisted public sector
undertakings is likely in the next few years if
the recommendations of a governmentappointed
panel are accepted. (BS)
The country’s first special investment region at
Dholera in Gujarat is set to take off. (BS)
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