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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 The Comptroller & Auditor General's draft report titled 'Performance
Audit Of Coal Block Allocations' says the government has extended
"undue benefits", totalling a mind-boggling Rs 10.67 trillion, to
commercial entities by giving them 155 coal acreages without auction
between 2004 and 2009. (TOI)
4 The Reserve Bank of India on Wednesday tightened rules for lending
against gold by finance companies. The banking regulator has directed
that companies having half their assets in gold should have a minimum
equity capital, or tier-I capital, of 12% by April 2014. Further, these
companies can't lend more than 60% of the value of gold jewellery. (ET)
4 GSM operators added a 8.44 million subscribers in February, taking the
total number of GSM subscribers to 656.86 million. (ET)
4 The country's natural gas output fell for the 15th straight month in
February by 7.7 per cent year-on-year. The country's crude oil output
marginally increased (0.4 per cent) year-on-year at 2.997 million tonne in
February. (BL)
Corporate News
4 The erstwhile Satyam Computer Services and Tech Mahindra announced
details of their planned merger. The merger ratio, at 17 shares of
Mahindra Satyam for two Tech Mahindra shares values the former
Satyam at $1.8 billion. (ET)
4 Tata Motors-owned Jaguar Land Rover said it has finalised Chery
Automobile Company as partner to form an equal joint venture in China
that will produce both JLR and the JV-branded vehicles. The new entity
will also manufacture engines and set up a research and development
centre in China. (BL)
4 UltraTech Cement is in talks to buy north-eastern cement maker
Adhunik MSP Cement's Meghalaya plant for over Rs 7bn. Due diligence for
the unit located at the limestone-rich Jaintia Hills has been completed and
the fate of the deal hinges on the availability of some statutory noobjection certificates. (ET)
4 GVK Power & Infrastructure Ltd is looking to sell down its stakes in the
Alpha coal project and related port and rail assets in Australia to help
fund the $10 billion cost of the projects. GVK bought a 79% stake in the
Alpha and Alpha West thermal coal projects in Queensland's Galilee Basin
and 100% of the Kevin's Corner coal project next to Alpha and the rail and
port project linking to the Abbot Point terminal for $1.26 billion last year.
(BS)
4 Kingfisher Airlines has been asked to provide additional information on
a variety of issues, including financing and operations, before the
Government takes a decision on its licence. (ET)
4 Essar Oil Ltd (EOL) on Wednesday said it has commissioned two more
units at the Vadinar Refinery in Jamnagar district of Gujarat. Now, only
the Delayed Coker Unit (DCU) remains to be commissioned. The project,
when completed, will expand the capacity of the refinery to 18 million
tonnes per annum (mtpa) and enhance complexity from the existing 6.1 to
11.8, which is amongst the highest in the world. (BL)
4 The Empowered Group of Ministers (EGoM) will now take a call on
Vedanta Group company Sterlite's proposal for buying residual stake in
Hindustan Zinc and Balco. This was agreed upon in a meeting of the
Committee of Secretaries. (BL)
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 The Comptroller & Auditor General's draft report titled 'Performance
Audit Of Coal Block Allocations' says the government has extended
"undue benefits", totalling a mind-boggling Rs 10.67 trillion, to
commercial entities by giving them 155 coal acreages without auction
between 2004 and 2009. (TOI)
4 The Reserve Bank of India on Wednesday tightened rules for lending
against gold by finance companies. The banking regulator has directed
that companies having half their assets in gold should have a minimum
equity capital, or tier-I capital, of 12% by April 2014. Further, these
companies can't lend more than 60% of the value of gold jewellery. (ET)
4 GSM operators added a 8.44 million subscribers in February, taking the
total number of GSM subscribers to 656.86 million. (ET)
4 The country's natural gas output fell for the 15th straight month in
February by 7.7 per cent year-on-year. The country's crude oil output
marginally increased (0.4 per cent) year-on-year at 2.997 million tonne in
February. (BL)
Corporate News
4 The erstwhile Satyam Computer Services and Tech Mahindra announced
details of their planned merger. The merger ratio, at 17 shares of
Mahindra Satyam for two Tech Mahindra shares values the former
Satyam at $1.8 billion. (ET)
4 Tata Motors-owned Jaguar Land Rover said it has finalised Chery
Automobile Company as partner to form an equal joint venture in China
that will produce both JLR and the JV-branded vehicles. The new entity
will also manufacture engines and set up a research and development
centre in China. (BL)
4 UltraTech Cement is in talks to buy north-eastern cement maker
Adhunik MSP Cement's Meghalaya plant for over Rs 7bn. Due diligence for
the unit located at the limestone-rich Jaintia Hills has been completed and
the fate of the deal hinges on the availability of some statutory noobjection certificates. (ET)
4 GVK Power & Infrastructure Ltd is looking to sell down its stakes in the
Alpha coal project and related port and rail assets in Australia to help
fund the $10 billion cost of the projects. GVK bought a 79% stake in the
Alpha and Alpha West thermal coal projects in Queensland's Galilee Basin
and 100% of the Kevin's Corner coal project next to Alpha and the rail and
port project linking to the Abbot Point terminal for $1.26 billion last year.
(BS)
4 Kingfisher Airlines has been asked to provide additional information on
a variety of issues, including financing and operations, before the
Government takes a decision on its licence. (ET)
4 Essar Oil Ltd (EOL) on Wednesday said it has commissioned two more
units at the Vadinar Refinery in Jamnagar district of Gujarat. Now, only
the Delayed Coker Unit (DCU) remains to be commissioned. The project,
when completed, will expand the capacity of the refinery to 18 million
tonnes per annum (mtpa) and enhance complexity from the existing 6.1 to
11.8, which is amongst the highest in the world. (BL)
4 The Empowered Group of Ministers (EGoM) will now take a call on
Vedanta Group company Sterlite's proposal for buying residual stake in
Hindustan Zinc and Balco. This was agreed upon in a meeting of the
Committee of Secretaries. (BL)
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