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The shipping ministry will soon propose a string of measures to promote
shipbuilding, including financial assistance in the range of 5% to 25%, to
shipbuilding companies to spur local ship making industry. (BL)
Firms issuing offshore bonds hit a company law hurdle. They are now
looking up to the Corporate Affairs Ministry (MCA) to provide clarity on
whether issuances of foreign currency denominated securities like
foreign currency convertible bonds (FCCBs) would get covered under the
private placement norms.(BL)
The Insurance Regulatory and Development Authority (IRDA) has put its
plans of de-tariffing third-party motor insurance on the backburner. This
is due to opposition from public sector general insurers who fear they
may be forced to take on most of the burden. (BL)
Indian corporates invested $1.25 billion overseas in August, higher than
$1.12 billion in July but sharply lower than $2.47 billion a year ago,
according to data released by the Reserve Bank of India. (BL)
The government is looking at the proposal for extending excise duty
concessions to the automobile sector beyond December, a move that
would provide further relief to automakers. (ET)
Corporate News
Sagar Cements is all set to buy cement business of Bangalore-based
BMM Ispat Group. The deal, with an enterprise value of about Rs. 5 Bn, is
likely to be sealed in a couple of weeks.The annual general meeting of
Sagar Cements scheduled to be held on September 24 is expected to take
up the transaction The valuation per tonne could be around $80-$85. (BL)
Maruti has scaled up its projection for growth in cars sales this financial
year. Company expect a double-digit growth rate this year. Earlier it
projected for 7-8% growth. It would invest Rs 40 Bn over the next five
years in developing at least five new products at its India research &
development (R&D) centre. (BS)
United Bank of India (UBI) is confident of bringing down its gross nonperforming
assets to below 10 per cent this fiscal (FY15). As on June 30,
2014 (end of first quarter), its gross NPAs stood at Rs. 70 Bn that is, 10.49
per cent of gross advances, which is much higher than that of its peers.
(BL)
Japanese steel maker Daido Steel Company will pick up 10 per cent stake
in Maharashtra-based Sunflag Iron and Steel for around Rs 560 mn.
Sunflag Iron and Steel has its steel-making facility at Bhandara in
Maharashtra. The plant has a capacity to produce 3.6 lakh tonnes tonnes
per annum of high quality special steel using liquid pig iron and sponge
iron as basic inputs. (FE)
Indian Hotels Company's strategy for expanding abroad is back to the
drawing board. Company exited its management control contract with
Morroco's JK Hotels for the Taj Palace at Marrakech in that country. (BS)
Sun Pharmaceutical Industries is looking to get shareholders' approval
to raise qualified institutional placement (QIP) worth Rs 120 Bn at its 27th
annual general meeting to be held by the end of September. (BS)
ICICI Bank is in the market to raise at least $500 million through dollar
bonds. ICICI is offering five-and-half year paper with an initial guidance of
two percentage points over US Treasury. (ET)
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
LINK
http://www.kotaksecurities.com/pdf/dmb/MorningInsight12092014np.pdf
The shipping ministry will soon propose a string of measures to promote
shipbuilding, including financial assistance in the range of 5% to 25%, to
shipbuilding companies to spur local ship making industry. (BL)
Firms issuing offshore bonds hit a company law hurdle. They are now
looking up to the Corporate Affairs Ministry (MCA) to provide clarity on
whether issuances of foreign currency denominated securities like
foreign currency convertible bonds (FCCBs) would get covered under the
private placement norms.(BL)
The Insurance Regulatory and Development Authority (IRDA) has put its
plans of de-tariffing third-party motor insurance on the backburner. This
is due to opposition from public sector general insurers who fear they
may be forced to take on most of the burden. (BL)
Indian corporates invested $1.25 billion overseas in August, higher than
$1.12 billion in July but sharply lower than $2.47 billion a year ago,
according to data released by the Reserve Bank of India. (BL)
The government is looking at the proposal for extending excise duty
concessions to the automobile sector beyond December, a move that
would provide further relief to automakers. (ET)
Corporate News
Sagar Cements is all set to buy cement business of Bangalore-based
BMM Ispat Group. The deal, with an enterprise value of about Rs. 5 Bn, is
likely to be sealed in a couple of weeks.The annual general meeting of
Sagar Cements scheduled to be held on September 24 is expected to take
up the transaction The valuation per tonne could be around $80-$85. (BL)
Maruti has scaled up its projection for growth in cars sales this financial
year. Company expect a double-digit growth rate this year. Earlier it
projected for 7-8% growth. It would invest Rs 40 Bn over the next five
years in developing at least five new products at its India research &
development (R&D) centre. (BS)
United Bank of India (UBI) is confident of bringing down its gross nonperforming
assets to below 10 per cent this fiscal (FY15). As on June 30,
2014 (end of first quarter), its gross NPAs stood at Rs. 70 Bn that is, 10.49
per cent of gross advances, which is much higher than that of its peers.
(BL)
Japanese steel maker Daido Steel Company will pick up 10 per cent stake
in Maharashtra-based Sunflag Iron and Steel for around Rs 560 mn.
Sunflag Iron and Steel has its steel-making facility at Bhandara in
Maharashtra. The plant has a capacity to produce 3.6 lakh tonnes tonnes
per annum of high quality special steel using liquid pig iron and sponge
iron as basic inputs. (FE)
Indian Hotels Company's strategy for expanding abroad is back to the
drawing board. Company exited its management control contract with
Morroco's JK Hotels for the Taj Palace at Marrakech in that country. (BS)
Sun Pharmaceutical Industries is looking to get shareholders' approval
to raise qualified institutional placement (QIP) worth Rs 120 Bn at its 27th
annual general meeting to be held by the end of September. (BS)
ICICI Bank is in the market to raise at least $500 million through dollar
bonds. ICICI is offering five-and-half year paper with an initial guidance of
two percentage points over US Treasury. (ET)
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
LINK
http://www.kotaksecurities.com/pdf/dmb/MorningInsight12092014np.pdf
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