Economy News  31 Dec ::Kotak Securities

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Economy News
 Brent crude oil fell to a five and a half year low, below $57 a barrel on
Tuesday, as a global supply glut outweighed concerns of lost supply from
Libya, where battling militias have closed ports. (BS)
 Petrol and diesel may get cheaper from midnight as the government is
pushing the state-run oil marketing firms to pass on the benefit of falling
global prices to consumers as a New Year's gift, officials said. (ET)
 Battling to meet the Budget target of reining in the Centre's fiscal deficit
at 4.1 per cent of gross domestic product, the finance ministry has decided
not to extend excise duty cuts on automobiles and consumer durables
beyond Wednesday, December 31. This will make these products costlier
from next year. The duty cuts have hit the government's collection by
about Rs 25Bn a month. (BS)
 Grappling with a tough fiscal deficit target of 4.1 per cent of GDP, Finance
Minister Arun Jaitley might look at higher dividend from public sector
undertakings (PSUs) compared to last year. According to sources, Jaitley
was likely to ask PSU chiefs to use their cash piles to either boost public
investment or partly offset the expected shortfall in tax receipts. (BS)
Corporate News
 A day after the government spent time with industry to promote its
Make in India initiative, state-owned Bharat Heavy Electricals Ltd
(BHEL) announced a foray into submarine manufacturing. (BS)
 Biopharmaceutical company, Suven Life Sciences Limited, has secured
one product patent each from Eurasia, Japan and Mexico corresponding to
the new chemical entities (NCEs) for the treatment of disorders
associated with neurodegenerative diseases. The patents are valid
through 2029. (BS)
 Saroj Kumar Poddar-controlled Zuari Fertilisers and Chemicals Ltd and
Zuari Agro Chemicals Ltd have revised the size of their open offer for
shares in Mangalore Chemicals and Fertilizers Ltd to 36.56% from the
current 25.9% as an invitation to a rival bidder, Deepak Fertilisers and
Petrochemicals Corp. Ltd, to cash out. (Mint)
 India's largest consumer goods company Hindustan Unilever has sold its
erstwhile headquarters Lever House at Churchgate in south Mumbai to its
current tenant, Housing Development Finance Corporation, for around Rs
3 Bn, said two persons familiar with the development. (ET)
 Hospital chain Apollo Hospitals is set to take over the day care and
short stay surgeries division of Nova Medical Centres, a Bangalore-based
chain of hospitals, backed by Goldman Sachs, for an undisclosed sum.
Apollo has pipped TPG Capital, which was also in the race to buy Nova's
surgery centres. (ToI)
 Larsen and Toubro Ltd (L&T) has said that its building and factories
business under L&T Construction has bagged orders worth Rs.25.2Bn in
December. In a statement, India's largest engineering and construction
firm said that these orders were from both the domestic and
international markets. (Mint)
 Lupin Ltd received tentative approval from the US health regulator to
market a generic version of Prezista tablets, used in treating HIV
infection, reports PTI. Last week, the company received the regulator's
approval to market a generic version of ViiV Healthcare's Epivir tablets,
also used in treating HIV infection, the report adds. (Mint)