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Published on Wednesday, June 10th, 2009 at 11:48 AMAuthor: INSIGHT TECHNICAL (30 Articles)
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Corporate News – Industry trends
The Finance Ministry is said to have noted deviation in FDI norms from those specified in Press Note II while considering Kingfisher Airlines’ proposal to raise Rs 7.08 bn through fully convertible warrants. Kingfisher Airlines has denied exceeding the FDI ceiling of 49% which exists in the civil aviation sector. (BL)
France Tele,Telstra eye Aircel pie, in talks with Maxis to buy up to 25%; Saudi Co may hike stake in Malaysian co to 35% (ET)
Tata Motors in a bulk deal on Tuesday sold 1.1 crore shares of Tata Steel on the BSE to Tata Sons for Rs 4.57 bn. (BL)
Jaiprakash Associates plans to raise Rs 25-30 bn through sale of equity. To raise this cash, the company would be selling some of the treasury shares that it will receive after merging four subsidiaries with itself (ET)
HDFC, will raise Rs 40 bn through a Qualified Institutional Placement of non-convertible debentures. (ET)
TVS Motors will launch its Flame brand of motorcycles under a new name, but the new SR125 will omit the controversial twinspark plug technology over which it is locked in a two-year old legal battle with rival Bajaj Auto. (ET)
Nalco to double capacity by 2014 at a cost of Rs 200 bn. (DNA)
Satyam Computer Services posted its results for the quarter ended December 31, 2008, to reveal a consolidated net profit of around Rs 1600 mn and revenues of Rs 24.1 bn (BS)
GMR Infrastructure Ltd will increase its holding by close to 4% to 54% in its subsidiary Delhi International Airport Ltd (DIAL) by acquiring the stake held by IDFC Infrastructure Fund in lieu of close to 1% it is offering to IDFC in GMR Infrastructure (BS)
Future group plans to raise as much as Rs 40 bn in the next two years to fund its expansion plans (BS)
Unitech, has exited New Kolkata International Development (NKID) Pvt Ltd, a special purpose vehicle formed to develop several large projects in West Bengal, including the proposed petroleum, chemicals and petrochemical investment region at Nayachar (BS)
Shareholders of the Anil Dhirubhai Ambani Group (ADAG) promoted Reliance Infrastructure gave their approval today to the proposal to de-merge and transfer various divisions of the company to separate wholly-owned subsidiaries (BS)
Satyam Computer Services, managed to bag new business orders worth US$380 mn as on March 26, 2009. These deals have come from 215 of its existing clients (BS)
NTPC has agreed to buy natural gas from RIL but is opposed to paying marketing margin to the private firm and wants to use the fuel at plants other than Kawas and Gandhar that were identified by the government (BS)
Infotech Enterprises said it has secured a multi-million dollar contract from Malaysia based inCONTROL Tech for implementing geographic information system for a power utility in that country (Mint)
Economic/Regulatory development
The government today approved 23 foreign direct investment (FDI) proposals worth Rs 564 crore on recommendations of the Foreign Investment Promotion Board (FIPB) (BS)
International trends
The US Treasury Department has approved 10 of the nations’ largest banks to repay US$68 bn in government bailout money (Mint)
Stock News
* SATYAM : ADRs +34% on big vols post co announcing their Oct-Feb PAT #s
* ECONOMY : S&P says that it may downgrade India’s sovereign rating if external liquidity conditions weaken further & fiscal deficit worsens
* BANKS : PSU Bank chiefs to meet Finance Min today.. Fin Min will chalk out an immediate roadmap for PSU banks on what he expects fm them in terms of int rates, credit offtake, infra lending, bad loans mgmt and financial inclusion
* POWER : Govt plans to commission 5,653 MW of additional power generation cap in the first half of the current financial year
* STEEL : consumption for the period Apr-May increased by 6% yoy @ 8.22mn tonnes
* AVIATION : Airbus planning setting up an assembly line in India
* JET AIRWAYS : reduced capacity by 20% to survive economic slowdown with plans for another 10%
* JAIPRAKASH ASSOCIATES : plans to raise Rs30bn by selling some of the treasury shrs that it will receive after merging four subsidiaries with itself
* HCC : promoters not to exercise the right to convert 7.5mn warrants (priced @ Rs 202.50/shr).. Co forfeits 10% warrant subscription
* UNITECH : exits its SPV formed to develop several large projects in W.Bengal
* DR REDDY’S : receives approval from USFDA for Omeprazole used for treating heart burn.. first shipment likely to commence in Q2
* WIPRO : CFO says rev grwoth in FY10 to be muted YoY but expects biz momentum to pick up in H2 2010.
* RIL/NTPC : NTPC to buy natural gas from RIL but is opposed to paying marketing margins & plans to renegotiate the terms
* HDFC : plans to raise Rs 40bn thru issuance of NCDs and warrants to QIPs
* TATA MOTORS : sells 11mn shrs in grp Co Tata Steel to Tata Sons worth Rs 4.5bn
* ING VYSYA BANK : media rpts parent ING considering sellout of its India ops
* FII HLDGs : FII holdings in ING Vysya Bank (VYSB IN), Karur Vysya Bank (KVB IN) & Jindal South West Holdings (SWH IN) has fallen below the caution limit, FIIs can now buy shrs in these names from the open mkt
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