* ECONOMY : RBI hikes its REPO rate (rate at which banks borrow funds fm RBI)
and REVERSE REPO rate (rate at which banks park funds with the RBI) by 25bps
with immediate effect
* SBI : Chmn rules out any immediate rise in lending rates.. says wud wait for
RBI's policy meeting on April 20 before taking a decision on rates for
deposits and advances
* PSU BANKS : Govt sets PSU banks a target of 20% for credit and deposit growth
for fiscal 2010-11.. Govt wud infuse Rs165bn in PSU banks excluding SBI in
the form of cash and equity issued will be at face value
* RELIANCE IND : Co in talks to buy 20% stake in Carabobo-1 oil block which has
about 50bn barrels of proven oil reserves, existing consortium includes ONGC
* TATA POWER : proposes an avg hike of 19-35% in electricity tariff for
residential and commercial consumers in Mumbai for 2010-11
* BHARTI : has obtained $8.3bn in funding for its proposed Zain acquisition
* CIPLA : to replace Sun Pharma in the BSE Sensex from May 3
* MONNET ISPAT : to set up cement plants in two states with an invt of Rs24bn
as part of its expansion and diversification plan
* ONGC : consortia led by co wins exploration and production rights for 17 of
the 33 blocks awarded under 8th round of new exploration and licencing policy
* STERLITE : Asarco files a lawsuit against the co for backing out of a $2.6bn
deal to take the US copper miner out of bankruptcy
* LUPIN : gets USFDA tentative approval for Insomnia drug
* PATNI : doubles its hiring target for the current fiscal in view of improving
demand for s/w & back-office outsourcing.. co close to signing $250mn deal
* IOC/OIL INDIA : may hike takeover offer for Middle East focussed oil firm
Gulfsands Petro Pls after UK based firm rejected their £400mn bid
* PIRAMAL HEALTHCARE : sub Piramal Diagnostics Services planning a number of
acquisitions to consolidate its position
* TATA MOTORS : may sell its 60% stake in unit Telco Construction Equipment Co
or TELCON to Japanese partner Hitachi Construction Machinery Co
* OIL INDIA / IOC : may raise their offer for Gulfsands Petroleum Plc after
their earlier bid of ~ $600mn was rejected
* TATA STEEL : unit Corus raises reversing mill plate prices by £60/ton
* MTNL : says the Income Tax Appellate Tribunal has allowed the Co a further
proportionate relief for 5 assessment yrs to the tune of Rs 13.8bn of which
interest amount is Rs 6.24bn
Corporate News Industry trends
Sahara Adventure Sports, part of the Sahara group, and little known fivemember
consortium, Rendezvous Sports, have won an extremely competitive
bidding for the two new franchises (Pune and Kochi) of Indian Premier League
for 10 years. (BL)
Bharti Airtel said it has arranged the funds (US$8.3bn) for its proposed
acquisition of the African assets of Kuwait-based Zain Telecom. This brings it a
step closer to sealing the deal. (BS)
Indian Oil Corp and Oil India Ltd combine may hike their takeover offer for
West Asian-focused oil firm Gulf Sands Petroleum Plc after the UK- based firm
rejected their £400mn bid. (BS)
DLF would offer flats with a price tag of Rs40mn per unit in the heart of the
national capital. The firm is offering 150 luxury apartments following the launch
of the third phase of a housing project Capital Greens near central Delhi. The
flats are offered at Rs 11,000 per sq ft. (BS)
Hoping to rake in anything between Rs30-48bn, the National Textile
Corporation said it would sell around 60 acres of prime mill land in Mumbai
within a year. (BS)
Indian Oil Corporation Ltd plans to enter the petrochemicals business in June
through its polymer products and expects to notch up a market share of 21% in
the new initiative. (BS)
UCO Bank has decided to raise capital by way of a follow-on public offer instead
of a QIP, the objective being to broad base the shareholding. (BL)
Yes Bank is likely to raise $80mn in the first round of fund-raising for its private
equity fund focused on clean technology. (Mint)
GVK Power and Infra is looking at various options to unlock the real estate
value in Mumbai International Airport Ltd. It has been given about 198 acres for
development and part-financing of the development of the airport. This real
property remains untouched and the company is now working on a strategy to
modernise the property. (DNA)
The Centre has pegged the benchmark capital cost for the new Light Water
Reactor (LWR) imports that are under discussion with Russia, France and the US
at US$1,600 per kilowatt, or around Rs72mn per mega watt. (BL)
High-value land deals are back in the commercial capital after an 18-month
break. The first two-and-a half months of this year have already seen
developers, with more cash at their disposal from rising home sales, close half-adozen
deals worth Rs40bn. (BS)
The rebound in the steel demand may ricochet on manufacturers as suppliers
of critical raw materials like coking coal and iron ore jettison the annual pricing
system in favour of a floating rate; For coking coal, BHP Billiton and Rio Tinto are
among the leading global raw material suppliers that are pitching for quarterly
contracts to replace the 40-year old annual benchmark pricing system. (BS)
The gap between the cargo volumes handled by major ports and minor ports
is narrowing fast, with the latter's share skyrocketing in the last decade. And,
going by the current trend and private investment pouring in, there is a
possibility that minor ports could overtake major ports in the next couple of
decades. (BL)
Fertiliser subsidy may go up despite price decontrol; Post-decontrol DAP
subsidy will rise by 59%; the move to decontrol prices of all non-urea fertilisers
with effect from April 1, as part of the changeover to a nutrient-based subsidy
regime, is supposed to help lessen the Centre's subsidy burden. (BL)
Economic/Regulatory development
In a significant development, the Central Electricity Regulatory Commission
has imposed with immediate effect, a congestion charge of Rs5.45 per unit for
all regions. CERC hopes the charge would serve as a deterrent against over
drawal of power by regional entities at a frequency below 50 Hz through a
congested transmission corridor. (BS)
International trends
General Motors Cos South Korean unit plans to recall some 60,000 of the
Chevy Cruze small car and the Captiva sports utility vehicle in South Korea. (BS)
Advert.
Reply With Quote
