* REC LTD : FPO opens today, floor price Rs 203/share
* BHARTI : may sell shares to SingTel to part fund its purchase of Zains asset's
* GODREJ CONSUMER : in talks to acquire firms in next 6-12 mths in India as
well as abroad.. Board approves raising Rs 30bn thru debt & equity for same
* SAIL : in talks with cos for acquiring coking coal blocks in Australia, New
Zealand & Mozambique.. To invest Rs 600bn by 2012 on expansion plans
* ONGC/IOC/SAIL/ NTPC : qualify for Maharatna status giving the boards more
power in terms of investment
* INDIAN BK : may look to raise Rs 7bn to meet its operational risks under
Basel II & for credit expansion in 2010-11
* KARNATAKA BK : plans to increase # of branches to 500 in next 2 yrs
* POWER SECTOR : Govt plans to raise import duty on foreign power generation
equipment stalled on opposition from power Min
* M&M : may borrow overseas to finance upgrades in product lines & mfg
facilities.. separately looking to sell 170k tractors by March
* TATA MOTORS : vehicle finance arm to raise Rs 3bn thru NCDs
* BOMBAY DYEING : in talks to sell its commercial property in Mumbai to Axis Bk
* NESTLE : looking to add new facilities to meet growing demand for products
* TATA TELE : adds 2.98mn subscribers in Jan..
* PFC : to pick up stake in select power projects to bridge equity capital
deficit in power sector.. Current cash reserves @ Rs 100bn
* P&G : plans to cut pxs of detergent brands Tide & Ariel by 12-20% within weeks
* RIL : likely to seek an extension to sweeten LB bid
* ADANI GRP : may look to invest R s100bn to set up a port in Orissa
* DR REDDY's : plans to move further 25% of production from German sub
Betapharm to India to maintain competitiveness
* SCI : plans to order 37 vessels in 2 yrs with investments worth $2bn..
current capacity @ 77 vessels
* HINDALCO : to get coal from Coal India at a premium of 10%
* L&T : plans big play in wind & hydro power generation
Corporate News – Industry trends
– Dr Reddy’s Laboratories has decided to shift the production of 25% more of
Beta Pharm’s products to India in about six months since all the medicine supply
contracts it had managed to get in Germany were for products it sources from
India. (BS)
– Tata Consultancy Services will recruit 30,000 employees from all over India to
further strengthen its work force, which stands at 14 mn, according to TCS
Global Head Venguswamy Ramaswamy. (BS)
– Ahmedabad-based Adani Group, a diversified business conglomerate, has
evinced an interest in setting up a 100 mn tonne per annum port in Orissa with
an investment of Rs100bn. (BS)
– Telecom network equipment maker Nokia Siemens has won a US$300mn
deal from mobile operator Aircel- a few days after it bagged a big deal from
country’s largest operator Bharti Airtel. (BS)
– Bharat Petroleum Corp Ltd said natural gas reserves have been discovered in
a block off Mozambique where it has a minority stake. US energy firm
Anadarko Petroleum Corp, the operator of Area-I in Rovuma Basin offshore
Mozambique, discovered more than 145 meters of natural gas pay in an
exploration well drilled on the block. (BS)
– Mahindra Tractors is eyeing a sale of 1,70,000 tractors by March. The
company has sold 1,60,000 tractors, of which 100,000 have been sold in the
domestic market;. M&M’s other initiative is aimed at nurturing budding
agricultural talent and providing education in innovative farming
technologies. (BS)
– Shipping Corporation of India (SCI), India’s largest in the sector, plans to
order 37 vessels in two years, spending about US$2bn to benefit from the fall
in ship prices. Currently the government-owned company has 77 vessels for a
capacity of 5.8 mn deadweight tonne. (BS)
– Wind energy company Suzlon Energy Ltd has received its first order of about
Rs540mn from Larsen & Toubro (L&T) to supply 8.7 MW wind turbines for a
project scheduled to be completed and commissioned by March 30. (BL)
– Hindalco has inked pact for securing mine-specific coal supplies from Coal
India Ltd (to the Renukoot facility of Hindalco) at 10% premium over the
notified price. (BL)
– Air India is to get Rs8bn as equity infusion from the Government in two equal
monthly instalments. This follows the Cabinet Committee on Economic Affairs
(CCEA) approving the proposal to provide additional fund infusion into the
state-owned airlines. (BL)
– Steel Authority of India is in talks with some companies for acquiring coking
coal blocks in Australia, New Zealand, Mozambique and Indonesia to achieve
its production targets; the country's largest iron-and-steel-maker is investing
Rs600bn by 2012 on its expansion plans to add nine million tonnes of
capacity. (BL)
– The Government allowed Oil and Natural Gas Corporation (ONGC) and GAIL
India to take 8.35% and 4.17% stake respectively in a pipeline that China is
building in Myanmar to transport gas from offshore blocks A-1 and A-3. (BL)
– Loans against FD’s may lose sheen; Under the new RBI directive to move to
base rate scheme, banks will have to determine their actual lending rates on
loans and advances with reference to the base rate. (BL)
Economic/Regulatory development
– Barely a week before the Union Budget for 2010-11, the United Progressive
Alliance (UPA) government raised urea prices by 10%. It also allowed the
industry to fix retail prices of other subsidised fertilisers, while limiting the
government’s subsidy burden under a new policy that will determine the subsidy
on phosphorus and potash based on their nutrients. (BS)
– Wholesale food inflation continued to rise for the fourth consecutive week to
reach its highest level in six weeks at 17.97% for the week ended February 6.
The increase was primarily driven by rise in prices of pulses and vegetables.
Wholesale food inflation was at 17.94% for the previous week. (BS)
– The defence ministry is expecting a substantial increase in its budget
allocation for the next financial year due to rise in expenditure on its
modernisation drive and commitments following pay review; Minister of State for
Defence MM Pallam Raju said he expected an increase of 15 to 20% in the
budgetary allocation this year from the 2009-10 figure of Rs105,600crore. (BS)
– India's holding of US Treasuries dropped US$2bn in December 2009 on a
month on month basis. According to data released by the US Treasury
Department, India's holdings amounted to US$29.6bn in December last. (BL)
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