Hot Market News
* ECONOMY : Sept IIP #s to be announced today.. BBG consensus for 7% growth vs
10.4% growth in Aug.. The six core infrastructure inds (contribute ~ 26% to
the overall IIP) grew 4% in Sept vs 7.8% in Aug
* MSCI : In the latest index revamp announced last night, Housing Development &
Infrastructure Ltd (HDIL) along with Suzlon (SUEL) replace Glenmark Pharma
(GNP) & PowerGrid Corp (PWGR) in the MSCI India index
* INFOSYS : Infosys BPO Signs Definitive Agreement to acquire US-Based
Insurance Business Process Solutions Provider, McCamish Systems
* APOLLO TYRES : plans to up capacity by 50% as it looks to enter the top-10
global tyre makers' club in next five years.. plan to double exports next year
* GRASIM : Aditya Birla Group may hike its stake in Grasim, to fend off any
hostile takeover bid
* DLF : rpts promoters to buy out DE Shaw's stake in DLF Assets
* RELIANCE : may sell stakes in some of its overseas exploration blocks.. co has
14 blocks in its international exploration & production portfolio
* PUNJ LLOYD : announces a restructuring plan that will see Punj functioning as
a holding co to provide capital to high potential biz areas which will
eventually become independent entities
* DR REDDY's : expects revenues from its outsourcing arm to rise 10-15% in FY10
Corporate News – Industry trends
* The green shoots visible in the economy failed to enhance government
revenue with indirect tax collections comprising customs, excise and
service tax falling almost 22% to Rs 12,69,030 mn in the April-October
period this year. It stood at Rs 16,19,540 mn in the corresponding
seven months of 2008-09. The overall decline was led by a 32% fall in
customs revenue (BS)
* Indian drug major Cipla has launched generic versions of anti-flu
drugs oseltamivir and zanamivir in the local market to treat H1N1
influenza spreading across the globe, and in India (BS)
* In the first acquisition of any overseas sugar and ethanol unit by an
Indian company, Shree Renuka Sugars, one of the largest producers
in the country, has acquired Brazil’s Vale Do Ivaí S.A. Açúcar e Álcool
(VDI), at an enterprise value of US$240 mn (BS)
* BHEL said it has won a Rs 910 mn order from UK based Power
Engineers Contracting Inc to supply gas turbine generating unit for its
Nasiryah power project in Iraq (Mint)
* The inter-ministerial battle over spectrum for 3G telecom services
has intensified, with the DoT rejecting a claim by the ministry of
defence that it has not accounted for 10 MHz of spectrum given to DoT
at the end of October in the information memorandum. This document
provides potential private bidders with details on the auction process
slated for January 14, 2010 (BS)
* GSPC may go for 5% private placement to raise Rs 10 bn; Initial
public offer to follow; The Gujarat Government controlled integrated
energy company has indicated its plan to raise a total of US$1-US $1.5
bn through private placement and IPO (BL)
* Apollo Tyres said it would increase production capacity in the country
by over 50% as it looked to enter the top-10 global tyre makers’ club
in the next five years; In line with its plans, the company is also
looking to almost double its exports in the next year (BS)
* In a move to boost capacity at major ports in the country, a
government panel approved three projects worth over Rs 77bn, to be
developed through the public-private partnership mode (BS)
* THE founding family of India’s largest real estate company has reached
a deal with DE Shaw to buy out the hedge fund’s stake in DLF Asset
(DAL), an important step presaging transactions that could lead to a
Singapore listing for the DLF affiliate in the first quarter of 2010 (ET)
* Punj Lloyd Group announced an ambitious restructuring plan that will
see Punj Lloyd functioning as a holding company to provide capital to
high potential business areas, which will “eventually become
independent entities” (ET)
* Yahoo!, Cisco eye role in unique ID project; Meetings are still at
preliminary stage, says Nilekani (BL)
* Increase in fuel costs and falling yields have seen Air India more than
double its post-tax losses to Rs 55.4bn in 2008-09; the airline had
reported a loss of about Rs 22bn the previous year (BL)
Economic/Regulatory development
* India’s exports for October stood at US$12.5 bn, down 11.4% from
US$14.1 bn in the same month last year, on the back of weaker
demand for Indian goods in the traditional markets of the US, EU and
Japan; India’s export figures were US$15 bn during October 2007 (BS)
* The import of sensitive items during April-August has shown a hefty
hike of 30% when compared with the corresponding months of the
previous fiscal (BL)
International trends
* China’s factory output touches19-month high; World’s Workshop
Back In Business With A 16.1% Rise In Industrial Output In Oct (ET)
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