News Update :05th June

• Coal India has directed its subsidiaries to enter into FSAs with power units coming up between Jan’12 & Mar’15, bringing respite to fuel-starved power companies.

• Man Industries bagged orders worth Rs8 bn from Middle East & domestic customers for supply of pipes for oil and gas sector.

• Hero MotoCorp said its first bike without technology of erstwhile partner Honda will hit the market by 2014 and it plans to spend Rs25.75 bn on 2 new plants to be operational by Q2FY14.

• Banks are set to restructure loans worth Rs45 bn extended to Varun Industries and Visa Steel.

• The Videocon Group plans to invest Rs3.50 bn in Kerala; Rs2.50 bn for a manufacturing unit and Rs1 bn for an IT unit.

• Fertilisers and Chemicals Travancore invited expression of interests from public & pvt. companies for its proposed Rs60bn JV.

• Abbott launched its first nutrition R&D centre in India along with contract research arm of Biocon — Syngene.

• Kalanithi Maran has pledged shares worth around Rs940 mn in Sun TV Network Ltd taking the total shares pledged to 8.71%.

• Warburg Pincus is set to buy 70% stake in Future Capital Holdings for Rs80.50 bn, valuing the NBFC at Rs11.50 bn.

• India’s per capita consumption of steel has gone up by around 25% in the last 5 years to 57 kg in 2011 against 45.8 kg in 2007.

• As per Macquarie, Indian banks are set to raise Rs 1.67 tn in next 5 years to cater to growth requirements & Basel III implementation.

• The Finance Ministry is looking to raise excise duty on diesel vehicles to discourage its consumption & bolster tax revenues.

• Telecom Dept. proposed to make compulsory for all operators to match auction-determined price for existing 2G airwaves for remaining period of licenses; potential Rs1.2tn burden on the sector.

• Crisil lowered India’s GDP projection to 6.5% for FY13 vs forecast of 7% due to global concerns & muted domestic demand.

• Factory orders in US dropped 0.6% in April, 2012 vs a 2.1% decrease in March, 2012 & vs consensus estimates of a 0.2% gain.

• HSBC China Services PMI rose to 54.7 in May, 2012; the fastest pace in 19 months, extending from April’s 6 month peak of 54.1.

• S&P’s has said that Greece has a 1-in-3 chance of exiting the Euro Zone in the coming months.

• Eurozone factory prices remained steady in April, 2012 vs forecast of 0.2% rise giving the ECB some space to cut interest rates.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s