HOT FROM THE PRESS
* ECONOMY : RBI reintroduces px ceiling on overseas borrowings & also disallows
buybk of FCCBs from Jan'10 with a view to end its quantitative easing measures
* RELIANCE IND : Hardy Oil & Gas Plc and partner RIL may drill seven wells at
two gas fields that could mark it as the largest in India with reserves
estimated at as much as 20 trillion cubic feet
* Dr REDDYs : Co sued by Pfizer to block it from selling the generic version of
anti-cholestrol drug Lipitor
* L&T : Co targets to win $1.3bn of orders building nuclear reactors by 2015
* TATA MOTORS : media rpts Co in talks to acquire Sumitomo Corp's 53.5% stkae
in Swaraj Mazda (SM IN), deal likely in early 2010
* TECH : Japanense media rpts NTT Data Corp plans to acquire Indian IT Cos
* BAJAJ AUTO : plans to exit the mass scooter business in next 3 months & hopes
to create an altogether new segment for sporty scooters
* SATYAM : agrees to settle case with Upaid for $70mn
* PNB : sells 26% stake in its wholly owned housing subsidiary PNB Housing Fin,
to financial services firm Destimoney Enterprises for Rs790mn
* SHRIRAM TRANSPORT FIN : plans to raise Rs 10bn thru a QIP to shore up its
capital for maintaining its CAR
* ONGC : along with Oil India & Turkish Petroleum likely to bid for Iraq's
Halfaya Oilfield
* ESSAR GRP : American Tower Corp set to take a controlling stake in Essar
Telecom Infra in a $350-400mn deal
* ELECON ENGINEERING : bags orders worht Rs 290mn from 2 cos in India & Iran
Corporate News – Industry trends
* Tata Motors is negotiating to acquire Japanese conglomerate
Sumitomo’s 53.5% stake in Swaraj Mazda as it attempts to strengthen
its position in the light commercial vehicle or LCV market (ET)
* American Tower Corporation is set to take a controlling stake in
Essar Telecom Infrastructure in a $350-400 mn deal (ET)
* Bajaj Auto launched Pulsar 135 LS bike priced at Rs 51,000
(exshowroom Delhi), the company also announced its decision to exit
the scooter segment entirely. (ET)
* Mahindra Satyam has agreed to pay $70 mn to UK-based mobile
payment services firm Upaid in an out-of-court settlement, ending
uncertainty over one of its longdrawn legal liabilities. (ET)
* Pfizer sued India’s Dr Reddy’s Laboratories asking a judge to
prohibit sales of generic versions of its best-selling anti-cholesterol
medicine Lipitor until 2017. (ET)
* Upping the ante against RCOM, Tatas, Telenor and other new
entrants, who have sought that second generation (2G) spectrum be
auctioned only after all operators have a minimum of 6.2 MHz of radio
frequencies per circle, Bharti Airtel in its latest salvo has warned that
the exchequer will lose upwards of Rs 100 bn, if the demands by these
players are accepted (ET)
* Shriram Transport Finance Company, which plans to raise Rs 10 bn
through a qualified public placement, is learnt to have appointed lead
managers to manage the issue. (ET)
* Suzlon Energy has secured a Rs 1.92 bn order from Rajasthan State
Mines and Minerals Ltd for supplying 31.5 MW of wind turbines. (BL)
* Ruias-controlled Essar Oil to seal a deal with Royal Dutch Shell at $1-
1.2 bn for acquiring the global petroleum giant’s three refineries in
Europe. (BS)
* Hindalco Industries to raise over Rs 45 bn as debt to achieve
financial closure for Utkal Alumina Refinery, a new 1.5-mn-tonne per
annum project in Orissa. (BS)
* Punjab National Bank has sold a 26% stake in its fully owned
subsidiary PNB Housing Finance to financial ervices firm Destimoney
for Rs0.79 bn (Mint)
Economic/Regulatory development
* The RBI reintroduces the price ceiling on overseas borrowings or the
maximum rate at which Indian corporates can raise foreign funds. The
RBI has also decided to disallow buyback of FCCB with effect from
January 2010. (ET)
* ECONOMY : RBI reintroduces px ceiling on overseas borrowings & also disallows
buybk of FCCBs from Jan'10 with a view to end its quantitative easing measures
* RELIANCE IND : Hardy Oil & Gas Plc and partner RIL may drill seven wells at
two gas fields that could mark it as the largest in India with reserves
estimated at as much as 20 trillion cubic feet
* Dr REDDYs : Co sued by Pfizer to block it from selling the generic version of
anti-cholestrol drug Lipitor
* L&T : Co targets to win $1.3bn of orders building nuclear reactors by 2015
* TATA MOTORS : media rpts Co in talks to acquire Sumitomo Corp's 53.5% stkae
in Swaraj Mazda (SM IN), deal likely in early 2010
* TECH : Japanense media rpts NTT Data Corp plans to acquire Indian IT Cos
* BAJAJ AUTO : plans to exit the mass scooter business in next 3 months & hopes
to create an altogether new segment for sporty scooters
* SATYAM : agrees to settle case with Upaid for $70mn
* PNB : sells 26% stake in its wholly owned housing subsidiary PNB Housing Fin,
to financial services firm Destimoney Enterprises for Rs790mn
* SHRIRAM TRANSPORT FIN : plans to raise Rs 10bn thru a QIP to shore up its
capital for maintaining its CAR
* ONGC : along with Oil India & Turkish Petroleum likely to bid for Iraq's
Halfaya Oilfield
* ESSAR GRP : American Tower Corp set to take a controlling stake in Essar
Telecom Infra in a $350-400mn deal
* ELECON ENGINEERING : bags orders worht Rs 290mn from 2 cos in India & Iran
Corporate News – Industry trends
* Tata Motors is negotiating to acquire Japanese conglomerate
Sumitomo’s 53.5% stake in Swaraj Mazda as it attempts to strengthen
its position in the light commercial vehicle or LCV market (ET)
* American Tower Corporation is set to take a controlling stake in
Essar Telecom Infrastructure in a $350-400 mn deal (ET)
* Bajaj Auto launched Pulsar 135 LS bike priced at Rs 51,000
(exshowroom Delhi), the company also announced its decision to exit
the scooter segment entirely. (ET)
* Mahindra Satyam has agreed to pay $70 mn to UK-based mobile
payment services firm Upaid in an out-of-court settlement, ending
uncertainty over one of its longdrawn legal liabilities. (ET)
* Pfizer sued India’s Dr Reddy’s Laboratories asking a judge to
prohibit sales of generic versions of its best-selling anti-cholesterol
medicine Lipitor until 2017. (ET)
* Upping the ante against RCOM, Tatas, Telenor and other new
entrants, who have sought that second generation (2G) spectrum be
auctioned only after all operators have a minimum of 6.2 MHz of radio
frequencies per circle, Bharti Airtel in its latest salvo has warned that
the exchequer will lose upwards of Rs 100 bn, if the demands by these
players are accepted (ET)
* Shriram Transport Finance Company, which plans to raise Rs 10 bn
through a qualified public placement, is learnt to have appointed lead
managers to manage the issue. (ET)
* Suzlon Energy has secured a Rs 1.92 bn order from Rajasthan State
Mines and Minerals Ltd for supplying 31.5 MW of wind turbines. (BL)
* Ruias-controlled Essar Oil to seal a deal with Royal Dutch Shell at $1-
1.2 bn for acquiring the global petroleum giant’s three refineries in
Europe. (BS)
* Hindalco Industries to raise over Rs 45 bn as debt to achieve
financial closure for Utkal Alumina Refinery, a new 1.5-mn-tonne per
annum project in Orissa. (BS)
* Punjab National Bank has sold a 26% stake in its fully owned
subsidiary PNB Housing Finance to financial ervices firm Destimoney
for Rs0.79 bn (Mint)
Economic/Regulatory development
* The RBI reintroduces the price ceiling on overseas borrowings or the
maximum rate at which Indian corporates can raise foreign funds. The
RBI has also decided to disallow buyback of FCCB with effect from
January 2010. (ET)
