Maruti’s Japanese parent Suzuki raises its stake in the company
India’s leading auto maker, Maruti Suzuki’s Japanese parent — Suzuki Motor Corporation (SMC) — is believed to have increased its stake in the company by 0.8% to 55%, as indicated in some media reports.
As per the Securities and Exchange Board of India’s (SEBI) Takeover code – if any entity raises its stake in another company beyond 55%, the former will be required to launch an open offer for additional 20% stake in the latter. Read more
Punj Lloyd imposed GBP 23.1 mn penalty – Analysis
Punj Lloyd obtained the takeover certificate of the engineering & construction of the bio ethanol plant at Teeside , England for its clients Ensus ltd. UK.
The company will pay the liquidated damages of GBP 23.1 million (~ INR 160 Cr) due to delay in achieving the completion of the project. The original completion date for the said project was January 2009. Out of the total penalty of GBP 23.1 million (~ INR 160 Cr), the company has already booked a loss of GBP 13.5 million ( INR 104 Cr) in Q2 FY10. Read more
Infra spending to push steel demand by 10% in FY11
India’s steel demand is likely to increase by 10% in the next fiscal year ending March 2011 riding on the increasing spending on the infrastructure development, said the Union Steel Secretary Atul Chaturvedi on Wednesday.
‘Steel demand will continue to rise because a lot of emphasis has been put in the budget on infrastructure development,’ he said on the sidelines of a conference. Indian steel industry has remained much buoyant compared to its global peers after the global financial crisis surfaced, thank to the monetary-fiscal stimulus which pushed overall domestic demand and consumption. Read more
Rural Rollout Oblgation for New Banks – RBI
Taking a leaf from the Indian Telecom Success story and to emphasize more on inclusive growth story, the RBI is considering a rural and semi-urban stint for the new banks in order to strengthen its prospects of financial inclusion for the unbanked people of India.
A finance ministry official has quoted of saying
new entrants may only be allowed to open branches in rural areas for the first two years and the subsequent period will depend on the basis of their direct lending to the agriculture sector, opening of no-frill accounts and other financial inclusion criteria
Transgene Biotek Patents for Liver – Breast Cancer Research
Transgene Biotek has informed us that the company has filed two patents for its cancer drug technologies based on its proprietary RNAi platform.
The company has filed its first patent for a liver cancer drug, following excellent results demonstrated in the latest animal studies. It covers a novel technology that employs an AAV vector system genetically modified by Transgene to efficiently express specific microRNA that silence a particular metastasis-promoting gene in liver cancer cells. Read more
Feb Automobile Sales Maintain Momentum
The Indian Automobile Industry volumes for February came in close to January’s strong levels for most segments. Bajaj, Hero Honda and Maruti sales were within 2% from January levels. Tata Motors’ CV volumes grew 7% sequentially.
Maruti Suzuki reports in-line sales for February; domestic sales slightly stronger than anticipated. Maruti reported domestic sales of 84,765 units and exports of 11,885 units for February. Total sales of 96,650.
M&M reported total sales of 38,327 in the domestic market, comprised of 18,280 UVs, 13,140 tractors and 6,907 3-wheelers and Read more
Maruti Suzuki – Traffic Jam Ahead
Maruti Suzuki has benefited from robust industry growth over the year, we believe that growth rates will ease (from a high base) over FY10-12E as 1) domestic demand moderates: as stimulus measures are phased out (as announced in the budget), product prices are likely to rise on emission related upgrade costs / higher input costs and interest rates are likely to firm up, 2) exports should stagnate: Read more
India Income Tax for FY2010-11
Here are the new Income Tax Rates for Indian Citizens for Financial Year April-1st 2010 to March-31st 2011. [See Chart Below]
In case of resident women (below 65 years of age) and resident senior citizens, the amount of INR 160,000 shall be replaced with INR 190,000 and INR 240,000, respectively. The proposed changes in tax slabs would result in (maximum) savings of INR 51,500. Read more
Everest Kanto and its arms bag orders aggregating $27 million
Everest Kanto Cylinder (EKC), a pioneer in development and production of industrial and CNG cylinders, has received orders for export of CNG cylinders amounting to about $5 million. The execution of these orders is expected to be completed by May 2010.
Besides, the company’s overseas subsidiaries have also received orders in their respective locations. EKC International FZE, a wholly owned subsidiary of the company in Dubai, has received orders for the supply of CNG cylinders aggregating about $20 million. The execution of these orders has already started and is planned to be completed by May this year. Read more
India Term – Fixed Deposit Rates Rising
HDFC Bank, over the weekend, raised deposit rates by a sharp 50-150 bp, which follows the 25-50 bp rate hike by ICICI Bank and IDBI earlier this month. Notably, this deposit rate action has come, even as system liquidity currently appears adequate (reverse repo outstanding at about USD 15 bn). As the loan growth (14.8% currently) accelerates and central bank tightens, this liquidity will also dry up soon.
As deposit growth (17%YoY) has fallen to a four-year low, with real deposit rates negative, banks need to raise rates. Read more
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