Tata Motors reportedly to halt production for three days atJamshedpur because of the prevailing economic condition.
P.J Singh spokesman, Tata Motors was quoted as saying that a block closure has been announced from June 28 to 30 in theJamshedpur plant.The block closure was taken in view of the quarterly closingas we cannot pile up inventory.
The 50% of block closure would be adjusted against leaveof employees and the remainder would be borne by the company. Around 10,000employees will be affected by the three day closure, which will be followed bya Sunday, the weekly off day, reports added.
Retail Newsletter - June 25 to June 29, 2012
Infiniti Retail raises Rs. 1.50bnbonds for expansion
Infiniti Retail raises Rs. 1.50bnbonds for expansion: reports
Infiniti Retail has raised bonds worth Rs.1.50bn for expansion and refinancing purposes,according to reports.
Reports stated that the bonds raised through the privateplacement route, carry an interest rate of 11.45% and are for a term of threeyears.
Infiniti, which closed 2011-12 with sales of around Rs. 20bn, has clocked over 50% growth in thelast five years, report says.
Pharmaceuticals Newsletter - June 25 to June 29, 2012
The US District Court for the Southern District of New York hasupheld the contention of Teva Pharmaceuticals (Teva) that NATCO Pharma's (theCompany) abbreviated new drug application (ANDA) for the generic version ofCopaxone infringes all the asserted claims of Teva Pharmaceuticals.
NATCO has filed, with its partner Mylan Inc., in June 2008, anANDA seeking approval for marketing of the generic version of the relapsing,remitting multiple sclerosis drug Copaxone and obtained a Para IV certificationwhich essentially challenges the existing patents held by Teva Pharmaceuticals.
NATCO is disappointed in the Court's decision. While the Companyhas not yet had the opportunity to review the Court's opinion, it will fullyinvestigate all available options for appeal once the Court's full opinionbecomes available.
Agriculture Newsletter - June 25 to June 29, 2012
PM assures all help to Assam to tackle flood
Prime Minister Dr. Manmohan Singh has assured the Assamgovernment of all help to deal with the flood situation in the state.
The Prime Minister called the Health Minister HemantaBiswa Sarma to enquire about the condition in the state.
Dr. Manmohan Singh has also spoken to the Defence Minister A. K.Antony urging full Army assistance for the rescue and relief operations in theaffected areas.
Banking Newsletter - June 25 to June 29, 2012
Moody’s cuts 8 Brazil banks ratings
Moody’s lowered its credit grades for eight Brazilian banks onThursday. The credit ratings agency said that banks should not be ratedsignificantly higher than the government in a global environment that hasgovernments backstopping financial institutions.
The banks which were downgraded to at or near the level of thegovernment were Banco do Brasil, Banco Safra, Banco Santander (Brasil), HSBCBank Brasil, Banco Bradesco, Banco Itau Unibanco, Banco Itau BBA and BancoVotorantim.
The banks' standalone financial strength ratings fell by one tothree notches, mostly to line up at one level above Moody's Baa2 rating forBrazil.
Infrastructure Newsletter - June 25 to June 29, 2012
High Court quashes nod to Hiranandani power project
The Bombay High Court has quashed the state government’senvironmental permissions for expansion of its Hiranandani group’s gas-basedpower project at Maval near Pune, according to reports.Reports stated that theorder came after the Supreme Court kept the order of the State Expert AppraisalCommittee (SEAC) in abeyance. The court has also asked the SEAC to reconsiderits recommendation to the State Environment Impact Assessment Authority(SEIAA), reports said.
Coca-Cola aims to invest $5bn in India by 2020 on higherdemand
The world’s largest soft-drink maker, Coca-Cola, said it, alongwith its local partners, plans to spend $5bn in India by 2020 as demand for itsproducts increases in the country, reports said.
The beverage maker’s business in India, its seventh largest marketby volume, expanded by 20% in the quarter ended March 2012. Coca-Cola plans toexpand in India’s non-alcoholic beverages market which, according toEuromonitor International, is estimated to double to 12.9bn liters in 2015 from6.2bn in 2010.
Coca-Cola and its partners will invest in expanding distributionand bottling capacity, reports said citing the company’s Chief ExecutiveOfficer Muhtar Kent.
Telecom Newsletter - June 25 to June 29, 2012
Apple wins US injunction vs. Samsung'sGalaxy tab
US District Judge Lucy Koh in SanJose,California, had previously denied Apple's bid for an injunction on thetabletand multiple Galaxy smartphones. However, a federal appeals courtinstructedKoh to reconsider Apple's request on the tablet.
"Although Samsung has a right tocompete,it does not have a right to compete unfairly, by flooding the marketwithinfringing products," Koh said in its order on Tuesday.
Samsung will likely seek to appealKoh'sruling to a federal appeals court in Washington, DC, according to reports.
Metal & Mining Newsletter - June 25 toJune 29, 2012
Sesa Goa, Sterlite rise as shareholdersapprove merger
Shares of iron ore export major Sesa Goa and copper giant Sterlite climbedafter shareholders of the two companies approved a merger plan.
The two companies are subsidiaries of Anil Agarwal’s Vedanta ResourcesPlc.Shareholders would get three shares Sesa Goa for five of Sterlite.
Vedanta, on Feb. 25, said that it will combine the listed units to reduce itsdebt following its $8.67 billion purchase of oil producer Cairn India Ltd.Vedanta will transfer for $1bn to the new company, its holding in Cairn India,including a $5.9 billion debt.
After the transfer, Sesa Sterlite will have a 58.9% shareholding in CairnIndia.
Vedanta planned to issue American Depositary Shares in the combined firm to benamed Sesa Sterlite.
The shareholders approved merging Sesa Goa, Sterlite Industries, The MadrasAluminium Co, Sterlite Energy and Vedanta Aluminium with requisite majority onJune 21, the companies said in separate statements.
Lalit Suri Hospitality plans to investRs5bn: reports
Lalit Suri Hospitality Group is planning to invest Rs. 5bn to open twofive-star properties by the end of the financial year, according to reports.Reports stated that the group that runs hotel chain under the Lalit brand issetting up two new properties -- one each in Kolkata and Chandigarh. Theinvestment on the 'Lalit Great Eastern Kolkata' will be Rs. 2.60bn, while theinvestment on 'Lalit Chandigarh' will be Rs. 2.40bn, says report.
IndiGo, Spicejet seek govt nod to shiftintl plans: reports
IndiGo and SpiceJet has sought government nod to shift their internationaloperations to the domestic terminal from the existing T3 in Delhi, according toreports.
Reports stated that the ministry has received the proposals from IndiGo andSpiceJet, requesting to allow them operate from the 1D terminal instead of theT3 on account of higher costs of operations.
While IndiGo has a market share of 23.9% market share in May, the SpiceJet'sshare was 18.5% in the overall pie in the month.
The government is yet to take a call on their request, says report.
Microsoft announces availability ofOffice 365 for Education: reports
Microsoft has announced the availability of Office 365 for Education toeducational institutes at no cost, according to reports.
Reports stated that Office 365 for Education is a cloud-based suite thatincludes Microsoft Office desktop applications, Exchange Online, SharePointOnline and Lync Online.
Getting the technology in the hands of our students and teachers is critical toimproving educational outcomes and making sure students are prepared forcollege and career, Anthony Salcito, Vice-President of Worldwide Education,Microsoft reportedly said.
FM, SEBI to find out ways to attractinvestors in MFs
The finance ministry and capital market regulator SEBI (Securities and ExchangeBoard of India) are planning to find out ways that would help to bring back thelost glory of the mutual fund industry.
According to the AMFI (Association of Mutual Funds in India) data, mutual fundslost over 0.7 million folios (1.5%) over the past six months ended March 2012at 46.4 million folios. Over the year ended March 2012, the industry lost 0.78million folios (1.7%). One of the reasons for erosion in folios is the poorretail participation.
The ministry will meet industry representatives and SEBI officials on 2nd Julyto develop plans that attract retail participation and motivate distributors tosell funds among others. Fund houses launch mutual fund schemes which are soldby intermediaries like independent financial advisors, financial planners andbanks. Commissions to distributors and marketing expenses were met by the fundhouse by charging an entry load of 2.25% from investors
Insurance Newsletter - June 25 to June 29, 2012
Insurance, MFs run risk from banks: RBI
Insurance and mutual funds run the risk of contagion from the banking sector,said the Reserve Bank of India.
“The random failure of a bank which has large borrowings from the insurance andmutual funds segments of the financial system may have significant implicationsfor the entire system,” according to the RBI’s Financial Stability Reportreleased in Mumbai on 28th June.
Banks increased reliance on borrowed funds, especially short-term funds, due todisproportionate slowdown in deposit growth (at less than 14% as at March-end2012) vis-à-vis credit growth (16.3%). This could translate into rollover andliquidity risks for banks.
Petrol prices to be reduced by Rs. 2.46per litre: reports
Oil companies are planning to reduce Petrol prices by Rs. 2.46 per litre witheffect from midnight , according to reports.
Reports stated that Petrol in Delhi will cost Rs. 67.78 a litre with effectfrom midnight as against Rs. 70.24 a litre.
The cut is based on global crude prices and the exchange rate of the rupee vsthe dollar, says report.
DLF in talks with Runwal Group to sellMumbai land: reports
DLF Ltd is in advanced talks with Mumbai-based developer Runwal Group for sellinga prime land parcel in central Mumbai for around Rs. 25bn, according toreports. Reports stated that the DLF had put the 17-acre textile mill land onthe block earlier and several developers had approached the company at thattime.
The company has reduced the asking price and the deal could be finalised withinthe current quarter, says report.
There are reports that DLF had bought the land parcel in an auction in 2005from National Textile Mill for Rs. 7.02bn.
DLF plans to raise Rs60bn from Gurgaonproject: reports
DLF Ltd is planning to raise Rs. 60bn from its super luxury residential projectin Gurgaon, according to reports. Reports stated that DLF will unveil its newresidential project in Delhi-NCR, the sales of which will begin inSeptember-October this year. The company also plans to sell approximately 500flats at Gurgaon Golf Course at a price of Rs. 20,000 per square foot,excluding surcharges. There are reports that the realtor is learnt to be inadvanced talks with Mumbai-based developer Runwal Group, Lodha Developers andOberoi Realty for selling a prime land parcel in central Mumbai .