What will RBI do at its policy meet on Monday?
India's central bank, Reserve Bank of India (RBI) is to meet on Monday to take a call on policy rates. There was hope for a rate cut in the backdrop of gloomy macro-economic fundamentals. Industrial growth hit a bump while recent inflation data has once again fallen within RBI's comfort levels.
This made a perfect blend for a rate cut but a weakening rupee pooped the party. The rupee started its fell off the cliff and touched an all-time low of 59 per dollar levels. However, RBI's intervention stemmed the flow bringing it to saner 58/$ levels.
Government's number crunching department, Central Statistical Office, declared industrial productivity for April at 2.3% down from 3.4% in March on the back of a sharp slowdown in capital goods. But the government office goofed up the figure, revising it twice on a single day citing statistical errors...Read More
Fitch revises India outlook to stable from negative
The rating agency has revised outlook on the country's long-term foreign and local-currency debt at 'BBB-'. Fitch Ratings has revised India's Outlook to Stable from Negative and affirmed its Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. The agency has also affirmed the Country Ceiling at 'BBB-' and the Short-Term Foreign-Currency IDR at 'F3'.
KEY RATING DRIVERS
The revision of the Outlook to Stable reflects the measures taken by the government to contain the budget deficit, including the commitments made in the FY14 budget, as well as some, albeit limited, progress in addressing some of the structural impediments to investment and economic growth...Read More
Apollo Tyres to acquire Cooper Tire for around $2.5mn
Apollo Tyres Ltd will acquire Cooper Tire & Rubber Company ("Cooper"), a company listed on the New York Stock Exchange, by means of a merger of such subsidiary into Cooper in an all-cash transaction valued at approximately $2.5bn. At the meeting of the Board of Directors held today, the Board gave their approval for execution of a definitive merger agreement under which a wholly-owned step subsidiary of the Company. This strategic combination will bring together two companies with highly complementary brands, geographic presence, and technological expertise to create a global leader in tire manufacturing and distribution. Cooper is the 11th largest tyre company in the world by revenue and today supplies premium and mid-tier tyres worldwide through renowned brands such as Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon...Read More
Rel Jio, RComm sign Rs 12,000cr pact for tower sharing
Reliance Jio Infocomm Ltd. and Reliance Communications Ltd. announced the signing of a definitive agreement for sharing of RCOM’s nationwide telecom towers infrastructure. Under the terms of the agreement, Reliance Jio Infocomm will utilise upto 45,000 ground and rooftop based towers across RCOM’s nationwide network for accelerated roll-out of its state-of-the-art 4G services. The agreement provides for joint working arrangements to configure the scope of additional towers to be built at new locations to ensure deep penetration and seamless delivery of next generation services. This agreement follows the inter-city optic fiber sharing agreement already signed in April 2013 as part of a comprehensive framework of business co-operation between Reliance Jio Infocomm and Reliance Communications.
Auto sales skid for four consecutive months on trot: SIAM
The industry produced 1,737,548 vehicles in May 2013 as against 1,811,515 in May 2012, decline of (-) 4.08 percent over the same month last year.
The overall domestic sales during April-May 2013 declined by (-) 0.64 percent over the same period last year. The overall sales in Passenger Vehicles declined by (-) 8.56 percent during April-May 2013 over the same period last year. Within the Passenger Vehicles, passenger cars and vans dropped by (-) 11.33 percent and (-) 10.88 percent respectively, while utility vehicles grew marginally by 4.08 percent during April-May 2013 compared to the same period last year...Read More
Sun Pharma settles pantoprazole case in US for $550mn
Sun Pharmaceutical Industries Ltd on Wednesday said that the comapny together with its subsidiaries, have settled an ongoing Iitigation pending in the United States District Court, District of New Jersey regarding Sun Pharma subsidiary's generic pantoprazole. Accordingt to the terms of the settlement between Sun Pharma, and Wyeth, (now a division of Pfizer Inc.,) and Aitana Pharma AG, (now known as Takeda GmbH) the parties have dismissed all their claims. Sun Pharma will pay a lump-sum US $550 million as a part of this settlement, In 2005, Wyeth and Altana had filed a patent infringement suit against Sun Pharma after Sun Pharma filed its abbreviated new drug application for pantoprazole. Sun Pharma launched its generic pantoprazole in the US on January 30, 2008. In April 2010, a jury had determined that Altana's patent Is not invalid. On June 3, 2013, the L'oi:rt began a jury trial to assess the amount of past damages that Sun Pharma owed for infringing Altana's now expired patent. This settlement now culminates the ongoing litigation.
FIPB defers Jet-Etihad proposal
Foreign Investment Promotion Board (FIPB) on Friday deferred the Jet-Etihad deal proposal. On why the deal didn't go through, the DEA Secretary was quoted as saying there needs to be more clarity on effective ownership. The market was expecting FIPB to decide on Jet's 24% stake sale to Abu-Dhabi-based Etihad Airways today. Earlier reports said that the government was examining whether promoter Naresh Goyal's stake in the airline should be considered as foreign investment or not. Jet stock closed rallied a massive 9.4% on hopes that the deal will be cleared by the FIPB...Read More
RSS Chief revives wounded Bhishma Pitamah LK Advani
A day after BJP stalwart Lal Krishna Advani resigned form all positions in the saffron party, BJP President Rajnath Singh, while speaking to mediapersons announced that the party has managed to convince Advani to withdraw his resignation. Singh also announced that Advani's all concerns will be addressed by the party and a way would be formulated after consulting Advani's on same. "The BJP Parliamentary Board yesterday decided not to accept Shri L.K. Advani's resignation from the three main fora of the Party - the National Executive, Parliamentary Board and Election Committee and requested him to continue to be a member of these three Bodies. On behalf of the Party Shri Rajnath Singh assured Shri Advani that his concerns about the functioning of the Party would be properly addressed and the President will discuss the modalities of addressing these concerns with Shri Advani...Read More
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