Friday, April 23, 2010

NEWS 23-04-2010

Barack Obama chastises Wall Street's 'gambling'

Although harsh in tone, the aim of the speech was to gain Wall Street backing for his reforms, saying that there is no "dividing line between Main Street and Wall Street" and urging the financial community to stop using lobbyists who are "fighting us in this effort."

The news of larger-than-expected deficit had already hit the euro and stock markets, as worries increased that Greece might default on its debts.

25% public holding rule for listed cos soon

There are a number of public sector companies in which public holding is below 25 per cent, while in some cases the public holding is only in single digit. For example, non-government holding in MMTC is less than one per cent.

State Bank of India, the country's largest lender, and rivals ICICI Bank and HDFC Bank are seeing an improvement in asset quality, as strong economic and corporate growth reduces the pace of loan defaults.

Atlas, Reliance to buy more Marcellus acreage
The booming Marcellus shale -- a gas project which according to some geologists could hold enough natural gas to satisfy U.S. demand for a decade -- has been attracting companies' attention for the last few years.

GAIL to move gas regulator for tariff hike
GAIL has been charging tariff of Rs 28.48 per mmbtu on an adhock basis for transportation of gas via the pipeline. But in its proposal submitted to PNGRB, the gas transporter sought tariff of Rs 35.39 per mmbtu on the basis of extra capital expenditure incurred by it on maintenance. However, PNGRB moderated levelised tariff to Rs 25.46 per mmbtu

"We want to be present as an end-to-end player in the two-wheeler space and will take a call on these Kinetic models, depending on the market feedback. We are looking at positioning our products uniquely," Anoop Mathur, president of M&M's two-wheeler division, had told Business Standard earlier.

The price cuts make the Logan the cheapest car in its segment, about 35,000 rupees lower than Maruti Suzuki's diesel sedan Swift DZire.

Mid-size IT companies heading for consolidation

Going by industry sources and analysts, the next one year is expected to see a spate of mergers and acquisitions (M&A) in IT and ITeS (IT-enabled services) in India.

Top Indian steelmakers including Sail, Tata Steel, JSW and Essar hiked steel prices by up to Rs 3,000/tonne, effective April 1. The metal prices are expected to move up further due to rise in raw material prices which constitutes over 40% of the final cost of steel. “We have decided to meet producers every quarter to asses the situation at regular intervals,” said Mr Chaturvedi.

Adhunik Metaliks eyes 70-80% revenue expansion in FY11

The entire debt has been tied-up from banks and institutions which are in number about 17-18 and the equity would be contributed by the sponsors, Adhunik Metaliks Limited and its subsidiary company Orissa Manganese & Minerals Limited. We also have a private equity investor IDFC project equity who has taken a 27.5% stake and they would be contributing Rs 250 crore out of Rs 650 crore.

Local FIs raise exposure to Bharati Shipyard
The shipbuilding company is looking at some large opportunities in offshore business after it acquired a majority stake in Great Offshore in a hotly contested takeover battle last year.

UP sugar output could jump 35%
“Farmers have got unimaginably high prices for cane this year and they will devote the entire crop land to sugar,” Gupta said. “We’re going to enter a bumper production cycle,”

ACC 1st quarter net dips 1.6% Rs 393 cr
“During the quarter, several of our units faced despatch constraints due to non-availability of wagons, due to which our net sales were near flat. But we are able to register some increase in sales turnover, driven by price improvement in a few regions,” the company said in a statement.

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