Bharti Airtel said that Airtel Networks Kenya (Airtel Kenya) has sought an approval from the Communications Authority of Kenya (CAK), to acquire the telecommunications licenses and subscribers of Essar Telecom Kenya, which operates under the brand name ‘yuMobile. The proposed arrangement envisages over 2.7 million customers of Essar Telecom Kenya becoming part of Airtel Kenyas mobile network. The proposed association will undergo seamless integration once definitive agreements are signed, and requisite regulatory and statutory approvals are received. Lumax Auto Technologies Ltd has informed BSE that the company has signed a Joint venture agreement (JV) with Mannoh Industrial Co. Ltd., Japan by forming a new Joint Venture Company Lumax Mannoh Allied Technologies Ltd to Design and Manufacture complete Gear Shift lever systems for Manual, Automatic, AMT & CVT transmissions in India. EconomicTimes Supreme Court to hear RIL gas pricing case Tomorrow t.co/zXKhEuT1M9 The Election Commission is likely to announce the Lok Sabha election dates at 10:30 am on Wednesday. Polling in the upcoming elections is likely to commence in the second week of April and may be spread over seven phases, the longest so far, highly placed sources said. Facebook to buy Titan Aerospace for about $60 million. Over 20 entities enter race for United Spirits’s Whyte and Mackay business m.economictimes/news/news-by-industry/cons-products/liquor/over-20-entities-enter-race-for-united-spiritss-whyte-and-mackay-business/articleshow/31436622.cms China maintains growth target at 7.5 percent; focus shifts to reforms Asia early... Nikkei up 1.7% Kospi up 1.1% ASX up 0.7% Baltic Dry Index-Zooms by 23% in Last 20 sessions Business Line Poll dates may be announced today t.co/y2j79T9ffi Good Morning.... Front Page News - Mar 05, 2014 Corporate Snippet Ø United Spirits sale process of Whyte and Mackay has enticed bids from over 20 companies, including global liquor majors and private equity players, and could fetch the Bangalore-based company northwards of $900 million (Rs5,600 crore).Diageo-controlled USL has asked potential suitors for Scotch whisky brand W&M to put in two bids, for the business entirely and W&M without Dalmore and Tamnavulin, the two distilleries and brands Diageo wants to retain. ET learns that Dalmore and Tamnavulin, which have a capacity of nine million litres a year, are pegged at close to $400 million (Rs2,500 crore).A few companies who are believed to have bid for W&M, include private equity firm TPG, French liquor company Pernod Ricard, Japanese family-owned drinks company Suntory and Italy’s Gruppo Campari.( ET ) Ø Swiss drug innovator firm Novartis may face penalties in India for submitting fake document to the Drug Controller General of India (DCGI) for a veterinary medicine. The Indian arm of Novartis has admitted before the DCGI that it had submitted a document that was later found to be fake with regard to its site of manufacturing for Tiamulin Hydrogen Fumarate (80% granule).( ET ) Ø Life Insurance Corporation, General Insurance Corporation of India and Oriental Insurance are unlikely to take part in UK drug maker GlaxoSmithKline’s ongoing open offer to shareholders of its Indian subsidiary GlaxoSmithKline Pharmaceuticals.The three firms, which together hold around 8% stake in GSK Pharma, will not tender their shares in the open offer, company officials said.( ET ) Ø Vodafone gets nod to merge its India units; riders attached could stymie move, say observers.Proposal for transfer of licences may be submitted afresh after the sanction of the scheme of merger/amalgamation by the High Court/ Tribunal concerned as the case may be, under secretary to the government has said in the note.( ET ) Ø IDFC Ltd and the Department of Posts are among companies favoured for new bank permits that the Reserve Bank of India (RBI) is poised to issue in the coming weeks, a person with direct knowledge of the matter said. Ø Oil and Natural Gas(ONGC) has written to the Oil Ministry seeking appointment of an international expert to assess if Reliance Industries Ltd was drawing out any of its gas in KG basin.ONGC says four wells drilled by RIL in the eastern offshore KG-D6 blocks are within few hundred metres of its gas field and it fears the two may be sharing the same pool of reservoir.( ET ) Ø CBI finds no criminality in DLF land case.DLF had got permission from the urban development ministry to construct.( BS ) Ø Bharti Airtel has signed an agreement with the UAE-based Etisalat to set up a multi-service regional network infrastructure node.The companies will set up the infrastructure node at Etisalat’s Smarthub facility in the region.( BL ) Ø Reliance Jio Infocomm would utilize the telecom tower infrastructure of Bharti Infratel to launch its services across the country, the company said after the two firms signed an agreement in this regard.Reliance Jio Infocomm is a subsidiary of Reliance Industries Limited and the first telecom operator to hold pan-India Unified Licence.( BS ) Ø Pune-based security software-maker Quick Heal Technologies has drawn up plans for an initial public offering in India in December-January to fund its expansion into new markets and product lines.The promoters own 90 % and venture capital fund Sequoia Capital holds 10 % equity of the company.( ET ) Ø ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation, has said it would offer an equity stake to American entity Liberty Resources in its Russian asset.The US company is currently helping Imperial Energy, a subsidiary of OVL, exploit shale reserves in the latter’s asset in the Tomsk region of Western Siberia, Russia.( BL ) Ø The Tata group and its Japanese partner NTT Docomo are learnt to be finalising modalities under which the latter will stay invested in Tata Teleservices Ltd (TTSL) and the two will put together a two-three-year business plan for the telecom joint venture.( BS ) Ø GMR has forayed into the railway sector, winning a construction package of Rs 267 crore from Rail Vikas Nigam.The group, with interests in airports, energy and highways, has won the contract along with partners, including Tata projects.( BS ) Ø Bharti Airtel, said Airtel Networks Kenya Limited has sought an approval from the Communications Authority of Kenya to acquire the telecommunications licenses and subscribers of Essar Telecom Kenya Limited. Essar Telecom Kenya operates under the brand name yuMobile.( BS ) Ø ONGC, the biggest beneficiary of near doubling of gas price from April, said it will gain an additional Rs 16,000 crore in revenue because of the new price, which may not be enough to make all its discoveries viable.ONGC, the nations largest producer of gas at 64 million standard cubic metres per day, will get Rs 16,000 crore in incremental revenue from gas price rising from USD 4.2 to about USD 8 per million British thermal unit.( ET ) Ø The Coal Ministry will seek Cabinet nod for transferring Government land to Reliance Power.The nod is needed to transfer the land held by Government-owned Northern Coalfields Ltd (NCL) in Madhya Pradesh to RPower’s Sasan ultra mega power project (UMPP).( BL ) Ø Mahindra & Mahindra has set a target of doubling its motorcycle and scooter sales by year-end, riding on the success of its 110cc Centuro bike.( BS ) Ø Tata Consultancy Services said it has partnered with Microsoft Business Solutions (MBS) for the development of online and on-premise versions of Microsoft Dynamics CRM (customer relationship management).( ET ) Ø Wipro announced the launch of a cloud-based product lifecycle management (PLM) service that will support Siemens PLM Softwares Teamcenter portfolio. According to Wipro, Teamcenter is the worlds most widely used digital lifecycle management software.( BS ) Ø Tata Motors-owned Jaguar Land Rover plans to launch a new mid-sized sports sedan, Jaguar XE, next year across global markets.The sedan, whose global roll out will begin in 2015, will be the first user of the Ingenium engines in four-cylinder two-litre petrol and diesel variants.( ET ) Ø To address power shortage in the Telangana region after the division of Andhra Pradesh, the Centre has proposed setting up a 4000 MW mega power project by NTPC.The company will take up development of the plant once it secures coal linkages. The coal requirement could be met by the State-owned Singareni Collieries and other sources.( BL ) Ø Even as the stand-off between Maruti Suzuki India Ltd (MSIL) and its mutual fund investors continues, the company has approached the Gujarat government to rework the state support agreement (SSA) for its manufacturing site, to come up at Hansalpur.( BS ) Ø In a recent warning letter to domestic drug maker USV Ltd for violations in manufacturing practices, the US Food and Drug Administration (FDA) has asked the company to identify the historical period during which the violations occurred at the firms Mumbai facility.The letter, highlighted the lack of reliability and accuracy of data generated by the firm.( BS ) Ø GVK Power & Infrastructure Ltd has commissioned its 330 MW Shrinagar hydro-electric project developed on the Alakananda, in Uttarakhand.The plant, in Garhwal district, is expected to supply 12 % of the energy to Uttarakhand at no charge. The balance 88 % power generated will go to the Uttar Pradesh Power Corporation Ltd under a Power Purchase Agreement.( BL ) Ø Aptech, has won a contract from the Afghanistan government’s Ministry of Communication and Information Technology.The 16-month contract is for IT skill building and training, the company said in a statement.( BL ) Ø Mcleod Russel India Ltd, is making an entry into green tea through the acquisition of a tea processing factory in Vietnam.The BM Khaitan group company informed the stock exchanges that Phu Ben Tea Company Ltd, a step-down subsidiary of McLeod Russel in Vietnam, signed an agreement to buy a green tea-processing factory in Vietnam for $820,000 or Rs. 5 crore.( BL ) Ø UPL (formerly United Phosphorus) has increased its stake in Brazilian firm UPL do Brasil to 73 % from the earlier 53 %.UPL has acquired the stake through its step down wholly-owned subsidiary, following fresh issue of shares by UPL do Brasil, the company said in a statement.( BL ) Ø The Department of Economic Affairs is likely look into the complain by Subramanian Swamy, president of Janata Party, who said that the Government should take action against Aircel which is 74 % owned by Malaysia-based Maxis, as Saudi Telecom holds equity in Maxis.( BS ) Ø Fertilisers and Chemicals Travancore (FACT) is in a critical financial position as it urgently requires roughly Rs 500 crore to pay off its debts and maintain the overdraft facility, by this month end.Close sources told that the company has to pay Rs 245 crore to BPCL-Kochi Refinery towards the price of naphtha and furnace oil and Rs 120 crore to GAIL as the cost of LNG. The company has already availed of Rs 850 crore, the maximum permissible limit, as overdraft from banks.( BS ) Ø IVRCL Ltd stated that it had bagged orders worth Rs 2,632.85 crore from the state governments of Karnataka and Andhra Pradesh.The irrigation segment works include civil works for the Yettinahole turnkey project under packages-II, III and V from the Karnataka Neeravari Nigam Limited (KNNL) for Rs 685.80 crore, Rs 1,135 crore and Rs 543.28 crore respectively. The duration for the completion of projects is 36 months.( BS ) Ø Information technology companies might get networking outsoucing deals from telecom companies for a total value of $500-600 million in the next three to four years. This increase in business from telcos comes after a lull of two years of slow business, as the government is currently auctioning 1800 megahertz spectrum as part of second generation airwaves.( BS ) Ø Warburg Pincus-backed Capital First, a non-banking financial company (NBFC), has raised Rs 178 crore by issuing equity shares on a preferential basis to fund business growth over the coming 18-24 months.Besides promoter Cloverdell Investment, an affiliate of Wargburg Pincus, putting in Rs 128 crore, HDFC Life Insurance, too, has infused Rs 50 crore in the NBFC.( BS ) Ø Suven Life Sciences, has announced the grant of exclusive licence and right to distribute and market its Malathion lotion in the USA, Canada and Mexico, to Taro Pharmaceuticals North America, a subsidiary of Taro Pharma Industries Ltd.( BS ) Economic Snippets Ø The Election Commission is expected to announce the schedule for the general elections today morning. The Model Code of Conduct will kick in immediately after the announcement. The elections could be held in 5-7 phases, with the first phase beginning in the first week of April.( ET ) Ø If El Nino - a weather phenomenon - drastically impacts monsoon, it could severely affect economic growth as well as jack up the retail inflation in the next financial year, Crisil Research said in report released on Tuesday.If El Nino affects the rains, Crisil might scale down its India economic growth projections to 5.2% for 2014-15 from the current forecast of 6%. Besides, the consumer price index (CPI)-based inflation will rise above its current forecast of 8 % in 2014-15.( BS ) Ø Amids rising bad loans, Finance Minister P Chidambaram will meet chief executive officers (CEOs) of public sector banks and financial institutions today to take stock of their financial performance.( BS ) Ø GST meet on March 10 to focus on IT infra.States unhappy with the Union government for not releasing central sales tax compensation.( BS ) Ø State-owned Food Corporation of India (FCI) has raised 8,000 crore by selling 8-year bonds with an annualised interest rate of 9.95%. Top mutual fund houses, insurance companies and exempted provident funds invested in the issue, dealers with direct knowledge of the matter said.( ET ) Ø The government decided to hike interest rates on fixed deposit schemes offered by post offices by up to 0.2 per %.The interest rate on popular PPF ( public provident fund) has, however, been kept unchanged at 8.7 %.New interest rates on small savings schemes will come into effect from April 1, an official release said.( ET ) Ø Finance Minister P Chidambaram has approved a proposal by the Rangarajan panel to permit rescheduling of premium payment for stressed highway projects. This comes nearly a year after the proposal was first discussed.Now, the Highway Ministry and the National Highways Authority of India (NHAI) need to notify the rules and a cut-off date by which developers will say whether they would like to make use of the proposal to postpone premium to continue doing their projects.( BL ) Ø Barely six months after Russia lifted a ban on import of rice and peanut from India on grounds of contamination, Australia has warned India of violation of laws governing processed food exports to the country.( BS ) Ø The Indian Government will reportedly shell out 6.4 billion dollars on IT products and services in 2014, marking an increase of 4.3% over 2013, research firm Gartner said.The research firm has also included spendings on internal IT, hardware, software, external IT services and telecommunications by state, regional as well as central government agencies in its forecast.( BS ) International News Ø Japans salaries increased for the first time in almost two years in January as companies boosted pay for part-timers, aiding Prime Minister Shinzo Abes effort to end 15 years of deflation.Base pay excluding bonuses and overtime rose 0.1 % from a year earlier, the first gain in 22 months, the labour ministry said in. Overall pay fell 0.2 %, the first drop in three months.( BS ) Ø General Electric Co Chief Executive Officer Jeff Immelt purchased $2.6 million of the U.S. conglomerates shares, according to a filing on Tuesday, following a rough start for the companys stock price in 2014.( ET ) Ø Wilbur Ross and Fairfax to sell 6 % of Bank of Ireland.Billionaire investor Ross and Fairfax boss Prem Watsa were among a group of North American investors who bought a 35 percent stake only months after Ireland signed up to an EU/IMF bailout.( ET ) Ø The Bank of England is seeking a global pact among banks to suspend default clauses in some derivatives contracts during a crisis, in a bid to ward off bank death spirals that cascade through the financial system.( ET ) Dow: 16395 +227 +1.41% Nasdaq: 4351 +74 +1.75% S&P500: 1873 +28 +1.53% Infy: +3.24%, Wit: +3.14% Ttm: +1.48%, Rdy: +2.24% Hdb: +3.00%, Ibn: +3.39% SBID: +2.94%,RIGD +1.51% Us/Inr $61.88, Eu/Us 1.37 Dix: 80.16, Us/JPY:102.18 Gold: $1336, Silver: $21.27 Oil: $103.28, Brent: $109.15 Nikkei +245 , Hangsang +182 , SGX Nifty: +35 (6365) from 6330. U.S. stocks rallied on Tuesday, with the S&P 500 closing at a record as concerns about a confrontation between Russia and Ukraine eased, and the market recovered more than all of the previous sessions hefty losses. Apollo foraying into single specialty with oncology, cardiology hospitals. Brahma Investments close to sealing a realty deal in Bangalore. Dhanlaxmi Bank raising $37.5M from DHFL promoter, NRI businessman among others. China retains 7.5% GDP tgt for 2014- very +ve for metals esp gvn most were expecting china to soft land this year at 7%.. Economic Times Business Standard Ø Vodafone gets nod to merge its India units Ø RBIs Rajan breaks into big league; joins Yellen, Draghi & Carney Ø ONGC to gain Rs 16K cr more revenue from gas price hike Ø NATO, Russia to have talks over Ukraine today Ø ONGC wants expert to assess if RIL taking its gas in KG basin Ø Sahara offers Rs 22,500 cr bank guarantees to Sebi Ø Govt to soon take view on duty refund claims of exporters Ø NTT Docomo to stay invested in Tata Tele Ø CBI finds no criminality in DLF land probe, closes inquiry Ø Oil falls below $110 as Ukraine worries ease Ø Election Commission likely to announce poll dates today Ø FM to meet chief of PSU banks today Ø IVRCL bags orders worth Rs 2,633 crore Ø LIC buys 4.6% stake in BHEL Business Line Mint Ø OVL to offer stake to US’Liberty in Russian asset Ø Shipping ind optimistic about rebound in freight rates Ø Reliance Jio, Bharti Infratel join hands for tower sharing Ø Maruti-Suzuki deal: Mutual fund houses to approach SEBI Ø Essar Telecom in talks to sell off Kenyan operations Ø GMR consortium bags rail construction order Ø Rupee rises 18 paise against dollar as Ukraine tensions ease Ø Dhanlaxmi Bank rises as much as 20% on fund-raising plan Ø Dighi Port in talks with strategic, PE investors for port expansion Ø ARCs face funding challenges with NPA supply at record Ø Reliance Infra drags AAP to court for defamation Financial Express Financial Chronicle Ø FIIs infuse $778.16 million over 14 sessions, emerging markets funds see outflows of $3 billion Ø India rejects US allegations; says IPR regime WTO compliant Ø Post office fixed deposits interest rates hiked Ø Global billionaire wealth scales new heights, India disappoints Ø Govt to review proposal to allow FDI in railways Ø TCS partners with Microsoft for product development Ø Indo-Netherlands BIPA pact doesnt cover taxation: FinMin Ø Crisil warns of El Nino impact on growth; pegs GDP at 5.2% Ø Etihad Airways posts 48 pc increase in net profit CLSA On Maruti: Maintains Buy, Target Rs.2,350/Sh A two-day meeting of Bank of Englands Monetary Policy Committee will be held on Wednesday and Thursday to decide interest rates in UK. Policy rates are expected to remain unchanged at record low. UKs central bank slashed interest rates to record low of 0.5% at the height of the financial crisis in 2009. According to a report by TechCrunch, Facebook, being one of the main supporters of the Internet.org initiative, will make use of drones that are produced by Titan Aerospace to reach out to parts of the world that have little or no access to the Internet.
Posted on: Wed, 05 Mar 2014 03:16:24 +0000
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