The open offer by Daiichi Sankyo to Zenotech Laboratories’ shareholders will not open today, as scheduled. The Chennai High Court (Madurai Bench) has granted an interim injunction in connect with the offer, said ICICI Securities, the manager to the offer, in a filing to the Bombay Stock Exchange.
Quick News
Recent Posts
Gitanjali Gems acquires Diamlink Inc
|
Gitanjali Gems, a jewellery maker, has acquired a stake in a group company Diamlink Inc. It announced to the Bombay Stock Exchange (BSE) that Gitanjali USA Inc, a wholly owned subsidiary, has acquired a 51% stake in New York-based Diamlink. The company has not shared details about the subsidiary’s turnover or the consideration paid.
Filed under: Companies, Quick News, Companies International, Gems and Jewellery, Gitanjali, M&A
KPMG India’s Budget highlights
|
KPMG India has analysed the implications of the budget in two parts. The report that talks about the Budget Highlights says in a foreword it is reassured by the government’s stand reiterating a commitment to bring in GST by April 2010. It also talks about issues like the new direct tax code, setting up of an alternative dispute resolution mechanism and empowering the Central Board of Direct Taxes to formulate safe harbour rules for transfer pricing in international transactions.
Filed under: Economy+Policy, Quick News, 2009-10, Cenvat, Income Tax, KPMG, Tax, Union Budget
IPOs get a new anchor
|
Securities Exchange Board of India (Sebi) has amended the public issue guidelines on a few fronts to allow anchor investors in public issues. These are the people who will stick their neck out in an issue to take a big chunk at a predetermined price.
Here are the changes:|
Filed under: Economy+Policy, Quick News, Anchor Investor, IPO, Markets Stock Markets, Public Issues
Wockhardt restructures debt, CDR approves package
|
Wockhardt has announced that the corporate debt restructuring cell (CDR) has approved the corporate debt restructuring package on June 30, 2009. The company has accepted the CDR package which involves restructuring of debt, release of working capital and fresh priority debt pending divestment of non-core businesses.
Filed under: Companies, Quick News, Corporate Debt, Debt restructuring, FCCB, Markets Debt & Forex Markets, Pharmaceutical, Wockhardt
Highlights of the Union Budget 2009-10: Part Two
|
India’s tax-gdp ratio has improved from 9.2% in 2003-04 to 11.5% in 2008-09. The government wishes to simplify the tax structure. A new direct tax code will be released for public comments within 45 days and the new code will be finalised during the winter session of parliament. A Goods and Services Tax to be introduced from April 2010, but will comprise of a Central GST and a State GST.
Direct Taxes
Individual
Filed under: Economy+Policy, Quick News, 2009-10, Economy Number Speak, Fiscal Deficit, Pranab Mukherjee, Union Budget
Highlights of the Union Budget 2009-10: Part One
|
These are some of the highlights from the speech given by the Finance Minister Pranab Mukherjee, presenting the Budget in parliament. Part One deals with the state of the economy and key policy announcements while the second part will deal with tax proposals.
Filed under: Economy+Policy, Quick News, 2009-10, Fiscal Deficit, Policy From the Government, Pranab Mukherjee, Union Budget
Provident Fund interest in 2009-10 will be 8.5%
|
Private sector employees have an annual pastime, speculate on how much interest their provident fund balances will earn. This year, they know it at the beginning of the year itself. They have been given some good news, ahead of the budget. The Central Board of Trustees (CBT) has recommended to the government, to continue with last year’s interest rate. They will get an interest rate of 8.5% on their provident fund balances.
Filed under: Economy+Policy, Quick News, EPFO, Interest Rates, Markets Debt & Forex Markets, Provident Fund
Lenders relax covenants on Hindalco’s $982mn forex loan
|
Hindalco Industries, a producer of aluminium and copper, announced relaxations in covenants of a $982mn loan taken by it to finance the acquisition of Novelis Inc., a Canadian aluminium producer. Hindalco had taken the loan in November 2008.
Filed under: Companies, Quick News, Forex Loan, Hindalco, Markets Debt & Forex Markets, Novelis
Caraco claims sound financial position, but FDA action will harm performance
|
Caraco issued a statement on Friday, clarifying its financial position after the FDA raid on its facilities. The company said that the inventory that has been seized by the regulator has a value of about $15-$20mn. It does not affect products sold by Caraco under third-party distribution agreements (such as with Sun Pharmaceutical Industries, its Indian parent company) and also products sold under the Caraco brand, but made by other companies. Continue Reading →