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Apollo Global Management had announced in end-June that it proposes to invest about Rs 1,575 crore in steel pipe-maker Welspun Corp and affiliated companies. Welspun’s share closed at Rs 169 the day before the deal was announced. Apollo was to invest in a combination of debentures and global depositary receipts, at a conversion price of Rs 225, indicating a premium of about 33%.
Continue ReadingIf Bharti Airtel led the way with an asset-light model in the telecommunication industry, Hotel Leelaventure (Hotel Leela) is attempting to do something similar in the hospitality industry.
The 5-star hotel operator said it will sell its Kovalam property to Ravindran B Pillai, or Ravi B Pillai, who owns the Saudi Arabia-based Nasser S. Al Hajri Corporation, an industrial contractor operating in the Middle East.
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The Competition Commission of India has imposed a penalty of Rs 630 crore on real estate developer DLF, for abusing its dominant position.
The commission said that DLF had a dominant position in the market for high-end residential properties in Gurgaon, and it imposed unfair conditions on consumers who had booked flats in these properties.
Continue ReadingInflation for the month of July shows a slight dip to 9.22%, compared to the 9.44% seen in the previous month. One could argue if a drop of one-fifth of a percentage point is significant, but lower inflation, however small the actual decline, is a good thing.
The government releases overall inflation data monthly, while primary inflation data (food and non-food) and fuel price behaviour is released on a weekly basis.
Continue ReadingGMR Energy joined a growing number of Indian companies who are tying up their coal requirements in Indonesia. The country has large reserves of the black gold which is used chiefly for power generation and steel-making, apart from other uses.
Continue ReadingIs this a blip or something more? India’s primary inflation data –includes food and non-food articles or basic inputs- shows inflation for the week ended July 30 at 12.22%, marking a sharp upturn from 10.99% in the previous week.
Continue ReadingVodafone Plc announced that Piramal Healthcare, Ajay Piramal’s group flagship, will pay $640 million or about Rs 2,900 crore to acquire a 5.5% stake in Vodafone Essar. This will help raise cash for Vodafone as well as allow it to remain compliant with India’s foreign direct investment rules for the telecom sector, which mandate a 74% foreign shareholding cap.
Continue ReadingHydro-power company NHPC’s revenues rose by 40% to Rs 1,431 crore during the June quarter (Q1), but this growth was chiefly due to prior-period revenues. Finalisation of tariff for earlier years led to Rs 275 crore being added to revenues in this quarter. Excluding that, growth would have been a more sedate 13.7%.
Continue ReadingSpeculation that the government may want a more pliant governor at the helm of the central bank proved to be bunkum. The government announced that D Subbarao would be the governor of the Reserve Bank of India, for two more years, providing continuity on the monetary policy front. He will now retire as the RBI governor on September 4, 2013.
Continue ReadingIpca Laboratories, a pharmaceutical company, has acquired UK-based Onyx Scientific (Onyx), by buying out the holding company Onyx Research Chemicals. The move adds to Ipca’s contract manufacturing business, for which it has set up a separate division called Covenance. No financial details have been disclosed.
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