The board of Chambal Fertilisers and Chemicals approved the demerger of its shipping business to a subsidiary India Steamship. In March 2011, the company had announced its intention to restructure the shipping business and has now formalised the structure.
Companies
Apollo to invest Rs 1575 crore in Welspun Group
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Private equity company Apollo Global Management LLC proposes to invest Rs 2,250 crore in the Welspun group’s steel business –pipes and related projects. The transaction will be carried out through multiple transactions by the PE firm which has about $70 billion or Rs 31,500 crore assets under management as of March 2011.
Companies
Sebi’s bar on IDR redemption irks Standard Chartered’s IDR-holders
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Standard Chartered Plc’s Indian Depositary Receipt fell by as much as by 20% on Monday on the BSE, on news that capital market regulator Sebi will not allow redemption of IDRs, except if they were illiquid.
Companies
Khazanah to partner IDFC to create road infrastructure
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Malaysia’s sovereign wealth fund Khazanah Nasional Berhad and Infrastructure Development Finance Company (IDFC) are setting up a joint venture to fund road construction in the country. After energy, road construction is one of the key areas for the government to lower the infrastructure defcit. Khazanah’s value of assets was Malaysian Ringitt (RM) 112.6 billion or about Rs 168,000 crore as of December 31. Continue Reading →
Companies
Tata Steel to prune UK long steel operations
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Tata Steel will undertake one more restructuring at its UK steel-making operations. Today, it announced a restructuring of its long steel operations, which it says has become unviable due and has been making losses for the past two years.
Companies
JB Chemicals to exit Russia-CIS market
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JB Chemicals & Pharmaceuticals Ltd plans to exit Russia and the CIS (Commonwealth of Independent States) markets, its largest overseas presence.
Companies
Ashok Leyland’s March 2011 quarter sales up 30%, stock rises 4%
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Ashok Leyland, which makes trucks and buses, reported a 30% increase in sales to Rs 3,829 crore in the March 2011 quarter. The company sold 15% more vehicles during the quarter, compared to the March 2010 quarter.
The difference between volume and value sales could be explained either by a change in its product mix (selling higher value vehicles) or by an increase in prices.
Companies
3i Infotech sells Regulus and J&B Software to Cerebrus for $137mn
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3i Infotech has decided to sell its US-based transaction services business to private equity firm Cerebrus Capital Management L.P for $137 million or about Rs 620 crore. The company will sell its US billings and payments unit, consisting of Regulus Group and J&B Software to an affiliate of Cerebrus.
Companies
SBI’s hikes base rate 75 bps, short term deposit rates to soar
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State-owned banking giant State Bank of India yesterday announced a sharp hike in lending and fixed deposit rates effective May 12. Last week, the Reserve Bank of India acted to contain inflation, which stubbornly remained higher than its targeted range (even after being revised repeatedly). The central bank hiked the repo and reverse repo rates by 50 basis points and hiked the interest rates on savings bank balances to 4% from 3.5%.
Companies
Jaguar Land Rover to raise £1bn, shoulder Tata Motors’ debt burden
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Tata Motors is raising £1 billion pounds or about Rs 7,300 crore by issuing bonds denominated in dollar and pound sterling, through its overseas subsidiaries under the Jaguar Land Rover umbrella. The money will be used to refinance existing debt and for general corporate purposes. The move comes at a time when JLR’s performance has steadily improved, with rising cash flows allowing it to service debt on its own.