Capital Market Updates:
Economy:
Cabinet okays Rs 1200 cr infusion into Air India
The Cabinet has approved an equity infusion of Rs 1200 crore into Air India. The carrier has also sought an additional Rs 2000 crore from the government for FY12. The government had earlier released Rs 800 crore in February, 2010 as equity induction in the National Aviation Company of India Limited (NACIL), now Air India Limited for its revival plan. The cabinet has also approved Cabinet NTPC's plans to buy power equipment.
Core sector grows at 21-month low of 2.3%
The output of six key infrastructure sectors grew 2.3% in November from a year ago, the slowest pace in the last 21 months, raising the prospects of a drop in industrial growth for the month. The six core industries — crude oil, petroleum refining, coal, electricity, cement and finished steel — have a combined weight of 26.7% in the index of industrial production and are considered an advance indicator of industrial activity. These sectors had grown an upward revised 8.6% in October helping industrial growth bounce back to 10.4% for the month from 4.4% in September. Industrial production data for November is expected on January 12. The sluggish growth was largely because of a contraction in refinery and cement output in November from a year ago.
Food inflation surges to 14.4%
Food inflation surged to a 10-week high of 14.44 per cent for the week ended December 18 as prices of vegetables, particularly onions, fruits and protein-based products, continued to escalate. Food inflation stood at 12.13 per cent in the previous week. This is the fifth consecutive week when the rate of price rise of food items has increased. However, food inflation is still far below the level of 21.19 per cent seen during the same week last year.
Corporate Mergers/Acquisitions/ Tie ups:
HCL Infosystems buys 20% stake in Dubai's Techmart Telecom
HCL Infosystems Ltd will buy a 20% stake in Dubai's Techmart Telecom Distribution FZCO in a bid to expand in the Middle East. HCL Infosystems will have the option of buying up to 51% equity stake in Techmart Telecom.
Hindustan Copper shares plunge on FPO discount report
The company's follow-on offer might be priced at a discount of 72 percent to the stock's closing price on Thursday. The follow-on offer might be priced at around 100 rupees a share compared with the closing price of 355 rupees on Thursday because bankers and investors feel the stock is overvalued.
iGate to control Patni with 60% stake buy
iGate Corporation will sign definitive agreements to buy a controlling stake in Patni Computer Systems. iGate corporation will buy around 60% stake in the company from the founders and private equity investor General Atlantic. iGate will make an open offer to Patni shareholders according to the norms of the Securities and Exchange Board of India. The board of Patni Computer Systems will meet on Monday to approve the transaction as well as the open offer.
Sahara India acquires Grosvenor House in London
Sahara India has acquired the iconic Grosvenor House in London for 470 million pound. The five-star hotel Grosvenor House now owned by Aamby Valley will be gateway for Sahara's new international business ventures. Sahara says the acquisition will help the group establish its foothold in the international luxury hotel market. It plans to add restaurants, a business centre, a night club and other facilities to the property. Grosvenor House boasts 420 rooms, 74 suites and 27 meeting rooms and is located in the upscale park lane in London. Frequented by royalty, celebrities and business leaders since its opening in 1929, the historic Grosvenor house became a JW Marriott hotel in September 2008. Sahara and Marriott International will now jointly run the establishment.
Strides-Akorn sells product portfolio to Pfizer
Strides Arcolab announced that it has struck a deal with Pfizer to sell 16 of its approved Abbreviated New Drug Approval (ANDAs) and six filed ANDAs. These 22 filings were under an equal joint venture between Strides and Akorn, which was formed in 2005. Strides will be entitled to $28.2 million in cash as its share of the consideration in addition to entering into supply agreement with Pfizer for manufacture and supply of these products. With this new pact Strides now has 66 various drugs which will be marketed by Pfizer across the globe.
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