News Round-up
` The govt. has agreed in principle to ensure a minimum 10% return on investment to
ONGC (ONGC IN) in Cairn India's (CAIR IN) Rajasthan blocks, boosting the firm's
valuation ahead of its follow-on public offer & removing a big obstacle for the USD
9.6bn Cairn-Vedanta deal. (ECNT)
` ONGC (ONGC IN) will pick up 25% in Kazakhstan's Satpayev block after 6 year delay.
(ECNT)
` SBI (SBIN IN) has raised deposit rates by 50 to 150 basis points giving a clear
indication that lending rates are set to rise by the end of this month. (ECNT)
` Maruti Suzuki India (MSIL IN) said it would increase prices of its vehicles soon, to
offset rising input costs and impact of the strengthening yen. (BSTD)
` Mukesh Ambani is planning to provide USD 222 mn seed capital to begin a new
venture that would invest in innovative business ideas, including technology and
healthcare segments. (BSTD)
` Suzlon Energy (SUEL IN) said it would acquire the tower business division of fullyowned unit, Suzlon Towers & Structures, and the operations and maintenance
division of wholly-owned Suzlon Infrastructure Services. (BSTD)
` Glenmark (GNP IN) gets FDA nod for painkiller drug. (BSTD)
` Siemens (SIEM IN) bags USD 28 mn order from Jaypee. (BSTD)
` Mahindra Finance (MMFS IN) to raise up to USD 127 mn in January. (FNLE)
` M&M (MM IN) in pact with Italian firm for supply of tillers. (THBL)
` The shares of Tata Steel (TATA IN) surged 3.4% after news that global mining major
Rio Tinto had made a USD 3.5bn bid for Africa focused Riversdale Mining, in which
the Tata own a 24% equity stake. (ECNT)
` Religare Enterprises (RELG IN) is close to buying 85% of the Ajay Piramal Group
promoted real estate fund Indiareit Fund Advisors, valuing the entire fund at around
USD 55.55mn. (ECNT)
` JSW Steel (JSTL IN) has got shareholder's nod to issue 0.97mn shares equity shares
on a preferential basis to Japanese steelmaker JFE Steel. (ECNT)
` Piramal Healthcare's (PIHC IN) shareholders have approved a proposal to buyback
20% of its total shares that will entail an outgo of USD 557.37mn. (ECNT)
` NRI businessman C Sivasankaran has acquired 2.99% stake through open market
purchases in the Bangalore based Karuturi Global (KARG IN) in the past few weeks.
(TTOI)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line
