MARKET WATCH
→ Govt says RBI processing applications of 18 foreign banks for India ops.
→ Govt decides to drop a proposal to create a US$5 bln Sovereign Fund for financing overseas acquisitions of companies.
→ Govt says planning to divest stake in SCI and MMTC.
→ Bombay HC asks SEBI to decide on MCX-SX application by Sep 30.
→ Total exposure of Indian banks to the real estate sector was at Rs 5.7 trlnat the end of the last financial year.
→ India’s Index of Business Confidence fell to 155.9 points in June from 156.8 points in April; it was 153.8 in January.
GLOBAL WATCH
→ US Fed will maintain their holdings of securities to stop money from draining out of the financial system.
→ The productivity of U.S. workers - employee output per hour fell for in the second quarter at 0.9% (y-o-y), first time since end 2008.
→ China’s trade surplus reached an 18 month high to US$ 28.7 in July; increase of 170% (y-o-y).
→ UK trade deficit narrowed in June to 7.4 bln pounds (US$ 11.7bln) from 8 billion pounds in May.
→ UK Retail sales rose 0.5 % in July vs. 1.2 % increase in June.
CORPORATE NEWS UPDATE
→ Aban Offshore signed a contract with Petrobras, Brazil for the deployment of the drillship for a firm period of 5 years; the estimated revenue is about
US$ 494 mln a potential 3. 85% performance bonus.
→ HCC gets Rs 1.21 bln order from Hindalco.
→ Nucleus Software bags order from Dhanlaxmi Bank
→ IVRCL Infra bidding for Gujarat, Karnataka, MP irrigation projects; lowest bidder for Rs 960 mln Gujarat irrigation project.
→ Infotech Enterprises’s US arm Arkansas-based Wellsco Inc; next buyout likely in Europe soon.
→ Take Solutions and Cegedim Dendrite in strategic pact.
→ Great Offshore plans foray into deepwater drilling, sub-sea services.
→ Motherson Sumi to spend Rs 4-5 bln on expanding its production capacity and on setting up new manufacturing units overseas.
→ Megasoft plans to raise around Rs 1 bln through sell 2 of 4 properties to cut its Rs 1.78-bln-rupee debt by Aug 30.
→ Hind Motors in talks to sell Chennai property for Rs 250 mln.
→ Great Offshore’s 99% shareholders have given their consent to give management control to Bharati Shipyard.
→ NTPC is ready to but coal mine of the size of 50-400 mln tn.
→ ONGC: Govt may sell 5% in company in FY11, to fetch around Rs 130 bln.
→ GMR Infra: Canada's Ontario Teachers' Pension Plan has offered to buy out company's stake in InterGen for about US$1 bln.
→ Piramal Health looking at buys in CRAMS, OTC, critical care space.
→ Vadilal Industries oks raising Rs 800 mln to fund expansion.
→ Tata Motors says looking at further divestment to raise funds.
→ Reliance Power shareholders to mull merger of arm, RNRL on Sep 4.