Weekly news update


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Weekly news update

  1. 1. Weekly news update By Ankush Gupta
  2. 2. DDA to seize bank guarantee of EMAAR MGF – DDA to seize the developer’s bank guarantee of Rs 183 Crore and initial legal action against the EMAAR MGF for deficiencies in the development of the project of developing game village – Besides the deficiencies in the project developer also were not able to meet the deadline given for the project. – According to norms of the project if there is any delay in the project then developer will pay 15lakh per day for 15 days and 20lakh per day after that till the date of achievement.
  3. 3. Direct Tax rises 19% in H1 – Direct tax collections rose 19% in the six months ending on September increasing the chances of government to raise the budgeted figure – With IOC expected to hit the market late this year the government looks comfortably placed to raise the budgeted Rs 40,000 crore from stake sales in public sector firms – Government managed to raise Rs 1,81,758 cr during current year as compared to Rs 1,52,625 cr in the last year
  4. 4. China Grows slowest in a year – China Government said its economy expanded 9.6% in the three months to September – World bank had pared China’s growth forecast for 2011 to 8.5% just a shade below its projection of 8.6% for India. If it goes true then India will for the first time become the fastest growing economy among large economies – However it is expected that India could overtake China’s growth rate by 2013 and expected to be ahead from 2015 onwards.
  5. 5. Private Equity Stars may team up – Three leading US based private equity firms- Carlyle, Kohlberg Kravis & Roberts and Warburg Pincus are likely to acquire an effective stake of 15-18% in “ HERO HONDA Motors” – Discussions with three PE firms to sell 60-70% stake in a special purpose vehicle to fund the acquisition of Honda’s 26% shareholding and it is likely to be completed in two phases.
  6. 6. IOC may hit Street in Jan – Indian Oil Corporation is going to issue largest- ever equity offer in the country of around Rs 19,000 crore in month of Jan, 2011 – For raising the money company will start short listing merchant bankers in the next week for this issue offer – Oil ministry has already circulated a notice to sell 10% stake by the government i.e. disinvestment of around Rs 40,000 crore
  7. 7. CIL gets 34% subscription – COAL India’s initial public offering received bids for 34% of the offer on the first day with three to go – According to National Stock Exchange data, Investors (Mostly Institutional) bid for 21.3 crore shares and Indian IPOs seeking for highest bid on the last day of the IPO – Retail Investors bid for 0.023 times the shares reserved for them while Institutional Investors bid for 0.046 times the shares reserved for them on the first day
  8. 8. Thanks