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Weekly Finance and Economy News

Weekly Finance and Economy News

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    Weekly newsletter Weekly newsletter Document Transcript

    • 1 Top Headlines Reliance Industries reports better-than-expected 18.9% profit growth in Q1. WPI inflation inches up to 4.86% in June. Abu Dhabi's Al Dahra to buy 20% in Kohinoor Foods for $18.8M. Tata Global Beverages to monetise Bangalore land parcel for $32.5M. Saroj Poddar’s Texmaco to acquire 24.9% in Kalindee Rail for $4.5M; takeover battle looms. Baring PE India ups stake in Manappuram Finance to 11.6%. Blackstone eyes Singapore IPO for Moser Baer Projects. Product comparison site FindYogi raises under $100K from Way2SMS founder Raju Vanapala. Dubai-based NRI Yusuffali MA increases stake in Federal Bank to close to 5% Inside The News Reliance Industries reports better-than-expected 18.9% profit growth in Q1 Reliance Industries (RIL), the country’s top private company by revenues, beat street estimates with a 18.9 per cent rise in its standalone net profit for the quarter ended June 30, 2013, even as its revenue fell 4.6 per cent over the year-ago period. It recorded a net profit of Rs 5,352 crore on the back of higher refining margins even as revenues declined to Rs 90,589 crore due to lower output from KG-D6 gas fields.The oil & gas business saw revenues decline 42 per cent to Rs 1,454 crore with EBIT margins shrinking from 38.8 per cent in Q1 of FY13 to 24.2 per cent last quarter. While the company faced lower revenues in both KG-D6 block as well as Panna-Mukta and Tapti fields, the decline was much sharper in the former.
    • 2 WPI inflation inches up to 4.86% in June India's headline inflation picked up for the first time in four months in June, driven by higher food prices, adding to the economic challenges facing Prime Minister Manmohan Singh's government and reducing the odds of an early national election.Monday's data comes on the heels of a surprise contraction in industrial output, a fall in exports and higher retail inflation, suggesting that a firm recovery from the worst downturn in a decade is still far-off.A global sell-off has made the rupee currency the worst-performing emerging Asian currency so far this year. It hit an all-time low of 61.21 per dollar last week and is down more than 8 per cent against the dollar so far this year. Abu Dhabi's Al Dahra to buy 20% in Kohinoor Foods for $18.8M Abu Dhabi's Al Dahra Holdings LLC is picking up a 20 per cent stake in food products maker Kohinoor Foods Ltd for Rs 112.8 crore ($18.8 million). The deal involves Al Dahra International LLC, a subsidiary of Al Dahra Holdings, buying shares at Rs 160 per unit, which is over four times Kohinoor Foods’ closing price on the stock exchange on Friday.Kohinoor Foods’ scrip shot up 19.92 per cent on Monday morning, hitting Rs 46.05 a share, on the BSE. This gives the firm a market capitalisation of Rs 129.86 crore.Kohinoor Foods will issue a little over 7 million shares to Al Dahra International. The deal also gives Al Dahra the right to buy 4.99 per cent more within six months from the date of completion of the transaction. Tata Global Beverages to monetise Bangalore land parcel for $32.5M. Tata Global Beverages Ltd, the non-alcoholic beverage company of Tata Group, has entered into an agreement with Tata Realty and Infrastructure Ltd (TRIL) for the development of the company’s property in Bangalore through a Special Purpose Vehicle (SPV).The firm will monetise the asset by transferring it to the SPV in a deal worth Rs 195 crore ($32.5 million) through a mix of cash, equity and other securities in the SPV and constructed space in the developed property. In a notification to the stock exchanges the public listed firm added that the necessary transaction documents have been executed by the parties.
    • 3 Saroj Poddar’s Texmaco to acquire 24.9% in Kalindee Rail for $4.5M; takeover battle looms. Kolkata-based Adventz Group firm Texmaco Rail and Engineering Ltd has entered into a definitive agreement to acquire 24.90 per cent stake in New Delhi-based Kalindee Rail Nirman Engineers Ltd for Rs 26.71 crore ($4.45 million), as per a stock market disclosure. This comes after Om Kothari Group made a voluntary and conditional open offer to acquire a large stake in the company.Kalindee Rail will allot 4,110,400 equity shares at a price of Rs 65 each to Texmaco on a preferential basis. This will stop just short of the mandatory open offer mark of 25 per cent and will make it tougher for Om Kothari Group to get a large chunk of shares in the firm. Baring PE India ups stake in Manappuram Finance to 11.6% Baring Private Equity Partners India (Baring PE India) has increased its stake in Kerala- based gold loan company Manappuram Finance Ltd to 11.56 per cent. The PE firm has put in close to an estimated Rs 25 crore to buy additional 2 per cent stake in the firm over the past three months.It raised its holding by 1 per cent in the April-June quarter and thereafter, bought another 1 per cent over the past two weeks. The last tranche of 1.5 million shares was acquired on July 16, 2013, as per a disclosure to the stock exchanges.Manappuram Finance scrip shot up 10 per cent on the BSE to hit the upper circuit for the day at Rs 12.88 a share, in a strong Mumbai market on Friday. Blackstone eyes Singapore IPO for Moser Baer Projects Blackstone Group and MBK Partners plan Singapore initial public offerings for assets the private equity companies separately own in Taiwan and India, sources said.MBK Partners hired Goldman Sachs and Morgan Stanley for a business trust IPO worth about $1 billion for China Network Systems Co. (CNS), the largest cable television operator in Taiwan, the sources said. The deal was expected for the second half of the year. Product comparison site FindYogi raises under $100K from Way2SMS founder Raju Vanapala. Wowway Labs Pvt Ltd, a Bangalore-based startup that owns and operates the online product comparison platform FindYogi.com, has raised Rs 55 lakh ($92,081) in funding from Raju Vanapala, the founder and CEO of Way2SMS. Vanapala has invested in the firm in his personal capacity. The funds will be primarily used to strengthen the technology and data team of the startup.The site enables consumers to make better buying decisions by leveraging its comparison platform. The company collects first-hand data about standard products and through its proprietary algorithm, rates them based on their
    • 4 features. The application also tells you if a given product is rightly priced, when it is compared to similar products available in the market. For the same, the site features a FindYogi Index that rates every product on a scale of 0-5, based on its pricing and features. Dubai-based NRI Yusuffali MA increases stake in Federal Bank to close to 5% Yusuffali M A, a Dubai-based NRI businessman and the founder of the $5.1 billion Lulu Group which runs one of the biggest retail chains in Asia, has increased his stake in the Kerala-based Federal Bank to 4.47 per cent, marking his interest in the financial services space in India. The NRI businessman purchased the stake from Dubai-based Emirates Financial Services, a subsidiary of Emirates NBD, the largest banking group in the Middle East in terms of assets. As on June 30, 2013, Yusuffali held 3.69 per cent in Federal Bank.