Weekly news presentation 9


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Weekly news presentation 9

  1. 1. Weekly News Presentation 9
  2. 2. Dr Reddy's net up 32% at Rs 287 cr  Dr Reddy's Laboratories has reported a net profit of Rs 287 crore for the second quarter, up 32% on a year-on- year basis.  During the quarter, the company launched 41 new generic products and filed 21 new product registrations.  However, its European business slipped by 26% due to impact of vaccine sales and unfavourable cross currency movements.
  3. 3. India's IMF rank up 3 notches  India will improve its rank by three notches to the 8th position in IMF, as the group of 20 nations (G-20) decided to increase the quota of emerging markets in the multi-lateral lending agency by over six per cent  India's rank in International Monetary Fund (IMF) will improve to the 8th position from the current 11th in terms of quota, he told reporters after a meeting of Finance Ministers of G-20 nations.  it is based on various parameters like country's GDP, openness, fore reserves etc
  4. 4. SBI may bring down credit growth to 18 per cent  Stung by slow credit off take in the first half, State Bank of India (SBI) may revise its loan growth and bring it down to 18 per cent for this fiscal.  SBI is planning to place about 1.50 laky point of sale (POS) terminals for debit and credit card payments across the country.  RBI has already approved the setting up of a wholly owned subsidiary for conducting merchant acquiring business by SBI in the name of SBI Payment Services.  t plans to deploy six laky POS terminals in the first five years of its operations.
  5. 5. Essay in talks to set up 3 L bpd refinery in Egypt  Diversified conglomerate, the Essay Group, has expressed its interest to set up an oil refinery in northern Egypt at an estimated cost of about $3.4 billion and talks are on to conduct a feasibility study soon  The Egyptian government had recently announced that the Shahs Ruia-led Essay Group plans to set up an oil refinery in north Egypt that would have a daily production of around 300 thousand barrels per day.  according to Egypt's investment body General Authority for Investment (GAFI), several Indian companies such as Essay, Mukesh Ambani-led Reliance Industries and Indian public sector unit Gas Authority of India Ltd (GAIL) have major investment plans in the oil and gas sector in Egypt
  6. 6. Indian ADRs shed $4.82 billion; Wipro, HDFC Bank top losers  Indian stocks trading on American bourses collectively witnessed the erosion of nearly $5 billion in valuation last week, with IT major Wipro and private sector lender HDFC Bank accounting for most of the losses.  ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.  Tata Motors was the biggest gainer, adding $355.44 million to take its m-cap to $12.57 billion, while pharma giant Dr Reddy's Laboratories' valuation grew by $84.66 million to $6.22 billion
  7. 7. Will examine DoT proposal to merge circles into one zone: TRAI  Telecom regulator Trai will examine a recent Department of Telecom (DoT) proposal to merge all 22 telecom circles in the country into a single service area, a move that could lead to the end of costly roaming charges for Indian mobile phone users.  The government is considering the merger of the 22 telecom circles in the country into either a single service area or four separate zones to enable subscribers to move freely across states without paying extra charges for roaming.  Operators had paid a huge premium for bagging 3G airwaves in certain circles, so if all the circles are merged, they stand to lose.
  8. 8. Essay to invest Rs 2K crore on cement, ferro-alloy unit in MP  Diversified conglomerate Essay Group has firmed up plans to invest over Rs 2,000 crore to set up a new cement and ferro-alloy unit in Madhya Pradesh as part of its mega-investment programme in the state.  The group, which has already committed investments worth around Rs 8,000 crore in the state across sectors like steel, power and telecom had last week entered into a pact with the Madhya Pradesh government for a cement and ferro-alloys project.  The group will set up a cement plant with an annual production capacity of five million tonnes. The plant will be built in two phases, with 2 million tonnes of capacity established in the first stage.
  9. 9. ONGC's first commercial power project to start next year  the state-owned Oil and Natural Gas Corporation's (ONGC) first ever 726 MW commercial power project would start generating electricity next year, officials said here on Sunday.  India would develop a jetty in the Ashuganj river port in Meghan river in eastern Bangladesh, 31 km from Agartala and expand the road, if necessary, across the border, to ferry the equipment for the project. He said dispatching the heavy equipment by surface within India (through the mountainous northeastern states) is extremely difficult.  he state-run Power Grid Corp of India Limited (PGCIL), OTPC and the northeastern states would set up a 660-km transmission line at the cost of Rs.1,771 crore to hook Palatana with the national grid at Bongaigaon in western Assam.