Hungary news not true Hungary has fully repaid expired bond - debt agency - RTRS | News | Thomson Reuters Eikon BUDAPEST, Jan 29 (Reuters) - Hungary has fully repaid a 1 billion euro bond which expired on Wednesday, including the interest due on it, the debt agency AKK said in a statement on Wednesday. It was responding to a market rumour that Hungary was delaying bond payments. The debt management agency regards any negative rumours regarding the payment as scaremongering, and malicious activity negatively influencing the market, about which it will take the necessary steps if needed, AKK said. It said that the necessary foreign currency had been raised on international markets in November and that the AKK repaid the bond fully on Wednesday morning. ($1 = 0.7319 euros) (Reporting by Sandor Peto Editing by Jeremy Gaunt) ((sandor.peto@thomsonreuters)(+36 1 327 4744)(Reuters Messaging: [email protected])) SBI QIP updates: LIC subscribes to $400 Mln, $250 Mln by FIIs, and remaining by DIIs. Total amount was around $1.2 Bln. FOMC Keytakeaways: *1)Cut Bond buy by furthr 10bn$ to 65bn$,solidifyg its strategy for windg dn the purch in small qty as long as US eco improves. *2)Fed statemnt not mention turmoil in EM mkts leadg to predict that rout in most vulnerable currency to continue *3)saidgr in eco activity picked up in recent qtrs, a slight upgrade from moderate pace of gr in Dec *4)Reiterated their strategy to continue dependg on incomg data *5)Also voted to keep short term int rates near 0 till unemployment falls below 6.5% and proj inflation to fall below 2% *6)labor mkt indicators were mixed but on balanced showd furthr improvement. Dow: 15738 -189 -1.19% Nasdaq: 4051 -46 -1.14% S&P500: 1774 -18 -1.02% Nikkei: 15007 -376 -2.44% Infy: +0.52%, Wit: -1.23% Ttm: -2.63%, Rdy: -1.16% Hdb: -1.65%, Ibn: -5.13% SBID: -1.18%,RIGD -2.31% Us/Inr $63.56, Eu/Us 1.37 Dix: 80.57, Us/JPY:102.25 Gold: $1266, Silver: $19.69 Oil: $97.58, Brent: $107.75 SGX Nifty: 6039.00 -82.00 The Feds quantitative easing program has supported not just the U.S. economy but overseas economies as well by increasing liquidity, so cutting the stimulus has been a big factor in the emerging markets selloff..Fed really wants to move to the sidelines here and get out of the QE business. CBI is likely to examine soon Hindalco chairman Kumar Mangalam Birla and former Coal Secretary P C Parakh, who are named as accused in the FIR related to Talabira coal block allocation to Hindalco, as it wants to expedite probe in Coalgate. CBI sources said the investigation is still going on in the case and no decision on filing final report has been taken yet. The investigation in the case is still going. The persons including the accused persons shall be examined in due course of investigation. The inquiries are being expedited for early conclusion, official sources said. In the FIR relating to allocation of Talabira II and III coal blocks in 2005 in Odisha, the CBI has named Parakh, Birla and Hindalco on various charges including criminal conspiracy and criminal misconduct on part of government officials. Ashish Dhawan bought 20 lacs Ht media & Amansa holding sold 25 lacs Front Page News - Jan 30, 2014 Corporate Snippet Ø Tata Motors is in the final stages of concluding a Rs 1,000 crore contract with the Ministry of Defence for the supply of 1,239 heavy duty trucks, in a move that will herald the end of a decades-long monopoly Czech-made Tatra trucks enjoyed in supplying the militarys high-end vehicles.( ET ) Ø AstraZeneca, the global pharmaceutical major, said that it will close its research and development site in Bangalore later this year. The Avishkar R&D Site, employing 168 researchers, was one of the critical centres of AstraZeneca and was involved in the pharmaceutical development and drug discovery research into neglected tropical disease, tuberculosis (TB) and malaria.( BS ) Ø The UK drug regulator has given a clean chit to Ranbaxy Laboratories’ medicines, even as the US Food and Drug Administration (FDA) last week banned medicines being manufactured at the company’s Toansa plant in Punjab.( BL ) Ø SBI’s much-hyped share sale fell way short of its Rs 9,600-crore target on Wednesday, as many foreign institutional investors (FIIs), including the top names, skipped the issue over difference on pricing and concerns over bad assets.Investment banking sources in the know said SBI received bids for over 75 per cent of the shares on offer; this translates into Rs 7,200-7,300 crore.( BS ) Ø Bharti Airtel Rejigs Africa Business to Ring in Profits.Africa accounts for close to 30% of revenue at Bharti, the world’s fourth-largest telecom operator by revenue.The company that has businesses in 17 African countries confirmed the restructuring. “15 country operations of Airtel Africa will be divided into two clusters, which have been designed to leverage the power of cross-country strategic synergies, faster decision making and speed to market as well as enhanced empowerment for the country managing directors.( ET ) Ø Tata Opportunities Fund will purchase a significant minority stake in Aurangabad-based auto component maker Varroc group for $60 million, or Rs 272 crore, two people with direct knowledge of the development said.( ET ) Ø India and Japan, two of the worlds biggest buyers of liquefied natural gas, may this month sign an agreement to look at jointly procuring LNG so as to cut prices for the fuel.GAIL India Ltd, the nations biggest natural gas distributor, may this month sign a memorandum of understanding with Japanese utility Chubu Electric Power Co to jointly procure LNG.( BS ) Ø NTPC is looking to acquire distressed power projects in the execution stage or in the commissioning stage, said Arup Roy Choudhury, CMD of the state-run firm.At present, seven coal-based power plants in various stages are being looked at, he said, without specifying any time-frame for an eventual takeover.( ET ) Ø HDFC has initiated an auction of London-based Hirco-owned Hiranandani Palace Gardens’ township in Chennai under the Sarfaesi Act to recover Rs 539.86 crore dues.The township is spread over 200 acres and built over three phases.HDFC plans to conduct an e-auction on March 3, 2014 with a reserve price of Rs 551 crore for the properties.( BS ) Ø IIFL, the wealth management arm of brokerage firm India Infoline, said it has raised a Rs 735 crore realty fund.Piramal Enterprises private equity fund Indiareit Fund Advisors will be acting as the investment advisor for the IIFL Income Opportunities Fund — Series Special Situations, the brokerage firm said in a statement.( BS ) Ø Infosys BPO, the business process outsourcing subsidiary of IT major Infosys,announced that it was collaborating with the Government of Costa Rica and the Costa Rican Investment Promotion Agency (CINDE) to train students on technical and business process skills.( ET ) Ø Tatas expect 40% rise in revenue from defence sector.Exports seen growing with Tata Motors winning Rs 220-crore project funded by the UN.Tata Motors, Tata Power (Strategic Electronics Division) and Tata Advanced Systems (TASL) are three major entities within the group in the sector, accounting for the bulk of the revenue.( [truncated by WhatsApp] Economic Times Business Standard Ø RBI doubles foreign investors sub-limit in govt bonds to $10bn Ø FDI flows into India up 17 % to $ 28 b in 2013: UN report Ø Eight telcos to bid in spectrum auction next week Ø Liberal policies makes India top investment destination: Govt Ø Ranbaxys plant under Indian regulators watch too Ø Gas prices may rise over $9 as US rates hit 4-yr high Ø India Ratings maintains stable outlook for oil & gas sector Ø ICICI Bank Q3 net up 13% at Rs 2,532 cr Ø Suzuki takes away production and transparency from Maruti Ø Bharti Airtel Q3 net more than doubles, at Rs 610 crore Ø Taper fears and F&O expiry halts market in its track Ø New exit policy for road developers notified Ø Time to capitalise on better CAD, says RBI Ø MCX withdraws Mild Steel contracts from trading Business Line Mint Ø FDI in food processing shoots up to $2.14 billion in April-Oct 2013 Ø GAIL (India) net profit jumps 31% in Dec quarter Ø Japan’s Dentsu bets big on India, other foreign markets Ø Lupin recalls Quinapril tablets from US market Ø Q3 booster for Crompton Greaves Ø Raghuram Rajan says rate hike not in light of global contagion Ø GVK Bio acquires US-based Aragen Bioscience Ø TVS Motor Q3 net profit rises 31% to Rs.68.8 crore Ø Godrej Properties posts muted profit as sales weaken Ø Shell cuts stake in Brazil oil project with $1 bn sale to Qatar Financial Express Financial Chronicle Ø India ranked at the bottom of Intellectual Property Index Ø Polaris Financial Q3 Net up 24.8 per cent to Rs 50.75 cr Ø Now, EU and UK regulators evaluating FDA findings on Ranbaxys Toansa facility Ø Appetite for M&A deals improving in India, globally: KPMG Ø Merck and Bristol settle lawsuit with Aurobindo Ø NTPC places 7 stressed power projects on acquisition radar Ø Trai seeks to lock-in traded spectrum Ø Moily seeks flexibility to ease RIL, Cairn timelines Ø US FDA seeks to ban trans fats in processed foods due to health risks Good Morning..... Front Page News - Jan 30, 2014 Corporate Snippet Ø Tata Motors is in the final stages of concluding a Rs 1,000 crore contract with the Ministry of Defence for the supply of 1,239 heavy duty trucks, in a move that will herald the end of a decades-long monopoly Czech-made Tatra trucks enjoyed in supplying the militarys high-end vehicles.( ET ) Ø AstraZeneca, the global pharmaceutical major, said that it will close its research and development site in Bangalore later this year. The Avishkar R&D Site, employing 168 researchers, was one of the critical centres of AstraZeneca and was involved in the pharmaceutical development and drug discovery research into neglected tropical disease, tuberculosis (TB) and malaria.( BS ) Ø The UK drug regulator has given a clean chit to Ranbaxy Laboratories’ medicines, even as the US Food and Drug Administration (FDA) last week banned medicines being manufactured at the company’s Toansa plant in Punjab.( BL ) Ø SBI’s much-hyped share sale fell way short of its Rs 9,600-crore target on Wednesday, as many foreign institutional investors (FIIs), including the top names, skipped the issue over difference on pricing and concerns over bad assets.Investment banking sources in the know said SBI received bids for over 75 per cent of the shares on offer; this translates into Rs 7,200-7,300 crore.( BS ) Ø Bharti Airtel Rejigs Africa Business to Ring in Profits.Africa accounts for close to 30% of revenue at Bharti, the world’s fourth-largest telecom operator by revenue.The company that has businesses in 17 African countries confirmed the restructuring. “15 country operations of Airtel Africa will be divided into two clusters, which have been designed to leverage the power of cross-country strategic synergies, faster decision making and speed to market as well as enhanced empowerment for the country managing directors.( ET ) Ø Tata Opportunities Fund will purchase a significant minority stake in Aurangabad-based auto component maker Varroc group for $60 million, or Rs 272 crore, two people with direct knowledge of the development said.( ET ) Ø India and Japan, two of the worlds biggest buyers of liquefied natural gas, may this month sign an agreement to look at jointly procuring LNG so as to cut prices for the fuel.GAIL India Ltd, the nations biggest natural gas distributor, may this month sign a memorandum of understanding with Japanese utility Chubu Electric Power Co to jointly procure LNG.( BS ) Ø NTPC is looking to acquire distressed power projects in the execution stage or in the commissioning stage, said Arup Roy Choudhury, CMD of the state-run firm.At present, seven coal-based power plants in various stages are being looked at, he said, without specifying any time-frame for an eventual takeover.( ET ) Ø HDFC has initiated an auction of London-based Hirco-owned Hiranandani Palace Gardens’ township in Chennai under the Sarfaesi Act to recover Rs 539.86 crore dues.The township is spread over 200 acres and built over three phases.HDFC plans to conduct an e-auction on March 3, 2014 with a reserve price of Rs 551 crore for the properties.( BS ) Ø IIFL, the wealth management arm of brokerage firm India Infoline, said it has raised a Rs 735 crore realty fund.Piramal Enterprises private equity fund Indiareit Fund Advisors will be acting as the investment advisor for the IIFL Income Opportunities Fund — Series Special Situations, the brokerage firm said in a statement.( BS ) Ø Infosys BPO, the business process outsourcing subsidiary of IT major Infosys,announced that it was collaborating with the Government of Costa Rica and the Costa Rican Investment Promotion Agency (CINDE) to train students on technical and business process skills.( ET ) Ø Tatas expect 40% rise in revenue from defence sector.Exports seen growing with Tata Motors winning Rs 220-crore project funded by the UN.Tata Motors, Tata Power (Strategic Electronics Division) and Tata Advanced Systems (TASL) are three major entities within the group in the sector, accounting for the bulk of the revenue.( BS ) Ø Hero MotoCorp unveiled its 150cc diesel concept motorcycle and four other products for launch in the course of the coming financial year. The production-ready models include a hybrid scooter.( BS ) Ø Sebi may Make Succession Plan a Must in Cos.All listed Indian companies will need to put a succession plan in place if the capital market regulator implements a proposal that’s under consideration as part of efforts to ensure that an organisation is not caught unawares by the death, departure or poor performance of a leader, all of which could hurt investors. Sebi, is likely to discuss this along with other corporate governance proposals at its board meeting in the second week of February.( ET ) Ø With a view to work closer to clients, Mindtree plans to set up its second delivery centre in the US this year, and also expand the team at its existing centre at Gainesville, Florida.The US accounts for the largest share of Mindtrees revenues at 55.8% as of December 31, 2013, followed by Europe (30.2%), India (6.3%) and Rest of World (7.8%).( BS ) Ø As many as six state-owned companies including BHEL and Power Grid Corporation signed an initial agreement for setting up worlds largest 4,000 MW ultra mega solar power project in Rajasthan.( BS ) Ø Honda Motorcycle & Scooter India (HMSI) partnered with Family Credit Ltd under L&T Finance Holdings Ltd management to provide loans to two wheeler customers across India.L&T Finance Holdings had taken over Family Credit from Frances Societe Generale Consumer in 2010 to foray into two wheeler financing by the group. Family Credit already has a tie up with HMSI for financing.( BS ) Ø Kalyani Steels, part of the $2.5 billion Kalyani Group, is evaluating options to set up a steel manufacturing unit in West Asia where it can get cheap energy and land at the port, Managing Director R K Goyal told.( BS ) Ø None of the eight telecom operators, who have submitted applications expressing interest to bid in the auction that starts 3 February, has withdraw bid application.The Government’s decision to fix the much-debated issue of spectrum usage charge (SUC) at 5% of adjusted gross revenue of telcom operators, without changing the levy for the broadband wireless access (BWA) spectrum holders, before the upcoming auction of spectrum seem to have given booster to confidence of the telecom operators.( BS ) Ø MBE Mineral Technologies (MBE), the overseas arm of McNally Bharat Engineering Co, has sold its entire controlling stake in the UK-based Hayward Tyler Group for £12.3 million (around ₹130 crore).The divestment was carried out in a bidding process through the London Stock Exchange.( BL ) Ø Venus Remedies, a research-oriented global pharmaceutical company, said it has bagged a patent from the US patent office for Achnil, a once-a-day painkiller injection developed by Venus Medicine Research Centre, its R&D arm. The patent will remain in force till 2032.( BL ) Ø Moelis & Company, the global investment bank that set up shop in India in late 2012, has made it to the prestigious league of India’s top 10 merger & acquisition (M&A) bankers, overtaking established players such as Goldman Sachs and Rothschild in the first full year of its operations.( BS ) Economic Snippets Ø In a bid to attract long-term investors in government bonds, the Reserve Bank of India (RBI) in consultation with the government has enhanced the sub-limit available to long-term investors by $5 billion. This shall take the limit to $10 billion, though the total limit for Foreign Institutional Investors (FIIs) in government bonds remains unchanged at $30 billion.( BS ) Ø The International Monetary Fund (IMF) asked emerging market economies such as India to prepare for a rainy day as they remain vulnerable to future increases in US interest rates.( ET ) Ø In a major boost for overseas entities, the government has said that Foreign Portfolio Investors would attract uniform tax rate across categories.FPIs bring together all the three investment categories -- FIIs, their sub-accounts and QFIs.( BS ) Ø Indian gas consumers may have to pay an even higher price for natural gas than previously anticipated, as the harsh winter in Western countries have raised international benchmarks and LNG rates that are used to determine local rates.Gas prices were projected to double to $8.4 per unit after the new formula is applied from April, but some analysts say the price may rise above $9 because US prices which were below $4 last year, have shot up to a four-year high of $5.44 this week,while the European benchmark and LNG rates have also climbed.( ET ) Ø India Ratings & Research said it maintains a stable outlook for the nations oil and gas sector for the 2014-15 fiscal.The agency expects public sector companies to sustain strong linkages with the government or maintain business stability in case of standalone ratings.( BS ) Ø The eight pension fund managers managing the funds of the private sector National Pension System (NPS) met the authorities of Pension Fund Regulatory and Development Authority (PFRDA) to clarify the necessary eligibility for re-bid process. PFRDA has already floated a Request for Proposal (RFP) for selection of pension funds for private sector NPS. Existing fund managers will have to re-bid for remaining in the business.( BS ) Ø The Maharashtra cabinet on Wednesday was unable to take a decision on reduction in power tariff in Mumbai. This was due to a division between the ruling coalition partners- Congress and NCP- over the contentious issue of providing subsidy to the private power distributors- Tata Power and Reliance Infrastructure (R Infra) to enable them to reduce tariff.( BS ) Ø The government has approved the creation of 75 crucial posts in the Directorate General of Civil Aviation (DGCA) to carry out safety inspections of airlines and private charter companies to stave off a threat of downgrade by US-based Federal Aviation Authority (FAA).( BS ) Ø Trade deficit with China set to touch $40 b.India’s trade deficit with China is set to go higher, considering the tonnes of Chinese low-cost electronic goods and power equipment entering Indian borders.According to data from Directorate-General of Foreign Trade, Indian exports to China touched $9 billion between April-November 2013, while imports totalled $34.5 billion.Indian power plants are built with equipment from China, which are 40 % compared with European and US imports.( BL ) International News Ø The US Federal Reserve on Wednesday announced a further $10 billion reduction in its monthly bond purchases as it stuck to a plan to wind down the extraordinary stimulus despite recent turmoil in emerging markets.( ET ) Ø The South Africa Reserve Bank unexpectedly increased its benchmark interest rate, following central banks in emerging markets from Turkey to Brazil that have tightened monetary policy to bolster their currencies.The Monetary Policy Committee lifted the repurchase rate to 5.5 per cent from 5%.( BS ) Ø Novartis AG, Europes biggest drugmaker by sales, said fourth-quarter profit fell as currencies in emerging markets weakened against the dollar.( BS ) Ø The worlds third-largest advertising network, Publicis Groupe, has acquired Law & Kenneth, the New Delhi-based independent agency led by adman Praveen Kenneth.The deal, was signed in France on Wednesday.The acquired entity will merge with the Indian unit of Saatchi & Saatchi, a Publicis Groupe agency, to form L&K Saatchi & Saatchi. Notably, the website of Law & Kenneth already carries the logo of the merged entity.( BS
Posted on: Thu, 30 Jan 2014 09:01:51 +0000
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