March 2012

March 13th 2012


Natco Pharma bags licence to sell Bayer's cancer drug copy
-Bayer says disappointed with patent controller in India's decision
Star India sells 17.3% stake in Hathway Cables for Rs 358 cr
-Macquarie Bank buys 1.06 cr shares @ Rs 145/share
-Providence Equity Advisors Mauritius buys 1.41 crore shares @ Rs 145/share

Azim Premji trust to sell stake via OFS
-BSE to be designated exchange for Wipro OFS
-Promoters to sell 3.5 crore shares; floor price not to be disclosed
-Issue to open on March 14
-Issue to open at 9:15 am and close at 1:30 pm
-Morgan Stanley, CSFB, Citigroup, UBS bankers to OFS

PharmAsia Exclusive: Sources
- Biocon - Pfizer deal for a range of insulin seen in crisis
-Deal may be called off but efforts on to diffuse issues
-Pfizer, Biocon decline comment on market speculations
Trent QIP
-Book launched yesterday (Closed last night)
-Raises USD 50 million, issue priced at Rs 912/share
-Issue subscribed 2 times, issue only for domestic investors
-JM Financial and Standard Chartered book runners to the issue

Financial Technologies :
-Two arms seek Mumbai court okay for capital reduction
-Sees Rs 42.3 crore hit on books if arms cut capital

DB Corp says
-Promoters to cut stake via auction, other means to 75%
-Promoters to sell 11.43% stake in company by June 3, 2013

Other stocks and sectors that are in news today:
- Coal India to pay Rs 9.5/share as interim dividend
- Sesa Goa commits USD 2.6 billion to develop Liberian assets - BL
- Thermax to replace Continer Corp in FTSE IDFC Infra Index - BL
- NMDC to buy Brazilian company for USD 150 million - ET
- Kingfisher Airlines (KFA) cancels 50 flights on Monday


March 12th 2012

RBI
Cuts CRR by 75 bps to 4.75% from 5.5% effective March 10
CRR cut to inject Rs 48,000 cr into the system
Cut to ensure smooth credit flow to productive sectors
Liquidity deficit high on structural, frictional factors
Liquidity deficit large despite 50 bps cut on Jan 25
CRR cut to inject permanent primary liquidity
Overall liquidity deficit persists above RBI comfort level
Liquidity scene tightening in March due to advance outgo
Liquidity deficit seen rising significantly in Mid-MARCH
Injected Rs 1.24 lakh cr via OMO so far in FY12

CNBC-TV18 Exclusive - Banking Secy Says
RBI has taken the right decision
Unusual move by RBI to advance decision before credit policy
Decision taken by RBI in the right spirit
Tax collections next wk would have created mismatch for banks
Banking system was creating huge liquidity crunch

SBI Chairman Says
CRR cut to boost SBI liquidity by Rs 6,500 cr
CRR to boost SBI FY12 bottom-line by Rs 300 cr
No immediate plan to withdraw 'unfixed' deposit scheme
SBI to decide on base rate in 7-10 days
Chanda Kochhar Says
CRR cut of 75 bps is a proactive step by RBI
CRR cut will help to inject permanent liquidity in system
CRR cut to ensure smooth flow of credit in corporate, retail
Expected to bring down high level of overnight borrowings

CNBC-TV18 Exclusive on Neyveli 's FPO
Fresh move initiated for NLC follow on offer
Draft cabinet note moved for 5% FPO in NLC
Preferred route for FPO via auction route
Neyveli lignite FPO likely in next fiscal

Jet Airways
Defaults on service tax payment
Tax dept threatens to freeze the airline's accounts
Jet Airways statement:
Jan service tax of Rs 35 cr will be paid on Mar 12
Feb service tax of Rs 35 cr will be paid on March 15

KFA
In talks to sell 24.5% stake in Kingfisher Airlines (will not trigger open offer)
Also looking to sell KF house, The Qube
Other stocks and sectors in the news
Coal India board meeting today to consider interim dividend for FY12
Anil Ambani sells its 8% stake in NICE for Rs 300 cr (Nandi Infra Corridor) valuing co at Rs 4000 cr - TOI
Ban on cotton exports lifted
India Securities delisting offer opens on March 26, closes on March 28, floor price Rs 56/sh
REC bond issue closes today (plans to raise Rs 3000 cr)
ICSA to restructuring FCCBs worth USD 21 million